7月26日至28日，2025世界人工智能大会暨人工智能全球治理高级别会议在上海举办。同时，与大会配 套的展览将较大会延时一天，展至29日。 据悉，本届大会围绕"智能时代 同球共济"为主题，设置会议论坛、展览展示、赛事评奖、应用体验、 创新孵化五大板块，全面展现AI技术前沿、产业趋势与全球治理的最新实践。本次大会展览面积首次 突破7万平方米，吸引了800余家企业参展，展出3000余项前沿展品，规模创历届之最。 作为全球人工智能领域规模最大、专业度最高、影响力最强的顶级盛会之一，本次大会也吸引了众多金 融机构参展。 据介绍，今年的交通银行展区，备受瞩目的生成式大模型、区块链等前沿技术在金融领域的创新应用逐 一亮相，在展现科技驱动金融业务智能化升级的同时，切实助力更普惠、更便捷、更安全的金融服务落 地。 出台规划 全面提升科技金融服务质效 在2025世界人工智能大会期间，中国银行（601988）上海市分行携手全球工业人工智能联盟卓越中心、 上海人工智能研究院共同举办了一场专题活动。 "金融机构要把握历史机遇，迎接现实挑战，积极融入人工智能行业生态，联合政府部门、科技企业、 科研院校等战略伙伴，加强开放合作，推动资源 ...

Group 1 - The core viewpoint emphasizes the need for the financial industry to accelerate digital and intelligent transformation to enhance service quality and reduce costs, addressing issues like "difficult financing" and "expensive financing" [1] - The Bank of Communications has launched the "AI+" action plan for 2025-2026, focusing on self-reliance and application-oriented strategies [1] - The bank is responding to the national "East Data West Computing" strategy by relocating big data and AI systems to resource-rich western regions, aiming to enhance resource efficiency through a large-scale heterogeneous computing cluster [1] Group 2 - The bank is building an enterprise-level data middle platform and establishing a unified data standard system to improve the supply capacity of AI training datasets [1] - The implementation of intelligent recognition and robotic applications based on large models is expected to significantly reduce manual workload [1] - The introduction of remote video verification and specialized intelligent Q&A centers is aimed at enhancing customer experience [1] Group 3 - The financial industry is encouraged to collaborate with academia and industry to transition from "handcrafted" to "industrialized" production of digital intelligence capabilities [2] - Financial institutions are advised to solidify their data foundations, improve the efficiency of intelligent transformation, and strengthen ecosystem construction for effective industry collaboration [2] - There is a call for a commitment to technology for good, emphasizing the need to mitigate risks associated with new technology applications [2]

Core Viewpoint - The forum emphasized the importance of AI in driving innovation and efficiency in the financial sector, highlighting the need for collaboration among financial institutions, government, and technology companies to leverage AI for high-quality development [1][2]. Group 1: AI and Financial Sector Integration - AI is recognized as a core force driving technological transformation in the financial industry, with institutions urged to embrace AI ecosystems and enhance cooperation for resource sharing and capability building [1][2]. - The application of AI in finance is described as a complex system requiring significant investment, collaboration, and governance to balance development and regulation [1][2]. Group 2: Talent Development and Education - There is a call for establishing a talent cultivation system that integrates AI with finance, breaking down disciplinary barriers to align education with industry needs [2]. - The importance of aligning educational initiatives with national and local strategic goals is emphasized to foster a skilled workforce for the future [2]. Group 3: Technological Advancements and Infrastructure - The "China Computing Network" initiative is highlighted as a means to provide convenient access to computing power for AI applications in finance [2]. - Financial institutions are encouraged to solidify their data foundations and enhance their technological capabilities to adapt to new digital opportunities [3]. Group 4: Industry Collaboration and Partnerships - Significant partnerships were announced during the forum, including collaborations between China UnionPay, Bank of Communications, Fudan University, and others to establish a national AI application pilot base [4]. - The signing of agreements aims to create a shared intelligent industry ecosystem and promote high-quality development in sectors like smart mining and financial services for innovation-driven enterprises [4].

