A 股代码：600015 A 股简称：华夏银行 编号：2025—34 华夏银行股份有限公司 第九届董事会第八次会议决议公告 本行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。 华夏银行股份有限公司（简称"华夏银行"或"本行"）第九届董事会第八 次会议于 2025 年 5 月 29 日在北京召开。会议通知和材料于 2025 年 5 月 23 日以 电子邮件方式发出，会议补充通知于 2025 年 5 月 26 日以电子邮件方式发出。会 议应到董事 11 人，实到董事 8 人，杨书剑董事长、才智伟董事因公务未能出席 会议，委托瞿纲董事代为行使表决权；刘瑞嘉董事因公务未能出席会议，委托杨 伟董事代为行使表决权，有效表决票 11 票。会议的召开符合《中华人民共和国 公司法》等法律、行政法规、部门规章、规范性文件及《华夏银行股份有限公司 章程》的有关规定，会议合法有效。本行监事、高级管理人员列席会议。会议由 邹立宾副董事长主持，经与会董事审议，做出如下决议： 一、审议并通过《关于华夏银行总行中后台部门组织机构调整优化的议案》。 表决结果：赞成 ...

华夏银行（600015）公告，公司董事会收到首席信息官吴永飞先生的书面辞职报告。吴永飞因到龄退 休，自2025年5月28日起辞去首席信息官职务，辞职后将不在公司及控股子公司任职。吴永飞先生已确 认与董事会无不同意见，不存在未履行完毕的公开承诺。董事会对吴永飞先生任职期间的贡献表示衷心 感谢。 ...

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Core Perspective - Beijing aims to revitalize its cultural tourism development by establishing itself as an international consumption center, leveraging its rich historical and cultural heritage [1] Group 1: Cultural and Economic Integration - Dongcheng District is positioned as a cultural hub, blending historical significance with modern consumption, creating a unique ecosystem [3] - The district is focusing on the "Cultural Golden Triangle" development, which includes the Forbidden City, Wangfujing, and Longfu Temple, to enhance cultural tourism and consumption [3][4] - Huaxia Bank is innovating financial services to support cultural tourism projects, aiming to connect cultural resources with financial capital effectively [3][4] Group 2: Financial Initiatives and Consumer Engagement - Huaxia Bank has established a dedicated management department to provide tailored financing solutions for local enterprises, enhancing financial accessibility [4] - The bank is integrating financial services into cultural tourism by creating a "financial + culture + consumption" ecosystem, transforming cultural IP into economic value [4][5] - Various consumer engagement initiatives have been launched, including discounts and promotional activities to stimulate spending in the local economy [5][6] Group 3: Technological Integration in Financial Services - Huaxia Bank is utilizing technology to enhance consumer experience by simplifying payment processes and offering real-time discounts [7] - The bank employs big data and intelligent algorithms to monitor consumption trends and adjust subsidy strategies dynamically, ensuring effective resource allocation [7] - These technological advancements aim to drive participation in the "Terrace Economy," contributing to the overall vitality of Beijing's cultural tourism market [7] Group 4: Future Outlook and Commitment - Huaxia Bank expresses its commitment to continue supporting the cultural and tourism sectors in Beijing, aiming to create a new paradigm of consumption that harmonizes tradition and modernity [8] - The bank plans to deepen collaboration with Dongcheng District to enhance cultural tourism and consumption initiatives, contributing to Beijing's goal of becoming an international consumption center [8]

Group 1 - The core viewpoint emphasizes the dual focus on "livelihood infrastructure" and "digital infrastructure" by Huaxia Bank Shenyang Branch to support urban transportation and green economic transformation in Shenyang [1][5] Group 2 - Livelihood infrastructure is crucial for alleviating traffic pressure and enhancing urban capabilities, with the Shenyang subway project being a key initiative [2] - Huaxia Bank Shenyang Branch has introduced an innovative "commercial bank + investment bank" service model to provide comprehensive financial support for the Shenyang subway project, addressing the challenges of large investment and long return periods [2] - The bank offers short-term funding through working capital loans and optimizes funding costs and term matching using financial tools like leasing and asset revitalization [2] Group 3 - The focus on digital infrastructure includes support for emerging green industries, exemplified by the green data center project of Shenyang New Calculation Real Estate Co., Ltd [3] - The project adheres to secondary energy efficiency standards and is vital for Shenyang's digital economy and low-carbon development [3] - Huaxia Bank Shenyang Branch has provided over 200 million yuan in project operation loans to support the optimization of the company's financial structure and resource allocation for energy-saving technology upgrades [3] - As of April, the bank's green loan balance increased by 1.059 billion yuan, with a growth rate of 39.84% since the beginning of the year [3] Group 4 - The bank aims to continue leveraging "livelihood temperature" and "digital speed" as dual engines to assist Shenyang in achieving modernization, ecological sustainability, and internationalization [5] - The initiative is part of a broader effort to promote comprehensive urban transformation and development in the context of Northeast revitalization [5]

