公司研究丨深度报告丨南京银行（601009.SH） [Table_Title] 新五年迎来三大周期拐点 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 南京银行进入新五年规划周期，三大拐点推动价值重估。1）市占率提升周期，管理层以改革激 发活力，前期大规模扩张网点的产能将加速释放。2）付息率下行周期，定期存款占比在上市银 行中最高，存款付息率下降弹性和空间高于同业，成为净息差企稳的关键。3）费用率改善周期， 预计成本收入比每年下行 1-2pct，正向抬升 ROE。近期完成可转债转股后，目前 2025 年 PB 估值 0.81x、股息率 4.5%，重点推荐，给予"买入"评级。 分析师及联系人 [Table_Author] SAC：S0490521120002 SAC：S0490524070002 SFC：BUT916 请阅读最后评级说明和重要声明 2 / 24 %% %% %% %% research.95579.com 南京银行（601009.SH） cjzqdt11111 [Table_Title2] 新五年迎来三大周期拐点 [T ...

Core Viewpoint - Jilin Trust has achieved significant milestones in risk management and capital enhancement, positioning itself for future growth in the financial sector [1][2]. Group 1: Company Developments - Jilin Trust's chairman, Xing Zhongcheng, announced that in 2024, the company has strengthened its registered capital and successfully exited high-risk status with the support of provincial authorities [1]. - The company has declared 2024 as a milestone year, indicating that risks have been fully cleared and both regulatory and financial indicators have been optimized [1]. - Jilin Trust aims to focus on consumer finance as a key area for future development, with plans to enhance its internet loan systems [2]. Group 2: Strategic Initiatives - The company has set a comprehensive development goal for 2025, which includes six major strategic battles focusing on wealth management reform, securities investment trust, industrial finance, risk prevention, human resources reform, and work style transformation [2]. - Jilin Trust is actively collaborating with technology firms such as Juzi Digital Technology, Shanghai Jiayin Technology, and Guohai Technology to advance its internet finance initiatives [2][3]. - The company is leveraging regulatory guidance from the National Financial Regulatory Administration to enhance its inclusive finance services and improve operational efficiency [3].