2024年12月，越疆科技在港交所主板敲钟上市，"协作机器人第一股"成长背后，有一家银行的身影贯穿 全程——农业银行既是越疆科技首家结算银行、首家贷款行，也是唯一银行系上市保荐人，这也是"深 圳千帆企航壹号基金"的首个IPO项目。 越疆科技，正是农行这一国有大行扎根深圳、服务新质生产力的典型案例。深圳科技创新资源高度聚 集，战略性新兴产业增加值占GDP比重连续多年超过40%，从越疆科技、影石创新到速腾聚创……农行 深圳分行已服务科创企业超万户、贷款规模破千亿。 截至2025年6月末，农行深圳分行与深圳市辖内国家技术创新示范企业、制造业单项冠军、"小巨人"等 重点科创企业合作覆盖率达80%。 这是如何做到的？2020年是农行深圳分行科技金融业务的重要起点。当年7月，该行在系统内率先成立 科创企业金融服务中心。同年8月，该行发布"千帆企航"科创企业全生命周期服务品牌，今年8月该品牌 推出已满五年，是农行深圳分行服务科创企业的核心载体。 过去5年，我国科技型企业贷款投放持续加大，在科技金融成为银行业"必争之地"的当下，农行深圳分 行如何以差异化实践站稳脚跟？ 农行深圳分行发布"千帆企航"科创企业专属服务品牌。 "我 ...

1."金融活水精准灌溉 政策红利直达快享"2025年政府开放月——"金融赋能•创享未来"融资担保促进创 业之临港新片区专场活动成功举办 8月14日，上海市委金融办指导临港新片区管委会、上海市融资担保中心、临港新片区担保公司等单 位，成功举办"金融赋能•创享未来"——"政府开放月"融资担保促进创业政策宣讲活动。本次活动聚焦 企业融资痛点，以政策解读、案例呈现、互动对接为核心，吸引了130余位临港新片区企业代表、金融 机构负责人及政府部门工作人员参与，覆盖近40家企业、20多家金融机构及9家园区主体。现场氛围热 烈，政企银服多方对接成效显著。 发布了哪些重要政策、通知？ 一起来快速回顾一下吧！ 机关动态 登录新浪财经APP 搜索【信披】查看更多考评等级 这周有哪些大事要闻？ 2.2025年上海金融职工文体活动 "农行杯"游泳比赛圆满举办 8月9日上午，由上海市金融职工文体协会主办、中国农业银行上海市分行工会承办的2025年上海金融职 工文体活动"农行杯"游泳比赛在东方体育中心游泳馆举行。本次比赛设有个人和团体2个组别17个比赛 项目，吸引了32家金融机构的380名运动员同场竞技。 上海金融系统信息 3.证监会同意 ...

丨证券研究报告丨 行业研究丨行业周报丨银行 [Table_Title] 大行二季度利润增速回升 ——银行业周度追踪 2025 年第 32 周 报告要点 [Table_Summary] 二季度末商业银行资产同比增速环比回升至 8.9%，增速回升主要去年基数走低。国有行上半年 净利润同比增速 1.1%，增速较一季度回升 1pct，预计财报口径下，国有行中报利润增速也较 一季度回升，与去年情况类似。净息差降幅收敛，上半年商业银行净息差 1.42%，较一季度- 1.5BP，其中国有行下降 2BP 至 1.31%，预计负债成本预计继续下行。资产质量总体平稳，二 季度末各类银行不良率普遍回落，拨备覆盖率环比上升。二季度末资本充足率环比普遍回升， 一方面四家大行注资补充资本，另一方面债市企稳，预计银行净资产 OCI 浮盈增加。 马祥云 盛悦菲 SAC：S0490521120002 SAC：S0490524070002 SFC：BUT916 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 分析师及联系人 [Table_Author] [Table_Title 大行二季度利润增速 ...

来源：市场资讯 （来源：宏赫臻财） 导读 本期记录点：2025年8月14日，标普500指数收盘再创历史新高，8月15日沪港深500指数也创近三年新 高。我们来例行记录下中美上市公司Top20当前的的市值，供日后复盘查阅提供记录。 一、中美上市公司市值Top20 | 序 | 宏赫球财 | 公司 | GICS子行业 | | 市值USD | | 市值RMB | 总营收 | 电母冷 | 市盈率 | ROF | ROIC | 今年以 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 周尚市(r | | | | 1 24 17 | | 17 14 | S 4 | 利润~ | LIN ~ | | | ** | | 1 | NVDA.O | 英伟达 | 中是在地址 | S | 44,030 | | ¥ 316,504 | 1485 | 768 | 57 | 92% | 69% | 83.9% | | 2 | MSFT.O | 微软 | 系统软件 | S | 38.665 | | ¥ 277,9 ...

