Core Viewpoint - The banking sector has shown a strong recovery, with Agricultural Bank of China reaching a historical high and an overall increase in stock prices, indicating positive market sentiment and performance in the industry [1]. Group 1: Bank Performance - Agricultural Bank of China has seen a year-to-date increase of over 25%, with a specific rise of 25.09% in 2023 [1]. - The China Securities Bank Index has recorded an 11% increase this year, with all 42 listed banks showing positive performance [1]. - Several banks, including Industrial and Commercial Bank of China, reported solid operational results for the first half of the year, emphasizing a trend of steady growth and effective management [1][2]. Group 2: Mid-Year Meetings and Strategic Focus - Many banks held mid-year meetings to review their performance and set priorities for the second half of the year, with a consensus on positive outcomes and a focus on key operational areas [1]. - Beijing Bank aims to innovate its business structure and expand its industry layout into ten key sectors, emphasizing digital transformation and risk management [2]. - China Everbright Bank plans to enhance its sustainable development capabilities through cost reduction and efficiency improvements while increasing credit investments [2]. Group 3: Financial Results and Growth - Five banks have reported positive growth in their half-year earnings, with four of them achieving double-digit increases in net profit [2]. - Hangzhou Bank reported a total asset increase to 2.24 trillion yuan, with a loan growth of 7.67% year-on-year [3]. - Ningbo Bank and Qilu Bank also reported significant revenue and profit growth, with net profit increases of 8.23% and 13.57%, respectively [4]. Group 4: Market Outlook and Investment Sentiment - Analysts suggest a bullish outlook for the banking sector, viewing the current market conditions as the beginning of a long-term upward trend driven by low interest rates and asset revaluation [4]. - The ongoing capital increase plans and dividend distributions from major banks indicate sustained investment value in the sector [4].

FF301 | (E). 已發行股份及/或庫存股份的其他變動 | 不適用 | | | | | --- | --- | --- | --- | --- | | | 本月内合共增加/減少(-)已發行股份 (不包括庫存股份) 總額 (即AA1至EE1項的總和) : 0 普通股 A | | | | | | 本月内合共增加/減少(-)庫存股份總額 (即AA2至EE2項的總和) : 0 普通股 A | | | | | | v 1.1.1 第 8 頁 共 | 11 頁 | | | | | FF301 | | | | | | IV. 有關香港預託證券(預託證券)的資料 不適用 | | | | | | v 1.1.1 第 9 頁 共 11 頁 | | | | | | FF301 | | | | | | 不適用 | | | V. 確認 | | | 劉清 | | | 呈交者： | | | 公司秘書 | | | 職銜： | | | (董事、秘書或其他獲正式授權的人員) | | | | | | 第 10 頁 共 11 頁 v 1.1.1 | | | | | | FF301 | | | | | | | | | 註 | | | 在購回股份 ...

Market Overview - On August 4, A-shares experienced a rebound after an initial decline, with all three major indices closing higher, driven by strong performance in the banking sector and a recovery in thematic concepts [1] - The total trading volume in the two markets reached 1.5 trillion yuan, with over 3,800 stocks rising [1] Sector Performance - The defense and aerospace sectors showed significant gains, with the General Aviation ETF (159231) rising by 3.29%, reaching a new closing high since its listing [1][4] - The low-altitude economy in China has surpassed 506 billion yuan in 2023, with a year-on-year growth rate of 34%, and is projected to reach 3.5 trillion yuan by 2035, presenting a substantial investment opportunity [2][6] Fund Flows - The defense industry ETF (512810) saw a net inflow of 9.739 billion yuan, ranking second among all sectors, indicating strong investor interest [2] - The General Aviation ETF has accumulated a total increase of 21.63% since its launch, reflecting robust market sentiment [4] Investment Opportunities - Analysts suggest that the military industry sector is showing signs of recovery, with catalysts expected to drive performance in the first half of 2025 [3] - The low-altitude economy is anticipated to continue its growth trajectory, supported by government policies and technological advancements [6] Banking Sector Insights - The banking sector saw a strong performance, with the Agricultural Bank of China reaching a new high, and several banks, including Qingdao Bank and Postal Savings Bank, showing significant gains [16][18] - The central bank's commitment to maintaining a moderately loose monetary policy is expected to benefit the banking sector [18] - Recent data indicates that several listed banks have reported positive growth in net profit for the first half of the year, with asset quality remaining stable [19][20] ETF Highlights - The banking ETF (512800) has become the largest and most liquid among the 10 banking ETFs in the market, with a fund size exceeding 14.4 billion yuan [22] - The General Aviation ETF and its linked funds provide an effective tool for investors to capture opportunities in the burgeoning low-altitude economy [9]

