Core Viewpoint - The six major state-owned banks in China demonstrated strong operational resilience in the face of narrowing net interest margins, achieving steady asset growth and a significant increase in non-interest income during the first half of 2025 [1][2]. Group 1: Financial Performance - The total operating income of the six major banks reached approximately 1.83 trillion yuan, showing positive year-on-year growth [1]. - By the end of June 2025, the Industrial and Commercial Bank of China (ICBC) led the industry with total assets of 52.32 trillion yuan, a 7.2% increase from the previous year [2]. - Agricultural Bank of China (ABC) followed with 46.86 trillion yuan, up 8.37%, and China Construction Bank (CCB) with 44.43 trillion yuan, up 9.52% [2]. - The net profit attributable to shareholders showed divergence, with ABC reporting the fastest growth at 1,395.1 billion yuan, a 2.66% increase [3][4]. Group 2: Net Interest Margin - All six banks experienced a decline in net interest margin, but with signs of marginal improvement [6][7]. - The net interest margin for Postal Savings Bank dropped significantly to 1.7%, down 0.17 percentage points from the end of 2024 [7]. - ICBC's net profit decreased by 1.39% to 1,681.03 billion yuan, while CCB and Bank of China also reported declines [3][4]. Group 3: Asset Quality - The overall asset quality remained stable, with ICBC and CCB reporting a non-performing loan (NPL) ratio of 1.33%, a slight decrease from the previous year [7][8]. - The NPL ratio for Bank of China was 1.24%, also showing a decrease [7][8]. Group 4: Non-Interest Income - The banks actively adjusted their business structures to increase non-interest income, achieving notable results [10]. - Bank of China reported a 26.43% increase in non-interest income, reaching 1141.87 billion yuan, with its share of total operating income rising from 28.48% to 34.71% [12][13]. - ICBC's non-interest income grew by 6.5% to 1135.16 billion yuan, increasing its share of total income to 26.58% [14]. Group 5: Future Outlook - The banks expressed cautious optimism regarding the future trajectory of net interest margins, with strategies in place to optimize asset-liability structures and enhance income from non-interest sources [14][15]. - The total dividend payout plan for the six banks exceeded 200 billion yuan, indicating confidence in their financial stability [15].

FF301 致：香港交易及結算所有限公司 公司名稱: 交通銀行股份有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 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8月31日 狀態: 新提交 | 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) | 03328 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 35,011,862,630 | RMB | | 1 RMB | | 35,011,862,630 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 35,011,862,630 | RMB | | 1 RMB | | 35,011,862,630 | | 2. 股份分類 | 普通股 | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 （股份代號：03328） 根據上市規則第13.51B(2)條作出的公告 本公告乃根據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.51B(2)條 而作出。 （於中華人民共和國註冊成立的股份有限公司） 茲提述會計及財務匯報局（「會財局」）於2025年8月28日刊發的新聞稿（「新聞 稿」），其中對交通銀行股份有限公司（「本行」）的一名獨立非執行董事，王天澤先 生（「王先生」），作出了譴責。 根據新聞稿，某前香港上市公司的審計存在多項與收入確認相關的審計缺失，會 財局對逾十年前擔任某會計師事務所審計項目合夥人的王先生作出譴責，並對王 先生處以罰款港幣416,000元。會財局發現，王先生在為某前香港上市公司進行審 計時，於收入確認及外部確認函證的相關審計程序出現多項缺失。該些缺失導致 其未能取得充分適當的審計證據，且顯示其在應對與收入相關的重大錯報風險時 欠缺專業懷疑態度。 1 鑒於新聞稿中指出，會 ...

