General Principles - The purpose of the internal audit charter is to enhance corporate governance, strengthen internal controls and risk management, and improve the independence and effectiveness of internal audits [1] - Internal audit is defined as an independent, objective assurance and consulting activity that evaluates and improves the effectiveness of governance, risk management, and control processes [1] Audit Objectives and Scope - The objectives of internal audit include ensuring compliance with laws and regulations, promoting effective risk management, and supporting the achievement of strategic goals [2] - The audit scope covers various entities including the head office, branches, and subsidiaries, focusing on governance, compliance, internal controls, risk management, and financial reporting [2] Audit Principles and Structure - Internal audit must operate independently from business operations and risk management, adhering to principles of independence and objectivity [2] - The internal audit system is established under the direct leadership of the board of directors, which is responsible for ensuring the independence and effectiveness of the audit function [4][5] Audit Committee and Leadership - The board of directors is ultimately responsible for the internal audit's independence and effectiveness, including the appointment of sufficient audit personnel and budget allocation [4] - An audit committee is established to review the internal audit charter, development plans, and annual audit plans, ensuring the execution of audit activities [4] Audit Personnel and Qualifications - Internal audit personnel should represent approximately 1% of the total workforce, with qualifications including a bachelor's degree and relevant experience in finance or auditing [7][8] - Continuous education and adherence to professional ethics are required for internal audit personnel to maintain their competency [8] Rights and Responsibilities - The internal audit function has the right to access all necessary information and to conduct investigations as needed [9][10] - Internal audit can propose corrective actions and recommend penalties for non-compliance, ensuring accountability within the organization [10] Audit Process and Reporting - The internal audit process is risk-oriented, with annual audit plans developed based on risk assessments and regulatory requirements [11][12] - Audit reports must include objectives, findings, conclusions, and recommendations, and should be communicated to the board and management [12][15] External Coordination and Accountability - Internal audit must coordinate with external auditors and regulatory bodies to ensure comprehensive oversight and compliance [16][19] - The results of internal audits are critical for performance evaluations and accountability of the audited entities [20][21]

Summary of Key Points Core Viewpoint - The report outlines the special verification opinions regarding related party transactions of Shanghai Bank Co., Ltd., confirming that the transactions do not constitute significant asset restructuring as per relevant regulations [1][2]. Group 1: Overview of Related Transactions - The company approved adjustments to the payment schedule for asset transfers to Up Silver International (Shenzhen) Co., Ltd., which is a related party [1]. - The company granted a credit limit of RMB 400 million to Shanghai Xinwei Technology Group Co., Ltd. for debt financing, which is also a related party [1]. Group 2: Related Party Information - Up Silver International (Shenzhen) is indirectly controlled by the company, with a board member serving as its chairman, thus qualifying as a related party [2]. - Shanghai Xinwei Technology Group is controlled by a major shareholder of the company, making it a related party as well [2]. Group 3: Transaction Pricing Policy - The transactions with both Up Silver International (Shenzhen) and Shanghai Xinwei Technology Group adhere to general commercial rules, ensuring that pricing and conditions are not more favorable than those offered to non-related parties [3]. Group 4: Purpose and Impact of Transactions - The adjustment of payment schedules with Up Silver International (Shenzhen) and the credit limit to Shanghai Xinwei Technology Group are considered normal business operations, with no significant impact on the company's financial status [3][4]. Group 5: Approval Procedures - The transactions require re-approval due to changes in the main terms of previously approved related party transactions [4]. Group 6: Verification Opinions - The sponsor institution found the transaction conditions to be fair and in line with market principles, confirming that the transactions do not harm the interests of the company or its shareholders [5][6].

Core Viewpoint - The article emphasizes the transformation of waste management into a resource-driven industry, highlighting the role of financial support in achieving sustainable waste reduction, harmlessness, and resource utilization [1][2]. Group 1: Company Overview - Shanghai Kangheng Environment Co., Ltd. has evolved from a startup to the world's largest provider of waste incineration equipment and technology, as well as one of the top three operators of waste-to-energy projects globally [1][5]. - The company has supported over 300 waste incineration plants worldwide and has invested in 90 low-carbon resource recovery parks, processing 120,000 tons of municipal waste daily and serving over 100 million people [5]. Group 2: Financial Support and Innovation - Financial backing is crucial for the long-term, capital-intensive nature of the waste management industry, with projects often requiring investments in the hundreds of millions [2][3]. - Shanghai Bank has provided competitive financing solutions, including a 14-year project loan for Kangheng Environment's Yibin waste-to-energy project, alleviating financial pressure during long construction periods [2][3]. Group 3: Environmental and Technological Initiatives - Kangheng Environment promotes a "waste-to-energy + cogeneration" model, utilizing waste heat for heating and steam supply, thereby enhancing energy efficiency and increasing project revenue [4]. - The company integrates ESG principles into its operations, focusing on advanced incineration technologies to improve energy utilization and reduce carbon emissions, achieving a greenhouse gas reduction of 5.84 million tons per year [5]. Group 4: Strategic Goals and International Expansion - The company aims to invest $6 billion overseas in the next five years, targeting Southeast Asia, Central Asia, the Middle East, and Europe, promoting "Chinese solutions" in solid waste management [5]. - Shanghai Bank is committed to enhancing its green finance strategy, aligning with national "dual carbon" goals and focusing on sustainable financial services [6].

