2025年，广东省"百千万工程"深入推进，环南昆山—罗浮山县镇村高质量发展引领区作为省级战略支 点，正加速将生态优势转化为发展优势。中国农业银行惠州分行（以下简称"惠州农行"）主动作为，以 精准金融服务注入强劲动能，彰显国有大行服务乡村全面振兴与生态发展的责任担当。 罗浮山西南麓的咏峰旅游度假项目前期投入大、回报周期长。惠州农行主动上门对接定制方案，给予 1.8亿元固定资产贷款授信，并创新"乡旅贷"辐射产业链。目前，该项目已获贷8000万元。预计2026年 运营后，年带动消费1亿元，助力农户增收。罗浮山力天梦幻生态园二期升级因宏观政策面临"资金断 档"。惠州农行迅速组建团队定制贷款方案，最终获批1.5亿元授信，今年9月投放首笔贷款6000万元。 截至2025年10月，项目已创造超过100个就业岗位，带动了周边餐饮、零售等配套业态，推动新增多家 个体经营户，构建起"项目牵引、社区联动"的就业新模式。 惠州农行构建"特色网点+自助银行+惠农通服务点+掌银渠道+流动服务"五位一体体系，在全市乡镇布 放1200台"惠农通"智能终端，实现基础金融服务全覆盖；打造差异化阵地，将引领区乡镇纳入总行"旅 游重点村"支持范围， ...

Core Insights - The insurance companies' investment yield has increased, with total investment funds surpassing 37 trillion yuan for the first time, driven by a significant rise in stock investments and a focus on banking, energy, and transportation sectors [1][6][7]. Investment Performance - The average annualized financial investment yield for life insurance companies reached nearly 5%, with a median exceeding 4.7%, marking an increase of approximately 1 percentage point compared to the previous year [3][6]. - The total investment funds of insurance companies exceeded 37 trillion yuan, with life insurance companies managing over 33.5 trillion yuan and property insurance companies nearly 2.4 trillion yuan [6][8]. - Equity investments accounted for 23.4% of total funds, reaching a recent high of over 8.4 trillion yuan [4][6]. Stock Investment Trends - Direct stock investments surged over 55%, with the amount reaching 3.6 trillion yuan, an increase of approximately 1.3 trillion yuan year-on-year [8][10]. - The growth in stock investments is attributed to regulatory measures encouraging long-term capital market participation [10][12]. Sector Preferences - Insurance funds are heavily invested in banking, energy, transportation, and telecommunications sectors, with banking remaining the top sector, accounting for about 50% of total investments [15][20]. - By the end of Q3 2025, the market value of bank stocks held by insurance companies exceeded 3.35 trillion yuan, reflecting an increase of nearly 700 billion yuan since the beginning of the year [20][22]. Major Holdings - Companies like Ping An and China Life have increased their stakes in Agricultural Bank and Industrial and Commercial Bank, respectively, indicating a continued preference for stable, high-dividend stocks [17][23]. - The investment strategy focuses on long-term stable dividend income, particularly in industries with solid profitability [15][16].

证 券 研 究 报 告 供需两弱下的逆风局 2026年银行二永债年度策略 证券分析师：黄伟平 A0230524110002 杨雪芳 A0230524120003 研究支持： 曹璇 A0230125070001 2025.11.19 主要内容 ◼ 供给：预计明年或继续维持相对低位，TLAC债有所补充 ✓ 近年来二永净供给下台阶，今年以来明显缩量。20-20年净供给约1万亿元，22-23年约为7000亿元，24年仅5500亿元左右，25年至今下降至3630亿元。 ✓ 市场步入成熟期：大行资本补充需求趋缓，中小银行承压或成发行主力。 ✓ 银行二永债：综合监管要求和资本充足率现状、二永债到期分布和获得批文情况，展望2026年，二永净融资可能维持平稳偏低水平，或与2024-2025年大致 相当（4000-5000亿左右），且呈现"大行占比下降、股份行/中小行占比提升"的特征。 ✓ TLAC非资本债券：2024-2025年发行规模整体低于预期，考虑TLAC监管指标现状、政策时点和TLAC债券发行计划额度，预计未来TLAC债券的供给压力也 相对可控，2026年净供给预计维持在3000亿元左右，或是银行次级债供给的重要补充。 ...

