Core Viewpoint - The performance of the China Securities Dividend Low Volatility 100 Index and its corresponding ETF indicates a mixed market sentiment, with a focus on the stability and long-term investment value of the banking sector [3][4]. Group 1: Index and ETF Performance - As of June 12, 2025, the China Securities Dividend Low Volatility 100 Index (930955) decreased by 0.15%, with constituent stocks showing varied performance [3]. - The Dividend Low Volatility 100 ETF (159307) rose by 0.09%, with the latest price at 1.06 yuan, and a trading volume of 11.44 million yuan [3]. - The ETF's latest scale reached 988 million yuan, marking a one-year high, with a significant increase of 40 million shares in the past month [4]. Group 2: Fund Flows and Investment Trends - The Dividend Low Volatility 100 ETF experienced a net inflow of 2.12 million yuan recently, with a total of 44.13 million yuan net inflow over the last 22 trading days [4]. - Leveraged funds are increasingly investing in the ETF, with the latest margin buying amounting to 1.07 million yuan and a margin balance of 18.74 million yuan [4]. Group 3: Historical Performance and Risk Metrics - The ETF's net value increased by 12.29% over the past year, ranking first among comparable funds [5]. - The maximum drawdown for the ETF this year was 6.18%, the smallest among comparable funds, with a recovery time of 36 days [5]. - The management fee for the ETF is 0.15%, and the custody fee is 0.05%, both of which are the lowest in its category [5]. Group 4: Top Holdings - As of May 30, 2025, the top ten weighted stocks in the index accounted for 19.64% of the total, including companies like Jizhong Energy and Daqin Railway [6].

Group 1 - The first meeting of the China-U.S. economic and trade consultation mechanism was held in London, where both sides reached a consensus on key economic issues and measures to implement the important consensus from the June 5 call between the two heads of state [1][2] - The Chinese side expressed hope that the progress made in the London talks would enhance trust between China and the U.S. and promote stable and healthy development of bilateral economic relations, contributing positively to global economic growth [2] - The Shenzhen Municipal Committee emphasized the need to deepen reforms and expand openness, focusing on integrating education, technology, and talent systems to drive high-quality development of the real economy [2] Group 2 - The Shanghai Stock Exchange held a meeting to discuss the "Science and Technology Innovation Board" one year after its launch, aiming to enhance the market mechanisms and attract more social capital into key national support areas [2] - The China Association of Automobile Manufacturers reported that from January to May, automobile production and sales reached 12.826 million and 12.748 million units, respectively, with year-on-year growth of 12.7% and 10.9% [2] - New energy vehicles accounted for 44% of total new car sales, with production and sales of 5.699 million and 5.608 million units, reflecting a year-on-year increase of 45.2% and 44% [2] Group 3 - The Ministry of Ecology and Environment emphasized the need for a special rectification action against illegal dumping of solid waste, aiming to comprehensively investigate and rectify issues related to illegal waste disposal [3] - Beijing Yizhuang announced the world's first embodiment intelligent robot 4S store, set to debut during the 2025 World Robot Conference, with over 100 companies expressing interest in joining the robot industry park [3] - The Yunnan Provincial Government issued a three-year action plan to cultivate specialized and innovative enterprises, focusing on developing new products and industries in key areas such as non-ferrous metals and digital information [3] Group 4 - The Zhejiang Provincial Department of Commerce and 17 other departments issued measures to support the overseas expansion of the gaming industry, including increased financial support for game exports [4] Group 5 - The U.S. Department of Labor reported that the Consumer Price Index (CPI) increased by 2.4% year-on-year in May, while the core CPI, excluding food and energy, rose by 2.8% [5] Group 6 - Investment firms are focusing on sectors with improving conditions, particularly in resource products and information technology, with recommendations for sectors like semiconductors, integrated circuits, and automotive [7] - The integration of AI and finance is expected to enhance efficiency and customer engagement in the financial sector, leading to growth in both existing and new business areas [8]

Group 1 - Xinyu Securities clarified that it has not received any written or verbal information regarding a merger with Huafu Securities, and there are no significant undisclosed matters related to the merger [2] - Keda Li plans to jointly invest with Weichuang Electric and others to establish Suzhou Yizhi Intelligent Drive Technology Co., Ltd. with a registered capital of 50 million yuan, where Keda Li will contribute 15 million yuan for a 30% stake [2] - Shuangliang Energy signed a sales contract worth 450 million yuan for a green hydrogen production system, which is expected to positively impact the company's assets and net profit [3] Group 2 - Hesheng New Materials intends to invest 250 million yuan in Yizhi Electronics, acquiring a 10% stake in a company specializing in ARM server processor chips [4] - Junshi Biosciences received acceptance for a clinical trial application for JT118 injection, a vaccine aimed at preventing monkeypox virus infection [5] - Tinci Materials plans to invest approximately 2.8 million USD to build an integrated production base for electrolytes and raw materials in Morocco, with an annual production capacity of 150,000 tons [6] Group 3 - Beikong Technology's static and rolling P/E ratios are higher than the industry average, indicating potential overvaluation [7] - Qingdao Bank announced that Qingdao Guoxin Group intends to increase its stake in the bank to a maximum of 19.99% through its subsidiaries, pending regulatory approval [8] - Xiamen Airport reported an 8.34% year-on-year increase in passenger throughput for May, while Hubei Energy's power generation increased by 2.27% [9]

