贵阳银行9月9日晚间披露信息，公司近日收到持股5%以上股东贵州乌江能源投资有限公司（以下简称 乌江能投）来函，根据贵州省人民政府批复，贵州能源集团有限公司（以下简称贵州能源）拟吸收合并 贵州乌江能源集团有限责任公司（以下简称乌江能源），并承继后者所持乌江能投100%股权。 目前双方已签署吸收合并协议，待工商变更完成后，乌江能投的控股股东将由乌江能源变更为贵州能 源。这也意味着，交易完成后，贵州能源将通过全资子公司乌江能投间接取得贵阳银行5.49%股份。 9月9日晚间，贵阳银行披露关于股东权益变动的提示性公告。公告称，贵阳银行于近日收到持股5%以 上股东乌江能投出具的《贵州乌江能源投资有限公司关于变更公司控股股东的函》，根据《省人民政府 关于同意贵州能源集团有限公司组建方案的批复》文件精神，贵州能源拟吸收合并乌江能源，并承继其 持有的乌江能投100%股权。 截至目前，贵州能源与乌江能源已签订吸收合并协议，尚未完成相关事宜的工商变更登记。工商登记变 更完成后，乌江能投控股股东将变更为贵州能源。 公告显示，本次权益变动前，乌江能投持有贵阳银行约2.01亿股A股普通股股票，占该行总股本的 5.49%；乌江能源通过持有 ...

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]