Summary of Key Points Group 1: Market Overview - On July 24, a total of 84 stocks in the A-share market experienced block trading, with a total transaction value of 1.794 billion yuan [1] - The top three stocks by transaction value were Hotgen Biotech (1.33 billion yuan), SAIC Motor (1.05 billion yuan), and China National Machinery Industry Corporation (1.03 billion yuan) [1] Group 2: Price Transactions - Among the stocks traded, 11 stocks were transacted at par value, 2 stocks at a premium, and 71 stocks at a discount [1] - Minsheng Bank and Skyworth Digital had the highest premium rates at 0.39% and 0.09% respectively [1] - Guangxin Technology, Bio Valley, and Ruisheng Intelligent had the highest discount rates at 30.66%, 26.5%, and 22.25% respectively [1] Group 3: Institutional Buying - The top institutional buying amounts were led by Hotgen Biotech (1.33 billion yuan), XCMG Machinery (1.01 billion yuan), and Shennong Development (88.275 million yuan) [2] - Other notable institutional purchases included Jiejia Weichuang (67.7057 million yuan) and SAIC Motor (52.29 million yuan) [2] Group 4: Institutional Selling - The leading institutional selling amounts were from Hailiang Co., Ltd. (24.817 million yuan), Anning Co., Ltd. (13.2458 million yuan), and Northern Copper Industry (4.8536 million yuan) [3] - Other significant sales included Dongrui Co., Ltd. (4.375 million yuan) and Shengtong Co., Ltd. (4 million yuan) [3]

证券简称：民生银行 A 股代码：600016 优先股简称：民生优 1 优先股代码：360037 编号： 2025-029 中国民生银行股份有限公司 会议审议通过了如下决议： 关于聘任李稳狮先生为本行副行长的决议 根据本行经营管理需要和公司章程相关规定，经本行第九届董事会提名委员会 审议通过，董事会决定聘任李稳狮先生为本行副行长，自国家金融监督管理总局核 准其副行长任职资格之日起正式就任。 议案表决情况：同意 13 票，反对 0 票，弃权 0 票。 李稳狮先生简历如下： 第九届董事会第四次临时会议决议公告 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。 中国民生银行股份有限公司（以下简称"本行"）第九届董事会第四次临时会 议于 2025 年 7 月 23 日在北京以现场方式召开，会议通知、会议文件于 2025 年 7 月 18 日以电子邮件方式发出。会议由高迎欣董事长召集并主持。会议应到董事 15 名，现场出席董事 7 名，董事长高迎欣，副董事长王晓永，董事梁鑫杰、林立、宋 焕政、刘寒星、张俊潼现场出席会议；电话/视频连线出席董事 ...

证券简称：民生银行 A 股代码：600016 优先股简称：民生优 1 优先股代码：360037 编号：2025-028 中国民生银行股份有限公司 关于副行长离任的公告 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。 中国民生银行股份有限公司（简称"本行"）董事会收到石杰先生的辞职函。 因到龄退休，石杰先生申请辞去本行副行长职务，自 2025 年 7 月 23 日起生效。 | 姓名 | 离任职务 | 离任时间 | | 原定任期 到期日 | 离任原因 | 是否继续在上 市公司及其控 | 是否存在未 履行完毕的 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 股子公司任职 | 公开承诺 | | 石杰 | 副行长 | 年 2025 日 23 | 月 7 | - | 到龄退休 | 否 | 否 | 一、高级管理人员离任情况 二、离任对本行的影响 石杰先生确认与本行董事会、监事会、高级管理层无任何不同意见，亦无任何 与辞职有关或其他事项需要通知股东及债权人。 ...

证券简称：民生银行 A 股代码：600016 优先股简称：民生优 1 优先股代码：360037 编号：2025-029 中国民生银行股份有限公司 第九届董事会第四次临时会议决议公告 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。 中国民生银行股份有限公司（以下简称"本行"）第九届董事会第四次临时会 议于 2025 年 7 月 23 日在北京以现场方式召开，会议通知、会议文件于 2025 年 7 月 18 日以电子邮件方式发出。会议由高迎欣董事长召集并主持。会议应到董事 15 名，现场出席董事 7 名，董事长高迎欣，副董事长王晓永，董事梁鑫杰、林立、宋 焕政、刘寒星、张俊潼现场出席会议；电话/视频连线出席董事 7 名，副董事长刘永 好，董事史玉柱、宋春风、曲新久、温秋菊、杨志威、程凤朝通过电话/视频连线参 加会议；赵鹏董事因个人事项安排请假，未出席会议。监事会成员列席会议。会议 符合《中华人民共和国公司法》《中国民生银行股份有限公司章程》的规定，表决 所形成决议合法、有效。 会议审议通过了如下决议： 议案表决情况：同意 13 票， ...

