Meeting Overview - The East Asia Consumer 50 Index Fund will hold a meeting via communication to discuss the proposal for the continuous operation of the fund [1][2] - Voting will take place from September 30, 2025, to October 31, 2025, with the counting date set for November 4, 2025 [2][3] Voting Rights and Procedures - The record date for voting rights is September 29, 2025, and only holders registered by this date can participate [2][3] - Voting can be conducted through paper ballots, which can be obtained from the fund management company's website or the China Securities Regulatory Commission's electronic disclosure site [3][4] Authorization and Proxy Voting - Fund holders can authorize others to vote on their behalf, with specific requirements for both individual and institutional investors [5][8] - The authorization must be submitted along with necessary identification documents and must be received by the fund management company within the voting period [6][12] Proposal for Continuous Operation - The fund has triggered a situation where its net asset value has been below 50 million for 60 consecutive days, necessitating this meeting to discuss its future [30][32] - The proposal requires approval from more than half of the voting rights represented at the meeting to be valid [25][32] Meeting Logistics - The meeting will be supervised by designated personnel and a notary public to ensure transparency in the voting process [20][28] - If the meeting does not meet the required quorum, a second meeting may be convened within three to six months [26][27]

Core Viewpoint - The introduction of the "Railway Freight Certificate" by Zheshang Bank in collaboration with China National Railway Group effectively alleviates the financial pressure faced by bulk commodity enterprises in railway transportation, marking a significant advancement in financial and logistics integration [1][2]. Group 1: Industry Context - Railway freight is a crucial component of bulk commodity transportation, with national railway freight volume expected to exceed 5.1 billion tons in 2024, of which coal accounts for over 55%, translating to an annual volume of approximately 2.8 billion tons [2]. - Transportation costs for coal can constitute 15% to 30% of total procurement costs, influenced by factors such as transport distance, loading efficiency, and energy price fluctuations [2]. Group 2: Financial Innovation - The "Railway Freight Certificate" combines domestic letters of credit with railway logistics, allowing enterprises to pay freight using bank credit and repay later, thus streamlining the payment process [3]. - The process is fully online, enabling companies to generate freight bills on the national railway platform and apply for certificates without the need for physical documentation, with the possibility of a repayment period of up to one year [3]. Group 3: Implementation and Impact - The first transaction of the "Railway Freight Certificate" was successfully executed for Huainan Mining Group, with a certificate amount of 100 million yuan, significantly easing their freight payment pressures [4]. - Following the initial success, Zheshang Bank has expanded the service to other regions, including Chengdu, Beijing, and Xi'an, demonstrating a growing adoption among both state-owned and large private logistics enterprises [4]. Group 4: Collaborative Benefits - The "Railway Freight Certificate" creates a win-win situation for the railway bureau, banks, and enterprises, ensuring timely freight payments, reducing financial costs for companies, and expanding financial service opportunities for banks [5]. - This innovation reflects Zheshang Bank's commitment to enhancing supply chain financial services, having supported over 85,000 small and medium-sized enterprises in various sectors by mid-2025 [6].

Core Viewpoint - The banking sector has shown renewed activity, with several banks experiencing notable stock price increases on September 24, indicating positive market sentiment towards the industry [1] Group 1: Stock Performance - Chongqing Rural Commercial Bank saw its stock price rise by over 3% [1] - Qilu Bank, Postal Savings Bank, Industrial and Commercial Bank of China, and Zheshang Bank all experienced stock price increases of over 1% [1]

