Investment Rating - The report maintains a "Recommendation" rating for Ruifeng Bank, with a target price of 7.07 yuan [2][7]. Core Insights - Ruifeng Bank's core revenue capacity has strengthened, with net interest income and other income growth accelerating. However, non-interest income has declined significantly, impacting overall revenue [7]. - The bank's net profit attributable to shareholders increased by 2.30% year-on-year, but the growth rate has slowed due to pressure on small and micro enterprises' repayment capabilities [7]. - The bank's non-performing loan (NPL) ratio rose slightly to 0.99%, while the provision coverage ratio decreased to 327% [7]. Financial Performance Summary - For the year 2025, Ruifeng Bank achieved total operating revenue of 4.408 billion yuan, a year-on-year increase of 0.53% [8]. - The net profit attributable to shareholders for 2025 was 1.966 billion yuan, with a growth rate of 2.30% [8]. - The bank's total assets are projected to grow steadily, with expected revenue growth rates of 4.3%, 7.2%, and 10.4% for 2026, 2027, and 2028 respectively [7][8]. Asset Quality and Risk Indicators - The NPL ratio is expected to gradually improve, projected to decrease to 0.93% by 2028 [10]. - The provision coverage ratio is forecasted to remain stable, with a slight increase to 332.17% by 2028 [10]. - The bank's loan growth is anticipated to be steady, with total loans expected to reach 194.842 billion yuan by 2028 [9].

Core Viewpoint - The A-share market has experienced a significant pullback since March 12, with major indices like the Shanghai Composite Index and Shenzhen Component Index declining by approximately 5.91% and 5.94% respectively by March 26. Despite the downturn, there is a notable shift in fund allocation, with a trend towards risk aversion and a reallocation of assets into safer investments like money market and bond ETFs [1][3]. Group 1: Market Trends - The overall market ETF shares decreased by about 4 billion units, a decline of approximately 0.12%, with stock ETFs facing a net redemption of 11.9 billion units. Conversely, money market ETFs saw a net inflow of 2.2 billion units, and passive index bond ETFs increased by 300 million units, indicating a clear trend towards risk aversion [3]. - Over 200 ETFs experienced net subscriptions during the same period, highlighting a selective investment strategy amidst the broader market decline [3]. Group 2: Investment Focus Areas - Four main areas have emerged as focal points for fund inflows: 1. **Bond ETFs**: These are favored for their defensive characteristics, with short-term bond ETFs receiving a net inflow of 11.261 billion yuan, leading the pack [3]. 2. **Broad-based Indices**: Core assets like the CSI 300 and SSE Composite Index ETFs saw net inflows of 9.952 billion yuan and 4.699 billion yuan respectively, indicating continued confidence in large-cap stocks [4]. 3. **Sector and Theme Investments**: A "barbell" strategy is evident, with funds flowing into both growth sectors like new energy batteries (+2.145 billion yuan) and defensive high-dividend strategies like the CSI Dividend Index (+2.056 billion yuan) [6]. 4. **QDII Funds**: International stock ETFs, particularly those linked to Chinese technology assets, saw a net subscription of 6.8 billion units, reflecting long-term confidence in Chinese core tech assets [7]. Group 3: Market Outlook - Analysts suggest that the current market pullback is characterized by a focus on safety, low valuations, and certainty. Key asset categories attracting bottom-fishing capital include high-dividend defensive sectors, low-priced energy and cyclical assets, and reasonably valued growth leaders like semiconductors and innovative pharmaceuticals [9][10]. - The market is expected to remain in a phase of oscillation, with structural opportunities emerging as the focus shifts from speculative trading to a balance of undervalued value and high-quality growth [10].

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，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 招商銀行股份有限公司 CHINA MERCHANTS BANK CO., LTD. （於中華人民共和國註冊成立的股份有限公司） （H股股票代碼：03968） 海外監管公告 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條而作出。 招商銀行股份有限公司董事會 2026年3月27日 於本公告日期，本公司的執行董事為王良及鍾德勝；本公司的股東董事（非執行 董事）為繆建民、石岱、鄧仁傑、江朝陽、朱立偉、黃堅及馬向輝；及本公司的 獨立非執行董事為田宏啟、李朝鮮、史永東、李健、黃玉山及盧力平。 招商银行股份有限公司 审计报告及财务报表 2025年12月31日止年度 招商银行股份有限公司 审计报告及财务报表 2025年12月31日止年度 | 内容 | 页码 | | | --- | --- | --- | | 审计报告 | 1 - | 8 | | 合并及公司资产负债表 | 9 - | 10 | | 合 ...

