Group 1 - Recently, SPDB announced that Cinda Investment increased its holdings of the bank's convertible bonds by approximately 118 million shares, accounting for 23.57% of the total issuance, and completed the conversion in just three days, attracting significant market attention [1] - Similar actions occurred in 2023 when China Huarong significantly increased its stake in Everbright Bank, indicating a trend of asset management companies (AMCs) actively investing in commercial banks [1] - The regulatory requirement for AMCs to "return to their main business" has led to contradictory behaviors, such as China Huarong exiting its stake in Huarong Xiangjiang Bank and Cinda Asset putting its stake in Changjiang Huaxi Bank up for sale [1] Group 2 - Commercial banks urgently need the "rescue" from AMCs; for instance, SPDB's core Tier 1 capital adequacy ratio was 8.38% as of the end of Q1 this year, down from the previous year, and its convertible bonds are due for redemption in October [2] - Prior to Cinda's intervention, the conversion rate of SPDB's convertible bonds was only 0.01%, similar to the situation faced by Everbright Bank [2] Group 3 - AMCs can alleviate performance pressure by increasing their holdings in bank stocks, as Cinda Asset's net profit has decreased from 13.2 billion yuan in 2020 to 3 billion yuan in 2024, while bank stocks have shown strong performance and increasing dividend levels [3] - For example, SPDB's cash dividend ratio for 2024 is 30.16%, up by 0.11 percentage points from the previous year, indicating a stable income source for AMCs [3] Group 4 - The collaboration between AMCs and banks in the disposal of non-performing assets is strengthened by recent regulatory support, allowing banks to transfer eligible risk assets to AMCs [4] - In 2023, SPDB disposed of non-performing assets worth 108.7 billion yuan, marking a historical high, which aligns with the needs of both parties [4] Group 5 - The significant investment by AMCs in commercial banks reflects a broader policy intent from the central government to maintain stability in the banking system, with AMC executives taking board positions in these banks [5] - This strategic move not only provides capital support to banks but also offers AMCs a stable income and new avenues for business collaboration, indicating a deeper partnership in managing financial risks [5]

近日，浦发银行上海分行《首推一站式租机支付服务 优化外籍人士入境支付体验》案例荣获首届中国（上海）优化营商环境"优秀创新实践案例"。据了 解，作为唯一一家驻上海两大机场航站楼的金融机构，浦发银行上海分行自2024年9月起积极投入上海浦东国际机场T1航站楼一站式综合服务中心支付模块 的人员派驻工作，为外籍人士提供7*24小时"一站式"支付便利化服务，收获好评。 首届中国(上海) 优秀创新实 OKC 首推一站式租材 优化外籍人士入 指导单位 上海市发展和改 主办单位 新华社上海分社 中国经 :○二五年 践行"欢迎你，帮助你"服务承诺 据了解，为落实综合服务中心现场派驻工作，浦发银行上海分行选拔了一批政治素质高、外文流利、服务热情、形象好的青年员工，组成"外籍人士综合服 务中心青年突击队"，为抵沪的全球宾客提供高效、便捷的金融服务。在现场，他们不仅是专业的金融顾问、支付引导员、出行小助手，也是语言沟通桥 梁、应急事务协调员，无缝切换角色解决各类难题，践行"欢迎你、帮助你"的服务承诺。 据介绍，自综合服务中心运行以来，现场累计接待业务咨询办理超4.11万人次，日均接待量超150人次；收获来自美英法日俄等20多个国家（ ...

