3、其他非息：预计2026年债市中枢维持稳定或小幅抬升，但银行仍有兑现浮盈能力。若利率上行10、 20、30bp，测算TPL资产公允浮亏对营收增速拖累幅度分别为0.66%、1.33%和1.99%。截至1H25，上市 银行OCI/AC户浮盈合计占比营收37%，兑现能力还有空间。 智通财经APP获悉，中泰证券发布研报称，展望2026年银行板块投资策略，看好优质区域城商行+高股 息品种双主线。1、板块确定性强：假设规模稳步下台阶、净息差仍在下行通道，行业营收小幅，依靠 超额拨备释放利润，截至2028年，拨备覆盖率仍在监管底线150%以上，分红依旧稳定在30%的情况 下，行业ROE稳定在8%。2、对应银行板块标的：优质区域城商行+高股息品种双主线。(1)基建+工业 发力驱动，发达省份城商行景气度维持在高位，高ROE仍有韧性。PB-ROE性价比仍然较高。(2)资金面 维度，进入板块主力资金仍是险资和被动基金，预计高股息及指数品种也会有一定的表现。 中泰证券主要观点如下： 信贷动能拆分：信贷增速预计继续小幅下探，新基建+新型工业化+科技金融支撑信贷动能。1、动能 一：新基建贷款——增速有望回升，结构持续调整，新基建承接动 ...

Core Insights - The article highlights the successful implementation of agricultural practices in Pingliang City, particularly in Jinchuan County, where farmers are experiencing a bountiful harvest of autumn vegetables due to financial support from Postal Savings Bank [1][2]. Group 1: Agricultural Development - Farmers in Yudu Town are actively harvesting autumn vegetables, including water radishes and cabbages, indicating a productive season [1]. - The shift from idle greenhouses post-pepper harvest to cultivating autumn crops has improved land utilization and increased income for farmers [2]. - The introduction of financial products by Postal Savings Bank has enabled farmers to expand their planting scale, addressing previous funding shortages [2][3]. Group 2: Financial Support and Impact - Postal Savings Bank's initiatives align with the national rural revitalization strategy, focusing on the needs of the planting industry and enhancing financial services [3]. - The bank's "loan delivery to the countryside" campaign has provided essential financial backing for farmers like Yang, facilitating the expansion of their operations [3][4]. - The expected sales revenue from autumn vegetables is projected to double this year, reflecting the positive impact of improved agricultural practices and financial support [3]. Group 3: Market Dynamics - The favorable climate and mature management techniques have resulted in high-quality autumn vegetables that are in demand in the market [3]. - The cooperative model involving banks, government, enterprises, and farmers has led to significant income generation, with average greenhouse income expected to reach 5,000 yuan [4]. - The collaboration with various sales channels ensures a steady market for the produce, enhancing the economic viability for local farmers [4].

Core Insights - Brazil's central bank reported a 1.1% month-on-month increase in national credit volume for September, reaching 6.844 trillion reais [1] - The growth in credit was driven by a rebound in corporate and personal loan issuance, with free resource loans rising by 8.1% and directed resource loans increasing by 8.2% [1] - The non-performing loan rate for free resource loans improved slightly from 5.4% in August to 5.3% in September, marking two consecutive months of improvement [1] - Average interest rates for free credit loans decreased to 45.5%, down 0.4 percentage points, while directed credit rates fell to 11.1%, down 0.6 percentage points [1] - The banking spread in free credit business narrowed to 31.9 percentage points, compared to 32.2 percentage points in the previous month [1] - Analysts noted that the credit growth indicates a recovery in corporate financing activities and a gradual restoration of consumer credit demand, although high interest rates raise questions about the sustainability of loan expansion [1]

Core Viewpoint - Guizhou Energy Group plans to absorb and merge with Guizhou Wujiang Energy Group, which will result in Guizhou Energy indirectly acquiring a 5.49% stake in Guiyang Bank through its wholly-owned subsidiary, Guizhou Wujiang Energy Investment Co., Ltd [1][2]. Group 1: Shareholder Changes - Guizhou Wujiang Energy Investment Co., Ltd holds approximately 201 million A-shares of Guiyang Bank, representing 5.49% of the total share capital [2]. - After the merger, Guizhou Wujiang Energy Investment's shareholding in Guiyang Bank remains unchanged, while Guizhou Energy will indirectly hold the same percentage [2]. - The merger does not trigger a mandatory tender offer and will not change the largest shareholder of Guiyang Bank [2]. Group 2: Company Background - Guizhou Wujiang Energy Investment was established in April 1994, with a registered capital of 9.84 billion yuan and total assets of 55.731 billion yuan by the end of 2024 [3]. - Guizhou Energy was formed in February 2023 through the strategic reorganization of the former Panjiang Coal and Electricity Group and Wujiang Energy Group [3]. - Guiyang Bank, founded in 1997, has a registered capital of 3.656 billion yuan and a market capitalization of approximately 22 billion yuan as of September 9 [3]. Group 3: Financial Performance - For the first half of 2025, Guiyang Bank reported operating income of 6.501 billion yuan and a net profit attributable to shareholders of 2.474 billion yuan [3]. - As of June 30, 2025, the total assets of Guiyang Bank reached 741.536 billion yuan, reflecting a growth of 5.08% since the beginning of the year [3]. - The total loan amount of Guiyang Bank was 343.461 billion yuan, with corporate loans accounting for over 80% of the total [5].