规模方面，截止7月22日，港股红利低波ETF（159569）最新份额为1.61亿份，最新规模为2.18亿元。回 顾2024年12月31日，港股红利低波ETF（159569）份额为1.13亿份，规模为1.29亿元。即该基金今年以 来份额增加42.42%，规模增加68.83%。 流动性方面，截止7月23日，港股红利低波ETF（159569）近20个交易日累计成交金额11.42亿元，日均 成交金额5711.30万元。 来源：新浪基金∞工作室 7月23日，景顺长城国证港股通红利低波动率ETF（159569）收盘涨0.44%，成交额7181.18万元。 港股红利低波ETF（159569）成立于2024年8月14日，基金全称为景顺长城国证港股通红利低波动率交 易型开放式指数证券投资基金，基金简称为景顺长城国证港股通红利低波动率ETF。该基金管理费率每 年0.50%，托管费率每年0.08%。港股红利低波ETF（159569）业绩比较基准为国证港股通红利低波动率 指数收益率(使用估值汇率折算)。 最新定期报告显示，港股红利低波ETF（159569）重仓股包括东方海外国际、中远海控、兖煤澳大利 亚、兖矿能源、海丰国际、中国宏桥 ...

Core Insights - The private banking sector is experiencing intense competition among major banks, with a focus on high-net-worth clients and asset management growth [2][19] - Recent developments, including the "internship monetization" controversy involving Industrial Bank, have sparked discussions about the boundaries of value-added services in private banking [1][7] Group 1: Private Banking Market Overview - The total Assets Under Management (AUM) in the private banking sector has reached 24.6 trillion yuan, with many banks reporting double-digit growth in client numbers and AUM [2][6] - Major banks like Industrial Bank, Agricultural Bank, and Bank of China have surpassed 3 trillion yuan in AUM, with significant year-on-year growth rates of 18.87% and 16.73% respectively [6][12] Group 2: Client Growth and Performance - As of the end of 2024, Industrial Bank had 289,000 private banking clients, an increase of 9.9% from the previous year, while Agricultural Bank and Bank of China also reported substantial client growth [4][6] - The average AUM per private banking client varies, with Industrial Bank at 11.52 million yuan and Agricultural Bank at 11.51 million yuan [3][6] Group 3: Competitive Strategies - Banks are adopting differentiated strategies to attract high-net-worth clients, with a focus on comprehensive services that include financial and non-financial resources [9][12] - The competition is not only about asset size but also about the quality of services offered, with banks like Industrial Bank and Construction Bank emphasizing tailored solutions for entrepreneurs [14][18] Group 4: Challenges and Future Directions - The private banking sector faces challenges such as product homogenization and intense competition, which may impact the effectiveness of non-interest income growth [4][19] - Moving forward, the industry is expected to shift from a scale-oriented approach to one focused on the health of client assets, aiming for a transformation from "scale competition" to "value management" [20]

Group 1 - The core index of the China Securities Index for Hong Kong-listed tradable mainland banks (HKT Mainland Banks, H11145) opened high and rose, reporting 1245.77 points [1] - The HKT Mainland Banks index has increased by 1.56% in the past month, 16.29% in the past three months, and 22.87% year-to-date [1] - The index series includes three indices: HKT Hong Kong Real Estate, HKT Mainland Consumption, and HKT Mainland Banks, reflecting the overall performance of related theme securities in the Hong Kong securities market [1] Group 2 - The top ten weights in the HKT Mainland Banks index are: China Construction Bank (31.83%), Industrial and Commercial Bank of China (23.51%), Bank of China (17.4%), China Merchants Bank (10.52%), Agricultural Bank of China (7.24%), CITIC Bank (3.48%), Postal Savings Bank of China (2.55%), Minsheng Bank (1.52%), Chongqing Rural Commercial Bank (0.75%), and China Everbright Bank (0.66%) [1] - The market segment of the HKT Mainland Banks index is entirely represented by the Hong Kong Stock Exchange, with a 100.00% share [1] Group 3 - The financial sector accounts for 100.00% of the industry represented in the HKT Mainland Banks index sample [2] - The index sample is adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made under special circumstances [2]

