Core Viewpoint - The recent trend of banks redeeming "perpetual bonds" is driven by historically low market interest rates, prompting banks to replace older, higher-rate bonds with new, lower-rate issues [1][3]. Redemption Scale - As of October 11, 2023, banks have redeemed a total of 80 "perpetual bonds" this year, with the redemption amount exceeding 1 trillion yuan, reaching 1,009.58 billion yuan, which is close to the total redemption scale of the previous year [2][3]. - Notable redemptions include China Bank redeeming a 600 billion yuan bond and Everbright Bank redeeming a 400 billion yuan bond, both issued in 2020 [2]. Interest Rate Comparison - The bonds being redeemed were generally issued in 2020 with interest rates ranging from 4.2% to 5.4%, while newly issued bonds this year have interest rates between 1.88% and 2.90% [3]. Market Dynamics - The redemption of older bonds is interpreted as a sign of banks' operational stability and liquidity, which can enhance market reputation and investor confidence [3]. - The trend of "redeeming old for new" is not uniform across all banks; some smaller banks are opting not to redeem due to capital adequacy concerns [4][5]. Differentiation in Redemption - Smaller banks, particularly those with weaker asset quality and profitability, are less likely to redeem bonds, as doing so could negatively impact their capital adequacy ratios [4]. - Despite this, over 30 regional small and medium-sized banks have actively issued "perpetual bonds" since the second quarter, totaling over 100 billion yuan [4][5]. Future Outlook - The issuance trend of "perpetual bonds" is expected to diverge, with larger and more reputable banks likely to continue taking advantage of lower interest rates, while smaller banks may face increased challenges in issuing new bonds [5].

Core Viewpoint - Multiple banks in China are shutting down their mobile applications, particularly credit card and direct banking apps, as part of a trend towards consolidating services into fewer platforms [1][2][3] Group 1: App Shutdowns - Over 10 banks have closed or are in the process of closing various mobile apps this year, including credit card apps and lifestyle service apps [1] - The "缤纷生活" app from China Bank is migrating its services to the main "中国银行" app, with plans to cease operations of the former [1][4] - Other banks, such as Beijing Rural Commercial Bank and Jiangxi Bank, have also migrated their credit card app functionalities to their main banking apps [2] Group 2: Regulatory Environment - The National Financial Regulatory Administration issued a notice in September 2024 emphasizing the need for banks to manage mobile applications more effectively, including maintaining a record of apps and optimizing or terminating those with low user engagement or high risks [3] - As of June 2025, 2,664 mobile financial apps have completed registration, with 75 apps being deregistered in the first half of 2025 [3] Group 3: Industry Analysis - The initial rush to develop multiple banking apps has led to issues such as poor customer experience and redundant internal systems, prompting a need for consolidation [3]

Core Points - The Tianjin branch of Bank of China has successfully facilitated the signing of an investment agreement between Tianjin Zhongying Haihe Yuda Fuyiao No.1 Sci-Tech Equity Investment Fund and Shanghai Xijing Technology Co., Ltd, marking the first investment project for the Tianjin AIC Fund [1] - The Tianjin Zhongying Haihe Yuda Fuyiao No.1 Sci-Tech Equity Investment Fund, initiated by multiple parties including Bank of China, has a first-phase scale of 500 million yuan, focusing on strategic emerging industries and future industries to promote the integration of technology, finance, and industry in Wuqing District [1][2] Company and Industry Summary - Xijing Technology is a high-tech enterprise specializing in advanced autonomous driving technology, providing comprehensive digital and green solutions for global logistics hubs, and is positioned at the forefront of the industry in the commercialization of high-level autonomous driving [2] - The Tianjin branch of Bank of China has launched three sci-tech equity investment funds this year, leveraging the group's global and comprehensive advantages to empower technological innovation and the growth of tech enterprises, contributing to the integration of technology, finance, and industry in Tianjin [2]

Group 1 - The core viewpoint of the article emphasizes the importance of low-altitude economy as a key direction for cultivating and developing new productive forces, with China Bank integrating its development into national strategic frameworks [2] - China Bank has introduced a financial service plan to support the high-quality development of the low-altitude economy, proposing 12 specific action measures focused on low-altitude infrastructure, equipment manufacturing, and application scenarios [2] Group 2 - The development of low-altitude economy requires safe and efficient infrastructure, which China Bank aims to provide through comprehensive financial services, ensuring a solid foundation for the industry [3] - China Bank is assisting a state-owned low-altitude economic development company in applying for a special bond project for low-altitude infrastructure construction in Hefei, with an investment scale of 1.86 billion [3] - The project will establish a digital regulatory platform for low-altitude flight, enabling real-time monitoring and risk warning during flights, thereby enhancing safety [3] Group 3 - In the competitive landscape of low-altitude economy, the focus is on equipment manufacturing, where China Bank provides professional financial services to support this sector [4] - China Bank has approved a total credit line of 2.75 billion for a major aviation equipment state-owned enterprise subsidiary, facilitating overseas acquisitions and project financing [5] - The bank has issued 500 million in loans specifically for project construction, reinforcing financial support for domestic aircraft development [5] Group 4 - To meet the diverse needs of low-altitude consumers, China Bank is enhancing its financial product offerings and providing differentiated services, increasing credit support for various low-altitude application scenarios [5] - The bank has provided 85 million in fixed asset loans to support the construction of a flight service platform and theme park in Qiandao Lake, Zhejiang, contributing to the development of a multi-dimensional consumption ecosystem [5] - China Bank aims to accompany the low-altitude economy through its comprehensive financial services, helping it overcome initial challenges and become a new engine for economic growth [5]

