未来产业正成为创新涌动的增长极，金融是打通产业升级堵点的关键因素。在构建同科技创新相适 应的科技金融体制，助力实现"科技—产业—金融"良性循环的过程中，商业银行应该如何参与其中？ "科技金融不仅是'赛道'更是'赛场'，不仅长度无限，宽度也需要拓展，实现三维的立体延伸。"浦 发银行总行科技金融部相关负责人表示："拿着旧地图，找不到新大陆。"以数智化构建科技金融服务新 范式，从技术研发到应用落地，从企业孵化到产业集群，浦发银行致力于成为科技企业的"首选伙伴银 行"。 截至2025年6月末，浦发银行已服务科技型企业超24万户，包括全国超过70%的科创板上市企业； 科技金融贷款增长超1000亿元，余额突破1万亿元，居股份制银行前列。 近期，《金融时报》记者走访了上海、南京、杭州三地科技企业，探寻金融助力人形机器人、生物 医药、工业机器人等未来产业的发展脉动。 机器人行业的价值发现者 "阿铁，阿铁，帮我接通医生电话吧。"在浙江梧斯源通信科技股份有限公司（以下简称"梧斯源"） 机器人研发中心，一款小巧可爱的智能机器人穿梭在展厅内，正与记者互动。"阿铁"是以梧斯源董事长 陈铁英的名字命名的智能养老巡护机器人，在全国50余家 ...

编者按：当前银行理财货架产品琳琅满目，诸如"增强""稳健""均衡"等名称相近、特征模糊的产品层出不穷，投资者应如何甄别 与选择？为降低投资者的选择成本，南财理财通课题组从代销机构角度入手，每周一聚焦各渠道当周在售的理财产品，搜罗其 中业绩表现优异者，并发布代销产品业绩榜单。 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90天、180天、365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。 21世纪经济报道 21 21财经 (财)南财理财通 SFC 南方则经全媒体集团 银行本周(10/20-10/26) 在售最低持有180天产品榜 u | 1 | | --- | | l | 代销机构 | 产品名称 | 发行机构 | Harri | 近6月年 | 业绩比较 | | --- | --- | --- | --- | --- | --- | --- | | | | | | 街质 | 化收藏 | 基隆 | | | | | | | | 35%×沪深 300指数期 | | ...

Summary of Key Points Core Viewpoint - On October 17, 2025, China Mobile (600941) reported a closing price of 107.93 yuan, reflecting a slight increase of 0.11% with a trading volume of 12.27 million hands and a total transaction amount of 1.326 billion yuan [1]. Trading Information - On October 17, the net inflow of main funds was 65.32 million yuan, accounting for 4.93% of the total transaction amount - Retail investors experienced a net outflow of 14.60 million yuan, representing 1.1% of the total transaction amount [1][3]. Company Announcement - China Mobile's board announced that on October 17, 2025, Guangdong Mobile exercised its conversion rights, converting a total of 1.874 billion yuan (approximately 2.054 billion HKD) of Shanghai Pudong Development Bank's A-share convertible bonds into approximately 149.81 million A-shares at a conversion price of 12.51 yuan per share (approximately 13.71 HKD) - Following this conversion, the group's holdings in Shanghai Pudong Development Bank's A-shares increased to approximately 5.935 billion shares, representing about 18.15% of the expanded share capital - The newly issued shares are subject to a five-year transfer restriction, and the conversion is deemed fair and reasonable, aligning with the overall interests of the company and its shareholders [1][3].

Investment Rating - The investment rating for the banking sector is "Positive" and is maintained [11] Core Viewpoints - There is still divergence in the market regarding the sustainability of the banking stock market. However, it is believed that valuation recovery will continue. From a strategic perspective, it is essential to view the relationship between banking stocks and market sentiment dialectically. In the medium to long term, undervalued banking stocks align with the market's slow bull direction, as the index has been reaching new highs over the past year. In the short term, the performance of growth stocks benefiting from high-risk preferences may diverge from low-risk banking stocks, which indirectly help stabilize the index [6][38] - The fundamental logic supporting the valuation recovery of banking stocks remains solid. The trend of establishing a bottom line for significant risks in urban investment, real estate, and capital is clear, with policies still supporting urban investment debt and orderly capital replenishment for important banks. Mainstream banks continue to show stable growth in performance, with revenue growth points shifting from investment income to net interest income since 2025. It is expected that more banks will see a reversal in net interest income growth as deposit costs continue to decline in 2026 [6][39] Summary by Sections Market Performance - This week, the banking index rose by 5.0%, outperforming the CSI 300 and ChiNext indices by 7.3% and 10.7%, respectively. The market's risk appetite has decreased since the fourth quarter, but the banking sector has seen significant relative gains due to a valuation recovery [2][8] - Individual stocks such as Chongqing Bank and Yunnan Rural Commercial Bank led the gains, while the stock price of Shanghai Pudong Development Bank showed notable elasticity as its convertible bonds approach maturity [19][21] Trading Dynamics - Each round of adjustment presents opportunities for low-valuation configurations. The mid-term dividend has already started, and the demand for dividend assets from absolute return funds remains unchanged. The pressure from new funds and the maturity of existing non-standard assets will push the dividend yield of banking stocks to continue declining [7][39] - The trading volume and turnover rate of state-owned banks, city commercial banks, and rural commercial banks have decreased compared to last week, but the turnover rate of banking stocks has begun to rise again, indicating a change in market risk appetite [10][31] Convertible Bonds - Attention is drawn to the strong redemption trading opportunities for convertible bonds in the banking sector. As the banking sector rises, the stock prices of convertible bond banks are approaching their strong redemption prices. The recent rebound in the stock price of Shanghai Pudong Development Bank has been driven by active conversions by major shareholders [9][26] Future Outlook - The market remains optimistic about the effectiveness of anti-involution measures and the expected recovery of the PPI next year. If macroeconomic recovery resolves the asset shortage contradiction, the fundamentals of banking stocks will benefit accordingly. Additionally, local state-owned assets and industrial capital continue to have a positive outlook on banking stocks, with frequent increases in holdings by major shareholders and management since the third quarter [7][39]

Core Insights - The Shanghai Composite Index fell by 1.47% this week, with only four sectors experiencing gains, notably the banking and coal industries, which rose by 4.89% and 4.17% respectively [1][2] - The banking sector led the gains, while the electronic and media sectors faced the largest declines, dropping by 7.14% and 6.27% respectively [1][2] Industry Performance - The banking sector saw a net inflow of 24.19 billion yuan, with 41 out of 42 listed banks experiencing price increases. Key performers included Chongqing Bank, Shanghai Pudong Development Bank, and Chongqing Rural Commercial Bank, which rose by 14.19%, 12.50%, and 12.17% respectively [3][4] - In contrast, the electronic industry faced the largest net outflow of funds, totaling 700.79 billion yuan, followed by the power equipment sector with a net outflow of 416.92 billion yuan [1][2] Fund Flow Analysis - Overall, the main funds in the two markets experienced a net outflow of 301.75 billion yuan this week, with only two sectors seeing net inflows: banking and coal [1][2] - The banking sector had 16 stocks with net inflows exceeding 100 million yuan, with Agricultural Bank of China leading at 24.72 billion yuan, followed by Industrial and Commercial Bank of China and China Construction Bank with inflows of 12.81 billion yuan and 3.94 billion yuan respectively [3][4]

每经记者｜刘明涛 每经编辑｜肖芮冬 上周，A股市场出现宽幅震荡整理，在科技股集体大幅回调的背景下，创业板、科创板以及恒生科技指 数周跌幅均超过5%，每经品牌100指数周跌幅也达到3.46%，以1179.48点报收，退至1200点之下。 3只成分股周市值大增 上周，大盘低开随后冲高回落，三大指数周K线均收跌，沪指3900点得而复失。截至10月17日收盘，上 证指数周跌1.47%，深证成指周跌4.99%，创业板指周跌5.71%，科创50指数周跌6.16%，每经品牌100指 数在恒生科技指数下跌拖累下，周跌3.46%，以1179.48点报收。 银行资产受到资金认可 从上周每经品牌100指数成分股具体表现来看，浦发银行和农业银行周涨幅均超过10%。值得关注的 是，浦发银行在周涨幅达到12.5%的同时，还获得中国移动通信集团广东有限公司（以下简称中国移 动）通过可转债转股增持。 10月13日晚间，浦发银行发布公告称，中国移动于10月13日将其持有的5631.454万张可转债转为浦发银 行普通股4.5亿股。转股后，中国移动持股比例由10月10日的17%增加至18.18%，触及1%的整数倍，继 续位列该公司第二大流通股东。 ...

