消息面，二十届四中全会本周审议通过《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》（下 称《建议》），提出打造新兴支柱产业，加快新能源、新材料、航空航天、低空经济等战略性新兴产业集群发 展，将催生数个万亿元级甚至更大规模的市场。 证券时报记者 毛军 本周，A股稳步走强，上证指数再创10年新高，上证50创三年多新高，创业板指周涨幅高达8.05%，为年内第2大周 涨幅，科创50亦大涨7.27%，为年内第3大周涨幅。周成交8.98万亿元，跌破10万亿元大关，创2个月来新低（完整 周，下同）。 融资客本周活跃度也有所下降，期间融资买入7659亿元，偿还7448亿元，均跌破万亿元创3个月新低，全周融资净 买入211亿元，融资余额2.45万亿元，为历史次高。电子行业本周获得逾82亿元融资净买入，通信行业获得逾34亿 元净买入，机械设备行业获得逾22亿元净买入。有色金属行业则被融资净卖出逾14亿元，汽车、钢铁、家用电器 等行业也被净卖出超亿元。 另据Wind数据统计，电子行业本周获得逾674亿元主力资金净流入，远远超过其他行业，近20个交易日合计获得逾 1065亿元净流入，也是唯一破千亿的行业。机械设备、电力设 ...

作者丨余纪昕 唐婧 编辑丨肖嘉 2024年10月18日，央行联合多部门发布《关于设立股票回购增持再贷款有关事宜的通知》 （下称《通知》），如今落地已满一周年。 Wind数据显示，自相关政策落地一年来，截至2025年10月18日，已有 累计712家上市公司披 露了754单回购或增持贷款计划，涉及贷款金额上限合计1524.84亿元 。与此同时，以中央汇 金、中国诚通、中国国新为首，超过18家央企纷纷发布公告宣布股票增持回购计划其中，中国 诚通控股集团拟使用1000亿元，中国国新控股有限责任公司拟使用800亿元。 | | | 前十大银行股票回购增持贷款笔数及金额上限 | | | --- | --- | --- | --- | | 序号 | 银行 | 笔数 | 贷款金额上限(亿元) | | 1 | 工商银行 | 147 | 356.91 | | 2 | 中国银行 | 120 | 241.85 | | 3 | 中信银行 | 105 | 152.41 | | 4 | 建设银行 | 90 | 194.76 | | 5 | 兴业银行 | 61 | 90.02 | | 6 | 农业银行 | 58 | 215.12 | | 7 ...

中国共产党第二十届中央委员会第四次全体会议，于2025年10月20日至23日在北京举行。 "党的二十届四中全会将科技自立自强摆在了重要位置，我将把学习贯彻全会精神与提速发展科技金融 等重点工作紧密结合起来，找准科技创新和产业创新的融合点，探索与科技企业生命周期相适应的信贷 体系，打造与科技企业需求相适应的综合服务生态圈，为加快培育和发展'人工智能+'、低空经济等新 质生产力提供更多金融助力。"农业银行浙江温州分行公司业务部副总经理陈生贵在接受《金融时报》 记者采访时表示。 "作为科技金融大文章的书写者，我倍感使命在肩。"正在认真学习全会精神的交通银行上海市分行科技 金融部负责人周天宇表示，展望"十五五"，他们将聚焦构建同科技创新相适应的科技金融体制，推动畅 通"科技—产业—金融"良性循环，助力上海加快建成具有全球影响力的科技创新高地，为实现高水平科 技自立自强作出新的更大贡献。 全会提出，建设强大国内市场，加快构建新发展格局。坚持扩大内需这个战略基点，坚持惠民生和促消 费、投资于物和投资于人紧密结合，以新需求引领新供给，以新供给创造新需求，促进消费和投资、供 给和需求良性互动，增强国内大循环内生动力和可靠性。 ...