Core Viewpoint - The mid-term dividend plans for listed banks in A-shares for 2025 have been announced, indicating a positive trend in the banking sector's profitability and dividend distribution capacity [1][3][8] Summary by Category Dividend Announcements - As of August 29, 2023, eight A-share listed banks have disclosed their mid-term dividend amounts and ratios, with a total dividend amount exceeding 20 billion yuan [1][3] - China CITIC Bank announced the largest mid-term dividend of 10.461 billion yuan, distributing 1.88 yuan per 10 shares, which accounts for 30.70% of its net profit attributable to ordinary shareholders [3][4] - Shanghai Bank and Huaxia Bank have also increased their dividend ratios compared to last year, with Shanghai Bank at 32.22% and a total dividend of approximately 4.263 billion yuan, while Huaxia Bank plans to distribute 1.591 billion yuan at a ratio of 15.18% [3][4] First-Time Dividends - Four banks, including Changshu Bank, Ningbo Bank, Su Nong Bank, and Zhangjiagang Bank, are implementing their first mid-term dividends [1][3] - Changshu Bank will distribute 0.15 yuan per share, totaling 0.497 billion yuan, which is 25.27% of its net profit [4] - Ningbo Bank plans to distribute 3 yuan per 10 shares, amounting to 1.981 billion yuan, representing 13.41% of its net profit [4] Future Dividend Trends - Experts suggest that the ongoing economic recovery will enhance the overall operating environment for banks, potentially leading to increased profitability and higher dividends in the future [1][7] - Regulatory emphasis on improving dividend levels is expected to support this trend, particularly for state-owned banks, which can bolster market confidence through substantial dividends [7][8] - Long-term dividend sustainability appears strong, as banks are improving their profitability and asset quality, reducing reliance on external financing for capital [8]

Fund Overview - The fund is named "浦银安盛稳健增利债券型证券投资基金（LOF）" and is managed by浦银安盛基金管理有限公司 with Shanghai Bank as the custodian [1][2] - The fund aims to achieve investment returns higher than its performance benchmark while strictly controlling investment risks [1] - The fund's performance benchmark was changed on May 9, 2025, to a combination of 85% 中债综合(全价)指数收益率, 5% 中证可转换债券指数收益率, and 10% 银行活期存款利率 (after tax) [1][5] Financial Performance - As of June 30, 2025, the fund's total shares were 1,688,740,993.19 [1] - The fund achieved realized income of 8,659,535.30 RMB for Class A and 4,406,069.02 RMB for Class C during the reporting period [3] - The net asset value growth rate for Class A was 1.15%, while Class C recorded a growth rate of 0.97% during the same period [23] Investment Strategy - The fund employs a top-down approach for asset allocation and duration management, while a bottom-up approach is used for individual security selection [1] - The fund primarily invests in high-grade credit bonds and interest rate bonds, with a low allocation to convertible bonds [22] - The fund's strategy includes maintaining liquidity and adjusting positions based on market conditions, with a focus on high dividend and growth sectors [26] Market Outlook - The second half of 2025 is expected to see continued economic recovery, with policies aimed at reducing competition and improving supply chains [25] - The fund anticipates a stable bond market with potential upward pressure on interest rates, while maintaining a cautious approach to investment [25][26] - The fund will continue to focus on low-priced convertible bonds and sectors with high growth potential [26]

