Core Viewpoint - Agricultural Bank of China (ABC) Luliang Branch focuses on supporting local特色产业 and rural revitalization through innovative financial products and precise services, enhancing the quality and efficiency of local industries [1] Group 1: Financing Challenges and Solutions - Luliang's特色产业, particularly the white wine industry, faces challenges such as asset-heavy and long-cycle characteristics, leading to difficulties in valuation, collateral, and regulation [2] - ABC Luliang Branch developed a tailored financing solution for Shanxi Zongjiu Wine Co., which has over 40 million yuan in high-quality base liquor but struggled to secure financing due to lack of effective collateral [2][3] - The branch successfully provided a 10 million yuan base liquor mortgage loan within five working days, marking the first such loan in Shanxi province [3] Group 2: Comprehensive Financial Empowerment - ABC Luliang Branch aims to transition from "single-point breakthroughs" to "full-chain upgrades" by focusing on key industries such as white wine, small grains, and walnuts, creating a multi-dimensional financial service system [4] - The branch has introduced various innovative credit products, including "Jinjiang e-loan" for base liquor and "white wine industry chain loan" for upstream and downstream stakeholders, as well as "grain loan" and "walnut loan" for agricultural sectors [4] - For small businesses, the "code loan" product allows for online applications and approvals, with funds available in as little as 40 minutes [4] Group 3: Service Upgrades and Collaboration - The branch enhances service convenience through technology, offering a smart loan platform for easy loan applications and approvals, with funds disbursed in as little as 2 hours [5] - It has established financial service stations in 13 counties and created mobile teams to provide on-site services, making financial assistance more accessible [5] - The branch collaborates with government, enterprises, and cooperatives to create a multi-party platform for industry development, facilitating communication and financial policy dissemination [5][6]

此前，身患疾病行动不便的高奶奶想持社保卡就医，却因忘记密码导致资金无法取出。该行网点负责人 得知情况后快速响应，在严格遵守业务合规流程的前提下，于当日下班后，第一时间安排专人上门，在 确认老人意识清醒、表达无误情况下，耐心协助老人完成身份核验、授权书签署等环节。第二天一早， 老人的子女到柜台完成了密码重置等业务，解了老人的燃眉之急。 为表达谢意，高奶奶委托家人将锦旗送到网点，同时称赞工作人员"有温度、高效率"，真正把服务送到 了客户的心坎上。 后续，该支行将持续优化适老服务举措，通过上门服务、爱心窗口、反诈宣讲等形式，为老年群体提供 更便捷、更贴心的金融支持，让金融服务既有"专业度"，更有"人情味"。 本报讯 记者 田耿文 通讯员 刘丹丹 报道 近日，在内蒙古土左旗，农行土左金川支行收到客户高奶奶家人送来的锦旗。锦旗上"助老服务暖人 心，尽职尽责显担当"的烫金大字，饱含着高奶奶一家人对农行服务的由衷认可。 ...

Report Summary 1. Core Viewpoint Among the top 50 AA urban investment bonds (subject rating) with the highest discount margins, "20 Tiantai Bond" has the largest valuation price deviation. Among the top 50 individual bonds with the largest net price declines, "20 Tiantai Bond" also has the largest valuation price deviation. Among the top 50 individual bonds with the largest net price increases, "22 Vanke 02" has the largest valuation price deviation. Among the top 50 secondary perpetual bonds with the largest net price increases, "25 Agricultural Bank of China Secondary Capital Bond 04B(BC)" has the largest valuation price deviation [2]. 2. Summary by Directory 2.1 Top 50 AA Urban Investment Bonds with the Highest Discount Margins - "20 Tiantai Bond" has a remaining term of 2.00 years, a valuation price deviation of -33.42%, a valuation net price of 39.95 yuan, a valuation yield deviation of 34.99 bp, a valuation yield of 1.98%, and a coupon rate of 4.80%. It has an implied rating of AA(2) and a subject rating of AA, with a transaction date of 2025/12/15 [4]. 2.2 Top 50 Individual Bonds with the Largest Net Price Declines - "20 Tiantai Bond" has a remaining term of 2.00 years, a valuation price deviation of -33.42%, a valuation net price of 39.95 yuan, a valuation yield deviation of 34.99 bp, a valuation yield of 1.98%, and a coupon rate of 4.80%. It has an implied rating of AA(2) and a subject rating of AA, with a transaction date of 2025/12/15 [5]. 2.3 Top 50 Individual Bonds with the Largest Net Price Increases - "22 Vanke 02" has a remaining term of 1.21 years, a valuation price deviation of 15.70%, a valuation net price of 22.82 yuan, a valuation yield deviation of -4185.72 bp, a valuation yield of 247.05%, and a coupon rate of 3.64%. It has an implied rating of CC and a subject rating of AAA, with a transaction date of 2025/12/16 [9]. 2.4 Top 50 Secondary Perpetual Bonds with the Largest Net Price Increases - "25 Agricultural Bank of China Secondary Capital Bond 04B(BC)" has a remaining term of 9.93 years, a valuation price deviation of 0.19%, a valuation net price of 98.85 yuan, a valuation yield deviation of -2.17 bp, a valuation yield of 2.53%, and a coupon rate of 2.40%. It has an implied rating of AAA - and a subject rating of AAA, with a transaction date of 2025/12/18 [12].