（於中華人民共和國註冊成立的股份有限公司） 股份代號：1398 海外監管公告 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條而做出。 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，概不就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任 何責任。 中國工商銀行股份有限公司 INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED 茲載列本行在上海證券交易所網站及中國報章刊登的本行根據中國會計準則編製的2025 年度報告摘要，僅供參閱。 特此公告。 中國工商銀行股份有限公司 董事會 中國，北京 2026年3月27日 於本公告刊發日期，董事會成員包括執行董事廖林先生、劉珺先生、段紅濤先生和王景武先生；非執行董事曹利 群女士、董陽先生和鐘蔓桃女士；獨立非執行董事陳德霖先生、赫伯特•沃特先生、莫里•洪恩先生、陳關亭先生、 李偉平先生和李金鴻先生。 中国工商银行股份有限公司 股票代码：601398 2025 年度报告摘要 1. 重要提示 本年度报告摘要来自年度报告全文，为 ...

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，概不就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任 何責任。 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條而做出。 茲載列本行在上海證券交易所網站刊登的本行根據中國會計準則編製的2025年度報告， 僅供參閱。 特此公告。 中國工商銀行股份有限公司 董事會 中國工商銀行股份有限公司 INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED （於中華人民共和國註冊成立的股份有限公司） 股份代號：1398 海外監管公告 中國，北京 2026年3月27日 於本公告刊發日期，董事會成員包括執行董事廖林先生、劉珺先生、段紅濤先生和王景武先生；非執行董事曹利 群女士、董陽先生和鐘蔓桃女士；獨立非執行董事陳德霖先生、赫伯特•沃特先生、莫里•洪恩先生、陳關亭先生、 李偉平先生和李金鴻先生。 中国工商银行股份有限公司 （股票代码：601398） 2025 年度报告 公司简介 中国工商银行成立于 1984 年 1 月 1 日。20 ...

Market Analysis - The A-share market showed a moderate recovery, with total trading volume narrowing to 1.86 trillion yuan, a decrease of 4.8% from the previous trading day, marking a new low for the year [2] - The Shanghai Composite Index closed at 3913.72 points, up 0.63%, while the Shenzhen Component Index rose by 1.13% to 13760.37 points, and the ChiNext Index increased by 0.71% to 3295.88 points [2] - The market exhibited a broad-based rally, with 4335 stocks rising compared to only 1070 declining, indicating a positive shift in market sentiment [2] Sector Performance - The leading sectors included pharmaceuticals, basic chemicals, and non-ferrous metals, which rose by 3.69%, 2.95%, and 2.83% respectively, reflecting a recovery in risk appetite [5] - Concept indices such as lithium mining (+7.42%), lithium battery electrolyte (+6.18%), and innovative drugs (+5.42%) showed significant strength, driven by expectations of price rebounds and policy support for the biopharmaceutical sector [5][7] - Conversely, defensive sectors like banking, telecommunications, and utilities experienced declines, indicating a shift in capital towards higher-growth areas [5][7] Bond Market - The bond futures market displayed a mixed trend, with short-term bonds rising while long-term bonds weakened, indicating a preference for mid to short-duration securities [11] - The People's Bank of China continued to inject liquidity into the market, maintaining a supportive stance on funding conditions, with Shibor rates remaining stable and low [11] Commodity Market - The commodity index rose, with energy and chemical products continuing to perform strongly; the Nanhua Commodity Index closed at 3073.2 points, up 0.48% [9] - Key commodities such as pure benzene and lithium carbonate saw significant price increases, driven by supply disruptions and strong demand expectations [16] Investment Themes - Key investment themes include artificial intelligence, commercial aerospace, nuclear fusion, and consumer sectors, with a focus on capital expenditure changes and policy support for consumption upgrades [13][15] - The energy and chemical sectors are influenced by geopolitical tensions in the Middle East, which continue to affect supply dynamics and pricing [13][15]

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，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 招商銀行股份有限公司 CHINA MERCHANTS BANK CO., LTD. （於中華人民共和國註冊成立的股份有限公司） （H股股票代碼：03968） 海外監管公告 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條而作出。 招商銀行股份有限公司董事會 2026年3月27日 於本公告日期，本公司的執行董事為王良及鍾德勝；本公司的股東董事（非執行 董事）為繆建民、石岱、鄧仁傑、江朝陽、朱立偉、黃堅及馬向輝；及本公司的 獨立非執行董事為田宏啟、李朝鮮、史永東、李健、黃玉山及盧力平。 招商銀行股份有限公司 股票代碼：600036 释义 / 重大风险提示 / 备查文件目录 招商银行股份有限公司 2025年度报告（A股） 释义 本公司、本行、招行、招商银行 ： 招商银行股份有限公司 招商银行股份有限公司 2025年度报告（A股） 目录 1 目录 2 释义 2 重大风险提示 2 备查文件目录 ...

