陆控股价上涨，主要可能源于新增贷款总额同比增长、ESG评级跃升等因素影响。 公告公布季度经营数据向好亦是股价上涨的重要驱动因素,一组数据勾勒出其业务发展态势。 新增贷款方面，2025年第二季度所赋能新增贷款总额为人民币489亿元，较2024年同期的人民币452亿元 增加8.1%。其中，消费金融新增贷款表现突出，2025年第二季度为人民币289亿元，与2024年同期的人 民币221亿元相比，增长了30.6%。同时，累计借款人数实现显著增长，截至2025年6月30日，累计借款 人数约为27.8百万人，较截至2024年6月30日的约23.2百万人增加了19.9%。 美东时间周一(7月21日)美股收盘，陆控(LU.US)股价涨幅超5%，收报2.91美元，当日成交额882万美 元。 陆控开盘即高开开走，最高涨至2.92美元。不过，5.05%的涨幅亦创下近两个月最高。 市场层面，美股三大指数冲高回落，纳指、标普500指数盘中创历史新高。截至收盘，道指失守红盘， 跌0.04%，纳指涨幅收窄至0.38%，标普500指数涨0.14%。 纳斯达克中国金龙指数跌0.28%。此中，虎牙涨超16%，乐信涨超11%，斗鱼涨超6%，阿特斯 ...

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 ...

7月17日，陆金所控股(LU.US/06623.HK)发布了有关复牌进度的季度更新及2025年第二季度经营状况摘 要的公告，当中清晰传递出一个核心信号：在全力以赴解决历史遗留问题、夯实公司治理根基的同时， 其主营业务展现出令人瞩目的韧性，核心经营指标持续稳健。 更值得关注的是，国际权威指数机构MSCI于7月16日宣布，将陆金所控股的ESG评级由"A"级上调 至"AA"级，创下行业领先水平。这一独立第三方的认可，与经营数据交相辉映，共同勾勒出陆金所控 股内在价值稳步提升的轨迹。 一、治理筑基：破旧立新，筑牢发展压舱石 今年以来，陆金所控股完成审计机构更换、核心高管进一步强化，金融界德高望重的叶迪奇出任董事 长，透露出其正在全面检视与巩固公司治理，动作系统性强且目标明确，核心举措直指恢复市场信心和 满足复牌要求的关键环节。 公告显示，公司签约国际审计机构安永为核数师，并聘请德勤担任内控顾问。深入来看，这并非简单的 服务商轮换，而是公司主动进行治理架构升级、强化风险管控能力的重要战略部署。其中，安永严谨专 业的审计体系，为财务数据的真实性与透明度构筑起坚实防线；德勤深厚的风控经验则为内控流程优化 增加厚重砝码。这种 ...

Core Viewpoint - The banking sector in Henan Province is taking measures to regulate the automotive consumer finance market by capping interest rates and addressing the "high interest, high return" practices that have been prevalent [2][5][9]. Group 1: Regulatory Actions - Several banks in Henan, including major state-owned banks and local banks, have issued statements to standardize loan product pricing and control financing costs for car buyers, aiming to eliminate high commission issues [2][4][5]. - The regulatory actions began earlier this year, with a joint notice from financial regulatory authorities encouraging banks to optimize auto loan services and reduce penalties for early loan repayments [4][8]. - As of June 16, multiple banks have collectively announced the cessation of "high interest, high return" practices, indicating a significant shift in the automotive finance landscape [3][6][7]. Group 2: Financial Product Guidelines - The statements from banks specify that the annualized interest rate for consumer loans should not exceed 6%, and the credit card installment fee for five years should be capped at 16% [5][9]. - The guidelines also prohibit car dealers from promoting high-commission financial products and from manipulating consumer loan intentions or terms [5][9]. Group 3: Market Impact - The cessation of "high interest, high return" policies has led to a notable change in the negotiation dynamics for car dealers, making it more challenging to close sales [6][8]. - Some industry participants express support for the regulation, noting that previous commission structures often did not benefit sales personnel significantly, as most commissions were passed on to consumers [8][9]. - The overall aim of these regulatory measures is to create a more rational automotive finance market, enhancing consumer experience and potentially boosting consumer spending in the automotive sector [9].

Core Viewpoint - The company is facing significant delays in financial reporting and stock resumption due to ongoing audits and governance restructuring following issues with related party transactions and previous auditors [1][9][10]. Group 1: Financial Reporting and Auditing - The company has appointed Ernst & Young as the new auditor, but the approval from the shareholders' special meeting is required before the audit of financial statements for 2022 to 2025 can commence [9][10]. - The financial report disclosures will continue to be delayed, making the possibility of stock resumption in the short term extremely unlikely [1][10]. - The company has acknowledged accounting violations related to related party transactions, leading to distorted financial data for 2022 and 2023 [5]. Group 2: Governance and Management Changes - The company has decided to optimize its governance structure by clearly delineating the roles of the CEO and Chairman, appointing Ye Dichi as the new independent non-executive Chairman [6][8]. - The previous CEO and CFO have been held responsible for the related party transaction issues, leading to their departure from the company [5][6]. - A temporary special committee has been established to enhance internal controls, consisting of four independent non-executive directors [8]. Group 3: Business Performance and Growth Potential - The company has reported a decline in total outstanding loans, with a 31.2% year-on-year decrease to 216.9 billion yuan by the end of 2024 [11]. - Despite the overall decline in loans, the consumer finance segment has shown growth potential, with a 34.9% year-on-year increase in loan balance to 50.1 billion yuan in 2024 [11]. - New loan origination has improved, with a 47.6% year-on-year increase in the fourth quarter of 2024, driven significantly by the consumer finance sector [12]. Group 4: Asset Quality - The company has seen improvements in overdue rates for total loans and unsecured loans, with a 30-day overdue rate of 4.5% as of the first quarter of 2025 [14]. - However, the overdue rate for secured loans has continued to rise, indicating ongoing challenges in asset quality [14].