Core Insights - MSCI announced changes to its indices on November 6, including the addition of 26 new stocks to the MSCI China Index and 17 new stocks to the MSCI China A-Share Index, effective after the market close on November 24, 2025 [1][4] - The MSCI China Index will remove 20 stocks, while the MSCI China A-Share Index will remove 16 stocks [1][4] MSCI China Index Changes - New additions to the MSCI China Index include Zijin Mining International (02259), Ganfeng Lithium (01772), and Chipone Technology (688469.SH) among others [1] - Stocks removed from the MSCI China Index include Kaixin Network (002517), Changying Precision (300115), and InvoCare (002837) [1][2] MSCI China A-Share Index Changes - The MSCI China A-Share Index will add companies such as Qianli Technology (601777.SH), Dongyangguang (600673.SH), and Changchuan Technology (300604.SZ) [4][6] - Companies removed from the MSCI China A-Share Index include Zhongzhijian (600038.SH), Dong'a Ejiao (000423.SZ), and Guangdian Yuntong (002152.SZ) [4][6] Global Index Changes - The MSCI Global Standard Index (ACWI) will add 69 stocks and remove 64 stocks, with notable additions including CoreWeave, Nebius Group, and Insmed [6] - In the MSCI Emerging Markets Index, significant new additions include Barito Renewables Energy, Zijin Mining International, and Guangfa Securities [6]

Core Insights - The collaboration between Everbright Credit Card and Taobao aims to enhance consumer spending during the "Double Eleven" shopping festival by offering a "Double Eleven Everbright Interest-Free Installment" activity, featuring up to "24 months interest-free installments" and a maximum discount of "200 yuan" per transaction [1][2] Group 1: Promotional Details - The promotional campaign includes various discount tiers for single transactions: 25 yuan off for purchases over 500 yuan, 75 yuan off for over 1500 yuan, and 200 yuan off for over 5000 yuan, allowing consumers to benefit from both installment discounts and interest-free policies [2] - Popular product categories such as electronics, home appliances, and beauty products are included in the promotion, with installment options ranging from 3 to 24 months to cater to diverse consumer financial planning needs [2] Group 2: Additional Platforms and Offers - Everbright Credit Card has also launched similar installment payment promotions on Alipay and JD platforms, where users can enjoy random discounts and specific tiered reductions based on transaction amounts [3] - On Alipay, users can receive a random discount of up to 200 yuan for transactions over 101 yuan, while on JD, discounts range from 0.1 yuan to 220 yuan for orders over 100 yuan, along with additional tiered discounts for higher transaction amounts [3] Group 3: Strategic Alignment - The initiative aligns with national policies aimed at expanding domestic demand and promoting consumption, while also addressing consumer needs for affordability, convenience, and flexibility in payment options [3] - Everbright Credit Card plans to continue innovating in the integration of financial services with consumer scenarios to support consumption upgrades and economic circulation [3]

Investment Rating - The report maintains a positive outlook on the banking sector, indicating a potential return to a valuation of 1 times net asset value [4][7]. Core Insights - The banking sector has demonstrated steady performance, with a year-to-date revenue growth of 0.8% and a net profit growth of 1.5% for the first nine months of 2025, reflecting a stable regulatory environment supporting bank profitability [10][14]. - The report highlights a shift in focus from scale to balance in credit growth, with banks increasingly pursuing a "quantity-price balance" strategy [4][7]. - The cost of liabilities has improved more significantly than the decline in asset pricing, leading to a stabilization of net interest margins, which is expected to continue into the next year [4][7]. - Asset quality remains stable but shows signs of divergence, particularly with rising risks in small and micro businesses [4][7]. - The report suggests that the current dividend yield of the banking sector has returned to an attractive range, indicating a significant disconnect between stable earnings and stock holdings, which could lead to a value recovery [4][7]. Summary by Sections Performance Overview - The banking sector's performance has been characterized by a steady increase in revenue and profit, with state-owned banks showing better-than-expected stability and regional banks leading in performance [11][12][15]. - The report notes that the revenue growth of state-owned banks has turned positive, with non-interest income contributing significantly to this growth [12][15]. Credit Growth and Strategy - The report indicates a gradual abandonment of scale-driven growth, with banks focusing on achieving a balance between volume and pricing in their lending practices [4][7]. - The credit growth rate for listed banks decreased by 0.3 percentage points to 7.7% in Q3 2025, with state-owned banks maintaining a growth rate of approximately 8.5% [4][7]. Profitability and Asset Quality - The net interest margin for listed banks remained stable at 1.5%, with a slight quarter-on-quarter increase of 3 basis points in Q3 2025 [4][7]. - The overall non-performing loan ratio remained stable at 1.22%, indicating manageable risk levels across the sector [4][7]. Investment Recommendations - The report recommends focusing on leading banks and undervalued regional banks as key investment opportunities, suggesting that the recovery in valuations is supported by stable earnings and attractive dividend yields [4][7].

| 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 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601818 | 說明 | 上海證券交易所 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 6818 關於召開董事會會議的通知 中國光大銀行股份有限公司（「本公司」）謹此公佈，本公司擬於2025年11月14日（星期五） 召開董事會會議，藉以審議並（如認為適當）批准建議派發2025年度中期股息（如有）等事 宜。 中國光大銀行股份有限公司 董事會 於本公告日期，本公司執行董事為郝成先生、齊曄女士及楊兵兵先生；非執行董事為吳 利軍先生、崔勇先生、曲亮先生、朱文輝先生、姚威先生、張銘文先生及李巍先生；以 及獨立非執行董事為邵瑞慶先生、洪永淼先生、李引泉先生、劉世平先生、黃志凌先生 及黃振中先生。 China Everbright Bank Company Limited 中國‧北京 2025年11月4日 ...

