【导读】多家公募终止与锦州银行的基金代销合作，其基金销售业务将分别由基金公司与工商银行承接 中国基金报记者 张燕北 日前，易方达、汇添富、工银瑞信基金等基金公司发布公告，宣布终止与锦州银行的代销业务合作。锦州银行近期已被工商银行收购，锦州银行已开展的 基金销售业务将由管理人或工商银行承接。 据工银瑞信基金公告，自2025年10月31日起终止与锦州银行的基金销售业务合作，不再受理投资者通过锦州银行办理本公司旗下基金相关业务的申请。自 2025年11月10日12:00起，公司将承接锦州银行原销售的8只基金产品销售业务。工商银行承接锦州银行原销售的基金产品销售业务，具体业务操作以工商 银行、锦州银行公告为准。 此外，汇添富基金也发布了有关公司终止与锦州银行合作关系的公告。据悉，后续将有更多公司发布相关公告。 基金销售业务将分别由基金管理人与工商银行承接 多家公募宣布终止与锦州银行的代销合作 11月3日，易方达基金发布公告称，经与锦州银行协商一致，公司自2025年11月17日起终止与锦州银行基金销售业务的全部合作，包括旗下基金的认购、 申购、赎回、定投、转换等业务。 "对于本公司承接的存量基金份额，请投资者于2025 ...

【导读】多家公募终止与锦州银行的基金代销合作，其基金销售业务将分别由基金公司与工 商银行承接 中国基金报记者 张燕北 日前， 易方达、汇添富、工银瑞信基金 等基金公司发布公告，宣布终止与锦州银行的代销业 务合作。 锦州银行近期已被工商银行收购，锦州银行已开展的基金销售业务将由管理人或工 商银行承接。 多家公募宣布终止与锦州银行的代销合作 11月3日，易方达基金发布公告称，经与锦州银行协商一致，公司自2025年11月17日起终止 与锦州银行基金销售业务的全部合作，包括旗下基金的认购、申购、赎回、定投、转换等业 务。 "对于本公司承接的存量基金份额，请投资者于2025年11月6日14:00前自行办理本公司承接 的存量基金份额转托管或赎回业务。如投资者在上述时间前未能将基金份额转托管或赎回， 通过锦州银行持有的存量基金份额将转托管至本公司直销渠道。"易方达基金在公告中表示。 同时，该行还发布了业务迁移预通知，中国工商银行将对锦州银行相关业务实施迁移；因相 关迁移需开展IT系统等准备工作，预计自通知发布日起15个工作日之后启动。迁移完成后， 锦州银行相关线上、线下业务将统一迁移至中国工商银行相关线上、线下渠道办理。 ...

Core Insights - The pickup truck market in China is experiencing a significant transformation, particularly with the rise of new energy pickups, which have shown remarkable growth in sales and market share [1][2][4] Group 1: Market Performance - In September 2025, the pickup truck market sold 46,000 units, representing a year-on-year decline of 2% but a month-on-month increase of 15%, maintaining a mid-to-high level compared to the past five years [1] - From January to September 2025, total pickup truck sales reached 432,000 units, marking an 11.2% year-on-year increase [1][6] - New energy pickups sold 4,000 units in September 2025, a year-on-year increase of 104% and a month-on-month increase of 31%, with cumulative sales of 54,000 units from January to September, reflecting a staggering growth of 440% [1][2] Group 2: Market Dynamics - The market for new energy pickups is expected to grow rapidly to meet domestic and international demand, driven by government policies that have eased restrictions on urban access for pickups [1][2] - The "one super, three strong" market structure continues to dominate, with Great Wall Motors leading with nearly 50% market share, followed by Jiangling Motors, Zhengzhou Nissan, and Jiangxi Isuzu [4] - The export of pickups has outperformed domestic sales, with exports accounting for 56% of total sales in September 2025, indicating a strong competitive position for Chinese pickups in international markets [6] Group 3: Regional Insights - The Southwest and Northwest regions account for 44.4% of the overall pickup truck demand, with major cities including Chongqing, Chengdu, Shenzhen, Urumqi, Beijing, and Pu'er leading in sales [3] - Different regions show varying preferences for pickup types, with the western regions favoring diesel and traditional pickups, while eastern cities like Shenzhen exhibit strong demand for new energy pickups [2]

