Group 1 - The announcement states that Huabao Fund Management Co., Ltd. will add CITIC Bank's "CITIC Interbank+" platform as a sales agency for certain funds starting from August 18, 2025 [1][2] - Institutional investors can open accounts, subscribe, redeem, and conduct other business related to the applicable funds through CITIC Bank [2] - The announcement includes contact information for both CITIC Bank and Huabao Fund Management for inquiries [2] Group 2 - The Huabao High-end Equipment Stock Fund will terminate its contract and enter liquidation due to its net asset value falling below 200 million yuan as of August 16, 2025 [4][5] - The fund's last operational day is August 16, 2025, and it will enter the liquidation process on August 17, 2025 [6] - The fund management will organize a liquidation team to oversee the process under the supervision of the China Securities Regulatory Commission [6][7] Group 3 - The liquidation process includes steps such as asset management, valuation, and distribution of remaining assets to fund holders based on their shareholding ratio after deducting liquidation costs and taxes [9][10] - The liquidation period is set for six months, but may be extended if the liquidity of the fund's securities is restricted [8] - Major events during the liquidation must be announced promptly, and the liquidation report will be audited and filed with the regulatory authority [10][11] Group 4 - The fund has suspended subscription and conversion services since July 28, 2025, and will cease all business operations related to the fund from August 17, 2025 [12] - Investors are encouraged to read the fund's legal documents for detailed information [12] - The announcement emphasizes the commitment of the fund management to act with integrity and diligence during the liquidation process [12]

Core Insights - The report emphasizes that the structure of bank credit is more important than the total amount, indicating a potential adjustment in the credit structure of banks [1][7] - The report suggests that the effective credit demand from enterprises is expected to recover as the adjustment of excess production capacity comes to an end [2] Industry Overview - The report highlights the need for industry structure optimization to accelerate the elimination of excess capacity, particularly in sectors like automotive, photovoltaic, lithium batteries, steel, and cement [2] - The central bank has increased the quota for re-loans for technological innovation and technical transformation by 300 billion yuan, with the balance of technology loans reaching 44.1 trillion yuan, growing by 12.5% year-on-year [2] - The loan structure has shifted from over 60% in real estate and infrastructure loans in 2016 to approximately 70% in the "five major articles" of finance currently [2] Market Performance - The report notes that during the week of August 11 to August 17, 2025, the major indices saw significant increases, with the Shanghai Composite Index rising by 1.70% and the ChiNext Index by 8.58% [7] - The banking index experienced a weekly decline of 3.19%, underperforming the CSI 300 index by 5.57 percentage points [7] Investment Recommendations - The report recommends focusing on the banking sector for medium to long-term investments, highlighting that the overall allocation to banks has increased but remains insufficient [3][8] - Specific banks recommended for investment include state-owned banks (A+H) and stable joint-stock banks such as China Merchants Bank (A+H), CITIC Bank (A+H), and Industrial Bank, as well as high-quality regional banks with strong provisioning coverage [8] Profit Forecasts and Valuations - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for several banks, indicating a positive outlook for banks like Ningbo Bank, Jiangsu Bank, and China Merchants Bank, with recommendations to buy [9]

Core Viewpoint - The banking sector, particularly joint-stock commercial banks, is facing significant challenges due to pressure from state-owned banks and city commercial banks, leading to a low growth cycle and increased competition [1][2][4]. Group 1: Industry Challenges - Joint-stock banks are experiencing a decline in total assets, with a total of 73.3 trillion yuan as of April 2024, representing a decrease of nearly 2 percentage points compared to the end of 2020 [3]. - The overall performance of joint-stock banks has weakened due to various factors, including the pressure from state-owned banks and the lack of local government support compared to city and rural commercial banks [6][7][15]. - The market share of joint-stock banks has been declining, particularly after 2016, with a more significant drop post-2020, indicating a failure to establish a differentiated competitive advantage [14][22]. Group 2: Financial Performance - In 2024, several joint-stock banks reported varied performance in total assets and operating income, with some banks like 华夏银行 showing a significant increase in total assets by 24.70% [3]. - The net profit situation for joint-stock banks has been mixed, with some banks like 兴业银行 and 中信银行 showing resilience in their public business, while others like 平安银行 faced declines in net profit [19][21]. - The competition among joint-stock banks is intensifying, with 中信银行 leading in operating income at 2136.46 billion yuan, while 兴业银行 and 浦发银行 are also significant players but facing challenges in maintaining their rankings [19][21]. Group 3: Strategic Responses - In response to the competitive landscape, several joint-stock banks are adopting local strategies to deepen their engagement with regional economies, potentially transforming into upgraded versions of city commercial banks [7]. - The future competition will require banks to balance strategic determination and flexibility, with a focus on differentiating their services and leveraging technology for innovation [22].

