| 序号 | 名称 | 港股代码 | ADR换算价(HKD) | 较港股升跌 | 较港股升跌% | AD ADR最新价(美元) | | --- | --- | --- | --- | --- | --- | --- | | 1 | 腾讯控股 | 0 00700 | 550.011 | +0.011 | 0.00% | 70.070 | | 2 | 阿里巴巴-W | 09988 | 118.360 | +2.660 | 2.30% | 120.630 | | 3 | 建设银行 | 00939 | 8.003 | -0.047 | -0.59% | 20.390 | | 4 | 汇丰控股 | 00005 | 96.234 | +0.084 | 0.09% | 61.300 | | 5 | 小米集团-W | 01810 | 52.874 | -0.276 | -0.52% | 33.680 | | 6 | 友邦保险 | 01299 | 73.059 | -0.341 | -0.46% | 37.230 | | 7 | 美团-W | 03690 | 120.489 | -1.111 | -0.91% | 30.700 ...

风险提示：以上内容仅供参考，不构成投资建议。市场有风险，投资需谨慎。 本文源自：金融界 作者：A股君 截至2025年7月31日15时，交通银行股价报7.65元，较前一交易日下跌0.03元，跌幅0.39%。当日成交量 为175万手，成交额达13.34亿元，振幅2.08%。该股开盘价为7.67元，盘中最高触及7.71元，最低下探 7.55元。 交通银行是中国五大国有商业银行之一，总部位于上海。作为中国历史最悠久的银行之一，交通银行在 零售银行、公司金融和投资银行等领域拥有广泛的业务布局。该行被列为全球系统重要性银行，在国内 外市场具有重要影响力。 最新消息显示，汇丰控股因交通银行1200亿元定增导致持股比例从19%摊薄至16%，确认了21亿美元的 摊薄及减值亏损。此次定增由财政部、中国烟草总公司等战略投资者参与，发行价格为8.71元/股，较 每股净资产折价30.7%。此外，交通银行在2024年实施了中期分红，这是该行时隔多年后再次进行中期 分红。 7月31日交通银行主力资金净流入1822.23万元，占流通市值比例为0.01%。 ...

Group 1 - The A-share private placement market has shown significant recovery this year, with 76 listed companies completing private placements by July 30, raising a total of 663.3 billion yuan, a year-on-year increase of 667.15% [1][3] - The active participation in the private placement market spans various industries, with capital goods, materials, and technology hardware and equipment leading in the number of listed companies involved [3] - Four major banks, including Bank of China and Postal Savings Bank, have raised over 100 billion yuan each through private placements, primarily for liquidity support [3] Group 2 - The growth in the private placement market has directly boosted the investment banking revenue for securities firms, with underwriting and advisory fees making up a significant portion of the issuance costs [4] - A total of 31 securities firms acted as lead underwriters for private placements, with CITIC Securities leading by underwriting 21 companies [4] - 62 out of the 76 companies that completed private placements disclosed their issuance costs, totaling 904 million yuan [4] Group 3 - Securities firms have actively participated in private placements, with 8 firms and 5 asset management companies involved in 25 companies, totaling 46 subscription instances [5] - Leading firms like GF Securities and Hua'an Asset Management have been prominent in participating in private placements, enhancing their returns and supporting the real economy [5] - The substantial subscriptions by top securities firms signal positive market sentiment, boosting investor confidence and market activity [5]

Group 1 - The A-share market has seen a significant increase in private placements, with 76 companies completing placements and raising a total of 663.3 billion yuan, a year-on-year increase of 667.15% [1][2] - The majority of companies involved in private placements are from the capital goods, materials, and technology hardware sectors, with 21, 10, and 9 companies respectively [2] - Four banks raised over 100 billion yuan each through private placements, aimed at supplementing liquidity, while the remaining companies raised less than 20 billion yuan for various purposes [2] Group 2 - Securities firms are capitalizing on the recovery of the private placement market, benefiting from increased underwriting fees and potential investment returns from subscribed shares [3] - The expansion of private placement business is expected to enhance the revenue of securities firms, with underwriting and advisory fees being a significant portion of the issuance costs [3][4] - A total of 31 securities firms acted as lead underwriters for private placements, with CITIC Securities leading by underwriting 21 companies [4] Group 3 - Securities firms' participation in private placements is seen as beneficial for both their own profitability and the support of the real economy and industry upgrades [5][6] - The large-scale subscriptions by leading securities firms send positive signals to the market, boosting investor confidence and trading activity [6]

