江苏银行（600919）(600919.SH)于8月22日发布了2025年半年度报告。报告显示，截至2025年6月30 日，该行实现营业收入448.64亿元，同比增长7.78%；其中利息净收入329.39亿元，同比增长19.10%， 占营业收入比重达73.4%，成为业绩增长的核心驱动力。归属于母公司股东的净利润达202.38亿元，同 比增长8.05%。平均总资产收益率(年化)为0.96%，较去年同期下降0.12个百分点。 零售业务同样表现亮眼。报告期末，零售存款余额9484亿元，较上年末增长15.25%；零售贷款余额 6955亿元，较上年末增长3.07%。财富管理业务快速发展，零售AUM规模超1.59万亿元，半年新增突破 1600亿元，创历史新高。个人养老金账户累计开立突破120万户；自营消费贷新增客户数是去年同期的 1.88倍，绿色消费贷款余额较去年同期增加36%。显示出在零售业务领域的深度布局。 小微企业金融服务成效显著。报告期末，全行小微贷款余额超7500亿元，普惠型小微贷款余额2358亿 元，较上年末新增253亿元。科技贷款、涉农贷款分别达2740亿元、2900亿元。江苏银行通过打造产业 服务体系，结 ...

Core Viewpoint - The company faces governance issues due to a delay in disclosing a significant strategic cooperation agreement, leading to regulatory scrutiny and potential market concerns [2][3][4]. Group 1: Regulatory Actions - The controlling shareholder, Wuxin Investment Holdings, received a warning letter from the Dalian Securities Regulatory Bureau for failing to disclose important information in a timely manner [3][4]. - The warning specifically pertains to a strategic cooperation agreement signed on July 22, 2025, which was not disclosed until August 15, 2025, resulting in a 24-day delay [2][3]. Group 2: Strategic Cooperation Agreement - The strategic cooperation agreement involves Wuxin Investment Holdings, Wuhan Credit Investment Group, Wuhan Kaisheng Economic and Trade Development, and the former controlling shareholder, Dalian Friendship Group [3]. - The agreement aims to terminate a previous cooperation agreement from 2016 and outlines resource allocation to enhance Dalian Friendship's operational performance, including potential shareholding and retail business collaborations [3]. Group 3: Market Impact and Financial Performance - The company reported significant stock price volatility, with a cumulative decline of over 20% in three consecutive trading days prior to the disclosure of the regulatory warning [5][6]. - Dalian Friendship's half-year performance forecast indicates a projected net loss of between 30 million to 38 million yuan for the first half of 2025, worsening from a loss of 26.41 million yuan in the same period last year [6]. - The reasons for the anticipated loss include tax penalties from real estate operations, declining sales and profit margins in physical retail due to regional competition, and increased financial expenses from rising debt [6].

人民同泰股价报8.34元，较前一交易日下跌0.04元。盘中最高触及8.40元，最低下探8.26元，成交量为 10.15万手，成交金额0.85亿元。 公司主营业务为医药商业，涵盖药品批发、零售等业务。2025年上半年实现营业收入51.49亿元，同比 增长3.29%，但归母净利润7257.92万元，同比下降46.31%。业绩下滑主要受集采政策影响，批发业务毛 利率承压，同时应收账款减值计提同比增加43.8%。 最新公告显示，公司上半年信用减值损失达3389.26万元，其中2-3年账龄应收账款坏账计提比例高达 83.11%。 风险提示：投资有风险，入市需谨慎。 ...

来源：瑞恩资本RyanbenCapital 继早前市场传闻中概股禾赛科技(HSAI)、小马智行(PONY)已以保密形式申请香港第二上市，最新又传 出连锁酒店品牌亚朵(ATAT)正在考虑赴香港第二上市。 报道指，亚朵正与顾问合作，计划在香港上市募资数亿美元。 知情人士指，有关事项仍在筹措之中，交易规模等细节尚未确定。 亚朵，作为一家中国领先的生活方式集团，主要经营酒店、零售两大业务板块。根据Frost & Sullivan的 资料，按2024年底的客房数量来看，亚朵为中国最大的中高端酒店连锁。公司的酒店网络已覆盖中国 209个城市，共计1,619家酒店、183,184间客房。 亚朵(Atour)于2022年11月11日在美国纳斯达克挂牌上市，目前其市值约45.85亿美元。 版权声明：所有瑞恩资本Ryanben Capital的原创文章，转载须联系授权，并在文首/文末注明来源、作 者、微信ID，否则瑞恩将向其追究法律责任。部分文章推送时未能与原作者或公众号平台取得联系。 若涉及版权问题，敬请原作者联系我们。 更多香港IPO上市资讯：www.ryanbencapital.com ...

