经济观察网中国货币网8月7日消息，兰州银行（001227）计划发行2025年科技创新债券，规模为人民币 20亿元，期限5年期，簿记建档日为2025年8月12日。根据中诚信国际信用评级有限责任公司评定，兰州 银行主体信用评级及本期债券信用评级均为AAA级。(编辑胡群) ...

证券研究报告 | 行业简评报告 2025 年 08 月 07 日 银行市值的几个口径及险资举牌比例释疑 银行市值是经营基本面和估值（经营预期）的综合体现，不仅资本市场关注， 银行管理层甚至相关政策部门也重视，所以需要严谨的计算口径。不少上市银 行同时在 AH 股上市，同时险资增持银行事件增加，市场对银行市值计算和举 牌口径存在误解，本篇报告尝试进行梳理释疑。 银行市值的几个口径。严格来说，对于 AH 股上市银行，有 5 个市值口径。（1） A 股总市值（A 股股价*总股本数）；（2）H 股总市值（H 股股价*总股本数）； （3）A 股股本市值（A 股股价*A 股股本数）；（4）H 股股本市值（H 股股价 *H 股股本数）；（5）股权公平市场价值（A 股股本市值+H 股股本市值）。因 为 AH 股估值差异较大，同时各家银行 AH 股本比例也不同，投资分析视角下， 会更多关注特定市场的总市值，也就是口径 1 和 2，部分时候会关注股权公平市 场价值（口径 5）。至于口径 3 和 4，由于不同银行特定市场股本比例不同，很 少进行关注对比。最新 AH 上市银行股本比例和 5 个口径市值见表 1。 险资举牌银行比例释疑 ...

Group 1 - Hong Kong bank stocks rose in the afternoon, with Standard Chartered Group up 4.09% to HKD 147.7, East Asia Bank up 2.32% to HKD 12.78, HSBC Holdings up 1.96% to HKD 98.9, and Hang Seng Bank up 1.77% to HKD 115.1 [1] - HSBC and Hang Seng reported better-than-expected first-half results, with Standard Chartered and HSBC's non-interest income showing strong performance, supporting revenue growth [1] - However, overall risks in the Hong Kong banking sector remain, with low HIBOR leading to a decline in interest margins, negatively impacting net interest income in Q2 [1] Group 2 - Local loan demand in Hong Kong remains weak, with both Standard Chartered and HSBC experiencing a quarter-on-quarter contraction in local loans in Q2 [1] - The non-performing loan ratio in Hong Kong's commercial real estate sector has increased quarter-on-quarter, indicating ongoing pressure in the real estate industry [1] - On August 6, the Hong Kong Monetary Authority intervened by buying HKD 8.439 billion due to the HKD/USD exchange rate touching the weak end of the peg, marking the fourth intervention in seven days [1]

Group 1 - The core viewpoint of the article highlights the performance and strategic focus of Postal Savings Bank of China, emphasizing its role as a leading retail bank serving agriculture, rural areas, and small to medium-sized enterprises [1][3] - As of the first quarter of 2025, the bank reported total operating revenue of 89.406 billion yuan and a net profit of 25.246 billion yuan, indicating strong financial performance [2] Group 2 - The bank operates under a "self-operated + agency" model, providing comprehensive financial services including technology finance, green finance, and inclusive finance [1] - The company prioritizes customer-centric approaches and risk management, aiming to become a trusted, distinctive, and innovative retail bank [1]

财经金融博客Zerohedge评论称，在经历了昨天糟糕的3年期美债拍卖之后，市场对今天的10年期美债拍 卖高度紧张。而事实证明，他们的担忧是有道理的：10年期拍卖表现非常差。 新华财经北京8月7日电美国国债收益率周三（8月6日）延续反弹，盘中公布的10年期美债招标结果弱于 预期，刺激收益率短线拉升。截至纽市尾盘，10年期美债收益率涨约2个基点，报4.23%。超长端涨幅 达4个基点。 短端收益率有所回落，2年期美债收益率跌1个基点，报3.71%，3至5年期美债收益率也出现小幅下跌。 美国财政部6日招标发行420亿美元10年期国债，中标利率为4.255%，为8个月新低，但比预发行利率高 1.1个基点，是2月以来首次出现尾部利差。投标倍数从前次的2.61降至2.35，为2024年8月以来最低，也 低于近期均值2.58。 衡量海外需求的间接认购比例为64.2%，低于上月的65.4%，为1月以来最低；衡量美国国内需求的直接 认购比例为19.6%，为4月以来最低；一级交易商本轮获配比例为16.2%，是2024年8月以来最高水平。 近6个月首次出现的尾部利差、低迷的投标倍数，以及国内外需求双双下降、一级交易商被迫接盘，均 ...

