Group 1 - The core viewpoint emphasizes the importance of technology finance as a key initiative by the central government, showcasing its commitment to "technology as the primary productive force" [1] - CITIC Bank will hold a private equity ecosystem partner forum in April 2025, collaborating with numerous central and state-owned enterprises, venture capital, private equity investment institutions, and industrial capital to build an empowering ecosystem [1] - The recent private equity matchmaking event for innovative medical enterprises was successfully organized by CITIC Bank's Beijing branch in collaboration with Gao Rong Venture Capital, featuring representatives from 14 innovative medical companies and nearly 40 investment institutions [1] Group 2 - Key speakers at the event included executives from CITIC Bank, Gao Rong Venture Capital, CITIC Securities, and Morgan Stanley, who discussed the comprehensive advantages of CITIC Group and the investment strategies in the new technology and healthcare sectors [1][2] - The event marked a significant milestone in the collaboration between CITIC Bank's Beijing branch and Gao Rong Venture Capital, initiating a new phase of partnership [2] - CITIC Bank plans to actively conduct the "Ten Thousand Enterprises - Trust and Benefit Enterprises" initiative, extending financial services to early-stage, smaller, and more innovative technology companies, thereby supporting the transformation of technological achievements [2]

Core Viewpoint - The article highlights significant stock movements in the Hong Kong and US markets, indicating various companies experiencing notable gains due to specific events or developments. Hong Kong Market Highlights - Li Auto (02015) saw a rise of over 3% as the launch of the Li i8 is set for July 29 [1] - Chinese banks experienced gains, with Zhengzhou Bank (06196) up 6.06%, Minsheng Bank (01988) up 4.97%, CITIC Bank (00998) up 3.24%, and Industrial and Commercial Bank of China (01398) up 1.8% [1] - Jiuyuan Gene (02566) increased by over 6% following the approval of its drug by the National Medical Products Administration [1] - Conant Optical (02276) rose over 6% as its net profit is expected to increase by over 30% year-on-year [1] - Puxing Energy (00090) surged over 220% after acquiring equity in HashKey Holdings Limited, entering the digital asset finance sector [1] - Blucube (00325) saw a rise of over 8% as it faced its first share unlock, with an accelerated pace of new product launches [1] - InnoCare Pharma (02577) rose over 5% as TSMC exited the GaN business, prompting cornerstone investors to extend their lock-up period [2] - Jitu Express (01519) increased over 4% due to strong package volume performance in Southeast Asia [2] - Apple-related stocks saw gains, with Cowell (01478) up 5.14%, Sunny Optical (02382) up 4.99%, BYD Electronics (00285) up 4.67%, and AAC Technologies (02018) up 1.89% [2] - From Yuzhi Agriculture (00875) surged over 13% as the company aims to build a comprehensive modern agriculture flagship group [2] - Fenbi (02469) rose over 5% following an upgrade to its AI question-answering system, which is expected to drive performance growth [2] - E-Surfing (02550) increased over 16% after Barclays acquired a 280 million stake and partnered with Huawei Cloud [2] - Cryptocurrency ETF and related stocks rose, with New Fire Technology Holdings (01611) up 10.82%, Xiong'an Technology (01647) up 10.23%, and others [2] - Superstar Legend (06683) surged over 20% as Jay Chou joined Douyin, gaining over 10 million followers [3] - Cornerstone Pharmaceuticals (02616) rose over 4% after its drug production application was approved by NMPA [3] - Longguang Group (03380) opened over 4% higher as its debt restructuring plan was approved by creditors [3] - Saijing Technology (00580) opened over 8% after announcing a projected net profit of approximately 90 million, a 167% year-on-year increase [3] - Derin Holdings (01709) opened nearly 15% higher as it plans to tokenize up to 500 million HKD in assets for distribution to shareholders [3] US Market Highlights - Deutsche Bank (DB.US) rose over 3% as it restructures its wealth management business in Germany to improve profitability [4] - UnitedHealth (UNH.US) fell over 1% amid reports of a US Department of Justice investigation into its medical insurance billing [4] - Futu Holdings (FUTU.US) increased over 9% after Morgan Stanley raised its target price to 160 USD [4] - Boeing (BA.US) rose over 3% as June aircraft deliveries reached an 18-month high [4] - Meta (META.US) increased nearly 2% as it reportedly invested 3.5 billion USD to enhance its AI smart glasses business [4] - Nvidia (NVDA.US) rose nearly 2%, reaching a historic high with a market capitalization of 4 trillion USD [4] - Microsoft (MSFT.US) hit a historic high with a market capitalization of 3.74 trillion USD, following an upgrade from Oppenheimer [4]

