Group 1 - HSBC Jintrust Fund Management Co., Ltd. has signed an agreement with Sunshine Life Insurance Co., Ltd. to add Sunshine Life as a sales agency for certain open-end funds starting from August 1, 2025 [1][6] - Investors can open accounts, subscribe, redeem, and conduct other business for the specified open-end funds through Sunshine Life, following its relevant procedures [1][6] - The announcement specifies that the details regarding the funds and their sales will be governed by the rules of the respective sales agencies [2][7][11] Group 2 - HSBC Jintrust Fund Management Co., Ltd. has also signed an agreement with China Life Insurance Co., Ltd. to add China Life as a sales agency for certain open-end funds starting from August 1, 2025 [6][11] - Investors can perform similar transactions through China Life, adhering to its specific regulations [6][11] - The announcement emphasizes that the operational details and promotional activities will be determined by the sales agencies [7][11] Group 3 - HSBC Jintrust Fund Management Co., Ltd. has entered into an agreement with CITIC Bank to include CITIC Bank as a sales agency for certain open-end funds effective August 1, 2025 [11][15] - Investors are allowed to engage in various fund-related activities through CITIC Bank, subject to its operational guidelines [11][15] - The announcement reiterates that the specific rules and promotional plans will be set by the sales agencies [11][15]

Group 1 - The core viewpoint of the article highlights the resurgence of the bank convertible bond market, characterized by a significant increase in conversion rates and the re-establishment of convertible bonds as a primary capital-raising tool for banks [1][2][7] - Several banks, including Nanjing Bank and Hangzhou Bank, have seen conversion rates exceeding 90%, with some reaching as high as 99.98%, indicating a strong recovery in stock prices and investor confidence [1][2][7] - The article notes that regulatory policies encouraging diverse capital supplementation and improved market conditions have contributed to the renewed interest in bank convertible bonds as a means of capital replenishment [1][7] Group 2 - The successful conversion of convertible bonds is closely tied to the performance of the underlying stocks, with examples such as Suzhou Bank and its conditional redemption triggering strong stock performance [3][4] - Strategic investors, referred to as "white knights," have played a crucial role in facilitating conversions, as seen in the cases of Everbright Bank and Shanghai Pudong Development Bank, where significant investments led to successful bond conversions [4][5][6] - The article emphasizes that banks are increasingly utilizing convertible bonds to enhance their capital adequacy ratios, particularly in a low-interest-rate environment where investor demand for defensive assets is rising [7][8] Group 3 - The current market conditions present a favorable window for banks to issue convertible bonds, with a focus on designing favorable terms and balancing the interests of issuers and investors [7][8] - The article points out that the overall supply of bank convertible bonds has decreased significantly, leading to a scarcity of quality offerings and increasing their investment value [7] - It is suggested that banks should approach the reissuance of convertible bonds cautiously, ensuring fair terms and maintaining investor confidence to avoid market disruptions [8]

Group 1 - The core viewpoint of the news is the performance and structure of the China Europe Central State-Owned Enterprises Dividend Index Fund (QDII) A, which has experienced a decline in value and has specific characteristics regarding its holdings and management [1][3]. - As of July 31, the fund has seen a decrease of 1.89%, with a latest net value of 1.24 yuan, marking a cumulative decline of 2.31% over five consecutive trading days [1]. - The fund was established on July 31, 2024, with a total size of 0.44 billion yuan and has achieved a cumulative return of 24.95% since inception [1]. Group 2 - As of June 30, 2025, the top ten holdings of the fund account for a total of 28.90%, with the largest holding being China COSCO Shipping (6.62%) [2]. - Other significant holdings include Orient Overseas International (3.04%), CITIC Bank (2.92%), and China Petroleum (2.45%) among others [2]. - The fund's holder structure shows that institutional investors hold 0.10 billion shares (46.36%), while individual investors hold 0.12 billion shares (53.64%) [1]. Group 3 - The current fund manager is Ms. Fang Shenshen, who has a background in finance and has held various positions in investment management prior to her current role [1]. - She has been managing the fund since July 1, 2024, and has experience with other funds under China Europe Fund Management Company [1].

