Offer Summary - BBVA offers Banco Sabadell shareholders a unique opportunity to be captured now [1] - The offer has been authorized by the Spanish Securities Market Commission [3] - The offer consideration includes both BBVA shares and cash [39] - The offer is subject to acceptance of >50% of voting rights [39] Strategic Rationale and Synergies - The strategic rationale is even more convincing since the announcement, driven by European focus on investment, need for larger banks, and technological disruption [14, 16] - Increased annual synergies post-merger are estimated at €1.45 billion pre-tax [34] - Cost synergies account for €900 million, including €510 million in opex savings and €325 million in personnel cost savings [34] - Funding synergies are projected at €65 million [34] Financial Impact and Valuation - The current equivalent value of the offer is €17.4 billion [39] - The offer represents a premium of 30% over the undisturbed price [39] - BBVA shareholders are expected to see a +5% EPS accretion post-merger [61] - Sabadell shareholders are expected to see a +25% EPS accretion post-merger [61]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经上市公司研究院 作者：郑权 近日，42家纯证券业务上市券商2025年半年报披露完毕。42家上市券商2025年上半年合计实现营业总收入2519亿元，同比增长31%；实现归母净利润1040亿 元，同比增长65%。 42家券商中，中信证券今年上半年的营收最高为330.39亿元；太平洋营收最低，仅6.15亿元。营收增速最快的是国联民生，高达269.4%的增速与两家券商合 并有关；营收增速最低的是浙商证券，为-23.66%。 在行业营收快速增长的今年上半年，浙商证券营收却大降，一方面是因为期货公司现货销售收入减少，另一方面资管业务手续费净收入大幅下降23.58%， 公司资产管理业务经营净值规模有所下滑，平均受托资产管理收益率（主动管理）降幅明显。此外，浙商证券5月份将国都证券并表，但后者营收、净利润 双降。 浙商证券营收降幅最大 主动管理业务"量价齐跌" wind显示，42家上市券商2025年上半年合计实现营业总收入2519亿元，同比增长31%；实现归母净利润1040亿元，同比增长65%。其中，中信证券营收最高 为330.39亿元； ...

从扎根南京、逐步辐射整个江苏，到从单一业务拓展为综合金融服务，苏商银行用实实在在的行动证 明，民营银行是金融体系里充满活力的重要部分。未来，这家深深植根江苏的民营银行，还会继续带着 民营资本的温度、科技金融的速度，写好服务实体经济的新篇章。 很多朋友会问：苏商银行是民营银行吗？答案其实很明确 —— 苏商银行不仅是民营银行，还是江苏省 首家民营银行，也是全国第13家民营银行。苏商银行早在2017年6月就已成立，前身为苏宁银行，2024 年3月经过中国银保监会批准正式更名。它由苏宁易购、日出东方等7家江苏本土民营企业共同发起设 立，而且股东股权实行集中托管，能有效实现风险隔离，从诞生那天起，就带着鲜明的"民营"基因。 其实苏商银行这些年的发展，本身就是民营银行活力的最好证明。成立八年多来，截至目前，它的资产 规模已经突破1375亿元，在全国19家民营银行里排到了第三；服务的客户总数超过6680万户，2024年还 实现了11.58亿元的净利润，同比增长10.23%。这些数字看起来亮眼，背后其实是苏商银行一直坚守民 营银行的使命 —— 用差异化服务帮小微企业解决融资难的问题，靠科技赋能让普惠金融服务更实在、 更高效。 ...