Core Viewpoint - The banking sector has shown steady progress in the first half of 2025, with various banks outlining their strategies for the second half, focusing on "Five Major Articles," reform, cost reduction, efficiency enhancement, and risk management [1][2][9]. Group 1: Performance and Strategy - Banks have reported stable performance in the first half of 2025, with Agricultural Bank achieving a total loan volume of 10 trillion yuan in county-level loans [2]. - Huaxia Bank emphasized its commitment to ten key actions to ensure steady growth and operational improvement [2]. - Guangfa Bank's total assets reached 3.69 trillion yuan, with a continuous decline in both non-performing loan balance and ratio [2]. - The "Five Major Articles" have become a guiding principle for banks, with institutions like Everbright Bank focusing on enhancing technology-driven financial services and green finance [2][3]. Group 2: Focus Areas for the Second Half - Banks are prioritizing key tasks such as stabilizing the real estate market, promoting consumption, and addressing internal competition [3][5]. - Agricultural Bank aims to enhance technology-driven financial innovation and improve supply for consumer and inclusive finance [3]. - Several banks, including Ping An Bank and Guangfa Bank, have initiated "anti-involution" measures to resist excessive competition and focus on long-term strategies [5][7]. Group 3: Risk Management - Risk management remains a central theme, with banks like Agricultural Bank emphasizing the need to enhance service quality while managing risks effectively [9][10]. - Ping An Bank has called for increased awareness of risk and compliance, focusing on rectifying key areas and managing public sentiment [10]. - Other banks, such as Huaxia Bank and Suzhou Bank, have highlighted the importance of solidifying risk management foundations and ensuring compliance with regulations [9][10].

Group 1 - The State Taxation Administration has intensified the crackdown on tax evasion by online anchors, with over 360 cases investigated since 2021, resulting in tax recovery exceeding 3 billion yuan [1] - The People's Bank of China conducted a reverse repurchase operation of 789.3 billion yuan, with a net injection of 601.8 billion yuan, the second-highest this year, to address liquidity pressure and rising funding rates [1] Group 2 - Several rural commercial banks in Hunan have adjusted ATM service rules, prohibiting withdrawals using other bank cards from midnight to 6 AM, as a measure against fraud [2] - The People's Bank of China and the General Administration of Customs are seeking public opinions on optimizing the cross-border cash transport process for the renminbi [2] Group 3 - Hong Kong's banking sector is preparing for the implementation of the Stablecoin Ordinance, which requires stablecoin issuers to select licensed banks for asset custody, leading to increased competition among banks for custody services [3] - Ruifeng Bank successfully issued 300 million yuan in technology innovation bonds, with a low coupon rate of 1.77%, aimed at supporting technology innovation [4] Group 4 - Agricultural Bank of China has made personnel adjustments in its technology sector, appointing new executives to enhance its digital transformation efforts [5] - Many banks have emphasized growth and risk management in their mid-year meetings, focusing on increasing revenue, optimizing asset-liability structures, and enhancing digital transformation [5][6]

银行股近期有所调整，市场看法出现分歧。银行股属于A股的核心资产，一定涨幅之后的调整有其必然 性，但不应该盲目看空。毕竟银行股的价值摆在那里，仍然是价值投资者的核心标的。 银行股此轮调整的直接诱因，可归结为市场情绪的阶段性波动与资金配置的再平衡。前期银行股在稳健 业绩与低估值修复的双重驱动下，累积了一定涨幅，部分资金选择获利了结，导致短期抛压增加。同 时，A股市场整体风格切换，资金流向成长赛道，进一步加剧了银行股的资金分流。 当然，投资银行股也需关注潜在风险，如区域经济分化导致的资产质量差异、金融科技冲击下的业务转 型压力等。但这些风险更多是结构性的，可通过精选个股、分散配置等方式有效规避，而非否定整个板 块的投资价值。 总之，银行股的短期调整，本质上是市场对核心资产的一次压力测试。对于认同价值投资理念的投资者 而言，银行股以其业绩确定性、估值安全边际与分红稳定性，仍是A股市场中不可多得的优质选择。 随着2025年中期报告的公布，业绩和成长性优良的银行股仍然具有长期持有的价值，而且中报的发布将 会消除投资者心中的不确定性，这也为投资者放心持有提供了更多心理支持。 然而，这些因素更多属于短期扰动，而非长期趋势的转 ...

