Core Viewpoint - Recent announcements from major Chinese banks highlight increased market risks associated with precious metals due to heightened price volatility, urging clients to adopt cautious investment strategies and risk management practices [1]. Group 1: Bank Announcements - China Construction Bank warns clients about intensified fluctuations in domestic and international precious metal prices, advising them to enhance risk awareness and manage their positions carefully [1]. - China Merchants Bank emphasizes the need for clients to consider their financial situation and risk tolerance when engaging in precious metal investments, recommending timely monitoring of positions and margin balances [1]. - Industrial Bank suggests that clients stay informed about market trends and adjust their positions according to their risk capacity, promoting cautious decision-making [1]. - Minsheng Bank calls for increased awareness of market risks and prudent investment practices among investors due to significant price volatility in precious metals [1]. - CITIC Bank issues a risk alert regarding potential increases in gold price fluctuations, advising clients to allocate gold assets wisely based on their risk tolerance and financial needs [1].

Core Insights - The article emphasizes the abundance of bank wealth management products with similar names and vague characteristics, urging investors to carefully select and differentiate among them [1] - The research team from Nanfang Finance aims to reduce the selection cost for investors by focusing on the performance of wealth management products available through various distribution channels [1] Group 1: Product Performance - The report highlights the performance of mixed-type wealth management products issued by wealth management companies, providing a performance ranking based on annualized returns over the past month, three months, and six months [1] - The ranking is sorted by the annualized return over the past three months to reflect the products' performance amid recent market fluctuations [1] Group 2: Distribution Channels - The report includes a list of 28 distribution institutions, such as Industrial and Commercial Bank of China, Bank of China, Agricultural Bank of China, and others, which are involved in selling these wealth management products [1] - It is noted that the assessment of the "on-sale" status of wealth management products is based on their investment cycles, but actual availability may vary due to factors like sold-out quotas or differences in product listings for different customers [1]

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (70.56%), COSCO Shipping Energy (69.91%), and GCL-Poly Energy (69.65%) [1][2] - Xiaomi Group-W, Meituan-W, and Pop Mart have seen the largest increases in holding amounts over the last five trading days, with increases of +1.967 billion, +1.692 billion, and +1.514 billion respectively [1][2] - The companies with the largest decreases in holding amounts over the same period include Innovent Biologics (-2.053 billion), SMIC (-1.978 billion), and Alibaba-W (-1.651 billion) [1][2] Hong Kong Stock Connect Latest Holding Ratios - China Telecom (00728): 9.793 billion shares, 70.56% holding ratio [1] - COSCO Shipping Energy (01138): 906 million shares, 69.91% holding ratio [1] - GCL-Poly Energy (01330): 282 million shares, 69.65% holding ratio [1] - China Shenhua (01088): 2.284 billion shares, 67.62% holding ratio [1] - Kaisa Group (01108): 168 million shares, 67.37% holding ratio [1] Recent Increases in Holdings (Last 5 Trading Days) - Xiaomi Group-W (01810): +1.967 billion, +42.788 million shares [1] - Meituan-W (03690): +1.692 billion, +17.904 million shares [1] - Pop Mart (09992): +1.514 billion, +5.498 million shares [1] - China Mobile (00941): +1.438 billion, +16.863 million shares [1] - Huahong Semiconductor (01347): +1.434 billion, +18.918 million shares [1] Recent Decreases in Holdings (Last 5 Trading Days) - Innovent Biologics (01801): -2.053 billion, -23.641 million shares [2] - SMIC (00981): -1.978 billion, -28.625 million shares [2] - Alibaba-W (09988): -1.651 billion, -10.691 million shares [2] - Tencent Holdings (00700): -1.475 billion, -2.426 million shares [2] - Yingfu Fund (02800): -1.259 billion, -48.701 million shares [2]

