股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國工商銀行股份有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01398 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 86,794,044,550 | RMB | | 1 RMB | | 86,794,044,550 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 86,794,044,550 | RMB | | 1 RMB | | 86,794,044,550 | | 2. 股份分類 | 普通股 | 股份 ...

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].

以下文章来源于财联社资管视界 ，作者梁柯志 财联社资管视界 . 财联社倾力打造的金融、资管、FICC资讯和投研平台，为广大金融从业者和投资者提供电报、独家新 闻、精选资讯、重大事件点评、深度报道、研究报告等。 7月30日，中央政治局会议再次提到反内卷部署，强调"推动市场竞争秩序持续优化。依法依规 治理企业无序竞争"。 财联社记者注意到，种种迹象表明， 银行业反内卷行动已向区域和行业纵深铺开。 在区域层面，不久前广东打响银行保险全面反内卷自律第一枪之后，部分地区银行业协会开始 跟进。在行业层面， 7月30日刚刚结束的年中工作会议上，"宇宙行"工商银行明确要求带头整 治"内卷式"竞争，成为首家将反内卷列入下半年工作重点的国有大行。 7月31日，某上市银行董办负责人对财联社表示，从供给端看，现在银行天量的资金供给没 有"好的出处"，贷款可能是各家银行收益相对高的配置选择，价格内卷也是各家银行"无奈选 择"。 7月30日，山东某地方监管人士对财联社表示，金融业与产业端是一体，如今各行各业都卷， 银行业也在所难免。 该人士表示， 经过调研发现银行业"卷"的原因存在于若干客观因素， 一是 近年经济调整，地 产行业在内的传 ...

Core Viewpoint - Industrial and Commercial Bank of China (ICBC) has publicly committed to addressing "involution" in the banking sector, marking a significant stance among state-owned banks [1][2][3] Group 1: ICBC's Initiatives - ICBC's mid-year meeting emphasized the need to combat "involution-style" competition and to implement policies that stabilize the economy [3] - The bank aims to enhance service quality and foster new growth drivers while adhering to self-regulatory management [3] - ICBC's leadership is expected to set a precedent for other state-owned banks to follow suit in addressing "involution" [3][5] Group 2: Industry Response - Other banks, including Ping An Bank and Guangfa Bank, are also initiating measures against "involution" in their mid-year meetings [6][7] - The banking sector has been suffering from irrational price wars and risk management failures, leading to a call for more balanced competition [7] - Analysts suggest that the shift initiated by ICBC could create a more equitable competitive environment for smaller banks [3][4] Group 3: Regulatory Actions - Regulatory bodies are increasingly focusing on curbing "involution" through enhanced supervision and self-regulatory measures [9][10] - The Guangdong Financial Regulatory Bureau has introduced a negative list for "involution" practices and is promoting self-regulatory agreements among financial institutions [11] - Future efforts are expected to combine regulatory oversight with industry self-discipline to foster healthy competition [11]

Core Viewpoint - Industrial and Commercial Bank of China (ICBC) has publicly committed to addressing "involution" competition, marking a significant stance among state-owned banks [1][3][5]. Group 1: ICBC's Commitment to Address Involution - ICBC is the first major state-owned bank to explicitly state its intention to combat "involution" during its mid-year management meeting [2][4]. - The bank's president, Liu Jun, emphasized the need for self-regulation and a refusal to engage in price wars, highlighting the importance of maintaining a healthy competitive environment [2][6]. - The move is seen as a strong signal of the bank's determination to lead the industry in addressing the issue of "involution" [3][5]. Group 2: Industry Implications - The announcement from ICBC is expected to have a significant demonstration effect, potentially prompting other state-owned banks to follow suit in combating "involution" [7][11]. - The shift is anticipated to create a more equitable competitive landscape for smaller banks, reducing the intensity of price wars and encouraging a focus on service and innovation [8][9]. - The banking sector has been struggling with "involution," characterized by irrational price competition and risk management failures, which have eroded profitability and increased financial risks [12][13]. Group 3: Regulatory Support - Regulatory bodies are increasingly focused on addressing "involution" within the financial sector, with recent statements indicating a commitment to enhance supervision and management [15][18]. - The Guangdong Financial Regulatory Bureau has initiated measures to combat "involution," including the establishment of a negative list for improper competition and self-regulatory guidelines [17][18]. - Future efforts are expected to involve a combination of regulatory oversight and industry self-regulation to foster a healthier competitive environment [18].

Core Insights - The 2025 Fortune Global 500 list reveals that the total revenue of the listed companies for 2024 is approximately $41.7 trillion, representing a year-on-year growth of about 1.8%, exceeding one-third of the global GDP [1] - The total net profit of these companies has increased by approximately 0.4% year-on-year, amounting to around $2.98 trillion [1] - Walmart continues to lead as the largest company globally with revenues of approximately $681 billion, marking its twelfth consecutive year at the top [1] Company Rankings - JD.com ranks 44th, up 3 places from last year, maintaining its position as the highest-ranked private company from mainland China [2] - Alibaba's ranking improved by 7 places to 63rd, while Tencent rose 25 places to 116th [2] - Pinduoduo saw the most significant increase, climbing 176 places to 266th, and Meituan moved up 57 places to 327th [2] Profitability Insights - Saudi Aramco remains the most profitable company globally with a profit of approximately $105 billion, despite a year-on-year decline of about 13% [2] - Alphabet, the parent company of Google, ranks second in profitability with a net profit of $100.1 billion, surpassing Apple, which ranks third with $93.7 billion [2] - Berkshire Hathaway and Microsoft follow, with profits of over $88.9 billion and $88.1 billion, respectively [2] - Nvidia's profit surged by approximately 145% to around $72.9 billion, marking its first entry into the top ten profitability rankings [2] - The Industrial and Commercial Bank of China ranks as the highest Chinese company in net profit, exceeding $50.8 billion and placing 10th globally [2]

