Core Viewpoint - The manufacturing sector in China is advancing towards high-end, intelligent, and green development, with the Industrial and Commercial Bank of China (ICBC) Kunming Branch focusing on providing tailored financial services to support this transformation [1] Group 1: Demand Identification and Service Innovation - ICBC Kunming Branch has initiated a "Manufacturing Industry Bill Service Special Action" to actively engage with manufacturing enterprises, moving from a passive to an active service model [2] - The bank has established a specialized service team to conduct thorough research on the financial needs of manufacturing companies, creating a "demand list" and a "financial service ledger" [2] - Tailored bill service solutions have been developed for different types of enterprises, including high-value, low-cost bill discount services for large manufacturers and supply chain bill discount services for small and medium-sized enterprises [2] Group 2: Service Process Upgrade - The bank is digitizing its bill service processes to create an efficient online platform for applications, approvals, and disbursements, significantly reducing the funding turnaround time [3] - An intelligent risk control system has been implemented to enhance the efficiency of bill approval, allowing for same-day applications and disbursements [3] - A "green channel" has been established for priority processing of bills for strategic emerging industries and specialized small giants, ensuring rapid access to funds [3] Group 3: Collaborative Ecosystem - ICBC Kunming Branch has created a collaborative service mechanism that integrates various departments to meet the diverse needs of manufacturing enterprises [4] - The bank offers a comprehensive financial service package that combines bill services with working capital loans and international settlement products to address the full spectrum of enterprise financing needs [4] Group 4: Service Network and Risk Management - A service network has been established that connects the head office, branches, and local service points to cover all types of manufacturing clients [5] - The bank collaborates with local industrial departments and holds financing connection meetings to facilitate communication between banks and enterprises [5] - A comprehensive risk control system has been implemented to ensure that bill financing is based on real trade backgrounds and that funds are used appropriately [5] Group 5: Impact and Future Outlook - Since 2025, ICBC Kunming Branch has saved over 20 million yuan in financial costs for manufacturing clients through favorable discount rates, alleviating financial pressure [6] - The bank has processed bill discounting for 86 manufacturing clients, amounting to 17.7 billion yuan, covering manufacturing clusters across 16 prefectures in Yunnan [6] - Looking ahead, ICBC Kunming Branch aims to continue innovating its bill products and services to support the high-quality development of Yunnan's manufacturing sector [6]

合规压力同步上行，多家银行因理财、代销业务被罚。 业内人士指出，理财代销正从"规模竞争"迈入"能力竞争"阶段。如何在抢占市场窗口期的同时守住风险 底线，成为摆在银行面前的一道现实考题。 理财规模创新高，中小银行加速入场 2025年以来，银行理财代销市场明显升温。一方面，多家银行代销理财产品数量和规模快速扩张，理财 代销成为不少银行在息差收窄背景下的重要"发力点"；另一方面，随着业务加速推进，理财、代销等环 节的管理漏洞也逐步暴露，监管罚单密集落地，合规压力同步上行。年内多家银行因理财、代销等业务 管理不审慎等被处罚。 业内人士普遍认为，中小银行加码理财代销，既是应对息差持续收窄、压降负债成本的现实选择，也是 在资管新规全面落地背景下，对自营理财空间受限的一种"转向式布局"。 扩张背后罚单频现，监管持续加码 在理财代销快速扩张的同时，部分银行在理财、代销及相关业务环节的管理短板逐渐显现。 银行业理财登记托管中心发布的《中国银行业理财市场季度报告（2025年三季度）》显示，截至今年9 月末，全市场存续理财产品规模达32.13万亿元，首次突破32万亿元大关，创下历史新高；持有理财产 品的投资者数量达1.39亿，同比 ...

强化风控协同，筑牢合规底线。在大力支持发展的同时，工行漳州分行始终将风险防控摆在突出位置。 在授信审批流程中，创新嵌入"财政部融资平台监测名单"与"331名单"双重核查机制，确保客户准入合 规。同时，严格执行账户监管等刚性约束措施，全方位监测资金流向，有效阻断潜在隐性债务风险，确 保业务稳健发展。 创新机制赋能，提升服务效能。为更好地服务对台长周期项目，工行漳州分行创新体制机制，对重点服 务台企的县域国企实施"审查权限下沉"策略，大幅提升审批效率。同时，建立高效的省、市县三级预沟 通协调机制，强化纵向联动与信息共享，确保对台金融服务需求得到快速响应和有效满足。 成效显著，服务两岸融合显担当。截至2025年9月末，工行漳州分行第三季度新增对台产业链国企融资 规模突破2亿元，显著提升了信贷资源配置与台企集聚区域经济发展的匹配度；对台资企业直接授信总 额达95.23亿元，服务覆盖面与深度持续扩大，为在漳台企发展提供了坚实的金融后盾。 2025年以来，工行漳州分行紧密围绕国家建设两岸融合发展示范区的战略部署，充分发挥金融血脉作 用，以服务区县国企为重要抓手，持续提升对台产业金融服务质效，为深化两岸经济合作注入强劲动 ...

