工商银行所属申万行业为：银行-国有大型银行Ⅱ-国有大型银行Ⅲ。所属概念板块包括：长期破净、破 净股、低市盈率、参股基金、中特估等。 截至6月30日，工商银行股东户数67.37万，较上期减少4.81%；人均流通股472389股，较上期增加 5.82%。2025年1月-6月，工商银行实现营业收入0.00元；归母净利润1681.03亿元，同比减少1.39%。 分红方面，工商银行A股上市后累计派现15252.88亿元。近三年，累计派现3271.45亿元。 机构持仓方面，截止2025年6月30日，工商银行十大流通股东中，香港中央结算有限公司位居第五大流 通股东，持股24.85亿股，相比上期增加9811.28万股。华夏上证50ETF（510050）位居第八大流通股 东，持股6.87亿股，相比上期增加4567.40万股。华泰柏瑞沪深300ETF（510300）位居第九大流通股 东，持股6.23亿股，相比上期增加4935.99万股。易方达沪深300ETF（510310）位居第十大流通股东， 持股4.45亿股，相比上期增加4414.25万股。 责任编辑：小浪快报 9月25日，工商银行盘中下跌2.01%，截至10:18，报7.3 ...

Group 1 - The core viewpoint of the articles highlights the recent surge in demand for high-yield large-denomination certificates of deposit (CDs) with interest rates exceeding 2%, particularly from private banks, amidst a general trend of declining deposit rates in the market [1][2][3] - Private banks are leading the high-yield CD offerings, with products like those from SuShang Bank and Shanghai Huari offering rates of 2.1% and 2.35% respectively, while major state-owned banks offer lower rates around 1.4% to 1.65% [2][3] - The limited availability of these high-yield products has created a competitive environment, with many offerings selling out quickly due to their low-risk and high-return nature [3][5] Group 2 - The trend of short-term deposits is expected to continue, driven by banks' adjustments to their product structures and clients' liquidity needs, which may lead to a shortage of long-term large-denomination CDs in the future [4] - The net interest margin for commercial banks has been under pressure, with the average margin dropping to 1.42% as of the second quarter, indicating a challenging environment for banks [5][6] - Despite the pressure on net interest margins, some banks, like China Merchants Bank, maintain a competitive edge with a net interest margin of 1.88%, suggesting that effective management of deposit structures can mitigate some of the downward pressure [5][6]

