Market Overview - The Hang Seng Index (HSI) closed at 25,824.00, down by 6.65 points or 0.03% as of November 19, 16:00 Eastern Time [1] - The index's highest price during the day was 25,935.21, while the lowest was 25,751.31, with a trading volume of 43.34 million shares [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 107.800, down by HKD 1.800 or 1.64% compared to the previous close [2][3] - Tencent Holdings closed at HKD 622.500, down by HKD 1.000 or 0.16% [3] - Alibaba Group (ADR) saw an increase, closing at HKD 156.400, up by HKD 1.800 or 1.16% [3] - Xiaomi Group closed at HKD 38.820, down by HKD 1.960 or 4.81% [3] - AIA Group closed at HKD 77.950, down by HKD 0.600 or 0.76% [3] Stock Price Changes - The stock prices of major companies showed mixed results, with some experiencing declines while others saw slight increases [2][3] - Notable declines included Kuaishou Technology, which closed at HKD 63.500, down by HKD 1.150 or 1.78% [3] - Ctrip Group saw an increase, closing at HKD 574.500, up by HKD 10.000 or 1.77% [3]

【导读】交银金租被罚款80万元，2人被禁止从事银行业工作终身 中国基金报记者 晨曦 公开信息显示，马宾曾在交银金租工作多年，历任总经理助理、副总裁等职。2023年8月，中纪委通报马宾被查消息；同年11月，马宾被 开除党籍，所涉犯罪问题移送检察机关依法审查起诉。 通报指出，马宾违反国家法律法规，利用职务便利为他人在工作调动、职务晋升、船舶融资租赁业务中提供帮助谋取利益，非法收受他人 巨额财物，涉嫌受贿犯罪。 另外，方修志曾以"交银金租航运业务总监"等身份多次参加公开活动。2017年相关报道称，交银金租是当年在油轮新造船领域最大的投资 商，方修志是交银金租航运事业部负责人，该部门以订造大型集装箱船而闻名，也通过订造新造船、签署售后回租协议投资油轮领域。 公开信息显示，交银金租成立于2007年12月，是经国务院批准成立的首批5家银行系金融租赁公司之一，为交通银行全资控股子公司，注 册资本为200亿元。交银金租是中国银行业协会金融租赁专业委员会主任单位、上海市银行同业公会金融租赁专业委员会主任单位。 交银金租在业内较早开启航运、航空领域专业化、国际化转型发展道路。目前，公司船舶规模超470艘，航运租赁资产规模超150 ...

证 券 研 究 报 告 供需两弱下的逆风局 2026年银行二永债年度策略 证券分析师：黄伟平 A0230524110002 杨雪芳 A0230524120003 研究支持： 曹璇 A0230125070001 2025.11.19 主要内容 ◼ 供给：预计明年或继续维持相对低位，TLAC债有所补充 ✓ 近年来二永净供给下台阶，今年以来明显缩量。20-20年净供给约1万亿元，22-23年约为7000亿元，24年仅5500亿元左右，25年至今下降至3630亿元。 ✓ 市场步入成熟期：大行资本补充需求趋缓，中小银行承压或成发行主力。 ✓ 银行二永债：综合监管要求和资本充足率现状、二永债到期分布和获得批文情况，展望2026年，二永净融资可能维持平稳偏低水平，或与2024-2025年大致 相当（4000-5000亿左右），且呈现"大行占比下降、股份行/中小行占比提升"的特征。 ✓ TLAC非资本债券：2024-2025年发行规模整体低于预期，考虑TLAC监管指标现状、政策时点和TLAC债券发行计划额度，预计未来TLAC债券的供给压力也 相对可控，2026年净供给预计维持在3000亿元左右，或是银行次级债供给的重要补充。 ...

Core Viewpoint - The article emphasizes the importance of consumer spending as a key driver of economic growth, highlighting the proactive measures taken by the government and financial institutions like Bank of Communications to stimulate consumption through retail credit initiatives [4][5][6]. Group 1: Government Policies and Economic Context - The Chinese government has been actively promoting consumption and expanding domestic demand through various policies, including subsidies, tax incentives, and the issuance of consumption vouchers [5]. - Since 2014, consumption has consistently been one of the three main drivers of economic growth, with a projected retail sales total of 48.8 trillion yuan in 2024, reflecting a 3.5% increase from the previous year [4][5]. - The contribution rate of consumption to economic growth is expected to be 44.5%, underscoring its critical role in the national strategy for expanding domestic demand [4]. Group 2: Bank of Communications' Strategy - Bank of Communications is aligning its retail credit business with national strategies to enhance consumer spending and improve living standards, focusing on integrating supply and demand through institutional frameworks [6][11]. - The bank has launched the "Jiao Yin Hui Dai" personal loan brand, which combines consumer and business loans to meet diverse financial needs, emphasizing a one-stop service model [8][9]. - The bank's retail loan growth has outpaced the market, driven by a commitment to high-quality development and effective risk management [11][12]. Group 3: Digital Transformation and Innovation - The bank is leveraging digital technology to enhance its retail loan services, implementing an integrated credit approval process that simplifies customer interactions [13][14]. - Advanced technologies, including artificial intelligence, are being utilized to improve operational efficiency and risk management across the loan lifecycle [13][14]. - The bank aims to create a digital operating model that enhances customer experience and expands service coverage, particularly for new consumer segments [16][19]. Group 4: Risk Management and Talent Development - Bank of Communications is focusing on intelligent risk management, enhancing its fraud prevention systems and developing a dynamic monitoring and early warning system [20]. - The bank is committed to cultivating a workforce skilled in digital and data analysis to support its evolving business needs and improve frontline operational capabilities [19][20]. - The bank's risk management strategy includes a comprehensive collection and recovery system to maintain asset quality while expanding its loan portfolio [20].

