Core Viewpoint - Agricultural Bank of China experienced a decline in stock price, with a year-to-date increase of 30.05% but a recent drop of 8.43% over the last five trading days [1] Financial Performance - As of June 30, Agricultural Bank reported a net profit of 139.51 billion yuan, representing a year-on-year growth of 2.66% [3] - The bank's cumulative cash distribution since its A-share listing amounts to 899.90 billion yuan, with 243.24 billion yuan distributed over the last three years [4] Stock Market Activity - On September 19, the stock price fell by 2.07%, trading at 6.63 yuan per share, with a total market capitalization of 2,320.39 billion yuan [1] - The trading volume was 1.50 billion yuan, with a turnover rate of 0.07% [1] - Major funds saw a net outflow of 43.43 million yuan, with significant buying and selling activity from large orders [1] Shareholder Information - As of June 30, the number of shareholders decreased by 0.73% to 491,500, while the average circulating shares per person increased by 0.72% to 676,101 shares [3] - Hong Kong Central Clearing Limited is the fifth-largest circulating shareholder, holding 3.066 billion shares, a decrease of 454 million shares from the previous period [4] Business Overview - Agricultural Bank's main business segments include personal banking (54.82% of revenue), corporate banking (39.17%), and other operations (3.34%) [2] - The bank is classified under the category of state-owned large banks [2]

Core Viewpoint - The company, China International Capital Corporation (CICC), is experiencing a decline in stock price and trading volume, while also projecting significant profit growth for the upcoming fiscal period [1][2]. Group 1: Company Overview - CICC is a state-owned enterprise controlled by Central Huijin Investment Ltd, with a registered capital of RMB 350 million for its wholly-owned subsidiary, CICC Futures Co., Ltd [2]. - The company operates in various segments including investment banking, equity sales and trading, fixed income, wealth management, and asset management, with wealth management contributing 32.73% to its revenue [6]. - As of June 30, the number of shareholders decreased to 124,000, while the average circulating shares per person increased by 12.62% [7]. Group 2: Financial Performance - CICC expects a net profit attributable to shareholders of RMB 1.858 billion to RMB 2.106 billion for the period from January 1, 2025, to March 31, 2025, representing a growth of 50% to 70% compared to the previous year [2]. - For the first half of 2025, CICC reported a net profit of RMB 4.33 billion, marking a year-on-year increase of 94.35% [7]. - The company has distributed a total of RMB 4.924 billion in dividends since its A-share listing, with RMB 2.607 billion distributed over the past three years [8]. Group 3: Market Activity - On September 18, CICC's stock price fell by 2.68%, with a trading volume of RMB 1.216 billion and a turnover rate of 1.13% [1]. - The stock has seen a net outflow of RMB 178 million from major investors today, with a total net outflow of RMB 1.278 billion over the past 20 days [4]. - The average trading cost of the stock is RMB 35.84, with the current price approaching a resistance level of RMB 36.60 [5].

Core Viewpoint - The A-share market experienced a significant decline after the Federal Reserve resumed interest rate cuts, with the Shanghai Composite Index dropping by 44.6 points, or 1.15%, and the Hang Seng Index falling by 363.5 points, or 1.35% [1] Market Performance - The trading volume in the Shanghai and Shenzhen markets reached 3.1 trillion [1] - Over 5,400 stocks in the Shanghai and Shenzhen markets saw 1,027 stocks rise, while the rest either fell or remained flat [1] Reasons for Market Decline - The first reason for the decline is related to profit-taking after the favorable news of the Federal Reserve's rate cut, as seen in the U.S. stock market where two indices rose and one fell [1] - The second reason is the indication of institutional selling, particularly in dividend stocks like bank shares, which have shown significant declines recently [1] Institutional Behavior - There are signs of reduced holdings in bank stocks, possibly due to impatient speculative funds or a strategic move by previous market support forces to control market momentum [1] - The management aims for a steady market growth without rapid increases, suggesting a potential reduction in holdings to manage market pace as the index approaches key levels [1] Future Market Outlook - The market is expected to continue fluctuating between 3,900 and 4,000 points, with a possibility of breaking below 3,750 points [1] - Adjustments in dividend stocks may not be negative, as they could provide more room for market support during future shocks [1] - Upcoming events, such as the potential interest rate cut in China on September 22, will be crucial for market sentiment and direction [1]