基本面将有所改善 瑞银认为，2025-2029 年基本情况下股息具有可持续性。盈利前景是决定银行股息可持续性的另一个因 素。 在瑞银的五年预测中，瑞银预计银行将从 2026 年起恢复营收增长，同时净息差触底、手续费收入回升 以及金融投资的贡献增加。 自 2020 年以来，高股息收益率以及基本面可见性的增强推动了中国银行（601988）业的上涨。当前的 核心议题是股息的可持续性，这取决于银行的盈利前景和资金流动情况。因此，瑞银做出了一项五年预 测，其中既包含了瑞银对传统驱动因素的看法，也结合了瑞银独特的方法论，以分析两个 "关键影响因 素"：债券投资和信贷成本。 中国银行能够保持稳定利润增长 瑞银的基本假设是，中国的银行将能够保持稳定的利润增长，从 2026 年起，在拨备路径平稳的情况 下，营收将恢复增长。瑞银对中国银行业股息的可持续性以及进一步的上涨态势持更为乐观的态度。 瑞银认为，股息收益率超过 4.2% 的 H 股银行和超过 4.0% 的 A 股银行具有吸引力，因此将交通银行 （601328） H 股评级上调至买入，并基于 5.1%-5.4% 的收益率，维持对工商银行（601398） H 股、建 设银行（ ...

科技赋能，打破传统服务壁垒 中信银行北京分行营业部日均处理护照出入库近千本，员工需手工完成出入库登记、查找、盘库等操 作。中信银行北京分行以科技赋能提升客户服务水平为目标，组建业技融合团队，深挖业务场景，捕 捉"操作繁琐""等待过久"等痛点，推出物联网护照管理系统。该系统以物联网技术为核心，是集光电标 签传感设备与MQTT物联网协议定位系统的综合解决方案，通过移动端及PC端，实现扫码入库、远程 呼叫、声光定位、扫码盘库、超期预警等全流程数字化功能。 优化体验，提升客户满意度 护照管理系统的高效运行，极大缩短了护照申领时间，效率提升近3倍；客户排队等待时间减少70%， 为客户带来了全新的金融服务体验。一位来办理业务的客户对新系统赞不绝口："以前办理这类业务经 常经要等，现在这么快就搞定了，太方便了！"通过创新技术在业务场景的应用，让金融科技的价值体 现在服务客户的"最后一公里"，让客户直观感受到金融服务从"流程化"到"暖心化"的转变，再一次践行 了中信银行"让财富有温度"的理念。 深化转型，做好数字金融大文章 在数字化浪潮的推动下，金融服务正经历着前所未有的变革。中信银行北京分行始终坚持做好数字金融 大文章，积 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][8]. Core Views - The report highlights that the company is undervalued and is expected to stabilize its Return on Equity (ROE) earlier than its peers. The current market conditions present a favorable opportunity for valuation recovery [7][8]. - The management's proactive approach in addressing asset quality issues and the company's strategic focus on risk control are seen as key strengths that will support long-term valuation premiums [7][10]. Financial Data and Profit Forecast - Projected operating revenue (in million) for the company is as follows: - 2023: 205,896 - 2024: 213,646 - 2025E: 213,032 - 2026E: 217,022 - 2027E: 224,121 - Year-on-year growth rates are expected to be: - 2023: -2.60% - 2024: 3.76% - 2025E: -0.29% - 2026E: 1.87% - 2027E: 3.27% [6] - Projected net profit attributable to shareholders (in million) is as follows: - 2023: 67,016 - 2024: 68,576 - 2025E: 69,936 - 2026E: 72,249 - 2027E: 75,435 - Year-on-year growth rates are expected to be: - 2023: 7.91% - 2024: 2.33% - 2025E: 1.98% - 2026E: 3.31% - 2027E: 4.41% [6] - Earnings per share (in CNY) are projected as follows: - 2023: 1.27 - 2024: 1.17 - 2025E: 1.17 - 2026E: 1.21 - 2027E: 1.27 [6] - The report anticipates a stable long-term ROE of around 11% due to improved net interest margins and reduced credit costs [10][9]. Investment Analysis - The report emphasizes that the market has not fully recognized the management's effective actions and the sustainable ROE trend, which are critical for the company's long-term valuation premium [8][10]. - The company is expected to benefit from a stable dividend payout exceeding 30%, alongside a favorable fundamental outlook for 2025 [8][9]. - The target valuation is set at 0.64 times the 2025 Price-to-Book (PB) ratio, indicating a potential upside of 25% [8].

