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]

Core Viewpoint - Postal Savings Bank of China (PSBC) has received approval from the National Financial Regulatory Administration to establish a financial asset investment company, which will enhance its comprehensive service capabilities and support technological innovation in the country [1][2]. Group 1: Establishment of the Investment Company - The newly established company, China Postal Financial Asset Investment Co., will have a registered capital of 10 billion yuan and will be a wholly-owned subsidiary of PSBC [2]. - The establishment of this investment company aligns with national policies aimed at promoting technological innovation and supporting private enterprises [2]. - PSBC aims to integrate the new investment company into its overall development strategy, creating four key platforms to enhance its service offerings [2]. Group 2: Expansion of AIC Licenses - The pace of expanding financial asset investment company (AIC) licenses has accelerated, with several major banks, including PSBC, actively establishing their own AICs [3][4]. - As of October 2023, five major AICs have registered a total of 82 funds, surpassing the total number registered in 2024 [6][7]. - The expansion of AICs is primarily driven by the need to promote technological innovation, with significant investments being made in the sector [3][4]. Group 3: Impact on Banking Sector - The establishment of AICs is expected to open new business opportunities for banks, allowing them to invest in non-listed companies and enhance the value of their financial licenses [8]. - Analysts predict that AICs will facilitate the integration of social capital into technological enterprises, thereby supporting innovation and reducing investment risks [8][9]. - The opening of equity investment permissions for banks is seen as a crucial step in diversifying their revenue streams amid narrowing profit margins from traditional lending [8].

Core Viewpoint - The speech by Li Yunzhe emphasizes the need to enhance the adaptability of the financial system to the economy, promote a new model of financial services that balances direct and indirect financing, and ensure the prevention of systemic financial risks [1][2][8]. Group 1: Financial Adaptability and New Models - The core task of current financial reform is to enhance the adaptability of the financial system to better support sustainable economic and social development [2]. - The proposed new financial service model includes collaboration between direct and indirect financing, equal investment in physical and human capital, matching financing terms with industry development, and linking domestic and international markets [2][3]. - The focus is on providing more financial resources for traditional industries' optimization and the growth of emerging industries, particularly in areas like intelligence, green technology, and integration [2]. Group 2: Financial Institution Reforms - Several large banks have established or are in the process of establishing financial asset investment companies (AICs) to convert bank funds into long-term capital supporting technological innovation and industrial upgrades [4][5]. - The establishment of AICs is seen as a key measure to optimize financing structures and enhance the quality of financial services to the real economy [4][5]. Group 3: Financial System Opening and Regulation - Financial opening is entering a new phase characterized by comprehensive, multi-level, and wide-ranging reforms, which is essential for deepening supply-side structural reforms in finance [5][6]. - The National Financial Regulatory Administration is committed to enhancing the development dynamics and vitality of the financial industry through continuous reform and opening up [5][6]. - Recent policies have significantly relaxed restrictions on foreign investment in various financial sectors, allowing foreign financial institutions to accelerate their entry into the Chinese market [6][7]. Group 4: Risk Management and Institutional Restructuring - The emphasis on risk management includes a commitment to prevent systemic financial risks while promoting the merger and restructuring of small and medium-sized financial institutions [8][9]. - The current challenges faced by small and medium-sized banks include deteriorating asset quality and insufficient capital, necessitating internal reforms and improved governance [8][9]. - The integration of digital tools is expected to enhance the early identification and management of financial risks, contributing to overall financial stability [9].

Core Viewpoint - The speech by Li Yunzhe emphasizes the need to enhance the adaptability of the financial system to the economy, promote a new model of financial services that balances direct and indirect financing, and ensure systemic financial risk prevention [1][4][11]. Group 1: Financial Service Model - The focus is on constructing a new financial service model that coordinates direct and indirect financing, balances investment in physical assets and human capital, aligns financing terms with industry development, and links domestic and international markets [4][5]. - The financial system should shift from prioritizing investments in hard assets like infrastructure to supporting human capital accumulation, including vocational training and talent development in technology [5]. Group 2: Financial Institution Development - Four large banks have established financial asset investment companies (AIC) in Beijing, with Postal Savings Bank also in the process of establishing one, aimed at converting bank funds into long-term capital for technology innovation and industrial upgrades [6][7]. - The National Financial Supervision Administration plans to continue promoting financial policies in Beijing to attract quality financial resources to support high-quality economic development [6]. Group 3: Financial Opening and Reform - Financial opening is entering a new stage characterized by comprehensive, multi-level, and wide-ranging reforms, which are essential for enhancing the vitality and dynamism of the financial sector [8][9]. - The administration aims to deepen supply-side structural reforms in finance, improve institutional layouts, and enhance the quality and resilience of financial development [8][9]. Group 4: Risk Management and Institutional Restructuring - The administration is committed to risk prevention and will promote the merger and restructuring of small and medium-sized financial institutions to enhance their operational efficiency and competitiveness [11][12]. - There is a focus on improving corporate governance and management capabilities of small banks, especially in economically weaker regions, to address issues like asset quality deterioration and credit risk [11][12].

Group 1: Company Performance - Kingsoft Office reported a Q3 net profit of 431 million yuan, a year-on-year increase of 35.42%, with total revenue of 1.521 billion yuan, up 25.33% year-on-year [2] - Northern Rare Earth achieved a Q3 net profit of 610 million yuan, a year-on-year increase of 69.48%, with a total net profit of 1.54 billion yuan for the first three quarters, up 280.27% [3] - Puxin Technology's Q3 net profit reached 645 million yuan, a year-on-year increase of 69.30%, with total revenue of 3.742 billion yuan, up 6.66% year-on-year [6] - Tongfu Microelectronics reported a Q3 revenue of 7.078 billion yuan, a year-on-year increase of 17.94%, with a net profit of 448 million yuan, up 95.08% [7] - Gaode Infrared's Q3 net profit surged to 401 million yuan, a year-on-year increase of 1143.72%, with total revenue of 1.134 billion yuan, up 71.07% [10] Group 2: Strategic Developments - Postal Savings Bank has been approved to establish China Post Financial Asset Investment Co., with a registered capital of 10 billion yuan [9] - Hengtong Optic-Electric announced winning bids for marine energy projects totaling 1.868 billion yuan [5] - Zhenyu Technology plans to invest 2.11 billion yuan in precision component manufacturing projects in Ninghai County [11] - ST Guangwu's stock will be renamed to "Guanghui Logistics" and will have its risk warning lifted, allowing for a trading limit increase from 5% to 10% [12]