基金管理人：鹏华基金管理有限公司 基金托管人：上海浦东发展银行股份有限公司 报告送出日期：2025 年 7 月 18 日 鹏华前海万科 REITs2025 年第 2 季度报告 §1 重要提示 鹏华前海万科 REITs 封闭式混合型发起式 证券投资基金 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。 基金托管人上海浦东发展银行股份有限公司根据本基金合同规定，于 2025 年 07 月 17 日复核 了本报告中的财务指标、净值表现和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 04 月 01 日起至 2025 年 06 月 30 日止。 | §2 | | 基金产品概况 | | | --- | --- | --- | --- | | 基金简称 鹏华 ...

Group 1 - The fund name is "招商瑞锦回报债券型证券投资基金" (招商瑞锦回报债券) with A and C share classes [29][30] - The fund type is a contract-based open-end bond fund [2][29] - The fund's management company is 招商基金管理有限公司, and the custodian is 上海浦东发展银行股份有限公司 [2][4] Group 2 - The fund will be publicly offered from August 1, 2025, to August 14, 2025, with the possibility of adjusting the fundraising period [4][39] - The maximum fundraising scale is set at 50 billion RMB, excluding interest during the fundraising period [3][34] - If the fundraising amount reaches or exceeds 50 billion RMB, the fund may close early [4][35] Group 3 - The fund is open to individual investors, institutional investors, qualified foreign investors, and other investors permitted by laws and regulations [6][36] - Single institutional investors are limited to a daily subscription amount of no more than 10 million RMB [5][37] - The fund does not sell to financial institutions' proprietary accounts, except for the management company's own funds [5][37] Group 4 - The fund has two share classes: A class, which charges subscription fees, and C class, which does not charge subscription fees [30][44] - The initial subscription price for each share is set at 1.00 RMB [32][42] - Investors can subscribe multiple times during the fundraising period, with specific minimum subscription amounts depending on the sales channel [8][49]

证券代码：600000 证券简称：浦发银行 公告编号：临 2025-044 优先股代码：360003 360008 优先股简称：浦发优 1 浦发优 2 转债代码：110059 转债简称：浦发转债 上海浦东发展银行股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 本次会议是否有否决议案：无 (二) 股东会召开的地点：上海市莲花路 1688 号 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情 况： 决权股份总数的比例（%） 55.5459 注：出席会议的股东包括出席现场会议的股东及通过网络投票出席会议的股东。 一、 会议召开和出席情况 (一) 股东会召开的时间：2025 年 7 月 16 日 (四) 表决方式是否符合《公司法》及《公司章程》的规定，股东会主持 情况等。 本次会议采用现场与网络投票相结合的方式，对需审议议案进行投票表决， 表决方式符合《公司法》《公司章程》及相关法律、法规的规定。本次会议由公 司董事长张为忠先生主持。 (五) 公司董事、监事和董事会秘书的出席情况 二 ...

Group 1 - The core viewpoint of the articles highlights a significant reduction in credit card benefits across various banks, driven by cost pressures and a shift in the banking industry's strategy towards high-value customers [1][3][4] - The changes in benefits have led to customer dissatisfaction, with many users expressing their frustration on social media and even canceling their cards [5][6] - The credit card market is entering a phase of stock competition, with many banks experiencing negative growth in card issuance and a decline in transaction volumes [4][6] Group 2 - Banks are facing cost pressures due to narrowing interest margins, declining transaction amounts, and rising customer acquisition costs, prompting a need for efficiency [3][4] - The reduction in benefits is seen as a short-term cost-cutting measure, but it risks losing high-net-worth customers who are sensitive to service quality [5][6] - To retain high-value clients, banks are encouraged to offer personalized services and higher-yield products, moving away from traditional benefits [6][7] Group 3 - The industry is transitioning towards "data-driven services and scenario-based benefits," with banks innovating through co-branded cards and tailored offerings to enhance customer loyalty [7][8] - By leveraging big data, banks can provide customized products and services, increasing credit card usage frequency and overall customer satisfaction [8]