Key Points - The top three stocks with net inflows from southbound funds on October 15 are Ying'en Bio-B (09606) with 882 million, Alibaba-W (09988) with 831 million, and China Merchants Bank (03968) with 683 million [1][2] - The top three stocks with net outflows are the Tracker Fund of Hong Kong (02800) with -8.571 billion, Hang Seng China Enterprises (02828) with -3.336 billion, and SMIC (00981) with -660 million [1][2] - In terms of net inflow ratios, Uni-President China (00220), GX Hangseng Technology (02837), and Anjoy Foods (02648) lead with 64.68%, 64.41%, and 59.18% respectively [1][2] - The stocks with the highest net outflow ratios are China International Marine Containers (02039) at -56.29%, Fudan Zhangjiang (01349) at -56.18%, and Weishi Jiajie (00856) at -44.42% [1][2] Net Inflow Rankings - The top ten stocks by net inflow include Ying'en Bio-B (09606) with 882 million, Alibaba-W (09988) with 831 million, and China Merchants Bank (03968) with 683 million [2] - Other notable stocks in the top ten include Kuaishou-W (01024) with 497 million and Huahong Semiconductor (01347) with 433 million [2] Net Outflow Rankings - The top three stocks by net outflow are the Tracker Fund of Hong Kong (02800) with -8.571 billion, Hang Seng China Enterprises (02828) with -3.336 billion, and SMIC (00981) with -660 million [2] - Additional stocks with significant outflows include Southern Hangseng Technology (03033) with -653 million and Laopu Gold (06181) with -502 million [2] Net Inflow Ratio Rankings - The highest net inflow ratios are seen in Uni-President China (00220) at 64.68%, GX Hangseng Technology (02837) at 64.41%, and Anjoy Foods (02648) at 59.18% [2][3] - Other companies with notable inflow ratios include Jianfa International Group (01908) at 48.81% and China Gas (00384) at 44.55% [3] Net Outflow Ratio Rankings - The stocks with the highest net outflow ratios include China International Marine Containers (02039) at -56.29%, Fudan Zhangjiang (01349) at -56.18%, and Weishi Jiajie (00856) at -44.42% [3] - Other companies with significant outflow ratios include Jinyu Group (02009) at -43.17% and Weilu Group (01196) at -41.11% [3]

Summary of Conference Call on Chinese Banks Industry Overview - The conference call focuses on the Chinese banking sector, particularly the performance and outlook of A/H-share listed banks, with a specific emphasis on China Merchants Bank (CMB) [1][2]. Key Points and Arguments Market Performance - A/H-share listed bank stocks have recorded market-cap-weighted absolute returns of 12%/21% year-to-date, attributed to improving fundamentals rather than sector allocation demand [1]. - The stabilization of asset quality and a narrowing decline in Net Interest Margins (NIMs) are significant factors driving this performance [1]. NIM and Loan Demand - The decline in NIM has narrowed in 3Q25, with expectations for continued narrowing into 1H26 due to ongoing deposit re-pricing [5]. - The large state-owned enterprises (SOE) banks and CMB are expected to have a sustainable NIM recovery, providing greater potential for shareholder returns [2]. - Loan demand is anticipated to weaken due to the "anti-involution" trend in the industrial sector, which will slow corporate loan demand [5][18]. Investment Income - Investment income is likely to be a negative contributor to bank revenue in 3Q25, particularly affecting small and medium-sized banks (SMBs) [5][27]. - The average year-over-year growth of bond investment income for covered banks is forecasted to be -7% in 3Q25 [36]. Fee Income - Fee income is expected to improve despite weak consumer credit demand, driven by growth in sales of financial products through banking channels [39]. - The sustained decline in deposit costs is creating opportunities for growth in wealth management products, insurance, and funds [40]. Asset Quality - Overall asset quality in the Chinese banking industry has not shown significant deterioration, with banks increasing provisions to bolster risk-resistance reserves [45]. - The NPL (Non-Performing Loan) coverage ratio has been on an upward trend, indicating that provisions are greater than new NPLs [45]. Additional Important Insights - CMB is favored for investment with a 12-month target price of Rmb54.24/HK$52.98, representing potential upside of 31%/10% [2]. - The average NIM for covered banks is expected to stabilize at 1.32% in 2026, largely unchanged from previous forecasts [17]. - The average loan growth forecast for covered banks in 2025 and 2026 is 9%, adjusted down from previous estimates [24]. Conclusion - The Chinese banking sector is navigating challenges such as narrowing NIMs and weakening loan demand, but there are positive indicators in fee income growth and asset quality stability. CMB stands out as a strong investment opportunity amidst these dynamics.

