该行将中行2025至2027年盈利预测上调0.9%至1.6%，H股目标价由4.42港元上调至4.51港元，A股目标 价由5.32元上调至5.46元；基于其股息收益率缺乏吸引力，以及潜在美联储降息对净息差造成的压力， 重申"中性"评级。 美银证券发表报告指，中国银行上季业绩大致符合预期，首九个月净利润为1777亿元，按年增长 1.1%，较上半年按年下跌0.9%有所改善。因股权稀释影响，核心盈利按年下降0.3%(对比2025年上半年 为增长0.1%)，相当于该行2025全年预测的79%。2年化平均股东权益回报率按年下降0.7个百分点至 8.8%，而截至第三季末的核心一级资本充足率维持在12.58%。 ...

余晓雪 LSEG 投行/律师关系及数据经理 01 中国股票及股票挂钩 市场概览 承销商法律顾问 榜单中 竞天公诚律师事务所 位列榜首。 | 中国公司在全球股票及股票挂钩发行(BX02a) | | | | 与装用同期比 | 与上學度相比 | | | --- | --- | --- | --- | --- | --- | --- | | | | | | (发行数量) 44% | | (发行教量) 21% | | 承销商 | 2025 | 2024 | 发行 | 发行时 | 发行食品 | 发行合同 | | | 排名 | 排各 | r | 变化 | 值万美元 | 2025排名 | | 竟天公诚律师事务所 | 1 | 1 | 27 | 10 | 8 455 a | ਤ | | 北京市通商律师事务所 | 2 | 2 | 16 | 7 | 3.451.9 | 6 | | 瑞生国际律师事务所 | 3 | 4° | 15 | ਰੇ | 12,949.7 | | | 汉埠律师事务所 | 4 | 10 * | ਰੇ | 6 | 1,724,7 | 11 | | Freshfields | રે. | 10 * | 7 | 4 | ...

Core Viewpoint - The speech by Chinese Ambassador to the U.S. Xie Feng highlights the fruitful financial cooperation between China and the U.S. since the 14th Five-Year Plan, emphasizing the significant achievements made by American financial firms in China [1] Group 1: Financial Cooperation Achievements - American financial firms have established several "firsts" in China, including JPMorgan Securities being the first wholly foreign-owned securities company [1] - American Express was the first foreign institution to enter the Chinese bank card clearing market [1] - BlackRock set up the first wholly foreign-owned public fund company in China [1] Group 2: Call for Fair Environment - The ambassador expressed hope that the U.S. would provide an open, fair, and non-discriminatory environment for Chinese financial institutions operating in the U.S. [1]

Core Points - The Hebei Financial Regulatory Bureau has approved the appointment of Zhang Hua as the Vice President of the Xinjikou Branch of the Bank of China [1] - The approval requires the appointed individual to comply with relevant regulatory requirements and report their appointment status within three months [1] - The Bank of China is responsible for ensuring that the appointed individual continues to learn and understand economic and financial laws and regulations, and maintains a strong awareness of risk compliance [1]

Core Insights - The CSI 300 Dividend Low Volatility Index has shown a positive performance, with a rise of 0.74% as of October 30, 2025, and notable increases in constituent stocks such as Huayu Automotive (4.87%) and Baosteel (1.98%) [1][3] Market Performance - The CSI 300 Dividend Low Volatility ETF (515300) increased by 0.75%, with an intraday turnover of 0.68% and a total transaction value of 32.5842 million yuan [3] - Over the past month, the ETF has averaged daily transactions of 150 million yuan, with a current scale of 4.743 billion yuan [3] - In the last ten trading days, there were net inflows on six days, totaling 49.8513 million yuan [3] Historical Returns - The CSI 300 Dividend Low Volatility ETF has seen a net value increase of 60.06% over the past five years, ranking 103 out of 1031 index equity funds, placing it in the top 9.99% [3] - Since its inception, the ETF's highest monthly return was 13.89%, with the longest consecutive monthly gains being five months and a maximum increase of 14.56% [3] - The average return during rising months is 3.57%, and the annualized return over the past six months has exceeded the benchmark by 6.46% [3] Institutional Investment Trends - Insurance funds have accelerated their allocation to dividend stocks in the first half of 2025, with an increase of nearly 320 billion yuan in allocations, surpassing the total for the previous year [4] - Despite rising valuations, the opportunity for concentrated investments in dividend stocks is diminishing, with an estimated under-allocation of 800 billion to 1.6 trillion yuan across the industry [4] - It is suggested to focus on companies with resilient balance sheets and balanced growth [4] Top Holdings - As of September 30, 2025, the top ten weighted stocks in the CSI 300 Dividend Low Volatility Index include China Shenhua, Shuanghui Development, Gree Electric Appliances, Sinopec, Huayu Automotive, Daqin Railway, Midea Group, China State Construction, Baosteel, and China Mobile, collectively accounting for 35.84% of the index [4][6]