Group 1 - The core viewpoint of the news is that Conch Cement's stock has experienced a decline, with a notable drop in trading volume and net outflow of funds, indicating potential market concerns [1][2]. - As of September 18, Conch Cement's stock price fell by 2.04% to 23.06 CNY per share, with a total market capitalization of 122.2 billion CNY [1]. - The company has seen a year-to-date stock price change of -0.04%, with a 4.47% decline over the last five trading days and a 4.67% decline over the last twenty days [1]. Group 2 - Conch Cement's main business includes the production and sales of cement, clinker, and aggregates, with the primary revenue sources being 57.81% from 45-grade cement and 15.63% from other sales [1]. - For the first half of 2025, Conch Cement reported a revenue of 41.292 billion CNY, a year-on-year decrease of 9.38%, while the net profit attributable to shareholders increased by 31.34% to 4.368 billion CNY [2]. - The company has distributed a total of 82.718 billion CNY in dividends since its A-share listing, with 16.656 billion CNY distributed in the last three years [3]. Group 3 - As of June 30, 2025, the number of shareholders for Conch Cement increased to 224,100, reflecting a 7.12% rise from the previous period [2]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 193 million shares, an increase of 1.0135 million shares from the previous period [3]. - New entrants among the top ten shareholders include the Jiashi CSI 300 ETF, which holds 19.2643 million shares [3].

Group 1 - The core viewpoint of the news is that Guotai Junan's stock price has experienced a decline recently, with a notable drop of 6.72% over the past five trading days and 10.83% over the past 20 days [2] - As of September 18, Guotai Junan's stock price was 18.60 CNY per share, with a total market capitalization of 327.98 billion CNY [1] - The company has seen a net outflow of 634 million CNY in principal funds, with significant selling pressure observed [1] Group 2 - Guotai Junan's main business segments include wealth management (40.93%), institutional and trading services (28.74%), investment management (12.89%), financing leasing (8.83%), investment banking (5.91%), and others (2.69%) [2] - The company reported a net profit of 15.737 billion CNY for the first half of 2025, representing a year-on-year growth of 213.74% [2] - Cumulatively, Guotai Junan has distributed 42.636 billion CNY in dividends since its A-share listing, with 14.520 billion CNY distributed over the past three years [3]

9月18日，建设银行盘中下跌2.00%，截至13:51，报8.82元/股，成交11.09亿元，换手率1.30%，总市值 23073.15亿元。 资金流向方面，主力资金净流出2.73亿元，特大单买入1.04亿元，占比9.34%，卖出3.06亿元，占比 27.57%；大单买入2.02亿元，占比18.24%，卖出2.73亿元，占比24.63%。 建设银行今年以来股价涨5.16%，近5个交易日跌3.71%，近20日跌4.55%，近60日跌7.84%。 资料显示，中国建设银行股份有限公司位于北京市西城区金融大街25号,香港中环干诺道中3号中国建设 银行大厦28楼，成立日期2004年9月17日，上市日期2007年9月25日，公司主营业务涉及商业银行业务, 提供全面的商业银行产品与服务。 建设银行所属申万行业为：银行-国有大型银行Ⅱ-国有大型银行Ⅲ。所属概念板块包括：长期破净、破 净股、低市盈率、中特估、证金汇金等。 截至6月30日，建设银行股东户数29.76万，较上期减少3.44%；人均流通股36748股，较上期增加 3.92%。2025年1月-6月，建设银行实现营业收入0.00元；归母净利润1620.76亿元，同比减少 ...

