Core Viewpoint - The major state-owned banks in China are abolishing their supervisory boards, transitioning to a governance structure led by audit committees, which is expected to enhance management professionalism and independence [1][2][3]. Group 1: Announcement of Supervisory Board Abolishment - On September 25, five major state-owned banks, including Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, Bank of China, and Bank of Communications, announced the receipt of regulatory approval to abolish their supervisory boards [2]. - This decision has been in the works for some time, with proposals to eliminate supervisory boards appearing in board resolutions as early as April 29 [2]. - Other banks, such as Shanghai Rural Commercial Bank and China Merchants Bank, are also expected to follow suit, with nearly 20 institutions planning to abolish their supervisory boards this year [1][3]. Group 2: Legal and Regulatory Framework - The new Company Law allows limited liability companies to establish audit committees within the board of directors to exercise the functions of supervisory boards, providing a legal basis for banks to abolish their supervisory boards [3]. - The National Financial Regulatory Administration has indicated that financial institutions can choose to replace supervisory boards with audit committees, aligning regulatory policies with legal revisions [3][4]. Group 3: Internal Governance Structure Post-Abolishment - The banks will adopt a single-tier governance structure led by audit committees, which will be composed mainly of independent directors, enhancing supervisory efficiency through professional division of labor [4]. - The transition to audit committees is expected to improve the professionalism and independence of oversight functions, although it will depend on the effective operation of these committees [5].

Core Viewpoint - The Wanjiac Zhongzheng Hong Kong Stock Connect Central Enterprise Dividend ETF (159333) has shown a positive performance with a closing increase of 0.65% on September 26, 2024, and a trading volume of 17.6977 million yuan [1] Fund Overview - The fund was established on August 21, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of September 25, 2024, the fund's total shares stood at 380 million, with a total size of 525 million yuan, reflecting a decrease of 11.83% in shares and an increase of 2.22% in size compared to December 31, 2024 [1] Liquidity Analysis - Over the last 20 trading days, the ETF recorded a cumulative trading amount of 580 million yuan, with an average daily trading amount of 29.0115 million yuan [1] - Since the beginning of the year, the ETF has accumulated a trading amount of 7.238 billion yuan over 181 trading days, averaging 39.9865 million yuan per day [1] Fund Management - The current fund manager, Yang Kun, has managed the ETF since its inception, achieving a return of 38.74% during the management period [2] - The ETF's top holdings include major companies such as COSCO Shipping Holdings, Orient Overseas International, CITIC Bank, China Petroleum, and others, with specific holding percentages detailed [2]

国有大行集体公告 日前，中国银行、工商银行、农业银行、建设银行和交通银行均公告宣布，其公司章程修订已获得国家金 融监督管理总局核准，并据此正式不再设立监事会，转由董事会下设的审计委员会承接原属监事会的法定 职责。 9月25日，中国银行、农业银行、工商银行、建设银行、交通银行均发布关于不再设立监事会的公告 称，公司章程修订已获监管核准，不再设立监事会。 日前，邮储银行发布关于召开2025年第二次临时股东大会的通知显示，将于10月9日上午召开的股东大会 上审议关于该行不再设立监事会的议案。 这意味着，六大国有行全部取消监事会。 具体来看，各家银行的改革步骤高度一致。中国银行、工商银行、农业银行、建设银行和交通银行均于 2025年6月27日召开的2024年度股东大会上，审议批准了关于修订公司章程以及不再设立监事会的相关 议案。各家银行表示，陆续于近日收到了国家金融监督管理总局同意章程修订的批复文件。 随着新章程获得监管核准，相关调整正式生效。中国银行、农业银行在章程核准之日起即不再设立监事 会；建设银行和交通银行则明确了具体的生效日期，分别为2025年9月23日和9月25日。改革的核心内容 是，原由监事会行使的、依 ...

Dividend and Financial Review - The board of directors proposed a mid-term cash dividend of RMB 1.858 per 10 shares (tax included) for the year 2025[4]. - The financial report for the first half of 2025 has been reviewed by Ernst & Young, ensuring its accuracy and completeness[4]. - The financial summary indicates a strong performance in the first half of 2025, with significant growth in key metrics[7]. - The outlook for the remainder of 2025 remains positive, with expectations for continued growth and profitability[7]. Risk Management and Strategic Focus - The group is actively managing various risks, including credit risk, market risk, and operational risk, to maintain stability[5]. - The report includes forward-looking statements based on current plans and estimates, emphasizing the importance of risk awareness among investors[5]. - The company is focusing on innovation and sustainable development as part of its strategic initiatives[5]. Financial Performance Metrics - Operating income for the six months ended June 30, 2025, was RMB 385,905 million, a 2.95% increase from RMB 374,831 million for the same period in 2024[16]. - Net interest income decreased by 3.16% to RMB 286,709 million compared to RMB 296,059 million for the same period in 2024[16]. - Net profit for the six months ended June 30, 2025, was RMB 162,638 million, a decrease of 1.45% from RMB 165,039 million in the same period of 2024[16]. - The net cash flow from operating activities increased significantly by 332.12% to RMB 1,256,614 million compared to RMB 290,805 million for the same period in 2024[16]. - Total assets as of June 30, 2025, reached RMB 44,432,848 million, reflecting a 9.52% increase from RMB 40,571,149 million at the end of 2024[19]. - The non-performing loan ratio improved slightly to 1.33% from 1.34% at the end of 2024[19]. - The capital adequacy ratio stood at 19.51%, a decrease of 0.18% from 19.69% at the end of 2024[19]. - The bank's core tier 1 capital adequacy ratio was 14.34%, down from 14.48% at the end of 2024[19]. Asset and Liability Management - The bank's total liabilities increased by 9.73% to RMB 40,847,989 million compared to RMB 37,227,184 million at the end of 2024[19]. - The total assets of the company reached RMB 42.67 trillion, with total interest-earning assets at RMB 41.44 trillion[40]. - The company’s non-performing loan ratio remained stable, with total provisions for impairment at RMB 843.50 billion[40]. - The total amount of loans and advances issued by the company reached RMB 27.44 trillion, an increase of RMB 1.60 trillion or 6.20% compared to the end of the previous year[65]. Income and Expense Analysis - Interest income for the six months ended June 30, 2025, was RMB 579.26 billion, a decrease of RMB 47.76 billion or 7.62% compared to the same period last year[38]. - Total operating expenses were RMB 95.50 billion, an increase of RMB 1.15 billion or 1.18% year-over-year, with a cost-to-income ratio of 23.72%, down 0.43 percentage points[54]. - Employee costs rose to RMB 57.79 billion, an increase of RMB 1.75 billion or 3.12% year-over-year[54]. Digital Transformation and Innovation - The company is committed to enhancing its digital banking capabilities, including mobile banking and integrated service platforms[7]. - The digital financial business plan aims for a 2025 action plan, enhancing digital capabilities with a daily usage increase of 96.96% in financial models, enabling 274 internal scenarios[118]. - The total number of "Twin Stars" users reached 533 million, with monthly active users at 243 million, reflecting a year-on-year growth of 14.40%[118]. Customer and Market Engagement - The bank's personal customer base reached 777 million by the end of June, with personal financial assets exceeding CNY 22.04 trillion; domestic personal deposits increased by CNY 1.39 trillion, a growth of 8.57%[131]. - The bank's payment services achieved a transaction volume of CNY 1.80 trillion in the first half of the year, with the number of acquiring merchants reaching 6.13 million[136]. - The bank's credit card loan balance reached CNY 1.05 trillion, maintaining an industry-leading position[135]. International Operations and Expansion - The overseas commercial banking segment achieved a net profit of 7.806 billion yuan in the first half of the year[161]. - CCB Asia's total assets reached 487.41 billion yuan, with a net profit of 3.731 billion yuan in the first half[161]. - CCB Russia reported total assets of 7.608 billion yuan and a net profit of 146 million yuan in the first half[162]. Financial Investments and Asset Management - The total amount of financial investments reached CNY 11.77 trillion, an increase of CNY 1.09 trillion or 10.17% compared to the end of the previous year[81]. - The bank's asset management business scale reached RMB 5.73 trillion by the end of June, with significant contributions from various subsidiaries: RMB 1.69 trillion from CCB Trust, RMB 1.43 trillion from CCB Fund, and RMB 1.41 trillion from CCB Wealth Management[154]. Technology and Innovation - The group has empowered 274 internal application scenarios with its financial large model capabilities, focusing on key areas such as credit approval and intelligent customer service[187]. - The daily peak data processing capacity of the big data platform reached 142.90 billion records, enabling real-time summary of an average of 2.32 billion accounting details per day[188]. - The group has obtained a total of 3,990 financial technology patent authorizations, an increase of 440 patents compared to the end of the previous year, including 2,744 invention patents[191].