Core Viewpoint - The mid-term dividend distribution among listed banks is progressing steadily, with half of the banks having completed their 2025 mid-year dividend payouts, characterized by an earlier distribution schedule and an increase in dividend rates [1] Group 1: State-owned Banks - The five major state-owned banks, including Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, and Bank of Communications, successfully completed their mid-term dividend payouts in December, distributing a total of 189.885 billion yuan to shareholders [3] - Bank of Communications announced a cash dividend of 0.1563 yuan per share (including tax) on December 25, totaling 13.811 billion yuan [3] - Industrial and Commercial Bank of China and Agricultural Bank of China initiated their mid-term dividends on December 15, with Industrial Bank distributing 0.1414 yuan per share (approximately 50.396 billion yuan) and Agricultural Bank distributing 0.1195 yuan per share (approximately 41.823 billion yuan) [3] - China Construction Bank and Bank of China completed their payouts on December 11, with China Construction Bank distributing 0.1858 yuan per share (approximately 48.605 billion yuan) and Bank of China distributing 0.1094 yuan per share (approximately 35.250 billion yuan) [3] Group 2: Joint-stock and City Commercial Banks - Among the A-share joint-stock banks that have implemented mid-term dividends, CITIC Bank, Minsheng Bank, and Ping An Bank completed their payouts in August 2025, with total cash dividends of 10.461 billion yuan, 5.954 billion yuan, and 4.580 billion yuan respectively [4] - Additionally, 13 A-share listed city commercial banks and rural commercial banks completed their mid-term dividends for 2025, including Shanghai Bank and Nanjing Bank, with a total distribution exceeding 18.5 billion yuan [4] - According to Guotai Junan Securities, the dividend rates for most banks that have disclosed their plans for 2025 mid-term dividends are consistent with those of 2024, while six banks, including Suzhou, Minsheng, Shanghai, Hangzhou, Huaxia, and CITIC, have increased their rates by 0.9 to 4.5 percentage points compared to 2024 [4] Group 3: Upcoming Dividend Plans - Postal Savings Bank plans to distribute 1.230 yuan (including tax) for every 10 ordinary shares, totaling approximately 14.8 billion yuan [4] - Industrial Bank intends to distribute 5.65 yuan (including tax) for every 10 shares, amounting to 11.957 billion yuan [4] - China Merchants Bank has confirmed that its mid-term cash dividend distribution will occur between January and February 2026, with a distribution ratio of 35% [4]

Group 1 - Over 3,700 listed companies have implemented cash dividends this year, with a total amount of 2.64 trillion yuan, setting a new historical record [1] - The top three companies by dividend amount are Industrial and Commercial Bank of China (ICBC) with 160.169 billion yuan, China Construction Bank with 149.359 billion yuan, and Agricultural Bank of China with 126.484 billion yuan [3] - China Mobile and Bank of China also exceeded 100 billion yuan in dividends, ranking fourth and fifth respectively [3] Group 2 - The demand for high dividend and strong cash flow assets is increasing due to low interest rates and asset scarcity, highlighting their investment value [3] - The distribution of companies with dividends exceeding 10 billion yuan is concentrated in the banking, telecommunications, and oil sectors, with some industries significantly increasing their dividend levels [3] - Coal companies are expected to continue raising their dividend levels, with China Shenhua planning to maintain a minimum cash dividend ratio of 65% from 2025 to 2027 [3]

