今年以来，南向资金持续涌入港股市场，净流入金额超7300亿港元，多项指标创历史新高。在政策指引 下，南向资金逐渐成为港股市场的中坚力量。 成交额占比提升至40%以上 近年来，南向资金在港股市场的参与度明显提升。按交易额占比来看，2015年南向资金合计买卖总额占 港股市场成交额的比例仅为2.98%，随后逐年增长，到2021年首次突破20%大关，2024年达到34.63%。 今年以来，南向资金参与港股市场活跃度提升明显，前5个月这一比例提升至43.12%(注：港交所还未公 布6月总成交数据)，即港股市场超四成的成交额来自港股通。 南向资金加大对港股的配置力度离不开政策的支持：其一，互联互通股票标的范围持续扩大，2023年3 月将恒生综合指数内符合有关条件的在港主要上市外国公司股票纳入港股通标的范围。2024年6月，进 一步扩大沪深港通ETF标的范围，降低ETF纳入规模要求。其二，税收优惠政策延续，沪港通、深港通 转让差价所得暂免征收个人所得税政策执行至2027年，有力降低投资者的交易成本。 中银证券（601696）认为，随着内地资金的不断流入，港股市场或将迎来新的机遇，尤其是在资本市场 双向开放、政策不断放宽的大 ...

证券代码：601988 证券简称：中国银行 公告编号：临 2025-054 中国银行股份有限公司 关于召开2025年第二次临时股东大会的通知 中国银行股份有限公司（简称"中国银行"或"本行"）董事会及全体董事 保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的 真实性、准确性和完整性承担法律责任。 重要内容提示： ? 股东大会召开日期：2025年7月18日 ? 本次股东大会采用的网络投票系统：上海证券交易所股东大会网 络投票系统 一、 召开会议的基本情况 (一) 股东大会类型和届次 (二) 股东大会召集人 本行董事会 (三) 投票方式 现场投票和网络投票相结合 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 7 月 18 日 9 点 30 分 召开地点：中国北京市西城区复兴门内大街 1 号中国银行总行大 厦 (五) 网络投票的系统、起止日期和投票时间 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 7 月 18 日 至2025 年 7 月 18 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投 票时间为股东大会召开当日的 ...

Group 1 - The core event is a financing and credit enhancement matchmaking meeting organized by the Baotou Market Supervision Administration to facilitate policy transmission and support high-quality development of the real economy [1][3]. - The meeting attracted seven major financial institutions, including China Bank, Construction Bank, and Industrial and Commercial Bank, along with over 20 quality enterprises seeking financing [1][3]. - The meeting provided a comprehensive interpretation of quality financing enhancement policies, detailing the basic conditions for enterprise participation, a list of 20 core "quality elements," and diverse loan channels and application processes [3][5]. Group 2 - Representatives from the seven financial institutions introduced exclusive credit products and service plans for enterprises with quality honors, focusing on credit enhancement, process optimization, and interest rate discounts [3][5]. - During the free communication session, bank teams answered over ten enterprise inquiries and collected effective financing demand information for tailored services [5]. - The matchmaking meeting is a crucial step in implementing quality financing enhancement policies, promoting information exchange among government, banks, and enterprises, and ensuring precise demand matching [5].

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年6月30日 狀態: 新提交 致：香港交易及結算所有限公司 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03988 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 83,622,276,395 | RMB | | 1 RMB | | 83,622,276,395 | | 增加 / 減少 (-) | | | | 0 | | RMB | | 0 | | 本月底結存 | | | 83,622,276,395 | RMB | | 1 RMB | | 83,622,276,395 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | -- ...

Core Viewpoint - The report from the Bank of China Research Institute highlights the challenges posed by trade protectionism and the uneven recovery of the global economy, while emphasizing the importance of domestic demand and emerging industries for banking profitability in 2025 [2][3][4]. Global Economic Overview - In Q2 2025, the U.S. implemented "reciprocal tariffs" that exceeded expectations, disrupting international trade and financial markets, leading to weakened global economic growth [2]. - Major economies are experiencing a divergence in fiscal and monetary policies, with a general trend towards looser fiscal policies and mixed monetary stances [2]. - Global foreign direct investment (FDI) has rebounded, but trade protectionism continues to weaken growth momentum, particularly affecting export-oriented economies [2][3]. China Economic Outlook - The Bank of China Research Institute anticipates that China's economy will maintain stability in H1 2025, supported by proactive counter-cyclical policies and better-than-expected exports [3]. - The report stresses the need for enhanced macroeconomic policies focused on demand to ensure steady growth and to prepare for external uncertainties [3][6]. Banking Industry Insights - The banking sector is facing pressure due to a weak global economic recovery, but emerging industries like artificial intelligence are providing new support for profitability [4][5]. - In Q1 2025, U.S. banks reported a net profit of $70.7 billion, a 9.3% increase year-on-year, driven by growth in AI and digital technology sectors [5]. - Chinese banks are expected to maintain a strong focus on technology finance, with significant loan growth projected for strategic emerging industries [7]. Stability of Financial Systems - The report indicates that the capital adequacy of banks remains stable, with a focus on improving the support chain for technology enterprises [7]. - The introduction of regulatory policies for technology finance is expected to enhance the banking sector's ability to support the entire lifecycle of tech companies [7]. Stablecoin Discussion - The report addresses the rise of stablecoins, emphasizing their potential impact on the global financial system and the need for careful regulatory approaches [8][9]. - The Bank of China Research Institute suggests a gradual approach to developing a RMB stablecoin, starting with trade payments before expanding to financial investments [9]. Consumer Trends in China - In May 2025, China's retail sales reached 4.1326 trillion yuan, a 6.4% year-on-year increase, indicating a strong recovery in consumer spending [10]. - The report predicts that consumer growth in H2 2025 will stabilize, supported by government policies and a focus on service consumption [10].

