Group 1 - The banking sector has shown renewed strength, with Guizhou Bank rising over 4% [1] - Other banks such as Minsheng Bank, Zheshang Bank, Huaxia Bank, Xiamen Bank, Citic Bank, Xi'an Bank, and Postal Savings Bank also experienced gains, with Minsheng Bank increasing over 3% [1]

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].

证券代码：601187 证券简称：厦门银行 公告编号：2025-030 厦门银行股份有限公司（以下简称"公司"）董事会于近日收到汤琼兰女士 的辞任函，因到龄退休原因，汤琼兰女士辞去公司董事、董事会审计委员会委员 职务。汤琼兰女士辞任后将不再担任公司任何职务。 | 姓名 | 离任职务 | 离任时间 | | | 原定任期到 | | | | 是否继续在上 | 是否存在未 履行完毕的 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 期日 | | | 离任原因 | 市公司及其控 股子公司任职 | 公开承诺 | | 汤琼兰 | 董事、董事 会审计委员 | 2025 | 年 | 7 | 2027 1 | 年 | 月 | 到龄退休 | 否 | 否 | | | 会委员 | 月 10 | 日 | | 4 | 日 | | | | | 一、董事离任情况 厦门银行股份有限公司 关于公司董事离任的公告 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 ...

截至2024年12月，我国微短剧用户规模已突破6亿人，展现出强大的市场吸引力。其发展势头迅猛，市场规模持续扩张。《2024年中国微短剧产业研究报 告》显示，2024年我国微短剧市场规模攀升至505亿元，首次超过全年电影票房收入，预计2025年市场规模将达634.3亿元。 医疗服务板块亦走强，美迪西（688202.SH）涨超13%，毕得医药（688073.SH）、阳光诺和（688621.SH）、泰格医药（300347.SZ）均上涨。 消息面上，全球CRO行业持续增长，预计2026年规模将突破千亿美元，中国CRO市场增速较为领先。此外，CRO企业美诺华预计上半年净利润同比增长 142.84%-174.52%，亦刺激了板块估值水平上行。 跌幅榜上，保险、贵金属、港口航运等集体扑街，中国人寿（601628.SH）、中金黄金（600489.SH）、宁波海运（600798.SH）下挫；半导体、电池概念股 亦走弱，芯原股份（688521.SH）跌近7%，瑞芯微（603893.SH）、科恒股份（300340.SZ）下挫。 作者：飞鱼 7月9日，三大指数震荡，截至收盘，沪指跌0.13%，深成指跌0.06%，创业板涨0.16%， ...

Market Overview - A-shares experienced a strong opening on July 1, with the Shanghai Composite Index rising significantly, driven by the banking and power sectors, and total market turnover around 1.5 trillion yuan [1] - The banking sector showed a robust rebound, with all stocks in the sector rising, and Shanghai Pudong Development Bank reaching a historical high with a market capitalization of 432.18 billion yuan [2] Banking Sector Performance - The banking sector index increased by approximately 20% year-to-date, with a cumulative rise of nearly 70% since the end of 2023 [2] - Notable individual stock performances included Suzhou Bank rising over 5%, Xiamen Bank nearly 4%, and Hangzhou Bank over 3% [2] - The overall banking sector closed up 1.84% on July 1, ranking fifth among industry sectors for the day [2] Innovative Drug Sector - The innovative drug sector saw significant gains, with a total increase of 3.01% by the end of the trading day, ranking third among industry sectors [4] - Key stocks in this sector included Frontline Bio, which hit the daily limit, and several others like Guizhou Bailing and Seer Medical also reaching their daily limits [4] - The sector has been active since mid-May, with a notable surge in trading volume and stock prices [4] Policy Support for Innovative Drugs - The National Healthcare Security Administration and the National Health Commission issued measures to support the high-quality development of innovative drugs, focusing on R&D, market access, and payment systems [5] - These measures aim to address key issues in the innovative drug sector and promote genuine innovation [5] International Transactions in Innovative Drugs - There has been a surge in international transactions for innovative drugs, with a total of $45.5 billion in authorized transactions by Chinese companies from January to May 2025, surpassing the total for the first half of 2024 [6] - The year 2025 is expected to be significant for domestic innovative drug companies as they transition from generic to innovative drugs, with some companies reaching breakeven and profitability [6]

