1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - This week (20260323 - 20260327), there were no new issuances of secondary capital bonds in the inter - bank and exchange markets [1]. - The weekly trading volume of secondary capital bonds this week was approximately 177.9 billion yuan, a decrease of 10.5 billion yuan compared to last week. The top three most - traded bonds were 25 Bank of China Secondary Capital Bond 02BC, 25 Bank of China Secondary Capital Bond 03A(BC), and 25 China Construction Bank Secondary Capital Bond 03BC [2]. - In terms of the regions of issuers, the top three regions in terms of trading volume were Guangdong Province, Guizhou Province, and Heilongjiang Province, with trading volumes of approximately 131.6 billion yuan, 13 billion yuan, and 8.1 billion yuan respectively [2]. - As of March 27, the changes in the yields to maturity of 5Y secondary capital bonds with ratings of AAA -, AA +, and AA compared to last week were - 3.21BP, - 3.87BP, and - 3.87BP respectively; for 7Y secondary capital bonds, the changes were - 6.06BP for all three ratings; for 10Y secondary capital bonds, the changes for ratings of AAA -, AA +, and AA were - 4.25BP, - 4.24BP, and - 4.24BP respectively [2]. - This week, the overall deviation of the weekly average trading price valuation of secondary capital bonds was not large. The proportion of discount transactions was greater than that of premium transactions, and the discount amplitude was larger than the premium amplitude [3]. 3. Summary by Directory 3.1 Primary Market Issuance - This week (20260323 - 20260327), there were no new issuances of secondary capital bonds in the inter - bank and exchange markets [1]. 3.2 Secondary Market Trading - **Trading Volume**: The weekly trading volume of secondary capital bonds this week was approximately 177.9 billion yuan, a decrease of 10.5 billion yuan compared to last week. The top three most - traded bonds were 25 Bank of China Secondary Capital Bond 02BC (13.259 billion yuan), 25 Bank of China Secondary Capital Bond 03A(BC) (10.928 billion yuan), and 25 China Construction Bank Secondary Capital Bond 03BC (7.651 billion yuan) [2]. - **Regional Trading Volume**: In terms of the regions of issuers, the top three regions in terms of trading volume were Guangdong Province, Guizhou Province, and Heilongjiang Province, with trading volumes of approximately 131.6 billion yuan, 13 billion yuan, and 8.1 billion yuan respectively [2]. - **Yield to Maturity**: As of March 27, the changes in the yields to maturity of 5Y secondary capital bonds with ratings of AAA -, AA +, and AA compared to last week were - 3.21BP, - 3.87BP, and - 3.87BP respectively; for 7Y secondary capital bonds, the changes were - 6.06BP for all three ratings; for 10Y secondary capital bonds, the changes for ratings of AAA -, AA +, and AA were - 4.25BP, - 4.24BP, and - 4.24BP respectively [2]. 3.3 Valuation Deviation of the Top 30 Individual Bonds - **Discount Bonds**: The top two bonds with the highest discount rates were 24 Mintai Commercial Bank Secondary Capital Bond 01 (- 0.6931%) and 25 Mintai Commercial Bank Secondary Capital Bond 01 (- 0.6400%), and the discount rates of the rest were within - 0.50%. The ChinaBond implicit ratings were mainly AAA -, AA +, and AA -, and the bonds were mainly distributed in Beijing, Shanghai, and Guangdong [3]. - **Premium Bonds**: The top three bonds with the highest premium rates were 23 Mintai Commercial Bank Secondary Capital Bond 01 (0.2287%), 22 Xiamen Rural Commercial Secondary 01 (0.0991%), and 22 Ningbo Bank Secondary Capital Bond 01 (0.0701%), and the premium rates of the rest were within 0.07%. The ChinaBond implicit ratings were mainly AAA -, AA +, and AA, and the bonds were mainly distributed in Beijing, Shanghai, and Zhejiang [3].

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。 中國光大銀行股份有限公司 中國光大銀行股份有限公司 China Everbright Bank Company Limited China Everbright Bank Company Limited （於中華人民共和國註冊成立的股份有限公司） （於中華人民共和國註冊成立的股份有限公司） （股份代號：6818） （股份代號：6818） 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 茲載列中國光大銀行股份有限公司在上海證券交易所網站刊登的《中國光大銀行股份有限 公司關於副行長任職資格核准的公告》，僅供參閱。 中國光大銀行股份有限公司 董事會 中國 • 北京 2026年3月27日 於本公告日期，本公司執行董事為郝成先生、齊曄女士及楊兵兵先生；非執行董事為 吳利軍先生、崔勇先生、趙晶晶女士、姚威先生、張銘文先生及李巍先生；以及獨立 非執行董事為李引泉先生、劉世平先 ...

