证券代码： 001227 证券简称：兰州银行 兰州银行股份有限公司投资者关系活动记录表 编号：2025-08 | | ☑特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他（请文字说明其他活动内容） | | 参与单位名称 | 中欧基金 吕修磊、刘爱华、李韬、李思婕 | | 及人员姓名 | | | 时间 | 年 月 日下午 2025 11 25 | | 地点 | 总行 楼会议室 25 | | 上市公司接待 | 董事、董事会秘书张少伟及相关部门负责人 | | 人员姓名 | | | | 一、请问贵行 年的经营规划，预计总资产增速和存贷款增速， 2025 | | | 目前对于全年经营计划的完成情况如何？ | | | 截至 2025 年 9 月末，兰州银行资产总额 5,233.60 亿元，较年初增长 | | | 7.62%；负债总额 4,825.43 亿元，较年初增长 7.14%；发放贷款及垫款 | | | 亿元，较年初增长 亿元，较年初增长 2,604.71 6.15%；吸收 ...

Core Viewpoint - The recent data from the National Financial Regulatory Administration indicates a slight increase in both the non-performing loan (NPL) balance and the NPL ratio of commercial banks, while the market for transferring non-performing loans has seen significant growth this year [1] Group 1: Non-Performing Loan Market Trends - The scale of non-performing loan transfers has surged, with over 26 billion yuan in asset packages listed since November, and the total for the first half of 2025 expected to exceed 167 billion yuan, doubling from the same period in 2024 [1][2] - The issuance of asset-backed securities (ABS) for non-performing loans has surpassed 67.857 billion yuan this year, reflecting an increase of over 80% compared to the previous year [1] Group 2: Retail Loan Risks - There is a consensus in the industry that retail loan risks are becoming more apparent, with no signs of reaching a peak yet [1][6] - Major banks are increasingly transferring personal non-performing loans to improve asset quality and release capital [1][3] Group 3: Asset Transfer Dynamics - Banks are actively listing large amounts of non-performing assets, particularly in personal loans and credit card overdrafts, with significant amounts being transferred [2] - The trend of "discount promotions" for non-performing assets is growing, with some assets being sold for as little as 10% of their original value [4] Group 4: Retail Loan Quality Indicators - The non-performing loan ratio for retail loans is on the rise, with specific banks reporting increases in their personal loan NPL ratios [6][7] - The characteristics of retail loan risks include a higher default rate in consumer loans and credit card loans, while mortgage loans remain the most stable [6][7]

据证券时报记者统计，截至11月20日，11月以来银行业信贷资产登记流转中心已公布68期个人不良贷款 资产包转让信息，合计未偿本息达264亿元，主要涉及个人消费贷、信用卡透支和个人经营贷。 据不完全统计，多家大中型银行挂牌转让的个人不良贷款频次较为密集，例如平安银行11月以来已挂牌 个贷不良项目达13个，合计未偿本息约15.47亿元；建设银行、交通银行相关项目分别为10个和7个。 就单个不良贷款资产包的总额来看，多家银行在11月挂出10亿元以上甚至数十亿元的大额项目。例如， 民生银行信用卡中心在11月中旬挂牌了一笔未偿本息总额高达51.42亿元的资产包，对应的是约14.78万 借款人的信用卡透支费用。同样挂出大额信用卡不良的还有浦发银行和交通银行，单个最大项目分别为 34.61亿和17.9亿元，这些大额资产包对应的加权平均逾期天数均超过4年。 此前，证券时报记者据银登中心挂牌数据测算，2025年上半年不良个贷转让挂牌规模已超1670亿元，较 2024年同期增长了1倍。 上海金融与发展实验室首席专家、主任曾刚对证券时报记者表示，目前银行业较多采用转让的方式作为 不良资产处置手段。相对而言，规模化化解零售类资产风险 ...

