据媒体披露，仅2025年上半年，已有超过10家银行，包括苏州银行（002966）、乌海银行、庐江银行等 新增或上调了服务收费，涉及账户管理、跨行取现、信用卡工本费、银行卡年费等数十项中间业务收 费。 此次银行新增或调增中间业务收费，是继存款利率降息潮之后掀起的又一轮"增收"举措。由于涉及数千 万企业及亿万民众的切身利益，这一调整引发了社会各界的广泛关注和热议，舆论反应不一。部分企业 和民众甚至直言难以承受相关费用上涨。 二是平衡银行自身稳健经营与社会影响的关系，防止出现银行经营业绩持续向好而社会负面影响不断加 深的现象，确保银行始终处理好经济效益与社会效益的关系，牢记自身使命，最大限度降低服务收费调 整带来的社会负面影响； 三是平衡自身经营目标与社会责任履行的关系，杜绝不顾客观条件唯利是图的行为，始终将促进经济发 展、降低企业融资成本和减轻消费者负担放在重要位置，与实体企业和消费者同舟共济，实现多方共 赢； 四是平衡银行经营模式与中国经济实际的关系，避免脱离中国金融现状盲目照搬西方银行模式，引导银 行立足中国金融经济现实，在拓展信贷资源、加快业务转型、推进集约化经营中把握更多盈利机遇； 银行为何新增或调高服务 ...

今年下半年第一个交易日，又有多只银行股价格再度创下历史新高。 7月1日，A股42家上市银行全线飘红，多只个股录得2%以上涨幅。Choice数据显示，当日银行板块的主力净流 入额达26.57亿元，板块涨幅达1.54%。当日，建设银行、浦发银行、厦门银行均创下历史新高。 回顾今年上半年，银行板块持续受益于高股息板块的投资热度，保险资金等中长期资金入市加快，频频举牌上 市银行。与此同时，政策红利下，中央汇金持续增持、ETF等指数基金大幅加仓。多因素催化下，银行板块获 得持续上涨，多只个股不断创下上市以来新高。券商中国记者据Choice统计，上半年浦发银行、青岛银行、兴 业银行等10只个股累计涨幅超过20%。 股价迭创新高 7月1日，A股银行板块再度迎来全面上涨，42家上市银行无一例外。其中，苏州银行大涨5.13%，厦门银行、 杭州银行涨幅均超3%；共有13只银行股涨幅超过2%。 值得一提的是，近几个交易日共有16家上市银行再度刷新股价纪录，包括"工农中建交"五大国有银行，以及浦 发银行、华夏银行、光大银行和兴业银行等4家股份行，另有北京银行、江苏银行、南京银行、上海银行、杭 州银行、成都银行和长沙银行等7家城商行， ...

Group 1 - The China Banking Index (399986) has seen a strong increase of 1.14%, with notable gains from Shanghai Bank (601229) up 3.08%, Ningbo Bank (002142) up 2.44%, and Zijin Bank (601860) up 2.31% [1] - As of June 30, 2023, the total scale of the bank wealth management market reached 31.22 trillion yuan, an increase of 5.22% since the beginning of the year [1] - The decline in deposit interest rates and the regulatory halt on manual interest supplementation are expected to enhance the attractiveness of wealth management products, leading to increased capital inflow into the bank wealth management market [1] Group 2 - The China Banking ETF (512730) has risen by 0.90%, with the latest price reported at 1.79 yuan [1] - The top ten weighted stocks in the China Banking Index as of June 30, 2023, include China Merchants Bank (600036), Industrial Bank (601166), and ICBC (601398), collectively accounting for 65.64% of the index [2] - Short-term deposit rate cuts may create pressure on banks' liabilities, but in the medium to long term, the cost of bank liabilities is expected to decrease, particularly with the repricing of long-term deposits in the third quarter [1]

Group 1 - The offshore RMB Hong Kong Interbank Offered Rate (CNH HIBOR) has mostly continued to decline [1] - The overnight HIBOR fell by 32 basis points to 1.62348%, marking a new low since June 24 [1] - The one-week HIBOR decreased by 15 basis points to 1.68061%, and the two-week HIBOR dropped by 17 basis points to 1.67606%, both also reaching new lows since June 24 [1] - The one-year HIBOR remained unchanged at 1.98818% [1]

