港股通周三净流出10.2亿港元，其中小米集团(01810.HK)净流入最多，达6.2亿港元，其次是农业银行(01288.HK)。另 一方面，盈富基金(02800.HK)录得最大净流出，达15.6亿港元，其次是腾讯控股(00700.HK)。 美联储在货币政策委员会FOMC会后公布，联邦基金利率的目标区间从3.75%至4.00%下调至3.50%至3.75%，同时启动 短期美国国债的购买。美联储主席鲍威尔在会后强调，"下次会加息"不是任何人的基本假设，就业增长实际或被高 估，自四月以来就业增长可能已经略微转负，劳动力市场仍在持续、逐步降温，可能只是比此前预期的降温幅度略微 更温和一些。通胀方面，他表示关税影响明年料逐渐消退。他说，目前利率所处位置使美联储能够耐心等待，观察经 济接下来将如何演变。 ...

Group 1 - A total of 3,762 A-share listed companies in China have distributed dividends amounting to 2.46 trillion yuan this year, setting a new historical record [1] - 36 companies have announced real-time dividend distributions, with a total proposed dividend amount of 151.8 billion yuan, indicating that the total annual dividend is expected to exceed 2.6 trillion yuan for the first time [1] - Major companies such as China Mobile and Industrial and Commercial Bank of China have distributed over 50 billion yuan in mid-term dividends, while several others, including China Construction Bank and Kweichow Moutai, have distributed over 30 billion yuan [1] Group 2 - The Hong Kong Dividend Low Volatility ETF (520550) has announced a dividend of 0.04 yuan per ten shares, with a distribution ratio of 0.32%, marking its eighth dividend distribution since inception [2] - The China Securities Dividend Quality ETF (159209) has a distribution ratio of 0.26% for its sixth dividend distribution, with both ETFs having a dividend rights registration date of December 12 [1][2] - Recent data shows that the Hong Kong Dividend Low Volatility ETF has seen a net subscription of 119 million yuan in the last ten days and 186 million yuan in the last twenty days, while the China Securities Dividend Quality ETF has experienced a net inflow of 64 million yuan in the last twenty days [2] Group 3 - Huachuang Securities anticipates a rebound in industry rotation strength, with a shift from technology to dividend and anti-involution assets, indicating a recovery in rotation intensity to the 52nd percentile since 2021 [3] - The Producer Price Index (PPI) has shown a narrowing of inflation levels from -3.6% to -2.1% in October, suggesting that cyclical assets with high weight in dividend stocks may benefit from this trend [3] - Recent policies have focused on capital market and consumption, with an emphasis on domestic demand and new industries, indicating a favorable environment for dividend sectors as traditional investment windows for insurance funds approach [3]

敬请您妥善安排业务办理时间。由此给您带来的不便，中国农业银行深表歉意，并将尽快恢复对您的相 关服务。如需进一步咨询，请拨打中国农业银行客户服务热线95599。 2025年12月10日，中国农业银行（601288）发布公告称，中国农业银行大小额支付系统计划于2025年12 月13日20:00至22:50进行系统维护升级。升级期间，客户在2025年12月12日20:00至12月13日22:50时段 内，通过中国农业银行个人掌银、个人网银、超级柜台渠道发起的延时24小时跨行转账交易；或在2025 年12月13日18:00至22:50时段内，通过中国农业银行个人掌银、个人网银、超级柜台渠道发起的延时2 小时跨行转账交易，将无法在2025年12月13日20:00至22:50时段内进行撤销。其他大小额支付系统业务 不受此次系统维护升级影响。 ...