Core Insights - The credit card market is experiencing a significant decline, with various metrics showing a downward trend, including credit card loan balances, transaction volumes, and the number of active cards [1][2][3] Credit Card Loan Balances - The total credit card loan balance of 14 major banks reached 7.52 trillion yuan, a decrease of 197.57 billion yuan or 2.56% compared to the beginning of the year [1][2] - China Bank reported the largest decline in credit card loans, down 13.88% to 522.50 billion yuan, while other banks like Ping An Bank and Industrial Bank saw reductions of 9.23% and 8.07%, respectively [2] Credit Card Transaction Volumes - The total credit card transaction amount for 12 banks was 11.47 trillion yuan, reflecting a year-on-year decrease of 11.05%, equating to a loss of 1.42 trillion yuan [2] - The highest decline was observed in China Bank and Everbright Bank, with transaction volumes dropping over 18% [2] Credit Card Circulation - The total number of circulating credit cards among 10 banks was 890 million, a decrease of 3.91 million cards compared to the previous year [3] - Ping An Bank saw a net reduction of 6.26 million cards, while Citic Bank experienced an increase of 6.37 million cards [3] Credit Card Business Revenue - Credit card business revenue is also on a downward trend, with only four banks disclosing figures. For instance, China Merchants Bank reported a 4.96% decline in interest income to 30.61 billion yuan [4][5] - Other banks like Citic Bank and Everbright Bank reported declines of 14.61% and 21.3%, respectively, in their credit card business revenue [5] Credit Card Non-Performing Loans - The non-performing loan (NPL) ratio for credit cards is rising, with the highest NPL ratio reported by China Merchants Bank at 1.75% [6] - Agricultural Bank and Postal Savings Bank reported the lowest NPL ratios at around 1.5% [6] Changing Consumer Behavior - There is a noticeable shift in consumer attitudes towards credit cards, with many users opting to cancel multiple cards, citing that they only need one or two [7] - The trend of "decluttering" credit cards is evident, as consumers express dissatisfaction with the reduced benefits associated with credit cards [7] Industry Outlook - Despite the overall contraction in the credit card market, there is potential for quality improvement and differentiation in competition [8] - Future strategies for banks include focusing on high-end customer needs and basic customer demands, with various banks launching targeted promotional activities [8][9]

Core Viewpoint - The article highlights the latest institutional investment trends in the A-share market, focusing on the stocks that have seen significant increases in institutional holdings during the second quarter of 2025, alongside the performance of A-share companies in terms of net profit. Institutional Investment Trends - The article lists the top 50 stocks with increased institutional holdings, with a total estimated investment of approximately 1770 billion yuan. Notable stocks include: - Bank of Communications: 209.65 billion yuan increase in holdings, 3.05% of total shares [3] - CITIC Securities: 185.66 billion yuan increase, 4.88% of total shares [3] - Agricultural Bank of China: 181.81 billion yuan increase, 0.96% of total shares [3] - Financial stocks are a major focus, with 17 out of the top 50 being financial stocks, including 10 banks and 4 non-bank financial institutions [6] - Technology stocks also saw significant interest, with 10 electronic and 4 communication companies among the top 50 [6] A-share Company Performance - A-share companies reported a total net profit of 2.99 trillion yuan in the first half of the year, reflecting a year-on-year growth of 2.39%. The second quarter alone accounted for 1.5 trillion yuan, a 1.16% increase year-on-year [8] - The Science and Technology Innovation Board showed the most significant improvement, with a 22.46% increase in quarterly performance compared to a 50.72% decline in the first quarter [8] Top and Bottom Performing Companies - The top-performing companies by net profit include: - Industrial and Commercial Bank of China: 168.1 billion yuan, down 1.39% year-on-year [10] - China Mobile: 84.2 billion yuan, up 5.3% year-on-year [10] - The companies with the largest losses include: - Vanke A: 11.9 billion yuan loss, an increase of 2 billion yuan in losses compared to the previous year [14]

具体来看，农业银行、交通银行、邮储银行实现营收和净利润指标双增，但工商银行、建设银行、中国银行归属于母公司股东的净利 润同比有所下降，降幅分别为1.39%、1.37%和0.85%。 今年以来，银行股表现强势，银行业业绩也备受瞩目。近日，国有六大行集中公布2025年上半年财报，交出亮眼成绩单。 统计显示，2025年上半年，国有六大行营收均实现正增长，合计达1.8万亿元；归属于母公司股东的净利润合计6825.24亿元。这也意味 着，六大行上半年日赚37.7亿元。 | 证券代码 | 证券名称 营业收入(亿元) | | | 营收增速(%) 归属于母公司股东的净利润(亿元) 归属于母公司股东的净利润增速(%) | | | --- | --- | --- | --- | --- | --- | | 601398. SH | 工商银行 | 4270. 92 | 1. 5679 | 1681.03 | -1. 3868 | | 601939. SH | 建设银行 | 3942. 73 | 2. 1525 | 1620. 76 | -1. 3692 | | 601288. SH | 农业银行 | 3699. 37 | 0. 8 ...