公司报告 | 公司专题研究 农业银行（601288） 证券研究报告 农业银行为何能站稳 1 倍 PB？ 一、农业银行股价高涨的背后，也需要关注阶段性回调压力 2025/9/25-10/22，农业银行行情实现"14 连阳"、股价连创历史新高，也时隔七年半重新站 在 1 倍 PB 以上。但在 10 月 23 日，农业银行股价盘中一度再创新高后，跳水转跌。 回顾近期农业银行表现，短期股价高涨可能存在市场情绪推动，需要关注阶段性回调风险。 具体而言： 1、农业银行 10 月涨幅达 21.3%，是 2015 年以来最高单月涨幅，这在国有大行中也属罕见。 复盘 2015 年以来各国有大行单月涨幅，仅工行、建行、交行曾各自出现过一次单月涨幅 20% 以上的情况，工行和建行发生在 2018 年 1 月，交行发生在 2015 年 6 月。因此，截至 10/22， 在单月涨幅已达历史新高后，农业银行股价存在一定的调整压力。 2、农业银行估值已达阶段性高位，估值安全边际比较优势减弱。10 月 17 日，农业银行率先 突破 1 倍 PB 关键点位，结束了国有大行长期破净的格局。截至 10/22，农行 PB 达 1.06 倍， 但工行 ...

2024年10月18日，央行联合多部门发布《关于设立股票回购增持再贷款有关事宜的通知》 （下称《通知》），如今落地已满一周年。 Wind数据显示，自相关政策落地一年来，截至2025年10月18日，已有累计712家上市公司披露了754单回购或增持贷款计划，涉及贷款金额上限合 计1524.84亿元。与此同时，以中央汇金、中国诚通、中国国新为首，超过18家央企纷纷发布公告宣布股票增持回购计划其中，中国诚通控股集团 拟使用1000亿元，中国国新控股有限责任公司拟使用800亿元。 | | | 前十大银行股票回购增持贷款笔数及金额上限 | | | | --- | --- | --- | --- | --- | | 序号 | 银行 | 笔数 | 贷款金额上限(亿元) | | | 1 | 工商银行 | 147 | 356.91 | | | 2 | 中国银行 | 120 | 241.85 | | | 3 | 中信银行 | 105 | 152.41 | | | 4 | 建设银行 | 90 | 194.76 | | | 5 | 兴业银行 | 61 | 90.02 | | | 6 | 农业银行 | 58 | 215.12 | | | ...

Core Viewpoint - Agricultural Bank of China (ABC) Dezhou Branch successfully completed the city's first interbank inquiry service for deceased depositors, marking a significant step in convenient financial services [1] Group 1: Service Innovation - The inquiry was initiated by a customer, Mr. Zhang, who sought information on deposits possibly held by his deceased relative in other banks [1] - The operation supervisor and counter manager adhered strictly to relevant regulations, reviewing the submitted death certificate, proof of relationship, and the customer's valid ID [1] - The successful completion of this interbank inquiry demonstrates ABC Dezhou Branch's efficient collaboration and proactive approach in policy execution [1] Group 2: Customer Recognition - The service not only represents a first in the system for deceased depositors but also reflects a substantial advancement in implementing beneficial policies and optimizing service processes [1] - The successful handling of this case received high recognition and gratitude from the customer, indicating positive customer feedback [1] Group 3: Future Commitment - The Dezhou Branch plans to continue upholding the "finance for the people" philosophy, aiming to enhance service quality and address community needs [1]

Market Performance - On October 24, the state-owned large bank sector increased by 0.13% compared to the previous trading day, with Bank of China leading the gains [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Individual Bank Performance - Bank of China (601988) closed at 5.53 with a gain of 0.73%, trading volume of 4.3173 million shares, and a transaction value of 2.382 billion [1] - Agricultural Bank of China (601288) remained unchanged at 7.99, with a trading volume of 5.0591 million shares [1] - Industrial and Commercial Bank of China (601398) also remained unchanged at 7.84, with a trading volume of 3.2636 million shares [1] - Postal Savings Bank of China (601658) saw a slight decline of 0.17% to close at 5.99, with a trading volume of 2.0760 million shares [1] Fund Flow Analysis - The state-owned large bank sector experienced a net outflow of 85.046 million from institutional investors and 51.2904 million from retail investors, while retail investors saw a net inflow of 136 million [1] - Bank of China had a net inflow of 13 million from institutional investors but a net outflow of 132 million from speculative funds [2] - Agricultural Bank of China had a net inflow of approximately 19.87 million from institutional investors, while it faced a net outflow of 37 million from retail investors [2] - Postal Savings Bank of China experienced a significant net outflow of 137 million from institutional investors, despite a net inflow of 77.09 million from retail investors [2]

恒生指数探底回升，截至收盘上涨0.72%。其中互联网涨幅居前，银行、工商、科技、地产等紧随其 后；大消费也有不错表现。 内容只是个人观点，仅供参考，不作为投资依据！欢迎关注交流，互相学习、共同探讨！ 银行开盘后执行拉升，随后全天维持在中轴上方盘整，截至收盘上涨0.88%。其中邮储银行大涨 4.59%，民生银行上涨2.39%，农业银行、工商银行、招商银行等多股涨幅均在1%上方。 大消费探底回升后收涨0.35%，其中臣子生物大涨6.68%，李宁上涨6.55%，金沙江中国上涨4.4%，美团 上涨4.06%，美高梅上涨3.42%，阿里巴巴、华润啤酒、理想汽车等多股涨幅均在1%上方。 医疗低开低走，临近尾盘小幅反转，截至收盘下跌1.31%。其中石药集团下跌2.96%，中国生物制药下 跌2.78%，翰森制药、三生制药、康方药业、阿里健康等多股跌幅均在1%上方。 互联网探底回升，截至收盘上涨1.07%，其中美团大涨4.06%，阿里巴巴上涨1.67%，腾讯控股上涨 1.52%，京东集团上涨1.5%，百度集团上涨1.22%；商汤、哔哩哔哩、金蝶国际等股逆势收跌。 ...

Market Overview - The A-share market saw all three major indices rise, with the Shanghai Composite Index up by 0.22%, and both the Shenzhen Component Index and the ChiNext Index also increasing by 0.22% and 0.09% respectively. The total trading volume in the Shanghai and Shenzhen markets was 1.6439 trillion yuan, a slight decrease of 23.9 billion yuan from the previous day [1]. Banking Sector Analysis - The banking sector has been a focal point, experiencing a significant rise since October 13, attributed to its role in stabilizing the market. The banking sector index has increased nearly 10%, with Agricultural Bank of China (601288) rising approximately 20% [2]. - Historical trends indicate that after a period of rising bank stocks, a subsequent pullback often occurs, leading to market fluctuations. For instance, after a similar rise earlier this year, the banking sector peaked on July 11 before entering a consolidation phase [2][3]. - The current sentiment suggests that the most concerning phase for the market may have ended, as the Shanghai Composite Index closed at its second-highest level since the beginning of this rally [3]. Key Market Drivers - Two significant news events are expected to influence market dynamics: 1. U.S.-China trade talks scheduled from October 24 to 27 in Malaysia [5]. 2. The release of the communique from the 20th Central Committee's Fourth Plenary Session, highlighting the importance of technological self-reliance and a strong aerospace sector [6]. Sector Performance - Defensive sectors, particularly oil, coal, and electricity, have shown strong performance, indicating that the demand for stable investments remains high [7]. - AI-related sectors, including media entertainment and software services, have also performed well, suggesting that market participants are still interested in AI applications despite a shift in focus [8]. - Reports indicate that major memory suppliers like Samsung and SK Hynix plan to raise prices of storage products by up to 30% in response to increased demand driven by AI [8]. Investment Outlook - The market is approaching a potential breakout, with the banking sector's performance being crucial for further upward movement. If the securities sector also gains momentum, a new high could be achieved [3][8]. - As the third-quarter earnings reports are released, companies that exceed expectations should be closely monitored for investment opportunities [9].

Core Points - China Agricultural Bank announced the issuance of "2025 Ningxia Hui Autonomous Region Government General Bonds (Phase Five)" on October 24, 27, and 28, 2025 [1] - The bonds, with a code of "2571162," are three-year fixed-rate bonds with an annual interest rate of 1.7300% and a face value of 100.00 yuan per bond [1] - The funds raised will be used for public welfare projects in transportation and municipal sectors [1] Summary by Sections - **Bond Details** - The bond is named "25 Ningxia Bond 39" and has a maturity of three years [1] - The total price for the bond is set at 100.00 yuan per unit, with a minimum subscription unit of one bond [1] - **Subscription Information** - Eligible investors include individual investors, financial institutions, and non-financial institutions in Ningxia Hui Autonomous Region [1] - Subscription can be made through various channels including mobile banking, online banking, and bank branches, with no upper limit on the number of bonds that can be purchased [1] - **Interest Payment and Tax Exemption** - The Ningxia Hui Autonomous Region Finance Department is responsible for the repayment of principal and interest [2] - Interest income from the bonds is exempt from corporate income tax and personal income tax according to regulations [2] - **Investor Protection** - Central Government Securities Registration and Settlement Co., Ltd. provides account verification services for investors [2]