Core Viewpoint - The article discusses the recent developments in financial reforms in Hebei Province, emphasizing the importance of inclusive finance and its role in supporting local enterprises and economic growth [1][4]. Group 1: Financial Reforms and Initiatives - The 20th Central Committee of the Communist Party of China has approved a decision to deepen financial reforms, focusing on the development of various types of finance including technology, green, inclusive, pension, and digital finance [1]. - Hebei Province has seen rapid growth in its financial sector, effectively supporting the real economy and facilitating corporate financing [1]. - The People's Bank of China in Hebei has implemented a comprehensive action plan to promote high-quality economic development through inclusive finance, including the establishment of a long-term mechanism for small and micro-enterprise financing [4]. Group 2: Support for Small and Micro Enterprises - A case study highlights a packaging company in Cangzhou that received a 2 million yuan loan from the Bank of China to address its funding shortages, showcasing the bank's proactive approach to supporting local businesses [2]. - The "Yard Quick Loan" product from CITIC Bank has been successfully implemented in Hebei, providing tailored financial solutions to local enterprises, which has led to significant economic benefits for surrounding communities [3]. - As of the end of the first quarter, the balance of inclusive loans for small and micro enterprises in Hebei reached 1.3376 trillion yuan, reflecting a year-to-date growth of 13.31%, significantly outpacing the overall loan growth rate [4][5]. Group 3: Broader Economic Impact - The inclusive finance initiatives in Hebei are not only addressing the immediate financial needs of small enterprises but are also contributing to rural revitalization and supporting special groups such as veterans [5]. - The financial services are being extended to various sectors, including agriculture, with innovative products and services being developed to meet local needs [4][5].

Core Viewpoint - The article emphasizes the need for financial services that understand technology and can provide long-term support to tech companies, highlighting the importance of a comprehensive financial service system tailored to the unique needs of technology-driven enterprises [1][2]. Group 1: Financial Services for Tech Companies - Financial institutions must enhance their credit lending capabilities by understanding the technology and industry specifics of tech companies, as these firms often lack traditional collateral and stable cash flows [2][3]. - The Chinese government has introduced policies to support technology innovation through a full lifecycle financial service system, focusing on the financing needs of key areas in tech innovation [1]. Group 2: Case Studies of Financial Support - Shanghai Hejian Industrial Software Group, a tech firm specializing in electronic design automation (EDA), received an 800 million yuan credit line from CITIC Bank, which evaluated the company based on its technological advancements and market potential rather than traditional financial metrics [2][3]. - CITIC Bank has launched the "Technology Achievement Transformation Loan" to help startups like Sanrui High Polymer Materials obtain financing without collateral, focusing on their technological value [4]. Group 3: Comprehensive Financial Ecosystem - CITIC Group leverages its diverse financial services, including banking, securities, and insurance, to create a "stock-loan-bond-insurance" linkage mechanism, providing comprehensive financial support throughout the lifecycle of tech companies [4][6]. - The integration of various resources within CITIC Group allows for enhanced collaboration and support for tech firms, facilitating their growth from inception to international expansion [6].

Fund Overview - The fund is named "Hui'an Quality Selection Enhanced Bond Investment Fund" and is a bond-type open-ended fund [11] - The fund is managed by Hui'an Fund Management Co., Ltd. and the custodian is CITIC Bank [11][49] Fund Raising Details - The fund's subscription period is from July 21, 2025, to August 1, 2025, with a maximum subscription amount of 6 billion RMB [5][21] - The minimum subscription amount for each fund share is 1.00 RMB [11][27] - The fund will not accept subscriptions from financial institutions' proprietary accounts, except for the manager's own funds [19] Subscription Categories - The fund offers two classes of shares: Class A and Class C, with different fee structures [3][12] - Class A shares charge subscription fees, while Class C shares do not charge subscription fees but deduct service fees from the fund's assets [3][12] Subscription Limits - Individual investors can subscribe up to 10 million RMB per day, with no cumulative limit during the fundraising period [2][19] - If a single investor's cumulative subscription reaches or exceeds 50% of the total fund shares, the fund manager may impose restrictions on further subscriptions [4][24] Performance Benchmark - The fund's performance benchmark is composed of 85% of the yield of the China Securities Index Quality Credit Bond Index, 10% of the yield of the China Securities Dividend Quality Index, and 5% of the after-tax bank demand deposit rate [9][10] Fund Management and Operations - The fund operates as a contractual open-ended fund with no fixed duration [11] - The fund management company reserves the right to adjust the fundraising arrangements based on various factors [6]

