Investment Rating - The report initiates coverage on China Everbright Bank H-shares with a "Buy" rating and a target price of HKD 4.62, corresponding to a 2025E PB of 0.50x [1][8]. Core Views - China Everbright Bank benefits from strong group resources and has established a competitive edge in wealth management and financial market operations, which supports its non-interest income base [2][16]. - The bank has effectively reduced high-cost deposits and cleared existing risks, leading to improved asset quality and a stable non-performing loan (NPL) ratio of 1.25% [3][18]. - The valuation pressure is easing, and the bank's dividend yield is attractive, with a projected 2024 dividend payout ratio of 30.14% [4][19]. Summary by Sections Group Strategy and Resource Support - The bank leverages comprehensive financial resources from the Everbright Group to enhance its non-interest income, particularly in wealth management, with a leading scale of RMB 1.82 trillion in its wealth management subsidiary as of H1 2025 [2][17]. - The bank adopts a cautious strategy in its financial market operations, focusing on holding investments to maturity rather than realizing gains through active trading [2][17]. Financial Performance and Risk Management - The bank has been actively managing its cost of liabilities by optimizing high-interest deposits and enhancing its deposit structure, which provides significant room for cost reduction [3][18]. - As of August 19, 2025, the implied NPL ratio based on current PB is significantly higher than the actual NPL ratio, indicating market overestimation of asset quality risks [3][20]. Valuation and Dividend Yield - The bank's H-shares are trading at a low valuation of 0.39x PB and a high dividend yield of 5.77%, making it an attractive investment option [4][16]. - Shareholder confidence is reflected in recent announcements of share buybacks and increased holdings by major shareholders, which bolster market sentiment [4][19]. Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders shows a modest growth of 0.7% in 2025, with projected BVPS of RMB 8.47 for 2025, leading to a target PB of 0.50x [6][30]. - The bank's earnings are expected to remain stable despite pressures on net interest margins, with a focus on maintaining a robust capital position [6][30].

专题：第二届新浪财经金麒麟最佳投资顾问评选 黄志鹏表示，买方投顾不仅是服务模式的升级，更是行业信任体系的重构——只有回归"受人之托，忠 人之事"的本源，才能赢得客户持久信赖。让我们通过专业投顾能力和数字化服务能力的融合提升，为 客户创造长期价值，共同探索数字化时代下财富管理的新范式！ 新浪财经主办、银华基金独家合作的"第二届金麒麟最佳投资顾问评选"活动火热进行中！ 责任编辑：张恒星 我国财富管理行业迈入超级大年，随着居民理财意识逐渐升华，中国财富管理行业已经迎来高增长周 期，投资顾问作为财富管理"最后一公里"的引路人，其触达客户、沟通客户、服务客户的属性直接影响 着全民资产配置的走向。在此背景下，投资顾问面临哪些机遇和挑战？他们该如何"修炼内功"？ 基于此，新浪财经与银华基金共同打造"金麒麟最佳投资顾问评选"品牌活动，寻找优秀投资顾问，赋能 投顾IP建设，共建展业平台！金麒麟最佳投资顾问评选活动旨在为投资顾问提供一个展示形象、扩围服 务、提升能力的舞台，为优秀投资顾问与大众投资人搭建沟通对话的桥梁，助推中国财富管理行业健康 发展。 国新证券财富管理委员会副主任黄志鹏受邀成为本次大赛的评审委员会评委。 ...

Group 1 - The "Second Golden Unicorn Best Investment Advisor Selection" event is organized by Sina Finance and exclusively partnered with Yinhua Fund, highlighting the rapid growth of China's wealth management industry [1] - The event aims to provide a platform for investment advisors to showcase their capabilities, enhance their services, and build communication bridges with investors, thereby promoting the healthy development of the wealth management sector in China [1] - Bai Jianguo, head of investment advisory business at Dongfang Securities, has been invited as a judge for the competition, emphasizing the importance of professional standards in the investment advisory field [1] Group 2 - Bai Jianguo stated that embracing the new era of buy-side investment advisory requires a foundation built on "professionalism, technological empowerment, and ecological win-win" [2] - The core challenge in the transformation of wealth management is bridging the gap between the increasingly diversified asset allocation needs of residents and the supply of professional financial services [2] - Excellent buy-side investment advisors must demonstrate stable investment and precise advisory capabilities, necessitating deep research skills, personalized service abilities, and the application of technology in collaboration with human advisors [2]

