Core Viewpoint - The announcement details the implementation of the 2025 interim profit distribution plan for China Merchants Bank, which includes a cash dividend of RMB 1.013 per share for A-share shareholders, totaling approximately RMB 255.48 billion in cash dividends [1][3]. Distribution Plan - The distribution year is set for the first half of 2025 [2]. - The recipients of the cash dividends are all A-share shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, as of the close of trading on the registration date [2]. - The total number of ordinary shares before the distribution is 25,219,845,601, with A-shares accounting for 20,628,944,429 shares [3]. Implementation Method - Cash dividends for A-shares will be distributed through the clearing system of China Securities Depository and Clearing Corporation Limited, Shanghai Branch, to shareholders who have completed designated transactions [4][5]. - Shareholders who have not completed designated transactions will have their dividends held by the clearing company until the transactions are completed [5]. Taxation Details - For individual A-share shareholders and securities investment funds, no personal income tax will be withheld at the time of dividend distribution. The actual tax burden will depend on the holding period of the shares [6]. - For qualified foreign institutional investors (QFII), a 10% corporate income tax will be withheld, resulting in a net dividend of RMB 0.9117 per share [7]. - For investors participating in the Shanghai-Hong Kong Stock Connect, a similar 10% withholding tax applies, also resulting in a net dividend of RMB 0.9117 per share [8]. - Other A-share shareholders classified as resident enterprises under the Corporate Income Tax Law will self-declare and pay taxes, receiving the full cash dividend of RMB 1.013 per share [9].

Fund Overview - The fund is named "BOC Pioneer Semiconductor Mixed Initiated Securities Investment Fund" and is a mixed-type open-ended fund [11] - The fund aims to primarily invest in assets related to the semiconductor theme, striving to achieve returns that exceed the performance benchmark [12] - The fund's share value is set at RMB 1.00 per share [12] Fund Structure - The fund is managed by BOC Fund Management Co., Ltd., with the custodian being China Merchants Bank Co., Ltd. [1] - The fund is categorized into two classes: Class A and Class C, with different fee structures [16] - Class A shares incur subscription fees, while Class C shares do not charge subscription fees but deduct service fees from the fund's assets [22] Investment Strategy - The fund will invest 60%-95% of its assets in stocks and depositary receipts, with at least 80% of non-cash assets allocated to semiconductor-themed stocks [14] - The investment scope includes various financial instruments such as stocks, bonds, stock index futures, government bonds, and asset-backed securities [13] Subscription Details - The subscription period for the fund starts on January 13, 2026, and investors can subscribe through various sales channels [5][19] - The minimum total subscription amount is set at 10 million shares [19] - Investors can make multiple subscriptions during the fundraising period, but once accepted, the subscription cannot be revoked [20] Risk Management - The fund may face various risks, including market risk, management risk, liquidity risk, and specific risks related to its investment strategy [6][7] - The fund's contract may terminate if the asset size falls below 200 million RMB after three years or if the number of shareholders drops below 200 [42][43] Fund Management - The fund management company is responsible for managing and operating the fund's assets with a commitment to honesty and diligence, but it does not guarantee profits [10] - The fund's performance is not guaranteed to be consistent with the performance of other funds managed by the same company [10] Contact Information - Investors can contact the fund management company for inquiries regarding subscriptions and other services through their customer service hotline [28]

