Core Insights - The increasing collaboration between wealth management companies and rural commercial banks indicates a shift towards expanding distribution channels in the wealth management industry [1][2][4] - The competition in the banking wealth management market is evolving into a dual-track model where both "product supremacy" and "channel supremacy" are crucial for success [2][3] - The growing wealth management demand in lower-tier cities and rural areas presents a significant growth opportunity for wealth management firms [2][3] Group 1: Collaboration Trends - Numerous wealth management companies, including Nongyin Wealth Management and Beiyin Wealth Management, have recently partnered with rural commercial banks in regions like Guangdong and Zhejiang for distribution [1] - The partnership between wealth management firms and rural banks is seen as a way to tap into the relatively untapped market, as rural banks have previously engaged less with wealth management companies [1][2] Group 2: Market Dynamics - The rise in income levels and financial awareness among residents in third and fourth-tier cities is driving the demand for wealth management products, making these markets attractive for banks [2][3] - Rural commercial banks are motivated to diversify their income sources and enhance customer retention by offering wealth management products, which can also help mitigate regional concentration risks [3][4] Group 3: Product Strategy - Wealth management companies are tailoring their product offerings based on local customer preferences, focusing on conservative investment options for lower-risk profiles typical in rural areas [5] - Fixed-income products dominate the offerings from wealth management firms to rural banks, reflecting the risk preferences of the clientele [5]

Core Viewpoint - Dongguan Rural Commercial Bank reported a significant decline in both operating income and net profit for the first half of 2025, primarily due to the continuous decrease in LPR, loan repricing, and policies aimed at reducing financial costs for the real economy [1][2][3]. Financial Performance - For the first half of 2025, the bank's operating income was 5.501 billion RMB, a year-on-year decrease of 14.02%, while net profit was 2.627 billion RMB, down 22.22% compared to the previous year [2][3]. - The bank's net interest income fell to 4.237 billion RMB, a decrease of 9.92%, attributed to the ongoing decline in LPR and loan repricing [3]. - Non-interest income also decreased to 1.264 billion RMB, down 25.41% year-on-year, mainly due to reduced rates on wealth management products [3]. Cost Management - The bank implemented various cost-cutting measures, resulting in total operating expenses of 1.902 billion RMB, a reduction of 7.59% year-on-year [4]. - Employee expenses, which include salaries, bonuses, and allowances, amounted to 1.301 billion RMB, reflecting a decrease of 10.73% compared to the previous year [4][5]. Asset Quality - As of June 30, 2025, the bank's total assets reached 760.445 billion RMB, with total deposits of 532.364 billion RMB and total loans of 394.415 billion RMB [2][8]. - The non-performing loan (NPL) ratio stood at 1.87%, slightly up by 0.03% from the end of the previous year, with personal loans showing a higher NPL ratio of 2.81% [6][7]. - The bank's capital adequacy ratio was 15.92%, and the coverage ratio for provisions was 190.56% [2]. Future Outlook - The bank plans to enhance operational management and accelerate the construction of risk and internal control systems to improve asset quality in the second half of the year [8].

Financial News - Dongguan Rural Commercial Bank reported a net profit decline of 22.22% year-on-year, with total revenue of RMB 5.501 billion, down 14.02% [2] - The bank's total assets increased to RMB 760.445 billion, a growth of 1.95%, with total deposits at RMB 532.364 billion, up 2.33% [2] Company Dynamics - Jie Rong Technology's losses expanded to RMB 197 million, despite a revenue increase of 46% to RMB 812 million [3] - Macro Technology's revenue fell by 19.32% to RMB 775 million, with net profit down 15.7% to RMB 53.56 million [4] - Huilun Crystal reported a loss of RMB 66.58 million, a staggering decline of 2679.4%, with revenue at RMB 267 million, down 7.1% [5] - Urban People saw a revenue drop to RMB 1.436 billion, down from RMB 1.514 billion, with a net profit decrease of approximately 30% [6] - Yian Technology plans to invest in a wholly-owned subsidiary in Mexico with a total investment of USD 50 million [7] - Yutong Optical intends to invest JPY 30 million to establish a wholly-owned subsidiary in Japan, focusing on optical product development and sales [8]

