行业周报 国债等恢复增值税征收,消费、经营贷将迎贴息 银行业周报 (2025.07.28-2025.08.03) 2025 年 8 月 4 日 核心观点 银行业 | | | 分析师 张一纬 ☎：010-8092-7617 z:zhangyiwei_yj@chinastock.com.cn 分析师登记编码：S0130519010001 研究助理 袁世麟 网: yuanshilin_yj@chinastock.com.cn 相对沪深 300 表现图 2025-08-01 20% 资料来源:ifind. 中国银河证券研究院 相关研究 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 银行板块表现优于市场:本周沪深 300 指数下跌 1.75%,银行板块下跌 ● 0.84%。国有行、股份行、城商行、农商行分别+0.80%、-1.52%、-1.04%、 -2.30%。个股方面,9 家上市银行上涨,农业银行(+2.43%）、工商银行 (+1.74%)、邮储银行(+1.07%)、建设银行(+0.75%)、成都银行(+0.70%) 涨幅居前。截至8月1日,银行板块 ...

农业银行日前在银行间市场发行500亿元总损失吸收能力非资本债券（TLAC非资本债）。其中，3+1年 期300亿元，利率1.85%；5+1年期50亿元，利率1.93%；10+1年期150亿元，利率2.15%。农业银行称， 本期债券充分考虑投资者需求，设置三个期限组合，并设有增发机制。得益于投资者大力支持，本期债 券在200亿元基础额度上，用足300亿元增发额度，三个期限品种债券均实现增发，最终发行规模500亿 元，有效提升农业银行总损失吸收能力。农业银行称，此次发行吸引各类投资者踊跃参与，全场认购规 模达基础发行规模4倍，农业银行市场影响力得到广泛认可。 ...

Market Overview - On August 4, A-shares saw all three major indices close higher, with the Shanghai Composite Index rising by 0.66% to 3583.31 points, the Shenzhen Component Index increasing by 0.46% to 11041.56 points, and the ChiNext Index up by 0.50% to 2334.32 points [1] - The total trading volume in the Shanghai and Shenzhen markets was 149.86 billion yuan, a decrease of 99.8 billion yuan compared to the previous Friday [1] - The market showed a recovery in investor sentiment, with 3,877 stocks rising and 1,312 stocks falling [1] Industry Performance - The aerospace and defense sector led the gains on August 4, driven by accelerated progress in commercial aerospace networking and a record of continuous launches in low-orbit satellite constellations [2] - The machinery industry saw a boost from a digital transformation plan, with industrial mother machines and software stocks performing well [2] - The upcoming World Robot Conference, scheduled for August 8-12, is expected to showcase over 1,500 exhibits from more than 200 domestic and international robot companies, highlighting the growth potential in the robotics market [2] Technical Analysis - Despite the overall market rally, concerns remain regarding the lack of volume in the rebound, indicating that external funds are still cautious [3] - The market's ability to maintain levels above the 20-day moving average will be crucial for the sustainability of the current upward trend [3] - Local stocks from Hunan province performed well, with 94 out of 147 stocks rising, and notable performances from companies like Shanhe Intelligent, which saw significant gains [3]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01288 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 30,738,823,096 | RMB | | 1 RMB | | 30,738,823,096 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 30,738,823,096 | RMB | | 1 RMB | | 30,738,823,096 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | - ...

Group 1 - Agricultural Bank of China (ABC) provides financial support to small and micro enterprises, helping them address funding gaps and expand production capabilities [1][4] - ABC's Xi'an branch quickly tailored a credit solution, offering a 10-day processing time for a 10 million yuan (approximately 1.4 million USD) working capital loan at a preferential interest rate [2] - The bank has established a comprehensive financial service plan for enterprises, including payroll services and project loans, to meet diverse financing needs [2][4] Group 2 - ABC's financing coordination mechanism involves direct engagement with small and micro enterprises, with leadership actively visiting businesses to understand their operational and financing situations [4][5] - A total of 343 financial advisors have been mobilized across provincial and municipal levels to conduct outreach activities, including 221 events that reached approximately 970,000 individuals [4][5] - The bank has introduced innovative guarantee products in collaboration with provincial partners to alleviate guarantee challenges for enterprises, promoting specialized products for technology companies [5]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國農業銀行股份有限公司 呈交日期: 2025年8月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01288 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 30,738,823,096 | RMB | | 1 RMB | | 30,738,823,096 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 30,738,823,096 | RMB | | 1 RMB | | 30,738,823,096 | | 2. 股份分類 | 普通股 | 股份 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 601658 | 邮储银行 | 5.76 | 1.77% | 213.64万 | | 12.20亿 | | 666109 | 建设银行 | 9.55 | 1.38% | 142.99万 | | 13.62亿 | | 601288 | 农业银行 | 6.39 | 0.95% | 542.75万 | | 34.80 Z | | 601398 | 工商银行 | 7.68 | 0.79% | 448.28万 | | 34.55 Z | | 601328 | 交通银行 | 7.66 | 0.66% | 210.09万 | | 16.14亿 | | 601988 | 中国银行 | 5.58 | 0.54% | 328.23万 | | 18.35 Z | 从资金流向上来看，当日国有大型银行板块主力资金净流入8.14亿元，游资资金净流出6.41亿元，散户资 金净流出1.73亿元。国有大型银行板块个股资金流向见下表： | 代码 | 名称 | 主力净流 ...

