Core Viewpoint - Hualian Holdings (000036) plans to repurchase shares with a total amount not less than 30 million yuan and not exceeding 60 million yuan, with a repurchase price capped at 5 yuan per share [1] Summary by Relevant Sections - **Repurchase Details** - The expected number of shares to be repurchased is approximately 6 million to 12 million shares, which represents 0.4043% to 0.8087% of the company's total share capital [1] - The source of the repurchase funds will be from the company's own funds, and the repurchase period is set to be within three months from the date of board approval [1] - **Management and Shareholder Plans** - The company's directors, supervisors, senior management, controlling shareholders, actual controllers, and their concerted actors do not have any clear plans for share reduction in the next six months [1]

Investment Rating - The industry investment rating is "Positive" and maintained [12] Core Viewpoints - The revenue growth of listed banks in the fourth quarter has generally rebounded, with large banks benefiting from a low base in Q4 2023 and increased investment income and foreign exchange gains [2][6] - Most banks maintain positive net profit growth, with large banks seeing a comprehensive turnaround in net profit growth, while high-quality city commercial banks lead in growth rates [2][6] - The net interest margin decline in the fourth quarter was better than expected, reflecting accelerated improvement in funding costs [2][8] - Asset quality is generally stable, with a decrease in non-performing loan ratios, while the provision coverage ratio has generally declined, supporting profit growth [2][9] - Retail risk in the industry is rising, with expectations of continued pressure on retail risk in the first half of 2025 [2][9] - Dividend ratios for large banks remain stable, with state-owned banks maintaining a high certainty of a 30% dividend ratio [2][10] Performance Growth - In 2024, most state-owned banks and city commercial banks achieved positive revenue growth, with a trend of accelerated growth in Q4 [6][20] - The net profit growth of large state-owned banks has turned positive, with high-quality city commercial banks maintaining leading growth rates [6][20] Scale Expansion - Credit growth has generally slowed, with high-quality city commercial banks continuing to lead [7][27] - State-owned banks have seen a decrease in credit growth after rapid expansion over the past two years, while high-quality regional city commercial banks maintain strong growth [7][27] Profitability - The decline in net interest margin has slowed significantly, with an average decline of 1.5 basis points for state-owned banks in 2024 [8][24] - The average cost of interest-bearing liabilities for 23 banks has decreased by 14 basis points [8][24] Asset Quality - Among 35 banks, 24 have seen a year-on-year decrease in non-performing loan ratios, while 9 have remained stable [9][29] - The provision coverage ratio has generally declined, particularly for retail banks, reflecting a reduction in credit impairment provisions [9][29] Dividend Ratio - Most banks maintain stable dividend ratios, with state-owned banks expected to maintain a 30% dividend ratio [10][12]

华联控股（000036）3月24日主力资金净流出 1071.41万元 金融界消息 截至2025年3月24日收盘，华联控股（000036）报收于3.87元，下跌2.76%，换手率1.27%， 成交量18.74万手，成交金额7288.19万元。 资金流向方面，今日主力资金净流出1071.41万元，占比成交额14.7%。其中，超大单净流出188.91万 元、占成交额2.59%，大单净流出882.50万元、占成交额12.11%，中单净流出流入249.26万元、占成交 额3.42%，小单净流入822.15万元、占成交额11.28%。 华联控股最新一期业绩显示，截至2024三季报，公司营业总收入3.32亿元、同比减少19.93%，归属净利 润3745.64万元，同比减少25.71%，扣非净利润1274.86万元，同比减少57.81%，流动比率4.374、速动比 率1.962、资产负债率22.64%。 天眼查商业履历信息显示，华联控股股份有限公司，成立于1989年，位于深圳市，是一家以从事房地产 业为主的企业。企业注册资本148393.4025万人民币，实缴资本148393.4025万人民币。公司法定代表人 为龚泽民。 通 ...

