智通财经APP讯，吉林长龙药业(08049)发布公告，于2025年12月10日，公司向中国工商银行认购理财产 品，金额人民币5000万元。 ...

1. Report Industry Investment Rating No information provided in this report. 2. Core View of the Report In Q3 2025, enterprise annuities showed the characteristics of "scale expansion, high - growth investment income, and market pattern differentiation". The overall performance was significantly improved driven by the jump in equity investment income while the coverage and fund scale continued to expand. In the trustee market, insurance funds still dominated, and bank - affiliated institutions were growing, with different institutional competition strategies. The head - effect in the investment end was strengthened, and equity products became the core driving force for performance. The market conditions and product structure adjustment jointly drove the outstanding performance this quarter [2]. 3. Summary by Relevant Catalogs 3.1 Enterprise Annuity Scale and Yield - **Scale Expansion**: In Q3 2025, the number of enterprises with enterprise annuities increased by 2,770 to 175,000, the number of participating employees increased by 275,200 to 33.32 million, and the accumulated funds increased by 0.24 trillion yuan to 4.09 trillion yuan. The number of established plans only increased by 8 for single plans (corporate entrustment), and other types remained stable. The investment asset net value increased by 248.7 billion yuan, and the number of portfolios increased by 70. The cumulative yield rate in the past three years increased significantly from 6.27% to 12.08% [2]. - **Yield Growth**: The investment income growth was the core highlight. The number of recipients decreased slightly by 7,700 to 2.8538 million, the amount of benefits received decreased by 898 million yuan to 27.998 billion yuan, and the per - capita benefit received decreased from 10,098 yuan to 9,811 yuan [2]. 3.2 Enterprise Annuity Trustee Market - **Overall Pattern**: Insurance funds continued to dominate, and bank - affiliated institutions rose rapidly. The market had a significant head - gathering effect, and the competition strategy might be biased towards small and medium - sized enterprises. As of Q3 2025, China Life Pension and Ping An Pension almost occupied half of the market in terms of the number of managed enterprises, employees, and asset amounts, with the combined proportions being 44.3%, 49.4%, and 49.5% respectively, compared with - 1.38pct, - 0.11pct, and + 0.03pct in Q2 2025 [2]. - **Trustee Management Asset Amount**: The overall scale continued to rise, with a Q3 2025 quarter - on - quarter increase of 6.3% to 3.1 trillion yuan. Institutions with relatively smaller trustee scales expanded relatively faster. China Life Pension (934.5 billion yuan), Ping An Pension (598.7 billion yuan), and Industrial and Commercial Bank of China (369.7 billion yuan) ranked in the top three in terms of trustee scale. The trustee asset scales of China Construction Bank Pension, PICC Pension, and China Merchants Bank increased by 8.9%, 8.3%, and 8.1% quarter - on - quarter in Q3 2025. The proportion of bank - affiliated institutions in the trustee management asset amount increased from 24.8% in Q2 2025 to 25.0% in Q3 2025 [2]. - **Number of Managed Enterprises**: The total number of enterprises managed by enterprise annuity trustee institutions continued to grow, increasing by 6,826 to about 160,000 from Q2 2025 to Q3 2025, a quarter - on - quarter increase of 4.5%. Insurance institutions continued to dominate the market. In Q3 2025, the proportion of enterprises managed by insurance institutions was 73.9%, an increase of 3.3pct compared with Q2 2025. China Life Pension led with 43,000 managed enterprises, accounting for 27.1% of the whole market. In terms of quarter - on - quarter growth, the number of enterprises managed by Industrial and Commercial Bank of China increased by 16.6% to 20,000 in Q3 2025, leading the industry in both growth rate and increment. The number of enterprises managed by China Construction Bank Pension increased by 12.7% to 8,000 in Q3 2025, with relatively fast business growth [2]. - **Number of Managed Employees**: The head - gathering effect was obvious, and the overall pattern still showed insurance - fund dominance. The number of employees increased only slightly by 0.6% quarter - on - quarter to 27.44 million in Q3 2025, which might reflect that the enterprise annuity participation structure was tilted towards small and medium - sized enterprises. Among them, the number of employees managed by the trustee institution of China Merchants Bank increased by 6.1% quarter - on - quarter to 390,000, with a growth rate much higher than that of its peers. Although the number of enterprises managed by Industrial and Commercial Bank of China and China Construction Bank Pension increased significantly, the number of their managed employees increased only by 1.6% and 0.7% quarter - on - quarter respectively, which might indicate that their new enterprise customers were mostly scattered small and medium - sized customers [2]. 3.3 Investment Management Institutions of Enterprise Annuity - **Head - effect Strengthened**: In Q3 2025, the list of the top ten institutions in terms of portfolio asset amount was relatively stable. Three insurance - fund institutions, Taikang Asset, China Life Pension, and Ping An Pension, still ranked in the top three in terms of management scale with 693.3 billion yuan, 517.3 billion yuan, and 381.6 billion yuan respectively. The average managed asset amount of public - offering fund companies (149.5 billion yuan, an increase of 9.2 billion yuan compared with Q2 2025, a quarter - on - quarter increase of 6.54%) was less than that of insurance - fund institutions (an average of 283.1 billion yuan, an increase of 17.2 billion yuan compared with Q2 2025, a quarter - on - quarter increase of 6.48%). In terms of scale change, Taikang Asset, ICBC Credit Suisse, and Ping An Pension had the top three increments, with increases of 44.9 billion yuan, 37.9 billion yuan, and 26.0 billion yuan respectively compared with Q2 2025. Xinhua Pension, Guotai Fund, and Yin Hua Fund had the top three growth rates, with quarter - on - quarter increases of 25.9%, 17.1%, and 14.5% respectively. Guotai Fund entered the top 10 in terms of management scale (a rise of 4 places compared with Q2 2025) [3]. - **Performance**: The high - growth yield of equity - containing portfolios drove the overall investment yield to strengthen, while the investment yield of fixed - income portfolios fluctuated slightly and remained relatively stable. In Q3 2025, the investment yield of fixed - income portfolios decreased slightly by 0.03pct (from 0.93% to 0.90%), mainly affected by the decline in the income of single plans. The investment yield of equity - containing portfolios "jumped", with the single - quarter yield increasing significantly from 1.02% to 4.82%, and each plan type recorded an increase of about 3pct. This also drove the overall yield to increase from 1.00% to 4.26%, and single - plan and collective - plan types all achieved significant growth. From the yields in the first three quarters of this year, the yields of fixed - income, equity - containing, and overall were 2.37%, 6.24%, and 5.72% respectively [3]. 3.4 Changes in Annuity Pension Products - **Equity Products**: Compared with Q2 2025, in Q3 2025, the scale and yield of equity products increased significantly. As of Q3 2025, the number of actually operating products was 568, a decrease of 2 compared with Q2 2025. The net value of equity products at the end of the period increased by 42.8% quarter - on - quarter to 223.6 billion yuan, and the investment yield in this period increased from 2.3% in Q2 2025 to 22.9% in Q3 2025. Among them, the single - quarter yields of ordinary stock - type and Hong Kong - stock - type products reached 22.6% and 25.4% respectively, and the cumulative yield of Hong Kong - stock products since their establishment also improved from - 23.8% in Q2 2025 to - 7.3% in Q3 2025 [3]. - **Fixed - Income Products**: The net value of fixed - income products at the end of Q3 2025 decreased by 5.95% quarter - on - quarter to 1,596.1 billion yuan, and the yield in this period slightly decreased to 0.68% [3]. - **Overall Situation**: The total net value of pension products at the end of the period increased slightly by 0.58% quarter - on - quarter to 2,464.8 billion yuan, and the quarterly investment yield increased from 1.09% in Q2 2025 to 3.11% in Q3 2025. This change might be due to the inflow of funds into equity products driven by the equity market conditions in the third quarter, while the fixed - income products experienced capital outflows [3].