Core Insights - The Chinese banking industry is at a turning point with the emergence of AI technology, particularly AI Agents, which are set to revolutionize core banking functions such as credit and risk management by significantly enhancing productivity and efficiency [1][3][21] - AI Agents, built on large AI models, can autonomously perform tasks, assist in decision-making, and provide personalized financial services, thereby reducing manual intervention and operational costs [1][3][4] Group 1: AI Agent Implementation and Value - AI Agents are becoming a core focus for banks, with significant investments being made to develop and implement these technologies [4][6] - The core values of AI Agents include improving efficiency through end-to-end automation, enhancing decision-making capabilities, and providing personalized customer experiences [3][21] - Major banks like ICBC and Agricultural Bank of China are leading in financial technology investments, with ICBC planning to spend approximately 28.518 billion yuan in 2024 [6][8] Group 2: Bank-Specific Developments - Agricultural Bank of China has introduced the "Mosu Loan Scoring Card" AI Agent, which can generate credit reports in 30 seconds, significantly speeding up the due diligence process [8] - Postal Savings Bank is rapidly advancing its AI capabilities, achieving over 87.5% automation in alarm troubleshooting through its AI Agents [9] - Other banks, including China Merchants Bank and Ping An Bank, are also developing their own AI Agents to enhance data analysis and customer service [11][12] Group 3: Technology Partnerships - Banks are increasingly collaborating with technology companies to bridge the technological gap and enhance their AI capabilities [13][20] - Major tech players like Baidu, Alibaba, and Tencent are providing comprehensive AI solutions and infrastructure, which are crucial for the successful implementation of AI Agents in banking [14][15] - The partnership between banks and tech companies is essential for unlocking the potential of AI in the financial sector, especially for smaller banks [13][20] Group 4: Challenges and Future Outlook - Despite the rapid development of AI Agents, many banks are still focused on non-core applications, indicating a gap between potential and actual implementation [21][22] - The banking sector requires high accuracy and reliability from AI systems, which currently face challenges such as a 95% accuracy rate in leading financial models [23][24] - The transition to AI-driven banking is a long-term process that necessitates a solid AI strategy and collaboration between banks and technology providers to achieve significant ROI [30][31]

转自：新华财经 中信银行呼和浩特分行相关工作人员表示，未来将持续聚焦地区企业跨境金融需求，优化业务流程，丰 富外汇避险、跨境结算等产品供给，全力支持更多企业拓展海外市场，不断提升跨境贸易便利化服务水 平。（李贺） 近日，中信银行呼和浩特分行成功为某重点企业完成一笔8320万美元境外直接投资业务。 编辑：张震 境外直接投资是企业"走出去"、参与国际竞争与合作、优化资源配置的重要途径。据悉，该企业为有色 金属及贵金属采选公司，在白银、锡精矿等市场具有雄厚的资源储备与领先的行业地位。在获悉企业有 境外投资计划后，中信银行呼和浩特分行迅速组建专业团队，聚焦企业对符合国家政策、保证资金安 全、满足汇划时效的核心诉求，提供从政策解读、备案流程指导，到跨境资金汇划建议等全流程、一站 式金融服务，为企业打通海外金融通道、确保投资计划如期实施提供了有力保障。 这笔业务的成功落地，是中信银行呼和浩特分行践行服务实体经济、支持企业"走出去"战略的具体体 现，也是该行以优质外汇服务为地方开放型经济发展注入新动能的生动实践。 ...

在推进宣传的过程中，中信银行鄂尔多斯分行坚持"应降尽降、应免尽免"原则，针对小微企业及个体工 商户推出账户管理费、电子银行服务费等多项费用减免措施。通过系列举措，有效提升了政策知晓度， 进一步增强了金融服务的可得性与普惠性。 中信银行鄂尔多斯分行相关负责人表示，将持续深化减费让利工作，动态优化服务方案，以更精准的宣 传、更实在的优惠，为支持实体经济发展贡献力量。（李贺） 编辑：张震 转自：新华财经 近期，中信银行鄂尔多斯分行立足金融机构社会责任，以"支付降费 让利于民"为切入点，开展宣传与 惠民服务。 该行以网点为阵地，通过在营业网点张贴降费公告，摆放价目表、宣传折页、宣传海报、一句话宣传标 语的方式，引导客户用好政策。同时，该行在大厅设置专岗人员为客户答疑解惑，针对客户关心的开户 费、汇款手续费等优惠情况详细介绍，面对面向客户进行政策宣导。 ...

证券之星消息，7月31日股份制银行板块较上一交易日下跌0.46%，平安银行领跌。当日上证指数报收于3573.21，下跌1.18%。深证成指报收于 11009.77，下跌1.73%。股份制银行板块个股涨跌见下表： | 代码 | 名称 | 主力净流入 (元) | 主力净占比 | 游资净流入(元) | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600036 | 招商银行 | 2.53 亿 | 7.78% | -1.86 Z | -5.74% | -6641.60万 | -2.05% | | 600016 | 民生银行 | 1.19/Z | 8.92% | -6015.86万 | -4.52% | -5858.20万 | -4.40% | | 818109 | 光大银行 | 5346.41万 | 7.27% | -961.18万 | -1.31% | -4385.23万 | -5.97% | | 601166 | 兴业银行 | 4115.16万 | 2.54% | -7863.88万 | -4.86% ...