Core Viewpoint - The Shantou branch of Industrial and Commercial Bank of China (ICBC) is actively implementing national policies to stabilize the economy and promote consumption, providing comprehensive financial support to invigorate the consumer market [1] Group 1: Financial Support for Consumption - ICBC Shantou has seen credit card loans and installment payments grow by approximately 120 million yuan by the end of September 2025 compared to the beginning of the year, demonstrating the effectiveness of its financial measures to promote consumption [1] - The bank has launched promotional campaigns such as "Gongxiang" and "Aigou" to embed discounts into everyday life, including a summer electricity bill subsidy and fuel discounts, saving over 150,000 yuan for drivers [3] Group 2: Housing and Real Estate Support - Over the past five years, ICBC Shantou has issued more than 17 billion yuan in housing loans, supporting the housing needs of many families [6] - The bank has implemented a seamless transaction process for second-hand housing and partnered with the local housing fund management center to offer better credit services for contributors, with a total of 980 million yuan in second-hand housing loans issued this year [10] Group 3: Tourism and Cultural Consumption - The bank is extending its services to the tourism sector, particularly in Nanao Island, which attracts over 6 million visitors annually, to create a more appealing tourism consumption ecosystem [11] - ICBC Shantou has introduced a ticketing system for concerts and anime exhibitions, providing discounts for young consumers and enhancing cultural consumption experiences [14] Group 4: Digital Financial Integration - The bank is promoting the integration of digital finance with consumption scenarios, focusing on smart dining and tourism, and has launched 30 smart dining projects and 232 effective smart dining merchants since 2025 [17] - ICBC Shantou aims to develop more intelligent service scenarios and activities that are closely aligned with citizens' lives, enhancing the overall consumer experience [17]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - From December 22 to December 26, 2025, the issuance volume of credit bonds increased month - on - month, and the credit spreads of various industries showed mixed trends [1] 3. Summary by Directory 3.1 Primary Market 3.1.1 Issuance Statistics - During the week from December 22 to December 26, 2025, 267 credit bonds were issued, with a total issuance scale of 427.702 billion yuan, a month - on - month increase of 15.42%. Among them, 117 industrial bonds were issued, with a scale of 219.258 billion yuan (a 34.26% month - on - month increase, accounting for 51.26% of the total); 110 urban investment bonds were issued, with a scale of 71.364 billion yuan (an 18.87% month - on - month decrease, accounting for 16.69% of the total); 40 financial bonds were issued, with a scale of 137.08 billion yuan (a 14.92% month - on - month increase, accounting for 32.05% of the total) [1][11] - The average issuance term of credit bonds this week was 2.74 years. The average issuance term of industrial bonds was 2.36 years, urban investment bonds was 3.25 years, and financial bonds was 2.35 years [1][14] - The average issuance coupon rate of credit bonds this week was 2.26%. The average issuance coupon rate of industrial bonds was 2.12%, urban investment bonds was 2.41%, and financial bonds was 2.23% [2][19] 3.1.2 Cancellation of Issuance Statistics - Five credit bonds were cancelled for issuance this week [2][23] 3.2 Secondary Market 3.2.1 Credit Spread Tracking - By industry, in the Shenwan primary industries, the largest upward movement of the AAA - rated industry credit spread was in the pharmaceutical and biological industry (up 5.1BP), and the largest downward movement was in the real estate industry (down 1.3BP); the largest upward movement of the AA + - rated industry credit spread was in the household appliances industry (up 6.4BP), and the largest downward movement was in the textile and clothing industry (down 9.8BP); the largest upward movement of the AA - rated industry credit spread was in the building materials industry (up 11BP), and the largest downward movement was in the commercial trade industry (down 1BP) [3] - By region for urban investment bonds, this week, the largest upward movement of the AAA - rated credit spread was in Gansu (up 8.7BP), and the largest downward movement was in Jilin (down 2.9BP); the largest upward movement of the AA + - rated credit spread was in Liaoning (up 6.7BP), and the largest downward movement was in Fujian (down 3.2BP); the largest upward movement of the AA - rated credit spread was in Jiangxi (up 4.5BP), and the largest downward movement was in Anhui (down 3.3BP) [3] 3.2.2 Trading Volume Statistics - The total trading volume of credit bonds was 1.782747 trillion yuan, a month - on - month increase of 28.47%. The top three in terms of trading volume were commercial bank bonds, corporate bonds, and medium - term notes. Specifically, the trading volume of commercial bank bonds was 630.894 billion yuan (a 38.88% month - on - month increase, accounting for 35.39% of the total); the trading volume of corporate bonds was 521.309 billion yuan (a 15.93% month - on - month increase, accounting for 29.24% of the total); the trading volume of medium - term notes was 347.636 billion yuan (a 40.63% month - on - month increase, accounting for 19.50% of the total) [4][28] 3.2.3 Actively Traded Bonds This Week - According to DM client data, the top 20 urban investment bonds, industrial bonds, and financial bonds in terms of trading volume this week are provided for investors' reference [30]

