Core Viewpoint - The insurance capital market is experiencing a significant wave of acquisitions, with insurance funds actively buying shares in listed companies, particularly in the banking and public utility sectors, as well as in leading cyclical industries like steel [2][3][4]. Group 1: Insurance Capital Trends - Insurance funds have made 19 acquisitions this year, nearly matching last year's total of 20 within just six months [2]. - A notable trend is the substantial movement of funds towards Hong Kong stocks, with 14 out of 19 acquisitions involving Hong Kong-listed companies [2][8]. - The average return on investment for insurance companies in the Hong Kong market is approximately 15%, indicating a strong performance compared to previous years [2][8]. Group 2: Investment Strategies - The acquisitions reflect a rebalancing of insurance assets and liabilities, emphasizing long-term value investment [2][5]. - Insurance companies are increasingly focusing on high-dividend, low-volatility stocks, particularly in the banking sector, which offers an average dividend yield exceeding 5% [6][7]. - The recent regulatory changes have allowed for more flexible equity asset allocation, potentially unlocking an additional 1.5 trillion yuan in investment capital [5]. Group 3: Sector Focus - The banking sector remains the primary focus for insurance fund acquisitions, with nine out of the 19 acquisitions involving banking stocks [6]. - Steel industry leaders like Hualing Steel are also attracting attention, indicating a tactical interest in undervalued cyclical stocks [7]. - The insurance funds are not entirely avoiding cyclical industries but are selectively investing in financially stable companies with strong cash flow and dividend capabilities [3][4]. Group 4: Market Dynamics - The Hong Kong market is becoming increasingly attractive due to its higher dividend yields and significant valuation discounts compared to A-shares [8]. - The ongoing release of institutional benefits in Hong Kong is expected to enhance its appeal to cross-border investments [8]. - Despite geopolitical tensions, the Hong Kong market has shown resilience, achieving a 20% increase in performance, making it a leading financial center [8].

Core Viewpoint - China Merchants Bank has received approval from the National Financial Regulatory Administration to establish a financial asset investment company, which will enhance its capabilities in market-oriented debt-to-equity swaps and equity investment trials [2][3]. Group 1: Company Establishment - The registered capital of the newly established investment company, named China Merchants Jin Investment Co., is 15 billion yuan, making it a wholly-owned subsidiary of China Merchants Bank [3]. - The establishment of this company is a strategic move by China Merchants Bank to align with national development goals and provide comprehensive financing support to enterprises [3]. Group 2: Market Impact - Holding an AIC license allows banks to legally conduct market-oriented debt-to-equity swaps, helping enterprises reduce leverage and optimize capital structure, while also providing new pathways for banks to manage non-performing assets [4]. - The AIC license enables banks to break down barriers between commercial and investment banking, allowing for services such as equity financing and mergers and acquisitions, thus deepening comprehensive operations [4]. Group 3: Industry Context - The establishment of financial asset investment companies is part of a broader initiative by the National Financial Regulatory Administration to expand equity investment trials among qualified commercial banks [5]. - The characteristics of technology enterprises, such as high investment and risk, make traditional bank loans challenging; thus, the equity investment business of banks can fill this gap [5].

Group 1 - The company Fudan Zhangjiang (01349.HK) has subscribed to a structured deposit product from China Merchants Bank using its own idle funds amounting to 90 million yuan [1]

Investment Rating - The report rates the banking sector as "Outperform" compared to the market [1]. Core Insights - The banking sector index rose by 3.77% this week, with all 42 A-share banks experiencing gains. Year-to-date, the banking sector has increased by 17.77%, ranking second among all industries. The report emphasizes the investment value of bank stocks, particularly recommending China Merchants Bank, Agricultural Bank of China, and Jiangsu Bank [1][14][15]. Summary by Sections Banking Sector and Stock Performance - The A-share banking index increased by 3.78% this week, outperforming the Wind All A index by 2.56 percentage points. The average increase for state-owned banks was 2.81%, for joint-stock banks 5.41%, for city commercial banks 3.30%, and for rural commercial banks 2.48% [2][13][15]. - Over the past month, state-owned banks saw a rise of 6.95%, joint-stock banks 11.63%, city commercial banks 7.34%, and rural commercial banks 4.82% [2][15]. Funding Price Situation - The People's Bank of China conducted a reverse repurchase operation with a net withdrawal of 13,753 billion yuan this week. The overnight SHIBOR rate was 1.31%, down 6 basis points from last week, while the 7-day SHIBOR rate was 1.42%, down 25 basis points [3][28][31]. Bond Market Situation - The total financing in the bond market was 10,356.4 billion yuan, with a net financing increase of 4,317.0 billion yuan, up 137.3 billion yuan from last week. The issuance of bonds decreased by 10,413.1 billion yuan compared to the previous week [4][43]. - The issuance of government bonds was 2,800.8 billion yuan, an increase of 1,690.8 billion yuan from last week [4][43]. Bond Yield Overview - The 1-year government bond yield was 1.34%, down 1 basis point from last week, while the 10-year yield remained stable at 1.64%. The yield spread between 10-year and 1-year bonds widened by 1 basis point [5][47][50].

