转自：新华财经 为落实关于支持小微企业融资协调工作机制的战略部署，兴业银行呼和浩特分行创新构建"融资协调 +科创再贷"双轮驱动服务模式，紧抓科技创新再贷款政策契机，精准破解小微企业融资难题，为内蒙 古自治区经济高质量发展注入强劲动能。 据悉，分行坚持"区域+行业"双轮驱动战略，以重点行业为导向，聚焦科技型小微企业融资痛点，迅速 响应国家科技创新再贷款利率优惠政策，第一时间组织全行开展政策学习解读，建立目标客户沙盘实施 分层对接；针对符合科技创新再贷款的企业额外进行FTP补贴；对有授信需求的企业，量身定制综合授 信方案，开通绿色审批通道，加快授信上报，让更多企业享受再贷款的政策红利，确保低成本信贷资金 精准支持科技创新。 此次小微企业融资协调机制与科技创新再贷款政策的协同落地，标志着兴业银行呼和浩特分行在践行普 惠金融、服务实体经济方面再上新台阶。后续，该行将持续深化落实小微企业融资协调机制，紧抓政策 红利，扩大融资协调机制覆盖面，通过多方协同，持续为小微企业、科技型企业提供"有温度、有速 度、有深度"的金融服务，构建金融服务新格局。 编辑：穆皓 兴业银行呼和浩特分行从组织实施、资源保障、运行机制、过程管理等方 ...

Group 1 - The core viewpoint of the news is the successful implementation of the cross-border integrated fund pool business for multinational companies in Jiangsu, marking a significant step in financial support for high-quality economic development [1][2] - The People's Bank of China and the State Administration of Foreign Exchange have optimized the cross-border integrated fund pool policy to "Version 3.0," enhancing the functionality of cross-border fund pools and simplifying the process for multinational companies [1] - The new policy allows for inter-company borrowing in different currencies and aims to improve the convenience of cross-border trade and investment financing, contributing to the region's high-level opening-up and economic development [1][2] Group 2 - Industrial Bank's Nanjing branch has established a dedicated team to understand enterprise needs and promote the pilot policy, successfully becoming one of the first four banks in Jiangsu to offer this service [2] - The integrated fund pool system enables online processing of the entire business flow, allowing companies to borrow funds from other group members to facilitate foreign payments, thus reducing financing costs and improving fund utilization efficiency [2] - The bank plans to continuously optimize its fund pool system based on policy changes and customer needs, aiming to enhance cross-border fund management and support the high-quality development of Jiangsu's export-oriented economy [3]

Core Viewpoint - The recent transformation of the Industrial Bank's Shenzhen branch into a customer experience-focused service center through the Hall Standardization 3.0 project sets a benchmark for financial development in the Shenzhen region, emphasizing the unique value of offline branches amidst the digitalization wave [1][5]. Group 1: Transformation Strategy - The core concept of the branch's transformation is shifting from a transaction-oriented model to a service-oriented experience center, enhancing customer service through optimized space layout, innovation integration, and technology empowerment [1][5]. - The innovative "separation of counter and position" model allows staff to engage more actively with customers, improving service efficiency [1][2]. Group 2: Service Design - The bank categorizes services based on transaction types and processing times, creating tailored service flows to address issues like long wait times and privacy concerns [2]. - A focus on non-transactional spaces has led to the creation of multifunctional service areas for activities such as family interactions, art appreciation, and special events, enhancing the overall customer experience [2][3]. Group 3: Personalized Service Experience - The Hall Standardization 3.0 project prioritizes customer-centric service design, with significant space allocated for customer interaction, training, and activities [3][4]. - VIP areas have been upgraded to provide enhanced services, showcasing exclusive rights and products, and offering various adaptable service scenarios [4]. Group 4: Technological Empowerment - The project leverages intelligent technology to improve service efficiency, allowing customers to complete various banking tasks through smart devices, significantly reducing wait times [5]. - The bank aims to integrate "branch banking" with "digital banking" to enhance the accessibility and convenience of financial services, contributing to a higher quality of life for customers in the Greater Bay Area [5].

公告编号：临2025-012 A股代码：601166 A股简称：兴业银行 可转债代码：113052 可转债简称：兴业转债 优先股代码：360005、360012、360032 优先股简称：兴业优1、兴业优2、兴业优3 兴业银行股份有限公司 关于可转债转股结果暨股份变动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、可转债发行上市概况 经中国证券监督管理委员会《关于核准兴业银行股份有限公司公开发行可转 换公司债券的批复》（证监许可〔2021〕3927 号）核准，兴业银行股份有限公司 （以下简称本公司）于 2021 年 12 月 27 日公开发行 50,000 万张 A 股可转换公司 债券（以下简称可转债、兴业转债），每张面值人民币 100 元，发行总额 500 亿 元，期限 6 年，票面利率第一年为 0.2%、第二年为 0.4%、第三年为 1.0%、第四年 为 1.5%、第五年为 2.3%、第六年为 3.0%。 经上海证券交易所自律监管决定书〔2022〕13 号文同意，本公司 500 亿元可 转债于 ...

