记者丨 郭聪聪 编辑丨肖嘉 轻松拿钱还能不用还？这样的 "好事" 让不少想不劳而获的人甘愿背上债务，却在不知不觉中 跌入巨额债务的深渊。 7月21日，金融监管总局发布风险提示，直指近期社会上出现的 "职业背债" 骗局，这类骗局往 往以 "快速致富""无需偿还债务" 为诱饵。 黄某的首笔"包装贷"是一笔总额34万元的房贷。贷款中介陈某先是找到当地炒房客，将一套市 场价仅20万元左右的二手房以近两倍的高价"卖"给黄某。在这个过程中，陈某等人为黄某伪造 了职业信息，将其包装成"当地某建设公司"员工，并开具虚假收入证明。凭借这些伪造材料， 加上房贷中介代办的过户手续和银行贷款流程，黄某顺利从农业银行贷出了这笔34万元的房 贷。这笔低买高卖的房产交易，成为黄某背债之路的开端。 尝到甜头后，贷款中介和黄某开始继续借助黄某信用白户的身份优势，接连炮制出多笔贷款。 在贷款中介的指导下黄某伪造了房屋装修现场，加上伪造的工作流水等材料，黄某又先后从农 业银行和当地农商行骗取了两笔"装修贷"，金额分别为3.5万元和6万元。 在第三笔贷款到账仅仅十天后，贷款中介就迫不及待地安排黄某申请第四笔贷款。这次他们打 起了"农户贷"的主意：先 ...

Industry Investment Rating - The industry investment rating is maintained at "Outperform the Market" [1][27]. Core Viewpoints - Despite a recent pullback in bank stock prices, the long-term positive outlook for the banking sector remains intact due to several factors, including expected marginal improvements in fundamentals and ongoing valuation recovery driven by increased capital inflows [2][21]. Summary by Relevant Sections Recent Market Performance - Since July 11, bank stock prices have experienced a notable decline, with the banking index down 3.41% as of July 18. This pullback is attributed to strong prior gains, profit-taking by investors, and short-term selling pressure from dividend-related strategies [2][12]. Fundamental Improvements - The first half of 2025 is expected to reflect some marginal improvements in bank performance, driven by stabilized net interest margins, improved non-interest income, and a favorable asset quality outlook [2][13][14]. - Net interest margins are projected to stabilize due to easing credit supply-demand imbalances and the expiration of high-interest deposits [17]. - Non-interest income is anticipated to improve as the decline in management fees narrows and the bond market recovers [17]. Valuation Recovery - The banking sector's valuation recovery is expected to continue, supported by low interest rates and a scarcity of attractive assets, making bank stocks appealing due to their high dividend yields [18][20]. - As of July 18, the banking sector's dividend yield stands at 4.47%, with a price-to-book (PB) ratio of 0.73, indicating a low valuation compared to other sectors [20]. - The influx of incremental capital, including long-term funds and public fund reforms, is likely to sustain the valuation recovery trend in the banking sector [20][21]. Investment Recommendations - The report recommends focusing on quality regional small banks such as Chengdu Bank and Changshu Bank, as well as major state-owned banks including Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, and Postal Savings Bank of China [21].

Core Insights - The State Administration of Foreign Exchange (SAFE) has reported significant progress in foreign exchange business reform, with 22 banks now participating in the initiative, which aims to enhance cross-border trade and investment facilitation [1][2] Group 1: Bank Participation - The 22 participating banks include 4 large banks, 9 joint-stock banks, 4 city commercial banks, and 5 foreign banks, indicating a diverse representation across the banking sector [2] - New entrants to the foreign exchange business reform this year include major banks such as China Construction Bank and foreign banks like Standard Chartered and JPMorgan [2] Group 2: Reform Impact - The foreign exchange business reform has streamlined processes, reducing the average time for quality clients to complete foreign exchange transactions by over 50%, thus providing tangible benefits to enterprises [3] - The number of classified quality clients has increased by 23% compared to the end of 2024, with over $200 billion in cross-border payment transactions processed based on client instructions this year [3] Group 3: Policy Framework - The foreign exchange business reform is a key component of the "more integrity, more convenience" policy framework, which aims to enhance foreign exchange services for the real economy [4] - The reform includes a focus on supporting technology-driven and small enterprises, optimizing due diligence processes, and establishing evaluation mechanisms for foreign exchange management policies [4]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容所產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 （於 百 慕 達 註 冊 成 立 之 有 限 公 司） （股份代號：2886） 自願性公告 獲得中國農業銀行貸款支持 本 公 告 乃 濱 海 投 資 有 限 公 司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」） 自 願 作 出。 本 公 司 董 事 會（「董事會」）欣 然 宣 佈，本 公 司 全 資 附 屬 公 司 天 津 泰 達 濱 海 清 潔 能 源 集 團 有 限 公 司 已 經 獲 得 中 國 農 業 銀 行 股 份 有 限 公 司（「中國農 業銀行」）提 供 的 共 計 兩 億 元 人 民 幣 中 期 流 動 貸 款（「本次貸款」），利 率 明 顯低於一年期貸款市場報價利率(LPR)，較 本 集 團 其 他 同 類 型 貸 款 存 在 較 大 優 勢。本 公 司 全 資 附 屬 公 司 濱 海 投 資（天 津）有 ...

