每经记者｜刘明涛 每经编辑｜肖芮冬 上周，A股市场出现宽幅震荡整理，在科技股集体大幅回调的背景下，创业板、科创板以及恒生科技指 数周跌幅均超过5%，每经品牌100指数周跌幅也达到3.46%，以1179.48点报收，退至1200点之下。 3只成分股周市值大增 上周，大盘低开随后冲高回落，三大指数周K线均收跌，沪指3900点得而复失。截至10月17日收盘，上 证指数周跌1.47%，深证成指周跌4.99%，创业板指周跌5.71%，科创50指数周跌6.16%，每经品牌100指 数在恒生科技指数下跌拖累下，周跌3.46%，以1179.48点报收。 银行资产受到资金认可 从上周每经品牌100指数成分股具体表现来看，浦发银行和农业银行周涨幅均超过10%。值得关注的 是，浦发银行在周涨幅达到12.5%的同时，还获得中国移动通信集团广东有限公司（以下简称中国移 动）通过可转债转股增持。 10月13日晚间，浦发银行发布公告称，中国移动于10月13日将其持有的5631.454万张可转债转为浦发银 行普通股4.5亿股。转股后，中国移动持股比例由10月10日的17%增加至18.18%，触及1%的整数倍，继 续位列该公司第二大流通股东。 ...

值得注意的是，银行ETF（512800）盘中高频溢价，临近收盘有一波溢价拉升，收盘溢价率0.17%，显 示买盘资金积极介入。 上交所数据显示，银行ETF（512800）近来吸引资金密集涌入，截至昨日已连续7日吸金，合计获资金 净流入48.54亿元。银行ETF（512800）最新规模已逼近200亿元，续刷历史新高！ 近期，银行板块走出连续逆势上涨，释放重要信号。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 在大盘的全线下坠的背景下，银行再度彰显韧性，农业银行盘中涨逾2%再探历史新高，收涨1.74%；此 外，厦门银行、青岛银行涨超2%，江阴银行、齐鲁银行、建设银行等12股逆市收涨。 从行情驱动来看，银行迎来多重催化因素：① 市场避险情绪升温，资金迫切寻求"避风港"。估值低、 股息率高、经营稳健的银行股成为资金的优先选择；② 稳增长政策持续发力，市场对后续经济企稳复 苏抱有期待，而银行作为百业之母，资产质量与经济周期紧密相连，经济预期改善直接利好银行板块价 值重估；③ 从历史规律来看，银行股此次异动还可能是季节性规律的提前预演。A股市场中，四季度往 往是低估值、高股息的大盘价值股表现较 ...

- The report does not contain any specific quantitative models or factors for analysis[1][2][3] - The report primarily focuses on market trends, fund flows, and sector performance, highlighting the increased preference for dividend-paying industries amidst market volatility[5][14][19] - It provides detailed data on fund flows, including net inflows and outflows across various ETF categories such as TMT, financials, consumption, and cyclical manufacturing sectors[33][34][61] - The report also discusses the weekly performance of major indices, sector indices, and individual funds, providing percentage changes and rankings[14][15][20][56][57] - Active equity funds maintained high positions, with average positions slightly adjusted across different fund types[21][24][28] - The report includes information on newly established and issued funds, detailing their types, managers, and issuance scales[63][64][66]

本周主力资金净流入方面，农业银行、工商银行主力资金净流入超10亿元。主力资金净流出方面，本周 宁德时代、中芯国际、北方稀土、东方财富、立讯精密、赣锋锂业主力资金净流出超30亿元。 （智通财经） 本周海南自贸区概念股异动拉升，其中海峡股份周涨30.48%。消息方面，随着海南自贸区封关在即和 免签政策持续优化升级，当前已有86个国家可免签入境海南。据海口出入境边防检查总站统计，截止10 月15日16时，海南出入境人员已超过200万人次，同比增长22.4%。 智通财经10月19日讯，本周A股三大指数震荡调整，其中上证指数周跌1.47%，深成指周跌4.99%，创业 板指周跌5.71%，其中前期高位股回调较为明显。本周银行、贵金属板块涨幅居前，稀土永磁、海南自 贸区概念股表现活跃。 本周银行板块涨幅居前，其中重庆银行周涨14.19%，浦发银行周涨12.50%，农业银行周涨11.57%，农 业银行股价再创新高。消息方面，近日，中小银行又进入了新一轮降息潮。据统计，10月份以来，一批 中小银行密集下调或正在准备下调存款利率。当前银行中期业绩回升，同时消费贷贴息政策等政策支撑 强化了银行股的稳健基本面和长期红利价值。 ...

