转自：新华财经 新华财经上海7月27日电（记者 王淑娟）中国农业银行亮相2025世界人工智能大会，展示其"AI+金融"最新实践成果。 记者在现场看到，农行展厅主要分为"AI+金融专区"及"技术底蕴专区"。其中，"AI+金融专区"通过全景体验墙与互动场景，生动呈现人工智能在普惠零售贷 款全流程中的应用。例如，"AI+普惠零售贷款"使用裸眼3D技术，通过人工智能技术实现精准获客和高效办贷，满足果农、种植大户、养殖户、科创小企业 主的资金需求；"AI+卫星遥感"让观众沉浸式体验作物分析、灾害评估和工程监测等场景应用；"AI+惠农e贷"将人工智能技术与"惠农e贷"深度融合，让观众 身临其境体验"无接触办贷"的便捷业务流程；"AI+客户服务"借助多语种实时翻译功能，打破语言壁垒，叠加语音问答和3D虚拟数字人，极大提升了服务交 互感。 "技术底蕴专区"聚焦AI背后的科技竞争力，展示了农业银行人工智能技术体系和"三地六中心算力布局"等成果。 此外，该行还开展"123＋"科技企业专项服务行动，截至7月25日，该行已走访科技企业1127家，"建档立卡"覆盖率达到85%，排摸企业需求超1100项，为多 家人工智能全产业链头部客户 ...

Investment Rating - The report does not explicitly provide an investment rating for the banking sector Core Insights - The banking wealth management market showed stable growth in the first half of 2025, with a total scale of 30.67 trillion yuan, a year-on-year increase of 7.53% [1] - Cash management products continued to decline, with a scale of 6.4 trillion yuan, down 14.55% year-on-year, attributed to lower deposit rates and regulatory policies [1] - The market share of wealth management companies increased, with 32 companies holding 89.61% of the market by the end of Q2 2025, up 1.8 percentage points from the end of the previous year [2] - The asset allocation in wealth management products shifted, with a decrease in credit bond allocation and a notable increase in public fund allocation, which rose to 4.2% [3] - The average annualized yield of wealth management products was 2.12%, a decrease of 53 basis points compared to 2024, indicating a low-interest-rate environment [4] - The proportion of sales through parent banks has decreased to around 65%, as companies expand their distribution channels [5][8] Summary by Sections 1. Wealth Management Market Overview - As of the end of Q2 2025, the total scale of wealth management products reached 30.67 trillion yuan, with a year-on-year growth of 7.53% [1] - Cash management products saw a significant decline, with a scale of 6.4 trillion yuan, down 14.55% year-on-year [1] 2. Market Structure - The market share of wealth management companies increased to 89.61%, reflecting a concentration of market power among leading firms [2] 3. Asset Allocation - The allocation to credit bonds decreased, while public funds saw a significant increase, indicating a shift in investment strategy [3] 4. Yield Trends - The average annualized yield of wealth management products fell to 2.12%, continuing a downward trend since 2023 [4] 5. Distribution Channels - The share of sales through parent banks has decreased to approximately 65%, as firms diversify their distribution strategies [5][8] 6. Sector Outlook - The banking sector is expected to benefit from policy catalysts, with specific banks like Ningbo Bank, Postal Savings Bank, and others highlighted as potential investment opportunities [9]

Group 1 - Agricultural Bank of China (601288) closed at 6.18 yuan on July 25, 2025, down 0.64% from 6.22 yuan the previous week [1] - The bank's market capitalization is currently 21628.95 billion yuan, ranking 3rd among state-owned large banks and 4th among 5148 A-shares [1] - The highest intraday price recorded on July 23 was 6.3 yuan, while the lowest was 6.07 yuan [1] Group 2 - Wang Dajun has officially taken up the position of Vice President of Agricultural Bank of China [2][3] - Xiao Xiang has retired due to age and has resigned from the position of non-executive director and related committee roles as of July 23, 2025 [2][3] - The bank has completed the issuance of 600 billion yuan in secondary capital bonds, divided into two types: a 10-year fixed-rate bond of 400 billion yuan at an interest rate of 1.92% and a 15-year fixed-rate bond of 200 billion yuan at an interest rate of 2.12% [2][3]

摘要 折价幅度靠前 AA 城投债（主体评级）中，"20 淮南建发 MTN003"估值价格偏离程度最大。净价跌幅靠前 50 只个券中， "23 黄石城发 MTN005"估值价格偏离幅度最大。净价上涨幅度靠前 50 只个券中，"19 昆租 02"估值价格偏离幅度最 大。净价上涨幅度靠前 50 只二永债中，"24 浦发银行二级资本债 01B"估值价格偏离程度最大。 风险提示 统计数据偏差或遗漏，高估值个券出现信用风险 敬请参阅最后一页特别声明 1 扫码获取更多服务 固定收益动态(动态) 图表1：折价幅度靠前 AA 城投债（主体评级） | 债券名称 | 剩余期限 | 估值价格 | 估值净价 | 估值收益率 | 当日估值 | 票面利率 | 隐含 | 主体 | 成交日期 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | (年) | 偏离(%) | (元) | 偏离(bp) | 收益(%) | (%) | 评级 | 评级 | | | 20 淮南建发 MTN003 | 0.28 | -0.59 | 100.64 | 8.18 | 1.73 ...