Core Points - Agricultural Bank of China (ABC) demonstrates its "customer-first" service philosophy through a recent interaction with a foreign client, showcasing effective communication and professional service [1][2] - The staff utilized translation devices and clear English communication to assist the foreign client in withdrawing cash and learning mobile banking operations, ensuring a smooth service experience [1] - The experience highlights the bank's commitment to cross-cultural communication and its dedication to providing warm and efficient financial services to all clients [2] Summary by Sections Service Experience - A foreign client from the UK received exceptional service at the Agricultural Bank of China, where staff quickly addressed language barriers using translation devices and clear communication [1] - The lobby manager acted as a "financial guide," facilitating the client's cash withdrawal and mobile banking training with detailed explanations and step-by-step demonstrations [1] Customer Feedback - The foreign client expressed gratitude for the service, noting the sincerity and professionalism of the staff, which transcended language differences [2] - The lobby manager responded with appreciation, reflecting the warmth and connection established during the interaction [2] Future Commitment - ABC plans to continue refining its service details to provide more precise, warm, and efficient financial services, aiming to build a trustworthy service bridge for all clients [2]

湖南省岳阳市华容县是闻名遐迩的农业大县，华容芥菜是其中最闪耀的一颗明珠。作为华容县特色产 业，芥菜产业承载着当地经济发展的重要使命。《金融时报》记者了解到，目前，该产业已吸纳约13万 从业者，达到华容县常住人口的近四分之一。 在乡村全面振兴的大潮中，像魏瑾瑾、李楠这样的新农人正成为生力军。农业银行安徽分行创新推 出"新农人e贷"产品，结合新型农业经营主体轻资产、重技术等特点，有针对性地设计产品，执行优惠 利率，助力新农人铺开就业创业之路。 芥菜"产业花"的盛开，离不开金融活水的浇灌。今年初，中信银行长沙分行辖属岳阳分行为华容县某农 业开发公司提供8000万元授信支持，首期发放4000万元固定资产贷款，专项支持全县20个乡镇芥菜标准 腌制池项目建设，以更大力度推动腌制工艺向标准化、规模化升级，助力当地以小芥菜撬动大产业，为 擦亮"中国芥菜之乡"品牌、实现乡村振兴提供坚实金融保障。 发展特色产业是实现乡村振兴的重要途径。近年来，围绕做好土特产文章，以产业振兴促进乡村全面振 兴，银行业金融机构持续加大金融资源投入，结合不同地区资源和环境特点，因地制宜、因时制宜，支 持具有竞争优势的特色产业不断发展壮大。 壮大特色产 ...

Core Viewpoint - The issuance of Total Loss-Absorbing Capacity (TLAC) bonds by China's globally systemically important banks (G-SIBs) is a proactive measure to enhance their loss absorption capabilities and align with international regulatory standards [1][3][6] Group 1: TLAC Bond Issuance - Three out of five G-SIBs in China have issued TLAC non-capital bonds to improve their total loss absorption capacity [1] - The first bank to issue TLAC bonds in 2025 was Bank of Communications, followed by Agricultural Bank of China and Bank of China, with respective issuance amounts of RMB 300 billion, RMB 500 billion, and RMB 400 billion [2] - The approved issuance limits for the banks are RMB 600 billion for Industrial and Commercial Bank of China, RMB 1800 billion for Agricultural Bank of China, RMB 1500 billion for Bank of China, and RMB 3000 billion for Bank of Communications [2] Group 2: Regulatory Framework and Compliance - The People's Bank of China, along with other regulatory bodies, established a TLAC management framework in October 2021, requiring G-SIBs to meet specific external TLAC ratio requirements by 2025 and 2028 [4] - Regulatory measures include improving the issuance, trading, and disposal rules for TLAC bonds, as well as establishing a dynamic monitoring mechanism for TLAC ratios [4][5] Group 3: Market Impact and Strategic Significance - The issuance of TLAC bonds is seen as a milestone for China's financial system, enhancing the banks' capital and risk management capabilities while increasing the variety of credit bonds available in the domestic market [5] - Meeting TLAC requirements is crucial for the international development of the five major banks, reflecting their commitment to global financial standards and enhancing China's banking sector's international reputation [6]

