国盛证券认为，中长期看，国流稳地产、促消费、加大民生保障等扩张性政策有望加速落地，托底经济 稳增长。而银行板块受益于政策催化，顺周期主线的个股或有α；同时，由于经济修复需要一定的时 间、且预计降息仍有空间，红利策略或仍有持续性。 银行ETF指数紧密跟踪中证银行指数，为反映中证全指指数样本中不同行业公司证券的整体表现，为投 资者提供分析工具，将中证全指指数样本按中证行业分类分为11个一级行业、35个二级行业、90余个三 级行业及200余个四级行业，再以进入各一、二、三、四级行业的全部证券作为样本编制指数，形成中 证全指行业指数。 数据显示，截至2025年6月30日，中证银行指数(399986)前十大权重股分别为招商银行(600036)、兴业银 行(601166)、工商银行(601398)、交通银行(601328)、农业银行(601288)、江苏银行(600919)、浦发银行 (600000)、民生银行(600016)、平安银行(000001)、上海银行(601229)，前十大权重股合计占比65.64%。 截至2025年7月14日 10:00，中证银行指数(399986)上涨0.46%，成分股民生银行(60001 ...

Core Insights - The accelerated exit of physical bank branches is a significant trend in the banking industry's digital transformation process [1][2][3] - In the first half of this year, a total of 2,677 bank branches closed, surpassing the total of 2,533 closures for the entire year of 2024 [2][3] - The shift towards digital banking services is leading to a profound restructuring of financial service models, with over 90% of personal financial transactions now completed online [3][4] Group 1: Bank Branch Closures - A total of 2,677 commercial bank branches were shut down nationwide in the first half of this year, which is 144 more than the total closures for the entire year of 2024 [1][2] - The majority of closures were from rural commercial banks, with approximately 2,000 branches exiting the market [2] - The trend reflects a broader shift in consumer behavior, as many customers prefer digital banking solutions over physical branch visits [2][3] Group 2: Digital Transformation Impact - The total amount of off-counter transactions in the banking sector reached 26.268 trillion yuan in 2024, marking an 11.13% increase from the previous year [3] - The operational costs of traditional bank branches are high, with individual branches incurring annual costs of several million yuan, while transaction volumes have significantly decreased [3][4] - The digital transformation is expected to lead to a future where bank branches evolve into multifunctional service complexes, integrating various public and private services [3][4] Group 3: Future of Banking Services - Despite the reduction in physical branches, the need for certain banking services, such as complex business transactions, will still require in-person interactions [4] - Financial institutions are investing in technology to enhance service quality, with advancements in smart risk control and remote collaboration technologies improving operational efficiency [4] - The banking sector is moving towards a more efficient and inclusive service model, balancing the reduction of physical branches with the enhancement of digital capabilities [4]

Core Viewpoint - The "2025 World Bank 1000 Strong" ranking by the British magazine "The Banker" highlights the performance of Chinese banks, with 143 banks from mainland China making the list, including 17 from Guangdong province, showcasing the region's financial strength and competitiveness [2][4][6]. Group 1: Rankings of Major Banks - The top four banks in the ranking are Industrial and Commercial Bank of China (1st), China Construction Bank (2nd), Agricultural Bank of China (3rd), and Bank of China (4th) [2][4]. - China Merchants Bank improved its ranking to 8th, while Bank of Communications ranked 9th, with both banks being part of the top ten [4][5]. - Among the 12 national joint-stock banks, the largest improvement was seen in Hengfeng Bank, which moved up from 121st to 118th [4][5]. Group 2: Performance of Guangdong Banks - Guangdong has 17 banks on the list, accounting for 11.89% of the total, with notable improvements in rankings for over half of these banks [6][8]. - Guangdong Huaxing Bank made the most significant leap, advancing 40 places to 336th, while WeBank improved by 28 places to 227th [6][7]. - However, some banks in Guangdong experienced declines, with Zhuhai Huaren Bank dropping 20 places to 358th [7]. Group 3: Financial Growth in Guangdong - In 2024, Guangdong's financial industry added value reached 12.4 trillion yuan, representing 8.8% of the province's GDP, with total assets of financial institutions exceeding 47 trillion yuan [8][9]. - As of May 2025, the balance of loans in Guangdong was 29.5 trillion yuan, a year-on-year increase of 4.7%, while deposits reached 37.4 trillion yuan, growing by 4.3% [8][9]. - The province is focusing on high-quality development, with initiatives aimed at enhancing financing accessibility and expanding credit in key sectors [9].

