21世纪经济报道记者 黄子潇 深圳报道 据深圳金融监管局批复信息，柏立军近日获批出任中信银行国际（中国）董事长。 记者从接近该行人士获悉，本次调整为"上兼下"，柏立军仍在该行的香港母行中信银行（国际）正常履 职。 从股权关系来看，中信银行国际（中国）是中信银行（国际）在深圳设立的外商独资银行，而中信银行 （国际）则是中信银行通过中信国金在香港设立的境外子公司。这也是该行"国际""中国"双后缀的由 来。 官网显示，柏立军现为中信银行（国际）副行政总裁兼公司业务总监，负责提升公司业务产品实力以及 整体业务监控，积极推动该行与中信银行及中信集团的联动合作。他于2006年由北京银行转投中信银行 总行金融市场部工作，后历任中信集团董事长助理、中信银行董事及监事会办公室副总经理，直至调任 香港。他持有南开大学经济学学士学位及中国人民大学金融学硕士学位。 此外，今年1月记者曾报道，中信银行(国际)在深圳全资设立的科技子公司——信银数智正式展业。记 者从开业仪式上获悉，信银数智正是在中信银行国际（中国）金融科技研发中心的基础上成立的，其董 事长林肇业亦是从香港母行派驻，现任母行资讯科技总监。 林肇业表示，信银数智定位为中信银 ...

Investment Rating - The report rates the banking industry as "Outperform" [1] Core Insights - Recent monetary policy adjustments, including a 0.5 percentage point reduction in the reserve requirement ratio and a 0.1 percentage point decrease in policy interest rates, are expected to stabilize market expectations and provide approximately 1 trillion yuan in long-term liquidity [2][3] - The establishment of financial asset investment companies by three joint-stock banks aims to enhance their ability to serve the real economy, although it may put pressure on their capital and asset quality [4][5] - The banking sector is viewed positively, with a focus on high dividend investment opportunities, particularly in undervalued banks such as China Merchants Bank and Agricultural Bank of China [1] Summary by Sections Monetary Policy - The People's Bank of China has implemented a series of policies to support market stability, including lowering the reserve requirement ratio and interest rates [2][3] - Specific measures include reducing the LPR by approximately 0.1 percentage points and adjusting various structural monetary policy tool rates [2] Financial Asset Investment Companies - Three joint-stock banks are in the process of establishing financial asset investment companies to enhance their service capabilities for the real economy [4] - This move is seen as a response to the slowing credit growth among joint-stock banks and aims to optimize corporate capital structures [5] Market Performance - The banking sector index increased by 1.88% this week, while the overall A-share index rose by 2.74%, indicating a slight underperformance of the banking sector [12] - Among different types of banks, joint-stock banks showed a notable increase of 3.79%, while state-owned banks experienced a decline of 0.89% [12][19] Individual Bank Performance - All A-share banks saw an increase in stock prices, with joint-stock banks leading the gains, particularly Shanghai Pudong Development Bank and China Merchants Bank [19][21] - The average price-to-book (P/B) ratio for state-owned banks is 0.67X, while joint-stock banks have a lower average P/B of 0.54X [21] Bond Market and Financing - The bond market saw a total financing of 1.749 trillion yuan this week, with net financing increasing significantly compared to the previous week [44] - The issuance of interbank certificates of deposit reached 857.9 billion yuan, reflecting a substantial increase in issuance volume [59]

Market Overview - The A-share market showed mixed performance with the Shanghai Composite Index up by 0.08% at 3371.86 points, while the Shenzhen Component Index and the ChiNext Index fell by 0.24% and 0.23% respectively, and the North Star 50 Index decreased by 0.37% [1] - The total trading volume for the market reached 907.2 billion yuan, an increase of 43.4 billion yuan compared to the previous day, with over 3400 stocks declining [1] Banking Sector Performance - Bank stocks collectively strengthened, with several banks such as Shanghai Pudong Development Bank, Shanghai Bank, Jiangsu Bank, and Chengdu Bank reaching historical highs [1] - Various bank ETFs, including Southern Bank ETF, Fortune Bank ETF, and Huaxia Bank ETF, experienced increases in their indices [1] Insurance Investment in Banking Stocks - Insurance capital has made at least 13 significant investments in banking stocks this year, with six of these being direct investments in banks, including Agricultural Bank of China and Postal Savings Bank [5] - As of May 8, 2025, insurance capital held bank stocks valued at 0.69 trillion yuan, an increase of 0.16 trillion yuan from the end of 2023, indicating a strategic shift towards banking stocks due to their dividend yields and regulatory advantages [6] Future Outlook for Banking Sector - The banking sector is expected to benefit from intensified fiscal policies and a supportive monetary environment, which will positively impact credit growth and economic expectations [7] - The year 2025 is anticipated to be crucial for improving asset quality in banks, with expectations of reduced risks in real estate and local investment properties [7]