Core Viewpoint - The recent financial education event organized by China Construction Bank's Zhenjiang branch aims to enhance public financial literacy and strengthen the ability to prevent financial fraud [1][3] Group 1: Event Overview - The event was held in collaboration with multiple organizations, including the Zhenjiang Public Security Bureau Anti-Fraud Center and local educational institutions, focusing on the theme "Protecting Financial Rights and Supporting a Better Life" [1] - A financial education promotional video was presented to the audience, highlighting key financial knowledge and anti-fraud points [1] - The Zhenjiang Public Security Bureau Anti-Fraud Center conducted a session on preventing telecom fraud, emphasizing the importance of collaboration between banks and law enforcement [1] Group 2: Objectives and Impact - The event's goal is to unite various stakeholders to improve public awareness of financial fraud prevention, encouraging individuals to become both learners and disseminators of anti-fraud knowledge [3] - The innovative approach and resource integration during the event effectively enhanced the public's financial knowledge and fraud prevention capabilities, contributing to the protection of citizens' financial assets [3] - The initiative plays a significant role in fostering a safe, stable, and harmonious financial environment [3]

银行研思录 19 上市银行"十四五回望"之盈利结构变迁 总量研究/银行 本报告为"十四五"期间银行经营回顾与"十五五"规划展望系列第二篇《盈 利结构变迁》，我们将系统展示对于 42 家 A 股上市银行在"十四五"期间的 ROE 结构拆分以及相对行业优势的变化，以表征各银行板块和单家银行盈利结 构和盈利质量的变迁逻辑、驱动因素与结构性特征，为衔接"十五五"战略布 局提供镜鉴。 证券研究报告 | 行业深度报告 2025 年 09 月 26 日 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 41 | 0.8 | | 总市值（十亿元） | 10527.7 | 10.1 | | 流通市值（十亿元） | 9870.5 | 10.4 | 行业指数 % 1m 6m 12m 绝对表现 -6.8 3.6 23.4 相对表现 -9.6 -13.2 -11.6 资料来源：公司数据、招商证券 -10 0 10 20 30 40 Sep/24 Jan/25 May/25 Sep/25 (%) 银行 沪深300 相关报告 1、《上市银行债市浮盈余额有多少？ —银行研思录 1 ...

Core Viewpoint - The six major state-owned banks in China have collectively announced the abolition of their supervisory boards, transitioning the responsibilities to the audit committees under the board of directors, which is seen as a move to enhance governance efficiency and effectiveness [3][4][6]. Group 1: Announcement of Abolishment - On September 25, major banks including Bank of China, Agricultural Bank of China, Industrial and Commercial Bank of China, China Construction Bank, and Bank of Communications announced that they will no longer establish supervisory boards following regulatory approval for their articles of association [1][4]. - Postal Savings Bank is set to discuss a similar proposal at its upcoming shareholder meeting on October 9, indicating a trend among banks to eliminate supervisory boards [2][6]. Group 2: Implementation Details - The reform steps taken by the banks are consistent, with all five major banks approving the abolishment of supervisory boards during their 2024 annual shareholder meetings held on June 27, 2025 [4]. - The new governance structure will take effect immediately for Bank of China and Agricultural Bank, while China Construction Bank and Bank of Communications will implement it on September 23 and September 25, 2025, respectively [4]. Group 3: Personnel Changes - With the abolishment of the supervisory boards, the positions of existing supervisors will be terminated, including notable figures from each bank [5]. - The announcement from ICBC also indicated updates to various governance documents, including the abolishment of the supervisory meeting rules [5]. Group 4: Broader Industry Trends - Analysts suggest that the simultaneous cancellation of supervisory boards by major banks aligns with modern corporate governance trends, aiming to enhance decision-making efficiency and strengthen board accountability [6]. - Other banks, including China Merchants Bank and Huaxia Bank, have also moved to abolish their supervisory boards, indicating a wider industry shift [7]. Group 5: Regulatory Context - The new provisions in the Company Law, effective from July 2024, allow companies to establish audit committees within the board of directors to perform the functions of supervisory boards, reflecting a regulatory shift towards more flexible governance structures [8]. - The China Banking and Insurance Regulatory Commission has stated that these changes will help financial institutions create governance frameworks that suit their specific needs, reduce management costs, and enhance operational flexibility [8].

