Core Insights - The low interest rate environment has led to a resurgence in dividend strategy wealth management products, with increasing demand from investors for such allocations [1][2][8] - Major banks like Agricultural Bank of China, Bank of China, and Huaxia Bank are actively promoting dividend strategy products through their apps and public accounts [2][8] Product Overview - Dividend strategy products typically have a foundation of over 80% fixed income assets, with up to 20% allocated to dividend assets to enhance returns [1][4] - For example, the "Agricultural Bank of China Wealth Management 'Agricultural Bank Craftsmanship·Dynamic 360-Day Wealth Management Product (Dividend Preferred)'" has over 80% in fixed income assets and less than 20% in dividend assets [1][4] - The "Bank of China Wealth Management Wise Wealth Equity Dividend Strategy 180-Day Holding Period A" includes 30% of the CSI Dividend Index, with a risk level of R4 and an annualized return of 17.92% over the past month [4][7] Performance Metrics - The Agricultural Bank's product has shown an annualized return of 4.36% over the past month, 3.34% over the past three months, and 3.08% since inception, with a performance benchmark of 2.4%-3.4% [4][7] - The Bank of China's product has a high annualized return of 17.92% over the past month and 7.92% year-to-date, with an inception-to-date annualized return of 9.28% [7][8] Market Trends - The dividend strategy is gaining traction as a preferred investment choice among banks, with many financial managers recommending these products for their stability and potential for higher returns compared to traditional fixed income products [9][10] - The current low interest rate environment has made dividend strategies attractive, as they offer a stable yield compared to government bonds [9][10] Investment Opportunities - In addition to dividend strategy products, other investment opportunities include high-dividend blue chips, state-owned enterprises, green low-carbon assets, and sectors related to AI and digital economy [12][13] - The market is seeing increased interest from insurance funds in high-dividend stocks, indicating a shift towards assets that provide stable cash returns [10][11]

Core Viewpoint - The banking sector has shown strong performance in 2023, with the China Securities Banking Index rising by up to 25%, and many bank stocks reaching historical highs, prompting some shareholders to consider profit-taking through share reductions [1][2][3] Summary by Sections Bank Stock Performance - The banking sector's stocks have experienced significant gains, with 42 stocks achieving positive growth and 18 reaching new historical highs this year [1] - Qingdao Bank has seen the largest increase, with intraday gains exceeding 40% [1] Shareholder Reduction Announcements - Six banks have announced share reduction plans since May, coinciding with the peak prices of bank stocks [2][3] - China Life intends to reduce its stake in Hangzhou Bank by up to 50.79 million shares, representing 0.7% of the total shares, marking the end of its 16-year investment in the bank [2] - Other banks, such as Qilu Bank and Changsha Bank, have also announced share reductions, with Qilu Bank's major shareholder planning to sell up to 60.44 million shares [3][5] Reasons for Share Reductions - Market analysts suggest that the reductions are primarily due to shareholders seeking to lock in profits after substantial price increases [8][9] - Factors influencing these decisions include the need for asset reallocation, the high valuation of bank stocks, and potential concerns about future growth prospects [9] Ongoing Investment Interest - Despite the reductions, there is still strong interest in bank stocks, with eight banks receiving shareholder increases this year, indicating a net positive sentiment towards the sector [9][10] - Insurance companies have also been actively acquiring bank shares, further demonstrating ongoing confidence in the banking sector [10]

记者丨 郭聪聪 编辑丨肖嘉 轻松拿钱还能不用还？这样的 "好事" 让不少想不劳而获的人甘愿背上债务，却在不知不觉中 跌入巨额债务的深渊。 7月21日，金融监管总局发布风险提示，直指近期社会上出现的 "职业背债" 骗局，这类骗局往 往以 "快速致富""无需偿还债务" 为诱饵。 黄某的首笔"包装贷"是一笔总额34万元的房贷。贷款中介陈某先是找到当地炒房客，将一套市 场价仅20万元左右的二手房以近两倍的高价"卖"给黄某。在这个过程中，陈某等人为黄某伪造 了职业信息，将其包装成"当地某建设公司"员工，并开具虚假收入证明。凭借这些伪造材料， 加上房贷中介代办的过户手续和银行贷款流程，黄某顺利从农业银行贷出了这笔34万元的房 贷。这笔低买高卖的房产交易，成为黄某背债之路的开端。 尝到甜头后，贷款中介和黄某开始继续借助黄某信用白户的身份优势，接连炮制出多笔贷款。 在贷款中介的指导下黄某伪造了房屋装修现场，加上伪造的工作流水等材料，黄某又先后从农 业银行和当地农商行骗取了两笔"装修贷"，金额分别为3.5万元和6万元。 在第三笔贷款到账仅仅十天后，贷款中介就迫不及待地安排黄某申请第四笔贷款。这次他们打 起了"农户贷"的主意：先 ...