Core Viewpoint - An increasing number of small and medium-sized banks are exiting the internet lending market due to regulatory pressures and diminishing profitability of such operations [1][4][11]. Group 1: Bank Actions - Urumqi Bank announced the cessation of cooperative personal internet consumer loans starting October 1 [2]. - Guizhou Bank stated that it has no new internet platform business and is only managing existing operations [2]. - Longjiang Bank's cooperation list for internet lending shows only one institution, which has also ceased cooperation, indicating the end of this business for them [2]. Group 2: Market Dynamics - The "9th Document" has led to a reevaluation of the cost-effectiveness of internet lending for small banks, as they have been reducing their business scale in this area [4][11]. - Urumqi Bank's personal consumer loans account for less than 3% of its loan balance, while Longjiang Bank's is around 4%, suggesting that internet lending is not a core business for these banks [5][6]. - Guizhou Bank reported a growth of over 70% in its personal comprehensive consumer loans (excluding credit cards) in Q3 2025, indicating a shift towards developing its own digital credit capabilities [7]. Group 3: Regulatory Environment - The regulatory environment has tightened, with banks now required to disclose their cooperative "white lists" and ensure compliance with the 24% cap on comprehensive financing costs [12][13]. - The China Internet Finance Association has highlighted issues with the disclosure of lending partners, indicating a lack of standardization and accuracy [8][9]. Group 4: Historical Context and Future Outlook - The rise of internet lending was initially driven by the need to address information asymmetry and supply-demand mismatches, but has faced challenges due to high costs and regulatory scrutiny [10][11]. - Historical examples, such as Bohai Bank and Shanghai Bank, illustrate the volatility and risks associated with reliance on internet lending, with significant declines in loan balances and increased non-performing loan rates following regulatory changes [20][22]. - The future landscape for small banks is expected to be more fragmented, with larger banks and major internet platforms continuing to dominate the market [23][24].

Core Viewpoint - The consumption market is expected to thrive during the overlapping National Day and Mid-Autumn Festival in 2025, with Jiangsu Bank playing a crucial role in enhancing local consumption through innovative financial services and policies [1] Group 1: Consumer Support Initiatives - Jiangsu Bank is actively participating in the "Fueling Jiangsu" promotional campaign, allowing consumers to win prizes and receive fuel vouchers by participating in a lottery after refueling [2] - The bank has facilitated 267 applications for automotive subsidies during the holiday period, amounting to a total of 910,000 yuan, which has directly contributed to automotive sales exceeding 58.34 million yuan [2] - The bank's direct car purchase installment service offers competitive rates, with a single period interest rate as low as 0.14% and an annualized rate starting at 3.22%, effectively reducing the cost of car purchases for consumers [2] Group 2: Thematic Activities and Consumer Engagement - Jiangsu Bank launched the "Enjoy the Long Holiday" series of themed activities to cater to diverse consumer needs during the holidays, providing various discounts and benefits for travel, home goods, and trendy products [3] - The bank's promotional activities reached over 500,000 people through multiple platforms, significantly increasing the scale of credit card users and maintaining a positive growth trend in consumption [3] Group 3: Offline Services and Credit Support - During the holiday period, Jiangsu Bank organized over 40 promotional events in key commercial areas and sports venues, enhancing the offline consumption atmosphere and providing consumers with various benefits [4] - The bank increased personal consumption loan approvals by over 600 million yuan during the holiday, marking a 12.97% increase compared to the previous year, thus providing solid financial support for consumer spending [4] - Jiangsu Bank's multi-faceted approach, combining policy alignment, innovative scenarios, service extension, and credit support, effectively contributes to local economic development and consumer vitality [4]

Core Viewpoint - The revenue and profit decline of Ping An Bank continues to narrow in the first three quarters of 2025, indicating a potential stabilization in financial performance. Revenue and Profit Summary - For the first three quarters, the operating revenue decreased by 9.8% year-on-year, a reduction of 0.3 percentage points compared to the first half of 2025. In Q3, the revenue decline was 9.2%, down 2.2 percentage points from Q2, primarily due to rising bond market interest rates impacting non-interest income [1] - The net profit attributable to shareholders decreased by 3.5% year-on-year in the first three quarters, with a 0.4 percentage point reduction compared to the first half of 2025. In Q3, the net profit decline was 2.8%, down 1.2 percentage points from Q2 [1] Retail and Corporate Loan Performance - Retail loans showed positive growth, with a loan growth rate of 1% as of the end of Q3, marking the first positive growth since June 2024. Retail loans increased by 3.21 billion yuan in Q3, the first positive growth in the second half of 2023 [1] - In the corporate sector, the bank continued to reduce low-yield bill loans, which decreased by 18.38 billion yuan in Q3, while increasing general corporate loans by 24.42 billion yuan [1] Net Interest Margin and Income - The net interest margin for Q3 was 1.79%, an increase of 3 basis points from Q2. This stabilization in net interest margin led to a year-on-year decline in net interest income of 6%, which was a narrower decline compared to Q2 [2] - The cost of interest-bearing liabilities decreased significantly, with a cost rate of 1.61% in Q3, down 13 basis points from Q2 [2] Asset Quality and Risk Management - The non-performing loan (NPL) ratio remained stable at 1.05% at the end of Q3, with the attention rate decreasing by 2 basis points to 1.74%. The provision coverage ratio was 229.6%, down 8.9 percentage points from Q2 [4] - Retail asset quality improved, with the retail NPL ratio at 1.24%, a decrease of 3 basis points from Q2. The improvement was attributed to better asset quality in credit card and personal consumption loans [4] - The corporate NPL ratio increased to 0.86%, attributed to the reduction of low-risk bill business and exposure to risks in certain industries, particularly in real estate [4] Future Outlook and Profit Forecast - The revenue and profit decline has been narrowing since Q2 2025, with retail adjustments nearing completion. The reduction of high-risk retail loans is expected to conclude, and the implementation of domestic demand expansion policies is anticipated to boost loan growth [5] - The forecast for operating revenue growth for 2025-2027 is -5.5%, 3.7%, and 7.0%, respectively, while net profit growth is projected at 0.3%, 4.6%, and 7.8% [6][7]