Report Summary 1. Report Industry Investment Rating The document does not provide the industry investment rating. 2. Core View of the Report In August 2025, the leverage ratio of the inter - bank bond market increased slightly month - on - month and was lower than the same period in previous years. The total bond custody scale of China Central Depository & Clearing Co., Ltd. (CCDC) and Shanghai Clearing House increased. Different institutions had different investment preferences for various bonds, with commercial banks increasing their allocation of treasury bonds and policy - financial bonds, and broad - based funds increasing their holdings of local government bonds [1][2][50]. 3. Summary by Relevant Catalogs 3.1 Bank - Inter Leverage Ratio In late August, the inter - bank bond market leverage ratio was 106.88%, up 0.07 pct from the end of the previous month, and generally lower than the leverage ratio in the same period of previous years [1]. 3.2 Custody Data Overview In August 2025, the total bond custody scale of CCDC and Shanghai Clearing House was 174.54 trillion yuan, a month - on - month increase of 1.506 trillion yuan. Among them, CCDC's custody scale increased by 1.5382 trillion yuan, and Shanghai Clearing House's decreased by 32.2 billion yuan. Treasury bonds, local government bonds, policy - bank bonds, and medium - term notes contributed to the increase, while enterprise bonds, short - term financing bills, ultra - short - term financing bills, directional instruments, and inter - bank certificates of deposit contributed to the decrease [2][12]. 3.3 By Bond Type - **Interest - rate Bonds**: In August 2025, the total custody scale of major interest - rate bonds was 116.60 trillion yuan, a month - on - month increase of 1.7871 trillion yuan. Commercial banks were the main buyers, increasing their holdings by 1.2979 trillion yuan. Broad - based funds, insurance institutions, etc. also increased their holdings, while overseas institutions reduced their holdings [3][49]. - **Credit Bonds**: The total custody scale of major credit bonds was 16.06 trillion yuan, a month - on - month increase of 23 billion yuan. Commercial banks were the main buyers, increasing their holdings by 54.4 billion yuan. Broad - based funds and securities companies were the main sellers, reducing their holdings by 18.1 billion yuan and 14.8 billion yuan respectively. Insurance institutions and overseas institutions also reduced their holdings [3][49]. - **Inter - bank Certificates of Deposit**: The custody scale was 20.38 trillion yuan, a month - on - month decrease of 355.6 billion yuan. Broad - based funds and commercial banks were the main sellers [3][49]. 3.4 By Institution - **Commercial Banks**: The custody scale of major bonds was 85.29 trillion yuan, a month - on - month increase of 1.153 trillion yuan. They increased their holdings of interest - rate bonds and credit bonds by 1.2979 trillion yuan and 54.4 billion yuan respectively, and reduced their holdings of inter - bank certificates of deposit by 199.3 billion yuan [4][50]. - **Broad - based Funds**: The custody scale of major bonds was 37.38 trillion yuan, a month - on - month decrease of 172.3 billion yuan. They increased their holdings of interest - rate bonds by 120.7 billion yuan and reduced their holdings of credit bonds and inter - bank certificates of deposit by 18.1 billion yuan and 274.9 billion yuan respectively [4][50]. - **Overseas Institutions**: The custody scale of major bonds was 3.69 trillion yuan, a month - on - month decrease of 98.8 billion yuan. They reduced their holdings of interest - rate bonds, credit bonds, and inter - bank certificates of deposit by 27.5 billion yuan, 3.5 billion yuan, and 67.8 billion yuan respectively [4][54]. - **Insurance Institutions**: The custody scale of major bonds was 4.26 trillion yuan, a month - on - month increase of 43.2 billion yuan. They increased their holdings of interest - rate bonds by 49.5 billion yuan and reduced their holdings of credit bonds and inter - bank certificates of deposit by 5.9 billion yuan and 0.4 billion yuan respectively [4][54]. - **Securities Companies**: The custody scale of major bonds was 2.64 trillion yuan, a month - on - month decrease of 2 billion yuan. They increased their holdings of interest - rate bonds by 13.4 billion yuan and reduced their holdings of credit bonds and inter - bank certificates of deposit by 14.8 billion yuan and 0.6 billion yuan respectively [4][54]. - **Credit Unions**: The custody scale of major bonds was 2 trillion yuan, a month - on - month increase of 11.9 billion yuan. They increased their holdings of interest - rate bonds and credit bonds by 22.1 billion yuan and 0.7 billion yuan respectively, and reduced their holdings of inter - bank certificates of deposit by 10.8 billion yuan [5][55].

