葛海蛟表示，各级党组织要站在坚定拥护"两个确立"、坚决做到"两个维护"的政治高度，深入贯彻落实 中央八项规定精神。要压紧压实责任，主要负责人履行好第一责任人职责，班子成员落实好"一岗双 责"，坚决纠正只抓业务不抓党建、只管发展不治腐败的现象。要坚持精准监督，及时发现、及时提 醒、及时纠治苗头性、倾向性问题，对违纪违法行为坚决查处、严肃问责。建立常态化的联动机制，确 保监督覆盖业务全流程、管理全链条，形成全方位、立体化的监督闭环。要强化巡视巡察，坚持把落实 中央八项规定精神和纠治"四风"问题作为巡视巡察重点任务，精准发现、迅速整改普遍性、倾向性问 题，严肃查处、通报曝光典型案件，做到有令必行、有禁必止。 葛海蛟表示，中国银行全行要倡导务实之风，以学习教育为契机，针对查摆的问题，深入开展集中整 治，推动解决形式主义、官僚主义问题，积极为基层减负赋能。要保持高压态势，落实好《党政机关厉 行节约反对浪费条例》，强化关键环节监管，从严执行标准，从严落实审核责任，坚决打击隐形变 异"四风"问题。要强化廉洁防控，把风腐同查同治要求落实到重点业务领域，完善制度机制，加强联动 协作，推动常态长效，以"同查"严惩风腐交织问题，以 ...

Core Viewpoint - Financial support for employment is increasingly emphasized, with policies aimed at stabilizing employment and supporting small and micro enterprises, reflecting a proactive approach to address employment pressures amid economic adjustments and uncertainties [2][4]. Summary by Sections Financial Support for Employment - The overall employment situation in China is stable, with the urban survey unemployment rate at 5.1% in April, down 0.1 percentage points from the previous month, marking two consecutive months of decline [2]. - The People's Bank of China (PBOC) has highlighted the need for financial systems to focus on stabilizing employment, enterprises, markets, and expectations, with a commitment to implementing a comprehensive monetary policy [2]. Special Loans for Employment Stabilization - Since the establishment of special loans, over 64 billion yuan has been disbursed to 80,000 small and micro enterprises, helping to stabilize and expand 5.3 million jobs [3]. - The special loans are characterized by clear targeting, low thresholds, and low financing costs, providing a reference for financial support for employment [3]. Expansion of Loan Accessibility - The application conditions for special loans have been relaxed, allowing businesses with a reduction in workforce below the previous year's urban unemployment rate control target to qualify for financial support [6]. - The introduction of a combined loan approach for "entrepreneurial guarantee loans + special loans for employment stabilization" extends support to the entrepreneurial sector, transitioning from emergency measures to a long-term mechanism [6]. Reduction of Financing Costs - The new policy stipulates that loan interest rates should not exceed 4% and can go as low as 2.9%, providing significant discounts compared to standard loan rates [7]. - The maximum loan amount for small and micro enterprises has increased from 30 million yuan to 50 million yuan, with an emphasis on simplifying application procedures [7]. - The focus on precise financial support in key areas of employment and growth is essential for future policy directions, aiming to broaden the benefits for market participants [7].