Core Insights - The cooperation agreement signed between Bank of China Sichuan Branch, China Minmetals Financial Leasing Co., Ltd., and Chengdu Guoxing Aerospace Technology Co., Ltd. aims to explore new models for the integration of finance and technology, promoting the development of the commercial aerospace industry [1][3] Group 1: Financial Services - Bank of China Sichuan Branch will provide diversified services including cross-border settlement, supply chain finance, cash management, and investment banking to support Guoxing Aerospace's technology research and development, international market expansion, and industry chain integration [3] - China Minmetals Financial Leasing has customized leasing service plans, offering a total intended leasing financing amount of 5 billion RMB to Guoxing Aerospace and related companies involved in the "Star Calculation" plan [3] Group 2: Strategic Goals - Since 2022, Bank of China Sichuan Branch has been one of the first financial institutions to provide inclusive loan support to Guoxing Aerospace, aiming to nurture aerospace technology innovation [3] - The bank plans to continue collaborating with China Minmetals Financial Leasing to explore innovative development paths that combine finance and technology, contributing to the establishment of a strong technological nation [3]

Core Insights - The garlic industry in Jinxiang County, Shandong Province, is experiencing a busy harvest season, with significant market activity and financing needs for storage and trade [1][2][3] - The introduction of the "Jinxiang Garlic Loan" by the Bank of China aims to address the seasonal financing demands of garlic storage and trading businesses, facilitating their operations [2][3] Industry Overview - Jinxiang County has 700,000 acres dedicated to garlic cultivation, with over 1,800 storage and processing enterprises, generating an annual transaction volume exceeding 40 billion [2] - The garlic industry serves as a vital economic driver, linking agricultural production to local employment and contributing to rural revitalization [2] Company Operations - Huikang Modern Agriculture Co., Ltd. is a key player in the garlic storage and export trade, with a storage capacity of 20,000 tons and plans to expand its operations significantly this year [1] - The company faced challenges with cash flow during the peak purchasing season but received timely financial support from the Bank of China, allowing it to increase its purchasing and storage capacity [2] Financial Products - The "Jinxiang Garlic Loan" is designed for garlic traders and storage operators, offering quick access to credit without collateral, thus meeting the low-cost financing needs of the industry [3] - Since its launch in May, the Bank of China has issued loans totaling 36 million to 13 garlic storage businesses in Jinxiang County, enhancing their operational capabilities [3]

金穗翻滚，夏粮收储农忙时。为切实做好金融服务保障，中国银行山东省分行工作人员深入田间地头、企业车间，了解农户与企业的实际需求，开通绿色通 道，优化审批流程，提高工作效率，全力提升夏收金融服务质效，为"三夏"生产保驾护航。 "三夏"农忙，粮食收储是关键环节。为支持夏粮收购，巩固粮食生产稳产高产的良好局面，保障粮食供应链顺畅稳定，中国银行山东省分行结合地方优势农 业产业，专门为粮食收购经营主体设计了"粮食收储贷"普惠金融服务方案，有效缓解粮食收储大户的经营资金周转问题。该方案打通了食品加工类企业的上 游原材料收储链条，为广大农户种田增收提供了有力支撑。 位于山东聊城阳谷县的粮食收储大户王先生，从事该行业近十年，拥有两座库容10余吨的粮仓。"粮食生意利薄，市场价格不合适就得存着，流动资金占用 大。尤其到了丰收季，既要给农户现款收粮，又要备足周转资金，压力特别大。"面对上门走访的中国银行聊城分行客户经理，王先生道出了困扰。 自5月末"粮食收储贷"金融服务方案发布以来，中国银行山东省分行已累计发放贷款超3亿元，惠及粮食收储大户300余户。 下一步，中国银行山东省分行将持续加大涉农信贷资源倾斜，优化金融服务流程，打通信贷 ...

