Market Overview - The city commercial bank sector experienced a decline of 0.55% on January 21, with Chongqing Bank leading the drop [1] - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] Individual Stock Performance - Ningbo Bank closed at 28.88, with an increase of 1.16% and a trading volume of 432,300 shares, amounting to a transaction value of 1.246 billion [1] - Chongqing Bank closed at 10.25, down 1.82%, with a trading volume of 106,800 shares and a transaction value of 110 million [2] - Other notable performers include Xiamen Bank, which closed at 7.13, down 1.66%, and Chengdu Bank, which closed at 15.72, down 1.38% [2] Capital Flow Analysis - The city commercial bank sector saw a net inflow of 508 million from institutional investors, while retail investors experienced a net outflow of 566 million [2] - The capital flow for individual stocks indicates that Hangzhou Bank had a net inflow of 158 million from institutional investors, while it faced a net outflow of 86.5 million from retail investors [3] - Shanghai Bank also saw a net inflow of 107 million from institutional investors, with a net outflow of 121 million from retail investors [3]

Core Viewpoint - Ningbo Bank's 2025 performance report highlights its resilience and sustainable growth amidst a complex economic environment, showcasing a solid operational performance with key financial metrics reflecting both quantity and quality improvements [2][8]. Financial Performance - The bank achieved an operating income of 71.968 billion yuan, a year-on-year increase of 8.01%, and a net profit attributable to shareholders of 29.333 billion yuan, up 8.13% [2]. - Total assets exceeded 3.6 trillion yuan, growing by 16.11% compared to the beginning of the year [2]. - Net interest income, a key revenue driver, rose by 10.77% to 53.161 billion yuan, supported by asset expansion and a significant reduction in funding costs [3]. - Non-interest income, particularly from fees and commissions, reached 6.085 billion yuan, marking a substantial increase of 30.72%, indicating the success of the bank's light-capital transformation strategy [3]. Efficiency and Cost Management - The bank's business and management expenses decreased by 0.51%, with the cost-to-income ratio improving by 2.80 percentage points, reflecting enhanced operational efficiency through digital transformation and refined management practices [4][6]. - Basic earnings per share were 4.29 yuan, up 8.61%, while the return on equity (ROE) stood at 13.11%, slightly down by 0.48 percentage points but still among the top in the industry [6]. Asset and Liability Management - Total loans increased by 17.43%, significantly outpacing total asset growth, with loans comprising 47.77% of total assets, indicating a strategic focus on supporting the real economy [6]. - Total deposits grew by 10.27%, with a notable structural improvement where demand deposits accounted for 70.84% of new deposits, leading to a 33 basis point decline in the average interest rate on deposits [6]. Risk Management - The non-performing loan ratio remained stable at 0.76%, with a high provision coverage ratio of 373.16%, ensuring robust risk mitigation capabilities [7]. - The bank's risk management culture emphasizes integrating risk awareness into all business processes, supported by an independent credit approval system and thorough industry research to enhance asset quality [7]. - This proactive risk management approach is crucial for navigating economic transitions and safeguarding long-term stability [7]. Strategic Outlook - Ningbo Bank's performance illustrates a regional bank's strategic resilience and operational strength, effectively addressing market concerns regarding the sustainability of profitability and growth potential [8]. - The bank has successfully balanced speed and quality in its growth strategy through customer engagement, technological empowerment, and structural optimization [8].

宁波银行（002142.SZ）2025 年度业绩快报点评 中收表现亮眼 glmszqdatemark 2026 年 01 月 21 日 [盈利预测与财务指标 Table_Forcast] | 项目/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 66,631 | 71,968 | 80,692 | 90,804 | | 增长率（%） | 8.2 | 8.0 | 12.1 | 12.5 | | 归属母公司股东净利润（百万元） | 27,127 | 29,333 | 32,923 | 37,285 | | 增长率（%） | 6.2 | 8.1 | 12.2 | 13.2 | | 每股收益（元） | 3.95 | 4.29 | 4.83 | 5.49 | | PE（X） | 7 | 7 | 6 | 5 | | PB（X） | 0.9 | 0.8 | 0.8 | 0.7 | 资料来源：Wind，国联民生证券研究所预测；（注：股价为 2026 年 1 月 20 日收盘价） | 推荐 | 维持评级 | | ...