证券代码：600000 证券简称：浦发银行 公告编号：临 2025-044 优先股代码：360003 360008 优先股简称：浦发优 1 浦发优 2 转债代码：110059 转债简称：浦发转债 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一) 股东会召开的时间：2025 年 7 月 16 日 (二) 股东会召开的地点：上海市莲花路 1688 号 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情 上海浦东发展银行股份有限公司 2025年第一次临时股东会决议公告 况： | 1、出席会议的股东和代理人人数 | 2,043 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 16,812,448,668 | | 3、出席会议的股东所持有表决权股份数占公司有表 | | | 决权股份总数的比例（%） | 55.5459 | 注：出席会议的股东包括出席现场会议的股东及通过网络投票出席会议的股东。 (四) 表决方 ...

上海市联合律师事务所 关于 上海浦东发展银行股份有限公司 二〇二五年第一次临时股东会 之 法律意见书 致:上海浦东发展银行股份有限公司 根据《中华人民共和国公司法》(以下简称"《公司法》")、《中华人民共和国 证券法》及《上市公司股东会规则》(以下简称"《股东会规则》")等现行法律、 法规、规范性文件及《上海浦东发展银行股份有限公司章程》(以下简称"《公司 章程》"）的有关规定,上海市联合律师事务所(以下简称"本所")接受上海浦 东发展银行股份有限公司(以下简称"公司")之委托,就公司本次2025年第一 次临时股东会(以下称"本次股东会")的召开出具本法律意见书。 本所律师根据法律法规的要求,按照律师行业公认的业务标准、道德规范和 勤勉尽责的精神,对公司本次股东会的相关文件和事实进行了审核,并见证了本 次股东会的会议过程,现出具法律意见如下: 股东会的召集、召开程序 í 1. 本次股东会是由公司董事会召集,公司董事会于 2025年 6 月 30 日召开 2025 年第六次会议审议通过《公司关于召开 2025 年第一次临时股东会的 议案》。 2. 公司于 2025年 7 月 1 日在上海证券交易所网站(www. ...

Core Viewpoint - Shenzhen banks have collectively issued statements targeting the misconduct of loan intermediaries, specifically addressing the actions of a consulting service agency named Xin Xin Hui Lin [1][5][17]. Group 1: Bank Responses - Nearly 20 banks in Shenzhen, including major institutions like Bank of China and Agricultural Bank of China, have released statements disavowing any partnership with the intermediary Xin Xin Hui Lin [1][5]. - The Bank of China emphasized that it does not charge intermediary fees or any related costs in its loan business [3]. - Postal Savings Bank of China highlighted that some intermediaries are using false advertisements to claim partnerships with banks, urging the public to be cautious of misleading loan offers [5][7]. Group 2: Intermediary Misconduct - Xin Xin Hui Lin has been accused of falsely advertising itself as a bridge between banks and communities, claiming to improve loan approval rates while charging various fees [7][9]. - The agency reportedly displayed logos of over 20 banks, misleading customers into believing it had strategic partnerships with these institutions [9][12]. - The actual control of Xin Xin Hui Lin is held by Gui Yaolin, who has registered multiple companies under the "Hui Lin" name, indicating a potential pattern of misconduct [12][14]. Group 3: Regulatory Response - The collective statements from banks were reportedly made in response to requests from Shenzhen's financial regulatory authorities, aiming to protect consumer rights and clarify the situation [5][7]. - The intermediary acknowledged its mistakes in using bank logos and stated it has undertaken corrective measures, asserting that it does not have any partnerships with financial institutions [17].