1. Report Industry Investment Rating - No information provided in the content 2. Core Views of the Report - Anti - involution policies affect commodity prices, shock the market's inflation expectations, and cause a significant adjustment in the bond market. Credit bond yields rise with interest rates, and most credit spreads widen, with secondary and perpetual (二永) bonds showing large fluctuations and high spread increases. Fund companies with the most unstable liability ends sell significantly, while insurance companies increase their buying efforts, and bank wealth management remains relatively stable. The trading enthusiasm for medium - and long - term bonds such as urban investment bonds, industrial bonds, and 二永 bonds remains high [2]. - It is too early to worry about negative feedback, with a very low probability. Market learning has improved the ability to respond, and there has been no change in macro - expectations. Moreover, bank wealth management's increasing consideration of liquidity in its configuration can prevent negative feedback [3]. - The asset shortage pattern remains unchanged and may even intensify. Interest rates may have short - term adjustments but do not support continuous and significant adjustments. Once interest rates stabilize, credit is likely to stabilize. After the market adjustment, it will be more difficult to further compress credit spreads compared to previous lows, and credit spreads are more likely to fluctuate. Investors need to seize phased trading opportunities [4]. - Investors should focus on coupon - bearing assets, and consider both coupon and trading operations for long - term bonds. For trading strategies, medium - and long - term 二永 bonds are recommended; for allocation strategies, sinking investment in urban investment bonds is still recommended. Wait for trading opportunities for ultra - long - term bonds [5]. 3. Summary by Relevant Catalogs 3.1 Market Review: Significant Correction, Noticeable Widening of 二永 Bond Spreads 3.1.1 Market Performance - This week, the credit bond market significantly corrected, and credit spreads widened. The stock market strengthened, and the bond market significantly corrected. Credit bond yields generally rose, especially for medium - and long - term 二永 bonds, which increased by over 10bp, with the 10Y 二永 bond correcting by up to 14.5bp. Most credit spreads widened, with 二永 bonds seeing more significant increases, while spreads of some medium - and long - term notes, enterprise bonds, and urban investment bonds of certain grades slightly narrowed [10]. - From a daily perspective, urban investment bond yields generally rose, with the adjustment amplitude first increasing and then decreasing, reaching a daily correction high on Thursday. From Monday to Tuesday, long - term 二永 bonds led the yield increase, but the overall amplitude was relatively small. From Wednesday to Thursday, the yield increase continued to expand, with long - term 二永 bonds correcting by over 5bp on Thursday and short - term bonds increasing by about 4bp. The long - and short - term yields of urban investment bonds and medium - term notes also increased by 3.5bp - 5bp. On Friday, the market continued to decline, but the amplitude narrowed. Credit spreads showed a divergent trend. Affected by the different adjustment speeds of credit bonds and interest - rate bonds, the spreads of 二永 bonds, known as "interest - rate amplifiers," generally widened, while the spreads of less - liquid urban investment bonds and medium - term notes were still slightly compressed in the early stage and widened on Friday [16]. 3.1.2 Insurance Continues to Allocate, Funds Sell on a Large Scale - Insurance companies' credit bond allocation remains strong. This week, insurance companies continued to be net buyers, with a net buying scale of 12.563 billion yuan, a 38.7% increase from the previous week. The net buying volume of ultra - long - term credit bonds over 5 years was 6.75 billion yuan, with the increase intensity remaining basically the same as last week [18]. - Funds sold credit bonds significantly this week, with a selling scale of 22.578 billion yuan. The net selling volume within 5Y was 12.738 billion yuan, and the net selling volume over 5Y was 7.474 billion yuan [18]. - Bank wealth management scale slightly increased. As of July 20, the bank wealth management scale was 31.02 trillion yuan, an increase of 0.06 trillion yuan from the previous weekend. This week, the net buying scales of wealth management and other product categories for credit bonds were 15.301 billion yuan and 13.078 billion yuan respectively, with month - on - month changes of 15.80% and 39.13% [21][22]. 