固收点评 20250726 证券研究报告·固定收益·固收点评 二级资本债周度数据跟踪 （20250721-20250725） [Table_Tag] [Table_Summary] 观点 ◼ 一级市场发行与存量情况： 本周（20250721-20250725）银行间市场及交易所市场共新发行二级资本 债 6 只，发行规模为 1099.00 亿元。发行年限为 10Y、15Y；发行人性 质为大型民企、中央金融企业；主体评级为 AAA、AA；发行人地域为 广东省、北京市、浙江省。 截至 2025 年 7 月 25 日，二级资本债存量余额达 47,596.35 亿元，较上 周末（20250718）增加 1,085.0 亿元。 ◼ 二级市场成交情况： 本周（20250721-20250725）二级资本债周成交量合计约 2881 亿元，较 上周增加 454 亿元，成交量前三个券分别为 25 农行二级资本债 02B(BC) （200.17 亿元）、25 工行二级资本债 01BC（196.91 亿元）和 25 中行 二级资本债 01BC（172.39 亿元）。 分发行主体地域来看，成交量前三为北京市、上海市和福建省，分别约 为 ...

Core Viewpoint - The development of new agricultural productivity is essential for promoting agricultural modernization and achieving comprehensive rural revitalization, with a focus on technological innovation and financial support [3][4][5]. Group 1: Agricultural New Productivity - Agricultural new productivity involves applying modern technologies and models to enhance high-quality agricultural development, which is necessary for transitioning from a major agricultural country to a strong agricultural nation [3]. - The Chinese government emphasizes the importance of technology-driven innovation in agriculture, as outlined in the 2025 Central Document No. 1, which calls for the development of new agricultural productivity tailored to local conditions [3]. Group 2: Financial Support for Agricultural Technology - Financial institutions play a crucial role in supporting agricultural technology enterprises, as highlighted by the recent implementation opinions from seven ministries, which stress the need for a positive financial cycle in agricultural technology [3][8]. - Agricultural Bank of China has signed a strategic cooperation agreement with Tianma Technology to provide credit support, enhancing the company's competitive edge and promoting high-quality development in the marine economy [8][10]. Group 3: Tianma Technology's Role in Eel Farming - Tianma Technology, a leading eel farming enterprise, has developed proprietary feed technology that significantly reduces costs and breaks foreign monopolies, showcasing the high technological value in eel farming [5][6]. - The company operates 76 ecological eel farming bases across several provinces, with plans to increase eel production to 15,800 tons in 2024, positioning itself as the largest eel farming entity globally [6][8]. Group 4: Challenges in Eel Breeding - Despite advancements, the artificial breeding of eels remains a challenge due to the specific environmental conditions required for their reproduction, necessitating further research and collaboration with academic institutions [7][8]. Group 5: Agricultural Bank's Commitment to Rural Development - Agricultural Bank of China focuses on supporting rural revitalization and enhancing the income of farmers through various financial products, including a credit model that combines collateral and credit for local aquaculture farmers [9][10]. - The bank's loans for agricultural projects and rural development have shown significant growth, with a strong emphasis on supporting traditional manufacturing and emerging industries [10][11].

Core Insights - The shift from "interest rate competition" to "credit limit competition" is becoming a significant strategy for banks to capture the consumer loan market [1] - Banks are upgrading their consumer loan products, offering limits exceeding 1 million yuan, with some products allowing for a repayment period of up to 10 years [1][5] - The government is encouraging financial institutions to increase consumer loan issuance while maintaining risk control [4][9] Consumer Behavior - Consumers are increasingly applying for higher consumer loan limits, with individuals like Sun Yao successfully obtaining 1 million yuan loans to avoid the hassle of multiple applications [2][3] - Many consumers view these loans not as a sign of financial distress but as a strategic financial planning tool, using low-interest loans for daily expenses while keeping investments intact [2][3] Bank Product Offerings - Major banks such as China Construction Bank and Agricultural Bank of China have introduced various consumer loan products with high limits and competitive interest rates, targeting high-quality clients [5][6][7] - Agricultural Bank's "House Mortgage e-loan" offers up to 10 million yuan for business owners, while Postal Savings Bank's "Postal Enjoy Loan" has a maximum limit of 1 million yuan [6][7] - Local banks are also entering the market with competitive offerings, such as Harbin Bank's and Hunan Bank's mortgage-backed consumer loans, with limits ranging from 3 million to 5 million yuan [8][9] Regulatory Environment - The State Council has issued guidelines to encourage financial institutions to increase personal consumer loan issuance while ensuring risk is manageable [4] - The upper limit for self-paid personal consumer loans has been raised from 300,000 yuan to 500,000 yuan, and loan terms have been extended from 5 years to 7 years [5] Risk Management - Banks are implementing strict risk controls and setting high thresholds for loan approvals, focusing on high-net-worth individuals and existing customers [1][9] - The evaluation of loan applications heavily relies on personal income, debt levels, and property valuations, ensuring that banks maintain a robust risk management framework [9]