Core Viewpoint - The Industrial and Commercial Bank of China (ICBC) Hebei Branch is actively promoting green development through green finance, aiming to support the economic and social development of Hebei Province and contribute to the construction of a beautiful Hebei [1][7]. Group 1: Green Loan Initiatives - As of June 30, 2025, the green loan balance of ICBC Hebei Branch reached 174 billion yuan, an increase of 30.3 billion yuan from the beginning of the year, with a growth rate 12 percentage points higher than the overall loan growth [1]. - In Xiong'an, the green loan balance reached 33.3 billion yuan, leading the industry and demonstrating the branch's commitment to green finance [2][3]. Group 2: Innovative Financial Products - The branch has introduced various innovative financial products, including the "Xiong'an Development Loan" and "Meteorological Assistance Loan," to support green projects and enhance agricultural resilience against natural disasters [4][3]. - ICBC Hebei Branch has provided a total of 16.9 billion yuan in loans for green building projects, including zero-carbon buildings and ecological restoration projects [3][4]. Group 3: Support for Renewable Energy Projects - The branch has established a "Carbon Peak and Carbon Neutrality" special loan and low-carbon transition fund, financing 16.3 billion yuan for 32 environmentally friendly enterprises [4]. - As a joint lead underwriter for green bonds, the branch successfully completed the issuance of 450 million yuan in green perpetual bonds, with all funds allocated to clean energy projects [4]. Group 4: Commitment to Sustainable Practices - ICBC Hebei Branch is implementing ten special actions to reduce its operational carbon footprint, including energy efficiency improvements and promoting green office practices [6]. - The establishment of the first green low-carbon bank outlet in Xiong'an reflects the branch's commitment to sustainable banking practices and community engagement [6].

Group 1 - The core viewpoint of the article highlights the successful issuance of the first "e Expansion Loan" of 4.5 million yuan by the Industrial and Commercial Bank of China (ICBC) Wuhan Branch to support a private manufacturing enterprise in expanding production [1][2] - The "e Expansion Loan" is a new online loan product designed to support small and micro enterprises in the manufacturing sector, particularly those focused on specialized and innovative projects, offering advantages in approval efficiency and customer experience compared to traditional loans [2] - The rapid approval process, completed within one week, demonstrates the effectiveness of ICBC Wuhan Branch's digital transformation efforts and commitment to providing accessible financial services to small and micro enterprises [2] Group 2 - The loan issuance is part of ICBC Wuhan Branch's strategy to enhance its small and micro credit product system, thereby enriching the financial support available for small manufacturing enterprises [2] - The successful loan approval not only addresses the immediate funding needs of the enterprise but also signifies a broader initiative by ICBC Wuhan Branch to strengthen its engagement with various industrial parks and improve financial services [2]

Group 1 - The core viewpoint of the article highlights the performance of the CESP50 index, which has shown a monthly increase of 4.26%, a three-month increase of 14.25%, and a year-to-date increase of 26.51% [1] - The CESP50 index is designed to reflect the overall performance of the top 50 blue-chip securities listed on the Hong Kong Stock Exchange, with a base date of December 30, 2011, and a base point of 2000.0 [1] - The top ten holdings of the CESP50 index include Tencent Holdings (10.26%), HSBC Holdings (10.0%), Alibaba-W (9.66%), Xiaomi Group-W (6.53%), and others, indicating a concentration in major tech and financial firms [1] Group 2 - The CESP50 index is fully composed of stocks from the Hong Kong Stock Exchange, with a sector breakdown showing that finance accounts for 39.66%, consumer discretionary for 23.74%, and communication services for 16.53% [2] - Other sectors represented in the CESP50 index include information technology (8.67%), energy (4.07%), real estate (3.34%), utilities (1.71%), consumer staples (1.01%), industrials (0.86%), and healthcare (0.42%) [2]

Core Viewpoint - UBS report indicates that since 2020, the rise in high dividend yields and improved transparency in fundamentals have driven the performance of Chinese bank stocks. The sustainability of dividends is now a key issue, dependent on the profit outlook and liquidity of these banks [1] Group 1: Profit Outlook and Dividend Sustainability - UBS's base case scenario predicts that Chinese banks will maintain stable profit growth and resume revenue growth starting in 2026, while keeping a steady provisioning path. The firm holds an optimistic view on the sustainability of dividends and potential further increases for Chinese banks [1] Group 2: Stock Ratings and Target Prices - UBS has raised target prices across the board for Chinese bank H-shares, finding dividend returns above 5% attractive. The investment rating for Bank of Communications has been upgraded from "Neutral" to "Buy," with the target price increased from HKD 5.95 to HKD 8.6 [1] - The firm reiterated "Buy" ratings for Industrial and Commercial Bank of China, China Construction Bank, Bank of China, and CITIC Bank, with target prices adjusted: ICBC from HKD 5.98 to HKD 7.79, CCB from HKD 7.4 to HKD 10.2 [1] - China Merchants Bank's rating has been downgraded from "Buy" to "Neutral" due to high valuation and lower dividend yield compared to peers, with the target price raised from HKD 52 to HKD 56 [1]