1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - From December 22 to December 26, 2025, the issuance volume of credit bonds increased month - on - month, and the credit spreads of various industries showed mixed trends [1] 3. Summary by Directory 3.1 Primary Market 3.1.1 Issuance Statistics - During the week from December 22 to December 26, 2025, 267 credit bonds were issued, with a total issuance scale of 427.702 billion yuan, a month - on - month increase of 15.42%. Among them, 117 industrial bonds were issued, with a scale of 219.258 billion yuan (a 34.26% month - on - month increase, accounting for 51.26% of the total); 110 urban investment bonds were issued, with a scale of 71.364 billion yuan (an 18.87% month - on - month decrease, accounting for 16.69% of the total); 40 financial bonds were issued, with a scale of 137.08 billion yuan (a 14.92% month - on - month increase, accounting for 32.05% of the total) [1][11] - The average issuance term of credit bonds this week was 2.74 years. The average issuance term of industrial bonds was 2.36 years, urban investment bonds was 3.25 years, and financial bonds was 2.35 years [1][14] - The average issuance coupon rate of credit bonds this week was 2.26%. The average issuance coupon rate of industrial bonds was 2.12%, urban investment bonds was 2.41%, and financial bonds was 2.23% [2][19] 3.1.2 Cancellation of Issuance Statistics - Five credit bonds were cancelled for issuance this week [2][23] 3.2 Secondary Market 3.2.1 Credit Spread Tracking - By industry, in the Shenwan primary industries, the largest upward movement of the AAA - rated industry credit spread was in the pharmaceutical and biological industry (up 5.1BP), and the largest downward movement was in the real estate industry (down 1.3BP); the largest upward movement of the AA + - rated industry credit spread was in the household appliances industry (up 6.4BP), and the largest downward movement was in the textile and clothing industry (down 9.8BP); the largest upward movement of the AA - rated industry credit spread was in the building materials industry (up 11BP), and the largest downward movement was in the commercial trade industry (down 1BP) [3] - By region for urban investment bonds, this week, the largest upward movement of the AAA - rated credit spread was in Gansu (up 8.7BP), and the largest downward movement was in Jilin (down 2.9BP); the largest upward movement of the AA + - rated credit spread was in Liaoning (up 6.7BP), and the largest downward movement was in Fujian (down 3.2BP); the largest upward movement of the AA - rated credit spread was in Jiangxi (up 4.5BP), and the largest downward movement was in Anhui (down 3.3BP) [3] 3.2.2 Trading Volume Statistics - The total trading volume of credit bonds was 1.782747 trillion yuan, a month - on - month increase of 28.47%. The top three in terms of trading volume were commercial bank bonds, corporate bonds, and medium - term notes. Specifically, the trading volume of commercial bank bonds was 630.894 billion yuan (a 38.88% month - on - month increase, accounting for 35.39% of the total); the trading volume of corporate bonds was 521.309 billion yuan (a 15.93% month - on - month increase, accounting for 29.24% of the total); the trading volume of medium - term notes was 347.636 billion yuan (a 40.63% month - on - month increase, accounting for 19.50% of the total) [4][28] 3.2.3 Actively Traded Bonds This Week - According to DM client data, the top 20 urban investment bonds, industrial bonds, and financial bonds in terms of trading volume this week are provided for investors' reference [30]

上市银行向股东"发红包"，国有大行无疑是绝对主力。 响应"国九条"相关要求，近期，国有大行密集落地中期分红。截至目前，半数上市银行落地2025年半年度 分红派息。 Wind统计数据显示，截至12月26日，已有21家A股上市银行实施中期分红，合计分红总额近2300亿元。且呈现 分红节奏提前、分红率提升的特点。 与此同时，越来越多中小银行陆续加入中期分红行列。在13家地方上市银行实施中期分红计划后，12月26日晚 间，齐鲁银行披露2025年度中期利润分配方案；前一日，紫金银行也同步公布了中期分红计划。 国有大行中期派息近1900亿元 分红节奏前移，股份行、地方银行积极跟进 工商银行、农业银行、中国银行、建设银行、交通银行五家国有大行均于12月完成半年度分红派息，合计向股 东派发现金红利1898.85亿元。 12月25日，交通银行每股派发现金红利人民币0.1563元（含税），共计派发现金红利人民币138.11亿元（含 税）。 12月15日，工商银行和农业银行同日完成中期分红。其中，工商银行每股派发现金股息0.1414元（含税），派 发现金股息共计约503.96亿元，是上市银行中期分红规模榜首。农业银行紧随其后，每股 ...

