Core Viewpoint - China Bank is focusing on retaining deposits as the maturity of fixed-term deposits increases in the second half of 2025, with a high proportion expected to be reinvested in fixed-term deposits [1] Group 1: Deposit Management - From the second half of 2025, the maturity scale of fixed-term deposits at China Bank is expected to increase, prompting the bank to enhance its retention strategies [1] - A significant portion of the matured deposits is anticipated to remain in deposit form, with a high reinvestment rate for fixed-term deposits [1] Group 2: Interest Rate Impact - The current deposit interest rates are lower than those from three years ago, which will lead to a decrease in the interest rates paid on deposits, positively impacting the bank's net interest margin stability [1] - The overall trend indicates that funds will continue to concentrate towards individuals and non-bank institutions [1]

Core Viewpoint - China Bank anticipates an increase in the maturity scale of fixed-term deposits starting in the second half of 2025, with a high retention rate expected for these deposits [1] Group 1: Deposit Management - China Bank's Vice President Yang Jun emphasized the importance of stabilizing and retaining deposits as maturity increases, with a high proportion of fixed-term deposits expected to be renewed [1] - The current deposit interest rates are lower than those from three years ago, which will lead to a decrease in the interest rates paid on deposits, positively impacting the bank's net interest margin [1] Group 2: Financial Performance Projections - By the end of 2025, China Bank's total assets and liabilities are projected to exceed 38 trillion yuan and 35 trillion yuan, respectively, representing growth rates of 9.40% and 9.47% compared to 2024 [1] - For the year 2025, the bank expects to achieve operating income and net profit of 659.9 billion yuan and 257.9 billion yuan, reflecting year-on-year growth of 4.28% and 2.06% [1] - The non-performing loan ratio is projected to be 1.23% by the end of 2025, a decrease of 0.02 percentage points from the end of 2024 [1]

Core Viewpoint - China Bank is focusing on enhancing its liability management by targeting key scenarios and products, particularly in digital operations for corporate non-loan clients and individual long-tail customers, to promote the accumulation of demand deposits [1] Group 1: Liability Management Strategy - The bank plans to concentrate on specific key scenarios and products to improve its liability management [1] - There is an emphasis on promoting digital operations for corporate non-loan clients and individual long-tail customers [1] - The strategy aims to facilitate the accumulation of demand deposits [1] Group 2: Response to Market Conditions - China Bank intends to leverage the favorable timing of a large number of fixed-term deposits maturing this year [1] - This approach is designed to effectively counteract the pressure from declining asset yields [1]

Core Viewpoint - China Merchants Bank held its 2025 annual performance conference, where Vice President Peng Jiawen addressed the issue of deposit migration, indicating that the volume of maturing fixed-term deposits in 2025 is slightly higher than in previous years, but remains within a normal range [1][1]. Group 1 - The volume of maturing fixed-term deposits for China Merchants Bank in 2025 is expected to be slightly higher compared to previous years [1]. - The increase in maturing deposits is not considered abnormal and is still within normal limits [1].

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分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。 （於開曼群島註冊成立的有限公司） （股份代號：1209) 董事會預期，在未動用所得款項淨額獲動用前，以此方式臨時配置的資金將不超 過人民幣5,561.5百萬元。 本公司將持續評估本公告所述臨時配置未動用所得款項淨額之情況，倘購買可轉 讓大額存單及╱或存入結構性存款或定期存款須根據香港聯合交易所有限公司證 券上市規則（「上市規則」）第十四章予以披露及╱或取得股東批准，則將根據相關 規定刊發進一步公告。 承董事會命 華潤萬象生活有限公司 主席 李欣 擴大閒置全球發售所得款項淨額之配置方式 茲提述(i)華潤萬象生活有限公司（「本公司」）（連同其附屬公司，統稱「本集團」） 所刊發日期為二零二零年十一月二十五日之招股章程（「招股章程」），內容有關 （其中包括）本公司全球發售（定義見招股章程）所得款項之擬定用途；(ii)本公司 日期為二零二零年十二月二十三日有關悉數行使超額配股權（定義見招股章程）之 公告；(iii) ...

