Investment Ratings - Securities: Market Perform (Maintain) [1] - Insurance: Overweight (Maintain) [2] Core Insights - The securities industry showed robust performance in the first half of the year, with 42 listed brokerages achieving total revenue of CNY 251.87 billion, a year-on-year increase of 11.37%, and net profit of CNY 104.02 billion, up 65.09% [3][47] - The banking sector demonstrated marginal improvement, with 42 listed banks reporting revenue of CNY 2.92 trillion, a year-on-year growth of 1.04%, and net profit of CNY 1.10 trillion, an increase of 0.80% [6][45] - The insurance sector's five listed companies achieved revenue of CNY 1.33 trillion, a 4.7% increase, and net profit of CNY 178.19 billion, up 3.7% [49] Summary by Sections Market Review - As of September 4, 2025, the banking, securities, and insurance indices experienced declines of -1.93%, -3.56%, and -3.89% respectively, while the CSI 300 index rose by 1.80% [6][14] Valuation Situation - The banking sector's price-to-book (PB) ratio stood at 0.76, with state-owned banks at 0.81, joint-stock banks at 0.64, city commercial banks at 0.72, and rural commercial banks at 0.63 [23] - The securities sector's PB ratio was 1.56, indicating potential for valuation recovery [25] Recent Market Indicators - The average daily trading volume in A-shares was CNY 2.64 trillion, a decrease of 10.79% week-on-week, reflecting a cooling investor sentiment [33] - The one-year medium-term lending facility (MLF) rate was 2.0%, with the one-year and five-year Loan Prime Rates (LPR) at 3.0% and 3.5% respectively [32] Industry News - The insurance sector is encouraged to return to its core protection role, with policies supporting increased equity investment, which is expected to enhance long-term growth [49] - The banking sector is seeing a shift in capital towards high-dividend, low-valuation stocks, driven by a low-interest-rate environment and asset scarcity [45]

Group 1: Support for Private Economy - The private economy is a driving force for modernization and a foundation for high-quality development in China [1] - China Bank Zhejiang Branch has established a task force to support the growth of the private economy, implementing action plans to optimize long-term service mechanisms [1] - By mid-2025, the bank's loans to private enterprises exceeded 570 billion yuan, with over 60 billion yuan added since the beginning of the year [1] Group 2: Innovation and Technology - The bank focuses on empowering private tech enterprises by directing financial resources towards innovation [2] - A notable investment includes a 1 billion yuan equity investment fund for Blue Arrow Aerospace, along with a 50 million yuan short-term loan [2] - The bank has provided a total credit of 270 million yuan to three tech companies, facilitating breakthroughs in AI and robotics [2] Group 3: Manufacturing Sector Support - The bank is enhancing support for private manufacturing enterprises through equipment upgrade loans to promote green manufacturing [3] - A loan of 480 million yuan was approved for Zhejiang Huilong New Materials for equipment updates and technology transformation [3] - By mid-2023, the bank signed loan contracts exceeding 12 billion yuan for equipment upgrade projects, alleviating financing challenges for manufacturing enterprises [3]

Investment Rating - The report maintains a positive outlook on the banking sector's allocation value, suggesting continued investment interest in the sector [4][10]. Core Viewpoints - The performance of listed banks in the first half of 2025 shows a marginal improvement in revenue and profit margins, with year-on-year growth of 1.0% in revenue and 0.8% in net profit attributable to shareholders [4][5]. - The recovery in the bond market during the second quarter has alleviated some of the pressures on bond investment returns, contributing to the overall performance improvement [4][5]. - The report anticipates that the banking sector's revenue and net profit growth will remain around 1% year-on-year for 2025, despite ongoing pressures on the banking fundamentals [4][10]. Summary by Sections Performance Overview - In the first half of 2025, listed banks experienced a year-on-year revenue growth of 1.0% and a net profit growth of 0.8%, with quarter-on-quarter improvements of 2.8 percentage points and 2 percentage points respectively [4][5]. - The growth in interest-earning assets was 9.7% year-on-year, with a stable credit growth of 8% and a significant increase in financial investments by 14.9% [4][11]. - The net interest margin for the first half of 2025 was 1.33%, showing a year-on-year decline of 13 basis points, which is less than the decline seen in the same period last year [4][5]. Non-Interest Income - Non-interest income showed a positive trend, with a year-on-year increase of 10.8% in other non-interest income and a 3.1% increase in fee income [4][5][10]. - The report highlights that the recovery in the capital market has contributed to the improvement in non-interest income [4][10]. Asset Quality - The report notes that while the non-performing loan ratio remains stable, there is an increase in the generation rate of overdue and non-performing loans, particularly in retail banking [4][10]. - The provision coverage ratio remained stable, with an increase in provisioning efforts during the first half of 2025 [4][10]. Future Outlook - The banking sector is expected to face continued pressure in 2025, but signs of a potential turning point are emerging, with improved net interest margins and non-interest income [4][10]. - The report suggests that the demand for bank stocks will increase from long-term funds, driven by favorable policies encouraging investment in the banking sector [4][10].