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，概不對因本公告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。 POSTAL SAVINGS BANK OF CHINA CO., LTD. 1658 海外監管公告 截至2025年12月31日止年度財務報表 （按中國會計準則編製）及審計報告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10(B)條作出。如下 公告已於上海證券交易所網站刊登，僅供參閱。 特此公告。 承董事會命 中國郵政儲蓄銀行股份有限公司 杜春野 聯席公司秘書 中國，北京 2026年3月27日 於本公告日期，本行董事會包括董事長及非執行董事鄭國雨先生；執行董事蘆葦先生、姚紅女 士；非執行董事劉新安先生、張宣波先生、劉瑞鋼先生、陳雪女士、胡宇霆先生、丁向明先生 及余明雄先生；獨立非執行董事溫鐵軍先生、鍾瑞明先生、潘英麗女士、唐志宏先生、洪小源 先生、楊勇先生及浦永灝先生。 * 中國郵政儲蓄銀行股份有限公司並非一家根據銀行業條例（香港法例第155章）之認可機 構，並不受限於香港金融管理局的監 ...

Group 1 - The meeting on March 27 emphasized the importance of maintaining the authority of the Central Committee and implementing policies effectively, which has significant implications for macroeconomic governance and capital market expectations [2][6] - The meeting established a governance tone for the transition period between the end of the 14th Five-Year Plan and the beginning of the 15th, focusing on strengthening institutional rigidity to ensure development resilience [2][6] - The emphasis on "strong execution, practical results, and risk prevention" signals a commitment to effective policy implementation, which is crucial for the confidence of the capital market in the medium to long term [2][6] Group 2 - The meeting highlighted the need for local party committees to firmly implement decisions made by the Central Committee, which is essential for translating macro policies into tangible benefits for micro entities [7] - The focus on enhancing the execution power of local governments is expected to shorten the time for policy effects to reach market and profit bottoms, suggesting investment opportunities in sectors benefiting from proactive fiscal and industrial policies [7][8] - The emphasis on democratic centralism and supervision mechanisms aims to prevent systemic risks, particularly in the context of local debt resolution and real estate risk management [8] Group 3 - The meeting called for a shift from "scale expansion" to "high-quality development," aligning with previous discussions on improving efficiency and optimizing supply [9][12] - The constraints on local officials' performance evaluation are expected to mitigate irrational investment impulses and improve the balance between supply and demand in traditional manufacturing, positively impacting corporate profitability [12] - Investment insights include a focus on technological innovation in hard tech sectors like integrated circuits and AI, as well as increased fiscal spending in social welfare areas to boost consumer potential [12][13] Group 4 - The meeting reiterated the importance of strict adherence to central regulations to create a stable business environment, which is crucial for attracting long-term capital, including foreign investment [13] - The normalization of local government administrative behavior and reduction of unnecessary interventions are expected to stabilize expectations for private and foreign enterprises [13] - Overall, the meeting's outcomes solidify the micro-foundation for macro policy implementation, suggesting investment strategies that focus on sectors like new energy, banking, and new consumption [14]

Core Viewpoint - The closure of the Strait of Hormuz by the Iranian Revolutionary Guard has significant implications for global oil supply and prices, leading to increased oil prices and market volatility [1][2]. Group 1: Oil Market Impact - The Iranian Revolutionary Guard announced the closure of the Strait of Hormuz, threatening severe repercussions for any attempts to navigate through it [1]. - Any vessels traveling to or from ports associated with "U.S. and Israeli hostile forces" are prohibited from passage, further escalating tensions in the region [2]. - Following these developments, Brent crude oil prices rose by 1.3% to $103 per barrel, while WTI crude oil prices increased by 1.6% to $96 per barrel [2]. Group 2: Market Reactions - Major European stock indices opened higher but subsequently declined, with the Euro Stoxx 50 and Germany's DAX index both falling over 1%, and France's CAC40 down by 0.81% [5]. - U.S. stock futures also reversed from gains to losses, with the Nasdaq futures dropping from a 0.76% increase to a 0.26% decrease [5]. Group 3: Broader Economic Implications - Analysts at JPMorgan predict that the conflict between the U.S. and Iran will disrupt oil transportation through the Strait of Hormuz, leading to a shift from supply shocks to inventory depletion globally, starting from Asia and affecting Africa, Europe, and eventually the U.S. by April [8]. - The cryptocurrency market experienced a downturn, with Bitcoin falling by 3.45% to $66,700 per ounce, and Ethereum dropping by 3.82% [8]. - Over the past 24 hours, more than 120,000 traders faced liquidation, totaling approximately $447 million in losses across the market [10].