Core Viewpoint - The Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159266) experienced net redemptions of 1.0028 million yuan on December 10, ranking 26th out of 200 in cross-border ETF net outflows [1] Group 1: Fund Performance - As of December 10, the latest scale of the Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159266) is 685 million yuan, down from 689 million yuan the previous day, indicating a net outflow of 0.15% of the previous day's scale [1] - Over the past 5 days, the fund faced net redemptions of 1.004 million yuan, ranking 35th out of 200 in cross-border ETF net outflows [1] - In the last 10 days, the total net redemptions reached 24.6445 million yuan, ranking 17th out of 200 [1] - Over the past 20 days, net redemptions amounted to 30.8908 million yuan, ranking 26th out of 200 [1] Group 2: Fund Management and Holdings - The fund is managed by Liu Tingyu and Cai Leping, with Liu managing since July 23, 2025, achieving a return of 0.97%, while Cai has managed since November 5, 2025, with a return of -1.81% [2] - The latest report indicates that the top holdings of the fund include China COSCO Shipping, China Nonferrous Mining, China National Offshore Oil, and others, with respective holding percentages and market values detailed [2] Group 3: Comparative Analysis - The fund's scale and liquidity are compared with other ETFs tracking the same index, showing that the Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159266) has a scale of 6.85 billion yuan and a recent average daily trading volume of 0.20 million yuan [2] - Other ETFs in the same category include Huaxia, Wanji, and Tianhong, with varying scales and recent net subscription figures [2]

作为临沭县特色产业，柳编制品以其环保、耐用的特点深受消费者喜爱。产品名气提升后，随之而 来的销量增长让荣华文创有了扩大生产的想法，却因资金缺口让企业犯了难。 农业银行山东临沭支行工作人员了解到情况后，主动上门对接，为企业提供了500万元的贷款支 持。如今，该企业的柳编花篮、收纳筐等产品不仅在曹洼大集的摊位上供不应求，还通过电商平台销往 全国各地，带动了周边200多名村民就业。 清晨的鲁南大地，薄雾尚未散尽，但山东省临沂市临沭县的曹洼大集已被此起彼伏的吆喝声唤醒。 放眼望去，豫皖苏等外地牌照车辆排起长龙。集市内，刚出锅的羊肉汤冒着热气，柳编簸箕、藤编花篮 等手工艺品在阳光下泛着自然光泽，已准备好接待这些四方来客。 穿过曹洼大集的非遗区，蒸汽氤氲、香气弥漫的向城全羊馆摊位出现在记者眼前。这里的羊肉汤以 肉质鲜嫩、汤汁浓郁而闻名，随着集市的爆火而成为了曹洼大集的"网红美食"。上午，羊肉汤摊位前排 着长长的队伍，全是等待尝鲜的食客。 在曹洼大集东南角的非遗专区，沭河水滋养的杞柳在手艺人精巧的技艺中，化作了精美的花篮、屏 风和"临沭有礼"的文创摆件。这些承载着1400多年技艺的手工艺品，成为大集上最亮眼的"文化名片"。 ...

