Key Points - On September 26, the top three stocks with net inflows from southbound funds were Alibaba-W (09988) with 2.38 billion, Yingfu Fund (02800) with 1.54 billion, and Horizon Robotics-W (09660) with 860 million [1] - The top three stocks with net outflows were China Life (02628) with -336 million, Industrial and Commercial Bank of China (01398) with -318 million, and Xpeng Motors-W (09868) with -292 million [1] - In terms of net inflow ratios, Canggang Railway (02169) led with 65.88%, followed by Jiangsu Ninghu Highway (00177) with 54.60%, and Uni-President China (00220) with 53.64% [1] - The stocks with the highest net outflow ratios included GX China (03040) at -66.67%, E Fund Hang Seng ESG (03039) at -54.55%, and Zhongchuang Zhiling (00564) at -49.67% [1] Top 10 Net Inflows - Alibaba-W (09988) had a net inflow of 2.38 billion, representing a 9.24% increase, with a closing price of 166.500 [2] - Yingfu Fund (02800) saw a net inflow of 1.54 billion, with a 10.12% increase, closing at 26.780 [2] - Horizon Robotics-W (09660) recorded a net inflow of 860 million, with a 7.22% increase, closing at 9.700 [2] Top 10 Net Outflows - China Life (02628) experienced a net outflow of -336 million, with a -22.35% decrease, closing at 21.240 [2] - Industrial and Commercial Bank of China (01398) had a net outflow of -318 million, with a -19.39% decrease, closing at 5.700 [2] - Xpeng Motors-W (09868) faced a net outflow of -292 million, with a -7.19% decrease, closing at 90.800 [2] Net Inflow Ratios - Canggang Railway (02169) had a net inflow ratio of 65.88%, with a net inflow of 308 million, closing at 0.820 [3] - Jiangsu Ninghu Highway (00177) had a net inflow ratio of 54.60%, with a net inflow of 35.48 million, closing at 9.370 [3] - Uni-President China (00220) had a net inflow ratio of 53.64%, with a net inflow of 22.94 million, closing at 8.400 [3] Net Outflow Ratios - GX China (03040) had a net outflow ratio of -66.67%, with a net outflow of -2.36 million, closing at 38.940 [3] - E Fund Hang Seng ESG (03039) had a net outflow ratio of -54.55%, with a net outflow of -2.36 million, closing at 3.924 [3] - Zhongchuang Zhiling (00564) had a net outflow ratio of -49.67%, with a net outflow of -80.40 million, closing at 23.260 [3]

| 序号 | 名称 | 港股代码 | 最新价 | 涨跌额 | 涨跌幅 | ADRIETS | ADR换算价(HKD) | 较港股升跌 较 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 腾讯控股 | O 00700 | 663.000 | +3.000 | 0.45% | TCEHY | 662.660 | -0.340 | | 2 | 阿里巴巴-W | 09988 | 177.000 | +3.600 | 2.08% | BABA | 173.866 | -3.134 | | 3 | 汇丰控股 | 00005 | 109.400 | +0.600 | 0.55% | HSBC | 110.477 | +1.077 | | 4 | 建设银行 | 00939 | 7.480 | 0.000 | 0.00% | CICHY | 7.459 | -0.021 | | 5 | 小米集团-W | 01810 | 54.000 | +0.450 | 0.84% | XIACY | 54.102 | +0.102 | | 6 | 友邦保险 | ...

Core Viewpoint - The company reported its 2025 semi-annual results, showing a slight increase in revenue but a decline in net profit, indicating mixed performance amid a challenging economic environment [1] Financial Performance - In the first half of 2025, the company achieved operating revenue of 427.09 billion yuan, a year-on-year increase of 1.57%, while net profit attributable to ordinary shareholders was 168.10 billion yuan, down 1.39% year-on-year [1] - As of the end of Q2, total assets reached 52.32 trillion yuan, up 11.04% year-on-year, and total loans amounted to 30.19 trillion yuan, an increase of 8.44% year-on-year [1] - The non-performing loan (NPL) ratio remained stable at 1.33%, while the NPL coverage ratio increased by 2.01 percentage points to 217.71% [1] Loan and Investment Trends - Government financing has driven rapid growth in investment assets, with corporate loans showing slight weakness due to demand slowdown and policy impacts [2] - The bank's loan growth outpaced the industry average, reflecting its leading position [2] - The bank's total assets were significantly boosted by a 46.5% year-on-year increase in repurchase agreements [2] Interest Margin and Fee Income - The net interest margin for Q2 was 1.27%, down 6 basis points quarter-on-quarter and 11 basis points year-on-year, indicating a trend towards stabilization in interest margin pressure [2] - Fee and commission income showed signs of recovery, with a year-on-year increase driven by growth in corporate wealth management [3] Asset Quality and Risk Management - The overall asset quality remained stable, with the NPL ratio at a near-record low, and proactive measures taken to manage potential risks [4] - The bank's individual loan quality is expected to remain manageable despite rising risks in the broader banking sector [4] Profit Forecast and Investment Recommendations - The company anticipates a gradual improvement in operating income and net profit from 2025 to 2027, with projected revenues of 829.2 billion yuan, 834.4 billion yuan, and 887.3 billion yuan respectively [5] - The bank's strong customer base and diversified business model are expected to support stable operations in a challenging environment, maintaining a "buy" rating [5]

