Core Insights - The article discusses the challenges faced by companies in the biopharmaceutical sector in securing financing from banks due to lack of collateral and positive cash flow, highlighting the need for banks to adopt non-financial models for credit evaluation [1] - The 19th Jin Qiao Conference aims to enhance the connection between financial institutions and real enterprises, providing a platform for financial services to meet the needs of businesses, particularly in Shanghai's new urban areas [2] - Shanghai is accelerating the development of a technology finance system, with significant growth in loans to technology enterprises and small micro-enterprises, indicating a supportive financial environment for innovation [4] Group 1 - The biopharmaceutical industry is complex, and banks are working on evaluating companies using non-financial factors to provide credit [1] - The Jin Qiao Conference has upgraded its service model to facilitate online and offline connections between financial institutions and enterprises [2] - The conference aims to create a conducive business environment by fostering interaction among government, financial institutions, industrial parks, and enterprises [2] Group 2 - Shanghai's technology enterprises had a loan balance of 23.3 trillion yuan, a year-on-year increase of 7.75% as of June [4] - The city has implemented measures to support financing for small and medium-sized enterprises, with a balance of inclusive micro-loans reaching 1.36 trillion yuan, up 11.5% year-on-year [4] - The Jin Qiao Conference will conduct a series of "Park Activities" from late September to November, focusing on financial services tailored to the characteristics and needs of different industrial parks [4][5] Group 3 - Qingpu District's GDP grew by 9.3% in the first half of the year, the highest in Shanghai, supported by financial services [5] - The district is cultivating three trillion-level industrial clusters, with significant growth rates in information technology, modern logistics, and high-end equipment manufacturing [5] - Financial services in Qingpu saw a loan balance increase of 4.7% and a deposit balance increase of 7.5% in the first half of the year [5]

Group 1 - The state-owned large bank sector experienced a decline of 0.64% on September 29, with Postal Savings Bank leading the drop [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] - The trading performance of individual state-owned banks showed varied results, with Agricultural Bank of China remaining flat at 6.62, while Postal Savings Bank fell by 1.69% to 5.83 [1] Group 2 - The net capital outflow from the state-owned large bank sector amounted to 6.55 million yuan, with retail investors showing a net inflow of 24.4 million yuan [1] - The detailed capital flow for individual banks indicated significant outflows for Postal Savings Bank and China Construction Bank, while Agricultural Bank of China saw a minor net inflow from retail investors [2] - The data shows that Postal Savings Bank had a net outflow of 85.90 million yuan from institutional investors, while retail investors contributed a net inflow of 93.80 million yuan [2]

双方将进一步深化在发行登记托管和集中清算业务联动、人民币国际化发展、风险管理增值服务应用推 广、人才交流等领域的全方位合作。 ...

Core Viewpoint - The article highlights the role of Bank of Communications in facilitating high-level opening-up and building a "financial bridge" for cross-border financial services, emphasizing its commitment to serving the real economy and promoting innovation in financial services [1] Group 1: Financial Services and Innovation - Bank of Communications aims to enhance its cross-border financial services by optimizing products and innovating comprehensive financial service solutions [1] - The bank is leveraging digital engines to drive new foreign trade business models, thereby supporting technological innovation and green initiatives [1] Group 2: Participation in Events - As a core supporting enterprise at the China International Import Expo (CIIE), Bank of Communications showcases its financial services and innovations on a prominent platform [1] - The bank's representatives shared their experiences and insights during the event, reflecting its active engagement in promoting financial services [1]