统计显示，2025年上半年，国有六大行营收均实现正增长，合计达1.8万亿元；归属于母公司股东的净 利润合计6825.24亿元。这也意味着，六大行上半年日赚37.7亿元。 | 证券代码 | | | | 证券名称 [[业收入《亿元) 营收增达《*》 归属于母公司股东的净利润(亿元) 归属于母公司股东的净利润增速《x) | | | --- | --- | --- | --- | --- | --- | | 601398. SH | 工商银行 | 4270.92 | 1,5679 | 1681.03 | -1. 3868 | | 601939. SH | 建设银行 | 3942. 73 | 2. 1525 | 1620. 76 | -1. 3692 | | 601288. SH | 农业银行 | 3699. 37 | 0. 8456 | 1395. 10 | 2.6624 | | 6019BB. SH 中国银行 | | 3290.03 | 3. 7616 | 1175.91 | -0. 8516 | | 601658. SH | 邮储银行 | 1794. 46 | 1.5029 | 492.28 | 0. 8461 ...

Core Viewpoint - The Hongli Low Volatility ETF (512890) experienced a slight decline of 0.25% on September 1, closing at 1.191 yuan, with a trading volume of 4.81 billion yuan, leading among similar ETFs [1][2]. Trading Performance - The ETF's trading performance included a turnover rate of 2.33% and a five-day decline of 2.30%, while it showed a 60-day increase of 1.88% [2][3]. - Recent trading data indicates a narrowing trend in fund outflows, with a net outflow of 66.43 million yuan over the last five trading days and a total net outflow of 1.04 billion yuan over the past 20 days, but a net inflow of 2.51 billion yuan over the last 60 days [2][3]. Fund Composition - The ETF's top holdings showed mixed performance, with notable declines in stocks such as Chengdu Bank (-1.46%) and Industrial Bank (-2.68%), while Sichuan Road and Bridge saw an increase of 2.89% [3][4]. - The ETF's total market value as of August 29, 2025, was 206.33 billion yuan, with a cumulative return rate of 138.34% since its inception in December 2018, ranking 54th among 502 similar products [5]. Investment Recommendations - Analysts suggest focusing on banks with high dividend yields and strong asset quality, particularly smaller regional banks like Chengdu Bank and Jiangsu Bank, as well as banks with potential for ROE improvement such as China Merchants Bank and Ningbo Bank [4].

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1.22亿元，游资资金净流出2.66亿元，散户资 金净流入1.44亿元。国有大型银行板块个股资金流向见下表： 证券之星消息，9月1日国有大型银行板块较上一交易日下跌0.04%，交通银行领跌。当日上证指数报收 于3875.53，上涨0.46%。深证成指报收于12828.95，上涨1.05%。国有大型银行板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 601658 | 邮储银行 | 6.09 | 0.83% | 195.75万 | | 11.93 Z | | 666109 | 建设银行 | 9.04 | 0.44% | 176.31万 | | 15.98 Z | | 601288 | 农业银行 | 7.05 | 0.43% | 459.12万 | | 32.27亿 | | 601988 | 中国银行 | 5.52 | 0.00% | 340.60万 | | 18.84亿 | | 601398 | 工商银行 | ...

Core Insights - The six major state-owned banks in China reported mixed performance in their mid-year results for 2025, with total assets exceeding 200 trillion yuan and a combined net profit of 693.9 billion yuan, averaging 3.8 billion yuan per day [1][2] Financial Performance - All six banks achieved revenue growth year-on-year, with China Bank leading at 3.76% and Construction Bank following at 2.15%, while net profit showed a "three up, three down" trend [2][3] - Agricultural Bank recorded the highest net profit growth at 2.53%, while Industrial and Commercial Bank, Construction Bank, and China Bank experienced declines in net profit [2][3] Asset Quality and Risk Management - The non-performing loan (NPL) ratio decreased for five banks, with Postal Savings Bank being the only one to see an increase, maintaining the lowest NPL ratio at 0.92% [6][7] - The provision coverage ratio for non-performing loans varied, with China Bank's ratio dropping below 200%, while Agricultural Bank maintained the highest at 295% [7] Capital Adequacy and Dividends - The core Tier 1 capital adequacy ratio showed mixed results, with three banks increasing their ratios and three decreasing, while all banks maintained a ratio above 10% [8] - The six banks proposed a total interim dividend of 204.66 billion yuan, with each bank distributing 30% of their net profit as cash dividends [8][9] Interest Margin and Fee Income - Net interest margins continued to decline, with Postal Savings Bank having the highest margin at 1.7%, despite a year-on-year decrease [3][4] - Fee and commission income showed a mixed performance, with Postal Savings Bank achieving the highest growth at 11.59%, while Industrial and Commercial Bank and Traffic Bank saw declines [5] Asset Growth - By the end of June 2025, total assets of the six banks reached 214 trillion yuan, with Construction Bank showing the largest growth rate at 9.52% [6]