香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容 而產生或因依賴該等內容而引致的任何損失承擔任何責任。 （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股份代號：6099） 海外監管公告 2025米年度报告 2025米年度报告 企业文化共识 【使命】 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條規則作出。 茲載列招商證券股份有限公司在上海證券交易所網站刊登之《招商證券股份有限公司2025 年半年度報告》，僅供參閱。 承董事會命 招商證券股份有限公司 霍達 董事長 中國深圳，2025年8月28日 於本公告日期，本公司執行董事為霍達先生及朱江濤先生；本公司非執行董事為羅 立女士、劉振華先生、劉輝女士、李德林先生、李曉霏先生、黃堅先生、張銘文先 生及丁璐莎女士；以及本公司獨立非執行董事為葉熒志先生、張瑞君女士、陳欣女 士、曹嘯先生及豐金華先生。 CMS 12 招商证券 股票代码: 600999 服务国家科技自立自强 助力社会财富保值增值 【愿景】 打造中国 ...

8月28日，中国人寿在北京、香港两地同步举行中报业绩说明会，公司核心高管悉数出席。 纵观这份中报，2025年上半年中国人寿总保费达5250.88亿元，创历史同期最好水平，同比增长7.3%， 市场份额稳步提升，公司实现归属于母公司股东的净利润409.31亿元，同比增长6.9%。 明确表示加仓港股 在权益投资方面，公司将继续落实中长期资金入市的要求，持续优化配置结构，重点配置高股息优质股 票以及具备新质生产力特征的标的，不断提升长期回报潜力。 公司高度关注港股市场的投资机会，凭借最新获批的QDII额度，上半年已在港股市场实现良好收益， 下半年将继续关注新经济与高股息资产，保持均衡稳健的投资组合。 内含价值持续增长 中国人寿投资收益保持稳健提升。截至今年6月末，中国人寿投资资产突破7万亿元大关，较2024年底增 长7.8%。2025年上半年，这家险资实现净投资收益960.67亿元，净投资收益率为2.78%；实现总投资收 益1275.06亿元，总投资收益率为3.29%。 此次业绩说明会上，中国人寿高管重点回应了关于低利率环境下的投资问题，资事堂将投资者重点关注 的内容整理如下，以飨读者。 首席投资官发声：A股底部夯实 ...

Core Viewpoint - Huaxia Bank has reported a steady performance in the first half of 2025, focusing on sustainable development and enhancing support for key economic sectors, while achieving improvements in its global ranking and maintaining stable asset quality [1][2]. Financial Performance - Total assets reached CNY 4,549.63 billion, an increase of 3.96% from the end of the previous year [1] - Total loans amounted to CNY 2,417.10 billion, up by 2.15% year-on-year [1] - Total deposits were CNY 2,323.16 billion, reflecting a growth of 7.99% compared to the previous year [1] - Operating income was CNY 45.52 billion, a decrease of 5.86% year-on-year [2] - Net profit attributable to shareholders was CNY 11.47 billion, down by 7.95% year-on-year [2] - Non-performing loan ratio remained stable at 1.60% [2] Business Structure Optimization - Increased support for key sectors such as private economy, manufacturing, and rural revitalization, with significant growth in loans to technology enterprises and green loans [3] - Loans to technology enterprises grew by 32.31% year-on-year, with a total balance of CNY 210.53 billion [5] - Green loan balance reached CNY 332.91 billion, up by 16.79% from the previous year [6] Profitability Structure Optimization - Net income from fees and commissions increased by 2.55% to CNY 3.10 billion [4] - Business and management expenses decreased by 0.66% to CNY 13.21 billion [4] - Cost-to-income ratio improved to 29.01%, down by 0.79 percentage points [4] Strategic Initiatives - Continued implementation of the "Five Major Articles" strategy to enhance financial services in key areas [5] - Strengthened technology finance initiatives, with a focus on credit resources for technology enterprises [5] - Expanded green finance capabilities, including a partnership with the Asian Development Bank for a sovereign loan project [6] - Enhanced inclusive finance efforts, particularly for small and micro enterprises, with a loan balance of CNY 643.28 billion, up by 6.94% [7] Digital Transformation - Accelerated digital and intelligent transformation, improving operational efficiency and customer service through technology [13] - Enhanced data management and sharing practices to support business development and risk management [13][14] Risk Management and Compliance - Strengthened comprehensive risk management and asset quality control, maintaining a stable risk profile [15] - Improved internal governance and compliance management systems to ensure regulatory adherence [16]

Core Viewpoint - The Industrial and Commercial Bank of China (ICBC) Wuhan Branch is leveraging financial innovation to empower high-quality regional development, showcasing a series of pioneering financial products and services that enhance the local financial landscape [1]. Group 1: Financial Innovation - ICBC Wuhan Branch has established a comprehensive "debt-loan-investment-M&A" service system to support the entire lifecycle of technology enterprises, positioning itself as a strong engine for regional technological financial innovation [2]. - The branch successfully issued the region's first technology innovation bond within three weeks, demonstrating its rapid response and execution capabilities [2]. - A customized credit scheme for "little giant" enterprises was launched, which includes a 30 million yuan proactive credit approval and a 10 million yuan loan, significantly improving review efficiency by 50% [2][3]. Group 2: Inclusive Finance - The branch emphasizes inclusive finance as a key responsibility, utilizing digital tools to enhance efficiency and meet diverse customer needs [4]. - The first "e-expansion quick loan" was launched in June 2025, filling a gap in online fixed asset loans, and a complete online process for the "National Guarantee Quick Loan" was established [4]. - A new "business assistance combination loan" was introduced to address the financing challenges faced by individual businesses, creating a multi-dimensional credit system [4]. Group 3: Strategic Services - ICBC Wuhan Branch focuses on major regional strategies and core enterprise needs, providing high-level services that combine financing and financial intelligence [5]. - The branch successfully implemented a treasury management project for a state-owned enterprise, enhancing regulatory compliance and operational efficiency [5]. Group 4: Bond Underwriting and Cross-Border Financing - The branch emerged as the lead underwriter for a TDFI bond, marking a significant achievement in the competitive landscape of bond underwriting [6]. - It facilitated the first bank pilot for "non-financial enterprise foreign debt change registration" and completed a 50 million yuan import prepayment financing [6]. Group 5: Agile Innovation and Team Dynamics - ICBC Wuhan Branch has established an efficient feedback loop to support continuous innovation, enhancing credit approval processes through a new implementation guideline [7]. - The branch's collaborative approach across different levels and departments has proven effective in executing financial strategies and policies swiftly [7].

Core Viewpoint - Chongqing Bank is on track to achieve significant growth and stability, aiming for a key year in 2025 as it approaches the "trillion" asset milestone, with a focus on serving the local economy and enhancing financial services for small and micro enterprises [1][5]. Asset Scale - As of June 30, 2025, the bank's total assets reached 983.37 billion, a 14.79% increase from the previous year, with loans exceeding 500 billion and deposits totaling 544.14 billion, also up by 14.77% [2][5]. - The bank's asset quality remains robust, with a non-performing loan ratio of 1.17%, down by 0.08 percentage points from the end of the previous year [2][3]. Profitability - The bank reported operating income of 7.66 billion, a year-on-year increase of 7.00%, and a net profit attributable to shareholders of 3.19 billion, up 5.39% from the previous year, marking the best growth rates in three years [2][3]. - Interest income grew by 12.22% to 5.86 billion, benefiting from the expansion of interest-earning assets and effective control of funding costs [2]. Risk Control - The bank has enhanced its comprehensive risk management system, with a focus on credit risk prevention, resulting in improved risk coverage with a provision coverage ratio of 248.27% [2][3]. - The proportion of loans under special attention decreased to 2.05%, indicating effective risk management practices [2]. Manufacturing Sector Focus - The bank's loans to the manufacturing sector reached 36.63 billion, a 16.86% increase from the previous year, with a non-performing loan ratio of 1.99%, reflecting a stable quality in loan growth [3][4]. - Initiatives such as the "Manufacturing Industry Action Plan" and support for high-quality development of the private economy have been implemented to ensure effective financial services [3]. Financial Innovation - The bank has developed a financial service system tailored to the entire lifecycle of technology enterprises, with technology loans growing over 40% [4]. - Green finance initiatives have led to a green loan portfolio exceeding 75 billion, with an annual growth rate of over 30% [4]. Regional Development Contribution - The bank has actively supported the Chengdu-Chongqing economic circle, injecting nearly 140 billion in credit to major projects, including transportation and digital economy initiatives [5]. - The bank's financing for the Western Land-Sea New Corridor has surpassed 47 billion, showcasing its commitment to regional infrastructure development [5]. Retail Business Innovation - The bank has introduced innovative consumer finance products, such as the "Jie e Loan," which has grown by 35% since the beginning of the year, enhancing consumer financing options [6]. - The bank aims to continuously improve its service quality and contribute to the high-quality development of the real economy as it approaches its "trillion" asset goal [6].

Core Viewpoint - 中信证券 reported robust growth in its 2025 semi-annual results, achieving record levels in both revenue and net profit, reflecting strong operational performance and effective capital management [1][2]. Financial Performance - Total assets exceeded 1.8 trillion yuan, with net assets surpassing 300 billion yuan [1] - Operating revenue reached 33.039 billion yuan, a year-on-year increase of 20.44% [1] - Net profit attributable to shareholders was 13.719 billion yuan, up 29.80% year-on-year, marking the best mid-year performance in history [1] Business Segments Performance - Brokerage business revenue was 9.319 billion yuan, growing 21.11% year-on-year [2] - Asset management revenue reached 6.017 billion yuan, up 22.32% [2] - Securities investment revenue was 14.497 billion yuan, increasing by 8.15% [2] - Securities underwriting revenue was 2.054 billion yuan, a growth of 19.16% [2] - Return on equity (ROE) improved to 4.91%, an increase of 0.95 percentage points year-on-year [2] International Business Growth - International business revenue reached 1.49 billion USD, a 53% increase year-on-year [3] - Net profit from international operations was 390 million USD, up 66% [3] - Investment banking in international markets saw significant growth, with 30 overseas equity projects completed, underwriting scale reaching 2.989 billion USD, a 132.07% increase [3] - The company ranked first in the industry for the number of Hong Kong IPO sponsorships [3] Fixed Income and Securities Finance - The internationalization of fixed income business is accelerating, with new products launched in various global markets [4] Focus on Five Financial Areas - The company is focusing on technology finance, green finance, inclusive finance, pension finance, and digital finance to enhance service quality for the real economy [5][6][7] Investment Banking Leadership - The company maintained its leading position in investment banking, completing 36 A-share underwriting projects with a total scale of 148.528 billion yuan, capturing a market share of 19.19% [8] Wealth and Asset Management - Wealth management client numbers exceeded 16.5 million, with managed assets surpassing 12 trillion yuan [9] - Asset management scale exceeded 4.4 trillion yuan, with a market share of 12.83% in private asset management [9] Shareholder Returns - The company announced a mid-year profit distribution plan, with a cash dividend of 2.90 yuan per share, totaling approximately 4.3 billion yuan, representing 32.53% of net profit [10]

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The report highlights that the company is continuously optimizing its credit structure, enhancing its risk compensation ability, and achieving stable profit growth momentum. The projected growth rates for net profit from 2025 to 2027 are 10.48%, 9.56%, and 8.19% respectively [12] Financial Performance - In the first half of 2025, the company achieved a revenue of 90.6 billion yuan, a year-on-year increase of 2.62%, and a net profit attributable to shareholders of 29.7 billion yuan, a year-on-year increase of 10.19% [1] - The net interest margin for the first half of 2025 was 1.41%, showing a slight decline of 1 basis point compared to the previous year [2] - The company experienced a decrease in credit costs, contributing positively to performance growth [2] Asset and Liability Management - As of the end of Q2 2025, total assets reached 9.65 trillion yuan, with total loans amounting to 5.63 trillion yuan, reflecting year-on-year growth of 4.2% and 6.0% respectively [5] - The total deposits at the end of Q2 2025 were 5.59 trillion yuan, representing a year-on-year growth of 12.0% [10] Asset Quality - The non-performing loan ratio at the end of Q2 2025 was 1.31%, a decrease of 2 basis points from the previous quarter, while the provision coverage ratio improved to 194.0% [11] - The report indicates that the company has enhanced its risk compensation ability, with a provision coverage ratio of 193.97% and a loan-to-provision ratio of 2.54% [11] Future Outlook - The company is expected to maintain a stable growth trajectory in net profit, with a focus on optimizing its credit structure and improving deposit growth [12]

Core Viewpoint - The collaboration between the Bank of China Henan Branch and the Henan Provincial Market Supervision Administration aims to enhance financial services for enterprises through the "Certification Loan+" initiative, establishing a monthly service day to address financing needs effectively [1] Group 1: Financial Services Initiative - The "Certification Loan+" financial service day is officially set for the 5th of each month, where both parties will conduct policy interpretation and financing matchmaking activities [1] - The "Certification Loan" service plan has already provided over 5 billion yuan in credit to more than 1,400 certified enterprises in Henan Province [1] Group 2: Strategic Goals - The launch event signifies a transition from initial cooperation to deeper empowerment, aiming to create a regular, systematic, and branded model for enterprise support services [1] - The Bank of China Henan Branch will continue to strengthen resource coordination, deepen cooperation, and innovate product services to contribute to the high-quality economic development of Henan [1]

Core Points - The Shanghai Municipal Financing Guarantee Center has launched a special guarantee scheme called "Government Procurement Loan" to address the financing difficulties faced by enterprises participating in government procurement [1][2][3] - The scheme aims to provide policy-based financing guarantees to enhance credit for companies that win government procurement contracts [1] - Shanghai Pudong Development Bank has actively engaged with the scheme, successfully implementing the first batch of "Government Procurement Loan" special guarantee business [1][2][3] Group 1: Company Case Studies - A technology group specializing in anti-corrosion and energy-saving environmental protection services received a guarantee loan of 4.9 million yuan to alleviate cash flow pressure due to long payment cycles on bridge anti-corrosion projects [1] - An intelligent building company, experiencing rapid revenue growth, successfully obtained a loan of 10 million yuan to support its ongoing business expansion [2] - An electronic network company, facing a cash shortfall due to multiple project settlements, secured a 5 million yuan loan with a one-year term, benefiting from government subsidy policies to further reduce financing costs [3] Group 2: Financial Collaboration - The launch of the "Government Procurement Loan" special guarantee business signifies a deeper collaboration between Shanghai Pudong Development Bank, the municipal finance bureau, and the financing guarantee center in promoting inclusive finance [3] - The financing guarantee center provides differentiated policy support, while the bank offers efficient and convenient funding solutions to enhance credit and reduce the financial burden on enterprises [3]

Core Viewpoint - Citic Bank Chifeng Branch actively supports small and micro enterprises through various financing mechanisms, having issued 173 million yuan in inclusive loans to 122 enterprises by the end of July 2025 [1] Group 1: Financing Initiatives - The bank focuses on addressing the pain points of small and micro enterprises by enhancing product innovation and service optimization [1] - Utilizing the "CITIC e-loan" standardized system, the bank promotes online products like "Order e-loan" while expanding offline business [1] - A notable case involved a grain trading company that required financing during a peak stocking season; the bank quickly provided an 8.1 million yuan inclusive loan through the "Order e-loan" product, effectively addressing the financing challenges faced by small enterprises [1] Group 2: Loan Policies and Efficiency - The bank implements a no-repayment renewal policy for small and micro enterprises, ensuring seamless connection between loan issuance and repayment [1] - It has optimized the "online + offline" collaboration mechanism and special approval channels, significantly improving the efficiency of loan renewals [1] - This year, the bank has processed over 20 million yuan in no-repayment renewals for existing operating loan clients, benefiting 23 enterprises [1] Group 3: Future Plans - The bank plans to continue innovating its inclusive financial service model, aiming to create a financial ecosystem that is broader in coverage, lower in cost, superior in service, and controllable in risk [1]