Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - Since 2025, banks have shown a new characteristic of using short-term loans to replace bills for credit expansion, with significant seasonal growth in short-term loans [4][14] - The volatility of bill rates has decreased, and there is a notable inversion between short and long-term rates [24][34] - Investment recommendations focus on state-owned banks with controllable retail risks, joint-stock banks with high safety margins, and city and rural commercial banks with strong profit growth potential [7][36] Summary by Sections 1. New Characteristics of Credit Expansion - In 2025, banks have not prominently used bills to boost loans, but short-term loans have seen significant growth, with new additions of 1.44 trillion and 1.16 trillion yuan in March and June, respectively, exceeding historical averages [14][18] - Bill financing saw a notable contraction in June, with a decrease of 4.109 trillion yuan, significantly higher than the three-year average [14][18] 2. Decreased Volatility of Bill Rates - In the first half of 2025, the 6M national stock bill discount rate fluctuated between 0.98% and 1.60%, showing reduced volatility compared to 170 basis points in 2023 and 105 basis points in 2024 [24][29] - The weakening of the credit attribute of bills is attributed to banks preferring short-term loans for credit scale, leading to a lack of significant fluctuations in bill rates [24][29] 3. Investment Recommendations - Recommended stocks include state-owned banks with controllable retail risks, such as China Construction Bank and Agricultural Bank of China [36] - Joint-stock banks with high safety margins and signs of clearing existing risks, such as CITIC Bank and China Merchants Bank, are also recommended [36] - City and rural commercial banks with growth potential and strong provisioning capabilities, including Jiangsu Bank and Hangzhou Bank, are highlighted [36]

Group 1 - HSBC Jintrust Fund Management Co., Ltd. has signed an agreement with Sunshine Life Insurance Co., Ltd. to add Sunshine Life as a sales agency for certain open-end funds starting from August 1, 2025 [1][6] - Investors can open accounts, subscribe, redeem, and conduct other business for the specified open-end funds through Sunshine Life, following its relevant procedures [1][6] - The announcement specifies that the details regarding the funds and their sales will be governed by the rules of the respective sales agencies [2][7][11] Group 2 - HSBC Jintrust Fund Management Co., Ltd. has also signed an agreement with China Life Insurance Co., Ltd. to add China Life as a sales agency for certain open-end funds starting from August 1, 2025 [6][11] - Investors can perform similar transactions through China Life, adhering to its specific regulations [6][11] - The announcement emphasizes that the operational details and promotional activities will be determined by the sales agencies [7][11] Group 3 - HSBC Jintrust Fund Management Co., Ltd. has entered into an agreement with CITIC Bank to include CITIC Bank as a sales agency for certain open-end funds effective August 1, 2025 [11][15] - Investors are allowed to engage in various fund-related activities through CITIC Bank, subject to its operational guidelines [11][15] - The announcement reiterates that the specific rules and promotional plans will be set by the sales agencies [11][15]

Group 1 - The core viewpoint of the news is the performance and structure of the China Europe Central State-Owned Enterprises Dividend Index Fund (QDII) A, which has experienced a decline in value and has specific characteristics regarding its holdings and management [1][3]. - As of July 31, the fund has seen a decrease of 1.89%, with a latest net value of 1.24 yuan, marking a cumulative decline of 2.31% over five consecutive trading days [1]. - The fund was established on July 31, 2024, with a total size of 0.44 billion yuan and has achieved a cumulative return of 24.95% since inception [1]. Group 2 - As of June 30, 2025, the top ten holdings of the fund account for a total of 28.90%, with the largest holding being China COSCO Shipping (6.62%) [2]. - Other significant holdings include Orient Overseas International (3.04%), CITIC Bank (2.92%), and China Petroleum (2.45%) among others [2]. - The fund's holder structure shows that institutional investors hold 0.10 billion shares (46.36%), while individual investors hold 0.12 billion shares (53.64%) [1]. Group 3 - The current fund manager is Ms. Fang Shenshen, who has a background in finance and has held various positions in investment management prior to her current role [1]. - She has been managing the fund since July 1, 2024, and has experience with other funds under China Europe Fund Management Company [1].

