Investment Rating - The industry investment rating is "Positive (Maintain)" [6] Core Viewpoints - The external environment's uncertainty is increasing, and the continuation of loose monetary policy is expected, with the overall expected return rate for society trending downward in the medium to long term. The effectiveness of low-volatility dividend strategies is likely to persist. The public fund reform is expected to assist banks in achieving excess returns as the allocation style returns to normal [3][26] - The banking sector's fundamentals are expected to improve marginally in Q2 2025 compared to Q1 2025, primarily due to alleviated pressure on other non-interest income growth [3][26] Summary by Sections Investment Suggestions and Targets - Two main investment lines are currently being focused on: 1. Preparing for the anticipated reduction in insurance preset rates in Q3 2025 by investing in high-dividend banks, with recommendations to pay attention to China Construction Bank (601939, not rated), Industrial and Commercial Bank of China (601398, not rated), and Chongqing Rural Commercial Bank (601077, Buy) [4][27] 2. Continuing to favor small and medium-sized banks that have performed strongly since the beginning of the year, with recommendations to focus on Industrial Bank (601166, not rated), CITIC Bank (601998, not rated), Nanjing Bank (601009, Buy), Jiangsu Bank (600919, Buy), and Hangzhou Bank (600926, Buy) [4][27] Financial Data Insights - In June 2025, the social financing (社融) year-on-year growth was 8.9%, with a month-on-month increase of 0.2 percentage points, and the monthly increment was 4.20 trillion yuan, exceeding the consensus expectation of 494.2 billion yuan [9][10] - The increase in loans was primarily driven by corporate short-term loans, with total loans growing by 7.1% year-on-year in June 2025, and the monthly increment was 2.24 trillion yuan, also surpassing expectations [15][20] - M1 growth accelerated to 4.6% year-on-year in June 2025, with M2 growth at 8.3%, indicating a narrowing gap between M2 and M1 growth rates [20][21] Structural Changes in Financing - The increase in social financing was mainly supported by government bonds and loans, with government bonds increasing by 507.2 billion yuan year-on-year [11][10] - Corporate direct financing also saw a year-on-year increase of 36.2 billion yuan, primarily due to a rise in bond financing [11][10]

永赢汇利六个月定期开放债券型证券投资基金 2025 年第 2 季度报告 永赢汇利六个月定期开放债券型证券投资基金 基金管理人：永 赢 基 金管理有限公司 基金托管人：江苏银行股份有限公司 报告送出日期：2025 年 07 月 17 日 永赢汇利六个月定期开放债券型证券投资基金 2025 年第 2 季度 报告 §1 重要提示 基金管理人的董事会及董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗漏，并对其内 容的真实性、准确性和完整性承担个别及连带责任。 基金托管人江苏银行股份有限公司根据本基金合同规定，于 2025 年 07 月 15 日复核了本报告中的 财 务指标、净值表现和投资组合报告等内容，保证复核内容不存在虚假记载、误导性陈述或者重大遗漏。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应仔细阅读本基金的招 募说明书。 本报告中财务资料未经审计。 本报告期自 2025 年 04 月 01 日起至 2025 年 06 月 30 日止。 §2 基金产品概况 | 基金简称 | 永赢汇利六个月定开债 ...

Core Viewpoint - A-share listed banks are experiencing a peak in dividend distribution for the 2024 fiscal year, with over thirty banks having completed their annual dividends and several others announcing dividend implementation plans [1][3][4]. Group 1: 2024 Annual Dividends - The Industrial and Commercial Bank of China (ICBC) leads with a total cash dividend of approximately 109.77 billion yuan for the previous year [3][4]. - The six major state-owned banks have collectively distributed over 420 billion yuan in dividends for 2024, with ICBC, China Construction Bank, Agricultural Bank of China, and Bank of China being the top contributors [4][6]. - Other banks such as China CITIC Bank and Beijing Bank have also announced significant cash dividends, with CITIC Bank distributing around 19.46 billion yuan [4][5]. Group 2: 2025 Mid-Year Dividend Plans - Several banks, including China Merchants Bank and Hangzhou Bank, have initiated plans for mid-year dividends in 2025, aiming to enhance investor returns [1][8][10]. - The focus on mid-year dividends is seen as a strategy to improve liquidity and provide more consistent cash flow to investors, which may support long-term stock price appreciation [10]. - Banks like Su Nong Bank and Changsha Bank have expressed intentions to implement mid-year dividend plans based on their financial performance and regulatory requirements [8][9]. Group 3: Stock Performance and Market Trends - The banking sector has shown strong performance in the A-share market, with several banks achieving significant stock price increases in the first half of the year [12][13]. - The overall dividend yield of the banking sector remains attractive, particularly in a low-interest-rate environment, making it appealing for long-term investors [10][13]. - Some banks have faced challenges in executing share buyback plans due to stock price fluctuations, indicating a cautious approach to capital management [11][14].

