Core Viewpoint - The A-share private placement market has significantly rebounded since 2025, with 74 companies completing placements and raising a total of 659 billion yuan, marking a substantial increase compared to the same period last year [1][3]. Group 1: Market Recovery and Drivers - The increase in the number of companies initiating private placements, the proposed fundraising amounts, and the total amount raised are all significantly higher than the previous year [3]. - The recovery of the private placement market is attributed to a combination of policy incentives and market dynamics, with the release of policy benefits and the demand for industrial upgrades acting as dual driving forces [3]. - The "Six Merger Policies" released in September 2024 have activated the merger and acquisition market, leading to a surge in financing needs [3]. - The easing of restrictions for long-term funds such as public funds, insurance funds, and pension funds to participate in private placements has improved project approval efficiency and shortened project cycles [3]. - Over 90% of private placement projects this year have achieved floating profits, further attracting institutional funds into the market [3]. Group 2: Changes in Project Management - There has been a noticeable increase in new private placement projects this year, particularly in sectors such as software, information technology services, and electronic equipment manufacturing [6]. - Many investment banks maintain strong strategic ties with existing clients, leading to a higher proportion of old clients in new private placement projects [6]. - A significant number of new projects are related to merger financing, necessitating the establishment of specialized merger teams within investment banks to provide comprehensive services [7]. Group 3: Evolving Investor Participation - The private placement market has seen a significant profit effect this year, attracting more investors [9]. - Institutional investors' participation logic has undergone profound changes, shifting from viewing private placements as mere discount arbitrage tools to a dual validation approach of fundamentals and discount rates [9]. - There is a transition from short-term trading orientation to long-term allocation thinking, with public funds increasing their allocation in sectors like basic chemicals and non-ferrous metals [9]. - Private equity firms are now actively participating in pricing, utilizing quantitative models to select targets based on discount rates, industry rotation, and ESG factors [9]. Group 4: Competitive Strategies for Investment Banks - Investment banks are urged to enhance their competitive edge in private placements by transitioning from merely being a "channel" to creating value through industry research, funding services, technology application, and product innovation [10]. - Investment banks should establish professional teams in key sectors to conduct in-depth analysis and build industry valuation models [10]. - The need for dynamic pricing systems that adjust issuance base prices in real-time based on industry trends and interest rates is emphasized [10]. - The private placement business is evolving from a funding channel to a capital ecosystem organizer, with research capabilities and resource integration becoming key competitive advantages [10].

Scale - The total wealth management scale increased by 0.72 trillion, returning to over 30 trillion [1] - As of the end of Q2 2025, the wealth management balance reached 30.67 trillion, reflecting a 2.4% growth since the beginning of the year [1][2] - The Q2 single-season wealth management scale increment was 1.53 trillion, lower than the 1.89 trillion from the same period last year, but higher than the average increment of 0.64 trillion from 2021 to 2023 [1][3] Product Characteristics - Open-ended products maintained a stable proportion of around 80%, while cash management products decreased to 6.4 trillion [5] - Open-ended products contributed 86.1% of the scale increment in the first half of the year, with significant growth from minimum holding period products [5] - Fixed income products accounted for 97.2% of the total wealth management products, with a slight increase in the proportion of mixed and equity products [8][10] Asset Allocation - As of the end of Q2 2025, cash and bank deposits reached 8.18 trillion, increasing by 500 billion since the beginning of the year [11] - The allocation to public funds significantly increased by 450 billion, reaching 1.38 trillion, indicating a growing preference for high liquidity assets [12] - The overall asset allocation showed a tendency to increase high liquidity assets while reducing credit bonds [9][11] Market Dynamics - The "disintermediation" effect is expected to support the growth of wealth management scale, although potential disturbances may increase in the second half of the year [13][14] - The low interest rate environment and the need for stable returns are driving the demand for fixed income products, while cash management products face challenges due to lower yields [15] - Regulatory changes are anticipated to enhance the asset management capabilities of wealth management institutions, focusing on quality over scale [16]

