Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 25.60 [9]. Core Views - The company is focusing on optimizing its liability costs and adjusting its asset structure to support the real economy. It aims to reduce low-yield assets and increase general loan issuance, particularly in green, technology, and high-end manufacturing sectors [2][3]. - The company expects a year-on-year decline in new non-performing loans and impairment provisions for the current year [4]. - The establishment of a financial AIC (Asset Investment Company) is expected to enhance the company's bond trading capabilities and integrate group resources to provide comprehensive financial services [3]. Summary by Sections Liability Cost Optimization - The company anticipates further optimization of its liability costs, particularly as higher-cost liabilities mature and are replaced with lower-cost ones. This is expected to improve the cost of liabilities and mitigate the downward pressure on loan pricing, with an estimated annual decline in net interest margin of about 10 basis points [2]. Asset Quality - The asset quality remains stable, with a focus on key areas such as corporate real estate, credit cards, and local government financing platforms. The company expects the peak of new non-performing loans in these areas to have passed, with ongoing monitoring of potential pressures in retail consumer loans and operating loans [4]. Profit Forecast and Valuation - The company maintains its forecast for net profit attributable to shareholders for 2025-2027 at RMB 774 billion, RMB 782 billion, and RMB 801 billion, respectively, with year-on-year growth rates of 0.2%, 1.1%, and 2.5% [5]. - The estimated book value per share (BVPS) for 2025 is RMB 39.39, corresponding to a price-to-book (PB) ratio of 0.60 times. The target PB for 2025 is set at 0.65 times, reflecting a clear strategic goal and potential for valuation premium [5].

Group 1 - Laisier Dairy has become a leading enterprise in Yunnan Province, ranking third in dairy product sales and first in yogurt sales, thanks to financial support [1] - The bank has developed a new financial support model for highland characteristic agriculture, focusing on evaluating the "technical genes" of enterprises rather than requiring hard asset collateral [3][4] - In January 2024, the bank was included in a pilot program for technology innovation financing loans by the Yunnan Provincial Science and Technology Department, allowing it to offer significant interest subsidies [3] Group 2 - The "Technical Flow" evaluation system converts soft strengths like technological qualifications and intellectual property into hard currency for financing, addressing the challenges faced by agricultural enterprises with limited assets [4] - The financing model based on "technical credit" is being replicated across various highland characteristic industries, including dairy, tea, and coffee [6] - By April 2025, Laisier Dairy successfully utilized a loan of 30 million yuan, contributing to the local economy by purchasing over 62,000 tons of fresh milk and paying 260 million yuan to farmers [6][7] Group 3 - The bank has introduced a series of innovative financial products to support characteristic industries, providing flexible financing based on business orders and operational data [7] - As of April 2025, the bank's agricultural loan balance exceeded 8.5 billion yuan, demonstrating its commitment to empowering highland industries through technology and tailored services [7]

公告编号：临 2025-028 A 股代码：601166 A 股简称：兴业银行 优先股代码：360005、360012、360032 优先股简称：兴业优 1、兴业优 2、兴业优 3 可转债代码：113052 可转债简称：兴业转债 兴业银行股份有限公司 关于赎回优先股的第二次提示性公告 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。 兴业银行股份有限公司（以下简称本公司）于 2014 年 12 月、2015 年 6 月、 2019 年 4 月分别完成三期、合计 560 亿元优先股发行，优先股简称分别为"兴 业优 1""兴业优 2"和"兴业优 3"（以下统称三期优先股）。经本公司董事会审 议通过，并报国家金融监督管理总局（以下简称金融监管总局）审核同意，本公 司拟于 2025 年 7 月 1 日赎回全部三期优先股，现将有关赎回事宜提示如下： 一、赎回规模 （一）兴业优 1 （三）兴业优 3 本公司拟赎回全部已发行的"兴业优 3"优先股 3 亿股，每股面值人民币 100 元，总规模 300 亿元。 二、赎回价格 根据三期优先股《非公 ...

Group 1 - The core viewpoint of the articles emphasizes the role of the Harbin branch of Industrial Bank in promoting green finance and supporting the construction of a "Green Longjiang" through innovative financial services [1][2][3] Group 2 - The Harbin branch has successfully launched the first carbon emission rights pledge loan in Heilongjiang province, activating dormant carbon assets and facilitating green project financing [1] - The bank has introduced innovative loan products such as the first "carbon emission dual control linked" loan in Northeast China and the first "CCER project approval and verification dual-linked loan" nationwide, aligning financial services with emission reduction outcomes [1] - As of the end of May, green loans accounted for 38.73% of the bank's total loans, ranking first in the province and acting as a "booster" for the green transformation of the real economy [2] Group 3 - The bank is committed to long-termism by enhancing investments in clean energy and environmental protection while strengthening climate risk management and environmental information disclosure [3] - It has established a government-enterprise-bank cooperation platform to share experiences in applying green finance standards and guide more social capital towards green industries [3] - The bank also engages in intellectual empowerment by conducting research on green finance, with several achievements recognized by the provincial financial association, contributing to the revision of standards for "green organic agriculture" [3]

Core Viewpoint - The China Securities State-Owned Enterprises Dividend Index (000824) has experienced a decline of 0.66% as of June 5, 2025, indicating a mixed performance among its constituent stocks, with some stocks rising while others fell significantly [1][2]. Group 1: Index Performance - The China Securities State-Owned Enterprises Dividend Index (000824) has decreased by 0.66% as of June 5, 2025 [1]. - The National Enterprise Dividend ETF (159515) has also seen a decline of 0.54%, with the latest price at 1.1 yuan [1]. - Notable gainers include Ninghu Expressway (600377) up by 1.75%, and notable losers include Caibai Co., Ltd. (605599) down by 6.15% [1]. Group 2: Market Analysis - Recent reports indicate that dividend assets have rapidly "shrunk," with the exception of the banking sector, which has shown lackluster performance [1]. - The proportion of stocks with a Sharpe Ratio higher than the index among dividend assets has reached an extreme historical low, suggesting a potential market adjustment followed by upward movement [1]. - Despite the rising valuation levels of dividend assets, there remains significant room for further increases when compared to historical peaks [1]. Group 3: Top Holdings - As of May 30, 2025, the top ten weighted stocks in the China Securities State-Owned Enterprises Dividend Index include COSCO Shipping Holdings (601919) and Jizhong Energy (000937), with the top ten accounting for 15.83% of the index [2].

Core Viewpoint - The development of marine economy and blue finance is crucial for China's sustainable growth and ecological protection, with a focus on enhancing marine resource utilization and financial support for marine industries [1][4]. Group 1: Marine Economy Development - China has a vast marine area of 3 million square kilometers and a coastline of 18,000 kilometers, providing significant potential for marine economic development [1]. - Financial institutions are actively enhancing blue finance services to support the growth of the marine economy, including innovative blue carbon financial products [1][2]. Group 2: Financing Challenges and Solutions - Marine enterprises face financing difficulties due to a lack of understanding of financial products and how to engage with financial institutions [2]. - Local banks in Shandong are addressing these challenges by establishing marine industry financial centers and offering comprehensive financial services tailored to marine enterprises [2][3]. - Agricultural Bank of China in Shandong has introduced "marine usage rights mortgage loans" to help alleviate financing issues in the marine fishery sector [2]. Group 3: Blue Carbon Finance - Blue carbon finance is emerging as a key area of innovation, with banks exploring carbon trading and financing related to marine carbon sequestration [4][5]. - In 2021, Industrial Bank launched the first blue carbon fund in China, supporting the country's dual carbon goals [4]. - The carbon sequestration capacity of marine environments is significantly higher than that of terrestrial ecosystems, highlighting the potential of blue carbon markets [5]. Group 4: Blue Bonds and Financial Support - Blue bonds are becoming an important financial tool for promoting sustainable marine development, filling financing gaps in the marine economy [7]. - China has successfully issued various blue bonds, expanding financing channels for marine projects [7]. - Recommendations include establishing national blue finance standards to guide financial institutions in issuing blue loans and bonds [7].

Core Viewpoint - CITIC Bank has been approved to establish a financial asset investment company (AIC) with a registered capital of 10 billion yuan, marking a significant step in expanding AIC licenses among joint-stock commercial banks [1][3]. Group 1: AIC License Expansion - The approval of CITIC Bank for AIC establishment follows the precedent set by Industrial Bank, making it the second joint-stock commercial bank to receive such a license [1]. - The expansion of AIC licenses is seen as a policy direction aimed at encouraging more medium and large banks to engage in technology finance and investment-loan linkage, particularly to increase investments in technology innovation enterprises [4]. Group 2: Potential and Challenges of AIC - Industry insiders believe that AIC licenses have great potential in deepening investment-loan linkage and breaking down barriers between commercial banks and investment banks, offering diversified services such as equity financing and mergers and acquisitions [3]. - However, banks face challenges in balancing risk, return, and liquidity while needing to develop differentiated investment research systems and post-investment management frameworks [3][4]. Group 3: Long-term Investment Perspective - The growth of technology enterprises is likened to a "relay race," requiring financial institutions to maintain strategic focus and support through economic cycles for mutual growth [4]. - Current assessment mechanisms in commercial banks tend to emphasize short-term benefits, indicating a need for stronger guidance towards long-term investment perspectives [4]. Group 4: Professional Capability Enhancement - Experts suggest that banks need to enhance their professional capabilities in industry trends, enterprise valuation, and post-investment management to effectively engage in equity investments [5]. - Constructing a differentiated enterprise valuation system and adjusting assessment frameworks to align with long-term investment characteristics are crucial for the success of AICs in the equity investment domain [5].

Core Viewpoint - The news highlights the role of green finance in supporting ecological transformation and sustainable development in Jiangsu, particularly through projects like the Jiulongkou Tourist Resort and various environmental initiatives by Industrial Bank's Nanjing branch [1][2][4]. Group 1: Green Finance Initiatives - The Jiulongkou Tourist Resort received a long-term loan of 45 million yuan from Industrial Bank's Nanjing branch, aimed at enhancing the resort's quality and reducing carbon emissions [1]. - The loan is part of a green finance product called "Environmental Guarantee," marking the first project of its kind supporting ecological tourism by Industrial Bank [2]. - Industrial Bank's Nanjing branch has invested a total of 2.47 billion yuan in various cultural tourism projects, promoting a model that integrates finance, culture, and ecology [4]. Group 2: Water Environment Management - Industrial Bank's Nanjing branch has committed 200 million yuan to a wastewater treatment project in Huai'an, enhancing the region's industrial wastewater processing capabilities [7]. - The bank has provided loans totaling 1.202 billion yuan to seven centralized wastewater treatment projects this year, contributing to water resource protection and environmental governance in Jiangsu [9]. Group 3: Support for Low-Carbon Transition - The bank is actively involved in supporting high-carbon industries in their transition to low-carbon operations, with a focus on the chemical industry [10][11]. - A recent loan of 10 million yuan was issued to a specialized enterprise in the chemical sector to facilitate its green transformation [11]. - As of April 2025, the bank has supported 206 carbon reduction projects, leading to a reduction of approximately 205.96 million tons of CO2 emissions [11]. Group 4: Innovative Green Financial Products - Industrial Bank has introduced various innovative green financial products, including environmental rights pledge financing and carbon-neutral bonds, to promote sustainable development [12]. - The bank's approach links loan interest rates to carbon emissions and reduction targets, incentivizing companies to adopt low-carbon measures [12].

Core Insights - The government work report for 2025 emphasizes the need for comprehensive reform to stimulate innovation and creativity across society [1] - Industrial Bank's Chengdu branch is implementing inclusive finance practices through "credit innovation, service renewal, and technology empowerment" [1] Group 1: Inclusive Finance Initiatives - Industrial Bank's Chengdu branch has achieved a balance of over 20 billion yuan in inclusive small and micro loans, serving more than 13,000 clients as of the end of March [1] - The "Zhuangda Loan" program was tailored for a national-level specialized and innovative "little giant" enterprise, providing 10 million yuan in credit within three days by utilizing a "technology flow" credit evaluation system [2] - The "No Principal Renewal Loan" scheme was developed to support a gas company facing funding needs due to urban pipeline upgrades, resulting in a 10 million yuan loan disbursed in just five working days [3] Group 2: Support for New Economy - The Chengdu branch is aiding the e-commerce sector by addressing funding challenges faced by a leading MCN agency, utilizing a "traffic value assessment model" to evaluate intangible assets [4] - The bank completed a 2 million yuan loan for the MCN agency in two working days, showcasing its ability to adapt to the needs of new economy enterprises [4] Group 3: Future Directions - The Chengdu branch plans to deepen its "financing coordination+" service model, leveraging technological advantages to create a comprehensive service loop for small and micro enterprises [5] - The bank aims to utilize tools like "satellite remote sensing monitoring 2.0" and "technology flow evaluation system" to enhance its service offerings [5]

Group 1 - The "Su Super" league has gained significant popularity, leading to increased brand exposure for its title sponsor, Jiangsu Bank, and other banks are also enhancing their support for the sports industry [1][2] - Banks such as Bank of China, Industrial and Commercial Bank of China, and others are focusing on strengthening financial services, diversifying product offerings, and innovating service models to support the development of the sports industry [1][3] - Financial institutions view the support for the sports industry as a strategic move that combines public welfare and commercial interests, aiming to enhance their business operations [2][4] Group 2 - Financial support for the sports industry is being amplified, with banks actively participating in events and providing substantial credit support, such as Bank of China’s commitment of 20 billion yuan for Wuhan's sports economy [3][4] - The recent guidelines from the People's Bank of China and other departments emphasize the need for a multi-layered financial product and service system to support the high-quality development of the sports industry [3][5] - Banks are targeting market opportunities within the sports industry, focusing on event financing and creating a "sports finance" service model to stimulate industry growth [4][5]