Core Insights - The Bank of China Shandong Branch has significantly increased its agricultural loan support, with a total agricultural loan balance exceeding 170 billion yuan and an increase of over 23 billion yuan this year, contributing to rural revitalization efforts [1] - The bank has focused on developing and promoting inclusive financial products tailored to rural clients, launching specialized financial services like "Anqiu Ginger Loan" to support local agricultural industry clusters [2][3] - The introduction of the "Anqiu Ginger Loan" has led to rapid loan approvals, with 36 million yuan in credit granted to nearly 30 ginger industry clients within four months, demonstrating the bank's commitment to enhancing financial services for rural development [3] Agricultural Loan Support - As of the end of August, the agricultural loan balance of the Bank of China Shandong Branch reached over 170 billion yuan, with an annual increase of over 23 billion yuan [1] - The bank has been actively supporting various agricultural customer groups, enhancing its service capabilities to promote rural revitalization [1] Product Development and Innovation - The bank has launched several targeted financial service plans, including "Anqiu Ginger Loan," "Zhaoyuan Peanut Loan," and "Jinxiang Garlic Loan," aimed at supporting key local agricultural industries [1] - The "Anqiu Ginger Loan" was developed in response to the specific needs of the ginger industry, with a focus on high interest rates, flexible limits, and efficient approval processes [2] Client Success Stories - A client, Wang Yuye, successfully utilized the "Anqiu Ginger Loan" to meet a surge in working capital needs, resulting in profits exceeding 1 million yuan within three months [3] - The bank's quick response and efficient loan approval process have established strong partnerships with local businesses, further integrating their foreign exchange operations with the bank [3] Future Plans - The Bank of China Shandong Branch aims to continuously improve its service mechanisms and enhance its capabilities to fulfill its mission of supporting rural revitalization and contributing to the agricultural sector's high-quality development [3]

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core View of the Report The report presents a weekly data tracking of secondary - capital bonds from September 29, 2025, to October 10, 2025, covering primary - market issuance, secondary - market trading, and valuation deviation of individual bonds [1]. 3. Summary by Relevant Catalogs 3.1 Primary - Market Issuance - One new secondary - capital bond was issued in the inter - bank and exchange markets, with a scale of 1.2 billion yuan, a 10 - year term, the issuer being a local state - owned enterprise in Hebei Province with an AA+ credit rating [1]. 3.2 Secondary - Market Trading 3.2.1 Trading Volume - The total weekly trading volume of secondary - capital bonds was approximately 44.5 billion yuan, a decrease of 185.4 billion yuan from the previous week. The top three bonds in terms of trading volume were 22 Industrial and Commercial Bank of China Secondary Capital Bond 04A (1.808 billion yuan), 25 Agricultural Bank of China Secondary Capital Bond 03B(BC) (1.23 billion yuan), and 25 Bank of China Secondary Capital Bond 01BC (1.219 billion yuan) [2]. - By the issuer's region, the top three regions in terms of trading volume were Beijing (about 30 billion yuan), Shanghai (about 4.7 billion yuan), and Zhejiang (about 3.1 billion yuan) [2]. 3.2.2 Yield to Maturity - As of October 10, for 5 - year secondary - capital bonds, the yield - to - maturity changes of AAA -, AA+, and AA - rated bonds compared to the previous week were - 2.57BP, - 4.00BP, and - 2.00BP respectively; for 7 - year bonds, the changes were 0.18BP, 0.84BP, and 0.84BP respectively; for 10 - year bonds, the changes were 3.73BP, 3.74BP, and 3.74BP respectively [2]. 3.3 Valuation Deviation of Top 30 Individual Bonds - The overall valuation deviation of the weekly average trading price of secondary - capital bonds was not significant. The proportion of discount transactions was greater than that of premium transactions, and the discount amplitude was smaller than the premium amplitude. - Among the discount bonds, the top three with the highest discount rates were 24 Sichuan Bank Secondary Capital Bond (- 0.4401%), 23 Hankou Bank Secondary Capital Bond 02 (- 0.4225%), and 22 Ningbo Bank Secondary Capital Bond 01 (- 0.3864%). The implied ratings of ChinaBond were mainly AAA -, AA+, and AA, and the bonds were mostly from Beijing, Shanghai, and Zhejiang [3]. - Among the premium bonds, the top three with the highest premium rates were 24 Yangzhou Rural Commercial Bank Secondary Capital Bond 01 (0.5852%), 25 Mintai Commercial Bank Secondary Capital Bond 01 (0.5313%), and 25 Luzhou Bank Secondary Capital Bond 01 (0.5006%). The implied ratings of ChinaBond were mainly AAA -, AA+, and AA, and the bonds were mostly from Beijing, Zhejiang, and Tianjin [3].

2025年10月9日，中国银行（601988）发布公告称，根据国债发行安排，中国银行将于2025年10月10日 至10月19日（节假日正常发行）代理销售2025年第七期和第八期储蓄国债（凭证式），单一个人购买单 期储蓄国债（凭证式）金额不超过300万元。第七期储蓄国债（凭证式）期限三年，票面年利率为 1.63%；第八期储蓄国债（凭证式）期限五年，票面年利率为1.70%。 ...