1. Report Industry Investment Rating - No information provided regarding the industry investment rating in the report 2. Core View of the Report - The report presents a weekly data tracking of secondary - capital bonds from December 22, 2025, to December 26, 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 - During the week from December 22, 2025, to December 26, 2025, 8 new secondary - capital bonds were issued in the inter - bank and exchange markets, with a total issuance scale of 53.15 billion yuan. The issuance term was 10 years, and the issuers included local state - owned enterprises, private enterprises, other enterprises, and central financial enterprises. The issuer regions were Sichuan, Zhejiang, Jiangsu, Beijing, and Hunan, and the subject ratings were AA +, AA -, A +, and AAA [1] 3.2 Secondary - Market Trading - **Trading Volume**: The total weekly trading volume of secondary - capital bonds was approximately 272.9 billion yuan, a decrease of 1 billion yuan compared to the previous week. The top three bonds in terms of trading volume were 25 Bank of China Secondary Capital Bond 03A(BC) (19.41 billion yuan), 25 China Construction Bank Secondary Capital Bond 03BC (9.691 billion yuan), and 25 Bank of China Secondary Capital Bond 01BC (8.304 billion yuan). By issuer region, the top three in trading volume were Beijing (about 217.1 billion yuan), Shanghai (about 19.3 billion yuan), and Guangdong (about 10 billion yuan) [2] - **Yield to Maturity**: As of December 26, for 5Y secondary - capital bonds, the yield - to - maturity changes of AAA -, AA +, and AA - rated bonds compared to the previous week were 1.19BP, 0.00BP, and 0.00BP respectively; for 7Y bonds, the changes were - 1.05BP, - 1.52BP, and - 1.52BP; for 10Y bonds, the changes were - 1.92BP, - 0.95BP, and - 0.95BP [2] 3.3 Valuation Deviation of Top 30 Individual Bonds - **Overall Situation**: The overall valuation deviation of the weekly average trading price of secondary - capital bonds was not significant. The proportion of discount transactions was less than that of premium transactions, but the discount magnitude was greater than the premium magnitude [3] - **Discount Bonds**: The top three bonds with the highest discount rates were 22 Shengjing Bank Secondary Capital Bond 01 (- 0.5385%), 24 Chang'an Bank Secondary Capital Bond 01 (- 0.4596%), and 25 Jilin Bank Secondary Capital Bond 01 (- 0.3868%). The Zhongzheng implied ratings were mainly AAA -, AA, and AA +, and the regions were mainly Beijing, Tianjin, and Guangdong [3] - **Premium Bonds**: The top three bonds with the highest premium rates were 23 Huaxing Bank Secondary Capital Bond 01 (0.3868%), 22 China Construction Bank Secondary Capital Bond 02B (0.2792%), and 23 Bank of China Secondary Capital Bond 01B (0.2319%). The Zhongzheng implied ratings were mainly AAA -, AA, and AA -, and the regions were mainly Beijing, Shanghai, and Sichuan [3]

Core Viewpoint - The People's Bank of China and the Bank of Laos have initiated a cross-border digital yuan payment service in Laos, marking a significant step in digital currency collaboration between the two countries [1] Group 1: Digital Currency Implementation - China Bank has successfully launched the first cross-border digital yuan wallet QR code payment business in Laos [1] - The project is guided by the People's Bank of China and the Bank of Laos, with China Bank being one of the first participants in the cross-border pilot program [1] - The China Bank Vientiane branch has connected to the digital yuan cross-border payment platform, facilitating real-time exchange rate quotes and efficient clearing services [1] Group 2: Benefits for Tourists and Merchants - The new payment service significantly lowers the barriers for cross-border settlements between China and Laos, providing a seamless experience for "payment-exchange-clearing" [1] - Chinese tourists in Laos can make payments directly in local currency without the need to exchange for foreign currency, using the digital yuan app to scan merchant QR codes [1] - Local merchants in Laos can receive funds automatically and compliantly without needing to upgrade their existing payment equipment [1]

Core Viewpoint - The trend of integrating credit card apps into main banking apps is gaining momentum among Chinese banks, with Postal Savings Bank being the second state-owned bank to announce the closure of its independent credit card app, following Bank of China [1][3][4]. Group 1: Bank Actions - Postal Savings Bank announced the integration of its "Postal Credit Card App" services into the "Postal Bank App," ceasing the use of the independent app [3]. - Bank of China previously announced a similar move, planning to migrate services from its "Bountiful Life" app to the main "Bank of China" app [3]. - Over the past two years, more than ten banks, including Beijing Rural Commercial Bank and Shanghai Rural Commercial Bank, have also closed or merged their credit card app services [3]. Group 2: Market Trends - Experts indicate that the closure of independent credit card apps reflects a broader trend in the banking industry aimed at reducing costs and improving efficiency [4][8]. - The integration of apps is seen as a response to the declining profitability and operational costs associated with maintaining separate credit card apps [4][8]. - The digital transformation in banking is shifting focus from standalone functionalities to a more integrated and user-friendly experience through main banking apps [6]. Group 3: Strategic Considerations - Different types of banks have varying motivations for app integration; state-owned banks focus on creating a unified ecosystem, while joint-stock banks aim for differentiated competitive advantages [7]. - Smaller banks prioritize efficiency and survival, using app integration primarily to reduce costs and enhance local service offerings [7]. - The operational burden of maintaining multiple apps, including development and maintenance costs, is a significant factor driving this trend [8]. Group 4: Future Outlook - The future of credit card services may not be limited to main banking apps, as new service formats like mini-programs and embedded lifestyle platforms could emerge [8]. - Banks are encouraged to strengthen their "one bank" digital strategy, enhancing online integration based on business characteristics and user preferences to improve user experience [8].

Core Viewpoint - The Chinese government emphasizes the importance of financial development in achieving modernization, with a focus on inclusive finance as a key component for high-quality economic growth [1] Group 1: Financial Development Strategies - The 14th Five-Year Plan outlines strategic goals for building a strong financial nation, highlighting the development of technology finance, green finance, inclusive finance, pension finance, and digital finance [1] - The implementation plan for high-quality development of inclusive finance was jointly issued by the National Financial Regulatory Administration and the People's Bank of China, emphasizing the integration of party leadership into all aspects of inclusive finance [1] Group 2: Inclusive Finance Achievements - As of September 2023, inclusive loans in China grew by 11.2% year-on-year, with the balance of inclusive micro-loans reaching 36.1 trillion yuan, a 12.2% increase [1] - China Bank reported an inclusive loan balance of 2.71 trillion yuan by September 2025, benefiting nearly 1.8 million small and micro enterprises [2] Group 3: Local Initiatives and Community Engagement - In Shenzhen, the local government and China Bank have established a three-tiered party-building system to enhance financial services for small and micro enterprises, addressing their specific financing needs [3] - The "Xinhua Assistance Seedling" service team from China Bank has tailored financial products like the "Electronic Business Circle Loan" to meet the urgent and frequent funding needs of local businesses [4] Group 4: Organizational Structure and Governance - China Bank is focusing on building a clear and efficient organizational structure led by party leadership to ensure effective policy implementation and high-quality development of inclusive finance [6] - The bank has established various committees and mechanisms to enhance the top-level design and policy framework for inclusive finance, aligning with national strategies [7] Group 5: Risk Management and Sustainability - The bank emphasizes the dual role of party leadership in expanding services while maintaining risk control, ensuring that inclusive finance development is both commercially viable and socially beneficial [11] - China Bank has implemented an intelligent risk control system to proactively identify and manage risks associated with small and micro loans [11] Group 6: Integration of Political and Business Strategies - The practices of China Bank illustrate a pathway for integrating political and organizational advantages into governance effectiveness and business resilience, ensuring alignment with national financial goals [12]

Core Viewpoint - The banking industry must innovate and establish a sustainable financial system that aligns with technological innovation to support the development of a strong technological nation [1][2]. Group 1: Technological Financial Development - The essence of "technological finance" is to price for the future and empower uncertainty, necessitating a sustainable development model through innovation and specialized operations [1][2]. - Banks should enhance the adaptability, relevance, and effectiveness of technological financial services by improving specialized service models, innovating product systems, and refining differentiated assessment frameworks [1][2]. Group 2: Practical Implementation - Banks should focus on supporting the development of new productive forces by optimizing financial supply based on local resources and industry foundations, establishing a diverse and specialized financial product service system [2]. - There is a need to deepen the integration of technological and industrial innovation, strengthen the coordination of industrial and financial policies, and respond promptly to changes in enterprise financial service demands [2]. Group 3: Role of Different Banking Institutions - Large state-owned and national commercial banks should leverage their comprehensive operational advantages to support major national technological tasks and facilitate capital circulation through various financial instruments [3]. - Small and medium-sized banks should create specialized technological financial service systems, focusing on technology-oriented SMEs and exploring diverse service models to meet the varied needs of rapidly developing technology enterprises [3]. Group 4: Collaborative Ecosystem - The banking industry should deepen multi-party cooperation, building a technological financial ecosystem and utilizing various financial instruments to provide comprehensive financial services for technology enterprises [4]. - The China Banking Association aims to promote the effectiveness of technological financial policies and enhance communication platforms to better support the development of new productive forces [4].

Core Viewpoint - The 2025 Shenzhen Financial Innovation Competition aims to enhance the financial services of local institutions and promote Shenzhen as a globally influential financial center, showcasing the innovation level of the financial industry in Shenzhen [1][4]. Summary by Category Competition Overview - The competition was announced in September 2025, receiving submissions from 113 units with a total of 173 projects [4]. - After various evaluation stages, 30 projects were selected for awards, including 3 first prizes, 6 second prizes, 12 third prizes, 3 most potential awards, 3 best growth awards, and 3 innovation breakthrough awards [4]. Awarded Projects - **First Prize Projects**: - Financial model full-stack self-research technology system and scenario construction project by China Merchants Bank and WeBank [6]. - Hong Kong-Shenzhen cross-border data verification platform [6]. - Agricultural insurance prevention and rescue system based on data elements by Ping An Property & Casualty Insurance [6]. - **Second Prize Projects**: - Cross-border wealth management navigation plan by China Merchants Bank Wealth Management [6]. - New generation derivative rapid trading platform for global markets by CITIC Securities [6]. - Technology financial empowerment plan for new quality productivity development by Bank of China Shenzhen Branch [6]. - **Third Prize Projects**: - AI and multi-data integration service for early-stage technology enterprises by Shenzhen Credit Service [6]. - New employment form ride-hailing driver insurance project by Taiping Property Insurance [6]. - **Most Potential Award Projects**: - "Housing Dream" project for large-scale urban village renovation by the National Development Bank Shenzhen Branch [7]. - New energy "technology + insurance" model construction by Ping An Property & Casualty Insurance Shenzhen Branch [7]. - **Best Growth Award Projects**: - New model for marine pastoral + insurance + N by Taiping Property Insurance [7]. - **Innovation Breakthrough Award Projects**: - "WeChat Quick Compensation" proactive claim model by Weimin Insurance Agency [7]. - Online self-service tax refund mini-program "Xing Shui Tong" by Guangdong Huaxing Bank Shenzhen Branch [7].

