Core Viewpoint - The article highlights the performance and growth of the Zhongzheng Dividend Low Volatility 100 Index and its corresponding ETF, indicating a bullish outlook on bank stocks driven by low interest rates and a long-term market trend [3][4]. Performance Summary - As of June 27, 2025, the Zhongzheng Dividend Low Volatility 100 Index rose by 0.31%, with constituent stocks such as Lanzhou Bank and Guizhou Bank showing significant gains [3]. - The Zhongzheng Dividend Low Volatility 100 ETF (159307) has seen a recent price increase of 0.38%, marking its sixth consecutive rise, with a latest price of 1.05 yuan and a trading volume of 484.03 million yuan [3]. - Over the past year, the ETF's net value increased by 14.89%, ranking first among comparable funds [4]. Fund Growth and Inflows - The ETF experienced a substantial increase in shares, growing by 7.26 million shares over the past year, placing it second among comparable funds [4]. - Despite a recent net outflow of 209.37 million yuan, the ETF has seen net inflows on 8 out of the last 10 trading days, totaling 3.35 million yuan [4]. Risk and Return Metrics - The ETF's maximum drawdown this year was 6.18%, with a recovery period of 36 days, indicating relatively low risk compared to peers [4]. - The ETF's management fee is 0.15% and the custody fee is 0.05%, which are the lowest among comparable funds [5]. Index Composition - The Zhongzheng Dividend Low Volatility 100 Index includes 100 stocks characterized by high liquidity, continuous dividends, high dividend yields, and low volatility [5]. - The top ten weighted stocks in the index account for 19.64% of the total index weight, with notable companies including Jizhong Energy and Daqin Railway [5][6].

Core Viewpoint - The demand for capital replenishment among small and medium-sized banks is increasing, as evidenced by recent approvals for the issuance of perpetual bonds and other capital instruments [1][2][3] Group 1: Recent Developments - Lanzhou Bank has received regulatory approval to issue up to 5 billion RMB in perpetual bonds, with the flexibility to decide on the timing and scale within 24 months [1] - Xi'an Bank has been approved to issue up to 7 billion RMB in perpetual bonds, also with similar issuance flexibility [1] - Other banks, including Zhejiang Chouzhou Commercial Bank and Shanxi Bank, have also received approvals for capital instruments, indicating a broader trend [1] Group 2: Capital Adequacy and Sources - In Q1 of this year, the capital adequacy ratios for city commercial banks, private banks, and rural commercial banks were 12.44%, 11.98%, and 12.96% respectively, compared to 17.79% and 13.71% for state-owned and national joint-stock banks [2] - Capital replenishment for banks can be categorized into internal and external sources, with internal sources primarily being retained earnings and external sources including IPOs, rights issues, and various types of bonds [2] Group 3: Challenges and Opportunities - There are over 4,000 small and medium-sized banks in China, accounting for 99% of the banking system, but they face challenges in capital replenishment compared to larger banks [3] - The recent approvals for perpetual bonds indicate that the channels for capital replenishment for small and medium-sized banks are expanding [3] - The issuance of perpetual bonds by private banks, such as MyBank, is becoming more common, although historically it has been rare due to high regulatory standards and market concerns [4][5] Group 4: Expert Insights - Experts suggest that feasible capital replenishment methods for small and medium-sized banks include shareholder capital injection, issuance of subordinated debt, profit retention, attracting strategic investors, and local government support [5] - The regulatory environment is expected to continue improving, which may lead to a more diversified capital replenishment system for private and small banks [5]

证券代码：001227 证券简称：兰州银行 公告编号：2025-033 兰州银行股份有限公司 本行及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 特别提示： 一、会议召开情况 （一）召开时间 年 6 月 25 日 9:15-9:25，9:30-11:30 和 13:00-15:00；通过深圳证券交易所互联网 投票系统投票的时间为 2025 年 6 月 25 日 9:15-15:00。 （二）会议地点：兰州银行大厦 7 楼会议室（甘肃省兰州市城关区酒泉路 （三）召开方式：采取现场投票与网络投票相结合的方式。 （四）召集人：兰州银行股份有限公司（以下简称"本行"）董事会。 （五）主持人：本行董事长许建平先生。 （五）以普通决议审议通过了《兰州银行股份有限公司 2024 年度利润分配 方案》。 （六）本次会议的召开符合《中华人民共和国公司法》及《兰州银行股份有 限公司章程》等有关规定。 二、会议出席、列席情况 出席本次股东大会的股东及股东授权代表共 608 人，代表有表决权股份 出席现场会议的股东及股东授权代表 35 人，代表有表决权股份 1,745,627,453 股， ...

