Core Viewpoint - The market experienced a volatile adjustment in the morning session, with the ChiNext index leading the decline, while bank stocks, particularly China Construction Bank and Jiangsu Bank, reached historical highs [1] Market Performance - The total trading volume in the Shanghai and Shenzhen markets was 788 billion, a decrease of 21.6 billion compared to the previous trading day [1] - Over 4,100 stocks in the market declined, indicating a broad-based downturn [1] Sector Performance - Bank stocks showed resilience, with notable gains in China Construction Bank and Jiangsu Bank, both hitting historical highs [1] - Textile concept stocks surged collectively, with Wanlili reaching the daily limit [1] - Power sector stocks also rose, with Huaihe Energy hitting the daily limit [1] - In contrast, semiconductor stocks faced corrections, with Huahong Semiconductor dropping over 10% [1] Index Performance - By the end of the session, the Shanghai Composite Index fell by 0.26%, the Shenzhen Component Index decreased by 0.84%, and the ChiNext Index dropped by 0.99% [1]

Core Viewpoint - The banking sector is experiencing a surge, with China Construction Bank reaching a historical high, indicating strong investor confidence and market performance in the banking industry [1] Group 1: Company Performance - China Construction Bank has set a new historical high in its stock price, reflecting robust financial health and investor interest [1] - Qingdao Bank and Chongqing Rural Commercial Bank have also achieved new highs for the year, showcasing positive trends among regional banks [1] - Other banks such as Postal Savings Bank, Shanghai Rural Commercial Bank, Huaxia Bank, Minsheng Bank, and Bank of China have followed suit with upward movements in their stock prices [1]

Core Viewpoint - Recent trading activities indicate a significant net buying of China Construction Bank and net selling of several tech companies, highlighting shifts in investor sentiment and market dynamics [1][4]. Group 1: Trading Activities - China Construction Bank saw a net buy of 8.73 billion HKD, while Tencent Holdings experienced a net sell of 11.8 billion HKD [1]. - Other notable net sells included Pop Mart at 8.78 billion HKD, Xiaomi Group at 8.41 billion HKD, and Semiconductor Manufacturing International Corporation (SMIC) at 6.97 billion HKD [1][3]. - Southbound funds have continuously net bought Meituan for 9 days, totaling 87.3642 billion HKD, and have net bought China Construction Bank for 4 days, totaling 25.8661 billion HKD [3]. Group 2: Company-Specific News - China Construction Bank: The People's Bank of China and other regulatory bodies announced a set of financial policies aimed at stabilizing the market, with Morgan Stanley indicating limited impact on net interest margin forecasts [4]. - Tencent Holdings: Expected to release Q1 earnings on May 14, with projections of stable core business performance and a 15% year-on-year growth in online AR/VR game revenue [4][5]. - Pop Mart: Recent reports indicate significant share sales by Fengqiao Capital, totaling over 2.1 billion HKD, as the company anticipates a rise in stock prices in 2024 [4][5]. - Xiaomi Group: Responded to recent controversies regarding its SU7 Ultra model, adjusting marketing language to comply with regulatory requirements [5]. - SMIC: Reported Q1 revenue of 16.301 billion HKD, a 29.4% year-on-year increase, with a projected revenue decline of 4% to 6% in Q2 [5]. - Li Auto: Analysts recommend focusing on companies with strong cost structures and new vehicle cycles, highlighting potential opportunities in the electric vehicle sector [5].

本行已于2025年4月11日就本行拟赎回本期债券事项获得国家金 融监督管理总局出具的《关于建设银行赎回2020年境外二级资本债券 意见的函》，国家金融监督管理总局对本行赎回本期债券无异议，行 使赎回权条件已满足。 本期债券于赎回日赎回完成后，将不再含有未偿付余额。本行将 相应向香港联合交易所有限公司申请撤回本期债券上市。 本公告中所使用的简称（另作定义的除外）均与本期债券发行条 件与条款中的含义一致。 股票代码：601939 股票简称：建设银行 公告编号：临 2025-030 中国建设银行股份有限公司 关于赎回境外二级资本债券的公告 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。 中国建设银行股份有限公司（以下简称本行）于2020年6月24日 在香港联合交易所有限公司发布初始年利率为2.45%、于2030年到期 的20亿美元二级资本债券（以下简称本期债券）发行及上市的公告。 根据本期债券条件与条款，本行已通知本期债券的持有人其将于 2025年6月24日（以下简称赎回日）行使赎回权赎回所有未偿付的本 期债券。本行将按照本金加上截至 ...

Summary of Key Points Core Viewpoint - The Hong Kong stock market experienced significant net selling from Northbound capital, totaling 23.85 billion HKD on May 8, with notable net selling in major stocks like Tencent and Xiaomi, while Construction Bank and Meituan saw net buying [1]. Group 1: Northbound Capital Flow - Northbound capital recorded a net selling of 23.85 billion HKD, with 10.97 billion HKD from Shanghai Stock Connect and 12.88 billion HKD from Shenzhen Stock Connect [1]. - The stocks with the highest net buying included Construction Bank (00939), Chifeng Jilong Gold (06693), and Meituan-W (03690) [1]. - The stocks with the highest net selling included Tencent (00700), Xiaomi Group-W (01810), and the Tracker Fund of Hong Kong (02800) [1]. Group 2: Individual Stock Performance - Construction Bank (00939) received a net inflow of 8.73 billion HKD, supported by a recent announcement of a basket of financial policies aimed at stabilizing the market [4]. - Chifeng Jilong Gold (06693) saw a net inflow of 4.82 billion HKD, with expectations of meeting market performance in 2024 and successful overseas financing for acquisitions [5]. - Semiconductor Manufacturing International Corporation (00981) faced a net outflow of 6.97 billion HKD, with upcoming board meetings to discuss financial results amid potential changes in U.S. AI chip regulations [5]. - The Tracker Fund of Hong Kong (02800) experienced a net outflow of 7.1 billion HKD, with market sentiment remaining cautious despite some optimism [6]. - Xiaomi Group-W (01810) had a net outflow of 8.41 billion HKD, following recent controversies regarding its vehicle specifications [6]. - Tencent (00700) faced a net outflow of 11.79 billion HKD, with expectations for stable core business performance in its upcoming quarterly report [6].

Company Dynamics - The fishing tackle industry in China is significantly represented by the city of Lingxiang, known as the "hometown of fishing floats," which produces over 80% of the national market share in float products and has more than 3,000 related enterprises [2] - The Bank of Construction has provided financial support to over 1,100 fishing float and tackle enterprises in Yueyang, with a total credit exceeding 120 million yuan and loans amounting to 90 million yuan, fostering high-quality development of the float industry cluster [2] Financial Empowerment for Expansion - Hunan Chihai Float Tackle Co., a leading company in the float industry, received a 10 million yuan loan from the Bank of Construction to address funding shortages during its expansion phase, benefiting from low interest rates and flexible repayment options [3][5] - The collaboration with the Bank of Construction has led to significant improvements in production capacity and brand competitiveness for Chihai Float [5] Support for Small and Micro Enterprises - The Bank of Construction has adopted a model of "small loans, gradual credit, and flexible repayment" to support small and micro enterprises, exemplified by Hunan Xuanming Crafts Fishing Tackle Co., which increased its credit limit from 600,000 yuan to 4 million yuan to meet production demands [6] - Hunan Liuwan Fishing Tackle Co. also benefited from the Bank's financial support, which helped the company overcome challenges related to rising labor costs and tight liquidity [6][8] International Market Expansion - The float industry in Lingxiang aims to expand globally, facing challenges such as slow foreign exchange settlements and limited trade financing channels [8] - Hunan Ruiqi Outdoor Products Co., which specializes in artificial bait production, received a 10 million yuan loan from the Bank of Construction to ensure timely delivery of overseas orders, facilitating its international market expansion [9]

Group 1 - Southbound funds experienced a significant net sell-off of 7.866 billion yuan today [1] - In the Hong Kong Stock Connect (Shanghai), Tencent Holdings and Xiaomi Group-W saw net sell-offs of 2.543 billion HKD and 1.686 billion HKD respectively [1] - Construction Bank had the highest net buying amount at 668 million HKD [1] Group 2 - In the Hong Kong Stock Connect (Shenzhen), SMIC and Xiaomi Group-W faced net sell-offs of 443 million HKD and 341 million HKD respectively [1] - Meituan-W recorded the highest net buying amount at 121 million HKD [1]

