Core Insights - The "2024-2025 Annual Search for 'Respected' Enterprises" is actively being conducted, with 1,066 companies showing continuous growth in net profit attributable to shareholders from 2022 to 2024 [1][2] - Net profit attributable to shareholders is a key indicator of a company's profitability and shareholder returns, reflecting operational efficiency, competitive products, and market positioning [1] - In a highly competitive environment, sustained profitability is emphasized as a fundamental driver for companies to navigate economic cycles and maintain stability [1] Industry Distribution - Among the 1,066 companies with three consecutive years of profit growth, the distribution includes: 49 automotive parts companies (4.59%), 40 biopharmaceutical companies (3.75%), 33 commercial banks (3.1%), 20 home appliance companies (1.88%), and 10 automotive manufacturers (0.9%) [2] - This diverse distribution indicates that these leading companies are not solely reliant on industry growth but also on effective management and innovation [2] Top Companies - The top 10 companies by net profit for 2024 include: Industrial and Commercial Bank of China (601398.SH), China Construction Bank (601939.SH), Agricultural Bank of China (601288.SH), Bank of China (601988.SH), China Petroleum (601857.SH), China Merchants Bank (600036.SH), China Mobile (600941.SH), Bank of Communications (601328.SH), Postal Savings Bank of China (601658.SH), and Kweichow Moutai (600519.SH) [2][4] - State-owned banks and national joint-stock banks dominate this list, showcasing their strong management capabilities despite external pressures [4] Banking Sector Insights - The banking sector faces intense competition characterized by homogenization and short-term performance focus, yet leading banks maintain a long-term perspective and adhere to operational principles [4] - For instance, Industrial and Commercial Bank of China emphasizes innovation and digital transformation, while China Construction Bank balances various economic factors to ensure sustainable growth [4] Sector-Specific Strategies - China Petroleum is enhancing exploration and development efforts while transitioning to new energy and materials sectors to improve value creation and risk management [5] - China Mobile aims to become a world-class information service technology innovation company, focusing on long-term value growth and expanding into international business and digital content [5] - Kweichow Moutai adheres to its corporate values and focuses on maximizing the benefits of its unique geographical resources within the traditional liquor industry [5]

第 1 頁 共 11 頁 v 1.1.1 | 3. 股份分類 | 優先股 | 股份類別 | 其他類別 (請註明) | 於香港聯交所上市 (註1) | 否 | | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 360028 | 說明 | 於上交所上市之人⺠幣27,500,000,000元的非累積境內優先股（「境內優先股」） | | | | 2. 股份分類 | 普通股 | 股份類別 | A | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600036 | 說明 | 於上海證券交易所 （「上交所」）上市之A股 | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 20,628,944,429 RMB | | 1 RMB | | 20,628,944,429 | | 增加 / 減少 (-) | | | 0 | | RMB | | 0 | | 本月底結存 | | ...

| 成交量 （万 | 成交金 | 成交价 | 相对当日收盘 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | | 额（万 | 格 | 折溢价（%） | | | | 股） | 元） | （元） | | | | | 49.30 | 1992.21 | 40.41 | 0.00 | 广发证券股份有限公司 | 中国国际金融股份有限公司北 | | | | | | 广州康王中路证券营业 | 京建国门外大街证券营业部 | | | | | | 部 | | （文章来源：证券时报网） 两融数据显示，该股最新融资余额为94.43亿元，近5日减少2348.71万元，降幅为0.25%。 据天眼查APP显示，招商银行股份有限公司成立于1987年03月31日，注册资本2521984.5601万人民币。 （数据宝） 9月30日招商银行大宗交易一览 招商银行9月30日大宗交易平台出现一笔成交，成交量49.30万股，成交金额1992.21万元，大宗交易成交 价为40.41元。该笔交易的买方营业部为广发证券股份有限公司广州康王中路证券营业部，卖方营业部 为中国国际金融股份有限公司北 ...

