Group 1 - The company successfully issued its first financial bond of 2025 on December 1, totaling RMB 20 billion with a term of 3 years and a coupon rate of 1.84% [1] - The funds raised will be used to meet asset-liability management needs, enhance funding sources, optimize liability maturity structure, and promote stable business development [1] Group 2 - The company also issued its third green financial bond of 2025 on December 1, amounting to RMB 5 billion, structured as a 3-year floating rate bond with an initial coupon rate of 1.81% [3] - The proceeds from this bond will be specifically allocated for loans to green industry projects [3]

Quantitative Models and Construction Methods 1. Model Name: Liquidity Impact Coefficient Model - **Model Construction Idea**: This model measures the liquidity impact of index adjustments on individual stocks by calculating the ratio of net fund flows to the stock's recent average daily trading volume[12][13] - **Model Construction Process**: The liquidity impact coefficient for a stock is calculated as follows: $$ impact_{i} = \sum_{k=1}^{N} \frac{\Delta weight_{k,i} \times AUM_{k}}{amt\_avg_{i,20}} $$ - \( \Delta weight_{k,i} \): Estimated weight change of stock \( i \) in index \( k \) - \( AUM_{k} \): Total assets under management of passive products tracking index \( k \) as of the end of November - \( amt\_avg_{i,20} \): Average daily trading volume of stock \( i \) over the past 20 trading days as of the end of November[12][13] - **Model Evaluation**: The model provides a quantitative framework to estimate short-term liquidity shocks caused by index adjustments, but it is subject to data discrepancies and assumptions, which may lead to deviations from actual results[13] --- Model Backtesting Results Liquidity Impact Coefficient Model - **Top 5 Stocks with Highest Positive Impact Coefficients**: - Zhangjiagang Bank (002839 CH): 11.55[15] - Jiangzhong Pharmaceutical (600750 CH): 11.44[15] - Tower Group (002233 CH): 11.04[15] - Jichuan Pharmaceutical (600566 CH): 10.14[15] - Zhengbang Technology (002157 CH): 9.99[15] - **Top 5 Stocks with Highest Negative Impact Coefficients**: - Shenzhen Expressway (600548 CH): -24.95[16] - Vanward Electric (002543 CH): -20.90[16] - Aviation Materials (688563 CH): -14.06[16] - Huaxi Biology (688363 CH): -10.81[16] - Ninghu Expressway (600377 CH): -10.54[16] --- Quantitative Factors and Construction Methods 1. Factor Name: Net Fund Flow Factor - **Factor Construction Idea**: This factor estimates the net fund inflow or outflow for stocks due to index adjustments, based on changes in index weights and the total AUM of passive products tracking the index[9][10] - **Factor Construction Process**: - Outflow Amount: Total AUM of linked products multiplied by the stock's actual weight in the index as of the end of November - Inflow Amount: Total AUM of linked products multiplied by the estimated weight of the stock in the index post-adjustment - Weight estimation is based on free-float market capitalization and index-specific weighting rules, such as dividend yield weighting or market capitalization weighting[9][10] - **Factor Evaluation**: The factor provides a transparent and systematic approach to estimate fund flows, but it is sensitive to assumptions about future index weights and AUM changes[9][10] --- Factor Backtesting Results Net Fund Flow Factor - **Top 5 Stocks with Highest Net Fund Inflows**: - Victory Precision (300476 CH): 112.61 billion CNY[10] - Dongshan Precision (002384 CH): 99.32 billion CNY[10] - Guangqi Technology (002625 CH): 77.81 billion CNY[10] - Sugon Information (603019 CH): 65.44 billion CNY[10] - Top Group (601689 CH): 53.07 billion CNY[10] - **Top 5 Stocks with Highest Net Fund Outflows**: - China Mobile (600941 CH): -40.02 billion CNY[11] - CRRC Corporation (601766 CH): -36.40 billion CNY[11] - Aluminum Corporation of China (601600 CH): -34.29 billion CNY[11] - TCL Zhonghuan (002129 CH): -30.07 billion CNY[11] - Huagong Tech (000988 CH): -27.44 billion CNY[11]

11月21日，国家金融监督管理总局海南监管局披露的行政处罚信息公开表显示，兴业银行海口分行因存在贷款管理不尽职、投资业务管理不尽职、票据业务 管理不尽职等违法违规行为，被罚款305万元，违法所得2010元被没收。 | 序 름 | 当事人名称 | 主要违法违规行为 | 行政处罚内容 | 作出决定机关 | | --- | --- | --- | --- | --- | | | | | 对兴业银行海口 分行罚款305万 元,没收违法所 | | | | 兴业银行海 | 贷款管理不尽职、投资 | 得2010元,对 | 国家金融监督 | | 1 | □分行及相 | 业务管理不尽职、票据 | 黎规群、吴刚警 | 管理总局海南 | | | 关责任人员 | 业务管理不尽职 | 告并罚款共计18 | 监管局 | | | | | 万元,对谢红 | | | | | | 卫、邢治深、李 | | | | | | 伟警告。 | | 9月份，兴业银行海口分行微信公众号发布的文章显示，为积极应对日益强化的金融监管环境，进一步提升兴业银行海口分行柜面业务操作风险防范水平， 增强员工合规操作意识，分行近日成功举办了"强监管背景下商业银行柜面业务操 ...

公告编号：临 2025-063 A 股代码：601166 A 股简称：兴业银行 可转债代码：113052 可转债简称：兴业转债 兴业银行股份有限公司 关于 2025 年第三期绿色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日在全国银行间债券市场成功发行了本公司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。 特此公告。 兴业银行股份有限公司董事会 2025年12月1日 ...

公告编号：临 2025-062 A 股代码：601166 A 股简称：兴业银行 可转债代码：113052 可转债简称：兴业转债 兴业银行股份有限公司董事会 2025年12月1日 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日在全国银行间债券市场成功发行了本公司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。 特此公告。 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。 ...

格隆汇12月1日丨兴业银行(601166.SH)公布，经中国人民银行批准，本公司于2025年12月1日在全国银 行间债券市场成功发行了本公司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。 ...

2025年12月1日，兴业银行（601166）发布公告称，定于北京时间2025年12月2日（星期二）晚22:00至 次日06:00开展系统升级维护工作，期间兴业银行借记卡银联手机闪付（如华为Pay、小米Pay、Apple Pay等）绑卡、注销以及支付功能将暂停服务。 若您在此期间有相关业务办理需求，敬请提前安排办理。若需咨询或帮助，请致电兴业银行24小时全国 统一客户服务热线95561。 ...

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]