Core Viewpoint - China Bank has successfully issued a total of 50 billion RMB of subordinated capital bonds to enhance its Tier 2 capital, following the approval from its shareholders and relevant regulatory authorities [1][2]. Group 1 - The issuance was approved at the shareholders' meeting held on July 18, 2025, allowing the bank to issue up to 450 billion RMB or equivalent foreign currency capital instruments [1]. - The bonds were issued on December 22, 2025, in the interbank bond market, and the issuance was completed on December 24, 2025 [1]. - The bonds consist of two types: a 10-year fixed-rate bond with a scale of 48 billion RMB and a coupon rate of 2.22%, and a 10-year floating-rate bond with a scale of 2 billion RMB and an initial coupon rate of 2.25% [1]. Group 2 - The funds raised from this bond issuance will be used to supplement the bank's Tier 2 capital in accordance with applicable laws and regulatory approvals [2].

Core Insights - The article discusses the implementation of the "Buy and Refund Immediately" policy for departure tax refunds in Jiangsu Province, which enhances the shopping experience for foreign travelers [2][3] - The policy allows foreign travelers to receive tax refunds instantly at designated stores by providing a credit card pre-authorization, streamlining the refund process [2] Group 1: Policy Overview - The "Buy and Refund Immediately" policy is an upgrade to the traditional departure tax refund system, aimed at improving the consumer experience for foreign travelers [2] - This initiative connects travel, consumption, and tax refund services, enhancing the overall experience for foreign visitors and boosting potential inbound consumption [2] Group 2: Implementation by Bank - Bank of China Suqian Branch has actively engaged with relevant authorities to implement the new policy, establishing partnerships with local tax and payment processing entities [3] - The bank has successfully set up "Buy and Refund Immediately" service points in key tourist locations such as Suqian Golden Eagle Shopping Center and Yanghe Distillery Cultural Tourism Resort [3] Group 3: Future Plans - The Bank of China Suqian Branch plans to expand the "Buy and Refund Immediately" service to more key commercial areas and cultural tourism sites, aiming to enhance the convenience of tax refunds for foreign travelers [3] - The bank will continue to collaborate with regulatory, tax, and business departments to optimize the departure tax refund process, contributing to an international consumption environment in Suqian [3]

于2025年3月3日，公司分别认购金额为人民币5100万元的一项中国银行结构性存款产品(认购事项1)及 金额为人民币4900万元的另一项中国银行结构性存款产品(认购事项2)；于2025年3月31日，公司分别认 购金额为人民币5100万元的一项中国银行结构性存款产品(认购事项3)及认购金额为人民币4900万元的 另一项中国银行结构性存款产品(认购事项4)。 格隆汇12月24日丨赛目科技(02571.HK)公告，自2025年3月3日至2025年5月26日期间，公司分别从中国 银行和招商银行认购了该等结构性存款产品，认购金额乃是使用公司自有闲置资金，详情如下： 中国银行结构性存款产品 招商银行结构性存款产品 于2025年4月9日，公司认购金额为人民币4500万元的一项招商银行结构性存款产品(认购事项5)；于 2025年4月25日，公司认购金额为人民币1150万元的一项招商银行结构性存款产品(认购事项6)；于2025 年5月26日，公司认购金额为人民币3000万元的另一项招商银行结构性存款产品(认购事项7)。 ...

格隆汇12月24日丨赛目科技(02571.HK)公告，自2025年3月3日至2025年5月26日期间，公司分别从中国 银行和招商银行认购了该等结构性存款产品，认购金额乃是使用公司自有闲置资金，详情如下： 于2025年3月3日，公司分别认购金额为人民币5100万元的一项中国银行结构性存款产品(认购事项1)及 金额为人民币4900万元的另一项中国银行结构性存款产品(认购事项2)；于2025年3月31日，公司分别认 购金额为人民币5100万元的一项中国银行结构性存款产品(认购事项3)及认购金额为人民币4900万元的 另一项中国银行结构性存款产品(认购事项4)。 招商银行结构性存款产品 于2025年4月9日，公司认购金额为人民币4500万元的一项招商银行结构性存款产品(认购事项5)；于 2025年4月25日，公司认购金额为人民币1150万元的一项招商银行结构性存款产品(认购事项6)；于2025 年5月26日，公司认购金额为人民币3000万元的另一项招商银行结构性存款产品(认购事项7)。 中国银行结构性存款产品 ...

Group 1 - The core point of the article is that China Bank has successfully completed the issuance of subordinated capital bonds totaling 50 billion RMB, which will be used to supplement its Tier 2 capital [1] Group 2 - As of December 24, 2025, China Bank's stock closed at 5.67 RMB, down 0.53% from the previous trading day, with a total market capitalization of 182.694 billion RMB [1] - The stock opened at 5.70 RMB, reached a high of 5.73 RMB, and a low of 5.66 RMB, with a trading volume of 1.047 billion RMB and a turnover rate of 0.09% [1] Group 3 - The bond issuance included two types: 48 billion RMB of 10-year fixed-rate bonds with a coupon rate of 2.22%, and 2 billion RMB of 10-year floating-rate bonds with an initial coupon rate of 2.25% [1] - Both bond types include a call option for the issuer at the end of the fifth year [1]

Core Viewpoint - The article discusses the implementation of a new credit repair policy by the People's Bank of China, which allows for automatic credit repair for individuals with overdue debts, significantly lowering the barriers and costs associated with credit repair [1][3]. Group 1: Policy Overview - The new policy, effective from December 22, 2025, allows for the automatic removal of certain overdue information from credit reports without the need for individual applications, marking a shift towards a dual focus on both punishment and repair in the credit system [1][3]. - The policy covers various types of personal loans, including mortgages, consumer loans, and credit cards, and applies to all financial institutions connected to the central bank's credit system [6][3]. Group 2: Eligibility and Conditions - To qualify for the credit repair, overdue information must meet three criteria: it must have occurred between January 1, 2020, and December 31, 2025; the overdue amount must not exceed 10,000 RMB; and the debt must be fully repaid by March 31, 2026 [6][3]. - The automatic repair process is designed to be seamless, with the central bank's credit system identifying eligible overdue information without requiring any action from the individual [3][7]. Group 3: Implementation by Financial Institutions - Major banks, including Industrial and Commercial Bank of China, Agricultural Bank of China, and others, have quickly adapted to the new policy by enhancing their service channels and ensuring accurate data management to facilitate the policy's implementation [9][10]. - Banks have established various channels for customers to inquire about their credit status and have emphasized the importance of confirming repayment amounts to ensure eligibility for the credit repair [11][10]. Group 4: Balancing Rights and Risk Management - The new policy aims to balance individual rights protection with financial risk management, encouraging overdue borrowers to repay their debts while helping banks recover non-performing assets [14][15]. - The policy is expected to stimulate demand for personal loans, including consumer and mortgage loans, by releasing previously constrained financing needs, thus revitalizing the credit market [15][16].

Core Viewpoint - The competition in the personal business loan market among banks is intensifying, with annual interest rates dropping below 3%, and the lowest reported rate in Shenzhen reaching 2.35% after the discontinuation of a 2.2% product [1][2][3]. Group 1: Market Trends - Several banks in Shenzhen have reported a decrease in personal business loan interest rates, with the lowest currently at 2.35% [1][3]. - A previously available personal business loan product with a 2.2% interest rate has been discontinued, indicating a shift in the market [2][3]. Group 2: Loan Characteristics - Personal business loans are typically issued to individual businesses and small enterprises for operational funding and equipment purchases, categorized into credit and non-credit types [2]. - The maximum loan-to-value ratio for secured loans is 85%, with a typical approval rate around 75% [3]. Group 3: Regulatory and Competitive Landscape - The current minimum interest rate for personal business loans in Shenzhen is 65 basis points below the one-year Loan Prime Rate (LPR) of 3% [4]. - Banks are reducing rates to attract quality clients amid insufficient credit demand, and to meet regulatory requirements for inclusive financing for small and micro enterprises [4]. - A self-regulatory agreement by the Shenzhen Banking Association emphasizes maintaining market order and discouraging excessive competition, focusing on pricing and credit management [4].

Company News - Bank of China (03988.HK) has completed the issuance of 50 billion yuan in subordinated capital bonds, with the funds intended to supplement the bank's Tier 2 capital, subject to applicable laws and regulatory approvals [2] - Huadian International Power (01071.HK) has fully commissioned two 660,000 kW ultra-supercritical units at the Huadian Longkou Phase IV project, which integrates advanced technologies and achieves energy consumption levels comparable to the best in the domestic market, enhancing grid stability and local heating and industrial steam supply [2] - Weisheng Holdings (03393.HK) has entered into a capital increase agreement with Boyu Capital, with Boyu investing a total of 380 million yuan to subscribe for additional shares in its subsidiary [3] - Green Leaf Pharmaceutical (02186.HK) has granted Enhua exclusive commercialization rights for three long-acting injectable antipsychotic products in mainland China [4] - Heng Rui Medicine (01276.HK) has had its injectable SHR-A1904 included in the list of breakthrough therapy products by the drug review center [5] - Youzhiyou Biotechnology-B (02496.HK) has received IND approval from NMPA for Y225 (Aimeisai monoclonal antibody injection) [6] - MicroPort Robotics-B (02252.HK) has achieved a global commercialization milestone with over 100 installations of its Tumi laparoscopic surgical robot [7] - Gao Shan Enterprises (00616.HK) has signed a memorandum of understanding to establish a joint venture to participate in or invest in stablecoins and blockchain-related industries [8] - Energy International Investment (00353.HK) plans to issue a total of 1.035 billion subscription shares at a discount of approximately 18.33%, aiming to raise about 254 million HKD [9] Buyback Activities - Tencent Holdings (00700.HK) has repurchased approximately 636 million HKD worth of 1.056 million shares at prices ranging from 598 to 604 HKD [10] - Xiaomi Group-W (01810.HK) has spent 149 million HKD to repurchase 3.8 million shares at prices between 39.08 and 39.26 HKD [11] - China COSCO Shipping Holdings (01919.HK) has repurchased shares worth approximately 27.225 million HKD, acquiring 1.96 million shares at prices from 13.82 to 13.95 HKD [12] - Kuaishou-W (01024.HK) has repurchased shares for about 29.9896 million HKD, buying 464,000 shares at prices between 64.05 and 64.9 HKD [13]

Core Viewpoint - The Bank of China has announced the issuance of a total of 50 billion RMB in loss-absorbing tier 2 capital bonds, approved by relevant regulatory authorities, to be completed by December 24, 2025 [1] Group 1: Bond Issuance Details - The bond issuance consists of two types: a 10-year fixed-rate bond with a scale of 48 billion RMB and a coupon rate of 2.22%, with a call option for the issuer at the end of the fifth year [1] - The second type is a 10-year floating-rate bond with a scale of 2 billion RMB, with the first interest period coupon rate set at 2.25%, also featuring a call option for the issuer at the end of the fifth year [1] Group 2: Fund Utilization - The funds raised from this bond issuance will be used to supplement the bank's tier 2 capital, in accordance with applicable laws and regulatory approvals [1]

来源：中国银行 12月24日，中国银行董事长葛海蛟与中国石油化工集团有限公司（以下简称"中国石化"）董事长侯启军 在京举行工作会谈。中国银行副行长杨军、中国石化总会计师蔡勇参加活动。 葛海蛟表示，党的二十届四中全会和中央经济工作会议围绕"加快建设新型能源体系"作出部署要求，为 新时代新征程建设能源强国指明了前进方向。中国石化是保障国家能源安全的"排头兵"，也是中国银行 的重要合作伙伴。长期以来，双方在重大项目、授信、存款、跨境结算等领域落地了多个"第一""最 大""首单"，合作成果显著。面向"十五五"，中国银行将坚决落实党中央决策部署，继续发挥全球化优 势、综合化特色，统筹境内外、商投行资源，与中国石化在各领域加强供需对接、深化互动合作、共拓 业务布局，为推动能源行业转型升级、建设能源强国注入更加澎湃的金融动能。 侯启军感谢中国银行长期以来对中国石化业务发展的大力支持。他表示，中国石化正深入贯彻落实习近 平总书记系列重要指示批示精神，积极谋划"十五五"发展蓝图，加强战略转型发展。中国银行是全球 化、综合化程度最高的国有大型商业银行，中国石化与中国银行长期保持着密切、稳定、广泛的合作关 系。希望双方不断加强战略 ...