从中证沪港深500金融指数持仓的市场板块来看，香港证券交易所占比51.39%、上海证券交易所占比 42.37%、深圳证券交易所占比6.23%。 从中证沪港深500金融指数持仓样本的行业来看，银行占比60.34%、保险占比19.79%、资本市场占比 18.75%、其他金融占比1.12%。 资料显示，该指数系列样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五 的下一交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一 个定期调整日前，权重因子一般固定不变。特殊情况下将对该指数系列样本进行临时调整。当样本退市 时，将其从指数样本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处 理。当中证沪港深500指数、中证沪港深互联互通中小综合指数和中证沪港深互联互通综合指数样本发 生变动时，将进行相应调整。 金融界7月30日消息，A股三大指数收盘涨跌不一，中证沪港深500金融指数(沪港深500金融，H30464) 报2380.79点。 数据统计显示，中证沪港深500金融指数近一个月上涨2.83%，近三个月上涨15.09%，年至今上涨 17.89%。 ...

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]

Core Insights - The article highlights the top 20 stocks with significant capital inflow as of July 30, with Invech leading at 6.92 billion yuan [1] Group 1: Stock Performance - Invech received a capital inflow of 6.92 billion yuan, making it the top stock [1] - China Ping An followed closely with an inflow of 6.87 billion yuan [1] - Zhaoyi Innovation attracted 5.89 billion yuan in capital [1] Group 2: Other Notable Stocks - N Hanhigh saw an inflow of 3.63 billion yuan [1] - Wanhua Chemical received 3.13 billion yuan [1] - Agricultural Bank had a capital inflow of 3.01 billion yuan [1] Group 3: Additional Stocks - Other stocks in the top 20 include: - Zhongwen Online with 2.90 billion yuan [1] - Juran Smart Home at 2.82 billion yuan [1] - Tongwei Co. with 2.50 billion yuan [1] - Caesar Travel Industry at 2.40 billion yuan [1] - Northern Huachuang with 2.18 billion yuan [1] - Baogang Co. at 2.09 billion yuan [1] - Defu Technology with 1.95 billion yuan [1] - China Merchants Bank at 1.93 billion yuan [1] - Light Media with 1.90 billion yuan [1] - Ping An Bank at 1.90 billion yuan [1] - Beidou Star with 1.88 billion yuan [1] - Huatai Securities at 1.87 billion yuan [1] - Fosun Pharma with 1.85 billion yuan [1] - Industrial and Commercial Bank at 1.67 billion yuan [1]

Group 1 - The banking sector has seen a resurgence, with the bank AH preferred ETF (517900) rising by 0.63% as of 10:47 AM on July 30, reaching a peak increase of 0.82% [1] - Major banks such as China Merchants Bank, Industrial Bank, and Agricultural Bank have shown positive performance, with increases of 1.36%, 1.01%, and 0.58% respectively, while Bank of Communications experienced a slight decline of 0.14% [1] - The fund has experienced a net inflow of funds for four consecutive days as of July 29 [1] Group 2 - According to a report from CITIC Securities, the recent pullback in the banking sector was influenced by capital outflows following the dividend season, particularly from quantitative funds seeking to confirm returns [1] - The report suggests that the impact of capital fluctuations and style changes has already materialized, and the mid-term performance of the banking sector will continue to be driven by the revaluation of net assets [1] - The report anticipates that the absolute return trend in the banking sector will persist, with trading funds focusing on undervalued stocks and allocation funds continuing to favor beta stocks [1]

金融界2025年7月30日消息，国家知识产权局信息显示，招商银行股份有限公司取得一项名为"数据缓存 管理方法、装置、终端设备以及存储介质"的专利，授权公告号CN116756190B，申请日期为2023年06 月。 来源：金融界 天眼查资料显示，招商银行股份有限公司，成立于1987年，位于深圳市，是一家以从事货币金融服务为 主的企业。企业注册资本2521984.5601万人民币。通过天眼查大数据分析，招商银行股份有限公司共对 外投资了862家企业，参与招投标项目5000次，财产线索方面有商标信息1327条，专利信息1789条，此 外企业还拥有行政许可351个。 ...