Core Insights - Shenzhen's banking sector has seen a continuous increase in "green" financing, with 29 banks disclosing their environmental information reports for 2024, including state-owned, joint-stock, and city commercial banks [1][3] - As of the first quarter of 2025, the balance of green loans in Shenzhen reached 1.27 trillion yuan, ranking among the top in the country [2] - The four major state-owned banks in Shenzhen have all surpassed 100 billion yuan in green loan balances, primarily directed towards clean energy, energy conservation, and green infrastructure upgrades [1][5] Green Loan Performance - The balance of green loans for the four major state-owned banks in Shenzhen is as follows: - Bank of China: 156.68 billion yuan, with a year-on-year growth of 14.78% [8] - Industrial and Commercial Bank: 146.6 billion yuan, with a growth of 28.6% [8] - China Construction Bank: 116.3 billion yuan, with a growth of 38% [8] - Agricultural Bank: 107.75 billion yuan, with a growth of 14.74% [8] - Joint-stock banks like Shanghai Pudong Development Bank and China Everbright Bank also reported significant growth in green loans, with year-on-year increases of 82.83% and 64.64%, respectively [5][8] Governance and Structure - Many banks have established green finance committees at the branch level, with governance structures often led by senior management from relevant departments [9] - The governance model typically follows a "top-down" approach, with specific departments managing green finance initiatives [9] Green Branches and Recognition - Over 20 "green branches" have been recognized in Shenzhen, with several branches achieving notable green loan balances [10] - The establishment of specialized green financial institutions has been a focus, with various banks creating dedicated branches to serve green financing needs [10] Innovations in Green Finance - Shenzhen has pioneered digital carbon accounts and "carbon reduction loans," along with the issuance of the first green financial bonds for rural revitalization in the country [11] - A comprehensive action plan for green finance was released, outlining 19 specific measures to support Shenzhen's goal of achieving carbon peak in a mega-city context [11]

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the performance of the equity fund market, particularly focusing on public equity funds and their issuance trends amid geopolitical risks and market sentiment fluctuations [1][4]. Core Insights and Arguments - **Equity Fund Issuance**: The new issuance of equity public funds reached 296.6 billion, marking a 17% increase from the previous period. However, the overall issuance remains low compared to historical levels, with recent weeks showing significant fluctuations [3]. - **Market Sentiment**: The market is experiencing heightened risk aversion due to ongoing geopolitical tensions, particularly the Russia-Ukraine and Israel-Palestine conflicts, which have contributed to a low issuance environment for equity funds [4]. - **Northbound Capital Activity**: As of June 22, northbound capital accounted for 12% of total trading volume, showing a slight decline. The trading activity remains at a low level due to cautious attitudes from emerging foreign investors and a rebound in US stocks [5]. - **Two-way Financing Trends**: The balance of margin financing was reported at 1.79 trillion, with a net inflow of 50 billion, indicating a 30% decrease from the previous period. The inflow is primarily concentrated in downstream consumer and upstream raw material support sectors [5]. - **ETF and IPO Dynamics**: The net subscription for existing stock ETFs was negative 28 billion, a significant improvement from negative 85 billion previously. Upcoming IPOs are expected to total 26.5 billion, with a substantial increase in equity financing to 4.3 trillion, largely driven by major banks' capital increases [6][7]. Additional Important Insights - **Capital Reduction Trends**: The net reduction of industrial capital was 85.75 billion, with significant reductions in the machinery, electronics, and basic chemicals sectors. Conversely, slight increases were noted in food and beverage, petrochemicals, and steel sectors [2][8]. - **Southbound Capital Flow**: Southbound capital saw a net inflow of 290 billion, a decrease from the previous 394 billion. This trend indicates a gradual recovery in market sentiment, influenced by geopolitical developments and expectations of potential interest rate cuts by the Federal Reserve [9]. - **Lock-up Expiration Impact**: The market is facing a lock-up expiration value of 1.078 trillion, a 162.85% increase from the previous period, with significant pressure expected from the defense and military sectors [8].