Core Viewpoint - Xiamen Bank is set to issue up to 9 billion RMB in capital supplement tools to address declining capital adequacy ratios, which have dropped significantly in recent years [2][3]. Capital Adequacy and Financial Performance - Xiamen Bank's capital adequacy ratio fell to 14.11% in the first half of 2025, down 1.19 percentage points from the beginning of the year, with core tier 1 capital adequacy ratio at 9.10% and tier 1 capital adequacy ratio at 11.28% [3]. - The bank's asset scale reached 434 billion RMB, an 8.92% year-on-year increase, but operating income decreased by 7.02% to 2.689 billion RMB, and net profit attributable to shareholders fell by 4.59% to 1.158 billion RMB [3][7]. Capital Management Strategy - Xiamen Bank has developed a capital management plan for 2024-2026, focusing on internal capital accumulation and external financing to maintain adequate capital levels [4]. - The plan includes enhancing profitability, controlling non-performing assets, and utilizing various capital tools such as ordinary shares, preferred shares, and perpetual bonds [4]. Recent Capital Raising Activities - This is not the first instance of external capital supplementation for Xiamen Bank; it has previously issued green financial bonds and fixed-rate bonds to optimize its capital structure [5]. - As of mid-2025, the bank's bond payable balance was 948.84 billion RMB, reflecting a 3.77% increase from the previous year [5]. Revenue and Profit Trends - Xiamen Bank has faced declining revenues, with operating income experiencing negative growth in recent years, including a 4.96% decline in 2023 [7]. - In the first half of 2025, net interest income was 1.992 billion RMB, a slight decrease of 0.47% year-on-year, while non-interest income dropped by 21.72% to 697 million RMB [7]. Asset Quality Concerns - The bank's non-performing loan ratio increased from 0.74% at the end of the previous year to 0.83%, with the provision coverage ratio declining significantly from 391.95% to 321.67% [8].

| 025-09-05 | 长沙根行 | 601577 | 8.6 | 1548 851 | 180 | 中信建投证券股份 | 中信建投证券股份 | 증 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券商房 | 蓬券代码。 | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | | | 有限公司甘肃分公 | 美出营业服 有限公司甘肃分公 | 是否为专场 | 9月5日，长沙银行大宗交易成交180万股，成交额1548万元，占当日总成交额的7.46%，成交价8.6元， 较市场收盘价9.45元折价8.99%。 ...

Investment Rating - The report maintains a positive outlook on the banking sector's allocation value, suggesting continued investment interest in the sector [4][10]. Core Viewpoints - The performance of listed banks in the first half of 2025 shows a marginal improvement in revenue and profit margins, with year-on-year growth of 1.0% in revenue and 0.8% in net profit attributable to shareholders [4][5]. - The recovery in the bond market during the second quarter has alleviated some of the pressures on bond investment returns, contributing to the overall performance improvement [4][5]. - The report anticipates that the banking sector's revenue and net profit growth will remain around 1% year-on-year for 2025, despite ongoing pressures on the banking fundamentals [4][10]. Summary by Sections Performance Overview - In the first half of 2025, listed banks experienced a year-on-year revenue growth of 1.0% and a net profit growth of 0.8%, with quarter-on-quarter improvements of 2.8 percentage points and 2 percentage points respectively [4][5]. - The growth in interest-earning assets was 9.7% year-on-year, with a stable credit growth of 8% and a significant increase in financial investments by 14.9% [4][11]. - The net interest margin for the first half of 2025 was 1.33%, showing a year-on-year decline of 13 basis points, which is less than the decline seen in the same period last year [4][5]. Non-Interest Income - Non-interest income showed a positive trend, with a year-on-year increase of 10.8% in other non-interest income and a 3.1% increase in fee income [4][5][10]. - The report highlights that the recovery in the capital market has contributed to the improvement in non-interest income [4][10]. Asset Quality - The report notes that while the non-performing loan ratio remains stable, there is an increase in the generation rate of overdue and non-performing loans, particularly in retail banking [4][10]. - The provision coverage ratio remained stable, with an increase in provisioning efforts during the first half of 2025 [4][10]. Future Outlook - The banking sector is expected to face continued pressure in 2025, but signs of a potential turning point are emerging, with improved net interest margins and non-interest income [4][10]. - The report suggests that the demand for bank stocks will increase from long-term funds, driven by favorable policies encouraging investment in the banking sector [4][10].

To Nasdaq Copenhagen 5 September 2025 Nykredit Bank A/S – Extraordinary General Meeting 5 September 2025 At Nykredit Bank's Extraordinary General Meeting held on Friday 5 September 2025, the shareholders: Approved the Board of Directors' proposal for a revised Remuneration Policy. Copenhagen, 5 September 2025 Nykredit Bank A/SBoard of Directors ContactQuestions may be addressed to Press Relations, tel +45 31 21 06 39. Attachment Decisions of extraordinary general meeting - Nykredit Bank AS - 05092025 ...

