■本报记者 王磊 从守护金融安全到支持产业发展，从构建服务场景到优化适老化体验……近年来，农行山西分行积极履 行国有大行责任担当，围绕银发经济全方位发力，持续优化养老金融服务体系，提升养老客群服务质 效，积极探索和推进"接地气、有温度"的养老金融业务发展模式，为银发经济注入了强劲的金融动能。 为产业发展注入强劲动力 山西省朔州市山阴县洪涛山老年颐养家园是一家民办非企业单位，是"全国33家标准化养老试点单位"之 一。该机构相关负责人常宝告诉《农村金融时报》记者，随着当地养老服务需求的攀升，机构现有的养 老条件难以满足发展需要，急需改善环境、引进先进医养设备，提升服务水平。 得知这一情况后，农行山西朔州分行第一时间成立联合服务小组，现场调研了解机构经营情况和融资需 求，为养老院量身定制金融服务方案，并及时为其发放了720万元流动资金贷款，为养老院的升级改造 和持续发展注入了有力的金融动能。 "这笔贷款真是雪中送炭，有了这笔资金，我们就能马上启动宿舍翻新和医疗设备采购计划，让老人们 住得更舒心，看病更方便。"常宝说道。 农行山西分行相关负责人表示，该分行聚焦养老金融的重点领域和关键环节，通过加强政银合作、支持 养老 ...

Core Viewpoint - The Agricultural Bank of China Fujian Branch is transforming its "Huinong Tong" service points into "Huinong Service Flagship Stores" to enhance comprehensive financial services for rural customers, addressing the limitations of basic financial functions and improving loan accessibility and customer satisfaction [1][2]. Group 1: Development of "Huinong Service Flagship Stores" - The Fujian Branch has established over 2,000 "Huinong Tong" service points and is upgrading some to "Huinong Service Flagship Stores" to provide a wider range of financial services beyond basic functions [1]. - The flagship stores will utilize smart tools like intelligent POS machines and mobile services to offer comprehensive financial services, including loan applications, account openings, and pension business appointments [1]. Group 2: Expansion of Agricultural Loans - The branch has supported 380,000 farmers through the Huinong e-loan initiative, creating information profiles for 690,000 farmers across 14,000 administrative villages [1]. - The establishment of flagship stores will provide a stable base for marketing personnel to enhance agricultural loan outreach and improve service efficiency in key towns and industries [1]. Group 3: Online and Offline Integration - The flagship stores will implement digital financial tools to facilitate interaction between online and offline customers, promoting mobile banking usage and online transaction habits [2]. - Activities such as online discounts and loyalty programs will be introduced to encourage online customers to visit physical locations for transactions [2]. Group 4: Financial Policy Education - The flagship stores will feature platforms for promoting financial policies and products through videos and educational materials, enhancing community awareness of financial services [3]. - Collaborative efforts with local governments will be made to conduct financial education sessions and consumer rights protection campaigns [3].

Core Viewpoint - The Agricultural Bank of China Fujian Branch is actively addressing the financial service gaps in rural areas by establishing a new inclusive financial system to support rural revitalization and enhance economic vitality [1][7]. Group 1: Financial Service Innovations - The bank has introduced the "Huinong e-loan" product, allowing farmers to apply for loans conveniently via mobile phones, significantly improving access to credit for smallholders and micro-enterprises [2][3]. - The establishment of "Huinong Service Flagship Stores" aims to provide comprehensive financial services in rural areas, enhancing the efficiency and quality of financial support [3][6]. Group 2: Impact on Local Economies - In Tangyang Village, the tea industry has flourished due to the bank's support, with annual sales reaching over 3 million yuan and benefiting more than 100 local farmers [2][3]. - The flagship stores have facilitated the expansion of the tea production chain, leading to a projected tea output value of 110 million yuan in 2024 [3]. Group 3: Tailored Financial Solutions - The bank has developed specific financial products like "Facility Loans" for fishermen, addressing their unique operational needs and enabling quicker loan processing times [9]. - The establishment of a "Sea Bank" on fishing rafts has brought financial services directly to fishermen, significantly improving their access to credit and financial advice [8][9]. Group 4: Expansion of Services - As of September 2023, the bank has established 88 "Huinong Service Flagship Stores" and facilitated loans totaling 5.7 billion yuan for rural households [7]. - The bank's initiatives are designed to extend financial services deeper into rural areas, ensuring that financial support is accessible and responsive to local needs [6][7].

