多维数据融合，精准画像授信 在实体经济高质量发展的背景下，中小微企业融资难、融资贵问题始终是制约产业升级的关键瓶颈。浦 发银行（600000）济南分行积极响应国家深化金融供给侧结构性改革的战略部署，聚焦制造业、商贸流 通等重点领域，创新推出"惠链贷"供应链金融服务模式，通过科技赋能和生态共建，打通产业链上下游 资金流、信息流和物流的闭环链条，实现金融服务对实体经济的精准滴灌。 当前，我国产业链中大量中小微企业面临账期长、周转慢、融资渠道单一等问题，传统信贷模式难以满 足其高频次、短周期的资金需求。浦发银行依托核心企业信用背书和数字化技术，构建"核心企业+平 台+场景"的立体化服务网络，将金融服务嵌入产业链全生命周期，既为核心企业提供稳定的供应商资 源和资金回笼保障，也为中小微企业开辟低成本、高效率的融资通道。这一模式不仅提升了产业链协同 效率，更通过风险共担机制有效控制金融风险，形成多方共赢的可持续发展生态。 线上化、数据驱动的供应链金融解决方案 "惠链贷"以"线上化、智能化、场景化"为核心设计理念，通过整合核心企业数据、第三方征信信息及银 行风控模型，构建全流程数字化融资服务闭环。该模式突破传统线下审批的时 ...

申万宏源证券深度参与了本期债券的发行工作。作为本次绿色金融项目的主承销 商之一，展现了在绿色金融领域的专业性和强大的销售能力。本项目的成功发行，不 仅深化了公司与浦发银行的良好合作关系，也显著提升了申万宏源在绿色债券承销市 场的影响力，是立足国家战略、做好 "绿色金融"大文章的又一佳作。 免责声明 本内容最终解释权归申万宏源证券有限公司所有。 免责声明 2025 年 11 月 11 日，申万宏源证券助力上海浦东发展银行股份有限公司 2025 年第 一期绿色金融债券（简称" 25 浦发银行绿色债 01 "）成功簿记发行，本期债券发行规 模达 200 亿元，票面利率 1.73% ，获得了市场投资者的积极认购。 本期债券是浦发银行在绿色金融领域的又一力作，浦发银行以大行担当谱写绿色金 融大文章，募集资金将依据相关标准，精准投向清洁能源、节能环保、绿色交通等低碳 项目，充分体现了该行践行 "双碳"战略、推动经济社会绿色转型的决心。作为国内较早 布局绿色金融的商业银行，浦发银行通过此次大规模、低成本的资金募集，将进一步扩 大其绿色信贷规模，提升绿色金融专业服务能力，为美丽中国建设注入磅礴的金融动 能。 投资有风险，入市 ...

Summary of Key Points from the Conference Call Industry Overview - **Industry**: China Financials, specifically focusing on manufacturing and infrastructure investments in China [1][5][7] Core Insights and Arguments - **Manufacturing FAI Growth**: There has been a notable slowdown in manufacturing Fixed Asset Investment (FAI) growth, dropping to 2.7% year-over-year (yoy) from 4.0% yoy in the previous month, indicating steady progress on capital expenditure (capex) slowdown [7] - **Liability Growth**: Total liability growth for industrial firms moderated to 5.0% yoy, while manufacturing firms saw a slight increase to 5.9% yoy. This moderation is expected to lead to more rational capacity expansion [2][7] - **Revenue Decline**: Manufacturing revenue declined by 4.3% yoy, attributed to lower production levels due to overcapacity control efforts. The Value-Added Industrial (VAI) growth also slowed to 4.9% yoy from 6.5% yoy in September [3][10] - **Profit Growth**: Manufacturing profit growth moderated to 7.7% yoy from 9.9% yoy in September, influenced by higher financing costs and lower production [10] Future Outlook - **Infrastructure Investment**: A potential increase in infrastructure investments, supported by a new RMB 500 billion fund from the China Development Bank, is expected to bolster demand in 2026 and aid in the digestion of overcapacity risks [8][3] - **Sector Performance**: 77.1% of sectors experienced a slowdown in capex in October 2025 compared to the first half of 2025, while 39.3% of sectors showed profit improvement [9][7] Additional Important Information - **PPI Trends**: The Producer Price Index (PPI) rebounded month-over-month for the first time since December 2024, with the year-over-year decline narrowing to 2.1% [7] - **Investment Sentiment**: The overall sentiment towards the China Financials sector remains attractive, with ongoing efforts in financial tightening contributing to anti-involution measures [5][4] This summary encapsulates the critical insights from the conference call, highlighting the current state and future expectations of the manufacturing and financial sectors in China.

