Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - From September 15th to September 19th, 2025, the issuance volume of credit bonds increased month - on - month, and the credit spreads of various industries showed mixed trends[1]. - The total trading volume of credit bonds increased, and the trading volumes of commercial bank bonds, corporate bonds, and medium - term notes ranked top three[4]. Summary by Directory 1. Primary Market 1.1 Issuance Statistics - During September 15 - 19, 2025, 455 credit bonds were issued, with a total issuance scale of 579.911 billion yuan, a month - on - month increase of 55.61%. Among them, 182 industrial bonds were issued, amounting to 202.499 billion yuan (up 63.71% month - on - month, accounting for 34.92% of the total); 217 urban investment bonds were issued, totaling 141.282 billion yuan (up 52.61% month - on - month, accounting for 24.36%); and 56 financial bonds were issued, reaching 236.13 billion yuan (up 50.98% month - on - month, accounting for 40.72%)[1][11]. - The average issuance term of credit bonds was 2.94 years. The average issuance terms of industrial bonds, urban investment bonds, and financial bonds were 2.42 years, 3.52 years, and 2.31 years respectively[1][13]. - The average issuance coupon rate of credit bonds was 2.28%. The average issuance coupon rates of industrial bonds, urban investment bonds, and financial bonds were 2.13%, 2.48%, and 1.97% respectively[2][18]. 1.2 Cancellation of Issuance Statistics - Four credit bonds were cancelled for issuance during the week, including "25 Xianggaosu CP003", "25 Datong D1", "25 Suzhou Energy MTN002", and "25 Tongzhouwan PPN003"[3][23]. 2. Secondary Market 2.1 Credit Spread Tracking - By industry, among Shenwan primary industries, for AAA - rated industries, the largest increase in credit spread was in the electronics industry (up 6.7BP), and the largest decrease was in the textile and apparel industry (down 6.8BP); for AA + - rated industries, the largest increase was in the electronics industry (up 1.2BP), and the largest decrease was in the mining industry (down 7BP); for AA - rated industries, the largest increase was in the real estate industry (up 14.3BP), and the largest decrease was in the agriculture, forestry, animal husbandry, and fishery industry (down 4.3BP)[3][25]. - By region for urban investment bonds, for AAA - rated bonds, the largest increase in credit spread was in Shanghai (up 3.3BP), and the largest decrease was in Shaanxi (down 10.2BP); for AA + - rated bonds, the largest increase was in Yunnan (up 4.7BP), and the largest decrease was in Hubei (down 5.9BP); for AA - rated bonds, the largest increase was in Fujian (up 6.5BP), and the largest decrease was in Jiangxi (down 5.8BP)[3][27]. - The credit spreads of coal and steel both showed mixed trends. The credit spreads of AAA and AA + - rated coal decreased by 1.2BP and 5.3BP respectively, and the credit spreads of AAA and AA + - rated steel decreased by 3.3BP and increased by 0.5BP respectively[25]. - The credit spreads of urban investment and non - urban investment bonds at all levels decreased. The credit spreads of three - level urban investment bonds decreased by 0.5BP, 3.1BP, and 1.8BP respectively, and the credit spreads of three - level non - urban investment bonds decreased by 1.5BP, 2.3BP, and 0.4BP respectively[25]. - The credit spreads of state - owned enterprises and private enterprises both showed mixed trends. The credit spreads of three - level central state - owned enterprises decreased by 1BP, 5.6BP, and increased by 0.2BP respectively; the credit spreads of three - level local state - owned enterprises decreased by 1.4BP, 1.8BP, and 2.1BP respectively; the credit spreads of three - level private enterprises decreased by 2BP, 2.3BP, and increased by 1BP respectively[26]. 2.2 Trading Volume Statistics - The total trading volume of credit bonds was 1.462306 trillion yuan, a month - on - month increase of 21.90%. The top three in terms of trading volume were commercial bank bonds, corporate bonds, and medium - term notes. The trading volume of commercial bank bonds was 479.739 billion yuan (up 26.26% month - on - month, accounting for 32.81% of the total trading volume); the trading volume of corporate bonds was 432.035 billion yuan (up 29.94% month - on - month, accounting for 29.54%); the trading volume of medium - term notes was 311.265 billion yuan (up 14.08% month - on - month, accounting for 21.29%)[4][28]. 2.3 Actively Traded Bonds This Week - According to DM client data, the top 20 urban investment bonds, industrial bonds, and financial bonds in terms of trading volume during the week are provided for investors' reference, including details such as bond codes, names, trading volumes, yields, and issuers[30][31][33].

