Fund Overview - The fund is named Huatai-PB Credit Enhancement Bond Fund, managed by Huatai-PB Fund Management Co., Ltd. and custodied by Bank of China [3][10] - The fund operates as a listed open-end fund (LOF) and has been active since September 22, 2011 [3][10] - The fund aims for long-term stable appreciation of assets through systematic credit analysis and optimized investment portfolio [3][4] Investment Strategy - The fund employs a macroeconomic analysis approach, focusing on GDP growth, inflation rates, interest rates, and money supply to adjust asset allocation dynamically [4] - The primary investment focus is on fixed-income financial instruments, particularly credit bonds, while utilizing various strategies such as duration management and yield curve positioning [4][5] - The fund also explores new stock subscriptions and warrants, assessing their intrinsic value and market conditions [5] Performance Metrics - As of June 30, 2025, the net asset value (NAV) per share for Class A is 1.1983 RMB, with a net value growth rate of 1.68%, while Class B has an NAV of 1.1986 RMB and a growth rate of 1.67% [15] - The performance benchmark for the fund is the China Bond Composite Index, with the fund's performance exceeding the benchmark in the reporting period [15] Financial Highlights - The total assets of the fund as of June 30, 2025, amount to approximately 73.30 million RMB, a decrease from 88.14 million RMB at the end of the previous year [19] - The fund reported a total income of approximately 1.49 million RMB for the reporting period, with a net profit of approximately 1.16 million RMB [20] - The fund's realized income for Class A and Class B during the reporting period was approximately 564,069.46 RMB and 836,393.19 RMB, respectively [6][20] Management and Compliance - The fund management strictly adheres to relevant laws and regulations, ensuring no conflicts of interest and maintaining fair trading practices [12][13] - The fund manager has a robust governance structure in place, with independent oversight from the custodian bank [18]

Fund Overview - The fund is named Changsheng Tongzhi Advantage Growth Mixed Securities Investment Fund (LOF) and is managed by Changsheng Fund Management Co., Ltd. [1] - The fund aims to invest in growth-oriented listed companies with sustainable performance advantages, seeking to maximize asset appreciation and income while diversifying and mitigating investment risks [1][12] - The fund's performance benchmark is a combination of the CSI 300 Index return (65%), the Shanghai Government Bond Index return (30%), and the one-year fixed deposit rate (5%) [1][12] Financial Performance - For the reporting period from January 1, 2025, to June 30, 2025, the fund reported a realized loss of approximately RMB 23.20 million and a net profit loss of about RMB 18.42 million [2][11] - The fund's net asset value at the end of the reporting period was approximately RMB 300.99 million, with a net asset value per share of RMB 0.6533 [2][11] - The fund's share net value growth rate for the period was -5.62%, while the benchmark's return was 0.61% [6][11] Investment Strategy and Adjustments - The fund's investment strategy is actively managed, focusing on macroeconomic conditions, industry status, and company growth potential [1][12] - Adjustments made during the reporting period included reducing exposure to cyclical industries and increasing allocations to rare earths and large financial sectors, anticipating valuation recovery and business innovation [5][6] - The fund also decreased its holdings in the food and beverage sector while increasing positions in high-growth, reasonably valued stocks in sectors like chemicals, semiconductors, and military industry [6][7] Market Conditions - The macroeconomic environment remained stable, with consumption growth supported by policies like "old-for-new" exchanges, and exports exceeding market expectations [4][5] - The market saw a preference for small-cap and thematic investments, with small-cap stocks outperforming large-cap stocks during the first half of the year [5][7] - The outlook for the second half of the year suggests increased pressure on exports and consumption, but potential for policy stimulus to stabilize economic growth [7]

Fund Overview - The fund is named Changsheng Tongsheng Growth Preferred Flexible Allocation Mixed Securities Investment Fund (LOF) and was established on December 26, 2014 [3] - The fund is managed by Changsheng Fund Management Co., Ltd. and custodied by Bank of China [2][3] - The fund aims to achieve long-term asset appreciation by focusing on sectors related to economic transformation, industrial upgrading, model innovation, and policy hotspots [3] Investment Strategy - The fund employs a combination of top-down industry selection and bottom-up stock picking to identify companies with high growth potential and reasonable valuations [3] - The asset allocation strategy involves dynamic adjustments among stocks, stock index futures, bonds, and money market instruments to control market risk and enhance allocation efficiency [3][4] Performance Metrics - As of June 30, 2025, the fund's net asset value was approximately RMB 385.95 million, with a total of 266,920,910.72 fund shares [3][20] - The fund achieved a net asset value per share of RMB 1.446, with a net value growth rate of 7.51% during the reporting period [15][20] - The fund's total realized income for the period was RMB 20.45 million, with a total profit of RMB 26.42 million [5][21] Financial Indicators - The fund's total assets amounted to RMB 388.83 million, with liabilities totaling RMB 2.87 million [19][20] - The fund's profit distribution for the reporting period was not implemented, in accordance with legal regulations and fund contract agreements [17] - The fund's performance benchmark is set at 50% of the CSI 300 Index return plus 50% of the China Bond Composite Index return [4][7] Management and Governance - The fund management company, Changsheng Fund Management Co., Ltd., was established in March 1999 and is one of the first ten fund management companies in China [8] - The company has a registered capital of RMB 206 million and manages a total of 73 open-end funds as of June 30, 2025 [8][9] - The fund management adheres to principles of honesty, diligence, and responsibility, ensuring fair treatment of all investment portfolios [12][13]

