Group 1 - The China Securities Central Enterprises Dividend Index (CSI) includes 50 stocks of centrally controlled enterprises with stable dividend levels and high dividend yields, achieving a one-year dividend yield of 6.67% as of December 12, which is higher than the 10-year government bond yield of 4.83% [1] - The Hang Seng Mainland Enterprises High Dividend Yield Index (HSMCHYI.HI) consists of high dividend stocks listed in Hong Kong from mainland companies, with a one-year dividend yield of 6.11% as of December 12, surpassing the 10-year government bond yield of 4.26% [1] - The Non-S&P Hong Kong Stock Connect Low Volatility Dividend Index (SPAHLVHP.SPI) includes 50 high dividend low volatility stocks listed in Hong Kong, with the Hong Kong Stock Connect Dividend Low Volatility ETF being the one with the lowest comprehensive fee rate tracking this index [1] Group 2 - Bank of Communications announced a dividend of RMB 0.1563 per share, with an ex-dividend date of December 17, 2025, and a payment date of January 28, 2026; it is a component of the CSI, HSMCHYI.HI, and SPAHLVHP.SPI indices [1]

本期，南财理财通重点关注最低持有期人民币公募产品的业绩表现，按照7天、14天、30天、60天持有期限分类对产品业绩进行 排名，业绩指标计算指标为年化收益率，计算区间与持有期限相同，如90天持有期产品的业绩计算区间为近三月年化收益率， 同机构同系列同投资周期产品保留一只参与排名。 统计代销机构（28家）：工商银行、中国银行、农业银行、邮储银行、建设银行、交通银行、招商银行、中信银行、光大银 行、民生银行、兴业银行、浦发银行、广发银行、浙商银行、华夏银行、平安银行、恒丰银行、渤海银行、北京银行、宁波银 行、江苏银行、上海银行、南京银行、杭州银行、徽商银行、微众银行、网商银行、百信银行。 需要特别提醒的是：本榜单对理财产品"在售"状态的判断基于其投资周期推算。但实际情况中，部分产品可能因额度售罄，或 银行针对不同客户展示的产品清单存在差异而无法购买。因此，建议投资者以代销银行APP的实际展示为准。 此外，南财理财通虽力求客观公正，但不对本评价榜信息的真实性、完整性和准确性作任何保证，排名信息仅供参考。 | | | (A(分割) | | K | | | | --- | --- | --- | --- | --- | ...

Core Viewpoint - The event "Wilderness of Wealth: Witnessing the Future" organized by Bank of Communications aims to explore new trends in wealth management and marks the beginning of a new journey for the Ward Wealth brand [1][2]. Group 1: Event Overview - The event took place in Shenzhen and gathered over 300 participants, including leaders from the Bank of Communications, industry experts, and invited clients [1]. - The purpose of the roadshow is to create a professional and open platform for wealth management discussions, seeking new paths for wealth growth [1]. Group 2: Key Presentations - The event featured a speech by Dr. Li Chao, Chief Economist at Zheshang Securities, who provided insights on the global economic landscape and investment outlook for 2026, offering valuable decision-making references for attendees [2]. - Qiu Chuanle, Head of the Family Office at the Private Banking Center of Bank of Communications Hong Kong Branch, discussed the protection and inheritance of cross-border assets, addressing the growing demand for cross-border wealth management in the context of the Guangdong-Hong Kong-Macao Greater Bay Area [2]. Group 3: Brand and Service Philosophy - The brand core of Ward Wealth is centered on "sharing abundance and carrying wealth with virtue," providing comprehensive and personalized one-stop wealth management solutions [2]. - The event highlighted the comprehensive strength and service philosophy of the Ward Wealth brand, reinforcing the importance of deepening mutual trust and collaborative development between the bank and its clients [2]. Group 4: Future Development Strategy - Moving into the new development stage of the 14th Five-Year Plan, Bank of Communications aims to uphold its mission as a state-owned bank, continuously enhancing its professional advantages and innovating service models and product systems to safeguard clients' asset growth [3]. - The bank seeks to build a more open, cooperative, and win-win wealth management ecosystem, promoting common prosperity and demonstrating its commitment to serving the public [3].

12月12日，由上海证券报与交通银行上海市分行联合主办、基煜基金全程协办的"上证·大虹桥金融高质 量发展大会"在上海长宁举办。本次大会是上海证券报年度重磅活动之一，围绕"时代新叙事，财富新未 来"主题，大会重点探讨中国财富管理行业如何穿越经济周期、提升财富管理竞争力、支持实体经济发 展等议题。 ...

