1. Report Industry Investment Rating No information provided in the report. 2. Core View of the Report The report provides a weekly data tracking of secondary capital bonds from November 24 to November 28, 2025, covering primary market issuance, secondary market trading, and valuation deviation of individual bonds [1]. 3. Summary by Relevant Catalogs 3.1 Primary Market Issuance - Three new secondary capital bonds were issued in the inter - bank and exchange markets this week, with a total issuance scale of 68.9 billion yuan. The issuance term is 10 years, the issuers include local state - owned enterprises and central financial enterprises, with subject ratings of AA+ and AAA, and the issuer regions are Zhejiang, Hunan, and Beijing [1]. 3.2 Secondary Market Trading - **Trading Volume**: The total weekly trading volume of secondary capital bonds was approximately 178.5 billion yuan, an increase of 13.2 billion yuan from last week. The top three bonds in terms of trading volume were 25 Bank of China Secondary Capital Bond 02BC (10.146 billion yuan), 25 Agricultural Bank of China Secondary Capital Bond 04A(BC) (9.421 billion yuan), and 25 Bank of China Secondary Capital Bond 01BC (6.028 billion yuan). By issuer region, the top three in trading volume were Beijing (141.6 billion yuan), Shanghai (12.6 billion yuan), and Fujian (4.7 billion yuan) [2]. - **Yield to Maturity**: As of November 28, for 5Y secondary capital bonds, the yield - to - maturity changes of AAA-, AA+, and AA - rated bonds compared to last week were 5.46BP, 7.44BP, and 8.44BP respectively; for 7Y bonds, the changes were 9.05BP, 10.90BP, and 10.90BP respectively; for 10Y bonds, the changes were 10.13BP, 9.50BP, and 9.50BP respectively [2]. 3.3 Valuation Deviation of Top 30 Individual Bonds - The overall valuation deviation of the weekly trading average price of secondary capital bonds was not significant this week. The proportion and amplitude of discount transactions were smaller than those of premium transactions. - **Discount Bonds**: The top three discount - rate bonds were 21 Jiutai Rural Commercial Secondary (-48.4374%), 21 Guiyang Rural Commercial Secondary (-1.0131%), and 23 China CITIC Bank Secondary Capital Bond 01B (-0.3428%). The remaining discount rates were within - 0.31%. The ChinaBond implicit ratings were mainly AAA-, AA+, and AA - rated, and the regional distribution was mainly in Beijing, Zhejiang, and Shanghai [3]. - **Premium Bonds**: The top three premium - rate bonds were 25 Shanghai Pufa Bank Secondary Capital Bond 01B (1.5031%), 25 Qujiang Rural Commercial Bank Secondary Capital Bond 01 (1.3216%), and 25 Agricultural Bank of China Secondary Capital Bond 04B(BC) (0.8022%). The remaining premium rates were within 0.78%. The ChinaBond implicit ratings were mainly AAA-, AA+, and AA - rated, and the regional distribution was mainly in Beijing, Shanghai, and Tianjin [3].

Core Points - A significant fire occurred in Hong Kong's Tai Po district, resulting in major casualties and prompting over 100 companies and foundations to donate for emergency relief and community recovery efforts, with total donations exceeding HKD 1.2 billion [2][4]. Donation Summary - Major companies such as Yuexiu Group donated HKD 10 million, while China Overseas and China State Construction contributed HKD 20 million [3]. - Tencent donated HKD 30 million, and Alibaba made an initial donation of HKD 20 million [3]. - Other notable contributions include HKD 30 million from the Li Ka Shing Foundation and HKD 12 million from the Chaozhou Association [4]. - The total amount of donations has surpassed HKD 1.2 billion as of the latest reports [4].

Core Viewpoint - Several major banks in China, including Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China (ABC), Bank of China (BOC), China Construction Bank (CCB), and others, have collectively mobilized to provide financial support and aid for disaster relief following a significant fire incident in Hong Kong's Tai Po district, demonstrating a strong commitment to corporate social responsibility and community support [1][3][6][9][12][14][17][18]. Group 1: Donations and Financial Support - ICBC announced a donation of HKD 10 million to support disaster relief and reconstruction efforts, coordinating with its Hong Kong branches to provide emergency financial services and support for affected customers [3][12]. - ABC pledged HKD 10 million for fire rescue and post-disaster recovery, organizing volunteer teams and financial support for affected families [6][12]. - BOC committed HKD 20 million, establishing a dedicated donation account for public contributions and offering expedited banking services for affected clients [9][12]. - CCB also donated HKD 10 million, facilitating cross-border donations and providing emergency services for affected residents [12][14]. - Bank of Communications announced a donation of HKD 10 million, setting up emergency service stations and providing immediate cash support for affected customers [14][18]. Group 2: Collective Efforts from Other Banks - Other banks, including Shanghai Bank, Spdb Bank, and Minsheng Bank, collectively donated nearly HKD 100 million, with Spdb Bank and Minsheng Bank each contributing HKD 10 million and HKD 5 million respectively for emergency aid [17][18]. - Foreign banks such as HSBC and Hang Seng Bank jointly donated HKD 30 million, while Standard Chartered and DBS Bank each contributed HKD 10 million to support the affected residents [18].

