Core Insights - The recent approval of three financial asset investment companies (AICs) marks the establishment of the first batch of national joint-stock bank AICs in China, expanding the total number of bank-affiliated AICs to nine [1][2] Group 1: AIC Establishment and Function - The newly approved AICs include Xinyin Financial Asset Investment Co., Xinyin Financial Asset Investment Co., and Zhaoyin Financial Asset Investment Co., with registered capitals of 150 billion yuan and 100 billion yuan respectively [1] - AICs were initially designed for market-oriented debt-to-equity swaps, serving as a "risk isolation wall" and "asset restructuring expert" within the banking system, aimed at reducing corporate leverage and mitigating financial risks [1][3] - The role of AICs has evolved to become a major player in equity investment, particularly following recent policy expansions that have increased their investment scope and intensity [1] Group 2: Comparison Between AICs - The newly established AICs share common features with state-owned bank AICs, including core functions, regulatory frameworks, policy guidance, and operational models [2] - Differences exist in shareholder backgrounds, resource endowments, capital scales, and regional layouts, with state-owned AICs benefiting from larger asset scales and nationwide networks, focusing on large state-owned enterprises [2] - In contrast, joint-stock bank AICs have a slightly lower capital scale and are more concentrated in their initial focus, primarily serving private and innovative small and medium-sized enterprises [2] Group 3: Impact on the Economy - The entry of AICs is expected to significantly promote enterprise transformation and high-quality development by alleviating corporate debt burdens through debt-to-equity swaps, thereby facilitating technological research and product innovation [3] - AICs are positioned to support specialized and innovative enterprises, as well as technology-driven small and medium-sized enterprises, while also restructuring and revitalizing companies in debt distress through market-oriented and legal means [3]

北京商报讯（记者 刘宇阳）12月3日，永赢基金发布旗下永赢中证科创创业人工智能ETF的基金合同生效公告。公告内容显 示，该基金于12月3日成立，募集期间净认购金额9.33亿元，募集有效认购户数6287户。 回顾11月28日，首批7只中证科创创业人工智能ETF同步开售。其中，永赢基金于当日宣布旗下产品提前结束募集。如今，随 着基金合同生效公告的发布，该基金也成为首只成立的中证科创创业人工智能ETF。 | 基金名称 | 永赢中证科创创业人工智能交易型开放式指数证券 | | --- | --- | | | 投资基金 | | 基金简称 | 科创创业人工智能 ETF 永赢 | | 基金主代码 | 159141 | | 基金运作方式 | 交易型开放式 | | 基金合同生效日 | 2025年12月03日 | | 基金管理人名称 | 永赢基金管理有限公司 | | 基金托管人名称 | 兴业银行股份有限公司 | | 公告依据 | 《中华人民共和国证券投资基金法》及配套法规、 | | | 《永赢中证科创创业人工智能交易型开放式指数证 | | | 券投资基金基金合同》、《永赢中证科创创业人工 | | | 智能交易型开放式指数证券投资 ...

