1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - This week (August 4 - August 8, 2025), 1 secondary capital bond was newly issued in the inter - bank and exchange markets, with a issuance scale of 3 billion yuan, a maturity of 10 years, the issuer being a local state - owned enterprise in Guizhou Province with a AAA credit rating [1]. - As of August 8, 2025, the outstanding balance of secondary capital bonds reached 4,727.985 billion yuan, a decrease of 33.65 billion yuan from the end of last week [1]. - This week, the total trading volume of secondary capital bonds was approximately 160.6 billion yuan, a decrease of 103.3 billion yuan from last week. The top three bonds in terms of trading volume were 25 ICBC Secondary Capital Bond 02BC, 25 BOC Secondary Capital Bond 01BC, and 25 CCB Secondary Capital Bond 02A(BC) [2]. - In terms of trading volume by issuer's region, the top three were Beijing, Shanghai, and Fujian, with trading volumes of approximately 128.8 billion yuan, 11.9 billion yuan, and 6 billion yuan respectively [2]. - As of August 8, the changes in the yields to maturity of 5Y, 7Y, and 10Y secondary capital bonds with different credit ratings (AAA -, AA +, AA) compared to last week varied, with some rising and some falling [2]. - This week, the overall deviation of the average trading price valuation of secondary capital bonds was not large, with the proportion and amplitude of discount transactions greater than those of premium transactions [3]. 3. Summary by Relevant Catalogs 3.1 Primary Market Issuance and Outstanding Balance - New issuance: 1 secondary capital bond was issued this week, with an issuance scale of 3 billion yuan, a 10 - year maturity, the issuer being a local state - owned enterprise in Guizhou Province with a AAA credit rating [1][6]. - Outstanding balance: As of August 8, 2025, the outstanding balance of secondary capital bonds was 4,727.985 billion yuan, a decrease of 33.65 billion yuan from August 1, 2025 [1][7]. 3.2 Secondary Market Trading - Trading volume: The total trading volume this week was approximately 160.6 billion yuan, a decrease of 103.3 billion yuan from last week. The top three bonds in terms of trading volume were 25 ICBC Secondary Capital Bond 02BC (9.631 billion yuan), 25 BOC Secondary Capital Bond 01BC (8.333 billion yuan), and 25 CCB Secondary Capital Bond 02A(BC) (6.8 billion yuan) [2][13]. - Trading volume by region: The top three regions in terms of trading volume were Beijing (128.8 billion yuan), Shanghai (11.9 billion yuan), and Fujian (6 billion yuan) [2]. - Yield to maturity: The changes in the yields to maturity of 5Y, 7Y, and 10Y secondary capital bonds with different credit ratings (AAA -, AA +, AA) compared to last week varied, with some rising and some falling [2][12]. 3.3 Top 30 Bonds with Valuation Deviation - Discount bonds: The top three bonds with the highest discount rates were 21 Jiutai Rural Commercial Secondary (- 21.2270%), 20 Jiaxing Bank Secondary (- 0.4628%), and 24 Shengjing Bank Secondary Capital Bond 01 (- 0.3651%). The Zhongzheng implicit ratings were mainly AA, AA +, AA - and the bonds were mainly from Beijing, Shandong, and Zhejiang [3][14]. - Premium bonds: The top four bonds with the highest premium rates were 25 Chouzhou Commercial Bank Secondary Capital Bond 01 (0.3230%), 24 BOC Secondary Capital Bond 02B (0.1154%), 23 ICBC Secondary Capital Bond 01B (0.1115%), and 22 Chengdu Rural Commercial Secondary 01 (0.0985%). The Zhongzheng implicit ratings were mainly AAA -, AA +, AA and the bonds were mainly from Beijing, Shanghai, and Zhejiang [3][15].

8月6日，农业银行（SH601288）A股流通市值超越工商银行（SH601398），成为A股流通市值新榜首。 截至本周五收盘，农业银行流通市值达2.14万亿元。这一变化的背后，是多重因素的共同作用。 一方面，在当下市场环境中，避险需求叠加高股息优势等因素交织，构筑了银行股持续走强的坚实基 础，农业银行也受益于这一趋势。 另一方面，支撑农业银行流通市值登顶的核心动能，更在于自身经营能力的硬实力展现。近年来，农业 银行在业务拓展和风险管理等核心领域成效显著，其盈利的确定性及差异化优势推动估值水平提升。 同时，凭借广泛的服务网络、丰富的金融产品矩阵及持续优化的服务体验，农业银行在广大客户心中铸 就了值得信赖的品牌形象。据每日经济新闻联合清华大学经济管理学院中国企业研究中心发布的"2025 中国上市公司品牌价值榜"，农业银行品牌价值已达3525亿元。 事实上，"流通市值超越工商银行成为第一"这一事件本身，也具有显著的品牌价值。这一里程碑可为农 行未来在市场竞争、客户获取等方面提供额外的品牌影响力支持，构成其品牌资产的重要组成部分。 京东集团-SW（HK09618）：发布"智能机器人产业加速计划" 8月8日，2025世 ...