证券代码： 000036 证券简称：华联控股 华联控股股份有限公司投资者关系活动记录表 编号：2025-001 | 投资者关系活动 | √ 特定对象调研 分析师会议 | | | | | | □ | | --- | --- | --- | --- | --- | --- | --- | --- | | 类别 | 媒体采访 业绩说明会 □ | | | | | | □ | | | 路演活动 □ 新闻发布会 | | | | | | □ | | | □ 现场参观 | | | | | | | | | □ 其他 | | | | | | | | 参与单位名称及 | 前海恒江投资：郭泽翊 | | | | | | | | 人员姓名 | 汇金投资：张泽霖 | | | | | | | | | 创华投资：李军辉 王辰曜 | | | | | | | | | 小忠资本：梁幸 | | | | | | | | | 国诚投资：相健 | | | | | | | | 时间 | 2025 3 14:00-16:00 | 年 | 月 | 6 | 日 | | | | 地点 | 华联控股股份有限公司 | | | | | | | | 上市公司接待人 | 副总 ...

Investment Rating - The report maintains an investment rating of "Outperform" for the banking sector [1]. Core Insights - The core viewpoint emphasizes a "pro-cyclical + high dividend" strategy, with policy measures driving valuation recovery in the sector. The average dividend yield for the sector is currently at 4.50%, which remains historically high compared to the risk-free rate represented by the 10-year government bond yield. This indicates a continued appeal for fixed-income-like investments. The report also highlights the potential for regional banks benefiting from economic recovery and policy effectiveness, with a focus on the expected improvements in the real estate and consumer sectors [3][17]. Summary by Sections Investment Rating - The banking sector is rated as "Outperform" [1]. Core Insights - The average dividend yield for the banking sector is 4.50%, which is historically high compared to the risk-free rate [3][17]. - The report suggests that regional banks with strong growth potential and benefiting from policy support should be closely monitored [3][17]. - The static price-to-book (PB) ratio for the sector is currently at 0.66, indicating a significant safety margin with an implied non-performing loan rate exceeding 15% [3][17]. Market Trends - In February 2025, the banking sector experienced a decline of 0.98%, underperforming the CSI 300 index by 2.89 percentage points, ranking 27th out of 30 sectors [21][27]. - The report notes that the average dividend yield of the six major state-owned banks in Hong Kong is 1.33 percentage points higher than that of A-shares, making them attractive to stable investment funds [4][9]. Individual Stock Recommendations - The report recommends focusing on regional banks such as Chengdu Bank and Changsha Bank, which are expected to benefit from their regional advantages and ongoing economic recovery. Chengdu Bank is projected to have earnings per share (EPS) growth of 13.1% to 15.1% from 2024 to 2026, with a corresponding PB ratio of 0.90x to 0.70x [50][54][56].

Core Viewpoint - The article highlights the continuous acquisition of bank stocks by insurance capital, particularly by Ping An Group, indicating a strategic shift towards stable, high-dividend assets in response to market conditions and regulatory changes [1][5][9]. Group 1: Ping An Group's Acquisitions - Since the fourth quarter of last year, Ping An Group has been actively increasing its holdings in bank stocks, including Agricultural Bank of China, Postal Savings Bank, and China Merchants Bank, with significant increases noted on February 20 [1][2]. - As of February 20, Ping An Group's holdings in Agricultural Bank's H-shares exceeded 8%, while holdings in Postal Savings Bank and China Merchants Bank surpassed 7% [2][3]. - The total expenditure for these acquisitions from December 18 to February 20 reached nearly 170 billion HKD, with a current market value exceeding 200 billion HKD [3][10]. Group 2: Industry Trends and Implications - The insurance sector has seen a surge in shareholding activities, with 20 instances of shareholding increases last year, marking a four-year high, and six instances already in the first two months of this year [5][6]. - Analysts suggest that the frequent acquisitions by insurance capital are driven by the need to stabilize returns amid fluctuating financial instruments and to respond to the downward pressure on interest rates [5][12]. - The shift towards high-dividend bank stocks is seen as a strategic move to enhance asset allocation and improve financial stability, particularly in light of new accounting standards that favor long-term equity investments [5][6]. Group 3: Performance of Bank Stocks - The A-share bank sector experienced a cumulative increase of over 42% last year, ranking first among 30 major sectors, with several banks seeing stock price increases exceeding 60% [10][11]. - Preliminary reports from 16 A-share listed banks indicate positive growth in both revenue and net profit, with banks attributing this to increased credit issuance and effective cost management [11][12]. - The overall outlook for the banking sector remains cautiously optimistic, with expectations of stable asset quality and potential revenue growth in the coming years [12][13].