Core Insights - The State Intellectual Property Office of China has granted a patent to Industrial Bank Co., Ltd. and Industrial Digital Financial Services (Shanghai) Co., Ltd. for a "Enterprise-level Gateway Authentication Method and System" with authorization announcement number CN 115834134 B, applied for on October 2022 [1] Company Overview - Industrial Bank Co., Ltd. was established in 1988 and is located in Fuzhou, primarily engaged in monetary financial services [1] - The registered capital of Industrial Bank Co., Ltd. is 20,774,190.751 million RMB [1] - The company has made investments in 142 enterprises and participated in 3,673 bidding projects [1] - Industrial Bank holds 592 trademark records and 443 patent records, along with 114 administrative licenses [1]

Core Viewpoint - The company, as a pioneer in the domestic pension finance sector, is committed to implementing national strategies to address population aging, leveraging its strengths to develop a unique path in pension finance [1] Group 1: Pension Financial System Development - The company has been focusing on the multi-dimensional construction of the pension system, promoting the high-quality development of three major pillars of pension finance [2] - As of October 2025, the company has issued over 1.86 million financial social security cards, enhancing basic pension security [2] - The company has managed a balance of 5.8 billion yuan in pension-related funds and over 50,000 personal accounts in its supplementary pension services [2] Group 2: Third Pillar Business Achievements - The company has opened over 7.6 million personal pension accounts and accumulated over 3.8 billion yuan in contributions, ranking among the industry leaders [3] - The company has established a comprehensive pension financial service system centered around the "365 Action Plan" and published the "Pension Financial Development White Paper (2025)" [3] Group 3: Elderly Service Ecosystem - The company is upgrading its service model from functional to experiential, creating a warm and caring pension financial service ecosystem [4] - Initiatives include establishing a financial education base for the elderly and launching projects like facial recognition payment systems for senior dining services [4][5] Group 4: Policy Alignment and Industry Support - The company is closely following national policies on pension industry finance, establishing a service system supported by policies, resources, products, and ecosystems [6] - In the first three quarters of 2025, the company issued 120 loans totaling approximately 1.4 billion yuan across various segments of the pension industry [7]

转自：新华财经 近日，兴业银行成都分行紧跟国家金融监督管理总局四川监管局部署，在辖内开展金融知识"五进入"系 列宣贯活动，深入践行"金融为民"金融服务理念。今年根据四川省金融知识宣贯实际情况，在原有活动 基础上强化部署"县域行"、重点聚焦"老少新"，精准锚定消费者实际金融需求与多元生活场景，增强金 融教育工作精准性和实效性，推动金融教育宣传向基层纵深拓展。 金融知识进社区 成都市首届"蓉城文艺，志愿同行"活动现场，兴业银行成都郫都支行设立防范非法集资宣传站。工作人 员拆解"虚假理财""养老投资"等高发案例，通过互动问答强调"不贪高利、不踩红线"，将金融安全知识 融入文艺氛围，提升群众防范意识。 金融课堂进校园 兴业银行成都中海锦城社区支行走进四川某工业技术有限公司，针对物业人员与企业员工开展宣教。聚 焦电信诈骗、账户安全、反洗钱等重点，为财务关键岗位人员详解风险识别方法，现场解答疑似诈骗信 息、跨境支付风险等疑问，深化银企互信。 金融教育进商圈 兴业银行成都青白江支行在青白江万达广场开展"筑牢货币安全网，守护群众钱袋子"主题活动。通过咨 询台宣讲、发放折页等形式，覆盖防非法集资、个人信息保护等内容，针对老年客 ...

12月3日，存款利率处于历史低位情况下，银行一年一度的"开门红"又该如何开展？财联记者近日采访 多家机构了解到，多地银行"开门红"营销较往年有所提前，以便提前锁定优质客户和发力中收业务。 与此同时，银行"开门红"营销差异化也日趋明显。虽然不少地方性银行依然将揽储作为重点来做，但部 分银行需求有所减弱，而多数大行策略更是明显转变，重点发力财富管理业务，在营销上也更显低调。 此外，智通财经记者注意到，相较于往年，今年部分银行对揽储需求有所减弱。在为明年"开门红"做准 备，部分银行甚至要先进行"排水"，即要求客户暂时先将资金转出。 受访业内人士指出，银行业正在经历一场深刻的转型，从传统的存贷业务向综合金融服务转变，而"开 门红"正是这种转型的缩影，映射出银行在变化的市场环境中寻找新增长点的努力。 净息差收窄压力下，银行提早发力"开门红"营销 据了解，往年银行"开门红"大多集中在第一季度，而今年市场节奏明显前置。自11月下旬起，已有多家 银行通过召开"专项启动会"等形式，在内部下达了针对资管产品销售的冲刺任务。 "最近接到的培训通知特别密集，都是关于新产品推介和营销技巧的。"一位城商银行客户经理向智通财 经记者透露， ...