Core Viewpoint - The Wanjiac ZHONGZHENG Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159333) has shown a slight increase in its closing price and has experienced a decrease in both share count and total assets year-to-date [1][2]. Group 1: Fund Performance - As of November 19, 2024, the ETF closed up by 0.47% with a trading volume of 16.38 million yuan [1]. - The fund's management fee is 0.50% annually, and the custody fee is 0.10% annually [1]. - The ETF's performance benchmark is the ZHONGZHENG Hong Kong Stock Connect Central State-Owned Enterprises Dividend Index return (adjusted for valuation exchange rate) [1]. Group 2: Fund Size and Liquidity - As of November 18, 2024, the ETF has 328 million shares outstanding and a total size of 485 million yuan [1]. - Compared to December 31, 2024, the ETF's shares have decreased by 23.90% and its total size has decreased by 5.48% year-to-date [1]. - Over the last 20 trading days, the ETF has accumulated a trading volume of 441 million yuan, with an average daily trading volume of 22.07 million yuan [1]. - Year-to-date, the ETF has recorded a total trading volume of 8.108 billion yuan, with an average daily trading volume of 38.06 million yuan [1]. Group 3: Fund Management and Holdings - The current fund manager is Yang Kun, who has managed the ETF since August 21, 2024, achieving a return of 52.34% during his tenure [2]. - The ETF's top holdings include COSCO Shipping Holdings, China Nonferrous Mining, China Ocean Shipping, Orient Overseas International, CITIC Bank, China Petroleum, China Shenhua Energy, People's Insurance Group of China, CNOOC, and Agricultural Bank of China, with respective holding percentages [2].

Investment Rating - Investment rating: Positive (maintained) [1] Core Views - The current credit growth continues to slow down, and social financing growth is also declining from high levels. Although policies are in place to support the market, their impact on demand recovery has not yet been reflected due to time lags. The retail risk for listed banks has increased but remains manageable, supported by substantial provisioning and stable dividend policies, which together form a "stable anchor" for the "dividend revaluation" logic of banks. The banks' advantages in capital markets, wealth management, and investment banking create a "growth sail" for differentiated valuations. Bank valuations are still at historically low levels, and medium to long-term funds have the potential for allocation, making increased allocation to the banking sector a favorable choice under the "high cut low" and balanced allocation strategy. It is recommended to invest in state-owned banks as they still offer good value compared to risk-free interest rates. Specific recommendations include CITIC Bank, benefiting from China Construction Bank, Agricultural Bank of China, China Merchants Bank, Jiangsu Bank, Chongqing Bank, Hangzhou Bank, and Chongqing Rural Commercial Bank [7]. Summary by Sections Deposit and Loan Growth - The deposit and loan growth rates for small and medium-sized banks continued to recover, with the national large banks' deposit-loan growth rate difference at -1.31% at the end of October, a decrease of 0.33 percentage points from the end of September. The four major banks' deposit-loan growth rate difference narrowed by 0.02 percentage points to -2.10%. Small and medium-sized banks recorded a deposit-loan growth rate difference of 3.74%, an increase of 0.08 percentage points [3][4]. Deposit Structure - In October, both large and small banks saw an acceleration in deposit growth, with large banks and small banks' deposit growth rates at 7.40% and 9.33%, respectively, increasing by 0.16 and 0.22 percentage points month-on-month. However, corporate deposits faced pressure, with both large and small banks experiencing negative growth in corporate deposits for the month. The increase in deposits was primarily driven by non-bank contributions, indicating a trend of "deposit migration" [4][5]. Credit Demand and Supply - The overall credit volume and structure remain poor, with small and medium-sized banks increasing lending. The total loans from deposit-taking financial institutions to residents and enterprises saw a year-on-year decrease. The credit growth is under pressure due to unfulfilled demand and other factors, including banks completing most of their annual credit targets in the first three quarters and a lack of actual credit demand conversion from policy measures [6]. Investment Recommendations - Given the current environment, increasing allocation to the banking sector is recommended as it presents a favorable opportunity for investors. The report emphasizes the potential of state-owned banks and suggests specific banks for investment based on their performance and market conditions [7].

Core Viewpoint - The National Financial Supervision Administration's Handan Regulatory Bureau has issued a fine to the Handan branch of Agricultural Bank of China for failing to conduct due diligence in its factoring financing business, resulting in a fine of 500,000 yuan and lifetime bans for several responsible individuals [1]. Summary by Categories Regulatory Actions - The Handan branch of Agricultural Bank of China was fined 500,000 yuan for not fulfilling due diligence in its factoring financing business [1]. - Key individuals involved, including Zhang Fuxiang (former branch president), Jia Yong (former deputy branch president), Liu Longshan (former customer department manager), and Li Shixi (former customer department staff), have been banned from working in the banking industry for life [1]. Violations - The main violation cited was the failure to conduct the "three checks" (due diligence) in the factoring financing business [1][2].