Industry Investment Rating - The industry investment rating is maintained at "Outperform the Market" [1][27]. Core Viewpoints - Despite a recent pullback in bank stock prices, the long-term positive outlook for the banking sector remains intact due to several factors, including expected marginal improvements in fundamentals and ongoing valuation recovery driven by increased capital inflows [2][21]. Summary by Relevant Sections Recent Market Performance - Since July 11, bank stock prices have experienced a notable decline, with the banking index down 3.41% as of July 18. This pullback is attributed to strong prior gains, profit-taking by investors, and short-term selling pressure from dividend-related strategies [2][12]. Fundamental Improvements - The first half of 2025 is expected to reflect some marginal improvements in bank performance, driven by stabilized net interest margins, improved non-interest income, and a favorable asset quality outlook [2][13][14]. - Net interest margins are projected to stabilize due to easing credit supply-demand imbalances and the expiration of high-interest deposits [17]. - Non-interest income is anticipated to improve as the decline in management fees narrows and the bond market recovers [17]. Valuation Recovery - The banking sector's valuation recovery is expected to continue, supported by low interest rates and a scarcity of attractive assets, making bank stocks appealing due to their high dividend yields [18][20]. - As of July 18, the banking sector's dividend yield stands at 4.47%, with a price-to-book (PB) ratio of 0.73, indicating a low valuation compared to other sectors [20]. - The influx of incremental capital, including long-term funds and public fund reforms, is likely to sustain the valuation recovery trend in the banking sector [20][21]. Investment Recommendations - The report recommends focusing on quality regional small banks such as Chengdu Bank and Changshu Bank, as well as major state-owned banks including Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, and Postal Savings Bank of China [21].

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分內容所產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 （於 百 慕 達 註 冊 成 立 之 有 限 公 司） （股份代號：2886） 自願性公告 獲得中國農業銀行貸款支持 本 公 告 乃 濱 海 投 資 有 限 公 司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」） 自 願 作 出。 本 公 司 董 事 會（「董事會」）欣 然 宣 佈，本 公 司 全 資 附 屬 公 司 天 津 泰 達 濱 海 清 潔 能 源 集 團 有 限 公 司 已 經 獲 得 中 國 農 業 銀 行 股 份 有 限 公 司（「中國農 業銀行」）提 供 的 共 計 兩 億 元 人 民 幣 中 期 流 動 貸 款（「本次貸款」），利 率 明 顯低於一年期貸款市場報價利率(LPR)，較 本 集 團 其 他 同 類 型 貸 款 存 在 較 大 優 勢。本 公 司 全 資 附 屬 公 司 濱 海 投 資（天 津）有 ...

2025年刚过半，我国5家被认定为全球系统重要性银行（G-SIBs）的商业银行，已有3家发行了总损失吸 收能力（TLAC）非资本债券，以提升自身总损失吸收能力。 "TLAC债券作为可内部纾困的工具，在银行面临破产清算时能够转换为股权或减记，增强银行损失吸 收能力。"上海金融与发展实验室首席专家、主任曾刚在接受《金融时报》记者采访时表示。 全球系统重要性银行规模大、业务复杂性高、关联性强，在金融体系中提供关键金融服务，对整个金融 体系的平稳高效运行有着重要影响。近年来，中国人民银行按照党中央、国务院部署，持续加强系统重 要性金融机构监管。在金融管理部门的细致规划下，我国被认定为全球系统重要性银行的5家商业银行 正在稳步推进总损失吸收能力建设。 积极发行TLAC债券 年内第一家发行TLAC债券的银行是交通银行。 6月16日晚间，交通银行发布公告称，该行在经相关监管机构批准后，在全国银行间债券市场公开发 行"交通银行股份有限公司2025年第一期总损失吸收能力非资本债券（债券通）"，并已于当日发行完 毕。 随后，农业银行和中国银行也先后发行了2025年第一期总损失吸收能力非资本债券，两家银行的TLAC 债券分别于6月 ...

今年1月，王大军曾作为广东分行一把手主持分行2025年党建和经营工作会议，并提出抓好客户和风控、坚守主责主业、提升服务质效、深化改革创新等重 点任务。 7月21日，农业银行副行长王大军的任职资格已获监管核准。 作为"75后"的王大军在农行体系工作多年，曾任在总行担任财务会计部副总经理、财务会计部/考评中心办公室/"三农"核算与考评中心副总经理。 2017年，王大军曾出任农行厦门市分行行长，期间曾推动政银企合作与普惠金融，与河南水利投资集团、牧原股份等企业的战略合作； 2021年出任农行河南省分行行长，2年后转任广东省分行行长。 未来王大军或分管对公、科技板块，目前农行官网已更新其履历。 | 姓名 | 职位 | | --- | --- | | ■ 王志恒 | 副董事长、执行董事、行长 | | ■ 林立 | 执行董事、副行长 | | ■ 刘洪 | 副行长 | | ■ 王文进 | 副行长 | | ■ 孟范君 | 副行长 | | ■ 王大军 | 副行长 | | ■ 武刚 | 首席风险官 | | ■ 刘清 | 董事会秘书 | 风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投 ...

金融界7月21日消息，上证指数高开高走，中证香港300价值指数 (HK300V，H11172)报3176.85点。 作者：行情君 从中证香港300价值指数持仓的市场板块来看，香港证券交易所占比100.00%。 从中证香港300价值指数持仓样本的行业来看，金融占比59.13%、通信服务占比11.02%、能源占比 10.44%、房地产占比7.33%、工业占比4.04%、公用事业占比2.80%、原材料占比2.34%、主要消费占比 1.34%、医药卫生占比0.80%、信息技术占比0.45%、可选消费占比0.30%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。中证香港300价值指数和中证香港300成长指数每次调整的样本比例一般不超过20%。定期调整 设置缓冲区，Z值在对应指数的样本空间中，排名在80名之前的新样本优先进入；排名120名之前的老 样本优先保留。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一 个定期调整日前，权重因子一般固定不变。遇临时调整时，当中证香港300指数调整样本时，指数样本 随之进行相应调整。当样本退市时，将 ...

证券研究报告 2023.07.01 国有 大行基本面分析手册 林英奇 分析员 周基明 分析员 许鸿明 联系人 SAC 执证编号：S0080521090006 SFC CE Ref：BGP853 yingqi.lin@cicc.com.cn SAC 执证编号：S0080521090005 SFC CE Ref：BTM336 jiming.zhou@cicc.com.cn SAC 执证编号：S0080121080063 hongming.xu@cicc.com.cn 观点聚焦 投资建议 107 100 93 86 79 72 2022-06 2022-09 2022-12 2023-03 2023-06 沪深300 中金银行 | 股票 | 股票 | 目标 | | P/B (x) | | --- | --- | --- | --- | --- | | 名称 | 评级 | 价格 | 2023E | 2024E | | 中国邮政储蓄银行-A | 跑赢行业 | 6.15 | 0.6 | 0.6 | | 农业银行-A | 跑赢行业 | 3.78 | 0.5 | 0.5 | | 招商银行-A | 跑赢行业 | 51.74 | ...

南宁国贸支行是农业银行适老化服务示范性支行。为切实提升老年客户群体金融服务体验，做细做优适 老化服务工作，南宁国贸支行引入震动叫号器。老年客户取号时，工作人员会主动递上小巧便携的振动 叫号器，当轮到客户办理业务，设备会通过震动以触觉补充听觉的方式提醒客户前往柜台，有效避免客 户过号。 巴马是世界著名的长寿之乡，近年来到巴马养生、养老、休闲度假的游客量每年达数百万人次。农行巴 马县支行成立专门服务团队，积极对接民政局、发展改革委等部门，大力支持康养产业发展。其中，广 西巴马天成喜舍项目授信期限达22年的固定资产贷款1.2亿元，是广西农行系统首笔养老产业项目贷 款，支持企业建设养老公寓、养老叠院及配套的养老管家、康养服务等相关设施。 近年来，农行广西分行认真贯彻落实中央金融工作会议精神，积极应对老龄化挑战，以客户养老金融需 求为中心，以提升养老金融覆盖面、体验感和精细度为主线，充分发挥点多面广、遍布城乡的渠道优 势，积极提升适老化金融服务水平，持续强化银发金融消费者权益保护，全力服务好"八桂大地"人民群 众养老生活。 为做好老年客户服务工作，农行广西分行全面启动适老化改造工作，不断优化业务流程，完善网点适老 化设 ...