摩根士丹利资源优选混合型证券投资基金 (LOF) 基金管理人：摩根士丹利基金管理（中国）有限公司 基金托管人：中国光大银行股份有限公司 送出日期：2025 年 8 月 28 日 大摩资源优选混合(LOF)2025 年中期报告 基金管理人的董事会、董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗漏， 并对其内容的真实性、准确性和完整性承担个别及连带的法律责任。本中期报告已经三分之二以 上独立董事签字同意，并由董事长签发。 基金托管人中国光大银行股份有限公司根据本基金合同规定，于 2025 年 8 月 26 日复核了本 报告中的财务指标、净值表现、利润分配情况、财务会计报告、投资组合报告等内容，保证复核 内容不存在虚假记载、误导性陈述或者重大遗漏。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应仔细阅读本 基金的招募说明书及其更新。 本报告中财务资料未经审计。 本报告期自 2025 年 1 月 1 日起至 6 月 30 日止。 第 2页 共 43页 大摩资源优选混合(LOF)2025 年中期报告 第 ...

证券之星消息，8月27日股份制银行板块较上一交易日下跌1.74%，光大银行领跌。当日上证指数报收于 3800.35，下跌1.76%。深证成指报收于12295.07，下跌1.43%。股份制银行板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600036 | 招商银行 | 43.00 | -1.19% | 75.81万 | 32.81亿 | | 601998 | 中信银行 | 7.91 | -1.37% | 80.08万 | 6.35亿 | | 601166 | 兴业银行 | 22.50 | -1.66% | 68.86万 | 15.63亿 | | 600000 | 浦发银行 | 13.75 | -2.00% | 76.98万 | 10.66亿 | | 600015 | 华夏银行 | 7.71 | -2.03% | 59.52万 | 4.62亿 | | 601916 | 浙商银行 | 3.26 | -2.10% | 226.90万 | 7.471乙 | | 000001 | 平 ...

Core Insights - The article reports on a tender announcement made by China CITIC Financial Assets, China Reinsurance, and China Everbright Holdings through China Everbright Bank for a project related to Ningxia Transportation Investment Group [1] Group 1 - The project is for the issuance of the first phase of medium-term notes for the year 2025, with a budget amount of 10 million yuan [1] - The ownership structure of the involved companies shows that China CITIC Financial Assets holds 8%, China Reinsurance holds 1.34%, and China Everbright Holdings holds 2.66% [1]

（编辑 李家琪） 证券日报网讯 8月26日晚间，雪浪环境发布公告称，公司控股子公司南京卓越环保科技有限公司因经营 需要，拟向中国光大银行股份有限公司南京分行申请授信额度1，000万元，期限为一年，公司拟为其上 述综合授信事项提供连带责任担保。2025年8月26日，公司第五届董事会第二十一次会议通过了《关于 为公司控股子公司融资提供担保的议案》。 ...

Core Insights - Everbright Bank's Hangzhou branch is actively promoting green finance by directing credit resources towards ecological protection and green development, with financing exceeding 2 billion yuan for regional ecological sustainability [1][2] - The water quality in Huzhou, which flows into Taihu Lake, has maintained a stable level above Class III for 17 consecutive years, with improvements leading to a Class II level in the first half of this year [2] Group 1: Green Finance Initiatives - Everbright Bank's Hangzhou branch has provided 400 million yuan in financing to support ecological restoration measures, including upgrading sewage pipelines and comprehensive river management projects [1] - The bank has also allocated 500 million yuan for key infrastructure projects, such as the Nanjing Ecological Livable Drainage System renovation and 100 million yuan for the Anji Qingquan Wastewater Treatment Company [2] Group 2: Environmental Impact - The ecological environment in the region has improved significantly, with the presence of species like the endangered crested ibis in the Tiao River basin [2] - The bank's initiatives are contributing to a sustainable economic model that balances ecological protection with economic development in the Taihu Lake area [2]

Core Insights - The article discusses the tightening of bank account opening processes in response to risks such as telecom fraud and money laundering, highlighting concerns over excessive restrictions and inconsistent practices across different bank branches [2] Group 1: Bank Evaluation - A survey was conducted across 9 banks in Huizhou to assess the efficiency, compliance, anti-fraud execution, and service quality of their account opening processes [2] - All 9 banks demonstrated strong anti-fraud education efforts, with staff proactively informing customers about fraud prevention during the account opening process [2] - Out of the 9 banks, 7 successfully issued different tiers of primary accounts, while 2 banks (Huaxia Bank and Industrial Bank) cited specific restrictions preventing new users from obtaining primary accounts [2] Group 2: Specific Bank Performance - The evaluation of the Everbright Bank Huizhou branch revealed a total processing time of approximately 11 minutes for opening a primary savings account, scoring 95 points in the assessment [3] - The bank's customer service indicated that only secondary accounts could be opened for general use, with primary accounts reserved for specific purposes such as salary, investment, or loan services [5] - The account opening process at Everbright Bank included identity verification and a reminder that the card must be used personally, with a temporary transaction limit of 5,000 yuan for new accounts [5]

