Banks stocks generally decline, CM Bank (03968) falls 4.35%, Guolian Securities points out that there may be increased pressure on bank interest spreads.
Bank stocks fell across the board, with CM Bank (03968) down 4.35%, CEB Bank (06818) down 2.89%, Minsheng Bank (01988) down 2.87%, and Bank of Communications (03328) and China Citic Bank Corporation (00998) following suit. On the news front, ICBC and ABC will adjust RMB deposit rates from July 25, with the largest reduction in the interest rate for fixed deposit of more than two years, which is 20 basis points. As of the time of publication, the official websites of BOC and CCB have not yet made adjustments, but they are expected to do so soon. According to the information on the ICBC website, the latest policy will be implemented from July 25.
Tech Firm IFlyTek Issues 200 Million Yuan Ultra-Short-Term Bonds
The central parity rate of Renminbi is reported as 7.1358, down 24 points.
On July 24th, the central parity rate of RMB was reported as 7.1358, down 24 points from the previous trading day of 7.1334. Looking to the future, the exchange rate of RMB in the second half of the year is expected to be relatively stable with sufficient support at a reasonable and balanced level. According to Wen Bin, the chief economist of Minsheng Bank, China's good economic fundamentals, coupled with relatively abundant exchange rate management tools, will be sufficient to ensure the exchange rate of RMB in the second half of the year remains basically stable at a reasonable and balanced level. It is expected that the USD-RMB exchange rate will fluctuate bidirectionally within the range of 7.1 to 7.3 most of the time, and the pressure for RMB depreciation will significantly decrease after the Fed's interest rate cut landing. "In the second half of the year, RMB"
Citic Sec: Banks sector is expected to continue to recover positions, recommending two main lines.
As of Q2 2024, banks accounted for 2.45% of the heavyweight stocks held by active funds, up 0.21pct from Q1 2024.
CICC suggests focusing on China Construction Bank Corporation, Agricultural Bank of China, CM Bank, and HSBC Holdings.
CICC released a research report on statistics and valuations of public bank stock funds in the second quarter. The position of bank stock funds was 2.64%, up 0.28 percentage points quarterly, mainly due to the good performance of bank stocks. A-share and H-share banks have risen by 26.3% and 19.4% respectively since the beginning of the year, with state-owned banks and some regional banks performing well. Currently, the overall banking sector is still underallocated by funds by about 10.5 percentage points, which is a historically high level of underallocation, indicating that there is still room for bank stocks to increase their positions. The report mentioned that Northbound funds flowed into CM Bank (03968) and Pufa Bank, while Southbound funds flowed into state-owned banks. In the past 3 years,
GTJA Securities: Diluting the obsession with scale and embracing the new norm of social financing.
PBOC Governor Pan Gongsheng pointed out at the Lujiazui Forum that when the growth of monetary and credit has shifted from supply constraints to demand constraints, if the focus is still on the increase in quantity even in the presence of a "size bias", it obviously contradicts the laws of economic operation. It is expected that the motivation behind banks using bills to pledge loans will significantly weaken, and more attention will be paid to the adjustment of loan structure and improvement of business quality and efficiency. Both social financing and credit will enter a "new normal" of growth.
GF Sec: A summary of the quota and usage of interbank certificates of deposit in the first half of 2024.
Under the policy guidance of idle funds pressure, it is unlikely that state-owned banks will update their filing quotas within the year. In history, only a few urban and rural commercial banks have updated their filing quotas due to the scale of their deposit certificates exceeding the filing quotas, and state-owned banks have no precedent yet.
Minsheng Bank (600016.SH) plans to distribute a dividend of 0.216 yuan per share in 2023, with the ex-dividend and record date on July 12th.
Minsheng Bank (600016.SH) announced plans to distribute a cash dividend of 0.216 per share for the 2023 fiscal year.
Why does the Minsheng Bank shareholders' meeting have the confidence to confront the 20 most concerned questions from investors?
On the afternoon of June 26th, Minsheng Bank (600016.SH), with a market cap of over 150 billion yuan and assets of 7.73 trillion yuan, held an annual shareholder meeting for 2023 that was full of information. The positive side of Minsheng Bank's business has given investors a reassuring pill. In the past year, Minsheng Bank's business development has been more stable, and the structural adjustment of its assets and liabilities has achieved positive results, with continuous improvement in its asset-liability structure. It is worth emphasizing that the bank has always adhered to its established strategic goals, steadily promoted various reforms, and achieved significant results. Through the continued implementation of its strategies and reforms, Minsheng...
Minsheng Bank elected Yang Yu and Long Ping as employee supervisors of the Supervisory Board.
Minsheng Bank (01988) announced that the bank's staff representative assembly has elected Mr. Yang Yu and Mr. Long Ping as the employee supervisors of the bank's 9th supervisory board. Mr. Yang Yu and Mr. Long Ping, along with the 2 shareholder supervisors and 2 external supervisors elected at the bank's 2023 annual shareholder meeting, will jointly form the 9th supervisory board of the bank. The appointment starts at the same time as the shareholder supervisors and external supervisors of the 9th supervisory board of the bank, with a term of 3 years.
Minsheng Bank will distribute a cash dividend of 2.16 yuan per 10 shares on August 5th.
Minsheng Bank (01988) issued a notice stating that the bank will distribute a cash dividend of RMB 2.16 (including tax) per 10 shares on August 5, 2024.
Minsheng Bank (01988) will distribute a cash dividend of 2.16 yuan per 10 shares on August 5th.
Minsheng Bank (01988) announced that the bank will distribute cash dividends of RMB per 10 shares on August 5, 2024.
MINSHENG BANK: POLL RESULTS OF 2023 ANNUAL GENERAL MEETINGCHANGE OF SESSION OF THE BOARD OF DIRECTORSCHANGE OF SESSION OF THE BOARD OF SUPERVISORSELECTION OF CHAIRMANREAPPOINTMENT OF PRESIDENT
Minsheng Bank (01988) will distribute a final dividend of HKD 2.36751 per 10 shares on August 5th.
Minsheng Bank (01988) announced that it will distribute dividends on August 5, 2024 for the period ending December 31, 2023...
Minsheng Bank (01988) elected Yang Yu and Long Ping as employee supervisors of the supervisory board.
Minsheng Bank (01988) announced that the staff representative conference has elected Mr. Yang Yu and Mr. Long Ping as the ninth ...
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Minsheng Bank (01988): Long Ping is appointed as the worker supervisor.
Minsheng Bank (01988) announced that on June 7, 2024, the bank's employee representative conference elected Long Ping as the bank's...
Minsheng Bank (01988) recommends the election of Gao Yingxin, Wang Xiaoyong, and Zhang Juntong as executive directors.
Minsheng Bank (01988) announced that the board of directors of the bank reviewed and approved the "Nomination of Directors for the Ninth Session of the Board...
Trina Solar's factory in Thailand has stopped production, with its main products supplying the European and American markets.
On June 5th, it was reported that Trina Solar Co., Ltd.'s factory in Thailand has also entered a shutdown phase. It is reported that the component production line was shut down at the end of May, and the battery production line is scheduled to be shut down around June 13th. Gao Jifan, the chairman and CEO of Trina Solar, once said that photovoltaic products from the Thailand factory will mainly be used to meet the demands of the European and American markets. Insiders say that the current statement is that the shutdown is temporary and production will resume later, but the timing is uncertain. There are reports that this photovoltaic factory is one of the top 10 enterprises in Thailand, so related suppliers may be impacted. Public information shows that Trina Solar operates in the Loh Rec Industrial Estate, Thailand.
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