收购后国信证券有望通过业务赋能，提升综合杠杆水平驱动万和证券ROE 提升，实现协同效应，同时 间接实现了对国信证券的资本补充。此外，2025 年7 月21日，多部门联合发布《海南自由贸易港跨境资 产管理试点业务实施细则》，本次收购注册地在海南的万和证券后，有望率先获得试点机构资格，发挥 专业优势。 零售业务优势突出，充分受益于个人投资驱动的牛市（1）市占率提升：国信证券自身线上平台获客以 及服务能力领先，同时也是与支付宝合作的5 家券商中的头部券商，线下零售网点布局全国，营销能力 强，充分受益于本轮个人投资者驱动的市场行情。2024 年末国信证券期末客户保证金规模907 亿元，同 比+62%，较2024H1 末增长48%，入金增幅表现在头部券商中领先，体现公司零售业务能力优势。2024 年公司股基交易市场份额2.75%，同比增长约15%，我们预估公司2024 年开户数市占率领跑行业，为后 续交易市占率增长奠定增量客户基础，具有成长性。（2）投顾服务产品体系化成熟，支撑佣金率与业 务盈利能力：国信证券拥有较强的线上线下获客与营销能力、交易服务能力、投顾服务品牌力、高净值 客户服务能力，公司净佣金率水平万3 高于 ...

Group 1 - The core point of the article is the latest progress regarding the sale of the port assets by Cheung Kong Holdings, which is seeking to invite major strategic investors from mainland China to join the consortium involved in the transaction [1][7] - Cheung Kong Holdings announced that the exclusive negotiation period with a consortium has expired, and discussions are ongoing to modify the consortium's membership and transaction structure to obtain necessary regulatory approvals [1][9] - The company emphasized that no transaction will occur until all relevant regulatory approvals are obtained [1][9] Group 2 - Following the announcement, Cheung Kong Holdings' stock price initially surged over 2% before experiencing a rapid decline [3] - The transaction involves the sale of a 90% stake in a Panamanian port company, which operates two ports, as well as 80% effective control rights in 199 ports across 23 countries [8] - The deal is expected to generate over $19 billion (approximately HKD 148.2 billion) in cash revenue for Cheung Kong Holdings [8]

在当前金融市场竞争日益激烈的背景下，南通农商银行创新推出城区网格深耕百日攻坚行动，通过精细 化运营和数字化转型，探索出一条具有农商银行特色的零售业务转型发展之路。这一创新举措不仅提升 了金融服务质效，更为地方经济发展注入了新动能，取得了显著成效。 精准划分责任网格，实现服务全覆盖 南通农商银行突破传统"广撒网"式的营销模式，创新实施网格化服务管理。该行将崇川城区和开发区科 学划分为若干网格"责任田"，每个网格配备专属服务团队，实现"一格一团队"的精准服务模式。各支行 在规定时间内完成"责任地图"绘制工作，明确每位客户经理和柜员的服务范围和服务对象。为确保服务 实效，该行建立了严格的督导检查机制，通过定期抽查、随机走访等方式，检验员工对网格内商户经营 状况和居民金融需求的了解程度。一位支行负责人表示："现在每个社区、每栋商务楼都有专人负责， 金融服务更加精准到位。" 创新营销服务模式，满足多元化需求 在为期三个月的攻坚行动中，该行开展了形式多样的营销服务活动。员工利用班后时间开展"扫街入 户"活动，深入了解客户需求；定期举办厅堂沙龙和社区金融知识讲座；通过企业微信建立长效服务渠 道，实现线上线下（300959） ...

Core Viewpoint - Retail banking is a crucial focus for commercial banks' transformation, facing challenges in 2024, but remains a key growth engine under policies promoting domestic demand and consumption [1] Retail Customer Situation - In 2024, 29 listed banks reported over 4.6 billion retail customers, an increase of 120 million from 2023, indicating intense competition in personal financial services [2] Retail Deposits and Loans - By the end of 2024, household deposits reached 152.3 trillion yuan, a 10% year-on-year increase, with 57 listed banks reporting retail deposits totaling 109 trillion yuan, accounting for 71.5% of the industry [5] - All 57 banks reported an increase in personal deposit scale, with the highest growth exceeding 30%. For instance, the average cost rate of retail customer deposits for China Merchants Bank was 1.44% [5] - The total amount of household loans was 82.8 trillion yuan, growing by 3% year-on-year, with retail loans from 57 listed banks totaling 64 trillion yuan, representing 77% of the industry [7] Retail Loan Structure - Among 59 sample banks, 29 saw an increase in personal housing loans, with some banks like Zheshang Bank and Guizhou Bank exceeding 10% growth. Consumer loans also saw significant increases, with some banks reporting over 40% growth [10] Retail Business Income - Of the 55 banks reporting retail line performance, 24 experienced year-on-year growth in retail business income, while 19 saw profit increases. However, half of the banks reported increased credit impairment losses, with the highest increase reaching 180% [12] - Interest income remains the primary source of retail business revenue, averaging 90% of total income, with many banks relying on inter-departmental interest income to support retail loan growth [12] Retail Business Risk - Most listed banks reported retail business non-performing loan ratios between 1% and 3%, with some city commercial banks nearing 5%. Housing loans showed the best asset quality, while risks in operating loans from regional banks need attention [14]

