Core Viewpoint - The China Securities Index for Hong Kong, Shanghai, and Shenzhen Dividend Growth Low Volatility Index (SHS Dividend Growth LV) has shown positive performance trends, with a 1.64% increase over the past month, 9.07% over the past three months, and an 8.71% increase year-to-date [1]. Group 1: Index Performance - The SHS Dividend Growth LV Index opened lower but closed higher, down 0.23% at 7477.8 points with a trading volume of 37.679 billion yuan [1]. - The index is composed of 100 securities selected from the mainland and Hong Kong markets, focusing on companies with continuous cash dividends, stable profit growth, and low volatility [1]. Group 2: Index Holdings - The top ten holdings in the SHS Dividend Growth LV Index include major banks such as China Construction Bank (2.5%), Postal Savings Bank (2.14%), and Industrial and Commercial Bank of China (1.85%) [1]. - The index's market allocation shows that the Shanghai Stock Exchange accounts for 55.01%, the Hong Kong Stock Exchange for 24.53%, and the Shenzhen Stock Exchange for 20.46% [2]. Group 3: Sector Allocation - The sector distribution of the index indicates that the financial sector holds the largest share at 45.02%, followed by industrial (19.67%) and healthcare (7.71%) sectors [2]. - Other sectors represented include consumer discretionary (7.22%), communication services (6.68%), utilities (5.44%), materials (4.59%), energy (1.96%), and consumer staples (1.70%) [2]. Group 4: Index Adjustment and Fund Tracking - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2]. - Public funds tracking the SHS Dividend Growth LV Index include several funds managed by Invesco Great Wall [2].

平安中证汽车零部件主题交易型开放式指 数证券投资基金 基金托管人：中国工商银行股份有限公司 报告送出日期：2025 年 7 月 18 日 平安中证汽车零部件主题 ETF2025 年第 2 季度报告 §1 重要提示 基金管理人的董事会及董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗漏， 并对其内容的真实性、准确性和完整性承担个别及连带责任。 基金托管人中国工商银行股份有限公司根据本基金合同规定，于 2025 年 07 月 17 日复核了本 报告中的财务指标、净值表现和投资组合报告等内容，保证复核内容不存在虚假记载、误导性陈 述或者重大遗漏。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应仔细阅读本 基金的招募说明书。 本报告中财务资料未经审计。 本报告期自 2025 年 04 月 01 日起至 06 月 30 日止。 §2 基金产品概况 基金管理人：平安基金管理有限公司 基金简称 平安中证汽车零部件主题 ETF 场内简称 汽车零件 ETF 投资目标 紧密跟踪标的指数表现，追求跟踪偏离度和跟踪误差 ...

招商中证大宗商品股票指数证券投资 基金（LOF）2025 年第 2 季度报告 基金管理人：招商基金管理有限公司 基金托管人：中国工商银行股份有限公司 送出日期：2025 年 7 月 18 日 招商中证大宗商品股票指数证券投资基金（LOF）2025 年第 2 季度报告 §1 重要提示 基金管理人的董事会及董事保证本报告所载资料不存在虚假记载、误导性陈述或重大 遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 基金托管人中国工商银行股份有限公司根据本基金合同规定，于 2025 年 7 月 17 日复核 了本报告中的财务指标、净值表现和投资组合报告等内容，保证复核内容不存在虚假记载、 误导性陈述或者重大遗漏。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一 定盈利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应仔细 阅读本基金的招募说明书。 本报告中财务资料未经审计。 本报告期自 2025 年 4 月 1 日起至 6 月 30 日止。 投资目标 数收益相似的回报。本基金的投资目标是保持基金净值收益率与 业绩基准日均跟踪偏离度的绝对值不超过 0.35% ...

来源：政事儿 据中央纪委国家监委驻中国工商银行纪检监察组、辽宁省纪委监委7月17日消息：中国工商银 行大连分行专家高亚林涉嫌严重违纪违法，目前正在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辽宁省大连市监察委员会监察调查。 ...

中国工商银行大连分行专家高亚林接受审查调查 智通财经7月17日电，据中央纪委国家监委驻中国工商银行纪检监察组、辽宁省纪委监委消息：中国工 商银行大连分行专家高亚林涉嫌严重违纪违法，目前正在接受中央纪委国家监委驻中国工商银行纪检监 察组纪律审查和辽宁省大连市监察委员会监察调查。 ...

