1 | | 度手续费及佣金收入同比实现较好增长。展望全年，本行 | | --- | --- | | | 将继续积极拓宽中收来源，一方面深耕财富管理业务，以 | | | 客户为中心做好多品类资产配置；另一方面在国债代销、 | | | 非金融企业债券主承销、托管等新批业务持续发力，不断 | | | 开拓新的中收业务增长点。 | | | 3、贵行近年来保持较快的资产规模增速，资本有压力 | | | 吗？ | | | 答：截至今年一季度末，集团核心一级资本充足率 | | | 9.80%，一级资本充足率 11.62%，资本充足率 14.54%，各 | | | 项资本充足率指标均符合监管要求和集团资本规划管理目 | | | 标。近 50 亿元可转债顺利转股进一步增强了集团资本实力， | | | 为各项业务发展打下坚实基础。后续，本行将持续优化业务 | | | 结构，加强资本管理，不断提升资本使用效率和风险抵御能 | | | 力。 | | 关于本次活动是否 | 接待过程中，公司接待人员与投资者进行了充分的交流与 | | 涉及应披露重大信 | 沟通，严格按照有关制度规定，没有出现未公开重大信息 | | 息的说明 | 泄露等情 ...

【 导读 】 兴业银行完成571.71亿元三期优先股赎回及摘牌 中国基金报记者 马嘉昕 例如，今年4月初，五矿资本公告称，决定赎回5000万股"五资优3"优先股，票面金额总计为 50亿元，赎回价格为票面金额加固定股息。该优先股于2023年4月19日发行。 3月5日，中国银行公告称，该行已经于3月4日赎回全部而非仅部分境外优先股。2020年3月 4日该行发行了1.98亿股境外优先股，目前已于赎回日完成境外优先股注销。 此外，近年来赎回优先股的机构还包括广州农商行、中原银行等多家金融机构。业内人士认 为，在低利率环境下，银行等机构有动力去赎回优先股。很多银行发行优先股时间比较早， 在2019年之前股息率普遍高于5%，远高于目前银行的负债成本。 7月2日晚间，兴业银行发布公告称，该行发行的三期优先股（"兴业优1""兴业优2""兴业优 3"）已全部完成赎回及摘牌程序，总规模为571.71亿元。 三期优先股完成赎回摘牌 兴业银行公告称，该行分别在2014年12月3日、2015年6月17日以及2019年4月3日以非公 开方式发行了1.3亿股、1.3亿股和3亿股优先股，发行规模分别为130亿元、130亿元和300 亿元，三 ...

格隆汇6月13日丨信星集团(01170.HK)公告，承截至2024年9月30日止上半年的营业额下行趋势，延续至 截至2025年3月31日止年度内余下时间，集团因而于期间内录得营业额跌幅。此乃由于客户采取高度审 慎的采购方针，加之零售环境持续低迷及宏观经济不明朗，导致订单管道疲软。因此，根据对未经审核 综合管理账目的初步评估，预计集团于期间内将录得公司拥有人应占亏损，估计介于约33,000,000港元 至约38,000,000港元之间；而上年度则录得溢利。 预期于期间内录得亏损，主要归因于：(i)期间内集团营业额同比减少约10%，致使规模经济效益递减； (ii)期间内劳工成本与去年同期比较显著上升；及(iii)集团位于中国内地及香港的投资物业重估而产生的 公平估值亏损。尽管面临此等挑战，集团仍将继续进行策略性投资以巩固生产实力，包括保留技术劳工 队伍，以向客户展示营运可靠性。为持续优化产品组合，集团将透过与特定客户合作，聚焦于平均售价 较高的产品，以推进价值增长策略。同时，集团将恪守资本管理及成本控制纲领，以维持财务韧性。 美国政府于2025年4月2日宣布将在全球实施对等关税措施。因此，董事会预期在截至2026 ...

Investment Rating - The investment rating for the commercial banking sector is "Outperform the Market" (maintained) [1] Core Insights - A new round of deposit rate declines is creating multidimensional impacts on commercial banks' asset-liability management, forcing a transformation in their strategies [3] - On the liability side, the decrease in deposit costs alleviates interest payment pressures, but the low-interest environment intensifies deposit diversion risks, pushing banks to enhance wealth management capabilities [3] - On the asset side, banks face dual challenges of yield compression and structural adjustments, necessitating a shift towards higher-yield retail assets like consumer loans and small business loans [3] - The complexity of interest rate risk management is increasing, requiring banks to utilize derivatives for hedging and optimize duration matching through dynamic gap management [3] - The operational stratification among commercial banks is increasing, with large banks leveraging their national networks and low-cost funding to support large-scale lending, while smaller banks are constrained by regional operations and high deposit costs [3] - The era of multidimensional asset-liability management for commercial banks has arrived, necessitating a shift towards "lightweight" operations and the expansion of non-interest income sources [3] Summary by Sections 1. Framework Objectives: Matching Assets and Liabilities - The goal of asset-liability management is to balance risk and return, maximizing risk-adjusted returns while considering profitability, liquidity, and safety [7][8] 2. Constraint Tools: Optimization Under Multiple Conditions - Asset-liability management involves managing the asset-liability portfolio, liquidity, interest rate risk, and capital management [7][8] 3. System Application: Perception of Liquidity Tightness - Liquidity management indicators include LCR, NSFR, liquidity ratios, and the adequacy of high-quality liquid assets [109][110] 4. Differentiated Characteristics of Different Institutions - Different types of banks exhibit varying asset structures and investment strategies, with large banks focusing on government bonds and large corporate loans, while smaller banks may have a more diversified approach [30][34]

Financial Data and Key Metrics Changes - Aflac reported net earnings per diluted share of $0.05, significantly impacted by net investment losses compared to net investment gains in Q1 2024 [6] - Adjusted earnings per diluted share remained unchanged at $1.66 year-over-year [6][13] - Adjusted return on equity (ROE) was 12.7% excluding foreign currency remeasurement, indicating a solid performance [13] Business Line Data and Key Metrics Changes - Aflac Japan experienced a 12.6% year-over-year sales increase, driven by significant contributions from Sumitas and a 6.3% increase in cancer insurance sales [6][8] - Aflac US saw a 3.5% year-over-year increase in sales, with strong performance in group life, disability, and network dental [9][17] - Net earned premiums for Aflac Japan declined by 5%, while underlying earned premiums adjusted for deferred profit liability and other factors declined by 1.4% [14] Market Data and Key Metrics Changes - Aflac Japan's total benefit ratio was 65.8%, down 120 basis points year-over-year, while the U.S. total benefit ratio was 47.7%, up 120 basis points year-over-year [15][18] - Persistency in Japan improved to 93.8%, up 40 basis points year-over-year, while U.S. persistency increased to 79.3%, up 60 basis points year-over-year [16][17] Company Strategy and Development Direction - The company aims to appeal to younger customers through products like Sumitas and is focused on cross-selling medical and cancer policies [7][9] - Aflac continues to emphasize strong capital and cash flow management while maintaining a commitment to liquidity and capital ratios [10][11] - The company is strategically deploying capital, having repurchased $900 million in stock and paid $317 million in dividends in Q1 2025 [11][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the underlying strengths of the business and potential for continued growth in both Japan and the U.S. [12] - The company is closely monitoring economic trends and adjusting its capital management strategies accordingly [38][41] - Management highlighted the importance of maintaining strong premium persistency and adapting to market conditions [10][11] Other Important Information - Aflac Japan launched a new cancer insurance product in March 2025, which is expected to contribute positively to sales [54] - The company has a robust hedging strategy in place to manage foreign currency exposure, particularly related to the yen [26][97] Q&A Session Summary Question: Why did the ESR ratio decline in Q1? - Management explained that the decline was due to the strengthening yen, partially offset by higher Japan interest rates and dividends flowing to Aflac Inc. [32][33] Question: How should we think about capital planning given recent macro changes? - Management indicated that capital management is designed with a long-term view and is not expected to change significantly despite macroeconomic volatility [37][41] Question: What are the expectations for the new cancer product sales? - Management expressed confidence that the new cancer product will continue to grow, with expectations for sales in 2025 to exceed those of 2024 [54][100] Question: How is the competitive landscape for medical insurance in Japan? - Management acknowledged increased competition but emphasized Aflac's pioneering position in cancer insurance and ongoing efforts to maintain market share [58][59] Question: How are remeasurement gains expected to trend? - Management noted that significant remeasurement gains are typically unlocked in the third quarter, with smaller adjustments in other quarters [63][66] Question: Is there any anti-U.S. sentiment affecting sales in Japan? - Management stated that there is no observable anti-American sentiment affecting the business, citing strong economic ties between the U.S. and Japan [116][117]

Financial Data and Key Metrics Changes - Aflac reported net earnings per diluted share of $0.05, significantly impacted by net investment losses compared to net investment gains in Q1 2024 [5] - Adjusted earnings per diluted share remained unchanged at $1.66 year over year [5][13] - Adjusted return on equity (ROE) was 12.7% excluding foreign currency remeasurement, indicating a solid performance [13] - Adjusted book value per share, excluding foreign currency remeasurement, increased by 2.2% [13] Business Line Data and Key Metrics Changes - Aflac Japan experienced a 12.6% year-over-year sales increase, driven by significant contributions from Sumitas and a 6.3% increase in cancer insurance sales [5][6] - Aflac US saw a 3.5% year-over-year increase in sales, with strong performance in group life, disability, and network dental [8] - Net earned premiums in Aflac Japan declined by 5%, while underlying earned premiums adjusted for deferred profit liability and reinsurance declined by 1.4% [14] - In the US, net earned premiums increased by 1.8%, with persistency rising by 60 basis points year over year to 79.3% [17] Market Data and Key Metrics Changes - Aflac Japan's total benefit ratio was 65.8%, down 120 basis points year over year, while the US total benefit ratio was 47.7%, up 120 basis points year over year [15][18] - Persistency in Japan remained solid at 93.8%, up 40 basis points year over year [16] - The expense ratio in Japan increased to 19.6%, primarily due to higher technology expenses, while the US expense ratio decreased to 37.6% [16][19] Company Strategy and Development Direction - Aflac aims to appeal to younger customers through products like Sumitas, which has been successful in reaching this demographic [6] - The company is focused on maintaining strong premium persistency and driving profitable growth through stronger underwriting discipline [8] - Aflac continues to leverage its strong capital and cash flows while maintaining prudent liquidity and capital management [10] - The company is committed to reinforcing its leading position in the life insurance markets of Japan and the US [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand for Aflac's products, emphasizing the importance of being a partner in health for policyholders [9] - The company is optimistic about the growth potential in both Japan and the US, with plans to continue capital deployment and maintain a strong dividend track record [11][12] - Management acknowledged the challenges posed by macroeconomic factors but remains committed to long-term capital management strategies [36] Other Important Information - Aflac repurchased $900 million worth of its own stock and paid $317 million in dividends during Q1 2025 [23] - The company ended the quarter with strong capital ratios, including an estimated regulatory ESR above 250% [24] - Aflac Japan's cancer insurance sales are expected to grow, supported by the launch of a new cancer product in March 2025 [52] Q&A Session Summary Question: Why did the ESR ratio decline in Q1? - Management explained that the decline was due to the strengthening yen, partially offset by higher Japan interest rates and significant dividends flowing from Aflac Japan to Aflac Inc [32] Question: How should capital planning be approached given recent macro changes? - Management stated that capital management is designed with a long-term view, and they do not plan to change their approach significantly despite recent volatility [36] Question: What are the expectations for the new cancer product sales? - Management expressed confidence in the new cancer product's growth, anticipating continued sales increases throughout 2025 [52] Question: How is the competitive landscape for medical insurance in Japan? - Management acknowledged increased competition but emphasized Aflac's pioneering position and unique services that provide a competitive advantage [56] Question: How does the company view the impact of the yen on its operations? - Management noted that while a strengthening yen introduces volatility, it also leads to higher future dividends in dollar terms from Aflac Japan, which offsets some negative impacts [95]

登录新浪财经APP 搜索【信披】查看更多考评等级 （A股股票代码：601916） 1 重要提示 1.1 本公司董事会、监事会及董事、监事、高级管理人员保证本报告内容的真实、准确、完整， 不存在 虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 本公司第七届董事会2025年第三次临时会议以书面传签方式召开，于2025年4月29日审议通过了本公 司2025年第一季度报告。 1.3 本报告中的财务报表按中国会计准则编制且未经审计，本公司按国际财务报告会计准则编制且未经 审计的季报详见香港联合交易所有限公司（简称香港联交所）网站，除特别说明外，为本集团合并数 据，金额币种均以人民币列示。 1.4 本报告中"浙商银行"、"本公司"、"本银行"和"本行"均指浙商银行股份有限公司；"本集团"指浙商银 行股份有限公司及其附属子公司。 1.5 本公司董事长陆建强、行长（代为履职）陈海强、主管财务负责人侯波和财务机构负责人张简保证 本报告中财务报表的真实、准确、完整。 2基本情况 2.1主要会计数据及财务指标 人民币百万元，百分比除外 非经常性损益项目列示如下： 人民币百万元 2.2资本充足率情况 人民币百 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600015 证券简称：华夏银行 重要内容提示： ● 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚 假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 ● 本公司第九届董事会第七次会议于2025年4月28日审议通过了《华夏银行股份有限公司2025年第一季 度报告》及摘要。会议应到董事9人，实到董事9人，有效表决票9票。监事、高级管理人员列席会议。 ● 本公司第一季度财务报告未经审计。 ● 本公司董事长瞿纲（代）、财务负责人杨伟、计划财务部总经理刘越，保证第一季度报告中财务信息 的真实、准确、完整。 1 主要财务数据 1.1 主要会计数据和财务指标 2、资产利润率为净利润除以期初和期末资产总额平均数，报告期内未年化。 3、净利差，又名净利息差，为平均生息资产收益率减平均计息负债付息率。 4、净息差，又名净利息收益率，为利息净收入除以平均生息资产。 5、根据原银监会《关于调整商业银行贷款损失准备监管要求的通知》（银监发〔2018〕7号），对各股 份制银行实行差异化动态调整的拨备监管政策。报告期末，本集团 ...

4月25日，沪农商行（601825）2024年度业绩说明会在全景网成功举行。沪农商行董事长徐力在活动中 谈到，2024年，集团资本充足率进一步提升，内生性资本留存足够支持集团高质量可持续增长，也是银 行长期回报股东的底气所在。2024年银行在行业内第一家落实实施中期分红，2024年度分红率为 33.91%，较2023年提升3.81个百分点，保持在上市银行中的前列。银行高度重视股东回报，2021年上市 以来，分红率始终保持在30%以上，累计派发普通股现金红利165亿元，为IPO募资金额的近2倍。 更多业绩说明会详情，请点击：https://rs.p5w.net/html/145836.shtml 徐力表示，近几年沪农商行在盈利、资产质量和股东回报方面的得到了社会各界和资本市场的认可， 2024年银行股价涨幅达到63%，在A股银行板块中排名第二位。 对于未来的分红规划，沪农商行董事会秘书兼首席财务官姚晓岗指出，公司的分红政策将在综合考虑自 身经营状况、业务发展需求及股东意愿等因素的基础上，保持持续性、稳定性和可预期性，同时确保留 足业务发展所需资本，实现股东短期投资收益与长期价值回报的合理平衡。他强调，公司不追求 ...

针对中等职业教育需求变化，本公司正将部分中职项目向高职或升学方向升级转型，同时优化课程设置 及提升营运效率，以增强整体竞争力。 项目执行纪律强化： 本公司严格管控资本项目投资，确保投资项目高效、具备显著影响力并按时交付。完善的项目管理流程 保证了项目质量、预算控制及及时交付，为公司长期增长及学术卓越奠定基础。 财务实力与融资管道拓展： 本公司积极拓展融资管道，争取国际金融机构提供的成本效益高的资金支持，并优先使用人民币融资， 进一步提升财务韧性及规避外汇风险。 智通财经APP讯，中教控股(00839)发布公告，为把握增长机遇并积极应对行业动态变化，本公司正围绕 四大重点领域推进战略转型： 本科教育平台优化： 本公司持续加大本科教育平台建设投入，聚焦高水准师资队伍引进、科研能力提升及课程体系现代化建 设。部分院校正积极申报硕士学位授予权，进一步提升学术声誉及吸引力。 中职教育板块调整： 上述举措将有助于本公司实现更高水准的学术成就、卓越的营运能力及可持续的财务强劲增长。 维持财务稳定性始终是本公司的首要任务。本公司将继续以审慎态度管理现金流，确保具备坚实的财务 基础以支持债务偿还及未来投资。 公司正在积极检视资 ...