Core Viewpoint - Jinzhou Bank has been acquired by Industrial and Commercial Bank of China (ICBC), marking the end of a six-year risk management process following significant financial troubles and asset quality deterioration [2][9]. Group 1: Acquisition Details - ICBC will take over Jinzhou Bank's assets, liabilities, operations, branches, and personnel as per the acquisition agreement [2]. - Customers of Jinzhou Bank will continue to receive banking services from ICBC, ensuring that depositors' rights are protected [3]. - A business migration notice indicates that services will transition to ICBC's platforms within 15 working days from the announcement [3]. Group 2: Financial Performance - Jinzhou Bank's total assets once exceeded 800 billion yuan, but it faced severe losses starting in 2018, with a net loss of 4.538 billion yuan that year due to a massive increase in asset impairment losses [4]. - The bank's non-performing loan (NPL) ratio surged from 1.04% to 4.99% in 2018, and by the end of 2019, the NPL balance reached 37.685 billion yuan, with an NPL ratio of 7.7% [4]. - As of mid-2022, Jinzhou Bank reported total assets of 826.552 billion yuan and a reduced NPL ratio of 2.87%, but net profit was only 14.2 million yuan, down 23.5% year-on-year [5]. Group 3: Management Issues - The former chairman, Zhang Wei, was implicated in corruption, having allegedly accepted over 244.8 million yuan in bribes during his 17-year tenure [6][7]. - Zhang's management is considered a significant factor in the bank's financial decline, leading to substantial losses and operational issues [7]. Group 4: Risk Management and Resolution - Following the exposure of asset quality risks, Jinzhou Bank faced a liquidity crisis in 2019, prompting regulatory intervention and the introduction of strategic investors to stabilize the situation [8]. - A financial restructuring was initiated, involving the sale of 150 billion yuan in non-performing assets and the introduction of quality shareholders [9]. - The acquisition by ICBC is viewed as a model for resolving regional financial risks through a combination of state-owned bank leadership and market-driven solutions [9].

Core Insights - Jinzhou Bank has officially been acquired by Industrial and Commercial Bank of China (ICBC), marking the end of a six-year reform process aimed at mitigating risks [2][3] - The acquisition includes the transfer of assets, liabilities, business operations, branches, and personnel from Jinzhou Bank to ICBC, with a focus on ensuring that the rights of depositors remain unaffected [2][3] - This acquisition represents a significant move in the banking sector, as it is the first instance of a major state-owned bank fully absorbing an independent city commercial bank [3][4] Summary by Sections Acquisition Details - Jinzhou Bank announced that ICBC will take over its assets, liabilities, business operations, branches, and personnel, as per the signed acquisition agreement [2] - The migration of business operations to ICBC's platforms will occur 15 working days after the notification, with specific timelines to be announced later [2] Business Migration - The migration will include corporate banking services such as settlement accounts, online banking, check services, and payroll services, as well as personal banking services like payment and fund distribution [2] - Certain credit card functionalities will be temporarily unavailable during the transition [2] Market Reaction and Implications - The official announcement of the acquisition signifies the conclusion of Jinzhou Bank's reform efforts, which have been ongoing for nearly six years [3] - The acquisition is viewed as an innovative approach by large commercial banks to address risks associated with smaller financial institutions [3][4] - The move is expected to set a precedent for future risk management strategies within the banking sector [4]

Core Points - Jinzhou Bank has been acquired by Industrial and Commercial Bank of China (ICBC), marking the end of a six-year reform process [2][3] - The acquisition includes the transfer of assets, liabilities, business operations, branches, and personnel from Jinzhou Bank to ICBC [2] - Jinzhou Bank's depositors' rights will remain unaffected by the acquisition [2] Summary by Sections Acquisition Details - Jinzhou Bank announced that ICBC will take over its related assets, liabilities, business operations, branches, and personnel, as per the signed acquisition agreement [2] - The migration of business operations to ICBC's channels will occur 15 working days after the announcement, with specific timelines to be provided later [2] - The migration includes corporate banking services such as settlement accounts, online banking, and personal banking services like payment and fund distribution [2] Current Status - Jinzhou Bank's official website is currently inaccessible, but its mobile banking app remains operational [3] - A customer noted a decrease in interest rates for deposits, aligning with larger banks' rates [3] - As of October 28, the bank's name has not changed, and future announcements will clarify if it will become a branch of ICBC [3] Industry Implications - This acquisition represents a significant move in the resolution of risks associated with smaller financial institutions in China, with ICBC's involvement marking a new phase in risk management [2] - The acquisition is noted as the first instance of a major state-owned bank fully absorbing an independent city commercial bank, differing from more common methods of restructuring or merging regional banks [2][3]