Group 1 - The banking sector is experiencing renewed activity, with notable stock price increases for several banks [1] - Chongqing Rural Commercial Bank has seen its stock rise by over 3% [1] - Qilu Bank, Postal Savings Bank, Industrial and Commercial Bank, and Zheshang Bank have all reported stock increases of over 1% [1]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2]. Core Views - The company is transitioning towards a "quality first, moderate scale" strategy, moving away from a focus on rapid growth and scale [5][21]. - The bank's total assets grew by 3.1% year-on-year to 3.35 trillion yuan as of Q2 2025, indicating a slower growth rate compared to peers [5][21]. - The bank's stock is currently trading at a significant discount compared to its peers, with a price-to-book (PB) ratio of 0.45, reflecting a 12% discount [9]. Summary by Sections 1. Quality First Strategy - The bank has adopted a strategy of "quality first, moderate scale," focusing on sustainable growth rather than rapid expansion [5][21]. - The bank's shareholder structure has improved, with stable long-term capital from state-owned and insurance funds, alleviating previous concerns about problematic shareholders [6][27]. 2. Financial Performance and Projections - The bank's total revenue for 2023 is projected at 63.7 billion yuan, with a year-on-year growth rate of 4.29% [7]. - The bank's net profit attributable to shareholders is expected to be 15.0 billion yuan in 2025, reflecting a slight decline of 1.17% from the previous year [7]. - The bank's return on equity (ROE) is projected to be 7.83% in 2025, which is below the industry average [8][36]. 3. Investment Analysis - The bank's high dividend yield of 5.5% for 2025 is a significant attraction for investors, with a projected dividend payout ratio of 30.1% for 2024 [9][11]. - The report anticipates a potential upside of 15.2% based on a target PB ratio of 0.52 for 2025, indicating room for valuation recovery [9][10]. 4. Strategic Focus on Zhejiang - The bank has been focusing on deepening its presence in Zhejiang, with loans and deposits from the region accounting for 33.3% and 29.4% of the total, respectively, by the end of 2024 [21][27]. - The strategy aims to leverage the economic strengths of Zhejiang, which is characterized by a robust private sector and wealth distribution [21][11].

Core Viewpoint - Zhejiang Commercial Bank Hefei Branch organized a financial knowledge promotion event at local car dealerships to enhance public awareness of financial consumer rights and risk prevention [1] Group 1: Event Overview - The event is part of the bank's 2025 financial knowledge promotion week series, aimed at extending consumer rights protection into everyday life scenarios [1] - Bank employees set up consultation desks, distributed promotional materials, and answered questions on topics such as "Auto Loan Fraud Prevention Guide," "Identifying Illegal Financial Intermediaries," and "Rational Borrowing" [1] Group 2: Public Engagement - Many customers actively participated in the event, engaging in discussions about personal credit, loan compliance, and information security [1] - The initiative strengthened public-private cooperation and aimed to make financial education more accessible and effective [1] Group 3: Future Plans - Zhejiang Commercial Bank Hefei Branch plans to continue expanding promotional channels and innovating educational formats to normalize and contextualize financial knowledge education [1] - The bank is committed to contributing to a healthy and stable financial environment [1]

( 於中華人民共和國註冊成立的股份有限公司 ) A 股股票代碼 : 601916 H 股股票代碼 : 2016 中期報告 2025 重要提示 重大風險提示 2 浙商銀行股份有限公司 公司基本情況 | 1. | 公司中文名稱： | 浙商銀行股份有限公司（簡稱：浙商銀行） | | --- | --- | --- | | | 公司英文名稱： | CHINA ZHESHANG BANK CO., LTD.（簡稱：CZBANK） | | 2. | 法定代表人： | 陳海強（代行法定代表人職責） | | 3. | 註冊地址： | 中國浙江省杭州市蕭山區鴻寧路1788號 | | | 郵政編碼： | 311200 | | | 主要辦公地址： | 中國浙江省杭州市上城區民心路1號 | | | 郵政編碼： | 310020 | | | 電子郵箱： | ir@ czbank.com | | | 國際互聯網網址： | www.czbank.com | | | 服務及投訴電話： | 95527 | | | 投資者關係管理聯繫電話： | 86-571-88268966 | | | 傳真： | 86-571-87659826 | | 4. ...