Macro and Strategy - The macroeconomic analysis indicates a significant deviation between traditional GDP calculations and official figures, suggesting a structural transformation in the economy, moving away from traditional infrastructure and real estate investments [9][10] - The focus of future policies is expected to shift from "investment in objects" to "investment in people," emphasizing urban renewal and service industry development [10] Industry and Company Analysis - New Hope Liuhe (002001.SZ) reported a resilient performance with a 5.45% year-on-year increase in revenue to 16.642 billion yuan and a 33.37% increase in net profit to 5.321 billion yuan for the first three quarters of 2025 [20] - Cloud Map Holdings (002539.SZ) experienced a slight revenue decline of 4.73% in Q3, but the core business remains stable with a net profit of 1.64 billion yuan [23] - Kingfa Sci. & Tech. (600143.SH) achieved a 22.62% increase in revenue to 49.616 billion yuan and a 55.86% increase in net profit to 10.65 billion yuan for the first three quarters of 2025, driven by product structure optimization [26] - Aiwai Electronics (688798.SH) reported a 55% increase in net profit for the first three quarters, with a revenue of 2.176 billion yuan, reflecting strong performance in the consumer electronics sector [30] - The overall performance of the food industry, including companies like Sanquan Foods (002216.SZ) and Haitian Flavoring (603288.SH), shows a trend of revenue stabilization and cost control despite market challenges [8][30] Fixed Income Strategy - The convertible bond market is experiencing a significant increase in public fund holdings, with a total of 316.6 billion yuan, despite a decrease in overall market size [12][13] - The strategy suggests a focus on sectors like lithium batteries, semiconductors, and pharmaceuticals for potential high returns, while advising caution in financial and consumer sectors [11][12] Commodity Market Insights - The gold market is witnessing a pivotal moment as prices approach 4400 USD/oz, indicating a challenge to the dollar's dominance and a potential shift in global reserve currency dynamics [18][19] - The fertilizer market, particularly for compound fertilizers, remains stable, although sales have been impacted by extreme weather conditions [24][25]

受访人士表示，多家银行近期密集对积存金产品起投门槛进行策略优化，既是对当前金价高位震荡、市 场风险加剧的主动适配，也反映出银行在贵金属业务领域，进一步提升服务精准度与风险管控能力的核 心趋势。展望未来，预计会有更多金融机构跟进类似调整，为投资者提供更贴合市场变化、更灵活的投 资选择。 交通银行启用浮动模式 近期，国际金价在高位区间持续波动，金价不确定性显著上升。在此背景下，商业银行纷纷调整贵金属 业务策略，其中积存金产品起投门槛的优化成为核心方向。已有多家银行上调固定起投金额，交通银行 更是启用随金价浮动的调整机制。 多家银行上调最低投资额 10月份以来，已有工商银行、中国银行、平安银行、兴业银行等纷纷上调积存金产品起投门槛。例如， 自10月13日起，工商银行将如意金积存业务最低投资额由850元上调至1000元。中国银行于10月15日起 调整积存金产品的购买条件，按金额购买积存金产品或创建积存定投计划时，最小购买金额由850元调 整为950元，追加购买金额维持200元整数倍不变。 兴业银行则于10月21日起，调整积存金活期及普通定期业务按金额购买方式的购买起点金额，单次购 买、新增定投购买起点由1000元调整 ...

Core Points - China Bank's stock price increased by 2.14% on October 30, reaching 5.72 CNY per share, with a total market capitalization of 1,843.055 billion CNY [1] - Year-to-date, China Bank's stock has risen by 8.58%, with a 4.19% increase over the last five trading days and an 8.33% increase over the last 20 days [2] - As of September 30, 2025, China Bank reported a net profit of 177.66 billion CNY, reflecting a year-on-year growth of 1.08% [2] Financial Performance - The main revenue sources for China Bank include personal financial services (39.47%), corporate financial services (36.29%), funding services (14.84%), investment banking and insurance (6.40%), and other services (3.00%) [2] - The bank has distributed a total of 943.125 billion CNY in dividends since its A-share listing, with 209.251 billion CNY distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders increased by 10.32% to 678,900, while the average circulating shares per person decreased by 12.54% to 405,583 shares [2] - Major shareholders include China Securities Finance Corporation, holding 7.941 billion shares, and Hong Kong Central Clearing Limited, which reduced its holdings by 762 million shares [3]

