Summary of Key Points Overall Credit Growth - The decline in credit growth is a reasonable phenomenon, reflecting changes in China's financial supply-side structure. The focus should be on social financing scale and money supply as more comprehensive indicators compared to bank loans [1][8]. - Factors contributing to the decline include local special bonds replacing financing platform loans, the reform of small and medium-sized banks, and the trend of long-term economic structural evolution [9][12]. - Since last year, local governments have issued 4 trillion yuan in special refinancing bonds, with approximately 60-70% used to repay bank loans [10]. - In 2024, financial institutions are expected to write off about 1.3 trillion yuan in loans, with over 1 trillion yuan already written off in the first nine months of this year [11]. - The decline in real estate loans and the low credit dependence of light asset industries make it difficult to fill the gap left by real estate [12]. Structural Emphasis - The monetary policy report emphasizes the "Five Major Articles," with increased focus on supporting county economies and personal credit repair [2][18]. - The "14th Five-Year Plan" highlights technology finance as a key area, with policies aimed at breaking through economic growth ceilings and stabilizing macroeconomic environments [16]. - New measures include improving financial support mechanisms for county economic development and implementing policies for personal credit repair, which will not display certain default information in credit systems for individuals who have repaid loans [18][19]. Interest Rates - Maintaining a reasonable interest rate relationship is crucial, with new mortgage rates remaining stable [3][21]. - Continuous optimization of bank liability costs is necessary to lower financing costs for the real economy. The report notes that loan rates are decreasing faster than deposit rates, which compresses banks' net interest margins [21]. - As of September 2025, new loan rates for general loans, personal housing loans, and corporate loans are 3.67%, 3.06%, and 3.14%, respectively, with year-on-year declines of 48 basis points, 25 basis points, and 37 basis points [22]. Investment Recommendations - The banking sector is transitioning from a "pro-cyclical" to a "weak cyclical" phase, with a focus on the stability and sustainability of the sector [4]. - Two main investment lines are suggested: regional banks with strong certainty and high dividend stability, particularly in areas like Jiangsu, Shanghai, and Fujian [4].

Core Viewpoint - The international gold price has returned to $4,100 per ounce, prompting banks to raise the minimum investment threshold for gold accumulation, with some banks adjusting the starting point to a historical high of 1,500 yuan [1][3] Summary by Sections Investment Threshold Adjustments - On November 11, Citic Bank raised the minimum investment amount for its gold accumulation plan from 1,000 yuan to 1,500 yuan, effective from November 15 [3] - China Construction Bank revised its gold accumulation plan, increasing the minimum investment amount from 1,000 yuan to 1,200 yuan, marking the second increase this year [3] - Other banks, such as Agricultural Bank and Bank of Communications, have also implemented a "floating mechanism" for gold accumulation thresholds, allowing the starting point to adjust with market gold prices [4][5] Market Volatility and Risk Management - The gold price has experienced significant fluctuations, with a rise of over 60% this year, followed by a sharp decline [7] - Regulatory bodies and banks are enhancing risk warnings due to the volatile gold market, urging investors to be aware of potential risks [6] - Analysts suggest that the floating mechanism for investment thresholds allows for better alignment with market changes and provides investors with more flexibility [5] Future Price Predictions - Various institutions predict that gold prices could range from $4,200 to $4,600 per ounce by the end of 2025, with some forecasts suggesting prices could reach as high as $5,000 per ounce [8] - The outlook for gold remains optimistic due to factors such as a weakening dollar and inflation risks, although short-term volatility is expected [7][8]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - Banks are accelerating the disposal of debt properties due to multiple considerations including capital, profitability, and market risks. This includes selling properties obtained from non-performing loans on platforms like JD and Alibaba, which helps avoid legal disputes [3][4] - The current economic environment pressures banks to dispose of these assets quickly to reduce capital consumption, supplement profits, and mitigate risks associated with fluctuating real estate prices [3][4] - The scale and impairment provisions of debt assets among listed banks show significant differentiation, with some banks having higher levels of non-performing assets and varying impairment ratios [4][5] Summary by Sections Section on Debt Property Disposal - Banks are expediting the sale of debt properties to alleviate capital pressure, as regulations require disposal within two years to avoid punitive risk weights [3] - The new capital management guidelines propose extending the disposal period to five years and reducing risk weights for non-self-use properties beyond the disposal period [3][8] Section on Asset Characteristics - The characteristics of debt assets among listed banks vary significantly, with some banks like ICBC and Minsheng Bank having higher levels of debt assets and differing asset structures [4][9] - The impairment provision ratios for debt assets also differ, with some banks fully provisioning while others have lower ratios, indicating potential under-provisioning issues [4][5] Section on Risk Parameters - The risk exposure and default parameters for housing collateral loans indicate that the majority of banks have low default probabilities, particularly in first and second-tier cities [5][15] - The analysis shows that higher collateral values correlate with lower default probabilities, suggesting that banks with significant exposure in major cities may face manageable risks [5][15]