Core Insights - CITIC Bank Shenzhen Branch successfully launched the FT Account (Free Trade Account) system on August 15, marking a significant step in cross-border financial services [1] - The FT Account serves as an important vehicle for financial openness, facilitating higher levels of cross-border financial convenience [1] Group 1: FT Account System Launch - The first transaction was successfully conducted on the day of the system launch, indicating operational readiness [1] - The FT Account allows for integrated management of domestic and foreign currency accounts, significantly enhancing account management efficiency [1] - It connects with offshore market pricing, effectively reducing financial costs for enterprises [1] Group 2: Strategic Importance - The launch aligns with the proactive engagement in the Guangdong-Hong Kong-Macao Greater Bay Area development and the "pilot demonstration" national strategy [1] - It leverages CITIC Group's full-license financial advantages to streamline the cross-border financial service chain [1] - The initiative aims to create a service ecosystem that integrates "account + product + scenario + ecology," facilitating market participants' integration into the global economic cycle [1] Group 3: Future Development - CITIC Bank Shenzhen Branch plans to utilize the FT Account business launch to fully exploit the advantages of the Greater Bay Area and free trade zone policies [1] - The bank aims to develop differentiated service capabilities in settlement, financing, trading, and comprehensive services [1] - High-quality financial services are expected to inject new momentum into the cross-border financial development of the Greater Bay Area [1]

证券代码：601998证券简称：中信银行公告编号：临2025-061 中信银行股份有限公司 关于召开2025年半年度业绩发布会的公告 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。 重要内容提示： ● 会议召开时间：2025年8月28日（星期四）上午9:30-11:00 ● 会议召开方式：本次会议通过网络直播方式召开，投资者可以登陆"上海会畅通讯股份有限公司"平 台、"中信银行直播间"、"万得3C会议"平台、"智通财经"平台参与业绩发布会。 ● 投资者可以于2025年8月27日（星期三）下午17:00前，将相关问题通过电子邮件形式发送至本行投资 者关系邮箱（ir@citicbank.com），或于业绩发布会当日登陆"上海会畅通讯股份有限公司"平台留言， 本行将在会上就投资者普遍关注的问题进行回答。 中信银行股份有限公司（以下简称"本行"）拟于2025年8月28日在上海证券交易所网站 （www.sse.com.cn）和本行网站（www.citicbank.com）披露本行2025年半年度报告，为便于广大投资者 更全面深入了解本行2 ...

Core Viewpoint - The successful launch of the FT account system by CITIC Bank Shenzhen Branch marks a significant step in enhancing cross-border financial services in China, particularly in the context of the Guangdong-Hong Kong-Macao Greater Bay Area development strategy [1] Group 1: FT Account System - The FT account system allows for integrated management of domestic and foreign currency accounts, significantly improving account management efficiency and reducing financial costs for enterprises [1] - The establishment and promotion of the FT account is a crucial institutional arrangement to support the development of the real economy in pilot zones, enhance financial support for cross-border investment and trade, and deepen financial reforms while expanding openness [1] Group 2: Strategic Importance - The launch of the FT account system aligns with the national strategy of serving as a "pilot demonstration" for the Greater Bay Area, showcasing CITIC Group's comprehensive financial service capabilities [1] - CITIC Bank Shenzhen Branch aims to leverage the FT account business to fully utilize the advantages of the Greater Bay Area and free trade zone policies, creating differentiated service capabilities in settlement, financing, trading, and comprehensive services [1]