Group 1 - The core viewpoint of the news is that the launch of the "Technology Board" in the bond market has led to a significant increase in the issuance of technology innovation bonds (科创债), with banks becoming the main issuers, reflecting a trend of financial resources being directed towards technological innovation [1][4]. - As of May 25, 14 banks have collectively issued 170 billion yuan in technology innovation bonds, accounting for approximately 60% of the total issuance, indicating strong participation from the banking sector [1][2]. - The issuance of technology innovation bonds is supported by policies from the People's Bank of China and the China Securities Regulatory Commission, which aim to enhance the product system and support mechanisms for these bonds [4][5]. Group 2 - Major banks such as China Bank and Shanghai Bank have successfully issued technology innovation bonds with significant demand, showcasing the market's enthusiasm for these financial instruments [2][6]. - The collaboration between banks and securities firms is highlighted, as they work together to support technological innovation, forming a core force in the financial ecosystem [2][4]. - The expected growth in the technology innovation bond market is driven by ongoing policy support and market momentum, with projections indicating a potential explosive increase in issuance this year [6].

Core Viewpoint - The decline in domestic deposit rates has diminished the attractiveness of traditional savings, leading to a "substitution effect" where bank stocks are favored over deposits, resulting in strong performance in the banking sector [1][3][10]. Summary by Sections Deposit Rate Decline - Since 2025, domestic deposit rates have been continuously decreasing, with the one-year fixed deposit rate falling below 1%, marking a historical low [3]. - The diminishing returns from traditional savings have reignited discussions around the benefits of investing in bank stocks instead of saving [3]. Dividend Yield Comparison - As of May 23, 2025, among 42 A-share listed banks, 31 banks have a dividend yield exceeding 4%, with some banks like Ping An Bank and Minsheng Bank surpassing 8% [3]. - The significant yield difference has prompted a "substitution effect," where investors see greater returns from bank stocks compared to deposits [3]. Strong Performance of Bank Stocks - The banking sector has shown robust performance, with a year-to-date increase of 7.66%, outperforming the Shanghai and Shenzhen 300 Index, which has declined by 1.34% [3][4]. - Investors, including insurance funds and public funds, have increased their holdings in bank stocks significantly [4][5]. Insurance and Public Fund Involvement - Insurance funds have been the primary players in increasing bank stock holdings, with a 27.2% holding ratio as of Q1 2025, up 4.3 percentage points from the end of 2023 [5]. - Public funds have also increased their allocation to bank stocks, with the proportion rising from 1.2% to 2.5% by the end of Q1 2025 [5]. Sector Performance Disparity - There is a noticeable divergence in performance within the banking sector, with regional banks like Qingdao Bank and Chongqing Rural Commercial Bank showing strong gains, while some larger banks have underperformed [7]. - As of Q1 2025, state-owned banks experienced a 1.5% decline in revenue, while city commercial banks saw a 3% increase [8]. Asset Quality and Non-Performing Loans - The non-performing loan generation rate for large banks has increased, while it has decreased for joint-stock and rural commercial banks [9]. - Regional banks, benefiting from local economic support, maintain lower non-performing loan ratios compared to national banks [9]. Future Outlook - Analysts believe that high dividend strategies will continue to drive bank stock prices in the short term, while net interest margins and asset quality will be critical for long-term performance [11][12]. - The banking sector is facing challenges from asymmetric interest rate cuts, which may pressure net interest margins but could also lower funding costs in the long run [12].

