Core Viewpoint - CITIC Bank has been approved to establish a financial asset investment company (AIC) with a registered capital of 10 billion yuan, marking a significant step in expanding AIC licenses among joint-stock commercial banks [1][3]. Group 1: AIC License Expansion - The approval of CITIC Bank for AIC establishment follows the precedent set by Industrial Bank, making it the second joint-stock commercial bank to receive such a license [1]. - The expansion of AIC licenses is seen as a policy direction aimed at encouraging more medium and large banks to engage in technology finance and investment-loan linkage, particularly to increase investments in technology innovation enterprises [4]. Group 2: Potential and Challenges of AIC - Industry insiders believe that AIC licenses have great potential in deepening investment-loan linkage and breaking down barriers between commercial banks and investment banks, offering diversified services such as equity financing and mergers and acquisitions [3]. - However, banks face challenges in balancing risk, return, and liquidity while needing to develop differentiated investment research systems and post-investment management frameworks [3][4]. Group 3: Long-term Investment Perspective - The growth of technology enterprises is likened to a "relay race," requiring financial institutions to maintain strategic focus and support through economic cycles for mutual growth [4]. - Current assessment mechanisms in commercial banks tend to emphasize short-term benefits, indicating a need for stronger guidance towards long-term investment perspectives [4]. Group 4: Professional Capability Enhancement - Experts suggest that banks need to enhance their professional capabilities in industry trends, enterprise valuation, and post-investment management to effectively engage in equity investments [5]. - Constructing a differentiated enterprise valuation system and adjusting assessment frameworks to align with long-term investment characteristics are crucial for the success of AICs in the equity investment domain [5].

Core Viewpoint - CITIC Bank has been approved to establish a financial asset investment company (AIC), becoming the second joint-stock bank to do so, following Industrial Bank. This move is expected to enhance the integration of equity financing and debt restructuring services, breaking down barriers between commercial and investment banking [1][2]. Group 1: AIC Establishment and Regulatory Context - CITIC Bank's AIC, with a proposed registered capital of 10 billion yuan, will be fully funded by the bank itself. The establishment process will follow regulatory procedures for opening [2]. - The regulatory body has indicated a push for the expansion of AIC licenses, encouraging qualified commercial banks to establish AICs, with approvals expected to continue [2][3]. - The establishment of AICs by major banks is seen as a way to combine their strengths with equity investment, particularly in supporting technology finance [3]. Group 2: Investment Opportunities and Challenges - AICs are expected to facilitate market-oriented debt-to-equity swaps, allowing banks to convert high-quality non-performing loans into equity, thereby improving asset quality and supporting corporate deleveraging [4]. - The focus on "hard technology" investments through AICs is anticipated to enhance long-term capital support for tech enterprises, improving banks' comprehensive service capabilities [4][5]. - The current banking assessment mechanisms are primarily short-term focused, which may hinder the long-term investment strategies required for equity investments in technology firms [5][7]. Group 3: Need for Structural Adjustments - The banking sector needs to develop a distinct evaluation system for equity investments, separate from traditional loan assessments, to better manage risks and returns [7][8]. - There is a call for banks to enhance their research capabilities and adapt their operational models to effectively engage in equity investments, addressing the unique challenges posed by early-stage tech companies [6][7]. - AICs should explore diverse funding sources and optimize their assessment frameworks to improve the feasibility and attractiveness of equity investment initiatives [8].

