MLP (MLP) Q2 2025 Earnings Call August 14, 2025 08:00 AM ET Speaker0Hello, and good afternoon, ladies and gentlemen, and welcome to the MLPSE conference call regarding the publication of the results for the second quarter twenty twenty five and the first half year twenty twenty five. At this time, all participants have been placed on a listen only mode. The floor will be open for questions following the presentation. Let me now turn the floor over to Pascal Lucher.Speaker1Thank you very much, and welcome to ...

上海，2025年8月7日——大华银行集团今日公布2025年上半年财务业绩。在全球经济不确定性增加的背 景下，集团展现出强大的经营韧性，实现营业利润40亿新加坡元(约合人民币224亿元)，较去年同期增 长3%。这一成绩主要得益于手续费收入的强劲表现和有效的成本管控。 从收入结构来看，集团净利息收入与去年同期基本持平，贷款总额的增长部分抵消了基准利率下行带来 的息差压力。非利息收入方面表现亮眼，其中手续费收入同比增长11%，主要来自财富管理、贷款相关 服务和信用卡业务的贡献;其他非利息收入增长1%，客户相关的财资交易表现尤为突出。在成本控制方 面，集团持续优化运营效率，成本收入比从去年同期的44.4%改善至43.5%。 资产质量方面，集团继续保持良好水平。截至2025年6月30日，半年度信贷成本为34个基点，不良贷款 (NPL)率为1.6%，不良资产(NPA)拨备覆盖率为88%，若计入抵押，不良贷款拨备覆盖率达209%，非不 良贷款拨备覆盖率为0.8%，显示出集团资产质量的坚实底气和审慎的风险管理态度。 在全球经济面临多重挑战的背景下，大华银行集团通过多元化的业务布局、审慎的风险管理和持续的数 字化转型，展现出强 ...

在"规模情结"尚存的竞争环境中，进一步优化内部考核激励机制不可或缺。银行应避免单纯以存贷 款规模等指标进行考核的方式，将业务创新、风险管理、客户满意度等多元化标准纳入绩效考核体系， 不断激发员工的工作积极性和创造力。 此外，金融管理部门要不断优化金融行业竞争生态，推动不同类型机构找准自身市场定位、形成错 位竞争，构建分类分层、公平有序的竞争格局。例如，在考核机制方面，可以根据国有大行、股份制银 行以及地方性商业银行的不同经营特点，分类设置不同的考核指标。 当前，银行业需要一场"反内卷"风暴，为白热化的行业竞争降温，也为苦不堪言的基层员工减负。 同时也要注意的是，在实践过程中，不能将"反内卷"简单地与"反对竞争"画等号。 实际上，金融管理部门主张的"反内卷"，核心在于通过制度约束和引导，推动银行业竞争从"规模 驱动"走向"价值驱动"的可持续发展路径。在重塑金融行业竞争逻辑的过程中，需要银行练好内功、提 升创新动力，也需要相关部门加以引导和支持。 对于银行机构来说，营收结构的相对单一是"内卷"严重的重要原因之一。因此，拓展增量业务是提 高营收的重要途径。各家银行应积极拓展非利息收入业务，如财富管理、支付结算、咨询 ...

从行业市盈率排名来看，公司所处的证券行业市盈率平均31.01倍，行业中值25.75倍，中金公司排名第 27位。 本文源自：金融界 截至2025年一季报，共有47家机构持仓中金公司，其中基金46家、券商1家，合计持股数5462.17万股， 持股市值19.31亿元。 作者：行情君 8月8日，中金公司今日收盘36.0元，下跌1.18%，滚动市盈率PE（当前股价与前四季度每股收益总和的 比值）达到26.75倍，总市值1737.81亿元。 序号股票简称PE(TTM)PE(静)市净率总市值(元)13中金公司26.7530.521.841737.81亿行业平均 31.0134.311.61737.56亿行业中值25.7529.061.32412.54亿1华泰证券10.9411.911.091828.03亿2广发证券 13.8115.561.211499.11亿3国信证券14.0515.931.451309.21亿4国元证券14.1516.701.01374.85亿5招商证券 14.8915.111.351568.85亿6国泰海通15.4827.071.133525.94亿7华安证券15.8519.271.27286.32亿 ...

风险提示：市场有风险，投资需谨慎。 本文源自：金融界 作者：A股君 截至2025年8月4日15时，中金公司股价报35.92元，较前一交易日上涨0.08%。当日成交额5.92亿元，换 手率0.57%，总市值达1733.95亿元。 中金公司是中国领先的投资银行，主要从事投资银行、股票业务、固定收益、财富管理等业务。公司总 部位于北京，在香港、上海、深圳等地设有分支机构。 根据公开信息，2025年1-7月期间，中金公司保荐16单港股IPO，承销规模达35亿美元，市场份额排名第 一。在港股IPO前五大项目中，中金公司保荐了三单，占据60%的市场份额。 从资金流向来看，8月4日中金公司主力资金净流入2542.35万元，占流通市值的0.02%。近五个交易日主 力资金累计净流出28657.84万元，占流通市值的0.27%。 ...