Core Viewpoint - The introduction of "Ke Chuang Dai" by China Merchants Bank aims to provide efficient financing services for technology-based enterprises, leveraging data risk control technology to address the financing challenges faced by small and medium-sized technology enterprises [1][2]. Group 1: "Ke Chuang Dai" Business Overview - "Ke Chuang Dai" focuses on the financing difficulties of technology-based small and micro enterprises, utilizing a multi-dimensional data approach including credit, tax, and operational flow to create an intelligent risk control model for precise credit granting [2]. - Compared to traditional loan models, "Ke Chuang Dai" offers advantages such as prioritizing technology attributes, data-driven risk control, and efficient approval processes [2]. Group 2: Data-Driven Credit Assessment - The integration of the national small and micro enterprise funding flow credit information sharing platform into the "Ke Chuang Dai" approval process allows for a comprehensive analysis of core indicators such as operational stability and cash flow cycles, enhancing credit decision-making [3]. - This platform enables accurate assessment of a company's technological capabilities and operational status, facilitating a more informed lending process that benefits trustworthy enterprises [3]. Group 3: Case Study of Successful Loan Approval - A notable case involved a large specialized technology enterprise that received over 13 million yuan in loans through "Ke Chuang Dai," supporting its technological upgrades and market expansion [4]. - The collaboration between the bank and the enterprise extended beyond loans to include various financial services such as payroll, card issuance, and corporate annuities [4]. Group 4: Future Outlook - China Merchants Bank plans to continue innovating the "Ke Chuang Dai" product and enhance cooperation with data sources like the funding flow credit information sharing platform, aiming to create a more intelligent and inclusive technology financial service system [5]. - The bank intends to leverage big data and artificial intelligence to support the growth of more technology-based small and micro enterprises, providing precise financial support for their high-quality development [5].

7月29日，《财富》发布2025年世界500强排行榜，沃尔玛连续第十二年成为全球最大公司，亚马逊保持 第二，中国的国家电网公司继续位列第三，排在第四和第五位的则分别是沙特阿美和中国石油。加上中 国台湾地区，中国共有130家公司上榜，上榜公司数量仅次于美国。深圳有10家公司上榜，其中，中国 平安以第47位的排名居深企之首，较去年上升6位。 | | 行中京紫婷上线 01 | | --- | --- | | 名称 | 排位 | | 中国平安 | 第 47 | | 华为 | 第 53 | | 比亚迪 | 第 91 | | 腿试 | $115 | | 大学历经 | 第 193 | | 万科 | 第 319 | | 顺丰 | 第 393 | | 深投控 | $ 414 | | 第四十四 | $ 423 | | 中国电子 | $ 427 | 《财富》世界500强榜单被视为衡量全球大型公司最权威的榜单，以企业上年度营业收入为主要评定依 据。今年《财富》世界500强排行榜企业的营业收入总和约为41.7万亿美元，超过全球GDP的三分之 一，比去年增长了约1.8%。所有上榜公司的净利润总和同比增长约0.4%，约为2.98万亿美元。 ...

Group 1 - The core point of the announcement is that starting from August 1, 2025, the A-class shares of the Huatai Zijin Value Selection Mixed Securities Investment Fund will no longer participate in the subscription and regular investment fee rate discount activities at China Merchants Bank, reverting to the original fee rate [1][3]. Group 2 - The applicable fund for this adjustment is the Huatai Zijin Value Selection Mixed Securities Investment Fund [2]. - The adjustment plan specifies that the original subscription fee rate for the A-class shares can be found in the relevant legal documents of the fund and the latest announcements from the company, with the regular investment fee rate being the same as the daily subscription fee rate unless otherwise announced [3]. - Investors can consult for more details through the provided website [3].