科技赋能，打破传统服务壁垒 中信银行北京分行营业部日均处理护照出入库近千本，员工需手工完成出入库登记、查找、盘库等操 作。中信银行北京分行以科技赋能提升客户服务水平为目标，组建业技融合团队，深挖业务场景，捕 捉"操作繁琐""等待过久"等痛点，推出物联网护照管理系统。该系统以物联网技术为核心，是集光电标 签传感设备与MQTT物联网协议定位系统的综合解决方案，通过移动端及PC端，实现扫码入库、远程 呼叫、声光定位、扫码盘库、超期预警等全流程数字化功能。 优化体验，提升客户满意度 护照管理系统的高效运行，极大缩短了护照申领时间，效率提升近3倍；客户排队等待时间减少70%， 为客户带来了全新的金融服务体验。一位来办理业务的客户对新系统赞不绝口："以前办理这类业务经 常经要等，现在这么快就搞定了，太方便了！"通过创新技术在业务场景的应用，让金融科技的价值体 现在服务客户的"最后一公里"，让客户直观感受到金融服务从"流程化"到"暖心化"的转变，再一次践行 了中信银行"让财富有温度"的理念。 深化转型，做好数字金融大文章 在数字化浪潮的推动下，金融服务正经历着前所未有的变革。中信银行北京分行始终坚持做好数字金融 大文章，积 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][8]. Core Views - The report highlights that the company is undervalued and is expected to stabilize its Return on Equity (ROE) earlier than its peers. The current market conditions present a favorable opportunity for valuation recovery [7][8]. - The management's proactive approach in addressing asset quality issues and the company's strategic focus on risk control are seen as key strengths that will support long-term valuation premiums [7][10]. Financial Data and Profit Forecast - Projected operating revenue (in million) for the company is as follows: - 2023: 205,896 - 2024: 213,646 - 2025E: 213,032 - 2026E: 217,022 - 2027E: 224,121 - Year-on-year growth rates are expected to be: - 2023: -2.60% - 2024: 3.76% - 2025E: -0.29% - 2026E: 1.87% - 2027E: 3.27% [6] - Projected net profit attributable to shareholders (in million) is as follows: - 2023: 67,016 - 2024: 68,576 - 2025E: 69,936 - 2026E: 72,249 - 2027E: 75,435 - Year-on-year growth rates are expected to be: - 2023: 7.91% - 2024: 2.33% - 2025E: 1.98% - 2026E: 3.31% - 2027E: 4.41% [6] - Earnings per share (in CNY) are projected as follows: - 2023: 1.27 - 2024: 1.17 - 2025E: 1.17 - 2026E: 1.21 - 2027E: 1.27 [6] - The report anticipates a stable long-term ROE of around 11% due to improved net interest margins and reduced credit costs [10][9]. Investment Analysis - The report emphasizes that the market has not fully recognized the management's effective actions and the sustainable ROE trend, which are critical for the company's long-term valuation premium [8][10]. - The company is expected to benefit from a stable dividend payout exceeding 30%, alongside a favorable fundamental outlook for 2025 [8][9]. - The target valuation is set at 0.64 times the 2025 Price-to-Book (PB) ratio, indicating a potential upside of 25% [8].

Core Viewpoint - The successful completion of a USD 8,320 million overseas direct investment by a key enterprise facilitated by CITIC Bank's Hohhot branch highlights the bank's commitment to supporting the "going out" strategy of enterprises and enhancing local economic development through quality foreign exchange services [1]. Group 1: Investment Details - The overseas direct investment is a crucial method for enterprises to "go out," participate in international competition and cooperation, and optimize resource allocation [1]. - The enterprise involved is a non-ferrous and precious metals mining company with strong resource reserves and a leading position in the silver and tin concentrate markets [1]. Group 2: Bank's Role and Services - CITIC Bank's Hohhot branch quickly assembled a professional team to address the enterprise's core needs, including policy interpretation, guidance on filing processes, and cross-border fund transfer suggestions, providing comprehensive one-stop financial services [1]. - The successful execution of this investment is a practical demonstration of CITIC Bank's efforts to serve the real economy and support enterprises in their international expansion [1]. Group 3: Future Plans - The bank plans to continue focusing on the cross-border financial needs of regional enterprises, optimizing business processes, and enriching the supply of foreign exchange hedging and cross-border settlement products [1]. - CITIC Bank aims to support more enterprises in expanding overseas markets and continuously improve the level of cross-border trade facilitation services [1].

在推进宣传的过程中，中信银行鄂尔多斯分行坚持"应降尽降、应免尽免"原则，针对小微企业及个体工 商户推出账户管理费、电子银行服务费等多项费用减免措施。通过系列举措，有效提升了政策知晓度， 进一步增强了金融服务的可得性与普惠性。 中信银行鄂尔多斯分行相关负责人表示，将持续深化减费让利工作，动态优化服务方案，以更精准的宣 传、更实在的优惠，为支持实体经济发展贡献力量。（李贺） 编辑：张震 转自：新华财经 近期，中信银行鄂尔多斯分行立足金融机构社会责任，以"支付降费 让利于民"为切入点，开展宣传与 惠民服务。 该行以网点为阵地，通过在营业网点张贴降费公告，摆放价目表、宣传折页、宣传海报、一句话宣传标 语的方式，引导客户用好政策。同时，该行在大厅设置专岗人员为客户答疑解惑，针对客户关心的开户 费、汇款手续费等优惠情况详细介绍，面对面向客户进行政策宣导。 ...