中国 工商银行 股份有限公司 2025年二期绿色金融债券（债券通）申购时间为2025年12月11日9:00- 18:00，票面利率的申购区间为1.50%-2.10%。债券发行规模为人民币70亿元，为3年期浮动利率债券， 自发行缴款截止日起每3个月为一个票面利率调整期。 ...

Core Points - Industrial and Commercial Bank of China (ICBC) and Agricultural Bank of China (ABC) announced a cash dividend distribution of approximately 76.2 billion yuan to A-share shareholders, scheduled for December 15, 2025 [1] - A total of 32 listed banks have announced or planned to implement mid-term dividends this year, an increase of 8 banks compared to 2024, with 9 banks planning to implement dividends for the first time [1] - 26 banks have disclosed specific profit distribution plans, with an average dividend payout ratio of 24.9%, totaling 264.566 billion yuan, which represents a 2.55% increase from the previous year [1] Industry Insights - The two major banks are components of the low-volatility dividend ETF index, which had a dividend yield of 4.14% as of December 9 [1] - The low-volatility dividend ETF fund (159547) tracks this index and has the lowest comprehensive fee rate among ETFs, with quarterly assessments for dividends [1]

Group 1 - The cross-border payment sector experienced a decline on December 10, with notable drops in stock prices [2] - Tianyuan Dike saw a significant decrease of 14.97% [2] - Shenzhou Information and China Merchants Bank also reported declines of 3.79% and 2.86% respectively [2] Group 2 - Agricultural Bank of China and Industrial and Commercial Bank of China both fell by over 3% [2]

12月8日，工商银行与农业银行同步发布2025年中期分红派息实施公告显示，两家国有大行将在12月15 日完成现金红利发放，合计向A股股东派发约762亿元现金股息。 此前，中国银行、建设银行已率先发布中期分红实施方案。其中，中国银行每股派发现金红利0.1094 元，A股派发现金红利261.02亿元。建设银行每股派发现金红利0.1858元，A股派发现金股息约39.36亿 元。 （文章来源：21世纪经济报道） 银行又要撒"红包"了。 21世纪经济报道记者梳理，截至目前，今年共有32家上市银行宣布（拟）实施中期分红（或三季度分 红），数量较2024年多8家，其中9家银行为首次计划实施；目前已有26家银行宣布具体的利润分配方 案，平均分红率为24.9%，合计分红金额2645.66亿元，较去年增长2.55%。 四大行中期分红即将落地。 ...

