风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 8月25日，截止午间收盘，沪深300ETF中金（510320）涨1.02%，报1.189元，成交额856.13万元。沪深 300ETF中金（510320）重仓股方面，贵州茅台截止午盘涨1.36%，宁德时代涨1.45%，中国平安涨 0.17%，招商银行涨0.95%，兴业银行涨0.44%，长江电力涨1.97%，美的集团涨1.08%，紫金矿业涨 6.00%，比亚迪涨0.66%，东方财富涨1.15%。 沪深300ETF中金（510320）业绩比较基准为沪深300指数收益率，管理人为中金基金管理有限公司，基 金经理为刘重晋，成立（2025-04-16）以来回报为17.41%，近一个月回报为6.44%。 来源：新浪基金∞工作室 ...

Group 1 - The A500 index has shown a positive trend, with a rise of 0.87% as of August 25, 2025, and notable increases in constituent stocks such as Daqo New Energy (up 15.19%) and Kangtai Biological (up 12.68%) [1] - The A500 ETF managed by Harvest has experienced a trading volume of 2.05 billion yuan, with a recent average daily trading volume of 34.14 billion yuan over the past week, and its latest scale reached 12.817 billion yuan [3] - The A500 ETF has achieved a net value increase of 11.53% over the past six months, with a maximum single-month return of 4.48% since its inception [3] Group 2 - The top ten weighted stocks in the CSI A500 index as of July 31, 2025, include Kweichow Moutai, CATL, and Ping An Insurance, collectively accounting for 19.83% of the index [3] - The outlook for the A-share market is optimistic due to factors such as capital market reforms, stable market liquidity, and improved social attitudes towards risk, which are expected to support the performance of Chinese assets [4] - The institution highlights that China's economic transformation is accelerating, leading to a decrease in opportunity costs for the stock market, thus creating a favorable environment for equity performance [4]

根据诺安基金管理有限公司（以下简称"本公司"）与兴业银行股份有限公司（以下简称"兴业银行"）签 署的基金销售服务协议，自2025年8月25日起，本公司旗下部分基金增加兴业银行银银平台为销售机 构。现将相关事项公告如下： 一、适用基金及基金业务开通情况 ■ 投资者可通过兴业银行银银平台办理上述基金的申购、赎回、定期定额投资、转换等业务，进行相关信 息查询并享受相应的售后服务，具体的业务流程、办理时间及办理方式以兴业银行银银平台的规定为 准。 二、基金费率优惠活动 投资者通过兴业银行银银平台办理上述基金的申购、定投申购业务，享有的申购费费率优惠以兴业银行 银银平台的规定为准。 投资者通过兴业银行银银平台办理上述基金与本公司旗下可参与转换基金间的转换业务，享有的申购费 补差费率优惠以兴业银行银银平台的规定为准。 基金费率标准详见最新的招募说明书、基金产品资料概要等法律文件，以及本公司发布的最新业务公 告。 5、本公告的有关内容在法律法规允许范围内由本公司负责解释。 投资者可通过以下途径咨询有关情况： 1、兴业银行股份有限公司 客服电话：95561 网址：www.cib.com.cn 2、诺安基金管理有限公司 重要提 ...

Group 1 - The People's Bank of China Nanjing Branch is promoting the national small and micro enterprise fund flow credit information sharing platform to enhance financial inclusion and facilitate financing for small and micro enterprises [1] - As of the end of July, the Nanjing Branch has organized 2,097 queries through the fund flow information platform, resulting in loans of 2.282 billion yuan benefiting 776 small and micro enterprises [1] - The platform aims to break the information barrier between banks and enterprises by converting transaction data into accessible funding, thus broadening financing channels for small and micro enterprises [1] Group 2 - A packaging company in Wuyishan faced financing challenges due to lack of traditional collateral and being a "credit white household," but received a 2 million yuan loan after the People's Bank of China Nanjing Branch facilitated data verification through the fund flow information platform [2] - A tea company in Wuyishan, also struggling with financing due to being a "credit white household," successfully obtained a 7 million yuan loan after the People's Bank of China Nanjing Branch helped create a tailored financial service plan using the fund flow information platform [3] Group 3 - The People's Bank of China Nanjing Branch has introduced an innovative "dual flow model" that integrates fund flow and information flow to address financing needs in the tea industry [4] - This model allows for one-click information queries for tea enterprises, enhancing the efficiency and accuracy of financing processes [4] - The implementation of the "dual flow model" has led to loans of 2.8 million yuan and 2 million yuan being provided to specific tea companies at preferential interest rates, thereby reducing financing costs [4]

近年来，兴业银行顺应"出海"浪潮，持续构建境内外、线上下、本外币、离在岸、投商行"五位一体"的 国际业务服务体系，国际化经营迈出更大步伐，为我国高水平对外开放贡献金融力量。 熊猫债是由境外机构在中国境内发行、以人民币计价的债券品种，是境外机构在中国本土市场募资的重 要途径。兴业银行积极参与我国债券市场对外开放，发挥"商行+投行"优势，以专业优质的服务助力海 外机构来华发行债券。截至6月末，兴业银行已服务超30家境外客户，发行超1000亿元人民币熊猫债， 涵盖企业、金融机构、多边机构等各类发行主体。过去3年，兴业银行境外债承销规模持续位居中资股 份制银行首位。 江南时报讯 近日，兴业银行作为联席主承销商、联席簿记管理人，成功协助摩根士丹利（Morgan Stanley）在中国银行间市场发行2025年第一期熊猫债。本次债券发行规模20亿元人民币，期限5年，票 面利率1.98%，是首单由总部位于美国的公司发行的熊猫债券。 （欣仁） ...

头部银行则聚焦智能迭代与生态融合。7月中国银行升级手机银行鸿蒙版，适配600余项功能并实现鸿 蒙、安卓、苹果三端同步迭代，覆盖全品类个人金融服务；优化鸿蒙生态下的访问体验与信息安全，同 时适配平板、折叠屏，达成多设备无缝衔接。兴业银行手机银行6.0则完成"微服务+微前端"架构升级， 实现亿级用户数据"零停机、零感知"迁移，整合五大品牌功能搭建一站式生态圈，并叠加"千人千 面""智能风控"等多元智能功能，推动App从"交易渠道"向"生活伙伴"转型。 在整合方面，多家银行通过"做减法"提升效率。广东华兴银行日前上线华兴手机银行7.0，将个人手机 银行、兴e贷、企业手机银行三大App融合，实现个人与企业金融服务"一触即达"；7月，珠海华润银行 宣布润钱包App将于10月15日停止服务，原功能迁移至华润银行App，打造一站式服务。 当手机银行用户规模连续三年困于6.5亿—7亿区间、单机单日有效使用时长从4.93分钟降至2.70分钟， 手机银行数字化竞赛的"增量时代"正逐步走进尾声。8月24日，据北京商报记者不完全统计，年内包括 中国银行、兴业银行等大中型银行及长安银行、青海银行等区域性银行，均已启动手机银行App升级 ...

Core Viewpoint - The article emphasizes the importance of financial services being deeply rooted in the lives of consumers, highlighting the efforts of Industrial Bank's Beijing branch in promoting consumer rights protection through various community outreach activities [1]. Group 1: Consumer Rights Protection Activities - Industrial Bank's Beijing branch has organized consumer rights protection activities across diverse settings, including hospitals, markets, and communities, to demonstrate its commitment to "finance for the people" [1][14]. - The bank has conducted "anti-fraud classes" in hospitals, educating patients about financial risks associated with healthcare, such as scams involving impersonation of medical staff and false reimbursement claims [2][5]. Group 2: Community Engagement - In local markets, the bank set up "anti-fraud stations" to engage with the public, providing information on preventing telecom fraud and emphasizing the importance of deposit insurance [6][8]. - Community outreach efforts have focused on vulnerable groups, including the elderly and children, with interactive sessions designed to raise awareness about common scams like online shopping fraud and impersonation [9][12]. Group 3: Educational Initiatives - The bank has utilized various educational methods, such as scenario simulations and interactive Q&A sessions, to effectively communicate financial safety knowledge to families and community members [9][11]. - Promotional materials have been distributed widely, with over fifty pamphlets handed out during events, aimed at enhancing public understanding of consumer rights and financial safety [5][12]. Group 4: Future Commitment - Industrial Bank's Beijing branch plans to continue its focus on consumer rights protection by innovating outreach methods and expanding its service reach, ensuring the protection of consumer rights remains a priority [14].