Core Viewpoint - The launch of the "Wode Wealth Journey" marks a significant step for Bank of Communications in enhancing its wealth management strategy and aligning with national goals for common prosperity [2][3] Group 1: Strategic Upgrade - Bank of Communications has established a Wealth Management Department at the headquarters level to better serve customer needs and support national strategies [2][3] - The "Wode Wealth Journey" is the first market promotion project following the organizational restructuring, aiming to expand wealth management services from key regions to nationwide [4] Group 2: Collaborative Advantage - The launch event in Shanghai showcased the collaborative strengths of the Bank of Communications and its asset management subsidiaries, emphasizing a unified approach to wealth management [5] - Various subsidiaries participated in discussions on creating a culturally rich and customer-centric wealth management brand [5] Group 3: Industry Trends and Insights - The "Wode Wealth Journey" aims to deepen cooperation with other financial institutions and explore new trends and opportunities in wealth management [6][7] - Experts predict a more proactive macro policy stance in the coming year, with potential expansions in fiscal policy and a more accommodative monetary policy environment [6][7] Group 4: Future Activities - Over the next six months, the "Wode Wealth Journey" will conduct more than 50 events nationwide, including product strategy meetings and investment report sessions, to foster interaction between wealth accumulation and economic development [9]

Investment Rating - The report assigns a "Buy" rating for the banking sector, indicating an expected performance that will exceed the market by more than 10% over the next 12 months [41]. Core Insights - The report discusses the concept of "asset scarcity," which is explained through two perspectives: the mismatch between supply and demand for funds, and the insufficient supply of quality assets that meet investors' risk and return preferences. It argues that the traditional supply-demand imbalance does not adequately explain the phenomenon of asset scarcity [5][13]. - The report identifies three dimensions of asset scarcity: macro, meso, and micro. It emphasizes that the bond market is primarily concerned with the micro-level aspects of asset scarcity [5][16]. - To alleviate macro-level asset scarcity, the report suggests increasing credit issuance and fiscal efforts, enhancing liquidity management by the central bank, and guiding non-bank funds back to banks to lower residents' yield expectations on non-bank assets [20][23]. - At the meso level, the report highlights the importance of fiscal and monetary growth rates, suggesting that credit and fiscal efforts should be strengthened while avoiding capital idling [23][24]. - The micro-level analysis focuses on the expectations of institutions regarding asset-liability expansion and actual expansion, noting that there is often a mismatch between liabilities and suitable assets [25][29]. Summary by Sections Section 1: Asset Scarcity Exploration - The report explores why the market has shifted its focus away from "asset scarcity," attributing this to a lack of significant asset-liability gaps in the real economy and the nature of interest rates as contractual [5][13]. - It discusses the macroeconomic factors influencing asset scarcity, including the expected decline in bond market yields and economic forecasts [16][18]. Section 2: Financial Institutions' Asset-Liability Management - The report provides a detailed analysis of financial institutions' liabilities, emphasizing the need for a balance between asset expansion and government debt supply [25][29]. - It projects that by 2026, the demand for government bonds will increase by 1.5 trillion yuan compared to 2025, indicating a growing need for asset allocation in the banking sector [25][29]. Section 3: Insurance Sector Analysis - The report estimates that the insurance sector will face a net increase in asset-liability mismatch of 1.28 trillion yuan by 2026, driven by the expiration of high-yield non-standard investments and continuous growth in premium income [30][29]. Section 4: Expected Returns and Market Dynamics - The report highlights the compression of asset-liability yield spreads due to rigid liabilities and flexible asset yields, which contributes to the practical aspect of asset scarcity for enterprises and theoretical scarcity for residents [35][29]. - It suggests that banks should lower the rigid costs of liabilities and guide non-bank entities to adjust their yield expectations [35][29].

Group 1 - The core viewpoint of the article highlights that as of December 13, 26 A-share listed banks have disclosed their mid-term or quarterly dividend plans for 2025, surpassing the 24 banks that did so in the same period of 2024, with total dividends expected to exceed 260 billion yuan [1][3] - The banks disclosing dividend plans include 6 large state-owned banks, 6 joint-stock banks, and 14 small and medium-sized banks, with the six major state-owned banks expected to contribute over 200 billion yuan in cash dividends [3] - Industrial and Commercial Bank of China leads with an estimated dividend of approximately 50.4 billion yuan, followed by China Construction Bank, Agricultural Bank of China, Bank of China, Postal Savings Bank of China, and Bank of Communications [3] Group 2 - Joint-stock banks such as Industrial Bank and CITIC Bank are expected to have mid-term dividends exceeding 10 billion yuan, while China Everbright Bank and Minsheng Bank are projected to exceed 5 billion yuan [3] - Some small and medium-sized banks, like Shanghai Bank and Nanjing Bank, also show significant dividend amounts, with several banks like Industrial Bank and Ningbo Bank introducing mid-term dividend plans for the first time [3] - The increase in dividend frequency among commercial banks is a response to the new "National Nine Articles" aimed at promoting multiple dividends per year for listed companies, enhancing the connection between company profits and investor returns [3] Group 3 - More frequent dividends can directly enhance shareholder satisfaction, allowing investors to share in the banks' operational success in a timely manner [4] - Stable cash returns align well with the investment needs of long-term funds such as social security funds, pension funds, and insurance capital, helping to attract these funds for long-term holding [4] - The positioning of banks as dividend-oriented can create a virtuous cycle of attracting long-term capital, enhancing stock price stability, and reducing abnormal price fluctuations caused by short-term speculation [4]

