Fund Overview - The fund is named Qianhai Kaiyuan Xinghe Bond Fund, registered with the China Securities Regulatory Commission (CSRC) on July 5, 2025 [1] - The fund is a contract-based open-end bond investment fund managed by Qianhai Kaiyuan Fund Management Co., Ltd. and custodied by Industrial Bank Co., Ltd. [1][11] Fundraising Details - The initial fundraising cap is set at 5 billion RMB, excluding interest accrued during the fundraising period [2] - If the total effective subscription amount exceeds 5 billion RMB, the fund manager will implement a proportional confirmation method to control the scale [2][3] - The fundraising period is from December 31, 2025, to March 30, 2026, with the possibility of adjustments based on subscription conditions [1][12] Subscription Regulations - The minimum subscription amount for both initial and additional subscriptions is 10 RMB, including subscription fees [2] - There is no limit on the cumulative subscription amount for individual investors, but no single investor can hold more than 50% of the fund's shares [3][11] - The fund allows multiple subscriptions during the fundraising period, and subscription fees will be calculated separately for each application [22] Investment Strategy - The fund will invest in various securities, including asset-backed securities and government bond futures, which may introduce additional risks [6][7] - The fund may also invest in stocks listed on the Hong Kong Stock Exchange under the Stock Connect mechanism, facing unique risks associated with this market [7] Fund Management and Operations - The fund management will adhere to principles of diligence, honesty, and prudence, but does not guarantee profits or minimum returns [6] - The fund's performance may be influenced by the performance of other funds it invests in, as well as the management quality of those funds [8] Investor Information - Investors can contact the fund management company for subscription inquiries and assistance [4] - The fund's detailed information, including the prospectus and fund contract, will be available on the fund management company's website and the CSRC's electronic disclosure website [3]

Group 1 - The article discusses the importance of social insurance in China, highlighting its role in providing lifelong security for individuals [1] - It emphasizes the growth and development of China's social insurance system, which is crucial for the country's social stability and economic progress [1] - The article mentions specific statistics related to the coverage and benefits of social insurance, indicating a significant increase in participation rates [1]

Core Viewpoint - The bank emphasizes the importance of financial services that cater to the needs of the people, focusing on enhancing the quality of life and addressing urgent issues faced by the community [2][8]. Group 1: Financial Services for the Elderly - The bank has developed a comprehensive pension financial service brand called "Anyu Life," focusing on pension finance, elderly service finance, and elderly industry finance since 2012 [3][4]. - As of September 2023, the bank has issued over 1.85 million social security cards and established 173 convenient service points in Fujian Province, achieving an 86% coverage rate [3]. - The bank has launched various initiatives to improve financial services for the elderly, including a "large font" mobile banking app and a green channel for elderly customers [4]. Group 2: Community Support Initiatives - The bank has created "Hui Min Stations" to provide essential services for outdoor workers, including seating, microwaves, and emergency medical supplies [5]. - Since 2021, the bank has developed a public welfare network that offers over 40 free services, conducting more than 30,000 service activities and reaching over 635,000 people by November 2025 [5]. - The bank has engaged in community support by purchasing unsold agricultural products and organizing educational activities, demonstrating a dual impact of assisting farmers and providing financial education [6]. Group 3: Inclusive Financial Policies - Since 2021, the bank has implemented fee reduction policies, benefiting over 667,700 small and micro enterprises with a total of approximately 1.504 billion yuan in savings [7]. - The bank has responded to personal consumption loan subsidy policies by launching a dedicated section in its mobile app, aimed at reducing customer credit costs [7]. - The bank has introduced digital platforms to enhance financial accessibility in rural areas, with agricultural loan balances exceeding 540 billion yuan by September 2025 [7]. Group 4: Future Directions - The bank plans to continue its commitment to addressing the urgent needs of the public and enhancing financial services, aiming for deeper integration and innovation in its offerings [8].

Core Viewpoint - The aging population in China is shifting from basic needs to high-quality living, making elder financial services a crucial area for the banking industry to fulfill social responsibilities and explore new growth opportunities [1] Group 1: Elderly Financial Services - The demand for elderly financial services is evolving, with a focus on high-quality living rather than just basic support [1] - Financial institutions are creating innovative models that connect individual services to industry support, enhancing the quality of life for the elderly [1] Group 2: Community Engagement and Services - The Chengdu Qingyang branch of Industrial Bank has transformed its unused space into a community hub for elderly education, serving over 75,000 people through various classes [2] - The bank's branches are equipped with elder-friendly features, such as ramps and accessible financial products, demonstrating a commitment to inclusivity [2] Group 3: Integration of Financial and Social Services - In Sanming, the bank has developed a network that integrates social security cards with daily life services, making transactions easier for the elderly [3] - The focus is on providing a comprehensive service that enhances the quality of life for seniors, moving beyond traditional financial products [3] Group 4: Industry Empowerment - The bank aims to stimulate the elderly care industry by linking financial products to operational metrics, such as occupancy rates in care facilities [4] - A complete service framework covering the entire lifecycle of elderly care has been established, with over 100 new clients in the sector this year [4] Group 5: Future Directions - The bank's future initiatives will focus on creating an "elder-friendly" business environment and integrating elderly care services into various industries [5] - Collaboration across the financial sector is essential for the long-term development of elderly financial services, with the bank leading efforts to build industry platforms for shared experiences [5][6] Group 6: Talent Development - The bank is investing in training employees to be knowledgeable in both finance and elderly care, with over 3,000 staff members certified as elderly financial planners [6] - This focus on talent development is crucial for enhancing service quality and meeting the needs of the elderly population [6] Group 7: Broader Impact - The approach to elderly financial services is not just about business; it reflects a commitment to safeguarding the happiness and well-being of families [7]

Core Viewpoint - Under the low interest rate environment, listed banks are increasingly motivated to redeem existing "high-yield" preferred shares to save on interest costs [1] Group 1: Bank Actions - Changsha Bank announced it will redeem 6 billion yuan of its preferred shares "Changyin You 1" on December 25 and terminate its listing [1] - In December alone, five banks, including Changsha Bank, Beijing Bank, Shanghai Bank, Hangzhou Bank, and Nanjing Bank, have announced the redemption of preferred shares, totaling 45.8 billion yuan [1] - Including previous redemptions by Industrial and Commercial Bank of China, Bank of China, Industrial Bank, and Ningbo Bank, the number of banks redeeming preferred shares since 2025 has increased to nine [1] Group 2: Market Trends - Since 2020, the issuance of new preferred shares by banks has nearly stagnated, indicating a shift in capital management strategies [1] - The accelerated redemption and delisting of existing preferred shares have led to a significant reduction in their outstanding volume [1] - The willingness of commercial banks to redeem preferred shares to optimize their capital structure has been continuously reinforced [1] - Asset management institutions view the scarcity of bank preferred shares as increasingly prominent [1]

Core Viewpoint - The aging population in China is shifting from basic needs for support to a demand for high-quality living, making pension finance a crucial area for the financial industry to fulfill social responsibilities and explore new growth opportunities [1] Group 1: Pension Finance Services - The Chengdu Qingyang branch of Industrial Bank has transformed a 1,300 square meter space into a community hub for seniors, offering over 30 classes and serving more than 75,000 participants [2] - The bank's branches are equipped with age-friendly features, such as ramps and accessible financial products, enhancing the overall experience for elderly clients [2] - In Sanming, the bank has integrated social security cards into daily life, allowing seniors to access various services seamlessly, such as cashless payments at senior dining halls and library services [3] Group 2: Industry Empowerment - The bank aims to foster an "elderly-friendly" commercial innovation ecosystem, emphasizing the importance of supporting the pension industry as a new economic growth driver [3] - Innovative financial products, such as loans linked to the occupancy rates of elderly care facilities, are being introduced to stimulate continuous improvement in service capabilities [4] - The bank's services now cover the entire lifecycle of the pension industry, including construction, renovation, research, production, sales, and service, with over 100 new clients added in the first ten months of the year [4] Group 3: Collaborative Efforts and Talent Development - The bank is leading the establishment of an industry exchange platform to share experiences and promote collaboration among financial institutions in the pension finance sector [6] - The bank has trained over 3,000 employees to become certified pension financial planners, ensuring that staff are well-equipped to serve elderly clients [7] - Initiatives like the "Silver Talent Guest Hall" in Fuzhou are creating platforms for retired professionals to contribute to the development of the pension finance industry [6]