Core Viewpoint - The recent trend of large-scale asset disposals by banks, particularly in the context of non-performing loans, reflects a strategic shift towards optimizing asset structures and enhancing the ability to serve the real economy [1][4][6]. Group 1: Asset Disposal Plans - Bohai Bank plans to transfer nearly 700 billion yuan of debt assets through a public listing, marking its largest asset disposal action in recent years [1][2]. - The total amount involved in Bohai Bank's asset transfer includes approximately 499.37 billion yuan in principal, 104.36 billion yuan in interest, 93.34 billion yuan in penalties, and 1.26 million yuan in judicial fees, totaling 698.33 billion yuan with a book net value of about 483.10 billion yuan [2]. - Guangzhou Rural Commercial Bank announced a plan to transfer approximately 189.28 billion yuan of debt assets, continuing its trend of significant asset disposals for the third consecutive year [3]. Group 2: Market Trends and Drivers - The recent surge in asset disposals is driven by multiple factors, including the need for efficient handling of non-performing loans and the positive outcomes from previous loan transfer trials [4][6]. - The overall non-performing loan rate for commercial banks was reported at 1.49% as of June, with significant variations among different types of banks, indicating ongoing asset quality pressures [5][6]. - The trend of large asset transfers is seen as a shift from passive disposal to proactive management, with banks aiming to enhance risk management and optimize capital usage [6][7]. Group 3: Implications for the Banking Sector - The asset transfer initiatives are expected to improve asset quality, reduce risk asset occupation, and enhance capital adequacy and profitability for the banks involved [2][3]. - The current environment suggests a broader participation from various banking institutions in asset disposals, indicating a comprehensive approach to managing non-performing loans across the sector [6]. - Experts suggest that banks should adopt diverse strategies for handling non-performing assets, including cash recovery, self-write-offs, and asset securitization, to improve disposal efficiency [7].

Core Insights - The financial statistics released by the People's Bank of China indicate a robust financial support for the real economy, driven by a moderately loose monetary policy [1] Monetary Supply and Financing - As of the end of September, the M2 balance reached 335.38 trillion yuan, with a year-on-year growth of 8.4%, maintaining a high growth rate despite last year's high base [2] - The total social financing stock was 437.08 trillion yuan, showing a year-on-year increase of 8.7%, which is 0.7 percentage points higher than the same period last year [2] - In the first three quarters, the cumulative increase in social financing amounted to 30.09 trillion yuan, which is 4.42 trillion yuan more than the previous year [2] Credit Structure and Loan Growth - By the end of September, the balance of RMB loans was 270.39 trillion yuan, reflecting a year-on-year growth of 6.6% [3] - In the first three quarters, RMB loans increased by 14.75 trillion yuan, with household loans rising by 1.1 trillion yuan and corporate loans increasing by 13.44 trillion yuan [3] - The loan structure is improving, with significant growth in medium to long-term loans for both households and enterprises, particularly in key industries like equipment manufacturing and high-tech manufacturing [3][4] Policy Support and Cost of Financing - The average interest rate for newly issued corporate loans was approximately 3.1% in September, which is about 40 basis points lower than the same period last year, indicating a stable decline in financing costs [5] - Recent policies aimed at reducing interest costs for personal consumption loans and service industry loans have further stimulated demand [5] - Adjustments in housing purchase policies in major cities have led to a rebound in personal housing loan demand, with the average interest rate for new personal housing loans also at approximately 3.1%, down about 25 basis points year-on-year [5] Economic Outlook - The internal and external environments are showing signs of stabilization and improvement, with positive changes in corporate operations, consumer spending, and trade [6] - The monetary policy is expected to continue supporting the real economy in the fourth quarter, alongside active fiscal policies and the gradual realization of previously introduced measures [6] - Long-term structural transformation and industrial upgrades in the Chinese economy are anticipated to progress steadily, leading to a more balanced supply-demand relationship in the real economy [6]