Investment Rating - The report maintains an "Overweight" rating for the banking sector [2] Core Insights - The report highlights a recovery in credit growth, with government bonds remaining a primary support item. In June, social financing increased by 900.8 billion yuan year-on-year, with a total of 4.2 trillion yuan added, surpassing market expectations [9][10] - The structure of social financing shows a significant increase in credit, with a notable rise in government bond issuance, which reached 1.3508 trillion yuan in June, up 503.2 billion yuan year-on-year [10][12] Summary by Sections Social Financing Growth - In June, social financing increased by 900.8 billion yuan compared to the same month last year, with a total of 4.2 trillion yuan added, exceeding consensus expectations. The year-on-year growth rate of social financing reached 8.9%, a 0.2 percentage point increase from May [9][10] Credit Situation - New loans in June amounted to 2.24 trillion yuan, an increase of 110 billion yuan year-on-year, which is higher than market expectations. The year-on-year growth rate of credit balance was 7.1%, with the growth rate remaining stable compared to the previous month [12][13] - The credit structure indicates that various types of general loans (excluding bills) have increased year-on-year, while the characteristics of bill financing have weakened. Specifically, corporate short-term loans saw a significant increase [13][18] Liquidity and Deposit Situation - In June, M1 growth rate significantly increased, and the gap between M2 and M1 narrowed. M0, M1, and M2 grew by 12.0%, 4.6%, and 8.3% year-on-year, respectively [6][12] - The total increase in RMB deposits in June was 3.21 trillion yuan, which is 750 billion yuan more than the same period last year, with a year-on-year growth rate of 8.3% [6][12] Investment Recommendations - The report recommends focusing on the banking sector, particularly regional banks with strong certainty and advantages, such as Jiangsu Bank and Chongqing Rural Commercial Bank. It also highlights the importance of high dividend stability in large banks [6][12]

Investment Rating - The report rates the banking sector as "Outperforming the Market" [1] Core Viewpoints - The banking sector experienced a decline of 1.00% this week, following a previous increase of 3.77% [1][13] - Year-to-date, the banking sector has risen by 16.59%, ranking second among all industries, with a focus on the investment value of bank stocks [1] - Key banks to watch include China Merchants Bank, Agricultural Bank of China, and Jiangsu Bank [1] Summary by Sections Banking Sector and Stock Performance - The A-share banking index fell this week, with 17 out of 42 banks seeing an increase in stock prices [2][12] - State-owned banks had an average increase of 1.08%, while joint-stock banks saw a slight decline of 0.08% [2][15] - Over the past month, state-owned banks increased by 8.98%, while joint-stock banks rose by 9.80% [2][15] Funding Price Situation - The central bank's reverse repo operations decreased, with a net withdrawal of 226.5 billion yuan this week [3][28] - The overnight SHIBOR rate rose to 1.33%, and the 7-day SHIBOR rate increased to 1.48% [3][31] - The average overnight repo rate for deposit institutions was 1.34%, reflecting a rise of 3 basis points [3][31] Bond Market Situation - Total bond market financing reached 17,057.9 billion yuan, with net financing increasing by 2,087.7 billion yuan compared to last week [4][41] - Financial bonds issuance was 4,071.5 billion yuan, up by 2,030.5 billion yuan from the previous week [4][41] - Government bonds saw a rise in yields, with the 1-year yield at 1.37% and the 10-year yield at 1.67% [5][43] Interbank Certificate of Deposit Market Review - The issuance of interbank certificates totaled 4,259 billion yuan, an increase of 1,833 billion yuan from last week [54] - The weighted average issuance rate was 1.61%, down by 1 basis point [54]