Group 1 - The Shanghai Composite Index fell by 0.37% to close at 3559.95 points, while the Hang Seng Index decreased by 1.07% to 24507.81 points [1] - China Galaxy Securities Co., Ltd. has an AH premium of 79.1%, ranking 45th in terms of AH stock premium rates [1] - At the close, China Galaxy's A-shares were priced at 16.98 yuan, down 1.28%, and H-shares were at 10.32 Hong Kong dollars, down 2.82% [1] Group 2 - China Galaxy Securities is a leading comprehensive financial service provider in China's securities industry, known for its historical, brand, and shareholder advantages [1] - The company ranks among the top in the industry in terms of capital scale, profitability, business strength, and risk management capabilities [1] - It offers a wide range of financial services including wealth management, investment banking, institutional business, international business, and investment trading to individual, corporate, institutional, international, and capital market clients [1]

作为一家总部位于香港的一站式金融服务集团，艾德金融凭借深厚的行业经验与专业团队，曾成功助多家国内企业踏进环球资本市场，致力于为企业的国 际化发展提供稳健支持。 2025年7月31日，艾德金融昨参与由深圳市深商总会（「深商总」）举办的「深商企业Show」出海企业专场活动。艾德金融环球资本市场联席主管林子龙 先生受邀演讲，与众多优秀企业共同探讨出海实战经验，促进国内企业在全球化进程中的交流与合作。 艾德金融将继续以专业服务助力企业拓展国际市场，共同开创新机遇。 关于艾德金融 艾德金融植根香港，是一家以金融科技为核心的全方位金融集团，致力将最新科技融入企业基因。集团涵盖多元化业务，包括但不限于：金融科技、互联 网金融、财富管理、资产管理、投资银行及数字资产；致力为客户提供安全可靠、优质便捷的一站式金融服务及产品。集团旗下成员在主要金融市场持有 多个牌照，包括由香港证监会发出的第1、2、3、4、5、6、9类受规管活动牌照、香港保险经纪业务牌照、香港信托或公司服务提供者牌照，同时也是香 港交易所参与者（经纪代号：0974及0977）。此外，集团全资美国经纪交易商子公司Eddid Securities USA Inc. ...

申万宏源香港(00218)发布公告，本集团预期截至2025年6月30日止6个月的未经审核综合除税后溢利在 5500万港元至6500万港元之间，而去年同期则取得综合除税后亏损3700万港元。 2025年上半年，本集团抓住市场机会，通过优化资产配置、审慎管理市场风险敞口，以及积极控制营运 成本，推动机构服务及交易业务、财富管理、企业融资等核心业务收益显著提升，带动上半年溢利大幅 增长。 ...

Core Insights - The financial industry is transitioning from concept validation to commercial implementation of large models, but must address key challenges such as data, regulation, and talent to convert technological advantages into sustainable competitiveness [1][2][3] Group 1: Financial Model Development - The global development of large models is no longer a singular technological competition but a complex interplay of technological iteration, resource upgrading, value deepening, and ecological competition [2] - Financial institutions are increasingly measuring the return on investment of large models based on their application rather than just technological advancement [2] - Large models are shifting from internal efficiency improvements to core revenue generation, with applications in smart financial assistants, wealth management, and insurance [2] Group 2: Challenges in Implementation - Data barriers are identified as the biggest challenge, with fragmented data governance hindering transformation efforts [3] - The "hallucination" problem of large models, which refers to generating false or misleading content, remains unresolved, making direct decision-making applications risky [3] - Regulatory lag adds to uncertainty, with concerns that large models could disrupt existing macro-financial systems if they touch on fundamental financial functions [4] Group 3: Solutions and Strategies - Experts suggest constructing a "four-in-one" capability framework encompassing data, technology, application, and organization to gain a competitive edge in the AI paradigm shift [5] - Emphasis on "lightweight" applications and ecological collaboration is crucial, particularly for small and medium-sized banks [5][6] - Talent cultivation is elevated to a strategic level, requiring a shift from simple integration to technology-driven education in financial technology [6]

Group 1 - The core viewpoint of the articles is that the recent announcements from Dongwu Securities and Tianfeng Securities indicate a recovery in the financing environment for the securities industry, driven by increased capital demand and market activity [1][2][3] - Dongwu Securities plans to raise up to 6 billion yuan through a private placement to enhance its subsidiaries, technology finance, wealth management, and market-making businesses, reflecting a broader trend of securities firms seeking to bolster their capital through both equity and debt financing [1][2] - The securities industry has seen a significant decline in equity financing in recent years due to market downturns, with a shift back to equity financing expected as market conditions improve [2][3] Group 2 - The financing strategies of securities firms differ from those of banks and insurance companies, with securities firms relying more on capital markets for direct financing, while banks and insurers depend on deposits and premiums [4][5] - The current trend suggests that securities firms are increasingly using equity financing to support innovative business expansions in areas like technology finance and wealth management, as opposed to traditional banking activities [4][5] - The anticipated mergers and acquisitions in the securities industry are expected to be supported by equity refinancing, which provides necessary capital for strategic investments and resource optimization [6][7]