日前，顺德银行向深交所提交了《广东顺德农村商业银行股份有限公司关于撤回首次公开发行股票并在 主板上市申请文件的申请》，保荐人向深交所提交了《中国国际金融股份有限公司关于广东顺德农村商 业银行股份有限公司撤回首次公开发行股票并在主板上市申请文件的申请》。根据《深圳证券交易所股 票发行上市审核规则(2024年修订)》第六十二条的有关规定，深交所决定终止对顺德银行首次公开发行 股票并在主板上市的审核。 中国经济网北京7月5日讯 深交所网站昨日发布关于终止对广东顺德农村商业银行股份有限公司(以下简 称"顺德银行")首次公开发行股票并在主板上市审核的决定。 深交所于2023年3月3日依法受理了顺德银行首次公开发行股票并在主板上市的申请文件，并依法依规进 行了审核。 顺德银行主要业务包括公司业务、零售业务、同业业务。 截至2024年6月30日，顺德银行无控股股东或者实际控制人。截至2024年6月30日，美的集团股份有限公 司持有顺德银行股份492,472,771股，占本次发行前总股本9.69%；佛山市顺德区诚顺资产管理有限公司 持有顺德银行376,532,361股股份，占顺德银行发行前总股本7.41%；广东万和集团有限公 ...

Group 1: Company Overview - Atour (ATAT.O) is positioned as a lifestyle brand group starting from the mid-to-high-end hotel market, rapidly rising through differentiated positioning and a diverse brand matrix, focusing on balancing experience and efficiency [12][10] - The company has launched a new three-year strategy "China Experience, Two Thousand Good Hotels," entering the era of a thousand stores, with increasing scale and market share compared to domestic mid-to-high-end chain hotels [12][10] - Atour's retail business has become a significant innovation growth driver, creating a unique commercial closed loop that deeply integrates accommodation and retail services [12][10] Group 2: Business Model and Growth Drivers - The company utilizes a unique franchise model for rapid expansion, balancing efficiency and experience through refined operations and differentiated experiences, meeting investor return expectations and consumer demand for quality service [12][10] - Atour's retail business leverages hotel scenarios to create a unique commercial closed loop, innovatively transforming accommodation spaces into retail scenes, thus forming a complete consumer touchpoint matrix [12][10] - The loyalty program, A-Card, has accumulated over 96.7 million registered individual members, enhancing user loyalty through personalized services [12][10] Group 3: Investment Analysis - The investment analysis suggests a target market value of $5.8 billion for Atour, corresponding to a 30% increase from the current market value, based on a relative valuation method with an average industry PE of 26 times for 2025 [12][10] - The report emphasizes the potential for Atour to capture market share in the growing mid-to-high-end hotel sector, supported by its innovative business model and strong brand positioning [12][10] Group 4: Suzhou Bank Overview - Suzhou Bank (002966) has seen its major shareholder, Guofang Group, increase its stake to 15%, becoming the controlling shareholder, with plans to further increase holdings by at least 400 million RMB over the next six months [11][13] - The bank is characterized as a rare high-quality asset with strong regional presence, substantial provisions, and excellent performance, with expectations for improved revenue in the upcoming interim report [16][11] Group 5: Financial Performance and Projections - The bank's net profit is projected to grow at a compound annual growth rate of 7.3% to 8.3% from 2025 to 2027, with a current price-to-book ratio of 0.76 times for 2025 [16][11] - The report highlights the bank's strong asset quality, with a non-performing loan ratio of approximately 0.83% and a high provision coverage ratio of 447% as of Q1 2025, indicating stability and resilience in performance [16][11] Group 6: Industry Trends - The report indicates a positive outlook for the communication industry, with a focus on AI computing networks, satellite communications, and overall industry optimization, suggesting a robust growth trajectory [27][25] - The communication sector is expected to see significant profit growth, with several companies projected to achieve over 50% year-on-year growth in net profit for Q2 2025 [27][25]