资料显示，指数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。特殊情况下将对指数进行临时调整。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。 本文源自：金融界 作者：行情君 金融界7月22日消息，上证指数高开高走，中证香港上市可交易内地银行指数 (HKT内地银行，H11145) 报1245.77点。 数据统计显示，中证香港上市可交易内地银行指数近一个月上涨1.56%，近三个月上涨16.29%，年至今 上涨22.87%。 据了解，中证香港上市可交易主题指数系列包括HKT香港地产、HKT内地消费和HKT内地银行等3条指 数，以反映香港证券市场同时具备高流动性、易于借券卖空等特征的相关主题类证券的整体表现。该指 数以2007年12月31日为基日，以1000.0点为基点。 从指数持仓来看，中证香港上市可交易内地银行指数十大权重分别为：建设银行（31.83%）、工商银 行（23.51%）、中国银行（17.4% ...

Core Insights - The low interest rate environment has led to a resurgence in dividend strategy wealth management products, with increasing demand from investors for such allocations [1][2][8] - Major banks like Agricultural Bank of China, Bank of China, and Huaxia Bank are actively promoting dividend strategy products through their apps and public accounts [2][8] Product Overview - Dividend strategy products typically have a foundation of over 80% fixed income assets, with up to 20% allocated to dividend assets to enhance returns [1][4] - For example, the "Agricultural Bank of China Wealth Management 'Agricultural Bank Craftsmanship·Dynamic 360-Day Wealth Management Product (Dividend Preferred)'" has over 80% in fixed income assets and less than 20% in dividend assets [1][4] - The "Bank of China Wealth Management Wise Wealth Equity Dividend Strategy 180-Day Holding Period A" includes 30% of the CSI Dividend Index, with a risk level of R4 and an annualized return of 17.92% over the past month [4][7] Performance Metrics - The Agricultural Bank's product has shown an annualized return of 4.36% over the past month, 3.34% over the past three months, and 3.08% since inception, with a performance benchmark of 2.4%-3.4% [4][7] - The Bank of China's product has a high annualized return of 17.92% over the past month and 7.92% year-to-date, with an inception-to-date annualized return of 9.28% [7][8] Market Trends - The dividend strategy is gaining traction as a preferred investment choice among banks, with many financial managers recommending these products for their stability and potential for higher returns compared to traditional fixed income products [9][10] - The current low interest rate environment has made dividend strategies attractive, as they offer a stable yield compared to government bonds [9][10] Investment Opportunities - In addition to dividend strategy products, other investment opportunities include high-dividend blue chips, state-owned enterprises, green low-carbon assets, and sectors related to AI and digital economy [12][13] - The market is seeing increased interest from insurance funds in high-dividend stocks, indicating a shift towards assets that provide stable cash returns [10][11]

Industry Investment Rating - The industry investment rating is maintained at "Outperform the Market" [1][27]. Core Viewpoints - Despite a recent pullback in bank stock prices, the long-term positive outlook for the banking sector remains intact due to several factors, including expected marginal improvements in fundamentals and ongoing valuation recovery driven by increased capital inflows [2][21]. Summary by Relevant Sections Recent Market Performance - Since July 11, bank stock prices have experienced a notable decline, with the banking index down 3.41% as of July 18. This pullback is attributed to strong prior gains, profit-taking by investors, and short-term selling pressure from dividend-related strategies [2][12]. Fundamental Improvements - The first half of 2025 is expected to reflect some marginal improvements in bank performance, driven by stabilized net interest margins, improved non-interest income, and a favorable asset quality outlook [2][13][14]. - Net interest margins are projected to stabilize due to easing credit supply-demand imbalances and the expiration of high-interest deposits [17]. - Non-interest income is anticipated to improve as the decline in management fees narrows and the bond market recovers [17]. Valuation Recovery - The banking sector's valuation recovery is expected to continue, supported by low interest rates and a scarcity of attractive assets, making bank stocks appealing due to their high dividend yields [18][20]. - As of July 18, the banking sector's dividend yield stands at 4.47%, with a price-to-book (PB) ratio of 0.73, indicating a low valuation compared to other sectors [20]. - The influx of incremental capital, including long-term funds and public fund reforms, is likely to sustain the valuation recovery trend in the banking sector [20][21]. Investment Recommendations - The report recommends focusing on quality regional small banks such as Chengdu Bank and Changshu Bank, as well as major state-owned banks including Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, and Postal Savings Bank of China [21].

