Core Viewpoint - The People's Bank of China officially issued the 2026 Chinese Year of the Horse precious metal commemorative coin set on November 26, 2025, which includes 11 coins: 6 gold, 4 silver, and 1 platinum, all recognized as legal tender in the People's Republic of China [2]. Group 1: Commemorative Coin Details - The commemorative coin set aims to enrich China Merchants Bank's physical precious metal products and meet customer demand for precious metal consumption and investment collection [2]. - The Year of the Horse is a significant symbol in Chinese zodiac culture, representing positive energy and auspicious meanings such as "success" and "spirit" [5]. - The 2026 commemorative coin is the fourth round of the Year of the Horse coins, featuring a diverse design that caters to various collector preferences [5]. Group 2: Design and Cultural Significance - The coin designs incorporate various artistic styles, expressing the Year of the Horse culture through creative elements and auspicious symbols, conveying a spirit of perseverance and good wishes for the year [7]. - The series has a rich history of 45 years since its inception in 1981, making it one of the earliest and most diverse collectible series in China [4]. Group 3: Purchase and Participation Information - Customers can participate in a lottery for purchasing the coins through the China Merchants Bank App, with results announced on the evening of December 5 [12]. - Specific rules for the lottery and order modifications are outlined, emphasizing the importance of accurate information submission and the non-applicability of a return policy for non-quality issues [12].

【文/羽扇观金工作室】 招商基金网站11月27日消息，招商基金发布高级管理人员变更公告称，王颖自2025年11月27日起任招商 基金董事长，公司总经理钟文岳不再代任董事长职务。 综合公开资料与公告文件显示，王颖，出生于1972 年11月，南京大学政治经济学专业硕士，经济师职 称。 王颖于1997年1月加入招商银行，历任招商银行北京分行行长助理、副行长，天津分行行长，深圳分行 行长，招商银行行长助理。 2023年2月，他获监管核准出任招商银行行长助理，从此正式进入核心高管序列。2023年11月，仅半年 之后再获监管核准升任至副行长一职。可以说，王颖是一位资深的招行系老将。 展望后续的发展，招商基金在接受《中国证券报》采访时表示，招商基金表示，未来将在股东的鼎力支 持下，继续保持战略定力，坚持战略规划的稳定性和延续性，聚焦新三年规划，着力提升战略执行能 力，为新三年创造良好的开局；同时，公司将进一步融入股东发展战略，更好立足"深度研究共享""优 质资产组织和产品创设""创新试验田"三个定位，夯实与股东的战略协同基础，持续构建战略联动，丰 富合作内容，提升合作质效，以更加立体化、全方位的战略协同做好"客户投资的产品 ...

Group 1 - The article discusses the exemption of stamp duty for personal rental contracts and housing transactions, indicating that individuals are not required to pay stamp duty on rental agreements for housing and on the sale or purchase of residential properties [3][9]. - It clarifies that personal electronic orders with e-commerce operators are also exempt from stamp duty, defining e-commerce operators as individuals or organizations engaged in selling goods or providing services via the internet [3][9]. - The article addresses the stamp duty obligations for individuals transferring non-listed (or listed) company equity, stating that such transfers are subject to stamp duty under the category of property transfer documents [3][9]. Group 2 - The article outlines the revised "Guidelines for Enforcement of Commercial Bank Charging Behavior," aimed at regulating bank fees and reducing financing costs for enterprises, thereby supporting high-quality development of the real economy [9][10]. - It specifies compliance requirements for commercial bank charging behavior, including prohibitions against charging fees without providing services, forced fees, and cost transfer [11][12]. - The guidelines include provisions for lighter and heavier penalties based on the severity of violations, with specific criteria for determining the nature of the violations [14][26].

