Group 1 - The central bank reported significant achievements in China's financial sector during the "14th Five-Year Plan" period, with total banking assets reaching nearly 470 trillion yuan, ranking first globally [1] - China's stock and bond market sizes rank second in the world, while foreign exchange reserves have maintained the top position for 20 consecutive years [1] - The country leads in green finance, inclusive finance, and digital finance, establishing a comprehensive and efficient cross-border payment network for the renminbi [1] Group 2 - As of September 23, 2025, the CSI A500 Dividend Low Volatility Index (932422) saw a slight increase of 0.01%, with notable stock performances from Ningbo Port (up 2.70%) and Industrial and Commercial Bank of China (up 2.65%) [2] - The CSI A500 Dividend Low Volatility ETF (561680) experienced a trading volume of 851.19 million yuan, with a turnover rate of 1.66% [2] - The ETF has a maximum drawdown of 3.42% since inception, with a tracking error of 0.164% this year, indicating high tracking precision among comparable funds [2] Group 3 - The CSI A500 Dividend Low Volatility Index selects 50 stocks from the CSI A500 Index based on high dividend yields and low volatility, weighted by dividend yield [3] - As of August 29, 2025, the top ten weighted stocks in the index accounted for 31.13% of the total index weight, with Agricultural Bank of China being the highest [3]

9月23日，伴随着丰收的喜悦，第八个"中国农民丰收节"（以下简称"丰收节"）如期而至。今年的丰收节以"庆农业丰收 享美好生活"为主题，全国各地 秉承"庆祝丰收、弘扬文化、振兴乡村"的宗旨，锚定推进乡村全面振兴、建设农业强国目标，深入学习运用"千万工程"经验，深化农村改革，突出农民主体 地位，组织开展丰富多彩的庆祝丰收活动。 金融是落实农业强国建设的重要力量。多年来，银行业金融机构紧跟国家政策导向，运用金融优惠政策，创新产品、优化服务，不断强化对"三农"和乡 村全面振兴的支持，成为推动农业增效益、农村增活力、农民增收入的重要力量。 支持乡村产业全链条升级：多策共举万象新 民以食为天。洁白饱满的大米，是人们日常饮食中不可或缺的"主角"，承载着国人的温饱。 在辽宁省辽阳市灯塔市，大米不仅是广大老百姓碗中的香糯，更是推动区域经济发展的重要支柱产业之一。从田野到餐桌，从播种到品尝，大米的"上 桌之旅"离不开金融铺就的路基。 辽宁禾谷茂源农业发展有限公司（以下简称"禾谷茂源"）是当地一家农业相关企业。年初，禾谷茂源负责人田先生一度因资金周转问题压得愁眉不展。 "化肥、农药、农机具的钱刚凑够，地租还没有着落。"站在承包的2 ...

Core Viewpoint - The banking sector is experiencing a positive trend, with the China Securities Bank Index rising by 1.69% and individual bank stocks showing significant gains, indicating a favorable market sentiment towards banks [1] Group 1: Market Performance - As of September 23, 2025, the China Securities Bank Index (399986) increased by 1.69%, with notable gains from Nanjing Bank (up 4.30%), Xiamen Bank (up 3.65%), Agricultural Bank of China (up 3.39%), and others [1] - The Bank ETF Index (512730) also rose by 1.62%, closing at 1.63 yuan [1] Group 2: Policy Changes - On September 19, the People's Bank of China announced adjustments to the 14-day reverse repurchase operations, shifting to fixed quantity, interest rate bidding, and multi-price bidding, with operation time and scale determined by liquidity management needs [1] - China Galaxy Securities noted that the adjustment of the 14-day reverse repurchase operation enhances the position of the 7-day reverse repurchase policy rate and improves liquidity management precision, with smaller banks expected to benefit less than larger banks [1] Group 3: Future Outlook - The ongoing consumer policy enhancements and the accumulation of positive factors in the banking fundamentals suggest potential mid-term performance improvements, with an inflection point anticipated [1] - Attention is drawn to the effectiveness of policy implementation, retail business demand, risk improvement, and upcoming significant events such as the 20th Central Committee's Fourth Plenary Session and the 15th Five-Year Plan reform measures [1] Group 4: Index Composition - As of August 29, 2025, the top ten weighted stocks in the China Securities Bank Index (399986) include China Merchants Bank, Industrial Bank, and others, collectively accounting for 65% of the index [2]

Asia Pacific Equity Research Sep 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. China Banks The dividend theme is not done yet Asia Financials Katherine Lei AC (852) 2800-8552 katherine.lei@jpmorgan.com J.P. Morgan Securities (Asia Pacific) Limited/ J. ...

