Core Insights - China Bank successfully assisted the Shenzhen Municipal Government in issuing offshore RMB local government bonds in Hong Kong, marking the fifth consecutive year of leading this initiative, highlighting its role in cross-border financial innovation and the internationalization of the RMB [2][3] Summary by Categories Bond Issuance Details - The total amount of bonds issued was 4 billion RMB, with a 2-year bond of 1.5 billion RMB at a coupon rate of 1.61%, a 5-year bond of 1 billion RMB at 1.80%, and a 10-year bond of 1.5 billion RMB at 2.08% [2] - The issuance attracted significant market interest, with peak order book size reaching 18.67 billion RMB and a final subscription multiple of 4.7 times, indicating strong confidence from international investors in RMB assets and Shenzhen's development prospects [2] Sustainable Development Focus - This issuance introduced a new category of sustainable development bonds themed around the Greater Bay Area, with funds primarily allocated for clean transportation and water governance, reflecting the Shenzhen Municipal Government's forward-looking approach to financial innovation and social responsibility [2] Role of China Bank - Over the past five years, China Bank has been deeply involved in the issuance of offshore RMB local government bonds for the Shenzhen Municipal Government, serving as the global coordinator and green advisor, earning high recognition for its professional capabilities and service efficiency [3] - The bank aims to leverage its global advantages and comprehensive features to support high-level opening-up and high-quality collaborative development in the Guangdong-Hong Kong-Macao Greater Bay Area, contributing to economic prosperity and social progress in both Shenzhen and Hong Kong [3]

格隆汇9月23日丨中国银行(03988.HK)发布公告，2020年9月17日，本行发行了10年期固定利率规模为 600亿元人民币的减记型二级资本债券，并于2020年9月21日发布了关于二级资本债券发行完毕的公告。 根据相关规定，本期债券设有发行人赎回权，发行人有权在本期债券第五个计息年度的最后一日（因遇 休息日，资金兑付顺延至其后第一个工作日）赎回本期债券。截至本公告日，本行已行使赎回权，全额 赎回了本期债券。 ...

智通财经APP讯，中国银行(03988)发布公告，2020年9月17日，该行发行了10年期固定利率规模为600亿 元人民币的减记型二级资本债券。根据本期债券募集说明书相关条款的规定，本期债券设有发行人赎回 权，发行人有权在本期债券第五个计息年度的最后一日(因遇休息日，资金兑付顺延至其后第一个工作 日)赎回本期债券。 截至本公告日，该行已行使赎回权，全额赎回了本期债券。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 中國，北京 2025年9月23日 中國銀行股份有限公司 BANK OF CHINA LIMITED （於中華人民共和國註冊成立的股份有限公司） （「本行」） （股份代號：3988） 公告 贖回二級資本債券 2020年9月17日，本行發行了10年期固定利率規模為600億元人民幣的減記型二 級資本債券（「本期債券」），並於2020年9月21日發布了關於二級資本債券發行完 畢的公告。根據本期債券募集說明書相關條款的規定，本期債券設有發行人贖回 權，發行人有權在本期債券第五個計息年度的最後一日（因遇休息日，資金兌付 順延至其後第一個工作日）贖回本期債券。 截至本公告日，本行已行使贖回權，全額贖回了本期債券。 中國銀行股份有限公司 董事會 於本公告日期，本行董事為葛海蛟、張輝、劉進、張勇*、黃秉華*、劉輝*、師永彥*、 樓小惠*、李子民*、讓•路易•埃克拉 # 、喬瓦尼•特里亞 # 、劉曉蕾 # 、張然 # 、高 ...

Core Points - The Shenzhen Financial Regulatory Bureau imposed a fine of 2.95 million yuan on the Shenzhen branch of the Bank of China due to inadequate management of loan, gold leasing, and bill business, as well as imprudent data management in reports [1][2] Group 1: Penalties and Violations - The Bank of China Shenzhen branch has been fined multiple times for various violations, including 12 infractions leading to a fine of 11.3 million yuan in August 2022 [2][3] - Specific penalties included warnings and fines for responsible individuals, with Huang Yicheng fined 60,000 yuan, Huang Jun fined 50,000 yuan, and others fined 50,000 yuan each [2][3] Group 2: Details of Violations - Violations included unauthorized handling of export double factoring, inadequate diligence in investment banking and trade financing, and non-compliance with internal procedures for factoring products [3] - Additional issues involved exceeding the total bank's control in factoring financing, insufficient risk management, discrepancies in regulatory statistical reports, and failure to implement risk prevention measures [3]

Core Points - The Shanghai Composite Index is currently at 3791.74 points, with a decline of 0.96%, and the total trading volume of A-shares is 20,625.52 billion yuan [1] - A total of 17 A-shares have surpassed their annual line today, with notable stocks showing significant deviation rates, including Jinfu Technology, Xinhua Jin, and Nanjing Bank, with deviation rates of 7.49%, 3.74%, and 3.17% respectively [1] Summary by Category Stock Performance - Jinfu Technology (300128) has increased by 8.01% with a turnover rate of 12.11%, latest price at 5.80 yuan, and a deviation rate of 7.49% [1] - Xinhua Jin (600735) has risen by 10.07% with a turnover rate of 10.26%, latest price at 6.23 yuan, and a deviation rate of 3.74% [1] - Nanjing Bank (601009) has seen a 4.78% increase with a turnover rate of 1.09%, latest price at 10.96 yuan, and a deviation rate of 3.17% [1] Other Notable Stocks - Tiancheng Automation (603085) has increased by 4.33% with a turnover rate of 8.71%, latest price at 11.08 yuan, and a deviation rate of 2.39% [1] - Shanghai Lingang (600848) has risen by 2.74% with a turnover rate of 0.98%, latest price at 9.74 yuan, and a deviation rate of 2.04% [1] - Qilu Bank (601665) has increased by 2.84% with a turnover rate of 2.25%, latest price at 5.80 yuan, and a deviation rate of 1.68% [1]

Core Insights - The multi-functional free trade account (EF account) in Hainan Free Trade Port has facilitated over 170 billion yuan in cross-border fund flows since its launch on May 6, 2022, covering transactions with 61 countries and regions [2][4]. Group 1: EF Account Overview - The EF account is a crucial financial infrastructure for Hainan Free Trade Port, promoting high-level financial openness and facilitating the free flow of cross-border funds [2]. - The management of funds in the EF account follows the principle of "one line open, two lines under cross-border management," allowing for significant freedom in fund transfers with international financial markets [2][4]. Group 2: Beneficiary Enterprises - Yuan Cheng Technology (Hainan) Co., Ltd., recognized as the first cross-border fund concentration operation center in Danzhou, has seen its cross-border settlement business volume double compared to the previous year, with offshore trading reaching 820 million USD by the end of August 2025 [4]. - Ri Sheng Fuel (Hainan) Co., Ltd., a subsidiary of Ri Sheng Fuel Group, reported an offshore trading settlement volume of 430 million USD by the end of August 2025, benefiting from the EF account and high-level open policies [5]. Group 3: Growth Metrics - As of August 2025, the Bank of China Hainan Branch has opened EF accounts for 61 domestic and foreign market entities, processing 601 transactions totaling 27.929 billion yuan [5]. - The banking system in Hainan has established over 500 EF accounts, with a total transaction volume exceeding 170 billion yuan in just over a year [5].

Group 1 - The central bank reported significant achievements in China's financial sector during the "14th Five-Year Plan" period, with total banking assets reaching nearly 470 trillion yuan, ranking first globally [1] - China's stock and bond market sizes rank second in the world, while foreign exchange reserves have maintained the top position for 20 consecutive years [1] - The country leads in green finance, inclusive finance, and digital finance, establishing a comprehensive and efficient cross-border payment network for the renminbi [1] Group 2 - As of September 23, 2025, the CSI A500 Dividend Low Volatility Index (932422) saw a slight increase of 0.01%, with notable stock performances from Ningbo Port (up 2.70%) and Industrial and Commercial Bank of China (up 2.65%) [2] - The CSI A500 Dividend Low Volatility ETF (561680) experienced a trading volume of 851.19 million yuan, with a turnover rate of 1.66% [2] - The ETF has a maximum drawdown of 3.42% since inception, with a tracking error of 0.164% this year, indicating high tracking precision among comparable funds [2] Group 3 - The CSI A500 Dividend Low Volatility Index selects 50 stocks from the CSI A500 Index based on high dividend yields and low volatility, weighted by dividend yield [3] - As of August 29, 2025, the top ten weighted stocks in the index accounted for 31.13% of the total index weight, with Agricultural Bank of China being the highest [3]

