2025年8月22日下午15:00 - 17:00，中粮资本通过易董"价值在线"平台举办了2025年半年度业绩说明会， 众多投资者参与其中，与公司管理层就公司发展战略、业绩表现、业务布局等重要问题进行了深入交 流。 业绩说明会基本信息 本次投资者活动关系类别为业绩说明会。时间为2025年8月22日（周五）下午15:00 - 17:00，地点在易 董"价值在线"平台（http://www.ir-online.cn/ ）。参与单位为通过易董"价值在线"平台参与中粮资本2025 年半年度业绩说明会的投资者。上市公司接待人员包括董事长兼总经理孙彦敏先生、副总经理兼财务负 责人李德罡先生、副总经理兼董事会秘书姜正华女士以及独立董事李宏先生 。 现金流方面，2025年上半年公司经营活动产生的现金流量净额同比正增长，主营业务经营稳健，公司一 直重视保障现金流安全。 谈及上半年营收净利下滑，公司表示受债券利率波动平稳、投资标的股票分红节奏变化等影响，投资业 务利润贡献同比减少，但主营业务经营稳健，盈利能力较强。 在期货业务上，中粮期货国际业务板块已连续多年稳定盈利，2025年上半年获得香港期货交易所清算会 员资格，利于拓宽业 ...

Group 1: Company Strategy and Growth - The company will continue to leverage COFCO Group's industrial chain and brand advantages, focusing on "empowering industries and serving people's livelihoods" as its strategic direction [3] - New growth points include enhancing financial technology applications, improving digital risk control, and exploring emerging fields such as integrated finance, pension finance, and cross-border finance [3] - The company aims for balanced development in scale and quality through deepening collaboration, optimizing resource allocation, and strengthening compliance risk control [3] Group 2: Financial Performance and Outlook - The company's revenue and net profit declined in the first half of 2025 due to factors such as stable bond interest rates and changes in stock investment dividend schedules, leading to a year-on-year decrease in investment business profit contributions [3] - Despite the decline, the main business remains stable with strong profitability [3] - The company expects to enhance its international business capabilities with the recent acquisition of clearing membership at the Hong Kong Futures Exchange, which will broaden its business scope and improve client attraction [3] Group 3: Risk Management and Compliance - The company has established a comprehensive risk management system covering all business areas, utilizing an online risk control system for real-time monitoring and analysis of key risk indicators [4] - A unique "CIS Seven Elements Comprehensive Risk Management System" has been developed, integrating legal, compliance, internal control, and risk management functions to enhance management efficiency [4] - The company emphasizes compliance and prudent operations while focusing on core business advantages to improve professional and refined service capabilities [4] Group 4: Investor Relations and Market Communication - The company has integrated market value management into its annual performance assessment and established a dedicated system to systematically advance related work [4] - Key measures include focusing on main business development, enhancing operational efficiency, and maintaining transparent communication with investors through various channels [4] - The company believes that solid operational performance, good governance structure, and transparent communication mechanisms are fundamental to stable market value [4]

Core Insights - The training program for financial leaders in Shenzhen aims to enhance the quality of financial talent and contribute to the development of a globally influential industrial financial center [2][3]. Group 1: Training Program Overview - The Shenzhen Municipal Financial Office and the Municipal Financial Work Committee organized a training program from August 18 to 21, focusing on high-quality financial development [1]. - The program included 17 specialized lectures and 3 thematic discussions over four days, emphasizing practical and relevant content [3]. - Experts from various financial institutions and universities were invited to share insights on financial empowerment, regulatory compliance, and industry trends [2][3]. Group 2: Key Themes and Discussions - The training emphasized the importance of reform and innovation, compliance in operations, and comprehensive development to enhance competitiveness [4][5]. - Participants engaged in discussions on financial technology, patient capital, and cross-border finance, fostering collaborative learning and idea exchange [4]. - The program aimed to align participants' understanding of macro trends with Shenzhen's financial mission, encouraging a balance between risk management and innovation [4][5]. Group 3: Future Talent Development - Shenzhen is enhancing its multi-level financial talent development system, implementing the "Million Talents Gather in South Guangdong" initiative to attract and cultivate financial professionals [6]. - The city is focused on creating a high-quality, professional financial workforce and establishing a supportive ecosystem for talent to thrive [6].