Core Viewpoint - China Life Insurance's stock price has experienced a decline, with a year-to-date drop of 7.28% and a recent 5-day drop of 3.05% [1] Group 1: Stock Performance - As of September 18, China Life's stock price was 38.45 CNY per share, with a market capitalization of 1,086.78 billion CNY [1] - The stock has seen a trading volume of 4.39 billion CNY and a turnover rate of 0.05% [1] - The net outflow of main funds was 52.65 million CNY, with large orders showing a buy of 83.75 million CNY and a sell of 119 million CNY [1] Group 2: Financial Performance - For the first half of 2025, China Life reported a net profit of 40.93 billion CNY, representing a year-on-year growth of 6.93% [2] - The company had zero operating revenue for the same period [2] Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 11.88% to 103,800, while the average circulating shares per person increased by 17.09% to 257,573 shares [2] - The cumulative cash dividends since the A-share listing amount to 219.62 billion CNY, with 44.38 billion CNY distributed in the last three years [3] Group 4: Institutional Holdings - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 6.09 million shares to 79.94 million shares [3] - Other notable shareholders include various ETFs, all of which have increased their holdings compared to the previous period [3]

Core Viewpoint - China Pacific Insurance (Group) Co., Ltd. has experienced a decline in stock price recently, with significant net outflows of funds, despite a year-to-date increase in stock price [1][2]. Financial Performance - As of June 30, 2025, China Pacific Insurance reported a net profit of 27.885 billion yuan, representing a year-on-year growth of 10.95% [2]. - The company has a cumulative dividend payout of 119.281 billion yuan since its A-share listing, with 30.015 billion yuan paid out in the last three years [3]. Stock Market Activity - On September 18, 2023, the stock price of China Pacific Insurance fell by 2.01%, closing at 35.18 yuan per share, with a trading volume of 1.221 billion yuan and a turnover rate of 0.50% [1]. - The stock has increased by 6.61% year-to-date but has seen declines of 7.76% over the past five trading days, 11.83% over the past 20 days, and 3.77% over the past 60 days [1]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 23.33% to 87,600, while the average circulating shares per person increased by 31.77% to 81,698 shares [2]. - Hong Kong Central Clearing Limited is the seventh-largest circulating shareholder, holding 219 million shares, a decrease of 33.3827 million shares from the previous period [3]. Business Overview - China Pacific Insurance operates as a comprehensive insurance group, primarily through its subsidiaries, providing life and property insurance products and services [2]. - The revenue composition includes 50.17% from property insurance, 47.56% from life and health insurance, 1.35% from other and offsetting items, and 0.92% from asset management [2]. Industry Classification - The company is classified under the non-banking financial sector, specifically in the insurance industry [2]. - It is associated with various concept sectors, including family doctor concept, low price-to-earnings ratio, and state-owned enterprises [2].

Core Viewpoint - China People's Insurance Company (CPIC) experienced a decline in stock price, with a current trading price of 7.93 CNY per share and a market capitalization of 350.696 billion CNY, reflecting a net outflow of funds [1] Group 1: Stock Performance - As of September 18, CPIC's stock price decreased by 2.10%, with a trading volume of 418 million CNY and a turnover rate of 0.15% [1] - Year-to-date, CPIC's stock price has increased by 6.59%, but it has seen declines of 5.03% over the last five trading days, 8.96% over the last 20 days, and 10.73% over the last 60 days [1] Group 2: Company Overview - CPIC, established on August 22, 1996, and listed on November 16, 2018, operates primarily in the insurance sector, providing various insurance products through six divisions: property insurance, health insurance, life insurance, asset management, headquarters, and others [2] - The revenue composition of CPIC includes 84.43% from property insurance, 9.77% from life insurance, 5.20% from health insurance, 4.17% from headquarters and others, and 0.49% from asset management [2] Group 3: Financial Performance - As of June 30, CPIC reported a total of 130,400 shareholders, a decrease of 13.66% from the previous period, with an average of 282,774 circulating shares per shareholder, an increase of 16.38% [3] - For the first half of 2025, CPIC achieved a net profit of 26.53 billion CNY, representing a year-on-year growth of 16.94% [3] Group 4: Dividend and Shareholding - Since its A-share listing, CPIC has distributed a total of 43.503 billion CNY in dividends, with 22.2 billion CNY distributed over the last three years [4] - As of June 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable changes in shareholding among these entities [4]