Core Viewpoint - The Chinese housing loan market has experienced significant growth in recent years, but is now facing a contraction in personal housing loan balances due to early repayments and market pressures, with a projected decline in 2024 and a slight recovery in 2025 [1][7]. Group 1: Housing Loan Industry Definition and Classification - Housing loans, or "mortgages," are loans specifically for housing-related purposes, provided by banks and financial institutions, typically secured by the purchased property [2]. - Housing loans are classified into two main types: provident fund loans and commercial loans, with commercial loans further divided into equal principal and interest repayment methods and equal principal repayment methods [2]. Group 2: Development Environment and Policies - The Chinese government has implemented various favorable policies to promote the healthy development of the housing loan market, focusing on reducing purchasing costs and stabilizing the real estate market [4]. - In 2025, significant adjustments to housing loan policies are expected, impacting approximately 87 million existing mortgage holders, particularly those with outstanding loans [4]. Group 3: Current Status of the Housing Loan Industry - The personal housing loan balance is projected to be 37.68 trillion yuan in 2024, a year-on-year decrease of 1.3%, with a slight recovery to 37.74 trillion yuan in the first half of 2025, reflecting a year-on-year decline of 0.1% [1][7]. - The annual report on housing provident funds indicates that in 2024, there were 2.3056 million personal housing loans, a decrease of 555,300 loans compared to 2023, with a total issuance amount of 1.304307 trillion yuan, down 166.999 billion yuan from 2023 [9]. Group 4: Industry Chain - The housing loan industry chain consists of three main segments: upstream involving real estate development and land markets, midstream focusing on housing loans provided by banks and financial institutions, and downstream comprising homebuyers and the rental market [11]. Group 5: Competitive Landscape - The housing loan market is primarily dominated by banks and non-bank financial institutions, with major state-owned banks holding significant market shares due to their capital strength and extensive networks [13]. - In 2024, the six major state-owned banks collectively saw a reduction of 621.057 billion yuan in personal housing loans, a further increase in the decline compared to 2023 [13]. - The non-performing loan ratios for major banks have generally increased, indicating rising credit risk in the housing loan sector [15][16]. Group 6: Development Trends - The housing loan industry in China is on a healthy growth trajectory, characterized by scale expansion and a diversified competitive landscape, moving towards a more standardized and efficient direction under national policy guidance [17].

Core Viewpoint - Supporting the development of private and small micro enterprises is an inherent requirement of financial services for the real economy, with a focus on enhancing financing accessibility, inclusiveness, and convenience during the "14th Five-Year Plan" period [2][5]. Financing Accessibility - The average annual growth rate of inclusive small micro loans has exceeded 20% over the past five years, with the balance of such loans increasing from 15.1 trillion yuan at the end of 2020 to 35.6 trillion yuan by June 2025 [4][5]. - The proportion of credit loans has reached nearly 30%, and the balance of loans to privately held enterprises has risen to approximately 45 trillion yuan [4]. - Financial institutions have been guided to innovate and better assist enterprises facing collateral shortages and financing difficulties, leading to significant increases in loan disbursements [5]. Cost Reduction - The average interest rate for newly issued inclusive small micro enterprise loans has decreased from 5.08% in December 2020 to 3.48% by June 2025, reflecting a substantial reduction in financing costs [8][9]. - Financial management departments have implemented various measures to lower the comprehensive financing costs for private and small micro enterprises, benefiting a larger number of businesses [8][9]. Diversified Financing - There is a need to expand more diversified financing channels for private and small micro enterprises, as their financing needs and methods vary at different growth stages [10]. - The issuance of technology innovation bonds has gained traction, with 288 entities issuing approximately 600 billion yuan in bonds by June, indicating a growing interest in direct financing [11]. - The proportion of private enterprises among listed companies is significant, with 63% of A-share companies being private, and high representation in the Sci-Tech Innovation Board and other platforms [11].

Core Viewpoint - The banking industry in China has shown resilience and stability in the first half of the year, with key indicators such as non-performing loan ratio, provision coverage ratio, and capital adequacy ratio remaining stable and improving, indicating a strong capacity to resist risks and support the real economy [2][6]. Group 1: Banking Industry Performance - As of mid-year, total assets of banking financial institutions reached 467.3 trillion yuan, a year-on-year increase of 7.9%, with large commercial banks' total assets at 204.2 trillion yuan, growing by 10.4% [1]. - The non-performing loan balance for commercial banks was 3.4 trillion yuan, a decrease of 24 billion yuan from the previous quarter, with a non-performing loan ratio of 1.49%, down by 0.02 percentage points [7]. Group 2: Support for the Real Economy - The balance of inclusive micro-enterprise loans reached 36 trillion yuan, growing by 12.3% year-on-year, while inclusive agricultural loans amounted to 13.9 trillion yuan, increasing by 1.1 trillion yuan since the beginning of the year [3]. - Large commercial banks played a significant role in supporting the real economy, with their inclusive micro-enterprise loan balance exceeding 16 trillion yuan, accounting for a higher proportion of the total industry loans [4]. Group 3: Operational Efficiency and Cost Management - The banking sector has improved operational efficiency, with the cost-to-income ratio at 30.2%, a decrease of 5.3 percentage points from the previous year, and non-interest income ratio rising to 25.75%, an increase of 3.33 percentage points [5]. - The net interest margin remained stable at 1.42%, with a slight decrease of 0.01 percentage points from the first quarter [5]. Group 4: Risk Management and Capital Adequacy - The banking sector has increased provisions and improved asset disposal efforts, with new provisions totaling 1.1 trillion yuan, an increase of 579 billion yuan year-on-year, and non-performing asset disposals reaching 1.5 trillion yuan, up by 1.236 trillion yuan [7]. - Capital adequacy ratios showed improvement, with the overall capital adequacy ratio at 15.58%, up by 0.30 percentage points from the previous quarter [7].