Core Viewpoint - In 2024, China's bond market steadily developed amidst complex domestic and international environments, achieving significant results in issuance, trading, product innovation, and institutional construction, playing an important role in serving the real economy and preventing financial risks [1][10]. Market Operation Situation - The bond market issued a total of 79.62 trillion yuan, a year-on-year increase of 12.4%. The total custody reached 177 trillion yuan, up 12.3% year-on-year. Government bonds issued amounted to 22.25 trillion yuan, financial bonds 42.42 trillion yuan, and corporate credit bonds 14.77 trillion yuan [2][11]. - The total market transaction volume was 2735.44 trillion yuan, reflecting a year-on-year growth of 5.2%. Overall interest rates declined, with the 10-year government bond yield falling by 88 basis points to 1.68%. Credit bond yields also decreased, with credit spreads showing a pattern of widening in the short term and narrowing in the medium to long term [2][11]. - Deposit-type financial institutions remained the main bondholders, holding 85.79 trillion yuan, accounting for 55.5%. Non-legal person products held 44.24 trillion yuan, with a growth rate of 23.1%. Foreign investors held 4.16 trillion yuan, accounting for 2.7% [2][11]. Market Operation Characteristics - Government bonds and interbank certificates of deposit played a prominent role, with net financing of government bonds reaching 11.30 trillion yuan, becoming a major support for social financing growth. Interbank certificates of deposit issuance reached 31.5 trillion yuan, with net financing of 4.7 trillion yuan, both hitting historical highs [3][12]. - Significant achievements were made in serving key areas, with green bonds issued amounting to 681.43 billion yuan, sci-tech innovation bonds 1.19 trillion yuan, and debt financing tools for the "three major projects" reaching 527.4 billion yuan [4][12]. - The deepening of opening-up was evident, with foreign institutions holding 4.16 trillion yuan in bonds, panda bonds issued at 141.3 billion yuan, and optimization of the "swap connect" mechanism, enhancing cooperation with Hong Kong's financial sector [5][13]. Product Innovation and Institutional Construction - Product innovation included the introduction of "two new" debt financing tools, corporate asset-backed bonds, and supply chain bill asset securitization, with the issuance of ultra-long special government bonds amounting to 1 trillion yuan to support "two重" and "two新" areas [6][14]. - Institutional improvements involved optimizing the bond issuance pricing mechanism, establishing a "green channel" for green and transition products, enhancing information disclosure systems, and strengthening regulation of the credit rating industry [7][14]. Risk Prevention and Regulatory Strengthening - Risk resolution measures included the Ministry of Finance arranging a debt limit of 6 trillion yuan to replace existing hidden debts, and the five major banks issuing TLAC non-capital bonds worth 440 billion yuan, resulting in a decrease in newly defaulting enterprises [8][15]. - Regulatory measures were strengthened, with the People's Bank of China and the China Securities Regulatory Commission increasing penalties for violations, and the trading association imposing self-discipline penalties on 88 entities [9][15]. 2025 Outlook - The bond market is expected to continue serving the real economy, promote the legal construction of corporate bonds, deepen high-level opening-up, strengthen risk prevention in key areas, and enhance market service quality, providing strong support for high-quality economic development [10][24].

中国银行股份有限公司（简称"本行"）于 2023 年 6 月 30 日召开 的股东大会审议批准了本行发行不超过 4,500 亿元人民币或等值外币资 本工具的议案。经相关监管机构批准，本行于 2025 年 5 月 22 日在全国 银行间债券市场发行总额为 500 亿元人民币的减记型二级资本债券（简 称"本期债券"），并于 2025 年 5 月 26 日发行完毕。 本期债券为 10 年期固定利率债券，发行规模为 500 亿元人民币， 票面利率为 1.93%，在第 5 年末附发行人赎回权。 本期债券募集的资金将依据适用法律和监管部门的批准，补充本行 的二级资本。 特此公告 中国银行股份有限公司董事会 二○二五年五月二十六日 证券代码：601988 证券简称：中国银行 公告编号：临 2025-039 中国银行股份有限公司 关于二级资本债券发行完毕的公告 中国银行股份有限公司董事会及全体董事保证本公告内容不存在任何虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法 律责任。 ...

Core Points - Recent approvals from the China Securities Regulatory Commission (CSRC) for China Bank, Bank of Communications, and Postal Savings Bank to issue A-shares mark a significant step in capital replenishment for state-owned banks [2][5] - The Ministry of Finance plans to invest 500 billion yuan through cash subscriptions to support the capital of these banks, enhancing their core Tier 1 capital [3][6] - The approval process reflects efficient execution and collaboration among regulatory bodies, indicating the government's commitment to financial stability and economic development [3][4] Capital Increase Details - China Bank has received approval to issue shares, with a registration valid for 12 months, and must report any significant events to the Shanghai Stock Exchange [4][6] - The total fundraising amounts for the banks are as follows: China Bank (165 billion yuan), Bank of Communications (105 billion yuan), Postal Savings Bank (130 billion yuan), and a total of up to 520 billion yuan for all four banks [6][9] - The Ministry of Finance will become a significant shareholder in these banks post-issuance, with ownership stakes increasing to 8.48% in China Bank and 34.80% in Bank of Communications [6][10] Capital Adequacy Ratios - As of the end of 2024, the core Tier 1 capital adequacy ratios for the banks are: China Bank (12.20%), Construction Bank (14.48%), Bank of Communications (10.24%), and Postal Savings Bank (9.56%) [9][10] - Post-capital increase, these ratios are expected to improve, with China Bank's ratio rising to 13.06% and Postal Savings Bank's to 11.07% [10][11] Market Confidence and Pricing - The issuance prices for the new shares are set above the current market prices, indicating a premium issuance that aims to boost market confidence [12][14] - For example, China Bank's issuance price is set at 5.93 yuan per share, with a premium of 7.62% over the current market price [12][13] - The pricing strategy is designed to balance the interests of new and existing shareholders while enhancing the bank's long-term value [14]