Core Insights - The article highlights the customized cross-border financial services provided by China Merchants Bank's Nantong branch to the emerging e-commerce company Nantong ML Crystal Co., Ltd, facilitating its international operations and addressing challenges faced during its startup phase [1][2]. Group 1: Company Overview - Nantong ML Crystal Co., Ltd was established on February 14, 2025, with a registered capital of 50,000 RMB, focusing on the export of crystal products [2]. - The company targets the global crystal product market, utilizing overseas platforms like Douyin for its core operations [2]. Group 2: Financial Services Provided - China Merchants Bank's Nantong branch developed a comprehensive foreign exchange financial service plan tailored to the company's needs, covering aspects such as the establishment of a combined domestic and foreign currency account and guidance on cross-border e-commerce policies [2][3]. - The bank's services include a streamlined process where the company only needs to "visit the bank once, fill out one form, and automatically open the corresponding currency for incoming foreign funds," significantly reducing operational costs and improving efficiency [3]. Group 3: Operational Efficiency - The company successfully upgraded to a combined domestic and foreign currency account, allowing for RMB and USD transactions in a single account, which greatly simplified its financial management processes [3]. - The bank provided targeted business guidance and policy interpretation, ensuring compliance and efficiency in each transaction, and enabling the company to conduct online self-service foreign exchange operations [3]. Group 4: Future Prospects - The success of Nantong ML Crystal's international expansion reflects the vast market potential in the cross-border e-commerce sector and highlights the financial needs of small and micro enterprises in their globalization efforts [4]. - China Merchants Bank's Nantong branch aims to continue enhancing its services in the cross-border e-commerce sector, exploring new opportunities in the digital era to support more quality Chinese products in the global market [4].

Core Viewpoint - The State Administration for Market Regulation has revised and issued the "Enforcement Guidelines for Commercial Bank Charging Behavior," which detail prohibited charging behaviors in various banking services, emphasizing compliance and customer service [1] Group 1: Prohibited Charging Behaviors - The guidelines specify that commercial banks must not fabricate charges related to syndicate loans, charge commitment fees while collecting loan interest, or force clients to obtain guarantee letters for additional fees [1] - Banks are required to adhere to principles of legality, compliance, equality, voluntary participation, separation of interest and fees, and matching quality with price in their charging practices [1] Group 2: Compliance and Customer Service - Commercial banks must strictly implement the "Standards for Classifying Small and Medium Enterprises," verify enterprise classifications, and proactively inform clients about fee reduction policies [1] - In cases where fees are not waived and enterprises have objections, banks must provide proof that the enterprise does not qualify as a small or micro enterprise [1] Group 3: Regulatory Oversight - Market regulatory departments are encouraged to develop new measures in response to emerging situations and issues, ensuring that banks consider customer needs and business capabilities when setting fees [1] - The guidelines promote substantial service provision to clients and emphasize the importance of internal regulation of branch charging behaviors to ensure compliance [1]

Group 1 - The core viewpoint emphasizes the importance of improving people's livelihoods while pursuing high-quality economic development in Guangdong Province, particularly through the "Hundred Million Thousand Project" [2] - The "Hundred Million Thousand Project" aims to integrate economic production, people's lives, and natural ecology, marking a significant milestone in its implementation this year [2] - The seventh "Dongguan Citizen Praise List" has been launched to collect excellent cases that promote the project's new achievements and innovations since 2025 [2] Group 2 - Dongguan is recognized as the "Hometown of Chinese Lychee," with the lychee industry playing a crucial role in its agricultural landscape [3] - The Dongguan branch of China Merchants Bank has established a working group to assist local farmers in expanding their sales channels for lychee [3] - The working group conducts in-depth research in major lychee production areas to gather first-hand information for tailored support plans [3] Group 3 - The bank has leveraged digital advantages to create a sales loop for lychee, launching premium varieties on its mobile banking platform and promoting them through various online channels [5] - The promotional efforts have reached over 5 million exposures and covered more than 1,000 communities, successfully expanding the market for Dongguan lychee [5] - An immersive live-streaming event showcased the lychee orchards, attracting significant viewer engagement and facilitating direct purchases [5] Group 4 - The bank has mobilized its internal resources to promote lychee sales among its nearly 120,000 employees, resulting in over 10,000 pounds of lychee being purchased [7] - Employees expressed a sense of fulfillment from participating in the initiative, which aligns with the broader goal of rural revitalization [7] Group 5 - The bank introduced the "Lychee Assistance Flash Loan" to provide financial support to farmers and distributors, addressing funding challenges in the supply chain [9] - As of June 2025, the bank's agricultural loan balance reached nearly 4.9 billion, reflecting a 31% increase since the beginning of the year [9] - The combined efforts have led to over 40,000 pounds of lychee sold, demonstrating the effectiveness of the financial services in supporting rural revitalization [9] Group 6 - Looking ahead, the bank plans to continue exploring innovative agricultural support models and deepen collaborations with local governments and agricultural enterprises [10] - The focus will be on integrating resources through digital platforms to enhance the efficiency and quality of financial services [10] - The goal is to further implement the "Hundred Million Thousand Project" and promote the stories of "Dongguan Lychee" through financial empowerment [10]