Core Viewpoint - The performance of nine A-share listed joint-stock banks in the third quarter of 2025 shows a mixed picture, with seven banks experiencing a year-on-year decline in operating income and five banks seeing a drop in net profit. Only Shanghai Pudong Development Bank achieved growth in both metrics [1][2]. Financial Performance - Among the nine banks, only Shanghai Pudong Development Bank and Minsheng Bank reported year-on-year growth in operating income, while four banks, including China Merchants Bank and Industrial Bank, saw an increase in net profit [2][3]. - China Merchants Bank led in operating income with CNY 251.42 billion, followed by Industrial Bank and CITIC Bank with CNY 161.23 billion and CNY 156.60 billion, respectively. Zhejiang Commercial Bank ranked last with CNY 48.93 billion [2]. - Minsheng Bank recorded the highest operating income growth rate at 6.74%, while Ping An Bank experienced the most significant decline at -9.78% [2]. Net Profit Analysis - China Merchants Bank maintained the highest net profit at CNY 113.77 billion, with a slight increase of 0.52%. Shanghai Pudong Development Bank saw a notable increase of 10.21% in net profit [3]. - The only bank to achieve growth in both operating income and net profit was Shanghai Pudong Development Bank, which reported a 1.88% increase in operating income [3]. Interest Income and Net Interest Margin - Six banks reported a year-on-year decline in net interest income, with the overall industry facing pressure on net interest margins, although the rate of decline has narrowed [4][6]. - China Merchants Bank led in net interest income with CNY 160.04 billion, showing a 1.74% increase, while Ping An Bank faced the largest decline at -8.25% [5][6]. Asset Quality - The asset quality of the banks showed mixed results, with five banks reporting a decline in non-performing loan (NPL) ratios, while three banks saw an increase [7][9]. - China Merchants Bank maintained the best asset quality with an NPL ratio of 0.94%, while Ping An Bank's NPL ratio was 1.05% [8][9]. Retail and Corporate Loan Trends - The third quarter of 2025 revealed a shift in loan structure, with corporate loans expanding while retail loans showed weakness. Three banks reported negative growth in retail loans [10][12]. - Among the banks, only Shanghai Pudong Development Bank, China Merchants Bank, and CITIC Bank saw growth in personal loans, while others experienced declines [11][12]. Retail Asset Under Management (AUM) - Several banks reported strong growth in retail AUM, with China Merchants Bank managing CNY 16.60 trillion in retail customer assets, an increase of 11.19% [12][14]. - Shanghai Pudong Development Bank's retail AUM reached CNY 4.62 trillion, reflecting a growth of 19.07% [13].

Core Viewpoint - China Everbright Bank (06818.HK) plans to hold a board meeting on November 14, 2025, to review and potentially approve the proposal for the distribution of the interim dividend for the fiscal year 2025, if deemed appropriate [1] Group 1 - The board meeting is scheduled for November 14, 2025 [1] - The purpose of the meeting includes the review and approval of the proposed interim dividend for 2025 [1]

Core Viewpoint - China Everbright Bank (06818.HK) plans to hold a board meeting on November 14, 2025, to review and potentially approve the proposal for the distribution of the interim dividend for the fiscal year 2025, if deemed appropriate [1] Summary by Category - **Company Announcement** - The company will convene a board meeting on November 14, 2025, to discuss the interim dividend for 2025 [1]

6818 關於召開董事會會議的通知 中國光大銀行股份有限公司（「本公司」）謹此公佈，本公司擬於2025年11月14日（星期五） 召開董事會會議，藉以審議並（如認為適當）批准建議派發2025年度中期股息（如有）等事 宜。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 China Everbright Bank Company Limited 中國光大銀行股份有限公司 董事會 中國‧北京 2025年11月4日 於本公告日期，本公司執行董事為郝成先生、齊曄女士及楊兵兵先生；非執行董事為吳 利軍先生、崔勇先生、曲亮先生、朱文輝先生、姚威先生、張銘文先生及李巍先生；以 及獨立非執行董事為邵瑞慶先生、洪永淼先生、李引泉先生、劉世平先生、黃志凌先生 及黃振中先生。 ...

Group 1 - Major technology stocks, including Xiaomi, JD.com, Alibaba, Meituan, and NetEase, experienced declines, negatively impacting market sentiment [2] - Baidu's stock rose nearly 3% after securing 260,000 autonomous taxi orders in a week [2] - The gold sector faced pressure due to adjustments in value-added tax, leading to declines in gold stocks such as Zijin Mining and Chifeng Jilong Gold [2] Group 2 - The cryptocurrency market saw a significant downturn, with over $1.2 billion in positions liquidated within 24 hours, causing a collective drop in cryptocurrency-related stocks [2] - The film industry reported a total box office exceeding 40 billion yuan in the first three quarters, leading to increased activity in entertainment stocks [2] - Bank investment returns showed a stark contrast, with China Construction Bank reporting a 150% increase, contributing to a rising trend in domestic bank stocks, particularly Everbright Bank which rose by 3% [2] Group 3 - The Hong Kong stock market indices, including the Hang Seng Tech Index, experienced notable declines, with the tech index dropping as much as 3% before closing down 1.76% [3] - Overall market sentiment in Hong Kong was described as very low, with the Hang Seng Index and the National Enterprises Index also showing declines of 0.79% and 0.92% respectively [3]