Core Viewpoint - A-share listed banks are increasingly distributing dividends, reflecting strong operational performance and adherence to regulatory requirements for cash dividends [1][2] Group 1: Dividend Distribution - As of July 13, 35 out of 42 A-share listed banks have completed their annual dividend distribution for 2024 [1] - Major banks involved include five state-owned banks such as Industrial and Commercial Bank of China and China Bank, along with several joint-stock and city commercial banks [1] - The trend of dividend distribution is driven by the new "National Nine Articles" which emphasizes cash dividends and enhances predictability [1] Group 2: Dividend Yield - Approximately half of the A-share listed banks have a dividend yield exceeding 4%, with six banks surpassing 7% [2] - High dividend yields are attributed to the banks' stable long-term operations and relatively low valuations [2] - The banking sector has seen a year-to-date average increase of 19.34%, driven by high dividend attractiveness [2] Group 3: Future Outlook - The combination of stable operations and high dividend levels is expected to continue attracting investors, suggesting a positive outlook for the banking sector [3]

Core Viewpoint - A-share listed banks are actively distributing dividends, reflecting strong operational performance and compliance with regulatory requirements for cash dividends [1][2] Group 1: Dividend Distribution - As of July 13, 35 out of 42 A-share listed banks have completed their 2024 annual dividend distributions, including major state-owned banks and several joint-stock and city commercial banks [1] - The trend of high dividend payouts is driven by the implementation of new policies aimed at enhancing cash dividends and improving predictability in dividend distributions [1][2] Group 2: Dividend Yield - Approximately half of the A-share listed banks have a dividend yield exceeding 4%, with six banks, including China Merchants Bank and Postal Savings Bank, surpassing 7% [2] - The high dividend yield is attributed to the banks' stable long-term operations and a lower risk appetite among investors who prioritize steady returns [2] Group 3: Market Performance - The banking sector has seen a cumulative increase of 19.34% year-to-date, driven by the appeal of high dividend yields and increased cash dividend distributions [2] - Several banks are planning mid-term dividend proposals for 2025, further enhancing their investment attractiveness [2] Group 4: Future Outlook - The current market environment is expected to support a steady upward trend in bank stocks, bolstered by strong operational performance and high dividend levels [3] - The defensive nature of bank stocks, combined with favorable macroeconomic policies, suggests continued investment value despite external challenges [3]

Group 1 - The company has signed a sales agreement with Ping An Bank to start selling the Wanjia Stable Ning Bond Fund from July 14, 2025 [1] - The fund will be publicly offered from July 7 to July 25, 2025, through designated sales institutions [1] - Investors can open accounts and subscribe to the fund at Ping An Bank, and after the fund is established, they can also handle subscription, redemption, conversion, and regular investment [1] Group 2 - Specific fee rates will be announced by Ping An Bank, and the procedures must follow the bank's regulations [1] - For further inquiries, investors can contact Ping An Bank or Wanjia Fund Management Company through their respective customer service numbers and websites [2]

Group 1 - Ping An Bank's stock closed down 2.05% on July 11, 2023 [1] - Ping An Bank was established in 1987 and is located in Shenzhen, primarily engaged in monetary financial services [1] - The registered capital of Ping An Bank is approximately 114.25 billion RMB [1] Group 2 - Huatai-PineBridge's Huatai-PineBridge CSI 300 ETF is among the top ten shareholders of Ping An Bank and reduced its holdings in the first quarter of this year [1] - The year-to-date return of the Huatai-PineBridge CSI 300 ETF is 3.29%, ranking 1934 out of 3426 in its category [2] Group 3 - The fund manager of Huatai-PineBridge CSI 300 ETF is Liu Jun, who has extensive experience in fund management [4][6] - Liu Jun has been with Huatai-PineBridge since July 2004 and has managed various funds, including the Huatai-PineBridge CSI 300 ETF since May 2012 [5][6]