Core Insights - The article highlights the top and bottom AH share premium rates as of November 28, with Northeast Electric (00042) leading at 864.29% and CATL (03750) at -5.29% [1][2][3] Group 1: Top AH Share Premium Rates - Northeast Electric (00042) has the highest premium rate of 864.29%, with H-share priced at HKD 0.280 and A-share at CNY 2.25 [2] - Hongye Futures (03678) follows with a premium rate of 270.78%, H-share at HKD 3.320 and A-share at CNY 10.28 [2] - Sinopec Oilfield Service (01033) ranks third with a premium rate of 268.92%, H-share at HKD 0.740 and A-share at CNY 2.28 [2] Group 2: Bottom AH Share Premium Rates - CATL (03750) has the lowest premium rate at -5.29%, with H-share priced at HKD 472.000 and A-share at CNY 373.2 [3] - China Merchants Bank (03968) has a premium rate of -1.61%, H-share at HKD 52.300 and A-share at CNY 42.96 [3] - Heng Rui Medicine (01276) shows a premium rate of 0.75%, H-share at HKD 73.800 and A-share at CNY 62.07 [3] Group 3: Top AH Share Deviation Values - Guanghe Tong (00638) has the highest deviation value at 23.08%, with a premium rate of 95.88% [4] - Dazhong Public Utilities (01635) follows with a deviation value of 22.85% and a premium rate of 130.91% [4] - Shandong Xinhua Pharmaceutical (00719) ranks third with a deviation value of 20.46% and a premium rate of 197.76% [4] Group 4: Bottom AH Share Deviation Values - GAC Group (02238) has the lowest deviation value at -15.57%, with a premium rate of 167.63% [5] - China Southern Airlines (01055) shows a deviation value of -12.01% and a premium rate of 54.08% [5] - Jiangsu Ninghu Highway (00177) has a deviation value of -10.78% with a premium rate of 55.94% [5]

Core Insights - The event "Financing New Opportunities to Boost Park Enterprises" was held in Liangjiang New Area to enhance financial support for the manufacturing sector in Chongqing [1] - The event was co-hosted by the Chongqing Small and Medium Enterprises Development Service Center and China Merchants Bank Chongqing Branch, with participation from nearly 30 enterprises and relevant organizations [1] Policy Interpretation - The Chongqing Small and Medium Enterprises Development Service Center provided detailed explanations of five key policies aimed at addressing core funding needs for enterprises, including emergency turnover funds and credit loans for small and medium enterprises [3] - The policies were broken down into applicable scope, application conditions, and processing procedures to help enterprises effectively utilize policy benefits [3] Financial Empowerment - China Merchants Bank introduced various financial products tailored for technology-driven enterprises, focusing on needs such as technological upgrades and capacity expansion [5] - Specific products discussed included special loans for technological transformation, equipment updates, intellectual property pledge loans, and innovation loans, along with case studies and interest rate advantages [5] Interactive Engagement - Representatives from participating enterprises actively discussed their financing needs related to technological investment, equipment updates, and research innovation, engaging in deep interactions with policy interpreters and bank representatives [8] - The event facilitated direct communication between government, enterprises, and banks, leading to preliminary financing cooperation intentions among some enterprises [8] Conclusion - The financing service event established a "green channel" for policy communication and bank-enterprise connections, enabling enterprises to grasp the latest financing policies and financial products while allowing financial institutions to better understand actual enterprise needs [10] - The organizing company plans to continue collaborating with government units and financial institutions to host similar effective and practical events [10]