Core Viewpoint - The dividend distribution of A-share listed banks in 2024 has reached a record high, with mid-term dividends becoming a trend [1] Summary by Relevant Sections Dividend Distribution - A-share listed banks have announced significant cash dividends for 2024, with total cash dividends amounting to approximately 631.96 billion yuan, an increase of nearly 20 billion yuan or 3.03% compared to the previous year [1] - Major state-owned banks, including Industrial and Commercial Bank of China (ICBC), China Construction Bank, and Agricultural Bank of China, have collectively distributed over 700 billion yuan in dividends [1] - ICBC's total dividend for the year is 109.77 billion yuan, a year-on-year increase of 0.52%, while Agricultural Bank and another bank distributed 84.66 billion yuan and 71.36 billion yuan, respectively [1] Profitability and Financial Health - The six major state-owned banks reported a total net profit of approximately 1.4 trillion yuan in 2024, with an average daily profit of about 640 million yuan [1] - The non-performing loan ratio for these banks is generally below 1.3%, and their capital adequacy ratios exceed regulatory requirements [1] Stock Performance - The banking sector has shown strong stock performance, with an overall increase of 34.39% in 2024, leading the A-share market [1] - The average dividend yield for the banking sector is 3.4 percentage points higher than the yield on 10-year government bonds, attracting significant institutional investment [1] Mid-term Dividends - Mid-term dividends are becoming a trend, with some banks planning to distribute dividends based on 35% of the semi-annual profits attributable to ordinary shareholders [1] - Banks like Hangzhou Bank and Changsha Bank have also announced plans for mid-term dividends [1] Challenges for Some Banks - Certain banks, such as Zhengzhou Bank and Bohai Bank, have not distributed dividends for several consecutive years due to poor performance and capital constraints [1] - Zhengzhou Bank has experienced declines in revenue and net profit, while Bohai Bank's financial metrics have also deteriorated [1]

近日，曾备受关注的"工行2.5亿元存款失踪案"迎来最新进展。 据红星新闻报道，7月15日，一受害储户起诉涉事工行的案件开庭，要求被告承担赔偿责任，当天上午开庭时双方交换了证据，法院宣布休庭，开庭时间将 另行通知。 作为原告储户方代理律师，北京安剑律师事务所律师周兆成7月15日在微博发布该案信息称，案件庭审从当天上午8点半一直持续到9点半结束。原告方向法 庭提供36组证据，工行代理律师向法庭提交了9组证据。 其中，原告方向法庭提供证据主要证明银行存在重大过错。由于银行存在管理漏洞和过错，具体是内控机制失效、对员工行为监管不力等，银行未履行资金 安全保障义务从而导致储户存款不翼而飞。 周兆成称，储户与银行存在储蓄存款合同关系，由于银行违反安全保障义务，存在系统性管理失职。比如，员工行为排查失效、异常支付核查缺位、营业场 所管理失控等导致储户存款在存入45分钟后就被工作人员梁某通过伪造流程盗取，且银行早有预警却未及时拦截。 据周兆成介绍，工行代理律师向法庭提交了9组证据，证明银行流程合规，存单背面已经告知风险，储户损失是由于犯罪导致，与银行无关。 在周兆成看来，尽管原告方认为储户存单是由梁某犯罪导致，但是银行仍需对 ...

Core Insights - The financial sector is actively supporting the lychee industry in Maoming, Guangdong, to ensure farmers benefit from the abundant harvest while mitigating price drops due to oversupply [1][2][3][4][5][6][7][8][9][10] Group 1: Financial Support for Lychee Procurement - Financial institutions in Maoming have introduced over 50 credit products to facilitate lychee procurement, easing the funding pressure for farmers and traders during the peak harvest season [2] - A case study of a lychee trader highlights how quick access to a 300,000 yuan loan from a local bank enabled increased procurement capacity, demonstrating the critical role of timely financial intervention [2] Group 2: Financial Empowerment for Deep Processing - The lychee industry faces challenges due to its seasonal nature, prompting efforts to develop deep processing capabilities to extend the product's market availability [3] - A leading processing company received 40.2 million yuan in loans to upgrade its production line, allowing it to produce approximately 1 million cans of lychee annually, thus enhancing value addition [3] Group 3: Cold Chain Logistics and Export - The development of cold chain logistics has significantly improved the export capabilities of Maoming's lychee, with a notable company exporting over 1,500 tons annually [4][5] - Financial support from local banks has enabled the implementation of innovative technologies, such as the "frozen lychee" technique, which enhances product preservation and market reach [5] Group 4: Market Expansion through E-commerce - The rise of e-commerce has transformed the sales landscape for Maoming lychees, with local banks providing flexible loans to support new farmers entering the digital sales space [6][7] - Initiatives like "Ten Thousand E-commerce Selling Lychees" have been launched to promote digital sales, enhancing the market presence of Maoming lychees [7] Group 5: Integration of Financial Services and Tourism - A unique service area along the highway has been established to promote lychee culture and provide financial services, integrating agriculture with tourism [8] - The initiative includes various promotional activities and financial products tailored to support local farmers and enhance consumer engagement [8] Group 6: Investment in High-Quality Varieties - The introduction of high-end lychee varieties, such as "Ice Lychee," is being supported by financial institutions through targeted loans for research and development [9][10] - A local agricultural company successfully secured 3 million yuan to enhance its cultivation techniques, contributing to the diversification and quality improvement of lychee production [10]