Group 1 - The current period marks a peak for cash dividends among listed banks in A-shares, with over 30 banks having announced their annual dividends [1] - Industrial and Commercial Bank of China (ICBC) distributed approximately 44.378 billion yuan in cash dividends on July 14, with a per-share dividend of about 0.16 yuan [1] - Other banks such as China Merchants Bank and Agricultural Bank of China have also announced significant cash dividends, with China Merchants Bank distributing around 41.258 billion yuan and Agricultural Bank of China planning to distribute approximately 40.065 billion yuan [1] Group 2 - Several listed banks have indicated intentions for mid-term dividends for 2025, with Changsha Bank planning to distribute dividends based on its net profit, which has totaled 9.373 billion yuan from 2018 to 2024 [2] - The banking sector has shown strong stock performance this year, with several banks experiencing stock price increases exceeding 30% as of July 14 [2] - High dividend yields, with some banks exceeding 4.5%, are contributing to the positive performance of bank stocks, as the average dividend yield of state-owned banks surpasses the yield of 10-year government bonds [2] Group 3 - Multiple brokerages remain optimistic about bank stocks, citing the increasing certainty of insurance capital allocation to bank stocks amid an "asset shortage" [3] - The long-term investment and value investment strategies of insurance capital align with the stable dividend yields and potential for performance improvement in the banking sector [3] - A series of financial policies and structural tools are expected to support the positive accumulation of fundamental factors for banks, indicating a potential performance turning point [3] Group 4 - Some banks have announced share buyback plans, but these have been delayed due to stock price fluctuations and other factors, as seen with Huaxia Bank's announcement regarding its planned share buyback [4] - Chengdu Bank's major shareholders have also postponed their buyback plans due to the stock price exceeding the set upper limit, with the stock reaching a historical high of 20.96 yuan per share [4] - The implementation of buyback plans will depend on future stock price movements and overall market trends [4]

Regulatory Dynamics - Multiple regions have issued warnings about stablecoins being used as tools for illegal fundraising and fraud, highlighting the risks associated with this emerging concept [2] - The Beijing Internet Finance Industry Association pointed out that some illegal entities are misleading the public by promoting "virtual currencies" and "digital assets" with promises of high returns [2] - The Shenzhen Financial Supervision Office also warned that these illegal institutions lack the necessary licenses to publicly solicit deposits, leading to various criminal activities [2] Insurance Industry Regulations - The Ministry of Finance released new long-term assessment regulations for state-owned commercial insurance companies, aiming to reduce short-term profit pressures and encourage long-term investments [3] - The regulations are part of a broader initiative to guide state-owned insurance companies towards stable operations and enhance their role in market stability [3] Consumer Protection in Online Lending - The National Financial Supervision Administration has identified three common deceptive practices in online lending, including misleading concepts, false promises, and hidden costs [4][5] Banking Sector Developments - A total of 2,881 bank branches have been closed in the first half of 2025, surpassing the total closures for the entire previous year, with rural commercial banks accounting for the majority [9] - A-shares listed banks have announced a cumulative dividend of over 630 billion yuan for 2024, an increase of 20 billion yuan compared to the previous year, indicating strong performance in the banking sector [8] Payment Institutions - Thirteen non-bank payment institutions have received long-term payment business licenses from the People's Bank of China, indicating regulatory approval for their operations [7] Small Loan Industry - The small loan industry is undergoing a significant cleanup, with over 350 companies being shut down or having their licenses revoked in 2025, reflecting a trend towards industry consolidation [10] Foreign Exchange Reserves - As of June 2025, China's foreign exchange reserves reached 3.3174 trillion USD, marking an increase of 32.2 billion USD from the previous month [11][12] Cryptocurrency Market - Bitcoin's price has surpassed 120,000 USD for the first time, indicating a bullish trend in the cryptocurrency market, with other cryptocurrencies also experiencing significant gains [12] Corporate Actions - Jiangsu Bank's executives have collectively purchased shares worth approximately 24.28 million yuan, reflecting confidence in the bank's future performance [12] - The appointment of a new CEO at OCBC Bank marks a significant leadership change, with the transition planned for January 2026 [13]