证券代码：601939 证券简称：建设银行 公告编号：2025-065 中国建设银行股份有限公司 关于2025年第二次临时股东会会议 增加临时提案的公告 本行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。 一、股东会会议有关情况 (一) 股东会会议类型和届次 2025年第二次临时股东会会议 (二) 股东会会议召开日期：2025 年 11 月 27 日 (三) 股权登记日 | 股份类别 | 股票代码 | 股票简称 | 股权登记日 | | --- | --- | --- | --- | | Ａ股 | 601939 | 建设银行 | 2025/11/21 | 二、增加临时提案的情况说明 (一) 提案人：中国长城资产管理股份有限公司 (二) 提案程序说明 本行已于2025年11月8日刊载 2025年第二次临时股东会会议的召开通知。 实质持有本行有表决权股份总数约3.0065%股份的股东中国长城资产管理股份 有限公司于2025 年 11 月 10 日向本行提交《关于选举史剑先生担任中国建设银 日期时间：2025 年 11 月 27 日 14: ...

Group 1 - The domestic gold jewelry prices have significantly increased, with most brands surpassing 1300 RMB per gram, and some top brands exceeding 1310 RMB per gram, reaching new highs [2] - As of November 12, 2023, the international gold market continues to rise, with London gold priced at 4116.931 USD per ounce, reflecting a year-to-date increase of 56.89%, while COMEX gold is at 4119.6 USD per ounce, also up 56.09% for the year [2] - The domestic gold price in Shanghai is reported at 945.76 RMB per gram, with a year-to-date increase of 51.13%, indicating a clear upward trend in both domestic and international gold prices [2] Group 2 - Several banks have raised the minimum investment thresholds for gold accumulation products, with Citic Bank increasing its minimum from 1000 RMB to 1500 RMB effective November 15, 2025 [3] - China Construction Bank announced a revision to its gold accumulation business, raising the minimum investment amount from 1000 RMB to 1200 RMB, effective November 15, 2023 [3] - Other banks, including Ningbo Bank, Industrial and Commercial Bank of China, and Bank of China, have also adjusted their minimum investment amounts for gold accumulation products in recent weeks, reflecting a broader trend in the banking sector [4]

2025年11月27日舉行之2025年第二次臨時股東會會議之補充代理人委任表格 00939 為本人╱吾等之代理人，代表本人╱吾等出席於2025年11月27日14:50於北京市西城區金融大 街25號舉行之2025年第二次臨時股東會會議（「會議」），以考慮並酌情通過日期為2025年11月 12日的2025年第二次臨時股東會會議補充通告（「補充通告」）所載決議案，並於該會議上代表 本人╱吾等以本人╱吾等之名義就以下決議案投票表決 （附註4） 。 普通決議案 贊成 （附註4） 反對 （附註4） 棄權 （附註4） 3. 選舉史劍先生擔任本行非執行董事 日期：2025年 月 日 簽名 （附註5） 附註： ： 1. 請用正楷填上全名及地址。 2. 請填上與本補充代理人委任表格有關並登記於 閣下名下之股份數目。如未有填上股數，則本補充代理人委 任表格將被視為 閣下名下所有中國建設銀行股份有限公司股份之委任表格。 3. 倘擬委派會議主席以外之人士為代理人，請刪去「會議主席」字樣，並在空欄內填上 閣下所擬委派代理人之 姓名及地址。股東可委派代理人出席會議，並於表決時代為投票。本補充代理人委任表格之每項更正，均須 由簽署人簡簽示可 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本通告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本通告全部或任何部分內容而產生或因依 賴該等內容而引致之任何損失承擔任何責任。 00939 2025年第二次臨時股東會會議補充通告 茲提述中國建設銀行股份有限公司（「本行」）日期為2025年11月7日的2025年第二次 臨時股東會會議通告和通函（「第一份通函」），其中載列了本行2025年第二次臨時 股東會會議舉行的時間和地點及於會上提請股東審議的決議案。 3. 選舉史劍先生擔任本行非執行董事 上述議案的詳情載於本行日期為2025年11月12日的2025年第二次臨時股東會會議 補充通函（「補充通函」）。 中國建設銀行股份有限公司 董事會 2025年11月12日 - 1 - 於本通告日期，本行的執行董事為張金良先生、張毅先生和紀志宏先生，本行的 非執行董事為辛曉岱女士、劉芳女士、李璐女士、李莉女士和竇洪權先生，本行 的獨立非執行董事為威廉•科恩先生、梁錦松先生、詹誠信勛爵、林志軍先生和張 為國先生。 附註： 依照相關法律法規和公司章程的規定，選舉史劍先生擔任本行非執行董事的議案將作為本 ...

