Core Viewpoint - Shanghai Pudong Development Bank has successfully issued the "2025 First Phase of Subordinated Capital Bonds" with a total scale of RMB 20 billion, aimed at supplementing its Tier 2 capital [1] Group 1: Bond Issuance Details - The bond issuance was approved by relevant regulatory authorities and took place in the interbank bond market [1] - The bonds were recorded and custodied by the China Central Depository & Clearing Co., Ltd [1] - The issuance date was completed on November 19, 2025, following the book-building process on November 17, 2025 [1] Group 2: Bond Structure - The total issuance consists of two varieties: - Type One: 10-year fixed-rate bond with a scale of RMB 16.5 billion and a coupon rate of 2.17%, featuring a conditional redemption option at the end of the fifth year [1] - Type Two: 15-year fixed-rate bond with a scale of RMB 3.5 billion and a coupon rate of 2.40%, featuring a conditional redemption option at the end of the tenth year [1] Group 3: Fund Utilization - The funds raised from this bond issuance will be used in accordance with applicable laws and regulatory approvals to supplement the bank's Tier 2 capital [1]

Core Perspective - Urban renewal is a vital initiative for safeguarding people's livelihoods, preserving historical context, and stimulating development momentum, embodying the "People's City" concept [1] Group 1: Financial Support for Urban Renewal - The company focuses on providing financial support for urban renewal projects, emphasizing old city renovation, cultural preservation, and industrial upgrading [1] - In Wuxi's old East Gate area, the company provided 3 billion yuan in credit support to enhance living conditions and public facilities [2] - In Qingpu, the company led a consortium to invest 4.2 billion yuan in a major historical preservation project, addressing living facility gaps while preserving Jiangnan cultural characteristics [2] Group 2: Cultural Preservation Efforts - The company adheres to the principle of protecting cultural heritage, providing 500 million yuan in credit support for the Meiyuan area in Nanjing to enhance tourism and commercial functions while preserving historical features [3] - In Beijing's Longfu Temple area, the company provided 270 million yuan in loans for the renovation of key historical sites, ensuring the continuation of cultural vibrancy [3] Group 3: Industrial Upgrading Initiatives - The company emphasizes industrial empowerment in urban renewal, providing 800 million yuan in loans for the "Industrial Upgrading" project in Shanghai's Qingpu District [4] - In Jinan, the company supported a smart logistics park project with 170 million yuan in loans, enhancing logistics infrastructure for both daily and emergency needs [4] Group 4: Overall Impact and Future Plans - As of the end of Q3 2025, the company's urban renewal loan balance exceeded 160 billion yuan, with over 200 projects implemented [4] - The company aims to deepen its mission by offering innovative financial solutions and robust resource support to enhance urban livability and resilience [4]

本期债券募集资金将依据适用法律和监管部门的批准，用于补充公司二级资 本。 特此公告。 上海浦东发展银行股份有限公司董事会 上海浦东发展银行股份有限公司 关于 2025 年第一期二级资本债券发行完毕的公告 本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。 经相关监管机构批准，上海浦东发展银行股份有限公司（以下简称"公司"） 在全国银行间债券市场发行了"上海浦东发展银行股份有限公司 2025 年第一期 二级资本债券"（以下简称"本期债券"），并在银行间市场清算所股份有限公司 完成债券的登记、托管。 本期债券于 2025 年 11 月 17 日簿记建档，2025 年 11 月 19 日发行完毕，发 行总规模为人民币 200 亿元，分为两个品种，其中品种一为 10 年期固定利率债 券，发行规模为人民币 165 亿元，票面利率为 2.17%，在第 5 年末附有条件的发 行人赎回权；品种二为 15 年期固定利率债券，发行规模为人民币 35 亿元，票面 利率为 2.40%，在第 10 年末附有条件的发行人赎回权。 | 公告编号：临2025-0 ...

Core Viewpoint - Shanghai Pudong Development Bank has successfully issued the first phase of its 2025 subordinated capital bonds, totaling RMB 20 billion, to enhance its Tier 2 capital [1] Group 1: Bond Issuance Details - The bond issuance was approved by relevant regulatory authorities and took place in the national interbank bond market [1] - The total issuance scale is RMB 20 billion, divided into two types: a 10-year fixed-rate bond of RMB 16.5 billion with a coupon rate of 2.17%, and a 15-year fixed-rate bond of RMB 3.5 billion with a coupon rate of 2.40% [1] - The 10-year bond includes a conditional redemption option for the issuer at the end of the fifth year, while the 15-year bond has a similar option at the end of the tenth year [1] Group 2: Use of Proceeds - The funds raised from this bond issuance will be used to supplement the company's Tier 2 capital, in accordance with applicable laws and regulatory approvals [1]

Core Viewpoint - Shanghai Pudong Development Bank has successfully issued the first phase of its 2025 subordinated capital bonds, totaling RMB 20 billion, to enhance its Tier 2 capital [1] Group 1: Bond Issuance Details - The bond issuance was approved by relevant regulatory authorities and completed on November 19, 2025 [1] - The total issuance scale is RMB 20 billion, divided into two types: a 10-year fixed-rate bond of RMB 16.5 billion with a coupon rate of 2.17%, and a 15-year fixed-rate bond of RMB 3.5 billion with a coupon rate of 2.40% [1] - The 10-year bond includes a conditional redemption option at the end of the fifth year, while the 15-year bond has a conditional redemption option at the end of the tenth year [1] Group 2: Use of Proceeds - The funds raised from this bond issuance will be used to supplement the company's Tier 2 capital, in accordance with applicable laws and regulatory approvals [1]

Core Viewpoint - Urban renewal is a vital initiative for safeguarding people's livelihoods, preserving historical context, and activating development momentum, embodying the "People's City" concept [2] Group 1: Focus on People's Livelihood Improvement - The core of urban renewal is "people-oriented," with the company prioritizing solutions to public concerns as the starting and ending point of financial services [3] - In the Wuxi Old East Gate area, the company provided 3 billion yuan in credit support to enhance cultural heritage, industrial renewal, green space optimization, and transportation improvements [3] - In the Qingpu Old Town, the company led a consortium to invest 4.2 billion yuan in a large-scale historical preservation project, addressing living facility shortcomings while preserving Jiangnan cultural characteristics [4] Group 2: Cultural Heritage Preservation - Urban renewal requires both physical transformation and cultural soul preservation, with the company committed to protecting historical context [7] - In the Nanjing Xuanwu District, the company provided 500 million yuan in credit support for land consolidation and tourism facility improvements while enhancing the area's overall quality [7] - The company supported the renovation of traditional commercial areas in Beijing's Longfu Temple region with a loan of 270 million yuan, preserving historical features while revitalizing cultural charm [8] Group 3: Focus on Industrial Upgrading - Urban renewal is closely tied to industrial empowerment, with the company aligning with industrial development needs [11] - The Shanghai Qingpu Health Life Industry Park project received 800 million yuan in loans to promote efficient manufacturing space and industrial cluster development [11] - The Jinan Smart Logistics Park project was included in the local emergency project library, with the company providing 170 million yuan in loans to support logistics facility construction [13] Group 4: Comprehensive Urban Service Provider - The company is transitioning from a traditional credit provider to a "comprehensive urban service provider," continuously optimizing financial services [14] - As of the end of Q3 2025, the company's urban renewal loan balance exceeded 160 billion yuan, with over 200 projects implemented [14] - The company aims to deepen its mission with innovative financial solutions, robust resource support, and warm service measures to enhance urban vitality and build resilient, smart cities [14]

Core Insights - The banking sector saw a rise of 1.02% on November 19, with Everbright Bank leading the gains [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Banking Sector Performance - Everbright Bank's stock price increased by 1.98% to 3.60, with a trading volume of 4.21 million shares and a transaction value of 15.12 million [1] - Ping An Bank rose by 1.81% to 11.80, with a trading volume of 1.34 million shares and a transaction value of 1.56 billion [1] - CITIC Bank's stock price increased by 1.52% to 8.04, with a trading volume of 491,900 shares and a transaction value of 39.5 million [1] - Other banks like Shanghai Pudong Development Bank, China Merchants Bank, and Minsheng Bank also showed positive performance, with varying increases in stock prices and trading volumes [1] Capital Flow Analysis - The banking sector experienced a net inflow of 577 million from main funds, while retail funds saw a net outflow of 174 million [1] - Major banks like China Merchants Bank and Ping An Bank had significant net inflows from main funds, while they faced outflows from retail and speculative funds [2] - Everbright Bank had a net inflow of 24.92 million from main funds but saw a net outflow of 98.58 million from retail investors [2]