Core Insights - The article focuses on the performance of minimum holding period RMB public offering products, ranking them based on annualized returns for holding periods of 7, 14, 30, and 60 days [1][4][12] Group 1: 7-Day Holding Period Products - The top-performing product is from Minsheng Bank with an annualized return of 4.17% [3] - Other notable products include: - Huishang Bank with 3.58% [3] - Bank of China with 2.96% [3] - Minsheng Bank's Fuzhu Pure Bond with 2.54% [3] - Bohai Bank with 2.39% [3] Group 2: 14-Day Holding Period Products - Minsheng Bank's product "Jingxiang Fixed Income Incremental Dual-Week" leads with a return of 34.68% [5] - Other significant products include: - Minsheng Bank's Fuzhu Pure Bond with 5.66% [5] - WeBank's "Anying" Stable Income with 4.47% [5] - SPDB's "Wealth Management Series" with 2.33% [5] Group 3: 30-Day Holding Period Products - Minsheng Bank's "Guizhu Fixed Income Incremental Monthly" tops the list with a return of 21.23% [9] - Other key products include: - Minsheng Bank's Fuzhu Fixed Income with 13.53% [9] - Bank of China with 7.64% [9] - Huishang Bank's "Happiness 99" with 6.07% [9] Group 4: 60-Day Holding Period Products - The leading product is from Minsheng Bank with a return of 15.12% [13] - Other notable products include: - CITIC Bank's Fuzhu Pure Bond with 8.94% [14] - Bank of China with 4.57% [14] - Huishang Bank's product with 3.46% [14]

Market Overview - On December 2, the shareholding banks sector declined by 0.26% compared to the previous trading day, with Pudong Development Bank leading the decline [1] - The Shanghai Composite Index closed at 3897.71, down 0.42%, while the Shenzhen Component Index closed at 13056.7, down 0.68% [1] Individual Bank Performance - Citic Bank (601998) closed at 7.78 with no change in price, trading volume of 527,000 shares, and a transaction value of 412 million yuan [1] - Industrial Bank (601166) closed at 21.15, down 0.05%, with a trading volume of 531,500 shares and a transaction value of 1.122 billion yuan [1] - China Merchants Bank (600036) closed at 43.38, down 0.14%, with a trading volume of 406,700 shares and a transaction value of 1.766 billion yuan [1] - Huaxia Bank (600015) closed at 7.00, down 0.14%, with a trading volume of 486,300 shares and a transaction value of 340 million yuan [1] - Everbright Bank (601818) closed at 3.59, down 0.28%, with a trading volume of 2.2732 million shares and a transaction value of 815 million yuan [1] - Zhejiang Commercial Bank (601916) closed at 3.12, down 0.32%, with a trading volume of 1.3659 million shares and a transaction value of 426 million yuan [1] - Ping An Bank (000001) closed at 11.64, down 0.43%, with a trading volume of 768,100 shares and a transaction value of 895 million yuan [1] - Minsheng Bank (600016) closed at 4.12, down 0.72%, with a trading volume of 3.3482 million shares and a transaction value of 1.379 billion yuan [1] - Pudong Development Bank (600000) closed at 11.45, down 0.78%, with a trading volume of 503,300 shares and a transaction value of 578 million yuan [1] Capital Flow Analysis - The shareholding banks sector experienced a net outflow of 426 million yuan from main funds, while speculative funds saw a net inflow of 242 million yuan, and retail investors had a net inflow of 183 million yuan [1] - Citic Bank had a main fund net inflow of 56.67 million yuan, while retail investors contributed a net inflow of 8.34 million yuan [2] - Huaxia Bank saw a main fund net inflow of 20.20 million yuan, but retail investors had a net outflow of 1.99 million yuan [2] - Pudong Development Bank experienced a main fund net inflow of 0.89 million yuan, with a net outflow from retail investors of 32.71 million yuan [2] - Minsheng Bank had a significant main fund net outflow of 96.31 million yuan, while speculative funds saw a net inflow of 61.08 million yuan [2] - Industrial Bank faced a main fund net outflow of 101 million yuan, but retail investors contributed a net inflow of 82.80 million yuan [2]

