在天津市武清区，一种新型的科创企业融资模式在服务传统产业转型中发挥着重要作用。位于武清区的 天津博顿电子有限公司生产车间，无尘生产线洁净如新，自动化流水线匀速运转。工人们戴着防静电手 环，指尖精准插拔汽车电子线束，电子扳手拧螺丝时发出清脆"咔嗒"声。检测工位上，工程师紧盯仪 器，逐一测试扬声器与电控模块，合格产品被贴上追溯二维码整齐下线。 怎么办？在传统融资模式下，没有抵押物，金融机构很难为企业提供融资支持。近年来，针对科技金融 领域的痛点堵点，农业银行陆续出台了多项扶持科技金融的差异化政策及配套产品。2022年，农行天津 武清支行在了解到企业需求后，积极与企业建立信贷合作关系，为博顿电子提供1500万元信贷支持，以 企业名下一厂房足值抵押担保模式解决企业日常经营周转、货款支付等资金需求，为企业稳健运营筑牢 金融根基。 随着博顿电子在科创领域的持续突破与市场份额的稳步扩张，金融机构又敏锐捕捉企业发展的新需求。 农行天津武清支行客户部经理夏煜坤带队上门走访企业，主动为其适配科创贷款差异化政策，将企业授 信额度提升至2000万元，更将担保方式优化为信用方式，同步匹配科创贷款优惠利率。这一"量体裁 衣"的金融支持， ...

今年以来，农行滨河支行已为行动不便、高龄、患病等特殊客户提供上门服务二十余次。通过建立快速 响应机制、配备便携设备、规范服务流程，切实解决客户无法亲临网点的业务办理难题。 下一步，该行将继续优化特殊客户服务模式，延伸金融服务触角，在合规前提下为有需要的群众提供更 便捷、更温暖的服务体验，积极践行"金融为民"的责任担当。 近日，一位市民焦急地走进农行济南滨河支行，反映其年过八旬的父亲因社保卡密码锁定无法取款买 药，且老人长期卧床，无法到网点办理业务。了解情况后，支行立即启动应急服务机制，安排两名工作 人员携带移动设备，上门为客户办理密码重置业务。 在老人家中，工作人员耐心协助老人完成身份验证、电子签名等流程，并细致讲解密码设置及用卡注意 事项。考虑到老年人金融安全防范需求，工作人员还结合常见案例，向老人普及了防范电信诈骗相关知 识。 "谢谢你们专门跑一趟，真是帮了我们大忙！"业务办理完成后，老人及家属对支行高效、暖心的服务表 示感谢。 ...

Core Viewpoint - Agricultural Bank of China Jinan Port West Branch actively fulfills its social responsibility by providing financial services and knowledge to cleaning staff in office buildings, ensuring their legal rights are protected [1] Group 1: Service Initiatives - The bank collaborates with property management to set up temporary service points during the cleaning staff's break times, utilizing a "mobile smart terminal + on-site guidance" service model [1] - Staff assist cleaning personnel in opening salary accounts and provide on-site guidance for basic operations such as account inquiries and password changes [1] Group 2: Financial Education - The financial knowledge dissemination includes a three-dimensional education model using "case warnings + illustrated manuals + scenario simulations," focusing on prevalent risks like telecom fraud and illegal fundraising [1] - Real cases are used to explain the characteristics of scam tactics, and on-site demonstrations highlight the risks associated with transfer operations [1] Group 3: Outcomes and Future Plans - The initiative successfully opened salary accounts for 10 cleaning staff and distributed over 20 prevention guides [1] - The bank plans to continue its "customer-centric" service philosophy, exploring innovative service methods to provide quality and efficient financial services to more special groups [1]

Core Insights - Agricultural Bank of China (ABC) is expected to underwrite over 2 trillion yuan in local government bonds and credit bonds by 2025, representing a 26% year-on-year increase [1] - The bank's underwriting of credit bonds is projected to exceed 600 billion yuan, marking a 45% year-on-year growth [1] - ABC has also underwritten nearly 1.7 trillion yuan in national bonds and policy financial bonds, reflecting a 14% year-on-year increase [1] Group 1: Credit Bonds and Rural Revitalization - ABC is focusing on inclusive finance, guiding financial resources to support rural revitalization, with 462 million yuan in rural revitalization bonds underwritten from 2021 to 2025 [1] - The bank has actively participated in the market for technology innovation bonds, underwriting nearly 80 billion yuan to support the growth of innovative enterprises [1] Group 2: Green Finance Initiatives - ABC has enhanced its green finance capabilities, underwriting over 80 billion yuan in various green bonds, positioning itself among the market leaders [1] - The bank has also underwritten the first batch of "green + technology + two new" bonds, significantly supporting the development of green industries [1] Group 3: Social Welfare and Pension Finance - ABC has innovated in pension finance service models, underwriting the first pension bonds in the market, creating new financing pathways for the pension industry [1] - As a key player in the interbank bond market, ABC is committed to its mission as a state-owned bank, directing financial resources to critical sectors of the real economy [1]

证券研究报告·固定收益·固收点评 固收点评 20260131 二级资本债周度数据跟踪 （20260126-20260130） [Table_Tag] [Table_Summary] 观点 ◼ 一级市场发行情况： 本周（20260126-20260130）银行间市场及交易所市场无新发行二级资本 债。 ◼ 二级市场成交情况： 本周（20260126-20260130）二级资本债周成交量合计约 2994 亿元，较 上周减少 348 亿元，成交量前三个券分别为 25 中行二级资本债 02BC （179.10 亿元）、25 农行二级资本债 04A（BC）（147.41 亿元）和 25 中行二级资本债 03A（BC）（110.91 亿元）。 分发行主体地域来看，成交量前三为广东省、山东省和山西省，分别约 为 2331 亿元、216 亿元和 140 亿元。 从到期收益率角度来看，截至 1 月 23 日，5Y 二级资本债中评级 AAA-、 AA+、AA 级到期收益率较上周涨跌幅分别为：-1.62BP、-0.15BP、- 1.15BP；7Y 二级资本债中评级 AAA-、AA+、AA 级到期收益率较上周 涨跌幅分别为：3.09B ...

Core Viewpoint - Multiple banks in China are holding meetings to summarize their 2025 operations and plan for 2026, focusing on high-quality development and aligning with national strategies [1][2]. Group 1: Policy Banks - Policy banks are crucial for implementing national development strategies, with the China Export-Import Bank emphasizing political responsibility and enhancing core competitiveness in overseas operations [1]. - State-owned banks are committed to high-quality development, integrating this focus into all operational processes to support national policies and contribute to the "14th Five-Year Plan" [1]. Group 2: Major Commercial Banks - Major banks are prioritizing their core responsibilities, with the Agricultural Bank of China focusing on supporting rural revitalization and urban-rural integration [2]. - The Bank of China aims to enhance global capabilities in product services, marketing, and compliance, while the China Construction Bank is shifting its focus to support modern industrial systems and high-level opening-up [2]. - Banks like ICBC and Agricultural Bank emphasize the integration of investments in both physical and human capital, while the China Construction Bank is committed to sustainable development and regional coordination [2]. Group 3: Joint-Stock Banks - Joint-stock banks are focusing on leveraging their unique advantages to improve operational efficiency, with Everbright Bank aiming for steady revenue growth and enhanced customer value [3]. - Ping An Bank is focusing on seizing strategic opportunities and integrating technology as a core driver for development [3]. - Risk management remains a priority, with banks emphasizing the importance of a robust asset safety framework and the role of technology in risk prevention and management [3].

Core Insights - The implementation of the new regulations on merger loans has led to increased demand for acquisition financing, particularly in the technology and green sectors [1][2] - The introduction of "equity acquisition loans" has become a focal point for market innovation, prompting banks to explore new opportunities while facing heightened risk management requirements [1][6] Group 1: Market Dynamics - The new regulations have revitalized the merger loan business, with major banks like Industrial and Commercial Bank of China (ICBC) quickly launching compliant acquisition loan products across various provinces [2] - The demand for merger loans is driven by the need for consolidation among state-owned enterprises and large investment firms, as well as the increasing management needs of quality listed companies [2][3] - Competition among banks for high-quality projects has intensified, with multiple banks often participating in the approval process for the same project [3] Group 2: Regulatory Impact - The new regulations set tiered standards for conducting merger loans, with higher thresholds for equity acquisition loans, which may limit access for smaller banks [4] - Major banks have the advantage of robust capital and risk management capabilities, allowing them to quickly implement new loan products, while smaller banks tend to focus on local businesses and conservative lending practices [4] Group 3: Loan Structure and Risk - The new regulations allow for equity acquisition loans, which require a minimum stake of 20% in the target company, thus lowering barriers while ensuring strategic alignment [6] - The maximum loan-to-value ratio for equity acquisition loans is set at 60%, compared to 70% for control-type loans, reflecting a cautious regulatory approach to mitigate risks [6][7] - Banks face unique risks with equity acquisition loans, including potential information asymmetry and limited decision-making power, necessitating stricter risk assessment and management protocols [7][8] Group 4: Risk Management Strategies - Banks are advised to enhance their risk management frameworks, focusing on thorough due diligence, compliance monitoring, and ongoing evaluation of target companies post-acquisition [8] - A specialized management team with expertise in merger financing is recommended to ensure effective implementation of risk control measures across all stages of the loan process [8]

2025年银行的工作成效如何？2026年经营业务将如何安排？ 《国际金融报》记者注意到，1月下旬以来，六家国有大行、多家股份行和中小银行密集召开了 2026年度工作会议，承前启后，为迎接"十五五"开局之年做好布局。分机构类型来看，国有大行布局更 为全面，股份行立足优势追求差异化发展，中小银行则更侧重地方经济和改革化险。 例如，光大银行称，将坚持错位发展打造特色优势，推动营收稳健增长，提升客户经营价值，推动 存款成本改善，促进金市业务专业化经营，着力提高财富管理、投行、托管业务等中间业务收入贡献， 持续做好为基层赋能服务，加快推动数字化智能化转型。 平安银行则表示，将坚定贯彻党建引领业务发展，紧跟国家发展方向，积极融入集团"综合金融 +医疗养老"战略，锚定"全面深化改革落地、全效发挥综金优势、全力改善业绩表现"的发展目标，围 绕"两个坚持、两个把握"，即坚持"零售做强、对公做精、同业做专"战略不动摇；坚持降本增效、从严 治行要求不放松；把握"十五五"战略机遇，发掘新形势下银行发展新动能；把握科技革命时代机遇，将 科技战略作为银行发展核心驱动力，全面提升经营质效。 华夏银行称，2026年全行要紧紧围绕主要经营目标 ...

银行是金融系统的重要组成部分。据《证券日报》记者梳理，目前已有多家银行（涵盖政策性银行、国 有大型商业银行、全国性股份制银行）陆续召开2026年经营管理工作会议，梳理总结2025年工作，并结 合当前形势，部署安排2026年工作举措，为新的一年谋好篇、布好局、开好头、起好步。 政策性银行是落实国家发展战略的重要平台。中国进出口银行会议要求，强化政治担当，做优业务专 长，积极践行职责使命。持续巩固政策性业务主体地位，提升境外业务核心竞争力，全力落实新型政策 性金融工具投放。 作为我国金融体系的"压舱石"，多家国有大型商业银行充分发挥责任担当，锚定"做优做强"，把高质量 发展要求融入经营管理的全流程中，以更加精准有力的金融服务，落实好党中央各项决策部署，为"十 五五"开好局、起好步贡献力量。 多家大行均强调聚焦主责主业，突出优势业务。例如，农业银行（601288）会议要求，要始终把服 务"三农"作为重中之重，全力支持乡村全面振兴和城乡融合发展；中国银行（601988）会议要求，持续 提升全球布局能力、全球产品服务能力、全球一体化营销能力、跨境人民币业务能力、全球化科技保障 能力、全球合规管理能力和参与全球金融治理能 ...

格隆汇1月30日丨农业银行(01288.HK)公告，本行收到《国家金融监督管理总局关于张洪武农业银行董 事任职资格的批覆》(金覆[2026]50号)。根据相关规定，张洪武担任本行非执行董事的任职已生效。 ...