Core Viewpoint - The 2025 China International Consumer Electronics Expo showcased the innovative digital financial services of the Bank of Communications Qingdao Branch, emphasizing the integration of digital finance into consumer markets through various interactive experiences and products [1][16]. Group 1: Digital Financial Services - The Bank of Communications Qingdao Branch presented a unique exhibition area themed "Digital Finance for a Shared Future," featuring four main components: digital currency experience, digital financial ecosystem service points, personal digital financial services, and financial technology product systems [1]. - The exhibition highlighted the role of digital finance in revitalizing the consumer market, with interactive elements such as social security service robots and digital RMB experiences [1][12]. Group 2: Innovative Consumer Engagement - The social security service robots, designed as a couple, attracted significant attention and were part of a promotional campaign linking financial services with consumer experiences, particularly in the wedding sector [3][5]. - The exhibition included a marriage-themed photo spot, which became popular among young visitors, enhancing the engagement of the target demographic [5][6]. Group 3: Comprehensive Service Network - The digital financial ecosystem service point showcased a transformation of service outlets into comprehensive platforms that integrate government services, public welfare, and consumer finance, aiming to embed financial services into everyday consumer scenarios [8]. - The "安居三部曲" service was presented, which includes housing loans, car loans, and benefit loans, addressing the needs of families seeking to upgrade their consumption [8]. Group 4: Consumer-Centric Financial Products - The "交心惠伴" financial service brand was introduced, focusing on three main areas: wedding consumption, daily life support, and business empowerment, creating a holistic consumer service ecosystem [10]. - The brand aims to support various consumer needs, from wedding planning to everyday expenses, thereby contributing to the local economy [10]. Group 5: Digital Currency Experience - The digital RMB experience area was a highlight, featuring a promotional event where visitors could enjoy coffee for just one cent using digital currency, which drew significant participation [12]. - Over 400 digital RMB wallets were opened during the event, with nearly 500 transactions made, showcasing the growing acceptance and use of digital currency in consumer settings [12]. Group 6: Future Directions - The Bank of Communications Qingdao Branch aims to leverage the outcomes of the expo to deepen digital financial innovation, focusing on promoting consumption, enhancing public welfare, and strengthening the real economy [16].

Core Viewpoint - The mid-term dividend distribution among A-share listed banks is progressing, with several banks announcing their plans for 2025, indicating a positive trend in the banking sector's profitability and governance [1][4]. Group 1: Dividend Announcements - Recently, Hu Nong Commercial Bank and Changsha Bank announced their mid-term cash dividends, totaling 3.128 billion yuan, with Hu Nong distributing 2.324 billion yuan and Changsha distributing 804 million yuan [1][2]. - As of September 22, 17 banks have disclosed their mid-term profit distribution plans for 2025, with several banks, including Changsha Bank and Ningbo Bank, implementing mid-term dividends for the first time since their listings [1][4]. Group 2: Dividend Distribution Details - Hu Nong Commercial Bank's cash dividend is based on a total share capital of 9.644 billion shares, distributing 0.241 yuan per share, while Changsha Bank's distribution is based on 4.022 billion shares at 0.20 yuan per share [2]. - In September, three other banks, including Changshu Bank and Minsheng Bank, completed their mid-term dividend distributions, totaling 6.633 billion yuan [2]. Group 3: Dividend Ratios and Trends - The six major state-owned commercial banks have a cash dividend ratio of around 30%, with some city commercial banks and rural commercial banks exceeding this level [3]. - The expansion of mid-term dividends among listed banks reflects a recovery in bank performance, providing sufficient profit space for such distributions [4]. Group 4: Market Implications - Analysts suggest that mid-term dividends enhance predictability, boost investor confidence, and improve valuations, supported by the current strong performance of listed banks [4]. - The overall improvement in bank performance, driven by easing interest margin pressures and growth in non-interest income, is expected to sustain and potentially increase dividend distributions in the future [4][5].

Core Viewpoint - Zhengzhou Jiean High-tech Co., Ltd. has announced the progress of cash management using part of its idle self-owned funds, indicating a proactive approach to optimize fund utilization while ensuring the normal operation of its main business [1][2]. Group 1: Cash Management Announcement - The company plans to use up to 80 million yuan of idle raised funds for cash management, and up to 300 million yuan of idle self-owned funds, with a rolling usage period until the next board meeting [1]. - The board and supervisory committee have approved the cash management plan, with the agreement of the sponsor, Minsheng Securities [1]. Group 2: Financial Products and Returns - The company has purchased a 10 million yuan principal-protected structured deposit from GF Securities, with an investment return of 23,054.79 yuan, maturing on September 22, 2025 [1][2]. - As of the announcement date, the company has 76 million yuan of idle raised funds in cash management, while no idle self-owned funds are currently in cash management [2]. Group 3: Historical Cash Management Activities - Over the past twelve months, the company has engaged in various cash management activities, including multiple principal-protected structured deposits and large certificates of deposit, with total amounts and returns detailed in a table [2]. - The company has successfully redeemed several financial products, ensuring efficient use of funds while maintaining operational integrity [2].

