Core Viewpoint - The Shanghai Composite Index has surpassed the 4000-point mark for the first time since August 2015, with a year-to-date increase of over 19% [1]. Group 1: Market Performance - As of the midday close, the Shanghai Composite Index stood at 4005.44 points, reflecting a gain of 0.21%, with over 3000 stocks rising [1]. - Bank stocks, particularly Xiamen Bank, Postal Savings Bank, and Agricultural Bank, have significantly supported the index's strength [3]. - Agricultural Bank's stock price reached a new high, closing at 8.26 yuan per share, with a year-to-date increase exceeding 60% [3]. Group 2: Market Capitalization - The total market capitalization of Agricultural Bank is close to 2.9 trillion yuan, making it the largest by market cap in A-shares [3]. - The top three A-share market capitalizations are all bank stocks: Agricultural Bank (2.89 trillion yuan), Industrial and Commercial Bank (2.84 trillion yuan), and China Construction Bank (2.45 trillion yuan) [3]. Group 3: Regulatory Developments - Li Yunzhe, head of the National Financial Supervision Administration, emphasized the commitment to advancing financial development in line with China's unique path during the 2025 Financial Street Forum [3]. - Four major banks have established financial asset investment companies in Beijing, with Postal Savings Bank also in the process of setting up its own [3]. Group 4: Company Announcements - Postal Savings Bank announced the approval to establish a financial asset investment company, named China Postal Investment, with a registered capital of 10 billion yuan [4].

每经记者｜张寿林 每经编辑｜程鹏 陈俊杰 10月27日，邮储银行披露，该行收到《国家金融监督管理总局关于筹建中邮金融资产投资有限公司的批复》（金复〔2025〕604号），同意筹建中邮金融 资产投资有限公司（暂定名，公司名称以有关监管机构、市场监督管理部门核准的名称为准，以下简称中邮投资）。 筹建工作完成后，邮储银行将按照有关规定和程序向国家金融监督管理总局提出开业申请。 中邮投资是国有六大行全面布局AIC（金融资产投资公司）的最后一子。记者注意到，2025年3月，国家金融监督管理总局办公厅发文，支持符合条件的 商业银行发起设立金融资产投资公司。 助力科技金融 中邮投资注册资本为人民币100亿元，将作为该行全资一级子公司管理。 据邮储银行，设立中邮投资是该行响应国家号召、服务科技强国建设的重要举措，有利于本行提升综合服务能力，做好金融"五篇大文章"，打造科技金融 生力军；通过开展市场化债转股及股权投资试点业务，发挥对科技创新和民营企业的支持作用，助力新质生产力发展，提升服务实体经济质效，进一步推 动本行高质量发展。 此前，邮储银行行长刘建军对外回应，申请设立AIC工作，是该行综合化战略中的重要布局，在积极向监管 ...

Group 1 - Postal Savings Bank of China (601658.SH) has received approval from the National Financial Supervision Administration to establish China Post Financial Asset Investment Co., Ltd. (tentative name), marking a significant step in the bank's comprehensive operational strategy [1] - The registered capital of China Post Investment will be RMB 10 billion, and it will operate as a wholly-owned first-level subsidiary of Postal Savings Bank [1] - The establishment of China Post Investment is aimed at enhancing the bank's comprehensive service capabilities and supporting technological innovation and private enterprises through market-oriented debt-to-equity swaps and equity investment pilot projects [1] Group 2 - The approval of Postal Savings Bank's AIC expands the national commercial banks' AIC lineup to nine, following the initial five major state-owned banks that were approved in 2017 [2] - The AIC pilot program has seen significant expansion, with the investment scope extending from Shanghai to 18 cities, including Beijing and Tianjin, as of September 2024 [2] - The total asset scale of the five major AICs is projected to reach RMB 602.7 billion by the end of 2024, potentially increasing equity investment by approximately RMB 36 billion and leveraging social funds by around RMB 180 billion [2] Group 3 - The expansion of AIC licenses from state-owned banks to joint-stock banks indicates a growing interest among various financial institutions in establishing AICs, which can leverage parent banks' corporate client networks to discover projects and provide stable support for technology innovation enterprises [3] - Commercial banks can offer integrated financial services such as "equity-loan linkage," contributing to a more sustainable risk-return balance [3]

