Group 1 - The financial education campaign week is a joint initiative launched by the National Financial Regulatory Administration, the People's Bank of China, and the China Securities Regulatory Commission, aimed at promoting financial knowledge and risk awareness among the public [1] - The theme of the campaign is "Protecting Financial Rights and Supporting a Better Life," with the core objective of enhancing public risk prevention capabilities and creating a healthy financial ecosystem in Gansu Province [1][3] - The Industrial and Commercial Bank of China (ICBC) Gansu Branch is actively participating in the campaign by collaborating with local banks, insurance, and securities institutions to deliver financial education activities [1][3] Group 2 - The ICBC Gansu Branch has set up a booth with materials on preventing telecom fraud, financial suitability principles, and avoiding illegal fundraising, which are designed to be easily understood by the public, including the elderly [3] - The bank plans to deepen financial education outreach by utilizing its extensive network of branches and specialized education teams to provide tailored services to different demographics [3] - The initiative includes a "Five Entering" series of activities aimed at reaching rural areas, communities, enterprises, campuses, and business circles, establishing a comprehensive financial education network across various levels [3]

Core Viewpoint - The recent administrative penalties imposed on five banks in Beijing highlight the ongoing regulatory focus on compliance in credit operations, particularly regarding the "three checks" system in loan management [1][2][5]. Group 1: Regulatory Actions - Five banks, including major state-owned banks and joint-stock banks, were fined 350,000 yuan each for violations related to loan management, specifically the "three checks" system [1][2][4]. - The "three checks" system, which includes pre-loan investigation, in-process review, and post-loan inspection, is crucial for managing loan risks and ensuring asset quality [2][3]. Group 2: Systemic Risks and Challenges - Inadequate management of working capital loans can lead to misuse of funds and potential systemic financial risks if multiple banks face similar issues [3][4]. - The penalties reflect a broader industry challenge, indicating that loan management problems are not isolated incidents but rather a common issue across the banking sector [4]. Group 3: Regulatory Environment and Future Directions - The regulatory authority has emphasized the importance of compliance and risk management in credit operations, with a focus on enhancing internal controls within banks [5][6]. - Future regulatory measures are expected to diversify, incorporating tools like window guidance and stress testing to create a multi-layered regulatory framework [5]. Group 4: Cultural and Mechanism Reforms - The penalties serve as a catalyst for banks to rethink their internal assessment criteria, ensuring that compliance and asset quality are prioritized alongside growth metrics [6]. - The adoption of advanced technologies such as big data and artificial intelligence is necessary to improve the efficiency and effectiveness of the "three checks" system [6].

Market Overview - The Hang Seng Index (HSI) closed at 26,253.57, up by 125.37 points or 0.48% as of September 26, 16:00 [1] - The index reached a high of 26,319.20 and a low of 26,156.64 during the trading session, with a trading volume of 63.71 million [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 108.633, an increase of 1.081% from the previous close [2] - Tencent Holdings closed at HKD 648.733, up by 0.73% compared to the last trading session [2] ADR Performance Summary - Tencent Holdings (ADR: TCEHY) increased by HKD 4.733, or 0.73% [3] - Alibaba Group (ADR: BABA) rose by HKD 0.672, or 0.40% [3] - HSBC Holdings (ADR: HSBC) saw an increase of HKD 1.933, or 1.81% [3] - Xiaomi Group (ADR: XIACY) gained HKD 0.584, or 1.07% [3] - AIA Group (ADR: AAGIY) increased by HKD 0.222, or 0.31% [3] - Meituan (ADR: MPNGY) rose by HKD 0.534, or 0.53% [3] - Ctrip Group (ADR: TCOM) increased by HKD 8.120, or 1.39% [3] - JD.com (ADR: ID) rose by HKD 1.696, or 1.28% [3]

