9月30日，石家庄海关关长宋悦谦、副关长徐岊出席石家庄海关与中国银行河北省分行联席会议，与中国银行河北省分行行长段忠辉、副行长宿涛就深化 关银合作、服务促进河北省AEO企业高质量发展进行深入交流，双方围绕出台AEO联合激励措施达成共识。 双方以推动落实《河北省支持海关高级认证企业高质量发展的十条措施》为契机，进一步深化全方位、多层次、宽领域的紧密合作：通过构建"信用通"， 推动信息共享，实现"信用互认"；优化"信用办"，完善服务流程，实现便利叠加；打造"信用+"，加强政策协同，实现同频共振。双方共提出15条AEO联 合激励措施，旨在助力企业解决融资难等问题，为AEO企业提供多元化、综合化的金融解决方案。 此次联席会议，既是双方长期互信、务实合作结出的硕果，也是携手共商高质量发展、共谋高水平开放、共享高效能合作机遇的积极探索，标志着双方全 方位合作迈向新阶段、开启新篇章。下一步，石家庄海关将与中国银行河北省分行秉持"关银协同、优势互补、资源共享、共同发展"原则，充分发挥各自 优势，在更好服务AEO企业发展等领域开展广泛深入合作，共同探索关银双向赋能新模式，打造关银协作共赢新典范。 供稿：石家庄海关企业管理和稽查 ...

Core Insights - The Chinese A-share equity financing market remains active in the first three quarters of 2025, characterized by significant structural differentiation and driven by both policy and innovation [2] - Total fundraising events reached 215, with a total amount of 8540.44 billion yuan, marking a year-on-year increase of 414.42% [5][8] Financing Overview - In the first three quarters of 2025, there were 215 financing events, an increase of 35 events compared to the previous year, with total equity financing amounting to 8540.44 billion yuan [5][8] - The number of IPOs was 76, raising 759.74 billion yuan, a year-on-year increase of 66.67% [5][8] - The number of private placements was 109, raising 7322.62 billion yuan, a year-on-year increase of 670.69% [5][8] - Excluding policy factors, the actual equity financing scale was 3340.44 billion yuan, a year-on-year increase of 101.21% [5][8] Financing Methods Distribution - IPOs accounted for 8.90% of the total fundraising, while private placements dominated with 85.74% [8][11] - Convertible bonds represented 5.36% of the total fundraising [8][11] Industry Distribution of Financing Entities - The banking sector led with a fundraising amount of 5200 billion yuan, followed by public utilities at 488.03 billion yuan and semiconductors at 392.86 billion yuan [12][47] Regional Distribution of Financing Entities - Beijing ranked first in fundraising with 4249.62 billion yuan, followed by Shanghai with 1600.54 billion yuan and Guangdong with 762.82 billion yuan [16][19] IPO Trends - The number of IPOs increased to 76, with a total fundraising of 759.74 billion yuan, a 66.67% increase year-on-year [22][29] - The Shanghai and Shenzhen main boards led in fundraising, accounting for 57.31% of the total [25][28] Top IPOs - The highest fundraising IPO was Huadian New Energy, raising 181.71 billion yuan, followed by Zhongce Rubber and Tianyouwei [36][37] Private Placement Trends - The number of private placements was 109, with a total amount of 7322.62 billion yuan, significantly influenced by the special government bond capital replenishment plan [39][42] - State-owned enterprises dominated private placements, accounting for 86.39% of the total [43][46] Top Underwriters - CITIC Securities led the underwriting amount with 1864.47 billion yuan, followed by Bank of China and Guotai Junan [58][59] - In terms of the number of underwritings, CITIC Securities also ranked first with 48 cases [60][61] Convertible Bonds - The leading underwriter for convertible bonds was Huatai Securities, with an underwriting amount of 98.50 billion yuan [79][80]