Core Viewpoint - The trend of banks discontinuing certain functions of telephone banking is part of a broader digital transformation strategy aimed at enhancing security, reducing operational costs, and adapting to changing customer behaviors [1][3][4]. Group 1: Bank Announcements - Zhejiang Commercial Bank announced it will discontinue personal deposit transaction services via telephone banking on November 14, 2025, including various types of fund transfers [1]. - Other banks, such as Industrial Bank, China Merchants Bank, Minsheng Bank, and Agricultural Bank, have also phased out various telephone banking functions in recent years, including fund transfers and loan services [2]. Group 2: Industry Trends - The shift away from telephone banking is driven by the increasing prevalence of digital channels like mobile banking, which are seen as more secure and efficient for managing financial transactions [3]. - According to the "2024 China Digital Banking Survey Report," the usage rate of telephone banking has decreased to 25%, down 3% year-on-year, while mobile banking usage has risen to 88%, an increase of 2 percentage points from the previous year [3][4].

Core Viewpoint - Lian Technology has announced the redemption of cash management products using temporarily idle raised funds, with a total investment of 1.1 billion yuan approved for cash management activities [1] Group 1: Cash Management Activities - The board of directors approved the use of up to 1.1 billion yuan of temporarily idle raised funds for cash management, effective for 12 months from the approval date [1] - The redeemed product was a structured deposit purchased from Bank of China, with a subscription amount of 37.23 million yuan, an annualized yield of 0.60%, and a total return of 25,700 yuan [1] Group 2: Deposit and Investment Details - The company has engaged in various cash management products, including agreements with Bank of China and China Merchants Bank, with varying annualized yields and maturity dates [2][3] - Specific structured deposits include amounts ranging from 1.6 million yuan to 8.39 million yuan, with expected annualized yields between 0.59% and 2.79% [2][3]

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，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 董事會會議召開日期 招商銀行股份有限公司（「本公司」）董事會（「董事會」）茲通告謹定於2025年10月 29日（星期三）舉行董事會會議，藉以審議及批准刊發本公司截至2025年9月30日 止之第三季度業績公告。 招商銀行股份有限公司董事會 2025年10月17日 於本公告日期，本公司的執行董事為王良及鍾德勝；本公司的股東董事（非執行 董事）為繆建民、石岱、孫雲飛、朱立偉及黃堅；及本公司的獨立非執行董事為 李孟剛、劉俏、田宏啟、李朝鮮、史永東及李健。 招商銀行股份有限公司 CHINA MERCHANTS BANK CO., LTD. （於中華人民共和國註冊成立的股份有限公司） （H股股票代碼：03968) ...

随着国际金价持续走高，银行销售的投资金条被不少人视为"硬通货"。但金条购买容易，如果想变现， 其中还有许多回购规定。比如，各家银行的回购规则不一样，不是所有金条银行都照单全收，也不是每 个银行网点都能回购金条。 那么 去银行买金条时 要关注哪些要点？ 回购时 半年前，浙江的王先生在手机银行App上购买了50克金条。最近，他拿其中的10克去银行变现，赚了 1000多元差价。在王先生看来，黄金价格持续走高，他很看好投资金条。 王先生回忆，买金条时，银行业务员特意提醒，不要轻易打开金条的塑封膜，以免造成损失。"金条有 包装有鉴定证书，塑封膜和包装不要打开，如果打开，银行可能会拒收。如果银行收，还会去鉴定、称 重。" 安徽的苏女士在去银行变现金条时，才发现回购流程较为复杂。 "回购时，要带上买的金条、身份证，还有回执单。银行要查当时购买的流水，包括金条的核实、称 重，还要联系厂家，整个业务办下来要一个多小时。钱也不能立马到账，银行称要把金条寄回厂家，等 厂家核实确认无误，钱才到我的卡里，大概要花一两周。" 限品牌限网点、还收折损费 银行回购规则严格 近日，记者来到北京市西城区某银行咨询黄金回购的相关流程与要求。业务员 ...

Core Viewpoint - China Merchants Bank (03968.HK) has announced that its board of directors will hold a meeting on October 29, 2025, to review and approve the release of the company's third-quarter performance announcement for the period ending September 30, 2025 [1] Group 1 - The board meeting is scheduled for October 29, 2025 [1] - The purpose of the meeting is to review and approve the third-quarter performance announcement [1] - The performance announcement will cover the period ending September 30, 2025 [1]