Core Viewpoint - The article discusses the release of the "Regulations on the Planning, Construction, and Operation Management of Oil and Gas Infrastructure," which aims to promote high-quality development of oil and gas infrastructure in China, aligning with the Energy Law and market-oriented reforms [3]. Group 1: Scope Definition - The new regulations clarify the scope of oil and gas infrastructure, specifying the criteria for main pipelines and excluding certain short-distance pipelines from the main network, thus providing a clear operational framework for resource allocation and infrastructure coordination [4]. Group 2: Responsibilities and Obligations - The updated regulations redefine the gas storage responsibility system, splitting the storage obligation between gas supply companies and the national pipeline group, and extending local government emergency storage days to five, creating a collaborative mechanism between market operations and government support [5]. Group 3: Market Participation - The regulations enhance market participation by promoting the separation of pipeline operations from competitive businesses, encouraging private and social capital to invest in oil and gas infrastructure projects, thereby increasing the involvement of private enterprises in the sector [6]. Group 4: Planning Coordination - The regulations expand the planning framework from natural gas to include oil, requiring provincial planning to align with national energy and land use plans, and prohibiting local authorities from approving cross-border or cross-province pipeline projects independently [7]. Group 5: Regulatory Mechanism - The regulations introduce a detailed regulatory mechanism for overseeing the construction and operation of oil and gas infrastructure, ensuring compliance with the Energy Law and establishing a legal framework for fair access to pipeline facilities [9]. Group 6: Innovation Orientation - The regulations emphasize technological innovation and the establishment of industry standards, supporting the development of new technologies and digital applications in the oil and gas sector, which aligns with the goal of enhancing production efficiency and transitioning to a low-carbon economy [10].

Group 1 - The independent director, Mr. Cao Huitao, submitted his resignation to the board of directors on November 21, 2025, due to work reasons [1] - Mr. Cao's resignation will take effect upon delivery of his resignation report to the board, and he has confirmed that there are no disagreements with the board [2] - The board expressed gratitude for Mr. Cao's contributions during his tenure [3] Group 2 - Mr. Cao's departure will not result in the board or independent directors falling below the legal number required [2]

Macro Dynamics - In the first ten months of 2025, China attracted foreign investment of 621.93 billion RMB, a year-on-year decrease of 10.3% [2] - The number of newly established foreign-invested enterprises reached 53,782, marking a 14.7% increase year-on-year [2] - The manufacturing sector attracted 161.91 billion RMB, while the service sector attracted 445.82 billion RMB [2] - High-tech industries received 192.52 billion RMB in foreign investment, with significant growth in e-commerce services (173.1%), medical equipment manufacturing (41.4%), and aerospace manufacturing (40.6%) [2] - Investment from the UAE, UK, and Switzerland increased by 48.7%, 17.1%, and 13.2% respectively [2] Financial Institutions - Xinhua Insurance has been approved to increase its capital by 154.45 million HKD in Xinhua Asset Management (Hong Kong) [8] - The independent director of Xi'an Bank, Cao Huitao, resigned due to work reasons [9][10] - Huang Zhiwei has been approved to serve as the chairman of China Merchants Renhe Life Insurance [11] Market Data - The Hang Seng Index fell by 2.38%, and the Hang Seng Tech Index dropped by 3.21% on November 21 [12] - The Shanghai Composite Index decreased by 2.45%, closing below 3900 points, with significant declines in lithium, titanium dioxide, and energy metal sectors [13] Company Developments - China Nuclear Power announced a share buyback of 37.99 million shares, utilizing a total of 345 million RMB [17] - Changsha Beidou Industry Safety Technology Research Institute's IPO on the Sci-Tech Innovation Board has been accepted, aiming to raise 709 million RMB for various projects [18] - Xiaomi Group's public relations manager Wang Hua confirmed his transfer to the Xiaomi Wuhan headquarters [19]

Core Points - Xi'an Bank announced the resignation of independent director Mr. Cao Huitao due to work reasons, effective from November 21, 2025 [2] Group 1 - Mr. Cao Huitao submitted his resignation report to the board of directors on November 21, 2025 [2] - His resignation includes his position as an independent director and as a member of the board's specialized committees [2] - The resignation is effective upon the delivery of the resignation report to the board, as per the company's articles of association [2]

Core Viewpoint - Xi'an Bank announced the resignation of independent director Cao Huitao due to work reasons, effective upon the delivery of his resignation report to the board of directors [1] Summary by Relevant Sections - **Director Resignation** - Cao Huitao applied to resign from his position as an independent director of the sixth board of directors and as a member of the board's specialized committees [1] - The resignation will take effect as per the company's articles of association upon the submission of the resignation report to the board [1]

本公司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。 西安银行股份有限公司（以下简称"公司"）独立董事曹慧 涛先生因工作原因，于 2025 年 11 月 21 日向公司董事会提交了 辞职报告，申请辞去公司第六届董事会独立董事以及董事会专门 委员会委员职务。根据公司章程规定，曹慧涛先生的辞任自其辞 职报告送达公司董事会时生效。 二、 董事离任对公司的影响 证券代码：600928 证券简称：西安银行 公告编号：2025-060 曹慧涛先生已确认与公司董事会无不同意见，亦无任何与离 任有关的事项需要通知公司股东与债权人。曹慧涛先生已按照公 司有关要求做好工作交接。曹慧涛先生的离任不会导致公司董事 会成员及独立董事成员低于法定人数。 西安银行股份有限公司关于独立董事离任的公告 姓名 离任职务 离任时间 离任原因 是否继续在上 市公司及其控 股子公司任职 是否存在未 履行完毕的 公开承诺 曹慧涛 独立董事 2025 年 11 月 21 日 工作原因 否 否 一、 董事离任基本情况 特此公告。 西安银行股份有限公司董事会 2025 年 11 ...