去年缴纳电费116万元，今年靠电费缴纳数据贷了200万元。 这是武威源硕节水发展有限公司负责人张春雷的亲身经历。谈起这笔贷款，他至今都还感叹着"没想 到，电费缴纳数据竟然能贷款"。 威源硕节水发展有限公司工作人员正在处理物料。新华社记者李杰 摄 武威源硕节水发展有限公司成立于2024年，主要从事滴灌带等节水农用设施生产。今年5月，中国农业 银行武威凉州支行在走访该企业时发现，该企业今年订单多，张春雷计划扩充生产线，原材料和设备采 购都需大量资金，信贷需求强烈。 企业成立时间不长，缺乏抵押资产，遭遇融资难题，张春雷并没有抱太大希望。 然而，农行武威凉州支行充分调研后，为其提供了"电费e贷"融资方案，以企业电费缴纳数据作为重要 授信依据。 仅仅1个多月，张春雷就成功获得200万元贷款，他立即就增设了新的生产线，"发展的底气更足了"。 工 作人员正在打包贴片式滴灌带。新华社记者李杰 摄 在勾文静看来，生产、销售有保障，资金用途有方向，信贷有需求，能满足这些条件就能有效防范风 险。 武 工 作人员站在操作台旁，查看设备运行状况。新华社记者李杰 摄 眼下正值生产高峰期，篮球场大小的厂房内，5条生产线齐头并进，机器轰鸣声 ...

Core Viewpoint - Multiple banks are initiating the cleanup of long-term inactive accounts, which include both personal and corporate accounts, to mitigate risks associated with money laundering and fraud, as well as to optimize resource management [2][3][4]. Group 1: Reasons for Cleanup - Long-term inactive accounts are susceptible to misuse by criminals for activities such as money laundering and telecom fraud, necessitating their removal to reduce gray areas [3]. - These accounts consume system resources and increase data storage and maintenance costs, thus cleaning them can enhance backend management and service response efficiency [3]. - Regulatory requirements mandate banks to perform customer identity verification and manage accounts that cannot be verified or have been inactive for long periods, aligning with anti-money laundering and account real-name management efforts [3]. Group 2: Consumer Risks - Long-term inactive accounts can incur management fees and annual fees, leading to gradual depletion of small balances if not monitored [4]. - Inactive accounts may be exploited by criminals, posing legal risks and credit vulnerabilities for consumers [5]. Group 3: Standards for Inactive Accounts - Different banks have varying criteria for defining "long-term inactive accounts," with examples including: - Industrial Bank defines it as accounts with a balance of 10 yuan or less and no transactions for over 365 days [6]. - New Feng Rural Commercial Bank considers accounts inactive if there have been no transactions for over three years and the balance is zero [6]. - Bank of China (Hainan branch) identifies accounts with no transactions in three years and a balance of 10 yuan or less as inactive [6]. - Jiuquan Rural Commercial Bank sets the threshold at two years of inactivity with a balance of 100 yuan or less [6]. Group 4: Variability in Standards - The differences in standards among banks stem from their autonomy in execution and varying risk preferences, with larger banks often adopting more cautious approaches compared to smaller banks [7]. - Some banks are extending the cleanup to corporate accounts and online channels, indicating a broader scope of the initiative [7]. Group 5: Regulatory Evolution - The current cleanup initiative reflects a shift from focusing on physical cards to managing account behaviors, indicating a deeper regulatory approach to account lifecycle management [8][9]. - The emphasis has transitioned from merely addressing card redundancy to ensuring the authenticity, activity, and traceability of accounts, highlighting an upgrade in regulatory requirements [9].

Group 1: Industry Investment Rating - No industry investment rating is provided in the report. Group 2: Core Viewpoint - The report presents a weekly data tracking of secondary capital bonds from October 13, 2025, to October 17, 2025, covering primary market issuance, secondary market trading, and valuation deviation of individual bonds [1]. Group 3: Summary Based on Related Catalogs Primary Market Issuance - One new secondary capital bond was issued in the inter - bank and exchange markets this week, with an issuance scale of 4.5 billion yuan, a maturity of 10 years. The issuer is a local state - owned enterprise in Jiangsu Province with a subject rating of AAAspc [1][6]. Secondary Market Trading - **Trading Volume**: The total weekly trading volume of secondary capital bonds was approximately 166.8 billion yuan, an increase of 122.3 billion yuan compared to last week. The top three bonds in terms of trading volume were 25 ICBC Secondary Capital Bond 02BC (6.075 billion yuan), 25 BOC Secondary Capital Bond 01BC (5.131 billion yuan), and 25 CCB Secondary Capital Bond 01BC (5.024 billion yuan) [2]. - **Regional Trading Volume**: The top three regions in terms of trading volume were Beijing, Shanghai, and Guangdong, with trading volumes of approximately 129 billion yuan, 12.3 billion yuan, and 6.8 billion yuan respectively [2]. - **Yield to Maturity**: As of October 17, the yield - to - maturity changes of 5Y secondary capital bonds with ratings of AAA -, AA +, and AA compared to last week were - 7.98BP, - 7.12BP, and - 7.12BP respectively; for 7Y bonds, the changes were - 9.74BP for all three ratings; for 10Y bonds, the changes were - 9.29BP, - 8.58BP, and - 8.58BP respectively [2][11]. 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 this week. The proportion of discount trading was greater than that of premium trading, and the discount range was larger than the premium range [3]. - **Discount Bonds**: The top three bonds with the highest discount rates were 20 Fuxin Bank Secondary 01 (- 15.2060%), 17 Yanbian Rural Commercial Secondary 02 (- 2.5373%), and 22 Chengdu Rural Commercial Secondary 01 (- 0.7800%). The majority of ChinaBond implied ratings were AAA -, AA +, and A +, and the bonds were mainly distributed in Beijing, Guangdong, and Shanghai [3][13]. - **Premium Bonds**: The top three bonds with the highest premium rates were 22 Chouzhou Commercial Bank Secondary Capital Bond 01 (0.2822%), 21 Jinshang Bank Secondary 01 (0.2143%), and 21 Huishang Bank Secondary 01 (0.1652%). The majority of ChinaBond implied ratings were AAA -, AA, and AA +, and the bonds were mainly distributed in Beijing, Guangdong, and Shanghai [3][14].