Core Viewpoint - The approval of AIC licenses for major joint-stock banks marks the beginning of a new competitive era in the financial asset investment company sector, with three major players: Industrial Bank, CITIC Bank, and the upcoming China Merchants Bank, collectively holding a registered capital of 35 billion yuan [2][3]. Group 1: Company Developments - CITIC Bank has received approval from the National Financial Regulatory Administration to establish CITIC Financial Asset Investment Co., with a registered capital of 10 billion yuan, focusing on market-oriented debt-to-equity swaps and equity investment [2]. - Industrial Bank was the first joint-stock bank to obtain an AIC license on May 7, 2023, indicating a rapid expansion of joint-stock banks in this sector [3]. - China Merchants Bank plans to invest 15 billion yuan to establish its AIC, contributing to the competitive landscape among joint-stock banks [3]. Group 2: Market Dynamics - The establishment of AICs by joint-stock banks reflects regulatory support for diversified banking services aimed at supporting the real economy, indicating a shift in the competitive landscape previously dominated by state-owned banks [3][5]. - AICs are expected to focus on specific sectors such as technology finance and green industries, creating differentiated competition with state-owned banks [5][6]. - The initial scale of registered capital for joint-stock banks' AICs is comparable to that of state-owned banks, which may help them meet regulatory capital requirements while allowing for future business expansion [5]. Group 3: Business Strategy and Challenges - Both Industrial Bank and CITIC Bank aim to serve national strategic priorities, with a focus on supporting innovative and private enterprises through financial backing [6]. - The profitability of AICs remains a challenge due to the long project cycles and limited exit channels associated with debt-to-equity swaps, necessitating a balance between policy objectives and market returns [6][7]. - The competitive landscape is expected to intensify as joint-stock banks seek to leverage their flexible operational mechanisms and innovative service models to carve out their market positions [7].

1. Market Performance A - Share Market - The Shanghai Composite Index rose 0.43% to 3361.98 points, the Shenzhen Component Index rose 0.16%, and the Chi - Next Index rose 0.48%. Jewelry and jewelry maintained their strength, while the overall performance of the automobile manufacturing industry was mediocre, showing a divergence from the Hong Kong stock market [1]. Hong Kong Stock Market - The Hang Seng Index closed up 1.53% at 23512.49 points, the Hang Seng Tech Index rose 1.08%, and the Hang Seng China Enterprises Index rose 1.92%. Automobile and bank stocks led the rebound, with a total market turnover of HK$203.681 billion [1]. Overseas Markets - European stock markets closed higher. In the US, the Dow Jones Industrial Average rose 0.51%, the S&P 500 Index rose 0.58% to 5970.37 points, and the Nasdaq Composite Index rose 0.81% [1]. 2. Macroeconomic News US Labor Market - In April, US job openings unexpectedly increased significantly, with recruitment activities accelerating, indicating a still - robust labor demand. Job openings rose from a revised 7.2 million in March to 7.39 million, higher than the expected median of 7.1 million. The increase was mainly in the private sector, such as professional and business services, and healthcare and social assistance. Although there were fewer openings in state and local education, federal government job openings increased. However, economists expect the labor market to weaken more significantly in the coming months under the impact of Trump's tariff policies [12]. US Steel and Aluminum Tariffs - US President Donald Trump signed an order on Tuesday to raise steel and aluminum tariffs from 25% to 50% starting from June 4, aiming to help domestic manufacturers. The tariff on steel and aluminum imported from the UK will remain at 25%. This move intensifies trade tensions [8][12]. South Korean Presidential Election - South Korean opposition candidate Lee Jae - myung won the presidential election, with about 48.8% of the votes, while ruling - party candidate Kim Min - soo got 42.0%. This election is seen as a referendum on the failure of former President Yoon Suk - yeol's martial - law order. Lee Jae - myung faces challenges in uniting the divided country and restoring economic growth [12]. 3. Corporate News IPO News - Yisw Compute, a leading RISC - V chip company, submitted a prospectus to the Hong Kong Stock Exchange on May 30. It has completed four rounds of financing in five years, with a total scale of over RMB 9 billion. Its listing is expected to inject new impetus into China's semiconductor industry [10]. Corporate Actions - China Ping An plans to issue zero - coupon convertible bonds worth HK$1.1765 billion, maturing in 2030, with an initial conversion price of HK$55.02 per H - share [14]. - Midea Group has repurchased about 12.1888 million A - shares for about RMB 899 million as of May 31 [14]. - CITIC Bank has been approved to establish CITIC Financial Asset Investment, with a proposed registered capital of RMB 10 billion [14]. - COSCO SHIPPING Holdings has cancelled about 144 million repurchased shares, and its controlling shareholder's shareholding has increased to over 45% [14]. - Haier Smart Home repurchased about 6.3642 million A - shares in May for about RMB 164 million [14]. - China Biopharmaceutical announced the results of a Phase III clinical study of Bemosu - bam injection at the 2025 ASCO Annual Meeting, showing significant efficacy [14]. - China Railway Group plans to issue up to RMB 3 billion in science - and - technology innovation bonds to repay debts [14]. - China National Building Material issued RMB 1.3 billion in science - and - technology innovation bonds, with different interest rates for different varieties [14]. - Tencent Holdings reduced its stake in Jingtai Holdings by over 28.42 million shares, with its shareholding dropping to 5.93% [14]. - Galectin Therapeutics' acne drug Dinifasstat's Phase III clinical trial reached all endpoints, showing significant efficacy and good safety [14]. 4. Dividend and Rights - Issue Information Dividend Information - Some companies such as Yue Yun Transportation will pay dividends, while many others, including Tsim Sha Tsui Properties, will not pay dividends [15][16]. Rights - Issue Information - Some companies like Lvji Technology have rights - issue plans [16]. 5. Stock Performance Ranking Top Gainers - Huayin International Holdings, WANMA HOLDINGS, and Dingyifeng Holdings had significant increases on June 4, 2025 [22]. US Stocks - NVIDIA, Intel, and Adobe showed different performance trends, with some rising and some falling [24]. Chinese A - Shares - Stocks such as Microcore Biotech, Feile Audio, and Shanghai Rural Commercial Bank had significant increases, while some like Kweichow Moutai had slight declines [26][27].

