Core Viewpoint - The article discusses the significant adjustments made by fund manager Guo Fei of China Jianyin Investment in his fund portfolios during the first quarter of 2025, highlighting a shift towards value-style investments and increased holdings in banking and consumer-related stocks [2][3][6]. Fund Performance and Adjustments - Guo Fei's funds have seen a notable shift in their investment strategy, moving away from previously held growth stocks like Dongfang Yuhong and Guizhou Moutai, and instead focusing on banks and industrial stocks [3][6]. - The fund "Jianyin Growth 30" has outperformed its benchmark over the past year, indicating a successful strategy shift that has led to positive returns for investors [3][4]. Asset Allocation Changes - As of the end of Q1 2025, Guo Fei's managed funds totaled 70.23 billion yuan, a decrease of 8.24 billion yuan from the previous quarter [4]. - The equity asset allocation in "Jianyin Growth 30" increased to 80.59%, up over 11% from the previous quarter, reflecting a significant increase in stock holdings [5]. Stock Selection and Concentration - Guo Fei's recent adjustments include adding four new stocks to his portfolio, specifically two bank stocks and two industrial stocks, while reducing positions in previously held stocks like Agricultural Bank of China [6][8]. - The concentration of holdings in "Jianyin Growth 30" reached a three-year high of 70.66%, indicating a more focused investment strategy [7]. Investment Philosophy and Market Outlook - Guo Fei emphasizes a belief in the cyclical nature of the market, stating that while the timing of economic recovery is uncertain, he remains confident in the eventual return of cycles and shareholder returns [16][17]. - For Q2 2025, Guo Fei plans to maintain a focus on stable assets with sustainable returns while temporarily avoiding overseas companies due to concerns about the inventory cycle [16][17].

Group 1 - The Hong Kong banking stocks have continued to decline, with China Merchants Bank and Postal Savings Bank of China (601658) dropping over 5% [1] - Industrial and Commercial Bank of China and China Construction Bank fell more than 4% [1] - Bank of Communications and Agricultural Bank of China decreased by over 3% [1]

Group 1 - The banking sector in China is experiencing a decline, with several banks showing significant drops in their stock prices [1] - Shengjing Bank (02066.HK) has seen a decline of over 8% [1] - Postal Savings Bank (01658.HK) and China Merchants Bank (03968.HK) have both dropped over 5% [1] - Industrial and Commercial Bank of China (01398.HK), China Construction Bank (00939.HK), and Agricultural Bank of China (601288.SH) have all decreased by more than 4% [1]

Group 1 - The stock prices of several banks have experienced significant declines, with Shengjing Bank down by 8.57%, China Merchants Bank down by 3.60%, Postal Savings Bank down by 3.51%, Industrial and Commercial Bank down by 3.47%, and China Construction Bank down by 2.86% [1]

港股开盘，恒指开涨0.14%，科指开涨0.21%。药明康德(02359.HK)涨超3%，招商银行(03968.HK)绩后 跌超1%。 ...

Core Viewpoint - Major state-owned banks in China, including Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, and Bank of Communications, along with two joint-stock banks, China Merchants Bank and Huaxia Bank, announced the decision to abolish their supervisory boards, transitioning oversight responsibilities to the audit committees of their boards of directors [1][4][7][10][13][15]. Group 1: Announcement Details - The boards of directors of the major banks have approved the proposals to abolish the supervisory boards and will submit these proposals to the shareholders' meetings for approval [1][4][7][10][13]. - China Merchants Bank will not establish a supervisory board and will have its audit committee assume the supervisory responsibilities, with the current supervisory board not being re-elected after its term ends [13][15]. - Huaxia Bank's board has also approved the proposal to abolish its supervisory board, and related governance structures will be terminated following the official dissolution of the supervisory board [15][16]. Group 2: Regulatory Context - The new revised Company Law of the People's Republic of China, effective July 2024, allows companies to set up audit committees within their boards to perform the functions of supervisory boards, eliminating the need for a supervisory board [17]. - The National Financial Regulatory Administration issued a notice to align governance regulations with the new Company Law, promoting the optimization of governance structures in financial institutions [17][18]. - The notice emphasizes the importance of communication with stakeholders during the transition and aims to enhance governance efficiency and effectiveness [17][18].