Core Viewpoint - The recent implementation of the personal consumption loan interest subsidy policy by the Ministry of Finance, the People's Bank of China, and the financial regulatory authority aims to stimulate consumer spending through subsidized loans, with a focus on major banks and specific financial institutions [4]. Group 1: Policy Overview - The personal consumption loan subsidy policy will be effective from September 1, 2025, to August 31, 2026, allowing residents to receive a subsidy of 1% per year on loans used for consumption, capped at 50% of the loan contract interest rate [4]. - A total of 23 lending institutions are included in the policy, comprising 6 large state-owned commercial banks, 12 national joint-stock commercial banks, and 5 other personal consumption loan providers [4]. Group 2: Loan Balances - In 2024, 16 banks reported personal consumption loan balances exceeding 100 billion yuan, with the top ten banks surpassing 300 billion yuan, indicating a significant concentration of loan balances among leading banks [4]. - Postal Savings Bank leads with a loan balance of 613.9 billion yuan, followed by China Construction Bank at 544.9 billion yuan and Agricultural Bank of China at 491.4 billion yuan [3][4]. Group 3: Bank Rankings - Among the top ten banks, five are large state-owned commercial banks, while three national joint-stock commercial banks also made the list: Ping An Bank (4th), China Merchants Bank (6th), and CITIC Bank (10th) [5]. - Notable performances include Ping An Bank with a balance of 474.7 billion yuan, surpassing Industrial and Commercial Bank of China at 421.2 billion yuan, and Ningbo Bank at 357.5 billion yuan, slightly ahead of Bank of Communications at 330.3 billion yuan [5].

证券代码：601998 证券简称：中信银行 公告编号：临2025-061 中信银行股份有限公司 关于召开 2025 年半年度业绩发布会的公告 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。 重要内容提示： 中信银行股份有限公司（以下简称"本行"）拟于2025年8月28日在上海证券交易 所网站（www.sse.com.cn）和本行网站（www.citicbank.com）披露本行2025年半年度 报告，为便于广大投资者更全面深入了解本行2025年半年度业绩和经营情况，本行拟 于2025年8月28日上午9:30-11:00召开业绩发布会，就投资者普遍关注的问题进行交流。 一、会议类型 本次会议通过网络直播方式召开，本行将针对2025年半年度业绩及经营情况等与 投资者进行交流，并对投资者普遍关注的问题进行回答。 1 会议召开时间：2025年8月28日（星期四）上午9:30-11:00 会议召开方式：本次会议通过网络直播方式召开，投资者可以登陆"上海会畅 通讯股份有限公司"平台、"中信银行直播间"、"万得3C会议"平台、"智 通财经"平 ...

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公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 998 中國‧北京 2025年8月15日 董事會會議召開日期 中信銀行股份有限公司（「本行」）董事會（「董事會」）謹此宣佈，董事會將於二零二五年八 月二十七日（星期三）舉行董事會會議，以考慮及通過（包括其他事項）本行及其附屬公司 截至二零二五年六月三十日止的六個月的中期業績和建議派發中期股息（如有）。 承董事會命 中信銀行股份有限公司 方合英 董事長 於本公告日期，本行執行董事為方合英先生（董事長）、蘆葦先生（行長）及胡罡先生；非 執行董事為黃芳女士及王彥康先生；及獨立非執行董事為廖子彬先生、周伯文先生、王 化成先生及宋芳秀女士。 ...

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公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部份內容而產 生或 因依賴該等內容而引致的任何損失承擔任何責任。 承董事會命 中信銀行股份有限公司 中信銀行股份有限公司 China CITIC Bank Corporation Limited （在中華人民共和國註冊成立的股份有限公司） （股份代號：998） 於其他市場發佈的公告 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條刊登。 茲載列該公告（於上海證券交易所網站刊登）如下，僅供參閱。 方合英 董事長 中國•北京 2025年8月15日 於本公告日期，本行執行董事為方合英先生（董事長）、蘆葦先生（行長）及胡罡先生；非執 行董事為黃芳女士及王彥康先生；及獨立非執行董事為廖子彬先生、周伯文先生、王化成先生 及宋芳秀女士。 证券代码：601998 证券简称：中信银行 公告编号：临2025-061 中信银行股份有限公司 关于召开 2025 年半年度业绩发布会的公告 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 ...