证券代码：002936 证券简称：郑州银行 公告编号：2025-048 郑州银行股份有限公司 第八届董事会2025年第十次临时会议决议公告 郑州银行股份有限公司（以下简称"本行"）及董事会全体成员保证公告内容的真实、准 确、完整，没有虚假记载、误导性陈述或重大遗漏。 一、会议召开情况 经全体董事一致同意，本行于 2025 年 12 月 24 日以电子邮件及书面方式向 全体董事发出关于召开第八届董事会 2025 年第十次临时会议的通知和材料，会 议于 2025 年 12 月 25 日在郑州市商务外环路 22 号郑州银行大厦现场召开。本次 会议应出席董事 9 人，实际出席 9 人，其中，刘炳恒先生、李小建先生、王宁先 生、刘亚天先生、萧志雄先生以电话或视频接入方式出席会议。会议召开符合《公 司法》《深圳证券交易所股票上市规则》《香港联合交易所有限公司证券上市规则》 和《郑州银行股份有限公司章程》的规定。本次会议合法有效。会议由董事长赵 飞先生主持。 二、会议审议情况 会议审议通过了《关于郑州银行股份有限公司收购鄢陵郑银村镇银行股份有 限公司设立分支机构的议案》。 本议案同意票 9 票，反对票 0 票，弃权票 0 ...

郑州银行公告，拟以现金方式收购鄢陵郑银村镇银行股份有限公司（简称"鄢陵郑银村镇银行"）其他股 东持有的鄢陵郑银村镇银行股份，同时，将通过吸收合并方式将鄢陵郑银村镇银行改建为本行分支机 构。本次收购前，本行持有鄢陵郑银村镇银行3495万股股份，持股比例为49.58%。 ...

Market Performance - The city commercial bank sector increased by 0.07% compared to the previous trading day, with Shanghai Bank leading the gains [1] - The Shanghai Composite Index closed at 3959.62, up 0.47%, while the Shenzhen Component Index closed at 13531.41, up 0.33% [1] Individual Stock Performance - Shanghai Bank (601229) closed at 9.96, up 0.61% with a trading volume of 291,300 shares and a transaction value of 290 million [1] - Other notable performers include: - Changsha Bank (601577) at 9.76, up 0.41% [1] - Xi'an Bank (600928) at 3.76, up 0.27% [1] - Hangzhou Bank (600926) at 15.36, up 0.26% [1] - Beijing Bank (601169) at 5.51, up 0.18% [1] Capital Flow Analysis - The city commercial bank sector experienced a net outflow of 111 million from institutional investors, while retail investors saw a net inflow of 121 million [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are increasing their positions [2] Detailed Capital Flow by Bank - Hangzhou Bank (600926) had a net inflow of 38.46 million from institutional investors, but a net outflow of 43.46 million from speculative funds [3] - Beijing Bank (601169) saw a net inflow of 23.41 million from institutional investors, with a net outflow of 18.77 million from speculative funds [3] - Guizhou Bank (601997) had a significant net inflow of 22.19 million from institutional investors, but a net outflow of 36.07 million from retail investors [3]

Core Viewpoint - The increasing number of dissenting votes from H-share shareholders at various A+H listed companies indicates a growing concern over ESG (Environmental, Social, and Governance) standards, reflecting a shift in the importance of ESG from a supplementary factor to a prerequisite for engaging with global capital markets [3][4][5]. Group 1: Dissenting Votes in H-share Meetings - Numerous H-share shareholder meetings have seen significant opposition to ordinary resolutions, with dissenting votes reaching 3.08 billion shares (12.02%) at China Energy Construction and 1.21 billion shares (16.08%) at GF Securities [4]. - At China Telecom's meeting, two resolutions received 4.37 billion dissenting votes, exceeding 20% of the total [5]. - The trend of high dissenting votes has been persistent, with companies like Huatai Securities and Huaneng International also facing substantial opposition [6]. Group 2: ESG Concerns and Standards - Foreign investment institutions are increasingly critical of the ESG content in Chinese companies' reports, viewing dissenting votes as a statement on corporate governance [3][7]. - The disparity in ESG standards between domestic and international expectations poses a dual challenge for Chinese companies, as they must meet both international rating requirements and local policy directives [3][9]. - The MSCI research indicates that companies with lower ESG ratings face higher financing costs, with a difference of approximately 1.1 percentage points between the highest and lowest rated firms [8]. Group 3: Challenges in ESG Reporting - There is a perception among some overseas institutions that Chinese companies' ESG evaluations are biased, often focusing on documentation rather than practical actions [10]. - The Future Vision report highlights that 73.6% of Chinese companies lag in governance and behavior issues compared to a global average of 44.7%, indicating a significant gap in ESG performance [11]. - The need for a unified and industry-adapted disclosure standard is emphasized, with suggestions for collaborative governance among government, regulatory bodies, investment institutions, and companies to enhance ESG reporting quality [12][13]. Group 4: Progress in A-share ESG Reporting - A-share companies have made significant strides in ESG governance, with the disclosure rate of ESG reports increasing from 34.86% in 2022 to 41.51% in 2023, and projected to reach 46.34% in 2024 [14][15]. - The regulatory framework has evolved, with new guidelines promoting sustainable development reporting and aligning with international climate change disclosure requirements [14]. - Companies are shifting their perspective on ESG from viewing it as a cost to recognizing its potential as a capital-generating asset [15].

恒生医疗高开低走后逆势大跌0.65%，其中三生制药下跌1.37%，石药集团下跌1.24%，翰森制药、药明 生物、康方生物等股均小幅收跌；京东健康、药明康德、信达生物等股逆势小跌。 内容只是个人观点，仅供参考，不作为投资依据！欢迎关注交流，互相学习、共同探讨！ 恒生科技冲高回落后全天维持在中轴上方盘整，截至收盘上涨0.14%。其中中芯国际大涨3.12%，比亚 迪股份、快手、网易、腾讯控股等股均小幅收涨；阿里巴巴、百度集团等股小幅收跌。 银行止跌企稳，截至收盘小涨0.09%，其中汇丰控股上涨1.23%，郑州银行、重庆农村商业银行、邮储 银行、大新银行、渣打银行等股均小幅收涨；青岛银行、光大银行、中信银行等股逆势收跌。 恒生指数全天维持在中轴上方窄幅盘整，截至收盘小涨0.17%。恒生科技和银行小幅收涨；大消费、恒 生医疗、互联网等逆势收跌。 ...

Group 1 - The city commercial bank sector experienced a decline of 0.35% on December 24, with Ningbo Bank leading the drop [1] - The Shanghai Composite Index closed at 3940.95, up 0.53%, while the Shenzhen Component Index closed at 13486.42, up 0.88% [1] - Key individual stock performances in the city commercial bank sector included Zhengzhou Bank at 1.95 with a rise of 0.52% and Ningbo Bank at 28.37 with a decline of 0.84% [2] Group 2 - The net outflow of main funds in the city commercial bank sector was 185 million yuan, while speculative funds saw a net inflow of 384 million yuan, and retail investors experienced a net outflow of 199 million yuan [2] - The fund flow data indicated that Ningbo Bank had a main fund net inflow of 33.33 million yuan, while retail investors had a significant net outflow of 1.05 billion yuan [3] - Other banks like Hangzhou Bank and Chengdu Bank also showed mixed fund flows, with Hangzhou Bank having a main fund net inflow of 14.83 million yuan and Chengdu Bank experiencing a slight net outflow of 43.16 thousand yuan [3]

H股成险资举牌重地 12月18日晚间，四川路桥披露的信息显示，中邮保险对其累计持股达4.35亿股，占公司总股本5.00%， 正式完成举牌。 这并非是中邮保险首次出手，此前它已经相继布局东航物流、绿色动力环保H股及中国通号H股。 近日，中邮保险增持四川路桥，完成中邮保险年内的第四次举牌，险资"长钱"加速入市。 随着中邮保险的举牌成功，今年险资的举牌次数达到39次，仅次于2015年的62次，为历史第二高。回顾 2025年险资举牌行为，呈现出举牌热情高涨、单一标的获多次举牌、举牌标的集中于H股等特点。业内 人士分析认为，预计2026年这一趋势仍将延续。从举牌资产所属板块来看，传统板块仍具有压舱石地 位，但科技板块的比重有望增加。 另一类是股票投资，选股方向以高股息、高分红资产为主，将其归类为以公允价值计量且变动计入其他 综合收益的金融资产（FVOCI），既能稳定获取分红现金流、增厚投资收益，又能规避股价波动对当期 净利润的影响，平安系年内多次举牌国有大行H股，正是这一策略的体现。 兴业证券的研究数据显示，2025年三季度保险资金的股票和基金的资产配置比例已升至15.5%，权益仓 位的提升，为险资举牌创造空间。 作为 ...

近日，中邮保险增持四川路桥，完成中邮保险年内的第四次举牌，险资"长钱"加速入市。 随着中邮保险的举牌成功，今年险资的举牌次数达到39次，仅次于2015年的62次，为历史第二高。回顾 2025年险资举牌行为，呈现出举牌热情高涨、单一标的获多次举牌、举牌标的集中于H股等特点。业内 人士分析认为，预计2026年这一趋势仍将延续。从举牌资产所属板块来看，传统板块仍具有压舱石地 位，但科技板块的比重有望增加。 H股成险资举牌重地 险资举牌热潮或将延续 12月18日晚间，四川路桥披露的信息显示，中邮保险对其累计持股达4.35亿股，占公司总股本5.00%， 正式完成举牌。 这并非是中邮保险首次出手，此前它已经相继布局东航物流、绿色动力环保H股及中国通号H股。 类似的举牌动作近期并不鲜见。12月初，瑞众人寿就公告称，12月5日买入青岛啤酒H股20万股，累计 持有青岛啤酒H股3276.4万股，占该上市公司H股股本的5%，由此触发举牌。 而在11月26日，泰康人寿也发布了举牌复宏汉霖H股的相关信息，披露其通过受托人泰康资产管理（香 港）有限公司（以下简称"泰康资产香港"）管理的账户，于11月20日在二级市场买入复宏汉霖H股51. ...

Core Insights - The article highlights the increasing trend of insurance capital (险资) in China, particularly focusing on the surge in shareholding activities, with a total of 39 instances of shareholding increases recorded in 2025, marking the second-highest level in history after 2015 [2][4]. Group 1: Shareholding Activities - Zhongyou Insurance has increased its stake in Sichuan Road and Bridge, reaching a total of 435 million shares, which constitutes 5.00% of the company's total equity, marking its fourth shareholding increase this year [3]. - Other insurance companies, such as Ruizhong Life and Taikang Life, have also engaged in similar shareholding activities, with Taikang Life triggering multiple shareholding increases in companies like Fuhong Hanlin and participating as a cornerstone investor in the IPO of Fengcai Technology [3][4]. - The trend of multiple shareholding increases by the same insurance company in a single target has been observed, with companies like Hongkang Life and Ping An Life making several increases in their holdings in banks [4]. Group 2: Investment Trends and Characteristics - The insurance capital's shareholding activities are characterized by a preference for high Return on Equity (ROE) and high dividend stocks, indicating a strategic focus on long-term investments that enhance the ROE of the insurance companies themselves [6]. - The asset allocation of insurance funds has seen an increase, with the proportion of stocks and funds rising to 15.5% by the third quarter of 2025, creating more room for shareholding activities [6]. - The insurance capital's preference for H-shares reflects a broader trend of favoring dividend-paying assets, which is expected to continue into 2026, with a potential shift towards growth sectors [7][8]. Group 3: Regulatory Support and Future Outlook - Recent regulatory changes, including the adjustment of risk factors for long-term holdings of certain equity assets, are expected to support the ongoing trend of shareholding increases by insurance companies [7]. - Analysts predict that the high frequency of shareholding activities will persist into 2026, with a gradual shift in focus towards more dynamic sectors, particularly technology stocks [8].

Core Viewpoint - The recent increase in stock holdings by China Post Life Insurance Co., Ltd. in Sichuan Road and Bridge Construction Group Co., Ltd. reflects a growing trend of insurance capital actively engaging in stock acquisitions, driven by policy guidance and market recovery [1][2]. Group 1: Insurance Capital Acquisition - China Post Life has increased its holdings in Sichuan Road and Bridge by 114,300 shares, bringing its total ownership to 5% of the company's total shares [2]. - The total number of stock acquisitions by insurance capital this year has reached 39, involving 14 insurance institutions and 28 listed companies, which is just below the historical peak of 62 acquisitions in 2015 [1][4]. - The investment by China Post Life is based on its development needs and aims to support the sustainable growth of the listed company, utilizing its own funds for the acquisition [2]. Group 2: Market Dynamics and Preferences - The surge in insurance capital acquisitions is attributed to a combination of policy support, restored market confidence, and the need for improved investment returns [1][3]. - Insurance capital is increasingly favoring high-dividend stocks in sectors such as banking, infrastructure, and logistics, with 82% of this year's acquisitions targeting H-shares [4]. - The preference for high-dividend stocks is driven by their stable cash flow and the ability to provide predictable returns, aligning with the long-term liabilities of insurance companies [5]. Group 3: Future Outlook - The trend of insurance capital acquisitions is expected to continue and become more normalized, with a focus on high-quality companies that align with national strategies and possess core competitiveness [6]. - High-dividend strategies are anticipated to remain mainstream, while the diversity of targeted industries and companies may increase in response to changing market conditions [6].