借款人，亦为按揭人，为一名已退休个别人士及为按揭予骏联信贷的物业(作为贷款抵押)的唯一拥有 人。彼为本集团现有客户，此前没有拖欠还款记录。 鋑联控股(00459)发布公告，于2026年1月9日，本公司间接全资附属公司骏联信贷与借款人及按揭人订 立按揭贷款协议，据此，骏联信贷同意向借款人授出本金金额为4200万港元的贷款，按实际年利率10% 计息，还款期为十二个月。 提供贷款为本集团日常及一般业务活动的一部分。按揭贷款协议的条款(包括但不限于利率)乃由订约方 经参考现行商业惯例、提供的抵押以及贷款金额后经公平磋商后厘定。贷款将由本集团内部资源拨付。 授出贷款将提供额外的利息收入予本集团。 ...

提供贷款为本集团日常及一般业务活动的一部分。按揭贷款协议的条款(包括但不限于利率)乃由订约方 经参考现行商业惯例、提供的抵押以及贷款金额后经公平磋商后厘定。贷款将由本集团内部资源拨付。 授出贷款将提供额外的利息收入予本集团。 智通财经APP讯，鋑联控股(00459)发布公告，于2026年1月9日，本公司间接全资附属公司骏联信贷与借 款人及按揭人订立按揭贷款协议，据此，骏联信贷同意向借款人授出本金金额为4200万港元的贷款，按 实际年利率10%计息，还款期为十二个月。 借款人，亦为按揭人，为一名已退休个别人士及为按揭予骏联信贷的物业(作为贷款抵押)的唯一拥有 人。彼为本集团现有客户，此前没有拖欠还款记录。 ...

格隆汇1月9日丨鋑联控股(00459.HK)公告，于2026年1月9日，公司间接全资附属公司骏联信贷与借款人 及按揭人订立按揭贷款协议，据此，骏联信贷同意向借款人授出本金金额为港币4200万元之贷款，按实 际年利率10%计息，还款期为十二个月。 ...

Investment Rating - The report maintains an "Overweight" rating for the banking sector [2] Core Insights - The four categories of retail loans (mortgages, credit cards, consumer loans, and business loans) collectively constitute household liabilities, each with distinct collateral types, duration structures, and policy influences. The report aims to establish a risk framework for these retail assets and assess their impact on banking operations in the future [2][4] - Under stress testing, the non-performing loan (NPL) ratios for mortgages, credit cards, and consumer loans are projected to increase by 11, 12, and 20 basis points respectively in 2026, while the growth in non-performing amounts remains manageable. The overall quality of corporate assets is expected to continue improving, indicating a stable banking sector [2][4] - Retail asset risks are deemed controllable, with policies expected to maintain stability in the near term [2] Summary by Sections Retail Asset Analysis Framework: Collateral Types + Duration Structure + Policy Impact - The overall NPL ratio for retail loans of listed banks is estimated at 1.27% in the first half of 2025, slightly above the corporate NPL ratio of 1.26%, but the increase in NPL ratios is stabilizing. The composition of existing NPLs is 63% corporate and 37% retail, with business loans and mortgages showing higher proportions of both existing and newly added NPLs [2][12] - The report establishes a risk analysis framework for retail assets, highlighting the differences in collateral types, duration structures, and policy impacts among the four categories of retail loans [2][4] Consumer Loans: "High-Risk" Assets - The relationship between consumer loans and consumption trends is closely aligned, with notable deviations occurring during strict property purchase restrictions and regulatory cycles for online loans. The market structure for consumer credit (excluding credit cards and mortgages) shows that listed banks hold over 51.5% of the market, while non-listed banks account for 17% and other players for 31% [2][4] - The risk logic for consumer credit indicates that risk pricing is primarily determined by interest rates, which can be categorized into four tiers based on risk levels. The report estimates that 4.4% of consumer loans fall into the "high-risk" category, with commercial banks' high-risk consumer loans representing only 0.6% of their total consumer loans [2][4] Mortgage Loans: Risk Sources and International Comparisons - The primary sources of mortgage risk include negative cash flow and high loan-to-value (LTV) ratios, with 1.2% of respondents reporting monthly incomes below their mortgage payments. The report anticipates that the current high LTV portion, which constitutes 2.9% of total mortgage balances, will not necessarily lead to increased NPLs [2][4] - International comparisons indicate that mortgage NPL ratios in most countries remain below 2%, suggesting that the risks in the domestic market are manageable [2][4] Business Loans: High-Risk Assets - The report estimates that approximately 2 trillion yuan of high-risk business loans were outstanding at the end of 2021, with nearly one-third of these high-risk assets already exposed. The peak of risk exposure is expected in 2024 and the first half of 2025, with NPL ratios projected to rise by 18 basis points to 1.96% under stress testing conditions [2][4] Credit Cards: Early NPL Exposure - Credit cards have historically shown early exposure to NPLs, with the NPL ratio at 2.44% in the first half of 2025. The report notes that the net increase in credit card NPLs has significantly decreased, indicating that credit cards are not currently a major pressure point for banks [2][4] Investment Recommendations - The report suggests two main investment lines for bank stocks: focusing on regional banks with strong certainty and advantages, particularly in areas like Jiangsu, Shanghai, Chengdu, Shandong, and Fujian, and recommending large banks with high dividend yields such as Agricultural Bank, Construction Bank, and Industrial and Commercial Bank [2][4]

