本期，南财理财通重点关注最低持有期人民币公募产品的业绩表现，按照7天、14天、30天、60天持有期限分类对产品业绩进行 排名，业绩指标计算指标为年化收益率，计算区间与持有期限相同，如90天持有期产品的业绩计算区间为近三月年化收益率， 同机构同系列同投资周期产品保留一只参与排名。 统计代销机构（28家）：工商银行、中国银行、农业银行、邮储银行、建设银行、交通银行、招商银行、中信银行、光大银 行、民生银行、兴业银行、浦发银行、广发银行、浙商银行、华夏银行、平安银行、恒丰银行、渤海银行、北京银行、宁波银 行、江苏银行、上海银行、南京银行、杭州银行、徽商银行、微众银行、网商银行、百信银行。 需要特别提醒的是：本榜单对理财产品"在售"状态的判断基于其投资周期推算。但实际情况中，部分产品可能因额度售罄，或 银行针对不同客户展示的产品清单存在差异而无法购买。因此，建议投资者以代销银行APP的实际展示为准。 此外，南财理财通虽力求客观公正，但不对本评价榜信息的真实性、完整性和准确性作任何保证，排名信息仅供参考。 | | | (A(分割) | | K | | | | --- | --- | --- | --- | --- | ...

Group 1 - The top ten financial brands in Beijing for the year 2025 have been announced [1] - The list includes major banks such as ICBC, China Construction Bank, and Agricultural Bank of China [2] - Other notable companies on the list are China Life Insurance and Ping An Life Insurance [2]

Investment Rating - The report assigns a "Buy" rating for the banking sector, indicating an expected performance that will exceed the market by more than 10% over the next 12 months [41]. Core Insights - The report discusses the concept of "asset scarcity," which is explained through two perspectives: the mismatch between supply and demand for funds, and the insufficient supply of quality assets that meet investors' risk and return preferences. It argues that the traditional supply-demand imbalance does not adequately explain the phenomenon of asset scarcity [5][13]. - The report identifies three dimensions of asset scarcity: macro, meso, and micro. It emphasizes that the bond market is primarily concerned with the micro-level aspects of asset scarcity [5][16]. - To alleviate macro-level asset scarcity, the report suggests increasing credit issuance and fiscal efforts, enhancing liquidity management by the central bank, and guiding non-bank funds back to banks to lower residents' yield expectations on non-bank assets [20][23]. - At the meso level, the report highlights the importance of fiscal and monetary growth rates, suggesting that credit and fiscal efforts should be strengthened while avoiding capital idling [23][24]. - The micro-level analysis focuses on the expectations of institutions regarding asset-liability expansion and actual expansion, noting that there is often a mismatch between liabilities and suitable assets [25][29]. Summary by Sections Section 1: Asset Scarcity Exploration - The report explores why the market has shifted its focus away from "asset scarcity," attributing this to a lack of significant asset-liability gaps in the real economy and the nature of interest rates as contractual [5][13]. - It discusses the macroeconomic factors influencing asset scarcity, including the expected decline in bond market yields and economic forecasts [16][18]. Section 2: Financial Institutions' Asset-Liability Management - The report provides a detailed analysis of financial institutions' liabilities, emphasizing the need for a balance between asset expansion and government debt supply [25][29]. - It projects that by 2026, the demand for government bonds will increase by 1.5 trillion yuan compared to 2025, indicating a growing need for asset allocation in the banking sector [25][29]. Section 3: Insurance Sector Analysis - The report estimates that the insurance sector will face a net increase in asset-liability mismatch of 1.28 trillion yuan by 2026, driven by the expiration of high-yield non-standard investments and continuous growth in premium income [30][29]. Section 4: Expected Returns and Market Dynamics - The report highlights the compression of asset-liability yield spreads due to rigid liabilities and flexible asset yields, which contributes to the practical aspect of asset scarcity for enterprises and theoretical scarcity for residents [35][29]. - It suggests that banks should lower the rigid costs of liabilities and guide non-bank entities to adjust their yield expectations [35][29].