3.1.3 Transaction Proportion: Decrease in Low - Rating Transaction Proportion - The transaction proportion of urban investment bonds, industrial bonds, and 二永 bonds with a remaining term of over 3 years was 30%, 29%, and 72% respectively, indicating that the transaction proportion of medium - and long - term bonds remained high. For urban investment bonds, the proportion of transactions under 3 years remained basically the same as last week, with the 3 - 5Y transaction proportion decreasing by 2 percentage points and the over - 5Y proportion increasing by 2 percentage points. For industrial bonds, the proportion of transactions within 1 year decreased by 1 percentage point, the 1 - 3Y proportion decreased by 2 percentage points, and the 3 - 5Y proportion increased by 3 percentage points. For 二永 bonds, the proportion of transactions within 1 year decreased by 1 percentage point, the 1 - 3Y proportion increased by 2 percentage points, and the 3 - 5Y proportion decreased by 3 percentage points [28]. - The proportion of low - rating transactions of non - financial credit bonds decreased this week. The proportion of transactions of urban investment bonds with a rating of AA(2) and below decreased by 1 percentage point from last week, the proportion of industrial bonds with a rating of AA and below decreased by 1 percentage point month - on - month, and the proportion of 二永 bonds with a rating of AA and below decreased by 3 percentage points from last week [29]. 3.2 Market Outlook: Redemption is Controllable, Seize Trading Opportunities 3.2.1 Redemption is Controllable, Seize Trading Opportunities - Reasons for market adjustment: With the continuous implementation of anti - involution policies, commodity futures prices have risen significantly, affecting the market's inflation expectations. The Nanhua Industrial Products Index, which reflects commodity price trends, has also risen significantly. Historically, this index has a certain forward - looking predictive effect on PPI. By observing the term structure of interest - rate swaps, indicators such as IRS FR007 5 - year - 1 - year and 1 - year - FR007 have quickly turned positive, indicating a change in the market's inflation expectations [31][33]. - Regarding the concern of negative feedback: It is too early to worry about negative feedback, with a very low probability. Market adjustments in September 2024 and March 2025 were more significant than the current one, but no obvious negative feedback occurred. The key lies in the increasing consideration of liquidity in bank wealth management's configuration. Since April this year, the absolute amount and proportion of inter - bank certificate of deposit (NCD) allocation have been at historically high levels, enabling wealth management to handle market fluctuations. As long as bank wealth management remains stable, the key link of market negative feedback can be stopped [38][40]. - Analysis of tight funds: The funding situation tightened on Thursday this week, leading to a higher market adjustment amplitude. The tightening on Thursday may be due to banks' liability - side issues. From the perspective of large banks' deposit - loan spreads, the deposit - loan spreads of large banks generally decline seasonally in July. After the significant reduction of deposit interest rates in May, large banks face the pressure of term - deposit maturity transfer, resulting in relatively large liability pressure. A low deposit - loan spread means reduced stability of funding rates, which are more dependent on the central bank's liquidity injection. Any daily misalignment in the central bank's liquidity injection can significantly impact funding rates [41][42]. - Future trends: The asset shortage pattern remains unchanged and may even intensify. Interest rates may have short - term adjustments, but the current macro - environment does not support continuous and significant interest - rate adjustments. The impact of anti - involution policies on inflation expectations has been fully priced in the short term through the significant rise in commodity prices. For credit bonds, it will be more difficult to further compress credit spreads below previous lows this year. Credit spreads are more likely to fluctuate, and investors need to seize phased small - band opportunities [50][56]. 3.2.2 Science and Technology Innovation Bonds Continue to Contribute Net Financing to the Market - In July, non - financial credit bond financing performed well, with the net financing exceeding the levels of the same month in the previous two years, reaching 347.9 billion yuan. The supply of long - term credit bonds has increased. Recently, the sentiment for extending the duration of credit bonds has been positive. Although the issuance duration in July has decreased month - on - month, there is still room for extending the duration [57][59]. 3.3 What to Buy in Credit? 3.3.1 Focus on High - Grade 二永 Bonds for Trading, Weak - Quality Urban Investment Bonds for Coupon - The price - comparison of short - term 二永 bonds is positive, while that of medium - and long - term 二永 bonds is negative. Considering different investor needs, high - grade trading strategies are recommended to focus on 二永 bonds, and low - grade coupon strategies are recommended to focus on urban investment bonds. This week, the price - comparison advantage of short - term AAA second - tier capital bonds over medium - term notes remained positive, and the price - comparison of long - term AAA second - tier capital bonds with medium - term notes fluctuated around 0. The price - comparison of short - term urban investment bonds with medium - term notes is positive, and the price - comparison of long - term low - grade urban investment bonds has quickly recovered to the historical central level. Urban investment bonds still have a price - comparison advantage over medium - term notes, but the difference is not significant. Considering the bond - selection scope, urban investment bonds are still preferred [62][64]. 