21世纪经济报道记者 叶麦穗 广州报道 在监管强化和市场波动加大等背景下，公募基金代销也被套 上"紧箍咒"。作为投资者购买基金产品的重要参考指标，银行对代销公募基金的风险评级逐步从事前为 主向"事前+事后"并重转变。 业内人士表示，银行此举主要是为了落实《商业银行代理销售业务管理办法》（下称《代理销售办 法》）要求，对代销公募基金产品风险等级从严评定，即按照风险孰高原则确定最终评级结果。 无独有偶，中信银行也发布公告称，自5月12日起，陆续对158只代销公募基金产品的风险评级进行调 整，且均为上调。该行提示称，对于涉及定投的产品，若调整后的产品风险评级高于投资者的风险承受 能力评估结果，将导致扣款失败；若连续三次扣款失败，定投协议会自动失效，投资者可选择重新进行 风险承受能力评估，或选择与自身风险承受能力匹配的产品进行投资。 中信银行强调，此次调整仅涉及产品的风险评级，不改变投资者此前购买产品的投资者类型、投资范 围、投资策略等其他风险收益特征，已购买产品的风险评级及其他产品要素以购买时的产品说明为准。 随着《代理销售办法》正式实施日期（10月1日）逐渐临近，不少银行已经开始调整代销公募基金产品 的风险等级。 ...

Group 1 - The core viewpoint of the articles highlights the rapid establishment of financial asset investment companies (AIC) by joint-stock banks, marking a competitive landscape with three major players: Industrial Bank, CITIC Bank, and China Merchants Bank [1][2][3] - CITIC Bank has received approval from the National Financial Regulatory Administration to establish its AIC, named "Xinyin Financial Asset Investment Co., Ltd," with a registered capital of 10 billion yuan, focusing on market-oriented debt-to-equity swaps and equity investment [1][2] - The establishment of AICs by joint-stock banks reflects regulatory support for diversified banking services aimed at supporting the real economy, indicating a shift in the competitive dynamics of the banking sector [2][3] Group 2 - AICs serve as a core vehicle for commercial banks to participate in market-oriented debt-to-equity swaps, which have been primarily led by state-owned banks since their inception in 2016 [2][4] - The registered capital of 10 billion yuan for both Industrial Bank and CITIC Bank's AICs aligns with regulatory capital requirements and provides a buffer for future business expansion [4][5] - The competitive landscape is expected to intensify as joint-stock banks leverage their flexible operational mechanisms and innovative service models to differentiate themselves from state-owned banks [5][6] Group 3 - The AICs of joint-stock banks are anticipated to focus on niche areas such as technology finance and green industries, creating a differentiated competitive strategy compared to state-owned banks [3][5] - The profitability of AICs may face challenges due to long project cycles and limited exit channels, necessitating a balance between policy-driven tasks and market returns [4][5] - The future expansion of AICs may include broader business scopes beyond debt-to-equity swaps, potentially involving mergers and acquisitions and private equity investments as regulatory frameworks evolve [5][6]