城商行Ⅱ 详解宁波银行 2025 业绩快报：各项主要指标均保持稳健 | 总股本(百万股) | 6,603.59 | | --- | --- | | 流通股本(百万股) | 6,599.89 | | 市价(元) | 28.55 | | 市值(百万元) | 188,532.52 | | 流通市值(百万元) | 188,426.78 | 宁波银行（002142.SZ） 证券研究报告/公司点评报告 2026 年 01 月 21 日 | 评级： 增持（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 指标 | 2023A | | 2024A | 2025E | 2026E | 2027E | | 分析师：戴志锋 | 营业收入（百万元） | 61,572 | | 66,560 | 71,968 | 78,842 | 86,248 | | 执业证书编号：S0740517030004 | 增长率 yoy% | 6.40% | | 8.10% | 8.10% | 9.60% | 9.40% | | Email： ...

格隆汇1月21日｜中泰证券研报指出，宁波银行2025营收同比+8.0%（vs 1~3Q25 同比+8.3%），净利润 同比+8.1%（vs 1~3Q25 同比+8.4%）。4 季度营收和净利润增速均基本稳健，资产端，贷款维持高增。 2025全年贷款新增2572.5亿，同比多增339.05亿；但Q4单季新增164.9亿，同比少增38.68亿，主要由于 2025年信贷投放更为前置，一季度投放量占全年增量达64%。公司2025E、2026E、2027E PB 0.87X/ 0.78X/ 0.69X，市场化机制是其稀缺性和成长性的保障：①宁波银行市场机制灵活、管理层优秀，是具 有稀缺性的优质银行代表，这是宁波银行高成长性持续的关键因素。②宁波银行资产质量优异且历经周 期检验。建议重点关注，维持"增持"评级。 ...

宁波银行（002142.SZ）2025 年度业绩快报点评 中收表现亮眼 glmszqdatemark 2026 年 01 月 21 日 [盈利预测与财务指标 Table_Forcast] | 项目/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 66,631 | 71,968 | 80,692 | 90,804 | | 增长率（%） | 8.2 | 8.0 | 12.1 | 12.5 | | 归属母公司股东净利润（百万元） | 27,127 | 29,333 | 32,923 | 37,285 | | 增长率（%） | 6.2 | 8.1 | 12.2 | 13.2 | | 每股收益（元） | 3.95 | 4.29 | 4.83 | 5.49 | | PE（X） | 7 | 7 | 6 | 5 | | PB（X） | 0.9 | 0.8 | 0.8 | 0.7 | [Table_Author] | 分析师 王先爽 | | --- | | 执业证书： S0590525120014 | | 邮箱 ...

Core Viewpoint - Ningbo Bank reported a solid performance for 2025, with double-digit growth in core revenue and stable asset quality, indicating a strong risk-bearing capacity [1] Group 1: Financial Performance - In 2025, the company achieved operating revenue of 71.968 billion yuan, a year-on-year increase of 8.01% [1] - The net profit attributable to shareholders reached 29.333 billion yuan, growing by 8.13% year-on-year [1] - Net interest income was 53.161 billion yuan, reflecting a growth of 10.77% [1] - Net fee and commission income amounted to 6.085 billion yuan, with a significant increase of 30.72% [1] Group 2: Loan and Credit Support - By the end of 2025, total loans and advances reached 1,733.313 billion yuan, an increase of 257.250 billion yuan, or 17.43% [2] - The bank served 746,100 corporate clients, an increase of 89,600 clients from the beginning of the year [2] - The international settlement volume was 319.893 billion USD, showing a year-on-year growth of 12.36% [2] Group 3: Business Structure and Cost Management - Total customer deposits reached 2,024.883 billion yuan, with an increase of 188.538 billion yuan [3] - The proportion of demand deposits increased to 70.84%, while the interest rate on deposits decreased by 33 basis points [3] - The bank's total assets under management (AUM) for individual clients grew by 13.07% to 1,275.7 billion yuan [3] - Business and management expenses decreased by 0.51%, and the cost-to-income ratio improved by 2.80 percentage points [3] Group 4: Asset Quality and Risk Management - As of the end of 2025, the non-performing loan balance was 13.147 billion yuan, with a non-performing loan ratio of 0.76%, unchanged from the previous year [4] - The provision coverage ratio stood at 373.16%, indicating a strong provisioning level [4] - The bank's core advantages lie in risk pricing and strong risk control, which are expected to lead to continued superior performance in 2026 [4]

