丨证券研究报告丨 马祥云 盛悦菲 SAC：S0490521120002 SAC：S0490524070002 SFC：BUT916 请阅读最后评级说明和重要声明 %% %% 行业研究丨行业周报丨银行 [Table_Title] 中报营收增速回升，龙头城商行扩表强劲 ——银行业周度追踪 2025 年第 33 周 报告要点 [Table_Summary] 从已经披露业绩的银行情况来看，二季度营收增速普遍环比回升：1）利息净收入增速总体平 稳，二季度息差降幅收敛，同时优质银行扩表强劲。2）非息净收入增速回升，一方面中收增速 回升，另一方面二季度债市企稳投资浮盈改善。利润角度，上半年净利润增速普遍稳定，在营 收增速回升的情况下，部分银行适度加大信用减值计提力度，增厚风险抵补能力。城商行扩表 强劲，信贷份额加速提升。上半年各类银行资产质量总体稳定，不良率普遍环比回落，拨备覆 盖率回落节奏放缓，披露中报的银行上半年不良净生成率较 2024 全年有所回落。 分析师及联系人 [Table_Author] %% %% research.95579.com 1 [Table_Title 中报营收增速回升，龙头城商行扩表强劲 2] ...

8月20日，银行走势较强，百亿顶流银行ETF（512800）平开后震荡攀升，场内价格一度涨逾1%，现涨 0．59%，冲击日线3连阳，不足半日实时成交额超5亿元，交投情绪高涨。 | 分割 多日 1分 5分 15分 · 综合照 F9 航架板 服吸量加 面线 工具 @ (1 > | | 银行ETF (1) 377 | | --- | --- | --- | | 512800.SH[银行ETF] 2025/08/20 收 0.852 幅0.59%(0.005) 开0.847 高0.856 低0.843 已 | 0.852 +0.005 +0.59% | 512800 | | MAS 0.8491 MATO 0.8571 MA20 0.8581 MA60 0.8571 MA120 0.8131 MA250 0.7531 (B2EB) = 2 | | | | 0.930 | SSE CNY 10:38:56 交易中 | 第三次日报 | | | 2000 12000 1200 14 14 14 14 14 14 15 14 16 | | | 0.880 | 012-19.83% 零差-319539 5日 0.58% 250 ...

Core Viewpoint - Foreign investment giants are optimistic about Chinese bank stocks, expecting further price increases due to stable net interest margins and growth in fee income [2][4]. Group 1: Investment Outlook - JPMorgan forecasts a potential increase of 15% in A-share bank stocks and 8% in Hong Kong bank stocks [2][4]. - UBS analysts predict that the liquidity-driven bull market in Chinese stocks will continue at least until September [2][7]. - The average dividend yield for covered mainland bank stocks is expected to be around 4.3% this year, which is attractive in the current market environment [5]. Group 2: Market Dynamics - The key index tracking Chinese banks listed in Hong Kong has surged approximately 25% this year, driven by institutional investors seeking higher returns as bond yields decline [6]. - JPMorgan's Katherine Lei believes that income and profit growth for banks will improve in the second half of the year due to the stabilization of net interest margins and a moderate recovery in fee income [6]. Group 3: Future Performance - Tianfeng Securities indicates that the recent price adjustments in bank stocks are influenced by strong prior gains, profit-taking strategies, and some shareholders reducing their stakes [9]. - The long-term trend of valuation recovery for bank stocks remains positive, supported by expected improvements in net interest margins and non-interest income [10]. - The demand for bank stocks from long-term funds, such as insurance and public funds, is increasing, providing financial support for the banking sector [12].

Group 1 - Morgan Stanley's report indicates that since July, bank stocks within the MSCI China and CSI 300 indices have underperformed the indices, yet the outlook for the Chinese banking sector remains positive [1] - The macro environment is expected to be more challenging in the second half of the year, but net interest margin stabilization and a moderate recovery in fee income driven by wealth management are anticipated to support revenue and profit growth for banks [1] - Domestic households are likely to shift asset allocation from deposits to stocks, favoring banks with strong deposit capabilities [1] Group 2 - Among A-share banks, China Merchants Bank is preferred due to its attractive dividend yield and high sensitivity of earnings to capital markets [1] - In the H-share banking sector, Bank of China and Industrial and Commercial Bank of China are favored because of their relatively high dividend yields compared to peers, and Bank of China's stock performance has lagged behind state-owned peers this year [1]