作为该企业的主要外币清算行，成都银行持续强化"汇兑飞速达""外汇成e结"等数智化特色服务和"绿色 通道""专人专办"等个性化服务模式，为企业提供高效、便捷、准确的跨境金融服务。截至目前，成都 银行已累计为该企业办理国际结算超过2300笔，金额近20亿美元。 在航空货运枢纽，成都银行同样扮演着重要角色。截至2025年3月份，成都国际货运航线数量达到34 条，成都银行组建服务团队，已与十余家航空领域企业建立合作，通过数智化综合跨境金融服务，助力 成都打造全方位门户复合型国际航空枢纽。 此外，成都银行及时将相关企业纳入便利化试点，帮助他们实现跨境收付全程线上办理，有效节省企业 单证准备、提交、审核与往返银行的时间。 "成都银行作为四川省内首批贸易便利化试点银行，以便利化政策为抓手，通过简化单证审核、优化业 务流程、打通系统壁垒，为重点区域和行业优质外贸企业提供'越诚信、越便利'的跨境金融服务。"成 都银行相关负责人表示，今年上半年，成都银行贸易外汇收支便利化业务规模突破4.5亿美元，同比增 长38%，相关客户跨境收支"秒申请、分钟办"成为常态。 本报讯(记者舒娅疆见习记者王楠)8月21日，记者从成都银行（60183 ...

8月21日，深圳金融监管局组织召开了以"凝聚改革共识 提振发展信心"为主题的第三场新闻发布会，全 面回顾并总结了深圳银行业保险业2025年上半年的运行情况。会议数据显示，深圳银行业保险业在支持 实体经济、促进科技创新、深化改革开放等方面取得了显著成效，为深圳经济平稳运行提供了坚实的金 融保障。 6月末深圳银行业各项贷款余额9.83万亿元 同比增长3.46% 数据显示，截至今年6月末，深圳金融监管局监管的银行业资产总额达到13.98万亿元，同比增长 3.64%；负债总额13.61万亿元，同比增长3.70%。各项贷款余额9.83万亿元，同比增长3.46%；各项存款 余额10.22万亿元，同比增长6.70%，深圳银行业资产、负债、存贷款规模均稳居全国大中城市第三位。 保险业方面，上半年深圳实现原保险保费收入1213.07亿元，同比增长7.96%，增速居一线城市首位。赔 付支出387.43亿元，同比增长8.84%。 6月末全市个人消费贷款余额8177.03亿元 同比增7.63% 今年上半年，深圳金融监管局全力助力深圳经济平稳运行，指导机构积极落实国家促消费各项政策，持 续提升消费金融服务能力，更好满足消费领域金融需求 ...

Core Viewpoint - Despite global economic slowdown and rising geopolitical risks, Hong Kong's capital market shows remarkable vitality and resilience, with 兴证国际 (Xingzheng International) actively seizing opportunities for growth and strategic transformation [1] Group 1: Financial Performance - For the six months ending June 30, 2025, the company reported a revenue of HKD 398.25 million, a decrease of 4.92% year-on-year, while net profit after tax rose by 16.08% to HKD 102.93 million, indicating effective cost control and resource allocation [2] - The company's corporate financing service revenue surged by 84.89% to HKD 90.08 million, driven by a 120.37% increase in debt securities placement, underwriting, and syndication commissions, totaling HKD 85.24 million [2] - The company completed 105 bond underwriting projects with a total underwriting scale of USD 1.112 billion, a year-on-year increase of 13% [2][4] Group 2: Business Expansion and Strategy - The company has integrated its business expansion with the national "dual carbon" strategy, leading the industry in green finance practices by underwriting 34 green bonds with a financing scale exceeding HKD 60.7 billion [3] - In the wealth management sector, the company saw a significant increase in client activity, with trading volume in Hong Kong stocks rising by 71% year-on-year to approximately HKD 34.7 billion [5] - The company is focusing on enhancing its asset management capabilities, with its flagship product, "China Core Asset Fund," achieving a net value growth of 16.7% in the first half of the year [7] Group 3: Future Outlook - Looking ahead to the second half of 2025, the company aims to capitalize on structural opportunities in digital assets, cross-border finance, and green finance, which are expected to provide long-term stable returns for shareholders [8] - The company plans to leverage the evolving regulatory framework for digital assets to gain a competitive edge and extend its value chain [9] - Wealth management will enter a phase of refined operations and structural upgrades, focusing on institutional clients and enhancing cross-border advisory capabilities [10] - The company aims to strengthen its market position in green finance, driven by the "dual carbon" goals, and expand its market share through branding and awards recognition [11]

