存贷款业务的风险持续评估报告 中复神鹰碳纤维股份有限公司 关于在中国建材集团财务有限公司办理 根据《关于规范上市公司与企业集团财务公司业务往来的通知》 （证监发〔2 与中国建材集团财务有限公司（以下简称"中建材财务公司"或"财务公司"） 签署了《金融服务协议》的事项，公司通过查验中建材财务公司《金融许可证》 《营业执照》等证件资料，并审阅了中建材财务公司验资报告及 2025 年半年度 财务报告，对中建材财务公司的经营资质、业务和风险状况进行了评估，现将有 关风险评估情况报告如下： 一、中建材财务公司的基本情况 中国建材集团财务有限公司成立于 2013 年 4 月 23 日，是经原中国银行业监 督管理委员会批准成立的非银行金融机构。 注册地址：北京市海淀区复兴路 17 号 2 号楼 9 层 法定代表人：陶铮 金融许可证机构编码：L0174H211000001 统一社会信用代码：9111000071783642X5 企业类型：有限责任公司 根据现代公司治理结构要求，按照"三会分设、三权分开、有效制约、协调 发展"的原则设立股东会、董事会、监事会。按照经营、监督、反馈系统互相制 衡的原则设置财务公司组织结构。董事会 ...

的审核意见 中国巨石股份有限公司 董事会审计委员会关于公司《关于公司对中国建材集 团财务有限公司办理存贷款业务的持续风险评估报告》 汤云为 武亚军 邵晓阳 作为中国巨石股份有限公司（以下简称"公司"）董事会审计委 员会成员，本人认真审阅了公司《关于公司对中国建材集团财务有限 公司办理存贷款业务的持续风险评估报告》全文，认为该报告真实、 客观、全面地揭示了公司报告期内对中国建材集团财务有限公司办理 存贷款业务的持续风险情况，同意该报告，并提出书面审核意见如下： 报告的编制符合相关法律法规要求，所包含的信息真实全面地反 映了公司对中国建材集团财务有限公司办理存贷款业务的持续风险 情况，同意将该报告提交公司第七届董事会第二十四次会议审议。 董事会审计委员会成员签字： ...

按照《上海证券交易所上市公司自律监管指引第 5 号——交易与 关联交易（2025 年 3 月修订） 料，并审阅京能财务的定期财务报告，对京能财务的经营资质、业务 和风险状况进行了收集、整理，具体情况如下： 一、京能财务基本情况 京能财务前身为"东北制药集团财务公司" ，经收购重组于 2006 》的要求，通过查验京能集团财务有限 公司(以下简称"京能财务")《金融许可证》 《营业执照》等证件资 年 3 月 7 日取得《企业法人营业执照》 ，2006 年 5 月 16 日取得《金 融许可证》，正式开业。目前注册资本为人民币 50.00 亿元，其中北 京能源集团有限责任公司出资比例为 60%，北京京能清洁能源电力股 份有限公司出资比例为 20%，北京京能电力股份有限公司出资比例为 经营范围：吸收成员单位存款；办理成员单位贷款；办理成员单 位票据贴现；办理成员单位资金结算与收付；提供成员单位委托贷款、 债券承销、非融资性保函、财务顾问、信用鉴证及咨询代理业务；从 事同业拆借；办理成员单位票据承兑；从事固定收益类有价证券投资。 二、京能财务内部控制基本情况 （一）内控环境 京能财务治理架构健全、有效，严格按照《公司法》 ...

Core Viewpoint - Jiangyin Rural Commercial Bank reported steady growth in assets and profits for the first half of 2025, driven by significant increases in investment income and improved asset quality [2][3][6]. Financial Performance - As of June 30, 2025, total assets reached 207.58 billion, a 3.67% increase from the previous year, while total liabilities grew by 3.86% to 188.38 billion [2]. - The bank's operating income for the first half of 2025 was 2.40 billion, reflecting a year-on-year growth of 10.45%, with net profit attributable to shareholders rising by 16.69% to 846 million [2][3]. - Investment income surged by 81.44% to 882 million, becoming the main driver of profit growth, while net interest income remained stable at 1.41 billion [2][3]. Income Composition - Non-interest income saw rapid growth, with investment income accounting for 36.72% of total operating income, up from 22.35% in the previous year [3]. - The bank's trading financial assets increased by 28.58% to 25.33 billion, with government bonds showing a remarkable growth of 267.27% [3]. - Fee and commission income decreased by 35.15% to 50.85 million, primarily due to market conditions affecting intermediary business revenues [3]. Asset and Liability Management - Total loans and advances amounted to 131.42 billion, a 5.87% increase, with over 80% allocated to corporate loans, particularly in manufacturing, wholesale retail, and construction [5]. - Total deposits reached 164.83 billion, growing by 6.35%, with a stable liability structure where deposits accounted for 87.49% of total liabilities [5]. Asset Quality - The overdue loan balance decreased significantly by 16.63% to 1.40 billion, indicating improved asset quality management [6]. - However, a substantial portion of overdue loans (68.69%) were overdue for more than three months, suggesting potential risks of conversion to non-performing loans [6]. - Credit impairment losses were 868 million, down 3.27% year-on-year, reflecting effective risk management and asset disposal efforts [6]. Industry Challenges - The bank faces challenges common to regional banks, including narrowing net interest margins and reliance on traditional lending models [6][7]. - There is a need for regional banks to enhance digital capabilities and explore wealth management and transaction banking to adapt to increasing competition and regulatory pressures [7]. - The concentration of loans in specific regions may amplify risks associated with economic fluctuations, necessitating a cautious approach to business expansion [7].

近日，安徽肥西农村商业银行股份有限公司（下称"肥西农商银行"）发布2025年中期业绩报告。 2025年上半年，肥西农商银行实现营业收入4.37亿元，较上年同期下降12.28%；同期净利润为1.30亿元，同比增长2.62%。值得注意的是，净利润的增长并 非源于主营业务的改善，而是主要依赖信用减值损失计提的大幅减少——从2024年同期的1.41亿元降至0.7亿元，降幅达50.35%。 截至2025年6月末，肥西农商银行资产总计达502.29亿元，负债总额473.83亿元。其中，吸收存款409.05亿元，发放贷款及垫款330.54亿元，存贷款业务仍是 其核心业务支柱。 从数据来看，该行资产负债规模保持稳步增长，但结合此前披露的信息，其存款结构存在一定失衡。公司存款曾出现负增长，储蓄存款中定期存款占比过 高，这不仅推高了资金成本，也对其流动性管理提出更高要求。贷款规模的持续扩张则需要关注其资产质量变化。 尽管肥西农商银行未公布2025年6月末的不良贷款率，但联合资信的评级报告揭示了其资产质量方面的隐忧。报告显示，截至2024年末，该行不良贷款率已 连续三年下降至1.71%，但逾期贷款规模同比增长32.23%，逾期90 ...

Core Viewpoint - The banking industry is facing significant challenges due to "involution" competition, which has been recognized as a consensus across various sectors since the Central Economic Work Conference proposed comprehensive measures to address it [1] Group 1: Regulatory Actions - The Guangdong Banking Association has initiated a "1+3+N" system to combat "involution" competition, which includes a negative list from regulatory authorities, self-regulatory agreements, and industry-specific measures [1] - The Ningxia Banking Association has also held discussions on the state of "involution" competition within the industry, indicating a broader recognition of the issue [1] Group 2: Market Dynamics - On the deposit side, banks are experiencing a "stagnant" interest rate environment, leading to practices such as "high-interest deposits" and "buying indicators" to meet performance targets [2] - Some banks are engaging in practices that effectively raise actual interest rates despite official reductions, such as manual interest supplements and high-interest bids for deposits [2] - On the loan side, there is significant downward pressure on interest rates, with some banks offering loans at rates below the yield of government bonds, particularly for large enterprises [2] - The consumer loan market has seen intense price competition, with rates dropping below 2.5%, leading to market disorder and potential misuse of funds [2] Group 3: Implications of Involution - The competitive practices, while seemingly beneficial to consumers, are severely squeezing banks' profit margins and threatening the industry's long-term health [3] - Involution can lead to increased risks of regulatory violations, as banks may relax risk assessments to gain market share, raising the likelihood of bad debts and adverse selection [3] - The distortion of market signals due to involution can hinder macroeconomic regulation efforts [3] Group 4: Strategic Recommendations - The banking industry needs to shift from "losing money for visibility" to "quality-driven survival," focusing on sustainable development [3] - Banks should adjust their business structures based on their resource endowments and explore differentiated development strategies [3] - Enhancing service capabilities instead of competing solely on interest rates can create a more diverse financial institution landscape and ensure stable operations [3] - Banks should also seek to identify customer needs and expand non-interest income to diversify and strengthen their risk resilience [3] Group 5: Internal Management - A scientific and reasonable incentive mechanism and performance evaluation system should be established within banks to avoid short-term, volume-driven behaviors [4] - Increasing the diversity of performance indicators can stimulate employee motivation and innovation [4]

Group 1: Banking Sector - The banking sector is characterized by a stable profit model, primarily earning through interest rate spreads from loans and deposits, along with various fee incomes [1][3] - Bank stocks typically offer high dividend yields, making them attractive for investors seeking stable returns, especially large state-owned banks that provide consistent dividends [1] - However, bank stocks exhibit relatively low price volatility compared to tech stocks, and their performance is closely tied to macroeconomic conditions, with potential increases in bad debts during economic downturns [3] Group 2: Securities Sector - The securities sector acts as an intermediary in capital markets, with its investment value peaking during bull markets when trading activity is high, leading to increased commission revenues for securities firms [3][5] - Securities stocks can experience significant price fluctuations, with performance declining sharply during bear markets when trading volumes drop [5] - Investors should focus on strong, diversified leading brokerage firms due to increasing competition and the widening gap between top and smaller firms [5] Group 3: Insurance Sector - The insurance sector is valued for its long-term stability and growth potential, as companies collect premiums to create large investment pools, generating investment income [5][7] - Demand for insurance is rising due to improved living standards and increased risk awareness among consumers [5] - The complexity of insurance business operations, influenced by interest rates and market performance, adds a layer of investment complexity [5][7] Group 4: Investment Timing Strategies - For bank stocks, favorable investment timing may occur when macroeconomic conditions improve and there are expectations of interest rate cuts, which can boost loan demand and bank performance [7] - In the securities sector, increased trading volumes and new account openings often signal an impending bull market, presenting investment opportunities [7] - For insurance stocks, investing may be more suitable when interest rates are on the rise and investment markets are performing well, enhancing the investment income of insurance companies [7]

Investment Rating - The investment rating for the company is "Buy-A/Buy-H" with a current price of 7.27 CNY/5.48 HKD and a reasonable value of 7.29 CNY/5.50 HKD [2]. Core Views - The report highlights that the company has shown a year-on-year increase in both loans and deposits, with a narrowing decline in net fee income. The first quarter of 2025 saw a decrease in revenue, pre-provision operating profit (PPOP), and net profit attributable to shareholders by -3.2%, -3.6%, and -4.0% respectively compared to the previous year [6][8]. Summary by Sections Financial Performance - In Q1 2025, the company's revenue, PPOP, and net profit attributable to shareholders decreased by -3.2%, -3.6%, and -4.0% respectively, with changes from the previous year being -0.69 percentage points, +0.68 percentage points, and -4.50 percentage points [6][9]. - The total assets, loans, and deposits increased by 8.5%, 8.5%, and 4.0% year-on-year respectively, with a loan increment of 1.31 trillion CNY in Q1 2025, accounting for 57.3% of the total annual credit increment for 2024 [6][9]. Asset Quality - The non-performing loan (NPL) ratio at the end of Q1 2025 was 1.33%, a slight decrease from the end of the previous year. The provision coverage ratio improved to 215.70% [6][9]. Income Structure - The net interest margin (NIM) for Q1 2025 was 1.33%, down 9 basis points from the previous year, primarily due to the impact of LPR adjustments and market interest rates [6][9]. - The net fee income decreased by 1.18% year-on-year, but the decline was less severe compared to previous periods [6][9]. Profit Forecast and Investment Recommendation - The forecast for net profit growth for 2025 and 2026 is 0.84% and 2.08% respectively, with earnings per share (EPS) projected at 0.99 CNY and 1.01 CNY. The current stock price corresponds to a price-to-earnings (PE) ratio of 7.32X and 7.16X for 2025 and 2026 [6][9].