Core Viewpoint - The successful completion of a cross-border fund transfer under the EF account by China Bank's Hainan branch marks a significant breakthrough in the settlement scenarios following the official launch of the Hainan Free Trade Port's full island closure [2] Group 1: Business Innovation - China Bank's Hainan branch has facilitated a cross-border fund transfer for Auscar International Grain and Oil Co., demonstrating the innovative use of the EF account in the context of the newly established free trade port [2] - The EF account allows for compliant and direct fund transfers from outside the bonded area to processing enterprises within the free trade port, enhancing the efficiency of capital flow for businesses [2] Group 2: Financial Services Expansion - The EF account service system by China Bank has expanded to cover various scenarios including offshore trade, cross-border investment financing, and foreign exchange risk management [2] - This innovative practice showcases the versatility of the EF account, which is designed to support multiple scenarios and provide practical cross-border settlement cases for various market entities in the Hainan Free Trade Port [2]

Core Viewpoint - The issuance of technology innovation bonds (科创债) by banks has significantly increased, with a total issuance scale reaching 301.4 billion yuan as of December 18, indicating a strong market response to the regulatory support initiated in May 2023 [3][14]. Issuance Scale - A total of 67 banks have issued 75 technology innovation bonds, with the largest share coming from state-owned banks, which account for 38.16% of the total issuance [3][15]. - The six major state-owned banks have collectively issued bonds worth 115 billion yuan, while city commercial banks and rural commercial banks have also become significant players, with issuance scales of 74.9 billion yuan and 15 billion yuan respectively [4][17]. Interest Rates - The interest rates for technology innovation bonds vary, with state-owned banks offering rates between 1.65% and 1.81%, while city and rural commercial banks have higher rates ranging from 1.67% to 2.07% [7][21]. - Notably, some city and rural commercial banks have rates exceeding 1.8%, indicating a competitive pricing environment [3][18]. Maturity Periods - The majority of the issued bonds have a maturity period concentrated around 5 years, which accounts for over 70% of the total, followed by 3-year bonds at over 20% [11][22]. - This maturity structure is designed to meet the medium to long-term funding needs of technology enterprises for research and development, as well as for project implementation [22]. Funding Allocation - The funds raised through these bonds are primarily directed towards technology innovation sectors, including the issuance of loans for technology projects and investments in innovative enterprises [6][17].

Core Viewpoint - The event themed "Hebei Goods Going Global, Connecting the World" highlights the importance of the Shijiazhuang International Land Port as a key logistics hub for promoting the export of Hebei's characteristic industrial clusters and enhancing their international competitiveness [3][4]. Group 1: Event Overview - The event was attended by over 100 participants, including officials from the provincial industrial and information technology department, local governments, and representatives from 107 key characteristic industrial clusters with export intentions [3]. - Participants visited various facilities at the Shijiazhuang International Land Port, including the exhibition hall, bonded logistics center, and designated supervision site for imported grain, to understand the operational advantages of the logistics hub [3]. Group 2: Shijiazhuang International Land Port - The Shijiazhuang International Land Port is the largest land port logistics hub in the Beijing-Tianjin-Hebei region, featuring the only inland designated supervision site for imported grain in the area [3]. - The port currently operates an average of 3 to 4 train services daily, providing a stable and efficient international logistics channel for "Hebei manufacturing" and "Chinese manufacturing" to reach global markets [3]. - The port is developing a chain-based industrial cluster in collaboration with major companies like COFCO and Sinograin, and has established the largest automobile distribution base in North China, having distributed a total of 108,000 passenger vehicles [3]. Group 3: Strategic Importance and Future Plans - The provincial industrial and information technology department emphasizes the need for industrial clusters and enterprises to shift their development mindset, viewing logistics channels as crucial for enhancing international competitiveness [4]. - The Shijiazhuang International Land Port aims to improve its train organization capabilities and multimodal transport levels, focusing on supply capacity, service efficiency, and channel stability [4]. - Financial institutions and professional service organizations are encouraged to provide tailored financial and support services to meet the export needs of small and medium-sized enterprises [4].