Major Events - Sihuan Pharmaceutical Holdings Group Ltd. successfully administered the first human dose of the new radiopharmaceutical conjugate drug 3D1015 [1] - Shenzhen International's joint venture Shenzhen Airlines plans to raise a total of 16 billion yuan in a phased capital increase [1] - Kangzheng Pharmaceutical received clinical trial approval for its innovative oral small molecule JAK1 inhibitor Povorcitinib for indications of vitiligo and suppurative hidradenitis [1] - Ruihe Digital signed a framework agreement with Tielin Superlight Technology to jointly advance the business of real-world asset tokenization [1] - Zhongxu Future will operate and launch a new mobile game "Miracle MU" titled "New Moon Continent" [1] Financial Performance - Noah Holdings reported a net profit attributable to shareholders of 179 million yuan for Q2, a year-on-year increase of 79% driven by strong growth in investment product distribution [1] - Trip.com Group reported a net profit of 4.846 billion yuan for Q2, an increase of 26.43% year-on-year [1] - Shijiazhuang Pharmaceutical Group announced a mid-year profit attributable to equity holders of approximately 283.5 million HKD, a year-on-year decrease of about 58.7% [1] - Zhongsheng Holdings reported a mid-year profit attributable to shareholders of 1.011 billion yuan, a decrease of 36% year-on-year [1] - SF Express City reported an adjusted net profit of approximately 160 million yuan, a year-on-year increase of 139% [1] - Baidu's subsidiary reported a mid-year profit attributable to shareholders of 47.999 million yuan, returning to profitability [1] - Li Auto reported a net profit of 1.093 billion yuan for Q2, a decrease of 0.91% year-on-year [1] - Shanghai Industrial Holdings reported a mid-year profit attributable to shareholders of 1.042 billion HKD, with an interim dividend of 0.42 HKD per share [1] - Beijing Holdings reported a mid-year profit attributable to shareholders of 3.404 billion yuan, an increase of 8.07% year-on-year [1] - Qingdao Port reported a net profit of 2.842 billion yuan, a year-on-year increase of 7.58% [1] - New China Life Insurance reported a net profit of 14.799 billion yuan, a year-on-year increase of 33.5% [1] - China Galaxy Securities reported a net profit of 6.488 billion yuan, a year-on-year increase of 47.86% [1] - China Taiping reported a 12.2% increase in shareholder profit, with a nearly 23% high growth in life insurance new business value [1] - China Resources Gas reported a mid-year profit attributable to shareholders of 2.403 billion HKD, a year-on-year decrease of 30.5% [1] - SF Holding reported a net profit of 5.738 billion yuan, a year-on-year increase of 19.37%, with volume growth exceeding the overall express delivery industry [1] - SMIC reported a net profit of approximately 320 million USD, a year-on-year increase of 35.6% [1] - SenseTime reported a revenue growth of 35.6% year-on-year, reaching 2.358 billion yuan [1] - BeiGene reported a net profit of 95.59 million USD, returning to profitability [1] - Fubo Group reported a mid-year net profit exceeding 100 million, driven by AI [1] - CITIC Securities reported a net profit of 13.719 billion yuan, a year-on-year increase of 29.79% [1] - Huadian International Power reported a net profit of 3.904 billion yuan, a year-on-year increase of 13.15% [1] Additional Financial Performance - Zhou Hei Ya reported a mid-year profit attributable to shareholders of 108 million yuan, a year-on-year increase of 228% [2] - Haitian Flavoring reported a net profit of 3.91 billion yuan, a year-on-year increase of 13.3% [2] - Dasheng Holdings reported a mid-year adjusted net profit growth of 79.6% driven by store expansion and membership growth [2] - CITIC Securities reported a net profit of 4.509 billion yuan, a year-on-year increase of 57.77% [2] - Huitongda reported a mid-year profit attributable to shareholders of 13.9 million yuan, a year-on-year increase of 10.81% [2] - Yunfeng Financial reported a mid-year profit attributable to shareholders of 486 million HKD, a year-on-year increase of 142.04% [2] - Jiufang Zhitu reported a mid-year profit attributable to shareholders of 865 million yuan, returning to profitability [2] - Air China reported a net loss of approximately 1.806 billion yuan, a year-on-year narrowing of 35.11% [2] - ZTE reported a net profit of approximately 5.058 billion yuan, a year-on-year decrease of 11.77% [2] - China Merchants Securities reported a net profit of 5.186 billion yuan, a year-on-year increase of 9.23% [2] - Datang Power reported a net profit of approximately 4.874 billion yuan, a year-on-year increase of 50.3% [2] - China Pacific Insurance reported a net profit of 27.885 billion yuan, a year-on-year increase of 11% [2] - Beijing Capital International Airport reported a post-tax loss of 164 million yuan, a year-on-year narrowing of 56.48% [2] - Dongguan Rural Commercial Bank reported a mid-year net profit of 2.629 billion yuan [2] - Shenzhen Holdings reported a mid-year loss attributable to shareholders of 2.618 billion HKD, a year-on-year increase of 137.76% [2] - China Southern Airlines reported a net loss of 1.534 billion yuan, a year-on-year increase of 45.54% [2] - COSCO Shipping Holdings reported a profit attributable to shareholders of 17.528 billion yuan, a year-on-year increase of 3.9% [2] - Guofu Hydrogen Energy reported revenue of 10.9 million yuan, actively expanding overseas cooperation and business layout [2] - Kangsheng Global reported a mid-year gross profit of 197 million yuan, with stable progress across all businesses [2] - Dongfang Electric reported a net profit of 1.91 billion yuan, a year-on-year increase of 12.91%, maintaining the industry's leading market share in nuclear and gas power [2] - Eagle Eye Technology reported a profit of 443,000 yuan, returning to profitability [2] - Haier Smart Home reported a profit attributable to shareholders of 12.033 billion yuan, a year-on-year increase of 15.6% [2] - EDA Group Holdings reached a partnership agreement with UTCPAY to collaborate in digital asset trading, Web3 technology, and blockchain applications [2] - Gilead Sciences reported that ASC30 oral tablets showed good and differentiated pharmacokinetic characteristics in the U.S. Phase Ib multi-dose escalation study [2]