Group 1: Financial Support for Industrial Upgrading - China Bank Shanxi Branch is focusing on providing financial support for key areas such as industrial upgrading, green transformation, and rural revitalization to promote modernization in Shanxi [1] - Yangquan Valve Co., Ltd. has successfully utilized intellectual property pledge financing to secure loans for its new pump and valve R&D center, highlighting the importance of technology innovation in the manufacturing sector [2] - The branch has issued nearly 900 million yuan in intellectual property pledge financing loans, benefiting around 40 enterprises, thus enhancing the vitality of technological innovation [2] Group 2: Green Energy Transition - Shanxi is undergoing a resource-based economic transformation, with a focus on green energy, and China Bank Shanxi Branch is playing a crucial role in this transition [3] - Jineng Holding Power Group, a leading power generation company in Shanxi, is diversifying into clean energy and has successfully issued green bonds with the support of China Bank [3] - The bank's green credit scale has exceeded 69 billion yuan, maintaining a leading position in the market by offering various green financial products [3] Group 3: Agricultural Financial Services - China Bank Shanxi Branch is tailoring financial services to meet the unique agricultural needs of different regions, promoting rural revitalization through specialized loan products [4] - The bank has introduced various rural loan products such as "Pepper Loan" and "Winter Jujube Loan," enabling quick access to funds for farmers [4] - The bank has promoted the "Hui Ru Yuan" app to enhance communication with rural clients, facilitating financial services and boosting agricultural vitality [5]

摘要 折价幅度靠前 AA 城投债（主体评级）中，"20 淮南建发 MTN003"估值价格偏离程度最大。净价跌幅靠前 50 只个券中， "23 黄石城发 MTN005"估值价格偏离幅度最大。净价上涨幅度靠前 50 只个券中，"19 昆租 02"估值价格偏离幅度最 大。净价上涨幅度靠前 50 只二永债中，"24 浦发银行二级资本债 01B"估值价格偏离程度最大。 风险提示 统计数据偏差或遗漏，高估值个券出现信用风险 敬请参阅最后一页特别声明 1 扫码获取更多服务 固定收益动态(动态) 图表1：折价幅度靠前 AA 城投债（主体评级） | 债券名称 | 剩余期限 | 估值价格 | 估值净价 | 估值收益率 | 当日估值 | 票面利率 | 隐含 | 主体 | 成交日期 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | (年) | 偏离(%) | (元) | 偏离(bp) | 收益(%) | (%) | 评级 | 评级 | | | 20 淮南建发 MTN003 | 0.28 | -0.59 | 100.64 | 8.18 | 1.73 ...

Group 1 - The 2025 World Artificial Intelligence Conference commenced in Shanghai, with participation from over 80 AI industry enterprises and government officials [1] - Bank of China Shanghai Branch launched the "Financial Action Plan for High-Quality Development of Artificial Intelligence," aiming to provide comprehensive financial support of no less than 100 billion yuan over the next five years [1] - The plan focuses on key areas such as computing power supply, algorithm development, and data elements, while promoting six core application scenarios including "AI + finance," "AI + manufacturing," and "AI + healthcare" [1] Group 2 - The Bank of China Shanghai Branch is actively integrating into Shanghai's strategy to build an AI hub, offering a comprehensive financial service system that includes equity, loans, bonds, insurance, and leasing [2] - A recent case involved a large model technology service company that faced funding issues for building a spatial computing platform, which the bank addressed by providing a "computing power loan" within three working days [2] - The bank plans to further enhance resource supply, optimize policy support, and deepen industry-finance collaboration to ensure the stability and growth of AI enterprises [2]

Regulatory Voice - The People's Bank of China and the Ministry of Agriculture and Rural Affairs issued an opinion to enhance financial services for rural reforms and promote comprehensive rural revitalization, focusing on meeting the financial needs of new urban residents in housing, education, healthcare, and elderly care [1] Industry Focus - The average deposit interest rates for banks have decreased, with the 3-month term falling to 0.949%, a drop of 5.5 basis points from May. Other terms also saw declines, with the 6-month term at 1.156%, 1-year at 1.287%, 2-year at 1.372%, 3-year at 1.695%, and 5-year at 1.538% [3] Corporate Dynamics - The Trading Association is conducting a self-regulatory investigation into Guangfa Bank for suspected price manipulation during the issuance of secondary capital bonds [4] - Hongkang Life Insurance has increased its stake in Zhengzhou Bank to 8.04% after three rounds of purchases, investing nearly 800 million HKD [5] - CITIC Financial Assets has raised its stake in Everbright Bank from 7.08% to 8.00%, acquiring a total of 264 million A-shares and 279 million H-shares [6][7] - China Bank appointed Yang Jun as vice president, pending approval from the National Financial Regulatory Administration [8] - Agricultural Bank confirmed the appointment of Wang Dajun as vice president after receiving regulatory approval [9] - Minsheng Bank announced the retirement of vice president Shi Jie and the appointment of Li Wenshi as his successor, effective upon regulatory approval [10]

智通财经7月25日电，据中央纪委国家监委驻国家金融监督管理总局纪检监察组、福建省纪委监委消 息，中国银行业协会原党委委员、秘书长黄润中被开除党籍。 ...