Core Viewpoint - The banking sector in A-shares is experiencing a "small bull market" with 29 out of 42 listed banks showing gains as of July 28, driven by multiple positive factors and expected to present a structural market trend in the future [1][3][7] Group 1: Market Performance - On July 28, banks like Qilu Bank and Qingdao Bank saw significant intraday gains, with Qilu Bank rising over 5% and Qingdao Bank over 3% [1][3] - Year-to-date, the banking sector has shown a steady upward trend, with banks like Qingdao Bank, Shanghai Pudong Development Bank, and Xiamen Bank achieving over 30% gains [3][4] - Despite a brief fluctuation in July, the overall upward trend remains supported by low valuations and high dividend yields [3][4] Group 2: Fundamental Improvements - The banking sector's asset quality has improved significantly, with a decrease in non-performing loan ratios and stable provision coverage ratios [4][6] - The economic recovery expectations have alleviated net interest margin pressures, leading to a steady rebound in profitability [4][6] Group 3: Policy and Valuation Support - Regulatory support for the banking sector, including liquidity release and optimized regulatory assessments, has created a favorable external environment [4][5] - Long-standing low valuations of bank stocks, with price-to-book ratios generally below 1, are expected to undergo a correction as market risk appetite increases [4][5] Group 4: Capital Inflows - Continuous inflows of long-term funds, particularly from insurance capital seeking stable returns, have bolstered the banking sector [5][6] - The expansion of passive funds and foreign capital inflows since Q2 have further supported the upward movement of bank stocks [5][6] Group 5: Positive Feedback Loop - Rising bank stock prices enhance banks' financing capabilities, reducing equity financing costs and improving credit image [6][7] - The increase in core capital through convertible bonds can enhance banks' credit expansion capabilities, ultimately benefiting the real economy [7] Group 6: Future Outlook - Analysts predict a structural market trend for the banking sector, with a focus on banks with strong asset quality and profitability [7][8] - The second half of 2025 is expected to see a fluctuating upward trend in the banking sector, with particular attention on low-valuation banks and those with strong fundamentals [7][8]

Core Points - The case of the missing 295 million yuan deposit has seen new developments, with Nanjing Koyuan Smart Technology Group Co., Ltd. receiving 231 million yuan from Shanghai Pudong Development Bank Nantong Branch [1][5] - The case, which has been ongoing for about four years, involves a dispute over a deposit that was pledged as collateral for a third-party company, Nantong Ruihao International Trade Co., Ltd., which failed to repay its debts [2][3] Summary by Sections Case Background - Koyuan Smart's wholly-owned subsidiary, Nanjing Koyuan Smart Energy Investment Co., Ltd., deposited 345 million yuan in the bank between July 2020 and July 2021, but 295 million yuan was pledged as collateral for Nantong Ruihao's bank acceptance bills [1][3] - The issue came to light when Koyuan Smart announced in November 2021 that it could not redeem its deposits due to the collateral arrangement [3] Legal Proceedings - The court recognized the case as a criminal matter involving forgery and fraud, with the bank's risk management practices being called into question [4][6] - As of July 2023, Koyuan Smart received 231 million yuan from the bank after applying for enforcement of the court's judgment [5][6] Recent Developments - On July 16, 2023, the bank filed a new lawsuit against Koyuan Smart Energy Investment, claiming damages due to alleged negligence in the deposit management process [6][8] - The bank accused Koyuan Smart of receiving kickbacks amounting to 40.67 million yuan, which it claims contributed to the loss of the deposit [6][7] Legal Analysis - Legal experts suggest that the bank must prove Koyuan Smart's negligence, while Koyuan Smart can argue that the fraud was committed by external parties [7][10] - The distinction between the current lawsuit and previous cases indicates that it does not constitute a counterclaim or duplicate litigation [8][10]