Core Viewpoint - The article discusses the response of various banks in Hong Kong to a significant fire incident in Tai Po, which resulted in major casualties and damage. Multiple banks have pledged financial support and emergency services to assist in disaster relief and recovery efforts. Group 1: Bank Contributions - Industrial and Commercial Bank of China (ICBC) donated HKD 10 million for disaster relief and recovery efforts, mobilizing resources and forming a volunteer team to assist local government [3][5]. - Agricultural Bank of China also pledged HKD 10 million, coordinating with local organizations for direct aid to affected families and offering financial support for insurance claims [6]. - Bank of China announced a donation of HKD 20 million, establishing a special fund for public contributions and providing expedited banking services for affected customers [10][12]. - China Construction Bank contributed HKD 10 million, facilitating cross-border donations and enhancing customer service for those impacted [15]. - Bank of Communications committed HKD 10 million, setting up emergency service stations and providing immediate cash support to affected clients [21][23]. - Other banks, including Shanghai Bank and various foreign banks, collectively donated nearly HKD 100 million to support the relief efforts [25][26]. Group 2: Emergency Services and Support - ICBC implemented an emergency financial service mechanism, offering services like cash withdrawals without cards and loan extensions for affected customers [3][5]. - Agricultural Bank of China organized volunteer teams and established a green channel for insurance claims to expedite support for disaster victims [6]. - Bank of China set up a 24-hour hotline for customer assistance and simplified procedures for affected clients needing banking services [10][12]. - China Construction Bank opened a dedicated service counter for residents of the affected area and extended service hours to accommodate urgent needs [15]. - Bank of Communications provided essential supplies and set up priority service channels for residents to access emergency banking services [21][24].

Core Viewpoint - Multiple banks in Hong Kong are actively providing financial support and donations to assist victims of the recent fire incident in Tai Po, aiming to help them recover and rebuild their lives. Group 1: Donations and Support - Industrial and Commercial Bank of China (ICBC) and its Hong Kong branches will donate HKD 10 million for disaster relief and reconstruction efforts, while also organizing a volunteer team to assist local government [2][3] - Agricultural Bank of China (ABC) will also donate HKD 10 million specifically for fire rescue and post-disaster recovery, coordinating with public welfare organizations for targeted donations [2][3] - China Bank will contribute HKD 20 million and has set up a special account for public donations, while other banks like Bank of Communications and Minsheng Bank are also making significant contributions [3][4] Group 2: Emergency Financial Services - ICBC is extending service hours and providing special service windows for affected customers, offering cash withdrawal without cards and loan extensions [4][5] - China Bank is expediting the reissuance of bank cards for customers without identification and is waiving related fees, while also providing flexible repayment options for loans [5][6] - Bank of Communications is increasing staff at affected branches and extending service hours to assist customers, offering emergency cash support and fee waivers for withdrawals [6][7] Group 3: Insurance Claims Support - Agricultural Bank of China is coordinating with insurance companies to simplify claims processes and provide rapid responses to affected customers [7] - China Bank's insurance division has established a service hotline and emergency claims green channel to expedite claims for affected clients [7] - Bank of Communications Insurance is also reaching out to clients to offer quick service solutions and simplify claims procedures [7]

Core Insights - Automotive finance is a crucial component of the automotive industry ecosystem, serving as a key "lubricant" that supports the entire production to consumption chain [1] - The China Agricultural Bank is committed to enhancing collaboration across three dimensions to empower high-quality development in the automotive industry [1] Group 1 - Automotive finance provides essential funding for both vehicle manufacturers and consumers, facilitating the transition from scale expansion to structural upgrades in the industry [1] - Financial institutions are innovating differentiated products in response to changing consumer demands and government policies, effectively lowering the barriers to vehicle purchases [1] - The China Agricultural Bank aims to align with national strategies, enhance bank-enterprise integration, and deepen inter-industry collaboration to meet the diverse financial needs of the automotive sector [1] Group 2 - The China Agricultural Bank will play a significant bridging role by collaborating with industry peers in areas such as financial technology, product innovation, and risk prevention [2] - The bank seeks to establish a regular cooperation mechanism to break down industry barriers and data silos, promoting resource sharing and complementary advantages [2] - The goal is to create a more dynamic consumer finance ecosystem that offers timely, convenient, and precise financial services [2]