Core Points - Agricultural Bank of China (ABC) has surpassed Industrial and Commercial Bank of China (ICBC) in A-share circulating market value, reaching 2.11 trillion yuan as of August 6, 2023, while ICBC stands at 2.09 trillion yuan [1][2] - Despite ABC's lead in A-share market value, ICBC remains the largest bank in China by total market value, with 2.78 trillion yuan compared to ABC's 2.35 trillion yuan as of August 8, 2023 [4][5] Market Performance - ABC's stock price has shown significant growth, with a year-to-date increase of 31.3% as of August 7, 2023, outperforming other major banks [9] - From the beginning of 2023 to August 7, ABC's stock price surged by 170%, while ICBC and other major banks saw increases ranging from 51.46% to 111.14% [9] Financial Performance - In Q1 2025, ABC reported a revenue of 186.67 billion yuan, a slight increase of 0.35% year-on-year, and a net profit of 71.93 billion yuan, up 2.20% [10] - ABC's non-performing loan ratio stood at 1.28% in Q1 2025, better than ICBC's 1.33% [10] Business Strategy - ABC is focusing on "downward" market strategies, directing financial resources towards rural areas, with 55,000 county-level customer managers and a loan balance of 9.85 trillion yuan in rural areas by the end of 2024 [11][12] Dividend Appeal - The overall banking sector has seen a surge, with the China Securities Bank Index rising nearly 50% since 2023, driven by low interest rates and a demand for high dividend assets [14] - ABC's dividend yield is 3.60%, lower than several peers, but still part of a broader trend where 26 out of 42 listed banks have yields exceeding 4% [16][17] Valuation Metrics - As of August 8, 2023, ABC has the highest price-to-book ratio among the six major state-owned banks at 0.89, indicating a relatively favorable valuation compared to its peers [18]

Core Viewpoint - The introduction of VAT on interest income from newly issued government bonds, local government bonds, and financial bonds starting August 8 has led to a rise in the value of existing bonds compared to new ones, causing a shift in investment focus towards high-dividend stocks in the A-share market, particularly bank stocks [1][2][3]. Group 1: Bond Market Impact - New tax policy on interest income from bonds has resulted in a decline in the investment attractiveness of government bonds, leading to a short-term increase in bond market values [1]. - The long-term downtrend in interest rates has made traditional bond investments less appealing, prompting investors to seek alternative high-yield assets [2]. Group 2: A-share Market Dynamics - A-share market saw a significant rise, with the index increasing by 200 points in July, driven by insurance funds favoring high-dividend assets [1][2]. - Insurance funds have increasingly turned to bank stocks, with at least eight instances of shareholding increases in banks from January to May 2025, particularly by the Ping An group [2][3]. Group 3: Bank Stock Performance - Bank stocks have shown substantial growth, with Agricultural Bank surpassing Industrial and Commercial Bank in market capitalization as of August 6, 2025 [3]. - Year-to-date performance of major banks indicates significant gains, with Shanghai Pudong Development Bank up over 38% and Agricultural Bank close to 30%, outperforming the broader market indices [3][4]. Group 4: Future Considerations - The recent surge in bank stock prices may lead to a reevaluation of their investment value, potentially triggering a renewed interest in government bonds if bank stock prices exceed their investment attractiveness [5].

Core Viewpoint - The introduction of new cash dividend regulations and policies in China has led to a significant increase in cash dividends among listed companies, marking a new phase of "return-focused" capital markets aimed at enhancing investor returns [3][4]. Summary by Categories Cash Dividend Rankings - The 2025 cash dividend rankings for listed companies in China will be based on objective cash dividend data, considering multiple factors to form three lists: total cash dividends, dividend payout ratio, and dividend yield, each featuring 100 companies [3]. - The rankings emphasize compliance and integrity, with non-compliant companies facing disqualification [3]. Dividend Trends - In 2024, the total cash dividends from A-share listed companies reached a record high of 2.4 trillion yuan, representing a 9% increase from 2023 [4]. - The number of companies consistently paying dividends has increased, with 2,447 out of 4,445 companies listed for over three years having paid dividends for three consecutive years, a 12% increase from the previous year [4]. Investor Returns - A total of 466 A-share listed companies had an average dividend yield exceeding 3% over the past three years, with 133 companies exceeding 5% [5]. - The average dividend payout ratio for A-share listed companies in 2024 was 39%, with 1,411 companies maintaining an average payout ratio above 40%, a 24% increase from 2023 [5]. Notable Companies - Nine companies distributed over 50 billion yuan in cash dividends in 2024, including major banks such as Industrial and Commercial Bank of China and China Construction Bank, as well as companies like China Petroleum and Kweichow Moutai [4]. - The rankings for cash dividends, payout ratios, and yields include various prominent companies, reflecting a diverse range of sectors [6][9][10].

