上海复旦张江公告称，公司与全资附属公司泰州复旦张江分别与招商银行订立结构性存款产品协议，集 团以自有闲置资金认购总额1.10亿元的结构性存款产品，其中公司认购0.50亿元，泰州复旦张江认购 0.60亿元。产品为保本浮动收益型，挂钩黄金，成立日期为2026年1月7日。因适用百分比率超5%但低 于25%，该交易属须披露交易，获豁免独立股东批准。 ...

Group 1 - The article discusses various credit card offerings and promotions from different banks, highlighting the benefits for new customers [5][11][19] - It emphasizes the attractive rewards for new users, such as cash back, travel vouchers, and branded gifts upon meeting certain spending criteria [4][10][18] - The article also mentions the convenience of managing multiple financial services through a single app, enhancing customer experience [20] Group 2 - Specific promotional offers include a 200 RMB train ticket or a 300 RMB taxi voucher for new American Express Centurion Card holders [5] - Other cards, like the Bilibili co-branded card, offer a half-year membership as a reward for new users [11] - The article encourages users to apply for credit cards through links provided, indicating a streamlined application process [21]

该信息由智通财经网提供 智通财经APP讯，复旦张江(01349)发布公告，近日，本公司与招商银行订立招商银行结构性存款产品协 议 I，本公司的全资附属公司泰州复旦张江与招商银行订立招商银行结构性存款产品协议 II，据此，本 集团同意以日常营运产生的自有闲置资金向招商银行认购总金额为人民币1.10亿元的结构性存款产品。 ...

复旦张江(01349)发布公告，近日，本公司与招商银行订立招商银行结构性存款产品协议I，本公司的全 资附属公司泰州复旦张江与招商银行订立招商银行结构性存款产品协议II，据此，本集团同意以日常营 运产生的自有闲置资金向招商银行认购总金额为人民币1.10亿元的结构性存款产品。 ...

格隆汇1月7日丨复旦张江(01349.HK)公布，近日，公司与招商银行订立招商银行结构性存款产品协议 I，公司之全资附属公司泰州复旦张江与招商银行订立招商银行结构性存款产品协议II，据此，集团同意 以日常营运产生的自有闲置资金向招商银行认购总金额为人民币1.10亿元的结构性存款产品。 ...

Core Insights - The top three companies by Hong Kong Stock Connect shareholding ratios are China Telecom (71.63%), Gree Power Environmental (69.81%), and Da Zhong Public Utilities (68.41%) [1] - In the last five trading days, the largest increases in shareholding amounts were seen in China Merchants Bank (+2.22 billion), Industrial and Commercial Bank of China (+1.47 billion), and Agricultural Bank of China (+1.39 billion) [1] - The largest decreases in shareholding amounts during the same period were recorded for China Mobile (-2.62 billion), Tencent Holdings (-2.37 billion), and the Tracker Fund of Hong Kong (-1.56 billion) [1] Group 1: Shareholding Ratios - China Telecom (00728) holds 9.941 billion shares, with a shareholding ratio of 71.63% [1] - Gree Power Environmental (01330) has 0.282 billion shares, with a shareholding ratio of 69.81% [1] - Da Zhong Public Utilities (01635) possesses 0.365 billion shares, with a shareholding ratio of 68.41% [1] Group 2: Recent Increases in Shareholding - China Merchants Bank (03968) saw an increase of 2.22 billion in shareholding, with a change of 42.72 million shares [1] - Industrial and Commercial Bank of China (01398) increased by 1.47 billion, with a change of 237.38 million shares [1] - Agricultural Bank of China (01288) rose by 1.39 billion, with a change of 249.72 million shares [1] Group 3: Recent Decreases in Shareholding - China Mobile (00941) experienced a decrease of 2.62 billion, with a change of -31.85 million shares [3] - Tencent Holdings (00700) saw a reduction of 2.37 billion, with a change of -3.75 million shares [3] - Tracker Fund of Hong Kong (02800) decreased by 1.56 billion, with a change of -58.09 million shares [3]

港交所披露易最新信息显示，平安人寿于2025年12月31日增持1401.25万股招商银行H股股份之后，于当 日达到该行H股股本的20%，根据香港市场规则，触发举牌。 在此之前，平安人寿曾在1月10日、3月13日、6月17日分别举牌招行H股，所持该行H股数量占其H股总 数分别突破5%、10%、15%。 以此统计，2025年合计7家上市银行被险资举牌。其中，招行H股、农行H股、郑州银行H股均获四度举 牌;邮储银行H股被三度举牌。 四度举牌招行H股 据披露易信息，早在2025年1月10日，平安人寿就首次举牌招行H股，所持该行H股数量达到该行H股股 本的5%。 2025年3月13日，平安人寿又耗资近3亿港元，在场内增持606.75万股招行H股，持股占比突破该行H股 总数的10%，构成二度举牌。 2025年6月17日，再度增持629.55万股招行H股股份之后，平安人寿所持招行H股总数已达该行H股股本 的15%，构成第三次举牌。 披露易最新消息显示，平安人寿于2025年12月31日继续增持1401.25万股招行H股股份，达到该行H股股 本的20%，完成第四次举牌。 以此计算，2025年1月10日至12月31日，平安人寿合 ...

