1. Report's Industry Investment Rating - No information provided in the content. 2. Core Viewpoints of the Report - In 2025, the micro - loan ABS market maintained growth vitality. With policy driving, the ABN sub - market's popularity continued to rise, and multiple market players accelerated their layout. Facing the "asset shortage" pressure in the era of low - interest rates, the market was entering a new stage of actively embracing high - quality underlying assets. In the future, the micro - loan ABS market is expected to have growth space, with the co - existence of head - effect and diversification among asset providers, and the securities' low - interest environment will continue. Meanwhile, the asset credit quality will remain stable, and the risk - bearing capacity of outstanding securities will gradually increase, making it still worthy of allocation [2][46][47][48]. 3. Summary According to Relevant Catalogs 3.1 Micro - loan ABS Market Issuance Situation 3.1.1 ABN Market Continuously Drives Double - growth of Micro - loan ABS - In 2025, the overall number and scale of micro - loan ABS issuances increased slightly year - on - year, and the market share remained stable. The total issuance was 268 units, with a 7.20% year - on - year increase, and the issuance scale was 269.813 billion yuan, a 14.05% year - on - year increase. The proportion in the total issuance scale of asset - backed securities was 11.85%, basically the same as last year. The ABN market was strong with 125 units issued, totaling 108.23 billion yuan, a 60.26% and 40.80% year - on - year increase respectively, ranking first. The exchange - market issuance number decreased by 16.88% to 133 units, but the scale increased by 8.42% to 102.938 billion yuan. The credit ABS market continued to decline, with 10 units issued, a 16.67% year - on - year decrease, and the scale decreased by 9.46% to 58.645 billion yuan [4][5]. 3.1.2 Trust Companies and Commercial Banks Remain the Main Issuers - In 2025, there were 30 initiators/ original equity holders for micro - loan ABS, with trust companies and commercial banks as the main issuers. Trust companies issued 207 units, with a scale of 174.272 billion yuan, accounting for over 60% in both number and scale, an increase from last year. The top three trust companies in terms of issuance scale were China Foreign Economy and Trade Trust, Huaxin Trust, and Huaneng Trust, accounting for 17.34%, 13.45%, and 12.15% respectively. Commercial banks issued 10 units, accounting for 3.73% in number, but the scale was 58.645 billion yuan, accounting for 21.74%. The "Feichi Jianpu" series of China Construction Bank accounted for 18.39%. The average issuance scale of commercial banks' single project was 5.865 billion yuan, significantly higher than other institutions (818 million yuan) [7][9]. 3.1.3 The Head - effect of Asset Providers is Significant but the Rhythms are Differentiated, with More Participating Institutions and Diversified Asset Types - In 2025, there were 6 types of asset providers for micro - loan ABS. Private banks continued to be active, with an issuance scale of 110.2 billion yuan from 104 units, a 56.53 - percentage - point increase from last year, accounting for 40.84%. Internet platforms maintained a relatively small single - period scale and a fast issuance rhythm, with 79.05 billion yuan from 106 units, a 26.08 - percentage - point increase, accounting for 29.30%. Commercial banks kept a stable rhythm, with 58.645 billion yuan from 10 units, a 10.01 - percentage - point decrease, accounting for 21.74%. The issuance rhythm of financing guarantee companies slowed down, with 15.854 billion yuan from 28 units, a 48.91 - percentage - point decrease, accounting for 5.88%. Small - loan companies and property insurance companies also remained active. The head - effect was still significant, with different issuance rhythms among leading institutions like MYbank, Ping An Guarantee, and Meituan. In addition, many new issuers entered the market in 2025 [11][13][17]. 3.1.4 The Securities Issuance Cost Stabilizes after a Decline, with Obvious Interest - rate Differences in Different Markets - In 2025, the issuance rate of micro - loan ABS generally followed the trend of the ChinaBond Medium - and - Short - Term Note Yield, rising slightly at first, falling in the middle of the year, and stabilizing in the second half. The average issuance rates of AAAsf - level securities within 1.5 years in credit ABS, ABN, and exchange - ABS were 1.79%, 1.99%, and 2.04% respectively, with credit ABS having a significantly lower rate [19][23]. 