2025年，中国银行景德镇市分行在国家外汇管理局江西省分局、景德镇市分局的精心指导下，充分发挥 中国银行外汇业务专业优势，为全市外贸企业量身定制汇率风险中性管理服务及方案，切实助力企业有 效应对汇率波动风险。截至9月末，该行外汇衍生品业务签约量达1.87亿美元，全年拓展汇率保值首办 户11户。 深化政策宣导，推动政策红利精准落地 中国银行景德镇市分行加大汇率避险政策的宣传推广力度，确保政策"红利"能够切实惠及企业。该行通 过"线下实地走访+线上互动交流"相结合的立体化宣传模式，针对中小企业实际控制人及财务人员，开 展全方位、深层次的"汇率风险中性管理"培训宣导活动，帮助企业树立科学汇率风险管理理念，助力稳 经营、控成本、增效益。 中国银行景德镇市分行聚焦企业实际需求，以"一对一"定制化服务模式为企业打造专属汇率避险方案。 在国家外汇管理局景德镇市分局的指导推动下，成功服务某重点外贸企业办理多笔外汇保值业务，金额 1.3亿美元。通过不断优化汇率避险产品服务，该行在当地同业中脱颖而出，汇率避险"首办户"数量居 当地同业第一。这一系列举措不仅体现出作为百年国有大行的专业金融服务能力，更为当地外贸企业应 对汇率波动风 ...

Group 1: Coal Industry Insights - In Q3 2025, the proportion of coal stocks in actively managed funds decreased to 0.30%, indicating a low level of investment in the coal sector, which is at its lowest since 2008 [4][5][6] - Coal prices have been recovering, with the price of thermal coal reaching 770 RMB/ton by October 24, 2025, marking a new high for the year [6] - The coal mining industry is expected to maintain upward price trends due to seasonal demand and supply constraints from production regulations, with long-term price increases driven by rising operational costs and regulatory pressures [6] Group 2: Easy Point Technology - In Q3 2025, Easy Point Technology reported a revenue of 9.8 billion RMB, a year-on-year increase of 46.8%, driven by the growth of its programmatic advertising platform [10] - The company’s gross margin decreased to 13.06%, primarily due to rising traffic acquisition costs and increased R&D and sales expenses [10][11] - The programmatic advertising platform has seen significant growth, with daily ad requests reaching 220 billion, and the company is investing heavily in R&D to enhance its service capabilities [11][12] Group 3: Amway Corporation - Amway reported a revenue of 16.79 billion RMB in the first three quarters of 2025, a year-on-year decrease of 6.8%, with net profit declining by 19.2% [14][15] - The company is optimizing its product structure and expanding into emerging markets, with a focus on maintaining strong relationships with global clients like Nike and Adidas [17] - Despite challenges, Amway is seeing improvements in its operational performance, particularly in its Vietnam operations [16][18] Group 4: Nanjing Bank - Nanjing Bank achieved a revenue of 419.49 billion RMB in Q3 2025, reflecting an 8.79% year-on-year growth, with net profit increasing by 8.06% [19][20] - The bank's total assets reached 2.96 trillion RMB, a 14.31% increase from the previous year, with a notable growth in corporate loans [20] - The bank's non-performing loan ratio improved to 0.83%, indicating a strengthening of its asset quality [21] Group 5: Linglong Tire - Linglong Tire reported a revenue of 181.61 billion RMB in the first three quarters of 2025, a 13.87% increase, although net profit fell by 31.81% due to rising raw material costs [22][24] - The company’s tire production and sales volumes increased, with a focus on expanding its global footprint through its "7+5" strategy [27][28] - Linglong Tire is positioned as a leader in the domestic market and is actively pursuing international expansion, including a significant investment in Brazil [27][29] Group 6: Wuxi Bank - Wuxi Bank's revenue grew by 3.87% year-on-year in the first three quarters of 2025, with a net profit increase of 3.78% [30][31] - The bank's loan growth exceeded 10%, with a significant increase in corporate loans, indicating strong demand for financing [31] - The non-performing loan ratio remained stable at 0.78%, reflecting effective risk management practices [32] Group 7: China Aluminum - China Aluminum reported a revenue of 1,765 billion RMB in the first three quarters of 2025, with a net profit increase of 20.65% [33][34] - The company benefited from lower costs and rising prices for aluminum and alumina, contributing to improved profitability [34][35] - Production volumes for key products increased, supporting the overall positive performance of the company [34] Group 8: Jin Zai Food - Jin Zai Food achieved a revenue of 18.08 billion RMB in the first three quarters of 2025, with a slight increase of 2.05%, while net profit declined by 19.51% [37][38] - The company’s Q3 revenue growth of 6.55% indicates a recovery in its core product lines, although profitability remains under pressure due to increased costs [38][39] - Jin Zai Food is focusing on quality and new product development to enhance its market position [39] Group 9: China Coal Energy - China Coal Energy reported a revenue of 1,105.8 billion RMB in the first three quarters of 2025, a decrease of 21.2%, with net profit down by 14.6% [40][41] - The company’s Q3 performance improved due to rising coal prices and cost reductions, with a notable increase in profit margins [41] - The coal production and sales volumes showed resilience despite price pressures, indicating operational efficiency [41]