证券研究报告 2023.07.01 国有 大行基本面分析手册 林英奇 分析员 周基明 分析员 许鸿明 联系人 SAC 执证编号：S0080521090006 SFC CE Ref：BGP853 yingqi.lin@cicc.com.cn SAC 执证编号：S0080521090005 SFC CE Ref：BTM336 jiming.zhou@cicc.com.cn SAC 执证编号：S0080121080063 hongming.xu@cicc.com.cn 观点聚焦 投资建议 107 100 93 86 79 72 2022-06 2022-09 2022-12 2023-03 2023-06 沪深300 中金银行 | 股票 | 股票 | 目标 | | P/B (x) | | --- | --- | --- | --- | --- | | 名称 | 评级 | 价格 | 2023E | 2024E | | 中国邮政储蓄银行-A | 跑赢行业 | 6.15 | 0.6 | 0.6 | | 农业银行-A | 跑赢行业 | 3.78 | 0.5 | 0.5 | | 招商银行-A | 跑赢行业 | 51.74 | ...

Core Insights - The AI Fund Huatai-PineBridge Dividend Smart Selection Mixed Fund A (021515) reported a profit of 675,500 yuan for Q2 2025, with a weighted average profit per fund share of 0.0654 yuan [3] - The fund's net asset value (NAV) growth rate for the reporting period was 6.4%, and as of the end of Q2, the fund size was 11.4554 million yuan [3] - The fund manager indicated a high position operation throughout the reporting period, with a focus on high-dividend Hong Kong stocks and low-volatility sectors like banking and transportation [3] Fund Performance - As of July 18, the fund's three-month cumulative NAV growth rate was 10.38%, ranking 325 out of 615 comparable funds [4] - The six-month cumulative NAV growth rate was 12.76%, ranking 235 out of 615 comparable funds [4] - The fund's Sharpe ratio since inception was 0.1788 as of June 27 [8] Risk Metrics - The maximum drawdown since inception was 8.18%, with the largest quarterly drawdown occurring in Q2 2025 at 7.8% [9] - The average stock position since inception was 81.35%, compared to the peer average of 83.26%, with a peak stock position of 93.31% at the end of H1 2025 [12] Portfolio Composition - As of the end of Q2 2025, the fund's top holdings included Agricultural Bank of China, China Merchants Bank, China Construction Bank, Bank of China, Gree Electric Appliances, Industrial and Commercial Bank of China, China Mobile, Anhui Wanan Highway, Chongqing Rural Commercial Bank, and Citic Bank [16]

2025年7月21日 核心观点 银行业 | | | 张一纬 ☎：010-8092-7617 z:zhangyiwei_yj@chinastock.com.cn 分析师登记编码：S0130519010001 社融信贷超预期,买断式逆回购改善银行负债成本 银行业周报（2025.07.14-2025.07.20） 研究助理 袁世麟 网: yuanshilin_yj@chinastock.com.cn 相对沪深 300 表现图 2025-07-18 资料来源:ifind,中国银河证券研究院 相关研究 行业周报 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 银行板块表现弱于市场:本周沪深 300 指数上涨 1.09%,银行板块下跌 ● 1.03%。国有行、股份行、城商行、农商行分别-1.13%、-0.97%、-0.92%、- 1.41%。个股方面, 6 家上市银行上涨,厦门银行（+4.21%）、南京银行 (+2.25%)、民生银行(+1.87%)、上海银行(+1.10%)、杭州银行(+0.70%) 涨幅居前。截至7月18日,银行板块 PB 为 0.75 ...

从指数持仓来看，沪深300商业银行指数十大权重分别为：招商银行（16.86%）、兴业银行 （12.27%）、工商银行（8.23%）、交通银行（6.49%）、农业银行（6.0%）、江苏银行（5.23%）、浦 发银行（4.78%）、民生银行（4.08%）、平安银行（3.73%）、上海银行（3.32%）。 从沪深300商业银行指数持仓的市场板块来看，上海证券交易所占比93.58%、深圳证券交易所占比 6.42%。 从沪深300商业银行指数持仓样本的行业来看，综合性银行占比76.30%、区域性银行占比23.70%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。遇临时调整时，当沪深300指数调整样本时，沪深300行业指数样本 随之进行相应调整。在样本公司有特殊事件发生，导致其行业归属发生变更时，将对沪深300行业指数 样本进行相应调整。当样本退市时，将其从指数样本中剔除。样本公司发生收购、合并、分拆等情形的 处理，参照计算与维护细则处理。 金融界7 ...

中国基金报记者 晨曦 此前通报被查的工商银行天津市分行原 行长华耀纲 ，最新消息来了！ 近期，中国裁判文书网公布一份暂予监外执行决定书。其中显示， 华耀纲 犯受贿罪、贪污 罪，于 2024 年底被判有期徒刑 11 年，并处罚金 70 万元。另外， 华耀纲 患有严重疾病需 要保外就医，天津市二中院决定将 华耀纲 暂予监外执行。该份决定书的作出时间为 2025 年 7 月 10 日。 【导读】工行 华耀纲 被判刑 11 年，因患严重疾病暂予监外执行 公开信息显示， 华耀纲 曾在工商银行工作多年，曾任重庆分行行长、天津分行行长等重要职 务。退休后， 华耀纲 还曾担任天津银行的独立非执行董事， 2022 年领取的薪金为 20.1 万 元。 2023 年 12 月，中纪委官网通报称，中国工商银行天津市分行原党委书记、 行长华耀纲 涉 嫌严重违纪违法，接受中央纪委 国家监委驻 中国工商银行纪检监察组纪律审查和天津市监委 监察调查。 2024 年 5 月，中纪委通报显示， 华耀纲 被开除党籍、按规定取消其享受的待遇，由天津市 监委将其涉嫌犯罪问题移送检察机关依法审查起诉，所涉财物随案移送。 通报指出， 华耀纲 以房为媒收钱 ...

Core Viewpoint - The credit card industry in China is experiencing a significant transformation, shifting from expansion to a focus on quality and efficiency, as evidenced by the increasing number of banks discontinuing co-branded credit card products [12][19]. Group 1: Market Trends - Since January 1, 2025, at least seven major banks have announced the discontinuation of at least 22 co-branded credit card products, indicating a trend of product adjustments in the credit card market [2][6]. - Major banks, including China Bank and Citic Bank, have stopped issuing various co-branded credit cards, with reasons primarily cited as "business adjustments" or "contract expiration" [4][6]. Group 2: Product Adjustments - Co-branded credit cards, which are partnerships between banks and profit-oriented institutions, are being phased out due to their unsustainable cooperation models and imbalanced overall returns [9][10]. - Banks are transitioning to standard credit cards for existing co-branded cardholders, with changes in reward structures and benefits [4][6]. Group 3: Regulatory Environment - The regulatory framework has tightened, with new guidelines from the former CBIRC and the People's Bank of China mandating banks to focus on quality over quantity in credit card issuance [10][12]. - The new regulations require banks to limit the ratio of dormant credit cards to no more than 20%, prompting a reevaluation of credit card strategies [10][12]. Group 4: Consumer Behavior - The credit card market is increasingly catering to younger consumers, who have diverse interests and consumption needs, necessitating banks to innovate and tailor products accordingly [18][19]. - The decline in credit card issuance and usage reflects a broader trend of market saturation and the need for banks to refine their customer engagement strategies [12][13]. Group 5: Future Outlook - The discontinuation of co-branded credit cards is seen as a necessary step towards a more refined and efficient credit card business model, focusing on high-value customer segments and innovative product offerings [15][19]. - The industry is expected to evolve towards precision marketing and enhanced customer experiences, leveraging digital technologies and data analytics [7][19].