Core Viewpoint - The event "Zhongyin Investment Strategy Conference" held in Beijing focused on the theme "Observing Trends Towards New Opportunities," discussing the current global economic situation and future asset trends [1] Group 1: Event Overview - The conference featured renowned economists and over a hundred private banking and potential clients, emphasizing the complexities and opportunities in the current global economic landscape [1] - The Deputy General Manager of the Beijing Branch highlighted the importance of asset allocation services and the bank's commitment to identifying market risks and investment opportunities for wealth preservation [1] Group 2: Insights and Strategies - Economists provided in-depth analysis of the global political and economic landscape, helping attendees understand market dynamics [1] - Investment strategy experts from the bank presented quarterly research findings, focusing on multi-asset allocation as a practical approach to navigate market volatility and create value [1] Group 3: Future Directions - The bank has been conducting a series of "Zhongyin Investment Strategy Conference" events nationwide, showcasing its investment strategy research capabilities and comprehensive wealth management services [1] - The bank aims to collaborate with clients to create wealth value and explore future possibilities, looking forward to future engagements [1]

2025年刚过半，我国5家被认定为全球系统重要性银行（G-SIBs）的商业银行，已有3家发行了总损失吸 收能力（TLAC）非资本债券，以提升自身总损失吸收能力。 "TLAC债券作为可内部纾困的工具，在银行面临破产清算时能够转换为股权或减记，增强银行损失吸 收能力。"上海金融与发展实验室首席专家、主任曾刚在接受《金融时报》记者采访时表示。 全球系统重要性银行规模大、业务复杂性高、关联性强，在金融体系中提供关键金融服务，对整个金融 体系的平稳高效运行有着重要影响。近年来，中国人民银行按照党中央、国务院部署，持续加强系统重 要性金融机构监管。在金融管理部门的细致规划下，我国被认定为全球系统重要性银行的5家商业银行 正在稳步推进总损失吸收能力建设。 积极发行TLAC债券 年内第一家发行TLAC债券的银行是交通银行。 6月16日晚间，交通银行发布公告称，该行在经相关监管机构批准后，在全国银行间债券市场公开发 行"交通银行股份有限公司2025年第一期总损失吸收能力非资本债券（债券通）"，并已于当日发行完 毕。 随后，农业银行和中国银行也先后发行了2025年第一期总损失吸收能力非资本债券，两家银行的TLAC 债券分别于6月 ...

金融界7月21日消息，上证指数高开高走，中证香港300价值指数 (HK300V，H11172)报3176.85点。 作者：行情君 从中证香港300价值指数持仓的市场板块来看，香港证券交易所占比100.00%。 从中证香港300价值指数持仓样本的行业来看，金融占比59.13%、通信服务占比11.02%、能源占比 10.44%、房地产占比7.33%、工业占比4.04%、公用事业占比2.80%、原材料占比2.34%、主要消费占比 1.34%、医药卫生占比0.80%、信息技术占比0.45%、可选消费占比0.30%。 资料显示，指数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。中证香港300价值指数和中证香港300成长指数每次调整的样本比例一般不超过20%。定期调整 设置缓冲区，Z值在对应指数的样本空间中，排名在80名之前的新样本优先进入；排名120名之前的老 样本优先保留。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。遇临时调整时，当中证香港300指数调整样本时，指数样本 随之进行相应调整。当样本退市时，将 ...

证券研究报告 2023.07.01 国有 大行基本面分析手册 林英奇 分析员 周基明 分析员 许鸿明 联系人 SAC 执证编号：S0080521090006 SFC CE Ref：BGP853 yingqi.lin@cicc.com.cn SAC 执证编号：S0080521090005 SFC CE Ref：BTM336 jiming.zhou@cicc.com.cn SAC 执证编号：S0080121080063 hongming.xu@cicc.com.cn 观点聚焦 投资建议 107 100 93 86 79 72 2022-06 2022-09 2022-12 2023-03 2023-06 沪深300 中金银行 | 股票 | 股票 | 目标 | | P/B (x) | | --- | --- | --- | --- | --- | | 名称 | 评级 | 价格 | 2023E | 2024E | | 中国邮政储蓄银行-A | 跑赢行业 | 6.15 | 0.6 | 0.6 | | 农业银行-A | 跑赢行业 | 3.78 | 0.5 | 0.5 | | 招商银行-A | 跑赢行业 | 51.74 | ...

