● 本报记者 吴杨 AMC再次出手增持银行股。光大银行近日披露的公告显示，中信金融资产再度增持该行A股及H股股 份，持股比例已升至9%。自2024年11月宣布以不超过40亿元增持光大银行股份的计划以来，中信金融 资产的增持动作持续落地。 此外，三季度以来，险资也持续加码银行板块。截至三季度末，险资持有银行股市值已超4000亿元。从 AMC基于财务增厚与战略协同的布局，到险资锚定"高股息+低波动"的配置需求，银行股正凭借多重优 势，成为中长期资金的"核心锚点"。 再度出手 光大银行2025年三季度报告显示，截至三季度末，中信金融资产持有该行A股和H股合计47.39亿股。同 期，光大银行总资产为7.2万亿元，较年初稳步增长。 事实上，这并非是中信金融资产对光大银行的首次增持。早在今年7月，中信金融资产就增持该行A股 股份2.64亿股，H股股份2.79亿股，推动持股比例从7.08%升至8%。 回溯来看，中信金融资产对光大银行的股权布局早有规划。2024年11月，中信金融资产发布关于进一步 推进投资配置议案的公告，明确提出拟在前期投资基础上加大配置力度，计划在未来12个月内，以不超 过40亿元增持光大银行股份。 中信 ...

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 呈交日期: 2025年12月3日 本月底法定/註冊股本總額： RMB 59,085,551,061 FF301 I. 法定/註冊股本變動 | 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) | 06818 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 12,678,735,500 | RMB | | 1 RMB | | 12,678,735,500 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 12,678,735,500 | RMB | | 1 RMB | | 12,678,735,500 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 ...

优化服务提质效，施以精准"金融底肥"。在实践中，光大银行不断提升普惠金融服务的便利性、可得性 和精准性，通过优化审批流程、创新信贷产品、运用金融科技手段，努力实现线上申请、快速审批、灵 活放款，极大提升了农户的融资体验。无论是支持春耕备耕，还是保障秋收冬藏；无论是服务粮食生 产，还是助力特色种养业，光大银行的信贷支持都力求与农时、农事、农需紧密结合，确保"好钢用在 刀刃上"，让每一分金融资源都能切实转化为促进农业增产、农民增收的实效。 未来，光大银行将继续秉持金融工作的政治性、人民性，深度融入国家乡村振兴战略布局，不断丰富普 惠金融服务内涵，拓展服务边界，以更加优质、便捷、高效的金融服务，陪伴广大农业经营主体共同成 长，在希望的田野上谱写乡村全面振兴的新篇章。 创新"惠农贷"产品，精准滴灌涉农客户。为更好地服务涉农客户，光大银行创设"惠农贷"产品，通过深 入分析种植户、养殖户、涉农经销商等客群特点及客户需求，形成阳光助业贷、阳光种植贷、阳光养殖 贷、阳光农链贷等系列产品，以点带面不断扩展业务范围。目前"惠农贷"产品已在11个省份全面落地， 贷款规模已达25亿元。 融入产业链场景，构建普惠金融新生态。面对乡村金 ...

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11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國光大銀行股份有限公司（於中華人民共和國註冊成立的股份有限公司） 呈交日期: 2025年12月3日 I. 法定/註冊股本變動 | 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) | 06818 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 12,678,735,500 | RMB | | 1 RMB | | 12,678,735,500 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 12,678,735,500 | RMB | | 1 RMB | | 12,678,735,500 ...

Monthly Performance - The banking sector increased by 2.99% from November 1 to November 28, 2025, outperforming the CSI 300 index by 5.4 percentage points, ranking second among 31 Shenwan first-level industries [1][6] - Institutional investors increased their holdings in bank stocks due to a stable improvement in fundamentals, shareholder buybacks, and expectations of valuation recovery [1][6] Valuation Trends - State-owned banks saw a significant increase in valuation, with their PB ratio rising from approximately 0.76X at the beginning of the month to 0.78X by the end, while the PB ratios for joint-stock banks and city commercial banks remained stable at 0.67X and 0.60X, respectively [1][9] - As of November 28, the overall PE ratio for the banking sector was 6.53 times, with a historical percentile of 56.18%, and the PB ratio was 0.56 times, with a historical percentile of 32.25% [21] Individual Bank Performance - Notable gainers included Bank of China (8.20%), China Everbright Bank (8.08%), China Construction Bank (5.81%), and Nanjing Bank (5.13%), while Qingdao Bank and rural commercial banks experienced significant declines [1][12] - The performance of banks with improved earnings and mid-term dividend payouts led to notable increases in their stock prices [1][12] Market Environment - The 10-year government bond yield rose from around 1.80% in early November to 1.84% by the end of the month, while the 1-year bond yield remained stable at approximately 1.40% [16] - The trading volume in the banking sector increased by 13.07% year-on-year, accounting for 1.65% of the total trading volume in the AB share market, although it decreased by 0.18 percentage points compared to the previous month [19] Social Financing and Credit Trends - In October, the social financing growth rate fell to 8.5%, with new social financing of 816.1 billion yuan, a year-on-year decrease of 5.959 billion yuan [25] - The decline in credit supply was attributed to a shift in government bond issuance timing and a decrease in demand for consumer loans [25]