Core Viewpoint - Dividend investment is favored by investors for its ability to provide long-term stable returns while controlling risks, with 50 stocks having a dividend yield exceeding 5% for three consecutive years [1][2]. Group 1: Dividend Performance - The China Securities Dividend Total Return Index has increased by 59.08% from 2020 to present, significantly outperforming the CSI 300 Total Return Index, which rose by only 7.03% during the same period [1]. - The Shanghai Dividend Index has also shown strong short-term performance, with a cumulative increase of 1.38% since May 12, outperforming the CSI 300 Index [1]. Group 2: High Dividend Stocks - A total of 50 stocks have maintained a dividend yield above 5% over the past three years, with China Merchants Energy leading at an average yield of 16.92% [2][3]. - Other notable stocks include Jizhong Energy at 12.26% and Yutong Bus at 10.11% [2][3]. Group 3: Industry Insights - The banking and coal industries have the highest number of high-dividend stocks, with 12 and 8 stocks respectively, accounting for 40% of the total [4]. - China Merchants Bank has the lowest price-to-book ratio among the listed stocks at 0.39, with dividend yields of 7.38% in 2022, 6.83% in 2023, and 5.06% in 2024 [4]. Group 4: Institutional Investment - High-dividend assets are a key investment area for social security funds, with 12 of the listed stocks appearing in the top ten circulating shareholders in their first-quarter reports [4]. - Among these, Guanghui Energy has the highest market value held by social security funds at 1.31 billion [4].

Investment Rating - The report indicates a positive outlook for the banking sector, suggesting that certain stocks may have alpha potential due to policy catalysts and a cyclical recovery [4]. Core Insights - Multiple banks have lowered their deposit rates, with the one-year and five-year Loan Prime Rate (LPR) reduced by 10 basis points on May 20, 2025. This trend reflects a broader market-driven decline in deposit costs [1][2]. - The average deposit cost rate for China Merchants Bank decreased significantly by 25 basis points to 1.29% in Q1 2025, indicating a trend of improving deposit costs across the sector [1]. - The report highlights that banks like Chongqing Bank, Minsheng Bank, and CITIC Bank have substantial room for further deposit cost reductions, suggesting a favorable environment for banks to optimize their funding costs [2]. Summary by Sections Section 1: Focus of the Week - Several banks have adjusted their deposit rates downward, with over half of listed banks participating in this trend by May 24, 2025 [1]. - The report notes that the average deposit cost rate for China Merchants Bank has shown improvement since Q2 2024, aligning with previous forecasts of enhanced cost reduction in liabilities [1]. Section 2: Sector Perspective - The banking sector is expected to benefit from expansionary policies aimed at stabilizing the economy, with specific banks like Ningbo Bank, Postal Savings Bank, and China Merchants Bank highlighted as potential investment opportunities [4]. - The report emphasizes that the cyclical recovery may take time, but the ongoing interest rate cuts could sustain the dividend strategy for banks like Shanghai Bank and Jiangsu Bank [4]. Section 3: Key Data Tracking - The report tracks various financial metrics, including the issuance of interbank certificates and the average rates for different types of bank notes, indicating a dynamic market environment [9][8]. - It also notes the increase in the proportion of deposits with a remaining maturity of less than one year, which rose by 3 percentage points to 37.4% by the end of 2024, suggesting a trend towards concentrated deposit maturities [2][16].

Core Viewpoint - The article discusses the growing trend of ESG (Environmental, Social, and Governance) investment products, highlighting the performance of the "Agricultural Bank's Craftsmanship · Dynamic 360-Day ESG Themed Wealth Management Product" as a notable example in the market [1][3]. ESG Product Overview - Agricultural Bank has been a significant issuer of ESG products, launching 44 and 29 ESG-themed wealth management products in 2024 and 2023, respectively [3]. - As of January 2025, the ESG-themed bank wealth management product market shows high concentration, with Agricultural Bank and Xinyu Bank leading in product quantity [3]. - The current scale of existing ESG products from Agricultural Bank is approximately 704.95 billion [3]. Performance Metrics - The average return for ESG-themed products with a one-year investment cycle was 3.2% in 2024 and 2.11% in 2023 [3]. - The "Craftsmanship · Dynamic 360-Day ESG Themed Wealth Management Product" achieved a return of 5% last year, with a recent annualized return of 5.21% [3][11]. - Over the past three months, the product's annualized return was 2.24%, which is considered average [3]. Risk and Return Analysis - The product's performance benchmark is set at 3.9%, while its annualized return since inception is 3.4%, falling short by 0.5 percentage points [3][14]. - The product's risk control score is 91, while its risk-adjusted return score is 26, indicating a relatively high risk control but lower risk-adjusted performance compared to peers [7]. Investment Strategy - The product primarily invests in fixed-income assets, with at least 80% allocated to such assets and a maximum of 20% to equity and other non-fixed income assets [11]. - The investment strategy focuses on green and sustainable industries, with a flexible approach to adjusting equity allocations based on market conditions [21][22]. Comparative Performance - The product ranks 157th in terms of yield score among 471 similar products, outperforming 55.41% of its peers [7][9]. - Recent performance metrics indicate that the product has outperformed a significant portion of similar products over various time frames, including 87.9% over the past month [14].