北京商报讯（记者 宋亦桐）8月4日，北京商报记者获悉，8月1日，农业银行在银行间市场成功发行500 亿元总损失吸收能力非资本债券（TLAC非资本债）。其中，3+1年期300亿元，利率1.85%；5+1年期50 亿元，利率1.93%；10+1年期150亿元，利率2.15%。 农业银行表示，本期债券充分考虑投资者需求，设置三个期限组合，并设有增发机制。得益于投资者大 力支持，本期债券在200亿元基础额度上，用足300亿元增发额度，三个期限品种债券均实现增发，最终 发行规模500亿元，有效提升农业银行总损失吸收能力。此次发行吸引各类投资者踊跃参与，全场认购 规模达基础发行规模4倍。 ...

Core Viewpoint - The banking sector has shown strong performance, with Agricultural Bank of China reaching a historical high and significant year-to-date gains across various banks, indicating robust investor confidence and market dynamics [1][2][3]. Group 1: Stock Performance - Agricultural Bank of China has seen a year-to-date increase of over 25%, with a three-year cumulative rise exceeding 120% [1] - On August 4, 42 bank stocks were mostly up, with only 4 experiencing minor declines, leading to a 11% increase in the China Securities Banking Index for the year [2] - Major banks like Shanghai Pudong Development Bank and Qingdao Bank led the gains, with increases of 32.89% and 32.80% respectively [2] Group 2: Mid-Year Meetings and Outlook - Many banks held mid-year meetings, reporting positive operational results and outlining key focuses for the second half of the year, emphasizing a "sustained improvement" in performance [2][3] - Agricultural Bank highlighted its commitment to serving the rural economy and maintaining stable asset quality, with significant growth in loans to key sectors [3] - Industrial and Commercial Bank of China reported solid progress in transformation and risk management, focusing on high-quality development amidst complex external conditions [2][3] Group 3: Financial Performance and Projections - Several banks have reported positive growth in net profit for the first half of 2025, with Qingdao Bank showing a 16.05% increase in net profit [7] - Hangzhou Bank reported a 16.67% increase in net profit, with total assets reaching 2.24 trillion yuan [7][8] - The overall asset quality of banks remains stable, with significant improvements in non-performing loan ratios and adequate provision coverage [8][9] Group 4: Strategic Initiatives - Local banks are focusing on differentiated development strategies, with Beijing Bank expanding its business structure and emphasizing digital transformation [4] - China Everbright Bank plans to enhance its sustainable development capabilities through cost reduction and quality improvement initiatives [4] - Industrial Bank aims to strengthen its operational management by addressing existing issues and enhancing its value proposition [4] Group 5: Market Sentiment and Future Prospects - Analysts suggest a bullish outlook for the banking sector, viewing the current market as the beginning of a long-term trend supported by low interest rates and asset revaluation [10] - The ongoing dividend plans and valuation enhancement initiatives by major banks indicate sustained investment value in the sector [10]