Core Viewpoint - Agricultural Bank of China has seen its stock price rise over 1%, reaching a historical high, with its market capitalization approaching 3 trillion yuan [1] Group 1: Company Performance - Agricultural Bank of China is leading the gains among major banks, with a notable increase in its stock price [1] - Postal Savings Bank and Industrial and Commercial Bank of China also experienced stock price increases, indicating a positive trend in the banking sector [1] - Shanghai Pudong Development Bank, in contrast, saw a decline in its stock price, dropping over 4% [1]

Core Viewpoint - The establishment of the China Post Financial Asset Investment Company marks a significant development in the banking sector, responding to national calls for supporting technological innovation and private enterprises, while expanding the number of bank-affiliated financial asset investment companies (AICs) to nine [1][2]. Group 1: Establishment and Purpose - The China Post Bank has received approval to establish the China Post Financial Asset Investment Company with a registered capital of 10 billion yuan, which will be a wholly-owned subsidiary [1]. - The establishment of this AIC is part of the bank's efforts to support the construction of a technology-driven economy and to engage in market-oriented debt-to-equity swaps and equity investment pilot projects [2]. Group 2: Industry Context and Expansion - The number of bank-affiliated AICs has increased to nine, with the largest registered capital among the major banks ranging from 14.5 billion to 27 billion yuan, with ICBC's investment company leading at 27 billion yuan [2]. - The pilot program for bank-affiliated AICs began in 2017, and the scope has expanded significantly, with the trial areas now including 18 cities as of March 2025 [2]. Group 3: Financial Performance and Challenges - Recent data indicates that bank-affiliated AICs contributed 3.021 billion yuan in investments, accounting for 27% of the total, with ICBC's investment company leading at 1.447 billion yuan [3]. - Despite the growth in AICs, the profitability of these entities has shown volatility, with some reporting declines in profits due to challenges in the equity investment landscape, particularly with the slowdown in IPOs [3][4].

Core Viewpoint - The establishment of the China Post Financial Asset Investment Company marks a significant development in the banking sector, enhancing the capacity for equity investment and supporting technological innovation and private enterprises in China [1][2]. Group 1: Establishment of AIC - On October 27, the Postal Bank announced the approval to establish the China Post Financial Asset Investment Company with a registered capital of 10 billion yuan [1]. - This new company will be a wholly-owned subsidiary of the Postal Bank and aims to support the development of new productive forces and improve service quality for the real economy [1]. Group 2: Background and Regulatory Changes - Historically, banks faced restrictions on direct equity investments due to the Commercial Banking Law, leading to indirect investments through private wealth management products or overseas subsidiaries [2]. - The pilot program for bank-affiliated AICs began in 2017, with five major banks establishing their investment companies primarily to address non-performing assets and high corporate leverage [2]. Group 3: Expansion of AICs - The pilot program for AICs has expanded significantly, with the scope now covering 18 cities, and more banks, including joint-stock banks, are expected to establish their AICs [3]. - As of August 2025, bank-affiliated AICs contributed 3.021 billion yuan, accounting for 27% of total investments, with the Industrial Bank's investment leading at 1.447 billion yuan [3]. Group 4: Financial Performance - In the first half of the year, profits for the major AICs showed mixed results, with only the Agricultural Bank's investment company reporting a profit increase, while others experienced significant declines [4]. - The challenges in equity investment, particularly with the slowdown in IPOs, have led to difficulties in exiting investments, prompting a shift towards mergers and acquisitions as alternative exit strategies [5].

