A-share Market Valuation - The current PE (TTM) for the A-share market is 17.33, with a historical average of 25.85[7] - The Shanghai Composite Index has a PE (TTM) of 14.08, while the CSI 300 Index stands at 13.30[10] - The growth in earnings per share (EPS) has contributed significantly to the index performance, with the Shanghai Composite Index showing a current value of 16.41%[14] Hong Kong Market Valuation - The Hang Seng Index has a current PE (TTM) of 11.84, with a historical maximum of 22.67[59] - The Hang Seng Technology Index has a PE (TTM) of 23.69, indicating a higher valuation compared to the broader market[63] U.S. Market Valuation - The S&P 500 Index has a current PE (TTM) of 29.36, with a historical maximum of 41.99[82] - The NASDAQ Index shows a PE (TTM) of 42.83, reflecting its growth-oriented nature[90] Sector Valuation Insights - In the A-share market, the food and beverage sector has a low PE, while the technology sector has a high PE, indicating sector-specific valuation disparities[21] - The banking sector in Hong Kong has a current PB (LF) of 1.02, which is relatively low compared to other sectors[71] Key Stock Valuations - Major stocks like Kweichow Moutai and Wuliangye have median PEs of 29.04 and 22.36, respectively, indicating strong market positions[50] - Alibaba's current PE (TTM) is 19.53, reflecting its recovery potential in the market[75]

| 序号 | 当事人名称 | 主要违法违规行 | 行政处罚内容 | 作出决定机关 | | --- | --- | --- | --- | --- | | | | 为 | | | | 3 | 中国建设银 | 贷款"三查"失 | 对中国建设银行北 | 北京金融 | | | 行北京市分 | | 京市分行罚款35万 | | | | | ਜਿੱ | | 监管局 | | | 行 | | 元。 | | 中国经济网北京9月27日讯 国家金融监督管理总局北京监管局网站昨日披露的行政处罚信息公开表 显示，中国建设银行北京市分行贷款"三查"失职。 北京金融监管局对中国建设银行北京市分行罚款35万元。 （责任编辑：蔡情） ...

Core Viewpoint - The recent administrative penalties imposed on five banks in Beijing highlight the ongoing regulatory focus on compliance in credit operations, particularly regarding the "three checks" system in loan management [1][2][5]. Group 1: Regulatory Actions - Five banks, including major state-owned banks and joint-stock banks, were fined 350,000 yuan each for violations related to loan management, specifically the "three checks" system [1][2][4]. - The "three checks" system, which includes pre-loan investigation, in-process review, and post-loan inspection, is crucial for managing loan risks and ensuring asset quality [2][3]. Group 2: Systemic Risks and Challenges - Inadequate management of working capital loans can lead to misuse of funds and potential systemic financial risks if multiple banks face similar issues [3][4]. - The penalties reflect a broader industry challenge, indicating that loan management problems are not isolated incidents but rather a common issue across the banking sector [4]. Group 3: Regulatory Environment and Future Directions - The regulatory authority has emphasized the importance of compliance and risk management in credit operations, with a focus on enhancing internal controls within banks [5][6]. - Future regulatory measures are expected to diversify, incorporating tools like window guidance and stress testing to create a multi-layered regulatory framework [5]. Group 4: Cultural and Mechanism Reforms - The penalties serve as a catalyst for banks to rethink their internal assessment criteria, ensuring that compliance and asset quality are prioritized alongside growth metrics [6]. - The adoption of advanced technologies such as big data and artificial intelligence is necessary to improve the efficiency and effectiveness of the "three checks" system [6].

