6818 暫停辦理股份過戶登記手續 中國光大銀行股份有限公司（「本公司」）董事會（「董事會」）宣佈，本公司擬於2025年7月29 日（星期二）舉行本公司2025年第二次臨時股東大會（「臨時股東大會」）。為確定有權出席 臨時股東大會的H股持有人名單，本公司將於2025年7月24日（星期四）至2025年7月29日 （星期二）（包括首尾兩日）暫停辦理H股過戶登記。2025年7月29日（星期二）名列本公司香 港股東名冊的H股持有人均有權出席臨時股東大會。本公司H股持有人須於2025年7月23 日（星期三）下午4時30分或之前將過戶文件連同有關股票交回本公司H股證券登記處香港 中央證券登記有限公司（地址為香港灣仔皇后大道東183號合和中心17樓1712–1716號 舖），方可出席臨時股東大會。 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的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 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。 China Everbright Bank Company Limited 中國光大銀行股份有限公司 董事會 中國 • ...

Group 1 - China Everbright Bank's stock closed at HKD 4.030 on July 7, marking a 1.51% increase from the previous trading day and reaching a nearly one-year high [1] - The bank experienced a net inflow of HKD 11.8756 million on the same day, with no specific data provided for the inflow and outflow amounts [1] Group 2 - Established in August 1992, China Everbright Bank is a national joint-stock commercial bank headquartered in Beijing, approved by the State Council and the People's Bank of China [2] - The bank was listed on the Shanghai Stock Exchange in August 2010 and on the Hong Kong Stock Exchange in December 2013 [2] - The bank focuses on serving the real economy and national strategies, aiming to meet the growing financial needs of society and individuals [2] - It leverages the advantages of the Everbright Group in comprehensive finance, industrial-financial collaboration, and cross-border operations [2] - The bank is committed to innovation in products, channels, and service models, transitioning from managing its own balance sheet to helping clients improve their financial statements [2] - It has developed a modern comprehensive financial service system that includes financial leasing, wealth management, consumer finance, and digital finance [2] - The bank is expanding its international presence in line with the "Belt and Road" initiative, with branches and representative offices established in various global locations [2] - China Everbright Bank has received recognition for its social responsibility efforts and has been awarded for its contributions to high-quality financial development [2]

Core Viewpoint - The Jinxin Intelligent China 2025A Fund has shown strong performance, significantly outperforming its benchmark, but its investment strategy has deviated from its stated goals, focusing heavily on bank stocks instead of technology and intelligent enterprises as indicated by its name and contract [1][3][14]. Performance Summary - The fund has increased by 15.57% this year, surpassing its benchmark by 13.82 percentage points [1]. - Over various time frames, including six months, one year, two years, three years, five years, and since inception (July 1, 2016), the fund has achieved a total return of 186.09%, with cumulative excess returns of 155.05% [1]. Investment Portfolio - The fund's top ten holdings are exclusively bank stocks, including major banks such as Bank of Communications, Bank of China, and Agricultural Bank of China, which contrasts sharply with its thematic focus on technology and intelligent enterprises [3][4]. - The fund's investment contract specifies a focus on companies providing intelligent production, design, and services, yet the current portfolio does not align with this objective [5][14]. Historical Context - Initially, the fund's holdings included technology-oriented companies like Jianghuai Automobile and Longdian Technology, with no bank stocks present [8][11]. - A significant shift occurred in Q1 2017, where bank stocks began to dominate the portfolio, culminating in a complete transition to bank stocks by Q1 2020 [11][12]. Fund Management and Strategy - The fund manager has not provided a clear rationale for the ongoing style drift, despite mentioning AI's role in enhancing financial services [12][14]. - The fund's heavy concentration in bank stocks, particularly state-owned and joint-stock banks, raises questions about the alignment between its investment strategy and its stated goals [14][15]. Investor Composition - The fund has a highly retail investor base, with individual investors holding 98.85% of the fund, indicating a potential lack of institutional oversight [6]. Regulatory and Market Implications - The fund has been placed on a "no evaluation" list by professional rating agencies due to its style drift, reflecting growing regulatory scrutiny on such deviations [6][15]. - The case of Jinxin Intelligent China 2025 raises broader questions about the balance between performance and compliance, particularly when a fund's success is achieved through strategies that diverge from its stated objectives [14][15].