股票代码：601818 股票简称：光大银行 公告编号：临 2026-018 中国光大银行股份有限公司 关于副行长任职资格核准的公告 本行董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中国光大银行股份有限公司（简称本行）于近日收到《国家金融 监督管理总局关于汪永奇光大银行副行长任职资格的批复》（金复 〔2026〕157 号），国家金融监督管理总局已于 2026 年 3 月 24 日核 准汪永奇先生本行副行长的任职资格。 汪永奇先生简要情况详见本行于 2026 年 2 月 11 日刊登在上海证 券交易所网站（www.sse.com.cn）及本行网站（www.cebbank.com） 的《中国光大银行股份有限公司第十届董事会第四次会议决议公告》。 特此公告。 中国光大银行股份有限公司董事会 2026 年 3 月 27 日 ...

Group 1 - The central enterprise dividend ETF, Fu Guo (159332), opened at 1.234 yuan with an increase of 0.98% on March 24 [1][2] - Major holdings of the ETF include China Merchants Industry Holdings, which rose by 0.72%, and China Shenhua Energy, which fell by 1.76% [1] - The ETF's performance benchmark is the China Central Enterprises Dividend Index return rate, managed by Fu Guo Fund Management Co., Ltd., with a return of 26.33% since its establishment on July 16, 2024, and a monthly return of 2.08% [2] Group 2 - The MACD golden cross signal has formed, indicating a positive trend for certain stocks [3]

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。 中國光大銀行股份有限公司 中國光大銀行股份有限公司 China Everbright Bank Company Limited China Everbright Bank Company Limited （於中華人民共和國註冊成立的股份有限公司） （於中華人民共和國註冊成立的股份有限公司） （股份代號：6818） （股份代號：6818） 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 股票代码：601818 股票简称：光大银行 公告编号：临 2026-017 茲載列中國光大銀行股份有限公司在上海證券交易所網站刊登的《中國光大銀行股份有限 公司關於召開2025年度業績說明會的公告》，僅供參閱。 中國光大銀行股份有限公司 董事會 中國 • 北京 2026年3月23日 於本公告日期，本公司執行董事為郝成先生、齊曄女士及楊兵兵先生；非執行董事為 吳利軍先生、崔勇先生、趙 ...

股票代码：601818 股票简称：光大银行 公告编号：临 2026-017 ●会议召开时间：2026 年 3 月 31 日（星期二）15:00-16:00 ● 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） ●会议召开方式：上证路演中心网络互动 ●投资者可于 2026 年 3 月 30 日（星期一）16:00 前登录上证路演中 心网站首页，点击"提问预征集"栏目或通过本行邮箱IR@cebbank.com 进行提问。本行将在业绩说明会上对投资者普遍关注的问题进行回答。 为便于广大投资者更全面深入了解中国光大银行股份有限公司 （简称本行）2025 年度经营成果和财务状况，本行计划于 2026 年 3 月 31 日 15:00-16:00 举行 2025 年度业绩说明会（简称业绩说明会）， 就投资者关心的问题进行交流。 一、业绩说明会类型 业绩说明会以网络互动方式召开，本行将针对 2025 年度经营成 果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露 允许的范围内就投资者普遍关注的问题进行回答。 ...

Summary of China Banks Insight Equities Conference Call Industry Overview - The focus is on the Chinese banking sector, particularly the performance and outlook of major banks in 2026 and beyond. [2][11] Core Insights 1. Fundamentals - China banks are expected to enter a phase of fundamental improvement, with positive net interest income (NII) and fee income anticipated in 2026 due to stabilized net interest margins (NIM) and growth in wealth management. [2][5] - An estimated RMB66 trillion of deposits will be repriced lower, leading to a decline in funding costs by approximately 12 basis points. [2][38] - The quality of pre-provision operating profit (PPOP) is expected to improve, supporting potential expansions in price-to-earnings (PE) or price-to-PPOP multiples. [16][22] 2. Flows - Significant Southbound inflows were observed in 2024-25, with expectations of mild inflows in 2026. [3][61] - Insurers and pension funds have increased their equity allocations, positively impacting banks with high dividend yields. [3][5] - Southbound holdings are seen as stabilizers for the market, despite near-term volatility. [3][67] 3. Policies - Capital injections are anticipated for major banks like ICBC and ABC, with a confirmed injection of RMB300 billion. [4][54] - The People's Bank of China (PBoC) is expected to maintain policies that defend banks' NIMs, with mild rate cuts anticipated in 2026. [4][28] - De-regulation efforts are ongoing, allowing banks to expand into insurance and asset management sectors. [4][54] Investment Thesis - The market's focus is expected to shift towards earnings quality in 2026, as Southbound inflows slow. High dividend yields will remain attractive for risk-averse investors. [5][8] - Preferred stocks include ICBC-H and CCB-H for their solid balance sheets and higher dividend yields, while CMB-A is favored for its potential in wealth management. [5][8] Valuation Changes - Target prices and ratings have been adjusted for several banks, with ICBC-H and CCB-H maintaining a "Buy" rating, while ABC-A has been downgraded to "Reduce." [9][10] Additional Insights - The banking sector's performance has been resilient, with H-shares outperforming benchmarks despite earnings downgrades. [11][61] - The shift in investment from large banks to mid/smaller banks has been noted, indicating a changing market dynamic. [11][61] - The demand for wealth management products is expected to rise as deposit interest rates decline, leading to increased activity in mutual funds and bancassurance. [44][45] Conclusion - The Chinese banking sector is poised for a period of fundamental improvement, supported by favorable flows and policy adjustments. Investors are encouraged to focus on earnings quality and dividend yields as key drivers for investment decisions in 2026. [5][8][11]