Core Insights - The ABS market in China saw a total of 1,777 new issuance projects in the first three quarters of 2025, with an issuance scale of 16,336 billion yuan, representing a 17% increase from 14,007 billion yuan in the previous year [6][2]. Market Overview - As of the end of the first three quarters of 2025, the cumulative market size reached approximately 33,810 billion yuan, with credit ABS at 4,017 billion yuan, enterprise ABS at 21,405 billion yuan, ABN at 6,348 billion yuan, and public REITs at 2,040 billion yuan [4]. Credit ABS - In the credit ABS segment, 172 new projects were issued, totaling 1,866 billion yuan, a 2% decrease year-on-year. The largest issuance came from non-performing loans, with 134 projects totaling 634 billion yuan, followed by personal auto loans with 17 projects totaling 536 billion yuan [8][6]. Enterprise ABS - The enterprise ABS market saw 1,127 new projects issued, totaling 9,951 billion yuan, which is a 22% increase compared to the previous year. The largest issuance was in financing lease receivables, with 214 projects totaling 2,163 billion yuan, followed by corporate receivables with 160 projects totaling 1,497 billion yuan [10][6]. ABN - The ABN market had 460 new projects issued, totaling 4,157 billion yuan, marking an 18% increase year-on-year. The largest issuances were in bank/internet consumer loans, with 159 projects totaling 1,415 billion yuan, followed by general small loan receivables with 114 projects totaling 1,038 billion yuan [11][6]. Underwriting Rankings - In the underwriting rankings for the first three quarters of 2025, CITIC Securities led with 390 projects and a total underwriting amount of 1,851 billion yuan, followed by Guotai Junan with 328 projects totaling 1,449.9 billion yuan, and Ping An Securities with 208 projects totaling 1,231.2 billion yuan [15][14]. Detailed Underwriting Performance - In the credit ABS market, China Merchants Securities ranked first with 86 projects totaling 314.4 billion yuan, followed by CITIC Securities with 81 projects totaling 295.2 billion yuan [21][23]. - In the enterprise ABS market, CITIC Securities topped the rankings with 222 projects totaling 1,239.8 billion yuan, followed by Ping An Securities with 182 projects totaling 1,177.4 billion yuan [25][26]. ABN Market Rankings - In the ABN market, China Merchants Securities led with 80 projects totaling 413 billion yuan, followed by Bank of China with 90 projects totaling 356.1 billion yuan [29][30]. Asset Class Rankings - The top three asset classes by issuance scale are bank/internet consumer loans, financing leases, and general small loans, with detailed underwriting statistics available for these categories [33].

Market Overview - The Hang Seng Index (HSI) closed at 26,751.60, down by 103.96 points or 0.39% as of September 30, 16:00 Eastern Time [1] - The index reached a high of 26,811.89 and a low of 26,663.28 during the trading session, with an average price of 26,737.59 [1] - The 52-week high for the index is 26,915.35, while the 52-week low is 18,856.77, indicating a trading range of 0.55% for the day [1] Blue-Chip Stocks Performance - Major blue-chip stocks mostly declined, with HSBC Holdings closing at HKD 110.477, up by 0.98% compared to the Hong Kong close [2] - Tencent Holdings closed at HKD 662.66, down by 0.05% compared to the Hong Kong close [2] Individual Stock Movements - Tencent Holdings (00700) saw a price increase of HKD 3.00, or 0.45%, with an ADR price of HKD 662.660, which is a decrease of HKD 0.340 compared to its Hong Kong price [3] - Alibaba Group (09988) increased by HKD 3.60, or 2.08%, with an ADR price of HKD 173.866, down HKD 3.134 from its Hong Kong price [3] - HSBC Holdings (00005) rose by HKD 0.60, or 0.55%, with an ADR price of HKD 110.477, up HKD 1.077 from its Hong Kong price [3] - Other notable movements include Kuaishou (01024) increasing by HKD 5.70, or 7.22%, and BYD Company (01211) rising by HKD 1.60, or 1.47% [3]

Core Insights - The global economy has entered a "low growth, high risk" new normal since 2025, prompting the Central Financial Committee to issue guidelines to enhance Shanghai's role as an international financial center while ensuring financial security [2] - The 2025 Shanghai Global Asset Management Forum aims to promote high-quality development in the asset management industry and build an ecosystem that serves the real economy, featuring participation from regulatory bodies, economists, and leading asset management institutions [2][3] Group 1 - The forum is a high-profile event held annually in October, serving as the kickoff for the "Global Asset Management Center · Shanghai International Activity Week," focusing on the release of significant industry reports and guidelines [3] - This year's forum features a more diverse range of projects and richer information, emphasizing cross-industry collaboration and technological advancements in asset management [3][4] Group 2 - The forum will host a closed-door dialogue between global exchanges and asset managers, discussing investment strategies and opportunities amid global market fluctuations [4] - An international session will focus on promoting high-level bilateral openness in asset management between China and Europe, addressing the current geopolitical landscape [4] Group 3 - The forum will include various discussions and presentations, such as a roundtable on enhancing institutional investors and a dialogue with top investors regarding investment opportunities in the context of the "14th Five-Year Plan" [11][12][14] - A memorandum of cooperation will be signed between the Shanghai Asset Management Association and the German Investment Fund Association, highlighting the commitment to enhancing financial cooperation between China and Europe [16]