Core Viewpoint - The article highlights the diversification of currency structures in offshore bond issuance by Chinese enterprises, with a notable increase in non-US dollar bonds such as offshore RMB, Euro, and Hong Kong Dollar bonds. The total issuance in the first half of 2025 reached 399.04 billion USD, marking a 12.74% increase year-on-year, despite significant refinancing pressures in the market [1]. Group 1: Offshore Bond Market Overview - The offshore bond market for Chinese enterprises saw a total of 837 new bonds issued in the first half of 2025, amounting to 3990.44 billion USD, reflecting a 12.74% growth compared to the same period last year [1]. - The market continues to experience a significant net financing gap, indicating ongoing refinancing pressures from existing debt [1]. Group 2: Underwriting Rankings - In the underwriting rankings for offshore bonds, Bank of China led with 56.3 billion USD from 115 bonds, followed by HSBC with 51.8 billion USD from 83 bonds, and Guotai Junan International with 43.1 billion USD from 155 bonds [3][4]. - The total underwriting amount for the top three institutions reflects the competitive landscape in the offshore bond market [3][4]. Group 3: Project Count Rankings - CITIC Securities topped the project count rankings with 227 bonds underwritten, followed by Haitong International with 180 bonds, and CITIC Jianan with 165 bonds [8][9]. - This indicates a strong performance in terms of the number of projects handled by these institutions in the offshore bond market [8][9]. Group 4: Bank Underwriting Rankings - The bank underwriting rankings show Bank of China at the top with 56.3 billion USD from 115 bonds, followed by HSBC with 51.8 billion USD from 83 bonds, and CITIC Bank with 35.5 billion USD from 151 bonds [17][18]. - This highlights the dominance of these banks in the offshore bond underwriting space [17][18]. Group 5: Securities Firm Underwriting Rankings - Guotai Junan International led the securities firm rankings with 43.1 billion USD from 155 bonds, followed by CICC with 27.1 billion USD from 127 bonds, and CITIC Lyon with 26.7 billion USD from 170 bonds [20][21]. - This showcases the competitive positioning of securities firms in the offshore bond market [20][21]. Group 6: Specific Bond Type Rankings - For offshore municipal bonds, Guotai Junan International ranked first with 14.9 billion USD from 57 bonds, followed by Dongfang Securities with 9.8 billion USD from 39 bonds, and CITIC Bank with 9.5 billion USD from 55 bonds [30]. - In the offshore financial bond category, Bank of China led with 34.4 billion USD from 62 bonds, followed by HSBC with 20.6 billion USD from 41 bonds [34]. - For green bonds, Bank of China also ranked first with 6.2 billion USD from 17 bonds, closely followed by Industrial and Commercial Bank of China with 6.1 billion USD from 17 bonds [38].

Group 1 - The report from the Bank of China Research Institute indicates that frequent adjustments in U.S. trade policies will gradually reveal negative impacts on the global economy by Q2 2025, affecting U.S. consumer demand and investment activities in other economies [1] - Global economic growth momentum weakened in Q2 2025 due to changes in the trade environment, with a stable supply side and continued weak demand side [1] - Major economies are experiencing sluggish consumer growth, with U.S. retail sales declining by 0.9% month-on-month in May, and consumer confidence indices in the U.S., Eurozone, and Japan at two-year lows [1] Group 2 - The report forecasts that the global economy will face more challenges in Q3 due to tariff impacts, with a potential continuation of slowing demand expansion [1] - High inflation continues to erode real income in Japan, leading to weak domestic demand growth [1] - Emerging economies may increase their expansion into domestic and non-U.S. markets, and the restructuring of global supply chains could boost some economies' real investments, but overall global demand expansion remains uncertain [1] Group 3 - The report states that tariff increases and trade policy uncertainties will raise price levels in Q3, while changes in the Middle East may exacerbate inflationary pressures through impacts on international energy prices and global shipping [2] - Weak consumer market growth expectations may alleviate price pressures from the demand side, leading to differentiated inflation trends across different economies [2] - As U.S. inventories of previously "imported goods" are depleted, tariff burdens will gradually be passed on to U.S. consumer prices and production costs, while weak consumer demand will suppress price increases [2]

Group 1 - The Cathay Securities CSI Hong Kong Stock Connect High Dividend Investment Index Fund (QDII) C has experienced a decline of 0.07% on July 1, with a latest net value of 1.13 yuan, marking a continuous drop for five trading days and a cumulative decline of 1.8% over the period [1] - The fund was established on January 1, 2025, with an initial scale of 0.06 billion yuan and has achieved a cumulative return of 13.34% since its inception [1] Group 2 - Current fund manager Zhang Jing holds a bachelor's degree in finance from the University of International Business and Economics and an MBA from Shanghai University of Finance and Economics, with extensive international experience in asset management [2] - The other fund manager, Deng Yakun, has a master's degree in computational finance from Carnegie Mellon University and has been with Cathay Securities since March 2021, focusing on quantitative investment [2] Group 3 - As of March 31, 2025, the top ten holdings of the Cathay Securities CSI Hong Kong Stock Connect High Dividend Investment Index Fund (QDII) C account for a total of 44.28%, with significant positions in COSCO Shipping Holdings (9.76%), Yancoal Australia (5.88%), and Orient Overseas International (3.94%) among others [3]