记者了解到，监事会撤销后，可以按照公司章程规定，在董事会中设置由董事组成的审计委员会，行使 公司法和监管制度规定的监事会职权。 每经记者 张寿林 每经编辑 张益铭 4月29日晚间，工商银行、农业银行、建设银行、中国银行和交通银行等多家银行宣布撤销监事会。 4月29日晚间，工商银行、农业银行、建设银行、中国银行和交通银行等多家国有大行发布董事会决议 公告称，将修改公司章程，撤销或不再设立监事会，相关议案尚需提交各家银行股东大会审议通过，并 报国家金融监督管理总局。 此外，招商银行也于晚间公告称，根据公司法和证监会、国家金融监管总局关于不设置监事会的有关规 定，该行董事会已审议通过《关于不再设置监事会的议案》，由董事会审计委员会承接法律法规规定的 监事会职权，在董事会设置职工董事，并相应修订公司章程。该决议事项尚需提交股东大会审议。 2024年12月17日，国家金融监督管理总局发布《关于公司治理监管规定与公司法衔接有关事项的通知》 （下称《通知》），明确指出：金融机构可以按照公司章程规定，在董事会中设置由董事组成的审计委 员会，行使公司法和监管制度规定的监事会职权，不设监事会或者监事。 追溯来看，国有银行不设监事 ...

Core Viewpoint - Seven banks in China, including five state-owned banks and two joint-stock banks, announced on the same day that they will no longer establish supervisory boards, aligning with the new Company Law that allows for the establishment of audit committees within the board of directors to perform the functions of supervisory boards [2][15]. Group 1: State-Owned Banks - Industrial and Commercial Bank of China approved the amendment to its articles of association to abolish the supervisory board [3]. - Agricultural Bank of China also passed the resolution to no longer establish a supervisory board [5]. - Bank of China submitted a proposal to the shareholders' meeting to abolish its supervisory board [7]. - China Construction Bank approved the resolution regarding the abolition of the supervisory board and its office [8]. - Bank of Communications passed the proposal to no longer establish a supervisory board [11]. - The proposals from these five banks will be submitted for shareholder approval and subsequently reported to the financial regulatory authority for approval [12]. Group 2: Joint-Stock Banks - China Merchants Bank approved the resolution to abolish the supervisory board, transferring its functions to the audit committee of the board of directors, and will not re-elect the supervisory board after the current term ends [13]. - Huaxia Bank's board approved the resolution to abolish its supervisory board, and related governance systems will be terminated after the supervisory board is officially dissolved [14]. Group 3: Regulatory Context - The revised Company Law, effective July 2024, allows companies to set up audit committees within the board to perform the functions of supervisory boards, thus eliminating the need for supervisory boards [15]. - The financial regulatory authority issued a notice in December 2024, clarifying that financial institutions can choose to maintain supervisory boards or transfer their functions to audit committees based on their actual circumstances [15]. - The changes are expected to reduce management costs and enhance governance flexibility and effectiveness [15].