（原标题：钱建忠，被开除党籍！） 【导读】中国银行宁波市分行原党委书记、行长钱建忠被开除党籍 中国基金报记者 晨曦 金融反腐最新通报来了！ 7月21日，中央纪委国家监委官网通报：中国银行宁波市分行原党委书记、行长钱建忠被开除党籍。 据悉，钱建忠严重违的政治纪律、组织纪律、廉洁纪律和生活纪律，构成严重职务违法并涉嫌受贿犯 罪。 来看详情—— 违规兼职取酬 • 将公权力当作谋取私利的工具，非法收受巨额财物。 非法收受巨额财物 通报指出，钱建忠严重违的政治纪律、组织纪律、廉洁纪律和生活纪律，构成严重职务违法并涉嫌受贿 犯罪，且在党的十八大、十九大后仍不收敛、不收手，性质严重，影响恶劣，应予严肃处理。 据中央纪委国家监委驻中国银行纪检监察组、浙江省纪委监委消息：日前，经中央纪委国家监委批准， 中央纪委国家监委驻中国银行纪检监察组、温州市监委对中国银行宁波市分行原党委书记、行长钱建忠 严重违纪违法问题进行了立案审查调查。 依据《中国共产党纪律处分条例》《中华人民共和国监察法》《中华人民共和国公职人员政务处分法》 等有关规定，经中国银行党委研究，决定给予钱建忠开除党籍处分；经中央纪委国家监委驻中国银行纪 检监察组研究，决 ...

中国基金报记者 晨曦 金融反腐最新通报来了！ 7月21日，中央纪委国家监委官网通报：中国银行宁波市分行原党委书记、行长钱建忠被开除 党籍。 据悉，钱建忠严重违反党的政治纪律、组织纪律、廉洁纪律和生活纪律，构成严重职务违法 并涉嫌受贿犯罪。 来看详情—— 违规兼职取酬 【导读】中国银行宁波市分行原党委书记、行长钱建忠被开除党籍 依据《中国共产党纪律处分条例》《中华人民共和国监察法》《中华人民共和国公职人员政 务处分法》等有关规定，经中国银行党委研究，决定给予钱建忠开除党籍处分；经中央纪委 国家监委驻中国银行纪检监察组研究，决定按规定取消其享受的待遇；收缴其违纪违法所 得；由温州市监委将其涉嫌犯罪问题移送检察机关依法审查起诉，所涉财物一并移送。 非法收受巨额财物 据中央纪委国家监委驻中国银行纪检监察组、浙江省纪委监委消息：日前，经中央纪委国家 监委批准，中央纪委国家监委驻中国银行纪检监察组、温州市监委对中国银行宁波市分行原 党委书记、行长钱建忠严重违纪违法问题进行了立案审查调查。 经查，钱建忠存在以下问题： • 身为国有金融企业党员领导干部，丧失理想信念，背弃初心使命，对党不忠诚不老实，对抗 组织审查； • 罔顾 ...

而上半年中国权益市场行情走势，正印证了中国银行投资策略的观点。 在2025年中银投资策略白皮书示范组合中，中银投资策略研究中心提高了权益比例。权益配置结构方面，采取了"价值+科技"的哑铃策略，用中证A50、 红利指数、沪深300、港股通央企红利等作为价值端，追求稳定回报；科创100、恒生科技作为科技端追求成长收益；消费电子、证券保险则作为年度特色 资产，追求捕捉年度热点，获取高收益。 中银投资策略一直宣称的"除了市场的贝塔，还有中行阿尔法"的理念，正在照进现实。 捕捉到更多阿尔法的背后，中国居民的投资体验感正在改善。 在投资中，有一种哑铃投资策略。 从名字上就可以知道，这个策略就像举哑铃，两头重、中间轻。一头配高风险资产搏高收益，一头配低风险资产稳底盘，中间中等风险资产少配。靠两类 资产此消彼长对冲风险，既抓机会又守底线，平衡收益与安全。 近日，《中国银行个人金融全球资产配置策略季报（ 2025年3季度）》发布。该报告回顾了上半年中国权益市场运行的几个特征，其中之一便是"深度价 值与科创指数表现较好，哑铃策略盛行"。 上半年万得二级行业指数中，银行（涨幅15.75%）涨幅居前，而宽基指数中，科创100指数上涨 ...