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first recommendation [11] Core Insights - The company has shown steady growth in scale and improvement in asset quality, with a slight decline in profitability growth rates [5][9] - The first quarter of 2025 saw a year-on-year revenue decrease of 5.4% and a net profit decline of 3.99%, attributed to slower growth in non-interest income and increased provisions [5][6] - The company’s total assets grew by 7.7% year-on-year, with deposits increasing by 3.6% and loans by 7.9% [6] - The non-performing loan ratio decreased to 1.33%, while the provision coverage ratio increased to 236.8%, indicating improved asset quality [9][10] Financial Performance Summary - For the first quarter of 2025, the company reported operating revenue of 1900.7 billion yuan and a net profit of 833.5 billion yuan [4] - The estimated earnings per share (EPS) for 2025-2027 are projected to be 1.35, 1.40, and 1.44 yuan respectively, with corresponding price-to-book (PB) ratios of 0.66, 0.60, and 0.55 [11][13] - The company’s effective tax rate decreased to 10.5%, reflecting a favorable tax environment [8] Asset and Liability Management - The company’s interest margin decreased by 10 basis points to 1.41% in the first quarter of 2025, primarily due to a larger decline in asset yields compared to improvements in liability costs [7] - The loan balance increased by 1.18 trillion yuan in the first quarter, which is 6.8 billion yuan more than the same period last year [6] Future Projections - The company is expected to see a slight recovery in net profit growth rates, with projections of 3382 billion yuan in 2025, 3496 billion yuan in 2026, and 3591 billion yuan in 2027 [11][13] - The forecasted operating revenue for 2025 is 7354 billion yuan, reflecting a decrease of 2% from 2024 [13]

Investment Rating - The report assigns a "Buy" rating for the company [11] Core Insights - The company has shown steady growth in scale and improvement in asset quality, with total assets increasing by 7.7% year-on-year to 42.8 trillion yuan [6] - The first quarter of 2025 saw a decline in operating income by 5.4% year-on-year, while net profit attributable to shareholders decreased by 3.99% [5] - The non-performing loan ratio decreased to 1.33%, and the provision coverage ratio increased to 236.8% [9][10] Financial Performance - For the first quarter of 2025, the company reported operating income of 190.07 billion yuan and net profit of 83.35 billion yuan [4] - The company’s total deposits grew by 3.6% to 30.4 trillion yuan, and total loans increased by 7.9% to 27 trillion yuan [6] - The estimated net interest margin for the first quarter of 2025 was 1.41%, reflecting a decrease of 10 basis points [7] Revenue and Profit Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 338.2 billion, 349.6 billion, and 359.1 billion yuan respectively, with corresponding EPS of 1.35, 1.40, and 1.44 yuan [11] - The projected P/B ratios for 2025-2027 are 0.66, 0.60, and 0.55 respectively [11] Asset Quality - The company’s core Tier 1 capital adequacy ratio is reported at 13.98%, with a total capital adequacy ratio of 19.15% [10]

近日，上海市十六届人大常委会第二十次会议表决通过《上海市浦东新区促进中国（上海）自由贸易试 验区自由贸易账户业务发展若干规定》（以下简称《规定》），并将于2025年5月1日起正式施行。同步 发布的《上海国际金融中心进一步提升跨境金融服务便利化行动方案》（以下简称《行动方案》）与之 相得益彰。两项重磅政策落地，标志着上海自贸区金融改革迈入全新阶段，为自由贸易账户发展注入动 能，为上海建设具有全球影响力的国际金融中心增添有力法治保障，也为企业应对复杂多变的国际局 势，特别是"对等关税"带来的挑战提供了强有力的金融支持。 作为自贸区金融创新的深度参与者和积极推动者，建行上海市分行始终勇立潮头，以金融为民的使命担 当，积极投身自贸金融实践，致力于为企业打造高效、便捷、安全的跨境金融服务体系。 回望来时路：FT账户开启金融创新关键篇章 此次《规定》的出台，是对上海自贸区十余年FT账户试点经验的系统总结与制度固化，充分发挥了上 海金融改革"试验田"作用，以业务发展需求为导向提升立法层级，为国家探索制度创新、开辟发展新 路、补足发展短板。通过全面对接国际高标准经贸规则，不断完善自由贸易账户系统功能、优化账户规 则，实现上海 ...