Core Insights - Following Fitch's downgrade of France's credit rating, market attention is shifting towards Italy's rating decision, which is expected on Friday [1] - There is a possibility of an upgrade for Italy's rating, supported by improvements in the country's budget balance [1] - Currently, Fitch rates Italy at BBB with a positive outlook, indicating potential for an upgrade to BBB+ [1] - Economists from Citigroup also acknowledge the likelihood of an upgrade for Italy's rating [1]

Group 1 - The article discusses the recent performance of technology stocks and bank stocks, highlighting that technology stocks have been rising while bank stocks have been declining, leading to losses for bank stock holders [1] - There is speculation about whether bank stocks have entered a technical bear market, with suggestions to sell bank stocks and invest in sectors like semiconductors, PCB, chips, and artificial intelligence [1] - The article mentions that institutional investors are unable to exit the technology sector, which may lead to pressure on bank stocks as funds shift towards technology investments [1] Group 2 - The article emphasizes the importance of high technology for a country to become a global leader, arguing that reliance on traditional sectors like banking and infrastructure is insufficient [4] - It points out that the current bull market in technology stocks is structurally driven by the need for countries to compete in high-tech fields, especially in the context of US-China competition [4] - Concerns are raised about the sustainability of low-profit technology companies, particularly those that do not generate free cash flow, suggesting that they may not be able to maintain their valuations in the long term [5] Group 3 - The article draws parallels between the current situation of bank stocks and the past performance of sectors like healthcare, consumer goods, and liquor, questioning whether bank stocks will follow a similar downward trend [6] - It highlights the disappointing long-term returns of bank stocks, using Beijing Bank as an example, which has only seen a 26% increase over 15 years, suggesting that investing in bank stocks may not be as rewarding as other investment options [7] - There is a mention of bank-related funds shifting to popular sectors mid-year, with expectations that they will return to bank stocks by year-end, indicating a cyclical investment strategy [8]

Group 1 - The core event of the financial education promotion week was launched in Anhui, emphasizing the importance of enhancing public awareness and ability in risk prevention through engaging promotional activities [1] - The bank has adopted a customer-centric approach, focusing on protecting the financial interests of the public and fulfilling its mission of safeguarding consumer rights [1] Group 2 - The bank's staff successfully identified and prevented a potential fraud case involving a customer attempting to transfer 2 million yuan, showcasing the effectiveness of their risk detection and emergency response mechanisms [2] - A similar incident was reported where staff recognized a counterfeit bank check scheme, demonstrating the bank's commitment to safeguarding customer assets through proactive measures [2] Group 3 - The bank has extended its services to cater to the elderly and those with mobility issues, addressing their specific financial needs by providing on-site assistance for banking operations [3] - Staff members have shown exceptional care and professionalism in assisting elderly customers, ensuring they understand the processes and addressing their concerns thoroughly [3] Group 4 - The bank actively engages in social responsibility initiatives, providing support to outdoor workers during the summer heat by creating "cooling stations" equipped with refreshments and shade [4] - The bank's outreach efforts include visiting communities and elderly care facilities to distribute supplies and offer warm greetings, reflecting its commitment to humanistic care [4] - The bank aims to continuously expand the breadth and depth of its financial services, ensuring that the public can perceive and experience the benefits of its offerings [4]

Group 1 - The 2025 Shenzhen International Smart Elderly Care Industry Expo and the first "Industrial Bank Cup" Shenzhen Health Robot Competition opened on September 12, focusing on "Technology Empowerment, Stimulating New Momentum for the Silver Economy" [1] - The expo features seven themed exhibition areas covering smart home, intelligent service robots, rehabilitation aids, and smart healthcare, showcasing how technology is reshaping the quality of life for the elderly [1] - The event is guided by the Shenzhen Municipal Bureau of Elderly Cadres and the Shenzhen Civil Affairs Bureau, co-hosted by the Shenzhen Elderly Service Development Promotion Association and the organizing committee of the Shenzhen International Smart Elderly Care Industry Expo, with Industrial Bank Shenzhen Branch as the exclusive title sponsor [1] Group 2 - Industrial Bank has been a pioneer in the domestic elderly finance sector for over a decade, launching the "Anyu Life" comprehensive service plan in 2012 and continuously enhancing its financial product system for the elderly care industry [2] - As of June 2025, Industrial Bank has supported various key projects in elderly facility construction and care services, opened over 7.21 million personal pension accounts, and served more than 28 million clients aged 50 and above [2]