Core Viewpoint - The major state-owned banks in China are abolishing their supervisory boards, transitioning to a governance structure led by audit committees, which is expected to enhance management professionalism and independence [1][2][3]. Group 1: Announcement of Supervisory Board Abolishment - On September 25, five major state-owned banks, including Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, Bank of China, and Bank of Communications, announced the receipt of regulatory approval to abolish their supervisory boards [2]. - This decision has been in the works for some time, with proposals to eliminate supervisory boards appearing in board resolutions as early as April 29 [2]. - Other banks, such as Shanghai Rural Commercial Bank and China Merchants Bank, are also expected to follow suit, with nearly 20 institutions planning to abolish their supervisory boards this year [1][3]. Group 2: Legal and Regulatory Framework - The new Company Law allows limited liability companies to establish audit committees within the board of directors to exercise the functions of supervisory boards, providing a legal basis for banks to abolish their supervisory boards [3]. - The National Financial Regulatory Administration has indicated that financial institutions can choose to replace supervisory boards with audit committees, aligning regulatory policies with legal revisions [3][4]. Group 3: Internal Governance Structure Post-Abolishment - The banks will adopt a single-tier governance structure led by audit committees, which will be composed mainly of independent directors, enhancing supervisory efficiency through professional division of labor [4]. - The transition to audit committees is expected to improve the professionalism and independence of oversight functions, although it will depend on the effective operation of these committees [5].

Core Viewpoint - The Wanjiac Zhongzheng Hong Kong Stock Connect Central Enterprise Dividend ETF (159333) has shown a positive performance with a closing increase of 0.65% on September 26, 2024, and a trading volume of 17.6977 million yuan [1] Fund Overview - The fund was established on August 21, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of September 25, 2024, the fund's total shares stood at 380 million, with a total size of 525 million yuan, reflecting a decrease of 11.83% in shares and an increase of 2.22% in size compared to December 31, 2024 [1] Liquidity Analysis - Over the last 20 trading days, the ETF recorded a cumulative trading amount of 580 million yuan, with an average daily trading amount of 29.0115 million yuan [1] - Since the beginning of the year, the ETF has accumulated a trading amount of 7.238 billion yuan over 181 trading days, averaging 39.9865 million yuan per day [1] Fund Management - The current fund manager, Yang Kun, has managed the ETF since its inception, achieving a return of 38.74% during the management period [2] - The ETF's top holdings include major companies such as COSCO Shipping Holdings, Orient Overseas International, CITIC Bank, China Petroleum, and others, with specific holding percentages detailed [2]

国有大行集体公告 日前，中国银行、工商银行、农业银行、建设银行和交通银行均公告宣布，其公司章程修订已获得国家金 融监督管理总局核准，并据此正式不再设立监事会，转由董事会下设的审计委员会承接原属监事会的法定 职责。 9月25日，中国银行、农业银行、工商银行、建设银行、交通银行均发布关于不再设立监事会的公告 称，公司章程修订已获监管核准，不再设立监事会。 日前，邮储银行发布关于召开2025年第二次临时股东大会的通知显示，将于10月9日上午召开的股东大会 上审议关于该行不再设立监事会的议案。 这意味着，六大国有行全部取消监事会。 具体来看，各家银行的改革步骤高度一致。中国银行、工商银行、农业银行、建设银行和交通银行均于 2025年6月27日召开的2024年度股东大会上，审议批准了关于修订公司章程以及不再设立监事会的相关 议案。各家银行表示，陆续于近日收到了国家金融监督管理总局同意章程修订的批复文件。 随着新章程获得监管核准，相关调整正式生效。中国银行、农业银行在章程核准之日起即不再设立监事 会；建设银行和交通银行则明确了具体的生效日期，分别为2025年9月23日和9月25日。改革的核心内容 是，原由监事会行使的、依 ...