Group 1 - Qingdao Bank announced that Qingdao Guoxin Group intends to increase its shareholding in the bank through its subsidiary, recognizing the long-term investment value of the bank's stock [1] - After the increase, Qingdao Guoxin Group's total shareholding in Qingdao Bank is expected to not exceed 19.99% of the bank's total shares [1] - The shareholding increase is subject to approval from banking regulatory authorities before implementation [1]

证券代码：002948 证券简称：青岛银行 公告编号：2025-020 青岛银行股份有限公司董事会决议公告 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。 青岛银行股份有限公司（以下简称"本行"）于2025年6月5日以电子邮件方式向 董事发出关于召开第九届董事会第十三次会议的通知，会议于2025年6月11日在本 行总行以现场会议方式召开，应出席董事14名，实际出席董事14名（其中，委托 出席的董事1名。因工作原因，刘鹏先生委托陈霜女士出席会议并代为行使表决 权）。本次会议由景在伦董事长主持，本行董事会秘书、部分监事及其他相关人员 列席会议。本次会议召开符合《公司法》《深圳证券交易所股票上市规则》和《青 岛银行股份有限公司章程》的规定。 会议审议通过了《关于青岛国信发展（集团）有限责任公司通过子公司增持青 岛银行股份有限公司股份的议案》 本议案同意票13票，反对票0票，弃权票0票。青岛国信发展（集团）有限责 任公司（以下简称"青岛国信集团"）关联董事邓友成回避表决。 青岛国信集团出于对本行股票长期投资价值的认可，拟通过其子公司增持本 行股份，增持后青岛国信集团合计持 ...

Summary of Key Points from Conference Call Records Industry Overview - **Banking Sector Stability**: The banking sector is experiencing a stable fundamental environment due to local government debt resolution and fiscal injections, which are gradually alleviating risks in real estate and city investment. This has led to capital replenishment for banks, with improved interest margins as regulatory measures have lowered deposit rates, particularly benefiting small banks and stabilizing large banks' margins [1][2][5]. Core Insights and Arguments - **Stock Performance and Valuation Recovery**: Since May 2025, the banking sector has seen accelerated stock price increases, driven by high dividend yields and passive index fund investments. Active funds have begun increasing their positions in bank stocks, which is expected to continue for one to two years, particularly benefiting high-quality city commercial banks that may exceed a price-to-book (PB) ratio of 1.0 [1][2][5][6]. - **Potential for Valuation Recovery in Leading City Commercial Banks**: Leading city commercial banks such as Hangzhou Bank, Jiangsu Bank, and Chengdu Bank are projected to have dividend yields exceeding 4%, supported by strong asset quality primarily from government-related businesses. This positions them well for valuation recovery beyond a PB of 1.0 [1][4][6]. - **Future Trends in Banking**: The regulatory support for systemically important financial institutions is underestimated, leading to better-than-expected fundamentals in the banking sector. The focus of stock selection is shifting from low valuation to high return on equity (ROE), high growth rates, and long-term regional advantages [1][5]. - **Market Recognition of Bank Stocks**: There is a growing market recognition of bank stocks, reflected in trading activity and initial valuation increases. The expectation is that leading city commercial banks could see their asset valuations recover to 1.2 times PB [6]. Additional Important Insights - **Investment Strategy in Real Estate**: The focus in the real estate sector is on stable cash flow and potential high dividend yield companies, including comprehensive developers and pure commercial real estate firms. The emphasis is on dividend rates, free cash flow stability, and the quality of non-self-owned business assets [3][7][9]. - **Selection Logic for Light Asset Companies**: The selection criteria for light asset companies include static dividend yields between 5% and 10%, growth potential, and the pricing of excess cash. Companies with strong free cash flow relative to market capitalization are prioritized [3][12][13]. - **Market Environment and Investment Focus**: In the current uncertain market environment, there is a heightened interest in assets with stable cash flows and improving dividend capabilities. These assets are considered scarce and are expected to attract more investor attention [14]. - **Impact of Stablecoin Developments**: The recent approval of a stablecoin scheme in Hong Kong is anticipated to increase demand for local currency stablecoins, particularly as the market for stablecoins continues to grow in Asia and Europe [15][16]. This summary encapsulates the key points from the conference call records, highlighting the banking sector's stability, valuation recovery potential, and strategic investment insights across various sectors.