各位投资者朋友大家下午好我是华安特略组分析师陈博近期市场对于银行板块关注度很高我们希望从多个角度对银行上涨的逻辑支撑然后未来的持续性角度对其做出一些详细的拆解所以我们未来会推出围绕银行多个问题探讨的系列报告那么我们将这个系列报告命名为银行放大镜系列今天给大家汇报该系列的第一篇报道银行股市率即将显著提升 这份报告主要是为了要探讨未来半年左右银行板块补息率的潜在变动幅度以及变化的时间节点那么核心结论是我们在转中期内仍然看好银行板块补息率整体维持在5%左右的一个水平并且有一个较强的支撑性那么接下来我们会从银行的主要分红方式银行的分红时间然后分红对补息率的具体影响三个方面进行拆解那么首先 我们从银行的派系方式去给大家做一个讲解通常来说上市公司分红有两种形式一种是发放现金股利的方式那么另外一种是股票股利比如说手上持有多少股然后以增发多余的股票为主那么上市公司其实可以根据实际情况选择其中的一种或者同时使用两种方式进行分红 那么我们其实可以看到就是从2022年到2024年银行公布的中报和年报中间实际上在42家A股上市银行中只有郑州银行在2023年采用了一次美股转赠的方式进行分红那么其余所有的上市银行的分红方式都是以派系为主 ...

Core Viewpoint - A significant number of listed banks in China are distributing cash dividends, with 37 out of 42 A-share listed banks having completed their annual dividend distributions by July 16, 2024, totaling 632.6 billion yuan, marking a 3.1% increase year-on-year [2][5][11]. Dividend Distribution - The total cash dividends distributed by 42 A-share listed banks for 2024 amount to 632.6 billion yuan, with Industrial and Commercial Bank of China (ICBC) and China Construction Bank (CCB) leading with 109.77 billion yuan and 100.75 billion yuan respectively [2][5][7]. - Notably, Zhengzhou Bank has the lowest total dividend of 18.2 million yuan, with a dividend rate of only 9.69%, the lowest among the listed banks [2][6][11]. Timing of Dividend Payments - Several banks, including SPDB and Ningbo Bank, have advanced their dividend payment dates, with SPDB distributing dividends on July 16 and Ningbo Bank distributing 5.943 billion yuan [3][4]. - Traditionally, annual dividends are distributed between June and July, but this year, four state-owned banks completed their distributions earlier, in April and May [4][5]. Year-on-Year Comparison - Among the 42 listed banks, only three banks saw a decline in their total dividend amounts compared to 2023: Zhejiang Commercial Bank, Minsheng Bank, and Ping An Bank, with declines of 4.88%, 11.11%, and 15.44% respectively [9][10]. - Conversely, 34 banks experienced an increase in their dividend amounts, with the highest growth seen in Zhengzhou Bank, which had no dividends in 2023 but distributed 18.2 million yuan in 2024 [9][10]. Future Dividend Plans - Many banks have outlined their cash dividend targets for 2025, with plans to distribute at least 30% of their net profits as cash dividends annually [12].

Core Viewpoint - A-share listed banks are experiencing a peak in dividend distribution for the 2024 fiscal year, with over thirty banks having completed their annual dividends and several others announcing dividend implementation plans [1][3][4]. Group 1: 2024 Annual Dividends - The Industrial and Commercial Bank of China (ICBC) leads with a total cash dividend of approximately 109.77 billion yuan for the previous year [3][4]. - The six major state-owned banks have collectively distributed over 420 billion yuan in dividends for 2024, with ICBC, China Construction Bank, Agricultural Bank of China, and Bank of China being the top contributors [4][6]. - Other banks such as China CITIC Bank and Beijing Bank have also announced significant cash dividends, with CITIC Bank distributing around 19.46 billion yuan [4][5]. Group 2: 2025 Mid-Year Dividend Plans - Several banks, including China Merchants Bank and Hangzhou Bank, have initiated plans for mid-year dividends in 2025, aiming to enhance investor returns [1][8][10]. - The focus on mid-year dividends is seen as a strategy to improve liquidity and provide more consistent cash flow to investors, which may support long-term stock price appreciation [10]. - Banks like Su Nong Bank and Changsha Bank have expressed intentions to implement mid-year dividend plans based on their financial performance and regulatory requirements [8][9]. Group 3: Stock Performance and Market Trends - The banking sector has shown strong performance in the A-share market, with several banks achieving significant stock price increases in the first half of the year [12][13]. - The overall dividend yield of the banking sector remains attractive, particularly in a low-interest-rate environment, making it appealing for long-term investors [10][13]. - Some banks have faced challenges in executing share buyback plans due to stock price fluctuations, indicating a cautious approach to capital management [11][14].