Core Insights - The article highlights the financial support provided by Agricultural Bank of China to Gansu Jiabingyun Animal Husbandry Co., Ltd., which received a loan of 10 million yuan for the fifth consecutive year, aiding in operational cash flow during the forage purchasing season [1] - The establishment of a liquid milk production base by Inner Mongolia Yili Industrial Group in Gansu province has attracted dairy farming enterprises, including Gansu Jiabingyun, to the region due to favorable conditions for dairy farming [1] - The introduction of innovative financing solutions, such as "live livestock mortgage loans," has enabled the company to secure funding despite lacking core asset collateral, showcasing the bank's proactive support for the agricultural sector [6] Company Overview - Gansu Jiabingyun Animal Husbandry Co., Ltd. operates in a region with abundant forage resources and favorable climate conditions for dairy farming, which enhances its operational efficiency [1] - The company utilizes advanced technology, including AI for livestock monitoring, which reduces costs and minimizes stress on dairy cows, thereby improving milk production [6][8] - The company has benefited from continuous credit support from Agricultural Bank, which has helped it navigate challenging market conditions in the dairy industry [6] Industry Context - The dairy farming industry in Gansu province is experiencing a gradual recovery, supported by financial institutions and favorable local conditions [6] - Agricultural Bank has provided credit support to nine dairy farming enterprises in Gulang County, achieving a credit coverage rate of 81% and disbursing a total of 228 million yuan to the dairy farming sector [8] - The bank aims to enhance the convenience of loan access for farmers and agricultural enterprises by exploring ways to streamline the financing process across the industry [8]

Core Viewpoint - The trend of banks discontinuing certain functions of telephone banking is part of a broader digital transformation strategy aimed at enhancing security, reducing operational costs, and adapting to changing customer behaviors [1][3][4]. Group 1: Bank Announcements - Zhejiang Commercial Bank announced it will discontinue personal deposit transaction services via telephone banking on November 14, 2025, including various types of fund transfers [1]. - Other banks, such as Industrial Bank, China Merchants Bank, Minsheng Bank, and Agricultural Bank, have also phased out various telephone banking functions in recent years, including fund transfers and loan services [2]. Group 2: Industry Trends - The shift away from telephone banking is driven by the increasing prevalence of digital channels like mobile banking, which are seen as more secure and efficient for managing financial transactions [3]. - According to the "2024 China Digital Banking Survey Report," the usage rate of telephone banking has decreased to 25%, down 3% year-on-year, while mobile banking usage has risen to 88%, an increase of 2 percentage points from the previous year [3][4].

Core Viewpoint - The grain collection, drying, and storage efforts in Shandong are being actively supported by banks and insurance institutions to ensure farmers receive timely payments for their grain sales [1] Group 1: Grain Collection and Storage Efforts - Shandong's grain collection and drying operations are in full swing, with banks and insurance companies increasing financing support [1] - In Huantai County, a grain drying and storage company is intensifying its efforts to dry corn, which has led to significant financial pressure due to the need for large-scale purchases of wet corn [3] Group 2: Financial Support Initiatives - To alleviate the financial challenges faced by grain drying and storage enterprises, the Agricultural Bank of China in Huantai County has launched a "Grain Purchase Fund Loan" in collaboration with local government [5] - The Agricultural Bank of China in Shandong has mobilized 3.3 billion yuan in credit funds specifically to support autumn grain purchases, with 2.3 billion yuan already disbursed to grain purchasing enterprises [6]