[Table_Page] 跟踪分析|银行 证券研究报告 [Table_Title] 跨境流动性跟踪 20251214 出口韧性累积蓄水池，联储鸽派降息助推资金回流 [Table_Summary] 核心观点： [联系人： Table_Contacts] 李文洁 021-38003644 gfliwenjie@gf.com.cn 972918116公共联系人2025-12-14 21:42:46 1 / 24 [分析师： Table_Author]倪军 -10% -3% 4% 10% 17% 24% 12/24 02/25 05/25 07/25 09/25 12/25 银行 沪深300 | | SAC 执证号：S0260518020004 | | --- | --- | | | 021-38003646 | | | nijun@gf.com.cn | | 分析师： | 林虎 | | | SAC 执证号：S0260525040004 | | | SFC CE No. BWK411 | | | 021-38003643 | | | gflinhu@gf.com.cn | 请注意，倪军并非香港证券及期货事务监察委员会 ...

Group 1 - The core viewpoint of the article highlights that as of December 13, 26 A-share listed banks have disclosed their mid-term or quarterly dividend plans for 2025, surpassing the 24 banks that did so in the same period of 2024, with total dividends expected to exceed 260 billion yuan [1][3] - The banks disclosing dividend plans include 6 large state-owned banks, 6 joint-stock banks, and 14 small and medium-sized banks, with the six major state-owned banks expected to contribute over 200 billion yuan in cash dividends [3] - Industrial and Commercial Bank of China leads with an estimated dividend of approximately 50.4 billion yuan, followed by China Construction Bank, Agricultural Bank of China, Bank of China, Postal Savings Bank of China, and Bank of Communications [3] Group 2 - Joint-stock banks such as Industrial Bank and CITIC Bank are expected to have mid-term dividends exceeding 10 billion yuan, while China Everbright Bank and Minsheng Bank are projected to exceed 5 billion yuan [3] - Some small and medium-sized banks, like Shanghai Bank and Nanjing Bank, also show significant dividend amounts, with several banks like Industrial Bank and Ningbo Bank introducing mid-term dividend plans for the first time [3] - The increase in dividend frequency among commercial banks is a response to the new "National Nine Articles" aimed at promoting multiple dividends per year for listed companies, enhancing the connection between company profits and investor returns [3] Group 3 - More frequent dividends can directly enhance shareholder satisfaction, allowing investors to share in the banks' operational success in a timely manner [4] - Stable cash returns align well with the investment needs of long-term funds such as social security funds, pension funds, and insurance capital, helping to attract these funds for long-term holding [4] - The positioning of banks as dividend-oriented can create a virtuous cycle of attracting long-term capital, enhancing stock price stability, and reducing abnormal price fluctuations caused by short-term speculation [4]

Core Viewpoint - The development of digital RMB is crucial for establishing a new international monetary and financial order, and it is imperative to accelerate its innovation and application to gain a competitive advantage globally [1][19]. Group 1: Digital RMB Development - Since May 2025, the U.S. and Hong Kong have been advancing legislation on stablecoins and digital assets, prompting discussions in China about the need to promote digital RMB and stablecoin legislation [3][22]. - The People's Bank of China (PBOC) announced plans to optimize the positioning of digital RMB beyond the previously defined M0 level and to enhance its management system [3][22]. - A meeting was held on November 28, where 13 departments emphasized the need to continue prohibiting virtual currencies and to combat illegal financial activities related to them [3][22]. Group 2: Challenges and Controversies - The policy direction to firmly curb virtual currencies has exceeded many expectations and has sparked significant social debate [4][23]. - The initial positioning of digital RMB as M0 has led to limitations in supply and application scenarios, making it less competitive compared to mobile payments [7][27]. - There is a need to redefine the essence and positioning of digital RMB to ensure its successful development and international competitiveness [4][28]. Group 3: Technological and Structural Considerations - Digital RMB must leverage technologies such as blockchain and smart contracts to enhance efficiency and security [12][34]. - The integration of digital RMB with digital identity systems is essential for ensuring the authenticity and security of user information [14][36]. - A clear distinction between domestic and international versions of digital RMB is necessary due to jurisdictional differences [16][37]. Group 4: Strategic Importance - Digital RMB should be elevated to a national strategic project, requiring collaboration across various government departments to ensure effective resource allocation and project quality [18][39]. - The relationship between digital RMB and existing RMB clearing systems must be carefully managed to ensure seamless integration and operation [19][40].