针对不同身份的股东，税费扣缴政策有所区别。对于持有A股的自然人股东及证券投资基金，公司暂不 代扣个人所得税，实际税负将根据股东持股时间长短，在股票转让时由证券公司代扣，持股超过1年可 免征。对于合格境外机构投资者（QFII）及通过沪股通投资的香港市场投资者，公司将按10%的税率统 一代扣企业所得税，扣税后实际派发红利为每股人民币0.9117元。属于其他税收协定优惠范围的投资者 可按规定申请享受待遇。其他机构投资者需自行申报纳税。 此次利润分配方案的实施，是招商银行积极回报股东、共享经营成果的体现，预计将对公司股价及投资 者收益产生直接影响。H股股东的现金红利发放安排已另行公告。 中访网数据 招商银行股份有限公司于2025年12月29日召开董事会会议，审议通过了2025年半年度利润 分配的具体实施方案。根据此前股东大会的授权，本次分红将以公司总股本25,219,845,601股为基数， 向全体股东每股派发现金红利人民币1.013元（含税），现金分红总额预计约为人民币255.48亿元。其 中，面向A股股东的分红总额约为208.97亿元。 本次A股权益分派的关键时间节点已经确定。股权登记日为2026年1月15日，除 ...

Group 1 - As of the end of Q4 2025, northbound funds held a total of 3,257 stocks, with a total holding amount of approximately 1,077.09 billion shares and a total market value of about 2.59 trillion yuan, showing an increase from the previous quarter [1] - The top holdings of northbound funds include leading stocks such as CATL, Midea Group, Kweichow Moutai, and China Merchants Bank, with CATL's market value held by northbound funds reaching 254.34 billion yuan, significantly higher than Midea Group's 77.05 billion yuan [2] - The three major sectors heavily invested by northbound funds are power equipment, electronics, and non-ferrous metals, marking a shift from the previous year's focus on power equipment, banking, and food and beverage [2] Group 2 - In Q4 2025, the sectors with the largest increase in market value for northbound funds were non-ferrous metals, communications, and basic chemicals, with notable individual stocks including Zijin Mining and China Aluminum [3] - The estimated net purchases by northbound funds for CATL reached 45.63 billion yuan, making it the top stock, followed by Northern Huachuang and BYD with net purchases of 24.89 billion yuan and 13.03 billion yuan respectively [3] - Looking ahead to 2026, foreign investment in Chinese stocks is expected to increase, with potential buying funds estimated to reach 10 billion dollars, driven by global long-term investors seeking diversification [4]

（文章来源：证券日报） 证券日报网讯 1月9日，招商银行发布公告称，公司2025年半年度A股每股派发现金红利1.013元（含 税），股权登记日2026年1月15日，除权除息日及红利发放日均为2026年1月16日，总计派发A股现金红 利约208.97亿元。 ...

钛媒体App 1月9日消息，招商银行(600036.SH)公告称，公司2025年半年度A股分红派息方案为每股派发 现金红利人民币1.013元（含税），共计派发现金红利约人民币255.48亿元(含税)。其中，A股总股本为 206.29亿股，派发A股现金红利约人民币208.97亿元（含税）。股权登记日为2026年1月15日，除权 （息）日和现金红利发放日均为2026年1月16日。（公司公告） ...

证券日报网讯 1月9日，汇创达发布公告称，公司于2025年9月16日召开第四届董事会第四次会议、2025 年10月10日召开2025年第二次临时股东会，审议通过了关于公司向不特定对象发行可转换公司债券（简 称"本次发行"）的相关议案。公司聘请了浙商证券股份有限公司（简称"浙商证券"）担任公司本次发行 的保荐机构、主承销商，根据《证券发行上市保荐业务管理办法》的相关规定，浙商证券作为公司新聘 请的保荐机构，将完成原保荐机构东吴证券股份有限公司未完成的持续督导工作。鉴于公司保荐机构已 更换，为保证募集资金督导工作的正常进行，保护投资者权益，根据相关规定，近日公司、全资子公司 东莞市聚明电子科技有限公司与招商银行股份有限公司深圳分行、保荐机构浙商证券重新签订了《募集 资金专户四方监管协议》。 （文章来源：证券日报） ...

