另有2家银行获批筹建 11月19日，在深圳国际金融大会上，王良表示，旗下AIC将于近期即将开业。金监总局官网 显示，7月3日，招商银行获批筹建招银金投。同时，此前有媒体报道称，该公司获批在深筹 建。 又有股份行旗下金融资产投资公司（AIC）即将开业！ 11月19日，招商银行行长王良在深圳国际金融大会上表示，旗下AIC将于近期即将开业。此 前，该行发布公告称，招银金融资产投资有限公司（以下简称"招银金投"）注册资本150亿 元，为其全资子公司。而在三日前，兴业银行旗下AIC兴银投资在福州揭牌成立并举行签约 仪式，标志着我国首家股份行AIC正式成立。此外，邮储银行、中信银行AIC均已获批筹 建。 自2017年国内首批大行设立AIC以来，至今已有八年时间，彼时的工商银行、农业银行、中 国银行、建设银行、交通银行相继成立了各自的AIC，成为首批持牌机构，主要聚焦科技、 绿色等"五篇大文章"重点领域。 招商银行旗下AIC即将开业， 另外，招银金投注册资本为150亿元，超过兴业银行和中信银行旗下AIC的100亿元注册资 本。 此前，招商银行发布公告称，设立招银金投系招商银行积极响应国家号召，主动融入国家发 展大局的重要举 ...

Core Insights - The report indicates that the threshold for entering the "2025 Guangdong Top 500 Enterprises Development Report" has surpassed 3 billion yuan for the first time, with Ping An ranking first and projected to exceed 1 trillion yuan in revenue for 2024 [2][4] - The total operating revenue of the 500 enterprises reached a historical high of 19.36 trillion yuan, reflecting the resilience and recovery of Guangdong's economy [4][5] - The report highlights a shift towards new industries, with a significant increase in the number of enterprises in the new energy and electronic information sectors, while traditional real estate companies have seen a decline in rankings [6][8] Group 1: Economic Trends - Guangdong's economy is steadily recovering, with a year-on-year growth rate of operating revenue increasing from 0.37% to 3.36% [7] - Net profit is expected to see a slight increase of 2.06% in 2025, following a recovery in 2024 [7] - Total assets have grown from 56.62 trillion yuan in 2021 to 68.33 trillion yuan in 2025, indicating a cumulative growth of over 11 trillion yuan [7] Group 2: Industry Transformation - The traditional "real estate-finance-local government infrastructure" model is no longer sustainable, leading to a focus on optimizing traditional industries and nurturing emerging sectors [8] - The proportion of strategic emerging industries among the top 500 enterprises reached 81.6%, with significant representation from electrical machinery and equipment manufacturing [8] Group 3: Innovation Investment - The total R&D expenditure of the top 500 enterprises reached 584.96 billion yuan, with a focus on artificial intelligence, new energy, and biomedicine [9] - The investment in scientific research and technical services accounted for 18.99% of the total R&D spending, indicating a strong commitment to innovation [9] - The report emphasizes the importance of integrating technological and industrial innovation, aligning with the "14th Five-Year Plan" objectives [9]

第1笔成交价格为43.00元，成交270.00万股，成交金额11,610.00万元，溢价率为0.00%，买方营业部为 国泰海通证券股份有限公司总部，卖方营业部为申万宏源证券有限公司国际部。 进一步统计，近3个月内该股累计发生14笔大宗交易，合计成交金额为49.83亿元。该股近5个交易日累 计下跌0.58%，主力资金合计净流入9772.48万元。 11月21日，招商银行收跌0.53%，收盘价为43.00元，发生1笔大宗交易，合计成交量270万股，成交金额 1.16亿元。 责任编辑：小浪快报 ...

