中银上海清算所 0-5 年农发行债券指数证券投资基金 2025 年第 2 季度报告 中银上海清算所 0-5 年农发行债券指数证券投资基金 基金管理人：中银基金管理有限公司 基金托管人：北 京 银 行股份有限公司 报告送出日期：二〇二五年七月十四日 中银上海清算所 0-5 年农发行债券指数证券投资基金 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。 基金托管人北 京 银 行股份有限公司根据本基金合同规定，于 2025 年 7 月 11 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。 §2 基金产品概况 | 基金简称 | 0-5 中银上清所 年农发行债券指数 | | --- | --- | | 基金主代码 | 013653 | | 交易代码 | 013653 | | 基金运作方式 | 契约型开放式 | | 基金合同生效日 | 2021 年 11 月 26 日 | | 报告期末基金份额总额 | 8,340,967, ...

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 Insights - Beijing Bank has served 53,000 technology-oriented small and micro enterprises, with total credit funds exceeding 1.3 trillion yuan, positioning itself at the forefront of technology finance in the banking industry [1][2] Group 1: Strategic Approach - The bank has achieved its "Specialized, Refined, Unique, and Innovative" initiative a year ahead of schedule, focusing on providing comprehensive services to technology innovation enterprises [2][4] - Beijing Bank emphasizes a "lifetime companionship" approach, having provided initial loans to many notable tech companies, including Megvii Technology and Moore Threads [3][10] Group 2: Operational Model - The bank is advancing its strategy through four key areas: maintaining a specialized operational model, creating a distinctive product matrix, enhancing diverse service offerings, and building a collaborative development ecosystem [4][6] - To address the challenge of understanding the "technical credit" and "future value" of technology innovation SMEs, Beijing Bank has identified ten key technology sectors for focused service [5][6] Group 3: Financial Performance - Since 2022, Beijing Bank's technology finance loans have maintained an annual growth rate of over 20%, with a loan balance of 364.279 billion yuan by the end of 2024, marking a year-on-year growth of 40.52% [8] - The loan balance for specialized, refined, unique, and innovative enterprises has surpassed 100 billion yuan, with a year-on-year growth of approximately 46.50% [8] Group 4: Risk Management - The bank has established a Technology Finance Credit Approval Committee and developed a "Tech Radar" to assess potential risks and create a comprehensive evaluation system for tech enterprises [7][12] - An "Early Warning Index" monitoring system has been developed to provide a seven-month advance warning of potential risks in loan enterprises [13] Group 5: Future Plans - Beijing Bank plans to enhance its technology finance support for the innovative development of SMEs, believing that supporting technology equates to supporting the future [14][18]

Investment Rating - The report does not explicitly provide an investment rating for the banking sector Core Insights - In the first half of 2025, the banking sector saw a total net inflow of 122 billion yuan from ETFs, with significant contributions from the CSI 300 ETF (89 billion yuan) and dividend ETFs (32 billion yuan) [2] - The report highlights that while short-term impacts from tariff policies may affect exports, long-term expansionary policies aimed at stabilizing the economy are expected to benefit the banking sector [3] - Specific banks such as Ningbo Bank, Postal Savings Bank, and China Merchants Bank are recommended for their cyclical growth potential, while Shanghai Bank and Jiangsu Bank are noted for their dividend strategies [3] Summary by Sections ETF Fund Inflows - The total net inflow into the banking sector from ETFs in the first half of 2025 was 122 billion yuan, with the CSI 300 ETF being the largest contributor [2] - The banking ETF alone saw a net inflow of 35 billion yuan, while the dividend ETF contributed 52 billion yuan [1][2] Market Trends - The report indicates a slowdown in overall ETF inflows compared to the previous year, with a notable peak in April 2025 [1] - The banking sector's performance is expected to improve due to supportive policies aimed at economic recovery [3] Key Data Tracking - The average trading volume for stocks reached 14,962.78 billion yuan, reflecting an increase from the previous week [4] - The balance of margin financing and securities lending increased by 0.78% to 1.87 trillion yuan [7] Interest Rates and Debt Issuance - The issuance of interbank certificates of deposit reached 4,264.30 billion yuan, with an average interest rate of 1.61% [8] - Local government special bond issuance totaled 63.985 billion yuan, with a cumulative issuance of 22,275.22 billion yuan since the beginning of the year [8] Sector Performance - The banking sector's performance is tracked against the CSI 300 index, with fluctuations noted in the sector's growth [5] - The report includes various charts detailing the performance of individual banks and their respective contributions to ETF inflows [11][16]

