来源：智通财经网 香港联交所最新资料显示，11月26日，Ping An Asset Management Co., Ltd.增持招商银行(03968)770.4万 股，每股作价52.6215港元，总金额约为4.05亿港元。增持后最新持股数目约为9.7亿股，最新持股比例 为21.13%。 ...

Core Insights - The "2025 China Banking Competitiveness Report" was released at the 21st Century Financial Annual Conference, highlighting the competitive landscape of the banking sector in China [1] - A total of 16 banks from Zhejiang province made it to the "Top 100 Competitiveness Rankings of Chinese Banks" [1] Rankings Overview - The rankings include 6 state-owned banks, 12 national joint-stock banks, 53 city commercial banks, 27 rural commercial banks, and 2 private banks, with 5 foreign banks also making the list [2][4] - The top three banks are Industrial and Commercial Bank of China, China Construction Bank, and Agricultural Bank of China, with total assets of 488.22 billion, 405.71 billion, and 532.38 billion respectively [2] Evaluation Framework - The evaluation framework consists of four categories: scale, profitability, stability, and growth, based on objective data from the 2024 annual reports [4] - Sub-rankings for scale, profitability, and growth provide a more detailed view of different types of banks' performances [4] Regional Insights - Zhejiang province's banks, such as Zhejiang Commercial Bank, ranked 26th, while Zhejiang Internet Bank and WeBank were the only two private banks to make the list, ranking 15th and 16th respectively [4][5] - City commercial banks from Zhejiang, including Ningbo Bank and Hangzhou Bank, ranked 19th and 25th, respectively, indicating a strong regional presence [5] Development Trends - The asset scale of China's banking industry continues to expand, with state-owned banks showing significant scale advantages, while smaller banks adopt differentiated growth strategies [6] - Profitability indicators show a widening gap, with larger banks benefiting from scale effects, while smaller banks face challenges due to factors like reduced loan prime rates [6] - Growth indicators reflect the potential for banks, focusing on core tier one capital adequacy, cost-to-income ratios, revenue growth, and technology investment [6]

香港联交所最新资料显示，11月26日，Ping An Asset Management Co.,Ltd.增持招商银行（600036） (03968)770.4万股，每股作价52.6215港元，总金额约为4.05亿港元。增持后最新持股数目约为9.7亿股， 最新持股比例为21.13%。 ...

智通财经APP获悉，香港联交所最新资料显示，11月26日，Ping An Asset Management Co., Ltd.增持招商 银行(03968)770.4万股，每股作价52.6215港元，总金额约为4.05亿港元。增持后最新持股数目约为9.7亿 股，最新持股比例为21.13%。 ...