Investment Rating - The report maintains a "Buy" rating for the banking sector, highlighting that multiple factors are driving the rise in bank stocks, while real estate risks are deemed manageable [2]. Core Insights - The report emphasizes that the balance between supply and demand is crucial for economic recovery, with recent policies aimed at boosting consumer demand expected to enhance this balance [2]. - The M1 growth rate peaked and has started to decline, indicating a shift in deposit flows towards non-bank deposits due to a buoyant capital market [2]. - The exposure to real estate risks is decreasing, with a notable reduction in the balance of real estate development loans, suggesting that banks are adopting a more cautious approach [2][7]. - The report notes that the non-performing loan ratio for real estate has decreased, indicating improved risk management within the banking sector [7]. Monthly Market Performance - In November 2025, the banking sector saw a cumulative increase of 2.99%, outperforming the CSI 300 index by 5.4 percentage points, ranking second among 31 sectors [11]. - The report indicates that institutional investors have increased their holdings in bank stocks, driven by a stable fundamental outlook and expectations of valuation recovery [11]. - The valuation of state-owned banks has shown significant improvement, with the price-to-book (PB) ratio rising from approximately 0.76X at the beginning of the month to 0.78X by the end [13]. Banking Sector Fundamentals - The report tracks monthly data indicating that the banking sector's core revenue-generating capacity has strengthened, with asset quality remaining stable [8]. - The report highlights that the banking sector's current valuation is at a historically low level, with a price-to-earnings (PE) ratio of 6.53 and a PB ratio of 0.56 [11]. Investment Recommendations - The report suggests a diversified investment strategy focusing on banks with high dividend yields and strong asset quality, particularly smaller banks with solid provisioning coverage [7]. - It also recommends attention to low-valuation joint-stock banks with potential for return on equity (ROE) improvement, such as CITIC Bank and Industrial Bank [7]. - The report indicates that banks with robust customer bases and excellent risk control are likely to have greater valuation elasticity in the context of economic structural transformation [7].

Group 1 - The core viewpoint of the articles highlights the rapid growth of winter tourism in China, particularly in regions like Heilongjiang and Xinjiang, driven by special train services and school holidays [1][3][9] - The first winter tourism train to Mohe, Heilongjiang, carried over 300 tourists, emphasizing a "slow travel, deep experience" approach, allowing visitors to enjoy the unique winter landscapes [3][5] - In Xinjiang, the introduction of the first "snow holiday" for students from December 1 to 5, combined with various discounts at ski resorts, is expected to boost local tourism and related economic activities [9][11] Group 2 - The transportation network in Mohe is expanding to meet the demands of the winter tourism peak, with additional train services and increased flight frequencies to connect with other tourist cities [9] - In Alatau, ski resorts are offering significant discounts for students, including free ski passes and reduced prices for rentals and dining, which is anticipated to attract more families and enhance local tourism [11][12] - The "Ice and Snow Go Crazy Festival" launched in Shenyang aims to transform cold resources into a vibrant economy through cross-regional financial collaboration and consumer incentives [13][15][17] Group 3 - The festival connects seven cities, creating a comprehensive service network to promote unique ice and snow experiences across different regions [15] - Financial services are being coordinated to support small and micro enterprises in the tourism sector, while also providing consumers with substantial discounts on travel-related expenses [19]