国盛证券认为，中长期看，国流稳地产、促消费、加大民生保障等扩张性政策有望加速落地，托底经济 稳增长。而银行板块受益于政策催化，顺周期主线的个股或有α；同时，由于经济修复需要一定的时 间、且预计降息仍有空间，红利策略或仍有持续性。 银行ETF指数紧密跟踪中证银行指数，为反映中证全指指数样本中不同行业公司证券的整体表现，为投 资者提供分析工具，将中证全指指数样本按中证行业分类分为11个一级行业、35个二级行业、90余个三 级行业及200余个四级行业，再以进入各一、二、三、四级行业的全部证券作为样本编制指数，形成中 证全指行业指数。 数据显示，截至2025年6月30日，中证银行指数(399986)前十大权重股分别为招商银行(600036)、兴业银 行(601166)、工商银行(601398)、交通银行(601328)、农业银行(601288)、江苏银行(600919)、浦发银行 (600000)、民生银行(600016)、平安银行(000001)、上海银行(601229)，前十大权重股合计占比65.64%。 截至2025年7月14日 10:00，中证银行指数(399986)上涨0.46%，成分股民生银行(60001 ...

Core Insights - The 2025 Global Bank 1000 ranking by The Banker magazine highlights the strong performance of Chinese banks, with Chinese banks occupying the top four positions and regional banks showing significant upward momentum [2][3] Group 1: Ranking Changes - Chinese banks hold 143 positions in the Global 1000, with a total Tier 1 capital of $3.74 trillion, reflecting a year-on-year growth of 5.26% [5][6] - Beijing Bank has risen 2 places to enter the global top 50 for the first time, supported by its Tier 1 capital scale and robust risk control capabilities [2][3] - Jiangsu Bank ranks 56th, climbing 10 places, marking the highest growth among regional banks, while Ningbo Bank and Nanjing Bank rank 72nd and 86th, respectively, with improvements of 8 and 5 places [2][5] Group 2: Drivers of Growth - The rise of regional banks is driven by capital replenishment and differentiated strategies, with Beijing Bank optimizing its capital structure through perpetual bonds and subordinated debt [3][6] - Jiangsu Bank benefits from the Yangtze River Delta integration strategy, achieving over 40% growth in technology loans and launching innovative products like carbon reduction-linked loans [3][6] - Ningbo Bank's digital capabilities are a core competitive advantage, with 70% of approval processes covered by smart risk control systems and 75% of financing conducted online [3][6] Group 3: Industry Trends and Challenges - The rapid growth of regional banks is closely linked to the overall strengthening of Chinese banks, with small and private banks becoming the main drivers of growth [6][7] - The current global low-interest-rate environment poses challenges to banks' net interest margins, necessitating further optimization of asset-liability structures [6][7] - Future recommendations for regional banks include enhancing technology investments and expanding into wealth management and investment banking to reduce reliance on traditional interest rate spreads [6][7]

Core Viewpoint - Since 2025, multiple listed banks have seen significant shareholder increases, indicating confidence in future development and investment value in the banking sector [1][5]. Group 1: Shareholder Increases - Jiangsu Bank disclosed that its executives and senior management increased their holdings by 2.1648 million shares, amounting to 24.2782 million yuan, exceeding the lower limit of the planned increase by 121.39% [1][2]. - A total of 12 banks, including Suzhou Bank, Chengdu Bank, Postal Savings Bank, and Everbright Bank, have had significant shareholders implement or announce increase plans since 2025 [1][2]. - The increase in holdings is seen as a positive signal from shareholders regarding the banks' future value and strategic planning [5]. Group 2: Stock Performance - As of July 11, 2025, 42 listed banks have experienced varying degrees of stock price increases, with Jiangsu Bank showing a year-to-date increase of approximately 21.4% [1][5]. - Among the 42 banks, 6 have seen stock price increases exceeding 30%, while 18 banks have increases over 20% [5]. - The banking sector has become one of the hottest segments in the A-share market this year, with a low price-to-book ratio indicating potential for valuation improvement [5]. Group 3: Dividend and Financial Performance - As of July 11, 2025, ten banks have a dividend yield exceeding 5%, with Jiangsu Bank's yield at 4.37% [6]. - Jiangsu Bank announced a cash dividend of 0.2144 yuan per share, totaling 3.935 billion yuan, based on a total share capital of 18.351 billion shares [6]. - For the fiscal year 2024, Jiangsu Bank reported operating income of 80.82 billion yuan, a year-on-year increase of 8.78%, and a net profit of 31.843 billion yuan, up 10.76% [7].