Core Viewpoint - The banking sector has shown steady progress in the first half of 2025, with various banks outlining their strategies for the second half, focusing on "Five Major Articles," reform, cost reduction, efficiency enhancement, and risk management [1][2][9]. Group 1: Performance and Strategy - Banks have reported stable performance in the first half of 2025, with Agricultural Bank achieving a total loan volume of 10 trillion yuan in county-level loans [2]. - Huaxia Bank emphasized its commitment to ten key actions to ensure steady growth and operational improvement [2]. - Guangfa Bank's total assets reached 3.69 trillion yuan, with a continuous decline in both non-performing loan balance and ratio [2]. - The "Five Major Articles" have become a guiding principle for banks, with institutions like Everbright Bank focusing on enhancing technology-driven financial services and green finance [2][3]. Group 2: Focus Areas for the Second Half - Banks are prioritizing key tasks such as stabilizing the real estate market, promoting consumption, and addressing internal competition [3][5]. - Agricultural Bank aims to enhance technology-driven financial innovation and improve supply for consumer and inclusive finance [3]. - Several banks, including Ping An Bank and Guangfa Bank, have initiated "anti-involution" measures to resist excessive competition and focus on long-term strategies [5][7]. Group 3: Risk Management - Risk management remains a central theme, with banks like Agricultural Bank emphasizing the need to enhance service quality while managing risks effectively [9][10]. - Ping An Bank has called for increased awareness of risk and compliance, focusing on rectifying key areas and managing public sentiment [10]. - Other banks, such as Huaxia Bank and Suzhou Bank, have highlighted the importance of solidifying risk management foundations and ensuring compliance with regulations [9][10].

Core Viewpoint - The news highlights the efforts of Agricultural Bank of China Guangdong Branch in supporting the "Hundred Counties, Thousand Towns, and Ten Thousand Villages High-Quality Development Project" in Guangdong Province, focusing on enhancing financial services for rural revitalization and local industries [4][6]. Group 1: Financial Support Initiatives - Agricultural Bank of China Guangdong Branch has been actively providing tailored financial solutions to local enterprises, such as offering a comprehensive credit line of 89 million yuan to a specialized metal can manufacturing company in Wengyuan County [5]. - The bank has implemented a series of measures to enhance financial services in rural areas, including the establishment of service maps and plans for counties, towns, and villages, aimed at promoting localized financial support [5][6]. Group 2: Industry Development Focus - The bank has been instrumental in promoting the "Five Trees and One Fish" model in Maoming City, which focuses on developing modern agriculture through specific local products like lychee, longan, and tilapia [6]. - As of June, the bank's loans for the "Five Trees and One Fish" industry reached 7.1 billion yuan, demonstrating its commitment to supporting local agricultural development [6]. Group 3: Grassroots Engagement - The bank has deployed financial assistants to grassroots levels, enhancing service quality and ensuring that financial resources reach the last mile in rural areas [7]. - A high-density bass farming project in Huadong Village is expected to increase the village's collective income by over 50,000 yuan annually, showcasing the bank's role in local economic development [7].

Group 1 - The State Taxation Administration has intensified the crackdown on tax evasion by online anchors, with over 360 cases investigated since 2021, resulting in tax recovery exceeding 3 billion yuan [1] - The People's Bank of China conducted a reverse repurchase operation of 789.3 billion yuan, with a net injection of 601.8 billion yuan, the second-highest this year, to address liquidity pressure and rising funding rates [1] Group 2 - Several rural commercial banks in Hunan have adjusted ATM service rules, prohibiting withdrawals using other bank cards from midnight to 6 AM, as a measure against fraud [2] - The People's Bank of China and the General Administration of Customs are seeking public opinions on optimizing the cross-border cash transport process for the renminbi [2] Group 3 - Hong Kong's banking sector is preparing for the implementation of the Stablecoin Ordinance, which requires stablecoin issuers to select licensed banks for asset custody, leading to increased competition among banks for custody services [3] - Ruifeng Bank successfully issued 300 million yuan in technology innovation bonds, with a low coupon rate of 1.77%, aimed at supporting technology innovation [4] Group 4 - Agricultural Bank of China has made personnel adjustments in its technology sector, appointing new executives to enhance its digital transformation efforts [5] - Many banks have emphasized growth and risk management in their mid-year meetings, focusing on increasing revenue, optimizing asset-liability structures, and enhancing digital transformation [5][6]

晋西车轴（600495）公告，控股股东晋西集团收到中国农业银行太原分行《贷款承诺函》，农业银行拟 提供贷款额度人民币9000万元，期限3年，仅用于增持公司股票；晋西集团增持计划自2025年4月9日起 12个月内实施，拟投入资金不低于5000万元、不高于1亿元，增持股份比例不超过公司总股本2%。 ...