Group 1 - Agricultural Bank of China reported a closing price of 6.85 yuan on August 15, down 1.01% from the previous trading day, with a trading volume of 7.44 million hands and a transaction amount of 5.073 billion yuan, maintaining a total market value of 2.4 trillion yuan [1] - As a large state-owned commercial bank, Agricultural Bank's main business includes corporate banking, personal banking, and funding services, providing comprehensive financial services such as deposits, loans, settlements, and wealth management across the country [1] - Recent actions against internal competition in the banking industry have gained attention, with financial regulatory authorities in Shanghai, Guangdong, and Zhejiang implementing measures to regulate issues related to mortgage rebates and auto loan commissions [1] Group 2 - Agricultural Bank's Zhejiang branch has shown outstanding performance in the green finance sector, with a green loan balance exceeding 650 billion yuan as of the end of June, representing an 11.8% increase since the beginning of the year [1] - The bank has innovatively launched products such as the "Climate Assistance Loan" and issued the country's first loan linked to sustainable development based on SGS certification [1]

Core Viewpoint - The 2025 China International Service Trade Fair (CIFTIS) will feature a financial services section from September 10 to September 14 in Beijing, focusing on "Digital Intelligence Driving Open Win-Win" as its theme, aiming to showcase global financial innovation products and services, policy releases, and collaborative opportunities [3][4]. Group 1: Event Overview - The financial services section will include a large-scale exhibition with 92 domestic and foreign financial institutions participating, covering an area of 11,000 square meters [4]. - The exhibition will feature two main thematic areas: "Open Integration" showcasing various financial institutions and their contributions to the economy, and "Smart Sharing" focusing on the collaboration between financial institutions and leading technology companies [4]. Group 2: Participation and Innovation - Over 40 foreign financial institutions, including the Asian Infrastructure Investment Bank and HSBC, will present their innovative practices in cross-border financial services and fintech [5]. - The event will leverage AI technology to create an immersive exhibition experience, highlighting innovations in fintech from various institutions, such as the Agricultural Bank's VR property viewing service and the Industrial and Commercial Bank's large-scale financial model [6][7]. Group 3: Forums and Discussions - The event will host over 30 forums and discussions, attracting 3,000 to 4,000 participants, focusing on global financial trends and the integration of finance with the real economy [8][9]. - Key topics will include high-quality financial development, risk management, and green finance, with various financial institutions conducting specialized sessions [9]. Group 4: Beijing's Role and Innovations - Beijing will showcase its role as a national financial management center, highlighting innovative financial services and products that support urban development and national strategies [10]. - Notable innovations include the "Mifang Card" for foreign tourists and a commercial space insurance consortium led by China Insurance [10]. Group 5: Interactive Experiences - The event will emphasize interactive experiences, with various engaging activities planned by participating institutions to enhance public engagement with financial services [11]. - Activities will include creative displays and educational games focused on financial literacy and anti-money laundering [11].

Core Viewpoint - The recent implementation of two subsidy policies for personal consumption loans and service industry loans aims to stimulate consumer spending and support businesses through financial incentives [1] Group 1: Personal Consumption Loan Subsidy - The subsidy scope for personal consumption loans includes single transactions below 50,000 yuan and those above for key areas such as home appliances, automotive, education, and healthcare [2] - The subsidy interest rate for personal consumption loans is set at an annualized rate of 1%, with a maximum limit of 50% of the loan contract rate, and a total subsidy cap of 3,000 yuan per borrower [3] - Banks are simplifying the application process for consumers to easily access the subsidy, with specific procedures outlined by major banks like ICBC and ABC [4] Group 2: Loan Processing and Subsidy Distribution - Some banks will directly deduct the subsidy amount from the interest charged on loans for eligible customers, streamlining the process [5] - The service industry loan subsidies require banks to ensure that the funds are used for compliant business activities, with strict regulations against fraudulent claims [6][7] - Banks emphasize that no third-party fees will be charged during the loan and subsidy application process, urging customers to be cautious of potential scams [7]