Report Summary 1. Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints - Among the bonds with discounted transactions, "25 Yungang Y4" had a large deviation in the valuation price. Among the bonds with rising net prices, "25 Datong C3" had a relatively high deviation in the valuation price. Among the Tier 2 and perpetual bonds with rising net prices, "22 Bank of Communications Tier 2 Capital Bond 02B" had a large deviation in the valuation price; among the commercial financial bonds with rising net prices, "25 Agricultural Bank of China TLAC Non - capital Bond 02C(BC)" had a relatively high deviation in the valuation price. Among the bonds with a transaction yield higher than 5%, real - estate bonds ranked high [2]. - The changes in the valuation yield of credit bonds 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 highest proportion of discounted transactions for varieties within 0.5 years. The transaction terms of Tier 2 and perpetual bonds were mainly distributed between 4 and 5 years, with the highest proportion of discounted transactions for varieties within 1 year. In terms of industries, bonds in the national defense and military industry had the largest average deviation in valuation prices [2]. 3. Summary by Relevant Charts Chart 1: Discounted Transaction Tracking - The table listed 30 bonds with large discounts, including "25 Yungang Y4", "25 Dongfang K1", etc., with information on the remaining term, valuation price deviation, valuation net price, valuation yield deviation, and transaction scale. The industries involved included transportation, non - financial finance, and urban investment [4]. Chart 2: Tracking of Bonds with Rising Net Prices - The table showed 43 bonds with large positive deviations, such as "25 Datong C3", "25 Raofa 02", etc. It provided details on the remaining term, valuation price deviation, valuation net price, valuation yield deviation, and transaction scale. The industries included non - financial finance, comprehensive, and public utilities [6]. Chart 3: Tracking of Tier 2 and Perpetual Bond Transactions - The table presented 40 Tier 2 and perpetual bonds, including "22 Bank of Communications Tier 2 Capital Bond 02B", "22 Industrial and Commercial Bank of China Tier 2 Capital Bond 04B", etc., with information on the remaining term, valuation price deviation, valuation net price, valuation yield deviation, bank classification, and transaction scale [7]. Chart 4: Tracking of Commercial Financial Bond Transactions - The table listed 29 commercial financial bonds, such as "25 Agricultural Bank of China TLAC Non - capital Bond 02C(BC)", "24 Agricultural Bank of China TLAC Non - capital Bond 01B(BC)", etc., providing details on the remaining term, valuation price deviation, valuation net price, valuation yield deviation, bank classification, and transaction scale [8]. Chart 5: Bonds with a Transaction Yield Higher than 5% - The table showed 20 bonds with a high - yield transaction, including "21 Vanke 06", "23 Vanke 01", etc., with information on the remaining term, valuation price deviation, valuation net price, valuation yield deviation, and transaction scale. The industries involved included real estate, steel, and non - financial finance [10]. Chart 6: Distribution of Valuation Deviations in Credit Bond Transactions on the Day - The chart showed the distribution of changes in the valuation yield of credit bonds on the day, with the intervals [-10,-5), [-5,0), (0,5], and (5,10], and the number of bonds and transaction scale in each interval [13]. Chart 7: Distribution of Transaction Terms of Non - financial Credit Bonds on the Day - The chart presented the distribution of transaction terms of non - financial credit bonds on the day, including intervals such as within 0.5 years, 0.5 - 1 year, etc., and the corresponding transaction scale [15]. Chart 8: Distribution of Transaction Terms of Tier 2 and Perpetual Bonds on the Day - The chart showed the distribution of transaction terms of Tier 2 and perpetual bonds on the day, including intervals such as within 1 year, 1 - 1.5 years, etc., and the corresponding transaction scale [18]. Chart 9: Discounted Transaction Ratio and Transaction Scale of Non - financial Credit Bonds in Each Industry - The chart displayed the average valuation price deviation and transaction scale of non - financial credit bonds in various industries, including petroleum and petrochemicals, real estate, etc. The national defense and military industry had the largest average valuation price deviation [20].

Group 1 - Southbound funds recorded a net sell of HKD 1.018 billion on December 10, with notable net buys in Xiaomi Group (HKD 619 million), Agricultural Bank (HKD 394 million), Alibaba (HKD 342 million), Meituan (HKD 320 million), China National Offshore Oil Corporation (HKD 269 million), and Pop Mart (HKD 179 million) [1] - The net sell included significant amounts in the Tracker Fund (HKD 1.559 billion), Tencent Holdings (HKD 605 million), China Construction Bank (HKD 123 million), and SMIC (HKD 118 million) [1] Group 2 - Southbound funds have continuously net bought Xiaomi for 9 days, totaling HKD 7.39843 billion, and Agricultural Bank for 3 days, totaling HKD 993.02 million [3] - In November, the sales volume of new energy passenger vehicles reached 1.321 million units, a year-on-year increase of 4.2% and a month-on-month increase of 3.0%; Xiaomi's automotive sales reached 46,249 units, with a year-on-year increase of 99.7% [4] - Morgan Stanley highlighted concerns regarding the asset quality risk related to Vanke's bond extension, noting that Vanke's bank loans account for only 0.10% of total loans in China's banking sector [4] Group 3 - Alibaba has established a new C-end business group, aiming to develop a super app as the primary entry point for users in the AI era [4] - Tencent repurchased approximately 1.06 million shares for about HKD 636 million, with repurchase prices ranging from HKD 595.5 to HKD 603 [4] - China Construction Bank announced a capital increase from RMB 250.011 billion to RMB 261.6 billion through a specific issuance of approximately 11.589 billion A-shares [5] - SMIC's monthly wafer production capacity is expected to exceed 1 million pieces by Q3 2025, with a utilization rate increase of 3.3 percentage points to 95.8%, indicating strong industry demand [5]