12月1日，兴业银行发布公告称，经中国人民银行批准，该行于2025年12月1日在全国银行间债券市场成 功发行了2025年第三期绿色金融债券，总额为人民币50亿元。本次债券为3年期浮动利率债券，按季度 计息，票面利率为同期LPR-119BPs，首期票面利率为1.81%。募集资金专项用于绿色产业项目贷款。 兴业银行同日披露，经中国人民银行批准，该行于2025年12月1日在全国银行间债券市场成功发行了 2025年第一期金融债券，总额为人民币200亿元。本次债券期限为3年，票面利率为1.84%，募集资金将 依据适用法律和主管部门的批准，用于满足资产负债配置需要，充实资金来源，优化负债期限结构，促 进业务稳健发展。 公告编号:临 2025-062 A 股代码: 601166 可转债代码:113052 A 股简称:兴业银行 可转惯简称:兴业转债 兴业银行股份有限公司 关于 2025 年第一期金融债券发行情况的公告 本公司董事会及全体董事保证本公告内容不存在任何庭假记载、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。 经中国人民银行批准,兴业银行股份有限公司(以下简称本公司)于2025 年12月 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report The report presents the top ten convertible bonds for December 2025, analyzing each bond's issuer, including its financial performance, business scope, and key attractions [1][3][4]. 3. Summary by Company 3.1 Zhongte Convertible Bond - **Company Profile**: A globally leading specialized special steel material manufacturing enterprise with a production capacity of about 20 million tons of special steel materials per year [11]. - **Financial Performance**: In 2024, its operating income was 109.203 billion yuan (YoY -4.22%), and the net profit attributable to the parent was 5.126 billion yuan (YoY -10.41%). In the first three quarters of 2025, the operating income was 81.206 billion yuan (YoY -2.75%), and the net profit attributable to the parent was 4.33 billion yuan (YoY +12.88%) [11]. - **Company Highlights**: It is one of the world's most comprehensive special steel enterprises in terms of variety and specifications, with leading market shares in core products such as bearing steel and automotive steel. It has a complete industrial chain and strong cost - control capabilities, and is actively seeking external expansion [12]. 3.2 Shanlu Convertible Bond - **Company Profile**: Mainly engaged in road and bridge engineering construction and maintenance, and actively expanding into other fields. It has a complete business and management system [29]. - **Financial Performance**: In 2024, its operating income was 71.348 billion yuan (YoY -2.3%), and the net profit attributable to the parent was 2.322 billion yuan (YoY +1.47%). In the first three quarters of 2025, the operating income was 41.354 billion yuan (YoY -3.11%), and the net profit attributable to the parent was 1.41 billion yuan (YoY -3.27%) [29]. - **Company Highlights**: Controlled by the Shandong Provincial State - owned Assets Supervision and Administration Commission, it has the concept of "China Special Valuation". It is expected to benefit from infrastructure construction in Shandong and the "Belt and Road" initiative [30]. 3.3 Hebang Convertible Bond - **Company Profile**: With advantages in salt mines, phosphate mines, and natural gas supply, it has completed the basic layout in the chemical, agricultural, and photovoltaic fields [44]. - **Financial Performance**: In 2024, its operating income was 8.547 billion yuan (YoY -3.13%), and the net profit attributable to the parent was 31 million yuan (YoY -97.55%). In the first three quarters of 2025, the operating income was 5.927 billion yuan (YoY -13.02%), and the net profit attributable to the parent was 93 million yuan (YoY -57.93%) [44]. - **Company Highlights**: Its phosphate mines and salt mines contribute stable profits, and the liquid methionine business has high - margin performance [45]. 3.4 Huayuan Convertible Bond - **Company Profile**: Focused on building a complete vitamin D3 upstream - downstream industrial chain, with products including cholesterol, vitamin D3, and chemical preparations [57]. - **Financial Performance**: In 2024, its operating income was 1.243 billion yuan (YoY +13.58%), and the net profit attributable to the parent was 309 million yuan (YoY +60.76%). In the first three quarters of 2025, the operating income was 936 million yuan (YoY -0.2%), and the net profit attributable to the parent was 234 million yuan (YoY -3.07%) [57]. - **Company Highlights**: It is a leader in NF - grade cholesterol and 25 - hydroxyvitamin D3 products. It is expanding its product matrix and has a layout in the pharmaceutical manufacturing field [58]. 