光大证券：市场或将转向科技风格 华泰证券：看好优质区域银行长期价值 华泰证券研报表示，年初以来区域银行行情亮眼，当前市场对于行情持续性分歧加剧。华泰证券认为优 质区域银行估值中枢仍有抬升空间，持续看好投资价值。本轮银行股行情由多维资金共同驱动，综合考 量各类资金配置偏好，业绩韧性强、成长空间足同时兼具稳健股息回报的优质区域行或将更受青睐。看 好优质区域银行长期价值；部分区域行估值仍处较低水平，性价比较高，建议关注补涨机会。 光大证券指出，陆家嘴论坛正式召开，利好兑现，资金出现分歧，市场仍以存量博弈为主。若没有重大 消息的刺激，接下来指数或将延续震荡态势；结构上看，新消费、创新药等前期强势板块连续调整，而 近几日成交额排名靠前的股票以科技股为主，资金有回流科技股的迹象，市场或将转向科技成长的风 格。 ...

在银行理财市场蓬勃发展、产品体系日趋多元的当下，网点内琳琅满目的理财产品常常令投资者驻足， 然而，高收益的背后往往隐藏着未知风险，并非每一款产品都适合所有投资者。 《金融时报》记者从北京金融法院了解到的一起案例显示，2018年，投资风格一贯较为稳健的李先生在 X银行网点咨询理财。理财经理未对其进行风险评估，便向李先生推荐Y信托公司发行的R4级(中高风 险)信托产品，并着重强调10%的预期年化收益率，吸引李先生认购100万元。该产品主要投向风险较高 的项目，按规定应推荐给进取型或激进型投资者。 后因市场波动，导致项目资金无法回笼，最终产品兑付时李先生仅收回60万元本金，损失40万元。李先 生以银行未履行适当性义务为由向法院提起诉讼。X银行虽辩称口头告知风险，但未提交证据证明。法 院审理发现，李先生过往投资记录显示为稳健型，且银行未按规定对李先生进行风险评估，也无法充分 证明履行告知义务，最终判决X银行对李先生的损失承担相应赔偿责任。 所谓银行投资者适当性义务是指银行在向投资者推介、销售理财产品时，必须履行了解客户、了解产 品，将合适产品推荐给合适投资者的义务。具体而言，投资者适当性义务主要包含三个层面内容：了解 ...

Group 1: Financial Investment Trends - The financial investment growth rate for listed banks showed divergence, with rural commercial banks rebounding to 8.30% in Q1 2025 after a decline in 2024[2] - State-owned banks' financial investment growth was weaker compared to other types of banks due to liability pressures[2] - The average contribution of investment net income to revenue increased, with contributions for state-owned, joint-stock, city commercial, and rural commercial banks at 6.95%, 18.56%, 25.86%, and 28.85% respectively in Q1 2025[2][31] Group 2: OCI Account and Profit Realization - The average proportion of OCI accounts increased to 32.5%, while the average AC proportion decreased to 47.5% in Q1 2025, indicating a greater reliance on OCI accounts for profit adjustment[2][28] - Estimated remaining sellable old bonds for listed banks is approximately 4.5 trillion yuan, with state-owned banks holding about 2.8 trillion yuan[4] - The pressure to sell bonds may re-emerge in Q2, raising questions about the remaining space for selling old bonds[3] Group 3: Profitability and Cost Management - The average net profit growth rate for listed banks declined from 4.83% in 2024 to 2.29% in Q1 2025, with some banks experiencing negative growth[19] - Average interest margin narrowed to 1.58% in Q1 2025, down from 1.61% in 2024, indicating ongoing profitability pressure[21] - Interest income remains the primary revenue source, but the average interest net income for state-owned banks decreased by 2.75% year-on-year[23] Group 4: Asset Quality and Risk - Overall asset quality improved, but potential risks accumulated, particularly with an increase in the proportion of special mention loans for rural commercial banks[5] - The capital adequacy ratio for various banks declined, with state-owned banks experiencing the most significant drop, indicating pressure on capital retention capabilities[5]