Core Viewpoint - "Hard technology" companies in China are facing unprecedented opportunities and challenges in the wave of technological innovation, supported by financial institutions throughout their development stages [1] Financial Support for Technology Innovation - Financial institutions have provided tailored financial services across the lifecycle of "hard technology" companies, from inclusive loans for startups to cross-border financial services for mature companies [1] - The financial system has actively implemented national strategies to support technological innovation, resulting in a significant increase in loans to technology-based SMEs, reaching a balance of 3.3 trillion yuan, with a year-on-year growth of 24% [4] Case Studies of Financial Support - UBTECH Robotics, known as the "first humanoid robot stock," received a 10 million yuan inclusive loan from China Bank during its startup phase, which was crucial for its growth [3] - Longsi Technology faced funding pressures during its product development phase but received timely support from China Bank's "Tech Innovation Loan," which provided unsecured loans [7] - JingTai Technology received 150 million yuan in "Tech Innovation Loans" from China Bank in 2022, which significantly supported its daily operations and R&D [8] Innovation in Financial Services - Shenzhen has seen continuous innovation in financial services, with institutions launching products like "Tech Startup Pass" and "Soaring Loan" to cater to high-growth technology companies [6] - By the first quarter of this year, the loan balance for technology-based enterprises in Shenzhen reached 1.23 trillion yuan, ranking among the highest in the country [6] Expanding Market Opportunities - In response to external changes, technology companies are accelerating innovation and domestic substitution, with 2025 recognized as a pivotal year for humanoid robot commercialization [10] - Multi-tiered capital markets are becoming fertile ground for the growth of technology innovation companies, with various boards supporting strategic emerging industries [10] International Expansion - Technology companies are increasingly looking to expand into overseas markets, with plans to accelerate business development in regions like Europe and the Middle East [11] - Cross-border financial services from institutions like China Bank have been essential for companies like Yujiang Technology in their global expansion efforts [11]

Group 1 - The fourth China-Central and Eastern European Countries Expo and International Consumer Goods Expo will be held in Ningbo, Zhejiang from May 22 to 25, 2025, with Bank of China as a banking partner for the third consecutive time [1] - Bank of China Ningbo Branch actively participated in key activities of the expo, providing financial service solutions to exhibitors, and established cooperation intentions with over 10 enterprises on the first day [1] - During a special event for trade promotion, Bank of China introduced exchange rate analysis and cross-border financial service solutions to over 100 attendees, receiving high praise and recognition from relevant departments and guests [1] Group 2 - Bank of China leverages its global advantages and comprehensive features to support cross-border cooperation projects for Ningbo enterprises, including projects in Hungary and Poland [2] - The bank has launched the "Bank of China Cross-Border Trade Club Platform," providing 24/7 online intelligent cross-border trade matching services, with over 20,000 active overseas enterprises and 330,000 business opportunity information provided [2] - As of mid-May, Bank of China Ningbo Branch has helped 67 outward-oriented enterprises complete registration on the platform, enhancing their opportunities for international cooperation [2]

Core Viewpoint - The Ministry of Human Resources and Social Security has issued a notice to enhance the special loan policy for stabilizing and expanding employment, focusing on lowering application thresholds, expanding the range of eligible entities, increasing credit limits, reducing interest rates, and innovating loan models to support small and micro enterprises and stabilize job positions [1][2]. Group 1: Loan Policy Enhancements - The special loan for stabilizing and expanding employment was established in 2022, with over 64 billion yuan disbursed to 80,000 small and micro enterprises, helping to stabilize and expand 5.3 million jobs [1]. - The updated policy relaxes the application criteria from maintaining employment numbers to allowing a reduction in employment levels below the previous year's urban unemployment rate control target [1][2]. Group 2: Credit Limit and Interest Rate Adjustments - The maximum credit limit for small and micro enterprises has been increased from 30 million yuan to 50 million yuan, while individual applicants can now apply for up to 10 million yuan [2]. - The interest rates for loans are set to a maximum of 4% and a minimum of 2.9%, which is expected to lower financing costs for enterprises [2]. Group 3: Application Process and Support - Eligible enterprises or individuals can apply for loans through local branches of the Bank of China, with local human resources departments assisting in verifying the operational status of the entities [2]. - Local human resources departments will also create a recommended list of enterprises for the special loan, and there will be efforts to expand the range of cooperating banks and explore digital loan products [2]. Group 4: Innovative Loan Models - The policy introduces a combined loan approach, allowing applicants to merge "entrepreneurial guarantee loans" with special employment stabilization loans to meet financing needs that exceed the loan limits [3]. - This combination aims to enhance the convenience of obtaining loans by streamlining the application process and reducing the time required for approval [3].