Core Viewpoint - In 2025, China's economy is steadily advancing towards a new stage of high-quality development, with financial services playing a crucial role in supporting the real economy, as exemplified by the efforts of China Everbright Bank's Beijing branch in various sectors [1] Group 1: Supporting Private Economy - China Everbright Bank's Beijing branch has shifted from being a mere fund provider to a comprehensive service provider, addressing the financing challenges faced by small and micro enterprises through innovative supply chain financing models [2] - The bank has successfully implemented the "e-payment" financing product, leveraging the credit of core enterprises to provide flexible and low-cost financing to upstream small and micro suppliers [2][3] - As of September 2025, the bank has visited over 6,200 small micro enterprises, granting credit amounts exceeding 25.2 billion and disbursing over 15.4 billion, positioning itself among the top in Beijing's banking sector [3] Group 2: Elderly Financial Services - The bank has established specialized "Elderly Financial Service Centers," enhancing the professionalism and standardization of its services, with three branches recognized as such [4] - The bank has introduced seven exclusive services for elderly clients, including dedicated service personnel and educational activities to raise awareness about financial fraud [4][5] - By September 2025, the bank has opened 127,000 personal pension accounts with a total deposit amount of 230 million, leading the entire bank in this area [5] Group 3: Responsibility in Key Areas - The bank has actively participated in the financing coordination mechanism for urban real estate projects, providing nearly 2.5 billion in loans to support the stable development of the real estate market [7] - In response to extreme weather events, the bank demonstrated its emergency capabilities by quickly assisting over 80 migrant workers with banking services during severe rainfall in July 2025 [7] - The bank has conducted community outreach programs to enhance public awareness of anti-counterfeiting measures and fraud prevention [7] Group 4: Commitment to High-Quality Development - China Everbright Bank's Beijing branch emphasizes practical actions to fulfill its financial responsibilities, focusing on supporting the real economy and social welfare [8] - The bank aims to continue its commitment to the "financial for the people" philosophy, contributing to the economic and social development of the capital [8]

长江商报消息 ●长江商报记者 徐佳 AMC（金融资产管理公司）巨头中信金融资产（02799.HK）再次出手增持银行股。 日前，光大银行披露，中信金融资产再次增持该行A股及H股，持股比例已达到9%。 长江商报记者注意到，自一年前宣布将以不超过40亿元购买光大银行股份以来，中信金融资产快速实施 增持。按光大银行年内A股、H股均价粗略计算，中信金融资产或已耗资人民币约39亿元，基本足额完 成上述增持计划。 在不良资产主业稳健的基础上扩大对银行股的增持，中信金融资产意在进一步丰富业务渠道、优化业务 结构。事实上，全面被纳入中信集团体系之后，中信金融资产基本面不断向好，经营业绩稳步提升。 数据显示，2023年至2025年上半年，中信金融资产合计实现归属于公司股东的净利润（以下简称"归母 净利润"）为175.52亿元。 特别是2025年以来，中信金融资产主动调整业务结构，大力拓展纾困盘活业务，压缩传统收购重组业 务，主业转型持续推进。 2025年上半年，中信金融资产的不良资产经营分部实现收入305.98亿元、税前利润121.41亿元，同比增 长58.3%、522.4%，占比分别为98.3%、240.7%。 已在五家A股公 ...

Core Viewpoint - Banks are aggressively selling properties at significant discounts, with prices as low as 50-70% of market value, in response to the declining real estate market and increasing non-performing loans [1][3]. Group 1: Market Dynamics - The real estate market has undergone drastic changes, leading to a rise in loan defaults as borrowers choose to stop payments, forcing banks to reclaim properties [3]. - Banks are facing a saturation in the foreclosure market, with many properties being returned after failing to sell at auction, necessitating urgent liquidation efforts [3][5]. - Major banks, including Agricultural Bank and Postal Savings Bank, are participating in this property sell-off, with significant numbers of properties listed for sale [1][3]. Group 2: Pricing Examples - In Beijing, a bank-listed property is priced at 51,000 yuan per square meter, compared to a market price of 70,000 yuan, representing a 27% discount [5]. - In Lanzhou, a property is listed at only 2,000 yuan per square meter, while the market price is 5,000 yuan, indicating a 60% reduction [5]. Group 3: Buyer Considerations - Buyers must be prepared to pay in full, as banks are not offering financing options for these discounted properties, which may pose a financial burden [8]. - There are potential risks associated with existing rental agreements that may complicate ownership transfer, as well as issues related to unpaid utility fees and household registration [8][10]. - Due diligence is essential, as highlighted by individual experiences of buyers facing unexpected costs and complications after purchase [10]. Group 4: Market Impact - The large-scale sale of discounted properties by banks is accelerating the decline in real estate prices, further straining developers and real estate agents [10]. - Banks are likely to adopt more stringent lending practices in the future, tightening the availability of credit in the real estate market [10][15]. Group 5: Future Outlook - The ongoing trend of banks selling properties reflects a significant transformation in the Chinese real estate market, shifting from a speculative mindset to a more cautious approach among buyers [15]. - As banks continue to clear their inventory, more discounted properties may become available, presenting both opportunities and risks for potential buyers [15].