在 1000平米汽车金融专区展台，中行上海市分行邀请智己汽车、极氪、问界、理想、小鹏、 小米汽车 6家新势力车企齐聚1000平米专属汽车展区，现场开展试乘试驾活动，描绘绿色出 行与智慧驾乘的未来图景， 聚焦消费端前沿科技与绿色生活方式，呈现一场 "小而精、趣而 新"的智慧出行体验。 针对有购车意向的客户，中行还提供全流程线上购车分期服务，带来便 捷高效的购车新体验，促成车企及客户现场下定、现场购车。 主动采购搭建 桥梁进口好物走进万家 此次进博优品会汇集全球尖货、首发新品与非遗老字号精品。现场，中行上海市分行以采购商 身份积极对接参展商资源，与东浩兰生国贸展团达成首单采购，将 "进博好物走进千家万 户"的理念延伸至行内，让员工切身感受开放市场带来的优质产品，以实际行动为消费升级注 入新活力。同时，中国银行手机银行APP同步上线优品交易会专属报名入口，通过这一"指尖 上的通道"，消费者可以高效注册报名，入场采购全球尖货、首发新品、非遗老字号精品等"进 博好物"，加速释放消费潜力。 综合金融服务护航展商观众双向共赢 中行上海市分行秉持 "全方位、综合化"服务理念，为展会提供全程金融护航。面向参展商， 主打"中银智 ...

摩根士丹利发表报告指，根据中国银行2025年第三季业绩，修订对该行的盈利预测，将2025至2027年度 净息差预测下调，以反映净息差复苏步伐放缓；而手续费收入预测则上调，因2025年第三季手续费收入 增长超出预期。因此，该行将中国银行2025年、2026年及2027年度净利润预测分别上调0.9%、1.4%及 1.1%，将H股目标价由5.9港元上调至6.3港元，评级"增持"。 ...

19 December 2025 | 12:01AM HKT Equity Research CHINA BANKS 2026 Outlook: Re-evaluating property impact on banks We re-evaluate China Banks' exposure to property, both mortgage and non-mortgage, in light of our China Property team's updated forecast of a 15% property price decline over two years, alongside their stress test of an incremental 30% price decline. We incorporate the new forecast into our bank earnings forecasts. Our conclusions are: Assessed impact reflects healthy starting point for mortgage LT ...

他强调，技术创新的价值只有通过市场才能实现，缺乏市场需求的技术创新是难以变现为财富的。在 AI领域，我国主要优势在于全球最大的制造业、服务业数字技术市场需求和应用场景。在国家级AI竞 争中，我国坚持独立自主、节约高效的发展道路，硬算力与软算力并进，通用模型与垂直模型并举，具 备可持续发展的实力。 李礼辉指出，技术上的创新最终取决于国家级和企业级的人力、财力、能力和定力，市场上的竞争最终 取决于群体和个体的信任、信赖、信心和信念。核心技术的追赶需要时间和过程，市场信任的培育也需 要时间和过程。 "我们有信心在中短期内实现核心技术的接近和超越，市场上的可信任就将决定本土品牌的凝聚力和竞 争力。" 以下为演讲实录： 构建安全高效的智能金融生态 专题：第二十二届中国国际金融论坛 12月19日-20日，"第二十二届中国国际金融论坛"在上海举行，主题为：数字经济时代的智能金融生态 构建。中国银行原行长李礼辉出席并演讲。 李礼辉表示，人工智能已被公认为决定未来国家实力的核心技术，AI竞争集中表现为算力竞争。算力 竞争主要是中美之间的国家级竞争，同时是两国资本巨头、科技巨头之间的企业级竞争。 据非权威数据，2024年底我国算 ...

