A股持续上攻之后，沪指时隔10年重新站上3800点。8月22日，上证指数报收3825.76点，该指数上一次 站上3800点之上，还是在2015年8月19日，当天最高达到3811.43点，最终收于3794.11点。 昔日大市值龙头今何在？ 行情走热，A股总市值也水涨船高。据三大交易所披露，截至8月22日，沪深京全部上市公司总市值达 102.81万亿元，其中沪市、深市公司总市值分别为61.41万亿元、40.48万亿元，北交所公司总市值9210 亿元。另据Wind统计（下同），按照指定证券价格乘以指定日总股本计算上市公司在该市场的估值，A 股最新市值总和约116万亿元。 这波"慢牛"行情背后，哪些A股公司实现了市值增长？根据上述统计口径，目前，A股万亿级市值的公 司已达到13家，涉及"中农工建"四大行，以及中国移动、中国石油等"中字头"，还有贵州茅台、宁德时 代等行业龙头。目前，工商银行是A股"市值王"，最新总市值高达2.72万亿元。 拉长时间线，A股时隔十年重返3800点。十年间，资本市场持续深化改革，二级市场亦经历涨跌起伏， A股市值版图有何变化？哪些A股公司穿越牛熊实现了市值增长，成为千亿级市值龙头？ 记者对 ...

Summary of Conference Call on China Banks Equities Industry Overview - The focus is on the banking sector in mainland China, specifically the performance of covered banks in 2Q25 compared to 1Q25 [2][5][6]. Key Points and Arguments 1. **Net Profit Growth Expectations**: - Net profit growth for 2Q25 is expected to improve compared to 1Q25, driven by smaller-than-expected net interest margin (NIM) compression, stable credit costs, and effective cost control [2][5]. - Investment gains, operating expense control, and fee income growth are key contributors to this expected improvement [2][5]. 2. **Investment Thesis**: - Preference for brokers and insurers over banks among mainland China financials, with specific interest in HKEX and BOCHK among Hong Kong financials [2][5]. - Southbound inflow is anticipated to support share prices for banks and non-bank financials [2]. 3. **NIM Trends**: - NIM compression is expected to slow in 2Q25 due to ongoing deposit repricing and recent deposit rate cuts [5][17]. - The sector NIM decline narrowed in 2Q25 compared to 1Q25 [16]. 4. **Fee Income Growth**: - Fee income growth is projected to improve in 2Q25, supported by resilient corporate business and wealth-related fees [5][10]. - Banks with significant exposure to consumption and credit card businesses may face challenges [5]. 5. **Investment Gains**: - Investment gains are expected to improve in 2Q25, with banks likely to book mark-to-market gains due to falling rates [5][17]. - In 2024, investment gains accounted for 3-16% of revenue for covered banks [17]. 6. **Cost Control Measures**: - Mixed outlook on cost control, with banks expected to cut variable pay and administrative fees due to revenue pressures [5]. - CMB and CEB have outperformed peers in cost management from 2021 to 2024 [5]. 7. **Loan Growth Outlook**: - Overall loan demand remains weak, particularly in corporate and retail segments [5][25]. - Selected banks are de-risking consumption loan portfolios, with state-owned banks expected to outperform joint-stock banks [5]. 8. **Asset Quality**: - Mixed outlook on asset quality, with stable non-performing loan (NPL) ratios for corporate loans but potential increases for retail consumption loans [5][21]. - Some banks may accelerate the disposal or write-off of bad debts, improving NPL coverage ratios [5]. 9. **Market Sentiment**: - Household willingness to spend and invest has decreased in 2Q25, impacting overall credit demand [14]. Additional Important Insights - The report emphasizes the differentiation in profit growth among banks, driven by various factors including investment gains and fee income [5]. - The anticipated EPS dilution impact from capital injection is expected to manifest in 3Q25 [2]. - The conference highlights the importance of monitoring macroeconomic conditions and regulatory changes that could impact the banking sector [2][5]. This summary encapsulates the key insights and trends discussed in the conference call regarding the banking sector in mainland China, providing a comprehensive overview of expected performance and strategic preferences.

美联储2025年3月维持联邦基金利率在4.25%-4.5%不变，但8月23日鲍威尔在杰克逊霍尔会议上释放降息信号，市场迅速押注9月降息概率飙升至91.3% 。 这一国际动向直接冲击中国金融市场：上半年住户存款增加10.77万亿元，但7月单月减少1.11万亿元，资金正加速流向理财、基金等领域。 就在这波"全球降息潮"与"国内存款迁徙"的交织中，央行等三部门8月4日发布的《金融机构客户尽职调查和客户身份资料及交易记录保存管理办法（征求 意见稿）》引发热议——单笔5万元以上现金存取无需再登记来源或用途，但这些细节你必须知道！ 一、国际国内局势：降息潮下的存款"大挪移" 1. 美联储降息的蝴蝶效应 - 资本流动重构：美联储2024年三次降息后，境外机构2024年四季度增持中国债券超3000亿元，上海自贸试验区内企业跨境购买境外高息存单规模同比增 长45%。但国内"存款特种兵"也没闲着，2025年1月居民购汇额度使用率同比提升22个百分点，部分人甚至跨城抢购年化4.5%的美元存单。 - 政策联动应对：为对冲美联储降息影响，中国央行2024年9月降准0.5个百分点、逆回购利率下调至1.5%，2025年5月15日再次降准0 ...

