本 公 告 僅 供 參 考，並 不 構 成 收 購、購 買 或 認 購 證 券 之 邀 請 或 要 約。本 公 告 並 不 構 成 或 組 成 在 美 國 境 內 提 呈 發 售 或 招 攬 購 買 或 認 購 任 何 證 券 之 建 議。本 公 告 所 述 證 券 概無且不會根據經修訂的1933年《美 國 證 券 法》（「證券法」）或 美 國 任 何 州 的 證 券 法 登 記。除 根 據 證 券 法 獲 豁 免 或 屬 不 受 該 等 登 記 規 定 所 規 限 之 外，證 券 不 可 在 美 國 境 內 提 呈 發 售 或 出 售。本 公 告 及 其 所 含 資 料 不 得 直 接 或 間 接 在 或 向 美 國 境 內 進 行 分 發。本 公 告 所 述 證 券 不 可 且 不 會 在 美 國 提 呈 公 開 發 售。 誠如日期為2025年7月21日 的 發 售 通 函 所 述，中 信 銀 行 股 份 有 限 公 司（「本 行」）已 向 香 港 聯 合 交 易 所 有 限 公 司 提 出 申 請，以 僅 向 專 業 投 資 者（定 義 見 香 港 聯 合 交 易 所 有 限公司證券上市規則第37章）發 ...

长沙晚报掌上长沙7月21日讯（通讯员 刘朝钰）7月19日，中信银行"少年看中国"主题活动长沙站乘风启航，本次 活动以"长安诗歌美学"为主题，带领亲子家庭精读《长安诗选》，为少年们开启一场关于穿越盛唐的视觉与心灵 盛宴。 携手中信出版集团，与中国少年共赴"阅读中国"之旅 "少年看中国"系列活动是中信银行携手中信出版集团打造的贵宾尊享"阅读中国"之旅沙龙活动，精选文化地理、 人文社科类书籍，邀请名家讲师深度分享好书。本次活动特邀《长安诗选》作者韩潇，带领现场的亲子家庭沿着 诗歌的脉络，重游那个兼容并蓄、气象万千的大唐。少年们全程互动热烈，与韩潇老师交流诗歌与历史文化，点 燃现场氛围。 不止于精彩内容展映，"少年看中国"长沙站还特别设计了沉浸式互动游戏以及作家签名会，少年们通过完成"长安 飞花令""贵妃的荔枝""投壶射礼"等任务，以寓教于乐的方式充分调动少年们的兴趣爱好。"希望我们的活动能激 发少年们对阅读的兴趣。陪中国少年看中国河山，滋养少年成长、开拓少年视野，是我们打造'少年看中国'系列 主题活动的初心。"中信银行长沙分行相关负责人表示。 锚定少年成长，打磨亲子家庭专属服务体系 亲子客群是银行精细化客群运营的重 ...

与此同时，银行工作人员还对现金网格化管理区域内的商户进行了全面细致的排查，重点检查是否存在 拒收现金的情况。对于发现的问题，及时与商户沟通并建议整改，确保现金支付渠道畅通。在排查过程 中，工作人员还积极了解商户和居民在现金使用方面的需求，为他们提供零钞兑换、残损币兑换等便捷 的现金服务。 此次整治拒收现金及现金网格化宣传活动，得到了广大商户和居民的积极响应与支持。通过宣传和排 查，不仅提高了公众对人民币法定货币地位的认识，增强了公众维护自身现金支付权益的意识，也进一 步规范了现金收付行为，优化了现金流通环境。 编辑：赵鼎 转自：新华财经 在宣传方式上，该行采用"线上+线下"相结合的多元化宣传模式。线下通过在网点大厅设置咨询台、摆 放宣传展板、发放宣传折页等方式，向来办理业务的客户宣传拒收现金的危害及相关法律后果；在网点 周边的商户，工作人员则进行"一对一"上门宣传，耐心解答商户疑问，引导商户签订《不拒收人民币现 金承诺书》，并在显著位置张贴支持现金支付的标识。线上，通过银行官方微信公众号、手机银行App 等渠道发布整治拒收现金的宣传文章和视频，扩大宣传范围，增强宣传效果。 为切实维护人民币法定货币地位，保障公 ...

Group 1 - The company, CITIC Bank, announced a plan to issue bonds to professional investors, with a total amount of 5 billion USD [1] - The bond issuance will be in the form of a 12-month medium-term note program [1] - The program is expected to become effective on July 22, 2025 [1]

Core Viewpoint - The credit card industry in China is experiencing a significant transformation, shifting from expansion to a focus on quality and efficiency, as evidenced by the increasing number of banks discontinuing co-branded credit card products [12][19]. Group 1: Market Trends - Since January 1, 2025, at least seven major banks have announced the discontinuation of at least 22 co-branded credit card products, indicating a trend of product adjustments in the credit card market [2][6]. - Major banks, including China Bank and Citic Bank, have stopped issuing various co-branded credit cards, with reasons primarily cited as "business adjustments" or "contract expiration" [4][6]. Group 2: Product Adjustments - Co-branded credit cards, which are partnerships between banks and profit-oriented institutions, are being phased out due to their unsustainable cooperation models and imbalanced overall returns [9][10]. - Banks are transitioning to standard credit cards for existing co-branded cardholders, with changes in reward structures and benefits [4][6]. Group 3: Regulatory Environment - The regulatory framework has tightened, with new guidelines from the former CBIRC and the People's Bank of China mandating banks to focus on quality over quantity in credit card issuance [10][12]. - The new regulations require banks to limit the ratio of dormant credit cards to no more than 20%, prompting a reevaluation of credit card strategies [10][12]. Group 4: Consumer Behavior - The credit card market is increasingly catering to younger consumers, who have diverse interests and consumption needs, necessitating banks to innovate and tailor products accordingly [18][19]. - The decline in credit card issuance and usage reflects a broader trend of market saturation and the need for banks to refine their customer engagement strategies [12][13]. Group 5: Future Outlook - The discontinuation of co-branded credit cards is seen as a necessary step towards a more refined and efficient credit card business model, focusing on high-value customer segments and innovative product offerings [15][19]. - The industry is expected to evolve towards precision marketing and enhanced customer experiences, leveraging digital technologies and data analytics [7][19].

Core Insights - The report indicates a shift in the banking sector's focus from fundamental expectations and growth thinking to strategy and trading thinking, highlighting the evolving landscape of investment approaches in the industry [2][29]. Group 1: Regulatory Actions - Three significant regulatory actions have guided the banking industry from "wild growth" to orderly expansion: 1. In 2011, the tightening of city commercial banks' cross-regional expansion and the central bank's credit scale control ended the disorderly expansion of the banking sector [16][20]. 2. The introduction of the MPA assessment in 2016 served as a core regulatory framework, preventing small and medium-sized banks from circumventing regulations and promoting stability [21][23]. 3. The implementation of asset management regulations in 2018 significantly constrained the expansion of non-standard assets in banks, addressing risks associated with shadow banking [24][28]. Group 2: Valuation Framework - A new understanding of the valuation framework for banks is presented, emphasizing the "PB-ROE" model, where banks with higher ROE typically correspond to higher PB ratios. The introduction of dividend yield and payout ratio into this framework suggests that banks with an ROE above 11.7% could justify a PB valuation above 1 [32][33]. - The report notes a shift in the driving logic behind bank stock price increases from growth logic to dividend strategies, indicating a transition in market focus from numerator-driven factors (like ROE) to denominator-driven factors (like dividend yield) [32][33]. Group 3: Historical Performance Review - A comprehensive review of bank stocks from 2008 to 2022 reveals that the banking sector has outperformed the CSI 300 index, achieving nine rounds of excess returns lasting over three months. The core driving factors shifted from growth to dividends over this period [8][29]. - Specific periods of excess returns are highlighted, such as: 1. From November 2008 to July 2009, the sector achieved an absolute return of 139.8% and an excess return of 15.3% [19]. 2. In 2011, despite negative absolute returns, the sector still managed an excess return of 17.6% [19]. 3. The period from October 2014 to December 2014 saw an absolute return of 60% and an excess return of 14.9% [19]. Group 4: Investment Recommendations - The report suggests two main investment themes: 1. Anticipating a reduction in insurance preset interest rates in Q3 2025, it recommends focusing on high-dividend banks such as China Construction Bank, Industrial and Commercial Bank of China, and Chongqing Rural Commercial Bank [3]. 2. The strong performance of small and medium-sized banks since the beginning of the year is expected to continue, with recommendations for banks like Industrial Bank, CITIC Bank, and Nanjing Bank based on valuation, dividends, and fundamentals [3].

Group 1 - A series of policies aimed at boosting domestic demand and consumption have been introduced this year, enhancing market vitality [1] - Commercial banks are refining financial support measures to stimulate consumption, focusing on both service and bulk consumption [1][2] - The People's Bank of China and other regulatory bodies have issued guidelines to enhance financial services in the consumption sector [1] Group 2 - Citic Bank has launched detailed implementation rules for financial support, combining credit support, scene discounts, and green incentives to lower consumer costs [2] - Construction Bank is leveraging various financial products and services to target the terminal consumption market, offering diverse promotional activities [2] - Agricultural Bank is enhancing online service capabilities by integrating government subsidies with credit card benefits and partnerships with platforms like Douyin and JD.com [3] Group 3 - Local governments, including Beijing and Shanghai, have introduced specific action plans to boost consumption, emphasizing increased financial support and consumer credit [3] - The growth in consumption is expected to be driven by policy effectiveness and the release of service consumption potential, particularly in sectors like healthcare and leisure activities [4] - Financial institutions are encouraged to innovate in financial products and services to support consumption and contribute to high-quality economic development [4]

Core Viewpoint - Central Huijin's significant holdings in nine A-share listed banks demonstrate high shareholding ratios, strong stability, and good profitability, with all companies ranking in the top 50 for net profit in the Q1 2025 A-share listed companies [1][21] Group 1: Banks Controlled by China Investment Corporation - Industrial and Commercial Bank of China (ICBC) ranks first with a net profit of 841.56 billion yuan in Q1 2025, being the largest commercial bank globally [3] - China Construction Bank (CCB) ranks second with a net profit of 833.51 billion yuan, excelling in infrastructure financing and digital currency applications [5] - Agricultural Bank of China (ABC) ranks third with a net profit of 719.31 billion yuan, holding a unique advantage in rural finance [7] - Bank of China (BOC) ranks fourth with a net profit of 543.64 billion yuan, recognized for its foreign exchange and cross-border financial services [9] - China Everbright Bank ranks 24th with a net profit of 124.6 billion yuan, expanding into various financial services [11] Group 2: Banks Heavily Invested by Central Huijin Asset Management - CITIC Bank ranks 15th with a net profit of 195.09 billion yuan, leveraging its monopoly in state-owned enterprise client resources [13] - Shanghai Pudong Development Bank ranks 16th with a net profit of 175.98 billion yuan, leading in infrastructure and technology finance [15] - Ningbo Bank ranks 35th with a net profit of 74.17 billion yuan, operating across multiple profit centers [17] - Huaxia Bank ranks 50th with a net profit of 50.63 billion yuan, focusing on monetary financial services [19]

此次增资完成后，中信金租资本实力将跻身金融租赁行业第一梯队。数据显示，截至2024年末，全国金 融租赁公司数量为71家，其中注册资本超百亿元的不足10家，包括交银金租（200亿元）、工银金融租 赁（180亿元）、国银金融租赁（126亿元）、招银金租（120亿元）等头部机构。中信金租加入"百亿俱 乐部"，不仅提升了自身的市场地位，也加剧了行业内的竞争态势。这反映了金融租赁行业近年来资本 加速集中的趋势，大型租赁公司凭借更强的资本实力，在获取优质项目、抵御风险方面具有明显优势。 中信银行7月18日发布公告，宣布其全资子公司中信金融租赁有限公司（以下称"中信金租"）已完成60 亿元增资及工商变更登记，注册资本从40亿元大幅提升至100亿元。 此次增资采取"现金+利润转增"的模式，其中30亿元来自中信银行直接注资，另外30亿元则通过未分配 利润转增完成。这种双轨并行的增资方式在业内颇具示范意义，既体现了母公司对子公司发展的大力支 持，又展现了中信金租自身强劲的盈利能力和资本积累。这一显著的动作，不仅标志着中信金租资本实 力的质的飞跃，更在当前金融行业竞争加剧、监管要求趋严的背景下，释放出中信银行深化布局金融租 赁板块 ...

Core Viewpoint - The event organized by Citic Bank's Guiyang branch and the local police department aimed to raise awareness about fraud prevention through an innovative outdoor cinema experience, combining entertainment with education [1][3][5] Group 1: Event Details - The "outdoor anti-fraud cinema" was set up in the Shanshui Qiancheng community, featuring a prominent display of anti-fraud materials for residents to access [1] - The event included the screening of a video based on real fraud cases, which helped residents understand the dangers of scams [3] - Interactive knowledge quizzes engaged residents, fostering a lively atmosphere and enhancing their understanding of fraud prevention [3] Group 2: Community Engagement - The initiative attracted many residents, who appreciated the combination of film and educational content, leading to a warm and meaningful learning environment [3] - Feedback from attendees indicated a newfound awareness of the various types of scams, highlighting the effectiveness of the event in delivering crucial information [3] Group 3: Future Commitment - Citic Bank's Guiyang branch expressed its commitment to continue innovating in public education on financial safety, aiming to reach more residents with accessible and engaging methods [5] - The event reflects the bank's dedication to social responsibility and its promise to protect the financial security of the community [5]