Core Viewpoint - The article discusses the launch of the Huaxia Classic Return Mixed Securities Investment Fund, detailing its registration, fundraising limits, subscription process, and investor requirements. Fund Basic Information - Fund Name: Huaxia Classic Return Mixed Securities Investment Fund [9] - Fund Code: 024911 [9] - Fund Type: Mixed Securities Investment Fund [9] - Fund Duration: Indefinite [9] Fundraising Details - The initial fundraising cap is set at RMB 8 billion, excluding interest accrued during the fundraising period [2][10] - The fundraising period will last from December 3, 2025, to March 2, 2026, with a maximum duration of three months [16] - If the total subscriptions exceed RMB 8 billion, the last subscription day will be determined, and a "last day proportion confirmation" method will be applied [10][11] Subscription Process - Investors must submit subscription applications in monetary amounts, with a minimum subscription amount of RMB 1.00 [3][17] - Each investor can only open one fund account unless otherwise specified by law [2] - Subscription applications cannot be revoked once accepted [3] Investor Eligibility - The fund is open to individual investors, institutional investors, qualified foreign investors, and others permitted by law [14] - Investors must ensure that the funds used for subscription are legally sourced and free from any legal or contractual restrictions [2] Fund Management and Custody - Fund Manager: Huaxia Fund Management Co., Ltd. [9] - Fund Custodian: China Merchants Bank Co., Ltd. [9] Subscription Fees - Subscription fees are applicable and will be calculated based on the subscription amount, with a decreasing rate for larger amounts [19] - Pension clients may receive a discount on subscription fees [20] Fund Operations - The fund will invest in a range of securities, including stocks listed on the Hong Kong Stock Exchange under the Stock Connect mechanism [7] - The fund may also invest in financial derivatives such as stock options and index futures, which carry specific risks [8] Contact Information - For inquiries, investors can contact Huaxia Fund Management Co., Ltd. at 400-818-6666 [41]

Group 1 - The fund being launched is the E Fund CSI Hong Kong Stock Connect High Dividend Investment ETF, which is an open-ended index fund [22][23] - The fund will be available for subscription from December 8 to December 16, 2025, with both online and offline cash subscription options [4][22] - The maximum fundraising limit for the fund is set at 2 billion RMB, excluding interest and subscription fees [5][22] Group 2 - Investors must have a Shanghai Stock Exchange A-share account or a securities investment fund account to participate in the subscription [44][46] - The subscription fee for the fund will not exceed 0.80% of the subscribed shares [4][29] - The fund aims to closely track the performance of the underlying index, minimizing tracking deviation and error [23][24] Group 3 - The fund's underlying index is the CSI Hong Kong Stock Connect High Dividend Investment Index, which includes stocks that meet specific criteria [11][12] - The selection process for the index includes stocks with a history of continuous dividends and a certain dividend payout ratio [13] - The index calculation is based on the adjusted market value of the sample stocks [14] Group 4 - The fund will be managed by E Fund Management Co., Ltd., with the custodian being China Merchants Bank [1][64] - The fund's subscription process includes specific procedures for both online and offline subscriptions, with detailed requirements for each [48][52] - Investors can make multiple subscriptions during the fundraising period, subject to regulatory compliance [42][43]