Core Viewpoint - The peak period for cash dividend distribution among listed banks has arrived, with a significant increase in total cash dividends for 2024 compared to the previous year [1][2][3]. Summary by Sections Cash Dividend Distribution - As of June 27, 2024, 26 banks have implemented their cash dividend distribution plans, totaling 427.38 billion yuan [2][4]. - The total cash dividends for A-share listed banks are projected to reach 631.96 billion yuan in 2024, an increase of nearly 20 billion yuan from the previous year, representing a growth rate of 3.03% [3]. Dividend Increase - Nearly half of the A-share listed banks have advanced their dividend actions, with 14 banks completing both mid-term and year-end dividends by June 27 [4]. - A total of 39 out of 42 listed banks are expected to increase their cash dividends in 2024, with an overall increase of 18.6 billion yuan [5]. Major Contributors - The six major state-owned banks are the primary contributors to the dividend payouts, with total dividends exceeding 420 billion yuan [5]. - Industrial and Commercial Bank of China and China Construction Bank each have cash dividends exceeding 100 billion yuan, at 109.77 billion yuan and 100.75 billion yuan respectively [5][6]. Dividend Ratios - 14 banks have a cash dividend ratio exceeding 30% for 2024, with a slight decrease in the number of banks compared to 2023 [10]. - Notably, Ningbo Bank's cash dividend ratio increased by 6.3 percentage points to 21.91%, while Hu'nong Commercial Bank's ratio rose from 30.10% to 33.91% [10]. Mid-term Dividends - 23 A-share listed banks have implemented mid-term dividend plans, distributing a total of 257.71 billion yuan [8]. - Some banks, like Hu'nong Commercial Bank, have already proposed mid-term dividend plans for 2025 [9]. Challenges - Despite the increase in dividend frequency and ratios, the banking industry faces challenges such as narrowing interest margins and slowing revenue growth [12].

Investment Rating - The report gives a "Buy" rating for Xiamen Bank, with initial coverage [4][11]. Core Views - Xiamen Bank, established in 1996, has a diversified shareholder structure and has achieved full coverage of branches in Fujian Province by 2015, with total assets of 374.2 billion yuan by the end of 2024 [1][19]. - The bank benefits from a favorable economic environment in Fujian Province, which ranks 8th in GDP and 4th in per capita GDP among 31 provinces, with growth rates exceeding the national average [2][34]. - The bank's loan and deposit scales are steadily growing, with a loan total of 210.58 billion yuan in Q1 2025, showing a year-on-year increase of 0.12% [3][26]. - Investment income has maintained a high growth rate, with a year-on-year increase of 18.14% in Q1 2025 [3][31]. Summary by Sections Company Overview - Xiamen Bank has a unique shareholder structure with significant participation from Taiwanese capital, and its management team has extensive experience in the banking industry [19][20]. - The bank's total assets have shown a compound annual growth rate of 9.36% from 2020 to 2024 [19]. Economic Environment - Fujian Province's GDP reached 5.78 trillion yuan in 2024, with a growth rate of 6.3%, surpassing the national average [34]. - The province's per capita disposable income in Q1 2025 grew by 5.6%, ranking 7th among provinces [34]. Financial Performance - In Q1 2025, the bank's total loans amounted to 210.58 billion yuan, with corporate loans increasing by 5.23% to 142.24 billion yuan [3][26]. - The bank's deposit scale reached 221.38 billion yuan, with a year-on-year growth of 14.35% [3][26]. - The non-performing loan ratio stood at 0.86%, indicating good asset quality [3][31]. Investment Income - The bank achieved investment income of 331 million yuan in Q1 2025, reflecting an 18.14% year-on-year increase [3][31]. - The proportion of fee and commission income also increased, contributing to the bank's overall revenue growth [3][31]. Profit Forecast - The forecasted net profit for Xiamen Bank from 2025 to 2027 is 2.50 billion yuan, 2.51 billion yuan, and 2.62 billion yuan, respectively [4].