Core Points - On October 26, Jinzhou Bank announced that it will be fully acquired by Industrial and Commercial Bank of China (ICBC), with the transfer of related assets, liabilities, businesses, branches, and personnel [1] - Jinzhou Bank was established in 1997 and listed on the Hong Kong Stock Exchange in December 2015, becoming the third city commercial bank from Northeast China to be listed [1] - The bank faced significant challenges post-listing, including a major performance crisis in 2018 and a severe interbank liquidity crisis in 2019, leading to emergency interventions by regulatory authorities and the introduction of institutional investors [1] Financial Restructuring - Following financial restructuring, Jinzhou Bank's financial indicators improved significantly, with the core Tier 1 capital adequacy ratio rising to 8.85%, 10.38%, and 12.56%, and the non-performing loan ratio decreasing to 1.95% [2] - The restructuring was completed by September 30, 2020, allowing Jinzhou Bank to regain its operational capabilities and stabilize risks [2] - However, the bank's operational performance did not show further improvement, with total assets reported at 826.55 billion yuan and net loans and advances at 574.79 billion yuan as of mid-2022 [2] Financial Performance - From 2017 to mid-2022, Jinzhou Bank's operating revenues were 18.81 billion yuan, 21.28 billion yuan, 23.17 billion yuan, 9.31 billion yuan, 12.57 billion yuan, and 5.56 billion yuan, respectively [2] - The net profits during the same period were 9.09 billion yuan, -4.54 billion yuan, -1.11 billion yuan, 154 million yuan, 10.2 million yuan, and 14.2 million yuan [2] - On April 15, 2024, Jinzhou Bank announced that it would withdraw its H shares from the Hong Kong stock market, marking its exit from the market [2]

Core Viewpoint - The Industrial and Commercial Bank of China (ICBC) has officially acquired Jinzhou Bank, ensuring that the legal rights of depositors remain unaffected [1] Group 1: Acquisition Details - ICBC signed an acquisition agreement to take over Jinzhou Bank's related assets, liabilities, business operations, branches, and personnel [1] - This acquisition marks a significant development in the evolution of risk management strategies for small and medium-sized financial institutions in China, transitioning from the "Baoshang model" to the "Jinzhou model" [1] Group 2: Impact on Depositors - Jinzhou Bank's announcement emphasizes that the legal rights of its depositors will not be impacted by the acquisition [1]

Core Viewpoint - Jinzhou Bank has announced the approval of its assets, liabilities, business, branches, and personnel to be acquired by Industrial and Commercial Bank of China (ICBC), ensuring that the rights of depositors remain unaffected [1] Group 1: Acquisition Details - The acquisition involves a formal agreement between Jinzhou Bank and ICBC, with the transfer of various banking operations and assets [1] - The business migration will include unit customer accounts, online banking, payroll services, and various personal banking services, with adjustments to account numbers for affected customers [2] - The migration process will take place 15 working days after the notification date, with a temporary suspension of certain payment services during the transition [3] Group 2: Background and Historical Context - Jinzhou Bank was established in 1997 and was listed on the Hong Kong Stock Exchange in 2015, becoming the third city commercial bank from Northeast China to do so [4][5] - The bank faced a severe liquidity crisis in 2019, leading to a significant restructuring involving the acquisition of 150 billion yuan in non-performing assets and a capital injection from various institutions [5][6] - Following the restructuring, Jinzhou Bank's capital adequacy ratios improved, but its operational performance has not shown significant recovery, with a reported net profit decline of 23.5% year-on-year as of mid-2022 [6] Group 3: Regulatory Environment - The Financial Regulatory Bureau has emphasized the importance of stabilizing the financial system and has made the reform of small and medium-sized financial institutions a priority in recent years [8][10] - As of mid-2023, the number of small and medium-sized banks has decreased significantly, indicating ongoing consolidation in the sector [8]

Core Points - Jincheng Bank announced on October 26 that Industrial and Commercial Bank of China (ICBC) will acquire its related assets, liabilities, businesses, branches, and personnel [1] - The acquisition agreement has been signed, and ICBC will continue to provide banking services to Jincheng Bank's customers, ensuring that the rights of depositors remain unaffected [1] - The transfer will require IT system preparations, and customers can continue to conduct business through Jincheng Bank's channels during this period [1][2] Group 1 - The acquisition involves the transfer of Jincheng Bank's commercial banking operations and related assets to ICBC [1] - ICBC will adhere to relevant laws and regulations during the acquisition process [1] - A formal announcement will be made prior to the implementation of the transfer and business migration [1] Group 2 - The migration of Jincheng Bank's business to ICBC is expected to occur 15 working days after the notification, with the exact date to be confirmed later [2] - Customers are advised to remain vigilant against potential telecom fraud during the migration period, as no messages with links will be sent by either bank [2]