Core Viewpoint - Postal Savings Bank of China (PSBC) shows a mixed performance in trading and financing activities, with low financing balance and high short-selling volume as of October 27, 2023 [1] Group 1: Trading Performance - On October 27, PSBC's stock price increased by 0.33%, with a trading volume of 1.109 billion yuan [1] - The net financing buy for PSBC was -16.84 million yuan, indicating more repayments than new financing [1] - The total financing and securities lending balance for PSBC was 832 million yuan as of October 27 [1] Group 2: Financing Activities - PSBC had a financing buy of 126 million yuan on the same day, with a current financing balance of 826 million yuan, which is 0.20% of its market capitalization [1] - The financing balance is below the 10th percentile level over the past year, indicating a low level of financing activity [1] - In terms of securities lending, PSBC repaid 265,300 shares and sold 74,300 shares, with a selling amount of 446,500 yuan [1] Group 3: Company Overview - PSBC was established on March 6, 2007, and listed on December 10, 2019, providing various banking and financial services in China [2] - The bank's main business segments include personal banking (65.15% of revenue), corporate banking (22.71%), and funding operations (12.10%) [2] - As of June 30, 2025, PSBC reported a net profit of 49.228 billion yuan, a year-on-year increase of 0.85% [2] Group 4: Dividend and Shareholding - Since its A-share listing, PSBC has distributed a total of 137.796 billion yuan in dividends, with 77.395 billion yuan in the last three years [3] - As of June 30, 2025, the top ten shareholders included Hong Kong Central Clearing Limited, which increased its holdings by 60.826 million shares [3] - Other significant shareholders include various ETFs, which also increased their holdings during the same period [3]

会议强调，邮储银行要坚持实干为要，把全会战略部署转化为邮储银行发展实效。全行要深入践行 金融工作的政治性、人民性，坚持立足当前和谋划长远相贯通，锚定"十五五"时期经济社会发展的主要 目标和重大战略任务，积极对接国家"十五五"规划，谋划好邮储银行"十五五"目标任务和战略政策。要 始终把推动高质量发展作为核心任务，坚定不移写好金融"五篇大文章"，切实推动"五大工程""七大改 革"落地见效，全力推进改革创新和转型升级，积极发挥服务实体经济主力军和维护金融稳定压舱石的 作用，以有效金融供给精准响应新质生产力发展需求、满足人民群众日益增长的金融需求，为"十五 五"时期经济社会发展提供更加优质高效的金融服务，为助力中国式现代化建设积极贡献邮储银行力 量。 责任编辑：韩胜杰 本报讯 记者赵萌报道 10月24日，中国邮政储蓄银行召开党委会议，传达学习党的二十届四中全会 精神，研究部署贯彻落实工作。邮储银行党委书记、行长刘建军主持会议。 会议要求，邮储银行要认真学习领会习近平总书记重要讲话精神和全会精神，不断深化细化学习安 排，扎实开展学习教育、培训辅导、宣传宣讲等工作，在全行迅速掀起学习贯彻全会精神的热潮。 ...

Key Points - The article discusses the recent developments in the Chinese capital market, including new stock listings, regulatory updates, and economic indicators [2][4][8][10]. Group 1: New Stock Listings - Four new stocks are listed today, including three unprofitable companies on the Sci-Tech Innovation Board, marking the first batch of newly registered companies in the Sci-Tech Growth Layer [7]. - The new stocks include DeLiJia with an issue price of 46.68 CNY per share and a subscription limit of 9,500 shares, and ZhongCheng Consulting with an issue price of 14.27 CNY per share and a subscription limit of 630,000 shares [7]. Group 2: Regulatory Updates - The China Securities Regulatory Commission (CSRC) released opinions on enhancing the protection of small and medium investors in the capital market, aiming to improve investor protection mechanisms [8]. - The CSRC also published a plan to optimize the Qualified Foreign Institutional Investor (QFII) system, introducing a green channel and simplified processes for certain foreign investors [10]. Group 3: Economic Indicators - From January to September, the total profit of large-scale industrial enterprises in China reached 53,732 billion CNY, a year-on-year increase of 3.2% [10]. - The profit breakdown shows that state-owned enterprises experienced a slight decline of 0.3%, while private enterprises saw a growth of 5.1% [10]. Group 4: Financial Forum Insights - At the 2025 Financial Street Forum, the People's Bank of China announced plans to resume public market operations for government bonds, indicating a positive outlook for the bond market [8]. - The Financial Regulatory Administration emphasized its commitment to preventing systemic financial risks and improving the efficiency of financial regulation [9].