本报记者 吴奕萱 1月21日，宁波银行股份有限公司（以下简称"宁波银行"）发布2025年度业绩快报，该公司全年实现营 业收入719.68亿元，同比增长8.01%；归属于母公司股东的净利润293.33亿元，同比增长8.13%。 宁波银行相关负责人对记者表示："2025年，公司持续加强党的领导，按照董事会的要求，始终秉承'真 心对客户好'的理念，扎实推进金融'五篇大文章'落地见效，持续积累差异化竞争优势，经营效益实现稳 步提升，实现了高质量发展。" 风险抵御能力的背后是较为完善的风控体系。宁波银行相关负责人向《证券日报》记者介绍："我行坚 持'经营银行就是经营风险'理念，严格执行统一授信政策，坚持实施独立的授信审批，进一步强化行业 和产业链研究，从源头端控制好客户准入，做好了风险全流程预警。" 对此，相关机构人士在接受《证券日报》记者采访时称："连续18年不良率低于1%，在银行业表现较为 优秀，373.16%的拨备覆盖率也处于较高安全水平，为宁波银行构建了坚实的风险'安全垫'。宁波银行 的风控体系既保持了严格性，又通过精细化管理避免了过度风控对业务的制约，这种平衡能力正是其核 心竞争力的关键所在。" 该机构人士认 ...

详解宁波银行 2025 业绩快报：各项主要指标均保持稳健 宁波银行（002142.SZ） 证券研究报告/公司点评报告 2026 年 01 月 21 日 | 评级： 增持（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 指标 | 2023A | | 2024A | 2025E | 2026E | 2027E | | 分析师：戴志锋 | 营业收入（百万元） | 61,572 | | 66,560 | 71,968 | 78,842 | 86,248 | | 执业证书编号：S0740517030004 | 增长率 yoy% | 6.40% | | 8.10% | 8.10% | 9.60% | 9.40% | | Email：daizf@zts.com.cn | 归母净利润（百万元） | 25,535 | | 27,127 | 29,333 | 32,257 | 35,421 | | 分析师：邓美君 | 增长率 yoy% | 10.70% | | 6.20% | 8.10% | 10.00% | ...

Group 1 - The Ministry of Finance and other departments have released five policy documents aimed at optimizing financial support for personal consumption loans, equipment updates, private investment guarantees, service industry loans, and small and micro enterprise loans [1][9][29] - The personal consumption loan subsidy policy has been extended until December 31, 2026, with adjustments to the subsidy standards and an expanded range of supported financial institutions [4][5][6] - The equipment update loan subsidy policy includes a 1.5% subsidy on fixed asset loans for equipment updates, applicable for up to two years, and has been expanded to include various sectors such as construction, aviation, and digital technology [10][11][12] Group 2 - The private investment guarantee plan has a total quota of 500 billion yuan, to be implemented over two years, focusing on supporting small and micro enterprises in various sectors including technology upgrades and service industry enhancements [17][18] - The plan includes a risk-sharing mechanism where banks will bear at least 20% of the loan risk, while the government guarantee fund will cover up to 80% [19] - The government will also reduce guarantee fees and increase the compensation limit for the guarantee fund to enhance support for private investments [20] Group 3 - The service industry loan subsidy policy has been extended to December 31, 2026, with an increased subsidy cap of 10 million yuan per loan and a 1% annual subsidy rate [23][24] - The policy now includes additional sectors such as digital, green, and retail industries, expanding the scope of financial support [24][25] - The implementation of these policies will involve streamlined processes for fund allocation and enhanced collaboration among financial institutions and regulatory bodies [26][28]