Core Viewpoint - The implementation of the new regulatory policy, referred to as the "Assisted Loan New Regulations," will significantly reshape the landscape of the assisted loan industry by establishing clear compliance boundaries for commercial banks' internet-assisted loan businesses [1][3]. Group 1: Regulatory Changes - The new regulation, effective from October 1, 2025, mandates commercial banks to adopt a "list management" system for assisted loan cooperation institutions, which has led to a lack of transparency regarding the cooperation lists of major banks [4][5]. - The regulation imposes strict controls on "comprehensive financing costs," particularly targeting products with annualized comprehensive costs exceeding 24%, which poses a challenge to existing business models in the assisted loan sector [1][9]. Group 2: Market Dynamics - The disclosed cooperation lists indicate a trend where major internet giants are preferred partners for banks, leading to a concentration of funds and resources in the hands of a few leading institutions [5][6]. - Various banks have begun to reveal their cooperation lists, with significant participation from both state-owned and private banks, although the six major state-owned banks have yet to disclose their lists [4][6]. Group 3: Business Models and Strategies - Banks like Ping An Bank have developed platforms such as the "Smart Loan Platform" to enhance compliance and safety while expanding their internet credit ecosystem, reflecting a shift towards more regulated and secure lending practices [7]. - Some banks are reconsidering their involvement in assisted loan businesses due to high default rates and rising customer acquisition costs, which are compressing profit margins [7]. Group 4: Financial Implications - The new regulations are expected to create a significant stratification in funding sources, with high-interest assets losing bank support while assets with annualized rates below 24% become highly competitive [9][10]. - Trust funds have seen a temporary increase in demand as an alternative funding source, but their higher costs and regulatory constraints limit their sustainability [10]. Group 5: Regulatory Focus Post-Implementation - Post-implementation, regulatory scrutiny will focus on pricing transparency and comprehensive cost control, particularly regarding the inclusion of service fees in the overall financing costs [11]. - The regulatory authorities will also evaluate banks' risk management capabilities and their adherence to core responsibilities in the assisted loan sector [11].

第1笔成交价格为40.41元，成交49.30万股，成交金额1,992.21万元，溢价率为0.00%，买方营业部为广 发证券股份有限公司广州康王中路证券营业部，卖方营业部为中国国际金融股份有限公司北京建国门外 大街证券营业部。 进一步统计，近3个月内该股累计发生12笔大宗交易，合计成交金额为51.21亿元。该股近5个交易日累 计下跌2.74%，主力资金合计净流出6.2亿元。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 9月30日，招商银行收跌0.66%，收盘价为40.41元，发生1笔大宗交易，合计成交量49.3万股，成交金额 1992.21万元。 责任编辑：小浪快报 ...

港交所文件显示：花旗集团在 招商 银行 的持股比例于09月24日从5.07%降至4.97%。 ...

9月30日，招商银行大宗交易成交49.3万股，成交额1992.21万元，占当日总成交额的0.7%，成交价40.41元，较市场收盘价40.41元持平。 | | | ...

Core Insights - The banking sector experienced a decline of 0.92% on September 30, with CITIC Bank leading the drop [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] Banking Sector Performance - Ping An Bank closed at 11.34, down 0.26% with a trading volume of 832,500 shares and a transaction value of 942 million [1] - China Merchants Bank closed at 40.41, down 0.66% with a trading volume of 700,000 shares and a transaction value of 2.837 billion [1] - Zhejiang Commercial Bank closed at 2.98, down 0.67% with a trading volume of 1.695 million shares and a transaction value of 506 million [1] - Minsheng Bank closed at 3.98, down 0.75% with a trading volume of 4.847 million shares and a transaction value of 1.926 billion [1] - Industrial Bank closed at 19.85, down 1.00% with a trading volume of 1.422 million shares and a transaction value of 2.832 billion [1] - Everbright Bank closed at 3.36, down 1.18% with a trading volume of 3.044 million shares and a transaction value of 1.026 billion [1] - Shanghai Pudong Development Bank closed at 11.90, down 1.33% with a trading volume of 903,800 shares and a transaction value of 1.077 billion [1] - Huaxia Bank closed at 6.58, down 1.35% with a trading volume of 1.237 million shares and a transaction value of 816 million [1] - CITIC Bank closed at 7.20, down 1.37% with a trading volume of 731,300 shares and a transaction value of 529 million [1] Capital Flow Analysis - The banking sector saw a net outflow of 2.207 billion from institutional investors, while retail investors had a net inflow of 1.312 billion [1] - The table shows detailed capital flows for individual banks, indicating varying levels of net inflow and outflow among institutional, speculative, and retail investors [2]