Group 1 - Wang Yi, the Foreign Minister, communicated with U.S. Secretary of State Rubio, expressing hope for mutual efforts to prepare for high-level interactions and create conditions for the development of China-U.S. relations [2] - The People's Bank of China will maintain a supportive monetary policy stance, resume open market operations for government bonds, and explore measures to support personal credit repair [2][3] - The National Bureau of Statistics reported that profits of industrial enterprises above designated size increased by 21.6% year-on-year in September, with high-tech manufacturing and equipment manufacturing showing rapid growth [3] Group 2 - The State Administration of Foreign Exchange will introduce nine new policy measures focusing on trade facilitation, including expanding cross-border trade pilot programs and optimizing foreign exchange fund settlement for new trade entities [3] - The Ministry of Finance reported that in September, central government revenue was 691.3 billion yuan, while expenditure was 1.5844 trillion yuan [4] - The 138th Canton Fair saw participation from nearly 240,000 overseas buyers from 223 countries and regions, marking a 6.8% increase compared to the previous session [4] Group 3 - The China Securities Regulatory Commission (CSRC) released a plan to optimize the Qualified Foreign Institutional Investor (QFII) system, enhancing its attractiveness to long-term foreign capital [5] - The CSRC also issued opinions on strengthening the protection of small and medium investors in the capital market, proposing 23 specific measures across various aspects [5] - A-share market saw significant gains, with the Shanghai Composite Index approaching the 4000-point mark, driven by strong performance in technology stocks [5][6] Group 4 - The Hong Kong Hang Seng Index closed up 1.05%, with notable gains in pharmaceutical and materials sectors, while Southbound funds recorded a net purchase of 2.873 billion HKD [6] - The Shanghai Stock Exchange announced the third advisory committee member list, including founders from various tech companies [6] - New listings on the STAR Market include He Yuan Bio, Xi'an Yicai, and Bibet, with a total of 758,000 investor accounts opening trading permissions for the STAR Growth Layer [6] Group 5 - QFII holdings in A-shares reached 1.018 billion shares, valued at approximately 21.283 billion yuan, with a focus on cyclical sectors like non-ferrous metals and electricity [7] - Five listed securities firms have disclosed their Q3 reports, showing growth in both revenue and net profit, indicating a recovery in brokerage and asset management businesses [7] Group 6 - The central bank's market operations led to a significant drop in bond yields, with the 30-year special government bond yield falling by 5.75 basis points [18] - The trading association emphasized the need for stricter supervision of funds raised through debt financing tools [18] - Hebei Province disclosed special bond issuance information, with 4.738 billion yuan allocated for land storage, marking a pilot area for non-self-examination [18] Group 7 - The U.S. stock market saw all three major indices rise, with the Dow Jones up 0.71% and the Nasdaq up 1.86%, driven by easing international trade tensions [16] - European stock indices also experienced slight increases, reflecting improved market sentiment following U.S.-China trade discussions [16] - The Nikkei 225 index in Japan closed above 50,000 points for the first time, indicating strong market performance [16] Group 8 - The international gold futures market saw a decline, with COMEX gold futures dropping by 3.40% [20] - Brent crude oil futures experienced a slight decrease, while U.S. oil futures rose marginally [20] - The OPEC+ group is expected to discuss a slight increase in oil production at their upcoming meeting [21]