01 不知道有多少小伙伴参与了"黄金LOF"的套利， 可谓希望有多大，失望就有多大。 最高时溢价约70%，但现在就剩1%了。 （参考的计算方法，实际溢价应该有5%左右，不过也不重要了，看大方向就行，没必要抠太细） 溢价消失，这只基金还值得继续关注吗？ 答案是肯定的，理由如下： 1）QDII黄金基金，且规模很小 其中，"易方达黄金主题LOF"规模最小，仅1.4亿元。而且具有一定的稀缺性，其他3只QDII黄金基金业绩比较基准是"伦敦金"，穿透下去，底层资产是海 外黄金。 "易方达黄金主题LOF"业绩比较基准是"伦敦金*50%+MSCI全球金矿股指数*50%"，底层资产既有海外黄金，也有黄金股，比较稀缺。 | 其全代召 | 其全简称 | 其全规模 (亿元) | 管理费室 | 托管费率 | 补偿所控直准 | | --- | --- | --- | --- | --- | --- | | 320013. OF | 诺安全球黄金 | 5.59 | 1.00% | 0. 26% | 伦敦金价格折成人民币后的收益率 | | 164701. OF | 汇深高黄金及需 金電A | 3.39 | 1.00% | 0. 20% | ...

21世纪经济报道记者 边万莉、余纪昕 实习生余姿桦 杭州/上海报道 在2024年报披露收官之际，上市银行2025年一季报也陆续出炉。 根据21世纪经济报道记者观察，今年一季度，投资收益对银行业绩的拉动作用仍然明显。数据显示，截 至4月28日，在已披露一季报的23家上市银行中，17家银行实现了营业收入正增长，22家银行投资收益 同比上升，21家银行投资收益对营收贡献度同比提升。 其中，江苏银行投资收益同比增长303%，遥遥领先于其他银行；包括江苏银行在内，共有7家银行投资 收益增速超过100%。同时，上海银行、杭州银行的投资收益对营收贡献度均超过40%。但是，随着债 券市场波动加剧，"买债即赚"的黄金窗口或难再现，未来将更加考验银行自身的经营能力。 招联首席研究员董希淼告诉记者，银行投资收益的较高增长是特定市场环境下的阶段性现象，未来难以 简单复制。尽管债市长期配置逻辑未变，但波动加剧和政策约束将考验上市银行的主动管理能力。上市 银行应在优化负债结构、提升交易能力的同时，逐步增加财富管理、国际业务等其他利息收入和非息收 入，以进一步拓宽盈利来源，优化收入结构，努力保持稳健发展能力。此外，银行在一季度加速兑现浮 ...

Investment Rating - The report assigns a "Buy" rating for Suzhou Bank, indicating a positive outlook for the stock over the next six months [14]. Core Insights - Suzhou Bank's 2024 annual report shows steady performance with total operating income of 12.224 billion yuan, a year-on-year increase of 3.01%, and a net profit attributable to shareholders of 5.068 billion yuan, up 10.16% year-on-year [1][2]. - The bank's investment business significantly supported its performance, with investment income and fair value changes rising by 50.12% to 3.049 billion yuan, accounting for 24.95% of total income [2]. - The loan portfolio expanded, with total loans reaching 333.36 billion yuan, a 13.62% increase year-on-year, and corporate loans growing by 23.21% to 241.48 billion yuan, representing 72.44% of total loans [3]. Financial Performance Summary - The bank's net interest margin decreased to 1.38%, down 0.30 percentage points year-on-year, while the net interest spread was 1.45%, down 0.28 percentage points [4]. - The non-performing loan ratio improved to 0.83%, a decrease of 0.01 percentage points year-on-year, with corporate loans showing a non-performing rate of 0.51% [4][19]. - Total deposits increased by 14.61% year-on-year to 416.97 billion yuan, with corporate deposits growing by 8.57% and personal deposits by 20.41% [3]. Future Projections - The report forecasts net profits for 2025, 2026, and 2027 to be 5.355 billion yuan, 5.843 billion yuan, and 6.388 billion yuan, respectively, reflecting year-on-year growth rates of 5.66%, 9.12%, and 9.33% [4][25].