Core Insights - SPDBank's asset custody business has achieved a significant milestone, with the asset custody scale surpassing 20 trillion yuan by the end of November 2025, ranking fourth in the industry and marking the highest annual growth in nearly a decade [1][2] Group 1: Business Growth and Strategy - The asset custody scale has consistently increased by over one trillion yuan for five consecutive years, indicating robust growth and a new development phase for SPDBank's custody services [1] - The bank has implemented a collaborative strategy, enhancing its custody business through initiatives like "joint custody" and "group custody," which have led to comprehensive breakthroughs across operational goals, collaborative mechanisms, and digital applications [1] Group 2: Innovation and Market Leadership - SPDBank is at the forefront of market innovation, having introduced several industry-first products, including the first floating-rate public fund and the first climate change high-grade bond index fund [2] - The bank's "Kao Pu Custody" brand has received multiple awards, including recognition as an "Excellent Asset Custody Institution" and "Best Innovative Fund Custody Service" by industry authorities, showcasing its strong market presence and professional reputation [2] Group 3: Future Outlook - With a new starting point of 20 trillion yuan, SPDBank aims to align closely with national strategic deployments, enhancing service standards and contributing significantly to the construction of a strong financial nation [2]

Core Viewpoint - As of December 1, 2025, Shanghai Pudong Development Bank (SPDB) closed at 11.54 yuan, reflecting a 0.52% increase, with a trading volume of 680,000 hands and a transaction value of 779 million yuan [1] Fund Flow Analysis - On December 1, 2025, the net inflow of main funds was 39.69 million yuan, accounting for 5.09% of the total transaction value, while retail investors saw a net inflow of 809.04 million yuan, representing 1.04% of the total [1] - Over the past five days, the fund flow data shows fluctuations, with significant net outflows from main and speculative funds on several days, particularly on November 28 and 27 [2] Company Performance Metrics - SPDB's total market capitalization is 384.35 billion yuan, with a net asset value of 840.84 billion yuan and a net profit of 38.82 billion yuan, ranking 10th in the industry [3] - The bank's price-to-earnings ratio (P/E) is 7.43, while the industry average is 5.99, indicating a relatively higher valuation compared to peers [3] - For the first three quarters of 2025, SPDB reported a year-on-year revenue increase of 1.88% to 132.28 billion yuan and a net profit increase of 10.21% to 38.82 billion yuan [3] Institutional Ratings - In the last 90 days, six institutions have rated SPDB, with five giving a "buy" rating and one an "accumulate" rating, while the average target price set by institutions is 15.79 yuan [4]

Core Viewpoint - The National Financial Regulatory Administration has approved Shanghai Pudong Development Bank's acquisition of Chongqing Tongliang Pudong Village Bank and the establishment of a new branch in Chongqing [1] Group 1: Acquisition Details - Shanghai Pudong Development Bank will acquire Chongqing Tongliang Pudong Village Bank and establish a new branch named Shanghai Pudong Development Bank Chongqing Tongliang Branch [1] - The acquisition includes the assets, liabilities, business, and employees of Chongqing Tongliang Pudong Village Bank after the completion of asset verification [1] Group 2: Regulatory Requirements - The acquisition must comply with the Company Law and the Commercial Banking Law of the People's Republic of China, along with other relevant laws and regulations [1] - Chongqing Tongliang Pudong Village Bank is required to handle the dissolution of its legal entity as per regulations [1] - After the establishment of the new branch, Shanghai Pudong Development Bank must apply for approval to commence operations from the National Financial Regulatory Administration [1]

