1. Report Industry Investment Rating No information about the report industry investment rating is provided in the given content. 2. Core Viewpoints of the Report - External environment factors such as interest rate fluctuations, bond supply - demand, and policy orientation jointly impact bond investment returns. In H1 2025, the bond investment of 42 listed banks showed certain characteristics in scale, structure, and profit and loss, but there are still challenges in maintaining stable returns in the future [1]. - The overall bond investment scale of 42 listed banks expanded steadily in H1 2025. There were differences in the investment structure among different types of banks, with state - owned banks and city commercial banks having stable growth in the bond allocation portfolio, while joint - stock banks and rural commercial banks increased their efforts in the bond trading portfolio. The bond investment portfolio generally presented a pattern of "stable foundation and flexible gain" [1]. - The coupon income of 42 listed banks was generally stable in H1 2025 but showed a slight year - on - year decline. The fair value change loss was significant, and the investment income increased. However, the bond investment of the banking industry still faces pressure to maintain stable returns [1]. 3. Summary According to the Table of Contents 3.1 42 Listed Banks' Bond Investment Volume - **Overall Bond Investment Scale: Steady Expansion**: In H1 2025, the total scale of the three types of bond - type financial assets of 42 listed banks showed a steady expansion trend. The growth of debt investment - type financial assets measured at amortized cost was relatively slow, while the growth of trading financial assets measured at fair value and included in current profits and losses was relatively large, indicating that banks increased the proportion of trading positions [9]. - **Differentiated Bond Investment Distribution Structures among Different Bank Types**: In H1 2025, state - owned banks and city commercial banks showed stable growth in the bond allocation portfolio, which may be related to their participation in the primary - market issuance of important national and regional bond varieties. Joint - stock banks and rural commercial banks slightly weakened their bond allocation power but significantly increased their efforts in the bond trading portfolio, showing a differentiated feature of "stable allocation by large banks and prominent trading flexibility by small and medium - sized banks" [13]. - **Bond Investment Allocation Tilted towards Government - Related Bonds**: In H1 2025, commercial banks increased their allocation of government - related bonds, with an average month - on - month increase of about 10% for state - owned banks, joint - stock banks, and city commercial banks, and a slightly smaller increase for rural commercial banks. The allocation of financial bonds and other bonds was differentiated. All banks held a relatively large scale of government - related bonds, followed by financial bonds and credit - related bonds [18]. - **Correlation between Financial Asset Types and Bond Variety Structures**: The banking industry maintained a stable growth of interest - rate bonds in the bond allocation portfolio and increased the allocation of credit bonds, while the allocation of financial bonds was relatively weak. In the bond trading portfolio, interest - rate bonds and financial bonds were the core varieties, with a more significant increase than credit bonds, showing a "stable foundation and flexible gain" pattern [22]. 3.2 42 Listed Banks' Bond Investment Profit and Loss - **Coupon Income: Generally Stable and Still the Main Source of Income**: In H1 2025, the total coupon income of 42 listed banks decreased slightly year - on - year. Although the scale of held - to - maturity bonds increased, the decline in the coupon rate of newly issued bonds led to a decrease in coupon income. In the future, coupon income is still expected to be the main source of bond investment income for commercial banks [26]. - **Fair Value Change Loss: Losses in the Trading Level**: In H1 2025, the total fair value change loss of 42 listed banks decreased significantly year - on - year, indicating that it was difficult to obtain capital gains through short - term trading in the volatile bond market, and there were floating losses in bond trading [28]. - **Investment Income: Growth in All Bank Types**: In H1 2025, the actual investment income of 42 listed banks in the bond field increased significantly year - on - year. Although the book value appreciation of bond - type trading financial assets and other debt investment - type financial assets was not as good as that of the previous year, banks could still increase their investment income by selling floating - profit old bonds and waiting for the maturity of high - coupon bonds [31]. 3.3 Attribution and Summary - **External Environment Driving Factors: Interest Rate Fluctuations, Bond Supply - Demand, and Policy Orientation Jointly Impact Bond Investment Returns**: In H1 2025, the "more adjustments and fewer opportunities" bond market environment led to a general decline in the prices of existing bonds, resulting in a significant year - on - year decline in the fair value change loss of listed banks' bond investment. The supply of national bonds, local government bonds, and policy - based financial bonds increased, but the coupon rate of newly issued bonds decreased, leading to a decline in coupon income. Regulatory policies indirectly affected bond investment performance [35]. - **Banking Industry's Bond Investment Pressure and Future Outlook** - Overall Income Shows a Positive Trend but There Are Still Hidden Concerns: In H1 2025, the actual bond investment income of 42 listed banks increased slightly year - on - year, but the coupon income faced downward pressure in the interest - rate downward cycle, and it was more difficult to obtain spread income through band trading. Since H2 2025, the "stock - strong and bond - weak" pattern has emerged, and the loss caused by fair value change will be more obvious [3]. - Different Bank Types Show Differentiated Performance, and State - owned Banks' Pressure Is Relatively Controllable: State - owned banks can maintain a certain profit - making ability in the low - interest - rate volatile bond market due to their advantages in bond allocation and trading portfolios. Joint - stock banks, city commercial banks, and rural commercial banks are more vulnerable, and they may increase their capital allocation in the equity market, commodity market, and related structured fixed - income products in the future [3].

9月26日浦发银行大宗交易一览 证券时报·数据宝统计显示，浦发银行今日收盘价为12.25元，下跌1.45%，日换手率为0.28%，成交额为 10.25亿元，全天主力资金净流入7441.69万元，近5日该股累计下跌4.37%，近5日资金合计净流出 7451.64万元。 两融数据显示，该股最新融资余额为37.38亿元，近5日增加258.19万元，增幅为0.07%。（数据宝） 浦发银行9月26日大宗交易平台出现一笔成交，成交量6288.35万股，成交金额7.82亿元，大宗交易成交 价为12.43元，相对今日收盘价溢价1.47%。该笔交易的买方营业部为东兴证券股份有限公司北京北四环 中路证券营业部，卖方营业部为东兴证券股份有限公司客户资产管理部。 进一步统计，近3个月内该股累计发生6笔大宗交易，合计成交金额为117.65亿元。 | 成交量 （万 | 成交金额 | 成交价 | 相对当日收盘 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | | （万元） | 格 | 折溢价（%） | | | | 股） | | （元） | | | | | 6288.35 | ...

★ 宏观动态 ★ 中国炼焦行业协会：从未发布或授权任何关于"强制限产""联合提价"的通知或倡议 9月26日，中国炼焦行业协会发布严正声明：中国炼焦行业协会从未发布或授权任何关于"强制限产""联合提 价"的通知或倡议。协会始终严格遵守国家法律法规，坚决维护公平竞争的市场环境。涉事机构及个人应立即 停止侵权行为，协会保留追究其法律责任的权利。 外汇局：8月我国国际收支货物和服务贸易进出口规模42818亿元，同比增长2% 8月，我国国际收支货物和服务贸易进出口规模42818亿元，同比增长2%。其中，货物贸易出口21395亿元，进 口15202亿元，顺差6193亿元；服务贸易出口2546亿元，进口3675亿元，逆差1129亿元。服务贸易主要项目 为：旅行服务进出口规模1887亿元，运输服务进出口规模1745亿元，其他商业服务进出口规模996亿元，电 信、计算机和信息服务进出口规模583亿元。按美元计值，8月，我国国际收支货物和服务贸易出口3357亿美 元，进口2647亿美元，顺差710亿美元。 教育部等六部门印发《县域普通高中振兴行动计划》 据央视新闻报道，我国有近60%的高中学生，是在县域中学读书，县中办得好不好， ...

Core Insights - The case highlights the effective intervention by bank staff in preventing a potential fraud, saving the client Y from a loss of 1 million yuan [1][3] - The incident underscores the importance of vigilance and proactive measures by financial institutions in combating fraud [4] Summary by Sections Incident Description - Client Y approached the bank to lift a control on her card after attempting a 1 million yuan transaction for purchasing duty-free goods in Hong Kong, which raised red flags due to the source of her funds [3] - The funds were partially obtained through online loans and a car mortgage, indicating suspicious activity [3] Bank's Response - Bank staff, upon noticing inconsistencies in Y's explanation about the purchase, contacted the anti-fraud center, which then reached out to Y's spouse, who confirmed that the family does not engage in gold investments [3] - The intervention led to the realization that Y was likely a victim of a scam, prompting immediate action to prevent the transaction [3] Broader Implications - The incident illustrates the tactics used by scammers, such as enticing clients with high returns and manipulating them into downloading fraudulent investment apps [4] - The bank's proactive approach in integrating anti-fraud measures into daily operations reflects its commitment to safeguarding customer assets and enhancing financial security [4] - The bank aims to continue its "financial for the people" philosophy, reinforcing compliance responsibilities and embedding fraud prevention in all service aspects [4]

（责任编辑：徐自立） 中国经济网北京9月26日讯 浦发银行(600000.SH)今日收报12.25元，跌幅1.45%。 今日，银行板块涨0.25%，浦发银行为银行板块跌幅最大的公司。 ...

Group 1 - A total of 73 stocks experienced block trades in the A-share market on September 26, with a total transaction value of 3.219 billion yuan [1] - The top three stocks by transaction value were Pudong Development Bank (782 million yuan), Guangqi Technology (273 million yuan), and Zhongwei Company (244 million yuan) [1] - Among the stocks, 10 were traded at par, 7 at a premium, and 56 at a discount; Dongfang Caifu, Aerospace Hongtu, and Taiping Bird had the highest premium rates of 15.08%, 9.14%, and 7.37% respectively [1] Group 2 - The top stocks by institutional buy amounts included Ningde Times (224 million yuan), Zhongwei Company (217 million yuan), and Haiguang Information (127 million yuan) [1] - The top stocks by institutional sell amounts were Ningde Times (187 million yuan), Jinkang Electric (101 million yuan), and Jinkai New Energy (37.29 million yuan) [2] - The MACD golden cross signal has formed, indicating a positive trend for certain stocks [2]

证券之星消息，9月26日股份制银行板块较上一交易日下跌0.07%，浦发银行领跌。当日上证指数报收于 3828.11，下跌0.65%。深证成指报收于13209.0，下跌1.76%。股份制银行板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 000001 | 平安银行 | 6933.69万 | 8.09% | -7657.04万 | -8.94% | 723.36万 | 0.84% | | 600000 | | 6153.32万 | 6.00% | -6166.38万 | -6.02% | 13.07万 | 0.01% | | 601998 中信银行 | | 5780.13万 | 15.29% | -3097.05万 | -8.19% | --2683.08万 | -7.10% | | 601818 光大银行 | | 1714.71万 | 1.98% | -2670.62万 | -3.08% | 95 ...

以下为原文： 中国经济网北京9月26日讯 国家金融监督管理总局吉林金融监管分局26日发布行政处罚信息公示 列表(吉市金罚决字【2025】7-8号)，上海浦东发展银行股份有限公司（简称"浦发银行"， 600000.SH）吉林分行及相关责任人员存在以下主要违法违规行为：未按约定用途使用贷款资金。 （责任编辑：徐自立） 吉林金融监管分局决定对上海浦东发展银行股份有限公司吉林分行责令改正，罚款25万元；对冯 毅警告。 | 序号 | 当事人 | 主要违法违规 | | 作出决定 | | --- | --- | --- | --- | --- | | | 名称 | 行为 | 行政处罚内容 | 机关 | | | 上海浦东 发展银行 股份有限 | | | | | | 公司吉林 | 未按约定用途使用贷款 | 对上海浦东发展银行股份有限公司 | 吉林金融 | | 1 | | | 吉林分行责令改正,罚款25万元。 | 监管分局 | | | 分行及相 | 资金 | 对冯毅警告。 | | | | 关责任人 | | | | | | 员 | | | | ...

Group 1 - The core viewpoint of the articles emphasizes the proactive role of SPDB Yinchuan Branch in supporting rural revitalization through tailored credit policies and financial support for key agricultural enterprises and small micro-enterprises in Ningxia [1][3][5] Group 2 - In the first half of this year, SPDB issued a total of 1 billion yuan in rural revitalization short-term financing bonds and medium-term notes for Ningxia Agricultural Reclamation, achieving historically low interest rates for similar corporate bonds in the region, effectively reducing financing costs for enterprises [3] - The funds are aimed at strengthening the integrated leading industry of "grass, milk, meat, and fat," enhancing the agricultural industry chain, and promoting the development of specialty industries such as seed industry, wine, and green food, thereby consolidating its leading position in Ningxia's agricultural modernization [3] Group 3 - SPDB Yinchuan Branch has actively facilitated the establishment of quality agricultural enterprises in Ningxia, exemplified by its collaboration with Xuechuan Agricultural Group, which resulted in a 750 million yuan syndicated loan with a 12-year term, utilizing a combination of asset mortgage, equity pledge, and joint guarantee for stable long-term financing support [4] Group 4 - The bank also focuses on the development needs of small micro-enterprises, providing "drip irrigation" financial services, such as a 9 million yuan working capital loan to Helan Shen Winery for purchasing wine grapes from local farmers, ensuring raw material supply and stable sales channels for farmers [5]

Core Viewpoint - The Shanghai Pudong Development Bank (SPDB) Zhengzhou Branch is actively responding to national policies aimed at expanding domestic demand and promoting consumption through a "digital intelligence" strategy, enhancing its card products and service experiences to invigorate the regional consumption market [1][2]. Group 1: Debit Card Initiatives - SPDB Zhengzhou Branch has launched several special activities for debit card customers, integrating debit cards with platforms like Alipay and WeChat to cover various daily consumption scenarios [1]. - The bank has customized a differentiated benefits system based on customer consumption behavior analysis, introducing the "SPDB Benefit Life" discount program to cater to shopping, dining, and travel needs [1]. - To support cross-border consumption, the bank has introduced overseas consumption discount coupons, enhancing customers' overseas shopping experience [1]. Group 2: Credit Card Services - The bank has introduced the "Dynamic Card Gifts" campaign for new credit card customers, significantly increasing customer engagement and satisfaction [2]. - High-value activities such as "Quick Payment Binding Card for 1 Yuan to Buy 72 Yuan" have been implemented to encourage customers to link their credit cards with commonly used payment tools, enhancing payment convenience and user loyalty [2]. Group 3: Ecosystem Development - SPDB Zhengzhou Branch is continuously improving its rights ecosystem by enriching its credit card product line, focusing on high-frequency consumption scenarios like dining, shopping, travel, and entertainment [2]. - The bank has launched numerous popular products supporting interest-free installments through its "Pudong Great Joy" app and various mall platforms, effectively lowering consumption barriers and stimulating customer purchasing intent [2]. - Collaborations with popular beverage brands and initiatives like "Big Brand Tea Daily Discounts" and "Saturday 1 Yuan Purchase" have been introduced to reach younger consumers, along with partnerships with China UnionPay for broad discount coverage [2]. Group 4: Future Outlook - Looking ahead, SPDB Zhengzhou Branch aims to uphold its service philosophy of "Finance for the People," further optimizing product and service offerings while exploring innovative integrations of debit and credit card businesses [2]. - The bank plans to expand more livelihood consumption scenarios and deepen its efforts in promoting consumption, contributing to the sustained recovery and growth of the local economy [2].