Core Viewpoint - The report provides an overview of the performance and management of the Southern Shenzhen Component Exchange-Traded Fund (ETF) linked fund for the second quarter of 2025, highlighting its investment strategy, financial indicators, and net asset value performance. Fund Product Overview - The fund is a passive index fund that aims to closely track the Shenzhen Component Index by investing at least 90% of its net asset value in the Shenzhen Component ETF [2][5]. - The fund's investment strategy includes not participating in the management of the underlying ETF and aims to minimize tracking deviation and error [2][5]. Financial Indicators and Fund Performance - As of the end of the reporting period (June 30, 2025), the total fund shares amounted to 202,967,196.99 [2]. - The net asset value (NAV) for the A share was 0.9706 yuan, with a net value growth rate of 0.46%, while the C share had an NAV of 0.9402 yuan and a growth rate of 0.35% [13]. - The performance benchmark for the fund showed a growth rate of -0.32% during the same period [13]. Investment Strategy - The fund employs a complete replication method to track the performance of the underlying index, adjusting its portfolio based on changes in the index's constituent stocks and their weights [5][6]. - The fund's management has implemented various systems to control tracking error and ensure safe operations, including an "index trading system" and "intraday timing trading model" [11][12]. Investment Portfolio Report - The fund's total assets included 1,859,059.25 yuan in stocks and 1,205,488.89 yuan in bonds, with the stock allocation representing 0.93% of total assets [15]. - The fund's investments were diversified across various sectors, with manufacturing being the largest sector represented [15]. Fund Share Changes - The total shares of the A share decreased from 160,166,197.95 to 156,610,601.50 during the reporting period, while the C share decreased from 49,651,952.12 to 46,356,595.49 [18].

金十图示：2025年07月21日（周一）中国工商银行账户贵金属行情 | 人民币账户黄金 | | | 人民币账户白银 | | | | --- | --- | --- | --- | --- | --- | | 中间价 | 774.56 | 银行买入价 774.31 | 中间价 | 8.836 | 银行买入价 8.826 | | 涨跌(元) | 1 2.26 | 银行卖出价 774.81 | 涨跌(元) | ↑ 0.043 | 银行卖出价 8.846 | | 人民币账户铂金 | | | 人民币账户把金 | | | | 中间价 | 331.50 | 银行买入价 329.94 | 中间价 | 290.89 | 银行买入价 286.93 | | 涨跌(元) 3 | ↑ 1.01 | 银行卖出价 333.06 | 涨跌(元) | ↑ 1.52 | 银行卖出价 297.10 | ...

核心观点 投资建议与投资标的 ⚫ 外部环境不确定性增加，宽货币有望延续，全社会预期回报率中长期仍趋于下行， 低波红利策略有效性料延续。公募改革导致的银行配置偏离风格回归的预期，有望 助力银行跑出超额收益。保险预定利率或于 25Q3 再度下调，险资股息率容忍度有 望进一步抬升，呵护银行绝对收益。预计银行业基本面 25Q2 环比 25Q1 边际将有 所改善，主要是其他非息收入增长压力的缓解。现阶段关注两条投资主线：1、为 三季度保险预定利率下调提前布局高股息类银行，建议关注：建设银行(601939， 未评级)、工商银行(601398，未评级)、渝农商行(601077，买入)； 2、中小银行年 初以来表现强势，后续我们依然看好，考虑到目前行业估值、股息、基本面等多重 因素，建议关注：兴业银行(601166，未评级)、中信银行(601998，未评级)、南京 银行(601009，买入)、江苏银行(600919，买入)、杭州银行(600926，买入)。 风险提示 货币政策超预期收紧；财政政策低于预期；测算相关风险。 | | 看好（维持） | | --- | --- | | | 中国 | | | 银行行业 | | | 20 ...

山东黄金矿业股份有限公司发布公告称，其控股股东山东黄金集团有限公司已获得中国工商银行股份有限公司山东省分行出具的《上市公司股票 增持贷款承诺函》。工商银行将为黄金集团增持公司股票提供不超过人民币9亿元的贷款额度，贷款期限不超过3年。黄金集团及其一致行动人计 划在2025年4月9日起的12个月内，通过上海证券交易所系统以集中竞价或大宗交易等方式增持山东黄金A股股份，拟增持金额不低于人民币5亿 元，不超过人民币10亿元，增持股份的资金来源包括自有资金或自筹资金。此次增持计划的资金来源确认为黄金集团自有资金及金融机构专项贷 款。公司将持续关注并披露增持计划的实施情况。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 交易信息汇总：7月18日，山东黄金主力资金净流出1297.25万元，游资资金净流出6594.24万元，而散户资金净流入7891.5万元。 公司公告汇总：山东黄金矿业股份有限公司控股股东山东黄金集团有限公司获得中国工商银行股份有限公司山东省分行不超过人民币9亿元 的贷款额度用于增持公司股票。 当日关注点 交易信息汇总 7月18日， ...