中央纪委国家监委网站讯 据中央纪委国家监委驻国家金融监督管理总局纪检监察组、福建省纪委监委 消息：日前，经中央纪委国家监委批准，中央纪委国家监委驻国家金融监督管理总局纪检监察组、福建 省泉州市监委对中国银行业协会原党委委员、秘书长黄润中严重违纪违法问题进行了纪律审查和监察调 查。 经查，黄润中身为党员领导干部，丧失理想信念，背弃初心使命，违反政治纪律，对抗组织审查，与他 人串供订立攻守同盟，销毁转移证据；违反中央八项规定精神，收受可能影响公正执行公务的礼品、礼 金和购物卡，接受管理服务对象安排的宴请；违反组织纪律，插手干预被监管机构人事安排；违反廉洁 纪律，违规收受财物，违规拥有非上市公司股份，由他人支付、报销应由个人支付的费用；利用职务便 利，以及本人职权和地位形成的便利条件，为他人在减轻监管处罚、承接银行业务等方面谋取利益，非 法收受巨额财物，涉嫌受贿犯罪。 黄润中严重违反党的政治纪律、组织纪律、廉洁纪律，构成严重职务违法并涉嫌受贿犯罪，且在党的十 八大后不收敛、不收手，性质严重、影响恶劣，应予严肃处理。依据《中国共产党纪律处分条例》《中 华人民共和国监察法》《中华人民共和国公职人员政务处分法》等有关规定 ...

Group 1 - As of the end of June, the balance of medium and long-term loans in China's manufacturing sector increased by 8.7% year-on-year, with a re-lending quota for technological innovation and technological transformation rising to 800 billion yuan [1] - In the first half of the year, 46 out of 51 newly listed companies were in the manufacturing sector, indicating a strong focus on industrial growth [1] - The Ministry of Industry and Information Technology emphasizes that financial capital acts as an "accelerator" for industrial revolutions, with the current technological revolution and industrial transformation creating historic opportunities for the financial sector [1] Group 2 - The national industrial-financial cooperation platform has been operational since 2021, with over 390,000 companies registered and more than 3,000 financial and investment institutions involved, facilitating over 1.2 trillion yuan in financing for technology-based enterprises [2] - Since 2022, the "integration of technology, industry, and finance" has guided social capital towards early, small, long-term, and hard technology investments, supporting over 113 million yuan in equity financing for 124 projects [2] - Financial institutions are innovating service models to direct credit resources towards technology-based enterprises, with specialized teams and green approval channels established to support their development [2] Group 3 - The conference introduced a "support for new industrialization innovative financial product matrix" consisting of 15 financial products, aimed at addressing the challenges faced by enterprises in financing and innovation [3] - The "Zhongshi Baorongtong" financial service plan, launched by the Bank of China and China Life Insurance, focuses on the transformation of technological achievements to alleviate financing difficulties for enterprises [3] - The establishment of a listing cultivation information system for specialized and innovative enterprises in Sichuan aims to facilitate efficient capital market connections for high-quality local companies [3] Group 4 - The CEO of Galaxy Aerospace highlights that cutting-edge technologies are driving profound changes in industries such as intelligent manufacturing and commercial aerospace, supported by a multi-level financial system for innovation [5] - The continuous improvement of China's financial support for innovation is seen as a vital factor in fostering the development of the "space technology innovation era" [5]

来源：中国新闻网 七月的风裹挟着期待与忐忑，送出一封封高考录取通知书的同时，也宣告着青春的下一站即将启程。对 于无数学子而言，这不仅是梦想的兑现，更是人生第一次真正的远行——离开熟悉的家乡，告别父母的 庇护，独自奔赴陌生的城市。 行李箱里装的是父母的牵挂，而行囊之外，还有现实的问题需要面对：第一张离家的机票、第一笔远行 的路费、第一次独立生活的开销……这些"人生第一次"的背后，或许需要一份贴心的支持。 中国银行推出的"中行惠出游·暑期季"活动，为即将踏上求学之路的学子提供专属优惠——机票折扣、 出行补贴、便捷换汇，更多灵活便捷的助学金融服务，让远行的脚步更轻盈，让父母的担忧更少一些。 因为每一次飞翔，都值得一个温暖的起点。 出行优惠，助力人生第一张机票 这个夏天，属于青春的旅行即将启程！无论是毕业季的难忘之旅，还是奔赴新学校的探索之行，中国银 行为大学生们提供专属旅行优惠，为你的第一次远行保驾护航！ 智慧金融，让校园生活更便捷 学海扬帆，朝夕争驰。为优化在校学生的日常金融体验，中行提供了长城高校学生卡服务，在校期间免 收借记卡年费、首次开卡工本费、挂失手续费等多项费用，同时在中国银行ATM办理存取款、转账等 ...