1. Report Information - Report Title: Weekly Report on Capital Flows of Exchange-Traded Index Funds - Data Date: September 8 - 12, 2025 - Research Institution: Great Wall Securities Industrial Finance Research Institute - Analyst: Jin Ling - Report Date: September 17, 2025 [1] 2. Core View - The report presents the capital flow, fund scale, and weekly price change data of various exchange-traded index funds from September 8 - 12, 2025, covering comprehensive, industry theme, style strategy, enterprise nature, regional, QDII, bond, commodity, and index-enhanced funds. 3. Summary by Category Comprehensive Index Funds - **Fund Performance**: The Shanghai Composite 50 had a fund scale of 15.9456 billion yuan, a weekly increase of 0.99%, and a net weekly capital outflow of 394 million yuan; the CSI 300 had a scale of 98.3449 billion yuan, a rise of 1.51%, and an outflow of 4.095 billion yuan; the CSI 500 had a scale of 14.012 billion yuan, a 3.41% increase, and an inflow of 1.174 billion yuan [6]. Industry Theme Index Funds - **Sector Performance**: The large technology sector had a fund scale of 21.6688 billion yuan, a 5.13% increase, and an outflow of 6.616 billion yuan; the large finance sector had a scale of 12.8483 billion yuan, a 0.92% rise, and an inflow of 11.468 billion yuan; the large health sector had a scale of 10.0161 billion yuan, a 0.50% decline, and an inflow of 6.432 billion yuan [7]. Style Strategy Index Funds - **Style Performance**: The dividend style had a fund scale of 5.9877 billion yuan, a 1.01% increase, and an inflow of 633 million yuan; the growth style had a scale of 730.6 million yuan, a 3.02% increase, and an outflow of 252 million yuan; the value style had a scale of 330.8 million yuan, a 1.11% increase, and an outflow of 102 million yuan [9]. QDII Index Funds - **Overseas Market Performance**: The Nasdaq 100 had a fund scale of 7.8421 billion yuan, a 0.73% increase, and an outflow of 197 million yuan; the S&P 500 had a scale of 2.0837 billion yuan, a 0.69% increase, and an outflow of 38 million yuan; the German DAX had a scale of 975 million yuan, a 0.43% decline, and an inflow of 101 million yuan [11]. Bond Index Funds - **Bond Type Performance**: The 30-year bond had a fund scale of 896.9 million yuan, a 1.18% decline, and an inflow of 149 million yuan; the 10-year bond had a scale of 409 million yuan, a 0.20% decline, and no net inflow; the 5 - 10-year bond had a scale of 3.8952 billion yuan, a 0.26% decline, and an outflow of 302 million yuan [12]. Commodity Index Funds - **Commodity Performance**: Gold had a fund scale of 7.0887 billion yuan, a 2.33% increase, and an inflow of 2.095 billion yuan; soybean meal had a scale of 419.3 million yuan, a 0.75% increase, and an inflow of 12 million yuan; non-ferrous metals had a scale of 74.5 million yuan, a 1.40% increase, and an inflow of 7.7 million yuan [12]. Index-Enhanced Funds - **Index Enhancement Performance**: The Shanghai Composite 50 index-enhanced fund had a scale of 76 million yuan, a 0.99% increase, and no net inflow; the CSI 300 had a scale of 320.9 million yuan, a 1.30% increase, and an outflow of 108 million yuan; the CSI 500 had a scale of 197.8 million yuan, a 2.72% increase, and an inflow of 21.6 million yuan [12].