Core Viewpoint - The credit card sector is undergoing significant restructuring as 40 credit card centers have ceased operations in 2025, reflecting a shift from an incremental growth phase to a competitive, saturated market [1][3][4] Group 1: Industry Trends - The credit card industry is transitioning from rapid growth to a focus on existing customer bases, necessitating operational efficiency and cost reduction [4][5] - The number of credit cards and combined credit and debit cards in circulation has decreased for ten consecutive quarters, indicating market saturation [6] - The industry is expected to evolve towards digitalization and ecosystem integration, enhancing service quality and customer experience [9][10] Group 2: Bank Actions - Major banks, including Bank of Communications, Minsheng Bank, and Guangfa Bank, have closed multiple credit card centers to optimize resources and reduce operational costs [3][4] - The restructuring aims to consolidate operations under branch management, improving efficiency and aligning with regulatory expectations for enhanced operational quality [5][6] - Banks are increasingly adopting localized strategies to better meet customer needs while leveraging centralized resources for efficiency [8][10] Group 3: Future Outlook - The credit card industry is entering a new cycle characterized by heightened competition and a focus on quality over quantity in customer acquisition [9][10] - Future strategies may include integrating credit card services with wealth management and loan products to create a comprehensive financial service ecosystem [9][10]

公募二季度重仓股出炉：宁德、茅台、腾讯蝉联前三重仓股 招行、中国平安位列四五位 智通财经7月22日电，公募二季度重仓股披露。Choice数据显示，公募二季度末重仓股前三位环比保持 一致，依次为宁德时代、贵州茅台、腾讯控股，三大重仓股均被减持，持股市值分别回落至1427亿元、 1265亿元、1020亿元。招商银行、中国平安的持股数增加，分别被增持至重仓股的第四、第五位。二季 度公募增持最多的5只个股分布在创新药、银行等领域，民生银行被增持股数最多，增持了5.83亿股； 徐工机械被减持最多，减持了3.88亿股，中国银行二季度也减持了3.7亿股。（记者 周晓雅） ...

Investment Rating - The industry investment rating is "Positive" (maintained) [8] Core Viewpoints - As of Q2 2025, institutional holdings in bank stocks have increased, primarily driven by passive investments, with limited growth in active public fund holdings. The overall chip structure remains healthy, with shares of state-owned banks and city commercial banks favored due to their low valuations or strong fundamentals [1][2] - The report suggests a continued positive outlook for the banking sector, emphasizing a long-term bullish trend rather than a mid-cycle correction. It recommends focusing on state-owned banks in 2024 and improving banks in economically developed regions in 2025, while also highlighting value-oriented banks with state-owned enterprise backgrounds in the Hong Kong market [5][6] Summary by Sections Overall Holdings - By the end of Q2 2025, the proportion of bank stocks held by public funds and northbound funds increased by 8.5% compared to Q1 2025, with a 0.7 percentage point rise in the proportion of free-floating shares. The main contributors to this increase were passive funds, while active public funds showed limited growth [1] - The holdings of small and medium-sized banks increased, with state-owned banks, joint-stock banks, city commercial banks, and rural commercial banks seeing respective increases of 0.1, 1.2, 1.0, and 0.6 percentage points in their institutional holdings [1] Individual Bank Performance - The banks with the largest increases in institutional holdings include Minsheng, CITIC, Ping An, Chongqing, and Yunnan Agricultural Bank, with respective increases in the proportion of free-floating shares of 3.2, 2.9, 2.7, 2.6, and 2.6 percentage points [2] Northbound Funds - Northbound funds maintained stable holdings, with a 2.3% increase in the number of shares held by the end of Q2 2025. The proportion of holdings in state-owned banks and joint-stock banks increased, while rural commercial banks experienced a notable outflow [3] Passive Public Funds - Passive holdings continued to rise, with a 39.0% increase in the number of bank stocks held by index funds by the end of Q2 2025, driven by index expansions and weight adjustments [4] Active Public Funds - Active public fund holdings increased by 6.3%, with a slight rise in the proportion of free-floating shares. However, the overall growth was below expectations, with significant increases in holdings of low-valuation or fundamentally strong joint-stock banks and city commercial banks [5]