当地时间4日，葛海蛟会见沙特公共投资基金（PIF）副总裁兼中东北非投资总监亚齐德·阿尔胡米德 （Yazeed Al-Humied）。他表示，习近平主席2022年成功访问沙特以来，中沙关系取得新的积极进展， 多领域合作迎来广阔发展机遇。中国银行始终将PIF视为重要全球合作伙伴，在存贷款、资本市场等领 域不断拓展合作深度和广度。希望双方依托中国银行在中东地区的广泛金融服务网络，围绕人民币国际 使用、重点项目融资、金融市场等领域加强互动，共同为促进地区国家发展繁荣作出新贡献。阿尔胡米 德表示，中国银行是与PIF业务合作最密切的银行之一，希望中国银行继续支持PIF在全球投资兴业，共 同推动金融合作取得新成果。 期间，葛海蛟与中国驻沙特大使馆参赞高明会谈，围绕主动融入中沙经贸合作大局、提升人民币产品服 务质效等话题沟通交流；调研利雅得分行，就更好服务国家重大战略、切实提升可持续发展能力、扎实 筑牢风险防控根基等方面作出部署。 责任编辑：曹睿潼 来源：中国银行 来源：中国银行 当地时间2月2日至4日，中国银行董事长葛海蛟在沙特利雅得开展工作调研，围绕落实两国领导人重要 共识、拓展多领域互利合作等话题与政商界人士深入交流。 ...

分享环节中，人民银行福建省分行专家系统地讲解了我省人民币跨境使用的鲜活案例与发展机遇；福州外代国际货运代理有限公司财务人员作为国企代表， 分享了以人民币结算降低汇兑成本、稳定经营预期的使用经验。中国银行总行及澳门分行的专家则分别从全球业务视野与境外财资管理中心建设角度，阐述 了人民币国际化的新机遇与现金管理前沿应用。 活动上，中国银行福建省分行正式发布《国企跨境服务方案》。该方案整合跨境结算、融资、避险等一揽子金融服务，支持国有企业在贸易、投融资、跨境 资金管理等全业务流程中落实"本币优先"，助力构建"本币优先"的跨境生态圈。 中新网福建新闻2月5日电 2026年2月4日，由中共福建省委金融委员办公室、中国人民银行福建省分行、福建省人民政府国有资产监督管理委员会共同指 导，中国银行福建省分行承办的"闽企扬帆 本币为先"人民币国际使用推介会在福州举办。活动聚焦人民币国际使用与福建国企跨境金融需求，政府代表、 省属国企代表及金融机构负责人参会合计约120名，共话人民币跨境使用新机遇。 推介会以"依闽海而立，择本币而进；向世界而行，乘大势而上"为主题，围绕人民币国际化政策导向、国企应用案例与金融服务展开深入交流，省 ...

格隆汇2月5日｜香港交易所信息显示，贝莱德在中国银行H股的持股比例于01月30日从5.99%升至 6.04%。 ...

Core Viewpoint - The report from BOC International indicates that the Chinese banking sector remains stable with attractive valuations, maintaining an "overweight" rating, with a preference for Industrial and Commercial Bank of China (ICBC) [1] Group 1: Investment Outlook - Investors are expected to focus on H-shares of banks this year due to their low valuations and solid fundamentals, with an anticipated dividend yield of approximately 5.46%, which is significantly higher than the one-year RMB deposit rate of 1.5% and the one-year HKD deposit rate of about 3% [1] - Looking ahead to 2026, it is anticipated that policymakers will continue to promote accommodative monetary policy and proactive fiscal policy, leading long-term investors to closely monitor H-share bank stocks [1] Group 2: Preferred Stocks - Among Chinese bank stocks, ICBC is favored due to its relatively low valuation compared to peers [1] - Recommendations include "buy" ratings for Agricultural Bank of China (1288.HK), China Merchants Bank (3968.HK), China Construction Bank (0939.HK), Postal Savings Bank of China (1658.HK), and China Everbright Bank (6818.HK) [1]