交通银行河南省分行以数字化转型为抓手，聚焦后台业务运营核心环节，深化科技与业务深度融合，通 过智能化、自动化技术应用，持续优化处理流程、提升服务效能、强化风险管控，为业务高质量发展筑 牢后台服务支撑。 交通银行河南省分行强化创新能力，将自然语言识别、大模型、RPA机器人流程自动化、BI数据分析等 智能金融工具引入业务流程，运用于数据处理、数据保管、记账凭证、报表数据统计及业务分析等业务 场景中，实现复杂业务标准化、简单业务自助化、业务办理敏捷化、风险业务集约化。日均业务处理量 实现大幅提升，切实降低了人力成本。 未来，交通银行河南省分行将持续推进后台业务科技赋能，探索BI、自然语言识别、大数据、AI大模 型等技术在后台业务运营中的深度应用，不断迭代优化业务流程，以高效率、数字化、智能化的后台服 务，为客户提供更优质的金融服务。 （CIS） ...

Core Viewpoint - The implementation of "Shanghai Science Credit Loan" aims to enhance financial support for technology-driven enterprises by using the "Shanghai Science Credit" as a key evaluation tool for innovation capabilities and financial assistance [1] Group 1: Policy and Implementation - The People's Bank of China Shanghai Branch, along with several local financial and regulatory bodies, has issued a notice to promote "Shanghai Science Credit Loan" as a specialized financial product for evaluating and supporting enterprise innovation [1] - Financial institutions in Shanghai are encouraged to utilize "Shanghai Science Credit" as a basis for assessing the innovation capabilities of local enterprises, facilitating loan issuance under manageable risk conditions [1] Group 2: Case Studies of Financial Support - A biotechnology company with a "Shanghai Science Credit" score above 80 has received a loan of 30 million yuan from Bank of Communications Shanghai Zhangjiang Branch, utilizing a differentiated credit model based on its innovation capabilities [2] - Shanghai Guangjiang Environmental Art Co., Ltd. increased its loan limit to 2.8 million yuan through collaboration with Bank of China Shanghai Branch, which utilized the "Shanghai Science Credit" evaluation to address financing challenges for small and medium-sized tech enterprises [3] Group 3: Features of "Shanghai Science Credit Loan" - The notice outlines that financial institutions should enhance the application of "Shanghai Science Credit" results, offering differentiated arrangements such as increased loan limits and reduced interest rates for top-ranked enterprises [4] - Institutions are encouraged to innovate the design of "Shanghai Science Credit Loan" products, focusing on key industries and enhancing the convenience of application processes through digital technology [4] Group 4: Future Directions - The People's Bank of China Shanghai Branch plans to establish a joint working mechanism to strengthen policy coordination and promote the expansion of "Shanghai Science Credit Loan" products [5]

专题：2025中国可持续投资发展论坛 专题：2025中国可持续投资发展论坛 12月12日金融一线消息，2025中国可持续投资发展论坛今日召开，本次论坛的主题为"科技融合与可持 续发展新生态"。交通银行个人金融业务部总经理李肇宁出席论坛。 李肇宁表示，做好绿色金融已成为金融机构的必答题，商业银行需积极运用金融专业能力赋能实体经济 绿色发展。 12月12日金融一线消息，2025中国可持续投资发展论坛今日召开，本次论坛的主题为"科技融合与可持 续发展新生态"。交通银行个人金融业务部总经理李肇宁出席论坛。 李肇宁表示，做好绿色金融已成为金融机构的必答题，商业银行需积极运用金融专业能力赋能实体经济 绿色发展。 交通银行综合利用大模型、机器学习和神经网络等技术，于去年在企业网银、企业手机银行等线上渠道 推出绿色金融政策服务。通过人工智能技术对政策文件拆解梳理，实现国家级政策数据要素化，形成知 识体系。在线上企业录入自身信息后，算法将企业情况与政策进行匹配，为企业主动推送适应其发展方 向的相关政策，方便企业找政策、学政策、懂政策、用好政策，将国家绿色发展政策普及到数以百万计 的相关企业。下一步，交行将进一步丰富地方级政策数 ...