3.3.2 General Credit Coupon is More Advantageous - Currently, the proportion of urban investment bonds with a valuation above 2.3% is 19.8%, that of non - financial industrial bonds is 10.8%, and that of 二永 bonds is 6.8%. From the perspective of coupon - based bond selection, general credit offers a wider bond - selection space. For urban investment bonds, investors can consider both coupon and trading operations for the long - term, and can continue to participate in short - term high - coupon varieties. For industrial bonds, investors can focus on important local state - owned real - estate enterprises among real - estate developers, such as Shoukai and Jianfa Real Estate; among non - real - estate entities, focus on China Minsheng Bank, Jizhong Energy, and Bohai Bank [68][72]. 3.3.3 Statistics of Primary Issuance - Relevant data shows the weekly net financing and cumulative net financing of various credit bonds, including urban investment bonds, industrial bonds, 二永 bonds, and other financial bonds from December 30, 2024, to July 27, 2025 [77]. 3.3.4 Details of Secondary Valuation Changes - No detailed information provided in the content

Group 1 - The company has signed a fund sales and service agreement with Bank of Communications, allowing the bank to sell its funds starting from July 28, 2025 [1] - Investors will be able to perform various transactions such as account opening, subscription, redemption, regular investment, and conversion through Bank of Communications for the listed funds [1] - Specific fee discounts will be available for investors using Bank of Communications for transactions related to the company's funds, with details subject to the bank's regulations [2] Group 2 - The interpretation rights of the fee discount activities belong to Bank of Communications, and any changes to the specific regulations will be announced by the bank [3] - During the fee discount period, the transaction processes will follow the regulations set by Bank of Communications [4] - Investors are encouraged to read the fund's legal documents, including the fund contract and prospectus, for detailed information about the fund products [4]

Core Viewpoint - The A-share private placement market has significantly rebounded since 2025, with 74 companies completing placements and raising a total of 659 billion yuan, marking a substantial increase compared to the same period last year [1][3]. Group 1: Market Recovery and Drivers - The increase in the number of companies initiating private placements, the proposed fundraising amounts, and the total amount raised are all significantly higher than the previous year [3]. - The recovery of the private placement market is attributed to a combination of policy incentives and market dynamics, with the release of policy benefits and the demand for industrial upgrades acting as dual driving forces [3]. - The "Six Merger Policies" released in September 2024 have activated the merger and acquisition market, leading to a surge in financing needs [3]. - The easing of restrictions for long-term funds such as public funds, insurance funds, and pension funds to participate in private placements has improved project approval efficiency and shortened project cycles [3]. - Over 90% of private placement projects this year have achieved floating profits, further attracting institutional funds into the market [3]. Group 2: Changes in Project Management - There has been a noticeable increase in new private placement projects this year, particularly in sectors such as software, information technology services, and electronic equipment manufacturing [6]. - Many investment banks maintain strong strategic ties with existing clients, leading to a higher proportion of old clients in new private placement projects [6]. - A significant number of new projects are related to merger financing, necessitating the establishment of specialized merger teams within investment banks to provide comprehensive services [7]. Group 3: Evolving Investor Participation - The private placement market has seen a significant profit effect this year, attracting more investors [9]. - Institutional investors' participation logic has undergone profound changes, shifting from viewing private placements as mere discount arbitrage tools to a dual validation approach of fundamentals and discount rates [9]. - There is a transition from short-term trading orientation to long-term allocation thinking, with public funds increasing their allocation in sectors like basic chemicals and non-ferrous metals [9]. - Private equity firms are now actively participating in pricing, utilizing quantitative models to select targets based on discount rates, industry rotation, and ESG factors [9]. Group 4: Competitive Strategies for Investment Banks - Investment banks are urged to enhance their competitive edge in private placements by transitioning from merely being a "channel" to creating value through industry research, funding services, technology application, and product innovation [10]. - Investment banks should establish professional teams in key sectors to conduct in-depth analysis and build industry valuation models [10]. - The need for dynamic pricing systems that adjust issuance base prices in real-time based on industry trends and interest rates is emphasized [10]. - The private placement business is evolving from a funding channel to a capital ecosystem organizer, with research capabilities and resource integration becoming key competitive advantages [10].