Group 1 - The "Second Jin Qilin Best Investment Advisor Selection" event is organized by Sina Finance and exclusively partnered with Yinhua Fund, highlighting the growing resilience of China's capital market and the high growth cycle of the wealth management industry [1] - Investment advisors play a crucial role in wealth management, impacting the asset allocation process for the public through their ability to reach, communicate with, and serve clients [1] - The event aims to provide a platform for investment advisors to showcase their capabilities, expand their services, and enhance their skills, thereby promoting the healthy development of China's wealth management industry [1] Group 2 - Li Bin, General Manager of the Wealth Management and Institutional Business Department at Guosen Securities, emphasizes the long-term opportunities in equity market allocation and the historical transformation from single stock trading to diversified asset allocation [2] - The investment advisory industry is experiencing both total expansion and structural adjustment, with a call for professionals to embrace opportunities and leverage AI while focusing on client-centered services [2] - The goal is to achieve significant advancements in the wealth management and investment advisory sectors, creating more value for investors and contributing to a new chapter in the industry [2]

Core Viewpoint - The article highlights that large-denomination certificates of deposit (CDs) are not an ideal wealth management choice in the current economic environment, revealing four core contradictions that investors should be aware of [1]. Group 1: Interest Rate Trends - The downward trend in interest rates is irreversible, with large-denomination CD rates generally reduced by 20-50 basis points in 2023, and three-year products yielding below 3% [3]. - Investors locking in long-term CDs may miss out on potentially higher future returns, as some banks have introduced "segmented interest" clauses that significantly reduce interest upon early withdrawal [3]. Group 2: Liquidity Issues - Although large-denomination CDs can be transferred, secondary market trading often results in significant discounts, undermining the advertised liquidity [5]. - Certain banks have imposed restrictions on partial redemptions, limiting daily withdrawals to 5% of the principal, which can delay full liquidation for up to 20 working days [5]. Group 3: Hidden Costs and Inflation - The apparent 3% yield may not outpace inflation when considering opportunity costs, with alternative investments potentially offering higher returns [8]. - A survey indicated that 73% of investors were recommended additional products when purchasing large-denomination CDs, with 28% ultimately buying unnecessary financial products [8]. Group 4: Outdated Wealth Management Strategies - The reliance on traditional wealth management paths is seen as a risk, as the safety advantage of large-denomination CDs diminishes in the context of low-risk returns compared to GDP growth [9]. - Financial experts suggest a diversified asset allocation strategy, recommending that the proportion of funds allocated to deposits should not exceed 50% [9]. Group 5: Alternative Strategies - A "three-three" strategy is proposed for risk-averse investors, involving staggered investments in government bonds to maintain liquidity and smooth interest rate fluctuations [11]. - Cash management tools like money market funds offer better short-term returns while maintaining liquidity, with annualized yields typically between 2.2%-2.8% [11]. Group 6: Future Regulatory Changes - The implementation of the "Commercial Bank Liability Quality Management Measures" in June 2025 will further diminish the interest rate advantages of large-denomination CDs, as banks will be restricted from using high-interest rates to attract deposits [13]. Group 7: Long-term Risks - In a low-interest-rate environment, the real risk is not short-term volatility but the continuous depreciation of purchasing power, emphasizing the need for diversified asset allocation to achieve reasonable returns [14].