Core Insights - The aging population and increased health awareness are driving demand for health management, medical care, and elderly services, making the development of the elderly finance sector a strategic priority [1] - Financial institutions are transitioning from being "single product providers" to "resource integrators" and "elderly ecosystem builders," utilizing emotional empowerment, technological assistance, and ecological layout to enhance elderly care [1][8] Emotional Empowerment - Shanghai Rural Commercial Bank's "Heart Home" project extends its services beyond financial offerings to include cultural and community activities, establishing over 1,000 service stations across Shanghai [2] - The project aims to address social connectivity issues among the elderly and enhance service warmth through community engagement and social activities [2] Health Management and Social Needs - Postal Savings Bank of China's Shanghai branch is creating a new paradigm in elderly finance by integrating health management and social needs through initiatives like "Postal Savings - Ctrip Friendship Club" [3] - The bank's activities encourage social interaction among the elderly, fostering community bonds and trust [3] Technological Empowerment in Care Services - Financial institutions are addressing challenges in elderly care services through credit support and technological empowerment, as highlighted by the implementation of a long-term care insurance management system by Shanghai's Love Nursing Station [4] - The system enhances service quality by providing real-time monitoring of elderly care and streamlining administrative processes [4] Information Technology in Elderly Care - Shanghai Hongri Puhua Nursing Home is implementing a smart elderly care system to improve management efficiency and enhance the quality of life for residents [6] - The system allows for comprehensive electronic management of resident information and care records, facilitating better service delivery [6] National Elderly Service Network - China Pacific Insurance has established a national elderly service network with the opening of new community projects in Beijing and Sanya, enhancing operational capabilities across 15 community projects [6][7] - The insurance sector is increasingly involved in the elderly care ecosystem, with various companies adopting different asset strategies to support the silver economy [7] Future of Elderly Finance - The elderly finance sector is expected to become a mainstream business for financial institutions in the next 10 to 20 years, necessitating a shift towards resource integration and the creation of a "financial + elderly care + medical" closed loop [8]