Core Points - The case of the missing 295 million yuan deposit has seen new developments, with Nanjing Koyuan Smart Technology Group Co., Ltd. receiving 231 million yuan from Shanghai Pudong Development Bank Nantong Branch [1][2][9] - The case, which has been ongoing for about four years, involves a significant amount of funds being pledged as collateral for a third-party company, Nantong Ruihao International Trade Co., Ltd., which failed to repay its debts [5][10] Summary by Sections Case Background - Between July 2020 and July 2021, Koyuan Smart's wholly-owned subsidiary, Nanjing Koyuan Smart Energy Investment Co., Ltd., deposited 345 million yuan in fixed-term deposits at the bank, with 295 million yuan being pledged as collateral for Nantong Ruihao's bank acceptance bills [1][5][6] - The issue came to light when Koyuan Smart was unable to redeem the 40 million yuan deposit that matured in November 2021, leading to inquiries that revealed the larger issue of the 295 million yuan being pledged without their knowledge [6][7] Legal Proceedings - The judicial authorities recognized the case as a criminal matter involving forgery and fraud, with the bank's risk management practices being called into question [8][12] - In July 2024, the court ruled in favor of Koyuan Smart, ordering the bank to pay the principal and overdue interest, but both parties appealed the decision [8][9] Recent Developments - On July 16, 2024, the bank filed a new lawsuit against Koyuan Smart, claiming damages due to alleged negligence in the handling of the deposit [10][11] - The bank's actions have sparked discussions about whether this constitutes a counterclaim or a new lawsuit, with legal experts clarifying that it is a separate legal action [14][16] Financial Implications - The bank's claim includes accusations of Koyuan Smart receiving kickbacks amounting to 40.67 million yuan, which could complicate the legal landscape and financial responsibilities [10][12] - The ongoing litigation raises questions about the bank's liability and the potential for shared responsibility due to the circumstances surrounding the deposit's pledge [12][13]

Group 1 - The core event was a unique performance titled "Zhuo Xin Growth Season - July Adventure Circus Event" organized by SPDB Jinan Branch, showcasing a blend of traditional art and financial services [1][2] - Over 260 clients attended the event, which featured high-difficulty performances by the Shandong Acrobatic Troupe, including contortionists, plate spinners, and aerial acts, highlighting the charm of acrobatic art and the vitality of traditional culture [1][2] - The event also included financial literacy promotion, where bank staff distributed brochures and provided one-on-one explanations on topics such as preventing telecom fraud and protecting personal information, enhancing clients' financial security awareness [1] Group 2 - This event is part of a series of celebrations by SPDB Jinan Branch, aiming to provide clients with a close-up experience of traditional acrobatic art while integrating financial knowledge dissemination [2] - The bank plans to continue its customer-centric approach by launching more innovative and content-rich activities to enhance service quality and client experience in the future [2]

1. Report Industry Investment Rating - No information provided in the content 2. Core Views of the Report - Anti - involution policies affect commodity prices, shock the market's inflation expectations, and cause a significant adjustment in the bond market. Credit bond yields rise with interest rates, and most credit spreads widen, with secondary and perpetual (二永) bonds showing large fluctuations and high spread increases. Fund companies with the most unstable liability ends sell significantly, while insurance companies increase their buying efforts, and bank wealth management remains relatively stable. The trading enthusiasm for medium - and long - term bonds such as urban investment bonds, industrial bonds, and 二永 bonds remains high [2]. - It is too early to worry about negative feedback, with a very low probability. Market learning has improved the ability to respond, and there has been no change in macro - expectations. Moreover, bank wealth management's increasing consideration of liquidity in its configuration can prevent negative feedback [3]. - The asset shortage pattern remains unchanged and may even intensify. Interest rates may have short - term adjustments but do not support continuous and significant adjustments. Once interest rates stabilize, credit is likely to stabilize. After the market adjustment, it will be more difficult to further compress credit spreads compared to previous lows, and credit spreads are more likely to fluctuate. Investors need to seize phased trading opportunities [4]. - Investors should focus on coupon - bearing assets, and consider both coupon and trading operations for long - term bonds. For trading strategies, medium - and long - term 二永 bonds are recommended; for allocation strategies, sinking investment in urban investment bonds is still recommended. Wait for trading opportunities for ultra - long - term bonds [5]. 