Core Points - The China Securities Index Equal Weight 90 Index (CSI Equal Weight 90) opened high and fluctuated, rising by 0.33% to 2704.23 points with a trading volume of 259.968 billion yuan [1] - Over the past month, the CSI Equal Weight 90 Index has increased by 4.01%, and over the past three months, it has risen by 6.48%, while it has decreased by 0.05% year-to-date [1] - The index consists of 90 listed companies, including the top 50 from the Shanghai Stock Exchange and 40 selected from the Shenzhen market, reflecting the overall performance of large-cap, liquid stocks [1] Index Holdings - The top ten weights in the CSI Equal Weight 90 Index are: Zhongji Xuchuang (1.43%), Xinyi Sheng (1.39%), Hudian Co. (1.38%), Sunshine Power (1.31%), Tianfu Communication (1.28%), WuXi AppTec (1.27%), Bank of Communications (1.27%), Bank of China (1.27%), Ping An Bank (1.21%), and Industrial and Commercial Bank of China (1.21%) [1] - The index's holdings are distributed with 54.98% from the Shanghai Stock Exchange and 45.02% from the Shenzhen Stock Exchange [1] Industry Composition - The industry composition of the CSI Equal Weight 90 Index includes: Information Technology (20.78%), Industrials (17.81%), Financials (17.49%), Communication Services (10.42%), Consumer Discretionary (8.50%), Consumer Staples (6.41%), Materials (5.68%), Health Care (4.46%), Energy (4.15%), Real Estate (2.17%), and Utilities (2.14%) [2] - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December [2] Fund Tracking - Public funds tracking the CSI Equal Weight 90 Index include: Yinhua CSI Equal Weight 90 [3]

Core Insights - The mobile banking app market in China is entering a mature stage, characterized by refined operations and competition among existing players [2][4] - The integration of AI technology is accelerating the transformation of the banking industry, with potential productivity gains of up to $340 billion globally [7] - The user base of mobile banking apps in China has surpassed 700 million, with a peak of 713 million expected between 2023 and 2025 [4] Group 1: Market Overview - The mobile banking app has become a key platform for commercial banks to expand service boundaries and enhance user experience amid the digital transformation [1] - The market is transitioning from early channel migration to a new phase characterized by intelligence, scenario-based services, and inclusivity [1][2] - The overall traffic of mobile banking apps is expected to remain stable from 2023 to 2025, with fluctuations around a peak user base [4] Group 2: User Engagement and Activity - The active user base of mobile banking apps in China has exceeded 700 million, driven by increased demand for contactless financial services during the COVID-19 pandemic [4] - The average monthly active users (MAU) for major banks show significant disparities, with Agricultural Bank leading at over 230 million MAU, followed by Industrial and Commercial Bank and China Construction Bank [12][16] - The MAU for various banks has shown mixed trends, with some banks experiencing growth while others face declines [12][19] Group 3: AI Integration in Banking Apps - AI technology is being deeply integrated into banking apps, focusing on intelligent interaction, risk control, and precision marketing [9][10] - The use of AI in banking apps enhances user experience through conversational services and improves operational efficiency [11] - Real-time transaction monitoring and multi-modal identity verification are key components of AI-driven security measures in mobile banking [10] Group 4: Performance of Major Banks - Agricultural Bank of China leads the MAU rankings with 23.7 million, showing a growth rate of 3.3% [13][16] - Other major banks like ICBC and CCB have MAUs exceeding 10 million but have experienced slight declines [13][16] - Among joint-stock commercial banks, China Merchants Bank leads with 6.9 million MAU, although it has seen a decrease of 3.5% [20][21] Group 5: Regional and Smaller Banks - City commercial banks have shown varied performance, with Jiangsu Bank leading at 373,400 MAU, reflecting a growth of 5.2% [27][29] - Rural commercial banks and credit cooperatives have also entered the top rankings, with several achieving significant growth rates [33][34] - The performance of private banks remains mixed, with WeBank and MyBank showing lower MAUs and significant declines [28]

Core Viewpoint - The announcement details a partnership between Taikang Fund Management Co., Ltd. and Ping An Bank, effective from July 11, 2025, allowing Ping An Bank to sell certain open-end funds and participate in fee discount activities [1]. Group 1: New Fund Products - Investors will be able to subscribe, redeem, convert, and set up regular investment plans for the mentioned funds through Ping An Bank, with specific procedures governed by the sales institution's regulations [2]. Group 2: Discount Methods - Starting from July 11, 2025, Ping An Bank will offer fee discounts for fund subscriptions (including regular investments) and conversions, subject to relevant legal documents and regulatory requirements. The specific discount rates will be publicly announced by Ping An Bank [3]. Group 3: Consultation Methods - Contact information for Ping An Bank and Taikang Fund Management is provided for investor inquiries, including customer service numbers and websites [4].