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]

Core Insights - The report highlights the steady increase in rural residents' disposable income, which reached 11,936 yuan in the first half of 2025, reflecting a real growth of 6.2% after adjusting for price factors, surpassing urban income growth [1] - The transition period for consolidating poverty alleviation achievements and effectively connecting with rural revitalization is crucial, with financial institutions playing a significant role in supporting agricultural development [1] Financial Institutions' Role - Financial institutions are focusing on enhancing agricultural loan disbursement, with Guangxi Pingle Rural Cooperative Bank reporting a balance of 3.565 billion yuan in agricultural loans by June, and having issued 10,727 small credit loans totaling 451 million yuan, covering all towns and administrative villages in Pingle County [2] - The Agricultural Bank emphasizes the importance of maintaining a good growth momentum in county and agricultural loans, prioritizing financing for key areas such as food security and optimizing support policies on a county-by-county basis [12] Industry Development and Support - The report underscores the significance of industrial prosperity as a key aspect of rural revitalization, with financial products like "Business Quick Loan" and "Planting e-Loan" being introduced to support local enterprises and enhance production capacity [4][5] - The establishment of a rural credit system is highlighted as essential for modern rural economic development, with various financial institutions implementing credit value loans and creating credit databases to facilitate access to financing for farmers [6][8][9] Challenges and Future Directions - Key challenges identified include the impact of unpredictable natural risks on agricultural production, the lack of collateral for farmers and small rural enterprises, and insufficient professional talent to meet rural revitalization needs [11] - Financial institutions plan to enhance their agricultural financial service systems, improve service coverage, and leverage technology to streamline loan management processes [11][12]

Core Viewpoint - The article highlights the participation of Bank of Communications (BoCom) at the 2025 World Artificial Intelligence Conference, showcasing its commitment to utilizing AI and digital technologies to enhance financial services and support the development of Shanghai's strategic initiatives [1]. Group 1: Exhibition Highlights - BoCom's exhibition features unique areas such as the "Five Major Articles of Finance," showcasing innovative practices in empowering these initiatives through digital transformation [4]. - The exhibition allows visitors to experience new banking service models through immersive interactions with embodied intelligence and digital employees, demonstrating the application of cutting-edge technologies like generative models and blockchain in finance [1][4]. Group 2: Financial Innovations - BoCom has developed a model to break down data barriers between banks and government, enabling proactive credit assessments for enterprises, ensuring financial resources are accurately directed to those in need [4]. - The bank's digital agriculture platform utilizes big data, IoT, and AI to create a comprehensive financial service ecosystem for the agricultural sector, supporting rural revitalization efforts [4]. Group 3: Strategic Contributions - The exhibition showcases BoCom's contributions to national strategies and its integration into Shanghai's "Five Centers" initiative, including the creation of a smart shipping trade blockchain ecosystem that connects various trade data [5]. - BoCom has launched a dedicated government service brand, "Jiao Zheng Tong," to streamline high-frequency public service interactions, promoting the integration of smart finance and digital governance [5]. Group 4: Digital Services - The "Digital Employees and Cloud BoCom" section demonstrates an innovative remote financial service model that integrates video and AI technologies, enhancing service continuity and overall customer service capabilities [7]. - This new service model overcomes traditional branch limitations, providing a one-stop comprehensive financial service experience [7]. Group 5: Forum and Collaboration - BoCom will host a forum titled "Intelligent Drive, Co-creation and Win-win: AI + Finance Empowering High-Quality Development," discussing the application of AI in enhancing financial efficiency and fostering industrial innovation [9]. - The forum will feature expert speeches and the launch of BoCom's "Jiao Yin Sci-Tech Innovation" product series, along with collaborations in AI application testing [9].