Investment Rating - The report maintains a positive outlook on the banking industry, indicating that high-quality city commercial banks may exceed expectations [1]. Core Insights - The report forecasts that listed banks will exhibit "stable revenue and gradually improving profit growth" characteristics in 2025, with a projected revenue growth of 0.9% year-on-year and a recovery in net profit growth to 1.9% [3]. - Performance differentiation among various types of banks is expected, with city commercial banks showing superior results, while state-owned banks and leading joint-stock banks maintain stable positive growth [3]. - Key drivers for stable profit growth include narrowing interest margin declines, improved market sentiment, and stable asset quality ensuring credit costs do not significantly erode profits [3]. Summary by Sections Revenue and Profit Forecast - Listed banks are expected to see a revenue growth of 0.9% in 2025, with net profit growth recovering to 1.9% [3]. - State-owned banks are projected to have a revenue growth of 1.5%, while joint-stock banks are expected to see a revenue decline of 1.8% [3]. - City commercial banks in regions like Jiangsu and Zhejiang are anticipated to maintain high single-digit profit growth, with some banks achieving double-digit growth [3]. Non-Interest Income and Market Conditions - Non-interest income is influenced by market conditions and the timing of revenue recognition by banks, with a projected recovery in 2025 due to a low base from 2024 [3]. - The report notes that banks are likely to see a 3% year-on-year growth in non-interest income in the first half of 2025 and 4.6% by the end of the third quarter [3]. Interest Income and Credit Growth - Interest income is expected to stabilize as banks manage their asset pricing and liability costs effectively, with a projected decline in interest margin narrowing to about 10 basis points [4]. - Credit growth is anticipated to remain stable, with a focus on corporate lending, while retail lending shows weaker performance [3]. Asset Quality and Provisioning - The report indicates that the non-performing loan (NPL) ratio for listed banks is expected to remain stable at around 1.22% [4]. - The provisioning coverage ratio is projected to decrease slightly to 236%, with banks advised to focus on those with low NPL generation and high provisioning ratios [4]. Investment Recommendations - The report suggests focusing on high-quality banks that are likely to recover towards a price-to-book (PB) ratio of 1, particularly city commercial banks with strong credit growth [4]. - It highlights the potential for dividend yields to attract investors, with a current dynamic dividend yield of approximately 4.8% [4].

Market Overview - AMD's overnight drop of 17% triggered a significant decline in chip stocks, leading to a 1.95% drop in the Chinese concept index, which negatively impacted the Hong Kong stock market [1] - The Hang Seng Index fell by 340.88 points, or 1.27%, to 26,506.44 points, while the Hang Seng Tech Index decreased by 62.30 points, or 1.16%, to 5,304.14 points [1] - Major tech stocks like Tencent and Alibaba saw declines of nearly 3% and 2.5%, respectively, with Tencent's market value dropping below 500 billion [1] Company Performance - Xinda Biopharmaceuticals (01801.HK) projected total product revenue of approximately RMB 11.9 billion for 2025, reflecting a year-on-year growth of about 45% [2] - Lee & Man Paper Manufacturing (02314.HK) expects profits for 2025 to be between HKD 1.88 billion and HKD 2.00 billion, indicating a year-on-year increase of 38% to 47% [2] - ZTO Express (02057.HK) anticipates total revenue of RMB 48.5 billion to RMB 50 billion for 2025, representing a year-on-year growth of approximately 9.5% to 12.9% [2] - China Resources Cement (01313.HK) forecasts a year-on-year profit increase of about 115% to 135% for 2025, driven by reduced costs and impairment losses [2] Corporate Actions - Goldin Properties (00535.HK) reported a January contract sales total of approximately RMB 239 million, a year-on-year decrease of 61.82% [3] - Fosun International (00656.HK) plans to subscribe for additional registered capital of RMB 105 million in Shangmeng Technology, acquiring a 51.0879% stake post-increase [3] - Shanghai Pharmaceuticals (02607.HK) intends to publicly transfer its 30% stake in Bristol-Myers Squibb, with a minimum listing price of approximately RMB 1.023 billion [3] - China Coalbed Methane (08270.HK) completed the sale of 100% equity in Shanxi Qingshui Shuntai Energy Development [4] Investment Trends - The active repurchase of shares continues, with Kingsoft (03888.HK) repurchasing 1.0886 million shares for approximately HKD 29.99 million [9] - Xiaomi Group (01810.HK) repurchased 4.3 million shares for a total of HKD 146 million [10] - Kingdee International (00268.HK) repurchased 1 million shares for approximately HKD 11.1 million [11] Market Outlook - Guoyuan International's report suggests that the Hong Kong stock market may experience short-term volatility due to external factors, but maintains a positive long-term outlook [12] - CITIC Securities highlights the potential for new investment opportunities in emerging markets, despite risks from rising oil prices and long-term bond yields [12] - Galaxy Securities recommends focusing on technology, energy, precious metals, and consumer sectors for potential rebounds [13]