此次公开发行的主题硬钱包，不仅是工商银行数字人民币生态建设的重要一环，更是其响应国家数字经济战略、赋能体育产业发展的具体实践。十五运会主 题数字人民币硬钱包设计深度融合粤港澳大湾区地域文化，以十五运会会徽"木棉红、紫荆紫、莲花绿"三色为核心视觉元素，通过海浪纹样串联粤港澳三 地，生动诠释"湾区互联，开放共享"的办赛理念。 十五运会主题数字人民币硬钱包延续了数字人民币"无网无电、碰一碰支付"的技术优势，用户可通过数字人民币APP进行关联和充值，并在工行POS机消费 场景中便捷支付。同时，工行准备了数字人民币硬钱包消费体验红包，可在指定餐饮、超市、文旅等商户使用，进一步降低公众体验门槛，推动数字人民币 普惠化应用。 随着第十五届全国运动会（以下简称"十五运会"）日益临近，作为我国规模宏大的综合性体育盛会，本届全运会首次由粤港澳三地联合承办，标志着区域协 同发展进入新阶段。中国工商银行作为十五运会银行合作伙伴，积极深化金融科技创新与服务融合，9月26日，正式在广州首发"十五运会主题数字人民币硬 钱包"，以数字支付技术助力体育盛事，为公众提供兼具实用性与收藏价值的金融产品。 工商银行表示，此次主题硬钱包的推出，旨在通 ...

银行研思录 19 上市银行"十四五回望"之盈利结构变迁 总量研究/银行 本报告为"十四五"期间银行经营回顾与"十五五"规划展望系列第二篇《盈 利结构变迁》，我们将系统展示对于 42 家 A 股上市银行在"十四五"期间的 ROE 结构拆分以及相对行业优势的变化，以表征各银行板块和单家银行盈利结 构和盈利质量的变迁逻辑、驱动因素与结构性特征，为衔接"十五五"战略布 局提供镜鉴。 证券研究报告 | 行业深度报告 2025 年 09 月 26 日 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 41 | 0.8 | | 总市值（十亿元） | 10527.7 | 10.1 | | 流通市值（十亿元） | 9870.5 | 10.4 | 行业指数 % 1m 6m 12m 绝对表现 -6.8 3.6 23.4 相对表现 -9.6 -13.2 -11.6 资料来源：公司数据、招商证券 -10 0 10 20 30 40 Sep/24 Jan/25 May/25 Sep/25 (%) 银行 沪深300 相关报告 1、《上市银行债市浮盈余额有多少？ —银行研思录 1 ...

9月25日，中国银行、农业银行、工商银行、建设银行、交通银行均发布关于不再设立监事会的公告称，公 司章程修订已获监管核准，不再设立监事会。 此外，邮储银行近日也发布公告显示，该行监事长、股东代表监事陈跃军因达到法定退休年龄，向该行监事会 提交辞呈，辞去该行监事长、股东代表监事职务。此外，有关公告内容显示，在即将于10月9日召开的邮储银 行2025 年第二次临时股东大会上，审议不再设立监事会的议案。 日前，邮储银行发布关于召开2025年第二次临时股东大会的通知显示，将于10月9日上午召开的股东大会上审 议关于该行不再设立监事会的议案。 这意味着，六大国有行全部取消监事会。 国有大行集体公告 日前，中国银行、工商银行、农业银行、建设银行和交通银行均公告宣布，其公司章程修订已获得国家金融监 督管理总局核准，并据此正式不再设立监事会，转由董事会下设的审计委员会承接原属监事会的法定职责。 具体来看，各家银行的改革步骤高度一致。中国银行、工商银行、农业银行、建设银行和交通银行均于2025年 6月27日召开的2024年度股东大会上，审议批准了关于修订公司章程以及不再设立监事会的相关议案。各家银 行表示，陆续于近日收到了国家 ...

| 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601288 农业银行 | | 2.00亿 | 7.58% | -1.74亿 | -6.60% | -2580.26万 | -0.98% | | 601398 工商银行 | | 8962.28万 | 4.45% | -1.48亿 | -7.34% | 5826.47万 | 2.89% | | 601328 交通银行 | | 2646.71万 | 3.20% | -6353.29万 | -7.68% | - 3706.58万 | 4.48% | | 601658 邮储银行 | | 2153.66万 | 3.93% | -552.23万 | -1.01% | -1601.43万 | -2.92% | | 601939 建设银行 | | 294.89万 | 0.44% | -190.64万 | -0.28% | -104.25万 | -0.15% | | 601988 中国 ...