作为临沭县特色产业，柳编制品以其环保、耐用的特点深受消费者喜爱。产品名气提升后，随之而 来的销量增长让荣华文创有了扩大生产的想法，却因资金缺口让企业犯了难。 农业银行山东临沭支行工作人员了解到情况后，主动上门对接，为企业提供了500万元的贷款支 持。如今，该企业的柳编花篮、收纳筐等产品不仅在曹洼大集的摊位上供不应求，还通过电商平台销往 全国各地，带动了周边200多名村民就业。 清晨的鲁南大地，薄雾尚未散尽，但山东省临沂市临沭县的曹洼大集已被此起彼伏的吆喝声唤醒。 放眼望去，豫皖苏等外地牌照车辆排起长龙。集市内，刚出锅的羊肉汤冒着热气，柳编簸箕、藤编花篮 等手工艺品在阳光下泛着自然光泽，已准备好接待这些四方来客。 穿过曹洼大集的非遗区，蒸汽氤氲、香气弥漫的向城全羊馆摊位出现在记者眼前。这里的羊肉汤以 肉质鲜嫩、汤汁浓郁而闻名，随着集市的爆火而成为了曹洼大集的"网红美食"。上午，羊肉汤摊位前排 着长长的队伍，全是等待尝鲜的食客。 在曹洼大集东南角的非遗专区，沭河水滋养的杞柳在手艺人精巧的技艺中，化作了精美的花篮、屏 风和"临沭有礼"的文创摆件。这些承载着1400多年技艺的手工艺品，成为大集上最亮眼的"文化名片"。 ...

转自：新华财经 据统计，去年六大国有银行发布有关2024年中期分红派息实施公告主要集中在该年12月底及次年1月， 例如农业银行、工商银行分别于该年12月30日和31日进行公告，建设银行为次年1月3日进行公告。从公 告时间来看，今年国有大行中期分红落地普遍提速了近22天到一个月。 "国有大行持续稳定的分红政策，与监管导向密不可分。"受访业内人士认为，作为实施中期分红的第二 年，各银行在操作上更显熟练，加快落实相关政策要求。 作为上市银行中期分红的"主力军"，国有六大行本次中期现金分红总额预计超2000亿元，分红比例均维 持在归母净利润的30%水平，且多家银行将于12月份进行派发，今年中期分红节奏较往年加快。工商银 行分红继续领跑，具体来看，每10股派发1.414元（含税），以503.96亿元领跑六大行。 四大行12月份派发A股中期分红 今年中期分红节奏加快 据统计，截至12月9日，已有26家A股上市银行披露2025年中期或季度分红方案，合计派息金额拟超 2600亿元，平均分红率为24.9%，合计分红金额2645.66亿元，较去年增长2.55%。截至目前，今年共有 32家上市银行宣布（拟）实施中期分红（或三季度分 ...

2025年以来，中国农业银行揭阳分行（以下简称"揭阳农行"）紧扣广东省揭阳市"百千万工程"三年初见 成效工作部署，通过机制创新、资源下沉、科技赋能，为县域高质量发展注入强劲动能。截至11月末， 揭阳农行农户贷款余额达41.8亿元，较年初净增9.6亿元，连续5年获监管部门金融服务乡村振兴考评"优 秀"。 "金融活水精准浇灌，为'百千万工程'按下加速键。"揭阳农行相关负责人表示，下一步将持续深化县域 市场布局，加大强县富民兴村产业支持，为乡村全面振兴贡献更多农行力量。（洪晓敏） ·广告 精准滴灌，激发乡村"共富链"。聚焦"强村、惠民、利民"三大工程，联合党政部门、村两委推进"党建 +金融+科技"模式，评定"信用村"192个，完成4万户农户信息建档；绘制县镇村产业图谱，"一村一 品"定制服务方案，累计支持近4万农户发展生产；布设惠农通服务点666个，覆盖重点乡镇，年内将在 13个经济强镇建成乡村振兴金融服务站，延伸普惠触角。 资源下沉，打通服务"最后一公里"。开展"千人派驻百千万"行动，选派5人赴市县"百千万工程"指挥办 挂职，在全市派驻41名金融助理；针对五金、养殖、中药材等特色产业需求，推出多款纯信用产品，破 ...

Report Summary 1. Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints - Among the bonds with discounted transactions, "25 Yungang Y4" had a large deviation in the valuation price. Among the bonds with rising net prices, "25 Datong C3" had a relatively high deviation in the valuation price. Among the Tier 2 and perpetual bonds with rising net prices, "22 Bank of Communications Tier 2 Capital Bond 02B" had a large deviation in the valuation price; among the commercial financial bonds with rising net prices, "25 Agricultural Bank of China TLAC Non - capital Bond 02C(BC)" had a relatively high deviation in the valuation price. Among the bonds with a transaction yield higher than 5%, real - estate bonds ranked high [2]. - The changes in the valuation yield of credit bonds were mainly distributed in the [-5,0) interval. The transaction terms of non - financial credit bonds were mainly distributed between 2 and 3 years, with the highest proportion of discounted transactions for varieties within 0.5 years. The transaction terms of Tier 2 and perpetual bonds were mainly distributed between 4 and 5 years, with the highest proportion of discounted transactions for varieties within 1 year. In terms of industries, bonds in the national defense and military industry had the largest average deviation in valuation prices [2]. 3. Summary by Relevant Charts Chart 1: Discounted Transaction Tracking - The table listed 30 bonds with large discounts, including "25 Yungang Y4", "25 Dongfang K1", etc., with information on the remaining term, valuation price deviation, valuation net price, valuation yield deviation, and transaction scale. The industries involved included transportation, non - financial finance, and urban investment [4]. Chart 2: Tracking of Bonds with Rising Net Prices - The table showed 43 bonds with large positive deviations, such as "25 Datong C3", "25 Raofa 02", etc. It provided details on the remaining term, valuation price deviation, valuation net price, valuation yield deviation, and transaction scale. The industries included non - financial finance, comprehensive, and public utilities [6]. Chart 3: Tracking of Tier 2 and Perpetual Bond Transactions - The table presented 40 Tier 2 and perpetual bonds, including "22 Bank of Communications Tier 2 Capital Bond 02B", "22 Industrial and Commercial Bank of China Tier 2 Capital Bond 04B", etc., with information on the remaining term, valuation price deviation, valuation net price, valuation yield deviation, bank classification, and transaction scale [7]. Chart 4: Tracking of Commercial Financial Bond Transactions - The table listed 29 commercial financial bonds, such as "25 Agricultural Bank of China TLAC Non - capital Bond 02C(BC)", "24 Agricultural Bank of China TLAC Non - capital Bond 01B(BC)", etc., providing details on the remaining term, valuation price deviation, valuation net price, valuation yield deviation, bank classification, and transaction scale [8]. Chart 5: Bonds with a Transaction Yield Higher than 5% - The table showed 20 bonds with a high - yield transaction, including "21 Vanke 06", "23 Vanke 01", etc., with information on the remaining term, valuation price deviation, valuation net price, valuation yield deviation, and transaction scale. The industries involved included real estate, steel, and non - financial finance [10]. Chart 6: Distribution of Valuation Deviations in Credit Bond Transactions on the Day - The chart showed the distribution of changes in the valuation yield of credit bonds on the day, with the intervals [-10,-5), [-5,0), (0,5], and (5,10], and the number of bonds and transaction scale in each interval [13]. Chart 7: Distribution of Transaction Terms of Non - financial Credit Bonds on the Day - The chart presented the distribution of transaction terms of non - financial credit bonds on the day, including intervals such as within 0.5 years, 0.5 - 1 year, etc., and the corresponding transaction scale [15]. Chart 8: Distribution of Transaction Terms of Tier 2 and Perpetual Bonds on the Day - The chart showed the distribution of transaction terms of Tier 2 and perpetual bonds on the day, including intervals such as within 1 year, 1 - 1.5 years, etc., and the corresponding transaction scale [18]. Chart 9: Discounted Transaction Ratio and Transaction Scale of Non - financial Credit Bonds in Each Industry - The chart displayed the average valuation price deviation and transaction scale of non - financial credit bonds in various industries, including petroleum and petrochemicals, real estate, etc. The national defense and military industry had the largest average valuation price deviation [20].

12月5日，中国人民银行上海总部发布的《上海自由贸易试验区自由贸易账户功能升级实施办法（试 行）》（以下简称"试行办法"）正式施行。据悉，试行办法对现行自由贸易账户体系进行了重要功能提 升，使跨境贸易投资自由化便利化水平进一步提高。 《金融时报》记者了解到，试行办法正式实施当日，参与试点的工商银行（601398）、农业银行 （601288）、中国银行（601988）、建设银行（601939）、交通银行（601328）等中资银行和汇丰中 国、花旗中国等外资银行，均完成业务落地。 工商银行 12月5日，工商银行为某先进制造企业依托升级版自由贸易账户办理了跨境人民币放款业务，完成首笔 业务落地。据悉，该笔资金将用于从境内采购货物，实现人民币资金跨境流转。 "工商银行上海分行作为首批试点银行，积极向符合条件的客户进行政策宣讲，获得先进制造企业和高 科技企业的积极响应。"工商银行上海分行相关负责人表示，在为上述客户办理境外放款业务时，首次 采用了资本项目跨境债权债务项下"免审单"方式，实现支付即结算。 农业银行 某集成电路行业头部芯片制造企业是农业银行在12月5日完成的两笔自由贸易账户功能升级业务的受益 企业之一。该企 ...