Core Viewpoint - Insurance capital has been actively increasing stakes in bank stocks, particularly state-owned banks, due to their stable performance, low valuations, and high dividend yields, amidst a backdrop of asset scarcity and increasing investment pressure [1][2]. Group 1: Insurance Capital Activity - As of May 9, insurance capital has made 13 stake increases this year, with 6 of these involving bank stocks, including significant investments by Ping An Life in Agricultural Bank, Postal Savings Bank, and China Merchants Bank [1]. - Ping An Life has notably increased its holdings in China Merchants Bank, surpassing the 5% threshold and reaching a 12% stake by May 9, with an average share price of 44.7757 HKD [1]. - The total book value of stocks held by Ping An is reported at 437.379 billion CNY, reflecting a nearly 50% year-on-year increase [1]. Group 2: Investment Preferences and Strategies - The preference for state-owned banks is attributed to their strong operational fundamentals, low volatility, and attractive dividend yields, with major banks offering average dividend yields above 5% [2]. - Ping An's management has indicated that the average dividend yield of over 5% provides a significant spread compared to the current insurance product guarantee rates of 2%-2.5%, making core bank stocks ideal investment targets [2]. - Insurance companies face challenges in investment decisions due to new financial instrument regulations, leading to a focus on long-term stock investments and high-dividend strategies to mitigate profit volatility [2]. Group 3: Market Dynamics and Future Outlook - Current statistics show that listed insurance companies have a low allocation to FVOCI equity assets, with only about 11% in equity allocation and 5% in OCI equity assets, indicating substantial room for growth [3]. - Recent government policies aimed at encouraging long-term insurance capital market participation are expected to inject significant funds into the market, with estimates suggesting an additional 1.66 trillion CNY could enter the market if equity asset limits are fully utilized [3]. - Projections indicate that insurance capital could contribute an incremental 600-800 billion CNY to the market over the next three years, with high-dividend stocks being a key focus area for future allocations [3].

Core Viewpoint - The expansion of the AIC (Asset Investment Company) license marks a significant step in increasing investment in technology innovation enterprises, with major banks committing substantial funds to establish AICs, thereby enhancing financial support for the development of innovative companies [1][2][3]. Group 1: AIC Development and Expansion - The AIC's development began in 2016 with the initiation of market-oriented debt-to-equity swaps, allowing banks to establish specialized institutions for related business [2]. - The shift from debt restructuring to direct equity investment was catalyzed by pilot programs in Shanghai, laying the groundwork for future AIC growth [2][3]. - As of May 7, 2024, the total signed intention amount for AIC investments has exceeded 380 billion, with pilot programs successfully launched in 18 cities [3]. Group 2: Financial Institutions' Involvement - Major banks like China Merchants Bank, CITIC Bank, and Industrial Bank have announced plans to establish AICs with significant capital contributions, indicating a strong response to regulatory encouragement [1][9]. - The establishment of AICs allows banks to enhance their service capabilities in equity investment, complementing traditional lending practices [6][9]. Group 3: Challenges and Opportunities - Despite the promising outlook, AICs face challenges such as insufficient investment research capabilities, high risk weights, and outdated assessment mechanisms [1][13]. - The transition from a debt-oriented mindset to an equity-focused approach presents five key challenges, including talent shortages and capital consumption pressures [13][15]. - The unique advantages of AICs, such as stable funding sources and the ability to act as patient capital, position them favorably in the investment landscape [10][11]. Group 4: Strategic Collaborations and Models - AIC funds often adopt collaborative models involving government, industry, and financial institutions, which help to mitigate risks and enhance resource integration [4]. - The establishment of AICs is seen as a strategic move to support the growth of technology-driven enterprises and improve the overall financial ecosystem [9][12]. Group 5: Future Directions - The regulatory framework is evolving to support the expansion of AICs, with a focus on enhancing their role in financing technology innovation and supporting small and medium-sized enterprises [2][10]. - The need for banks to adapt their risk management and investment strategies to align with the dynamics of equity investment is emphasized, highlighting the importance of developing a robust investment culture [15][16].