Core Viewpoint - The 22nd China International Financial Forum emphasizes the construction of a secure and efficient intelligent financial ecosystem in the digital economy era, highlighting the need for reliability, interpretability, and economic viability in smart financial innovations [1][18]. Group 1: Financial Models - AI technology is evolving from unimodal to multimodal, enabling the processing of unstructured data and creating direct commercial value in finance [3][21]. - The DeepSeek OCR launched on October 20 can compress text token counts by 90% and accurately identify key information in financial documents, enhancing data processing precision [3][21]. - Financial models must ensure high reliability, interpretability, and economic efficiency, focusing on security against malicious attacks and minimizing errors in financial transactions [5][23]. Group 2: Financial Agents - The evolution of AI from assistants to agents allows for the development of financial agents capable of performing complex tasks in various financial sectors, potentially replacing human roles [7][26]. - AI agents are already being deployed in banks and financial institutions, significantly improving efficiency, such as reducing the time for due diligence report writing from one day to one hour with over 98% accuracy [8][26]. - The shift towards AI in finance necessitates a transformation in human resource management and educational structures to accommodate the new skill requirements [9][27]. Group 3: Data Sharing - The quality and quantity of data are critical for the effectiveness of intelligent finance, with current data sharing facing challenges such as administrative fragmentation and insufficient integration of private data [10][28]. - The "Data 20" initiative aims to establish a framework for data rights, circulation, and governance, promoting both the quantity and quality of data shared [10][28]. - Local regulations and platforms are being developed to facilitate public data sharing and improve the flow of non-public data among financial institutions and tech companies [11][29]. Group 4: AI Competition - AI is recognized as a core technology determining national strength, with competition primarily between the US and China, focusing on computational power [12][31]. - By the end of 2024, China's computing power is projected to account for approximately 26% of the global total, while the US is expected to hold about 37% [13][32]. - The development of AI technologies must navigate geopolitical challenges, with the US imposing restrictions on high-end technology exports to China, impacting the global AI landscape [14][33].

本报记者 尹晓宇 几名外国旅客从南京火车站出行。 杨素平摄(人民视觉) "这是您的信用卡，请收好，餐品正在准备，请入座!"近日，来自英国的史蒂芬落地南京禄口国际机 场，取完行李后，便在航站楼里品尝起热腾腾的鸭血粉丝汤。 POS机、扫码机、刷脸支付屏幕……望着柜台上一排支付设备，史蒂芬深吸一口气，选了最熟悉的信用 卡买单。 支付便利不止于刷卡。在机场到达口附近，史蒂芬找到一台自动取款机，用英国银行卡取出一笔人民币 现金。"您不用一次取太多。"工作人员提醒道，"市区的中国银行ATM也都支持国际主流银行卡24小时 取现。"目前，在江苏，中国银行自助存取款一体机已实现外卡取现全覆盖。在南京、无锡等旅游城 市，景区、酒店还设有外币兑换机，支持美元、欧元、港币等20种现钞兑换，并可兑换成人民币硬币， 方便小额使用。 "中华文化这么丰富，我还想去其他城市看看，买火车票需要多准备现金吗？"史蒂芬问道。 "您可以下载'来华通'App，绑定银行卡就能直接购票，线上支付。"工作人员补充说，"也可以用本国银 行卡绑定支付宝或微信，随时扫码付款。" 打开"来华通"，史蒂芬发现这款应用功能齐全：高铁机票预订、酒店住宿、景区门票、电话卡办 ...

中新网三亚12月19日电 (张月和)12月18日，海南自贸港启动全岛封关首日，"开放新高地，消费新机 遇"2025海南自贸港国际精品周启动仪式在三亚举行，吸引200家国际品牌企业和150家国内外重点零售 企业参与，助力海南自贸港打造国际旅游消费中心。 中国旅游集团是海南自贸港建设的见证者、参与者和受益者。7年来，该集团在海南的经营规模增长了5 倍，服务人次增长了6倍，实现了从离岛免税到吃住行游购娱全产业链的布局。 在中国旅游集团董事长王海民看来，随着封关运作的全面启动，离岛免税的政策红利将加速释放，为全 球企业共享中国市场和中国企业走向世界，创造更多新的机遇，搭建新的平台。 中国银行行长张辉表示，面对封关这一历史性机遇，中国银行将支持海南建设跨境资金集中运营中心； 围绕吃住行游购娱等场景打造快速、高效、便捷的买产品、卖产品的金融支付；聚焦产业新优势，服务 构建海南特色现代化产业体系。 当天，中国银行发布了跨境资金集中运营中心服务方案、企业家客户服务方案、数字化跨境金融服务方 案，并将打造中银集团企业家客户海南自贸港服务示范区、中银集团公司客户海南自贸港金融服务示范 区、中银集团海南自贸港跨境金融服务高地。 活 ...