Core Viewpoint - Xiamen Bank is set to issue up to 9 billion RMB in capital supplement tools to address declining capital adequacy ratios, which have dropped significantly in recent years [2][3] Group 1: Capital Adequacy and Regulatory Compliance - Xiamen Bank's capital adequacy ratio fell to 14.11% in the first half of 2025, down 1.19 percentage points from the beginning of the year, with core tier 1 capital adequacy ratio at 9.10% and tier 1 capital adequacy ratio at 11.28% [3] - The bank's capital adequacy ratios still meet regulatory requirements, which stipulate a minimum core tier 1 capital adequacy ratio of 7.5%, tier 1 capital adequacy ratio of 8.5%, and total capital adequacy ratio of 10.5% [3] Group 2: Financial Performance - Xiamen Bank's total assets reached 434 billion RMB, an 8.92% year-on-year increase, but operating income decreased by 7.02% to 2.689 billion RMB, and net profit attributable to shareholders fell by 4.59% to 1.158 billion RMB [3][7] - The bank's net interest income for the first half of 2025 was 1.992 billion RMB, a slight decrease of 0.47% year-on-year, although it showed a 3.56% increase in the second quarter compared to the same period last year [7] Group 3: Capital Management Strategy - Xiamen Bank has developed a capital management plan for 2024-2026, focusing on internal capital accumulation supplemented by external financing, aiming to maintain sufficient capital levels [4][5] - The bank plans to utilize various capital tools, including common stock, preferred stock, convertible bonds, perpetual bonds, and subordinated debt, while also exploring innovative capital instruments [5] Group 4: Recent Capital Raising Activities - This is not the first instance of external capital supplementation for Xiamen Bank; it has previously issued green financial bonds and fixed-rate bonds to optimize its capital structure and support business development [6][8] - As of June 30, 2025, the bank's bond payable balance was 94.884 billion RMB, an increase of 3.77% from the previous year, primarily due to the issuance of new general financial bonds [6]

（来源同花顺，以上信息为南都·湾财社AI大数据自动生成） A股今日（5日）集体大涨，截至收盘，上证指数涨1.24%，深证成指涨3.89%，创业板指大涨6.55%，北 证50涨5.15%。沪深京三市全天成交额23484亿元，较上日缩量2335亿元。全市场超4800只个股上涨。 板块题材上，固态电池、光伏设备、CPO、能源金属、光刻机概念股涨幅居前；银行、食品饮料板块表 现落后。盘面上，电池相关板块全线大涨，天宏锂电、金银河、天华新能等20余股封板涨停。光伏设备 板块同样全线爆发，通润装备、阳光电源、阿特斯集体大涨。PCB、CPO概念股午后大幅走强，胜宏科 技20cm涨停，新易盛、中际旭创、生益电子均大涨超10%。此外，创新药、光刻机、半导体、能源金 属等板块午后纷纷走高。旅游、食品饮料板块昨日上涨后迎来调整，今日表现相对落后。银行板块同样 震荡调整，农业银行盘中跌超3%。 ...

邮储银行（601658.SH）：非息贡献 增长，营收利润增速转正 ——2025 年半年报点评 事件：8 月 29 日，邮储银行公布 2025 年半年报。1H25 实现营收、归母净利 润 1,794.5、492.3 亿元，同比分别 +1.5%、+0.8%；加权平均 ROE 为 10.91%，同比下降 0.52pct。6 月末不良贷款率 0.92%，环比上升 1bp；拨备 覆盖率 260.4%，环比下降 5.8pct。 点评： 1H25 邮储银行营收同比+1.5%，增速环比 1Q25 提升 1.6pct。主要得益于非 息收入增速提升，以及净利息收入降幅收窄。具体来看，（1）净利息收入同 比-2.7%，增速环比+1.1pct。（2）其他非息收入同比+25.2%，增速环比提高 3.5pct。伴随二季度债市回暖，公允价值变动浮亏显著修复；同时加大交易兑 现收益，投资收益同比+64.6%。（3）净手续费收入同比+11.6%，增速环比提 高 2.8pct。其中，投行业务、理财业务、托管业务中收均实现较快增长，公 司和资金业务优势更加凸显。成本费用管控效果显现，拨备前利润高增。去 年 9 月以来邮储银行两次下调储蓄代理费率效 ...