2025年7月2日，银行板块逆市攀升，这是自上周五（5月27日）短暂回调后，银行连续第三日走出阳 线。个股多数上涨，兰州银行、商行银行等10余股涨逾1%，建设银行、浦发银行续创新高。 百亿顶流银行ETF（512800）低开高走，场内价格现涨0.4%，冲击日线3连阳，在所有均线上方稳步向 上。 回顾今年上半年，银行板块指数累计涨幅达13.1%，跑赢沪深300指数13.07个百分点，位居各行业（申 万一级）第二位。截至6月30日，A股银行板块总市值攀升至15.44万亿元，总市值占上市公司板块比例 为14.74%，较年初市值增幅约1.87万亿元。 就年内银行行情逻辑，银河证券认为与2023、2024年有所区别，这是因为与红利逻辑主导的2023、2024 年相比，今年以来银行板块红利价值逻辑有所降温，政策红利下的资金裂变成为主导银行估值重塑的核 心驱动。增量资金流入银行板块，多数情况下由政策推动，包括中长期资金入市、公募基金欠配调仓、 汇金增持和被动型指数ETF的发展等。 *注：截至2025.6.27，银行ETF（512800）基金规模、近1年日均成交额均居A股10只银行业ETF首位。 数据来源：沪深交易所等。 风险 ...

Core Viewpoint - The Hang Seng High Dividend Yield Index (HSSCHKY) has shown positive performance, with significant increases in constituent stocks, indicating a favorable outlook for the banking sector and potential investment opportunities in high-dividend stocks [1][5]. Group 1: ETF Performance - The latest size of the Bosera Hang Seng High Dividend ETF (513690) reached 4.147 billion [2]. - Over the past two years, the net value of the Bosera Hang Seng High Dividend ETF has increased by 33.82%, ranking it in the top 5.90% among 2,219 index equity funds [2]. - The ETF has achieved a maximum monthly return of 24.18% since its inception, with an average monthly return of 4.96% during rising months [2]. Group 2: Risk and Return Metrics - As of June 27, 2025, the Sharpe ratio for the Bosera Hang Seng High Dividend ETF over the past year was 1.49 [3]. - The ETF has experienced a relative drawdown of 0.39% year-to-date compared to its benchmark, with a recovery period of 37 days [3]. Group 3: Fees and Tracking Accuracy - The management fee for the Bosera Hang Seng High Dividend ETF is 0.50%, and the custody fee is 0.10% [4]. - The tracking error for the ETF over the past six months was 0.069%, indicating a close alignment with the Hang Seng High Dividend Yield Index [5]. Group 4: Index Composition - The top ten weighted stocks in the Hang Seng High Dividend Yield Index account for 28.24% of the index, with notable companies including Yanzhou Coal Mining (01171) and Hang Lung Properties (00101) [5].

Group 1: Gold Market Analysis - The gold market is expected to experience significant fluctuations this week due to geopolitical developments and upcoming non-farm payroll data, with a focus on comments from central bank leaders, including Fed Chair Jerome Powell [1] - Gold prices initially fell but later rose, confirming a key signal with a double bottom at 3245, and a potential test of a double top at 3455 in July [1] - A bullish trend has been established as gold broke above 3300, with targets set at 3370 and 3400, supported by technical indicators showing a clear upward trend [1] Group 2: Employment Data and Economic Indicators - If ADP and non-farm employment data remain weak, coupled with dovish comments from Powell, the dollar is likely to remain under pressure, providing support for gold [3] - Concerns over the U.S. fiscal deficit and rising long-term inflation fears may allow gold to challenge levels above 3450 and potentially reach 3499 [3] Group 3: Domestic Gold Trends - Domestic gold prices have shown significant downward movement, but the long-term bullish trend remains intact, with expectations of a rebound [4] - The focus for domestic gold is on the support level at 755, with potential buying opportunities if prices stabilize above 760 [5] Group 4: Silver Market Analysis - The potential for deeper interest rate cuts by the Fed, along with U.S. fiscal and trade tensions, is expected to support the entire metals sector [7] - Silver prices opened at 36.089, experienced a drop to 35.783, and then rallied to close at 36.015, indicating a possible bullish reversal if the price breaks above 36.84 [7]