Core Viewpoint - The banking sector in A-shares is experiencing a "small bull market" with 29 out of 42 listed banks showing gains as of July 28, driven by multiple positive factors and expected to present a structural market trend in the future [1][3][7] Group 1: Market Performance - On July 28, banks like Qilu Bank and Qingdao Bank saw significant intraday gains, with Qilu Bank rising over 5% and Qingdao Bank over 3% [1][3] - Year-to-date, the banking sector has shown a steady upward trend, with banks like Qingdao Bank, Shanghai Pudong Development Bank, and Xiamen Bank achieving over 30% gains [3][4] - Despite a brief fluctuation in July, the overall upward trend remains supported by low valuations and high dividend yields [3][4] Group 2: Fundamental Improvements - The banking sector's asset quality has improved significantly, with a decrease in non-performing loan ratios and stable provision coverage ratios [4][6] - The economic recovery expectations have alleviated net interest margin pressures, leading to a steady rebound in profitability [4][6] Group 3: Policy and Valuation Support - Regulatory support for the banking sector, including liquidity release and optimized regulatory assessments, has created a favorable external environment [4][5] - Long-standing low valuations of bank stocks, with price-to-book ratios generally below 1, are expected to undergo a correction as market risk appetite increases [4][5] Group 4: Capital Inflows - Continuous inflows of long-term funds, particularly from insurance capital seeking stable returns, have bolstered the banking sector [5][6] - The expansion of passive funds and foreign capital inflows since Q2 have further supported the upward movement of bank stocks [5][6] Group 5: Positive Feedback Loop - Rising bank stock prices enhance banks' financing capabilities, reducing equity financing costs and improving credit image [6][7] - The increase in core capital through convertible bonds can enhance banks' credit expansion capabilities, ultimately benefiting the real economy [7] Group 6: Future Outlook - Analysts predict a structural market trend for the banking sector, with a focus on banks with strong asset quality and profitability [7][8] - The second half of 2025 is expected to see a fluctuating upward trend in the banking sector, with particular attention on low-valuation banks and those with strong fundamentals [7][8]

1. Report Industry Investment Rating - No information provided in the content 2. Core Views of the Report - Anti - involution policies affect commodity prices, shock the market's inflation expectations, and cause a significant adjustment in the bond market. Credit bond yields rise with interest rates, and most credit spreads widen, with secondary and perpetual (二永) bonds showing large fluctuations and high spread increases. Fund companies with the most unstable liability ends sell significantly, while insurance companies increase their buying efforts, and bank wealth management remains relatively stable. The trading enthusiasm for medium - and long - term bonds such as urban investment bonds, industrial bonds, and 二永 bonds remains high [2]. - It is too early to worry about negative feedback, with a very low probability. Market learning has improved the ability to respond, and there has been no change in macro - expectations. Moreover, bank wealth management's increasing consideration of liquidity in its configuration can prevent negative feedback [3]. - The asset shortage pattern remains unchanged and may even intensify. Interest rates may have short - term adjustments but do not support continuous and significant adjustments. Once interest rates stabilize, credit is likely to stabilize. After the market adjustment, it will be more difficult to further compress credit spreads compared to previous lows, and credit spreads are more likely to fluctuate. Investors need to seize phased trading opportunities [4]. - Investors should focus on coupon - bearing assets, and consider both coupon and trading operations for long - term bonds. For trading strategies, medium - and long - term 二永 bonds are recommended; for allocation strategies, sinking investment in urban investment bonds is still recommended. Wait for trading opportunities for ultra - long - term bonds [5]. 3. Summary by Relevant Catalogs 3.1 Market Review: Significant Correction, Noticeable Widening of 二永 Bond Spreads 3.1.1 Market Performance - This week, the credit bond market significantly corrected, and credit spreads widened. The stock market strengthened, and the bond market significantly corrected. Credit bond yields generally rose, especially for medium - and long - term 二永 bonds, which increased by over 10bp, with the 10Y 二永 bond correcting by up to 14.5bp. Most credit spreads widened, with 二永 bonds seeing more significant increases, while spreads of some medium - and long - term notes, enterprise bonds, and urban investment bonds of certain grades slightly narrowed [10]. - From a daily perspective, urban investment bond yields generally rose, with the adjustment amplitude first increasing and then decreasing, reaching a daily correction high on Thursday. From Monday to Tuesday, long - term 二永 bonds led the yield increase, but the overall amplitude was relatively small. From Wednesday to Thursday, the yield increase continued to expand, with long - term 二永 bonds correcting by over 5bp on Thursday and short - term bonds increasing by about 4bp. The long - and short - term yields of urban investment bonds and medium - term notes also increased by 3.5bp - 5bp. On Friday, the market continued to decline, but the amplitude narrowed. Credit spreads showed a divergent trend. Affected by the different adjustment speeds of credit bonds and interest - rate bonds, the spreads of 二永 bonds, known as "interest - rate amplifiers," generally widened, while the spreads of less - liquid urban investment bonds and medium - term notes were still slightly compressed in the early stage and widened on Friday [16]. 3.1.2 Insurance Continues to Allocate, Funds Sell on a Large Scale - Insurance companies' credit bond allocation remains strong. This week, insurance companies continued to be net buyers, with a net buying scale of 12.563 billion yuan, a 38.7% increase from the previous week. The net buying volume of ultra - long - term credit bonds over 5 years was 6.75 billion yuan, with the increase intensity remaining basically the same as last week [18]. - Funds sold credit bonds significantly this week, with a selling scale of 22.578 billion yuan. The net selling volume within 5Y was 12.738 billion yuan, and the net selling volume over 5Y was 7.474 billion yuan [18]. - Bank wealth management scale slightly increased. As of July 20, the bank wealth management scale was 31.02 trillion yuan, an increase of 0.06 trillion yuan from the previous weekend. This week, the net buying scales of wealth management and other product categories for credit bonds were 15.301 billion yuan and 13.078 billion yuan respectively, with month - on - month changes of 15.80% and 39.13% [21][22]. 3.1.3 Transaction Proportion: Decrease in Low - Rating Transaction Proportion - The transaction proportion of urban investment bonds, industrial bonds, and 二永 bonds with a remaining term of over 3 years was 30%, 29%, and 72% respectively, indicating that the transaction proportion of medium - and long - term bonds remained high. For urban investment bonds, the proportion of transactions under 3 years remained basically the same as last week, with the 3 - 5Y transaction proportion decreasing by 2 percentage points and the over - 5Y proportion increasing by 2 percentage points. For industrial bonds, the proportion of transactions within 1 year decreased by 1 percentage point, the 1 - 3Y proportion decreased by 2 percentage points, and the 3 - 5Y proportion increased by 3 percentage points. For 二永 bonds, the proportion of transactions within 1 year decreased by 1 percentage point, the 1 - 3Y proportion increased by 2 percentage points, and the 3 - 5Y proportion decreased by 3 percentage points [28]. - The proportion of low - rating transactions of non - financial credit bonds decreased this week. The proportion of transactions of urban investment bonds with a rating of AA(2) and below decreased by 1 percentage point from last week, the proportion of industrial bonds with a rating of AA and below decreased by 1 percentage point month - on - month, and the proportion of 二永 bonds with a rating of AA and below decreased by 3 percentage points from last week [29]. 3.2 Market Outlook: Redemption is Controllable, Seize Trading Opportunities 3.2.1 Redemption is Controllable, Seize Trading Opportunities - Reasons for market adjustment: With the continuous implementation of anti - involution policies, commodity futures prices have risen significantly, affecting the market's inflation expectations. The Nanhua Industrial Products Index, which reflects commodity price trends, has also risen significantly. Historically, this index has a certain forward - looking predictive effect on PPI. By observing the term structure of interest - rate swaps, indicators such as IRS FR007 5 - year - 1 - year and 1 - year - FR007 have quickly turned positive, indicating a change in the market's inflation expectations [31][33]. - Regarding the concern of negative feedback: It is too early to worry about negative feedback, with a very low probability. Market adjustments in September 2024 and March 2025 were more significant than the current one, but no obvious negative feedback occurred. The key lies in the increasing consideration of liquidity in bank wealth management's configuration. Since April this year, the absolute amount and proportion of inter - bank certificate of deposit (NCD) allocation have been at historically high levels, enabling wealth management to handle market fluctuations. As long as bank wealth management remains stable, the key link of market negative feedback can be stopped [38][40]. - Analysis of tight funds: The funding situation tightened on Thursday this week, leading to a higher market adjustment amplitude. The tightening on Thursday may be due to banks' liability - side issues. From the perspective of large banks' deposit - loan spreads, the deposit - loan spreads of large banks generally decline seasonally in July. After the significant reduction of deposit interest rates in May, large banks face the pressure of term - deposit maturity transfer, resulting in relatively large liability pressure. A low deposit - loan spread means reduced stability of funding rates, which are more dependent on the central bank's liquidity injection. Any daily misalignment in the central bank's liquidity injection can significantly impact funding rates [41][42]. - Future trends: The asset shortage pattern remains unchanged and may even intensify. Interest rates may have short - term adjustments, but the current macro - environment does not support continuous and significant interest - rate adjustments. The impact of anti - involution policies on inflation expectations has been fully priced in the short term through the significant rise in commodity prices. For credit bonds, it will be more difficult to further compress credit spreads below previous lows this year. Credit spreads are more likely to fluctuate, and investors need to seize phased small - band opportunities [50][56]. 3.2.2 Science and Technology Innovation Bonds Continue to Contribute Net Financing to the Market - In July, non - financial credit bond financing performed well, with the net financing exceeding the levels of the same month in the previous two years, reaching 347.9 billion yuan. The supply of long - term credit bonds has increased. Recently, the sentiment for extending the duration of credit bonds has been positive. Although the issuance duration in July has decreased month - on - month, there is still room for extending the duration [57][59]. 3.3 What to Buy in Credit? 3.3.1 Focus on High - Grade 二永 Bonds for Trading, Weak - Quality Urban Investment Bonds for Coupon - The price - comparison of short - term 二永 bonds is positive, while that of medium - and long - term 二永 bonds is negative. Considering different investor needs, high - grade trading strategies are recommended to focus on 二永 bonds, and low - grade coupon strategies are recommended to focus on urban investment bonds. This week, the price - comparison advantage of short - term AAA second - tier capital bonds over medium - term notes remained positive, and the price - comparison of long - term AAA second - tier capital bonds with medium - term notes fluctuated around 0. The price - comparison of short - term urban investment bonds with medium - term notes is positive, and the price - comparison of long - term low - grade urban investment bonds has quickly recovered to the historical central level. Urban investment bonds still have a price - comparison advantage over medium - term notes, but the difference is not significant. Considering the bond - selection scope, urban investment bonds are still preferred [62][64]. 3.3.2 General Credit Coupon is More Advantageous - Currently, the proportion of urban investment bonds with a valuation above 2.3% is 19.8%, that of non - financial industrial bonds is 10.8%, and that of 二永 bonds is 6.8%. From the perspective of coupon - based bond selection, general credit offers a wider bond - selection space. For urban investment bonds, investors can consider both coupon and trading operations for the long - term, and can continue to participate in short - term high - coupon varieties. For industrial bonds, investors can focus on important local state - owned real - estate enterprises among real - estate developers, such as Shoukai and Jianfa Real Estate; among non - real - estate entities, focus on China Minsheng Bank, Jizhong Energy, and Bohai Bank [68][72]. 3.3.3 Statistics of Primary Issuance - Relevant data shows the weekly net financing and cumulative net financing of various credit bonds, including urban investment bonds, industrial bonds, 二永 bonds, and other financial bonds from December 30, 2024, to July 27, 2025 [77]. 3.3.4 Details of Secondary Valuation Changes - No detailed information provided in the content

转自：新华财经 新华财经上海7月27日电（记者 王淑娟）中国农业银行亮相2025世界人工智能大会，展示其"AI+金融"最新实践成果。 记者在现场看到，农行展厅主要分为"AI+金融专区"及"技术底蕴专区"。其中，"AI+金融专区"通过全景体验墙与互动场景，生动呈现人工智能在普惠零售贷 款全流程中的应用。例如，"AI+普惠零售贷款"使用裸眼3D技术，通过人工智能技术实现精准获客和高效办贷，满足果农、种植大户、养殖户、科创小企业 主的资金需求；"AI+卫星遥感"让观众沉浸式体验作物分析、灾害评估和工程监测等场景应用；"AI+惠农e贷"将人工智能技术与"惠农e贷"深度融合，让观众 身临其境体验"无接触办贷"的便捷业务流程；"AI+客户服务"借助多语种实时翻译功能，打破语言壁垒，叠加语音问答和3D虚拟数字人，极大提升了服务交 互感。 "技术底蕴专区"聚焦AI背后的科技竞争力，展示了农业银行人工智能技术体系和"三地六中心算力布局"等成果。 此外，该行还开展"123＋"科技企业专项服务行动，截至7月25日，该行已走访科技企业1127家，"建档立卡"覆盖率达到85%，排摸企业需求超1100项，为多 家人工智能全产业链头部客户 ...