活动期间，招商银行青岛分行重磅发布万事达高端卡，作为首张支持境外人民币清算的万事达卡，该卡 一举打破传统跨境支付壁垒，实现消费直接以人民币结算且不占用个人外汇额度，持卡人只需账户内有 人民币，即可在全球210多个国家和地区、超1.3亿商户轻松消费，同时支持微信、支付宝、美团等主流 平台绑定使用，覆盖线上线下（300959）全场景。在权益设计上，该卡兼顾实用性与尊享感。针对留学 人群，"留学快汇"服务支持通过招商银行App一站式完成购汇和汇款；针对旅游爱好者，境外消费返现 力度强劲，5‰返现无封顶；每月前3笔境外ATM取现手续费全免，搭配万事达全球商户礼遇，包括米 其林餐厅独家预订、IHG酒店及度假村优惠等。真正实现"好用、划算、便捷"的综合体验，为客户在留 学、旅行、投资等跨境场景中提供全方位支持，成为跨境金融服务的"得力助手"。 展望未来，招商银行青岛分行跨境专业行将以此次启动为新起点，持续践行"十项服务承诺"，依托万事 达高端卡等创新产品，不断深化"金融+场景+科技"三位一体服务模式。通过整合境内外资源，提升跨 境金融服务的专业化、精细化水平，在服务个人客户留学、旅行、财富规划的同时，全力支持企业跨境 贸 ...

1. 中邮先进制造混合型发起式证券投资基金(以下简称"本基金")的发售已获中国证券监督管理委员会2025年2月17 日证监许可〔2025〕306号文注册。 登录新浪财经APP 搜索【信披】查看更多考评等级 重要提示 2. 本基金是混合型证券投资基金。 3. 基金的运作方式：契约型开放式 4. 本基金的管理人和注册登记机构均为中邮创业基金管理股份有限公司(以下简称"本公司")，托管人为招商银行股 份有限公司(以下简称"招商银行")。 5. 本基金自2025年7月14日至2025年7月25日，通过本公司指定的销售机构(包括直销机构和其他销售机构)公开发 售。其中直销机构指本公司的直销中心、网上交易平台和中邮基金官方微信平台一一中邮基金服务号，其他销售 机构名单详见"五（三）2、其他销售机构"，各销售机构的办理地点、办理日期、办理时间和办理程序等事项参照 各销售机构的具体规定。 6. 本基金首次募集总规模上限为人民币10亿元（即确认的有效认购金额，不含募集期利息），采取"末日比例确 认"的方式对上述规模限制进行控制。 7. 投资者欲购买本基金，须开立本公司基金账户。除法律法规另有规定外，一个投资者只能开设和使用一个 ...

Summary of Key Points Core Viewpoint - China Merchants Bank (招商银行) is actively engaging in shareholder returns and expanding its business operations through the establishment of a new subsidiary, reflecting a commitment to high-quality development and market responsiveness [3][6]. Trading Information - On July 4, 2025, China Merchants Bank's stock closed at 47.07 yuan, with an increase of 0.99%. The turnover rate was 0.33%, with a trading volume of 678,900 lots and a total transaction value of 3.19 billion yuan [1]. - The fund flow on the same day indicated a net inflow of 287 million yuan from institutional investors, accounting for 8.99% of the total transaction value. Retail investors experienced a net outflow of 127 million yuan, representing 3.98% of the total transaction value [2][6]. Company Announcements - China Merchants Bank announced a cash dividend of 2.000 yuan per share (including tax) for its A-shares, with a total distribution amounting to approximately 50.44 billion yuan (including tax). The record date for the dividend is July 10, 2025, and the payment date is July 11, 2025 [3][6]. - The bank has received approval from the National Financial Regulatory Administration to establish a wholly-owned subsidiary, China Merchants Financial Asset Investment Co., Ltd., with a registered capital of 15 billion yuan. This initiative aims to engage in market-oriented debt-to-equity swaps and equity investment pilot projects [3][6].

