智通财经记者 | 安震 民生银行再次引发市场关注。 近日，香港立业集团有限公司（以下简称"香港立业"）买入民生银行约1.99亿股H股，占总股本0.455%。香港立业是民生银行前十大股东之一深圳市立业集 团有限公司（以下简称"立业集团"）旗下企业。此次增持后，立业集团及其一致行动人对民生银行的持股比例达4.945%，即将触发5%举牌线。 此外，泛海系已经退出民生银行股东之列，加上新进入前十大股东的长城资产，民生银行股东又迎来新一轮调整。 立业集团即将触达"举牌线" 香港交易所数据显示，6月30日，香港立业通过场外交易以每股2.62港元的均价购入民生银行H股1.99亿股，对民生银行H股的持股比例升至2.4%。 | | | | 前10名普通股股东持股情况 | | | | | --- | --- | --- | --- | --- | --- | --- | | | 股东性 | | 报告期末持股数量 | 持有有限售 | | 质押/标记/冻结 | | 股东名称 | 质 | 持股比例(%) | (股) | 条件股份数 量(股) | 股份状 | 数 | | | | | | | Ká | | | 香港中央结算(代理人) | ...

Core Viewpoint - The recent significant shareholding increase by Hong Kong Liyue Group in Minsheng Bank indicates a potential shift in the bank's shareholder power dynamics, as traditional shareholders like "Fan Hai" and "Dong Fang" are losing influence [1][5]. Shareholding Changes - Hong Kong Liyue Group increased its stake in Minsheng Bank to 4.945% as of June 30, 2024, after purchasing approximately 199 million H-shares at an average price of 2.624 HKD per share, totaling around 523 million HKD [2]. - Over the past 18 months, Liyue Group has consistently increased its holdings, moving from 3.37% in Q3 2023 to 4.49% in Q1 2024, now ranking as the fourth-largest shareholder [2][5]. - The group's total holdings in Minsheng Bank A+H shares now amount to 2.166 billion shares, nearing the 5% threshold for mandatory disclosure [2]. Shareholder Landscape - The original shareholders of Minsheng Bank, particularly "Fan Hai" and "Dong Fang," are diminishing in influence, with "Dong Fang" holding only 2.92% and "Fan Hai" reportedly holding just one share [5][6]. - The current major shareholders include Hong Kong Central Clearing and Dajia Life Insurance, which together hold over 35% of the bank [6]. Valuation Appeal - Minsheng Bank's current price-to-book ratio is only 0.355, significantly lower than the industry average, making it an attractive investment opportunity [7]. - In contrast, other banks like China Merchants Bank have a price-to-book ratio of 1.13, highlighting the undervaluation of Minsheng Bank [7]. Financial Performance - For the year 2024, Minsheng Bank reported a revenue of 136.29 billion CNY, a decrease of 3.21% year-on-year, and a net profit of 32.30 billion CNY, down 9.85% from the previous year [7]. Funding Challenges - Liyue Group's aggressive expansion strategy may face financial constraints, as a significant portion of its shares in Minsheng Bank is under pledge, with 12.29 billion shares pledged, accounting for about 60% of its holdings [8]. - The group has also been involved in acquiring stakes in other companies, which adds to its financial pressure [8].

Market Overview - The Shanghai Composite Index rose by 0.32% on July 4, with 13 out of 28 sectors experiencing gains, led by the banking and media sectors, which increased by 1.84% and 0.91% respectively [1] - The banking sector topped the gainers list for the day [1] Fund Flow Analysis - The net outflow of capital from the two markets was 21.926 billion yuan, with 8 sectors seeing net inflows [1] - The computer sector had the largest net inflow of 2.811 billion yuan, despite a slight decline of 0.05% [1] - The banking sector also saw a net inflow of 758 million yuan, with a daily increase of 1.84% [1] Banking Sector Performance - The banking sector increased by 1.84% with a total net inflow of 758 million yuan, and all 42 stocks in this sector rose [2] - Among the stocks, 24 experienced net inflows, with 6 stocks receiving over 100 million yuan in net inflows, led by Shanghai Pudong Development Bank with 164 million yuan [2] - Major banks with significant net inflows included Ping An Bank and Minsheng Bank, with net inflows of 159 million yuan and 136 million yuan respectively [2] Individual Bank Stock Performance - The top-performing bank stocks included: - Shanghai Pudong Development Bank: +2.82%, 163.69 million yuan net inflow [2] - Ping An Bank: +2.02%, 158.73 million yuan net inflow [2] - Minsheng Bank: +2.83%, 135.90 million yuan net inflow [2] - Conversely, banks with significant net outflows included: - Everbright Bank: -3.06%, 628.79 million yuan net outflow [3] - China Construction Bank: -1.24%, 519.97 million yuan net outflow [3] - Guiyang Bank: -1.87%, 510.52 million yuan net outflow [3]