转自：新华财经 专精特新及科创企业是驱动高质量发展的生力军和重要引擎。工行桂林分行深知新时代金融工作的使命 责任，始终把服务本地实体经济、赋能制造业智能化升级作为核心任务。面对辖区内科创企业普遍存在 的"轻资产、高成长、融资难"等痛点，靶向发力、创新突破。 未来，工行桂林分行将持续深化对科创企业的金融支持，优化服务模式，畅通融资渠道，让更多"创新 种子"在金融"活水"的浇灌下破土而出、开花结果，为桂林乃至广西加快形成新质生产力、谱写中国式 现代化新篇章贡献澎湃的工行力量。（邓小凤） 编辑：罗浩 工行桂林分行积极打造金融服务制造业高质量发展的"智造引擎"，引导金融"活水"精准滴灌创新沃土。 2025年，桂林某国家级专精特新"小巨人"企业（同时也是绿色工厂）在推进"汽车超级电混系统曲轴自 动化生产线"关键技改项目时面临资金需求，该行迅速响应，高效为其审批发放7000万元项目贷款，这 笔资金犹如"及时雨"，不仅解了企业燃眉之急，更助力该项目建成后形成年产36万件、年销售收入1.57 亿元的新产能，驱动其实现产业升级与版图拓展，为提升区域产业链供应链的韧性与安全高效现代化水 平注入强劲金融动能。 截至2025年8月末 ...

转自：新华财经 在风光旖旎的广西崇左市大新县明仕田园景区，一家新成立的文旅小微企业正面临着成长的烦恼。这家 企业扎根景区，主营高品质田园民宿投资运营，致力于为游客打造沉浸式度假体验。开业初期，该企业 资金主要用于基础建设、初步装修，民宿规模有限，接待能力不足，难以匹配景区日益火爆的人气。随 着"近郊游""周末游"持续升温，明仕田园成为热门打卡地，节假日游客激增。面对旺盛的市场需求，该 企业计划于2025年上半年扩建民宿、提升接待能力。此时企业遭遇了资金短缺的瓶颈，自有资金已无法 支撑其品质升级与规模扩张的迫切需求。 工行崇左分行在了解到企业的融资困境后，迅速行动，客户经理深入景区一线，实地考察企业的区位优 势、经营理念、建设进度与发展规划，精准把脉其"扩建急、融资难"的核心痛点，针对其轻资产、缺乏 足值抵押物、资金需求时效性强的特点，充分发挥普惠金融服务优势，为其量身定制了专属综合授信方 案，突破传统抵押限制，针对文旅小微企业轻资产特性，摒弃传统重抵押担保 ，重点考察企业区位优 势、经营潜力、发展前景等非财务指标，将企业区位价值、运营能力等无形资产转化为可量化授信依 据。在产品设计上，采用＂流动资金贷款+绿色 ...