Core Viewpoint - The banking sector has been one of the best-performing segments in the A-share market since the "9.24" rally began in 2024, with the China Securities Banking Index showing a cumulative increase of approximately 24% over the past year [2][3]. Market Performance - As of September 24, 2024, the total A-share market capitalization of 42 listed banks reached approximately 10.6 trillion yuan, an increase of 2.37 trillion yuan from 8.23 trillion yuan a year ago [4]. - The total market capitalization for these banks is about 13.9 trillion yuan, up over 3 trillion yuan from 10.83 trillion yuan a year ago [4]. - The banking sector experienced a significant rally, with the index reaching a high of 8570.76 points, representing a more than 43% increase since last year [2]. Individual Bank Performance - All 42 A-share listed banks reported positive stock price changes over the past year, with the highest increase nearing 59% and the lowest at around 8% [3]. - Notable performers include Qingdao Bank (58.87%), Xiamen Bank (50%), and Agricultural Bank of China (48.6%) [3]. - The median increase for state-owned banks was approximately 29%, with Agricultural Bank, Industrial and Commercial Bank, and Postal Savings Bank leading the gains [3]. Market Capitalization Changes - The top five banks by A-share market capitalization as of the latest close are Agricultural Bank (2.1 trillion yuan), Industrial and Commercial Bank (2.01 trillion yuan), China Bank (1.26 trillion yuan), China Merchants Bank (852.39 billion yuan), and Postal Savings Bank (607.45 billion yuan) [4]. - The Agricultural Bank and Industrial and Commercial Bank saw significant increases in A-share market capitalization, with growth of approximately 565.1 billion yuan and 396.3 billion yuan, respectively [4][5]. Recent Trends and Adjustments - Since July, the banking sector has entered a phase of adjustment, with the China Securities Banking Index declining nearly 13% from its peak [6]. - Over half of the banks have experienced a decline of more than 10% since July 10, with some banks like Everbright Bank and Beijing Bank seeing declines exceeding 20% [6]. - The market sentiment has shifted, leading to increased discussions about whether bank stocks have risen too much and if the rally is over [7]. Valuation Metrics - The median dividend yield for bank stocks is around 4.5%, which has decreased by over 1 percentage point from a year ago but remains competitive compared to other asset yields [7]. - The price-to-book (PB) ratio for the 42 listed banks is approximately 0.58, showing a slight increase from 0.5 a year ago, indicating that the market is still grappling with the issue of banks trading below book value [7].

Core Viewpoint - Since the initiation of the "9.24" market rally in 2024, bank stocks have emerged as one of the most outstanding sectors in the A-share market, with the China Securities Bank Index showing a cumulative increase of approximately 24% over the past year [3][4]. Market Performance - As of September 24, 2024, the China Securities Bank Index reached a new high of 8570.76 points, representing an increase of over 43% compared to the same date last year [3][4]. - The total market capitalization of A-share banks surpassed 10 trillion yuan for the first time, with Agricultural Bank of China briefly overtaking Industrial and Commercial Bank of China in market value before the latter regained its position [3][6]. Stock Performance - All 42 A-share listed banks recorded positive stock performance over the past year, with the highest stock price increase nearing 59% and the lowest at around 8% [5][6]. - Specifically, 36 banks saw stock price increases exceeding 20%, 23 banks over 30%, 5 banks over 40%, and 2 banks over 50% [5][6]. - The top three banks in terms of stock price increase were Qingdao Bank (58.87%), Xiamen Bank (50%), and Agricultural Bank of China (48.6%) [5][6]. Market Capitalization Growth - As of September 24, 2024, the total A-share market capitalization of the 42 listed banks was approximately 10.6 trillion yuan, an increase of 2.37 trillion yuan from 8.23 trillion yuan a year ago [6][7]. - The total market capitalization reached 13.9 trillion yuan, up by over 3 trillion yuan from 10.83 trillion yuan a year prior [6][7]. Recent Market Adjustments - Since July 2024, bank stocks have entered a phase of adjustment, with the China Securities Bank Index experiencing a decline of nearly 13% from its peak [9][10]. - Over half of the banks have seen stock price declines exceeding 10%, with some banks like Everbright Bank and Beijing Bank experiencing drops over 20% [10]. Valuation Insights - The median dividend yield for bank stocks is around 4.5%, which has decreased by over 1 percentage point compared to the previous year, yet remains competitive against other asset yields [10]. - The price-to-book (PB) ratio for the 42 listed banks is approximately 0.58, showing a slight increase from 0.5 a year ago, but the overall situation of banks trading below book value persists [10].