Core Viewpoint - Hong Kong Liyue Group has increased its stake in Minsheng Bank, becoming the fourth largest shareholder, with a total holding of 4.945% of the bank's shares, just shy of the 5% threshold for mandatory disclosure [2][4]. Shareholding Changes - Hong Kong Liyue purchased approximately 199 million H-shares of Minsheng Bank at an average price of about 2.624 HKD per share, totaling around 523 million HKD (approximately 477 million RMB), which represents 0.455% of the bank's total share capital [3]. - Following this purchase, Liyue Group's total holdings in Minsheng Bank reached 2.4% of H-shares and 4.945% of total shares, making it the fourth largest shareholder [4]. - New Hope Group has also increased its stake in Minsheng Bank to 5.27%, becoming the second largest shareholder [6]. Strategic Developments - Minsheng Bank has undergone significant changes in its shareholder structure, with some major shareholders exiting and new investors entering [6]. - The bank's management has indicated that several institutional investors and private enterprises have recently become shareholders, reflecting a shift in the bank's ownership landscape [6]. - The bank has been actively managing its non-performing assets, with a total of 3,446 billion RMB in non-performing assets disposed of from 2021 to 2024, achieving cash recoveries of 953 billion RMB [8]. Risk Management and Business Strategy - Minsheng Bank has adjusted its business structure to focus on sustainable and lower-risk operations, moving away from high-risk, high-yield businesses [8]. - The bank's first-quarter performance in 2024 exceeded expectations, attributed to the successful implementation of its strategic transformation [8].

Group 1 - Bank stocks showed strong performance on July 4, 2025, with several banks like Everbright Bank, CITIC Bank, and Shanghai Pudong Development Bank rising over 2%, reaching historical highs [1] - The banking sector continued its steady upward trend in the first half of 2025, benefiting from market preferences and improved expectations for bank fundamentals [1] - The average dividend yield for the banking sector reached 4.01%, making it attractive for long-term funds like insurance capital [2] Group 2 - The Huafu Xinhua Zhongxin Dividend Value Index has returned 1.06% since its inception in May, with an annualized return of 6.99%, indicating strong performance of its constituent stocks [1] - The index employs a selection strategy based on "one high and four lows" (high dividend, low volatility, low valuation, low beta, low turnover), aiming to balance high dividends with low volatility [1] - Recent policies have emphasized investor returns, leading to a more stable and continuous dividend system, which enhances the value of high-dividend assets [2]

Core Viewpoint - Minsheng Bank has seen significant changes in its shareholder structure, with Hong Kong Liyue Group increasing its stake, positioning itself as the fourth largest shareholder, just below the 5% threshold for mandatory disclosure [2][4]. Shareholder Changes - On June 30, Hong Kong Liyue Group purchased approximately 199 million H-shares of Minsheng Bank at an average price of about HKD 2.624 per share, totaling around HKD 523 million (approximately RMB 477 million), which represents 0.455% of the bank's total share capital [4]. - Following this acquisition, Liyue Group and its concerted parties now hold a total of 2.4% of Minsheng Bank's H-shares and 4.945% of the total share capital, making it the fourth largest shareholder [4]. - Liyue Group, a subsidiary of Shenzhen Liyue Group, was first listed among Minsheng Bank's major shareholders in September 2023, holding 3.15% of shares, and has since increased its stake to 4.49% by March 2024 [4]. Company Background - Liyue Group, founded in 1995 and controlled by Lin Li, the former richest person in Shenzhen, has diversified interests across various sectors, including new energy, chemicals, biomedicine, and comprehensive finance [5]. - The group also holds significant stakes in financial institutions, including a controlling interest in Huayin Securities and a 20% stake in WeBank, China's first internet bank [5]. Strategic Developments - Minsheng Bank's board has seen new appointments, including Lin Li as a non-executive director, pending regulatory approval [4]. - The bank has undergone a strategic transformation, focusing on reducing high-risk, unsustainable business lines and enhancing its core operations [8]. - As of the end of 2024, Minsheng Bank has disposed of non-performing assets totaling RMB 344.6 billion, with cash recoveries of RMB 95.3 billion, indicating a proactive approach to risk management [8].