12月10日，南下资金净卖出港股10.18亿港元。 其中，净买入小米集团-W 6.19亿、农业银行3.94亿、阿里巴巴-W 3.42亿、美团-W 3.2亿、中国海洋石 油2.69亿、泡泡玛特1.79亿。 小米集团：据乘联分会发布数据显示，11月份新能源狭义乘用车销量132.1万辆，同比增长4.2%，环比 增长3.0%；今年1至11月累计销量1147.2万辆，同比增长19.6%。小米汽车以46249辆位列第十，虽环比 微降4.9%，但同比涨幅高达99.7%，连续3个月交付量破4万辆。 农业银行：摩根大通表示，对银行业而言，万科宣布首次债券展期重燃市场对万科相关敞口的资产质量 风险担忧。需注意，万科的银行借款仅占中国银行业总贷款的 0.10%，但我们认为国有大行、招商银 行、兴业银行及平安银行对万科的敞口可能高于行业平均水平。 阿里巴巴：据多家媒体报道，阿里成立千问C端事业群，由阿里巴巴集团副总裁吴嘉负责。阿里巴巴在 内部沟通中提及，千问C端事业群的首要目标是将千问打造成为一款超级APP，成为AI时代用户的第一 入口。 腾讯控股：12月10日斥资约6.36亿港元回购106万股股份，每股回购价格为595.5港元-6 ...

金融机构密集出清不良的动作，本质上凸显了资产质量对普惠金融生态的核心支撑作用。 动作频频 与大中型企业相比，小微经营主体普遍存在经营不稳定、缺少有效抵押物等问题；在宏观经济波动因素 的影响下，个人偿债能力的下降，也对消费贷、经营贷资产质量形成压力。 当前，普惠金融主力军正多线推进"资产质量保卫战"。2025年以来，银登中心平台上，多家银行与消金 机构正高频挂牌小微企业、个人消费贷及经营贷不良资产转让项目，市场活跃度显著提升。 从处置方式来看，一方面，多家银行通过银登中心批量转让不良债权。例如，平安银行11月集中发布多 笔转让公告，其中济南宝世达实业等17户小微企业不良资产包未偿本息达7.62亿元；中原银行许昌分行 推出的2025年第1期个人不良贷款转让项目，涵盖453笔消费及经营性贷款，未偿本息达5.22亿元。另一 方面，针对业务中形成的各类抵债资产，精准盘活成为行业新趋势，多家银行在阿里资产平台、京东资 产交易等渠道公开处置相关不良抵债资产，银行下场"卖房"一度成为市场热议的话题，其中，部分拍卖 标的涉及的贷款来源于个人贷款、小微企业贷款等。 相较于银行，消金机构的不良处置更显"迫切"。价格端"地板价"频现 ...

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].

Group 1 - The banking industry in 2026 will face a mixed external environment with strong macroeconomic resilience but insufficient effective demand, leading to continued moderate monetary policy and challenges in asset allocation due to a low interest rate environment [4][10] - The "14th Five-Year Plan" emphasizes the construction of a financial powerhouse, urging banks to leverage their resource endowments and deepen their strategic initiatives over the next five years [4][10][22] - The overall financial performance of listed banks is expected to improve in 2026, driven by the recovery of net interest income and non-interest income, with a projected net profit growth of 2.4% year-on-year [4][27] Group 2 - The net interest margin is expected to narrow by 6 basis points in 2026, with net interest income growth projected to rise to 4% compared to 0.3% in 2025 [4][27] - Non-interest income is anticipated to continue improving due to the recovery of wealth management opportunities and the fading impact of fee reductions from previous years [4][27] - The overall asset quality of the banking sector is expected to remain stable, with a focus on monitoring risks in the retail sector [4][27] Group 3 - The investment strategy emphasizes high dividend yields as a protective measure, with the banking sector's average dividend yield at 3.94%, providing a significant premium over ten-year government bonds [4][27] - Specific banks such as Chengdu Bank, Jiangsu Bank, and Shanghai Bank are highlighted for their strong regional advantages and potential for continued dividend growth [4][27][34] - The report suggests that the active capital market will provide a potential boost to quality retail banks, enhancing their recovery prospects [4][27]

证券之星消息，12月10日国有大型银行板块较上一交易日下跌2.16%，农业银行领跌。当日上证指数报 收于3900.5，下跌0.23%。深证成指报收于13316.42，上涨0.29%。国有大型银行板块个股涨跌见下表： 从资金流向上来看，当日国有大型银行板块主力资金净流出15.21亿元，游资资金净流入5.02亿元，散户 资金净流入10.19亿元。国有大型银行板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 ...