其次，公司坚持植根中国、拥抱国际化的均衡配置思路，立足超10年的科学系统化专业研究积淀和制度 体系建设，前瞻性把握利率下行、权益市场复苏、全球资产配置的大趋势。中金财富2024年积极布局粤 港澳大湾区"跨境理财通"业务并获首批试点资格，同时整合海外债券、股票、REITs及另类投资等跨市 场资产类别，助力投资者在全球范围内进行资产配置，把握跨境投资机遇，力求解决投资者"选品难"的 痛点。 最后，公司敏锐洞察客户需求，并给予有温度的陪伴服务。一方面，中金财富创新探索出了一套完整 的"顾问服务金字塔"体系，涵盖资讯顾问、产品顾问、行为顾问、规划顾问、心念顾问等五层次服务体 系，通过专业的心理陪伴和行为引导，帮助客户保持理性决策。另一方面，公司打造了线上线下结合、 总分联动，全渠道、多场景的客户陪伴服务体系，让客户充分感受到投顾服务近在身边。 在《中国证券业协会关于加强自律管理 推动证券业高质量发展的实施意见》（简称"证券业高质量发展 28条"）与《推动公募基金高质量发展行动方案》的政策带动下，财富管理行业正加速从"卖方销 售"向"买方投顾"转型。作为行业先行者，中金财富近期宣布其买方投顾资产保有规模突破1000亿元 ...

Core Viewpoint - The first batch of brokerage firms' 2025 semi-annual reports shows significant revenue and net profit growth, driven by a hot secondary market and high performance, indicating a potential new growth phase for the securities industry [1][8]. Revenue and Profit Growth - Five brokerage firms reported both revenue and net profit growth, with Jianghai Securities achieving a remarkable net profit increase of 1311.60% due to a low base effect [1][2]. - Oriental Fortune led in revenue with 6.856 billion yuan, a year-on-year increase of 38.65%, followed by Southwest Securities, Guosheng Holdings, Jianghai Securities, and Yuekai Securities with revenues of 1.504 billion yuan, 1.136 billion yuan, 726 million yuan, and 482 million yuan respectively [2][3]. Business Performance Disparities - Jianghai Securities' self-operated business saw a revenue increase of 211.77% to 406 million yuan, significantly contributing to its overall revenue growth [3][4]. - In contrast, Yuekai Securities experienced a decline in self-operated business revenue by 31.98% to 115 million yuan, primarily due to market conditions and a high base from the previous year [4]. Wealth Management as a Growth Engine - Wealth management has emerged as a core growth driver for brokerage firms, with Yuekai Securities reporting a 34.65% increase in wealth management revenue to 318 million yuan [5]. - Guosheng Holdings' brokerage business revenue reached 554 million yuan, a 20.88% increase, accounting for nearly 60% of total revenue [5]. Regional Focus and AI Integration - Regional deepening has become a key strategy for small and medium-sized brokerages to differentiate themselves amid increasing competition [7]. - AI technology is being integrated into brokerage operations, with Jianghai Securities reporting a 21.11% increase in brokerage revenue attributed to AI empowerment [7]. Investment Value of Brokerage Sector - The brokerage sector's investment value is highlighted by strong performance, low valuations, policy support, and an active market, with expectations of a 30.29% year-on-year revenue growth for 42 listed brokerages [8][9]. - The active capital market environment is expected to enhance brokerage profitability, with new account openings in July increasing by 70.5% [9]. Future Outlook - Analysts suggest that the brokerage sector remains undervalued within the broader financial sector, with continued high growth expected in upcoming reports [10].

Core Viewpoint - The first batch of brokerage firms has reported strong growth in revenue and net profit for the first half of 2025, driven by a favorable market environment and increased trading activity [1][8]. Group 1: Financial Performance - Five brokerage firms, including Guosheng Securities and Dongfang Caifu, have reported revenue and net profit growth, with Jianghai Securities showing a remarkable net profit increase of 1311.60% year-on-year [1][2]. - Dongfang Caifu led in revenue with 6.856 billion yuan, a year-on-year increase of 38.65%, while Guosheng Securities and Jianghai Securities also reported significant growth rates of 369.91% and 1311.60%, respectively [2][3]. - The overall revenue for 42 listed brokerages is expected to grow by 30.29% to 238.48 billion yuan, with net profit projected to increase by 61.23% to 101.59 billion yuan [8][9]. Group 2: Business Segments - The self-operated business performance varied among brokerages, with Jianghai Securities achieving a 211.77% increase in self-operated income, contributing significantly to its overall revenue growth [3][4]. - Wealth management has emerged as a core growth driver, with Guosheng Securities reporting a 20.88% increase in brokerage revenue, while Dongfang Caifu's securities business revenue grew by 33% [5][6]. Group 3: Strategic Initiatives - Regional deepening and AI empowerment are becoming key strategies for brokerage firms to differentiate themselves amid increasing competition [7]. - Jianghai Securities has leveraged AI to enhance its brokerage business, resulting in a 21.11% increase in revenue, while Dongfang Caifu's AI tools support various business lines [7]. Group 4: Market Outlook - The brokerage sector's investment value is highlighted by strong performance, low valuations, supportive policies, and active market conditions [8][9]. - The recent increase in new A-share accounts by 70.5% in July and the margin financing balance exceeding 2 trillion yuan indicate a favorable environment for continued performance improvement [9].