□ 本报记者 何 钰 5月8日，2025南京市"普惠金融 惠企润业"系列活动江宁专场举行。 普惠金融一头连着群众生活的"小日子"，一头托起经济发展的"大格局"。人民银行江苏省分行党委委 员、副行长陈涤非表示，近年来，人民银行江苏省分行充分运用再贷款、再贴现等货币政策工具，积极 支持民营小微企业、个体工商户和"三农"发展，全力写好普惠金融大文章。 金融"活水"持续浇灌，不断滋养着企业发展。江宁经济开发区管委会主任王爱军介绍，近三年，江宁经 济开发区每年新增注册6000家以上的经营主体，集聚规上工业企业1807家，400家省级以上专精特新"小 巨人"企业、高新技术企业1862家、科技型中小企业3049家。 从"小个体"到"大产业"，小微企业的发展之路也面临着各种挑战。作为江宁经开区本土企业，拓恒技术 有限公司聚焦低空智能化数据信息服务。该公司总经理张成指出，前期投入大、周期长、产品市场化缓 慢等问题都会制约着科技型中小企业的发展。中国银行了解到公司的资金需求后，基于公司技术专利和 订单资质，提供了贷款，缓解了资金压力。 普惠金融也在助力企业从"幼苗"成长为"参天大树"。中信银行南京分行普惠金融部副总经理张乐介绍， ...

Core Viewpoint - Major commercial banks, including Citic Bank, have raised the risk ratings of their fund distribution products to better protect investors' rights, with Citic Bank's adjustment being the largest in the industry to date [1][3]. Group 1: Citic Bank's Actions - Citic Bank announced an increase in the risk ratings of 158 asset management products, effective from May 12, 2025, marking the highest number of products adjusted in a single batch [2][3]. - The risk ratings of several funds were raised, with some products moving from PR3 (medium risk) to PR4 (higher risk), and one product being upgraded from PR2 (lower risk) to PR4 [3]. - The adjustments are in response to regulatory requirements aimed at enhancing investor suitability management and protecting investor rights [2][3]. Group 2: Industry Trends - Other banks, such as China Construction Bank and Minsheng Bank, have also raised risk ratings for their fund distribution products earlier this year, indicating a broader trend in the banking industry [4][5]. - Minsheng Bank adjusted the risk rating of a specific fund to "medium risk" on January 10, 2025, while China Construction Bank made similar adjustments to 21 funds in February 2025 [4].

Core Viewpoint - Several commercial banks in China are establishing financial asset investment companies (AIC) to enhance their service capabilities and support the economy, following regulatory encouragement to expand the pilot program for AICs [1][4]. Group 1: Company Announcements - China Merchants Bank announced on May 8 that it plans to invest 15 billion yuan to establish a wholly-owned financial asset investment company, which will become a first-level subsidiary upon successful establishment [2]. - CITIC Bank also announced on the same day its intention to invest 10 billion yuan to set up a wholly-owned subsidiary named CITIC Financial Asset Investment Co., Ltd. [2]. - Both banks emphasized that these investments align with their business development needs and will not significantly impact their financial status or operational results [2][3]. Group 2: Regulatory Context - On March 5, the National Financial Regulatory Administration issued a notice expanding the pilot program for AICs from 18 cities to 14 provinces, supporting commercial banks in establishing AICs [1][4]. - Prior to this, five state-owned banks had already established AICs in 2017, which have been exploring important models for financial support of technological innovation [4]. Group 3: Market Implications - The establishment of AICs marks a significant development in the market, as it allows banks to engage in equity investments, thereby helping companies reduce leverage and mitigate financial risks [6][7]. - AICs are evolving from a single debt-to-equity tool to a comprehensive investment platform, expanding their business scope to include mergers and acquisitions and mezzanine financing [6][7]. - The backing of banks provides AICs with stronger resource allocation capabilities, enabling them to offer diversified financial services to technology innovation enterprises throughout their lifecycle [7].