本周市场出现宽幅震荡整理，在科技股集体大幅回调的背景下，创业板、科创板以及恒生科技指数周跌幅均超过5%，每经品牌100指数周跌幅也达到 3.46%，以1179.48点报收，退守至1200点之下。 3只成分股周市值增长超千亿元 本周大盘低开随后冲高回落，三大指数周K线均收跌，沪指3900点得而复失。截至10月17日收盘，上证指数周跌1.47%，深证成指周跌4.99%，创业板指周跌 5.71%，科创50指数周跌6.16%；每经品牌100指数在恒生科技指数下跌的拖累下，周跌3.46%，以1179.48点报收。 每经品牌100指数本周仅有不到四成个股上涨，其中银行、保险以及白酒等防御性板块表现较强，其中浦发银行、农业银行、中国人保、中国银行以及建设 银行周涨幅超过5%。 周市值增长方面，农业银行周市值增长高达2764.87亿元，建设银行和工商银行周市值增长也分别达到1360.32亿元和1104.86亿元。 无论是中国移动还是东方资产，他们通过债转股增持浦发银行，均反映出市场中长期资金对银行资产的认可。从更宏观的角度，在优质资产仍相对稀缺的背 景下，市场中长期资金的配置逻辑并未发生根本改变。 多家公司转股增持浦发银行 ...

Core Insights - The wealth management industry in China has significant potential and demand due to the personal financial assets of residents reaching 250 trillion yuan, necessitating rapid adjustments in service models and paradigms [1] Group 1: Changes in Wealth Management Ecosystem - There is a structural shift in client demand, with a decreasing reliance on single assets and a rise in alternative assets and cross-border investments, such as REITs and pension financial products [1] - The service logic is being restructured through digital intelligence, transitioning from a "tool" to a "partner" role, and moving towards personalized and customized services [2] - The risk management model is undergoing a digital transformation, enabling real-time, dynamic, and forward-looking risk management, enhancing predictive capabilities [2] Group 2: Strategic Initiatives by the Company - The company is advocating for a digital intelligence strategy and exploring wealth management through a platform-based approach, enhancing online operations and collaborative ecosystem services [3] - Data-driven strategies are being implemented to strengthen precise customer engagement, utilizing over 200 dynamic customer tags for personalized service strategies [3] - The company aims to enhance its core market competitiveness through digitalization and intelligence, focusing on building a new model for financial services [3]

Core Points - China Mobile's stock price increased by 1.26% to 107.93 yuan as of October 17, 2025, with a market capitalization of 23,341.63 billion yuan, ranking 1st in the telecommunications services sector and 4th in the A-share market [1] Company Announcements - On October 13, 2025, Guangdong Mobile exercised its conversion rights, converting 5,631,454,000 yuan of SPDB A-share convertible bonds into 450,156,195 shares at a conversion price of 12.51 yuan per share, increasing its total holdings in SPDB A-shares to 5,785,049,019 shares, representing 18.18% of the enlarged share capital [1] - On October 17, 2025, Guangdong Mobile further converted 1,874,071,000 yuan of SPDB A-share convertible bonds into approximately 149,805,835 shares, raising its total holdings to about 5,934,854,847 shares, which is approximately 18.15% of the enlarged share capital [2] - The newly converted shares are subject to a five-year transfer restriction, and the conversions are in compliance with Hong Kong listing rules [2][3]

Core Insights - The 2025 Sustainable Global Leaders Conference opened in Shanghai, focusing on "Facing Challenges Together: Global Action, Innovation, and Sustainable Growth" [1] - The conference gathered leaders from politics, business, and academia to discuss sustainable development strategies [1] Strategic Leadership - The concept of transition finance has shifted from an optional choice to a critical requirement for financial institutions, serving as a key driver for supporting the green and low-carbon transformation of the real economy [1] - Shanghai Pudong Development Bank (SPDB) is integrating green and low-carbon development into its strategic considerations, enhancing its green finance management system, and embedding ESG principles into all operational aspects [1] Innovative Practices - SPDB has launched the first "Industrial Low-Carbon Transition Loan" in the industry to address challenges faced by traditional high-carbon industries, providing targeted support for low-carbon transformation projects in sectors like steel, coal power, and construction materials [1] - Specific examples include loans for a steel company to build a high-temperature subcritical gas power generation project, significantly improving self-generation rates and reducing carbon emissions [1] Market Development - SPDB has introduced a series of green transition bond indices to enhance the liquidity of green bond investments, collaborating with the China Bond Valuation Center to release the "China Bond - Green Inclusive Theme Financial Bond Preferred Index" [1] - These innovations provide clear investment targets and performance benchmarks, effectively guiding social capital towards green sectors and contributing to the development of a pricing discovery mechanism in the green finance market [1] Future Outlook - SPDB aims to continue its commitment to sustainable development, deepen innovations in transition finance, and collaborate with various sectors to build a new ecosystem for green finance, contributing to a low-carbon future for the economy and society [1]