每经记者|张寿林 每经编辑|陈旭 9月25日晚，工商银行、农业银行、建设银行、中国银行和交通银行集体发布公告，近日收到监管相关 核准批复，自核准之日起，不再设立监事会。 《每日经济新闻》记者注意到，新修订的公司法于2024年7月1日正式实施，对监事会、职工董事设置等 方面提出新的要求。有限责任公司可在董事会中设置由董事组成的审计委员会，行使监事会职权，不设 监事会或者监事。 五大行撤销监事会已获监管核准 9月25日晚，工商银行披露，中国工商银行股份有限公司于2025年6月27日召开的2024年度股东年会审议 批准了《关于审议<中国工商银行股份有限公司章程（2025年版）>及撤销监事会相关事项的议案》。 近日收到《国家金融监督管理总局关于工商银行修改公司章程的批复》（金复〔2025〕564号）。国家 金融监督管理总局已核准该行修订后的公司章程。 同日，建设银行披露，该行2025年6月27日召开的2024年度股东大会审议批准了《关于不再设立监事会 的议案》和《关于修订<中国建设银行股份有限公司章程>的议案》。近日，国家金融监督管理总局已 核准修订后的公司章程。该行自2025年9月23日起，按照公司章程规定，不再设 ...

金融安全是维护金融消费者权益的第一道防线，更是社会稳定发展的坚实基础。近年来，随着金融产品日趋复 杂、诈骗手段不断翻新，提升公众金融素养和风险防范能力已成为金融机构的重要社会责任。 2025年"金融消费者权益保护教育宣传周"期间，中国建设银行深圳市分行（以下简称"深圳建行"）以"保障金 融权益 助力美好生活"为核心主题，充分发挥金融机构专业优势，创新构建线上线下全覆盖、多场景深融合、 重点群体精准触达的"陆空一体"金融教育传播体系，将金融知识送进社区、企业、校园与交通枢纽，切实提升 广大群众的金融素养与风险防范能力，助力市民筑牢金融安全"防火墙"。 构建"陆空一体"传播网：线上线下全覆盖提升金融素养 传统的单向灌输式教育已难以适应当前金融知识普及的需求，为此，该行创新推出多种沉浸式教育活动，让金 融知识在互动体验中入脑入心。 举办"理财三适当原则"大讲堂是该行的宣传周的活动之一。活动邀请行业专家现场解读适当性原则，通过"知 识传导+案例情景模拟"的形式，帮助社会大众树立正确的投资理念。参与活动的市民纷纷表示，通过情景模 拟真正理解了风险匹配的重要性，对选择投资产品很有帮助。 针对老年群体，该行特别设计了"银龄 ...

Core Viewpoint - The banking sector is experiencing a rise in stock prices despite market conditions, driven by recent adjustments in deposit rates by local small and medium-sized banks to alleviate pressure on their liabilities and improve net interest margins [1] Group 1: Stock Performance - Chongqing Rural Commercial Bank (03618) increased by 4.62%, reaching HKD 6.12 [1] - Qingdao Bank (03866) rose by 1.88%, reaching HKD 4.34 [1] - China Construction Bank (00939) saw a 1.1% increase, reaching HKD 7.38 [1] - Bank of China (03988) grew by 0.96%, reaching HKD 4.21 [1] Group 2: Deposit Rate Adjustments - Since September, the number of local small and medium-sized banks reducing deposit rates has been increasing [1] - On September 25, several banks, including Henan Luoyang Rural Commercial Bank, announced reductions in RMB deposit rates, with the maximum cut reaching 35 basis points [1] - The purpose of these adjustments is to alleviate pressure on the liability side and mitigate the negative impact of narrowing net interest margins [1] Group 3: Market Outlook - China Galaxy Securities indicates that the adjustment of the 14-day reverse repurchase operation aims to enhance the position of the 7-day reverse repurchase policy rate, improving liquidity management precision [1] - The benefits for small and medium-sized banks from these changes are expected to be less significant compared to larger banks [1] - Continued positive factors in the banking fundamentals, along with increased consumer policies, suggest potential mid-term performance improvements and a possible turning point [1] - The focus remains on the effectiveness of policies, retail business demand, risk improvement, and reform measures [1] - The institution maintains a positive outlook on the banking sector's valuation and continues to recommend investment in this area [1]