Core Viewpoint - The China Construction Bank Huizhou Development Zone Branch has launched an innovative "Three In" publicity campaign to enhance public awareness of financial consumer rights and anti-money laundering knowledge, contributing to regional financial security [1]. Group 1: Campus Initiatives - The bank collaborated with the Zhongkai Anti-Fraud Center to conduct themed promotional activities in multiple schools in the Huizhou Zhongkai area, targeting the financial safety awareness of young people [2]. - Staff utilized real case analyses to explain common money laundering methods and engaged students and teachers through interactive Q&A sessions, effectively integrating anti-money laundering knowledge into campus life [2]. Group 2: Corporate Initiatives - The bank organized specialized training sessions for local enterprises, focusing on anti-money laundering regulations and practical points, addressing the financial needs of businesses [7]. - The training included analysis of potential money laundering risks in business operations, helping finance personnel to master risk identification and response methods, along with a Q&A session to resolve compliance-related queries [7]. Group 3: Public Service Initiatives - The bank established an anti-money laundering publicity area in its service hall, utilizing brochures and promotional banners to create a strong awareness atmosphere [9]. - Staff integrated financial knowledge dissemination into the entire business process, providing one-on-one explanations to customers during their wait or while conducting transactions, thereby enhancing their understanding of financial consumer rights [9]. - The "Three In" campaign has successfully improved both the coverage and depth of financial consumer rights knowledge, transforming abstract concepts into practical tools for public financial safety [9].

登录新浪财经APP 搜索【信披】查看更多考评等级 建信现金增利货币市场基金B类基金份额在中国建设银行销售渠道暂停大额申购、大额转换转入、定期 定额投资公告 公告送出日期：2025年9月27日 1. 公告基本信息 ■ 2.其他需要提示的事项 （1）建信现金增利货币市场基金B类基金份额将于2025年9月29日起在中国建设银行销售渠道暂停大额 申购、大额转换转入、定期定额投资业务，其他业务参照其他相应公告执行。 （3）投资者如有疑问，请拨打本基金管理人客户服务热线：400-81-95533 （免长途通话费），或登录 网站www.ccbfund.cn获取相关信息。 风险提示：本公司承诺以诚实信用、勤勉尽责的原则管理和运用基金财产，但不保证本基金一定盈利， 也不保证最低收益。基金的过往业绩不代表未来业绩。敬请广大投资者注意投资风险，理性投资。 特此公告。 建信基金管理有限责任公司 2025年9月27日 建信纳斯达克100指数型证券投资基金（QDII）基金暂停大额申购、定期定额投资公告 公告送出日期：2025年9月27日 1. 公告基本信息 ■ （2）建信现金增利货币市场基金B类基金份额在中国建设银行销售渠道暂停大额申购 ...

Core Viewpoint - The major state-owned banks in China are abolishing their supervisory boards, transitioning to a governance structure led by audit committees, which is expected to enhance management professionalism and independence [1][2][3]. Group 1: Announcement of Supervisory Board Abolishment - On September 25, five major state-owned banks, including Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, Bank of China, and Bank of Communications, announced the receipt of regulatory approval to abolish their supervisory boards [2]. - This decision has been in the works for some time, with proposals to eliminate supervisory boards appearing in board resolutions as early as April 29 [2]. - Other banks, such as Shanghai Rural Commercial Bank and China Merchants Bank, are also expected to follow suit, with nearly 20 institutions planning to abolish their supervisory boards this year [1][3]. Group 2: Legal and Regulatory Framework - The new Company Law allows limited liability companies to establish audit committees within the board of directors to exercise the functions of supervisory boards, providing a legal basis for banks to abolish their supervisory boards [3]. - The National Financial Regulatory Administration has indicated that financial institutions can choose to replace supervisory boards with audit committees, aligning regulatory policies with legal revisions [3][4]. Group 3: Internal Governance Structure Post-Abolishment - The banks will adopt a single-tier governance structure led by audit committees, which will be composed mainly of independent directors, enhancing supervisory efficiency through professional division of labor [4]. - The transition to audit committees is expected to improve the professionalism and independence of oversight functions, although it will depend on the effective operation of these committees [5].