Core Viewpoint - The overall performance of A-share listed banks shows a recovery in both revenue and net profit, with state-owned banks maintaining significant profitability, while the return on equity (ROE) continues to decline across the sector [2]. Revenue Performance - The revenue of listed banks is generally stable with internal differentiation, and state-owned banks continue to stand out [3]. - Over 60% of banks reported positive revenue growth in Q3 2025, with 29 banks showing growth and 13 experiencing declines [4]. - The six major state-owned banks achieved a total revenue of CNY 2.72 trillion, a year-on-year increase of 1.87% in Q3 2025, with all six banks reporting growth [4]. - Among the four major banks, Industrial and Commercial Bank of China (ICBC) had the highest revenue at CNY 821.80 billion, up 2.17% year-on-year [4]. - Joint-stock banks reported a total revenue of CNY 1.12 trillion, a decline of 2.56% year-on-year, with only two banks showing revenue growth [5][6]. - City commercial banks collectively generated CNY 402.08 billion in revenue, a year-on-year increase of 4.67%, with 14 out of 17 banks reporting growth [7]. - Rural commercial banks saw a slight decline in revenue, totaling CNY 790.64 billion, with 10 banks reporting a minor decrease of 0.03% year-on-year [8]. Net Profit Performance - The net profit of listed banks steadily increased, with 35 banks reporting year-on-year growth and 7 experiencing declines [10]. - The six major state-owned banks reported a combined net profit of CNY 1.09 trillion, a year-on-year increase of 1.32% in Q3 2025, with all six banks achieving positive growth [10]. - ICBC led the state-owned banks with a net profit of CNY 271.88 billion, up 0.52% year-on-year [10]. - Joint-stock banks collectively reported a net profit of CNY 406.10 billion, a slight decline of 0.10% year-on-year, with only four banks showing profit growth [11]. - City commercial banks achieved a net profit of CNY 173.60 billion, reflecting a year-on-year increase of 6.79%, with 16 banks reporting growth [12]. - Rural commercial banks reported a total net profit of CNY 377.78 billion, a year-on-year increase of 3.41%, with most banks showing varying degrees of growth [13]. Return on Equity (ROE) - The overall ROE for listed banks continued to decline, with only one bank exceeding the regulatory benchmark of 11% [14]. - Among state-owned banks, none met the 11% ROE requirement, with the highest being Construction Bank at 7.40% [15]. - Joint-stock banks also fell short of the 11% benchmark, with the best performer, China Merchants Bank, achieving an ROE of 9.13% [15]. - City commercial banks did not meet the 11% standard either, with only two banks exceeding 10% [16]. - In the rural commercial bank sector, only one bank met the regulatory requirement, with Jiangsu Changshu Rural Commercial Bank leading at 11.36% [18].

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) 否 | 於香港聯交所上市 (註1) | | --- | --- | --- | --- | --- | | 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 | | 20,628,94 ...

Group 1 - The Financial Stability Board (FSB) announced the 2025 list of Global Systemically Important Banks (G-SIBs), with five Chinese banks included, maintaining the same number as the previous year [1] - Industrial and Commercial Bank of China (ICBC) has been upgraded to the third group with an additional capital requirement of 2.0%, while Bank of China, Agricultural Bank of China, and China Construction Bank remain in the second group with a requirement of 1.5%, and Bank of Communications stays in the first group with a requirement of 1% [1] - Following the upgrade, ICBC's core Tier 1 capital adequacy ratio regulatory requirement increases from 9% to 9.5%, with a current ratio of 13.6%, providing a buffer of 4.6 percentage points [1] Group 2 - Fitch Ratings noted that the scoring changes for Chinese G-SIBs in 2025 show that scale is no longer the primary driver for score increases, and exchange rate effects have positively influenced scores [2] - The Basel Committee plans to adjust the framework for identifying G-SIBs from year-end static data to annual average calculations, which may reduce data volatility and limit the impact on most banks, although institutions near threshold levels may experience changes [2] - The increase in global systemic importance reflects the fundamental strength of large banks, with scores for the five major banks rising between 9 to 33 points, and Bank of China is likely to be upgraded soon [2] Group 3 - The banking sector is viewed positively for long-term investment, with a high dividend strategy still having room for growth amid an "asset shortage" environment, suggesting a continuation of structural market trends [3]

