二、本次会议审议通过的《关于提名黄建军先生为成都 银行股份有限公司第八届董事会非独立董事候选人的议案》 《关于提名张育鸣先生为成都银行股份有限公司第八届董 成都银行股份有限公司独立董事关于第八届董事会 第十八次（临时）会议相关事项的独立意见 根据《中华人民共和国公司法》《上市公司治理准则》 《上市公司独立董事管理办法》《上海证券交易所股票上市 规则》《上海证券交易所上市公司自律监管指引第 1 号—— 规范运作》及《成都银行股份有限公司章程》（以下简称"《公 司章程》"）等相关规定，作为成都银行股份有限公司（以 下简称"公司"）的独立董事，在认真审阅黄建军先生、Teoh Yih Min （张育鸣）先生的个人简历等资料并认真审查提名 程序、听取公司董事会说明的基础上，基于客观独立判断的 立场，就提名黄建军先生、张育鸣先生为第八届董事会非独 立董事候选人事宜发表如下独立意见： 一、本次黄建军先生、张育鸣先生的提名符合有关法律 法规及《公司章程》的要求，提名程序合法有效； 四、同意提名黄建军先生、张育鸣先生为本公司第八届 董事会非独立董事候选人，同意将其提交股东大会选举。 独立董事：陈存泰、龙文彬、顾培东、马骁、余海 ...

重要内容提示： 成都银行股份有限公司（以下简称"本公司"）副董事长 Ho Wai Choong（何 维忠）先生因退休于近日向本公司董事会提交书面辞呈，申请辞去本公司副董事 长、董事、董事会风险管理委员会主任及委员、董事会战略发展委员会委员、董 事会关联交易控制与审计委员会委员、董事会薪酬与考核委员会委员、董事会授 信审批特别授权委员会委员职务，自 2025 年 9 月 4 日起生效。何维忠先生辞任 后，不再担任本公司任何职务。 姓名 离任职务 离任时间 原定任期 到期日 离任原因 是否继续 在上市公 司及其控 股子公司 任职 是否存在 未履行完 毕的公开 承诺 Ho Wai Choong （何维忠） 副董事长 董事 董事会 风险管理委员会 主任及委员 2025年9月4 日 2027 年 6 月 11 日 退休 否 否 一、董事离任情况 证券代码：601838 证券简称：成都银行 公告编号：2025-054 成都银行股份有限公司 关于副董事长退休离任的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 经何维忠先生确认，其与本 ...

Group 1 - The controversy surrounding Zhang Shuihua, the "fastest female nurse," arose after her comments seeking support post-Harbin Marathon, where she was previously a signed athlete for the local sports brand 361° [1][4] - Zhang Shuihua achieved a time of 2 hours 35 minutes and 30 seconds, securing the domestic women's championship, but did not receive the rumored $80,000 bonus due to the absence of a domestic special award at the event [2][6] - The 2025 Harbin Marathon has been upgraded to a World Athletics Gold Label event, attracting top global runners and significantly increasing the prize pool, with the full marathon champion's prize reaching $80,000 (approximately 560,000 RMB) [2][4] Group 2 - The partnership between 361° and Zhang Shuihua has been paused, with her social media reflecting the termination of their contract [1][4] - The incentive mechanism for marathon runners by 361° includes a maximum bonus of 1 million RMB for achieving specific performance standards, with updated criteria effective from January 2025 [4][5] - The running market in China is expanding, with 671 road running events held nationwide, attracting approximately 6.56 million participants, indicating a growing interest in marathon events [7] Group 3 - The competitive landscape among sports brands is intensifying, with brands increasingly sponsoring runners to enhance visibility and sales, particularly in the marathon segment [7] - 361° reported a significant increase in sales of its running shoe products, with a 59% year-on-year growth during the last Double Eleven shopping festival, attributed to the brand's investment in marathon events [7]

Core Viewpoint - The A-share market experienced a significant downturn on September 4, with technology stocks declining sharply while bank stocks saw a resurgence, particularly Agricultural Bank of China, which surpassed Industrial and Commercial Bank of China in market capitalization, becoming the new "universe bank" [1][3]. Market Performance - The Shanghai Composite Index fell by 1.25% to 3765.88 points, while the ChiNext Index dropped by 4.25% to 2776.25 points [1]. - Agricultural Bank of China saw a 5.17% increase in stock price, reaching a market capitalization of 2.55 trillion yuan, surpassing Industrial and Commercial Bank of China by over 660 billion yuan [1][3]. Year-to-Date Stock Performance - Agricultural Bank of China led the A-share market with a year-to-date stock price increase of 47%, resulting in a market capitalization growth of approximately 7219 billion yuan [4]. - Other major banks showed lower increases, with Industrial and Commercial Bank of China up by 13.54% and Postal Savings Bank of China up by 18.03% [4]. Market Capitalization Rankings - As of the latest closing, the top five banks by market capitalization are Agricultural Bank of China, Industrial and Commercial Bank of China, China Construction Bank, Kweichow Moutai, and China Mobile [3]. - The market capitalization of Agricultural Bank of China has increased significantly, comparable to the market cap of a major company like China Shenhua [4]. Stock Distribution and Valuation - The share distribution among major banks varies, with Agricultural Bank of China having 91% of its total shares in A-shares, while Industrial and Commercial Bank of China has 76% [5][6]. - As of September 4, Agricultural Bank of China and Chengdu Bank had price-to-book ratios of 0.98 and 0.93, respectively, indicating relatively low valuations compared to other banks [11]. Investment Trends - The recent performance of bank stocks has attracted significant attention from institutional investors, particularly insurance funds, which have been increasing their holdings in major banks [10]. - The overall dividend yield for A-share listed banks remains above 4%, with major state-owned banks announcing cash dividends exceeding 200 billion yuan based on their half-year profits [11].

Core Viewpoint - The issuance of perpetual bonds in the primary market significantly declined in August, primarily due to the absence of state-owned banks and a shift in their issuance strategy towards TLAC bonds [1][2]. Group 1: Market Activity - In August, only 12 perpetual bonds were issued, totaling 71.8 billion yuan, a decrease of over 160 billion yuan compared to July, marking the first month of net outflow this year with a net financing amount of -71.45 billion yuan [1]. - State-owned banks, particularly China Bank, were the only major issuer with a 40 billion yuan perpetual bond, while smaller banks like Chengdu Bank and Rizhao Bank became the main contributors to the market [1]. - The issuance of TLAC bonds reached 800 billion yuan this year, which has created competitive pressure on traditional perpetual bonds, leading to a notable decline in issuance from state-owned banks in August [1]. Group 2: Issuance Trends - The cautious approach of state-owned banks contrasts with the enthusiasm of smaller banks, which have actively supported the perpetual bond market, with nine city commercial banks completing issuances in August [2]. - The issuance pattern of "large banks stabilizing volume while small banks accelerate issuance" is expected to continue, reflecting the differing capital pressures faced by various types of banks [2]. - The perpetual bond market experienced its first month of negative net financing, primarily due to a wave of redemptions, with a significant increase in redemption amounts in September [2]. Group 3: Investor Behavior - Public funds and trading desks have been selling off perpetual bonds due to stock market sentiment, with a net outflow exceeding 27 billion yuan on a single day in mid-August [3]. - Conversely, bank wealth management and insurance funds have been increasing their holdings, particularly in the 3-5 year maturity range, as the yield on long-term perpetual bonds has deviated significantly from earlier lows [3].

Group 1 - The core point of the article highlights that two funds managed by GF Fund have the largest declines among actively managed equity funds with assets over 2 billion yuan in the first eight months of the year, with returns of -4.34% and -4.11% respectively [1][3] - The two funds are GF Value Advantage Mixed Fund and GF Balanced Preferred Mixed A, with asset sizes of 2.189 billion yuan and 2.769 billion yuan as of the end of Q2 [1][4] - Both funds are managed by Wang Mingxu, who has extensive experience in investment management and has been managing public funds for nearly seven years [1] Group 2 - As of September 3, 2025, GF Balanced Preferred Mixed A has a cumulative return of -4.43% since its inception on January 11, 2021, while its C share has a cumulative loss of -6.19% [2] - The investment style of both funds focuses on undervalued blue-chip stocks, including companies like Midea Group, Jiangsu Bank, and Kweichow Moutai, along with a small allocation to growth stocks [1]

Core Viewpoint - The A-share banking sector is characterized by "stable total, optimized structure, and regional differentiation" amid insufficient effective credit demand and narrowing net interest margins. Despite challenges, some regional banks have achieved double-digit loan growth, primarily driven by corporate loans, while asset quality remains a concern, particularly in retail loans [2][6][9]. Group 1: Loan Growth and Structure - In the first half of the year, 9 banks, all city commercial banks, achieved loan growth exceeding 10%, with notable performances from Xi'an Bank, Jiangsu Bank, Chongqing Bank, Ningbo Bank, and Chengdu Bank [4][5]. - Overall, listed banks' loan total increased by 7.98% year-on-year, with corporate loans contributing 84.6% of the increment, indicating a strong reliance on corporate lending for credit expansion [6][7]. - The growth in loans is concentrated in regions with active economies, such as Jiangsu, Zhejiang, and Sichuan, with Sichuan leading at an 11.8% growth rate [6][7]. Group 2: Net Interest Margin and Profitability - The banking sector's overall net interest margin was 1.39%, down 13 basis points year-on-year, with state-owned banks experiencing the largest decline [7][8]. - Six major banks saw a 2% year-on-year decline in net interest income, with only the Bank of Communications reporting positive growth [7][8]. - City commercial banks like Xi'an, Nanjing, Jiangsu, and Ningbo managed to achieve over 10% growth in net interest income due to a combination of rapid growth and resilient margins [7][8]. Group 3: Asset Quality and Risks - The overall non-performing loan (NPL) ratio for listed banks remained stable at 1.23%, with corporate loan NPL ratios improving, while retail loan risks, particularly in personal operating loans and mortgages, have increased [9][10]. - City commercial banks reported the lowest corporate NPL ratio at 0.76%, while state-owned banks had the highest at 1.35% [9][10]. - The rise in retail loan NPLs is attributed to declining real estate prices affecting collateral values, leading to increased risk exposure [10]. Group 4: Capital Adequacy and Future Outlook - Some banks, particularly in the shareholding sector, face capital adequacy pressures, with certain banks nearing the regulatory minimum for core Tier 1 capital [11]. - Future projections indicate a potential further narrowing of net interest margins by 5 to 10 basis points, but quality regional banks are expected to benefit from financing demands in infrastructure, manufacturing, and green transitions [11].

Investment Rating - The report indicates a positive outlook for the banking industry, with overall revenue and net profit growth rates turning positive in the first half of 2025, at 1.0% and 0.8% respectively, showing improvements from the previous quarter [4]. Core Insights - The banking sector's net interest margin for the first half of 2025 is reported at 1.42%, a decrease of 10 basis points compared to the previous year, but the decline is narrowing due to improved cost management on the liability side [5]. - Non-interest income, particularly from fees and commissions, has increased by 3.1% year-on-year, driven by a recovery in wealth management and a more active market environment [5]. - The asset quality remains stable, with a non-performing loan ratio of 1.23% and a provision coverage ratio of 239%, indicating a solid credit environment [5]. Summary by Sections Financial Performance Overview - The overall revenue and net profit growth for listed banks in the first half of 2025 were 1.0% and 0.8%, respectively, with both metrics showing improvement from the first quarter [4][22]. - The total assets of listed banks reached 321.3 trillion yuan, growing by 6.35% year-to-date, with loans and advances totaling 179.4 trillion yuan, accounting for 55.84% of total assets [21][24]. Income Sources - Net interest income decreased by 1.3% year-on-year, but the decline rate has slowed, reflecting better management of funding costs [5]. - Fee and commission income grew by 3.1% year-on-year, benefiting from a recovering market and the gradual impact of regulatory changes [5]. - Other non-interest income saw a significant increase of 10.7%, primarily due to favorable market conditions in the bond market [5]. Asset Quality and Management - The non-performing loan ratio remained stable at 1.23%, with a provision coverage ratio of 239%, indicating a robust asset quality [5]. - The credit cost for the first half of 2025 was 0.81%, a decrease of 5 basis points year-on-year, suggesting manageable credit risks [5]. Loan Growth and Composition - Loan growth was primarily driven by corporate lending, with significant contributions from infrastructure and manufacturing sectors [20]. - Personal loan growth was weaker, with a year-on-year increase of only 3.6%, reflecting a cautious approach to consumer lending amid rising risks [20]. Investment and Market Conditions - The investment asset proportion decreased to 34% as banks adjusted their strategies in response to market volatility [20]. - The overall yield on bonds fluctuated significantly, prompting banks to engage in tactical trading to enhance returns [20].

Group 1 - The report highlights that the high-interest fixed deposits maturing in 2025-2026 amount to 112 trillion yuan, with 72 trillion yuan being high-interest deposits and 40 trillion yuan low-interest deposits [2][37] - The renewal rate for banks facing a large volume of maturing high-interest deposits exceeds 100%, indicating strong demand for renewal [2][37] - The report discusses the impact of maturing high-interest deposits on banks' liability management, noting a trend of "maintaining end-of-month balances rather than daily averages" [2][37] Group 2 - The report on Anhui Energy (皖能电力) indicates that the company achieved a revenue of 13.185 billion yuan in H1 2025, a decrease of 5.83% year-on-year, while net profit increased by 1.05% to 1.082 billion yuan [3][27] - The decline in coal prices has positively impacted the company's profitability, with a gross margin increase of 4.06 percentage points to 16.25% in H1 2025 [3][27] - The report projects the company's net profit for 2025-2027 to be 2.18 billion, 2.34 billion, and 2.51 billion yuan, respectively, with corresponding PE ratios of 7.55, 7.03, and 6.55 [3][27] Group 3 - The report on China Oil Engineering (中油工程) outlines a plan to raise 5.9 billion yuan through a private placement to strengthen its position in the Middle East market [4][33] - The company has secured a contract for the Iraq seawater pipeline project, which is expected to enhance its international competitiveness [4][36] - The funds raised will be used for project construction and to supplement working capital, improving the company's financial structure and risk management [4][37] Group 4 - The report on Huace Testing (华测检测) shows a revenue of 2.96 billion yuan in H1 2025, a year-on-year increase of 6.05%, with net profit rising by 7.03% to 467 million yuan [6][21] - The company is focusing on enhancing operational efficiency in its life sciences segment and expanding its international presence through strategic acquisitions [6][22] - The projected net profit for 2025-2027 is 1.03 billion, 1.16 billion, and 1.29 billion yuan, with corresponding PE ratios of 21, 19, and 17 [6][24] Group 5 - The report on Western Cement (西部水泥) indicates a significant increase in overseas sales, with revenue reaching 5.42 billion yuan in H1 2025, a 46% year-on-year growth [7][29] - The company achieved a net profit of 750 million yuan, reflecting a 93% increase, driven by overseas capacity expansion and recovery in domestic prices [7][29] - The report projects net profits for 2025-2027 to be 1.58 billion, 2.13 billion, and 2.90 billion yuan, with a target PE of 12 times [7][30]

Core Insights - The banking sector in A-shares is characterized by "stable total, optimized structure, and regional differentiation" under the dual pressures of insufficient effective credit demand and continuous narrowing of net interest margins [1][2] Credit Growth and Regional Differentiation - Despite a slowdown in overall credit growth due to weak macroeconomic recovery, nine city commercial banks achieved double-digit loan growth, with notable performances from Xi'an Bank, Jiangsu Bank, Chongqing Bank, Ningbo Bank, and Chengdu Bank [2][4] - The total loan amount of listed banks increased by 7.98% year-on-year, with an increment of 10.2 trillion yuan, where corporate loans contributed 84.6% of the increase, highlighting the weakness in retail loan demand [3][5] Loan Quality and Asset Quality - The overall non-performing loan (NPL) ratio for listed banks remained stable at 1.23%, with corporate loan NPL ratios improving, while personal loans, especially business and housing loans, faced rising risks [6][7] - City commercial banks exhibited the lowest corporate NPL ratio at 0.76%, while state-owned banks had the highest at 1.35%, although they showed improvement [6] Net Interest Margin and Profitability - The banking sector's overall net interest margin was 1.39%, down 13 basis points year-on-year, with state-owned banks experiencing the largest decline [5][6] - Despite the expansion of credit scale, the continuous decline in net interest margins is constraining banks' profitability, with some banks facing capital adequacy pressure [7] Future Outlook - Analysts predict that with continued adjustments in LPR and housing loan rates, banks may experience further narrowing of interest margins by 5 to 10 basis points, while quality regional banks are expected to benefit from financing demands in infrastructure, manufacturing, and green transitions [7]