经营周期与配置价值的再平衡——银行业 2026 年度投资 策略 20251228 银行业供给侧改革对未来有何影响？ 2026 年长江银行的投资策略主题是"经营周期和配置价值的再平衡"。与过 去两年主要强调红利价值不同，2026 年的策略将经营周期作为核心关注点。 预计银行板块在 2026 年将继续实现一轮绝对收益上涨，进一步修复其较低的 估值。然而，相对收益和弹性可能较低。重点推荐方向仍围绕基本面，特别是 经营周期相对优异的优质城商行，如杭州银行、江苏银行和南京银行。 长江银行如何看待 2026 年的息差企稳和资产质量风险？ 对于 2026 年的息差企稳，我们持乐观态度。过去几年，宏观经济下行导致息 差大幅收窄，但政策支持和债券市场收益帮助稳定了业绩。预计到 2026 年， 一部分银行将全面看到息差企稳，个别银行甚至可能出现息差回升。然而，在 资产质量方面，尽管整体稳定，但地产和零售领域存在风险压力。这些领域涉 及按揭贷款及个人经营性贷款，受房价持续下跌影响可能出现波动。因此，需 要持续观察这些领域的资产质量问题。 对于重大风险底线确立的逻辑有何看法？ 我们认为重大风险底线确立是整个板块持续修复估值的重要逻辑 ...

鋑联控股(00459)发布公告，于2025年12月22日，公司间接全资附属公司骏联信贷有限公司(骏联信贷)与 借款人及按揭人订立按揭贷款协议，据此，骏联信贷同意向借款人授出本金金额为1500万港元的贷款， 按实际年利率9.5%计息，还款期为24个月。 ...

智通财经APP讯，鋑联控股(00459)发布公告，于2025年12月22日，公司间接全资附属公司骏联信贷有限 公司(骏联信贷)与借款人及按揭人订立按揭贷款协议，据此，骏联信贷同意向借款人授出本金金额为 1500万港元的贷款，按实际年利率9.5%计息，还款期为24个月。 ...

Core Viewpoint - The article discusses the need for targeted policy interventions to stabilize China's real estate market, which has been in decline for five years, and emphasizes that without a recovery in the real estate sector, it will be challenging to break the cycle of low prices and weak consumption [1][7]. Group 1: Policy Recommendations - The economist proposes three main policy directions: "inventory reduction," "protection of key players," and "mortgage subsidies" to stabilize the real estate market [3][9]. - "Inventory reduction" focuses on selectively acquiring housing stock in first- and second-tier cities with stable rental yields and net population inflow over the next five years, suggesting that targeted efforts in a few key cities can significantly influence market expectations [3][9]. - "Protection of key players" aims to balance accountability and support, recognizing that while the banking system remains stable, the downturn in real estate has affected various stakeholders, including suppliers and middle-class wealth [3][9]. Group 2: Economic Implications - The implementation of these three policy measures is expected to shorten the downturn cycle of the real estate market and lay a solid foundation for increasing consumer spending and achieving high-quality economic development during the 14th Five-Year Plan period [4][10]. - The "mortgage subsidies" policy suggests providing interest rate subsidies of 100 basis points or more on mortgage loans in major cities, which could help align rental yields with mortgage rates and stimulate reasonable housing demand [3][9].

Summary of the Conference Call for Industrial Bank Company Overview - **Company**: Industrial Bank (兴业银行) - **Date**: December 4, 2025 Key Points Industry and Loan Structure - Industrial Bank continues to optimize its corporate loan structure, reducing real estate loans while increasing loans in green technology and manufacturing sectors, with growth rates significantly above the overall level. The expected annual increase in corporate loans is around 300 billion [2][3][7] - The bank's retail business strategy is cautious, focusing on risk control and genuine demand, leading to a negative growth of 400 billion in credit card balances and declines in mortgage and consumer loans [2][3][8] Risk Management - The bank maintains controllable risks in corporate real estate financing, with a year-on-year decline in non-performing loans (NPLs). 90% of loans have corresponding projects or collateral, indicating a positive trend in risk management [2][13] - The risk from local government financing platforms has shifted from high incidence to convergence, with no new NPLs reported in the first three quarters of 2025 [2][14][15] Interest Margin and Profitability - The bank anticipates a narrowing decline in net interest margin (NIM) by 2026, benefiting from the replacement of high-cost time deposits and reduced loan repricing pressure. However, asset yield risks remain a concern [2][15][16] Credit Strategy for 2026 - For 2026, the bank plans to focus on market-oriented debt-to-equity swaps and establish a private equity investment subsidiary to support technological innovation and new productivity [4][19] - The bank aims to explore high-quality asset construction opportunities in public utilities and strategic leading enterprises to achieve higher comprehensive benefits [5][6] Sector Performance - In 2025, the technology sector accounted for approximately 70% of new loan increments, indicating strong growth potential [7] - The bank's mortgage loan-to-value (LTV) ratio is around 45%, which is considered reasonable, with a positive trend in risk exposure in the mortgage sector [10][12] Retail Business Adjustments - The reduction in credit card and consumer loan balances is attributed to a strategic shift towards genuine demand and risk management, with a cautious outlook on retail risks [8][9] Future Outlook - The bank expects stable overall NPL rates in key sectors, with a focus on maintaining a stable credit environment and managing risks effectively [15][19] - The bank's middle-income growth is projected to continue, with a focus on wealth management and capital market activities [21] Capital Adequacy and Convertible Bonds - The bank is preparing to apply for advanced risk measurement methods to enhance risk management and capital efficiency. It has a significant amount of convertible bonds pending conversion, which is expected to positively impact capital adequacy [22][23] Dividend Policy - The bank has a strong commitment to shareholder returns, having distributed dividends significantly above the average since its listing. It plans to maintain and gradually increase its dividend payout ratio [24] Additional Important Insights - The bank's proactive measures in managing high-cost deposits and optimizing asset allocation are crucial for maintaining stability amid regulatory pressures [17][18] - The focus on technology finance and the establishment of the AIC business are strategic moves to enhance the bank's competitive edge in emerging sectors [19][20]

智通财经APP讯，鋑联控股(00459)发布公告，于2025年12月3日，公司间接全资附属公司骏联信贷与借 款人及按揭人订立按揭贷款协议，据此，骏联信贷同意向借款人授出本金金额为2200万港元的贷款，按 实际年利率11%计息，还款期为十二个月。 ...