Core Viewpoint - Pudong Development Bank (PDB) has successfully implemented its "digital intelligence" strategy, focusing on five key areas to establish a new operational model, demonstrating resilience and steady growth in its business [2][3]. Group 1: Strategic Implementation - PDB has laid out a "digital intelligence" strategy, emphasizing the enhancement of development quality and service to the real economy, with a focus on five key areas: technology finance, supply chain finance, inclusive finance, cross-border finance, and treasury finance [3][4]. - The bank's successful conversion of 50 billion yuan in convertible bonds has provided confidence and resources for further development, marking a significant milestone in its capital structure [8][10]. Group 2: Financial Performance - In the third quarter of 2025, PDB was the only A-share listed bank to achieve growth in both revenue and net profit, while also improving its risk management metrics, including a decrease in non-performing loan ratio and an increase in provision coverage ratio [3][4]. - The bank's supply chain finance business has seen substantial growth, with online supply chain business volume reaching 574.86 billion yuan, a year-on-year increase of 267.65% [4]. Group 3: Internationalization and Cross-Border Services - PDB is enhancing its international presence by focusing on supporting Chinese enterprises going global, addressing their complex financial service needs, including risk management related to exchange rates and financing costs [5][6]. - The bank has established a "cross-border+" service ecosystem, leveraging its offshore banking capabilities and experience in the Shanghai Free Trade Zone to support international trade and shipping sectors [5][6]. Group 4: Technology Finance Development - PDB has positioned technology finance as a strategic priority, aiming to create a comprehensive service ecosystem that supports technology enterprises throughout their lifecycle, with a loan balance exceeding 1 trillion yuan by the end of the third quarter of 2025 [6][7]. - The bank has developed a specialized network of 510 technology branches to enhance its service capabilities in technology finance, fostering innovation and entrepreneurship [6][7]. Group 5: Future Outlook - PDB aims to continue strengthening its technology finance service system and set higher growth targets, promoting a virtuous cycle among technology, industry, and finance [7][10]. - The successful completion of the convertible bond conversion is seen as a new starting point for PDB, which will focus on its core business and enhance operational efficiency and profitability [10][11].

Core Insights - The A-share market saw a collective rise in bank stocks, with notable increases in China Bank, which rose nearly 3%, and other banks like Everbright Bank, Bank of Communications, and Agricultural Bank of China also showing gains of over 1% [1] Summary by Category Stock Performance - China Bank increased by 2.77%, reaching a total market capitalization of 191.39 billion, with a year-to-date increase of 12.62% [2] - Everbright Bank rose by 1.98%, with a market cap of 21.27 billion and a year-to-date decline of 2.61% [2] - Bank of Communications saw a 1.75% increase, with a market cap of 66.80 billion and a year-to-date increase of 2.38% [2] - Agricultural Bank of China increased by 1.10%, with a market cap of 289.79 billion and a year-to-date increase of 62.02% [2] - Other banks such as Construction Bank, Jiangsu Bank, and Industrial and Commercial Bank of China also reported gains, with year-to-date increases ranging from 15.34% to 25.13% [2] Historical Performance - China Bank reached a new historical high, following similar achievements by Agricultural Bank and Industrial and Commercial Bank [1]

Core Points - Zhongce Rubber announced that its controlling shareholder, Hangzhou Zhongce Haichao Enterprise Management Co., Ltd., holds 323,317,169 shares, accounting for 36.97% of the company's total shares [2] - The shareholder has pledged 19,300,000 shares, which represents 5.97% of its holdings and 2.21% of the total share capital of the company [2] - The pledge is secured by Shanghai Pudong Development Bank Hangzhou Branch, and the funds from the pledge will be used to repay debts [2]