3.1.5 The Securities Issuance Levels and Layers are Diversified to Meet Investors' Diverse Product - Structure Needs - In 2025, most micro - loan ABS products had multi - layer structures. The 268 units issued involved 943 securities, among which 661 had credit ratings, with a scale of 243.413 billion yuan, and the ratings ranged from BBBsf to AAAsf. AAAsf - level securities accounted for 95.22% in scale, with 354 units issued and a scale of 231.79 billion yuan. The diversification of the layered structure and credit ratings could balance risks and returns more flexibly and enhance the product's attractiveness to investors [25][27]. 3.1.6 The Average Balance per Loan, Term, and Yield of Pooled Assets Show Differentiation - In terms of the average balance per loan, the credit ABS market had a higher average balance as its asset providers were all commercial banks with high - quality customers or collateral - backed loans. The exchange - ABS and ABN products had more diverse asset providers with lower - end customers and smaller, more dispersed loans. The weighted average contract term of all markets was within 3 years. The ABN and exchange - ABS had higher weighted average yields as their asset providers were mainly internet platforms, private banks, and small - loan companies, while the credit ABS had a yield as low as 4.11% due to its commercial - bank asset providers [30][33]. 3.2 Micro - loan ABS Performance during the Outstanding Period 3.2.1 The Outstanding Scale of the Micro - loan ABS Market Grows Steadily - By the end of 2025, the outstanding scale of the micro - loan ABS market was 224.336 billion yuan, accounting for 6.27%, with a 10.24% year - on - year increase, showing a stable growth trend after a decline in 2024 [35]. 3.2.2 The Asset Default Rate of Micro - loan ABS Remains Low, and the Asset Credit Quality Remains Stable - As of the end of 2025, the 90 + cumulative default rate of outstanding micro - loan ABS products was between 0.00% and 1.72%, and most were below 1.50%, with an average of 0.94%, a 0.20% increase from the end of 2024. Generally, commercial banks had a lower default rate than internet platforms. Improvements in asset - pool quality and transaction structure usually led to credit - rating upgrades for micro - loan ABS products, and there were no downgrades in 2025 [36][38][42]. 3.2.3 There are Large Differences in the Recycling Purchase Multiples during the Outstanding Period - In 2025, 194 out of 268 issued micro - loan ABS projects had a recycling purchase structure, accounting for 72.39%, mainly in exchange - ABS and ABN products, with internet platforms and trust companies as the main initiators. The average recycling purchase multiple of the selected samples was 2.19, with 2.41 for products with internet - platform asset providers and 2.13 for those with commercial - bank asset providers. The multiples varied greatly due to differences in product settings and outstanding periods [43][44]. 3.3 Summary and Outlook 3.3.1 Driven by Policies and Market Vitality, the Micro - loan ABS is Expected to Have Growth Space in the Future - In 2025, the ABN market was the most active in micro - loan ABS issuance, with a 40.11% share and a 40.80% year - on - year increase in scale. The exchange market also remained active, with a 38.15% share and an 8.42% year - on - year increase. The credit ABS market continued to decline, but commercial - bank credit ABS had a large single - period scale. With the support of inclusive - finance policies, all issuance markets are expected to develop stably [46]. 3.3.2 The Co - existence of Head - effect and Diversification among Asset Providers, and the Low - interest Environment of Securities Issuance Continue - In 2025, the head - effect of asset providers was significant, but more institutions participated in the market, enriching the asset types. The market activity is expected to increase. The issuance rate of micro - loan ABS securities remained low in 2025, and the low - interest environment is expected to continue [47]. 3.3.3 The Asset Credit Quality Remains Stable, the Risk - bearing Capacity of Outstanding Securities Increases, and it Still has Allocation Value in the Future - Although the cumulative default rate of micro - loan ABS assets varies, it remains at a low level. As the remaining term of the underlying assets shortens, the asset - pool quality will improve, and the credit support for senior securities will increase. With multiple factors, the micro - loan ABS still has allocation value [48].