Core Viewpoint - The article highlights the initiatives taken by China CITIC Bank's Beijing branch to enhance public awareness and prevention capabilities against telecom and online fraud through various community engagement activities [1][5]. Group 1: Community Engagement Activities - China CITIC Bank Beijing branch organized a "National Anti-Fraud Action Month" to promote fraud awareness among citizens, emphasizing the theme "Anti-Fraud is a Mandatory Course" [1]. - The bank conducted specialized training for new employees at the Central Party School, using real case studies to explain various fraud methods and distributing over 100 promotional materials [2]. - A collaboration with a military family compound focused on educating the elderly about pension fraud, distributing over 200 informational materials and analyzing typical scams [3]. Group 2: Corporate and Employee Protection - The bank's Oak Bay branch integrated anti-fraud services with payroll card issuance, providing practical fraud prevention advice and distributing over 150 anti-fraud handbooks to employees [4]. - The bank's CITIC City branch partnered with local community committees and police to conduct interactive anti-fraud activities, distributing over 200 promotional materials and assisting residents, especially the elderly, in installing the National Anti-Fraud Center App [5]. Group 3: Future Initiatives - China CITIC Bank Beijing branch plans to continue innovating anti-fraud promotional methods, increasing resource investment, and deepening collaboration to strengthen public understanding of fraud prevention as a lifelong learning topic [5].

"信用卡不香了""高端卡权益缩水"……7月以来，信用卡市场调整更为频繁。 中信银行信用卡权益缩水 近期，中信银行等多家银行信用卡发布公告称，将调整停发部分信用卡，其中多数为联名卡。 同月，招商银行、光大银行、浦发银行等多家银行相继官宣部分高端卡产品权益及活动更新，主要涉及提高使用门 槛、调整积分规则、削减高端权益等。此外，年内获批终止营业的银行信用卡分中心已超40家，仅7月便有5家银行信 用卡分中心关闭。 值得注意的是，早在去年9月，中信银行就公告调整中信银行银联i白金信用卡"i白金专属36+1新生活"交易权益规则， 调整后获取交易权益点除要求满足每月交易金额外，还新增了其中银联渠道交易金额的限制。 中信银行客服承认所有活动和权益"不是一成不变"，银行会根据经营策略调整，但这一做法无疑大幅削弱了用户粘 性。 行业分析人士分析，银行信用卡权益"缩水"原因或在于"降本"。结合财报数据来看，大多银行信用卡规模与业绩双 降。调整权益服务一方面可能是应对市场环境周期性变化，但更多可能是经营效果未达到预期，信用卡投入与预计产 出不匹配。 信用卡不良率攀升 从数据来看，中信银行信用卡贷款余额、交易量、收入均出现不同程度下滑 ...

Core Viewpoint - UBS reports that since 2020, the rise in high dividend yields and improved transparency in fundamentals have driven the performance of Chinese banks, with a focus on the sustainability of dividends depending on profit outlook and liquidity [1][2] Group 1: Dividend Sustainability - The key issue for Chinese banks is the sustainability of dividends, which relies on profit prospects and liquidity [1] - UBS maintains an optimistic view on the sustainability of dividends and further increases in Chinese bank stocks [1] Group 2: Profit Growth and Forecasts - UBS's base case scenario predicts that Chinese banks will maintain stable profit growth and resume revenue growth from 2026, while keeping provisions steady [1] - The bank expects income transparency to improve from 2025, with net interest margin (NIM) bottoming out in 2026 [2] Group 3: Stock Ratings and Target Prices - UBS raised target prices for several banks, including increasing the target price for Bank of Communications from HKD 5.95 to HKD 8.6 and upgrading its rating from "Neutral" to "Buy" [1] - The target price for Industrial and Commercial Bank of China was raised from HKD 5.98 to HKD 7.79, and for China Construction Bank from HKD 7.4 to HKD 10.2 [1] Group 4: Market Performance - As of July 28, 2023, the MSCI China Bank Index has risen by 79% since the onset of the COVID-19 pandemic, outperforming both Hong Kong and A-share markets [2] - The proportion of H-shares held by southbound funds is expected to double from 19% in 2023 to 41% by 2025, driven by increased inflows, particularly from Chinese insurance companies [2] Group 5: Revenue Sources - Non-interest income, especially from investment and trading activities, is becoming a more significant revenue source, potentially contributing up to 5% of revenue growth by 2029 [2] - Although asset yield remains under pressure, positive deposit rate cuts, robust loan growth, and bond growth are expected to support net interest income [2]