Investment Ratings - Banking: Overweight (Maintain) [1] - Securities: Market Weight (Maintain) [1] - Insurance: Overweight (Maintain) [1] Core Insights - The banking sector shows a continued growth trend in social financing, with a marginal decrease in the contribution of government bonds. Corporate bonds increased by 178.8 billion yuan year-on-year, becoming the main increment in social financing. However, the demand for loans remains weak, with a year-on-year decrease of 190 billion yuan in new RMB loans in November [5][44]. - The securities industry has seen multiple core indicators reach historical highs in 2025, with total stock fund transaction volume exceeding 500 trillion yuan, a year-on-year increase of over 70%. The primary market has rebounded, with IPO and refinancing scales increasing by 95.64% and 326.17% respectively, indicating improved market liquidity and financing conditions [3][46]. - The insurance sector reported a total original premium income of 57,629 billion yuan in the first 11 months of 2025, a year-on-year growth of 7.6%. Life insurance companies saw a 9.1% increase in premium income, while property insurance companies grew by 3.9% [4][47]. Summary by Sections Market Review - As of January 8, 2026, the banking, securities, and insurance indices changed by -0.87%, +0.91%, and +1.95% respectively, while the CSI 300 index increased by +2.05%. Among 31 industries, the banking and non-banking sectors ranked 29th and 21st in performance [5][13]. Valuation Situation - As of January 8, 2026, the PB ratio for the banking sector is 0.74, with state-owned banks, joint-stock banks, city commercial banks, and rural commercial banks having PB ratios of 0.79, 0.61, 0.71, and 0.63 respectively. Notably, China Merchants Bank, Agricultural Bank of China, and Ningbo Bank have the highest valuations at 0.96, 0.95, and 0.87 [22][24]. Recent Market Indicators - The one-year MLF operation rate is 2.0%, with LPR rates at 3.0% for one year and 3.50% for five years. The average interbank borrowing rates for one day, seven days, and fourteen days are 1.33%, 1.50%, and 1.60% respectively [29][30]. Industry News - The China Banking and Insurance Regulatory Commission has released guidelines for data classification and grading in the insurance asset management industry, effective January 1, 2026, aimed at enhancing data security management standards [39][40].

分组1 - China Merchants Bank plans to distribute a cash dividend of approximately 25.548 billion yuan for the first half of 2025, with a per-share dividend of 1.013 yuan (tax included) [1] - Luzhou Laojiao proposes a cash dividend of 13.58 yuan per 10 shares, totaling around 2 billion yuan (tax included) for the mid-2025 profit distribution [3] - Tongfu Microelectronics intends to raise up to 4.4 billion yuan through a private placement to enhance its packaging capacity for storage chips and other emerging applications [2] 分组2 - Xibu Gold announces that its shareholder, Turpan Jinyuan Mining Co., plans to reduce its stake by up to 1% due to funding needs [4] - Jiaoyun Co. is planning a significant asset restructuring by swapping its automotive sales and service assets with the cultural and tourism-related assets of its controlling shareholder [5] - Guo Sheng Technology expects a negative net profit for the fiscal year 2025, leading to a stock resumption after a period of trading suspension [8] 分组3 - North Rare Earth adjusts its first-quarter rare earth concentrate trading price to 26,834 yuan per ton, reflecting a 2.4% increase from the previous quarter [11] - Baotou Steel plans to set the same trading price for rare earth concentrate at 26,834 yuan per ton for the first quarter of 2026, also indicating a 2.4% increase [12] - Wanbangde's subsidiary has been selected for a national major science and technology project for Alzheimer's drug development, which is expected to positively impact its clinical development and long-term business growth [13]

Group 1 - The core point of the article is that China Merchants Bank has obtained a patent for a "customer mining method, device, equipment, and storage medium," with the authorization announcement number CN117235379B, and the application date is September 2023 [1] - China Merchants Bank, established in 1987 and located in Shenzhen, primarily engages in monetary financial services, with a registered capital of 25,219.845601 million RMB [1] - The bank has made investments in 15 companies, participated in 5,000 bidding projects, and holds 1,332 trademark records and 2,181 patent records, along with 359 administrative licenses [1]