Investment Rating - The report assigns a "Buy" rating for the banking sector, indicating an expectation that stock prices will outperform the market by more than 10% over the next 12 months [40]. Core Insights - The growth of M2 is primarily driven by government and corporate leverage, with government leverage's contribution increasing from 23.9% in 2015 to 45.5% in 2025, while corporate leverage is expected to contribute 63.6% to M2 growth in 2025 [5][14]. - The report highlights a divergence between the social financing (社融) and M2 growth rates, indicating a liquidity accumulation in the financial system when the demand for financing from the real economy is insufficient, which can lead to a decline in bond yields [5][19]. - The expected social financing-M2 differential for 2026 is projected to be 0.56%, with a quarter-on-quarter increase of 33 basis points [32]. Summary by Sections M2 and Liquidity Analysis - M2 includes cash, personal deposits, corporate deposits, non-bank deposits, and deposits from non-deposit financial institutions. The main contributors to M2 growth are government and corporate leverage [5][13]. - The report discusses the relationship between the social financing-M2 differential and bond market performance, noting a shift in correlation since the second half of 2022 [5][19]. Social Financing Projections - For 2026, the report forecasts a total of 16.3 trillion yuan in new loans under the social financing framework, with a growth rate of 8.11% [32][34]. - The report anticipates that the net issuance of government bonds will reach 14.8 trillion yuan in 2026, with a focus on maintaining a proactive fiscal policy [34]. M2 Growth Forecast - The M2 growth rate for 2026 is projected at 7.55%, influenced by factors such as net fiscal deposits, the strengthening of the equity market, and cross-border capital flows [32][36].

曹卓此次卸任CFO，是北京银行2025年管理层密集调整的延续。在6月柳阳获聘董秘前半个月，该行已 完成副行长毛文利、首席风险官房旭、首席信息官明立松的聘任，三位新任高管均为70后，其中房旭、 明立松为内部提拔，毛文利则来自北京农商银行。 12月9日，北京银行发布公告称，董事会收到该行首席财务官曹卓的辞职函。公告显示，曹卓因个人原 因提请辞去首席财务官职务，辞任自2025年12月8日起生效。辞去首席财务官后，他仍将留在北京银 行，但不再担任任何具体管理职务。北京银行董事会对曹卓在任期间的工作表示感谢，并指出其已按照 相关规定完成工作交接。 曹卓：从基层成长的"最年轻高管" 作为北京银行最年轻的高管之一，1981年出生的曹卓现年44岁，其职业履历全程扎根该行。公开资料显 示，2005年加入北京银行后，曹卓从双榆树支行基层岗位起步，一路稳步晋升，先后担任长沙分行行 长、总行计划财务部副总经理兼首席财务官助理等职。2020年3月，曹卓出任资产负债部总经理；2022 年8月，因前任董秘刘彦雷未及时披露51.47亿元证券虚假陈述责任纠纷《应诉通知书》遭监管警示，导 致银行股价波动及声誉受损，此后曹卓接棒董事会秘书一职；2 ...

Core Viewpoint - The Beijing government is transitioning to a normalized issuance phase for the third-generation social security card, with significant progress made in its distribution and functionality [1][2]. Group 1: Social Security Card Issuance - The third-generation social security card integrates multiple services into one card, enhancing convenience for users [2]. - The issuance process will begin in five batches starting from October 2024, prioritizing retirees and providing tailored services for special needs individuals [2]. - Nearly 800 million third-generation cards have been issued, with a cumulative usage of approximately 60 million times, indicating a smooth overall operation [2]. Group 2: Medical Insurance Settlement - The third-generation social security card allows for direct settlement of medical expenses at designated institutions, reducing the financial burden on insured patients [4]. - As of January 2024, the upgrade of the medical insurance settlement environment will be completed across 5,798 institutions, enhancing compatibility with all card generations [4]. - Approximately 70% of outpatient settlements and 80% of inpatient settlements are conducted using the social security card, demonstrating its widespread adoption [4]. Group 3: Banking Services - Beijing Bank has issued over 135 million third-generation social security cards, covering a wide range of institutions and individuals [5]. - The bank offers a rapid card issuance service, allowing cards to be produced in just three minutes, enhancing customer convenience [5]. - Innovative service channels, such as mobile applications and smart kiosks, have been introduced to streamline the application and activation processes for users [5].

Group 1 - The core point of the announcement is that the Chief Financial Officer (CFO) of Beijing Bank, Mr. Cao Zhuo, has submitted his resignation due to personal reasons, effective from December 8, 2025 [1][3]. - The board of directors confirmed that there are no disagreements between Mr. Cao and the board regarding his resignation, and no other matters related to his departure need to be disclosed to shareholders and creditors [3]. - The board expressed gratitude for Mr. Cao's contributions during his tenure as CFO [3][4]. Group 2 - Mr. Cao has completed the necessary work handover in accordance with the bank's management regulations [4].

Group 1 - The National Healthcare Security Administration released the "Commercial Health Insurance Innovative Drug Catalog (2025)", which includes five CAR-T cell therapies, with the product from Huyuan Biotech, Nakiolunase Injection (Yuanruida®), being one of them [2] - CAR-T therapy involves genetically modifying T lymphocytes to express specific chimeric antigen receptors, enabling them to target and kill tumor cells, providing hope for over 300 patients when traditional chemotherapy fails [2][3] - Huyuan Biotech's Nakiolunase Injection (Yuanruida®) has a high clinical cure rate for adult acute lymphoblastic leukemia, which has a relapse rate of 60% and a median survival of only 2 to 6 months under traditional chemotherapy [3] Group 2 - Huyuan Biotech was founded in 2018 and collaborated with the Chinese Academy of Medical Sciences to develop a unique HI19a sequence structure embedded in CAR-T cells for precise tumor targeting [3] - The company received approval from the National Medical Products Administration for its first core product, Nakiolunase Injection (Yuanruida®), in 2023, establishing a solid foundation for drug accessibility through its self-developed production process and quality control system [3] - Beijing Bank's Tianjin branch provided critical financial support to Huyuan Biotech, customizing a financing plan that included a 10 million yuan credit loan to support CAR-T drug production [4][6] Group 3 - Huyuan Biotech's CEO expressed gratitude for the financial support from Beijing Bank, which enabled the company to invest more in research and production despite the unique challenges of the biotech industry [5] - Beijing Bank's lending strategy has evolved to focus on the technological barriers, patents, research teams, and shareholder backgrounds of biotech firms, rather than solely on financial statements [6] - The bank aims to enhance its service offerings for technology-driven companies, with a focus on innovative financing solutions and building a sustainable technology finance ecosystem [6][7]

证券代码：601169 证券简称：北京银行 公告编号：2025-062 ● 本次交易构成关联交易 ● 本次交易已经本行董事会二〇二五年第十一次会议审议通过，不需要经过股东大会和有关部门批准 ● 本行在本次交易前12个月对浙商银行同业机构综合授信额度人民币260亿元 一、关联交易概述 北京银行股份有限公司 与浙商银行股份有限公司关联交易事项的公告 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。 重要内容提示： ● 北京银行股份有限公司（以下简称"本行"）拟授予浙商银行股份有限公司（以下简称"浙商银行"）同 业机构综合授信额度人民币400亿元 北京银行总行信用审批委员会2025年7月18日审议通过浙商银行的授信方案，拟同意授予浙商银行同业 机构综合授信额度人民币400亿元，具体业务品种由总行信用审批委员会核定，额度有效期2年，经董事 会审批通过后，自信用审批委员会审批意见表生效之日起生效。 浙商银行为国家金融监督管理总局定义的关联方，与其进行的交易构成本行的关联交易。本行拟授予浙 商银行同业机构综合授信额度人民币400亿元，超过本 ...

截至发稿，北京银行市值为1180亿元。 每经头条（nbdtoutiao）——处方药变"瘾品"：国内首次报告普瑞巴林滥用致成瘾病例，网络平台暴 露"无病历可购药"漏洞，列管与否尚需科学考量 （记者 曾健辉） 每经AI快讯，北京银行（SH 601169，收盘价：5.58元）12月9日晚间发布公告称，公司二〇二五年第十 一次董事会会议于2025年12月9日在北京召开。会议审议了《关于香港大埔宏福苑火灾救助捐款的议 案》等文件。 2025年1至6月份，北京银行的营业收入构成为：利息收入占比84.58%，非利息收入占比4.29%。 ...

Core Viewpoint - Beijing Bank has announced the decision to abolish its supervisory board, transferring its responsibilities to the audit committee of the board of directors, following the approval of amendments to its articles of association by the regulatory authority [1] Group 1: Corporate Governance Changes - The third extraordinary general meeting of shareholders will be held on June 27, 2025, to approve the proposal to abolish the supervisory board [1] - The approval from the Beijing Regulatory Bureau of the National Financial Regulatory Administration has been received for the amendments to the company's articles of association [1] - The supervisory board will cease to exist, and its functions will be assumed by the audit committee in accordance with the Company Law of the People's Republic of China and regulatory requirements [1] Group 2: Personnel Changes - The following individuals: Tan Ning, Li Xiaohui, Xu Lin, and Wu Wenjie will no longer serve as supervisors or hold related positions in the supervisory board [1] - These individuals have confirmed that there are no differing opinions and no other matters need to be communicated to the bank's shareholders and creditors [1]

12月9日金融一线消息，北京银行发布关联交易公告，宣布拟授予浙商银行股份有限公司（下称"浙商银 行"）同业机构综合授信额度人民币400亿元，该交易构成关联交易且已获本行董事会审议通过。 公告显示，上述授信方案已于2025年7月18日经北京银行总行信用审批委员会审议通过，具体业务品种 由该行总行信用审批委员会核定，额度有效期2年，自信用审批委员会审批意见表生效之日起生效。由 于此次授信额度超过北京银行最近一期经审计资本净额的1%，根据《银行保险机构关联交易管理办 法》和《北京银行关联交易管理规定》，该交易构成重大关联交易，经本行内部授权审批程序审查，并 经董事会关联交易委员会和独立董事专门会议事前认可及审议通过后，提交董事会审议。2025年12月9 日，北京银行董事会二〇二五年第十一次会议审议通过《关于对浙商银行股份有限公司关联授信的议 案》，表决结果为全票赞成，本次交易无需经过股东大会和有关部门批准。 北京银行表示，本次关联交易坚持遵循一般商业原则，定价公平合理，不优于对非关联方同类交易的条 件，符合中国人民银行利率政策以及本行同类产品定价相关管理制度。此次授信符合监管部门相关法规 要求及本行关联交易管理相关 ...

北京银行股份有限公司章程 | 北京银行股份有限公司章程 | | --- | | 第一章 总 则… | | 第二章 经营宗旨和范围… | | 第 三章 股份和注册资本 | | 第一节 股份发行 . | | 第二节 股份增减和回购. | | 第三节 股份转让 | | 第 四章 股东和股东 念 | | 第一节 股 东… | | 第二节 控股股东和实际控制人… | | 第三节 股东会 . | | 第 四节 股东会的召集………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 17 | | 第五节 股东会的提案与通知……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………19 | | 第 六节 股东 会 的 召 开 | | 第七节 股东会的表决和决议………………………………………………………………………………………………………………… ...