Core Viewpoint - The article discusses the recent trend of mid-term dividends among listed banks in China, highlighting the significant cash distributions made by state-owned banks and the increasing participation of smaller banks in dividend payouts [1][2][3]. Group 1: Mid-term Dividends Overview - As of December 26, 21 A-share listed banks have implemented mid-term dividends, totaling nearly 230 billion yuan, with an observed trend of earlier dividend announcements and increased payout ratios [2]. - State-owned banks are the primary contributors to mid-term dividends, with five major banks distributing a total of approximately 189.89 billion yuan in cash dividends [3]. - The Agricultural Bank of China and Industrial and Commercial Bank of China led the mid-term dividend payouts, with 41.82 billion yuan and 50.40 billion yuan respectively [3]. Group 2: Participation of Smaller Banks - More small and medium-sized banks are joining the mid-term dividend trend, with 13 local listed banks announcing their plans, collectively distributing over 18.5 billion yuan [6]. - Qilu Bank and Zijin Bank have recently disclosed their mid-term dividend plans, with Qilu Bank proposing a payout of 0.121 yuan per share, totaling 745 million yuan [6]. - The trend indicates that many banks are maintaining or increasing their dividend payout ratios compared to the previous year, with some banks showing increases of 0.9% to 4.5% [6]. Group 3: Future Dividend Plans - Postal Savings Bank has outlined a clear plan for mid-term dividends, proposing a payout of 1.23 yuan per 10 shares, amounting to approximately 14.8 billion yuan, which represents 30% of its net profit [4]. - China Merchants Bank has indicated that its mid-term cash dividend distribution will occur between January and February 2026, with a proposed payout ratio of 35% [6]. - Several other banks, including Industrial Bank and Everbright Bank, have also announced their mid-term dividend plans, with payout ratios exceeding 25% [5].

1. Report Industry Investment Rating - No information provided regarding the industry investment rating in the report 2. Core View of the Report - The report presents a weekly data tracking of secondary - capital bonds from December 22, 2025, to December 26, 2025, covering primary - market issuance, secondary - market trading, and valuation deviation of individual bonds [1] 3. Summary by Relevant Catalogs 3.1 Primary - Market Issuance - During the week from December 22, 2025, to December 26, 2025, 8 new secondary - capital bonds were issued in the inter - bank and exchange markets, with a total issuance scale of 53.15 billion yuan. The issuance term was 10 years, and the issuers included local state - owned enterprises, private enterprises, other enterprises, and central financial enterprises. The issuer regions were Sichuan, Zhejiang, Jiangsu, Beijing, and Hunan, and the subject ratings were AA +, AA -, A +, and AAA [1] 3.2 Secondary - Market Trading - **Trading Volume**: The total weekly trading volume of secondary - capital bonds was approximately 272.9 billion yuan, a decrease of 1 billion yuan compared to the previous week. The top three bonds in terms of trading volume were 25 Bank of China Secondary Capital Bond 03A(BC) (19.41 billion yuan), 25 China Construction Bank Secondary Capital Bond 03BC (9.691 billion yuan), and 25 Bank of China Secondary Capital Bond 01BC (8.304 billion yuan). By issuer region, the top three in trading volume were Beijing (about 217.1 billion yuan), Shanghai (about 19.3 billion yuan), and Guangdong (about 10 billion yuan) [2] - **Yield to Maturity**: As of December 26, for 5Y secondary - capital bonds, the yield - to - maturity changes of AAA -, AA +, and AA - rated bonds compared to the previous week were 1.19BP, 0.00BP, and 0.00BP respectively; for 7Y bonds, the changes were - 1.05BP, - 1.52BP, and - 1.52BP; for 10Y bonds, the changes were - 1.92BP, - 0.95BP, and - 0.95BP [2] 3.3 Valuation Deviation of Top 30 Individual Bonds - **Overall Situation**: The overall valuation deviation of the weekly average trading price of secondary - capital bonds was not significant. The proportion of discount transactions was less than that of premium transactions, but the discount magnitude was greater than the premium magnitude [3] - **Discount Bonds**: The top three bonds with the highest discount rates were 22 Shengjing Bank Secondary Capital Bond 01 (- 0.5385%), 24 Chang'an Bank Secondary Capital Bond 01 (- 0.4596%), and 25 Jilin Bank Secondary Capital Bond 01 (- 0.3868%). The Zhongzheng implied ratings were mainly AAA -, AA, and AA +, and the regions were mainly Beijing, Tianjin, and Guangdong [3] - **Premium Bonds**: The top three bonds with the highest premium rates were 23 Huaxing Bank Secondary Capital Bond 01 (0.3868%), 22 China Construction Bank Secondary Capital Bond 02B (0.2792%), and 23 Bank of China Secondary Capital Bond 01B (0.2319%). The Zhongzheng implied ratings were mainly AAA -, AA, and AA -, and the regions were mainly Beijing, Shanghai, and Sichuan [3]

12月26日，工商银行与中国银联签署全面战略合作协议。根据协议，工商银行将围绕金融基础设施建 设、提振消费、优化支付服务、跨境支付互联互通等领域，与中国银联进一步深化合作，提供全面金融 解决方案。 ...