Core Viewpoint - The article emphasizes the importance of anti-money laundering (AML) efforts in the banking sector, highlighting how these practices enhance professional skills, demonstrate responsibility, and protect personal reputation [1] Group 1: Professional Development - Implementing AML measures serves as a "grinding stone" for honing professional capabilities, requiring sharp risk identification, rigorous logical analysis, and effective communication skills [1] - Daily adherence to AML requirements encourages practitioners to actively learn policies and regulations, study typical cases, and familiarize themselves with suspicious account characteristics and transaction standards [1] - Engaging with clients during verification processes helps develop communication techniques and emotional management skills, which are highly transferable across various roles such as risk control and compliance [1] Group 2: Responsibility and Accountability - Practicing AML is a "touchstone" for demonstrating responsibility, as each financial operation impacts the wealth security of countless families [1] - Blocking a suspicious transaction can protect critical funds for families, such as emergency savings or retirement funds, reinforcing the commitment to safeguarding financial security [1] - Diligently conducting every verification and inquiry reflects a commitment to clients and society, contributing to a sense of professional achievement that is invaluable [1] Group 3: Reputation Management - Adhering strictly to AML regulations acts as a "firewall" for personal reputation, with compliant practitioners viewed as "reliable wealth guardians" by clients [1] - Negative labels from violations can have lifelong impacts on one's standing in the industry, underscoring the importance of compliance in reputation protection [1] - Many individuals face consequences for relaxing their standards, reinforcing the notion that maintaining compliance is crucial for safeguarding one's reputation [1]

Group 1 - Company Hengbao Co., Ltd. won a procurement project from China Construction Bank with a bid amount of 91.0059 million yuan [1][2] - In 2024, the company's operating revenue was 903 million yuan, with a revenue growth rate of -28.47% [2] - The net profit attributable to the parent company for 2024 was 95 million yuan, showing a net profit growth rate of -39.70% [2] Group 2 - In the first half of 2025, the company's operating revenue was 430 million yuan, with a revenue growth rate of -8.64% [2] - The net profit attributable to the parent company for the first half of 2025 was 35 million yuan, reflecting a net profit growth rate of -44.41% [2] - The company operates in the information technology industry, with main product types including integrated circuits, plastic packaging products, printed materials, and smart commercial equipment [2]