此乃要件 請即處理 閣下如對本補充通函任何方面或應採取之行動有任何疑問，應諮詢 閣下之股票經紀或其他註 冊證券商、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已將名下之中國建設銀行股份有限公司股份全部售出或轉讓，應立即將本補充通函連同 隨附的补充代理人委任表格交予買主或承讓人，或經手買賣或轉讓之銀行、股票經紀或其他代 理商，以便轉交買主或承讓人。 香港交易及結算所有限公司及香港聯合交易所有限公司對本補充通函的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本補充通函全部或任何部份內容而產 生或因依賴該等內容而引致之任何損失承擔任何責任。 00939 選舉史劍先生擔任本行非執行董事 及 2025年第二次臨時股東會會議補充通告 本補充通函（「補充通函」）應與本行日期為2025年11月7日的2025年第二次臨時股東會會議通函 （「第一份通函」）一併閱讀。 有關本行舉行2025年第二次臨時股東會會議之通告載於第一份通函。本行日期為2025年11月 12日的2025年第二次臨時股東會會議補充通告載於補充通函。 2025年11月12日 | 董事會函件 | | 1 | | --- | --- ...

银行取款遭遇非难，本案不是孤例，难得的是，此番争论比较清楚地得到涉事单位承认几个关键事实。 其一，当事银行以两万元为标准设置取款限制、核实用途，据称源自反诈工作需要，但即便是同一地方 的同一银行的不同支行，也明确否认相关说法。其二，事发地反诈中心明确回应媒体采访，表示和他们 无关，"这是银行自己的问题"。 统一的银行业规范已经有松动、人性化执行的趋势，而地方化的银行分支机构却可能还在"一刀切"执行 和"加码防控"，这令人错愕。据智通财经就此对山东、河南、云南、安徽、浙江等多省份十余家银行网 点展开的测评发现，不同区域网点在扫码报备、查看流水、联系家属等要求上存在显著差异，有的取款 限制甚至更低。山东东营、河南平顶山等多家银行标准普遍低于国家统一标准的5万元，中国银行某支 行甚至1万元就要扫描公安局报备码，填写身份证、取款用途和（银行）账号等，现场进行核实。而事 发地东营的另一家建设银行网点，虽然取款限额抬高到3万元，但如果是"包红包"之类的事由需要提供 类似结婚照片、家庭群信息佐证，必要时还要联系家属确认。 一次取款，一场轩然大波。据央视法治在线、南方日报等多家媒体报道，有律师于11月5日在建设银行 山东东营 ...

Core Viewpoint - The recent fluctuations in gold prices have prompted several banks to adjust their gold accumulation services, reflecting a response to market conditions and consumer behavior [1][2]. Group 1: Bank Adjustments - Multiple banks, including China Construction Bank and CITIC Bank, have revised their gold accumulation business rules in response to rising gold prices [2][5]. - China Construction Bank has clarified that its gold accumulation business will be based on a balance of price and volume, allowing for adjustments in transaction quotes according to market conditions [2][3]. - CITIC Bank has increased the minimum investment amount for its gold accumulation plan from 1000 yuan to 1500 yuan, while maintaining the minimum weight for regular accumulation at 1 gram [5]. Group 2: Gold Jewelry Market Trends - The price of gold jewelry has surged, with some brands exceeding 1300 yuan per gram, leading to a decline in consumer interest in gold jewelry [6][7]. - Data from the China Gold Association indicates that gold consumption in the first three quarters of 2025 was 682.730 tons, a year-on-year decrease of 7.95%, with gold jewelry consumption dropping by 32.50% [7]. - Major jewelry brands, such as Lao Feng Xiang, reported significant declines in revenue and profit due to high gold prices, which have suppressed gold jewelry consumption [7][8]. Group 3: Market Demand and Supply Dynamics - The global demand for gold reached a record high of 1313 tons in the third quarter of 2025, driven by strong investment demand, including purchases by central banks [8]. - China's gold reserves increased by 30,000 ounces to 7,409,000 ounces by the end of October, marking the twelfth consecutive month of gold accumulation [8].