Group 1 - Agricultural Bank of China executed a block trade on November 18, with a transaction volume of 500,000 shares and a transaction amount of 4.095 million yuan, at a price of 8.19 yuan per share [1][3] - The buyer was Guotai Junan Securities Co., Ltd. headquarters, and the seller was Industrial Securities Co., Ltd. Fuzhou Chaoyang Road Securities Business Department [1][3] - The stock closed at 8.19 yuan, down 1.56% on the same day, with a trading volume of 2.305 billion yuan and a net outflow of 253 million yuan in main funds [2] Group 2 - In the past three months, the stock has seen a total of two block trades, with a cumulative transaction amount of 7.55 million yuan [2] - The latest margin financing balance for the stock is 1.137 billion yuan, which has increased by 126 million yuan, representing a growth of 12.44% over the past five days [3] - The Agricultural Bank of China was established on December 18, 1986, with a registered capital of approximately 34.998 billion yuan [3]

Core Insights - In Q3 2025, insurance capital significantly increased its allocation to equity assets, with the proportion of equity assets approaching historical highs [1][4] - The investment distribution of insurance capital in Q3 2025 included 7.9% in bank deposits, 50.3% in bonds, 10.0% in stocks, 5.5% in funds, 7.9% in long-term equity investments, and 18.4% in other assets [1] - The investment in bank deposits and bonds decreased by 0.7 percentage points and 0.8 percentage points respectively compared to Q2 2025, while the investment in stocks and funds surged to 15.5%, nearing the historical peak of 16.1% in H1 2015 [1] Investment Trends - In Q3 2025, insurance capital continued to increase its allocation to dividend-paying stocks, particularly in the TMT (Technology, Media, and Telecommunications) and high-end manufacturing sectors, while adjusting its internal allocations [4] - The insurance capital significantly increased its holdings in banks, steel, and textile sectors, while reducing positions in high-end manufacturing sectors such as new energy, military, and machinery [4] - The overall trend showed that the dividend yield remained a crucial reference for insurance capital's stock selection, with a decreasing trend in dividend yield from increased to reduced holdings [4] Stock Specifics - The top stocks added by insurance capital in Q3 2025 included Agricultural Bank of China (329.1 billion), Postal Savings Bank (125.9 billion), and Industrial and Commercial Bank of China (57.4 billion) [7] - Conversely, the top stocks reduced included GCL-Poly Energy (7.0 billion), Wan Feng Auto (7.1 billion), and Aero Engine Corporation of China (7.6 billion) [7] Shareholding Activities - Insurance capital's shareholding activities accelerated in Q3 2025, with a notable increase in the number of companies targeted, particularly in Hong Kong stocks [9] - As of now, insurance capital has made 30 shareholding increases this year, surpassing the total for 2020 and 2024, with 25 of these being in Hong Kong stocks [9][11]

Core Insights - Insurance capital continues to increase its allocation to equity assets, with the proportion of equity assets reaching near historical highs in Q3 2025 [1] - The allocation structure shows a significant increase in technology and a reduction in high-end manufacturing sectors [5][6] - Insurance capital has accelerated its stake acquisitions in listed companies, particularly in Hong Kong stocks, with a notable increase in the number of acquisitions compared to previous years [9] Allocation Trends - In Q3 2025, the allocation of insurance capital to various asset classes is as follows: bank deposits (7.9%), bonds (50.3%), stocks (10.0%), funds (5.5%), long-term equity investments (7.9%), and other assets (18.4%) [1] - The investment proportions in bank deposits and bonds decreased by 0.7 percentage points and 0.8 percentage points, respectively, while the investment in stocks and funds surged to 15.5%, approaching the historical peak of 16.1% in H1 2015 [1] Sector and Stock Preferences - Insurance capital has significantly increased its allocation to banks, steel, and textile sectors, while reducing holdings in high-end manufacturing sectors such as new energy and military [5] - Key stocks that saw increased investment include Agricultural Bank of China, Postal Savings Bank, Industrial and Commercial Bank of China, and Hikvision, while reductions were noted in stocks like Goldwind Technology and Aviation Industry Corporation of China [6][8] Shareholding Activities - In 2025, insurance capital has made 30 stake acquisitions in listed companies, surpassing the total for the entire years of 2020 and 2024, with 25 of these acquisitions in Hong Kong stocks [9] - The trend indicates a shift towards acquiring dividend-yielding assets in Hong Kong due to declining bond yields and rising traditional dividend assets [9]

Group 1 - Agricultural Bank conducted a block trade of 500,000 shares on November 18, with a transaction value of 4.095 million yuan, accounting for 0.18% of the total trading volume for the day [1][2] - The transaction price was 8.19 yuan, which remained unchanged compared to the market closing price of 8.19 yuan [1][2]