Core Viewpoint - The report highlights the trends, characteristics, significant changes, and achievements in the development of intermediary business in China's banking sector, while also analyzing the challenges faced and forecasting future directions [1][5] Group 1: Service National Strategy and Improve Service Quality - Due to factors such as slowing economic growth and policy interest rate cuts, commercial banks are experiencing a continuous narrowing of net interest margins, necessitating a shift towards intermediary business with lighter capital and assets [2][6] - Commercial banks are actively serving key sectors like advanced manufacturing, strategic emerging industries, and the elderly care industry, while enhancing product innovation and accelerating business transformation [2][6] - The implementation of fee reduction policies aims to improve financial service quality and optimize customer financial experiences, thereby supporting high-quality economic development [2][6] Group 2: Strengthen Management Capabilities and Solidify Operational Foundation - Intermediary business is crucial for commercial banks to serve the real economy and promote their own high-quality development [7] - In the context of narrowing net interest margins and tightening capital constraints, banks are enhancing refined management and professional capabilities to achieve cost reduction and efficiency improvement [7] - The report emphasizes the need for product and service innovation, building a versatile talent pool, deepening technological empowerment, and strengthening compliance management to enhance value creation capabilities [7] Group 3: Learn from International Experience to Promote Transformation and Upgrading - The report reviews the overall development and structural characteristics of intermediary business in European and American banks over the past three years, comparing income structure, product service innovation, and management models [3][7] - By integrating China's national conditions and policy guidance, the report suggests adopting mature practices from international banks in terms of management philosophy, operational models, and technological innovation to facilitate the transformation and upgrading of intermediary business in China [3][7] Group 4: Select Excellent Cases to Showcase Good Practices - The report selects exemplary cases of intermediary business product innovation from various banks, including the China Development Bank, Agricultural Development Bank of China, and others, showcasing innovation models, service effectiveness, significance, and specific application scenarios [4][7] - This selection aims to demonstrate the innovative development of intermediary business in commercial banks and the effective practices in addressing key issues [4][7]

Core Viewpoint - The A-share market has seen a significant increase in the scale and performance of private placements in 2025, with a total fundraising amount of 959.38 billion yuan, marking a 454.4% increase compared to the entire year of 2024 [2][6]. Group 1: Fundraising Activity - As of December 25, 2025, 164 A-share companies have implemented private placements, raising a total of 959.38 billion yuan, which is a substantial increase from the previous year [2][6]. - The approval rate for private placement projects has reached 100%, with nearly 90% of projects currently showing profits [2][12]. - The fundraising scale in 2025 is approaching the 1 trillion yuan mark, with the total exceeding 950 billion yuan, a significant recovery from the low of 173.05 billion yuan in 2024 [5][6]. Group 2: Sector and Company Distribution - The financial sector leads in fundraising, with 11 companies raising a total of 659.47 billion yuan, including major banks like China Bank and Postal Savings Bank [7][8]. - Among the 164 companies that have completed private placements, 118 are from the manufacturing sector, raising 189.66 billion yuan, indicating a strong demand for long-term funding in this industry [6][19]. - The top four state-owned banks have collectively raised 520 billion yuan, accounting for 52.5% of the total private placement fundraising this year [8][10]. Group 3: Market Performance - Approximately 88% of the private placement projects this year have shown profits, with 33 projects experiencing price increases exceeding 100% [12][16]. - Notable performers include companies like AVIC Chengfei, which has a premium rate of 820.23% [13]. - The overall enthusiasm for private placements is high, with public funds participating significantly, leading to a floating profit amount of 10.74 billion yuan for public funds [16]. Group 4: Approval and Regulatory Environment - The approval process for private placements has accelerated, with 133 projects approved by the end of 2025, reflecting a significant increase in efficiency compared to previous years [17][18]. - The "Six Merger Policies" have notably increased the proportion of financing for mergers and acquisitions, with 45 cases related to asset acquisitions [19]. - The reduction in the average review cycle for private placements has improved the responsiveness of the capital market to the needs of the real economy [18][19].