已经获筹的两家股份行的AIC均聚焦国家战略重点领域，通过市场化债转股及股权投资服务实 体经济。 作 者丨郭聪聪 编 辑丨杨希 6月3日，中信银行发布公告称，收到国家金融监督管理总局批复，同意其筹建信银金融资产 投资有限公司（名称暂定，以下简称"信银金投"）。 这也成为继兴业银行之后，第二家官宣 获准筹建金融资产投资公司（AIC）的股份制银行。 中信银行获批筹建AIC， 标志着时隔8年的股份行AIC扩容进程持续推进。 5月7日，兴业银行刚成为首家获批AIC的股份制银行，其设立的兴银金融资产投资有限公司 （下称"兴银金投"）注册资本100亿元，为该行全资子公司。仅时隔一个月，中信银行便紧随 其后，宣布筹建信银金投，同样注册资本100亿元且由中信银行自有资金全资出资。 中信银行表示，筹建工作完成后，将按照有关规定和程序向国家金融监督管理总局提出开业 申请。 除兴业银行、中信银行之外，招商银行也在排队中。 5月8日，招商银行发布公告披露最新进 展：拟出资人民币150亿元，全资发起设立金融资产投资公司。成功设立后，金融资产投资公 司将成为招商银行全资一级子公司，具体业务范围以金融监督管理机构批复为准。 香港恒生银行劫案 ...

Investment Rating - The investment rating for CITIC Bank is "Buy" (maintained) [1][27] Core Views - CITIC Bank, backed by the large state-owned enterprise CITIC Group, has strong profitability resilience. The bank reported a revenue of 51.77 billion yuan in Q1 2025, with a year-over-year decline of 3.72%. Net interest income grew by 2.05% year-over-year, indicating stable growth. The net interest margin for Q1 2025 was 1.65%, down 5 basis points year-over-year, which is a manageable decline. The bank achieved a net profit attributable to shareholders of 19.51 billion yuan, reflecting a year-over-year increase of 1.66% [4][5][6]. Financial Performance Summary - As of the end of Q1 2025, total assets reached 9.86 trillion yuan, a year-over-year growth of 8.65%. Loans increased by 5.08% year-over-year, benefiting from strong corporate loan growth of 10.58%. Deposits amounted to 6.03 trillion yuan, with a year-over-year growth rate of 11.26%, driven by increases in both corporate and retail deposits [5][6]. - The bank's cash dividend payout ratio for ordinary shares rose to 30.50% in 2024, up over 2 percentage points from 28.01% in 2023. As of June 3, 2025, the dividend yield stood at 4.31%, highlighting its high dividend investment attribute [5][6]. Future Outlook - The bank has maintained its profit forecast, expecting net profits attributable to shareholders to be 68.8 billion yuan, 71.1 billion yuan, and 71.8 billion yuan for 2025, 2026, and 2027, respectively, with year-over-year growth rates of +0.36%, +3.30%, and +1.01% [4][7]. - CITIC Bank has been approved to establish a wholly-owned subsidiary, CITIC Financial Asset Investment Company (AIC), with an investment of 10 billion yuan. This approval marks CITIC Bank as the second joint-stock bank to receive such authorization, enhancing its capabilities in equity investment and enabling it to better serve the lifecycle of technology enterprises [6][8].