Investment Rating - The report does not explicitly provide an investment rating for the banking sector Core Insights - The banking wealth management market showed stable growth in the first half of 2025, with a total scale of 30.67 trillion yuan, a year-on-year increase of 7.53% [1] - Cash management products continued to decline, with a scale of 6.4 trillion yuan, down 14.55% year-on-year, attributed to lower deposit rates and regulatory policies [1] - The market share of wealth management companies increased, with 32 companies holding 89.61% of the market by the end of Q2 2025, up 1.8 percentage points from the end of the previous year [2] - The asset allocation in wealth management products shifted, with a decrease in credit bond allocation and a notable increase in public fund allocation, which rose to 4.2% [3] - The average annualized yield of wealth management products was 2.12%, a decrease of 53 basis points compared to 2024, indicating a low-interest-rate environment [4] - The proportion of sales through parent banks has decreased to around 65%, as companies expand their distribution channels [5][8] Summary by Sections 1. Wealth Management Market Overview - As of the end of Q2 2025, the total scale of wealth management products reached 30.67 trillion yuan, with a year-on-year growth of 7.53% [1] - Cash management products saw a significant decline, with a scale of 6.4 trillion yuan, down 14.55% year-on-year [1] 2. Market Structure - The market share of wealth management companies increased to 89.61%, reflecting a concentration of market power among leading firms [2] 3. Asset Allocation - The allocation to credit bonds decreased, while public funds saw a significant increase, indicating a shift in investment strategy [3] 4. Yield Trends - The average annualized yield of wealth management products fell to 2.12%, continuing a downward trend since 2023 [4] 5. Distribution Channels - The share of sales through parent banks has decreased to approximately 65%, as firms diversify their distribution strategies [5][8] 6. Sector Outlook - The banking sector is expected to benefit from policy catalysts, with specific banks like Ningbo Bank, Postal Savings Bank, and others highlighted as potential investment opportunities [9]

Group 1 - Agricultural Bank of China (601288) closed at 6.18 yuan on July 25, 2025, down 0.64% from 6.22 yuan the previous week [1] - The bank's market capitalization is currently 21628.95 billion yuan, ranking 3rd among state-owned large banks and 4th among 5148 A-shares [1] - The highest intraday price recorded on July 23 was 6.3 yuan, while the lowest was 6.07 yuan [1] Group 2 - Wang Dajun has officially taken up the position of Vice President of Agricultural Bank of China [2][3] - Xiao Xiang has retired due to age and has resigned from the position of non-executive director and related committee roles as of July 23, 2025 [2][3] - The bank has completed the issuance of 600 billion yuan in secondary capital bonds, divided into two types: a 10-year fixed-rate bond of 400 billion yuan at an interest rate of 1.92% and a 15-year fixed-rate bond of 200 billion yuan at an interest rate of 2.12% [2][3]

摘要 折价幅度靠前 AA 城投债（主体评级）中，"20 淮南建发 MTN003"估值价格偏离程度最大。净价跌幅靠前 50 只个券中， "23 黄石城发 MTN005"估值价格偏离幅度最大。净价上涨幅度靠前 50 只个券中，"19 昆租 02"估值价格偏离幅度最 大。净价上涨幅度靠前 50 只二永债中，"24 浦发银行二级资本债 01B"估值价格偏离程度最大。 风险提示 统计数据偏差或遗漏，高估值个券出现信用风险 敬请参阅最后一页特别声明 1 扫码获取更多服务 固定收益动态(动态) 图表1：折价幅度靠前 AA 城投债（主体评级） | 债券名称 | 剩余期限 | 估值价格 | 估值净价 | 估值收益率 | 当日估值 | 票面利率 | 隐含 | 主体 | 成交日期 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | (年) | 偏离(%) | (元) | 偏离(bp) | 收益(%) | (%) | 评级 | 评级 | | | 20 淮南建发 MTN003 | 0.28 | -0.59 | 100.64 | 8.18 | 1.73 ...