Core Viewpoint - The establishment of bank fintech subsidiaries has not led to the expected growth and profitability, with many returning to their parent banks due to operational challenges and market competition [9][15][37]. Group 1: Industry Overview - The fintech subsidiary of SPDB, PuYin JinKe, opened in Shanghai on August 5, 2024, but this does not indicate a revival of bank tech subsidiaries, as the industry has seen a decline in new establishments since 2022 [4][6]. - Over the past decade, more than 20 banks have established fintech subsidiaries, driven by the need for improved cybersecurity and competition from internet financial companies [7][8]. - Despite initial hopes, these subsidiaries have struggled to generate independent revenue and often rely on their parent banks for survival [9][15]. Group 2: Financial Performance - Financial reports indicate that many fintech subsidiaries have failed to achieve profitability. For instance, ZhongYin JinKe reported a net profit of only 0.11 million yuan in the first half of 2024, while Financial One Account has accumulated losses of 7.33 billion yuan from 2017 to 2023 [18][19]. - The business model of these subsidiaries often leads to losses, as seen with XingYe ShuJin, which reported a net loss of 1.67 million yuan in the first half of 2019 [19]. Group 3: Market Dynamics - The fintech market has become increasingly competitive, with major players like Alibaba and Tencent dominating the financial cloud market, leaving bank subsidiaries struggling to gain market share [29]. - Regulatory changes have also impacted the ability of these subsidiaries to operate independently, as new guidelines restrict the outsourcing of core IT functions [26][27]. Group 4: Future Outlook - The trend of fintech subsidiaries returning to their parent banks is expected to continue, as their primary revenue source remains servicing the parent bank, which diminishes their independent operational significance [37][39]. - The lack of competitive advantage and the challenges in providing innovative solutions further complicate the sustainability of these subsidiaries [39][40].

（文章来源：每日经济新闻） 8月6日，A股市值最大的股票发生变更，由此前号称"宇宙行"的工商银行变为农业银行。值得注意的 是，此前工商银行长期霸占A股"市值王"的宝座。而农业银行此次的登顶，也是农业银行的A股市值首 次超过工商银行。截至8月8日收盘，农业银行A股市值为21421.29亿元，工商银行A股市值为21002.79亿 元，农业银行当前仍为A股市值第一股。 每经资本眼研究员发现，农业银行股价之所以能自2022年以来持续跑赢工商银行，估值和业绩两个因素 不可忽视。可以说，农业银行的市值逆袭之路，起始于更低的市值，而过程则是伴随着更高的业绩增 速。而这恰恰是一种经典价值策略PE-g策略的复现。所谓PE-g策略，其基本思想是寻求更低的估值和更 高的业绩增速，将两者有机结合起来从而寻找更优的买入标的。PE是市盈率的英文简写，代表的是估 值，g则是代表业绩增速。 ...

Core Viewpoint - Agricultural Bank of China has surpassed Industrial and Commercial Bank of China to become the largest stock by market capitalization in A-shares, marking a significant shift in the market landscape [2][4]. Group 1: Market Capitalization Change - On August 6, 2025, Agricultural Bank's market capitalization reached 21,421.29 billion yuan, while Industrial and Commercial Bank's was 21,002.79 billion yuan [2]. - This change represents the first time Agricultural Bank's market value has exceeded that of Industrial and Commercial Bank [2]. Group 2: Historical Performance - In early 2022, Agricultural Bank's market value was 9,385.78 billion yuan compared to Industrial and Commercial Bank's 12,483.05 billion yuan, indicating a significant gap at that time [2]. - From 2022 to 2025, Agricultural Bank's stock price increased by 229.24%, while Industrial and Commercial Bank's stock price rose by 127.84% [2][3]. Group 3: Valuation and Performance Metrics - In early 2022, Agricultural Bank had a lower price-to-earnings (P/E) ratio of 4.27 compared to 4.74 for Industrial and Commercial Bank, and a lower price-to-book (P/B) ratio of 0.5 versus 0.57 [3]. - By early 2023, Agricultural Bank's valuation remained lower, but by the end of 2023, both banks had similar valuations, with current P/E ratios of 8.28 for Agricultural Bank and 7.66 for Industrial and Commercial Bank [3]. - Agricultural Bank's net profit growth rates from 2022 to 2024 were 7.48%, 3.91%, and 4.72%, respectively, while Industrial and Commercial Bank's were 3.67%, 0.79%, and 0.51% [3]. Group 4: PE-g Strategy - The shift in market capitalization is attributed to the classic value investment strategy known as PE-g, which seeks lower valuations combined with higher earnings growth [4]. - The strategy has been validated by numerous quantitative research reports indicating that stocks with lower valuations and higher growth rates tend to outperform the market over the long term [4][6].

Core Viewpoint - The implementation of interest subsidy policies for personal consumption loans and service industry loans aims to stimulate domestic consumption and enhance market vitality through financial support [2][4]. Group 1: Policy Implementation - Major state-owned banks are actively promoting the organization and implementation of the interest subsidy policy to contribute to domestic consumption potential [1][2]. - The State Council emphasized the need for effective coordination among departments, simplification of procedures, and strict monitoring to ensure the efficient use of funds [2][4]. - The interest subsidy policy is part of a series of measures aimed at boosting consumption since the release of the "Special Action Plan to Boost Consumption" in March [2][5]. Group 2: Bank Responses - Industrial and Commercial Bank of China announced its commitment to market-oriented principles and streamlined processes to implement the policy [2][3]. - China Bank aims to deliver policy benefits directly to consumers and service industry entities through efficient financial services [2][3]. - Agricultural Bank and Postal Savings Bank plan to leverage their extensive networks to reduce consumption credit costs for urban and rural residents [3][5]. Group 3: Economic Impact - The focus on personal consumption loans and service industry loans reflects a macroeconomic adjustment strategy to stimulate demand, particularly in education and healthcare services [4][5]. - The policy is expected to alleviate financing difficulties for small and micro enterprises, which constitute over 90% of market entities, while indirectly promoting employment and income growth [5][6]. - The shift of financial resources from traditional sectors to new consumption-driven sectors aligns with the overall direction of economic transformation and upgrading [5][6]. Group 4: Risk Management - There are concerns about potential fund misallocation, necessitating a comprehensive monitoring mechanism to ensure funds reach intended sectors [6][7]. - Banks are advised to enhance their risk management frameworks, balancing inclusive finance with commercial sustainability [7][8]. - Suggestions include optimizing a tripartite risk-sharing mechanism among government, banks, and insurance, and exploring innovative financial products to stimulate consumption [8].

Regulatory Voice - The People's Bank of China emphasizes the implementation of a moderately loose monetary policy in the second half of 2025, focusing on supporting technological innovation, boosting consumption, aiding small and micro enterprises, and stabilizing foreign trade [1] - The Financial Regulatory Bureau reports positive outcomes from the financing coordination mechanism for small and micro enterprises, with banks providing new credit of 23.6 trillion yuan and new loans of 17.8 trillion yuan by the end of June 2025 [1] - A joint draft by the People's Bank, Financial Regulatory Bureau, and Securities Regulatory Commission aims to enhance anti-money laundering regulations through improved customer due diligence and record-keeping practices [1] Industry Focus - Six A-share listed banks, including Shanghai Pudong Development Bank and Hangzhou Bank, report positive growth in both revenue and net profit for the first half of 2025, with five banks showing a double-digit increase in net profit year-on-year [2] Corporate Dynamics - Agricultural Bank of China surpasses Industrial and Commercial Bank of China to become the market value leader in A-shares, reaching a market capitalization of 2.11 trillion yuan, with a price increase of nearly 150% since November 2022 [5] - Nanjing Bank's major shareholder, Nanjing High-Tech, increases its stake to 9%, marking the third significant increase by local state-owned assets in the past two years [6] Financial Personnel - Duan Hongtao has been appointed as the Deputy Secretary of the Party Committee of the Industrial and Commercial Bank of China [7] - The Shanghai Banking Regulatory Bureau has approved Gu Jianzhong's qualifications as the Chairman of Shanghai Bank [8] - Jiangsu Bank announces the approval of Yang Dawei as Vice President and Shi Wenqi as Chief Auditor [8] - Wang Xiaoqing resigns as Vice President of China Merchants Bank to take a position at China Merchants Jin控 [9]