证券代码：600016 证券简称：民生银行 优先股简称：民生优 1 优先股代码：360037 编号：2025-026 中国民生银行股份有限公司 2024年年度权益分派实施公告 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。 重要内容提示： 每股分配比例 本次利润分配方案经中国民生银行股份有限公司（以下简称"本行"）2025 年 6 月 26 日的2024年年度股东会会议审议通过。股东会会议决议公告于 2025 年 6 月 27 日分别刊登在上海证券交易所（www.sse.com.cn）、本行网站（www.cmbc.com.cn） 和《中国证券报》《上海证券报》《证券时报》。 二、 分配方案 1. 发放年度：2024年年度 1 2. 分派对象： A 股每股现金红利0.062元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/7/11 | － | 2025/7/14 | 2025/7/14 ...

Core Viewpoint - The article discusses the divergent investment opportunities within the A-share banking sector, highlighting the choice between stable, high-dividend state-owned banks and high-growth regional banks [2][11]. Group 1: Overview of the Banking Sector - The banking industry is experiencing a slowdown in growth, with structural pressures leading to reduced profit margins and slower overall growth rates [3][4]. - Major banks like Industrial and Commercial Bank of China (ICBC) and Shanghai Pudong Development Bank have shown negative revenue growth over the past five years, indicating a challenging environment for traditional banking [3][4]. Group 2: Investment Strategies - For conservative investors, the recommendation is to focus on large state-owned banks, which offer stable dividends and lower risk, providing a reliable cash flow [12]. - For aggressive investors seeking total returns, the focus should be on smaller, high-growth regional banks, which present higher risks but also the potential for significant returns through earnings growth and valuation recovery [13]. - A balanced approach can be taken by combining investments in both large state-owned banks and high-growth regional banks to achieve stability and growth [14]. Group 3: Performance Metrics - Key performance metrics for major banks include: - ICBC: PB of 0.68, TTM dividend yield of 5.87%, and a 5-year profit compound growth of 3.22% [19]. - Chengdu Bank: PB of 0.98, TTM dividend yield of 3.94%, and a 5-year profit compound growth of 18.29% [19]. - Hangzhou Bank: PB of 0.85, TTM dividend yield of 4.27%, and a 5-year profit compound growth of 20.80% [19]. - The article emphasizes the importance of understanding the different growth trajectories and risk profiles of these banks when making investment decisions [18].

Group 1 - The core viewpoint of the articles highlights a significant increase in travel demand during the summer, with a 70% rise in the number of travelers and an 80% increase in GMV compared to the previous year [1] - Various banks are launching credit card promotions to capture the booming travel market, offering cashback, discounts, and double points to attract consumers [1][3] - The credit card business of commercial banks is undergoing a transformation from scale expansion to quality improvement, facing challenges such as market saturation and regulatory tightening [2][6] Group 2 - Banks are targeting the summer economy with tailored credit card offers, such as cultural-themed cards and partnerships with local attractions to enhance customer engagement [3][4] - Several banks are focusing on outbound travel, providing substantial cashback and discounts for international spending, indicating a strategic push to cater to travelers [4] - The initiatives by banks align with government policies aimed at boosting consumption, reflecting a proactive response to optimize the consumer environment [5] Group 3 - The promotional activities are primarily aimed at attracting new customers, particularly recent graduates, as banks shift their focus from sheer volume to effective growth metrics [6] - Experts suggest that future competition among banks will evolve from price wars to a focus on comprehensive service capabilities, emphasizing the need for deep integration with the travel industry [7]

Group 1 - The core viewpoint of the article highlights that six Chinese banks ranked in the top ten of the 2025 Global Bank 1000 list, with the four major banks maintaining their positions in the top four for the eighth consecutive year [1][2] - The top four banks are Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, and Bank of China, while China Merchants Bank and Bank of Communications ranked eighth and ninth respectively [1] - The list also includes four additional Chinese banks in the top twenty: Postal Savings Bank at 12th, Industrial Bank at 14th, CITIC Bank at 18th, and Shanghai Pudong Development Bank at 19th [1][2] Group 2 - The number of Chinese banks in the top twenty remains unchanged, indicating stability, while the ranking reflects a stronger operational resilience among large banks in a complex global economic environment [2] - The report emphasizes that the ranking primarily considers banks' tier-one capital strength, which is a key indicator of their risk resistance and overall capability [2] - Looking ahead, Chinese banks are expected to enhance their global competitiveness by solidifying capital, improving risk resistance, and advancing structural reforms in financial supply [3]