人民财讯12月20日电，12月19日，中国农业银行（601288）董事长、党委书记谷澍在辽宁沈阳拜会辽宁 省委书记许昆林、省长王新伟，围绕贯彻落实中央经济工作会议精神，进一步深化银政合作，推动金融 更好服务辽宁振兴发展等进行深入交流。 谷澍表示，农业银行高度重视服务辽宁振兴发展，下一步将持续加强乡村全面振兴、现代化产业体系建 设、科技创新等重点领域的金融服务和金融创新，加大融资供给，为辽宁的高质量发展贡献农行力量。 许昆林表示，希望农业银行继续将辽宁作为战略布局的重点区域，加大对重点产业、重大项目、提振消 费、县域"三农"等领域的金融支持力度。辽宁将为包括农业银行在内的各类金融机构创造良好条件。 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - Among the bonds with discounted transactions, "24 Guoyuan 01" had a relatively large deviation in bond valuation price. Among the bonds with rising net prices, "22 Vanke 02" ranked high in terms of valuation price deviation. Among the Tier 2 and perpetual bonds with rising net prices, "25 Agricultural Bank of China Tier 2 Capital Bond 01A(BC)" had a relatively large deviation in valuation price. Among the commercial financial bonds with rising net prices, "25 China Everbright Bank Bond 02" ranked high in terms of valuation price deviation. Among the individual bonds with a transaction yield higher than 5%, real estate bonds ranked high [2]. - The changes in credit bond valuation yields were mainly distributed in the [-5,0) interval. The transaction terms of non - financial credit bonds were mainly distributed between 2 and 3 years, with the 1 - 1.5 - year - term varieties having the highest proportion of discounted transactions. The transaction terms of Tier 2 and perpetual bonds were mainly distributed between 4 and 5 years, with the varieties within 1 year having the highest proportion of discounted transactions. By industry, real estate industry bonds had the largest average deviation in valuation prices [2]. 3. Summaries Based on Relevant Catalogs 3.1 Discounted Transaction Tracking - Bonds such as "24 Guoyuan 01", "Jian Guan VY02", and "24 China Construction MTN002" had significant valuation price deviations in discounted transactions. The industries involved included urban investment, transportation, and building decoration. The transaction scales ranged from several million yuan to tens of millions of yuan [4]. 3.2 Tracking of Bonds with Rising Net Prices - Bonds like "22 Vanke 02", "22 Vanke 04", and "22 Vanke 06" had large positive deviations in valuation prices. The industries mainly included real estate, non - bank finance, and urban investment. The transaction scales varied from tens of thousands of yuan to hundreds of millions of yuan [5]. 3.3 Tracking of Tier 2 and Perpetual Bond Transactions - Bonds such as "25 Agricultural Bank of China Tier 2 Capital Bond 01A(BC)", "25 Industrial and Commercial Bank of China Tier 2 Capital Bond 03BC", and "25 Agricultural Bank of China Tier 2 Capital Bond 02A(BC)" had certain valuation price deviations. Banks involved included state - owned banks, joint - stock banks, and city commercial banks. The transaction scales were relatively large, reaching tens of millions of yuan to billions of yuan [6]. 3.4 Tracking of Commercial Financial Bond Transactions - Bonds like "25 China Everbright Bank Bond 02", "24 China Construction Bank Bond 01B", and "25 Jiangsu Bank Bond 02BC" had valuation price deviations. Banks included joint - stock banks, state - owned banks, and city commercial banks. The transaction scales ranged from several million yuan to hundreds of millions of yuan [7]. 3.5 Tracking of Bonds with a Transaction Yield Higher than 5% - Bonds such as "22 Vanke 02", "22 Vanke 04", and "24 Chanrong 06" had a transaction yield higher than 5%. The industries mainly included real estate and non - bank finance. The transaction scales were relatively small, mostly in the range of tens of thousands to hundreds of thousands of yuan [8]. 3.6 Distribution of Credit Bond Transaction Valuation Deviations on the Day - The changes in credit bond valuation yields were mainly distributed in the [-5,0) interval [2]. 3.7 Distribution of Non - Financial Credit Bond Transaction Terms on the Day - The transaction terms of non - financial credit bonds were mainly distributed between 2 and 3 years, with the 1 - 1.5 - year - term varieties having the highest proportion of discounted transactions [2]. 3.8 Distribution of Tier 2 and Perpetual Bond Transaction Terms on the Day - The transaction terms of Tier 2 and perpetual bonds were mainly distributed between 4 and 5 years, with the varieties within 1 year having the highest proportion of discounted transactions [2]. 3.9 Discounted Transaction Proportions and Transaction Scales of Non - Financial Credit Bonds in Each Industry - The real estate industry had the largest average deviation in non - financial credit bond valuation prices [2].