Group 1: Shareholding Increases - Recently, Nanjing Bank announced that BNP Paribas (QFII) increased its shareholding by 108 million shares, raising its total stake from 16.14% to 17.02% [1] - Since the beginning of the year, Nanjing Bank has seen multiple significant shareholders increase their stakes, with Zijin Trust raising its holding from 12.56% to 13.02% by acquiring 56.78 million shares [3] - Another major shareholder, Nanjing Gaoke, increased its stake from 8.94% to 9.00% by purchasing 7.51 million shares [3] Group 2: Bank Sector Trends - A total of 11 A-share listed banks have seen shareholding increases from shareholders or executives this year, indicating a trend where such plans are often announced when bank stock valuations are at historical lows [5] - The banking sector has been experiencing a "red envelope rain" with 17 banks announcing mid-term dividend plans for 2025, including significant contributions from the six major state-owned banks [6] - The six major state-owned banks have all provided dividend plans, with Industrial and Commercial Bank of China (ICBC) planning to distribute approximately 50.40 billion yuan in cash dividends [7][8] Group 3: Market Sentiment and Future Outlook - The banking sector is viewed favorably by institutions due to its low valuations and stable dividends, leading to increased interest from institutional investors [8] - As of September 29, over 300 investigations into listed banks have been conducted, with more than 2,000 institutional inquiries, highlighting the sector's attractiveness [8] - Analysts predict that the inflow of incremental funds will support the banking sector's performance, driven by the high dividend characteristics and significant index weight of bank stocks [8]

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: China Financials, specifically the Alcohol sector and industrial firms in China [1][5][3] Core Insights - **Profitability Metrics**: Year-to-date profit growth in the Alcohol sector increased by 20% year-over-year, contrasting with a 2.8% decline in July, attributed to ongoing capital expenditure (capex) rationalization since the peak of fixed asset investment (FAI) growth in June 2024 [2][3] - **Liability Growth Trends**: Despite some volatility, liability growth has been trending down since early 2025. For 22% of sectors with accelerating FAI growth compared to mid-2024, most have shown a sequential slowdown in recent months. A modest rebound in total liability growth was noted in August, but a further slowdown is expected [3][7] - **Capex and Profit Trends**: In August 2025, 74.5% of sectors (by total liability) reduced capex growth compared to the first half of 2024, while 39.4% of sectors reported profit improvements. Manufacturing FAI growth slowed to 5.1% in August, while manufacturing profit growth improved to 7.4% year-over-year [7][8][9] Additional Important Insights - **PPI Trends**: The Producer Price Index (PPI) remained flat month-over-month for the first time since November 2024, with year-over-year contraction narrowing to 2.9% in August from 3.6% in July [7] - **Sector Performance**: The overall industrial and manufacturing firms' total liability growth picked up to 5.4% year-over-year in August, although at a slower pace than earlier in the year [7] - **Analyst Ratings**: The industry view remains attractive, with various companies in the sector receiving ratings ranging from Overweight to Underweight based on their performance and market conditions [5][63][65] Conclusion - The conference call highlighted a steady improvement in profitability metrics within the Alcohol sector and a cautious outlook on liability growth across industrial firms. The ongoing capex moderation is expected to support anti-involution efforts in China, which may help mitigate industrial credit risks over time [3][5][2]