Market Performance - The Hang Seng Index rose by 467.21 points, an increase of 1.76%, closing at 27,027.16 points [1] - The H-share Index increased by 136.95 points, closing at 9,168.33 points, a rise of 1.52% [1] - The Hang Seng Tech Index gained 71.4 points, closing at 5,417.6 points, up by 1.34% [1] - The total turnover on the main board was 255.14 billion HKD [1] Blue Chip Stocks - Tencent Holdings increased by 2.28%, closing at 560 HKD [1] - Hong Kong Exchanges and Clearing rose by 2.7%, closing at 418.6 HKD [1] - HSBC Holdings saw a rise of 3.34%, closing at 139.3 HKD [1] - China Mobile decreased by 2.12%, closing at 78.5 HKD [1] Local Hong Kong Stocks - Cheung Kong Holdings rose by 1.7%, closing at 46.62 HKD [1] - Sun Hung Kai Properties increased by 3.46%, closing at 131.5 HKD [1] - Henderson Land Development rose by 2.5%, closing at 32.78 HKD [1] Chinese Financial Stocks - Bank of China increased by 0.86%, closing at 4.7 HKD [1] - China Construction Bank rose by 1.38%, closing at 8.08 HKD [1] - Industrial and Commercial Bank of China increased by 0.46%, closing at 6.52 HKD [1] - Ping An Insurance saw a rise of 4.89%, closing at 73 HKD [1] - China Life Insurance increased by 3.98%, closing at 35.04 HKD [1] Oil and Petrochemical Stocks - China Petroleum & Chemical Corporation decreased by 0.37%, closing at 5.33 HKD [1] - China National Petroleum Corporation fell by 1.29%, closing at 9.16 HKD [1] - CNOOC Limited saw a slight decrease of 0.08%, closing at 24 HKD [1]

Group 1 - The core viewpoint of the news is the performance and details of the Wanjiac ZHONGZHENG Hong Kong Stock Connect Central Enterprise Dividend ETF (159333), which has seen a decrease in both share count and total assets since the beginning of the year [1][2] Group 2 - The fund was established on August 21, 2024, with a management fee of 0.50% and a custody fee of 0.10% [1] - As of February 6, 2025, the fund had 334 million shares and a total size of 487 million yuan, reflecting a 15.66% decrease in shares and a 13.08% decrease in size compared to December 31, 2024 [1] - The fund's recent trading activity shows a cumulative transaction amount of 416 million yuan over the last 20 trading days, with an average daily transaction amount of approximately 20.82 million yuan [1] Group 3 - The current fund manager is Yang Kun, who has managed the fund since its inception, achieving a return of 48.23% during the management period [2] - The top holdings of the fund include COSCO Shipping Holdings, China Shenhua Energy, CNOOC, Sinopec Engineering, China National Offshore Oil Corporation, China Merchants Energy Shipping, CITIC International, PetroChina, China Coal Energy, and China Construction Bank, with respective holding percentages [2]

转自：新华财经 编辑：赵鼎 建行山东省分行不满足于基础融资服务的"标配"，深耕外贸提质增效赛道，主动向绿色贸易、数字贸易 等高端业态聚焦发力。2025年，该行依托"鲁贸贷"赋能外贸企业1400余户，投放贷款超30亿元；通过协 办跨境电商生态大会、参与"万企出海"行动，以金融纽带助力"好品山东"走向全球，同时率先推出"关 银一KEY通"，服务8.2万余家企业，实现报关、结算、融资"一站式"办结，提升贸易便利度。 同时，该行积极推动高水平"走出去"与"引进来"同频共振，为万华、重汽等行业龙头量身定制跨境供应 链金融方案，实现境内外资金流、物流、信息流的无缝衔接与协同联动。该行精准对接国家重点战略项 目，为魏桥集团几内亚西芒杜铁矿项目注入5.68亿元境外融资"活水"。截至2025年末，该行"走出去"项 目融资余额已稳步攀升至45亿元。 此外，建行山东省分行不断夯实服务根基，精选30家特色支行、70家网点打造国际业务服务矩阵。自 2019年底建行"全球撮合家"平台上线以来，该行依托该平台举办33场跨境撮合活动，联动1.6万家企 业，达成超10亿元合作意向；以"跨境快贷"产品累计投放信贷资金9.55亿元，助力山东厚朴生 ...

转自：新华财经 内需旺则经济兴。在济南的一家商场里，退休教师李女士轻点手机，用"建行生活"App积分抵扣完成支 付，30元优惠迅速到账；在烟台的一家家电卖场，市民张女士凭借平台领取的政府补贴资格，为新家购 置冰箱省下数百元。 截至目前，建行山东省分行实现3000余家设备更新重点客户对接全覆盖，累计投放贷款超50亿元；在服 务消费与养老领域投放贷款500亿元，个人消费贷款投放500亿元；信用卡消费交易额超1300亿元，新能 源车分期交易额超23亿元；2025年个人住房贷款发放额达214亿元，精准助力房地产市场平稳运行与民 生改善。（戚麟） 编辑：赵鼎 2025年，建行山东省分行将政府消费券发放、商户数字化转型与百姓实惠紧密串联，打造"银行搭台、 政企联动、市民受益"的活力生态，依托"建行生活"平台承接政府消费券9.57亿元，拉动地方消费44.8亿 元，惠及近76万消费者，合作商户销售额显著攀升。 针对"以旧换新"政策落地痛点，建行山东省分行引入OCR图像识别技术，将繁琐的信息填报转化为智能 读取；新增11家本土银行绑卡支付，打通微信支付渠道，降低消费支付门槛；筑牢智能风控防线，通过 大数据模型精准拦截"代领套券 ...