Quantitative Models and Construction Methods - **Model Name**: "Kaiyuan Quantitative Engineering Preferred Gold Stock Portfolio" **Model Construction Idea**: The model is based on the observation that newly introduced stocks outperform repeated stocks. It incorporates the "SUE factor" (Surprise Earnings Factor), which demonstrates superior stock selection ability within newly introduced stocks[25] **Model Construction Process**: 1. Select the top 30 newly introduced stocks with the highest earnings surprise (SUE factor) 2. Weight the portfolio based on the number of recommendations by brokers 3. Construct the portfolio using these weighted stocks[25] **Model Evaluation**: The model demonstrates better performance compared to the overall gold stock portfolio, with higher annualized returns and lower maximum drawdowns[25][27] Model Backtesting Results - **Kaiyuan Quantitative Engineering Preferred Gold Stock Portfolio**: - November return: -0.2% - 2025 YTD return: 45.1% - Annualized return: 22.5% - Annualized volatility: 25.3% - Return-to-volatility ratio: 0.89 - Maximum drawdown: 24.6%[27][28] - **Overall Gold Stock Portfolio**: - November return: -3.4% - 2025 YTD return: 32.2% - Annualized return: 13.2% - Annualized volatility: 23.5% - Return-to-volatility ratio: 0.56 - Maximum drawdown: 42.6%[23][27] - **CSI 300 Index**: - November return: -2.5% - 2025 YTD return: 15.0% - Annualized return: 3.3% - Annualized volatility: 21.1% - Return-to-volatility ratio: 0.16 - Maximum drawdown: 40.6%[23][27] - **CSI 500 Index**: - November return: -4.1% - 2025 YTD return: 22.8% - Annualized return: 1.2% - Annualized volatility: 23.8% - Return-to-volatility ratio: 0.05 - Maximum drawdown: 37.5%[23][27] Quantitative Factors and Construction Methods - **Factor Name**: Surprise Earnings Factor (SUE Factor) **Factor Construction Idea**: The factor captures stocks with earnings that significantly exceed market expectations, which are likely to outperform in the short term[25] **Factor Construction Process**: 1. Calculate the earnings surprise for each stock as the difference between reported earnings and consensus estimates 2. Rank stocks based on their earnings surprise values 3. Select the top-ranked stocks for portfolio inclusion[25] **Factor Evaluation**: The SUE factor demonstrates strong stock selection ability, particularly within newly introduced stocks, and contributes to the superior performance of the preferred gold stock portfolio[25] Factor Backtesting Results - **SUE Factor**: - Incorporated into the preferred gold stock portfolio, contributing to its annualized return of 22.5% and return-to-volatility ratio of 0.89[25][27]

Core Viewpoint - The financial institutions in Hong Kong have rapidly mobilized to provide support and aid following the fire incident at Hong Kong's Tai Po Wang Fuk Court, demonstrating a commitment to disaster relief and community support [1]. Group 1: Contributions from Financial Institutions - CITIC Group has pledged HKD 15 million to support rescue efforts, victim relocation, and post-disaster reconstruction, while also organizing teams to deliver essential supplies and encouraging employee blood donations [2]. - China Merchants Bank has committed HKD 10 million for disaster relief and has established emergency service channels to provide immediate financial support to affected citizens [3]. - Industrial Bank has donated HKD 10 million to the designated "Tai Po Wang Fuk Court Relief Fund" to assist with medical care for the injured and support for the families of victims [4]. - Pudong Development Bank has also contributed HKD 10 million to the Bai Yulan Charity Foundation for emergency relief and reconstruction efforts, while organizing volunteer teams to assist affected residents [5]. - Shanghai Bank has donated HKD 10 million to the Bai Yulan Charity Foundation, with funds arriving promptly to support rescue and recovery efforts, and has mobilized employees for volunteer work [6]. - Qingdao Bank has opened a cross-border RMB donation "green channel" to facilitate donations to the affected area, waiving remittance fees for quicker support [7].

Group 1 - The third Jinan Science and Technology Finance Forum was successfully held, focusing on the theme "Technological Innovation and Financial Support" with participation from over 60 representatives of technology companies [1][4] - The event featured the launch of the China Merchants Bank's technology finance brand and a series of product presentations aimed at providing comprehensive financial support for technological innovation [3] - The bank's comprehensive service plan is designed to support the entire lifecycle of technology innovation, enhancing service scenarios and expanding the service ecosystem [3] Group 2 - The forum included discussions on how companies can navigate macroeconomic uncertainties and identify growth opportunities within existing resources [3] - The "Five-Dimensional Big Data Evaluation Model" was introduced to convert technology reports into financial statements recognized by financial institutions, covering the entire financial service system for technology companies [3] - The event emphasized the importance of a full-chain service system to empower companies in leveraging capital market forces for high-quality development [3][4]