3. Summary by Relevant Catalogs 3.1 Market Review: Significant Correction, Noticeable Widening of 二永 Bond Spreads 3.1.1 Market Performance - This week, the credit bond market significantly corrected, and credit spreads widened. The stock market strengthened, and the bond market significantly corrected. Credit bond yields generally rose, especially for medium - and long - term 二永 bonds, which increased by over 10bp, with the 10Y 二永 bond correcting by up to 14.5bp. Most credit spreads widened, with 二永 bonds seeing more significant increases, while spreads of some medium - and long - term notes, enterprise bonds, and urban investment bonds of certain grades slightly narrowed [10]. - From a daily perspective, urban investment bond yields generally rose, with the adjustment amplitude first increasing and then decreasing, reaching a daily correction high on Thursday. From Monday to Tuesday, long - term 二永 bonds led the yield increase, but the overall amplitude was relatively small. From Wednesday to Thursday, the yield increase continued to expand, with long - term 二永 bonds correcting by over 5bp on Thursday and short - term bonds increasing by about 4bp. The long - and short - term yields of urban investment bonds and medium - term notes also increased by 3.5bp - 5bp. On Friday, the market continued to decline, but the amplitude narrowed. Credit spreads showed a divergent trend. Affected by the different adjustment speeds of credit bonds and interest - rate bonds, the spreads of 二永 bonds, known as "interest - rate amplifiers," generally widened, while the spreads of less - liquid urban investment bonds and medium - term notes were still slightly compressed in the early stage and widened on Friday [16]. 3.1.2 Insurance Continues to Allocate, Funds Sell on a Large Scale - Insurance companies' credit bond allocation remains strong. This week, insurance companies continued to be net buyers, with a net buying scale of 12.563 billion yuan, a 38.7% increase from the previous week. The net buying volume of ultra - long - term credit bonds over 5 years was 6.75 billion yuan, with the increase intensity remaining basically the same as last week [18]. - Funds sold credit bonds significantly this week, with a selling scale of 22.578 billion yuan. The net selling volume within 5Y was 12.738 billion yuan, and the net selling volume over 5Y was 7.474 billion yuan [18]. - Bank wealth management scale slightly increased. As of July 20, the bank wealth management scale was 31.02 trillion yuan, an increase of 0.06 trillion yuan from the previous weekend. This week, the net buying scales of wealth management and other product categories for credit bonds were 15.301 billion yuan and 13.078 billion yuan respectively, with month - on - month changes of 15.80% and 39.13% [21][22]. 3.1.3 Transaction Proportion: Decrease in Low - Rating Transaction Proportion - The transaction proportion of urban investment bonds, industrial bonds, and 二永 bonds with a remaining term of over 3 years was 30%, 29%, and 72% respectively, indicating that the transaction proportion of medium - and long - term bonds remained high. For urban investment bonds, the proportion of transactions under 3 years remained basically the same as last week, with the 3 - 5Y transaction proportion decreasing by 2 percentage points and the over - 5Y proportion increasing by 2 percentage points. For industrial bonds, the proportion of transactions within 1 year decreased by 1 percentage point, the 1 - 3Y proportion decreased by 2 percentage points, and the 3 - 5Y proportion increased by 3 percentage points. For 二永 bonds, the proportion of transactions within 1 year decreased by 1 percentage point, the 1 - 3Y proportion increased by 2 percentage points, and the 3 - 5Y proportion decreased by 3 percentage points [28]. - The proportion of low - rating transactions of non - financial credit bonds decreased this week. The proportion of transactions of urban investment bonds with a rating of AA(2) and below decreased by 1 percentage point from last week, the proportion of industrial bonds with a rating of AA and below decreased by 1 percentage point month - on - month, and the proportion of 二永 bonds with a rating of AA and below decreased by 3 percentage points from last week [29]. 3.2 Market Outlook: Redemption is Controllable, Seize Trading Opportunities 3.2.1 Redemption is Controllable, Seize Trading Opportunities - Reasons for market adjustment: With the continuous implementation of anti - involution policies, commodity futures prices have risen significantly, affecting the market's inflation expectations. The Nanhua Industrial Products Index, which reflects commodity price trends, has also risen significantly. Historically, this index has a certain forward - looking predictive effect on PPI. By observing the term structure of interest - rate swaps, indicators such as IRS FR007 5 - year - 1 - year and 1 - year - FR007 have quickly turned positive, indicating a change in the market's inflation expectations [31][33]. - Regarding the concern of negative feedback: It is too early to worry about negative