Core Viewpoint - The strategic partnership between Industrial Bank's credit card center and Meituan aims to create a "Finance + Life" open ecosystem, enhancing user experience through diverse service offerings [1] Group 1: Partnership Details - The collaboration is based on principles of open sharing and mutual benefit, focusing on ecological scene construction, user services, and intelligent operations [1] - Users will enjoy a seamless multi-channel consumption experience through the Industrial Bank's lifestyle app, accessing Meituan's services such as food delivery, in-store group purchases, travel, and entertainment [1] Group 2: Company Profiles - Meituan is a leading domestic e-commerce platform for lifestyle services, with a mission to improve food and living standards, operating platforms like Meituan App and Dianping App [1] - The Industrial Bank's lifestyle app serves as a retail financial service platform, and this partnership represents a significant step in the bank's strategy to create a scene-based and ecological approach to credit card services [1] Group 3: Strategic Goals - The partnership aims to connect a vast number of quality merchants with consumer scenarios, building a new ecosystem of preferential merchants and creating innovative scene-based card issuance models [1] - The collaboration is designed to enhance customer value experiences through comprehensive service integration [1]

北京商报讯（记者 王寅浩 实习记者 宋雨盈）9月19日，*ST赛隆发布公告称，为满足公司生产经营和业 务发展，公司拟向兴业银行股份有限公司珠海分行申请1000万元综合授信额度，授信期限1年。本次授 信用途包括但不限于流动资金贷款、非融资性保函、银行承兑汇票、信用证、银承贴现业务等。 ...

Group 1 - The core viewpoint of the articles highlights the efforts of Industrial Bank in Harbin to enhance cash services for foreign clients and local merchants, particularly through the introduction of the "零钱包" service and improved cash management practices [1][2] - The bank has strengthened cash supply management by ensuring sufficient small denomination currency is available at branches, addressing the cash needs of both foreign visitors and local businesses [1] - Innovative service models have been introduced, such as a dedicated "零钱包" for taxi drivers to solve the "change difficulty" issue, enhancing customer experience and operational efficiency [1] Group 2 - To address language barriers for foreign clients, the bank has implemented dual support measures, including the provision of foreign language service specialists and translation devices at branches [2] - The bank has simplified account opening processes and provided bilingual materials to help foreign clients better understand policies and services, aiming to reduce their waiting time and improve overall satisfaction [2]

Core Points - The company, Sailong Pharmaceutical Group Co., Ltd., held its 15th meeting of the 4th Board of Directors on September 19, 2025, to review and approve a proposal for credit facilities from a bank [1] - The company plans to apply for a comprehensive credit limit of 10 million yuan from Industrial Bank Zhuhai Branch for a duration of one year, aimed at supporting operational and business development needs [1] - The actual financing amount will depend on operational requirements and will be finalized upon contract signing, with the credit limit being reusable [1] - The Board of Directors has authorized the management to make decisions and sign documents within the approved limit, with the company bearing the responsibility [1] - This credit application falls within the scope of the Board's review and does not require shareholder meeting approval, with the credit period starting from the date of Board approval [1]

同时，兴业银行昆明分行还在人流密集站点设立宣传专区，面向市民开展金融消费者八大权益、诚 信文化、适老化服务等多主题宣传，并依托6家机构联合主办的"青少年金融普法训练营"等活动，将金 融知识辐射至全省中小学生群体。 未来，兴业银行昆明分行将持续践行"金融为民"理念，不断丰富教育宣传形式，提升金融服务质 效，切实保障消费者合法权益，努力营造诚实守信、安全稳定的金融环境。（完） 在"赤橙黄绿青蓝紫，共筑云岭同心梦"2025年金融教育宣传周活动上，兴业银行昆明分行通过"时 光隧道"和"金融史漫画墙"等形式，向青少年群体传递理性消费和科学理财的理念，引导青少年群体树 立正确的金融观念，增强风险防范意识。 宣传周期间，兴业银行昆明分行多措并举推动金融教育落地见效：一是积极参与"云南金融消保民 族行"禄劝站活动，聚焦"一小"群体，深入乡村学校开展"小手拉大手·金融共守护"校园宣讲；二是扎实 推进"百社千村"金融教育工程，在重点区域组织开展专题教育活动；三是积极运用"云南金融消保AI数 字人"等智能教育工具，在各支行电子屏及分行自有渠道播放数字人视频，增强金融知识传播的趣味性 与覆盖面。 近日，兴业银行股份有限公司昆明分行（ ...