Group 1 - The core viewpoint of the article is the progress report on the rectification of issues identified during the third round of inspections by the Central Committee of the Communist Party of China at the Bank of Communications, emphasizing the importance of political responsibility and comprehensive reform [1][2][3] - The bank's party committee has taken significant steps to implement rectification measures, integrating them with deepening reforms and strict governance of the party [1][2] - A leadership group was established to oversee the rectification process, focusing on key issues such as enhancing party building, improving service to the real economy, and risk prevention [1][2][3] Group 2 - The bank is committed to promoting high-quality development by aligning with the central financial work conference's directives and enhancing its operational efficiency [2][3] - Specific measures include optimizing customer service strategies and improving the management of financial policies to ensure compliance and effectiveness [3][4] - The bank has implemented a special governance plan to address key business areas, ensuring proper data management and loan allocation [4][5] Group 3 - The bank aims to enhance its service capabilities to the real economy by improving institutional frameworks and management practices [5][6] - It is actively supporting regional development strategies, particularly in Shanghai, to strengthen its financial service functions [5][6] - The bank is also focusing on providing financial services to key sectors, including small and micro enterprises and green finance initiatives [6][7] Group 4 - The bank has intensified its efforts in credit risk management and is committed to addressing risks in key areas through comprehensive governance [7][8] - It is implementing measures to manage and mitigate risks effectively, including post-loan management and emergency response planning [8][9] Group 5 - The bank is reinforcing its commitment to strict party governance and accountability, ensuring that all levels of leadership are held responsible for compliance and performance [12][13] - It has established mechanisms for internal supervision and accountability, focusing on preventing corruption and ensuring ethical conduct [15][16] Group 6 - The bank is enhancing its leadership and management capabilities by focusing on talent development and effective governance structures [18][19] - It is committed to fostering a culture of integrity and accountability within its operations, ensuring that all employees adhere to ethical standards [15][16]

2025中期報告 創造共同 價 值 交 通 銀 行 股 份 有 限 公 司 2 0 2 5中期報 告 交 通 銀 行 股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） 地址及郵編 中國（上海）自由貿易試驗區銀城中路188號 200120 www.bankcomm.com www.bankcomm.cn 交通銀行股份有限公司 二零二五年中期報告H股 重要提示 一、本行董事會、監事會及董事、監事、高級管理人員保證半年度報告內容的真實、準確、完整，不存在虛假 記載、誤導性陳述或重大遺漏，並承擔個別和連帶的法律責任。 二、本行第十屆董事會第二十四次會議於2025年8月29日審議批准了2025年半年度報告和業績公告。出席會議 應到董事16名，親自出席董事16名。 三、本行董事長任德奇先生、主管會計工作負責人周萬阜先生及會計機構負責人陳隃先生聲明：保證半年度報 告中財務報告的真實、準確、完整。 四、本半年度報告未經審計。 五、經董事會審議的2025年半年度利潤分配預案：以報告期末本行已發行普通股總股份883.64億股為基數， 向本行登記在冊的A股和H股股東，每10股派發現金股利人民幣1.563元（含稅） ...

Group 1 - The Central Inspection Team conducted a routine inspection of Bank of Communications from April 15 to July 20, 2024, and provided feedback on October 19, 2024 [1] - The bank's Party Committee has taken political responsibility for the inspection rectification, integrating it with reform and strict governance [2][3] - A rectification leadership group was established to oversee the implementation of corrective measures, focusing on enhancing party building and risk prevention [2][3] Group 2 - The bank is committed to high-quality development by aligning with national financial policies and improving service efficiency [5][6] - The bank has implemented measures to protect consumer rights, including revising seven related regulations to enhance complaint handling [8][34] - The bank aims to strengthen its service to the real economy by improving financial resource allocation and supporting key sectors [9][10][12] Group 3 - The bank has intensified its efforts in credit risk management and is actively addressing risks in key areas [13][14][15] - The bank is focused on preventing corruption in the credit sector and has strengthened oversight mechanisms [21][22] - The bank is committed to enhancing the political responsibility of party governance and has established a comprehensive accountability system [18][19][20] Group 4 - The bank plans to continue its long-term rectification efforts by setting phased timelines and ensuring thorough implementation [32] - The bank emphasizes the importance of political construction and the integration of party leadership in corporate governance [41][42] - The bank aims to consolidate the results of rectification and prevent the recurrence of issues through continuous monitoring and improvement [43]