Investment Rating - The investment rating for CITIC Bank is "Buy" (maintained) [1] Core Views - CITIC Bank, backed by the large state-owned enterprise CITIC Group, demonstrates strong profitability resilience. The bank reported a revenue of 51.77 billion yuan in Q1 2025, reflecting a year-on-year decline of 3.72%. The net interest income grew by 2.05% year-on-year, indicating stable growth. The net interest margin for Q1 2025 was 1.65%, down 5 basis points year-on-year, which is a manageable decline. The net profit attributable to shareholders was 19.51 billion yuan, up 1.66% year-on-year, showcasing strong profitability resilience. The profit forecast remains unchanged, with expected net profits of 68.8 billion, 71.1 billion, and 71.8 billion yuan for 2025-2027, representing year-on-year growth of 0.36%, 3.30%, and 1.01% respectively. The current stock price corresponds to a price-to-book ratio of 0.62, 0.59, and 0.54 for 2025-2027, maintaining a "Buy" rating [4][5][6]. Summary by Sections Financial Performance - As of the end of Q1 2025, total assets reached 9.86 trillion yuan, a year-on-year increase of 8.65%. Loans grew by 5.08% year-on-year, benefiting from strong corporate loan issuance, which increased by 10.58% year-on-year. Deposits amounted to 6.03 trillion yuan, with a year-on-year growth rate of 11.26%, driven by increases in both corporate and retail deposits [5][6]. Dividend Policy - In 2024, CITIC Bank's cash dividend ratio for common stock reached 30.50%, an increase of over 2 percentage points from 28.01% in 2023. As of June 3, 2025, the dividend yield stood at 4.31%, highlighting the bank's strong dividend investment attributes [5]. Strategic Developments - On May 8, 2025, CITIC Bank announced plans to invest 10 billion yuan to establish a wholly-owned subsidiary, CITIC Financial Asset Investment Company (AIC). On June 3, 2025, the AIC was officially approved for establishment, making CITIC Bank the second joint-stock bank to receive such approval. This move enhances the bank's capabilities in equity investment and is expected to optimize corporate leverage structures while deepening involvement in the full lifecycle services of technology enterprises, creating a synergistic effect between investment and lending [6][7]. Financial Projections - The financial summary indicates projected revenues of 221.58 billion yuan for 2025, with a year-on-year growth of 3.71%. The net profit attributable to shareholders is expected to be 68.83 billion yuan, reflecting a modest growth of 0.36%. The bank's price-to-earnings ratio is projected to be 5.69 for 2025, with a price-to-book ratio of 0.62 [7][8].

2025.06. 04 本文字数：3405，阅读时长大约6分钟 作者 | 第一财经 亓宁 经历节前短暂调整之后，节后银行板块又成了股市"最靓的仔"。端午假期后首个交易日（6月3 日），银行AH股集体走强，A股沪农商行早盘强势封涨停，带动城农商行和股份行齐涨，多股股价 创下新高。 进入二季度以来，银行股在高股息率、险资增配、公募基金改革调仓等逻辑支撑下被避险资金持续看 好，成为A股首个市值突破10万亿元的板块，银行指数和部分个股频频逆势续创新高。随着5月降准 降息和新一轮存款利率调降落地，低利率环境中关于"存款理财不如买银行股"的讨论进一步升温。 不过，对于6月3日银行股的显眼表现，受访人士认为，主要与沪农商行和渝农商行被纳入市场核心 指数有关，这再度刺激了市场的炒作情绪。"不同于理性投资、价值投资，炒作注定没办法持 续。"有资深银行研究人士提示，要理性看待部分个股股价的过快上涨，银行股投资终究要回归基本 面。 2家农商行纳入核心指数 6月3日，沪农商行开盘即走强，以一个涨停板成为银行板块的"明星"。伴随板块集体大涨，兴业银 行、中信银行、北京银行、浦发银行、杭州银行、南京银行、成都银行、渝农商行股价均在当天创 ...