Core Viewpoint - The China Securities Index for Hong Kong-listed tradable mainland banks has shown a mixed performance, with a recent decline over the past month but an overall increase year-to-date [1]. Group 1: Index Performance - The HKT Mainland Bank Index is reported at 1183.60 points, having decreased by 4.99% over the past month, increased by 4.64% over the past three months, and risen by 17.74% year-to-date [1]. - The index is part of a series that includes HKT Hong Kong Real Estate, HKT Mainland Consumption, and HKT Mainland Banks, reflecting the overall performance of related securities in the Hong Kong market [1]. Group 2: Index Composition - The top ten holdings in the HKT Mainland Bank Index are as follows: China Construction Bank (31.15%), Industrial and Commercial Bank of China (24.07%), Bank of China (17.23%), China Merchants Bank (10.32%), Agricultural Bank of China (7.87%), CITIC Bank (3.5%), Postal Savings Bank of China (2.56%), Minsheng Bank (1.4%), Chongqing Rural Commercial Bank (0.71%), and China Everbright Bank (0.64%) [1]. - The index is exclusively composed of financial sector stocks, with a 100% representation from this industry [3]. Group 3: Index Adjustment Mechanism - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day following the second Friday of June and December each year [3]. - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [3].

Group 1 - The core viewpoint of the articles highlights the successful issuance of a HKD 1.05 billion loan by Everbright Bank's Hohhot branch to a large private manufacturing enterprise in Inner Mongolia, showcasing the bank's ability to leverage its cross-border financial service network [1] - The collaboration between the Hohhot and Hong Kong branches of Everbright Bank demonstrates effective coordination in response to recent fluctuations in international financial markets, particularly in Hong Kong dollar interest rates [1] - The successful execution of this loan is a reflection of Everbright Bank's commitment to supporting the real economy and private enterprises, utilizing innovative cross-border financial tools to provide low-cost funding solutions [1] Group 2 - The partnership between the bank and the enterprise enhances mutual trust and lays a solid foundation for future cooperation, with plans to further leverage cross-border collaboration to improve financial service capabilities [2] - Everbright Bank's Hohhot branch aims to focus on supporting the transformation and upgrading of traditional industries in Inner Mongolia towards high-end, intelligent, and green development, contributing to the region's economic growth [2]

潮新闻客户端 通讯员 倪敏捷 记者臧嫣 8月22日下午，由杭州市发改委、钱塘区发改局与钱塘区工商联联合打造的第四期杭州市小微融资直播 活动顺利举行。 本次直播市发改委作为主办方邀请了中国光大银行杭州分行副行长郭志雄、光大永明人寿保险浙江分公 司总经理彭雪芹、光大证券新兴产业融资部总经理助理马涛及正泰集团科创园区负责人金福娟等多位专 业人士，围绕小微融资协调机制、"千企万户大走访"成果及金融赋能路径展开深入交流。作为光大集团 驻浙企业协同牵头单位，光大银行杭州分行立足小微融资协调机制，联动集团全牌照资源，以"走访 +协同+场景"三维发力，为产业园区及小微企业注入金融动能。 锚定协调机制，织密小微融资服务网 杭州市小微融资协调机制通过省、市、区三级联动工作专班，构建了"政策引导+金融协同+园区落 地"的服务闭环。光大银行杭州分行积极响应机制部署，以"专业团队扎根、专属产品适配、专属机制提 效"的"三专"优势，深度融入地方小微金融服务体系。 此外，依托"千企万户大走访"活动，该行组建专项服务团队，每月深入园区、企业一线，精准对接融资 需求。截至2025年7月末，已走访杭州市内企业超过2000家，合计授信户次1865 ...

Core Viewpoint - Everbright Bank's H-shares are initiated with a "Buy" rating and a target price of HKD 4.62, corresponding to a 2025E PB of 0.50 times, supported by strong group resources and a competitive edge in wealth management and financial markets [1] Group Strategy and Resource Support - The bank benefits from comprehensive financial resources from the Everbright Group, enhancing its non-interest income through a "commercial bank + investment bank + private bank" service model [1] - Everbright Bank's wealth management subsidiary leads in scale, with a total asset size of CNY 1.82 trillion as of the end of H1 2025, establishing a competitive advantage in wealth management [1] Solid Fundamentals and Risk Clearance - The bank is actively reducing high-cost deposits and has cleared existing risks, with a stable non-performing loan (NPL) ratio of 1.25% since 2024 [2] - As of August 19, the implied NPL ratio based on current PB is significantly higher than the actual NPL ratio, indicating a strong asset quality [2] Valuation and Dividend Yield - The bank's stock is seen as undervalued with a high dividend yield, with a projected dividend payout ratio of 30.14% for 2024 and a 2025E PB/dividend yield of 0.39 times/5.77% [2] - Shareholder confidence is reflected in the planned share buybacks by the Everbright Group, which aims to acquire up to 2% of the total share capital within a year [2] Market Perspective and Profit Forecast - There is a divergence between market concerns regarding asset quality and Everbright Bank's actual risk clearance achievements, with a financial investment provision coverage ratio exceeding 200% [3] - Profit forecasts for 2025-2027 indicate a growth in net profit of 0.7%/2.4%/3.9%, with corresponding BVPS of CNY 8.47/8.77/9.32, leading to a target PB of 0.50 times for 2025 [3]