Performance Summary - Industrial and Commercial Bank of China (01398.HK) reported Q1 revenue of 204.688 billion yuan, a decrease of 2.61% year-on-year, and a net profit of 84.156 billion yuan, down 3.99% [3] - China Construction Bank (00939.HK) had Q1 operating income of 185.99 billion yuan, down 4.76% year-on-year, with a net profit of 83.351 billion yuan, also down 3.99% [3] - Agricultural Bank of China (01288.HK) achieved Q1 revenue of 186.735 billion yuan, an increase of 0.32% year-on-year, and a net profit of 71.931 billion yuan, up 2.2% [3] - Bank of China (03988.HK) reported Q1 revenue of 164.911 billion yuan, an increase of 2.41% year-on-year, but a net profit of 58.644 billion yuan, down 2.22% [3] - Postal Savings Bank of China (01658.HK) had Q1 revenue of 89.406 billion yuan, a slight decrease of 0.1%, and a net profit of 25.246 billion yuan, down 2.62% [3] - China Merchants Bank (03968.HK) reported Q1 revenue of 83.731 billion yuan, down 3.11% year-on-year, with a net profit of 37.286 billion yuan, down 2.08% [3] - Bank of Communications (03328.HK) had Q1 net operating income of 66.44 billion yuan, down 1.13%, but a net profit of 25.372 billion yuan, up 1.54% [3] - HSBC Holdings (00005.HK) reported Q1 revenue of 17.649 billion USD, down 14.95%, and a post-tax profit of 7.57 billion USD, down 30.15% [3] - China People's Insurance Group (01339.HK) achieved Q1 revenue of 156.589 billion yuan, up 12.8%, and a net profit of 12.849 billion yuan, up 43.4% [3] - China Life Insurance (02628.HK) reported Q1 revenue of 110.177 billion yuan, down 8.9%, but a net profit of 28.802 billion yuan, up 39.5% [3] - New China Life Insurance (01336.HK) had Q1 revenue of 33.402 billion yuan, up 26.1%, and a net profit of 5.882 billion yuan, up 19% [3] - China National Petroleum Corporation (00857.HK) reported Q1 revenue of 753.108 billion yuan, down 7.3%, but a net profit of 46.809 billion yuan, up 2.3% [3] - CNOOC (00883.HK) had Q1 revenue of 106.854 billion yuan, down 4.1%, and a net profit of 36.563 billion yuan, down 7.9% [3] - Huadian International Power (01071.HK) reported Q1 revenue of 26.577 billion yuan, down 14.14%, but a net profit of 1.93 billion yuan, up 3.66% [3] - China International Marine Containers (01880.HK) had Q1 revenue of 16.746 billion yuan, down 10.96%, and a net profit of 1.938 billion yuan, down 15.98% [3] - Air China (00753.HK) reported Q1 revenue of 40.023 billion yuan, down 0.11%, with a net loss of 2.044 billion yuan, an increase of 22.07% [3] - CITIC Securities (06030.HK) achieved Q1 revenue of 17.761 billion yuan, up 29.13%, and a net profit of 6.545 billion yuan, up 32% [3] - China Galaxy Securities (06881.HK) reported Q1 revenue of approximately 7.558 billion yuan, up 4.77%, and a net profit of approximately 3.016 billion yuan, up 84.86% [3] - CITIC Construction Investment Securities (06066.HK) had Q1 operating income of 4.919 billion yuan, up 14.54%, and a net profit of 1.843 billion yuan, up 50.07% [3] - Huatai Securities (06886.HK) reported Q1 revenue of approximately 8.232 billion yuan, up 34.83%, and a net profit of approximately 3.642 billion yuan, up 58.97% [3] - China Railway Construction (01186.HK) had Q1 revenue of 256.762 billion yuan, down 6.61%, and a net profit of 5.151 billion yuan, down 14.51% [3] - China Energy Engineering (03996.HK) reported Q1 revenue of 100.371 billion yuan, up 3.05%, and a net profit of 1.612 billion yuan, up 8.83% [3] - Times Electric (03898.HK) achieved Q1 revenue of 4.537 billion yuan, up 14.81%, and a net profit of 631 million yuan, up 13.42% [3] - Midea Group (00300.HK) reported Q1 revenue of 127.839 billion yuan, up 20.49%, and a net profit of 12.422 billion yuan, up 38.02% [3] - WH Group (00288.HK) had Q1 revenue of 6.554 billion USD, up 6.0%, and a profit of 364 million USD, up 20.9% [3] - Suncity Group (00880.HK) reported Q1 total revenue of 7.48 billion HKD, up 8.1%, and a net profit of 31 million HKD, turning profitable [3] - COSCO Shipping Ports (01199.HK) had Q1 revenue of 3.82 billion USD, up 14.7%, and a net profit of 839 million USD, up 33.5% [3] - Flat Glass Group (06865.HK) reported Q1 revenue of 4.079 billion yuan, down 28.76%, and a net profit of 106 million yuan, down 86.03% [3] - Zoomlion Heavy Industry (01157.HK) achieved Q1 revenue of 12.117 billion yuan, up 2.92%, and a net profit of 1.41 billion yuan, up 53.98% [3] - Ganfeng Lithium (01772.HK) reported Q1 revenue of approximately 3.772 billion yuan, down 25.43%, with a net loss of approximately 356 million yuan, narrowing by 18.93% [3] - Qingdao Port (06198.HK) had Q1 revenue of 4.807 billion yuan, up 8.51%, and a net profit of 1.402 billion yuan, up 6.51% [3] - China Shipbuilding Defense (00317.HK) reported Q1 revenue of approximately 3.641 billion yuan, up 29.73%, and a net profit of approximately 184 million yuan, up about 11 times [3] - Baiyunshan Pharmaceutical (00874.HK) had Q1 revenue of 22.473 billion yuan, down 2.06%, and a net profit of 1.821 billion yuan, down 6.99% [3] Investment Activities - New China Life Insurance (01336.HK) plans to invest no more than 10 billion yuan to subscribe to a private fund [4] - China Life Insurance (02628.HK) intends to invest 2 billion yuan to establish a partnership [4] Contract Signing - China Metallurgical Group (01618.HK) reported a new contract signing amount of 230.66 billion yuan in Q1, a decrease of 27.2% year-on-year, with overseas contracts amounting to 12.04 billion yuan, down 35.7% [5] Energy Production - Xin Tian Green Energy (00956.HK) completed power generation of 4.5442 million MWh in Q1, an increase of 10.37% year-on-year [6] - China Power (02380.HK) reported total electricity sales of 30.7477 million MWh in the first three months, up 2.59% year-on-year, with March sales of 10.9617 million MWh, up 3.95% [6] - Qingdao Port (06198.HK) achieved a total cargo throughput of 177 million tons in the first three months, up 2.9% year-on-year [6] Licensing Agreement - Fuhong Hanlin (02696.HK) entered into a licensing agreement with Sandoz AG for the commercialization of HLX13 in specified regions [6] Privatization Offer - Dingsheng Creation (00113.HK) received a privatization offer at a premium of approximately 50.63%, with a maximum cash consideration of about 1.0986 billion HKD [7] Share Buybacks - AIA Group (01299.HK) repurchased shares for 342.6 million HKD, buying back 6.2592 million shares at prices between 54.25 and 55.35 HKD [8] - J&T Express-W (01519.HK) repurchased shares for 9.2485 million HKD, buying back 1.54 million shares at prices between 5.98 and 6.03 HKD [8]