资金流向方面，主力资金净流入5003.90万元，特大单买入1.03亿元，占比13.17%，卖出9067.43万元， 占比11.60%；大单买入2.33亿元，占比29.75%，卖出1.95亿元，占比24.93%。 邮储银行今年以来股价涨11.11%，近5个交易日涨4.88%，近20日涨3.97%，近60日涨12.31%。 资料显示，中国邮政储蓄银行股份有限公司位于中国北京市西城区金融大街3号,香港湾仔皇后大道东 248号大新金融中心40楼，成立日期2007年3月6日，上市日期2019年12月10日，公司主营业务涉及中国 邮政储蓄银行股份有限公司在中国提供银行及相关金融服务。该银行主要通过个人银行、企业银行及资 金业务运营。个人银行业务向个人客户提供多种产品及服务,包括人民币及外汇存储、贷款、银行卡及 中间业务产品及服务。企业银行业务为企业客户提供多样化金融产品及服务,包括企业贷款、贴现票 据、企业存款及中间业务产品及服务,如:结算、票据管理、现金管理、投资银行、托管及公司理财。资 金业务主要包括金融市场业务,如:市场交易、投资、同业融资及票据贴现。资金业务还包括资产管理。 主营业务收入构成为：个人银行业务69. ...

August 6, 2025 08:51 AM GMT China Financials | Asia Pacific More Rational Financial Support for Advanced Manufacturing Key Takeaways We think the Guidelines mark another shift in financial policy away from proactive support for manufacturing credit growth and lays out a more detailed mechanism for the financial system on how to balance anti-involution and support on industrial upgrade. The guidelines highlight keeping reasonable investments in manufacturing sectors. On one hand, FIs are required to provide ...

公 华福证券 司 研 究 浦发银行（600000.SH） 2025 年半年度业绩快报点评—利润增速显著提升 投资要点： 财务指标全面改善，利润增速显著提升 公 司 动 态 跟 踪 浦发银行发布 2025 年半年度业绩快报，公司上半年财务指标全面 向好，体现为营收和利润增速提升、不良改善，其中尤以利润增速提 升最为显著。公司 2025H1 营业收入、归母净利润增速分别为 2.6%、 10.2%。Q2 营收、归母净利润分别同比增长 4.0%、26.9%，增速较 2025Q1 提升 2.7pct、25.9pct。 风险指标继续向好，打开利润释放空间 浦发银行 Q2 利润的高水平释放，一方面得益于 Q2 营收端的贡献 边际提升，预计更多来自拨备计提压力减轻。 公司坚持风险"控新降旧"并举，风险压降成效显著。2025Q2 末 不良贷款余额、不良贷款率较 Q1 末实现"双降"，不良率为 1.31%， 较 Q1 末下降 2bp；不良贷款余额为 736.7 亿元，较 Q1 末下降 6.1 亿元。 拨备计提方面，公司一季度集中进行了拨备计提，预计二季度拨备计 提压力减轻。公司风险抵补能力继续增强，2025Q2 末拨备覆盖率 1 ...

KBC Group – overview (consolidated, IFRS)2Q20251Q20252Q20241H20251H2024Net result (in millions of EUR)1 0185469251 5641 431Basic earnings per share (in EUR)2.501.322.253.823.44Breakdown of the net result by business unit (in millions of EUR) <td style="width:85px;;border-bottom: solid black 1pt ; text-align: righ ...

Core Viewpoint - The banking sector is showing positive growth in the first half of 2025, with multiple banks reporting increases in revenue and net profit, indicating a stable financial environment and potential investment opportunities [1][2][3]. Group 1: Bank Performance - Changshu Bank is the first to disclose its semi-annual report, with a revenue of 60.62 billion yuan and a net profit of 19.69 billion yuan, reflecting year-on-year growth of 10.10% and 13.55% respectively [3]. - Shanghai Pudong Development Bank reported a revenue of 90.56 billion yuan and a net profit of 29.74 billion yuan, with year-on-year growth rates of 2.62% and 10.19% respectively [1]. - Hangzhou Bank achieved a total asset of 2.24 trillion yuan, with a net profit of 116.62 billion yuan, marking a year-on-year increase of 16.67% [2]. - Qingdao Bank reported a revenue of 7.66 billion yuan and a net profit of 3.07 billion yuan, with year-on-year growth of 7.50% and 16.05% respectively [3]. - Qilu Bank's revenue reached 6.78 billion yuan, with a net profit of 2.73 billion yuan, reflecting year-on-year growth of 5.76% and 16.48% respectively [3]. - Ningbo Bank's revenue was 37.16 billion yuan, with a net profit of 14.77 billion yuan, showing year-on-year growth of 7.91% and 8.23% respectively [3]. Group 2: Asset Quality and Capital Adequacy - The non-performing loan (NPL) ratio for Shanghai Pudong Development Bank is 1.31%, down by 0.05 percentage points from the end of the previous year [1]. - Hangzhou Bank's NPL ratio stands at 0.76%, with a provision coverage ratio of 520.89% [2]. - Ningbo Bank maintains an NPL ratio of 0.76% and a provision coverage ratio of 374.16%, which has increased by 3.62 percentage points [3]. - The capital adequacy ratios for Hangzhou Bank are 9.74% for core tier one capital and 14.64% for total capital, both showing improvements from the previous year [2]. Group 3: Market Outlook - Analysts suggest that the banking sector's mid-term dividend plans and valuation enhancement strategies indicate sustained long-term investment value [4]. - The retail non-performing loan generation is expected to remain high in the second half of 2025, with potential improvements in asset quality for well-managed banks [4][5]. - The net interest margin for quality regional banks is anticipated to stabilize, supported by a narrowing decline in new loan interest rates [5].