Group 1 - The core viewpoint of the articles highlights that China Bank's cross-border e-commerce transaction volume exceeded 530 billion yuan in the first half of the year, marking a 42% year-on-year increase, leading the market share among peers [1] - The significant growth in transaction volume is attributed to China Bank's continuous enhancement of financial support for overseas warehouses and the expansion of its comprehensive foreign trade service platform 2.0 [1] - The bank has improved its cross-border financial services through digitalization, upgrading services like "Cross-border Remittance Express" and "Shipping Express," and expanding the integrated fund pool project [1] Group 2 - In the first half of the year, the number of cross-border settlement clients served by China Bank increased by over 16% year-on-year, with international trade settlement volume growing at a rate 1.2 percentage points higher than the overall foreign trade import and export growth [1] - The cross-border RMB settlement volume rose by over 17% year-on-year, with both international trade settlement and cross-border RMB settlement market shares remaining at the top among peers [1] - China Bank is adapting to the characteristics of cross-border e-commerce, focusing on "small, frequent, and massive" transactions, and has established a comprehensive service system for cross-border e-commerce, with a client coverage rate of 80% [1][2]

Core Insights - The Lingang New Area in Shanghai has transformed from a blueprint into a hub of institutional innovation and industrial aggregation over the past six years [2] - The region has achieved an average annual GDP growth of 17.6%, with nearly 100,000 new market entities established, totaling 156,000 [2] - A total of 166 innovative cases have emerged, including 79 nationally pioneering cases [2] - The number of listed companies in the area increased from 9 in 2020 to 17 in 2024 [2] Financial and Industrial Development - Over 700 financial institutions and investment firms have established operations in the Lingang New Area [2] - The average annual growth rate of both foreign and domestic currency deposits and loans is 20% [2] - Cross-border finance, technology finance, and offshore finance are rapidly developing, with national-level financial infrastructures such as the Shanghai International Reinsurance Center and International Asset Trading Platform being established [2]

Core Viewpoint - The "Qianhai Model" has been established over 15 years, focusing on cross-border flow of factors and rule alignment, contributing to high-level openness and quality development in the Guangdong-Hong Kong-Macao Greater Bay Area [1] Group 1: Cross-Border Data Flow - The successful test of the Shenzhen-Hong Kong cross-border data security and convenience channel on July 1 allows data from Hong Kong University Shenzhen Hospital to be transmitted to Hong Kong's "Medical Health" system [2] - The new internet exchange center in Qianhai supports a full-chain management model that is controllable, risk-aware, and traceable, laying the foundation for the "Health Bay Area" [2] - Over 30 small and medium-sized enterprises in mainland China have successfully verified credit data through the platform, obtaining loans totaling over 100 million HKD [2] Group 2: Cross-Border Financial Innovations - The first cross-border settlement of 200 million yuan using a digital currency bridge was achieved on April 10, 2025, marking a significant development in cross-border digital currency transactions [3] - The "30 Financial Support Policies for Qianhai" have been implemented with over 90% success rate, leading to numerous innovative financial achievements and enhancing Hong Kong's status as an international financial center [3][4] Group 3: Cross-Border Professional Practices - The Qianhai Ma Wan No. 19 unit school will implement a Hong Kong and international construction management model, serving as a pilot project for the new management approach [5] - 26 categories of professionals from Hong Kong and Macao can now practice in Qianhai without taking mainland qualification exams, facilitating their integration into the mainland market [6] - The establishment of a global professional talent service system is underway, promoting orderly recognition of professional qualifications from Hong Kong and Macao [6]

电力期货的研发和上市又有新进展！ 8月12日，广州市人民政府公开了《关于贯彻落实金融支持广州南沙深化面向世界的粤港澳全面合作的意见实 施方案》。 方案提出，将支持广州期货交易所积极研究电力期货，争取国家发改委、中国证监会等部门支持，探索适时推 出电力期货，并探索推出更多新能源期货品种。这一表述意味着广期所在能源品种布局上将再进一步，有望在 电力及新能源领域实现新突破。 适时推出电力期货 电力期货在国内期货市场中尚属空白品种，业内长期呼吁推出以服务电力现货市场改革和绿色能源交易需求。 广期所自成立以来，在绿色能源等方向动作频频，已先后推出工业硅、碳酸锂、多晶硅等与新能源产业链相关 的期货品种。 此次《实施方案》明确提出"探索适时推出电力期货"，不仅补齐国内能源衍生品的品种短板，也有助于为新能 源发电企业、电力用户提供价格风险管理工具，稳定长期购销合同价格预期。 在国际市场上，电力期货已发展多年，主要集中在美国、日本、欧洲等成熟电力现货市场。例如，美国芝加哥 商品交易所（CME）和洲际交易所（ICE）均有基于不同电力交易区域的期货合约，帮助发电商、电力零售 商和大型工业用户对冲电价波动风险。业界已基本达成共识，电 ...