Core Viewpoint - The banking sector in A-shares has seen significant growth, with various banks experiencing substantial increases in stock prices despite a declining fundamental performance [1][3]. Group 1: Stock Performance - Since early 2025, shares of joint-stock banks, rural commercial banks, and city commercial banks have surged nearly 20%, leading the markets in Shanghai, Shenzhen, and Beijing [1]. - From 2024 onwards, specific banks like Shanghai Pudong Development Bank and Shanghai Bank have seen stock price increases exceeding 100%, while others like Jiangsu Bank and Chongqing Rural Commercial Bank have risen over 90% [1][2]. - Even the "Big Four" banks have shown over 50% growth, continuously reaching new historical highs [1]. Group 2: Fundamental Analysis - As of Q1 2025, the 42 listed banks in A-shares reported a year-on-year decline in revenue and net profit attributable to shareholders by 1.7% and 1.2%, respectively [3][5]. - The net interest margin for commercial banks hit a record low of 1.43% in Q1 2025, below the acceptable level of 1.8% as indicated by the central bank [5][3]. - The non-performing loan ratio stood at 1.51%, indicating ongoing challenges in the banking sector [5]. Group 3: Market Dynamics - The rally in bank stocks began around the end of 2023, driven by state-owned entities ("national team") actively stabilizing the market and encouraging other funds to invest in banks [9][12]. - By the end of 2024, the "national team" held over 1 trillion yuan in A-share ETFs, significantly increasing their market presence [9][12]. - The influx of funds into ETFs, particularly those weighted heavily in banking stocks, has contributed to the sector's performance [10][11]. Group 4: Future Outlook - Despite the current bullish trend, the fundamental decline in bank performance suggests that the upward trajectory may not be sustainable, leading to potential valuation corrections [15][16]. - The banking sector's price-to-book ratio (PB) is currently at 0.71, with some banks exceeding a PB of 1, indicating a potential for overvaluation [15][16]. - Future investment strategies may focus on selecting city commercial banks with growth potential and lower bad debt ratios, while avoiding poorly performing smaller banks [16][17].

Core Insights - Major Wall Street banks, including JPMorgan Chase and Goldman Sachs, have announced increases in dividends and stock buybacks, signaling confidence in their financial health and future profitability [2][3][4] Group 1: Regulatory Changes and Bank Actions - The recent Federal Reserve stress tests have relaxed standards, allowing banks to pass with lower assumptions for unemployment and housing price declines, leading to increased shareholder returns [3] - JPMorgan Chase raised its quarterly dividend from $1.40 to $1.50, while Bank of America increased its dividend from $0.26 to $0.28, and Wells Fargo raised its dividend by 12.5% [3][4] - Goldman Sachs estimates that the new regulations could release $17 billion in excess capital, enabling banks to distribute more to shareholders through dividends and buybacks [3] Group 2: Investment Implications - High-dividend bank stocks are becoming attractive, with JPMorgan's dividend yield exceeding 3%, offering better returns than traditional savings accounts in a low-interest environment [4] - Stock buybacks can enhance earnings per share, as demonstrated by the example of reducing the number of shares outstanding, which can lead to higher stock prices [4] - Investors are advised to be cautious, as the banks' willingness to distribute capital is contingent on economic stability; potential economic downturns could impact future dividends and buybacks [4][5] Group 3: Long-term Outlook - The value of bank stocks is being restructured, with major U.S. banks returning over $100 billion to shareholders last year, the highest in three years, and plans to increase this further [5] - The core Tier 1 capital ratio for commercial banks is projected to reach 10.7% by Q1 2025, indicating improved risk resilience compared to pre-pandemic levels [5] - Long-term investors should focus on banks with stable dividend yields and high capital adequacy ratios, such as JPMorgan Chase and Wells Fargo, while monitoring Federal Reserve policy changes for potential market movements [5]

Market Data - As of July 1, the Shanghai Composite Index rose by 0.39% to 3457.75 points, while the ChiNext Index fell by 0.24% to 2147.92 points [1] - In the US market, the Dow Jones increased by 0.91%, while the S&P 500 and Nasdaq fell by 0.11% and 0.82% respectively [2] - International oil prices rose, with light crude oil futures for August closing at $65.45 per barrel, up 0.52%, and Brent crude for September at $67.11, up 0.55% [2] Financial News - The National Healthcare Security Administration and the National Health Commission issued measures to support the high-quality development of innovative drugs, focusing on five areas with 16 specific measures to enhance drug R&D, access, and payment systems [3] - The Ministry of Industry and Information Technology reported that from January to May, internet and related service enterprises achieved a revenue of 773.5 billion yuan, a year-on-year increase of 0.9%, while total profits decreased by 2.2% to 69.2 billion yuan [4] - The National Development and Reform Commission announced an increase in domestic gasoline and diesel prices by 235 yuan and 225 yuan per ton respectively, effective July 1, 2025 [5] - A report indicated that in June, the average price of new residential properties in 100 cities was 16,847 yuan per square meter, with a month-on-month increase of 0.19% [6] - Wuhan Heyuan Biotechnology Co., Ltd. successfully passed the IPO review by the Shanghai Stock Exchange, marking the first company to do so under the new listing standards [6] - The film industry saw a box office of 29.231 billion yuan in the first half of 2025, with a year-on-year growth of 22.91% [6] - Xinwangda Electronics Co., Ltd. announced plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange [7]