截至6月末，中国银行资产总额36.79万亿元，较上年末增长4.93%；贷款和债券投资等高收益资产占比 提升2.32个百分点。负债总额33.66万亿元，比上年末增长4.85%，其中客户存款占负债比重提升0.78个 百分点。 格隆汇8月29日丨中国银行(601988.SH)披露半年报，公司上半年实现营业收入3290.03亿元，同比增长 3.76%；归属于母公司所有者的净利润1175.91亿元，同比下降0.85%；基本每股收益0.36元。 ...

（文章来源：北京商报） 北京商报讯（记者宋亦桐）8月29日，中国银行公布了2025年上半年业绩，报告期内，该行实现营业收 入3294亿元，同比增长3.61%，其中手续费净收入同比增长9.17%；实现税后利润1261亿元、该行股东 应享税后利润1176亿元，同比保持平稳且变动趋势较一季度改善。净息差1.26%，平均总资产回报率 （ROA）0.70%，净资产收益率（ROE）9.11%，成本收入比25.11%，均保持在合理区间。 截至报告期末，中国银行资产总额36.79万亿元，比上年末增长4.93%。贷款和债券投资等高收益资产占 比提升2.32个百分点。负债总额33.66万亿元，比上年末增长4.85%。客户存款占负债比重提升0.78个百 分点。全量对公客户数、全量个人客户数、个人客户全量金融资产等业务规模稳步提升。客户结构优 化，公司中型授信客户数比上年末增长13.48%，个人中高端客户占比提升0.16个百分点。 ...

Core Insights - China Bank reported a slight decline in net profit attributable to shareholders, amounting to 117.59 billion RMB, a decrease of 0.85% year-on-year [1][6] - The bank's net interest income decreased by 5.27% to 214.82 billion RMB, while non-interest income surged by 26.43% to 114.19 billion RMB, increasing its share of total revenue to 34.71% [1][3] Financial Performance - Total operating income reached 329.00 billion RMB, reflecting a year-on-year growth of 3.76% [1][6] - Operating expenses increased by 4.68% to 176.54 billion RMB, with business and management fees rising by 2.05% [1] - The bank's total assets grew by 4.93% to 36.79 trillion RMB by the end of June [6] Interest Margin and Income - The net interest margin narrowed to 1.26%, down 18 basis points from the previous year, primarily due to lower loan market rates and adjustments in existing mortgage rates [2] - Interest income from loans and advances decreased by 10.47%, contributing to a total decline in net interest income of 11.94 billion RMB [2] Non-Interest Income Growth - Non-interest income reached 1,141.87 billion RMB, with significant contributions from agency services and other fiduciary businesses, leading to a 9.17% increase in fee and commission income [3] - Other non-interest income saw a remarkable increase of 42.02%, driven by favorable market conditions and gains from foreign exchange and precious metals [3] Asset Quality and Risk Management - The non-performing loan ratio stood at 1.24%, slightly down from the end of the previous year, with a provision coverage ratio of 197.39% [4] - The bank has been actively managing credit risk, particularly in the real estate sector, while also supporting local debt risk mitigation [4] Capital Position and Strategic Focus - China Bank successfully raised 165 billion RMB through A-share issuance and issued 50 billion RMB in subordinated debt, enhancing its capital base [5] - The capital adequacy ratio reached 18.67%, with a core Tier 1 capital ratio of 12.57%, providing a solid foundation for future growth [5] - The bank is focusing on its "Five Major Articles" strategy, with significant growth in technology and inclusive finance sectors [5][8]