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report highlights that under inflation expectations, broad asset liquidity may contract, and attention should be paid to negative feedback effects [1][14] - The central bank's operations have resulted in a net injection of 215.8 billion CNY, with liquidity in the interbank market remaining ample and funding rates slightly declining [14] - The report emphasizes the potential for liquidity-driven valuation expansion to slow down in the second quarter due to rising inflation expectations and external geopolitical conflicts affecting oil prices [14][16] Summary by Sections 1. Inflation Expectations and Asset Liquidity - The interbank liquidity is currently abundant, with funding rates showing a slight decline. As of March 20, R001 and R007 rates were 1.40% and 1.48%, respectively [14] - The central bank conducted 242.3 billion CNY in 7-day reverse repos, with a maturity of 1,765 billion CNY, and a net injection of 215.8 billion CNY was achieved [14] - The report anticipates that liquidity may face contraction in Q2, influenced by inflation recovery expectations and external factors [14] 2. Central Bank Dynamics and Market Rates - The central bank's operations are characterized by small adjustments, maintaining a stable liquidity environment [15] - The report notes that government bond yields have shown mixed movements, with 1Y and 3Y yields decreasing by 2.0bp and 2.5bp, while longer-term yields have increased [16] - The report suggests that the market should prepare for potential upward pressure on long-term interest rates as economic recovery and inflation expectations evolve [16] 3. Bank Financing Tracking - The report indicates that the issuance of interbank certificates of deposit (NCD) has seen a weighted average issuance rate of 1.53%, down by 2bp from the previous period [19] - The total outstanding amount of interbank certificates of deposit is 18.17 trillion CNY, with a negative net financing of 4.042 billion CNY this period [19] - The report highlights that there were no new issuances of commercial bank bonds during this period, with a total outstanding amount of 3.35 trillion CNY [20]

China Everbright Bank Company Limited 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。 關於召開董事會會議的通知 中國光大銀行股份有限公司（「本公司」）謹此公佈，本公司將於2026年3月30日（星期一）召 開董事會會議，藉以審議並（如認為適當）批准包括本公司截至2025年12月31日止年度之 年度業績及建議派發末期股息（如有）等事宜。 中國光大銀行股份有限公司 董事會 中國‧北京 2026年3月18日 於本公告日期，本公司執行董事為郝成先生、齊曄女士及楊兵兵先生；非執行董事為吳 利軍先生、崔勇先生、趙晶晶女士、姚威先生、張銘文先生及李巍先生；以及獨立非執 行董事為李引泉先生、劉世平先生、黃振中先生、劉俏先生、胡湘先生及李穎琦女士。 6818 ...

中國光大銀行股份有限公司（「本公司」）謹此公佈，本公司將於2026年3月30日（星期一）召 開董事會會議，藉以審議並（如認為適當）批准包括本公司截至2025年12月31日止年度之 年度業績及建議派發末期股息（如有）等事宜。 中國光大銀行股份有限公司 董事會 China Everbright Bank Company Limited 6818 關於召開董事會會議的通知 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。 中國‧北京 2026年3月18日 於本公告日期，本公司執行董事為郝成先生、齊曄女士及楊兵兵先生；非執行董事為吳 利軍先生、崔勇先生、趙晶晶女士、姚威先生、張銘文先生及李巍先生；以及獨立非執 行董事為李引泉先生、劉世平先生、黃振中先生、劉俏先生、胡湘先生及李穎琦女士。 ...