3.5 Xingye Convertible Bond - **Company Profile**: One of the first joint - stock commercial banks approved by the State Council and the People's Bank of China, evolving into a modern financial service group [71]. - **Financial Performance**: In 2024, its operating income was 212.226 billion yuan (YoY +0.66%), and the net profit attributable to the parent was 77.205 billion yuan (YoY +0.12%). In the first three quarters of 2025, the operating income was 161.234 billion yuan (YoY -1.82%), and the net profit attributable to the parent was 63.083 billion yuan (YoY +0.12%) [71]. - **Company Highlights**: It has stable asset quality and scale growth, with a large number of corporate and retail customers [72]. 3.6 Huanxu Convertible Bond - **Company Profile**: A global leader in electronic manufacturing design, providing value - added services to brand customers [81]. - **Financial Performance**: In 2024, its operating income was 60.691 billion yuan (YoY -0.17%), and the net profit attributable to the parent was 1.652 billion yuan (YoY -15.16%). In the first three quarters of 2025, the operating income was 43.641 billion yuan (YoY -0.83%), and the net profit attributable to the parent was 1.263 billion yuan (YoY -2.6%) [81]. - **Company Highlights**: It is a leading manufacturer of smart wearable SiP modules, with advanced packaging technologies and a global production layout [82]. 3.7 Chongyin Convertible Bond - **Company Profile**: The earliest local joint - stock commercial bank in the upper reaches of the Yangtze River and Southwest China, listed on the Hong Kong Stock Exchange and selected for the "Leading Bank" program [94]. - **Financial Performance**: In 2024, its operating income was 13.679 billion yuan (YoY +3.54%), and the net profit attributable to the parent was 5.117 billion yuan (YoY +3.8%). In the first three quarters of 2025, the operating income was 11.74 billion yuan (YoY +10.4%), and the net profit attributable to the parent was 4.879 billion yuan (YoY +10.19%) [94]. - **Company Highlights**: Benefiting from the Chengdu - Chongqing economic circle strategy, it has stable asset - scale growth and a reasonable credit strategy [96]. 3.8 Tianye Convertible Bond - **Company Profile**: The first industrial enterprise of the Xinjiang Production and Construction Corps and a leading enterprise in the chlor - alkali chemical industry, with an integrated circular economy industrial chain [103]. - **Financial Performance**: In 2024, its operating income was 11.156 billion yuan (YoY -2.7%), and the net profit attributable to the parent was 68 million yuan (YoY +108.83%). In the first three quarters of 2025, the operating income was 7.97 billion yuan (YoY +2.2%), and the net profit attributable to the parent was 7 million yuan (YoY -28.79%) [103]. - **Company Highlights**: The cost of caustic soda production is relatively fixed, and it plans to increase the dividend frequency and has coal - mine projects in progress [106]. 3.9 Aorui Convertible Bond - **Company Profile**: A company focusing on the R & D, production, and sales of complex APIs and preparations, leading in several technical fields [119]. - **Financial Performance**: In 2024, its operating income was 1.476 billion yuan (YoY +16.89%), and the net profit attributable to the parent was 355 million yuan (YoY +22.59%). In the first three quarters of 2025, the operating income was 1.237 billion yuan (YoY +13.67%), and the net profit attributable to the parent was 354 million yuan (YoY +24.58%) [119]. - **Company Highlights**: It has an optimized distributor network, expanding preparation products, and high - quality customer resources [120]. 3.10 Yushui Convertible Bond - **Company Profile**: The largest water supply and drainage integrated enterprise in Chongqing, with a stable monopoly position in the local market [133]. - **Financial Performance**: In 2024, its operating income was 6.999 billion yuan (YoY -3.52%), and the net profit attributable to the parent was 785 million yuan (YoY -27.88%). In the first three quarters of 2025, the operating income was 5.568 billion yuan (YoY +7.21%), and the net profit attributable to the parent was 779 million yuan (YoY +7.1%) [133]. - **Company Highlights**: It has a high market share in Chongqing, is expanding externally, and has effective cost - control measures [134].