Group 1 - The core viewpoint of the news is that the partnership between the Fund and Bank of Communications has launched a new cash management service called "Active Money+" which offers flexible and efficient financial product redemption options for investors [1][2] - The "Active Money+" service includes 50 money market funds and 50 cash management products, characterized by low thresholds, low risks, and high convenience, allowing personal investors to manage their liquid funds effectively [1][2] - The service features a minimum investment of 0.01 yuan, no redemption fees, and a historical record of daily positive returns, enhancing the efficiency of fund allocation for users [1][2] Group 2 - The operational experience of "Active Money+" emphasizes flexibility, with products sorted by the latest 7-day annualized yield, and various redemption modes available to cater to individual preferences [2] - The collaboration between the Fund and Bank of Communications marks a new chapter in cash management services, focusing on investor interests and leveraging opportunities from high-quality economic development [2] - Future plans include exploring more innovative products and service models to provide professional asset allocation solutions and attentive support for diverse funding needs [2]

Core Insights - A total of 104 companies have implemented private placements this year, raising a total of 767.45 billion yuan [1][2] Group 1: Fundraising Overview - 104 companies have conducted private placements, with 116 records of fundraising, totaling 98.735 billion shares issued and 767.45 billion yuan raised [1] - The distribution of fundraising by market shows that 20 companies in the Shenzhen Main Board raised 36.01 billion yuan, 44 companies in the Shanghai Main Board raised 664.82 billion yuan, 23 companies in the ChiNext raised 34.18 billion yuan, and 17 companies in the Sci-Tech Innovation Board raised 32.45 billion yuan [1] - The industries with the most companies conducting private placements include electronics (15 companies), power equipment (14 companies), and basic chemicals (12 companies) [1] Group 2: Top Fundraising Companies - The company that raised the most funds is Bank of China, with 165 billion yuan, followed by Postal Savings Bank and Bank of Communications, raising 130 billion yuan and 120 billion yuan respectively [2] - The top fundraising companies and their respective amounts include: - Bank of China: 165 billion yuan [2] - Postal Savings Bank: 130 billion yuan [2] - Bank of Communications: 120 billion yuan [2] - China Construction Bank: 105 billion yuan [2] - Guolian Minsheng: 31.49 billion yuan [2] Group 3: Price Premiums and Discounts - Among the private placements, there are 106 records where the latest closing price exceeds the placement price, with the highest premiums recorded for companies like AVIC Chengfei (961.35%), Robotech (572.80%), and Dongshan Precision (513.97%) [2][3] - Conversely, there are 10 records where the latest price is below the placement price, with the largest discounts seen in companies like Shen High-Speed (-22.77%), AVIC Heavy Machinery (-20.65%), and Bank of Communications (-19.86%) [2][4]

9月25日，工商银行、农业银行、中国银行、建设银行、交通银行集体发布公告，宣布公司 章程修订获监管核准，自核准之日起不再设立监事会，由董事会审计委员会依法承接监事会 职权。 交通银行同样发布相关公告，自2025年9月25日起不再设立监事会，由董事会审计委员会行 使监事会相关职权。现任监事王学庆、苏治、林至红、丰冰、颇颖不再担任监事及监事会相 关职务。 邮储银行也于近日发布公告表示，监事长、股东代表监事陈跃军到龄辞任。该行2025年第二 次临时股东大会会议资料显示，拟不再设立监事会及下设专门委员会，自公司章程获国家金 融监督管理总局核准之日起生效。 据不完全统计，目前已有20逾家银行披露公司治理架构改革计划，有银行已宣布监事团队人 员调整。业内人士认为，银行裁撤监事会有助于提升银行治理效率、精简公司治理结构、权 责更加清晰，同时也要防范监督独立性风险。 五家国有银行集体官宣取消监事会 邮储银行监事长日前已辞任 9月25日，国有五大行集体发布公告，宣布公司章程修订获核准以及不再设立监事会，由董 事会审计委员会依法承接监事会职权。 工商银行公告称，近日收到《国家金融监督管理总局关于工商银行修改公司章程的批复》。 自 ...