Fund Overview - The fund is named Xinghua Jingcheng Mixed Securities Investment Fund, with A class code 023173 and C class code 023174 [10] - It is classified as a mixed securities investment fund [11] - The fund operates as a contractual open-end fund [12] - The initial value of each fund share is set at 1.00 RMB [14] Fund Offering Details - The fundraising period is from June 9, 2025, to September 8, 2025, with a maximum fundraising limit of 2 billion RMB [17][18] - The fund is open to individual investors, institutional investors, qualified foreign investors, and other investors permitted by laws and regulations [15][22] - The fund management company is Xinghua Fund Management Co., Ltd., and the custodian is Qingdao Bank Co., Ltd. [1][63] Subscription and Fees - The subscription fee for the fund is capped at 1.2%, decreasing with higher subscription amounts [23] - Investors can subscribe multiple times, but each subscription must adhere to the respective fee tier [24] - The fund has two share classes: A class and C class, with different fee structures [3] Investment Strategy - The fund will invest 60%-95% of its assets in stocks and depositary receipts, with a maximum of 50% in Hong Kong Stock Connect stocks [9] - The fund will maintain at least 5% of its net asset value in cash or government bonds with a maturity of less than one year [9] Subscription Process - Investors must open a fund account and a trading account as per the sales institution's requirements [2] - The minimum subscription amount is 1.00 RMB, and subscriptions are irrevocable once accepted [4][5] - The fund management has the right to limit subscriptions from any single investor to ensure that no single investor holds more than 50% of the total fund shares [5][9] Fund Management and Operations - The fund management company has the authority to adjust the fund's share classes and related rules as necessary [3] - The fund's net asset value will be calculated and announced separately for A and C class shares [3] Legal and Regulatory Compliance - The fund's establishment and operations are subject to the approval of the China Securities Regulatory Commission (CSRC) [1] - The fund's contract will become effective upon meeting specific fundraising conditions, including a minimum of 200 investors and a total fundraising amount of at least 200 million RMB [60]

Investment Rating - The report maintains an "Overweight" rating for the industry [2] Core Insights - The correlation between regional economic conditions and bank valuations is increasing, with banks focusing on serving the local real economy [5] - Shandong's strategic position is highlighted by national-level initiatives such as the new and old kinetic energy conversion pilot zone, driving strong infrastructure and industrial momentum [5] - The dual task of upgrading traditional industries and fostering emerging sectors in Shandong is expected to sustain strong financial demand, with projected credit growth of 8%-11% in 2025 [5] - The regional risk situation is manageable, with city investment risks concentrated in specific counties and a significant improvement in the credit environment [5] - Recommended focus on quality banks within the province, such as Qilu Bank and Qingdao Bank, which are maintaining high credit growth and improving market share [5] Summary by Sections Economic Dynamics - The "Seven Networks" plan establishes long-term infrastructure momentum, driving traditional and new infrastructure financial demand [5][18] - Shandong's economic structure is more traditional compared to Jiangsu and Zhejiang, with a strong demand for green finance and technological upgrades [5][30] - The province's credit growth is expected to remain stable, with a 9.7% growth rate in Q1 2025, second only to Sichuan and Jiangsu among major provinces [5][15] Infrastructure Investment - Infrastructure loan growth in Shandong is projected to surpass that of Sichuan and Jiangsu by 2024, with significant investment targets set for 2025 [23][26] - The government aims for 3,900 key projects to be operational by 2025, exceeding the 2,600 projects planned for 2024 [26] Industry Transformation - Shandong is the only national-level pilot zone for new and old kinetic energy conversion, fostering both traditional upgrades and emerging economic demands [30][32] - The province's industrial structure is gradually optimizing, with traditional industries still dominant but new sectors gaining traction [5][30] Regional Banking Landscape - Qilu Bank and Qingdao Bank are highlighted for their robust credit growth and improving market share, with a focus on the manufacturing and retail sectors [6][11] - The asset quality of regional banks is stable, with a decreasing trend in non-performing loans [6][11]

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 ...

青岛银行股份有限公司 境内同步披露公告 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。 青岛银行股份有限公司根据《香港联合交易所有限公司证券上市规则》规定， 已在香港联合交易所有限公司披露易网站（https://www.hkexnews.hk/）披露后附 公告。 根据《深圳证券交易所股票上市规则》关于上市公司在境内外证券交易所同 步披露公告的规定，特将该公告在深圳证券交易所网站（http://www.szse.cn/）同 步披露，供参阅。 特此公告。 青岛银行股份有限公司董事会 2025 年 6 月 3 日 FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年5月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 青島銀行股份有限公司 呈交日期: 2025年6月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | ...