Group 1 - The core point of the news is the establishment of the Yongying CSI Innovation and Entrepreneurship Artificial Intelligence ETF, which is the first of its kind to be launched, with a net subscription amount of 933 million yuan and 6,287 valid subscription accounts [1] - The fund was officially established on December 3, 2025, following the announcement of its fund contract becoming effective [2] - On November 28, the first batch of seven CSI Innovation and Entrepreneurship Artificial Intelligence ETFs was launched, with Yongying Fund announcing the early closure of its fundraising period on the same day [1] Group 2 - The fund is managed by Yongying Fund Management Co., Ltd. and is custodied by Industrial Bank Co., Ltd. [2] - The fund operates as a trading open-end index securities investment fund [2] - The announcement is based on the Securities Investment Fund Law of the People's Republic of China and related regulations [2]

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]

Core Viewpoint - The Industrial Bank Chengdu Branch is actively implementing the "Five Entering" financial knowledge promotion activities, focusing on enhancing financial education and services for various consumer demographics in Sichuan Province [1][6]. Group 1: Financial Knowledge Promotion Activities - The Chengdu Branch has strengthened its financial knowledge promotion by focusing on "county-level banking" and targeting specific groups such as the elderly, youth, and new residents to meet their diverse financial needs [1][6]. - Activities include setting up promotional stations in community events, such as the "Rongcheng Literary and Art, Volunteer Together" event, where staff educate the public on preventing illegal fundraising and financial scams [2]. - Financial education is also extended to schools, with sessions at institutions like Sichuan Vocational and Technical College, focusing on telecom fraud prevention and banking security [3]. Group 2: Corporate and Community Engagement - The Chengdu Branch has engaged with local businesses, providing financial education to employees on topics like telecom fraud and anti-money laundering, enhancing trust between banks and enterprises [4]. - In commercial areas, the bank has organized events at places like Wanda Plaza, offering one-on-one consultations and distributing materials on financial safety, particularly targeting vulnerable groups [5]. - The bank has reached rural communities, such as in Nantazhen Village, to educate residents on financial risks and promote awareness of scams, effectively bridging the gap in financial education [6]. Group 3: Future Commitment - The Chengdu Branch aims to continue its efforts in financial education, adapting its approach to be more relatable and accessible, thereby contributing to a safer and more stable financial ecosystem in Sichuan [6].

Core Insights - The banking sector is experiencing a significant transformation from traditional deposit and loan services to comprehensive financial services, with the "New Year Opening" marketing campaign reflecting this shift in search of new growth points in a changing market environment [1][3] Group 1: Early Marketing Initiatives - Many banks have started their "New Year Opening" marketing campaigns earlier than usual, with some initiating efforts as early as late November to secure quality clients and boost middle-income business [2][3] - Banks are conducting internal meetings to set sales targets for asset management products, indicating a proactive approach to marketing [2][3] Group 2: Pressure on Net Interest Margin - As of the end of Q3, the banking industry's net interest margin has dropped to 1.42%, remaining at a historical low, prompting banks to adjust their product offerings to manage interest margins more effectively [3][4] - Some banks have begun to withdraw long-term deposit products to strengthen interest margin control, with expectations of further declines in deposit rates [3] Group 3: Shift in Marketing Focus - There is a noticeable reduction in the demand for deposit acquisition among some banks, leading them to focus more on wealth management services [4][5] - Marketing strategies have evolved from traditional giveaways to more pragmatic approaches, such as fee discounts and cash rebates, to attract clients [4][5] Group 4: Wealth Management as a Priority - Wealth management has become a key focus for many banks, with initiatives like the "Wealth Growth Plan" being introduced to incentivize client participation [5] - The emphasis on wealth management reflects the increasing importance of retaining and growing client assets in the context of declining interest rates and net interest margins [5]

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]

Group 1 - The core viewpoint of the announcement is that Industrial Bank successfully issued two types of bonds on December 1, 2025, with a total amount of RMB 250 billion [1][3] Group 2 - The first bond issued is a green financial bond with a total of RMB 50 billion, a 3-year floating rate bond with a coupon rate of LPR - 119 basis points, and the initial coupon rate set at 1.81% [1] - The second bond is a financial bond with a total of RMB 200 billion, also with a 3-year term and a coupon rate of 1.84%, aimed at meeting asset-liability management needs and optimizing the funding structure [1][3]

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].

Core Viewpoint - The article emphasizes that technology finance has become a strategic focus for the banking industry, driven by policy guidance and market dividends, and highlights the ongoing exploration of effective lending mechanisms in this sector [1]. Group 1: Organizational Structure - All five banks prioritize technology finance in their strategic frameworks, with a consensus on the necessity of specialized teams and organizational setups to support this business [3][4]. - China Bank has established a multi-tiered organizational structure for technology finance, enhancing its ability to understand the needs of tech enterprises [3]. - SPD Bank aims to strengthen its position as the preferred banking partner for tech companies by creating a specialized organizational framework that includes a dedicated technology finance team [3]. Group 2: Product Offerings - Ping An Bank has set up technology finance centers at both the headquarters and key branches, focusing on a wide range of clients and offering products that span the entire business cycle, including investment banking and transaction banking services [4]. - Beijing Bank has developed a specialized technology finance system and launched the "Leading e-loan" product, which has seen significant uptake, with cumulative loans exceeding 140 billion yuan [5]. Group 3: Risk Management - The article discusses the challenges banks face in assessing the value and risks of tech companies, particularly smaller ones, due to their unique characteristics such as light assets and long R&D cycles [6]. - Ping An Bank has formed a research team to evaluate industry segments and has developed an evaluation system focusing on intellectual property and financial health [6][7]. - Beijing Bank has implemented a dual approach to risk assessment, combining offline credit committees with an online approval system to better understand tech enterprises [7]. Group 4: Market Dynamics - The article notes a mismatch between supply and demand in the technology finance sector, with a significant increase in loan coverage for tech SMEs but unmet needs from early-stage companies [8]. - SPD Bank has shifted its focus from traditional lending to technology investment banking, aiming for high-quality development in technology finance [8]. Group 5: Strategic Recommendations - Recommendations include focusing on the quality of development rather than just quantity, emphasizing product differentiation and innovation, and utilizing syndicate loans to spread risk [9][10]. - The article suggests that banks should collaborate to support promising tech enterprises, balancing equity and debt financing to mitigate risks associated with market fluctuations [9][10].