Core Insights - The 15th National Games and the 12th National Paralympic Games have successfully signed sponsorship agreements with various companies, covering seven sponsorship categories, indicating strong corporate support for the events [1][3] - As of June 30, over 1 million anti-counterfeiting labels have been issued for licensed products related to the events, with a total merchandise value exceeding 79.4 million yuan, reflecting a growing market interest [1][3] Sponsorship and Partnerships - Major sponsors such as China Southern Airlines and Industrial and Commercial Bank of China have announced their cooperation plans, showcasing their professional strengths to support the events [3] - Sponsorship agreements have been signed with companies including Industrial and Commercial Bank of China, Shenzhen JingTian, Chow Tai Fook, Zhujiang Beer, Liby, and Wang Lao Ji for the National Games, and with brands like Peak Sports and Traffic Bank for the Paralympic Games [3] Licensed Products and Market Development - A total of 31 licensed production companies and 38 licensed retail companies showcased 1,170 licensed products featuring the mascots "Xi Yang Yang" and "Le Rong Rong," covering 14 categories including cultural products, clothing, and daily necessities [3] - The licensed products have been issued over 1 million anti-counterfeiting labels, covering 11 major categories and 518 varieties, with a merchandise value exceeding 79.4 million yuan, indicating a robust market response [3] - Currently, 271 licensed retail stores have been established across 15 cities in Guangdong and key areas outside the province, enhancing public access to purchase channels [3]

截至2025年6月末，港澳居民代理见证开户业务共开立个人银行账户47.2万户，交易金额超过400亿元。 "代理见证开户业务为港澳居民在内地求学、就业、生活提供了更加便捷的支付服务，促进了大湾区金 融互联互通。该业务被纳入粤港澳大湾区建设领导小组推出的'惠港16条'，以及中国人民银行等五部门 印发的'横琴金融30条'。"中国人民银行广东省分行相关负责人介绍道。 随着"北上"旅游、置业、养老的规模不断增长，港澳居民在大湾区内活动半径扩大至更多城市，对扩大 业务办理城市范围提出需求。为此，中国人民银行广东省分行组织8家参与银行拓展内地业务地区，覆 盖大湾区内地9市。同时，组织银行结合港澳网点分布和客户需求，增加港澳地区见证网点，进一步提 升触达度和开户便利性。 近年来，中国人民银行广东省分行紧紧围绕港澳居民在内地支付需求，持续打造粤港澳大湾区支付服 务"无障碍"生活圈，陆续推出本外币合一银行结算账户体系、港澳电子钱包跨境应用、港珠澳大桥ETC 无感通行缴费、港澳单牌车无感支付停车、横琴"澳门新街坊"双币种收单业务等一系列支付领域改革创 新，持续满足港澳居民对支付服务无缝衔接的需求，深度促进粤港澳民生融合。 2019 ...

Group 1: Central Enterprises in Shanghai - Shanghai is home to 7 central enterprises, including China Shipbuilding Group, China Baowu Steel Group, and China Ocean Shipping Group, which have significant contributions to their respective industries [3][4][7][9]. - China Shipbuilding Group has a registered capital of 110 billion yuan, employs 347,000 people, and has an annual revenue of 361.9 billion yuan [3]. - China Baowu Steel Group has a registered capital of 52.791 billion yuan, employs 260,000 people, and has an annual revenue of 1,087.7 billion yuan [4]. - China Ocean Shipping Group has a registered capital of 11 billion yuan, employs 130,000 people, and has an annual revenue of 651.7 billion yuan [7]. - China Eastern Airlines Group has a registered capital of 25.287 billion yuan, employs 75,000 people, and has an annual revenue of 84 billion yuan [9]. - Commercial Aircraft Corporation of China has a registered capital of 50.101 billion yuan, employs 10,000 people, and has an annual revenue of 10.5 billion yuan [11]. - China Electrical Equipment Group has a registered capital of 30 billion yuan, employs 15,000 people, and has an annual revenue of 100 billion yuan [13]. - Bank of Communications, the first state-owned commercial bank, has a registered capital of 74.2 billion yuan, employs 90,000 people, and has an annual revenue of 403.9 billion yuan [15]. Group 2: Other State-Owned Enterprises in Shanghai - Shanghai hosts 45 state-owned enterprises, with notable examples including Shanghai International Group, Shanghai Guosheng Group, and Shanghai Shentong Metro Group [17]. - Shanghai International Group has a registered capital of 30 billion yuan, employs 15,000 people, and has an annual revenue of 725 million yuan [17]. - Shanghai Guosheng Group has a registered capital of 20.066 billion yuan, employs 5,000 people, and has an annual revenue of 1 billion yuan [17]. - Shanghai Shentong Metro Group has a registered capital of 290 million yuan, employs 15,000 people, and has an annual revenue of 402 million yuan [17]. - China Pacific Insurance Group has a registered capital of 9.62 billion yuan, employs 110,000 people, and has an annual revenue of 455 billion yuan [17]. - Shanghai Pudong Development Bank has a registered capital of 29.352 billion yuan, employs 59,000 people, and has an annual revenue of 173.434 billion yuan [17]. - Guotai Junan Securities, one of China's largest securities firms, has a registered capital of 8.905 billion yuan, employs 14,000 people, and has an annual revenue of 35.471 billion yuan [17]. - Shanghai Automotive Industry Corporation has a registered capital of 11.575 billion yuan, employs 200,000 people, and has an annual revenue of 744 billion yuan [17]. - Shanghai Electric Group has a registered capital of 15.579 billion yuan, employs 29,000 people, and has an annual revenue of 117.6 billion yuan [17]. - Shanghai Huayi Group has a registered capital of 12.131 billion yuan, employs 11,600 people, and has an annual revenue of 38.937 billion yuan [17].

根据公开信息，2025年交通银行已完成超千亿元规模的定向增发融资，募集资金用于补充流动资金。在 财政部支持下，包括交通银行在内的四家国有大型商业银行合计完成5200亿元定增募资。这一举措旨在 提升银行的贷款投放能力，更好服务实体经济发展。 2025年7月30日数据显示，交通银行当日主力资金净流出2453.32万元。 风险提示：以上内容仅供参考，不构成任何投资建议。市场有风险，投资需谨慎。 来源:金融界 截至2025年7月30日15时，交通银行股价报7.68元，较前一交易日上涨0.06元，涨幅0.79%。当日开盘价 为7.63元，最高触及7.74元，最低下探7.60元，成交量为181.68万手，成交金额达13.95亿元。 交通银行是我国五大国有商业银行之一，总部设在上海。作为历史悠久的金融机构，交通银行在商业银 行、投资银行、基金管理、金融租赁等领域开展综合化经营。公司主要业务包括公司银行业务、个人银 行业务和资金业务等。 ...

Core Viewpoint - UBS reports that since 2020, the rise in high dividend yields and improved transparency in fundamentals have driven the performance of Chinese banks, with a focus on the sustainability of dividends depending on profit outlook and liquidity [1][2] Group 1: Dividend Sustainability - The key issue for Chinese banks is the sustainability of dividends, which relies on profit prospects and liquidity [1] - UBS maintains an optimistic view on the sustainability of dividends and further increases in Chinese bank stocks [1] Group 2: Profit Growth and Forecasts - UBS's base case scenario predicts that Chinese banks will maintain stable profit growth and resume revenue growth from 2026, while keeping provisions steady [1] - The bank expects income transparency to improve from 2025, with net interest margin (NIM) bottoming out in 2026 [2] Group 3: Stock Ratings and Target Prices - UBS raised target prices for several banks, including increasing the target price for Bank of Communications from HKD 5.95 to HKD 8.6 and upgrading its rating from "Neutral" to "Buy" [1] - The target price for Industrial and Commercial Bank of China was raised from HKD 5.98 to HKD 7.79, and for China Construction Bank from HKD 7.4 to HKD 10.2 [1] Group 4: Market Performance - As of July 28, 2023, the MSCI China Bank Index has risen by 79% since the onset of the COVID-19 pandemic, outperforming both Hong Kong and A-share markets [2] - The proportion of H-shares held by southbound funds is expected to double from 19% in 2023 to 41% by 2025, driven by increased inflows, particularly from Chinese insurance companies [2] Group 5: Revenue Sources - Non-interest income, especially from investment and trading activities, is becoming a more significant revenue source, potentially contributing up to 5% of revenue growth by 2029 [2] - Although asset yield remains under pressure, positive deposit rate cuts, robust loan growth, and bond growth are expected to support net interest income [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]