Group 1 - The core viewpoint of the initiative is to enhance financial service transparency and reduce comprehensive financing costs for enterprises, particularly focusing on technology-based SMEs [1] - The pilot program has been launched by the Beijing branch of Industrial Bank, targeting technology SMEs to provide a clear breakdown of financing costs through a detailed cost list [2] - The pilot aims to strengthen trust between banks and enterprises by presenting a comprehensive view of financing costs, which includes principal, interest, guarantee fees, and assessment fees [2] Group 2 - To expand the pilot program, the bank has implemented a "special training + one-on-one guidance" mechanism to ensure accurate communication of policy intentions to frontline staff [3] - The bank is also providing personalized support to enterprises to help them understand the cost breakdown and the rationale behind various fees [3] - The initiative aims to create a seamless connection between the cost transparency process and loan approval [3] Group 3 - The bank plans to enhance customer engagement through multi-channel promotion of the importance of financing cost transparency [4] - A feedback loop will be established to collect and address suggestions from participating enterprises, allowing for dynamic service optimization [4] - The bank aims to summarize pilot experiences to create a replicable service model for technology SMEs, extending the initiative to all financing enterprises [4]

Investment Rating - The report maintains a positive outlook on the banking sector, indicating a potential stabilization of ROE and a favorable investment environment for bank stocks [3][6]. Core Viewpoints - The banking sector is expected to enter a new cycle of stable ROE, with the average ROE projected to stabilize around 10% by the end of 2024, following a decline from over 20% in 2013 [3][7]. - The report emphasizes the importance of maintaining stable bank profits to support the economy and prevent systemic risks, highlighting that bank profits are crucial for fiscal support and capital replenishment [4][5]. - The report argues against the common misconception that declining ROE will continue indefinitely, attributing past declines to regulatory changes rather than a linear trend [3][7]. Summary by Sections Banking Sector Overview - The banking sector is described as the backbone of the economy, with profits primarily reinvested into the real economy through credit and capital replenishment [5][8]. - The report notes a decline in the core Tier 1 capital adequacy ratio for listed banks, indicating pressure on internal capital strength [11]. ROE Analysis - The report discusses the balance between profitability, risk, and capital in determining ROE, emphasizing the need for stable bank performance to support economic stability [5][6]. - It provides a detailed analysis of ROE trends, showing a decline from 20.7% in 2010 to an estimated 10% by 2024, influenced by regulatory changes and market conditions [7][31]. Profitability and Cost Management - The report highlights that banks have been managing profitability through cost control and provisioning strategies, with a shift from relying solely on provisions to maintaining revenue stability [6][14]. - It predicts a stabilization of net interest margins in the near term, with potential recovery in 2026 as deposit costs decrease [6][25]. Investment Opportunities - The report identifies specific banks with strong regional performance and stable profit growth as attractive investment opportunities, recommending banks like Chongqing Bank, Suzhou Bank, and Hangzhou Bank for their potential to recover to 1x PB [6][28]. - It also points out that the banking sector's current PE valuation is significantly undervalued compared to its ROE, suggesting a potential for valuation recovery [6][28]. Long-term Projections - The report estimates that to maintain a stable core Tier 1 capital adequacy ratio, banks need to sustain an ROE of approximately 10% over the next five years, with varying loan growth scenarios [18][22]. - It emphasizes that a slowdown in loan growth does not necessarily equate to lower ROE, as seen in comparisons with international banks [27][28].

Core Insights - The article discusses the tightening of bank account opening processes in response to risks such as telecom fraud and money laundering, highlighting issues of excessive restrictions and inconsistent practices across different bank branches [2]. Group 1: Bank Evaluation - A survey was conducted across 9 banks in Huizhou to assess the efficiency, compliance, anti-fraud execution, and service quality of their account opening processes [2]. - All 9 banks demonstrated strong anti-fraud education efforts, with staff proactively informing customers about fraud prevention during the account opening process [2]. - Out of the 9 banks, 7 successfully issued a type one savings card, while 2 banks (Huaxia Bank and Industrial Bank) imposed restrictions, stating that only customers with existing business relationships could obtain a type one card [2]. Group 2: Specific Bank Case Study - At Industrial Bank's Huizhou branch, the total time taken for the inquiry was approximately 3 minutes, during which the staff informed the reporter that a type one card could not be issued without prior business relations [3]. - The staff clarified that business relations included services such as wealth management, fixed deposits, housing loans, or credit cards, and did not consider other documents like social security or housing fund proof for card issuance [5]. - A follow-up call to the bank's customer service revealed that there is no strict requirement for existing business relations to open a type one card, and that new accounts may have initial limits around 5000 yuan [5].