今年1月，王大军曾作为广东分行一把手主持分行2025年党建和经营工作会议，并提出抓好客户和风控、坚守主责主业、提升服务质效、深化改革创新等重 点任务。 7月21日，农业银行副行长王大军的任职资格已获监管核准。 作为"75后"的王大军在农行体系工作多年，曾任在总行担任财务会计部副总经理、财务会计部/考评中心办公室/"三农"核算与考评中心副总经理。 2017年，王大军曾出任农行厦门市分行行长，期间曾推动政银企合作与普惠金融，与河南水利投资集团、牧原股份等企业的战略合作； 2021年出任农行河南省分行行长，2年后转任广东省分行行长。 未来王大军或分管对公、科技板块，目前农行官网已更新其履历。 | 姓名 | 职位 | | --- | --- | | ■ 王志恒 | 副董事长、执行董事、行长 | | ■ 林立 | 执行董事、副行长 | | ■ 刘洪 | 副行长 | | ■ 王文进 | 副行长 | | ■ 孟范君 | 副行长 | | ■ 王大军 | 副行长 | | ■ 武刚 | 首席风险官 | | ■ 刘清 | 董事会秘书 | 风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投 ...

Group 1 - The core viewpoint of the article highlights the performance of the China Securities Hong Kong 300 Value Index, which has shown significant increases over various time frames, including a 4.88% rise in the past month, a 17.58% rise in the past three months, and a 19.70% rise year-to-date [1] - The China Securities Hong Kong 300 Value Index consists of four indices: the China Securities Hong Kong 300 Growth Index, the China Securities Hong Kong 300 Value Index, the China Securities Hong Kong 300 Relative Growth Index, and the China Securities Hong Kong 300 Relative Value Index, reflecting the overall performance of different style securities based on the China Securities Hong Kong 300 Index sample [1] - The top ten holdings of the China Securities Hong Kong 300 Value Index include major financial institutions and corporations, with the largest weight being China Construction Bank at 10.49%, followed by HSBC Holdings at 9.78% and China Mobile at 7.34% [1] Group 2 - The industry composition of the China Securities Hong Kong 300 Value Index shows that the financial sector dominates with a 59.13% share, followed by communication services at 11.02% and energy at 10.44% [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December each year, ensuring that the sample ratio does not exceed 20% during each adjustment [2] - The weight factors of the index holdings are generally fixed until the next scheduled adjustment, with provisions for temporary adjustments in case of sample changes due to delistings or corporate actions such as mergers and acquisitions [2]

Investment Rating - The report maintains an "Outperform" rating for major state-owned banks, including China Postal Savings Bank, Agricultural Bank of China, and China Bank [3][7][10]. Core Insights - The report emphasizes that state-owned banks exhibit strong asset return rates despite lower ROE, with a RORWA of 1.43%, outperforming joint-stock and regional banks [4][14]. - It highlights the stability of credit demand due to a higher proportion of safe assets, with over 60% of loans in infrastructure and mortgages [5][4]. - The report suggests that the valuation of banks is expected to recover, with a potential upside of 30%-50% from current levels [10]. Summary by Sections Profitability - State-owned banks have a lower leverage ratio, with an average ROE of 11.34% and an average ROA of 0.84%, comparable to the industry average [14]. - The average RORWA for state-owned banks is 1.43%, higher than joint-stock banks (1.16%) and regional banks (1.26%) [4][14]. - The net interest margin is expected to stabilize as deposit rates decrease, benefiting from a high proportion of deposits in liabilities [9][10]. Performance - The net profit growth of state-owned banks is slightly lower than peers due to cautious provisioning [12]. - Non-interest income accounts for 23% of total revenue, which is below the industry average of 25% [12][9]. - The asset composition is heavily weighted towards loans, particularly mortgages, which have lower risk weights [16]. Asset Quality - The report notes that state-owned banks have a stricter risk recognition standard, with a non-performing loan ratio close to the industry average but a higher ratio of overdue loans [5][12]. - The average provision coverage ratio exceeds 250%, indicating potential for profit release [5][12]. Capital Adequacy - State-owned banks maintain a higher core Tier 1 capital adequacy ratio, averaging 11.69%, which is significantly above the regulatory minimum [14][16]. - The new capital regulations are expected to further benefit these banks, potentially increasing their capital ratios by about 1 percentage point [9][10]. Valuation - The report anticipates a long-term recovery in bank valuations, with forward P/B ratios expected to stabilize around 0.7-0.8x, compared to the current 0.5x [10]. - Catalysts for this recovery include macroeconomic recovery, lower deposit costs, and supportive fiscal policies [10].