本报记者 冷翠华 8月15日，中国平安人寿保险股份有限公司（以下简称"平安人寿"）在中国保险行业协会官网发布公告称，该公司委托平 安资产管理有限责任公司投资邮储银行H股股票，并于8月8日达到邮储银行H股股本的15%，根据香港市场规则，触发平安人 寿举牌。 历史交易信息显示，1月8日，平安人寿买入邮储银行H股716.8万股，买入后持股占邮储银行H股总股本的5.01%，触发首 次举牌。此后，平安人寿多次增持邮储银行H股，持股量于5月9日达到邮储银行H股股本的10%，再次触发举牌；截至8月8 日，平安人寿持有邮储银行H股占其总股本的比例达15.05%，触发第三次举牌。 邮储银行H股今年的股价走势稳健向上。Wind资讯数据显示，邮储银行H股股价上涨了25.2%。 今年，平安人寿"扫货"银行股力度强劲。综观该公司年内的9次举牌，举牌标的除了中国太保H股为保险股外，其他举牌标 的全部为上市银行H股。其中，该公司3次举牌招商银行H股，3次举牌邮储银行H股，2次举牌农业银行H股。 除了平安人寿对举牌上市银行青睐有加，其他险资机构也多次举牌银行股。具体来看，今年，新华保险举牌杭州银行1 次，弘康人寿举牌郑州银行H股3次，民生人 ...

Group 1 - The stock price of Changshu Bank closed at 7.62 yuan on August 15, 2025, down 0.04 yuan or 0.52% from the previous trading day [1] - The bank's opening price was 7.69 yuan, with a highest price of 7.70 yuan and a lowest price of 7.46 yuan, with a trading volume of 792,479 shares and a total transaction amount of 599 million yuan [1] - Changshu Bank is a regional commercial bank headquartered in Jiangsu, focusing on serving the county economy, offering traditional banking services such as deposits, loans, settlements, and wealth management, with a differentiated advantage in small and micro enterprise financial services [1] Group 2 - The social security fund has held shares in Changshu Bank for 30 consecutive quarters since Q1 2018, with the latest holdings involving four social security fund combinations totaling 278 million shares, accounting for 8.38% of the circulating shares [1] - As of the end of Q2, the social security fund's shareholding decreased slightly by 0.57% quarter-on-quarter, but it remains one of the bank stocks with the highest proportion of social security fund holdings [1] - On August 15, the net outflow of main funds from Changshu Bank was 10.69 million yuan, with a cumulative net outflow of 29.12 million yuan over the past five days [2]

中经财富是《中国经营报》旗下专注于银行板块、投资理财的媒体平台。让投资变简单，让您的财富天天升值！ 抢筹银行股 目前市场上不少机构持续看好银行股，而资金也在持续流入。 8月6日，农业银行A股流通市值升至2.11万亿元，首次超越了工商银行的2.09万亿元，成为A股流通市值冠军。 截至8月7日收盘，农业银行A股收盘价为6.71元/股，涨1.36%，流通市值冲到了2.14万亿元。工商银行A股收盘价为7.84元/股，涨1.03%，流通市值为2.11 万亿元。从A股总市值看，工商银行A股总市值达到2.79万亿元，仍较农业银行的2.35万亿元总市值保持领先。 涨幅超过30% 数据统计显示，今年以来，农业银行A股股价累计涨幅已经超过了30%，涨幅在银行板块中位居第三，并排在六大国有银行首位。即使是在7月中旬银行 股板块的回调期间，农业银行股价也接连创出新高。 《中国经营报》记者发现股本差异是影响流通市值的一个重要原因。有关数据显示，农业银行A股流通股本3192亿股，工商银行对应为2696亿股，两者相 差近500亿股。 自2023年以来，农业银行的估值从四大国有银行中的垫底一路上升至最高水平，主要原因在于该行盈利的确定性和差 ...