Core Viewpoint - The legal opinion letter from Beijing Dentons Law Firm confirms the legality of the procedures and qualifications for the 2024 Annual General Meeting of Lanzhou Bank, ensuring compliance with relevant laws and regulations [1][2][12]. Group 1: Meeting Procedures - The Annual General Meeting was proposed and convened by the Board of Directors, with the notice published on June 5, 2025, across various platforms [3][4]. - The meeting utilized a combination of on-site and online voting, held at the Lanzhou Bank Building, with specific time slots for online voting [3][6]. - The procedures for convening and holding the meeting were found to be in accordance with the Company Law and other relevant regulations [3][6]. Group 2: Attendance and Voting - A total of 608 participants attended the meeting, representing 2,066,398,439 shares, which is approximately 49.4% of the total voting shares [5][6]. - Among the attendees, 596 were small shareholders, representing 1,132,466,359 shares, or about 27.04% of the total voting shares [6][10]. - The meeting was chaired by the Chairman of the Board, and the qualifications of the attendees were verified as legitimate [6][12]. Group 3: Proposals and Voting Results - The meeting included fifteen proposals for voting, with specific resolutions requiring a two-thirds majority for special resolutions and a simple majority for ordinary resolutions [7][8]. - The voting results indicated that all proposals were approved, including the election of independent directors and the financial reports [9][11]. - The legal opinion confirmed that the voting procedures and results were valid and complied with the relevant laws and regulations [12].

兰州银行股份有限公司 2024 年年度股东大会之见证法律意见书 北京 大成 律师事 务所 关 于兰 州 银 行 股 份 有 限公 司 2024 年年 度 股 东大 会 之 见 证 法 律 意 见 书 大成证字[2025]第 147 号 北 京 大 成 律 师 事 务 所 www.dentons.cn 北京大成律师事务所 北京市朝阳区朝阳门南大街 10 号兆泰国际中心 B 座 16-21 层（100020） 16-21F,TowerBZTInternationalCenterNo.10,ChaoyangmenNandajie ChaoyangDistrict100020,Beijing,ChinA Tel:+8610-58137799 Fax:+8610-58137788 兰州银行股份有限公司 2024 年年度股东大会之见证法律意见书 北京大成律师事务所 关于兰州银行股份有限公司 2024 年年度股东大会之见证法律意见书 大成证字[2025]第 147 号 致：兰州银行股份有限公司 根据《中华人民共和国证券法》（以下简称"《证券法》"）、《中华人民共 和国公司法》（以下简称"《公司法》"）、《银行保险机构公司治 ...

（一）召开时间 1.现场会议召开时间：2025 年 6 月 25 日（星期三）下午 15:00。 证券代码：001227 证券简称：兰州银行 公告编号：2025-033 兰州银行股份有限公司 2024 年年度股东大会决议公告 本行及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 特别提示： 1.本次股东大会无否决议案的情况。 2.本次股东大会不存在变更前次股东大会决议的情况。 一、会议召开情况 2.网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 6 月 25 日 9:15-9:25，9:30-11:30 和 13:00-15:00；通过深圳证券交易所互联网 投票系统投票的时间为 2025 年 6 月 25 日 9:15-15:00。 （二）会议地点：兰州银行大厦 7 楼会议室（甘肃省兰州市城关区酒泉路 211 号）。 （三）召开方式：采取现场投票与网络投票相结合的方式。 （四）召集人：兰州银行股份有限公司（以下简称"本行"）董事会。 （五）主持人：本行董事长许建平先生。 （六）本次会议的召开符合《中华人民共和国公司法》及《兰州银行股份有 限公 ...

Core Insights - Lanzhou Bank Zhangye Branch has successfully issued a specialized loan for a distributed photovoltaic project to Zhangye Grain and Oil Reserve Company, promoting the transformation of local grain storage systems towards "low-carbon granaries" through a combination of finance and technology [1][2] Group 1: Project Details - The photovoltaic project, with a capacity of 397.6 kilowatts, is the first of its kind on a grain storage facility in Gansu Province, initiated on March 26, 2025, involving the installation of 560 high-efficiency monocrystalline silicon panels on a 3,000 square meter roof [1] - The construction team optimized processes such as prefabricated component hoisting and intelligent inverter cluster debugging, reducing the construction period by 50%, achieving full capacity grid connection in just 2 months [1] Group 2: Economic and Ecological Benefits - The project operates on a "self-consumption and surplus electricity grid connection" model, with an annual electricity generation of 640,000 kilowatt-hours, covering 75% of the grain storage facility's annual electricity needs, and saving the company nearly 200,000 yuan in electricity costs each year [1] - Annually, the project is expected to reduce carbon dioxide emissions by 510 tons, significantly contributing to green and low-carbon development [1] Group 3: Strategic Implications - The successful loan issuance reflects Lanzhou Bank Zhangye Branch's commitment to the national "Thousand Households and Ten Thousand Households Solar Action," facilitating the integration of agricultural infrastructure with renewable energy [2] - The innovative grid connection scheme using "flexible grid connection + intelligent monitoring" technology addresses equipment protection challenges in dusty environments, providing a replicable model for similar projects in Gansu Province [2] - The bank has established a green credit working group to enhance green financial supply and service capabilities, marking this loan as another successful case in the green finance sector [2]