Core Viewpoint - Dongguan Rural Commercial Bank reported a decline in both operating income and net profit for the six months ending June 30, 2025, primarily due to a decrease in operating revenue [1] Financial Performance - The group achieved operating income of RMB 5.501 billion, a year-on-year decrease of 14.02% [1] - The net profit was RMB 2.628 billion, reflecting a year-on-year decline of 22.22% [1] Asset and Deposit Growth - As of the end of the reporting period, total assets amounted to RMB 760.445 billion, an increase of RMB 14.541 billion, or 1.95% from the previous year [1] - Total deposits reached RMB 532.364 billion, up by RMB 12.116 billion, representing a growth of 2.33% [1] Loan Portfolio - The total loan balance was RMB 394.415 billion, which increased by RMB 13.370 billion, marking a growth of 3.51% [1] Asset Quality Indicators - The non-performing loan ratio stood at 1.87% [1] - The provision coverage ratio was 190.56% [1] - Capital adequacy ratio and Tier 1 capital ratio were 15.92% and 13.80% respectively, all meeting regulatory standards [1]

Core Viewpoint - Dongguan Rural Commercial Bank (09889) reported a stable growth in its mid-term performance for the six months ending June 30, 2025, with significant increases in revenue and net profit [1] Financial Performance - The bank's operating income reached 5.501 billion RMB, while net profit stood at 2.628 billion RMB and attributable net profit was 2.629 billion RMB, resulting in basic earnings per share of 0.38 RMB [1] Asset and Deposit Growth - As of the reporting period, the total assets of the group amounted to 76.0445 billion RMB, an increase of 14.541 billion RMB, reflecting a growth rate of 1.95% compared to the end of the previous year [1] - The total deposit balance was 53.2364 billion RMB, which increased by 12.116 billion RMB, marking a growth of 2.33% [1] - The total loan balance reached 39.4415 billion RMB, with an increase of 13.370 billion RMB, representing a growth rate of 3.51% [1] Quality of Development - The non-performing loan ratio was reported at 1.87%, with a provision coverage ratio of 190.56% [1] - The capital adequacy ratio and the Tier 1 capital adequacy ratio were 15.92% and 13.80% respectively, all of which meet regulatory standards [1]

Core Viewpoint - Dongguan Rural Commercial Bank reported a solid mid-term performance for the six months ending June 30, 2025, with significant growth in revenue and net profit, indicating a stable financial position and commitment to supporting the real economy [1] Financial Performance - The bank's operating income reached 5.501 billion RMB, while net profit stood at 2.628 billion RMB, and profit attributable to shareholders was 2.629 billion RMB, with basic earnings per share of 0.38 RMB [1] Asset and Deposit Growth - As of the reporting period, total assets amounted to 760.445 billion RMB, an increase of 14.541 billion RMB, reflecting a growth rate of 1.95% compared to the end of the previous year [1] - Total deposit balance was 532.364 billion RMB, up by 12.116 billion RMB, marking a growth of 2.33% [1] - Total loan balance reached 394.415 billion RMB, increasing by 13.370 billion RMB, with a growth rate of 3.51% [1] Quality of Development - The bank's non-performing loan ratio was reported at 1.87%, with a provision coverage ratio of 190.56% [1] - Capital adequacy ratio and Tier 1 capital adequacy ratio were 15.92% and 13.80% respectively, all meeting regulatory standards [1]