Core Viewpoint - The expansion of inclusive finance has led to increased pressure on asset quality, particularly for small and micro enterprises and individual borrowers, prompting banks and consumer finance institutions to focus on maintaining asset quality while ensuring sustainable development [1][3]. Group 1: Asset Quality Challenges - Small and micro enterprises face operational instability and lack effective collateral, making them vulnerable to economic fluctuations, which in turn affects the asset quality of consumer loans and business loans [3]. - The asset quality of inclusive finance is under pressure, with banks and consumer finance institutions actively engaging in an "asset quality defense war" to manage non-performing assets [3][4]. Group 2: Non-Performing Asset Disposal - Since 2025, there has been a notable increase in the transfer of non-performing assets related to small and micro enterprises and personal loans, with banks frequently listing these assets on platforms like the Silver Registration Center [3]. - Banks such as Ping An Bank and Zhongyuan Bank have announced significant non-performing asset transfer projects, with amounts reaching 7.62 billion yuan and 5.22 billion yuan respectively [3]. - Consumer finance institutions are also urgently addressing non-performing assets, with some assets being auctioned at extremely low starting prices, indicating a pressing need for risk resolution and asset optimization [4]. Group 3: Regulatory and Strategic Responses - Financial institutions are encouraged to enhance their asset disposal and capital replenishment efforts, as highlighted by regulatory authorities [7]. - Institutions are exploring innovative disposal methods, leveraging financial technology to improve risk management and operational efficiency [7][8]. - The emphasis on early identification and management of credit risks is becoming a priority for banks, with a focus on improving the efficiency of non-performing asset recovery [8]. Group 4: Long-term Sustainability - Effective management of non-performing assets is crucial for the sustainability of inclusive finance, as delays in disposal can erode profits and capital, limiting the ability to extend further inclusive credit [6]. - The relationship between the management of non-performing assets and the goals of inclusive finance is highlighted, with potential negative impacts on operational costs and credit pricing if not addressed properly [6]. - The need for collaboration between banks, consumer finance institutions, and asset management companies is emphasized to optimize resource allocation and enhance the recovery of non-performing assets [8].

Investment Rating - The report assigns a "Buy" rating for the banking sector, indicating an expectation that stock prices will outperform the market by more than 10% over the next 12 months [40]. Core Insights - The growth of M2 is primarily driven by government and corporate leverage, with government leverage's contribution increasing from 23.9% in 2015 to 45.5% in 2025, while corporate leverage is expected to contribute 63.6% to M2 growth in 2025 [5][14]. - The report highlights a divergence between the social financing (社融) and M2 growth rates, indicating a liquidity accumulation in the financial system when the demand for financing from the real economy is insufficient, which can lead to a decline in bond yields [5][19]. - The expected social financing-M2 differential for 2026 is projected to be 0.56%, with a quarter-on-quarter increase of 33 basis points [32]. Summary by Sections M2 and Liquidity Analysis - M2 includes cash, personal deposits, corporate deposits, non-bank deposits, and deposits from non-deposit financial institutions. The main contributors to M2 growth are government and corporate leverage [5][13]. - The report discusses the relationship between the social financing-M2 differential and bond market performance, noting a shift in correlation since the second half of 2022 [5][19]. Social Financing Projections - For 2026, the report forecasts a total of 16.3 trillion yuan in new loans under the social financing framework, with a growth rate of 8.11% [32][34]. - The report anticipates that the net issuance of government bonds will reach 14.8 trillion yuan in 2026, with a focus on maintaining a proactive fiscal policy [34]. M2 Growth Forecast - The M2 growth rate for 2026 is projected at 7.55%, influenced by factors such as net fiscal deposits, the strengthening of the equity market, and cross-border capital flows [32][36].

Group 1 - On December 10, 2025, Alibaba-W (09988), Tencent Holdings (00700), and Yangtze Optical Fibre and Cable (06869) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 2.987 billion, 2.301 billion, and 1.943 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), Tencent Holdings (00700), and Xiaomi Group-W (01810) also ranked as the top three companies by trading volume, with trading amounts of 3.340 billion, 2.247 billion, and 1.303 billion respectively [1] Group 2 - In the Southbound Stock Connect, the top ten active trading companies included Alibaba-W (09988) with a net buy of 0.198 billion, Tencent Holdings (00700) with a net sell of 0.567 billion, and Yangtze Optical Fibre and Cable (06869) with a net buy of 0.161 billion [2] - In the Shenzhen-Hong Kong Stock Connect, the top ten active trading companies included Alibaba-W (09988) with a net buy of 0.144 billion, Tencent Holdings (00700) with a net sell of 0.038 billion, and Xiaomi Group-W (01810) with a net buy of 0.767 billion [2]