Market Overview - A-shares and Hong Kong stocks experienced a significant adjustment, with the ChiNext Index initially rising nearly 1.6% before turning negative, and the Shanghai Composite Index dipping below 3,800 points [1][3] - The market saw a high level of selling pressure, with nearly 5,000 stocks declining across the Shanghai and Shenzhen exchanges [3] Investor Behavior - Analysts suggest that the upcoming holiday may lead to increased risk aversion among leveraged funds, prompting a wave of profit-taking [1][3] - The financing balance has reached 2.4 trillion yuan, indicating a substantial scale of leveraged investments, which could trigger market volatility if risk factors arise [3][4] External Market Influences - Recent strong performances in major markets such as the US, Japan, and Europe may attract capital back to those markets, especially since they will remain open during the National Day holiday [4] - The stability of the RMB exchange rate above 7.1 and the USD index around 97 may influence investor sentiment [4] Sector Performance - The banking sector in A-shares showed resilience, with several banks like Nanjing Bank and Qilu Bank seeing gains of nearly 5% and over 3% respectively, while sectors like tourism, real estate, and technology faced significant declines [3][4] - The Hong Kong market also faced declines, with the Hang Seng Index dropping over 1% and the Hang Seng Tech Index falling more than 2% [3] Market Sentiment and Future Outlook - Despite the current market adjustments, the overall risk appetite may not have significantly decreased, as indicated by the performance of long-term government bonds [6] - Analysts believe that there may still be a window of opportunity in the market post-National Day, with potential for a rebound in certain sectors [6][7] - The interplay between domestic fundamentals weakening and improving overseas liquidity could lead to a high-level market fluctuation, with a focus on structural opportunities [6][7]

Group 1: Market Overview - The banking and insurance sectors experienced a rebound, with Agricultural Bank and Construction Bank both rising over 3% [3][8] - The Shanghai Composite Index fell by 1.23%, while the Shenzhen Component Index and the ChiNext Index dropped by 1.84% and 1.75% respectively, with over 4900 stocks declining and a trading volume of 1.6966 trillion yuan, an increase of 353.9 billion yuan compared to the previous day [3] - Longchuan Technology's stock hit the daily limit, reaching a historical high with a market capitalization of 50.607 billion yuan [5] Group 2: Longchuan Technology Performance - Longchuan Technology projected a net profit of 827 million to 877 million yuan for the first three quarters of 2025, representing a year-on-year growth of 131.39% to 145.38% [6] - The company expects a third-quarter net profit of 400 million to 450 million yuan, with a year-on-year increase of 180.67% to 215.75% [6] - The growth in performance is attributed to increased demand in the semiconductor industry, with ample orders and significant sales revenue growth [6][7] Group 3: Banking Sector Dynamics - The banking sector has shown weakness since the third quarter, with many stocks experiencing continuous declines; for instance, Minsheng Bank has dropped over 23% since July 11 [10] - Despite the overall downturn, Agricultural Bank has shown relative resilience, reaching a historical high on September 4 before facing a subsequent decline of over 13% from September 5 to 22 [10] - Recent trends indicate that several banks' shareholders and executives have announced stock buybacks, signaling confidence in their institutions [11] Group 4: Future Outlook for Banking Sector - Analysts suggest that after valuation adjustments, the banking sector still holds significant investment value, particularly with a projected dividend yield of around 5% for leading city commercial banks in 2025 [12] - The fundamentals of the banking sector remain stable, with expectations of steady growth in net interest income and non-interest income supported by investment gains [12] - The upcoming mid-term dividend distributions are anticipated to attract more capital into the banking sector, especially from insurance and public funds seeking high dividend yields and low valuations [12]