二、中国工商银行应要求上述核准任职资格人员严格遵守金融监管总局有关监管规定，自中国工商银行 政许可决定作出之日起3个月内到任，并按要求及时报告到任情况。未在上述规定期限内到任的，本批 复文件失效，由决定机关办理行政许可注销手续。 三、中国工商银行应督促上述核准任职资格人员持续学习和掌握经济金融相关法律法规，牢固树立风险 合规意识，熟悉任职岗位职责，忠实勤勉履职。 2025年12月5日，鹰潭金融监管分局发布批复称，《中国工商银行江西省分行关于核准彭玲任职资格的 请示》（工银赣报〔2025〕163号）收悉。经审核，现批复如下： 一、核准彭玲中国工商银行鹰潭分行行长的任职资格。 ...

Core Viewpoint - The announcement of mid-term dividends by major state-owned banks indicates a robust financial performance and a commitment to returning value to shareholders, with a total cash dividend distribution of approximately 762 billion yuan planned for December 15, 2025 [1][2]. Group 1: Dividend Announcements - Industrial and Commercial Bank of China (ICBC) plans to distribute a cash dividend of 0.1414 yuan per share, totaling approximately 503.96 billion yuan, with A-shares accounting for about 381.23 billion yuan [1]. - Agricultural Bank of China (ABC) will distribute a cash dividend of 0.1195 yuan per share, amounting to approximately 418.23 billion yuan, with A-shares also around 381.50 billion yuan [1]. - As of now, 32 listed banks have announced mid-term dividends, an increase of 8 banks compared to 2024, with an average dividend payout ratio of 24.9% and a total dividend amount of 264.57 billion yuan, reflecting a 2.55% increase from last year [2][3]. Group 2: Market Trends and Analyst Insights - The mid-term dividend distribution by state-owned banks is occurring earlier this year, with four major banks having already announced their plans, compared to the previous year [2][3]. - Analysts indicate that the increase in the number of banks planning to distribute dividends and the stability of dividend rates reflect the banking sector's solid dividend value, which is expected to attract long-term capital [3]. - The average dividend yield for listed banks is currently 4.48%, with 12 banks yielding over 5% and 26 banks exceeding 4% [3]. Group 3: Shareholder and Executive Actions - There have been 15 instances of share buyback plans disclosed by 13 banks this year, indicating strong confidence from major shareholders and executives in the banks' strategic direction and long-term value [6][7]. - Notable buybacks include Nanjing Bank, which saw an increase of over 1.28 billion shares by foreign shareholder BNP Paribas, raising its stake to 18.06% [7]. - The banking sector has attracted significant buyback amounts, totaling approximately 90.30 billion yuan, ranking first among 31 industries [7][8].

Market Overview - The Hang Seng Index (HSI) closed at 25,458.69, up by 24.46 points or 0.10% from the previous close [1] - The index experienced a trading range with a high of 25,531.29 and a low of 25,420.30, with a trading volume of 36.788 million shares [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 110.181, reflecting an increase of 0.62% compared to the Hong Kong close [2] - Tencent Holdings closed at HKD 601.643, showing a slight decline of 0.14% from the Hong Kong close [2] Stock Price Movements - Tencent Holdings: Latest price HKD 602.500, down by HKD 2.500 or 0.41% [3] - Alibaba Group: Latest price HKD 150.900, down by HKD 2.500 or 1.63% [3] - HSBC Holdings: Latest price HKD 109.500, up by HKD 0.400 or 0.37% [3] - China Construction Bank: Latest price HKD 7.610, down by HKD 0.050 or 0.65% [3] - Xiaomi Group: Latest price HKD 41.260, down by HKD 1.320 or 3.10% [3] - AIA Group: Latest price HKD 77.250, down by HKD 0.650 or 0.83% [3] - Meituan: Latest price HKD 97.350, down by HKD 2.150 or 2.16% [3] - Industrial and Commercial Bank of China: Latest price HKD 6.120, up by HKD 0.010 or 0.16% [3] - Hong Kong Exchanges and Clearing: Latest price HKD 401.200, down by HKD 3.400 or 0.84% [3] - Ping An Insurance: Latest price HKD 60.750, down by HKD 1.000 or 1.62% [3] - Ctrip Group: Latest price HKD 539.500, down by HKD 5.000 or 0.92% [3] - Baidu Group: Latest price HKD 121.400, down by HKD 4.400 or 3.50% [3] - JD Group: Latest price HKD 114.900, down by HKD 1.300 or 1.12% [3]

数据来源/上市银行公告 制表/石诗语 银行名称 分红派息总额 派发A股现金红利金额 A股现金红利发放日 （亿元） （亿元） 工商银行 503.96 381.23 2025年12月15日 建设银行 486.05 39.36 2025年12月11日 农业银行 418.23 381.5 2025年12月15日 中国银行 352.50 261.02 2025年12月11日 邮储银行 147.72 未披露 未披露 交通银行 138.11 未披露 未披露 ...