不久后，客户刘女士在两位民警的陪同下来到支行大厅。经了解，刘女士在短视频平台点击不明链接 后，遭遇冒充客服的电信诈骗，被诱导下载远程控制软件，遭对方操控完成汇款操作，整个过程持续近 1小时。 长沙晚报8月24日讯（全媒体记者 陈星源 通讯员 郭思思 李游） 近日，益阳建行南洲路支行与警方协同 作战，成功拦截一起电信诈骗案件，为客户挽回15万港元（折合人民币约14万元）的经济损失。 "丁零零……"急促的电话铃声划破了南洲路支行的宁静：该行收到建行益阳市分行转发的外汇诈骗可疑 交易线索，称一名客户疑似遭遇重大电信诈骗，涉及资金即将汇往境外。支行立即启动应急机制，展开 拦截工作。 "太谢谢你们了！谢谢警察同志！谢谢建行！"刘女士在现场情绪激动，连连道谢。 此次成功拦截电信诈骗并追回客户资金，是中国建设银行科技赋能金融安全的生动实践。南洲路支行将 以此为契机，继续强化科技手段在风险防控中的应用，不断提升服务质量和水准，为广大客户营造更加 安全、可靠的金融环境，为守护人民群众的"钱袋子"贡献更多的建行力量。 诈骗分子未曾料到，刘女士报案后，银行早已迅速响应。南洲路支行对线索涉及的可疑交易展开精准研 判，并通过系统迅速向 ...

活动背景 2025年是"十四五"规划收官之年，也是为"十五五"良好开局打牢基础的关键之年。自中央金融 工作会议提出金融强国目标，并提出做好金融五篇大文章后，金融监管部门陆续出台多个文 件，着力推动金融机构从多个角度支持"五篇大文章"的落实。2025年3月，国办发布《关于做 好金融"五篇大文章"的指导意见》，要求到2027年，金融"五篇大文章"发展取得显著成效。 银行业是金融体系的核心组成部分。《清华金融评论》一直以来重视并持续跟踪银行业发展 趋势，持续通过封面专题、"银行与保险""银行家论道"等栏目，长期跟踪行业发展热点。自 2021年起，连续发布"中国银行业排行榜200强"及研究报告深入分析银行业发展趋势，通过举 办"银行家论道"研讨会、颁发"《清华金融评论》·紫荆奖""中国银行业创新发展优秀案例奖"等 多元形式，展示商业银行实践风采。 2025"银行家论道"研讨会暨中国银行业排行榜200强发布会 将于 8月28日 在 北京 举办，会议主题 为 "拥抱AI技术变革，服务实体经济——以金融提质增效助力经济高质量发展" ，届时将邀请行 业资深专家和各银行机构嘉宾代表进行交流分享，聚焦银行发展和科技变革，探讨最前 ...

业 及 产 业 2025 年 08 月 23 日 冯思远 (8621)23297818× fengsy@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 证券分析师 郑庆明 A0230519090001 zhengqm@swsresearch.com 林颖颖 A0230522070004 linyy@swsresearch.com 冯思远 A0230522090005 fengsy@swsresearch.com 李禹昊 A0230525070004 liyh2@swsresearch.com 研究支持 李禹昊 A0230525070004 liyh2@swsresearch.com 联系人 上市银行有望开启新一轮稳 ROE 周期 看好 ——银行新周期、新格局系列之再看盈利驱动 前言：我们曾在今年 5 月发布的专题报告《再论银行业投资框架与配置价值》中提出一个核 心判断：上市银行或已重新进入 ROE 趋稳阶段。基于此，当我们讨论银行股估值时，在传统 PB 视角的基础上参考 PE 会更能凸显银行的配置价值。本篇报告从维护金 ...

证券研究报告·固定收益·固收点评 本周（20250818-20250822）银行间市场及交易所市场无新发行二级资本 债。 截至 2025 年 8 月 22 日，二级资本债存量余额达 46,753.85 亿元，较上 周末（20250815）减少 30.0 亿元。 ◼ 二级市场成交情况： 本周（20250818-20250822）二级资本债周成交量合计约 2162 亿元，较 上周增加 545 亿元，成交量前三个券分别为 25 工行二级资本债 02BC （116.98 亿元）、25 工行二级资本债 01BC（110.37 亿元）和 25 中行二 级资本债 01BC（100.12 亿元）。 分发行主体地域来看，成交量前三为北京市、上海市和广东省，分别约 为 1733 亿元、153 亿元和 67 亿元。 固收点评 20250823 二级资本债周度数据跟踪 （20250818-20250822） [Table_Tag] [Table_Summary] 观点 ◼ 一级市场发行与存量情况： 从到期收益率角度来看，截至 8 月 22 日，5Y 二级资本债中评级 AAA-、 AA+、AA 级到期收益率较上周涨跌幅分别为：6.73 ...

