Core Insights - As of June 2025, China's banking sector has a net foreign asset of 234.4 billion USD, with total foreign financial assets amounting to 1,772.1 billion USD and foreign liabilities at 1,537.7 billion USD [1][2] Group 1: Foreign Financial Assets - The banking sector's foreign financial assets consist of loans and deposits (1,063.8 billion USD), bond assets (452.6 billion USD), and other equity assets (255.7 billion USD), accounting for 60%, 26%, and 14% respectively [1] - In terms of currency composition, foreign financial assets include 490.2 billion USD in RMB, 900.8 billion USD in USD, and 381.2 billion USD in other currencies, representing 28%, 51%, and 22% respectively [1] - The assets are evenly distributed between foreign banking departments (882.0 billion USD, 50%) and non-banking departments (890.1 billion USD, 50%) [1] Group 2: Foreign Liabilities - The banking sector's foreign liabilities are composed of loans and deposits (676.1 billion USD), bond liabilities (356.1 billion USD), and other equity liabilities (505.6 billion USD), which represent 44%, 23%, and 33% respectively [2] - The currency breakdown of foreign liabilities shows 807.3 billion USD in RMB, 320.3 billion USD in USD, and 410.1 billion USD in other currencies, accounting for 52%, 21%, and 27% respectively [2] - Liabilities are sourced from foreign banking departments (620.1 billion USD, 40%) and non-banking departments (917.6 billion USD, 60%) [2]

Core Viewpoint - Beisen Holdings (09669) announced a subscription to a wealth management product from Bank of China for an amount of RMB 100 million, which is part of a total outstanding principal of RMB 360 million related to such subscriptions as of the announcement date [1] Group 1 - The subscription provides a higher return compared to typical fixed deposits offered by commercial banks in China [1] - The principal for the subscription is based on the company's temporarily idle funds [1] - The funds for the subscription are drawn from the company's surplus cash reserves rather than proceeds from global offerings, ensuring no impact on the company's operating capital or operations [1] - Engaging in low-risk appropriate wealth management is beneficial for the company to enhance capital utilization and increase income from idle funds [1]

Core Viewpoint - Beisen Holdings (09669) has announced a subscription to a wealth management product from Bank of China amounting to RMB 100 million, which is part of a total outstanding principal of RMB 360 million in subscriptions with the bank [1] Group 1: Financial Details - The subscription is expected to provide higher returns compared to regular fixed deposits offered by commercial banks in China [1] - The principal for the subscription is based on the company's temporarily idle funds [1] - The funds for the subscription are drawn from the company's surplus cash reserves rather than proceeds from global offerings, ensuring no impact on the company's operating capital [1] Group 2: Strategic Implications - The low-risk nature of the wealth management product is seen as beneficial for enhancing capital utilization and increasing income from idle funds [1]

Summary of Key Points Core Viewpoint - China National Machinery Heavy Equipment Group Co., Ltd. (referred to as "the Company") announced a share reduction plan by its shareholders on September 30, 2025 [1] Shareholder Holding Situation - The Bank of China Deyang Branch holds 345,857,039 shares, accounting for 4.79% of the total share capital - The Bank of China Zhenjiang Runzhou Branch holds 83,056,558 shares, accounting for 1.15% of the total share capital - Together, these branches hold 428,913,597 shares, representing 5.95% of the total share capital, and all shares are from the pre-relisting period, which were fully released from restrictions on June 8, 2021 [2] Details of the Reduction Plan - The Deyang and Zhenjiang branches plan to reduce their holdings by a total of up to 72,135,500 shares, not exceeding 1% of the total share capital, within three months from October 30, 2025, to January 29, 2026 - The Deyang Branch plans to reduce up to 58,166,900 shares (0.81%), while the Zhenjiang Branch plans to reduce up to 13,968,600 shares - Any changes in share capital due to stock dividends or other corporate actions during the reduction period will adjust the number of shares to be reduced accordingly [3] Commitments and Risks Related to the Reduction - The Deyang and Zhenjiang branches previously committed not to transfer or manage their shares for 12 months post-relisting, and this reduction plan aligns with that commitment - The implementation of the reduction plan is uncertain and will depend on market conditions and the company's stock price - The reduction will not lead to a change in control of the listed company and will not significantly impact the company's governance structure or future operations - The reduction plan complies with relevant laws and regulations, and the shareholders will adhere to disclosure obligations during the reduction period [4]

| 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | | | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | | 2025-09-29 | 中国银行 | 601988 | 5.2 388.26 | 74.67 | 华泰证券股份有限 公司总部 | 华泰证券股份有限 公司北京苏州街证 | 9月29日，中国银行大宗交易成交74.67万股，成交额388.26万元，占当日总成交额的0.26%，成交价5.2元，较市场收盘价5.2元持平。 ...