1. Report Industry Investment Rating - Not provided in the given content. 2. Core View of the Report - Among AA-rated urban investment bonds (subject rating) with a high discount rate, "20 Huainan JF MTN003" had the largest deviation in valuation price; among the top 50 bonds with the largest net price decline, "23 Huangshi CF MTN005" had the largest deviation in valuation price; among the top 50 bonds with the highest net price increase, "19 Kunzu 02" had the largest deviation in valuation price; among the top 50 secondary perpetual bonds with the highest net price increase, "24 SPDB Tier 2 Capital Bond 01B" had the largest deviation in valuation price [2]. 3. Summary by Relevant Catalogs 3.1 AA-rated Urban Investment Bonds with High Discount Rates - "20 Huainan JF MTN003" had a remaining term of 0.28 years, a valuation price deviation of -0.59%, a valuation net price of 100.64 yuan, a valuation yield deviation of 8.18 bp, a daily valuation yield of 1.73%, a coupon rate of 5.03%, an implied rating of AA(2), and a subject rating of AA, with a transaction date of July 23, 2025 [4]. - Other bonds such as "25 Jinghe 01", "25 Lancuang 03" also had relevant data presented in the table [4]. 3.2 Top 50 Bonds with the Largest Net Price Decline - "23 Huangshi CF MTN005" had a remaining term of 0.99 years, a valuation price deviation of -0.88%, a valuation net price of 99.12 yuan, a valuation yield deviation of 1.33 bp, a daily valuation yield of 1.90%, a coupon rate of 5.78%, an implied rating of AA(2), and a subject rating of AA+, with a transaction date of July 21, 2025 [5]. - Other bonds like "24 CRCC K2", "25 COSCO SHIPPING MTN001" also had corresponding information in the table [5]. 3.3 Top 50 Bonds with the Highest Net Price Increase - "19 Kunzu 02" had a remaining term of 0.03 years, a valuation price deviation of 0.60%, a valuation net price of 101.43 yuan, a valuation yield deviation of -12.82 bp, a daily valuation yield of 2.10%, a coupon rate of 6.45%, an implied rating of AA-, and a subject rating of AA+, with a transaction date of July 25, 2025 [7]. - Other bonds such as "25 Taihua 03", "24 Chanrong 06" also had detailed data in the table [7]. 3.4 Top 50 Secondary Perpetual Bonds with the Highest Net Price Increase - "24 SPDB Tier 2 Capital Bond 01B" had a remaining term of 9.07 years, a valuation price deviation of 0.03%, a valuation net price of 100.92 yuan, a valuation yield deviation of -0.33 bp, a daily valuation yield of 2.19%, a coupon rate of 2.30%, an implied rating of AA+, and a subject rating of AAA, with a transaction date of July 25, 2025 [9]. - Other bonds like "24 CGB Tier 2 Capital Bond 01B", "25 GZB Perpetual Bond 01" also had relevant information presented in the table [9].