Core Viewpoint - Shanghai Bank is positioned at the "starting point of a positive cycle" with improvements in asset quality, capital levels, and management practices, indicating a transition into a new management cycle and potential for valuation alignment with leading city commercial banks [1]. Financial Performance - As of June 30, 2025, Shanghai Bank's total assets reached CNY 32,937.14 billion, a 2.08% increase from the previous year [2]. - The bank's customer loans and advances totaled CNY 14,369.84 billion, up 2.22% year-on-year [2]. - Total deposits increased by 4.17% to CNY 17,813.66 billion [2]. - For the first half of 2025, operating income was CNY 273.44 billion, a 4.18% increase, while total profit reached CNY 159.65 billion, up 4.20% [2]. - Net profit attributable to shareholders was CNY 132.31 billion, reflecting a 2.02% growth [2]. Asset Quality and Capital Levels - The non-performing loan (NPL) ratio remained stable at 1.18%, unchanged from the previous year [3]. - Core Tier 1 capital adequacy ratio improved by 0.43 percentage points to 10.78%, while the total capital adequacy ratio reached 14.62%, also up by 0.41 percentage points [3]. Investor Returns - The mid-term dividend payout ratio for 2025 was increased to 32.22%, marking a 1.00 percentage point rise [5][26]. - The bank has consistently raised its cash dividend ratios over the past three years, indicating a commitment to returning value to shareholders [5][27]. Business Development - Shanghai Bank is focusing on technology finance, with a 13.67% year-on-year increase in technology loan disbursements, totaling CNY 927.81 billion [30]. - Inclusive finance initiatives saw a 7.59% increase in loan disbursements, amounting to CNY 909.77 billion [32]. - Green finance loans increased by 3.88% year-on-year, reaching CNY 440.77 billion [35]. Strategic Initiatives - The bank is actively supporting the "Five Major Articles" of finance, enhancing its service capabilities in technology finance, inclusive finance, green finance, and elderly finance [23][44]. - Shanghai Bank is also involved in the integration of the Yangtze River Delta region, with a focus on major projects and infrastructure investments [17]. Market Position - Shanghai Bank ranked 66th in the "2025 Global Bank 1000" list by The Banker magazine, reflecting its growing stature in the banking sector [4]. - The bank's asset management for pension clients reached CNY 5,128.16 billion, with a market share leading in the Shanghai region [39].

Core Viewpoint - Shanghai Bank has faced significant regulatory scrutiny in 2025, accumulating a total of 32 fines amounting to nearly 40 million yuan, making it the leading bank in terms of penalties within the city commercial bank system [3][4][12]. Group 1: Regulatory Actions - On August 29, Shanghai Bank's Ningbo branch was fined 300,000 yuan for "imprudent management of bill business," and the branch manager received a warning [1]. - In August alone, regulatory authorities issued 19 fines to Shanghai Bank, marking the 18th and 19th fines for the year [2]. - As of August 29, the total fines imposed on Shanghai Bank in 2025 reached 39.51 million yuan, with the bank being labeled as the "fine king" in the city commercial bank sector [3][4]. Group 2: Violations and Issues - The violations leading to penalties include issues such as "violating credit information collection and management regulations," "serious violations of prudent operation rules in agency business," and "imprudent management of deposit and loan operations" [11]. - The Ningbo branch has been a frequent target for penalties, being fined twice in 2025, including a 500,000 yuan fine on February 28 for "imprudent management of deposit business" [12].

Core Viewpoint - Yabon's recent announcement indicates a significant increase in its external guarantee commitments, which may impact its financial stability and risk profile [1] Group 1: Company Announcement - Yabon Chemical signed a maximum guarantee contract with Shanghai Bank Changning Branch, agreeing to provide a joint liability guarantee of up to RMB 55 million [1] - As of the announcement date, the total external guarantee amount provided by the company reached RMB 1.682 billion, accounting for 83.81% of the company's most recent audited net assets [1] - The cumulative balance of external guarantees provided by the company is RMB 648.66 million, representing 32.32% of the company's most recent audited net assets [1]

Group 1 - The core viewpoint of the article highlights the robust mid-term performance of CITIC Limited, which plans to distribute over 5.8 billion yuan in dividends, showcasing strong development resilience and continuous optimization of risk indicators [1] Group 2 - Industrial Fulian has surpassed a market capitalization of 1 trillion yuan, indicating significant growth and investor confidence in the company [1] Group 3 - The National Development and Reform Commission has revealed important information regarding private investment and artificial intelligence, which could impact industry dynamics and investment strategies [1]

Core Viewpoint - The "Member Enterprise Exclusive Loan" launched by the Luohu District Federation of Industry and Commerce aims to provide over 1 billion yuan in financing to member enterprises, addressing their financing challenges effectively [2][3]. Group 1: Financial Product Details - The "Member Enterprise Exclusive Loan" is a new financial product introduced in collaboration with Shanghai Bank and Shenzhen High-tech Investment Group, targeting over 400 member enterprises [2]. - Compared to other market financial products, this loan offers lower interest rates, longer loan terms, and higher loan amounts [2]. - The "Xinyi Loan" product allows individual enterprises to borrow up to 10 million yuan, with a minimum interest rate of 2.5%, making it one of the most advantageous products in the market [2]. Group 2: Benefits and Features - Member enterprises are placed on a whitelist, receiving a green approval channel, simplified procedures, and one-on-one service, with some loans disbursed in as little as one day [2]. - Participating enterprises expressed that the product is practical, with low interest rates, high limits, fast approvals, and flexible repayment methods, tailored to meet their specific financing needs [3]. Group 3: Future Plans - The Luohu District Federation of Industry and Commerce plans to expand the exclusive loan program to more private enterprises and enhance financial products and services based on enterprise needs [3].