转自：新华财经 为积极践行以人民为中心的价值取向，切实维护金融消费者合法权益，持续提升公众金融素养和风险防 范能力，今年以来，中国工商银行武汉分行开展了丰富多彩的金融宣教活动，推动金融知识融入多元生 活场景。2025年9月金融教育宣传周期间，工行武汉分行集中围绕"保障金融权益，助力美好生活"的活 动主题，充分发挥自身资源优势，积极回应不同消费群体的差异化需求，不断增强金融教育宣传的引导 力和传播实效。 从贴近生活的消保常识、理财知识、反诈预防入手，工行武汉分行在辖内200余家网点播放具有公益 性、易传播和用得上的金融教育系列短视频。聚焦"大学生贷款"，通过还原校园生活中常见的信贷场 景，剖析非法校园贷的陷阱与危害，引导青年群体树立理性借贷观念，珍惜个人信用记录；围绕"高息 理财"主题，以典型案例揭示虚假承诺高回报背后的资金风险，帮助消费者尤其是中老年群体辨别合法 投资与金融诈骗，增强资产保护能力；针对"违规放贷"现象，通过情景再现警示不规范借贷的操作风险 及法律后果，倡导公众选择正规金融机构，维护自身合法权益。视频用通俗易懂、生动有趣的方式传递 金融知识，让消费者在轻松愉快的氛围中提升金融素养。 在校园，工行 ...

政策领航，架起跨境金融"高速路"。《广西建设面向东盟的金融开放门户总体方案》出台后，该行迅速 将其作为行动纲领，紧密对接国家和广西"十四五"规划，精准引导金融资源流向实体经济关键领域，重 点支持科技型、制造业企业，确保资金直达实体、发挥实效，努力打造连接境内外市场、客户、资金与 产品的重要枢纽，让工行全球服务能力更好惠及本地企业。今年以来，已为桂林55家进出口企业累计投 放贷款5.01亿元，有力支持了外贸稳定与发展。 转自：新华财经 创新破局，疏通企业融资"梗阻"。聚焦企业融资痛点，该行大胆探索跨境金融新模式。创新运用"外保 内贷"模式，成功为某重点制造业企业发放流动资金贷款。该业务巧妙借助境外优质金融机构信用，有 效解决了企业传统融资中面临的担保难和渠道限制问题，实现了"境外信用境内用"的突破，显著拓宽了 企业融资渠道，降低了综合成本，彰显了该行服务外向型经济、支持企业转型升级的专业能力与担当。 精准发力，推动人民币跨境使用"更畅通"。精心组织桂林4家重点龙头企业参加《东盟-中日韩产业链供 应链对接大会》，通过高效对接活动，促进银企信息互通与信任建立，搭建融入区域产业链的桥梁，专 业跨境金融服务获企业高度认 ...

工商银行（601398）(01398)公布，董事会于2025年8月29日批准聘任副行长姚明德先生兼任该行首席财 务官。今日，该行收到《国家金融监督管理总局关于姚明德工商银行首席财务官任职资格的批复》(金 复〔2025〕579号)。根据有关规定，国家金融监督管理总局已核准姚明德先生兼任该行首席财务官的任 职资格。姚明德先生兼任该行首席财务官的任职已生效。 ...

工商银行（601398）(01398)发布公告，本行董事会于2025年8月29日批准聘任高级业务总监田枫林先生 兼任本行董事会秘书。今日，本行收到《国家金融监督管理总局关于田枫林工商银行董事会秘书任职资 格的批复》(金复〔2025〕577号)。根据有关规定，国家金融监督管理总局已核准田枫林先生兼任本行 董事会秘书的任职资格。田枫林先生兼任本行董事会秘书的任职已生效。 ...

据此前公告，工商银行董事会于2025年8月29日批准聘任副行长姚明德兼任该行首席财务官。公开简历 显示，姚明德于1970年出生，自2024年3月起，出任工商银行副行长。此前，他曾任中国农业银行总行 财务会计部/三农核算与考评中心副总经理，总行财务会计部/考评中心办公室/三农及普惠金融核算与考 评中心总经理，中国农业银行（莫斯科）有限公司董事长，深圳市分行行长。 同日，工商银行发布的另一则公告显示，金融监管总局已核准田枫林兼任该行董事会秘书的任职资格， 田枫林兼任该行董事会秘书的任职已生效。 据公告，田枫林出生于1967年，自2023年12月起任工商银行高级业务总监。曾任中国工商银行新加坡分 行副总经理，工银马来西亚执行董事、总经理，工银阿根廷副董事长，江苏分行副行长兼苏州分行行 长，江苏分行行长，总行公司金融业务部总经理兼投资银行部总经理。 9月30日，工商银行发布公告，金融监管总局已核准姚明德兼任该行首席财务官的任职资格，姚明德兼 任该行首席财务官的任职已生效。值得注意的是，这是工商银行首次设置首席财务官一职。 工商银行上一任董事会秘书为段红涛。公告显示，2025年8月29日，段红涛提交了辞呈，辞去工商银行 ...