Core Viewpoint - In 2024, Industrial Bank achieved significant financial recovery with total assets exceeding 10 trillion yuan, marking a turnaround in revenue and net profit growth amidst a challenging banking environment [1][2]. Financial Performance - As of the end of 2024, Industrial Bank's total assets reached 10.51 trillion yuan, a 22.14% increase from the end of 2021, with an annual growth rate of 6.89% [2]. - The bank reported operating income of 212.23 billion yuan, a year-on-year increase of 0.66%, and net profit of 77.21 billion yuan, up 0.12%, indicating a reversal from previous declines [2]. - The improvement in revenue was attributed to growth in interest-earning assets and increased investment income, while net profit benefited from controlled interest margin decline and reduced risk and operating costs [2]. Interest Margin Management - In 2024, Industrial Bank's net interest margin was 1.82%, with a year-on-year decline of 11 basis points, maintaining a relatively good level compared to peers [3]. - The bank plans to enhance interest margin management through initiatives focused on corporate finance, retail, and financial markets [3]. Non-Interest Income and Asset Quality - Non-interest income decreased by 0.32% due to regulatory impacts on fees, but the bank aims to expand intermediary business income to diversify revenue sources [4]. - Industrial Bank reported a reduction in non-performing assets and improved asset quality, with a decrease in credit card non-performing rates by 0.29 percentage points [5]. Dividend Policy and Shareholder Returns - The bank plans to distribute a dividend of 1.06 yuan per share, totaling 22.02 billion yuan, with a payout ratio exceeding 30% for the first time [6]. - Industrial Bank's stock has increased by 21% over the past three years, with a current price-to-book ratio of 0.58 and a dividend yield of 4.98%, indicating a relatively attractive valuation [7]. Valuation Management Strategy - The bank is implementing a valuation management plan to enhance shareholder value through accelerated transformation, efficient capital use, and balanced dividend policies [8]. - The focus is on creating a larger profit pool for distribution to shareholders while maintaining a stable and increasing dividend rate [8].

Core Viewpoint - The recent financial risks have provided clearer insights into risk management, prompting the bank to reassess its risk management philosophy and mechanisms, emphasizing the importance of learning from past experiences [1][2][3] Financial Performance - In the 2023 financial report, the bank reported a revenue of 212.23 billion yuan, a year-on-year increase of 0.66%, and a net profit of 77.21 billion yuan, up 0.12% [3][4] - The net interest margin and net interest spread decreased by 0.10 and 0.11 percentage points to 1.56% and 1.82%, respectively [3] - The non-performing loan (NPL) ratio remained stable at 1.07%, while the provision coverage ratio decreased by 7.43 percentage points to 237.78% [4] Risk Management - The bank's risk management strategy includes strengthening compliance and internal control, optimizing the risk management system, and enhancing proactive risk prevention measures [3][9] - The bank has established agile teams to address risks in key areas such as real estate and local government financing, aiming to improve decision-making efficiency and asset quality [9][19] - The bank's loan impairment losses increased significantly, with a total of 61.18 billion yuan in 2023, reflecting a proactive approach to identifying potential risks [6][19] Loan Quality - The overall NPL ratio has decreased from 1.25% in 2020 to 1.07% in 2024, although the balance of special mention loans increased to 98.11 billion yuan, indicating some pressure in key sectors [8][10] - The bank's credit card NPL ratio has shown a downward trend, decreasing from 4.01% in 2022 to 3.64% in 2024 [9][10] Strategic Focus for 2025 - The bank aims to maintain a "steady progress" approach, focusing on expanding low-cost deposits and enhancing its fee-based income [15][16] - Digital transformation is a priority, with plans to leverage technology to improve operational efficiency and customer experience [18][19] - The bank is committed to long-termism and aims to navigate through economic cycles by enhancing its risk management and operational frameworks [20]

Group 1 - The core viewpoint of the article emphasizes the integration of finance and technology innovation under the national "14th Five-Year" technology innovation strategy, with a focus on supporting technology-based enterprises through specialized financial products like "R&D Loan" [1][2] - The beneficiary technology enterprise, established in September 2016, specializes in the research and production of heavy metal treatment agents, showcasing its leading position and innovative strength in the environmental remediation sector [1] - The enterprise has faced financing challenges due to high R&D costs and asset-light operations, necessitating tailored financial solutions to support its growth [2] Group 2 - The successful implementation of the "R&D Loan" reflects the practical application of the "Commercial Bank + Investment Bank" strategy by the bank, providing a comprehensive financial product matrix to meet the diverse needs of technology enterprises at different stages of development [3] - The bank aims to enhance support for private enterprises and contribute to building a competitive technology innovation hub in Hunan [3]

Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company reported a revenue growth of 0.66% year-on-year for 2024, with a net profit attributable to shareholders increasing by 0.12% year-on-year. The dividend per share is set at 1.06 CNY, resulting in a dividend payout ratio of 28.5%, which is an increase of 0.5% compared to 2023 [2] - Total assets grew by 3.4% year-on-year, with loans increasing by 5.2% year-on-year. The risk-weighted assets saw a growth of 7.33% [2] - The asset quality indicators remained stable, with a non-performing loan ratio of 1.07%, unchanged from the end of 2023. The non-performing loan ratio for corporate real estate increased by 0.85 percentage points year-on-year [3] - The company expects a slight adjustment in profit forecasts for 2025-2026, with projected net profits of 77.9 billion CNY in 2025, 78.6 billion CNY in 2026, and 79.4 billion CNY in 2027, reflecting year-on-year growth rates of 0.96%, 0.8%, and 1% respectively [4] Summary by Sections Revenue and Profit - The company's revenue for 2024 is projected at 212.226 billion CNY, with a growth rate of 0.66%. The net profit attributable to shareholders is expected to be 77.205 billion CNY, with a growth rate of 0.12% [5] Asset Quality - The non-performing loan ratio is stable at 1.07%, with a slight decrease of 1 basis point from the previous quarter. The coverage ratio for provisions is at 237.78%, showing a year-on-year decrease of 7.43 percentage points [3] Profit Forecast - The profit forecast for 2025-2027 indicates a gradual increase in net profit, with corresponding price-to-book ratios of 0.55, 0.51, and 0.48 for the respective years [4][5]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 26.01 CNY over the next six months [4]. Core Views - The company reported a revenue growth of 0.66% for 2024, with a pre-provision profit growth of 1.24% and a net profit growth of 0.12%. The fourth quarter saw a significant year-on-year net profit growth of 16.85%, primarily supported by the release of provisions, although tax increases and narrowing interest margins negatively impacted performance [1][10]. - The asset growth remained stable, with total assets increasing by 3.44% year-on-year by the end of 2024. Total loans grew by 5.05%, although corporate loan growth was weak [1][2]. - The bank's net interest margin for the fourth quarter was measured at 1.76%, showing a decline compared to previous periods. The yield on interest-earning assets decreased to 3.62% [3][9]. Summary by Sections Revenue and Profitability - The company achieved a total revenue of 212.226 billion CNY in 2024, with a slight increase in net interest income [13]. - The net profit attributable to the parent company was 77.205 billion CNY, reflecting a minimal growth of 0.12% year-on-year [13][10]. Asset and Liability Management - By the end of 2024, the total deposits increased by 7.69%, with retail deposits making up 28.28% of total loans. The trend towards more stable deposits was noted, with a decrease in the proportion of time deposits [2][9]. - The bank's loan structure improved, with corporate loans growing by 8.76% year-on-year, although the fourth quarter saw a decrease in new corporate loans [2][10]. Interest Margin and Non-Interest Income - The net interest margin is under pressure, with a forecasted decline in 2025 expected to be similar to 2024. The bank is focusing on managing deposit costs to stabilize the interest margin [3][10]. - Non-interest income decreased by 4.39% year-on-year in the fourth quarter, primarily due to declines in credit card and agency business revenues [9][10]. Asset Quality - The non-performing loan ratio remained stable at 1.07% by the end of 2024, with a provision coverage ratio of 237.78%, indicating a strong buffer against potential loan losses [9][10]. - The bank's credit quality is expected to improve gradually, with risks from local government bonds and credit cards anticipated to stabilize [10][13].

❑ 精细化经营的推进→锻长板补短板行动升级 吕董事长在致辞中提出，兴业银行要"将金融服务嵌入到一个个消费场景，对每 笔资产和负债业务进行精细化定价，给各家经营机构更多差异化政策"，"不断挖 掘现有 1.1 亿零售客户、150 万企业客户、4000 家同业客户的价值"。未来兴业银 行经营精细化程度有望进一步提升，存量客群盈利贡献有望改善，有助于缩小兴 业银行和头部银行的盈利能力差距。①零售来看，与头部银行招行相比，兴业银 行测算的零售存贷利差差距约在41bp，如假设利差改善至招行水平，以2024A数 据测算，可贡献 3.7%营收和 7.7%利润。②对公来看，与优质银行中信相比，兴 业银行测算的对公存贷利差差距约在 85bp，如假设利差改善至中信水平，以 2024A 数据测算，可贡献 13.6%营收和 28.0%利润。 ❑ 风险曲线掉头向下→不良不确定性改善 此前市场担忧兴业银行未来风险压力较大。吕董事长在发布会中明确提出 "危 机不能浪费，学费不能白交"，未来要"确保风险曲线尽快掉头向下"。2024 年 兴业银行不良压力已经见到改善拐点，随着后续风控机制完善，兴业银行资产质 量不确定性有望改善。兴业银行 24Q ...