Core Viewpoint - Commercial banks are accelerating the disposal of non-performing assets, with two Hong Kong-listed banks announcing significant debt asset transfers to optimize their asset structures and enhance their ability to serve the real economy [1][5]. Group 1: Asset Transfer Plans - Bohai Bank plans to publicly transfer nearly 70 billion yuan of debt assets, marking its largest asset disposal action in recent years [1]. - The initial minimum price for the asset transfer is set at 48.883 billion yuan, which is approximately 70% of the total debt asset value, including principal, interest, penalties, and legal fees [5]. - Guangzhou Rural Commercial Bank also announced a plan to transfer about 18.928 billion yuan of bond assets, becoming the second bank to undertake significant asset disposal in October [5]. Group 2: Reasons for Asset Disposal - The recent wave of asset disposals is driven by multiple factors, including the need for efficient handling of non-performing loans, positive outcomes from previous non-performing loan transfer trials, and an expanding list of institutions participating in public asset disposals [9]. - The overall non-performing loan rate for commercial banks was reported at 1.49% as of June, with certain banks like Bohai Bank and Guangzhou Rural Commercial Bank exceeding the industry average [10]. Group 3: Industry Trends - The trend of large-scale asset transfers indicates a shift from passive disposal to proactive management of risks within the banking sector [11]. - The end of the year typically sees a surge in non-performing asset disposals, allowing banks to strengthen their risk management and free up capital for future operations [11].

Core Insights - The financial statistics released by the People's Bank of China indicate a sustained growth in social financing and broad money supply (M2), supported by a moderately loose monetary policy [1][2] Monetary Supply and Financing - As of the end of September, M2 reached 335.38 trillion yuan, growing by 8.4% year-on-year, maintaining a high growth rate despite a higher base from the previous year [1] - The total social financing stock was 437.08 trillion yuan, with a year-on-year increase of 8.7%, which is 0.7 percentage points higher than the same period last year [1] - In the first three quarters, the cumulative increase in social financing was 30.09 trillion yuan, which is 4.42 trillion yuan more than the previous year [1][2] Government Bonds and Direct Financing - The acceleration in government bond issuance has significantly contributed to social financing, with net financing from government bonds reaching 11.46 trillion yuan in the first three quarters, an increase of 4.28 trillion yuan year-on-year [2] - The issuance of special refinancing bonds and government bonds has been rapid, supporting various initiatives aimed at expanding domestic demand and mitigating risks [2] Loan Growth and Structure - By the end of September, the balance of RMB loans was 270.39 trillion yuan, reflecting a year-on-year growth of 6.6% [3] - In the first three quarters, RMB loans increased by 14.75 trillion yuan, with household loans rising by 1.1 trillion yuan and corporate loans increasing by 13.44 trillion yuan [3] - The loan structure is improving, with significant growth in medium to long-term loans for both households and enterprises [3][4] Cost of Financing - The average interest rate for newly issued corporate loans was approximately 3.1% in September, which is about 40 basis points lower than the same period last year [4] - The implementation of the "loan transparency" initiative has helped reduce the overall financing costs for enterprises, enhancing their access to credit [4][5] Consumer Loan Demand - There has been a rebound in consumer loan demand, driven by interest rate reductions and the implementation of subsidy policies for personal consumption loans [5] - The average interest rate for new personal housing loans was also around 3.1% in September, down by 25 basis points year-on-year [5][6] Economic Outlook - The overall economic environment is stabilizing, with positive changes in corporate operations, consumer spending, and trade [6] - The continuation of moderately loose monetary policy and proactive fiscal measures is expected to support the economy's recovery in the fourth quarter [6]