Core Viewpoint - The first quarter report of China Merchants Bank (CMB) shows a decline in both revenue and net profit, but there are signs of recovery in wealth management fees, indicating a potential stabilization in the bank's financial performance [1][4]. Financial Performance - CMB reported operating revenue of 83.751 billion yuan, a year-on-year decrease of 3.09%, and net profit of 37.513 billion yuan, down 2.08% [1]. - The non-performing loan ratio decreased by 0.01 percentage points to 0.94% compared to the end of the previous year [1]. - The net interest margin (NIM) fell to 1.91%, down 11 basis points year-on-year and 3 basis points quarter-on-quarter [1][2]. Wealth Management and Non-Interest Income - Non-interest net income was 30.755 billion yuan, a year-on-year decrease of 10.64%, accounting for 36.72% of total revenue [4]. - Wealth management fees showed improvement, with a 10.45% year-on-year increase in wealth management commission income to 6.783 billion yuan, reversing a previous decline [4][5]. - The bank's commission income from selling financial products, such as wealth management and insurance, remains under pressure due to market conditions [5][6]. Deposit Composition and Strategy - The proportion of demand deposits increased to 51.80%, with corporate demand deposits making up 58.06% and retail demand deposits 41.94% [2]. - The average daily balance of demand deposits accounted for 50.46% of the average daily balance of customer deposits, reflecting a slight increase from the previous year [2]. Market Activity and Shareholder Engagement - The Hong Kong Central Clearing Limited account increased its holdings of CMB shares by approximately 128 million shares during the first quarter [7]. - CMB's average return on total assets (ROAA) and average return on equity (ROAE) were 1.21% and 14.13%, respectively, both showing a year-on-year decline [7]. Management Outlook - CMB's management aims to stabilize the net interest margin and improve the commission income from wealth management, contingent on the overall stabilization of the capital market [6][7]. - The bank is cautious about increasing dividends to maintain a balance between return on equity and capital adequacy [7].