Group 1 - The core viewpoint of the articles highlights the acceleration of mergers and acquisitions among rural banks, with over 200 banks involved since 2025, marking a significant increase compared to 2024 [1] - As of the end of 2024, the total number of rural banks in China was 1,538, a decrease of 98 banks from the end of 2023 [1] - Various reform and restructuring methods have emerged, including "village to branch" and "village to division" models, primarily initiated by local rural commercial banks and supported by state-owned banks [2][3] Group 2 - The first state-owned bank to engage in the "village to branch" model was the Industrial and Commercial Bank of China, which completed its acquisition of Chongqing Bishi Rural Bank in June 2025 [2] - Other state-owned banks, such as Agricultural Bank of China and Bank of Communications, have also been involved in acquiring rural banks throughout 2025 [2] - Analysts suggest that the participation of state-owned banks in rural bank reforms is crucial for risk management and reflects their responsiveness to regulatory requirements [3] Group 3 - The financial indicators of state-owned banks are currently stable, and their involvement in rural bank reforms is expected to have minimal impact on their operations [3] - The bankruptcy of rural banks is rare, with only two instances reported by 2025, indicating ongoing challenges in risk management within this sector [4][5] - The Dalian Jinzhou Lianfeng Rural Bank was approved for bankruptcy proceedings in July 2025, becoming the second rural bank to do so, with its deposits being taken over by Dalian Rural Commercial Bank [5] Group 4 - The ongoing reform of rural banks aims to address issues such as deteriorating asset quality and increasing credit risks, particularly in economically weaker regions [7] - The China Banking Association's report indicates that rural banks are facing multiple challenges, including intensified regulatory compliance and competition, necessitating urgent reforms [7] - The restructuring of rural banks is being pursued through mergers, acquisitions, and dissolutions, with a notable reduction of 99 banks in 2024, accounting for nearly 50% of the total reduction in banking institutions that year [7] Group 5 - Employees of merged rural banks have reported changes in job roles but generally view the transitions positively, indicating a degree of stability post-merger [8] - For initiating banks, the restructuring can present opportunities for growth, as seen with Changshu Bank, which has actively pursued mergers to enhance its market presence [8] - The central economic work conference emphasized the importance of reducing and improving the quality of small financial institutions to mitigate financial risks in the coming year [8]

北京商报讯（记者 宋亦桐）12月19日，来自中央纪委国家监委网站发布的消息，据中央纪委国家监委 驻中国农业银行纪检监察组、内蒙古自治区纪委监委消息：中国农业银行内蒙古自治区分行副巡视员姜 文俊涉嫌严重违纪违法，目前正接受中央纪委国家监委驻中国农业银行纪检监察组纪律审查和内蒙古自 治区呼和浩特市监委监察调查。 ...

Group 1 - The Zhejiang Provincial Science and Technology Innovation Direct Investment Partnership (Limited Partnership) has been established with a capital contribution of approximately 80.82 billion yuan, focusing on private equity investment, investment management, and asset management activities [1][3]. - The partnership is co-funded by the Zhejiang Provincial Social Security Science and Technology Innovation Equity Investment Fund Partnership (Limited Partnership) and the wholly-owned subsidiary of Agricultural Bank of China, Nongyin Capital Management Co., Ltd. [1][3]. - The registered status of the partnership is active, with a business term extending until December 17, 2025, and it operates in the capital market services sector [3]. Group 2 - The executive partner of the partnership is Na Lijia, and it is located in Hangzhou, Zhejiang Province [3]. - The partnership's business scope includes private equity investment, investment management, and asset management, specifically targeting investments in unlisted companies [3]. - The partnership is classified under the national standard industry of capital market services [3].

【导读】中国农业银行内蒙古自治区分行副巡视员姜文俊接受纪律审查和监察调查 中国基金报记者 晨曦 今年以来，农业银行旗下已有多名干部被查，包括：深圳市分行原党委副书记、副行长王国 彪，河北省分行原党委委员、副行长陈元良，原首席专家兼浙江省分行原党委书记、行长冯 建龙，数据中心原党委委员、纪委书记林鹏等。 今年9月，农业银行在通报巡视整改进展情况时提到，深入开展违规吃喝专项治理、群众身边 不正之风和腐败问题集中整治；强化信贷案防管理，完善道德风险排查及线索移送机制，一 体推进惩治金融腐败和防控金融风险；坚持风腐同查同治，一体推进不敢腐、不能腐、不想 腐。 编辑：晨曦 金融反腐，最新通报来了！ 12月19日，中央纪委国家监委官网通报： 中国农业银行内蒙古自治区分行副巡视员姜文俊涉 嫌严重违纪违法 ，目前正接受中央纪委国家监委驻中国农业银行纪检监察组纪律审查和内蒙 古自治区呼和浩特市监委监察调查。 公开信息显示，姜文俊在农业银行工作多年，曾任巴彦淖尔市分行行长、内蒙古分行信用管 理部总经理、内蒙古分行信贷处处长等职务。2024年8月，姜文俊在出席某专题活动时，身 份为"农业银行内蒙古分行高级专家"。 校对：乔伊 制作 ...