Core Viewpoint - Recent actions by several small and medium-sized banks to supplement capital indicate a new wave of financing efforts, primarily through the issuance of perpetual bonds and secondary capital bonds, as well as capital increases and targeted placements [1][2]. Group 1: Capital Supplementation Actions - Lanzhou Bank and Xi'an Bank have received regulatory approval to issue perpetual capital bonds for the first time since their listings, with Lanzhou Bank allowed to issue up to 5 billion RMB and Xi'an Bank up to 7 billion RMB [2]. - The issuance of "perpetual bonds" by commercial banks has accelerated, with 47 bonds issued in 2023, totaling 794.96 billion RMB, showing a slight increase compared to the same period last year [2]. Group 2: Reasons for Accelerated Issuance - The capital adequacy ratios of small and medium-sized banks are generally lower than those of large banks, with some experiencing a downward trend, necessitating capital supplementation to meet operational needs [3]. - The profitability pressures faced by some banks limit their ability to supplement capital internally, leading them to turn to external channels such as bond issuance [3]. Group 3: Capital Increase and Share Issuance - In response to ongoing capital pressure, small and medium-sized banks are accelerating capital increases through share issuance or targeted fundraising [4]. - Regulatory approvals have been granted for several banks, including Zhuhai Rural Commercial Bank and Zhangjiakou Bank, to increase their registered capital [4]. Group 4: Capital Adequacy Ratios - As of the first quarter of 2025, the capital adequacy ratio for commercial banks (excluding foreign bank branches) was 15.28%, with city commercial banks and rural commercial banks at 12.44% and 12.96%, respectively, significantly lower than large commercial banks at 17.79% [5]. - The banking sector is facing challenges such as declining net interest margins and rising asset quality pressures, which impact profitability and internal capital supplementation capabilities [5].

Core Viewpoint - Recent approvals for perpetual bonds by banks in Northwest China, specifically Lanzhou Bank and Xi'an Bank, indicate a strategic move to enhance capital adequacy ratios amid tightening capital conditions [5][6][8]. Group 1: Bond Issuance Approvals - Lanzhou Bank has received regulatory approval to issue up to 5 billion RMB in perpetual bonds, with the flexibility to decide on timing, batches, and scale within 24 months [1]. - Xi'an Bank has also been approved to issue up to 7 billion RMB in perpetual bonds, similarly allowing for autonomous decisions regarding issuance timing and scale within the next 24 months [3]. Group 2: Purpose of Bond Issuance - The issuance of perpetual bonds is primarily aimed at improving capital adequacy ratios, as banks are currently facing tighter capital conditions [5]. - Both banks have disclosed their plans for the use of raised funds, with Lanzhou Bank intending to enhance its ability to support local businesses and promote stable business development [8]. - Xi'an Bank plans to use the funds to meet macro-prudential capital adequacy requirements and support its ongoing business growth [8]. Group 3: Market Trends and Context - The issuance of "perpetual bonds" has accelerated since the second quarter, with total issuance surpassing the previous year's figures [5][9]. - As of now, the cumulative issuance of "perpetual bonds" by domestic commercial banks has reached approximately 770.16 billion RMB, with 596.3 billion RMB issued in the second quarter alone [9]. - The decline in bond market interest rates has contributed to the increased pace of issuance, with current costs remaining at historical lows [9].

证券代码：001227 证券简称：兰州银行 公告编号：2025-032 兰州银行股份有限公司 关于获准发行无固定期限资本债券的公告 本行将严格遵守《全国银行间债券市场金融债券发行管理办法》（中国人民 银行令〔2005〕第 1 号）、《全国银行间债券市场金融债券发行管理操作规程》 （中国人民银行公告〔2009〕第 6 号）和《商业银行资本管理办法》（国家金融 监督管理总局令〔2023〕4 号）等有关规定，做好本次债券发行管理及有关信息 披露工作。 特此公告。 兰州银行股份有限公司董事会 2025 年 6 月 18 日 本行及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 近日，兰州银行股份有限公司（以下简称"本行"）收到《中国人民银行准予 行政许可决定书》（银许准予决字〔2025〕第 45 号）、《国家金融监督管理总 局甘肃监管局关于兰州银行发行无固定期限资本债券的批复》（甘金监行许〔2025〕 161 号），本行获准发行不超过 50 亿元人民币无固定期限资本债券，在批准后 的 24 个月内，可自主决定发行时间、批次和规模。 ...