Core Viewpoint - The article highlights the efforts of CITIC Bank Shenzhen Branch in enhancing the quality of elderly care services through its "Happiness+" pension financial brand, aiming to provide a comprehensive and warm service system for the aging population in Shenzhen, coinciding with the 45th anniversary of the Shenzhen Special Economic Zone [1][4]. Group 1: Service System Development - CITIC Bank Shenzhen Branch has established a "Six Ones" service system, which includes "one account, one ledger, one set of products, one set of services, one team, and one platform," to simplify pension planning for residents [1][3]. - The bank has opened over 100,000 personal pension accounts, significantly increasing the coverage of the third pillar of pension [1]. - Since 2024, the bank has organized over 600 pension financial theme activities, contributing to the high-quality development of the pension industry and improving residents' welfare [1][2]. Group 2: Digital Tools and Professional Services - The bank has developed an intelligent "pension ledger" and "asset planning system" to provide clients with comprehensive pension solutions, combining professional tools with banking services [2][3]. - Approximately 10,000 clients have received professional pension planning reports through this system, helping families establish a solid financial foundation for retirement [2][3]. Group 3: Elderly-Friendly Ecosystem - CITIC Bank Shenzhen Branch is building a comprehensive "elderly-friendly" service ecosystem by focusing on professional talent development, enhancing service environments, and leveraging technology [3][4]. - The bank has trained its staff in pension policies and has renovated its branches to meet the needs of elderly clients, including the installation of facilities like reading glasses and wheelchairs [3][4]. Group 4: Community Engagement and Industry Integration - The bank actively engages with the community by providing various services, such as financial education for the elderly and organizing immersive experiences in pension communities [4][5]. - CITIC Bank Shenzhen Branch is extending its pension financial services by linking with healthcare and rehabilitation institutions, offering customized financial planning services, and innovating a comprehensive trust pension service model [5][6]. - The bank is redefining its role in the pension sector from a mere product seller to a comprehensive partner throughout the entire pension lifecycle [5].

+ CCS2545 CTKH + NAME(S) AND ADDRESS OF REGISTERED SHAREHOLDER(S) 登記股東之姓名及地址 股息貨幣選擇表格 Registered shareholders will automatically receive their cash dividends in Hong Kong dollars unless they elect to receive them in Renminbi. No action is required if you wish to receive your cash dividends in Hong Kong dollars. 登記股東將自動以港幣收取現金股息，除非選擇以人民幣收取現金股息。如果 閣下希望以港幣收取現金股息，則無需採取任何行動。 If you wish to elect to receive the 2024 Final Dividend in Renminbi, please complete this form in accordance with the instruction below and ...

鹏扬基金管理股份有限公司（以下简称"基金管理人"或"本公司"）已于2025年7月4日在指定媒介发布了 《鹏扬基金管理有限公司关于以通讯方式召开鹏扬景创混合型证券投资基金基金份额持有人大会的公 告》。为了使本次基金份额持有人大会顺利召开，现发布鹏扬基金管理有限公司关于以通讯方式召开鹏 扬景创混合型证券投资基金基金份额持有人大会的第一次提示性公告。 一、召开会议基本情况 根据《中华人民共和国证券投资基金法》《公开募集证券投资基金运作管理办法》和《鹏扬景创混合型 证券投资基金基金合同》（以下简称"《基金合同》"）的有关规定，并经与基金托管人中信银行股份有 限公司（以下简称"本基金托管人"或"基金托管人"）协商一致，鹏扬景创混合型证券投资基金（以下简 称"本基金"）的基金管理人鹏扬基金管理有限公司（以下简称"本基金管理人"或"基金管理人"）决定以 通讯方式召开本基金的基金份额持有人大会，会议的具体安排如下： 1、会议召开方式：通讯方式。 2、会议投票表决起止时间：自2025年7月10日至2025年8月4日17:00止（纸质表决票通过专人送交、邮 寄送达本公告规定的收件人的，投票表决时间以表决票收件人收到表决票时间为准 ...