feedback, with a very low probability. Market adjustments in September 2024 and March 2025 were more significant than the current one, but no obvious negative feedback occurred. The key lies in the increasing consideration of liquidity in bank wealth management's configuration. Since April this year, the absolute amount and proportion of inter - bank certificate of deposit (NCD) allocation have been at historically high levels, enabling wealth management to handle market fluctuations. As long as bank wealth management remains stable, the key link of market negative feedback can be stopped [38][40]. - Analysis of tight funds: The funding situation tightened on Thursday this week, leading to a higher market adjustment amplitude. The tightening on Thursday may be due to banks' liability - side issues. From the perspective of large banks' deposit - loan spreads, the deposit - loan spreads of large banks generally decline seasonally in July. After the significant reduction of deposit interest rates in May, large banks face the pressure of term - deposit maturity transfer, resulting in relatively large liability pressure. A low deposit - loan spread means reduced stability of funding rates, which are more dependent on the central bank's liquidity injection. Any daily misalignment in the central bank's liquidity injection can significantly impact funding rates [41][42]. - Future trends: The asset shortage pattern remains unchanged and may even intensify. Interest rates may have short - term adjustments, but the current macro - environment does not support continuous and significant interest - rate adjustments. The impact of anti - involution policies on inflation expectations has been fully priced in the short term through the significant rise in commodity prices. For credit bonds, it will be more difficult to further compress credit spreads below previous lows this year. Credit spreads are more likely to fluctuate, and investors need to seize phased small - band opportunities [50][56]. 3.2.2 Science and Technology Innovation Bonds Continue to Contribute Net Financing to the Market - In July, non - financial credit bond financing performed well, with the net financing exceeding the levels of the same month in the previous two years, reaching 347.9 billion yuan. The supply of long - term credit bonds has increased. Recently, the sentiment for extending the duration of credit bonds has been positive. Although the issuance duration in July has decreased month - on - month, there is still room for extending the duration [57][59]. 3.3 What to Buy in Credit? 3.3.1 Focus on High - Grade 二永 Bonds for Trading, Weak - Quality Urban Investment Bonds for Coupon - The price - comparison of short - term 二永 bonds is positive, while that of medium - and long - term 二永 bonds is negative. Considering different investor needs, high - grade trading strategies are recommended to focus on 二永 bonds, and low - grade coupon strategies are recommended to focus on urban investment bonds. This week, the price - comparison advantage of short - term AAA second - tier capital bonds over medium - term notes remained positive, and the price - comparison of long - term AAA second - tier capital bonds with medium - term notes fluctuated around 0. The price - comparison of short - term urban investment bonds with medium - term notes is positive, and the price - comparison of long - term low - grade urban investment bonds has quickly recovered to the historical central level. Urban investment bonds still have a price - comparison advantage over medium - term notes, but the difference is not significant. Considering the bond - selection scope, urban investment bonds are still preferred [62][64]. 3.3.2 General Credit Coupon is More Advantageous - Currently, the proportion of urban investment bonds with a valuation above 2.3% is 19.8%, that of non - financial industrial bonds is 10.8%, and that of 二永 bonds is 6.8%. From the perspective of coupon - based bond selection, general credit offers a wider bond - selection space. For urban investment bonds, investors can consider both coupon and trading operations for the long - term, and can continue to participate in short - term high - coupon varieties. For industrial bonds, investors can focus on important local state - owned real - estate enterprises among real - estate developers, such as Shoukai and Jianfa Real Estate; among non - real - estate entities, focus on China Minsheng Bank, Jizhong Energy, and Bohai Bank [68][72]. 3.3.3 Statistics of Primary Issuance - Relevant data shows the weekly net financing and cumulative net financing of various credit bonds, including urban investment bonds, industrial bonds, 二永 bonds, and other financial bonds from December 30, 2024, to July 27, 2025 [77]. 3.3.4 Details of Secondary Valuation Changes - No detailed information provided in the content