Core Insights - Since the launch of the "9·24" market rally in 2024, bank stocks have been one of the best-performing sectors in the A-share market, with the China Securities Bank Index showing a cumulative increase of approximately 24% over the past year [1] - The market capitalization of the banking sector has surpassed 10 trillion yuan for the first time, with Agricultural Bank of China briefly overtaking Industrial and Commercial Bank of China in market value before the latter regained its position [1][3] - Since July, bank stocks have entered a phase of volatility and correction, with the index declining nearly 13% from its peak, while the Shanghai Composite Index rose over 10% during the same period [1] Market Performance - All 42 A-share listed banks have seen positive stock price movements over the past year, with the highest increase nearing 59% and the lowest around 8% [2] - Specifically, 36 banks have increased by over 20%, 23 by over 30%, and 5 by over 40% [2] - The top three performers include Qingdao Bank (58.87%), Xiamen Bank (50%), and Agricultural Bank of China (48.6%) [2] Market Capitalization - As of September 24, the total A-share market capitalization of the 42 listed banks is approximately 10.6 trillion yuan, an increase of 2.37 trillion yuan from 8.23 trillion yuan a year ago [3] - The total market capitalization, including H-shares, is about 13.9 trillion yuan, up by over 3 trillion yuan from 10.83 trillion yuan a year ago [3] - The top five banks by A-share market capitalization are Agricultural Bank of China (2.1 trillion yuan), Industrial and Commercial Bank of China (2.01 trillion yuan), and China Bank (1.26 trillion yuan) [3] Value Growth - The largest increases in A-share market capitalization have been seen in Agricultural Bank of China and Industrial and Commercial Bank of China, with increases of approximately 565.1 billion yuan and 396.3 billion yuan, respectively [3][4] - Eight banks have seen their A-share market capitalization increase by over 100 billion yuan since last September, with the top four being state-owned banks [3] Recent Trends - Since July, bank stocks have experienced a correction, with over half of the banks seeing declines of more than 10% [5] - Notably, only two banks, Agricultural Bank of China and Postal Savings Bank of China, have remained in the green during this period [5] - The median dividend yield for bank stocks is currently around 4.5%, which has decreased by over 1 percentage point from a year ago but still offers a significant advantage over other asset yields [5]

工商银行9月24日晚间公告，本行于2020年9月23日在境外发行了29亿美元优先股。根据境外美元优先股 条款和条件以及国家金融监督管理总局对本行赎回境外美元优先股无异议的复函，本行已于2025年9月 23日以境外美元优先股每股赎回价格，赎回上述全部境外美元优先股。在赎回日赎回及注销上述境外美 元优先股后，本行在境外没有已发行的美元优先股。据此，本行已向香港联交所申请将相关境外美元优 先股除牌。上述境外美元优先股除牌于北京时间2025年9月24日16:00后生效。 ...

工商银行（601398）(01398)发布公告，于2025年9月23日，完成赎回1.45亿股美元境外优先股。 ...

股份代號: 1398 中國工商銀行股份有限公司 (於中華人民共和國註冊成立的股份有限公司) 中期報告 2025 公司簡介 中國工商銀行成立於1984年1月1日。2005年10月28日， 本行整體改制為股份有限公司。2006年10月27日，本行成功 在上交所和香港聯交所同日掛牌上市。 本行致力於建設中國特色世界一流現代金融機構，擁有 優質的客戶基礎、多元的業務結構、強勁的創新能力和市場競 爭力。本行將服務作為立行之本，堅持以服務創造價值，向全 球超1,400萬對公客戶和超7.7億個人客戶提供豐富的金融產品 和優質的金融服務，以自身高質量發展服務經濟社會高質量發 展。本行自覺將社會責任融入發展戰略和經營管理活動，在服 務製造業、發展普惠金融、支持鄉村振興、發展綠色金融、支 持公益事業等方面受到廣泛讚譽。 本行始終聚焦主業，堅持服務實體經濟的本源，與實體經 濟共榮共存、共擔風雨、共同成長；始終堅持風險為本，牢牢 守住底線，不斷提高控制和化解風險的能力；始終堅持對商業 銀行經營規律的把握與遵循，致力於成為基業長青的銀行；始 終堅持穩中求進、創新求進，持續深化重點發展戰略，積極發 展金融科技，加快數字化轉型；始終堅持專 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 中國工商銀行股份有限公司 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 優先股 | 股份類別 | 其他類別 (請註明) | 於香港聯交所上市 | 是 | | | | | 證券代號 (如上市) | 04620 | 說明 | 美元境外優先股 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 (註4) | | 已發行股份總數 | | | 於下列日期開始時的結存(註1) | 2025年8月31日 | 145,000,000 | | ...