Core Insights - The banking industry is experiencing significant executive turnover in 2025, with 13 banks changing leadership and 17 executives transitioning roles, particularly in the position of vice president, which accounts for 53% of all changes [4][5][6] Group 1: Executive Changes - In the first half of 2025, 13 banks, including 6 state-owned and 12 joint-stock banks, reported executive changes, with 5 state-owned banks and 8 joint-stock banks announcing leadership adjustments [5][6] - The most frequent changes occurred in the vice president role, with 9 new appointments [5][6] - Three banks saw changes in their chairpersons, and three banks appointed new presidents [5][6] Group 2: Recruitment Strategies - State-owned banks predominantly recruit externally, with 87.5% of new executives coming from outside the organization, while joint-stock banks favor internal promotions, with 78% of new executives promoted from within [4][8][9] - Notably, the Agricultural Bank of China had the highest number of executive changes among state-owned banks, appointing three new vice presidents [6][8] Group 3: Age Demographics - The new executive cohort is primarily composed of individuals born in the 1970s, who represent 78% of the new appointments in state-owned banks [12][14] - The age distribution shows that chairpersons are mostly from the 1960s generation, while vice presidents and presidents are predominantly from the 1970s [12][14] - In joint-stock banks, the age structure includes experienced leaders and younger talent, with a significant presence of 1970s-born executives [12][14] Group 4: Implications for Strategy - The shift in executive leadership is seen as a response to the pressures faced by the banking sector, aiming to better align with economic development needs and enhance service to the real economy [11] - The contrasting recruitment strategies between state-owned and joint-stock banks reflect their differing operational needs and talent management approaches [8][11]

Market Performance - A-shares and H-shares exhibited divergent performance this week, with the Shanghai Composite Index reaching a new high of 3472.32 points, marking a weekly increase of 1.4%, while the Hang Seng Index fell below the 24000-point mark, with a weekly decline of 1.52% [1][2] - The divergence in market performance led to a slight decline of 0.77% in the 每经品牌100指数, closing at 1068.62 points [1] A-share Market - The A-share market maintained a strong upward trend, with the Shanghai Composite Index successfully standing above 3400 points since June 24, and peaking at 3497 points this week [2] - Key stocks in the A-share market included 宝钢股份, which surged by 8%, and several other companies like 浦发银行, 上汽集团, and 宁德时代, which saw increases of over 5% [2][3] H-share Market - The H-share market faced continuous adjustments, primarily due to the decline of leading internet companies, which are significant components of the 每经品牌100指数 [2] - Only 华润啤酒 among H-share constituents saw an increase of over 5% this week [2] Solid-State Battery Industry - 宁德时代 experienced a strong performance, with a weekly increase of 5.9% in A-shares and 9.17% in H-shares, reaching a new high since its listing in Hong Kong [6] - The company is committed to investing in solid-state battery technology, with expectations for small-scale production by 2027, indicating a significant acceleration in the solid-state battery industry's development [7] Steel Industry - 宝钢股份 was the top performer among the 每经品牌100指数 constituents, with a weekly increase exceeding 8%, driven by improved demand and tightening supply in the steel industry [8] - The steel ETF (515210) also saw a rise of 5.4%, reflecting positive sentiment in the sector, supported by government policies aimed at stabilizing infrastructure investment and improving product quality [8][9]

Core Viewpoint - China Everbright Bank's stock price has increased by 5.54% to 4.38 yuan as of July 4, 2025, reaching a near one-year high, with a total market capitalization of 258.795 billion yuan [1]. Company Announcements - The board of directors of China Everbright Bank unanimously approved three resolutions during the meeting held on June 30, 2025, including the report on the update of the important model and key parameters for expected credit losses for the first half of 2025, the change of the "Australian overseas executive" at the Sydney branch, and the proposal to hold the second extraordinary general meeting of shareholders in 2025 [1]. - All 16 participating directors voted in favor of the three resolutions, with no votes against or abstentions [1]. Securities Changes - As of June 30, 2025, there have been no changes in the statutory and registered share capital of both H-shares and A-shares, with a total statutory registered capital of 59.085 billion yuan [2]. - The number of issued shares for H-shares and A-shares remains unchanged at 12,678,735,500 shares and 46,406,815,561 shares, respectively, with zero treasury shares [2]. - The issued amounts for preferred shares remain unchanged, totaling 30 billion yuan and 35 billion yuan for specific series, with conversion prices set at 2.72 yuan and 4.09 yuan [2].