Investment Rating - The report maintains a "Recommended" investment rating for the banking sector, expecting the sector index to outperform the benchmark index by more than 5% in the next 3-6 months [24]. Core Insights - The report highlights the recent revisions to the CIPS (Cross-border Interbank Payment System) rules, which aim to enhance the management of participants and adapt to the growing cross-border e-commerce trade, projected to reach approximately 2.71 trillion yuan in 2024, a 14% year-on-year increase [3][4]. - The CIPS system processed 8.2169 million transactions amounting to 175.49 trillion yuan in 2024, reflecting a significant year-on-year growth of 42.60% [3]. - The report emphasizes the flexibility introduced in the new CIPS rules, allowing financial market infrastructure participants to open CIPS accounts based on business needs rather than strict management requirements [4]. Summary by Sections CIPS Overview - CIPS is a clearing system for cross-border payments in RMB, distinct from SWIFT's messaging system, and has seen a substantial increase in participation, with 174 direct participants and 1,509 indirect participants across 120 countries [2][3]. Recent Developments - The new rules include relaxed entry conditions for system participants, allowing for a more flexible approach to participant management [4]. - The rules specify that foreign direct participants must select domestic direct participants as fund custodians, as foreign banks lack CNAPS accounts [4]. Risk Management Enhancements - The updated regulations detail business processing and risk management requirements, mandating that participants establish robust risk management frameworks and adhere to international anti-money laundering standards [4]. Market Performance - The banking sector index rose by 3.77% during the reporting period, outperforming the CSI 300 index by 2.23 percentage points [8]. - The report suggests a focus on banks with high dividend yields and strong asset quality, recommending major state-owned banks and select regional banks for investment [9]. Company Forecasts - Key banks such as Ningbo Bank, Jiangsu Bank, and China Merchants Bank are highlighted with positive earnings forecasts and investment ratings, indicating strong potential for returns [10].

Core Viewpoint - The issuance of technology innovation bonds (科创债) has gained momentum, with various banks participating actively, indicating a strong market response to the supportive policies introduced for these bonds [2][6][12]. Group 1: Issuance Overview - As of July 3, 2025, a total of 419 technology innovation bonds have been issued, with an aggregate issuance scale exceeding 620 billion yuan, highlighting the growing interest in this financial instrument [2]. - Among the issuers, banks have emerged as the main players, having issued 27 bonds with a total scale of over 220 billion yuan [2][3]. Group 2: Bank Participation - Large banks lead in issuance scale, while small and medium-sized banks are also entering the market, with 11 banks participating in the issuance process [3][4]. - The issuance scale of city commercial banks and rural commercial banks collectively reached 391 billion yuan, with notable contributions from banks like Beijing Bank (80 billion yuan) and Shanghai Bank (50 billion yuan) [6][7]. Group 3: Interest Rates and Credit Ratings - The credit ratings of the issuers are predominantly high, with most banks rated AAA, except for one rated AA+ [3][7]. - The interest rates for technology innovation bonds vary, with large banks offering rates between 1.17% and 1.65%, while small and medium-sized banks have higher rates, with some reaching up to 1.95% [3][10]. Group 4: Fund Utilization - The funds raised through technology innovation bonds are primarily directed towards supporting technology loans and investing in bonds issued by technology innovation enterprises, creating a synergistic effect [11]. - Major banks have consistently used the proceeds for "issuing technology loans," while some also invest in technology innovation enterprises' bonds [11]. Group 5: Future Trends - The market is expected to see innovations in bond products and an expansion of issuing entities, with banks likely to introduce more flexible bond terms to cater to the specific needs of technology enterprises [12]. - There is a growing emphasis on technology finance as a strategic focus for banks, particularly among small and medium-sized banks, which may accelerate their participation in the technology innovation bond market [12].