Group 1 - The state-owned large bank sector experienced a decline of 0.64% on September 29, with Postal Savings Bank leading the drop [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] - The trading performance of individual state-owned banks showed varied results, with Agricultural Bank of China remaining flat at 6.62, while Postal Savings Bank fell by 1.69% to 5.83 [1] Group 2 - The net capital outflow from the state-owned large bank sector amounted to 6.55 million yuan, with retail investors showing a net inflow of 24.4 million yuan [1] - The detailed capital flow for individual banks indicated significant outflows for Postal Savings Bank and China Construction Bank, while Agricultural Bank of China saw a minor net inflow from retail investors [2] - The data shows that Postal Savings Bank had a net outflow of 85.90 million yuan from institutional investors, while retail investors contributed a net inflow of 93.80 million yuan [2]

近日，在人民银行上海总部、上海市商务委、市税务局指导下，中行上海市分行充分发挥集团综合化特 色，携手集团内综合经营公司以及银联商务推出全国首个离境退税"即买即退"业务项下多卡组电子退付 服务，实现"即买即退"款项快速入账，拓宽了退税款退付渠道，进一步优化服务体验。 据了解，该集成退付POS机在现金退付的基础上，同时支持税款退至VISA、MasterCard、JCB、银联 （含国际卡）及Diners Club等全球主流卡组织。通过在集中退税服务点及"即买即退"商店布设离境退税 业务专用POS机，大幅压缩业务办理时间，加快客户资金到账时效，让境外旅客切实体验"上海速度"。 打造首家银行网点集中退付点，感受服务温度 8月28日，在位于外滩23号的上海中行网点大厅，来自新加坡的游客GAO女士高兴地表示："在外滩这 样历史悠久的地标建筑里享受如此便捷的退税服务，实在令人惊喜！让我感受到了上海的历史底蕴与现 代服务的完美结合。" 当天，在南京东路商圈购物后，GAO女士直接来到银行网点办理离境退税业务。在工作人员的协助 下，短短几分钟内就完成了全部流程，成功拿到了人民币退税款。这是中行上海市分行作为全市首个银 行网点集中退 ...

中期報告 中期報告 中期報告 中期報告 中國銀行股份有限公司 中國銀行股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 股份代號：3988 （於中華人民共和國註冊成立的股份有限公司） 股份代號：3988 中國銀行股份有限公司 2025 中期報告 股份代號 3988 : 中國銀行股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 中國北京市西城區復興門內大街1號 100818 電話：(86) 10-6659 6688 傳真：(86) 10-6601 6871 客服及投訴電話：(86) 區號-95566 www.boc.cn, www.bankofchina.com 中國銀行股份有限公司 2025 中期報告 股份代號 3988 : 中國銀行股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 中國北京市西城區復興門內大街1號 100818 電話：(86) 10-6659 6688 傳真：(86) 10-6601 6871 客服及投訴電話：(86) 區號-95566 www.boc.cn, www.bankofchina.com 目錄 | 釋義 | 3 | | --- | --- | | 重要提示 ...

Core Viewpoint - The impact of Typhoon "Haikui" on the Guangdong region has led to significant disruptions in local businesses, particularly in seafood and agriculture, creating a pressing need for financial support to facilitate recovery and capitalize on the upcoming holiday market opportunities [1][2][3][4] Group 1: Financial Support Initiatives - China Bank in Guangdong has implemented a coordinated financial support strategy to assist local businesses in recovering from the typhoon's impact, focusing on efficient service to help enterprises resume operations quickly [1][4] - The bank has established a special green channel for disaster recovery loans, enabling rapid approval and disbursement of funds, such as a 4 million yuan loan to a shipyard within one day [2] - Customized financial services have been introduced to meet the specific needs of affected businesses, including tailored loan products for seafood and agricultural enterprises [3][4] Group 2: Specific Case Studies - In Yangjiang, the local fishery sector suffered severe damage, prompting China Bank to provide 4.95 million yuan in loans to support recovery efforts [1] - A food technology company in Zhuhai received 10 million yuan in credit to address equipment repairs and production line restarts after suffering damage from the typhoon [3] - An agricultural company in Zhuhai was granted a 2 million yuan loan to repair fish ponds and ensure the survival of stock, crucial for meeting market demands during the holiday season [3]

Investment Rating - The report maintains a "Recommendation" rating for the industry [2] Core Insights - The total loan scale of 42 listed banks reached 184 trillion yuan by June 2025, with corporate loans accounting for 121 trillion yuan (65.74%) and retail loans at 63 trillion yuan (34.26%) [16][19] - The proportion of retail loans has decreased, with corporate loans providing the main incremental growth. Since 2020, the share of retail loans in total loans has dropped from 41.22% to 34.26%, while corporate loans increased from 58.78% to 65.74%, achieving a credit increment of 78% during this period [16][17] - The decline in retail loans is attributed to weak real estate and consumer demand, with personal housing loans decreasing from 20.18% to 14.11% and credit card loans from 4.96% to 3.39% from 2020 to June 2025 [17][18] - Corporate loans have shifted focus from real estate to broad infrastructure, with corporate real estate loans accounting for only 5% of total loans by June 2025, down from 1.39 percentage points since 2020. Broad infrastructure loans have increased by 5.20 percentage points [18] Summary by Sections Overall Credit Structure Changes - As of June 2025, the total loan scale of listed banks is 184 trillion yuan, with corporate loans at 121 trillion yuan (65.74%) and retail loans at 63 trillion yuan (34.26%) [16] - The shift in credit structure aligns with national strategic guidance and economic cycles, with corporate loans expanding at a much faster rate than retail loans [16][17] Changes in Retail Loan Structure - Personal housing loans and credit card loans have seen a decline in their proportions due to weak real estate and consumer demand [17] - The share of personal housing loans decreased from 20.18% to 14.11%, while credit card loans fell from 4.96% to 3.39% from 2020 to June 2025 [17] Changes in Corporate Loan Structure - Corporate loans have become the core focus for banks during the "14th Five-Year Plan" period, with a cautious approach to real estate lending [18] - The proportion of corporate real estate loans has decreased to 5%, while broad infrastructure loans have increased significantly [18]