Core Viewpoint - The banking sector in A-shares is experiencing a significant dividend distribution period, with total dividends exceeding 630 billion yuan for 2024, marking an increase of 20 billion yuan compared to the previous year, and setting a new historical high [1][7]. Dividend Distribution Peak - As of July 11, 2024, A-share listed banks are in a peak dividend distribution phase, with both China Merchants Bank and Xi'an Bank distributing cash dividends on the same day [3]. - China Merchants Bank announced a cash dividend of 2.000 yuan per share, totaling approximately 50.44 billion yuan, with a dividend yield of about 5.7% based on a hypothetical stock price of 35 yuan [3]. - Xi'an Bank distributed 1 yuan for every 10 shares, amounting to 444 million yuan, which represents 17.37% of its net profit [4]. - On July 10, Beijing Bank and CITIC Bank also executed dividend distributions, with Beijing Bank distributing 0.2 yuan per share, totaling 4.23 billion yuan, and CITIC Bank distributing 0.1722 yuan per share, totaling 9.582 billion yuan [4][5]. Acceleration of Dividend Distribution - A total of 33 A-share listed banks have completed their 2024 annual dividend distributions, with five more having announced their dividend plans [6]. - Major state-owned banks like Industrial and Commercial Bank of China and Agricultural Bank of China have also announced their dividend distributions, with ICBC distributing 0.1646 yuan per share and ABC distributing 0.1255 yuan per share [6]. - The trend of earlier dividend distributions among major state-owned banks indicates a proactive approach to enhancing shareholder returns [6]. Mid-term Dividend Layout - In addition to the ongoing annual dividends, banks are also planning mid-term dividends for 2025, with several banks expressing intentions to enhance shareholder returns through mid-term distributions [9]. - Changsha Bank and Su Nong Bank have indicated plans to implement mid-term dividends based on their net profits, aiming to improve investor satisfaction [9]. - The trend towards mid-term dividends is expected to provide more stable cash flows for investors, supporting sustained stock price growth [13]. Market Outlook - Analysts predict that the decline in net profit and revenue for listed banks is expected to stabilize, with a projected year-on-year revenue decline of 0.9% and a net profit decline of 0.5% [14]. - The current market environment is viewed as the beginning of a long-term trend, with low interest rates and the revaluation of RMB assets serving as underlying logic for the ongoing market rally [15]. - The banking sector's stable profitability and dividend distribution are expected to attract long-term capital, reinforcing the investment value of banks with high dividend yields and solid asset quality [16].

Group 1 - The Changsha Municipal Government and Bank of Beijing signed a framework cooperation agreement to establish a platform for local enterprises aiming for public listing [1] - Bank of Beijing launched a financing product tailored for Changsha's prospective listed companies, named "Xiang e Loan," which includes four major components to support businesses at different growth stages [3] - Bank of Beijing plans to provide a total financing support of 100 billion yuan to Changsha over the next five years through the Xiang e Loan initiative [3] Group 2 - The establishment of "Changsha Enterprise Listing Beijing Home" aims to facilitate communication between local enterprises and financial regulatory bodies in Beijing, providing various services to address business challenges [3] - Changsha is also exploring the establishment of additional platforms for enterprise listings in Shanghai and Shenzhen [4]

Core Viewpoint - The A-share listed banks are experiencing a peak in dividend distribution, with total dividends for 2024 exceeding 630 billion yuan, marking an increase of 20 billion yuan from the previous year, and setting a new historical high [1][4]. Dividend Distribution - On July 11, both China Merchants Bank and Xi'an Bank distributed cash dividends, with China Merchants Bank paying 2.000 yuan per share, totaling approximately 50.44 billion yuan, resulting in a dividend yield of about 5.7% based on a hypothetical share price of 35 yuan [2][3]. - Xi'an Bank distributed 1 yuan for every 10 shares, amounting to 444 million yuan, which represents 17.37% of its net profit [2]. - On July 10, Beijing Bank and CITIC Bank also executed dividend distributions, with Beijing Bank distributing 0.2 yuan per share, totaling 4.23 billion yuan, and CITIC Bank distributing 0.1722 yuan per share, totaling 9.582 billion yuan [3]. Overall Dividend Performance - As of July 11, 33 A-share listed banks have completed their 2024 annual dividend distributions, with five more having announced their plans [3]. - The six major state-owned banks maintained a dividend payout ratio of over 30%, with total cash dividends reaching 420.63 billion yuan, led by Industrial and Commercial Bank of China with 109.77 billion yuan [4]. Mid-term Dividend Plans - Several banks are planning mid-term dividends for 2025, with institutions like Changsha Bank and Su Nong Bank expressing intentions to enhance shareholder returns through mid-term distributions [5][6]. - The trend of increasing mid-term dividends is seen as a strategy to improve investor satisfaction and share the benefits of high-quality growth [6]. Market Outlook - Analysts predict a narrowing decline in net profit and revenue for listed banks in the first half of the year, with expectations of a 0.9% year-on-year decrease in revenue and a 0.5% decrease in net profit [7]. - The current market environment is viewed as the beginning of a long-term upward trend for bank stocks, supported by low interest rates and the revaluation of RMB assets [7].

Core Viewpoint - The banking sector in A-shares has experienced significant growth, with a year-to-date increase exceeding 20%, outperforming major market indices like the CSI 300 and Shanghai Composite Index [3][4]. Group 1: Reasons for the Surge in Banking Stocks - The improvement in asset quality and stable profitability of banks has been highlighted as a key factor for the surge, with core earnings and net interest income showing signs of recovery [4][6]. - The influx of insurance capital into banking stocks is considered a major driver, as the decline in 10-year government bond yields has created an asset shortage, making bank stocks attractive due to their stability and dividend characteristics [4][5]. - The increase in public fund allocation to banking stocks, with the proportion rising from 3.72% to 4.00%, indicates a renewed interest in the investment value of banking stocks [5][6]. Group 2: Valuation and Performance Metrics - The banking sector's low valuation is also a contributing factor, with a static price-to-book (PB) ratio of 0.67, suggesting a significant safety margin compared to other industries [6][11]. - The average return of the top 20 banking stocks has reached 27.62%, with six stocks showing gains over 30% year-to-date, indicating strong performance across the sector [9][12]. - The dividend yield for several banks, such as Chongqing Bank and Changsha Bank, exceeds 6%, while some banks have yields below 3%, raising concerns about the perceived safety margin [10][11]. Group 3: Performance of Banking-Themed Funds - The banking-themed funds have also performed well, with the top 20 funds showing a minimum return of 19.08% year-to-date, and seven funds exceeding 20% [13][14]. - Notably, two funds managed by Liu Chongjie have achieved returns of 26.63% and 23.30%, benefiting from high dividend themes and the unique valuation dynamics of Hong Kong bank stocks [13][15].