Core Viewpoint - The case of 250 million yuan in deposits disappearing from the Industrial and Commercial Bank of China (ICBC) Nanning branch has raised significant legal and ethical questions regarding the bank's responsibility and internal controls [1][4][5]. Group 1: Case Background - The incident involves ICBC Nanning branch employee Liang Jianhong, who allegedly misled clients into making large deposits under false pretenses, promising additional returns to intermediaries [5][6]. - Liang Jianhong is reported to have stolen approximately 253 million yuan from 28 victims, with around 120 million yuan still unreturned after partial repayments [6]. Group 2: Legal Proceedings - The court hearings have seen both sides present evidence, with the plaintiffs arguing that the bank failed in its duty to ensure the security of customer funds due to internal control failures [4][6]. - The bank's defense claims that the losses were due to criminal actions by Liang and that they had complied with all necessary procedures, including risk disclosures on deposit slips [4][8]. Group 3: Bank's Position - ICBC Nanning branch maintains that the loss of 250 million yuan is attributed to individual criminal behavior rather than any systemic failure within the bank [7][8]. - The bank emphasizes its commitment to lawful operations and the protection of customer rights, asserting that the victims were lured by illegal high-interest offers [8].

Investment Rating - The industry investment rating is "Positive (Maintain)" [6] Core Viewpoints - The external environment's uncertainty is increasing, and the continuation of loose monetary policy is expected, with the overall expected return rate for society trending downward in the medium to long term. The effectiveness of low-volatility dividend strategies is likely to persist. The public fund reform is expected to assist banks in achieving excess returns as the allocation style returns to normal [3][26] - The banking sector's fundamentals are expected to improve marginally in Q2 2025 compared to Q1 2025, primarily due to alleviated pressure on other non-interest income growth [3][26] Summary by Sections Investment Suggestions and Targets - Two main investment lines are currently being focused on: 1. Preparing for the anticipated reduction in insurance preset rates in Q3 2025 by investing in high-dividend banks, with recommendations to pay attention to China Construction Bank (601939, not rated), Industrial and Commercial Bank of China (601398, not rated), and Chongqing Rural Commercial Bank (601077, Buy) [4][27] 2. Continuing to favor small and medium-sized banks that have performed strongly since the beginning of the year, with recommendations to focus on Industrial Bank (601166, not rated), CITIC Bank (601998, not rated), Nanjing Bank (601009, Buy), Jiangsu Bank (600919, Buy), and Hangzhou Bank (600926, Buy) [4][27] Financial Data Insights - In June 2025, the social financing (社融) year-on-year growth was 8.9%, with a month-on-month increase of 0.2 percentage points, and the monthly increment was 4.20 trillion yuan, exceeding the consensus expectation of 494.2 billion yuan [9][10] - The increase in loans was primarily driven by corporate short-term loans, with total loans growing by 7.1% year-on-year in June 2025, and the monthly increment was 2.24 trillion yuan, also surpassing expectations [15][20] - M1 growth accelerated to 4.6% year-on-year in June 2025, with M2 growth at 8.3%, indicating a narrowing gap between M2 and M1 growth rates [20][21] Structural Changes in Financing - The increase in social financing was mainly supported by government bonds and loans, with government bonds increasing by 507.2 billion yuan year-on-year [11][10] - Corporate direct financing also saw a year-on-year increase of 36.2 billion yuan, primarily due to a rise in bond financing [11][10]