Core Viewpoint - The six major state-owned banks in China have demonstrated a stable performance in the first half of the year, actively supporting the real estate sector while effectively controlling risks [1][4]. Group 1: Real Estate Financing Coordination Mechanism - The six major state-owned banks have continued to promote the implementation of the real estate financing coordination mechanism, injecting over one trillion yuan into "white list" projects to support housing delivery and stabilize the market [1][2]. - Agricultural Bank of China approved over 1,400 "white list" projects with a total approval amount exceeding 700 billion yuan and loan disbursements surpassing 530 billion yuan by the end of June [2]. Group 2: Risk Management in Real Estate - As of June, the non-performing loan (NPL) ratios in the real estate sector for several banks, including Agricultural Bank, Construction Bank, Postal Savings Bank, and Bank of Communications, have decreased compared to the end of 2024, with declines of 0.05, 0.05, 0.32, and 0.53 percentage points respectively [4]. - Agricultural Bank emphasized the stability of its real estate business risks and its support for the "three major projects" while enhancing risk management [4]. - China Bank's vice president indicated that with aligned policies on both supply and demand, the real estate market is expected to gradually stabilize [4]. Group 3: New Changes in the Housing Market - The housing market has seen structural changes, with an increasing proportion of second-hand housing transactions, creating new business opportunities [6]. - Construction Bank reported a more than 20% increase in second-hand housing loan disbursements compared to the previous year, with a total loan balance reaching 1.89 trillion yuan [6]. - Agricultural Bank plans to actively support urban renewal projects and affordable housing initiatives in line with local city renewal actions [6]. Group 4: Future Outlook - Construction Bank aims to enhance its housing financial services and expects its mortgage business performance to surpass last year's results [7]. - Bank of Communications plans to strengthen research on market trends and financing planning for real estate projects under the new development model [7].

Core Viewpoint - Construction Bank's mid-year performance shows positive growth in both operating income and pre-provision profit, driven by strategic measures to enhance financial supply and risk management [1][5]. Group 1: Financial Performance - Non-interest income reached 107.56 billion yuan, an increase of 17.66 billion yuan, or 19.64%, year-on-year, accounting for 27.28% of total operating income [5]. - The net interest margin for the first half was 1.40%, down 0.14 percentage points from the same period last year, with expectations for a gradual narrowing of the decline in future quarters [3]. - Average annual cost rate of deposits decreased by 32 basis points compared to the same period last year, indicating effective cost management [3]. Group 2: Strategic Measures - The bank implemented four key measures: enhancing balanced development capabilities, accelerating the cultivation of new growth drivers, improving comprehensive cost management, and solidifying risk control foundations [1]. - The bank is focusing on optimizing asset allocation by controlling low-yield assets and increasing investments in higher-yield loans and bonds [3]. Group 3: Loan Growth and Market Strategy - The introduction of personal consumption loan interest subsidy policies is expected to lower borrowing costs and stimulate growth in personal and service industry loans [4]. - Infrastructure-related loans grew faster than the average for corporate loans, with a 0.23 percentage point increase year-on-year, supported by national key projects and special bond usage [4]. - The bank's second-hand housing loan issuance ranked first in the industry, with a year-on-year increase of over 20%, contributing significantly to overall loan growth [6].