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佈的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Nanhua Futures Co., Ltd. 南華期貨股份有限公司 （於中華人民共和國註冊成立的股份有限公司， 中文公司名稱為南華期貨股份有限公司，通過我們的香港附屬公司 在香港以橫華國際的名義開展業務） （股份代號：2691） 海外監管公告 本公告乃由南華期貨股份有限公司（「本公司」）根據香港聯合交易所有限公司證券 上市規則第13.10B條作出。 茲載列本公司於上海證券交易所網站發佈之《南華期貨股份有限公司2025年度審 計報告》，僅供參閱。 承董事會命 南華期貨股份有限公司 董事長兼執行董事 羅旭峰博士 中國杭州，2026年3月27日 於本公告日期，本公司董事會成員包括：(i)執行董事羅旭峰博士；(ii)非執行董事 呂躍龍先生、徐文財博士、胡天高先生、厲寶平先生及孫穎婷女士；及(iii)獨立 非執行董事徐林博士、劉玉龍博士及李晶女士。 | | | | 一、审计报告………………………………………… ...

Investment Rating - The report maintains an "Overweight" rating for the banking sector and "Buy" for specific stocks such as China Merchants Bank and Industrial Bank [9][12][14]. Core Insights - The report highlights the establishment of new monetary policy tools and emphasizes the importance of stabilizing and activating the capital market [12][18]. - Investment opportunities are identified in the banking sector, followed by securities and insurance [12][14]. - The overall performance of listed banks in Q1 2025 is stable, with a decline in non-performing loan ratios [12][13]. - The report notes a decrease in the scale of wealth management products, with a total of 29.14 trillion yuan, down 810 billion yuan from the beginning of the year [12][19]. Summary by Sections Banking Sector - Listed banks reported a decline in non-performing loan ratios in Q1 2025, but some experienced net losses due to fluctuations in the bond market [2][12]. - The total scale of wealth management products decreased to 29.14 trillion yuan, with a year-on-year growth rate of 9.4% [12][19]. - The report recommends quality stocks such as China Merchants Bank, Industrial Bank, and Chengdu Bank [3][14]. Securities Sector - The China Securities Association issued guidelines to prevent securities firms from manipulating profits through valuation adjustments [2][12]. - The report indicates that the performance of securities firms remains resilient, with a year-on-year increase in net profit of 16% for 2024 and 51% for Q1 2025 [12][19]. - The report highlights the acquisition bid by Ant Group's shareholder for a securities firm, indicating ongoing consolidation in the sector [12][18]. Insurance Sector - The report suggests focusing on companies with relatively stable balance sheets, as the net profits of major insurers like China Ping An and China Taiping have declined [2][12]. - The report notes that the growth of new business value (NBV) remains strong, driven primarily by the bancassurance channel [12][19].

Core Viewpoint - The main revisions of the "Guidelines for Valuation of Financial Instruments by Securities Companies" focus on enhancing the accuracy and reliability of financial instrument valuations through increased frequency and improved methodologies [1] Group 1 - The guidelines emphasize the need for more frequent valuations of financial instruments to ensure accurate results [1] - There is an introduction of requirements for securities companies to utilize third-party valuation data, enhancing the credibility of the valuation process [1] - The valuation methods for fixed income products have been adjusted to primarily rely on prices provided by third-party valuation agencies [1] Group 2 - New valuation methods have been added for fixed income products and risky bonds that do not have publicly available valuation data, reflecting recent market conditions [1] - The guidelines include specific valuation clauses for unlisted stocks with clear lock-up periods, asset management products, and illiquid derivatives traded on exchanges [1] - The cost of fair value estimation has been lowered in the hierarchy, and non-exchange derivative valuation methods have been further refined to improve the overall quality of financial instrument valuations [1]

（ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） (A joint stock company incorporated in the People's Republic of China with limited liability) （股份代號：939） 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，概不對因本公告全部或任何部分內容而產生或因依 賴該等內容而引致之任何損失承擔任何責任。 2025年3月28日 於本公告日期，本行的執行董事為張金良先生、張毅先生和紀志宏先生，本行的 非執行董事為田博先生、夏陽先生、劉芳女士和李璐女士，本行的獨立非執行 董事為格雷姆 • 惠勒先生、米歇爾 • 馬德蘭先生、威廉 • 科恩先生、梁錦松先生、 詹誠信勛爵和林志軍先生。 中国建设银行股份有限公司 截至2024年12月31日止年度 财务报表 按中国会计准则编制 截至2024年12月31日止年度財務報表按中國會計準則編製 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條刊登。茲載列 該公告（於上海 ...