Group 1 - The core viewpoint emphasizes the significant opportunities and challenges faced by "hard technology" companies in China, highlighting the essential role of financial institutions in providing tailored financial services throughout the company's lifecycle [1][2][3] - Financial institutions have actively implemented national strategies to support technological innovation, resulting in a continuous increase in loans to technology-based SMEs, with a loan balance of 3.3 trillion yuan as of March 2025, reflecting a year-on-year growth of 24% [3][4] - The development of innovative financial services, such as "Tech Startup Pass" and "Soaring Loan," has been promoted in Shenzhen, leading to a loan balance of 1.23 trillion yuan for technology companies, positioning Shenzhen as a leader in this sector [4][5] Group 2 - The support from capital markets has been crucial for companies like UBTECH Robotics, which has transformed from a startup to a leading enterprise in the robotics industry, benefiting from significant financial backing during its growth [2][6] - Financial institutions have adjusted their lending practices to support unprofitable tech startups, with banks like China Bank providing unsecured loans to facilitate their growth [5][6] - The introduction of a specialized evaluation model for tech companies by China Bank has enhanced the approval process for loans, particularly for AI-related enterprises, indicating a proactive approach to risk management [6][7] Group 3 - In response to external market changes, technology companies are accelerating innovation and exploring overseas markets, with plans to expand into regions like Europe and the Middle East [7][8] - The establishment of a "Technology Board" in the bond market aims to improve the efficiency of issuing technology innovation bonds, addressing the structural mismatch between traditional credit and the needs of tech innovation [7][8] - Companies like Yujiang Technology have successfully expanded their global presence, supported by comprehensive cross-border financial services from institutions like China Bank, which assist in international investment and capital management [8][9]

Core Viewpoint - The issuance of technology innovation bonds (referred to as "Tech Bonds") has significantly increased, particularly following the launch of the "Technology Board" in the interbank bond market on May 9, with 110 issuers having issued 135 Tech Bonds totaling over 286.5 billion yuan by May 25 [1][2] Group 1: Issuance Overview - A total of 135 Tech Bonds have been issued by 110 entities, with a total scale exceeding 286.5 billion yuan [1] - Banks are the primary issuers, with 14 banks collectively issuing 170 billion yuan, accounting for approximately 60% of the total issuance [1][2] - Securities companies have issued a total of 17.4 billion yuan through 13 issuers, while equity investment institutions have issued 7.31 billion yuan through 17 bonds [2] Group 2: Issuer Types and Their Activities - Financial institutions, including banks and securities companies, are actively participating in the issuance of Tech Bonds, reflecting a trend of financial resources being directed towards technology innovation [2] - The average issuance size of Tech Bonds by banks is larger than that of other institutions, with funds primarily allocated to loans for technology innovation [2][3] - Technology companies have issued 83 Tech Bonds totaling 91.798 billion yuan, covering both traditional industries and emerging sectors such as semiconductors and smart manufacturing [3] Group 3: Use of Proceeds and Bond Characteristics - The proceeds from bank-issued Tech Bonds are mainly used for loans in the technology innovation sector, while securities companies use the funds for investments in technology innovation [4] - The majority of the 135 Tech Bonds have medium to long-term maturities, with 6 bonds having maturities of no less than 10 years [4] - Most Tech Bonds are fixed-rate, with only 2 out of 135 being floating-rate bonds, indicating a preference for stable financing options [4] Group 4: Policy Support and Market Expansion - The rapid development of Tech Bonds is supported by significant policy backing, including the announcement by the People's Bank of China and the China Securities Regulatory Commission on May 7 [5] - The introduction of risk-sharing tools for Tech Bonds is expected to lower financing costs and encourage more investors to participate [5][6] - Future improvements in the supporting measures for Tech Bonds, such as simplified disclosure rules and government guarantees, are anticipated to enhance market liquidity and reduce default risks [6]