Financial Performance - The estimated net profit attributable to shareholders for 2024 is projected to be between 35 million and 45 million CNY, representing a decrease of 57.12% to 44.87% compared to the previous year's profit of 81.63 million CNY[3] - The estimated net profit after deducting non-recurring gains and losses is projected to be between 10 million and 20 million CNY, reflecting a decline of 83.66% to 67.31% from the previous year's profit of 61.19 million CNY[3] - The basic earnings per share is expected to be between 0.02 CNY and 0.03 CNY, down from 0.06 CNY per share in the previous year[3] - The performance forecast is based on preliminary calculations by the company's finance department and will be detailed in the 2024 annual report[7] Business Strategy - The company has shifted its marketing strategy to a rental and sales model, with 122 apartments in the "Hualian Urban Business Center" project fully rented out, and an additional rental area of 21,804 square meters added for the year[5] - The "Yupin Luanshan" project is scheduled to begin pre-sales in October 2025, which is expected to increase the company's revenue and profit sources[5] - The current business strategy focuses on "stability in real estate and development through transformation," with investments in emerging industries such as new energy, new materials, and new technologies[6] Investor Awareness - The company emphasizes the importance of investor awareness regarding investment risks[7]

关于回购期限届满暨股份回购实施结果的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 华联控股股份有限公司(以下简称"公司")于 2024 年 1 月 10 日召开第十一 届董事会第十二次（临时）会议，审议通过了《关于回购公司股份方案的议案》， 同意公司使用自有资金以集中竞价交易方式回购公司部分人民币普通股 A 股股 份。2024 年 2 月 1 日，公司召开第十一届董事会第十四次（临时）会议，审议 通过了《关于增加回购股份资金总额的议案》，同意公司将拟用于回购股份的资 金总额由原来的"不低于人民币 5,000 万元（含）且不超过人民币 10,000 万元 （含）"调整为"不低于人民币 15,000 万元（含）且不超过人民币 30,000 万元 （含）"。回购股份的实施期限为自董事会审议通过本次回购方案之日起 12 个 月内。具体内容详见公司相关公告（公告编号：2024-001、2024-002、2024-012）。 截至 2025 年 1 月 9 日，公司本次回购股份的实施期限届满，回购方案已实 施完毕。根据《上市公司股份回购规则》《深圳证券交易所上市公 ...

广东信达律师事务所 股东大会法律意见书 广东信达律师事务所（以下简称"信达"）接受华联控股股份有限公司（下 称"贵公司"）的委托，指派律师参加了贵公司 2024 年第二次临时股东大会（下 称"本次股东大会"），并进行了必要的验证工作。 深圳市福田区益田路 6001 号太平金融大厦 11、12 楼 邮政编码：518038 11/12/F, Tai Ping Finance Tower, 6001 Yitian Road, Futian District, Shenzhen, P. R. China 电话(Tel)：(0755)88265288 传真(Fax) ：(0755) 83265537 电子邮件（E-mail）：info@ sundiallawfirm.com 网站（Website）：https://www.sundiallawfirm.com 广东信达律师事务所 关于华联控股股份有限公司 2024 年第二次临时股东大会的 法律意见书 信达会字[2024]第 351 号 致：华联控股股份有限公司 信达律师根据《中华人民共和国公司法》（下称"《公司法》"）、《上市 公司股东大会规则》（下称"《股东大会规则》 ...

华联控股股份有限公司 2024 年第二次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 特别提示： 1. 本次股东大会无否决议案的情形。 2. 本次股东大会无涉及变更以往股东大会已通过的决议。 一、会议召开情况 （一）会议召开时间 1.现场会议时间：2024年12月30日（星期一）14:30起 证券代码：000036 证券简称:华联控股 公告编号：2024-086 2.网络投票时间：通过深圳证券交易所（以下简称"深交所"）交易系统进 行网络投票的具体时间为：2024年12月30日上午9:15-9:25、9:30-11:30，下午 13:00-15:00；通过深交所互联网投票系统投票的具体时间为：2024年12月30日 上午9:15至下午15:00时的任意时间。 （二）现场会议召开地点：深圳市深南中路2008号华联大厦16楼会议室 （三）会议召开方式：采用现场表决与网络投票相结合的方式召开 （四）会议召集人：公司第十一届董事会 （五）现场会议主持人：公司董事长龚泽民先生 （六）会议召开的合法、合规性：本次股东大会召开符合有关法律、行政法 规 ...