8月4日，A股先抑后扬，三大指数早盘低开，银行发力带动沪指率先翻红，午后题材概念回暖，创业板 指、深证成指接力反弹，三大指数集体收涨。全市场超3800只个股上涨，两市成交额1.5万亿元。 盘面上，国防军工、商业航天携手猛拉，表现突出。一键覆盖"低空经济+大飞机+军民融合+商业航 天"的通用航空ETF华宝（159231）场内价格大涨3.29%，创上市以来收盘价新高！ 周末重磅，我国自主研发的2吨级电动垂直起降航空器（eVTOL）——峰飞航空凯瑞鸥，成功实现全球 首次海上石油平台物资运输飞行，标志着我国在海陆低空物流场景应用中迈出关键一步。 中国民航局数据显示，中国低空经济规模2023年已突破5060亿元，同比增速达34%，预计到2035年市场 规模有望达到3.5万亿元，为投资者提供万亿级蓝海市场。 代码有"八一"的国防军工ETF（512810）放量上探，场内价格收涨2.67%。近期国防军工人气持续攀 升，各路资金密集涌入。 主力资金方面，今日大举净流入国防军工（申万）97.39亿元，居所有行业TOP2；ETF资金方面，国防 军工ETF（512810）已连续5日获资金增仓，合计达1.44亿元。 | | 0.693 ...

Core Viewpoint - The banking sector is experiencing positive momentum, driven by favorable policies and strong performance from key banks, leading to increased investor interest in bank ETFs and individual bank stocks [1][4][6]. Banking Sector Performance - The Shanghai Composite Index opened lower but quickly turned positive, with significant contributions from the banking sector, particularly the bank ETF (512800), which saw a price increase of over 1% at one point and closed up by 0.59% with a trading volume of 1.191 billion yuan [1]. - Major banks such as Agricultural Bank of China and Qingdao Bank reached new highs, with Qingdao Bank's stock rising over 4% during the day [1][3]. Policy Environment - The People's Bank of China recently maintained a stance of "moderately loose monetary policy" and "ample liquidity," which is expected to benefit banks significantly [3]. - The government’s fiscal policies are anticipated to boost financing demand, supporting stable credit growth from banks [4]. Financial Performance of Banks - Several listed banks have reported positive earnings for the first half of the year, with all five banks mentioned achieving positive growth in net profit, and four of them recording double-digit growth [4][5]. - The overall asset quality of the banking sector remains stable, with expectations for continued profit growth due to effective management of interest margins and credit quality [5][6]. Investment Trends - Institutional investors are increasingly favoring bank stocks due to their stable dividends and solid performance, with significant net inflows into bank ETFs recently [6][8]. - The bank ETF (512800) has become the largest and most liquid among its peers, with a fund size exceeding 14.4 billion yuan and an average daily trading volume of 567 million yuan this year [8].

农业银行日前在银行间市场发行500亿元总损失吸收能力非资本债券（TLAC非资本债）。其中，3+1年 期300亿元，利率1.85%；5+1年期50亿元，利率1.93%；10+1年期150亿元，利率2.15%。农业银行称， 本期债券充分考虑投资者需求，设置三个期限组合，并设有增发机制。得益于投资者大力支持，本期债 券在200亿元基础额度上，用足300亿元增发额度，三个期限品种债券均实现增发，最终发行规模500亿 元，有效提升农业银行总损失吸收能力。农业银行称，此次发行吸引各类投资者踊跃参与，全场认购规 模达基础发行规模4倍，农业银行市场影响力得到广泛认可。 ...

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7月31日 狀態: 新提交 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 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01288 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 30,738,823,096 | RMB | | 1 RMB | | 30,738,823,096 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 30,738,823,096 | RMB | | 1 RMB | | 30,738,823,096 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | - ...

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7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: 中國農業銀行股份有限公司 呈交日期: 2025年8月4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 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01288 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 30,738,823,096 | RMB | | 1 RMB | | 30,738,823,096 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 30,738,823,096 | RMB | | 1 RMB | | 30,738,823,096 | | 2. 股份分類 | 普通股 | 股份 ...