Group 1: Market Overview - US stock markets rose, with the Dow Jones up 0.43%, Nasdaq up 0.09%, and S&P 500 up 0.27%. Notable stock movements included Tesla rising 4.73% and Nvidia up 0.75% [1] - The Shanghai Composite Index reached a new high, boosting market confidence and potentially attracting more capital into the market, with expectations of a continued upward trend [3] Group 2: Industry Insights - The ice-making industry in Henan is experiencing a surge in demand due to high temperatures, with some factories producing nearly 300 tons of ice daily, leading to a doubling of sales. The market for ice products is projected to exceed 63 billion yuan by 2026 [4] - Coal futures saw a significant increase, with coking coal rising 3.98% and coking coal up 3.44%. The demand for coal is expected to rise due to seasonal factors and policy changes aimed at reducing excess production capacity [5] - JD.com is entering the short drama market, indicating a strategic focus on this growing sector, with competitive salaries offered to attract top talent [5][6] - The micro-short drama market in China is projected to reach 505 billion yuan by 2024, surpassing annual box office revenues for films, with a compound annual growth rate of 19.2% expected [6] Group 3: Company Announcements - Baosteel plans to adjust the price of rare earth concentrate for Q3 2025 to 19,109 yuan per ton [9] - Guosheng Financial Holdings expects a net profit of 150 million to 220 million yuan for the first half of the year, a year-on-year increase of 236.85% to 394.05% [9] - The expected net profit for Sailyus in the first half of the year is between 2.7 billion to 3.2 billion yuan, reflecting a significant year-on-year increase of 66.20% to 96.98% [9] - WuXi AppTec anticipates an adjusted net profit of approximately 6.315 billion yuan for the first half of the year, a year-on-year increase of about 44.43% [9] Group 4: Emerging Technologies - Chengdu Hanhai Fusion Energy is set to witness a milestone event on July 18, marking the completion of China's first linear fusion device, HHMAX-901, which signifies a major breakthrough in the commercialization of controlled nuclear fusion [8]

Core Viewpoint - The article highlights the role of financial support from Beijing Bank in facilitating the growth and innovation of technology-driven companies like Feiyu Technology, showcasing how tailored financial products can address the unique challenges faced by such enterprises [1][4][11]. Group 1: Company Overview - Feiyu Technology, located in Xi'an, has developed a mobile pet grooming vehicle, expanding its product line to include various specialized vehicles, demonstrating its growth in the niche market of customized vehicle modifications [1][2]. - The company has achieved significant milestones, including holding 15 independent intellectual property rights and patents, and has been recognized as a national high-tech small and micro enterprise [1][2]. Group 2: Financial Support and Impact - In 2021, Feiyu Technology faced financial difficulties due to slow customer payments and urgent cash flow needs, prompting the company to seek loans from multiple banks [2][3]. - Beijing Bank provided a quick response, approving a 3 million yuan (approximately 0.43 million USD) online credit loan within a few days, which helped stabilize the company's operations and customer relationships [3][5]. Group 3: Financial Products and Services - Beijing Bank has developed specialized financial products like "Kechuang e-loan," designed for technology companies with high growth potential, allowing for online applications and quick funding [5][6]. - The bank has also introduced "Innovation Credit Loan" and "Jinli e-loan" to cater to different stages of enterprise development, focusing on intellectual property and innovation as key evaluation criteria [6][9]. Group 4: Ecosystem and Long-term Support - Beijing Bank aims to create a comprehensive service ecosystem that supports companies throughout their growth stages, from initial funding to equity financing and mergers and acquisitions [7][8]. - The bank has established a specialized team to provide tailored financial services, ensuring a deep understanding of both technology and finance to better serve innovative enterprises [9][10]. Group 5: Growth and Future Outlook - Feiyu Technology has achieved an 80% market share in modified ambulances in Shaanxi and continues to grow, supported by the increasing credit limits from Beijing Bank, creating a positive cycle of growth and financial support [11][12]. - As of May 2023, Beijing Bank's technology finance loan balance reached nearly 15 billion yuan (approximately 2.2 billion USD), with over a thousand clients benefiting from these services [11].