Core Points - Xi'an Bank (600928.SH) announced the resignation of independent director Mr. Cao Huitao due to work reasons [1] - Mr. Cao submitted his resignation report to the board on November 21, 2025, and his resignation will take effect upon delivery of the report to the board [1] Company Summary - The resignation pertains to the sixth board of directors of Xi'an Bank, where Mr. Cao served as an independent director and a member of the board's specialized committees [1]

Group 1 - The core viewpoint of the articles highlights the efforts made by Shaanxi province to support small and medium-sized foreign trade enterprises in overcoming financial challenges associated with international expansion [1][2][5] - Shaanxi's financial institutions, particularly China Bank, have implemented the "Small and Medium Foreign Trade Enterprise Bank Loan Risk Compensation Project," which has provided loans totaling 1 billion yuan to over 400 foreign trade enterprises in the province [2][5] - The province's financial policies aim to enhance the financing channels for foreign trade enterprises, optimizing processes from policy design to loan issuance [2][5] Group 2 - The Xi'an International Port Station serves as a key hub for the China-Europe Railway Express, connecting various regions and facilitating the export of goods such as automobiles and home appliances [2][3] - Xi'an Bank has provided significant credit support, totaling 2.6 billion yuan over three years, to alleviate the financial pressures faced by the China-Europe Railway Express operations [4] - The bank has introduced innovative financial products, such as the "China-Europe Railway Bill Loan," to address the financing needs of foreign trade enterprises, ensuring efficient logistics operations [4] Group 3 - As of the end of September, the loan balance for foreign trade enterprises in Shaanxi reached 225.29 billion yuan, reflecting an 8.34% increase since the beginning of the year [5] - The provincial government is focused on enhancing financial support for the construction of the Shaanxi Free Trade Pilot Zone and the high-quality development of the outward-oriented economy [5]

Investment Rating - The report does not explicitly state an investment rating for the banking sector, but it provides detailed insights into dividend yields and distribution processes, which can inform investment decisions. Core Insights - The report outlines the latest dividend yields and mid-term dividend processes for A and H shares of listed banks, emphasizing the importance of accurately calculating dynamic dividend yields to avoid discrepancies across periods [1][2]. - It details the two processes for mid-term dividends following the 2023 revision of the regulatory guidelines, highlighting the conventional and simplified processes for implementing mid-term dividends [2]. - The report provides a comprehensive overview of key dates related to dividend distribution for both A and H shares, including the importance of purchasing shares before the ex-dividend date to qualify for dividends [3][4]. Summary by Sections Dynamic Dividend Yield Calculation - A simplified yet accurate method for calculating dynamic dividend yield is introduced, defined as "rolling 12-month EPS * cash dividend rate / share price," which helps avoid issues related to overlapping or missing annual and mid-term dividends [1]. - The report calculates the cash dividend rate using a standardized approach across different banks, resulting in a clear comparison of dividend yields as of November 13, 2025 [1]. Mid-Term Dividend Processes - The report explains the two processes for mid-term dividends: the conventional process requiring shareholder approval and a simplified process allowing for quicker implementation [2]. - The simplified process is designed to enhance flexibility for companies in distributing mid-term dividends, thereby improving shareholder returns [2]. Dividend Distribution Key Dates - For A shares, investors must purchase shares before the ex-dividend date to receive dividends on the same day, while H shares typically see a delay of about one month for dividend payments [3][4]. - The report outlines the differences in the dividend distribution timeline between A and H shares, emphasizing the need for investors to be aware of these timelines to maximize their returns [3][4]. Mid-Term Dividend Progress - As of November 13, 2025, 31 A-share banks have confirmed mid-term dividends, while 11 H-share banks have also confirmed their dividend distributions [9][11]. - The report categorizes banks based on their dividend status, detailing those that have implemented dividends, those that are pending, and those that have opted not to distribute dividends [9][10][11]. - It highlights that the end of 2025 and early 2026 is expected to be a peak period for mid-term dividend distributions, suggesting potential investment opportunities for dividend-seeking investors [11].

Core Viewpoint - The National Energy Administration emphasizes the importance of strengthening natural gas reserves and improving the market mechanism for gas storage and peak shaving [1] Group 1: Policy and Regulation - The new management measures specify that gas supply companies, the National Pipeline Group, and urban gas companies must maintain a 5% emergency gas storage capacity [1] - Local governments are required to ensure a 5-day emergency gas storage capability [1] Group 2: Infrastructure and Market Mechanism - The management measures promote a collaborative approach to infrastructure development through "large storage facilities, centralized layout, cooperative construction, and leasing or purchasing" [1] - The aim is to prevent the fragmentation of storage responsibilities and to strictly control the proliferation of small and scattered gas storage facilities [1]