中经记者 樊红敏 北京报道 在资本市场建设方面，保险资金积极参与科创板改革，通过优化投资者结构、稳定估值、平滑波动，营 造良好融资环境。截至今年三季度末，人身险公司和财产险公司投资于股票和证券投资基金的余额合计 为5.6万亿元，长期股票投资试点运行良好，余额超2200亿元，切实发挥了基石投资者功能，提升了直 接融资比重。 "在当前发展的关键阶段，金融市场改革持续深化，大资管行业加速进入了一个发展黄金期。"12月12 日，在第十九届华夏机构投资者年会上，中国银行保险资产管理业协会党委委员、秘书长贺竹君称。 此外，贺竹君还特别介绍了保险资金服务国家战略与赋能新质生产力的进展。 在重大战略领域，保险资金通过债权、股权投资计划支持长江经济带、京津冀协同发展、大湾区建设等 项目，登记规模超3万亿元；同时加大对医疗健康、绿色环保、新能源、半导体等产业的投资力度。 在培育耐心资本方面，截至今年三季度末，保险资金长期股权投资余额超2万亿元，通过"直投+基金"双 轮驱动，为科技创新与战略性新兴产业等新质生产力领域提供全生命周期支持。 据贺竹君介绍，目前，国内大资管市场受托管理总规模接近180万亿元，其中，由国家金融监督管理总 ...

通过天眼查大数据分析，中国银行股份有限公司共对外投资了15家企业，参与招投标项目14468次；财 产线索方面有商标信息1929条，专利信息13069条，著作权信息212条；此外企业还拥有行政许可255 个。 数据来源：天眼查APP 证券之星消息，根据天眼查APP-财产线索数据整理，中国银行股份有限公司12月10日发布《财政集中 支付（省本级）运维服务项目结果公告》，详情如下： 标题：财政集中支付（省本级）运维服务项目结果公告 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 采购方：中国银行股份有限公司 供应商：北京中科江南信息技术股份有限公司 中标金额：810000.0 地区：未知 发布日期：2025-12-10 ...

记者丨张欣 编辑丨曾芳 12月12日，全国金融系统工作会议在京召开，中共中央政治局委员、中央金融委员会办公室主 任何立峰出席会议并讲话，为2026年金融系统工作划定核心方向。 同日，工行、建行、农行、中行等国有大行召开党委会议，传达学习中央经济工作会议精神， 结合全国金融系统工作会议要求，研究部署贯彻落实措施，明确2026年及 "十五五" 时期工作 重点，为助力经济高质量发展、服务金融强国建设提供金融支撑。 四家国有大行在贯彻落实会议精神过程中形成明确共识，均紧扣"防风险、强监管、促高质量 发展"工作主线，锚定三大核心方向推进2026年工作： 一是坚持党中央对金融工作的集中统一领导。 工行、农行、建行、中行均强调要深刻领悟 "两个确立" 的决定性意义，坚决做到"两个维 护"。其中，工行和农行还强调要增强 "四个意识"、坚定 "四个自信"。 工行和中行提出要牢固树立和践行正确政绩观、业绩观，持之以恒推进全面从严治党，抓好中 央巡视整改常态化长效化。农行、建行也明确要加强党的建设，树立正确业绩观，确保中央决 策部署落地见效。 二是聚焦主责主业，做深做实金融"五篇大文章"。 四家银行均提出要全面做好金融 "五篇大文 ...

12月12日，由中国银行广东省分行（下称"广东中行"）与南方报业传媒集团（南方日报社）（下称"南方报业"）联合主办的"中银·南方金融大讲坛"第二期活 动在广东珠岛宾馆举行。 活动特邀著名经济学家魏杰以"'十五五'与中国式现代化的动力重构"为题进行主旨演讲。 本期大讲坛特邀著名经济学家魏杰以"'十五五'与中国式现代化的动力重构"为题进行了主旨演讲。 与会嘉宾与魏杰教授互动。 本期讲坛以"启航'十五五'——在全球变局中锚定中国式现代化发展新目标"为主题，聚焦即将到来的"十五五"时期我国经济社会发展的新方位、新任务和新 路径。来自党政机关、金融机构、企业和高校科研机构等近500人参会。 中国银行广东省分行党委书记、行长柯建勋在致辞中表示，"中银·南方金融大讲坛"自创立以来，紧跟政策形势与发展所需，致力于搭建思想碰撞、资源交 流、合作共赢的对话平台。本期活动锚定中国式现代化发展新目标，旨在通过政银企媒深度对话，进一步凝聚面向"十五五"的发展共识与行动合力。 魏杰认为，"十五五"时期，中国应该主动调整顺差规模、出口方向、出口结构、竞争战略、人民币结算体系，从而在新的国际竞争格局中稳住发展基本盘。 这种调整不是被动应对， ...