Regulatory Voice - The People's Bank of China and the Ministry of Agriculture and Rural Affairs issued an opinion to enhance financial services for rural reforms and promote comprehensive rural revitalization, focusing on meeting the financial needs of new urban residents in housing, education, healthcare, and elderly care [1] Industry Focus - The average deposit interest rates for banks have decreased, with the 3-month term falling to 0.949%, a drop of 5.5 basis points from May. Other terms also saw declines, with the 6-month term at 1.156%, 1-year at 1.287%, 2-year at 1.372%, 3-year at 1.695%, and 5-year at 1.538% [3] Corporate Dynamics - The Trading Association is conducting a self-regulatory investigation into Guangfa Bank for suspected price manipulation during the issuance of secondary capital bonds [4] - Hongkang Life Insurance has increased its stake in Zhengzhou Bank to 8.04% after three rounds of purchases, investing nearly 800 million HKD [5] - CITIC Financial Assets has raised its stake in Everbright Bank from 7.08% to 8.00%, acquiring a total of 264 million A-shares and 279 million H-shares [6][7] - China Bank appointed Yang Jun as vice president, pending approval from the National Financial Regulatory Administration [8] - Agricultural Bank confirmed the appointment of Wang Dajun as vice president after receiving regulatory approval [9] - Minsheng Bank announced the retirement of vice president Shi Jie and the appointment of Li Wenshi as his successor, effective upon regulatory approval [10]

Core Points - The Shanghai Composite Index decreased by 0.33%, while the Shanghai Central Enterprises 50 Index fell by 0.72%, closing at 1806.12 points with a trading volume of 93.634 billion yuan [1] - The Shanghai Central Enterprises 50 Index has increased by 2.24% over the past month, 6.69% over the past three months, and 2.24% year-to-date [1] - The index is composed of the top 50 listed companies controlled by the State-owned Assets Supervision and Administration Commission and the Ministry of Finance, based on average market capitalization and trading volume over the past year [1] Index Composition - The top ten weighted companies in the Shanghai Central Enterprises 50 Index are: China Merchants Bank (11.04%), Yangtze Power (7.04%), CITIC Securities (5.83%), Industrial and Commercial Bank of China (5.26%), Bank of Communications (4.15%), Agricultural Bank of China (3.94%), SMIC (3.63%), Beijing-Shanghai High-Speed Railway (3.29%), China Shenhua Energy (2.55%), and China State Construction Engineering (2.42%) [1] - The index is fully represented by companies listed on the Shanghai Stock Exchange [1] Industry Breakdown - The industry composition of the index includes: Finance (41.47%), Industry (22.86%), Public Utilities (10.67%), Energy (7.50%), Communication Services (6.37%), Information Technology (5.14%), Materials (3.42%), Consumer Discretionary (1.37%), and Real Estate (1.19%) [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - New samples are prioritized for inclusion if they rank within the top 40, while existing samples ranked within the top 60 are generally retained [2]

凤凰网财经讯 近日，财富中文网发布了2025年《财富》中国500强排行榜和2025年中国500强最赚钱公司、2025年中国500强亏损公司等多个榜单。 33家银行登上《财富》中国500强 榜单显示，共有43家银行保险机构登上500强排行榜。其中银行共33家，与去年相比增加5家，分别是广州农商行、天津银行、成都农商行、哈尔滨银行 和青岛银行。 保险方面，中国平安今年跻身前十，去年排第13位；友邦排名第22位，太平洋排名第24位，中国人保排名第26位。 此外，江苏银行、北京银行、宁波银行和上海银行等城商行均进入榜单前200强，排名分别为第162位、第172位、第186位和第193位。成都银行排名较上 年上升最多，共提升35名，至324位；杭州银行、微众银行、重庆银行排名均提升超过20个名次，分别排名238位、261位、425位。郑州银行下降8位，卡 线上榜，位列第500位。 另有10家保险机构上榜，中国人寿超越中国平安，位居险企榜首位，总榜单第12位；新华人寿排名则超越中国再保险及阳光保险，位居总榜第129位。同 时，新华人寿也是唯一进入500强亏损榜的银保机构。 新华人寿进入亏损榜 2025年中国500强最赚钱 ...