Core Viewpoint - The state-owned large banks sector experienced a decline of 2.12% on September 5, with Postal Savings Bank leading the drop, while the overall market indices showed an increase [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3812.51, up 1.24% - The Shenzhen Component Index closed at 12590.56, up 3.89% [1] Group 2: Individual Bank Performance - Postal Savings Bank (601658) closed at 6.20, down 2.97% with a trading volume of 183.06 million and a turnover of 1.144 billion - Agricultural Bank of China (601288) closed at 7.30, down 2.93% with a trading volume of 624.12 million and a turnover of 4.589 billion - Industrial and Commercial Bank of China (601398) closed at 7.44, down 1.33% with a trading volume of 441.71 million and a turnover of 3.295 billion - China Construction Bank (601939) closed at 9.05, down 1.63% with a trading volume of 136.76 million and a turnover of 1.240 billion - Bank of China (601988) closed at 5.52, down 1.78% with a trading volume of 367.03 million and a turnover of 2.030 billion - Bank of Communications (601328) closed at 7.26, down 0.95% with a trading volume of 173.81 million and a turnover of 1.264 billion [1] Group 3: Fund Flow Analysis - The state-owned large banks sector saw a net outflow of 632 million from main funds, while retail funds experienced a net inflow of 71.03 million - The sector attracted a net inflow of 561 million from speculative funds [1][2] Group 4: Detailed Fund Flow for Individual Banks - Postal Savings Bank: Main funds net outflow of 32.03 million, speculative funds net inflow of 35.16 million, retail funds net outflow of 3.13 million - Industrial and Commercial Bank: Main funds net outflow of 54.24 million, speculative funds net inflow of 27.76 million, retail funds net inflow of 26.48 million - Bank of China: Main funds net outflow of 54.66 million, speculative funds net inflow of 101 million, retail funds net outflow of 46.28 million - China Construction Bank: Main funds net outflow of 95.08 million, speculative funds net inflow of 58.67 million, retail funds net inflow of 36.41 million - Bank of Communications: Main funds net outflow of 149 million, speculative funds net inflow of 116 million, retail funds net inflow of 33.23 million - Agricultural Bank: Main funds net outflow of 247 million, speculative funds net inflow of 223 million, retail funds net inflow of 24.33 million [2]

9月5日，中国银行盘中下跌2.14%，截至13:34，报5.50元/股，成交15.17亿元，换手率0.13%，总市值 17721.68亿元。 资金流向方面，主力资金净流出3029.45万元，特大单买入3.36亿元，占比22.16%，卖出4.02亿元，占比 26.51%；大单买入3.75亿元，占比24.69%，卖出3.39亿元，占比22.35%。 中国银行今年以来股价涨4.40%，近5个交易日跌0.36%，近20日跌3.00%，近60日涨3.00%。 资料显示，中国银行股份有限公司位于北京市西城区复兴门内大街1号,香港花园道1号中银大厦，成立 日期1983年10月31日，上市日期2006年7月5日，公司主营业务涉及从事商业银行业务,主要包括公司业 务、个人银行业务及资金业务,亦从事投资银行及保险业务。主营业务收入构成为：个人金融业务 40.98%，公司金融业务37.89%，资金业务12.27%，其他业务4.62%，保险业务3.82%，投资银行业务 1.26%。 中国银行所属申万行业为：银行-国有大型银行Ⅱ-国有大型银行Ⅲ。所属概念板块包括：长期破净、破 净股、低市盈率、低价、中特估等。 截至6月30日，中国银行 ...

农业银行跌超3%，邮储银行、江阴银行、中信银行、华夏银行跌超2%，中国银行、建设银行、重庆银 行纷纷走低。 (本文来自第一财经) ...

Core Viewpoint - The high-net-worth client segment is a key focus for retail banking, with significant potential for value extraction. The private banking business is seen as a cornerstone for wealth management transformation, showcasing structural differentiation among banks [2][8]. Group 1: Private Banking Growth and Client Statistics - As of June 2025, 15 banks reported private banking data, with a total client base exceeding 1.63 million, an increase of nearly 150,000 clients, representing a growth rate of over 10% [2]. - The four major state-owned banks have crossed the 3 trillion yuan mark in Assets Under Management (AUM), with Agricultural Bank of China leading at 3.5 trillion yuan, followed by China Bank at 3.4 trillion yuan, and Construction Bank at 3.18 trillion yuan, which saw a 14.39% growth [4][5]. - Postal Savings Bank reported a client growth of over 21%, adding 7,200 clients to reach 41,400, marking the highest growth rate among state-owned banks [4]. Group 2: Performance of Joint-Stock Banks - Joint-stock banks displayed a mixed performance, with China Merchants Bank leading in client numbers at 182,700, an increase of 13,600 clients, representing an 8% growth [5]. - Ping An Bank was the only bank to report a decline in AUM, with a slight decrease of 0.5% to 1.97 trillion yuan, although it added 3,100 clients [5][9]. - CITIC Bank and Industrial Bank maintained steady growth, with AUMs of 1.28 trillion yuan and 1.05 trillion yuan, respectively, showing growth rates of 9.33% and 9.59% [6]. Group 3: Regional Banks and Competitive Landscape - Regional banks like Ningbo Bank and Beijing Bank exhibited strong growth, with AUM growth rates of 17.62% and 17.06%, respectively [7]. - The competitive landscape is characterized by a concentration of top-tier banks and differentiated competition, with smaller banks focusing on niche markets or specific industries [7][10]. Group 4: Changing Client Demographics and Service Models - The profile of private banking clients is shifting, with a growing emphasis on new wealth groups such as scientists and entrepreneurs, diverging from the traditional client base of business owners [9][10]. - Banks are redefining their private banking client categories based on their strengths, with a focus on family wealth transfer, pension finance, and enhanced offline services [10][11]. Group 5: Strategic Importance of Private Banking - Private banking is becoming a critical component of retail banking transformation, providing stability in asset scale and high value-added services, essential for optimizing client structures and stabilizing short-term performance [10][11].