Core Insights - The "2025 Hurun China 500" report highlights TSMC as the highest-valued private enterprise in China, with a valuation increase of 3.5 trillion RMB, reaching 10.5 trillion RMB [1][4] - Tencent follows as the second highest, with a valuation growth of 1.9 trillion RMB, totaling 5.3 trillion RMB [1][4] - ByteDance ranks third, increasing its value by 1.8 trillion RMB to 3.4 trillion RMB [1][4] - Xiaomi enters the top ten for the first time, with a valuation increase of 357 billion RMB, reaching 1 trillion RMB [1][4] Top Ten Private Enterprises - TSMC: Valuation of 105,000 million RMB, growth of 50% [2][5] - Tencent: Valuation of 53,300 million RMB, growth of 56% [2][5] - ByteDance: Valuation of 34,000 million RMB, growth of 109% [2][5] - Alibaba: Valuation of 27,000 million RMB, growth of 75% [2][5] - CATL: Valuation of 18,600 million RMB, growth of 59% [2][5] - Pinduoduo: Valuation of 13,200 million RMB, growth of 16% [2][5] - Ping An Insurance: Valuation of 10,500 million RMB, decline of 15% [2][5] - Xiaomi: Valuation of 10,000 million RMB, growth of 56% [2][5] - BYD: Valuation of 8,720 million RMB, growth of 10% [2][5] - Huawei: Valuation of 8,500 million RMB, growth of 25% [2][5] Top Ten State-Owned Enterprises - Agricultural Bank: Valuation of 202,000 million RMB [3][6] - Industrial and Commercial Bank: Valuation of 274,000 million RMB [3][6] - State Grid: Valuation of 266,000 million RMB [3][6] - China National Railway Group: Valuation of 224,000 million RMB [3][6] - China Construction Bank: Valuation of 203,000 million RMB [3][6] - Kweichow Moutai: Valuation of 182,000 million RMB [3][6] - China Petroleum: Valuation of 176,000 million RMB [3][6] - Bank of China: Valuation of 170,000 million RMB [3][6] - China Mobile: Valuation of 175,000 million RMB [3][6] - CITIC Group: Valuation of 156,000 million RMB [3][6]

本报讯 记者赵萌报道 近日，中国银行作为主承销商，成功协助摩根士丹利在中国银行间市场发行 26亿元熊猫债。本次发行是摩根士丹利第三次"亮相"中国债券市场，中国银行参与全部三期发行，累计 协助融资66亿元人民币，充分彰显了国际发行人对中国市场的坚定信心和高度认可。 据了解，2025年7月，中国银行协助引进摩根士丹利进入中国债券市场，成功发行首单美资发行人 熊猫债，为国际优质发行人提供了有价值的实践范例，吸引更多境外主体关注并参与中国债券市场。截 至目前，中国银行已服务来自亚洲、欧洲、北美洲、非洲、南美洲发行人来华发行熊猫债。中国银行将 继续依托全球化服务网络和跨境金融优势，以丰富的项目经验和独特的市场视角协助各类发行主体进入 中国市场，开拓投融资新渠道，为提升人民币国际影响力、推动高水平对外开放贡献更大力量。 责任编辑：袁浩 ...

智通财经APP获悉，香港联交所最新资料显示，2月4日，大健康国际(02211)股东将股票由招银国际证券 转入中国银行(香港)，转仓市值527.40万港元，占比5.30%。 大健康国际1月多次出现大手存转仓记录。香港联交所最新资料显示，1月20日，3044.03万股股票于当 日被存入粤商国际证券，该笔存仓股份市值3926.79万港元;1月26日，大健康国际股东将股票存入招银 国际证券，存仓市值5098.28万港元，占比12.43%。 此外，1月28日，大健康国际股东将股票由富途证券国际香港转入宝新证券，转仓市值3035.37万港元;1 月29日，大健康国际股东将股票由粤商国际证券转入香港上海汇丰银行，转仓市值8551.5万港元，占比 14.68%。 ...

大健康国际1月多次出现大手存转仓记录。香港联交所最新资料显示，1月20日，3044.03万股股票于当 日被存入粤商国际证券，该笔存仓股份市值3926.79万港元;1月26日，大健康国际股东将股票存入招银 国际证券，存仓市值5098.28万港元，占比12.43%。 香港联交所最新资料显示，2月4日，大健康国际(02211)股东将股票由招银国际证券转入中国银行(香 港)，转仓市值527.40万港元，占比5.30%。 此外，1月28日，大健康国际股东将股票由富途证券国际香港转入宝新证券，转仓市值3035.37万港元;1 月29日，大健康国际股东将股票由粤商国际证券转入香港上海汇丰银行，转仓市值8551.5万港元，占比 14.68%。 ...