Core Points - The article discusses the successful implementation of a new cross-border financing policy in Ningbo, China, aimed at supporting high-tech enterprises and enhancing their international competitiveness [1][2] Group 1: Policy Implementation - The State Administration of Foreign Exchange (SAFE) issued a notice detailing nine measures to deepen cross-border investment and financing reforms, including increasing the financing limits for high-tech and specialized small and medium-sized enterprises [1] - The new policy eliminates the requirement for financial reports, thereby reducing the compliance costs for enterprises and facilitating their access to cross-border financing [1] Group 2: Bank's Response - China Bank's Ningbo branch promptly organized training and client outreach activities to educate potential clients about the new policy and assess market needs [2] - The bank provided tailored financing solutions to a foreign-invested high-tech enterprise facing challenges in securing project funding, streamlining the application process and promoting local financing subsidies [2] Group 3: Future Plans - The Ningbo branch of China Bank plans to continue leveraging its global and professional advantages to promote various facilitation measures and enhance foreign exchange reform services [2]

Core Points - Sichuan Bank focuses on five key demographics: elderly, rural residents, migrant workers, youth, and merchants, to enhance anti-counterfeiting currency knowledge and financial literacy [1][2] - The bank employs a "case analysis + practical teaching + interactive Q&A" approach to make anti-counterfeiting knowledge accessible and practical for target groups [2] - The bank integrates anti-counterfeiting education into daily services for merchants, conducting on-site training for cashiers and small business owners to strengthen financial security [2] - During the back-to-school season, the bank engages with students to teach them about currency security features using relatable scenarios to improve their ability to identify counterfeit money [2] - The bank addresses weak anti-counterfeiting awareness in certain regions by conducting outreach activities, including poster campaigns and live demonstrations of currency security features [2] - The bank plans to continue innovating its promotional methods and expanding its outreach to maintain a robust anti-counterfeiting framework and contribute to a stable financial environment [3]

中国银行间市场交易商协会9月30日发布自律处分信息显示，经查，天津滨海农村商业银行股份有限公 司通过委托成立的单一资产管理计划参与自身发行的二级资本债券交易，构成实际交易自身发行的债 券，规避了相关监管要求，影响市场正常交易秩序。根据银行间债券市场相关自律规定，经自律处分会 议审议，对天津滨海农商行予以警告，责令其针对本次事件暴露出的债券交易等合规问题进行全面深入 的整改。 ...

Group 1 - Nanjing Bank has seen significant shareholding increases, with BNP Paribas raising its stake from 16.14% to 17.02% by acquiring 108 million shares [1] - Major shareholders, including Zijin Group and Nanjing Gaoke, have also increased their holdings in Nanjing Bank, indicating strong confidence in the bank's long-term value [3][4] - The trend of shareholding increases among banks is prevalent, with 11 A-share listed banks experiencing similar actions this year, reflecting a broader market sentiment towards bank valuations [6] Group 2 - A total of 17 out of 42 A-share listed banks have announced mid-term dividend plans for 2025, with state-owned banks contributing over 200 billion yuan in dividends [7] - Industrial and Commercial Bank of China plans to distribute approximately 50.4 billion yuan in cash dividends, maintaining a payout ratio above 30% [8] - The banking sector is attracting institutional interest due to its low valuations and stable dividends, with over 300 investigations into listed banks conducted this year [8][9]

| 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03988 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 83,622,276,395 | RMB | | 1 RMB | | 83,622,276,395 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 83,622,276,395 | RMB | | 1 RMB | | 83,622,276,395 | I. 法定/註冊股本變動 第 1 頁 共 12 頁 v 1.1.1 | 3. 股份分類 | 優先股 | 股份類別 | 其他類別 (請註明) | 於香港聯交所上市 (註1) | 否 | | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | ...