Investment Rating - The report maintains a recommendation for the banking industry [3] Core Insights - The report provides a comprehensive analysis of the asset-liability structure and interest margin changes of 42 A-share listed banks during the "14th Five-Year Plan" period, highlighting a shift towards corporate loans on the asset side and a stronger retail focus on the liability side [12][14] - The asset-liability structure indicates a significant increase in the proportion of corporate loans, rising from 57.02% to 63.22% from the end of 2020 to mid-2025, while the proportion of demand deposits decreased from 41.94% to 30% [12][14] - The report notes a decline in both asset yield and interest margin, with the yield on interest-earning assets dropping from 4.43% to 3.32% and the net interest margin decreasing from 2.23% to 1.53% during the same period [14][15] Summary by Sections Overall Asset-Liability Structure and Interest Margin Changes - The asset-liability structure shows an increase in loan-to-earning asset ratio from 54.19% to 56.49%, with corporate loans making up a larger share of total loans [14][15] - The average yield on interest-earning assets decreased significantly, with the loan yield falling from 5.34% to 3.82% [15] - The net interest margin for listed banks remains higher than that of commercial banks, despite a decline [14][15] Changes in Each Banking Sector's Asset-Liability Structure and Interest Margin - City commercial banks experienced a more significant increase in the proportion of corporate loans, with their interest margin narrowing less compared to other banks [18] - The report highlights that the proportion of deposits in interest-bearing liabilities for state-owned banks decreased, while it increased for rural commercial banks [18] - The decline in interest-bearing liabilities' cost rate was most pronounced in city commercial banks, leading to a smaller reduction in their interest margin [18]

Core Viewpoint - The event "Listening, Supporting, and Achieving Common Prosperity with Millions of Farmers" highlights the importance of financial support from Agricultural Bank in aiding local enterprises like Guizhou Banduo Tea Industry Co., Ltd. to thrive and contribute to rural revitalization and common prosperity in China [1][4]. Group 1: Financial Support and Growth - Agricultural Bank provided crucial financial support to Banduo Tea Industry, enabling it to grow from a startup facing financing difficulties to a company generating over $5 million in foreign exchange annually [1][2]. - The bank's innovative financial products and services acted as a "timely rain" and "protective umbrella" for Banduo Tea, facilitating its journey from initial struggles to steady progress [1][4]. Group 2: Overcoming Challenges - Banduo Tea faced significant challenges, including a financing deadlock in 2019 due to lack of collateral, which was resolved by Agricultural Bank offering a loan of 3 million yuan secured by forest rights [2]. - After a devastating flood in 2020, Agricultural Bank extended the loan repayment period, providing essential support that helped the company survive and retain jobs for local tea farmers [2][4]. - In 2022, when faced with a crisis due to shipping issues, Agricultural Bank provided a 2 million yuan credit loan, allowing Banduo Tea to successfully enter the African market [3]. Group 3: Impact on Local Community - Banduo Tea has become a leading enterprise in local rural revitalization, creating over 260 jobs and improving the livelihoods of 71 local tea farmers [4]. - The financial backing from Agricultural Bank has enabled local farmers to invest in better housing and farming equipment, contributing to their overall well-being [4]. Group 4: Future Commitment - Agricultural Bank is committed to continuing its support for local enterprises like Banduo Tea, aiming to provide more precise and considerate financial services to foster rural revitalization and common prosperity [4].

Core Points - The article highlights the importance of personalized and empathetic customer service in the banking sector, particularly for clients with special needs [1][3][4] - The actions of the Agricultural Bank of China (ABC) staff demonstrate a commitment to the "customer first" philosophy, ensuring that all clients feel supported and understood [3][4] Group 1 - The blind couple expressed deep gratitude towards the bank staff for their assistance in obtaining social security cards, showcasing the impact of attentive service [1][4] - The bank staff quickly identified the couple's unique needs and provided tailored support, including guiding them through the process and ensuring they understood each step [3][4] - The successful completion of the service not only met the couple's immediate needs but also reinforced the bank's dedication to providing warm and accessible financial services [4] Group 2 - The bank plans to continue enhancing its barrier-free service initiatives, aiming to create a more convenient and welcoming environment for all customers [4] - The article emphasizes the role of financial institutions in building trust and rapport with clients through compassionate service [3][4]

Core Viewpoint - The article highlights a case of telecom fraud targeting an elderly customer at a bank branch, showcasing the bank's proactive response and commitment to customer protection [1][2]. Group 1: Incident Description - An elderly man approached a bank branch, expressing anxiety over a potential scam where he was instructed to transfer his savings for investment by someone posing as a company executive [1]. - The bank staff quickly identified the situation as a possible fraud case and took immediate action to reassure the customer and verify his account status [1]. Group 2: Bank's Response - The bank manager and staff took steps to change the passwords on the elderly customer's accounts, replaced his bank card, and transferred remaining funds to ensure his financial security [2]. - The bank staff educated other customers in the branch about common fraud tactics, emphasizing the importance of vigilance and consulting the bank or authorities in suspicious situations [2]. Group 3: Customer Care Philosophy - The actions taken by the bank exemplify a customer-centric approach, focusing not only on basic banking services but also on the specific needs of vulnerable groups, such as the elderly [2]. - The bank's commitment to providing warm and attentive service has been recognized and appreciated by the affected customer, reinforcing the importance of social responsibility in financial services [2].