Group 1 - Agricultural Bank of China (ABC) achieved a historic high stock price of 6.62 CNY per share on August 6, 2023, with a market capitalization of 2.11 trillion CNY, surpassing Industrial and Commercial Bank of China (ICBC) at 2.09 trillion CNY [1][2] - On August 7, ABC's market capitalization increased to 2.14 trillion CNY, while ICBC's market capitalization was reported at 2.11 trillion CNY [4][6] - The total market capitalization of ABC's A and H shares on August 6 was 2.26 trillion CNY, which is lower than ICBC's total market capitalization of 2.57 trillion CNY [4][6] Group 2 - Among state-owned banks, ABC has the highest proportion of A-shares at approximately 91%, while China Construction Bank has the lowest at about 8% [7][9] - The A-share market capitalization of major banks as of August 7, 2023, shows ABC leading with 2.14 trillion CNY, followed by ICBC at 2.11 trillion CNY, and Bank of China at 1.36 trillion CNY [3][4] Group 3 - In the first half of 2023, bank stocks, including ABC, saw significant price increases, with major banks like ABC, ICBC, and China Construction Bank all experiencing double-digit growth exceeding 12% [5][6] - Institutional investors, particularly insurance funds, have been actively purchasing bank stocks, with China Ping An increasing its holdings in ABC's H-shares [6][10] Group 4 - The dividend distribution for A-share listed banks totaled 6.33 billion CNY in 2024, with state-owned banks accounting for 66.49% of this total [12] - ICBC led the dividend payouts among major banks with 109.77 billion CNY, followed by China Construction Bank with 100.75 billion CNY, and ABC with 84.66 billion CNY [12]

Core Viewpoint - Agricultural Bank of China (ABC) has reached a historic high in stock price and market capitalization, becoming the largest circulating market value in A-shares, surpassing Industrial and Commercial Bank of China (ICBC) for the first time [1][2]. Market Performance - As of August 6, ABC's stock price closed at 6.62 CNY per share, with a circulating market value of 2.11 trillion CNY, while ICBC's circulating market value was 2.09 trillion CNY [1]. - ABC's A-share cumulative increase this year is 29.8%, ranking third among 42 listed banks, and first among the six major state-owned banks [2]. Institutional Investment - Insurance funds have been actively purchasing bank stocks, with at least five banks, including ABC's H-shares, being targeted for significant investments [1]. - Public funds have increased their holdings in ABC, with a total of 93 public fund companies holding 10.37 billion shares by the end of Q2, representing a 0.32% share of circulating stocks, an increase of 7.44 million shares from Q1 [4]. Dividend Distribution - The total cash dividends distributed by 42 A-share listed banks for the 2024 fiscal year reached 632.59 billion CNY, an increase of nearly 20 billion CNY from the previous year [4]. Stock Trends - The banking sector has benefited from high dividend investment interest, with a notable increase in institutional investments [5]. - As of August 6, 14 A-share bank stocks have increased by over 20% this year, with several H-share bank stocks showing even higher gains [5]. Future Outlook - Research institutions remain optimistic about the banking sector, with expectations of improved fundamentals and revenue growth starting in 2026 [8]. - UBS forecasts that banks with dividend yields exceeding 4.2% for H-shares and 4.0% for A-shares are attractive investments [8].

Core Viewpoint - Recent news highlights a positive trend in bank stocks, particularly with significant shareholder increases in holdings, indicating confidence in the sector's future growth and stability [1][2][5]. Group 1: Shareholder Activity - On August 5, Nanjing Bank announced that its major shareholder, Nanjing Gaoke, increased its stake from 8.94% to 9.00% by acquiring 750,770 shares, following a prior dilution due to the early redemption of convertible bonds [2][3]. - Nanjing Bank's total share capital increased to 12.364 billion shares after the early redemption of "Nanjing Bank Convertible Bonds," which amounted to RMB 3.879 million [3]. - Other shareholders, including Nanjing Zijin Investment Group and the largest shareholder, BNP Paribas, have also increased their stakes in Nanjing Bank this year, reflecting a broader trend of shareholder confidence in the bank [4]. Group 2: Market Performance - On August 5, the A-share bank sector saw a significant uptick, with all bank stocks closing in the green; Shanghai Pudong Development Bank led with a 4.72% increase [6]. - Nanjing Bank's stock price rose by 1.87% to RMB 11.96, with a year-to-date increase of 14.45% and a dividend yield of 4.09% [5][6]. - Analysts suggest that the bank sector's strong performance is supported by a high dividend premium, with potential for further price increases of over 60% based on valuation and dividend yield [6]. Group 3: Analyst Insights - Analysts emphasize the stability and profitability of the banking sector, viewing it as a typical representative of bond-like stocks, with a current dividend yield close to 4% [6]. - The ongoing bull market for bank stocks, which has seen a cumulative increase of 39% since the end of 2022, is expected to continue, with recommendations for investors to adopt a bullish mindset [6][7]. - Investment strategies are suggested to focus on regional banks with strong fundamentals and large banks with high dividend yields [7].