Investment Rating - The investment rating for the banking sector is "Positive" and is maintained [11] Core Viewpoints - There is still divergence in the market regarding the sustainability of the banking stock market. However, it is believed that valuation recovery will continue. From a strategic perspective, it is essential to view the relationship between banking stocks and market sentiment dialectically. In the medium to long term, undervalued banking stocks align with the market's slow bull direction, as the index has been reaching new highs over the past year. In the short term, the performance of growth stocks benefiting from high-risk preferences may diverge from low-risk banking stocks, which indirectly help stabilize the index [6][38] - The fundamental logic supporting the valuation recovery of banking stocks remains solid. The trend of establishing a bottom line for significant risks in urban investment, real estate, and capital is clear, with policies still supporting urban investment debt and orderly capital replenishment for important banks. Mainstream banks continue to show stable growth in performance, with revenue growth points shifting from investment income to net interest income since 2025. It is expected that more banks will see a reversal in net interest income growth as deposit costs continue to decline in 2026 [6][39] Summary by Sections Market Performance - This week, the banking index rose by 5.0%, outperforming the CSI 300 and ChiNext indices by 7.3% and 10.7%, respectively. The market's risk appetite has decreased since the fourth quarter, but the banking sector has seen significant relative gains due to a valuation recovery [2][8] - Individual stocks such as Chongqing Bank and Yunnan Rural Commercial Bank led the gains, while the stock price of Shanghai Pudong Development Bank showed notable elasticity as its convertible bonds approach maturity [19][21] Trading Dynamics - Each round of adjustment presents opportunities for low-valuation configurations. The mid-term dividend has already started, and the demand for dividend assets from absolute return funds remains unchanged. The pressure from new funds and the maturity of existing non-standard assets will push the dividend yield of banking stocks to continue declining [7][39] - The trading volume and turnover rate of state-owned banks, city commercial banks, and rural commercial banks have decreased compared to last week, but the turnover rate of banking stocks has begun to rise again, indicating a change in market risk appetite [10][31] Convertible Bonds - Attention is drawn to the strong redemption trading opportunities for convertible bonds in the banking sector. As the banking sector rises, the stock prices of convertible bond banks are approaching their strong redemption prices. The recent rebound in the stock price of Shanghai Pudong Development Bank has been driven by active conversions by major shareholders [9][26] Future Outlook - The market remains optimistic about the effectiveness of anti-involution measures and the expected recovery of the PPI next year. If macroeconomic recovery resolves the asset shortage contradiction, the fundamentals of banking stocks will benefit accordingly. Additionally, local state-owned assets and industrial capital continue to have a positive outlook on banking stocks, with frequent increases in holdings by major shareholders and management since the third quarter [7][39]

Core Insights - The Shanghai Composite Index fell by 1.47% this week, with only four sectors experiencing gains, notably the banking and coal industries, which rose by 4.89% and 4.17% respectively [1][2] - The banking sector led the gains, while the electronic and media sectors faced the largest declines, dropping by 7.14% and 6.27% respectively [1][2] Industry Performance - The banking sector saw a net inflow of 24.19 billion yuan, with 41 out of 42 listed banks experiencing price increases. Key performers included Chongqing Bank, Shanghai Pudong Development Bank, and Chongqing Rural Commercial Bank, which rose by 14.19%, 12.50%, and 12.17% respectively [3][4] - In contrast, the electronic industry faced the largest net outflow of funds, totaling 700.79 billion yuan, followed by the power equipment sector with a net outflow of 416.92 billion yuan [1][2] Fund Flow Analysis - Overall, the main funds in the two markets experienced a net outflow of 301.75 billion yuan this week, with only two sectors seeing net inflows: banking and coal [1][2] - The banking sector had 16 stocks with net inflows exceeding 100 million yuan, with Agricultural Bank of China leading at 24.72 billion yuan, followed by Industrial and Commercial Bank of China and China Construction Bank with inflows of 12.81 billion yuan and 3.94 billion yuan respectively [3][4]

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。 ...

Core Viewpoint - The banking sector demonstrates resilience amid a declining market, with several banks, including Agricultural Bank of China, reaching historical highs, indicating strong investor interest in bank stocks as a safe haven [1][7]. Group 1: Market Performance - Agricultural Bank of China saw an intraday increase of over 2%, closing up 1.74%, while other banks like Xiamen Bank and Qingdao Bank also rose by more than 2% [1]. - The Bank ETF (512800) experienced a brief intraday surge of nearly 1% before closing down 0.12%, maintaining a seven-day upward trend with a total trading volume of 2.922 billion yuan [1][3]. - The Bank ETF has attracted significant capital inflow, with a net inflow of 4.854 billion yuan over the past seven days, bringing its total size close to 20 billion yuan, setting a new historical high [5]. Group 2: Investment Drivers - The banking sector is benefiting from multiple catalysts, including heightened market risk aversion, leading investors to seek stable, high-dividend bank stocks [7]. - Continued government policies aimed at economic stability are fostering expectations of recovery, which directly benefits the banking sector due to its close ties to economic cycles [7]. - Historical trends suggest that the fourth quarter is typically a favorable period for undervalued, high-dividend large-cap stocks, potentially enhancing the appeal of bank stocks [8]. Group 3: Future Outlook - Analysts believe that the banking sector will become a key focus in the current market phase, with defensive asset allocation driving demand for bank stocks [8]. - The stability of bank dividends and the recent price corrections have improved the attractiveness of bank stocks, likely drawing in risk-averse capital [8]. - The Bank ETF (512800) and its associated funds are effective tools for tracking the overall performance of the banking sector, comprising 42 listed banks in A-shares [8].

- 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 ...