Core Viewpoint - The financial institutions in Hong Kong have rapidly mobilized to provide support and aid following the fire incident at Hong Kong's Tai Po Wang Fuk Court, demonstrating a commitment to disaster relief and community support [1]. Group 1: Contributions from Financial Institutions - CITIC Group has pledged HKD 15 million to support rescue efforts, victim relocation, and post-disaster reconstruction, while also organizing teams to deliver essential supplies and encouraging employee blood donations [2]. - China Merchants Bank has committed HKD 10 million for disaster relief and has established emergency service channels to provide immediate financial support to affected citizens [3]. - Industrial Bank has donated HKD 10 million to the designated "Tai Po Wang Fuk Court Relief Fund" to assist with medical care for the injured and support for the families of victims [4]. - Pudong Development Bank has also contributed HKD 10 million to the Bai Yulan Charity Foundation for emergency relief and reconstruction efforts, while organizing volunteer teams to assist affected residents [5]. - Shanghai Bank has donated HKD 10 million to the Bai Yulan Charity Foundation, with funds arriving promptly to support rescue and recovery efforts, and has mobilized employees for volunteer work [6]. - Qingdao Bank has opened a cross-border RMB donation "green channel" to facilitate donations to the affected area, waiving remittance fees for quicker support [7].

Core Insights - The article discusses the performance of the banking sector in October 2025, highlighting a decline in credit demand and a shift in deposit trends, indicating ongoing challenges in the financial landscape [1][2][3]. Credit Performance - Excluding non-bank financial institutions, credit showed a negative growth in October, with a decrease in both retail and corporate loans. Residential loans fell by 360.4 billion yuan, a year-on-year decrease of 520.4 billion yuan, indicating a contraction in consumer credit demand [1][2]. - Corporate loans saw an increase of 350 billion yuan, but short-term loans decreased by 190 billion yuan, reflecting limited demand for medium to long-term projects [2]. Social Financing - In October, social financing increased by 815 billion yuan, a year-on-year decrease of 597 billion yuan. Government bond issuance was 489.3 billion yuan, down 560.2 billion yuan from the previous year, suggesting a weakening support from government debt [3]. Deposit Trends - The M1 growth rate decreased to 6.2%, while M2 growth was at 8.2%. There is a continued trend of deposits moving towards non-bank financial institutions, with total deposits increasing by 610 billion yuan, but household deposits fell by 1.3 trillion yuan [4]. - The total scale of wealth management products reached a historical high of 33.2 trillion yuan, reflecting a significant increase of 1.1 trillion yuan from the previous month [4]. Banking Sector Performance - For the first three quarters of 2025, listed banks showed resilience with revenue growth of 0.9% and profit growth of 1.6%. State-owned banks performed well, while the performance of smaller banks varied [5][6]. - The net interest margin for listed banks stabilized at 1.37%, with a slight improvement in the interest spread for smaller banks, indicating a recovery in profitability [9]. Investment Recommendations - The article suggests that the banking sector may experience a rebound in Q4, driven by a rebalancing of market styles and increased interest in high-dividend stocks. Recommendations include both smaller banks in economically developed regions and larger, stable banks [12].