Market Overview - The A-share market continued its volatile trend, with the Shanghai Composite Index closing at 3359.90 points, down 0.07%, and the Shenzhen Component Index at 10005.03 points, down 0.47% [2] - Market trading volume shrank again, with a total turnover of 106.78 billion yuan, decreasing by over 18 billion yuan compared to the previous trading day [2] Banking Sector - The banking sector showed strong performance, with the Shenwan Banking Index rising by 0.69%, accumulating nearly 5% this month and over 12% year-to-date [3] - Key banking stocks such as Bank of Communications, Xiamen Bank, and Minsheng Bank rose over 2%, while Hangzhou Bank, Shanghai Pudong Development Bank, and Nanjing Bank reached historical highs during the session [3] - As of the end of May, the RMB loan balance was 266.32 trillion yuan, with a year-on-year growth of 7.07%, and new RMB loans in May increased by 620 billion yuan [3] Liquor Sector - The liquor sector, particularly the white wine segment, rebounded with the Shenwan Liquor Index increasing by 1.13% after hitting a new low for the year [3] - Notable stock performances included Huangtai Liquor reaching the daily limit, and Yingjia Gongjiu rising over 7% [3] - The price of Feitian Moutai has been declining, with the wholesale reference price dropping by 30 yuan to 1950 yuan per bottle as of June 20 [4] TMT Sector - The TMT (Technology, Media, and Telecommunications) sector experienced a short-term decline, with the Shenwan Computer Index dropping over 2% this week [6] - Some institutions believe that the TMT sector has fully digested its previous congestion, and a new round of market activity is expected due to supportive policies for technology innovation [6] - The trading volume of the technology sector has significantly decreased, with the proportion of total A-share trading volume dropping to around 30% as of June 17, down from over 46% in February [6] Policy and Investment Outlook - The recent "1+6" policy measures for the Science and Technology Innovation Board signify a systematic upgrade aimed at supporting technology companies [7] - Future A-share investments are expected to favor companies with strategic direction and high-quality growth potential, particularly those with hard technology attributes [7]

Core Viewpoint - The A-share market experienced a downward trend on June 19, 2025, with the banking sector showing relative resilience, only declining by 0.15%, second only to the oil and petrochemical sector [1] Banking Sector Performance - Individual bank stocks showed localized activity, with notable gains from CITIC Bank, Shanghai Bank, and Jiangyin Bank, each rising over 1% [1] - The banking ETF (512800) opened lower but turned positive during the day, ultimately closing slightly down by 0.12%, continuing its strong performance throughout the year [2][3] ETF and Index Performance - The banking ETF (512800) has repeatedly set historical highs this year, with the index it tracks, the China Securities Banking Index, having increased by 11.87% year-to-date, outperforming the Shanghai Composite Index and CSI 300 by 12.18 and 14.2 percentage points, respectively [3][4] - The banking sector's strong performance is attributed to its status as a stable asset class, characterized by steady operations, consistent dividends, and high dividend yields, making it attractive in a volatile market [4] Fund Allocation and Future Outlook - Short-term drivers include regulatory changes encouraging public funds to increase their allocation to the banking sector, which currently has a significantly lower representation in active funds compared to its weight in the CSI 300 [5] - Analysts believe the core investment logic for the banking sector will persist, driven by its high dividend yield, potential for institutional fund inflows, and supportive policies for interest margins [5] - 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 foundational logic for this market cycle [5] Investment Opportunities - Investors looking for value in the banking sector are encouraged to consider the banking ETF (512800) and its associated funds, which provide exposure to a diversified portfolio of 42 listed banks in A-shares [6]

证券代码：601187 证券简称：厦门银行 公告编号：2025-029 厦门银行股份有限公司 2024年年度权益分派实施公告 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。 本次利润分配方案经厦门银行股份有限公司（以下简称"公司"或"本公司"）2025 年 6 月 3 日的2024年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 重要内容提示： 每股分配比例 A 股每股现金红利0.16元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/25 | － | 2025/6/26 | 2025/6/26 | 差异化分红送转：否 一、 通过分配方案的股东大会届次和日期 本次利润分配以方案实施前的公司总股本2,639,127,888股为基数， ...