Group 1 - The A-share market showed mixed performance with the Shanghai Composite Index down 0.04% and the Shenzhen Component Index down 0.32%, while the ChiNext Index rose by 0.12% as of the morning close on November 19 [1] - The market saw a significant trading volume exceeding 1.11 trillion yuan, indicating active trading [1] - The insurance sector experienced a notable increase, with China Life Insurance rising over 3%, and the banking sector also strengthened, highlighted by China Bank's 2.77% increase, reaching a historical high [1] Group 2 - Longjiang Securities noted that since the fourth quarter, bank stocks have regained upward momentum, with state-owned bank indices reaching new highs, reflecting ongoing accumulation by institutional investors [1] - The report emphasized that the market's short-term style factors and trading funds have not altered the systemic revaluation direction of bank stocks, suggesting that each adjustment provides an opportunity for accumulation [1] - Longjiang Securities also indicated that large state-owned banks are being strategically allocated with a focus on bond-like thinking and replacing non-standard assets, showing a more lenient tolerance for short-term dividend yields and performance growth compared to market expectations [2]

Group 1 - The A-share market showed a positive trend on November 19, with the banking index rising by 0.93% [1] - The Tianhong Bank ETF (515290) recorded a trading volume exceeding 35 million yuan, indicating strong investor interest [1] - Major banks such as Bank of China, Everbright Bank, and Postal Savings Bank saw their stock prices increase by over 2% [1] Group 2 - As of November 18, the Tianhong Bank ETF had a total scale of nearly 6.2 billion yuan, covering 42 listed banks across various categories [2] - There has been significant insider buying in regional banks this year, with several banks announcing plans for share buybacks in November [2] - Securities firms noted that the profit growth rate for listed banks improved in Q3, driven by reduced provisioning, stabilized net interest margins, and improved wealth management income [2]

文化是一个国家、一个民族的灵魂。国家、民族的强盛总是以文化的兴盛为支撑，建设金融强国需筑牢 中国特色金融文化的价值基石。 省部级主要领导干部推动金融高质量发展专题研讨班开班式上提出培育和弘扬中国特色金融文化这一重 大课题，赋予了中华优秀传统文化新的时代内涵，进一步指明了提升金融软实力、建设金融强国的前进 方向。 作为国有大型商业银行，交通银行青岛分行（简称"青岛交行"）坚持党建引领，在践行"金融为民，金 融利民"基础上，深刻把握金融工作的政治性、人民性，引导全行员工树立正确的经营观、业绩观和风 险观，让"诚实守信、以义取利、稳健审慎、守正创新、依法合规"成为自觉遵循，探索形成自身文化特 质与特色文化，以文化之力、创新之姿、实干之效，厚植中国特色金融文化，奋力书写精彩的"五篇大 文章"。 涵养金融文化营造风清气正金融环境 赓续红色基因，培育和弘扬中国特色金融文化，是坚持以人民为中心的价值取向、坚守服务实体经济本 源、推动高质量发展、有效防范化解金融风险的必然要求。 青岛交行深刻理解中国特色金融文化的重要内涵，将其融入经营发展全过程，在党建引领、文化融合、 学习教育、典型示范、氛围营造和长效机制建设等方面取得了积 ...

Core Viewpoint - Bank stocks experienced fluctuations but ultimately rose, with notable gains in several major Chinese banks on November 19 [1]. Group 1: Stock Performance - China Bank saw an increase of nearly 2% [1]. - Other banks that performed well include Everbright Bank, Jiangsu Bank, Transportation Bank, Chongqing Bank, Citic Bank, and China Merchants Bank, which had significant gains [1].

根据本次债券条件与条款，本行已行使其赎回权并于2025年11月18日完成赎回所有未偿付的本次债券。 截至本公告日，本次债券下不再含有未偿付余额。 本行已向香港联合交易所有限公司申请撤回本次债券上市。预期撤回本次债券上市将于2025年11月26日 营业时间结束时生效。 股票代码：601328 股票简称：交通银行 编号：临2025-072 交通银行股份有限公司 关于境外无固定期限资本债券赎回完成的公告 交通银行股份有限公司（以下简称"交通银行"或"本行"）董事会及全体董事保证本公告内容不存在任何 虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 2020年11月18日，本行在境外市场完成发行28亿美元无固定期限资本债券（以下简称"本次债券"），并 于2025年10月15日发布了《交通银行股份有限公司关于赎回境外无固定期限资本债券的公告》(编号： 临2025-066）。 特此公告 交通银行股份有限公司董事会 2025年11月18日 ...

本行已向香港联合交易所有限公司申请撤回本次债券上市。预期撤回本次债券上市将于2025年11月26日 营业时间结束时生效。 格隆汇11月18日丨交通银行(601328.SH)公布，2020年11月18日，本行在境外市场完成发行28亿美元无 固定期限资本债券（以下简称"本次债券"），根据本次债券条件与条款，本行已行使其赎回权并于2025 年11月18日完成赎回所有未偿付的本次债券。截至本公告日，本次债券下不再含有未偿付余额。 ...