Core Viewpoint - The recent data from the National Financial Regulatory Administration indicates a slight increase in both the non-performing loan (NPL) balance and the NPL ratio of commercial banks, while the market for transferring non-performing loans has seen significant growth this year [1] Group 1: Non-Performing Loan Market Trends - The scale of non-performing loan transfers has surged, with over 26 billion yuan in asset packages listed since November, and the total for the first half of 2025 expected to exceed 167 billion yuan, doubling from the same period in 2024 [1][2] - The issuance of asset-backed securities (ABS) for non-performing loans has surpassed 67.857 billion yuan this year, reflecting an increase of over 80% compared to the previous year [1] Group 2: Retail Loan Risks - There is a consensus in the industry that retail loan risks are becoming more apparent, with no signs of reaching a peak yet [1][6] - Major banks are increasingly transferring personal non-performing loans to improve asset quality and release capital [1][3] Group 3: Asset Transfer Dynamics - Banks are actively listing large amounts of non-performing assets, particularly in personal loans and credit card overdrafts, with significant amounts being transferred [2] - The trend of "discount promotions" for non-performing assets is growing, with some assets being sold for as little as 10% of their original value [4] Group 4: Retail Loan Quality Indicators - The non-performing loan ratio for retail loans is on the rise, with specific banks reporting increases in their personal loan NPL ratios [6][7] - The characteristics of retail loan risks include a higher default rate in consumer loans and credit card loans, while mortgage loans remain the most stable [6][7]

Core Insights - The article highlights the top and bottom AH premium rates for various stocks, indicating significant discrepancies between H-shares and A-shares [1] Group 1: Top AH Premium Rates - Northeast Electric (00042) leads with a premium rate of 918.87%, followed by Sinopec Oilfield Service (01033) at 304.05% and Hongye Futures (03678) at 298.14% [1] - The top three stocks with the highest deviation values are Northeast Electric (72.50%), Beijing Jingcheng Machinery Electric (00187) (65.68%), and Sinopec Oilfield Service (51.01%) [1] Group 2: Bottom AH Premium Rates - The stocks with the lowest AH premium rates include CATL (03750) at 0.74%, China Merchants Bank (03968) at 0.92%, and Midea Group (00300) at 6.26% [1] - The bottom three stocks with the lowest deviation values are China Eastern Airlines (00670) (-6.33%), Jiangsu Ninghu Expressway (00177) (-6.04%), and Anhui Wanan Expressway (00995) (-5.20%) [1] Group 3: Additional Insights on Premium and Deviation - The article provides a detailed table of the top ten and bottom ten AH stocks based on premium rates and deviation values, showcasing the significant differences in market valuation between H-shares and A-shares [1][2] - The premium rates and deviation values are calculated based on the current rates compared to the average rates over the past 30 days, indicating potential investment opportunities or risks [2]

Core Viewpoint - Recent changes in the disclosure of personal loan non-performing asset (NPA) transfer information by banks indicate a shift towards less transparency, with key data no longer available to the public, reflecting a strong demand for rapid capital recovery by banks [2][4][5]. Disclosure Changes - Since November, banks have stopped disclosing auxiliary valuation information such as starting prices, average outstanding principal and interest balances, and write-off statuses in their NPA transfer announcements [3][4]. - The announcements now include a watermark stating "unauthorized reproduction prohibited," indicating a tightening of information access [3]. Impact on Asset Management Companies (AMCs) - Although some information is hidden from public view, AMCs can still access most data through corporate accounts, except for write-off statuses, which are crucial for assessing asset value [4][5]. - The write-off status is significant as it indicates the bank's assessment of the likelihood of recovering the asset, affecting the discount rates of asset packages [4]. Market Dynamics - The pilot program for bulk transfers of personal non-performing loans began in 2021, initially involving a limited number of banks, but has since expanded to include more institutions, leading to a more standardized process [5]. - The decision to limit public information is seen as a necessary step as the market stabilizes, reducing the risk of misinterpretation by non-participants [5]. Transaction Process Changes - The transaction process has accelerated, with banks significantly shortening payment deadlines in recent announcements compared to earlier in the year [6]. - For example, a state-owned bank reduced the payment and agreement signing periods from five working days to three and two days, respectively [6]. Market Growth - The scale of personal non-performing loan transfers is expanding, with over 100 projects announced, indicating a faster pace of asset disposal [7]. - As of the end of Q1 this year, the scale of personal non-performing loan bulk transfers reached 37.04 billion, a year-on-year increase of 761.4% [7]. - The banking sector has disposed of 1.5 trillion in non-performing assets in the first half of the year, contributing to a decrease in both the balance and rate of non-performing loans [7].

