Core Viewpoint - Industrial Bank has received approval for its wholly-owned subsidiary, Xingyin Financial Asset Investment Co., Ltd., to commence operations, marking a significant entry of joint-stock banks into the market-oriented debt-to-equity swap business, traditionally dominated by state-owned banks [1][2]. Group 1: AIC Market Restructuring - Financial Asset Investment Companies (AICs) serve as the core platform for commercial banks to engage in market-oriented debt-to-equity swaps, established following a 2016 directive aimed at reducing corporate leverage [2]. - The approval of Xingyin Investment as the first joint-stock bank AIC follows a policy shift in May 2025, allowing qualified national commercial banks to establish AICs, with several banks, including CITIC Bank and China Merchants Bank, also in the process of establishment [2][3]. Group 2: Competitive Differentiation - Joint-stock banks' AICs generally maintain registered capital between 10 billion to 15 billion RMB, with China Merchants Bank leading at 15 billion RMB, while Industrial Bank and CITIC Bank are at 10 billion RMB, reflecting their commitment to AIC business prospects [3]. - Each bank's AIC emphasizes support for technological innovation and private enterprises, with Industrial Bank focusing on optimizing capital structures to reduce leverage for these sectors [3][4]. Group 3: Financial System Transformation - The rapid expansion of AICs represents a structural reform in China's financial system, allowing banks to convert debt into equity, thereby diversifying risks and enhancing direct financing [5]. - The inclusion of joint-stock banks enriches the AIC market, enabling better service for small and medium-sized enterprises and emerging industries, contrasting with state-owned banks' focus on large state-owned enterprises [5][6]. Group 4: Future Competitive Landscape - A comprehensive competition is emerging around project acquisition, valuation, post-investment management, and exit mechanisms, with joint-stock banks needing to carve out new paths in a field long dominated by state-owned banks [6].

Core Viewpoint - Industrial Bank has received approval from the National Financial Regulatory Administration for the establishment of its wholly-owned subsidiary, Xingyin Financial Asset Investment Co., Ltd., which is a significant step in supporting national strategies and empowering the real economy [1] Company Summary - Xingyin Financial Asset Investment Co., Ltd. has a registered capital of RMB 10 billion and is located in Fuzhou, Fujian Province [1] - The establishment of Xingyin Investment will enhance support for technology innovation enterprises and private companies by optimizing capital structures and effectively reducing leverage [1] - The new subsidiary aims to inject new momentum for high-quality development in the real economy through specialized and market-oriented debt-to-equity swap and related businesses [1]

Core Viewpoint - The establishment of Xingyin Investment, a wholly-owned subsidiary of Industrial Bank, marks a significant step in the bank's efforts to support national strategies and empower the real economy through specialized and market-oriented debt-to-equity conversion and related businesses [6][5]. Group 1: Company Overview - Xingyin Investment has been approved to commence operations with a registered capital of 10 billion RMB, making it the first AIC initiated by a joint-stock bank [4][5]. - The approval from the National Financial Regulatory Administration was received on November 7, 2025, allowing Xingyin Investment to proceed with its opening procedures [5]. Group 2: Industry Context - Xingyin Investment is the sixth licensed AIC in the industry, following five state-owned banks, indicating a shift towards greater participation from joint-stock banks in the AIC sector [4][8]. - The AIC market has seen significant changes in 2025, with the National Financial Regulatory Administration expanding the pilot scope for AICs, allowing more commercial banks to engage in market-oriented debt-to-equity conversion and equity investment [8][9]. - The entry of joint-stock banks and urban commercial banks into the AIC space is expected to foster differentiated investment strategies, enhancing the overall financial system's ability to embrace uncertainty [9].

Core Viewpoint - The establishment of Xingyin Investment, a wholly-owned subsidiary of Industrial Bank, marks a significant step in the bank's efforts to support national strategies and empower the real economy through specialized and market-oriented debt-to-equity swaps and related businesses [8][11]. Group 1: Company Establishment - Xingyin Investment has been approved to commence operations with a registered capital of 10 billion RMB, making it the first AIC initiated by a joint-stock bank [4][7]. - The approval for Xingyin Investment's establishment was granted by the National Financial Regulatory Administration on November 7, 2025 [6][8]. - The establishment process for Xingyin Investment began in December 2018, with the bank announcing its intention to invest 10 billion RMB, but faced delays until recent approvals were obtained [8][9]. Group 2: Industry Context - The approval of Xingyin Investment is part of a broader trend where the AIC sector is expanding, allowing more commercial banks to participate in market-oriented debt-to-equity swaps and equity investment businesses [11][12]. - The recent changes in the AIC landscape indicate a shift from a single-entity capital allocation model to a multi-party governance approach, enhancing the role of AICs in financial reform [11][12]. - The entry of joint-stock commercial banks and urban commercial banks into the AIC space is expected to foster differentiated investment strategies, with institutions focusing on various sectors such as technology and industrial integration [12].

可转债代码：113052 可转债简称：兴业转债 公告编号:临 2025-061 A 股代码:601166 A 股简称:兴业银行 兴业银行股份有限公司董事会 2025年11月9日 兴业银行股份有限公司（以下简称本公司）于 2025 年 11 月 7 日收到《国家金 融监督管理总局关于兴银金融资产投资有限公司开业的批复》（金复〔2025〕638 号）， 国家金融监督管理总局已批准本公司全资子公司兴银金融资产投资有限公司（以下 简称兴银投资）开业。根据该批复，兴银投资注册资本为人民币 100 亿元，注册地 为福建省福州市。后续兴银投资将依照有关规定办理开业手续。 兴银投资开业，标志着本公司在服务国家战略、赋能实体经济的道路上迈出了 关键一步。兴银投资将依托专业化、市场化的债转股及相关业务，加大支持科创企 业与民营企业，通过优化企业资本结构，有效降低杠杆率，精准服务新质生产力， 为实体经济注入高质量发展新动能。 特此公告。 兴业银行股份有限公司 关于全资子公司兴银金融资产投资有限公司 获准开业的公告 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 ...

Core Viewpoint - The approval of the establishment of Xingyin Financial Asset Investment Co., Ltd. marks a significant step for the company in supporting national strategies and empowering the real economy [1] Group 1: Company Developments - Xingyin Financial Asset Investment Co., Ltd. has received approval from the National Financial Supervision Administration to commence operations [1] - The registered capital of Xingyin Investment is set at RMB 10 billion, with its registered location in Fuzhou, Fujian Province [1] - The company will proceed with the necessary procedures to officially start operations following the approval [1] Group 2: Strategic Implications - The establishment of Xingyin Investment is aimed at enhancing support for technology innovation enterprises and private companies [1] - The company plans to optimize capital structures and effectively reduce leverage, thereby providing precise services to new productive forces [1] - This initiative is expected to inject new momentum for high-quality development into the real economy [1]

Core Viewpoint - The annual Double Eleven shopping season has officially started, with major commercial banks launching various promotional activities to stimulate consumer spending and boost business before the year-end [1][2]. Group 1: Promotional Activities by Banks - Major banks such as China Construction Bank, Bank of China, Agricultural Bank of China, and others have introduced cashback, discounts, installment benefits, and exclusive offers to attract consumers [1]. - Construction Bank offers a maximum discount of 400 yuan for credit card customers using installment payments on platforms like Alipay and Taobao, while Bank of China provides a random discount of up to 118 yuan for transactions made through Alipay [2]. - Other banks, including China Merchants Bank and Ping An Bank, have also launched various cashback and discount campaigns to engage customers during this shopping season [2]. Group 2: Strategic Insights - Experts suggest that the banks' promotional strategies represent a cost-effective method to acquire and retain customers, activating dormant accounts with low-cost random discounts [5]. - The focus on marketing during peak shopping seasons aims to enhance the usage of bank cards over third-party payment channels, thereby driving growth in credit and debit card transactions [5]. - Recommendations for banks post-Double Eleven include offering temporary credit limit increases and integrating with government consumption voucher programs to enhance customer experience and engagement [5].

Core Insights - The new inclusive finance policy for 2025 aims to alleviate financing difficulties for enterprises by introducing a "light review of liabilities" credit loan program, with a credit pool formed by four major banks [1][4] - The program targets three types of enterprises: small and micro businesses, light asset innovative companies, and stable operating merchants, providing credit limits ranging from 700,000 to 9.2 million [1][3] Group 1: Key Features of the New Loan Program - High debt tolerance allows businesses with higher liabilities to access loans without being rejected based on historical debt details [3] - Credit limits are tailored to meet specific needs, starting from 700,000 for daily operations to 9.2 million for equipment upgrades and supply chain expansion [3] - Interest rates are significantly reduced, starting from 2.98%, which is 30% lower than the market average, potentially saving over 300,000 in interest for large loans [3] Group 2: Application Process and Requirements - Core application requirements include being established for at least one year, having a legal representative holding at least 5% of shares, and maintaining a good credit record [6][9] - Businesses must have a minimum tax payment of 5,000 in the last 12 months and must open a corresponding bank account [6] - The application process involves submitting necessary documents for preliminary review, with funding potentially available within 3 to 6 days after approval [12][8] Group 3: Real-World Examples - A Guangzhou electronics factory, previously rejected by three banks due to high debt, received 4.2 million in just four days through the "operating quick loan" channel, allowing for early production line launch [4] - A Hangzhou e-commerce company secured 2.8 million in six days to boost inventory for the peak season, resulting in a 180% increase in sales [4] Group 4: Additional Information - The program is available nationwide, excluding Hong Kong, Macau, and Taiwan, and is not applicable to certain industries such as finance and government [10][11] - The loan terms are flexible, with amounts ranging from 500,000 to 50 million, and repayment options include interest-first, principal later [8]

Core Insights - The meeting titled "Financial Support for the High-Quality Development of Technology Enterprises" was organized by Industrial Bank's Langfang Branch in collaboration with the Langfang Municipal Bureau of Industry and Information Technology to enhance cooperation among government, banks, and enterprises [1][2] - The event aimed to address the financing challenges faced by technology enterprises and stimulate market vitality through effective communication and collaboration [1] Group 1: Financial Support and Initiatives - Industrial Bank's Langfang Branch has been increasing credit support for technology enterprises and innovating financial products and service models to align with the spirit of the recent Party Congress [1] - The bank introduced a "Technology Flow" credit evaluation system that incorporates soft power metrics such as patent quantity, R&D investment, and technology team capabilities to address financing difficulties for asset-light technology companies [2] Group 2: Government and Industry Collaboration - The Deputy Director of Langfang Municipal Bureau of Industry and Information Technology emphasized the need for a collaborative mechanism involving government guidance, financial empowerment, and market operations to create a favorable ecosystem for technology enterprises [1] - The meeting featured a guest lecture by Professor Xi Bin from Henan University of Technology, who provided insights on the macroeconomic landscape and regional industrial layout to assist enterprises in strategic planning and financing decisions [2] Group 3: Ongoing Engagement and Future Plans - The event established a regular and systematic cooperation platform to facilitate ongoing communication between government, banks, and enterprises [2] - Industrial Bank's Shijiazhuang Branch plans to continue regular meetings and demand matching services to deepen its focus on technology finance and build a comprehensive financing service system for technology enterprises [2]

Core Viewpoint - The successful implementation of cross-border financing services by Industrial Bank's Kunming branch, leveraging the State Administration of Foreign Exchange's cross-border financial service platform and China Export & Credit Insurance Corporation's (Sinosure) policy enhancement, addresses the funding challenges faced by small and micro enterprises engaged in foreign trade [1][3]. Group 1: Cross-Border Financing Service - Industrial Bank's Kunming branch facilitated the first cross-border financing transaction for Dali Binchuan TJ Import and Export Co., Ltd., utilizing the cross-border financial service platform and Sinosure's policy enhancement [1][3]. - The company specializes in exporting fresh grapes and citrus fruits, with an annual export volume exceeding 20 million yuan, primarily to Laos and Vietnam [1][3]. - The financing service provided a credit limit of 5 million yuan, which is crucial for the company's expansion into overseas markets [3]. Group 2: Platform Features and Benefits - The cross-border financial service platform was upgraded on July 7, 2025, introducing new functionalities to support small and micro enterprises with annual export volumes under 3 million USD [4]. - The platform allows for online verification of insurance policies and accounts receivable, streamlining the financing process and reducing costs [4]. - The upgraded platform enhances communication between banks and enterprises, effectively lowering the financing threshold for foreign trade companies, particularly small and micro enterprises [4].