Core Viewpoint - The article highlights the efforts of the Bank of Communications (BoCom) in promoting financial education through a series of innovative initiatives during the 2025 Financial Education Promotion Week, aimed at enhancing public understanding of financial knowledge and consumer rights [1][2][3][4]. Group 1: Financial Education Initiatives - BoCom launched a series of engaging financial education projects, including the introduction of a new mascot "Jiao Jiao," designed to resonate with contemporary culture and enhance brand recognition [1][2]. - The financial education series video "Jiao Jiao, Set Off!" was released across multiple online platforms, featuring "Jiao Jiao" on a journey to spread practical financial knowledge, including fraud prevention and rational investment [2]. - During the promotion week, BoCom organized various financial education activities at well-known tourist attractions across multiple provinces, integrating local cultural elements to attract diverse audiences [3]. Group 2: Consumer Protection and Financial Literacy - BoCom's half-year report indicates a commitment to consumer protection, establishing a comprehensive framework for consumer rights that includes a cross-departmental coordination mechanism [4]. - The bank emphasizes the integration of financial education with support for the elderly and disabled, aiming to enhance the effectiveness and innovation of its educational efforts [4]. - A "Risk Warning Delivered" initiative was conducted in 73 scenic spots across 28 provinces, directly bringing financial services and knowledge to consumers [3].

Core Viewpoint - The Bank of Communications Pingdingshan Branch is actively supporting local foreign trade enterprises, particularly Shennma Co., by providing professional exchange rate risk management services to enhance their ability to cope with exchange rate fluctuations and promote stable foreign trade development [1][2]. Group 1: Exchange Rate Risk Management - The Bank of Communications Pingdingshan Branch has responded to national policies aimed at stabilizing foreign trade by offering targeted exchange rate risk management services to key local foreign trade enterprises [1]. - Shennma Co., as a benchmark enterprise in the local foreign trade sector, faces challenges from exchange rate fluctuations, prompting the bank to implement a financial management philosophy centered on exchange rate risk neutrality [1]. - The bank's services have helped Shennma Co. improve its cost control capabilities amid exchange rate volatility and recognize the importance of maintaining an exchange rate risk-neutral approach for financial stability [1]. Group 2: Future Initiatives - The Bank of Communications Pingdingshan Branch plans to continue implementing measures related to stabilizing foreign trade, focusing on financial product and service innovation [2]. - There will be an emphasis on promoting the exchange rate risk neutrality concept to assist more foreign trade enterprises in enhancing their overall risk resistance capabilities [2]. - The bank aims to inject financial momentum into the high-quality development of the local real economy through these initiatives [2].

Investment Rating - The report maintains a recommendation for the banking industry [3] Core Insights - The report provides a comprehensive analysis of the asset-liability structure and interest margin changes of 42 A-share listed banks during the "14th Five-Year Plan" period, highlighting a shift towards corporate loans on the asset side and a stronger retail focus on the liability side [12][14] - The asset-liability structure indicates a significant increase in the proportion of corporate loans, rising from 57.02% to 63.22% from the end of 2020 to mid-2025, while the proportion of demand deposits decreased from 41.94% to 30% [12][14] - The report notes a decline in both asset yield and interest margin, with the yield on interest-earning assets dropping from 4.43% to 3.32% and the net interest margin decreasing from 2.23% to 1.53% during the same period [14][15] Summary by Sections Overall Asset-Liability Structure and Interest Margin Changes - The asset-liability structure shows an increase in loan-to-earning asset ratio from 54.19% to 56.49%, with corporate loans making up a larger share of total loans [14][15] - The average yield on interest-earning assets decreased significantly, with the loan yield falling from 5.34% to 3.82% [15] - The net interest margin for listed banks remains higher than that of commercial banks, despite a decline [14][15] Changes in Each Banking Sector's Asset-Liability Structure and Interest Margin - City commercial banks experienced a more significant increase in the proportion of corporate loans, with their interest margin narrowing less compared to other banks [18] - The report highlights that the proportion of deposits in interest-bearing liabilities for state-owned banks decreased, while it increased for rural commercial banks [18] - The decline in interest-bearing liabilities' cost rate was most pronounced in city commercial banks, leading to a smaller reduction in their interest margin [18]