Core Viewpoint - The announcement details the change of management for the CITIC Securities Bond Optimization One-Year Holding Period Bond Collective Asset Management Plan to Huaxia Fund Management Co., Ltd, along with the corresponding registration change to Huaxia Bond Optimization One-Year Holding Period Bond Investment Fund [1][2][3]. Group 1: Management and Registration Changes - The management of the collective asset management plan will transition from CITIC Securities Asset Management Co., Ltd to Huaxia Fund Management Co., Ltd [2][3]. - The registration of the plan will change from "CITIC Securities Bond Optimization One-Year Holding Period Bond Collective Asset Management Plan" to "Huaxia Bond Optimization One-Year Holding Period Bond Investment Fund" [3][5]. - The investment manager will also change from CITIC Securities' managers to Huaxia Fund's manager [4]. Group 2: Plan Duration and Structure - The original plan was set to expire on May 29, 2025, but the new structure will allow for an indefinite duration [5][6]. - The investment scope will expand to include "publicly offered securities investment funds and credit derivatives," with corresponding investment restrictions [6][7]. - The investment strategy will be adjusted to incorporate new investment types and strategies [7][8]. Group 3: Fee Structure and Valuation - The management fee will be reduced from 0.7% to 0.6% annually [9]. - The valuation methods will be updated in accordance with the latest regulations from the China Securities Investment Fund Industry Association [8][10]. Group 4: Shareholder Meeting and Voting - A shareholder meeting will be held to vote on the management change, requiring a two-thirds majority for approval [3][11]. - A redemption period of at least five trading days will be provided for shareholders to make decisions regarding their holdings [11][12]. - The decision from the shareholder meeting will take effect immediately upon approval and must be reported to the China Securities Regulatory Commission within five days [3][11].

Investment Rating - The report maintains an "Increase" rating for the banking sector [5] Core Insights - The report highlights that by the end of 2024, the bond investments of 42 listed banks significantly contributed to their performance, particularly due to the continuous decline in bond market interest rates, with a cumulative drop of 88 basis points in the 10-year government bond yield [1] - The report emphasizes the substantial floating profits accumulated in the FV-OCI financial assets due to fair value changes, which banks have utilized to support their performance through timely disposals of financial assets [1][4] - The report identifies that the floating profits from FV-OCI assets are particularly significant for certain city commercial banks and rural commercial banks, with some banks showing floating profit to profit ratios exceeding 100% [2][3] Summary by Sections 1. FV-OCI Floating Profit Situation - State-owned banks dominate the floating profit scale, with China Construction Bank and Agricultural Bank of China exceeding 50 billion yuan in floating profits by the end of 2024 [1] - City and rural commercial banks show high ratios of FV-OCI floating profits to profits, with Lanzhou Bank reaching 126.9% [2] - The contribution of FV-OCI floating profits to core Tier 1 capital is significant for several city and rural commercial banks, with notable increases year-on-year [3] 2. Financial Asset Disposal Income Situation - In 2024, listed banks disposed of AC financial assets generating a total income of 50.29 billion yuan, an increase of 82.5% year-on-year, and FV-OCI financial assets generating 85.36 billion yuan, an increase of 134.4% year-on-year, leading to a total disposal income of 135.6 billion yuan [4][8] - The report notes that while the disposal income is significant, it does not imply a substantial increase in the scale of asset disposals, as the gains are influenced by the declining interest rates in the bond market [4] 3. Sector Outlook - The report suggests that while short-term impacts from tariff policies may affect exports, long-term domestic policies aimed at stabilizing real estate, promoting consumption, and enhancing social welfare are expected to support economic growth [9] - The banking sector is anticipated to benefit from policy catalysts, with specific banks like Ningbo Bank, Postal Savings Bank, and China Merchants Bank highlighted as potential investment opportunities [9]