证券时报记者谢忠翔 低利率环境下，上市银行赎回存量"高息"优先股以节省付息成本的动力愈发增强。近日，长沙银行公告 称，将于12月25日赎回60亿元优先股"长银优1"，并终止挂牌。 证券时报记者注意到，12月以来，包括长沙银行在内，已有北京银行、上海银行、杭州银行和南京银行 等5家银行先后宣布对旗下优先股进行赎回，合计规模达458亿元。若加上此前的工商银行、中国银行、 兴业银行和宁波银行，2025年以来赎回优先股的银行数量已增加至9家。 多位研究人士表示，优先股作为银行资本工具，自2020年以后银行对其新发已几乎停滞。同时，伴随着 存量银行优先股的加速赎回并退市，存量规模愈发减少。近年来，商业银行为优化资本结构，赎回优先 股的意愿更是不断强化。在资管机构看来，银行优先股的配置稀缺性也进一步凸显。 9家银行年内赎回超1000亿 12月19日，长沙银行公告显示，该行于2019年12月非公开发行的60亿元优先股"长银优1"，将于2025年 12月25日派发优先股息后全部赎回，并终止挂牌。 据证券时报记者统计，今年以来已有2家国有大行、1家股份行和6家城商行对优先股进行赎回，包括境 内优先股7期共1118亿元、2期境外 ...

永泰能源公告称，全资子公司康伟集团向兴业银行晋中分行申请不超2.8亿元、期限不超1年的综合授 信，公司及全资子公司森达源煤业为其提供连带责任担保，康伟集团以部分股权质押、银宇煤矿采矿权 抵押。该笔担保为到期续保，已获董事长批准。截至公告披露日，公司及下属公司累计担保金额189.21 亿元，占最近一期经审计净资产40.13%。康伟集团2025年1 - 9月营收12.99亿元，净利润 - 1143.03万 元。 ...

Core Viewpoint - Industrial Bank announced that it will pay interest on its 500 billion RMB A-share convertible bonds on December 29, 2025, covering the interest period from December 27, 2024, to December 26, 2025, with a coupon rate of 1.5% [1][17][19]. Summary by Sections Bond Issuance Overview - The convertible bonds were issued on December 27, 2021, with a total issuance amount of 500 billion RMB [19][20]. - The bonds have a maturity period of six years, from December 27, 2021, to December 26, 2027 [23]. Interest Payment Details - The interest payment for the fourth year will be 1.5 RMB per bond (tax included) for each bond with a face value of 100 RMB [9][25]. - The interest payment will be made to all registered holders of the bonds as of December 26, 2025 [11][27]. Payment Dates - The bond interest record date is December 26, 2025, and the interest payment date is December 29, 2025 [21][27]. Taxation Information - Individual investors will be subject to a 20% personal income tax on the interest income, resulting in a net payment of 1.20 RMB per bond after tax [29]. - For resident enterprises, the interest income tax is self-paid, with the gross interest amount being 1.5 RMB per bond [29][30]. Conversion and Rating Information - The conversion period for the bonds is from June 30, 2022, to December 26, 2027, with a conversion price of 21.19 RMB per share [24]. - The bonds have been rated AAA by Shanghai New Century Credit Rating [24].

绿色是高质量发展的底色。绿色领域的项目建设，往往需要大量的资金投入，兴业银行绍兴分行不断创 新绿色金融产品服务，积极探索银团贷款模式，为当地经济社会发展绿色转型注入强劲动力。 绿色发展，久久为功。未来，兴业银行绍兴分行将继续深耕绿色金融赛道，提升金融服务质效，进一步 拓展绿色金融服务深度和广度，助力绍兴绿色经济高质量发展。 在兴业银行绍兴分行的大力支持下，一笔3亿元的银团贷款如同"及时雨"，专项用于公司新能源光伏电 池片智能制造项目（一期）建设。这笔资金，推动企业迅速打造电池片全自动智能生产线，不仅显著提 升电池产能，更让企业进军太阳能电池行业的步伐更加坚定。 浙江某科技企业是一家专注光伏电池片研发与制造的新能源企业。2024年3月，公司与某光能巨头签订 电池片供货协议，计划2024—2026年交付13亿片相关产品。为保证供货需求，公司急需扩展产品线，进 一步提升产能。然而，建设一条新能源光伏项目产线，急需充沛的启动资金。 ...