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的任何損失承擔任何責任。 Dongguan Rural Commercial Bank Co., Ltd.* 東莞農村商業銀行股份有限公司 * （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股份代號：9889） 截至2025年6月30日止六個月之 中期業績公告 東莞農村商業銀行股份有限公司（「本行」）董事會（「董事會」）欣然宣佈本行及其附屬公司 截至2025年6月30日止六個月之未經審計綜合中期業績（「中期業績」）。董事會審計委員會 已審閱並確認中期業績。 本業績公告刊載於香港聯合交易所有限公司網站(www.hkexnews.hk)及本行網站 (www.drcbank.com)。本行2025年中期報告將於2025年9月於上述網站上公佈。 東莞農村商業銀行股份有限公司 董事會 中國廣東省東莞市 2025年8月28日 於本公告日期，本行董事會包括執行董事盧國鋒先生、傅強先生、錢華先生及葉建光先 ...

Group 1: International and Domestic Trends - The Federal Reserve maintained the federal funds rate at 4.25%-4.5% in March 2025, but signals of potential rate cuts were released by Powell at the Jackson Hole meeting on August 23, leading to a 91.3% market bet on a September rate cut [1][2] - The international trend of rate cuts has impacted the Chinese financial market, with household deposits increasing by 10.77 trillion yuan in the first half of 2025, but a decrease of 1.11 trillion yuan in July, indicating a shift of funds towards wealth management and funds [1][3] Group 2: Effects of Rate Cuts on Capital Flow - Following three rate cuts by the Federal Reserve in 2024, foreign institutions increased their holdings of Chinese bonds by over 300 billion yuan in Q4 2024, while enterprises in the Shanghai Free Trade Zone saw a 45% year-on-year increase in cross-border purchases of high-yield foreign deposits [3] - In response to the Fed's rate cuts, the People's Bank of China lowered the reserve requirement ratio by 0.5 percentage points in September 2024 and again in May 2025, resulting in a historical low average interest rate of 3.68% for new corporate loans in the first half of 2025 [3] Group 3: Structural Changes in Domestic Deposits - The acceleration of fund migration is evident as non-bank institution deposits surged by 2.14 trillion yuan, while the interest rates on three-year large deposits fell from 2.8% in 2023 to 1.8%-2.2% in 2025, contrasting with an average return of 4.5% for balanced stock and bond funds during the same period [3] Group 4: New Regulations and Their Implications - The new regulation allows cash withdrawals of over 50,000 yuan without mandatory registration of the source or purpose, addressing previous concerns over excessive scrutiny [4] - Financial institutions must still adhere to the "Know Your Customer" principle, with enhanced scrutiny for high-risk clients, while technology is being utilized to streamline processes and protect customer privacy [4][5] Group 5: Economic and Real Estate Impacts - The central bank's liquidity injection of 600 billion yuan through a one-year MLF operation aims to alleviate market pressure and direct more funds into the real economy [6] - The rental market is expected to grow due to new housing rental regulations, which may divert some funds from home purchases and ease pressure on the housing market [7] Group 6: Expert Analysis on Regulatory Changes - The new regulations do not relax anti-money laundering efforts but instead focus resources on higher-risk areas, ensuring that banks maintain rigorous checks on clients from high-risk regions [9] - Innovations in local policies, such as the introduction of combination products by banks, aim to enhance customer returns while maintaining compliance with new regulations [12]

银行理财机构与地方农商银行正成为代销合作的好搭档。 据《国际金融报》记者不完全统计，截至8月19日，年内已有农银理财、苏银理财、中银理财、渤 银理财等多家银行理财子公司与浙江、山西、山东等地超35家农商行"牵手"代销业务。此外，同花顺 iFinD数据显示，归属于股份行及江浙地区城商行的理财机构尤为热衷于拓展下沉市场。 当前，三四线城市及县域等下沉市场的财富管理需求正快速增长。受访专家指出，在对接中小银行 时，理财公司可能需要为其提供除产品外的一系列配套服务支持，覆盖售前、售中、售后的全流程服务 闭环。 8月18日，浙江缙云农商行在微信平台发布公告称，于2025年8月15日与北银理财签署代理销售合作 协议，将之新增为该行的代销理财合作机构。 这已是缙云农商行"牵手"的第五家银行理财机构。此前，该行已陆续与兴银理财、杭银理财、信银 理财和青银理财建立了代销业务关系。 记者梳理发现，除缙云农商行外，还有多家地方农商行"牵手"银行理财子公司。 8月14日，农银理财发布公告称，为了更好地服务客户，该公司已与东莞农商银行签订《理财产品 代理销售服务合同》，委托东莞农商行代理销售其管理发行的理财产品。8月8日，衢江农商银行 ...