7月31日，国务院总理李强主持召开国务院常务会议，会议就实施个人消费贷款贴息政策与服务业经营 主体贷款贴息政策进行部署。 会议指出，对个人消费贷款和服务业经营主体贷款进行贴息，有利于通过财政金融联动的方式，降低居 民信贷成本和服务业经营主体融资成本，更好激发消费潜力、提升市场活力。要抓好贴息政策组织实 施，加强部门协同，简化办理手续，推动政策尽快落地，同时严格监管提高资金使用效益，确保财政资 金用好用到位。 业内专家认为，对个人消费贷款与服务业经营主体贷款进行贴息的政策，可以视作金融领域的"国 补"。"对于有切实消费需求的居民而言，能够有效减轻其信贷负担，而对于服务业经营主体贷款的贴息 政策，则是对服务型消费加大支持力度的重要体现。"素喜智研高级研究员苏筱芮认为。 中国银行相关负责人认为，两项贷款贴息政策将从需求和供给两端发力，强化与金融政策协同，进一步 助力提振消费、扩大内需。 "后续，中国银行将全力抓好贴息政策的组织实施，推动政策尽快落地，以高效、精准、优质的金融服 务，推动政策红利直达广大消费者和服务业经营主体，为激发国内消费潜力贡献金融力量。"上述负责 人说。 建设银行表示，该行认真贯彻落实党中央、国 ...

Market Overview - A-shares experienced a low open and high close, with the Shanghai Composite Index rising by 0.66% to 3583.31 points, the Shenzhen Component Index up by 0.46% to 11041.56 points, and the ChiNext Index increasing by 0.5% to 2334.32 points, while the STAR 50 Index rose by 1.22% to 1049.41 points [1] - The total trading volume in the Shanghai and Shenzhen markets was nearly 1.5 trillion, a decrease of 998 billion compared to the previous trading day [1] - Over 3800 stocks in the market saw gains, indicating a generally positive sentiment despite mixed sector performance [1] Sector Performance Military Industry - The military sector saw significant gains, with stocks like Changcheng Military Industry and Aerospace Electronics hitting the daily limit [3] - Catalysts for this surge included the fifth anniversary of the Beidou-3 global satellite navigation system and increased global military spending due to geopolitical tensions [3] Banking Sector - Bank stocks collectively strengthened, with Agricultural Bank of China reaching a historical high [2] - Five listed banks reported positive net profit growth for the first half of 2025, with four banks achieving double-digit increases [2] Semiconductor Industry - Semiconductor stocks showed a strong upward trend, with Huahong Semiconductor reaching a historical high [4] - The global silicon wafer shipment volume is projected to grow by 9.6% year-on-year in Q2 2025, indicating robust demand in the sector [4] Robotics Sector - The robotics and reducer sectors remained active, with companies like Zhongma Transmission and Dongjie Intelligent seeing significant gains [5] - The upcoming World Robot Conference is expected to showcase over 100 new intelligent robot products, indicating a growing market [5] Analyst Insights - CITIC Securities highlighted that market trends dictate the behavior of leading funds, which tend to favor high-consensus stocks rather than low-position stocks [6] - Shenwan Hongyuan noted that the market is returning to a volatile phase, with potential upward movements expected before the September 3 military parade [7] - Dongfang Securities suggested that while there is a high probability of weekly adjustments, the downside is limited, and sectors like AI, military, and pharmaceuticals still present significant investment opportunities [8]

中国农业银行保定满城支行行长崔新凯发言表态，将全力配合服务站运行，为政企民联动提供优质平台。 梁民指出，市场监管综合服务站的建成，是拓展和延伸市场监管所标准化规范化建设成果的重要举措，也是推动 监管和服务"关口前移、重心下沉"的创新实践，更是践行"监管为民、服务发展"理念的生动体现。 中国质量新闻网讯 为深入践行新时代"枫桥经验"，推动市场监管服务向基层延伸，充分发挥市场监管前沿阵地作 用，近日，河北省保定市满城区市场监督管理局在中国农业银行保定满城支行举行市场监管综合服务站揭牌仪 式。 揭牌仪式上，保定市场监督管理局二级调研员王胜起同志、满城区总工会主席梁民同志共同为市场监管综合服务 站进行揭牌，并为服务站工作人员颁发社会监督员聘书，标志着集"小个专"党建指导、年报信用修复指导、消费 维权 【下载黑猫投诉客户端】服务、配合市场监管、政策法规宣传、关爱凝聚群众六项服务于一体的综合服务体 系在满城区正式落地。 王胜起强调，市场监管综合服务站的成立，是深化基层治理现代化的生动实践，也是优化营商环境、激发市场活 力的重要举措。要构建"点位吹哨，局所报到"工作机制，打造联系经营主体与消费者的"连心桥"；强化监管队伍 ...