Investment Rating - The industry rating is "Buy" [4] Core Views - The trade return ratio has turned positive again, and the service trade deficit has significantly narrowed [16][18] - The cross-border capital flow is expected to gradually return, positively impacting domestic liquidity [5][19] - The service trade deficit for December 2025 was 966 billion CNY, a year-on-year decrease of 466 billion CNY, with a full-year deficit of 13,760 billion CNY, down 2,544 billion CNY, approximately 16% [18] Summary by Sections 1. Current Observation - The State Administration of Foreign Exchange (SAFE) released data on China's international balance of payments for December 2025, indicating a potential impact on the central bank's willingness to settle foreign exchange [16] - The trade return ratio is at a historical high, with a monthly unconverted trade net outflow of 447 billion CNY, a year-on-year increase of 1,392 billion CNY [17] 2. Arbitrage Trading Returns - The arbitrage trading return rate for 10Y US Treasury bonds in CNY has dropped significantly to -1.77%, indicating a shift in cross-border capital dynamics [17] 3. Service Trade Deficit - The service trade deficit has narrowed significantly, with major contributions from improved policies for foreign visitors, reduced international shipping costs, and enhanced competitiveness in high-tech services [18] 4. Cross-Border Liquidity Outlook - Despite the recent appointment of Kevin Warsh as the next Federal Reserve Chair, the trend of cross-border capital return is expected to continue, influenced by the Fed's monetary policy stance [19][21] - The short-term liquidity in the US remains tight, with limited space for balance sheet reduction, while long-term prospects depend on economic performance [20][21]

南财智讯2月8日电，振华股份公告，因全资子公司重庆民丰化工有限责任公司迁建"铬钛新材料绿色智 能制造环保搬迁项目"资金需求，公司与中国建设银行股份有限公司重庆潼南支行签订《保证合同》， 为其提供不超过人民币76000.00万元的连带责任担保；因控股子公司厦门首能科技有限公司经营性资金 需求，公司与中国农业银行股份有限公司厦门莲前支行签订《最高额保证合同》，为其办理最高额度为 人民币2000.00万元的综合授信业务提供连带责任担保。上述担保均无反担保。 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Insights - Bank stocks have outperformed the market, with the banking index rising by 1.70% while the CSI 300 index fell by 1.33%, indicating a shift in market sentiment towards underperforming sectors [1] - Quality city commercial banks have shown superior performance, with city commercial banks increasing by 3.27% compared to state-owned banks at 0.35% and joint-stock banks at 1.84% [1] - The banking sector is expected to enter a growth cycle in 2026, with projected revenue and net profit growth rates of 2.8% and 2.6% respectively, indicating a gradual recovery [3] - The opportunity cost of investing in bank stocks remains low, with a 10-year government bond yield at 1.80% and bank stock dividends around 4.4%, providing a 2.6 percentage point premium [3] - The report emphasizes the importance of new growth drivers, particularly recommending Nanjing Bank for its strong management and market position [3] Summary by Sections Industry Performance - The banking sector ranked sixth among 31 primary industries, with a weekly increase of 1.70% [1] - The performance of various bank types showed that city commercial banks had the highest weekly increase at 3.27% [1] Individual Bank Events - Qilu Bank reported a 5.1% year-on-year increase in revenue and a 14.6% increase in net profit, aligning with market expectations [2] - Ningbo Bank's executive appointment was approved, indicating stability in management [2] Investment Outlook - The report maintains a positive outlook for bank stocks in 2026, suggesting a rebalancing of market styles and a favorable environment for bank valuations [3] - Recommendations include major state-owned banks and a focus on mid-sized banks with new growth potential, particularly Nanjing Bank, Shanghai Bank, and others [4][6]