Investment Rating - The report maintains a "Recommended" investment rating for the banking sector, expecting the sector index to outperform the benchmark index by more than 5% in the next 3-6 months [24]. Core Insights - The report highlights the recent revisions to the CIPS (Cross-border Interbank Payment System) rules, which aim to enhance the management of participants and adapt to the growing cross-border e-commerce trade, projected to reach approximately 2.71 trillion yuan in 2024, a 14% year-on-year increase [3][4]. - The CIPS system processed 8.2169 million transactions amounting to 175.49 trillion yuan in 2024, reflecting a significant year-on-year growth of 42.60% [3]. - The report emphasizes the flexibility introduced in the new CIPS rules, allowing financial market infrastructure participants to open CIPS accounts based on business needs rather than strict management requirements [4]. Summary by Sections CIPS Overview - CIPS is a clearing system for cross-border payments in RMB, distinct from SWIFT's messaging system, and has seen a substantial increase in participation, with 174 direct participants and 1,509 indirect participants across 120 countries [2][3]. Recent Developments - The new rules include relaxed entry conditions for system participants, allowing for a more flexible approach to participant management [4]. - The rules specify that foreign direct participants must select domestic direct participants as fund custodians, as foreign banks lack CNAPS accounts [4]. Risk Management Enhancements - The updated regulations detail business processing and risk management requirements, mandating that participants establish robust risk management frameworks and adhere to international anti-money laundering standards [4]. Market Performance - The banking sector index rose by 3.77% during the reporting period, outperforming the CSI 300 index by 2.23 percentage points [8]. - The report suggests a focus on banks with high dividend yields and strong asset quality, recommending major state-owned banks and select regional banks for investment [9]. Company Forecasts - Key banks such as Ningbo Bank, Jiangsu Bank, and China Merchants Bank are highlighted with positive earnings forecasts and investment ratings, indicating strong potential for returns [10].

Investment Rating - The report indicates a positive outlook for the banking sector, suggesting that certain stocks may benefit from policy catalysts and cyclical recovery [3]. Core Viewpoints - The report highlights that while tariff policies may cause short-term impacts on exports, long-term domestic policies aimed at stabilizing the real estate market, promoting consumption, and enhancing social welfare are expected to support economic growth [3]. - The banking sector is anticipated to benefit from these policies, with specific banks such as Ningbo Bank, Postal Savings Bank, China Merchants Bank, and Changshu Bank being recommended for investment [3]. - The report also emphasizes the potential for continued dividends from banks like Shanghai Bank, China Merchants Bank, Jiangsu Bank, and Chongqing Bank, which are showing positive fundamental changes [3]. Summary by Sections Credit Growth - As of the end of May 2025, the overall loan growth rate in China was 6.6%, with household and corporate loans growing at 3.0% and 8.5% respectively [1]. - Provinces such as Sichuan, Jiangsu, and Anhui led in credit growth, with growth rates exceeding 9% [1][2]. - Corporate loans in Sichuan, Jiangsu, and Shandong showed impressive growth rates of 13.8%, 13.6%, and 13.4% respectively [2]. Key Data Tracking - The average daily trading volume in the stock market was 14,415.38 billion yuan, a decrease of 453.04 billion yuan from the previous week [4]. - The balance of margin financing and securities lending increased by 1.12% to 1.85 trillion yuan [5]. - The issuance of non-monetary funds decreased significantly, with a total of 53.28 billion yuan issued this week, down 273.46 billion yuan from the previous week [5]. Interest Rate Market Tracking - The issuance scale of interbank certificates of deposit was 2,435.10 billion yuan, a decrease of 4,828.40 billion yuan from the previous week [6]. - The average interest rate for interbank certificates of deposit was 1.62%, down 2 basis points from the previous week [10]. - The average yield on 10-year government bonds remained stable at 1.64% [10]. Sector Performance - The banking sector's performance is closely monitored, with specific stocks showing varying degrees of growth and decline [30]. - The report includes detailed charts tracking the performance of various financial stocks and their respective movements [30][36].

Group 1 - A new financial asset investment company, 招银金融资产投资有限公司 (招银AIC), has been approved for establishment by 招商银行, following approvals for 兴银金融资产投资有限公司 and 信银金融资产投资有限公司 from 兴业银行 and 中信银行 respectively [1][3] - 招银AIC will be established under the supervision of the National Financial Regulatory Administration, with 招商银行 planning to submit an application for commencement after the establishment process is completed [1] - The registered capital for both 兴银金融资产投资有限公司 and 信银金融资产投资有限公司 is set at 100 billion yuan, fully funded by their respective parent banks [3] Group 2 - The establishment of AICs is seen as a strategic move for banks to enhance their equity investment capabilities, diversify income sources, and improve profitability amidst pressure on net interest margins [3] - Experts suggest that AICs should focus on optimizing institutional processes, nurturing professional talent, and conducting market research to support technological innovation and the development of private enterprises [3] - AICs are encouraged to leverage external funding sources, such as insurance capital, to expand their equity investment capabilities and better serve technological innovation and private enterprises [3]