银行业 超配（维持） 银行业 2025 年半年报业绩综述 营收净利润增速转正，负债端成本普遍改善 2025 年 9 月 5 日 投资要点： 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 行业指数走势 银行 资料来源：东莞证券研究所，iFind 业 绩 综 述 行 业 研 究 证 券 研 究 报 告 分析师：吴晓彤 SAC 执业证书编号： S0340524070001 电话：0769-22119302 邮箱： wuxiaotong@dgzq.com.cn ◼ 业绩修复，其他非息收入重回正增长。2025 年上半年，42 家上市银行实 现营业收入 2.92 万亿元，同比+1.04%，增速由负转正。其中，其他非息 收入同比+10.76%，第二季度债市好转，带动 2025Q2 增速环比大幅提升 27 个百分点至+23.83%。2024Q2 上市银行归母净利润增速为+2.98%，受 益于营收增长提速，归母净利润增速环比提升 4.18 个百分点，减值损失 和所得税贡献边际减弱。上市银行年化后平均 ROE 为 10.99%， ...

Group 1 - The Industrial and Commercial Bank of China (ICBC) has taken the lead in addressing "involution-style" competition, marking a significant stance among state-owned banks [1] - The National Financial Regulatory Administration has emphasized the need to prevent excessive credit to high-quality agricultural clients and to correct "involution-style" competition [1][2] - Various financial regulatory bodies and banking associations across multiple regions have called for the banking and insurance sectors to abandon "involution-style" competition and promote stable development [1] Group 2 - Non-normal competition can harm the overall industry ecosystem, especially when supply exceeds demand, leading to excessive competition for high-quality clients [2][3] - Financial institutions are encouraged to shift from homogeneous to differentiated services, focusing on their unique strengths to better serve clients [3] - The need for a self-regulatory mechanism, assessment mechanism, and innovation mechanism is highlighted to support the transition from homogeneous to differentiated services [3] Group 3 - Banks are increasingly integrating non-financial services into their offerings, particularly in community and industrial park settings, to enhance customer loyalty and better understand client needs [4][5] - The core value of non-financial services lies in face-to-face communication, which helps banks accurately capture the real needs of the agricultural sector [5] Group 4 - The concept of "co-opetition" is emerging, where banks can both compete and collaborate to provide differentiated products and services [6] - Proper competition can stimulate banks to offer better financial services, but it is essential to avoid disorderly competition [6] - Optimizing assessment mechanisms is crucial for guiding banks towards a "co-opetition" model, which is vital for improving the financial ecosystem [6]

Group 1 - The fund being launched is the E Fund Shanghai Stock Exchange 380 Exchange-Traded Open-Ended Index Fund, which is an index fund managed by E Fund Management Co., Ltd. and will be available for subscription from September 10 to September 17, 2025 [1][22]. - The maximum fundraising limit for the fund is set at 8 billion RMB, and if the total valid subscription applications exceed this amount, a proportionate confirmation method will be applied [4][6]. - Investors can subscribe to the fund through online cash subscription or offline cash subscription methods, with specific requirements for each method [2][22]. Group 2 - The fund's subscription fee will not exceed 0.80% of the subscribed amount, which will cover various expenses incurred during the fundraising period [3][27]. - The fund will be open to individual investors, institutional investors, qualified foreign investors, and other investors permitted by laws and regulations [23][24]. - The fund aims to closely track the performance of the underlying index, the SSE 380 Index, and minimize tracking deviation and error [22][10]. Group 3 - Investors must have a Shanghai Stock Exchange A-share account or a securities investment fund account to participate in the subscription [2][44]. - The fund's shares will have an initial value of 1 RMB per share, and the fund will be open-ended with no fixed duration [22][58]. - The fund will be subject to verification and registration procedures after the fundraising period, and the fund contract will take effect upon completion of these procedures [56][57].