Core Insights - Agricultural Bank of China (ABC) demonstrates exceptional customer service by efficiently exchanging a large amount of coins for banknotes, highlighting its commitment to customer-centric banking [1] Service Efficiency - A customer, a local merchant, exchanged approximately 10 kilograms of coins, totaling 1,700 yuan, in under one hour due to the bank's quick response and dedicated staff [1] - The branch implemented a "green channel" to expedite the coin exchange process, showcasing its flexible operational mechanisms [1] Customer-Centric Approach - The incident reflects ABC's dedication to the principle of "customer first," emphasizing the importance of addressing unique customer needs [1] - The bank plans to continue optimizing its service processes to provide more compassionate and effective financial services, aiming to resolve common issues faced by the public [1]

业务办理过程中，大堂经理始终保持耐心，一边在纸上细致解答政策要求，一边全程陪同客户前往柜 台，协助柜员与客户沟通，一步步引导完成信息填报、身份验证等环节。 当业务顺利办结，客户接过崭新的银行卡时，他激动地抬起手，用标准的手语向大堂经理表示感谢，成 为对这场"无声服务"最温暖的肯定。 金融服务永不止步，但"金融为民"初心从未改变。未来，该行将继续践行金融机构的社会责任与担当， 把温情服务理念深植于工作中，用更细致、更贴心的行动，为更多特群众搭建起便捷、温暖的金融桥 梁。 "您好，可以办理银行卡吗？"近日，农行济南黄台支行营业大厅的引导台前，一位客户略显迟疑地递上 手机，屏幕上的文字成为他与外界沟通的主要方式。大堂经理接过手机，先是回以一个温暖而坚定的笑 容，随即拿起纸笔，工整写下："当然可以！您别着急，我们慢慢来。" 没有熟悉的语言交流，一场特殊的服务却在指尖与纸笔间悄然开启。考虑到客户的沟通需求，大堂经理 全程以"手写+手语辅助"的方式耐心沟通。面对开户协议中复杂的条款，她没有简单带过，而是逐句拆 解关键信息，用清晰的字迹记录在纸上，遇到客户可能疑惑的地方，还特意配上简单的示意图，确保每 一项内容都能被准确理 ...

Core Viewpoint - Major banks in China have decided to abolish their supervisory boards, transferring their functions to the audit committee of the board of directors, which is seen as a move to optimize corporate governance and reduce costs [7][8][9] Group 1: Decision and Implementation - The five major banks have announced that they will no longer establish supervisory boards, a decision approved at the 2024 annual general meeting held on June 27, 2025, and recently sanctioned by the National Financial Regulatory Administration [7] - Postal Savings Bank has also proposed to abolish its supervisory board and related committees, with the audit committee of the board taking over these responsibilities, pending shareholder approval [8] Group 2: Rationale and Expert Opinions - Industry experts suggest that the functions of supervisory boards overlap with those of the audit committee, particularly the independent directors, making the abolition a strategic choice to enhance governance flexibility and efficiency [8] - The decision to eliminate supervisory boards is viewed as a way to maintain effective corporate governance while lowering governance costs, according to a leading expert from the Shanghai Financial and Development Laboratory [8] Group 3: Regulatory Framework - The revised Company Law allows companies to establish audit committees within the board of directors to perform the functions of supervisory boards, a change that has been recognized by the National Financial Regulatory Administration [9] - Besides the six major banks, several other national joint-stock banks and local commercial banks have also announced the abolition of their supervisory boards [9]

Core Viewpoint - The event highlighted the significant role of Agricultural Bank of China (ABC) in supporting rural development and poverty alleviation through financial assistance and innovative projects aimed at enhancing agricultural productivity and income for farmers [1][2][3]. Group 1: Financial Support and Impact - ABC provided a 50,000 yuan micro-loan to a local woman, enabling her to open a restaurant and improve her family's financial situation, showcasing the bank's direct impact on individual livelihoods [1][2]. - The bank's assistance has led to the establishment of a tea processing factory in Pingma Community, which has significantly increased the value of tea products, resulting in a collective income exceeding 40 million yuan and an average income increase of over 5,000 yuan per person [2]. Group 2: Community and Economic Development - ABC has been instrumental in connecting local agricultural products to broader markets through initiatives like the "ABC Cup" e-commerce competition, which promotes local products such as citrus and tea to national and international markets [3]. - The bank has invested 900 million yuan in credit to support infrastructure and logistics projects, facilitating the development of the Western Land-Sea New Corridor and enhancing the region's trade capabilities [4]. Group 3: Long-term Commitment and Strategy - Over the past decade, ABC has deployed 18 support staff in Xiushan, focusing on addressing community needs and fostering industrial development through tailored financial solutions [4]. - The bank's comprehensive financial service packages have enabled local manufacturers to access international markets, contributing to the growth of the local economy and improving the quality of life for residents [4].