Core Viewpoint - The concept of "bank direct supply housing" is misleading as banks do not sell houses directly; they are promoting the disposal of non-performing assets, specifically properties acquired through loan defaults [1][2]. Group 1: Understanding "Bank Direct Supply Housing" - Banks are not licensed to sell real estate; their primary business is financial services such as deposits and loans [1]. - The term refers to banks promoting properties they have repossessed due to loan defaults, not direct sales by the banks themselves [1][2]. - The traditional method for banks to dispose of these properties involves bulk sales to asset management companies or public auctions on platforms like Alibaba and JD [2]. Group 2: Market Context and Trends - The popularity of "bank direct supply housing" has surged this year due to a low overall transaction rate of 13.1% for judicial auction properties in the first three quarters [2]. - The success rate for first-time auctions is only 39%, prompting banks to seek alternative methods to accelerate inventory turnover [2]. Group 3: Risks for Buyers - The property title typically remains under the original debtor's name, meaning buyers may inherit existing legal issues or disputes related to the property [2][3]. - Buyers should thoroughly investigate the property’s details, including any rights restrictions or potential eviction challenges post-purchase [3]. - The volume of "bank direct supply housing" is limited, with only a few hundred properties available, which is unlikely to impact the overall housing market significantly [3].

Core Viewpoint - China Merchants Bank (CMB) is enhancing its technology finance services to support the high-quality development of technology enterprises, emphasizing the integration of technology innovation and financial services [1][2]. Group 1: Technology Finance Strategy - CMB has a long-standing commitment to integrating technology into financial services, having established its operational philosophy in the early 1990s [2]. - The bank serves over 2.2 billion retail customers and 3.5 million corporate clients, showcasing its extensive reach and experience in the technology sector [2]. - CMB's technology finance strategy focuses on long-term partnerships with technology enterprises, supporting their growth through various nurturing programs [2]. Group 2: Organizational Structure - CMB has developed a "1+20+100" organizational structure for technology finance, which includes one central committee, 20 key branches, and over 100 specialized branches [3]. - This structure aims to enhance service quality and efficiency for technology enterprises by concentrating resources in regions with a high concentration of tech companies [3]. Group 3: Comprehensive Service Solutions - CMB has launched a "4×3" matrix service solution to provide comprehensive financial support throughout the entire lifecycle of technology enterprises [4]. - The service covers four key areas: talent innovation, technology innovation, product innovation, and industry innovation, with tailored financial services for each stage [4]. - The bank collaborates with various stakeholders, including government departments and industry leaders, to create an ecosystem that supports the growth and development of technology enterprises [4].

Core Points - Hainan Development Holding Co., Ltd. has signed strategic cooperation agreements with Ping An Bank and China Merchants Bank, marking a new phase in collaboration aimed at boosting Hainan's free trade port development [1] - Hainan Development Holding is now the first strategic partner of Ping An Bank in Hainan, focusing on integrating quality resources across various fields including comprehensive credit, transaction settlement, retail and technology finance, and industrial collaboration [1] - The partnership with China Merchants Bank aims to deepen innovative business cooperation, sharing new opportunities for development in the free trade port, and achieving mutual benefits [1] Financial Implications - The agreements will enhance Hainan Development Holding's funding assurance capabilities, increase credit scale and flexibility, optimize capital allocation, reduce financing costs, and improve financing efficiency [1] - Financial support will be directed towards key business areas including airport construction and operation, urban comprehensive operation, commercial services, investment and capital operations, clean energy, and new productivity sectors such as low-altitude economy and new energy [1] - The collaboration will leverage the banks' cross-border business advantages to expand the group's domestic and international industrial chains, thereby enhancing market competitiveness [1]

| 表格序號 | 大股東/董事/最高行政人員名稱 作出披露的 買入 / 賣出或涉及的股每股的平均價 | | | | | 持有權益的股份數目 佔已發行的 有關事件的日 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 份數量 | | | (請参閱上述 *註解)有投票權股 (日 / 月 / 年) | | | | | | | | | 分自分成 | | | CS20251120E00005 | Ping An Asset Management | 1101(L) | | 5,773,500(L) | HKD 51.3014 | 919,300,500(L) | 20.02(L) 17/11/2025 | | Company of the control of the production of the countr | | | | | | | | | | Co., Ltd. | | | | | | | 增持后，Ping An Asset Management Co., Ltd.最新持股数目为919,300,500股，持股比例由19.89%上升至 ...