Investment Rating - The report maintains a positive outlook on the banking sector, suggesting that the short-term adjustment period is nearing its end and an excess return window is about to open [4]. Core Insights - Overall, the banking sector's fundamentals are improving, with stable credit growth, narrowing interest margin declines, and a decrease in non-performing loans [1][2]. - The net profit growth of commercial banks showed signs of recovery, with a year-on-year decline of 1.2% in the first half of 2025, a reduction of 1.11 percentage points compared to the first quarter [1]. - The report highlights that the asset quality of rural commercial banks has improved significantly, although their profit growth is expected to decline due to increased provisioning during non-performing loan disposals [1]. Summary by Sections Profitability - In the first half of 2025, the net profit growth rates for different types of banks were as follows: state-owned banks +1.08%, joint-stock banks -1.97%, city commercial banks -1.1%, and rural commercial banks -7.89% [1][10]. Scale - As of Q2 2025, commercial banks' total assets and total loans grew by 8.88% and 7.52% year-on-year, respectively, with total assets growing faster than loans, indicating a shift towards non-credit assets [2][12]. Interest Margin - The net interest margin for commercial banks was 1.42% in Q2 2025, showing a slight decrease of 1 basis point from the previous quarter, with expectations of stabilization in the second half of the year [2][15]. Asset Quality - The non-performing loan ratio for commercial banks decreased to 1.49% in Q2 2025, with a provisioning coverage ratio of 211.97%, reflecting improved asset quality across various bank types [3][18]. Capital Adequacy - The core Tier 1 capital adequacy ratio for commercial banks rose to 10.93% in Q2 2025, indicating a strengthening of capital buffers [3][19].

Core Insights - The central bank of Madagascar reported a 13.9% year-on-year growth in bank credit as of June this year [1] Group 1 - The report was released on August 5 by the Bank of Madagascar (BFM) [1] - The annual growth rate of 13.9% indicates a positive trend in the banking sector [1]

Core Viewpoint - The recent joint issuance of the "Guiding Opinions on Financial Support for New-Type Industrialization" by seven government departments is expected to play a significant role in promoting new-type industrialization in China [1] Group 1: Financial System Development - The Opinions propose the establishment of a financial system suitable for new-type industrialization, aiming for a mature financial system by 2027 that supports high-end, intelligent, and green development in manufacturing [2] - Financial products will become more diverse, with improved connectivity among loans, bonds, equity, and insurance, enhancing service adaptability and meeting the effective credit demand of manufacturing enterprises [2] Group 2: Support for Key Areas - The Opinions outline targeted financial support measures for key areas, including optimizing financial policy tools to support critical technology breakthroughs and enhancing comprehensive financial services for key enterprises in the industrial chain [3] - Development of technology finance, green finance, and digital finance is emphasized, along with the establishment of credit management mechanisms to facilitate industrial transfer to central and western regions [3] Group 3: Financial Policy Implementation - Financial institutions are required to implement more effective financial policies, such as lowering financing thresholds for key technology projects and encouraging long-term patient capital for technology transformation [4] - The promotion of industrial chain financial services is highlighted, exploring financing methods that do not rely on core enterprise credit, thus reducing financing barriers for small and medium-sized enterprises [4] Group 4: Service Capability and Mechanism Construction - The Opinions stress the need for financial institutions to enhance service capabilities and establish long-term mechanisms, including differentiated credit policies for various industries and stages of enterprise growth [5] - Collaboration with educational institutions to cultivate finance and technology talent is encouraged, aiming to improve the professional capabilities of financial institutions in supporting new-type industrialization [6]

Core Viewpoint - The development of fintech is currently facing a series of difficulties and challenges, necessitating the construction of a fintech ecosystem that aligns with technological innovation [1] Group 1: Challenges and Recommendations - The existing mechanisms are not suitable, leading to passive and ineffective service innovation systems, making it urgent to accelerate the construction of a fintech system that aligns with the national innovation system [1] - Recommendations include the continued development of bank credit to support technological innovation [1] - Emphasis on the application of insurance tools and the introduction of more long-term and patient capital [1] Group 2: Data and Digitalization - The need to improve the construction of data factor markets, promote data compliance, and ensure efficient circulation and usage of data [1] - A call to enhance the application levels of big data and the Internet of Things [1] - Financial institutions are urged to improve their own digitalization levels [1]