I. Report Industry Investment Rating No information about the report industry investment rating is provided in the given content. II. Core View of the Report The report provides a weekly data tracking of secondary capital bonds from September 22 to September 26, 2025, covering primary market issuance, secondary market trading, and valuation deviation of individual bonds [1][2][3]. III. Summary by Relevant Catalogs 1. Primary Market Issuance - There were no new issuances of secondary capital bonds in the inter - bank market and the exchange market during the week from September 22 to September 26, 2025 [1]. 2. Secondary Market Trading - **Trading Volume**: The total weekly trading volume of secondary capital bonds was approximately 229.9 billion yuan, an increase of 52.1 billion yuan compared to the previous week. The top three bonds in terms of trading volume were 25 Agricultural Bank of China Secondary Capital Bond 03B(BC) (54.049 billion yuan), 25 Agricultural Bank of China Secondary Capital Bond 03A(BC) (16.307 billion yuan), and 25 Industrial and Commercial Bank of China Secondary Capital Bond 01BC (7.88 billion yuan) [2]. - **Trading Volume by Region**: The top three regions in terms of trading volume were Beijing, Shanghai, and Fujian, with trading volumes of approximately 189 billion yuan, 12.7 billion yuan, and 7.9 billion yuan respectively [2]. - **Yield to Maturity**: As of September 26, the yield to maturity of 5Y secondary capital bonds with ratings of AAA -, AA +, and AA increased by 17.93BP, 17.31BP, and 16.31BP respectively compared to the previous week; for 7Y secondary capital bonds, the increases were 18.31BP, 18.26BP, and 18.26BP respectively; for 10Y secondary capital bonds, the increases were 16.19BP, 16.82BP, and 16.82BP respectively [2][10]. 3. Valuation Deviation of Top 30 Individual Bonds - **Overall Situation**: The overall valuation deviation of the weekly average trading price of secondary capital bonds was not significant during the week from September 22 to September 26, 2025. The proportion of discount transactions was less than that of premium transactions, and the discount range was smaller than the premium range [3]. - **Discount Bonds**: The top three bonds with the highest discount rates were 17 Fushun Bank Secondary (- 0.3988%), 21 Deqing Rural Commercial Bank Secondary (- 0.3851%), and 22 Yongcheng Rural Commercial Bank Secondary (- 0.3606%). The Zhongzheng implicit ratings were mainly AAA -, AA +, and AA, and the bonds were mostly distributed in Beijing, Shanghai, and Guangdong [3][12]. - **Premium Bonds**: The top three bonds with the highest premium rates were 24 China Construction Bank Secondary Capital Bond 02B (1.2298%), 24 Guangfa Bank Secondary Capital Bond 01 (0.8398%), and 23 China Construction Bank Secondary Capital Bond 02B (0.8050%). The Zhongzheng implicit ratings were mainly AAA -, AA +, and AA -, and the bonds were mostly distributed in Beijing, Shanghai, and Guangdong [3][13].

Core Viewpoint - A-share listed banks are actively implementing their 2025 interim dividend distribution plans, with significant cash dividends being announced and distributed by multiple banks in September 2023 [1][4]. Summary by Category Dividend Distribution - As of now, 17 A-share listed banks have announced their 2025 interim profit distribution plans, with six major state-owned banks collectively distributing a total of 204.657 billion yuan in cash dividends [1][4]. - Bank of Communications leads with a cash dividend of 50.396 billion yuan, followed by Agricultural Bank of China with 41.823 billion yuan, and China Construction Bank with 48.605 billion yuan [4]. Specific Bank Announcements - Shanghai Rural Commercial Bank announced a cash dividend of 0.241 yuan per share, totaling 2.324 billion yuan, distributed on September 26, 2025 [2][3]. - Changsha Bank declared a cash dividend of 0.20 yuan per share, amounting to 804 million yuan, also distributed on September 26, 2025 [2][3]. - Other banks such as Suzhou Rural Commercial Bank, Minsheng Bank, and Changshu Bank have also completed their 2025 interim dividend distributions [1][2]. New Dividend Policies - Several banks, including China Merchants Bank, Changshu Bank, and Ningbo Bank, have confirmed the implementation of interim dividends for the first time [6][7]. - Jiangyin Bank's board has approved its 2025 interim dividend plan, while other banks like Wuxi Bank and Xiamen Bank are considering their dividend distribution methods [7]. Non-Dividend Announcements - Some banks, such as Zhengzhou Bank, have explicitly stated they will not distribute cash dividends for the first half of 2025 [8]. - The trend of increasing dividend frequency is seen as beneficial for investor confidence and stock price stability [8]. Market Context - The overall dividend distribution in 2024 exceeded 630 billion yuan, with major banks like ICBC and CCB leading the way with over 100 billion yuan each [9][10]. - Regulatory changes have encouraged companies to enhance their dividend policies, aiming for more frequent and higher dividend payouts [10].