Core Viewpoint - China Construction Bank has experienced rapid growth in savings deposits, exceeding 18 trillion yuan, with time deposits nearing 12 trillion yuan, indicating a strong overall acceptance rate [1] Group 1 - The bank plans to continuously monitor market dynamics to adapt to changes in customer needs and fund flows [1] - The focus will be on enhancing service quality and optimizing asset allocation to promote high-quality development of deposits [1] - The bank aims to expand transaction-based funds by focusing on key settlement products and scenario coverage [1] Group 2 - China Construction Bank will provide a comprehensive service package that includes settlement, wealth management, credit, and equity services to meet the financial needs of corporate and individual clients [1] - The strategy involves creating an integrated operating model that connects both corporate and individual sides [1]

Investment Rating - The report maintains a rating of "Accumulate" for the company [4][7]. Core Views - The company's revenue performance has improved, with a total operating income of 212.14 billion yuan in 2025, reflecting a year-on-year growth of 0.15% [6]. - The net profit attributable to the parent company for 2025 was 77.47 billion yuan, showing a year-on-year increase of 0.34% [6]. - The bank's asset quality remains stable, with a non-performing loan ratio of 1.08% as of the end of 2025 [6]. - The dividend payout ratio has increased to 31.02%, with total cash dividends of 22.56 billion yuan distributed in 2025 [6]. Financial Performance Summary - **Revenue and Profit**: The company achieved a net interest income of 148.75 billion yuan, up 0.44% year-on-year, and net fee income of 25.89 billion yuan, up 7.45% year-on-year [6]. - **Loan Growth**: Total loans reached 5.95 trillion yuan, with a year-on-year growth of 3.70%. Corporate loans increased by 8.63%, while retail loans decreased by 3.41% [6]. - **Deposit Growth**: Total deposits amounted to 5.93 trillion yuan, growing by 7.18% year-on-year, with corporate deposits increasing by 2.35% and personal deposits by 14.82% [6]. Profitability and Valuation - **Earnings Forecast**: The report projects net profits of 78.43 billion yuan for 2026, 80.19 billion yuan for 2027, and 82.43 billion yuan for 2028 [7]. - **Valuation Ratios**: The price-to-earnings (P/E) ratio is forecasted to be 5.09 for 2026, while the price-to-book (P/B) ratio is expected to be 0.46 [7]. Asset Quality - **Non-Performing Loans**: The non-performing loan ratio is stable at 1.08%, with a net generation rate of non-performing loans at 1.19% [6]. - **Provision Coverage**: The provision coverage ratio stands at 228.41%, indicating a strong buffer against potential loan losses [6].

Group 1 - The core argument of the article is that the decline of "trust" among nations is reshaping the global economic and monetary systems, leading to a re-evaluation of asset pricing frameworks [2][3][4] - The article emphasizes that the foundation of the globalization system has been mutual trust among countries, which has been eroded due to geopolitical tensions and trade frictions since 2018 [8][9] - The ongoing geopolitical conflicts, such as the situation in Iran, are seen as part of a larger trend of global order restructuring, which will increase the demand for "security" and accelerate the reconfiguration of the global economic and monetary systems [5][6] Group 2 - The article discusses the trend of restructuring the global economic system, which began in 2018, highlighting that the previous model based on cost efficiency is now being replaced by considerations of "security" [8][9] - It notes that the U.S.-China trade tensions and the recent geopolitical events have intensified distrust among nations, leading to a re-pricing of core resources and technologies [9][10] - The future of global supply chains is expected to be characterized by differentiation, with stable relationships between countries strengthening trade links, while unstable relationships will see a decline in direct trade [10] Group 3 - The article outlines the restructuring of the global monetary system, which has been significantly influenced by the decline of trust, particularly following the freezing of Russia's foreign reserves in 2022 [12][15] - It argues that the U.S. dollar's status as the world's primary reserve currency is being challenged, as countries reassess their reliance on the dollar based on their relationships with the U.S. [14][15] - The article suggests that while the dollar's credit may decline, it is unlikely to collapse entirely, as it remains the most trusted currency in times of geopolitical uncertainty [16][17] Group 4 - The article highlights the rising price of gold as a reflection of declining trust among nations, with central banks increasing their gold reserves as a hedge against geopolitical risks [18][19] - It points out that gold's pricing has shifted from being influenced primarily by economic factors to being driven by non-economic factors, such as trust and security concerns [19][20] - The article predicts a long-term bull market for gold, driven by increasing demand from countries seeking to reduce their dependence on the dollar and other currencies [20] Group 5 - The article discusses the redefinition of "good assets" in the context of the changing global economic landscape, emphasizing the importance of security in investment decisions [22][23] - It notes that the criteria for evaluating companies and assets have shifted from purely economic performance to include considerations of safety and geopolitical stability [22][23] - The article concludes that the ongoing restructuring of the global economic and monetary systems necessitates a new perspective on asset performance and investment strategies [23]