Core Viewpoint - The article highlights the proactive measures taken by Zheshang Bank to enhance financial education and consumer protection, particularly focusing on fraud prevention during the "2025 Financial Education Promotion Week" from September 15 to 21 [1][15]. Group 1: Online Initiatives - Zheshang Bank launched the "Zheshang Bank Consumer Protection and Anti-Fraud Laboratory" live stream, targeting high-fraud scenarios in campuses, counties, and communities, using engaging formats like experiments and situational performances to explain scams [2][4]. - The live stream attracted 151,000 viewers and received over 559,000 likes, indicating a strong engagement and active sharing of anti-fraud knowledge among the audience [2][4]. - The bank also produced a series of entertaining short videos to simplify complex financial concepts, reaching 69,600 viewers [4]. Group 2: Offline Activities - Zheshang Bank organized various offline activities to cater to different demographic needs, including a financial knowledge flash event at Hangzhou Xiaoshan International Airport, providing travelers with bite-sized financial information [5][7]. - Specific initiatives were designed for elderly individuals, such as DIY workshops to help them recognize common scams related to retirement investments and health products [7]. - Interactive exhibition areas were set up in Shenzhen to educate customers on identifying fraudulent messages and using the National Anti-Fraud Center APP [9]. Group 3: Community Engagement - The bank's "Hundred-Thousand-Ten Thousand" initiative has mobilized financial advisors and volunteers to conduct financial literacy activities in rural areas, collaborating with local governments and institutions [11][12]. - Events like the "Anti-Fraud Garden Party" in Zhoushan and interactive games in rural communities were organized to teach residents about fraud prevention in an engaging manner [12]. - The overall approach transformed financial education from passive listening to active learning, making it more accessible and effective for the public [15].

茲提述浙商銀行股份有限公司（「本行」）日期為2025年9月1日的公告，內容有關 訂立增資認購協議（「該公告」）。除文義另有所指外，本公告所用詞彙與該公告所 界定者具有相同涵義。 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，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 CHINA ZHESHANG BANK CO., LTD. 浙商銀行股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2016） 有關關連交易的補充信息 陳海強 執行董事、行長 中國，杭州 2025年9月23日 截至本公告日期，本行的執行董事為陳海強先生及馬紅女士；非執行董事為侯興 釧先生、任志祥先生、胡天高先生及應宇翔先生；獨立非執行董事為汪煒先生、 許永斌先生、傅廷美先生、施浩先生及樓偉中先生。 浙銀金租截至2024年12月31日及2025年6月30日之淨資產分別為人民幣78.37億元 及人民幣84.58億元，截至2024年12月31日及2025年6月30日之總資產分別為人民 幣783.27億元及人民幣86 ...

( 於中華人民共和國註冊成立的股份有限公司 ) A 股股票代碼 : 601916 H 股股票代碼 : 2016 中期報告 2025 重要提示 重大風險提示 本公司面臨的主要風險及擬採取的措施，請參見本報告「管理層討論與分析－風險管理」章節。 本報告中有關本公司未來計劃等前瞻性陳述不構成本公司對投資者的實質承諾，投資者及相關人士均應當對 此保持足夠的風險認識，並且應該理解計劃、預測與承諾之間的差異。 目錄 | 釋義 | 2 | | --- | --- | | 公司基本情況 | 3 | | 公司業務概要 | 5 | | 發展戰略及核心競爭力 | 6 | | 財務概要 | 10 | | 管理層討論與分析 | 12 | | 公司治理 | 65 | | 股份變動及股東情況 | 69 | | 董事、監事、高級管理人員、員工和機構情況 | 77 | | 重要事項 | 83 | | 中期財務資料的審閱報告 | 89 | 釋義 | 本公司、本行、我行、浙商銀行： | 浙商銀行股份有限公司 | | --- | --- | | 原中國銀保監會： | 原中國銀行保險監督管理委員會 | | 中國證監會： | 中國證券監督管理委員會 | ...