国有大行集体公告 日前，中国银行、工商银行、农业银行、建设银行和交通银行均公告宣布，其公司章程修订已获得国家金 融监督管理总局核准，并据此正式不再设立监事会，转由董事会下设的审计委员会承接原属监事会的法定 职责。 9月25日，中国银行、农业银行、工商银行、建设银行、交通银行均发布关于不再设立监事会的公告 称，公司章程修订已获监管核准，不再设立监事会。 日前，邮储银行发布关于召开2025年第二次临时股东大会的通知显示，将于10月9日上午召开的股东大会 上审议关于该行不再设立监事会的议案。 这意味着，六大国有行全部取消监事会。 具体来看，各家银行的改革步骤高度一致。中国银行、工商银行、农业银行、建设银行和交通银行均于 2025年6月27日召开的2024年度股东大会上，审议批准了关于修订公司章程以及不再设立监事会的相关 议案。各家银行表示，陆续于近日收到了国家金融监督管理总局同意章程修订的批复文件。 随着新章程获得监管核准，相关调整正式生效。中国银行、农业银行在章程核准之日起即不再设立监事 会；建设银行和交通银行则明确了具体的生效日期，分别为2025年9月23日和9月25日。改革的核心内容 是，原由监事会行使的、依 ...

Dividend and Financial Review - The board of directors proposed a mid-term cash dividend of RMB 1.858 per 10 shares (tax included) for the year 2025[4]. - The financial report for the first half of 2025 has been reviewed by Ernst & Young, ensuring its accuracy and completeness[4]. - The financial summary indicates a strong performance in the first half of 2025, with significant growth in key metrics[7]. - The outlook for the remainder of 2025 remains positive, with expectations for continued growth and profitability[7]. Risk Management and Strategic Focus - The group is actively managing various risks, including credit risk, market risk, and operational risk, to maintain stability[5]. - The report includes forward-looking statements based on current plans and estimates, emphasizing the importance of risk awareness among investors[5]. - The company is focusing on innovation and sustainable development as part of its strategic initiatives[5]. Financial Performance Metrics - Operating income for the six months ended June 30, 2025, was RMB 385,905 million, a 2.95% increase from RMB 374,831 million for the same period in 2024[16]. - Net interest income decreased by 3.16% to RMB 286,709 million compared to RMB 296,059 million for the same period in 2024[16]. - Net profit for the six months ended June 30, 2025, was RMB 162,638 million, a decrease of 1.45% from RMB 165,039 million in the same period of 2024[16]. - The net cash flow from operating activities increased significantly by 332.12% to RMB 1,256,614 million compared to RMB 290,805 million for the same period in 2024[16]. - Total assets as of June 30, 2025, reached RMB 44,432,848 million, reflecting a 9.52% increase from RMB 40,571,149 million at the end of 2024[19]. - The non-performing loan ratio improved slightly to 1.33% from 1.34% at the end of 2024[19]. - The capital adequacy ratio stood at 19.51%, a decrease of 0.18% from 19.69% at the end of 2024[19]. - The bank's core tier 1 capital adequacy ratio was 14.34%, down from 14.48% at the end of 2024[19]. Asset and Liability Management - The bank's total liabilities increased by 9.73% to RMB 40,847,989 million compared to RMB 37,227,184 million at the end of 2024[19]. - The total assets of the company reached RMB 42.67 trillion, with total interest-earning assets at RMB 41.44 trillion[40]. - The company’s non-performing loan ratio remained stable, with total provisions for impairment at RMB 843.50 billion[40]. - The total amount of loans and advances issued by the company reached RMB 27.44 trillion, an increase of RMB 1.60 trillion or 6.20% compared to the end of the previous year[65]. Income and Expense Analysis - Interest income for the six months ended June 30, 2025, was RMB 579.26 billion, a decrease of RMB 47.76 billion or 7.62% compared to the same period last year[38]. - Total operating expenses were RMB 95.50 billion, an increase of RMB 1.15 billion or 1.18% year-over-year, with a cost-to-income ratio of 23.72%, down 0.43 percentage points[54]. - Employee costs rose to RMB 57.79 billion, an increase of RMB 1.75 billion or 3.12% year-over-year[54]. Digital Transformation and Innovation - The company is committed to enhancing its digital banking capabilities, including mobile banking and integrated service platforms[7]. - The digital financial business plan aims for a 2025 action plan, enhancing digital capabilities with a daily usage increase of 96.96% in financial models, enabling 274 internal scenarios[118]. - The total number of "Twin Stars" users reached 533 million, with monthly active users at 243 million, reflecting a year-on-year growth of 14.40%[118]. Customer and Market Engagement - The bank's personal customer base reached 777 million by the end of June, with personal financial assets exceeding CNY 22.04 trillion; domestic personal deposits increased by CNY 1.39 trillion, a growth of 8.57%[131]. - The bank's payment services achieved a transaction volume of CNY 1.80 trillion in the first half of the year, with the number of acquiring merchants reaching 6.13 million[136]. - The bank's credit card loan balance reached CNY 1.05 trillion, maintaining an industry-leading position[135]. International Operations and Expansion - The overseas commercial banking segment achieved a net profit of 7.806 billion yuan in the first half of the year[161]. - CCB Asia's total assets reached 487.41 billion yuan, with a net profit of 3.731 billion yuan in the first half[161]. - CCB Russia reported total assets of 7.608 billion yuan and a net profit of 146 million yuan in the first half[162]. Financial Investments and Asset Management - The total amount of financial investments reached CNY 11.77 trillion, an increase of CNY 1.09 trillion or 10.17% compared to the end of the previous year[81]. - The bank's asset management business scale reached RMB 5.73 trillion by the end of June, with significant contributions from various subsidiaries: RMB 1.69 trillion from CCB Trust, RMB 1.43 trillion from CCB Fund, and RMB 1.41 trillion from CCB Wealth Management[154]. Technology and Innovation - The group has empowered 274 internal application scenarios with its financial large model capabilities, focusing on key areas such as credit approval and intelligent customer service[187]. - The daily peak data processing capacity of the big data platform reached 142.90 billion records, enabling real-time summary of an average of 2.32 billion accounting details per day[188]. - The group has obtained a total of 3,990 financial technology patent authorizations, an increase of 440 patents compared to the end of the previous year, including 2,744 invention patents[191].

Core Viewpoint - The recent financial education event organized by China Construction Bank's Zhenjiang branch aims to enhance public financial literacy and strengthen the ability to prevent financial fraud [1][3] Group 1: Event Overview - The event was held in collaboration with multiple organizations, including the Zhenjiang Public Security Bureau Anti-Fraud Center and local educational institutions, focusing on the theme "Protecting Financial Rights and Supporting a Better Life" [1] - A financial education promotional video was presented to the audience, highlighting key financial knowledge and anti-fraud points [1] - The Zhenjiang Public Security Bureau Anti-Fraud Center conducted a session on preventing telecom fraud, emphasizing the importance of collaboration between banks and law enforcement [1] Group 2: Objectives and Impact - The event's goal is to unite various stakeholders to improve public awareness of financial fraud prevention, encouraging individuals to become both learners and disseminators of anti-fraud knowledge [3] - The innovative approach and resource integration during the event effectively enhanced the public's financial knowledge and fraud prevention capabilities, contributing to the protection of citizens' financial assets [3] - The initiative plays a significant role in fostering a safe, stable, and harmonious financial environment [3]

银行研思录 19 上市银行"十四五回望"之盈利结构变迁 总量研究/银行 本报告为"十四五"期间银行经营回顾与"十五五"规划展望系列第二篇《盈 利结构变迁》，我们将系统展示对于 42 家 A 股上市银行在"十四五"期间的 ROE 结构拆分以及相对行业优势的变化，以表征各银行板块和单家银行盈利结 构和盈利质量的变迁逻辑、驱动因素与结构性特征，为衔接"十五五"战略布 局提供镜鉴。 证券研究报告 | 行业深度报告 2025 年 09 月 26 日 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 41 | 0.8 | | 总市值（十亿元） | 10527.7 | 10.1 | | 流通市值（十亿元） | 9870.5 | 10.4 | 行业指数 % 1m 6m 12m 绝对表现 -6.8 3.6 23.4 相对表现 -9.6 -13.2 -11.6 资料来源：公司数据、招商证券 -10 0 10 20 30 40 Sep/24 Jan/25 May/25 Sep/25 (%) 银行 沪深300 相关报告 1、《上市银行债市浮盈余额有多少？ —银行研思录 1 ...