Market Overview - In August, the A-share market showed a strong upward trend, with the ChiNext Index rising over 24% and the Shanghai Composite Index surpassing 3800 points, reaching a 10-year high [1] - The STAR 50 Index experienced a significant increase of 28% during the month [1] Sector Performance - The main market focus was on computing power and semiconductor sectors, with stocks like Xinyisheng reaching historical highs and Industrial Fulian's market capitalization exceeding 1 trillion [1] - In the semiconductor sector, Cambrian's stock price doubled, surpassing Kweichow Moutai to become the "king" of A-shares [1] Individual Stock Highlights - Over 4000 stocks recorded monthly gains, with 14 stocks (excluding newly listed and ST stocks) rising over 100%, led by Gebijia from the Beijing Stock Exchange, which surged 155% [1] Bond Market Activity - In July, the bond market issued a total of 77,536.2 billion yuan in various bonds, including 12,226.5 billion yuan in government bonds and 13,496.8 billion yuan in corporate credit bonds [2][3] Banking Sector Performance - Industrial and Commercial Bank of China reported a net profit of 168.1 billion yuan for the first half of the year, a decrease of 1.4% year-on-year, with total assets exceeding 52 trillion yuan [4] - Bank of China announced a net profit of 117.59 billion yuan for the same period, down 0.9% year-on-year [5] - Agricultural Bank of China achieved a net profit of 139.5 billion yuan, reflecting a growth of 2.7% year-on-year [6] Corporate Financial Results - Hailiang Co. reported a net profit of 711 million yuan for the first half of the year, up 15.03% year-on-year, and proposed a cash dividend of 1 yuan per 10 shares [7] - Postal Savings Bank of China recorded a net profit of 49.23 billion yuan, a year-on-year increase of 0.85%, and proposed a cash dividend of 1.23 yuan per 10 shares [8] - Pianzaihuang's net profit decreased by 16.22% year-on-year to 1.442 billion yuan, with a proposed cash dividend of 14 yuan per 10 shares [9] - Haowei Group reported a net profit of 2.028 billion yuan, up 48.34% year-on-year [10] - Yuxin Technology achieved a net profit of 220 million yuan, reflecting a growth of 35.26% year-on-year [11]

【核心要点】 •财务表现：2025年上半年营业收入3,290.03亿元，同比增长3.76%；归属母公司净利润1,175.91亿元，同 比微降0.85%；资产总计36.79万亿元，较年初增长4.93% •盈利能力：净资产收益率9.11%，较去年同期 下降0.47个百分点；净息差1.26%，成本收入比25.11%；基本每股收益0.36元 •业务发展：境内人民币贷 款增加1.41万亿元，增长7.72%；科技贷款余额4.59万亿元；绿色贷款余额增长16.95%；普惠贷款余额 突破2.65万亿元 •资产质量：不良贷款率1.24%，较年初下降0.01个百分点；拨备覆蓋率197.39%；资本 充足率18.67% •股息分派：建议派发2025年中期股息每10股1.094元，较去年同期的1.208元有所下调 •未 来关注：数字化转型进展、"五篇大文章"业务增长、国际业务竞争力提升、资产质量变化趋势 增长乏力的"宇宙行"：中国银行半年报透露的隐忧 中国银行刚刚发布的2025年半年报，虽然表面数据看起来还算稳健，但细看之下却暴露出这家"宇宙 行"面临的诸多挑战。营收增长3.76%的背后，净利润却出现了0.85%的同比下滑，这个反差 ...

-农业银行：2025年上半年实现营业收入3697.93亿元，同比增长0.7%；归母净利润1395.1亿 元，同比增长2.7%； 29日盘后，工商银行、农业银行、中国银行、建设银行、交通银行披露半年报： -中国银行：今年上半年营业收入3294.18亿元，上年同期3179.29亿元；股东应享税后利润 1175.91亿元，上年同期1186.01亿元； -工商银行：2025年上半年营业收入4090.82亿元，上年同期4019.99亿元；归母净利润1681.03 亿元，上年同期1704.67亿元； -建设银行：今年上半年经营收入3859.05亿元，同比增加2.95%；归属于股东净利润1620.76亿 元，同比减少1.37%； -交通银行：今年上半年净经营收入1334.98亿元，同比增长0.72%；归母净利润460.16亿元，同 比增长1.61%。 ...

证券代码：601988 证券简称：中国银行 公告编号：临 2025-069 中国银行股份有限公司向特定对象发行 A 股股票 募集资金存放、管理与实际使用情况专项报告 中国银行股份有限公司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。 根据中国证券监督管理委员会《上市公司募集资金监管规则》（中 国证券监督管理委员会公告〔2025〕10 号）、《上海证券交易所上 市公司自律监管指引第 1 号——规范运作（2025 年 5 月修订）》（上 证发〔2025〕68 号）和《中国银行股份有限公司募集资金存储及使 用管理办法（2025 年修订）》（中银发〔2025〕298 号）（简称"《募 集资金管理办法》"）等规定，中国银行股份有限公司（简称"本行"） 对向特定对象发行 A 股股票募集资金的存放、管理与实际使用情况 进行了全面核查，现报告如下： 一、募集资金基本情况 根据国家金融监督管理总局《国家金融监督管理总局关于中国银 行向特定对象发行 A 股股票方案及变更股权的批复》（金复〔2025〕 271 号）和中国证券监督管理委员会《关于同意中国 ...