根据中国建设银行股份有限公司山西省分行与中国长城资产管理股份有限公司山西省分公司签订的《资 产转让合同》（编号：CCB20250006-SX），中国建设银行股份有限公司山西省分行（含各分支行）将 其持有的对公告清单所列借款人及其担保人享有的主债权及从债权和其他相关权利，依法转让给中国长 城资产管理股份有限公司山西省分公司。中国建设银行股份有限公司山西省分行特公告通知各借款人、 担保人以及借款人、担保人因各种原因发生更名、改制、合并、分立、重整、歇业、破产、吊销营业执 照或丧失民事主体资格等情况的相关承债主体或清算主体。 中国长城资产管理股份有限公司山西省分公司作为上述债权的受让方，现公告要求公告清单中所列包括 但不限于借款人、担保人及其清算义务人等其他相关当事人，从公告之日起立即向中国长城资产管理股 份有限公司山西省分公司履行借款合同及担保合同约定的还本付息义务或承担相应的担保责任（若借款 人、担保人因各种原因发生更名、改制、合并、分立、重整、歇业、破产、吊销营业执照或丧失民事主 体资格等情形，请相关承债主体、清算主体代为履行义务或承担清算责任）。 特此公告。 3 晋中百谷恋酒店管理有限公司 人民币 3,70 ...

Group 1 - The fund is named "Invesco Great Wall SSE Sci-Tech Innovation Board Comprehensive Index Enhanced Securities Investment Fund" and is approved for fundraising by the China Securities Regulatory Commission (CSRC) [1] - The fund is classified as an equity securities investment fund, managed by Invesco Great Wall Fund Management Co., Ltd., with China Construction Bank as the custodian [2][3] - The public offering period for the fund is from August 27, 2025, to September 16, 2025, and it is available to individual and institutional investors, as well as qualified foreign investors [5][12] Group 2 - The minimum initial subscription amount for the fund is set at 1 yuan, and there is no limit on additional subscriptions [3][24] - The fund will not impose a maximum subscription limit for individual accounts during the fundraising period, but may restrict subscriptions if an individual investor's total holdings exceed 50% of the total fund shares [3][24] - The fund's subscription fee for Class A shares is tiered based on the subscription amount, while Class C shares do not incur a subscription fee [19][21] Group 3 - Investors must open a fund account to subscribe, and the application process can be completed simultaneously with the account opening during the fundraising period [6][27] - The fund's net value may fluctuate due to market volatility, and investors are encouraged to read the prospectus and fund contract carefully before investing [7][8] - The fund's management has the discretion to adjust the fundraising arrangements based on various factors [17][18] Group 4 - The fund's total fundraising amount must reach at least 200 million yuan and have a minimum of 200 subscribers for the fund contract to take effect [13][38] - If the fundraising conditions are not met by the end of the period, the management will return the investors' contributions with interest [39] - The fund's management and other involved parties will not request compensation if the fundraising fails [39] Group 5 - The fund's management company is Invesco Great Wall Fund Management Co., Ltd., established on June 12, 2003, with a registered capital of 130 million yuan [40] - The custodian of the fund is China Construction Bank, which has been operational since September 17, 2004 [41][42] - The fund's registration and legal compliance will be overseen by a law firm and an accounting firm, ensuring proper governance and transparency [43]

Group 1 - The fund is a bond-type securities investment fund managed by CCB Fund Management Co., Ltd. [1] - The fund has a minimum holding period of 60 days for each fund share, during which no redemption will be processed [2][12] - The fund management company must announce any changes to the subscription and redemption times in accordance with legal regulations [3] Group 2 - The minimum subscription amount for each transaction account is set at 1 RMB [4] - A-class fund shares incur a subscription fee, while C-class fund shares do not charge any subscription fees [5][8] - Pension clients can enjoy a 10% discount on subscription fees if they complete account authentication at the direct sales counter [6] Group 3 - Each redemption request must not be less than 0.01 fund shares, and if the remaining balance is less than 0.01 shares, a full redemption is required [12] - There are no redemption fees if the minimum holding period is met [12] - The fund management company can adjust redemption limits and fees as permitted by law [13] Group 4 - The fund allows for conversion between its shares and other funds managed by the same company, with conversion fees based on the difference in subscription and redemption fees [14][15] - The conversion business is applicable to other open-end funds managed by the company that have announced the opening of conversion services [16] Group 5 - The fund offers a regular investment plan where investors can set up automatic deductions for fund purchases [18] - The minimum investment amount for the regular investment plan is also set at 1 RMB [20] Group 6 - The fund management company must disclose the net asset value and cumulative net asset value of the fund shares on the next business day after processing subscription or redemption requests [24] - Investors must follow the procedures set by the sales institutions to submit subscription or redemption requests during the specified business hours [25]