Market Overview - The Hang Seng Index closed at 25,271.92, down by 252.53 points or 0.99% on July 29 [1] - The index reached a high of 25,554.41 and a low of 25,232.19 during the trading session, with a trading volume of 66.91 million [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 102.137, up by 1.33% compared to the Hong Kong market close [2] - Tencent Holdings closed at HKD 550.482, down by 0.81% compared to the Hong Kong market close [2] ADR Performance Summary - Tencent Holdings: ADR price at HKD 550.482, down by HKD 4.518 or 0.81% [3] - Alibaba Group: ADR price at HKD 117.114, down by HKD 3.586 or 2.97% [3] - HSBC Holdings: ADR price at HKD 102.137, up by HKD 1.337 or 1.33% [3] - Xiaomi Group: ADR price at HKD 54.601, down by HKD 0.699 or 1.26% [3] - Meituan: ADR price at HKD 126.886, down by HKD 1.714 or 1.33% [3] - AIA Group: ADR price at HKD 74.746, down by HKD 0.054 or 0.07% [3] - Hong Kong Exchanges: ADR price at HKD 435.801, down by HKD 4.999 or 1.13% [3] - Industrial and Commercial Bank of China: ADR price at HKD 6.024, down by HKD 0.046 or 0.75% [3] - BYD Company: ADR price at HKD 126.396, down by HKD 1.904 or 1.48% [3] - Ping An Insurance: ADR price at HKD 56.163, down by HKD 0.237 or 0.42% [3]

Investment Rating - The report maintains a "Positive" investment rating for the banking sector [11]. Core Insights - The banking sector has completed its 2024 dividend distribution, with a shift towards 2025 where the expected dividend yield for quality city commercial banks is projected to rise to approximately 4.5% to 5.0% [2][6]. - After recent market adjustments, leading city commercial banks such as Chengdu Bank and Jiangsu Bank have seen their expected dividend yields rebound to 5.1% and 4.9%, respectively, making them attractive for investment [7]. - The average static dividend yield for state-owned banks in A-shares is 4.02%, which still offers a 230 basis points (BP) spread over the 10-year government bond yield [7][20]. Summary by Sections Dividend Distribution - As of July 28, 2024, all 42 listed banks in A-shares have completed their dividend distributions for the year [6]. - For 2025, the expected average dividend yields for state-owned banks, joint-stock banks, city commercial banks, and rural commercial banks are projected at 4.04%, 4.27%, 4.05%, and 3.94%, respectively [6]. Market Dynamics - Recent market sentiment has shifted, leading to a significant recovery in risk appetite, which has resulted in capital outflows and price adjustments in the banking sector [7]. - The stable performance of banks is supported by recent interim reports from Hangzhou Bank, Ningbo Bank, Qilu Bank, and Changshu Bank, all of which exceeded expectations [7]. Mid-term Dividend Planning - In 2024, 24 listed banks are expected to implement mid-term dividends, with several banks like China Merchants Bank, Changshu Bank, and Su Nong Bank announcing their first mid-term dividends [8]. - The timing of mid-term dividends is expected to be similar to the previous year, influencing the allocation rhythm within the sector [8]. Dividend Ratios - The overall dividend ratio for banks in 2024 is expected to increase compared to the previous year, with limited room for further increases in 2025 [9]. - Attention is drawn to banks like Hangzhou Bank and Qilu Bank, which may have incentives to raise their dividend ratios post-conversion of convertible bonds [9]. Valuation Recovery - The report expresses optimism regarding the valuation recovery of banking stocks, particularly favoring quality city commercial banks such as Hangzhou Bank, Jiangsu Bank, Qilu Bank, Chengdu Bank, Nanjing Bank, and Qingdao Bank [10]. - The report highlights that various capital sources, including insurance and state-owned capital, have been increasing their holdings in banking stocks, indicating a positive outlook for the sector [27].