Core Viewpoint - Everbright Bank's Hohhot Branch is actively implementing financial support measures for the real economy, focusing on small and micro enterprises, rural revitalization, and民生领域, through innovative actions and solid initiatives to promote high-quality economic development [1]. Group 1: Financial Support Initiatives - The bank has established a dedicated credit plan to enhance support for small and micro enterprises, with a focus on strengthening mechanisms and responsibilities [2]. - As of June 2025, the growth rate of inclusive credit loans exceeded the overall loan growth rate by nearly 30%, indicating an optimized credit structure [2]. Group 2: Innovative Financial Products - The bank has developed various online financial products such as "Specialized and Innovative Enterprise Loan," "e-Jie Loan," and "Technology e-Loan" to meet the diverse financing needs of small and micro enterprises [3]. - A new "Livestock Supply Chain Finance" model has been created to support the dairy industry, benefiting over 40 upstream ranch customers [3]. Group 3: Collaborative Ecosystem Development - The bank emphasizes building a collaborative ecosystem by partnering with government bodies, industry associations, and guarantee companies to address financing challenges for small and micro enterprises [4]. - Initiatives include organizing events with local business associations and launching action plans to support private enterprises [4]. Group 4: Enhancing Service Efficiency - A dedicated inclusive credit factory has been established to streamline the loan approval process and improve financing efficiency for small and micro enterprises [5]. - The bank is committed to optimizing financial service models and providing high-quality financial services to alleviate the financial burdens faced by small enterprises [5].

Market Overview - The Shanghai Composite Index rose by 0.32% on July 4, with 13 out of 28 sectors experiencing gains, led by the banking and media sectors, which increased by 1.84% and 0.91% respectively [1] - The banking sector topped the gainers list for the day [1] Fund Flow Analysis - The net outflow of capital from the two markets was 21.926 billion yuan, with 8 sectors seeing net inflows [1] - The computer sector had the largest net inflow of 2.811 billion yuan, despite a slight decline of 0.05% [1] - The banking sector also saw a net inflow of 758 million yuan, with a daily increase of 1.84% [1] Banking Sector Performance - The banking sector increased by 1.84% with a total net inflow of 758 million yuan, and all 42 stocks in this sector rose [2] - Among the stocks, 24 experienced net inflows, with 6 stocks receiving over 100 million yuan in net inflows, led by Shanghai Pudong Development Bank with 164 million yuan [2] - Major banks with significant net inflows included Ping An Bank and Minsheng Bank, with net inflows of 159 million yuan and 136 million yuan respectively [2] Individual Bank Stock Performance - The top-performing bank stocks included: - Shanghai Pudong Development Bank: +2.82%, 163.69 million yuan net inflow [2] - Ping An Bank: +2.02%, 158.73 million yuan net inflow [2] - Minsheng Bank: +2.83%, 135.90 million yuan net inflow [2] - Conversely, banks with significant net outflows included: - Everbright Bank: -3.06%, 628.79 million yuan net outflow [3] - China Construction Bank: -1.24%, 519.97 million yuan net outflow [3] - Guiyang Bank: -1.87%, 510.52 million yuan net outflow [3]

Market Overview - A total of 39 stocks hit the daily limit up, with 10 stocks on consecutive limit up boards, including 3 stocks with three consecutive limit ups or more [1] - The upgrade rate for consecutive limit up stocks is 21.42%, excluding ST and delisted stocks [1] - Over 4,100 stocks in the market declined, indicating a renewed decrease in market risk appetite [1] Individual Stock Performance - Chengbang Co. experienced a significant drop in the afternoon, turning from green to red, contributing to a decline in the overall limit up stock performance [1] - The highest number of consecutive limit up stocks fell to 4 [1] - Among the 14 limit up stocks from the previous day, only 3 advanced, while 4 stocks hit the daily limit down and 2 stocks fell over 9% [1] Sector Performance - The banking sector showed strong performance throughout the day, with CITIC Bank, Industrial Bank, and Everbright Bank each rising over 3% [1] - Several banks, including CITIC Bank, Industrial Bank, Shanghai Pudong Development Bank, Beijing Bank, and Shanghai Bank, reached historical highs [1] Pharmaceutical Sector - Continuous positive news in the innovative drug sector, with Dize Pharmaceutical's Shuwozhe becoming the first independently developed global innovative drug approved in the U.S. [1] - Concept stocks in this sector continued to strengthen, with Sairui Medical achieving four consecutive limit ups, and Weixin Kang and Guosheng Tang achieving two consecutive limit ups [1] - Rejing Biological hit the daily limit up of 20% [1]

Group 1 - Bank stocks showed strong performance on July 4, 2025, with several banks like Everbright Bank, CITIC Bank, and Shanghai Pudong Development Bank rising over 2%, reaching historical highs [1] - The banking sector continued its steady upward trend in the first half of 2025, benefiting from market preferences and improved expectations for bank fundamentals [1] - The average dividend yield for the banking sector reached 4.01%, making it attractive for long-term funds like insurance capital [2] Group 2 - The Huafu Xinhua Zhongxin Dividend Value Index has returned 1.06% since its inception in May, with an annualized return of 6.99%, indicating strong performance of its constituent stocks [1] - The index employs a selection strategy based on "one high and four lows" (high dividend, low volatility, low valuation, low beta, low turnover), aiming to balance high dividends with low volatility [1] - Recent policies have emphasized investor returns, leading to a more stable and continuous dividend system, which enhances the value of high-dividend assets [2]