Core Viewpoint - Changshu Rural Commercial Bank is deepening its network layout in Jiangsu province through the absorption and merger of village banks, while facing challenges in profitability and asset quality in its non-local operations [1][3][9]. Group 1: Expansion Strategy - The bank has successfully integrated seven village banks into its network this year, with a focus on expanding its presence in southern, central, and northern Jiangsu [3][4]. - The bank's strategy includes a shift from "scale priority" to "quality breakthrough," as it navigates intense competition from other local commercial banks [1][12]. - The bank's total assets reached 63.91 billion yuan, with total deposits of 55.97 billion yuan and total loans of 43.41 billion yuan as of the reporting period [5]. Group 2: Financial Performance - In the first half of 2025, the bank achieved operating income of 6.062 billion yuan, a year-on-year increase of 10.1%, and a net profit attributable to shareholders of 1.969 billion yuan, up 13.51% [8][9]. - The bank's revenue from non-interest income grew by 57.26% to 1.422 billion yuan, contributing to 23.46% of total revenue [10]. - However, there is a noticeable decline in revenue and profit contributions from non-local operations, with a drop of 6.66 percentage points in revenue share compared to the previous year [9][10]. Group 3: Asset Quality and Regional Disparities - The bank's non-performing loan (NPL) ratio in Changshu is 0.50%, while it has risen to 0.85% in other regions of Jiangsu [10][11]. - The bank's strategy to enhance asset quality includes replicating successful local risk control models in its non-local branches [11]. - Analysts suggest that the bank should focus on quality improvement and risk management as it continues its expansion [11][12]. Group 4: Competitive Landscape - The bank faces significant competition from other local banks in Jiangsu, which are also targeting the same customer segments [12][13]. - The bank aims to differentiate itself by leveraging big data and AI to enhance its services for small and micro enterprises [13]. - Future strategies include focusing on high-quality, localized financial products tailored to the specific needs of different regions [13].

大咖云集，解读中国资产新机遇 中国经济转型升级，资本市场改革深化，2025年中国资本市场迎来"转型牛"。AI技术蓬勃发展，新兴科 技崛起繁荣，2025年的投资赛道正迎来前所未有的变局与机遇。国泰海通818理财节特别节目从宏观大 势到行业配置，剖析新兴产业、传统行业在经济转型中的发展机遇，旨在帮助投资者把握趋势方向，优 化配置方法，树立理性投资、长期投资、价值投资的正确理念。 立足宏观大势，锚定资产配置方向，在不确定当中寻找确定性。宏观团队认为，在通胀预期不高的情况 下，财富管理的首要目标是保值，然后才是增值。全球经济和货币体系的变化导致全球产业链供应链、 资产定价都在发生变化，但全球贸易的趋势是确定的，在全球变局的不确定性当中，最大的确定性就是 中国的生产和供给能力，需要在不确定当中寻找确定性。 展望市场趋势，把握热点投资机遇，展望未来中国股市还有新高。策略团队认为，中国经济的症结看似 在房地产，但药方却不在房地产。当前，中国经济转型和新兴业态初露峥嵘，无风险收益系统性下沉， 以及资本市场改革的纵深提速，构成了中国股市上升的关键动力和重要基石。展望未来，中国股市还有 新高。2025年既是中国经济的"转型牛"同 ...