Core Viewpoint - Since March, small and medium-sized banks in regions such as Xinjiang, Yunnan, and Shanghai have significantly reduced their fixed deposit interest rates, with cuts ranging from 5 to 80 basis points across various types of banks, including city commercial banks, rural commercial banks, village banks, and private banks [1][2]. Group 1: Interest Rate Adjustments - The adjustments cover all terms, with notable reductions in medium to long-term fixed deposit rates, which have generally fallen below "2" and into the "1" range [2][3]. - Some banks have lowered long-term deposit rates to below 1.5%, with significant cuts observed; for instance, Changji National Village Bank reduced its three-year and five-year rates from 2.2% to 1.4%, marking an 80 basis point drop [3][4]. - Short-term deposit rates have also decreased, with one-year and two-year rates down to 1.2% and 1.3%, respectively, while three-month and six-month rates have fallen below 1% [3][4]. Group 2: Frequency and Magnitude of Rate Cuts - Certain small and medium-sized banks have made multiple rate adjustments in a short period, indicating a high frequency of changes; for example, Nanjing Pukou Jingfa Village Bank issued three announcements within a month, with significant reductions in rates [4][5]. - The magnitude of the cuts is substantial, with some rates dropping by 50 to 80 basis points, leading to a narrowing gap between long-term and short-term rates, and even instances of rate inversion [5]. Group 3: Future Outlook on Rate Adjustments - Analysts suggest that there is still room for further reductions in deposit rates, driven by pressures on banks' net interest margins and the need to lower funding costs [7]. - The average cost of deposits for listed commercial banks is projected to decline, with significant reductions noted across various bank types, including state-owned and joint-stock banks [8]. - The trend indicates a potential for deposit rates to approach zero, particularly as some banks have already set their rates at or near this level [8]. Group 4: Diverging Trends - Despite the overall trend of rate cuts, a few banks have raised their deposit rates, such as Xin'an Rongxing Village Bank, which increased personal deposit rates from 1.44% to above 1.5% [6].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [4] Core Views - The company's profit growth is marginally improving, and the dividend payout ratio continues to increase [6][7] - The bank's operating income for 2025 is projected to be 211.17 billion yuan, with a year-on-year decline of 1.16%, which is an improvement from the previous quarter [6] - The net profit attributable to the parent company for 2025 is expected to be 70.62 billion yuan, reflecting a year-on-year growth of 2.98% [6] Summary by Sections Financial Performance - In 2025, the company achieved operating income of 211.67 billion yuan, a decrease of 1.16% year-on-year, with the decline narrowing by 2.3 percentage points compared to the previous quarter [6] - The net interest income was 144.47 billion yuan, down 1.51% year-on-year, while net fee income increased by 5.58% to 32.77 billion yuan [6] - The annualized net interest margin for Q4 2025 was 1.62%, with a year-on-year decline of 14 basis points [6] Loan and Deposit Growth - As of the end of 2025, total loans amounted to 5.86 trillion yuan, growing by 2.48% year-on-year [6] - Corporate loans reached 3.29 trillion yuan, up 13.24% year-on-year, while personal loans increased by only 0.2% to 2.37 trillion yuan [6] - Total deposits grew by 4.69% year-on-year to 6.05 trillion yuan, with corporate deposits increasing by 3.02% and personal deposits by 7.98% [6] Asset Quality - The non-performing loan ratio remained stable at 1.15% as of Q4 2025, with a slight decrease of 1 basis point [6] - The provision coverage ratio was 203.61%, indicating a strong buffer against potential loan losses [6] Dividend Policy - The company distributed a total cash dividend of 21.20 billion yuan in 2025, with a dividend payout ratio of 31.75%, an increase of 1.25 percentage points from the previous year [6] Future Earnings Forecast - The earnings forecast for 2026 and 2027 has been adjusted to 73.18 billion yuan and 75.81 billion yuan, respectively, with a new forecast for 2028 set at 78.80 billion yuan [6]