Group 1 - The article provides the latest gold and silver prices from various banks and institutions as of November 28, 2025, indicating real-time fluctuations in precious metal prices [1][2][3] - The Shanghai Gold Exchange lists the gold price at 953 yuan per gram, while silver prices vary, with the benchmark silver price from 中钞国鼎 at 7.43 yuan per gram and from 斯尔沃银器 at 12.2 yuan per gram [2][3] - The prices are subject to change and are provided for reference, with the final settlement price being the authoritative figure [3]

Core Viewpoint - The six major state-owned banks have collectively discontinued the 5-year large denomination certificates of deposit (CDs), reflecting a broader trend of adjustments in long-term deposit products among banks to reduce liability costs and stabilize net interest margins [1][3][8]. Group 1: Market Reactions and Adjustments - The discontinuation of 5-year large denomination CDs by major banks has drawn significant attention, as many smaller banks have also been adjusting their long-term deposit products [3][8]. - Some state-owned banks had already stopped offering 5-year CDs prior to this collective action, indicating a shift in the market [5][8]. - The adjustments in deposit products are primarily aimed at lowering high-cost liabilities and optimizing the banks' liability structures [9][10]. Group 2: Interest Rate Trends - Recent data shows that the net interest margin for commercial banks remains under pressure, with state-owned banks having the lowest net interest margin at 1.31% compared to 3.83% for private banks [8][10]. - The trend of lowering deposit rates is expected to continue, with banks likely to maintain a limited number of 5-year products at reduced rates [10][11]. - The adjustments reflect a significant transformation in the financial system under a low-interest-rate environment, with banks responding to declining asset yields by shortening deposit terms [9][10]. Group 3: Investor Guidance - Investors are advised to shift from a single deposit mindset to a diversified investment strategy, considering options like money market funds, cash management products, and government bonds to balance risk and return [11]. - The expectation of continued declines in deposit rates suggests that investors should lower their return expectations and adjust their investment strategies accordingly [11].

Group 1 - The core point of the article is that Agricultural Bank of China has obtained a patent for a data lake operation and maintenance permission control system and method, indicating its focus on technological innovation in financial services [1] Group 2 - Agricultural Bank of China was established in 1986 and is headquartered in Beijing, primarily engaged in monetary financial services [1] - The registered capital of Agricultural Bank of China is approximately 34.998 billion RMB [1] - The bank has invested in 612 enterprises and participated in 5,000 bidding projects, showcasing its active role in the market [1] - The bank holds 1,308 trademark registrations and 5,000 patent records, reflecting its commitment to intellectual property [1] - Additionally, the bank possesses 119 administrative licenses, indicating its compliance and operational capabilities [1]

Core Viewpoint - The absence of 5-year large denomination certificates of deposit (CDs) from major state-owned banks reflects a broader trend in the banking industry towards shorter-term products and more refined liability management strategies in a low interest rate environment [1][11]. Summary by Sections Current Market Situation - Recently, the six major state-owned banks, including Industrial, Agricultural, Bank of China, Construction, Communications, and Postal Savings banks, have no 5-year large denomination CDs available for sale, which has drawn attention [1]. - The Bank of China has historically offered 5-year CDs but has limited their availability to specific customers since 2023, indicating a shift in product strategy [2][6]. Historical Context - The Bank of China has issued at least 37 batches of personal large denomination CDs from 2016 to 2025, with several 5-year products released in 2018, 2019, and 2023 [2]. - Other banks, such as Agricultural Bank of China, have not offered 5-year CDs for several years, focusing instead on shorter-term products [8][10]. Interest Rate Dynamics - The current interest rate environment shows a phenomenon where the interest rates for 5-year fixed deposits are lower than those for 3-year deposits, indicating a "negative spread" situation [11]. - As of the third quarter of this year, the net interest margin for commercial banks was reported at 1.42%, showing a year-on-year decrease of 11 basis points, despite some stabilization in recent months [11]. Strategic Responses - Banks are adopting more precise liability management strategies, including shortening deposit terms and offering differentiated rates for specific customer segments, particularly targeting older clients with higher rates and lower minimum deposit requirements [12][13]. - This approach aims to optimize the liability structure, secure stable long-term funding, and enhance customer retention, particularly among the elderly demographic, which constitutes over 70% of savings deposits [12][13].