Core Viewpoint - The banking sector in A-shares is expected to perform well in 2026, driven by stable fundamentals and increased dividend attractiveness, despite a less impressive performance in 2025 compared to previous years [4][9][10]. Group 1: Annual Report Disclosure - Ping An Bank will be the first to disclose its annual report on March 21, followed by CITIC Bank on the same day [1]. - A total of 10 banks will disclose their 2025 annual reports on March 31, marking the highest number of disclosures on a single day [3]. - The total market capitalization of 42 A-share banks exceeded 15 trillion yuan, increasing by approximately 2.1 trillion yuan from the end of 2024 [2][3]. Group 2: Market Performance - The banking sector index rose by 12.05% in 2025, underperforming the CSI 300 index, which increased by 17.66% [3]. - Among the 42 banks, 35 experienced stock price increases, with Agricultural Bank of China leading at a 52.66% rise [3]. - The overall market sentiment towards bank annual reports is positive, with expectations of continued growth in 2026 [4][9]. Group 3: Investment Drivers - The strong performance of the banking sector in 2025 was supported by both funding and fundamental factors, including inflows from passive index funds and insurance [4]. - Significant shareholder buybacks have also contributed to the rise in bank stocks, with 523 companies increasing their holdings, totaling 939.6 billion yuan [6]. - Analysts predict that the demand for high-dividend stocks will remain strong, particularly for state-owned banks known for stable returns [10]. Group 4: Future Outlook - Analysts expect the banking sector to maintain stable performance in 2026, supported by a recovering real economy and high dividend yields [9]. - The issuance of ETFs linked to broad indices and dividend indices is expected to continue, attracting more passive fund inflows into the banking sector [9]. - The differentiation in performance among various banks is anticipated to become a key theme, with larger banks likely to see more consistent revenue growth compared to smaller banks [10]. Group 5: Seasonal Trends - Historical data shows that the banking sector has a high success rate for absolute and excess returns before the Spring Festival, with an average absolute return of 4.4% [11]. - The upcoming Spring Festival in 2026 is expected to see continued strong performance in bank stocks, driven by balanced market styles and robust demand for high-dividend stocks [12]. - Recommendations for stock allocation include a stable base in state-owned banks and a more aggressive approach with quality joint-stock and city commercial banks [12].

2025年，中国平安人寿保险股份有限公司（下称"平安人寿"）在港股市场展开了一场引人瞩目的银行 股"扫货"行动。其中，对农业银行H股的增持贯穿全年、力度空前。累计16次买入，推动持股比例在短 短一年内从5%，一路飙升至20.10%，大幅跃升超过15个百分点。 | 平安人寿2025年年初至今增持工、农、邮储、招商H股情况 | | --- | | 同分分 | | 而功 | 时间 | SHEFFF FF 股票份额(%) | | --- | --- | --- | --- | --- | | | 中国国际 | HHBS | 2025年1月9日 | 16.01 | | | 银行 | HBS | 2025年2月23日 | 17.11 | | | | HBS | 2025年2月17日 | 5.00 | | | | HIBS | 2025年2月24日 | 6.02 | | | | HHS | 2025年3月4日 | 7.10 | | | | HBS | 2025年3月13日 | 8.01 | | | | HHBS | 2025年3月25日 | 9.24 | | | | HIS | 2025年5月12日 | 10.38 | | ...

Core Insights - The article discusses the transformation of supply chain financing from a credit-based model reliant on core enterprises to a "de-coupled" model that leverages transaction data and performance metrics of businesses [2][3] - The introduction of the "Dealer Easy Loan" by China Merchants Bank's Qingdao branch allows small distributors to access financing based on their transaction data with Lu Hua Group, addressing previous financial constraints [1][5] Policy and Market Dynamics - The shift to de-coupled financing is driven by policy support and market demand, as highlighted by the People's Bank of China and other regulatory bodies encouraging financial institutions to adopt this model [2] - Traditional financing models placed high demands on core enterprises, which limited the accessibility of financing for small and micro enterprises [2] Technological Advancements - China Merchants Bank has developed an advanced online intelligent risk control model that integrates various data sources to create a comprehensive profile of businesses, facilitating the de-coupled financing approach [3][4] - The bank's financing products, such as "Dealer Easy Loan" and "Supply Chain Loan," utilize this model to provide efficient and accessible financial solutions to small and micro enterprises [3][4] Product Offerings - "Dealer Easy Loan" is designed for downstream distributors, providing credit loans that ensure funds are directed to core enterprise accounts, thus controlling usage [4] - "Supply Chain Loan" offers online credit loans without collateral or on-site due diligence, simplifying the application process for small businesses [4] Operational Efficiency - The bank's "One Bank Serves One" model enhances collaboration across branches, allowing for direct partnerships with core enterprises and streamlined services for their upstream and downstream clients [4][5] - The financing model has significantly improved service efficiency, enabling rapid loan approvals and disbursements [5] Impact on Supply Chain Ecosystem - The de-coupled financing model has positively influenced the supply chain ecosystem by reducing reliance on core enterprise credit, thus promoting stability and health within the supply chain [7] - The financing solutions provided by China Merchants Bank have addressed the funding challenges faced by small distributors, leading to lower interest rates compared to traditional financing options [7] Performance Metrics - By the end of December 2025, the Qingdao branch achieved a loan balance of 2.146 billion yuan in supply chain financing, marking an 82% year-on-year increase, with de-coupled financing growing by 377% [8] - The bank's efforts in supply chain financing have positioned it as a key player in promoting inclusive finance, with significant growth in the adoption of de-coupled products [8]