A股 - Minmetals Capital's announcement of a related party transaction has drawn industry attention, with its subsidiary Minmetals Trust planning to jointly invest in a joint venture with Minmetals Real Estate, injecting 300 million yuan in cash and an asset package valued at 16.29 billion yuan [2] - The results of the subscription for Moer Thread, known as the "first domestic GPU stock," were announced, with public funds, social security funds, and pension funds acquiring approximately 38.59 million shares, accounting for 98.44% of the offline final issuance [2] - Yunnan Aluminum announced plans to acquire stakes in three aluminum companies from Yunnan Metallurgical Group, while AVIC Helicopter's subsidiary plans to merge with another wholly-owned subsidiary [2] 港股 - The Hong Kong IPO market is experiencing a surge, surpassing the NYSE and NASDAQ, aiming to become the top global fundraising market for new stocks by 2025, with 81 new listings raising a total of 215.98 billion HKD in the first ten months of the year [3] - More than half of the fundraising amount in Hong Kong has come from 14 A-share companies, with notable price discrepancies between A-shares and H-shares, exemplified by CATL's H-share price being over 14% higher than its A-share price [3] 理财 - In November, nine dividend-themed funds were established, raising a total of 6.615 billion yuan, marking a new monthly high for the year, with significant contributions from several funds launched on November 25 [4] - Major state-owned banks and some joint-stock banks have begun to withdraw 5-year large-denomination time deposits, focusing on shorter-term products, with a broad impact across various banks [4] - Sixteen technology-themed funds have been approved, including several ETFs focused on artificial intelligence and semiconductor sectors, with some products receiving approval on the same day they were submitted [4] 个人养老金 - As the year-end personal pension contribution window approaches, banks are intensifying promotional efforts, offering exclusive benefits to attract customers to open accounts and contribute funds, with potential subsidies of around 600 yuan for maximum contributions [5] 债务 - The issuance of new local special bonds in November is expected to reach 492.2 billion yuan, an increase of over 200 billion yuan from the previous month, alongside a significant rise in refinancing bonds [5] 其他 - From January to October, profits of large-scale industrial enterprises in China totaled 595.03 billion yuan, a year-on-year increase of 1.9%, with equipment manufacturing and high-tech manufacturing being the main profit growth drivers [6] - China remains the world's largest market for industrial robots, with significant improvements in performance and quality, and a projected increase in domestic multi-joint robot sales [6] - The National Development and Reform Commission announced a new credit repair management method, effective from April 1, 2026, allowing credit subjects to apply for credit repair under certain conditions [6] - China's foreign direct investment reached 1,033.23 billion yuan in the first ten months, a year-on-year increase of 7%, with investments made in 9553 overseas enterprises across 152 countries and regions [7] - The Chinese medical device market is expected to reach 1.22 trillion yuan by 2025, driven by innovation, with a record number of approved innovative medical devices [7]

Core Viewpoint - The issuance of green financial bonds in China has significantly increased in 2023, driven by supportive policies and a diverse range of issuing institutions, including small and medium-sized banks, which have become new growth points in the market [2][3][9]. Group 1: Green Bond Issuance - On November 27, the National Development Bank successfully issued 9 billion yuan of 3-year green financial bonds with an interest rate of 1.52%, achieving a subscription multiple of 2.46 times [1]. - Since the implementation of the "Green Bond Support Project Directory (2025 Edition)" in October, financial institutions have entered a "fast track" for green bond issuance, with 14 bank green bonds issued in November alone, marking the highest issuance density of the year [2]. - In November, various banks issued a total of 110.7 billion yuan in green financial bonds, setting a new monthly record for 2023 [3]. Group 2: Diverse Issuers - The issuance of green bonds has expanded beyond state-owned banks to include small and medium-sized banks and non-bank financial institutions, indicating a diversification of issuers [4][9]. - In November, several small banks issued green bonds ranging from 700 million yuan to 3.5 billion yuan, with specific examples including Tangshan Bank and Chongqing Three Gorges Bank [5][6][7]. Group 3: Policy Support and Market Growth - The explosive growth in green bond issuance is attributed to continuous policy support, particularly following the launch of the new project directory, which has unified various green financial products and reduced identification costs for financial institutions [9]. - As of November 28, over 240 green bonds have been issued by financial institutions, with a total issuance scale exceeding 640 billion yuan, doubling the issuance scale from 2024 [9]. Group 4: Cost Optimization and Innovation - The average issuance cost of bank green bonds has improved, decreasing from 1.94% in 2024 to 1.74% in 2023, enhancing the financing cost-effectiveness [3]. - There has been a notable increase in product innovation within the green bond market, with various financial institutions exploring new mechanisms, including floating rate bonds and thematic bonds focused on specific sectors like green manufacturing [11][13].