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]

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Core Viewpoint - The wave of mergers and restructuring among China's small and medium-sized banks has progressed with unexpected intensity and speed, focusing on financial risk prevention and high-quality industry development in 2025 [1][2]. Summary by Sections Mergers and Restructuring Overview - As of December 26, 2025, a total of 394 banking institutions have been approved for mergers or dissolutions, doubling the total from 2024 [1]. - Between 2024 and 2025, nearly 550 banking institutions were reduced through mergers and restructuring, surpassing the total from the previous seven years [1]. - The restructuring involved 28 provinces, with Inner Mongolia leading by integrating 139 institutions, followed by Shandong (33), Henan (26), and Sichuan (25) [1][9]. Characteristics of the Restructuring - The 2025 restructuring is characterized by two significant trends: the involvement of state-owned banks in "village-to-branch" transformations and the acceleration of provincial-level reforms in the rural credit system [2]. - This transformation is not merely a reduction in numbers but a comprehensive change across various types of institutions, moving towards a quality-driven development phase [2]. Regulatory and Policy Framework - The central financial work conference in 2024 emphasized the need to "properly handle risks in small financial institutions," placing them alongside local debts and real estate as key areas for financial risk prevention [4]. - The regulatory focus has been on risk prevention and resolution, with tailored reform plans developed for different regions [5]. Achievements and Progress - The reform efforts have led to a significant increase in the disposal of non-performing assets, with over a 40% increase compared to the previous five-year period [5]. - The number of high-risk small and medium-sized banks has significantly decreased, with some provinces achieving a "dynamic zero" for high-risk institutions [6]. Integration of Institutions - The integration process has seen state-owned banks actively participating in the restructuring of village banks, providing stronger support for their transformation [11]. - By the end of 2025, 231 village banks had merged or dissolved, with a notable acceleration in the second half of the year [12]. Future Outlook - The ongoing restructuring is expected to continue, with a focus on enhancing the quality and effectiveness of the integration process [17]. - The emphasis on "reducing quantity and improving quality" will remain a core theme in the upcoming years, as the industry transitions to a more stable and effective phase [17].

Core Insights - The wave of mergers and restructuring among China's small and medium-sized banks has progressed with unexpected intensity and speed, focusing on financial risk prevention and high-quality industry development as the core themes of the year [1][2]. Summary by Sections Mergers and Restructuring - As of December 26, 2025, a total of 394 banking institutions were approved to exit the market through mergers and dissolutions, doubling the total from 2024 [1][7]. - Between 2024 and 2025, nearly 550 banking institutions were reduced through mergers and restructuring, surpassing the total from the previous seven years [1]. - The restructuring involved 28 provinces, with Inner Mongolia leading by integrating 139 institutions, followed by Shandong (33), Henan (26), and others [1][9]. Characteristics of the Restructuring - The integration of small and medium-sized banks in 2025 is characterized by two significant trends: the involvement of state-owned banks in "village-to-branch" transformations and the acceleration of provincial-level reforms in the rural credit system [1][15]. - The core entities in the restructuring are village banks (231), followed by rural commercial banks (81) and rural credit cooperatives (71) [12]. Policy and Regulatory Framework - The central financial work conference in 2024 emphasized the need to "properly handle risks in small financial institutions," placing them alongside local debts and real estate as key areas for financial risk prevention [3]. - The regulatory focus during the "14th Five-Year Plan" period has been on risk prevention and resolution for small financial institutions, with a commitment to personalized reform strategies based on regional differences [4]. Achievements and Future Directions - Significant progress has been made in risk resolution, with over 40% more non-performing asset disposals compared to the previous five-year period, and the total capital and provisions in the industry exceeding 50 trillion yuan [5]. - The government work report for 2025 outlined a market-oriented and legal approach to risk resolution and transformation of local small financial institutions [5]. Service Upgrades and Market Dynamics - The restructuring is not merely a reduction in numbers but aims to enhance the quality and efficiency of financial services, particularly for rural and small enterprises [19][20]. - Merged institutions are expected to improve operational standards, risk resistance, and expand their service offerings through enhanced digital capabilities [19][20]. Long-term Outlook - The ongoing restructuring of small and medium-sized banks is anticipated to continue into 2026, with a focus on quality improvement and effective integration as the core theme [21].

Core Insights - Google ranks first, followed by Microsoft and Apple in the 2025 World Brand 500 list, with the United States leading with 184 brands, while China surpasses Japan with 50 brands, securing the third position globally [3][6]. Group 1: Brand Rankings - Google, Microsoft, and Apple are the top three brands in the 2025 World Brand 500 list [3][12]. - The United States has the highest representation with 184 brands, followed by France with 51, China with 50, Japan with 40, and the United Kingdom with 34 [6][12]. Group 2: Industry Representation - The automotive and parts industry leads with 33 brands, followed by the energy and food & beverage industries, each with 30 brands [4][5]. - The banking sector has 29 brands, while retail and computer & communications sectors each have 27 brands represented [4][5]. Group 3: Notable Chinese Brands - Key Chinese brands in the list include State Grid, Tencent, Haier, and ICBC, among others [7][8][9]. - The presence of Chinese brands has increased, with 50 brands listed, surpassing Japan's 40 brands [3][6]. Group 4: Impact of AI - The rise of generative AI is influencing brand creativity and expression, presenting both opportunities and challenges in the branding landscape [3][4].

Core Viewpoint - The 2025 Shenzhen Financial Innovation Competition aims to enhance the financial services of local institutions and promote Shenzhen as a globally influential financial center, showcasing the innovation level of the financial industry in Shenzhen [1][4]. Summary by Category Competition Overview - The competition was announced in September 2025, receiving submissions from 113 units with a total of 173 projects [4]. - After various evaluation stages, 30 projects were selected for awards, including 3 first prizes, 6 second prizes, 12 third prizes, 3 most potential awards, 3 best growth awards, and 3 innovation breakthrough awards [4]. Awarded Projects - **First Prize Projects**: - Financial model full-stack self-research technology system and scenario construction project by China Merchants Bank and WeBank [6]. - Hong Kong-Shenzhen cross-border data verification platform [6]. - Agricultural insurance prevention and rescue system based on data elements by Ping An Property & Casualty Insurance [6]. - **Second Prize Projects**: - Cross-border wealth management navigation plan by China Merchants Bank Wealth Management [6]. - New generation derivative rapid trading platform for global markets by CITIC Securities [6]. - Technology financial empowerment plan for new quality productivity development by Bank of China Shenzhen Branch [6]. - **Third Prize Projects**: - AI and multi-data integration service for early-stage technology enterprises by Shenzhen Credit Service [6]. - New employment form ride-hailing driver insurance project by Taiping Property Insurance [6]. - **Most Potential Award Projects**: - "Housing Dream" project for large-scale urban village renovation by the National Development Bank Shenzhen Branch [7]. - New energy "technology + insurance" model construction by Ping An Property & Casualty Insurance Shenzhen Branch [7]. - **Best Growth Award Projects**: - New model for marine pastoral + insurance + N by Taiping Property Insurance [7]. - **Innovation Breakthrough Award Projects**: - "WeChat Quick Compensation" proactive claim model by Weimin Insurance Agency [7]. - Online self-service tax refund mini-program "Xing Shui Tong" by Guangdong Huaxing Bank Shenzhen Branch [7].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report Since mid - to late November, long - term bonds, especially ultra - long bonds, have undergone significant adjustments, possibly due to banks' selling under year - end duration indicator constraints. The mismatch between banks' asset and liability durations has intensified, with some state - owned banks' bank book interest rate risk indicators approaching regulatory limits. In 2026, the regulatory standards for bank book interest rate risk are likely to be adjusted. Possible adjustment methods include lowering the interest rate shock amplitude, relaxing regulatory indicator upper limits, and using special treasury bonds to supplement primary capital. It is expected that the probability of lowering the shock amplitude and issuing special treasury bonds to supplement capital next year is relatively high, and the indicator pressure will be alleviated compared to this year [1][2][4]. 3. Summary by Directory 3.1 Bank Book Interest Rate Indicator Regulatory Policy Evolution After the 2008 international financial crisis, the importance of bank account interest rate risk management became prominent. In 2009, the CBRC issued the "Guidelines for the Management of Commercial Bank Account Interest Rate Risk". In 2016, the Basel Committee on Banking Supervision released standards for bank book interest rate risk. In 2017, China comprehensively revised the 2009 guidelines. In July 2024, the Basel Committee revised the bank book interest rate shock scenario, to be officially implemented on January 1, 2026, with the "parallel upward" shock amplitude for interest rates adjusted from 250BP to 225BP [8][9]. 3.2 State - owned Banks' ΔEVE/Net Primary Capital Approaching the Upper Limit Banks divide financial assets into TPL, AC, and OCI accounts. AC and OCI accounts, mainly for allocation, face bank book interest rate risk management indicators. Due to the shortening of liability duration and the lengthening of asset duration, the mismatch between banks' asset and liability durations has intensified. In 2024, the ΔEVE/Net Primary Capital of Agricultural Bank of China (-14.31%), Industrial and Commercial Bank of China (-14.71%), and China Construction Bank (-14.73%) was close to the - 15% regulatory limit [10][19]. 3.3 How to Alleviate Bank Book Interest Rate Risk? - **2025 Risk Calculation**: Calculate the 2025 year - end ΔEVE based on the increment of AC and OCI financial investments and their growth rate; calculate the 2025 year - end estimated value of primary capital based on the cumulative year - on - year growth rate from Q3 2025 to Q3 2024; then calculate the theoretical value of ΔEVE/primary capital for each major bank. It is expected that the indicators of Agricultural Bank, Industrial and Commercial Bank, and China Construction Bank will exceed the 15% regulatory red line, and the indicators of Agricultural Bank, Industrial and Commercial Bank, China Construction Bank, and Bank of China will deteriorate marginally in 2025 [22]. - **2026 Possible Measures**: - **Lowering Interest Rate Shock Amplitude**: Lower the parallel upward shock amplitude of RMB in the IRRBB standard by 25BP from January 1, 2026. Static calculations based on 2025 forecast data show that the regulatory buffer space of △EVE/Net Primary Capital increases by 1.3%, and it can support large - scale banks to undertake 30 - year government bonds worth 649 billion yuan. For 5 - year and 10 - year bonds, the supportable scales are 2.8 trillion yuan and 1.3 trillion yuan respectively [2][23]. - **Relaxing Regulatory Indicator Upper Limits**: Static calculations based on 2025 forecast data show that when the regulatory indicator is raised by 1%, the regulatory buffer space of △EVE/Net Primary Capital can support large - scale banks to undertake 30 - year government bonds worth 484 billion yuan. For 5 - year and 10 - year bonds, the supportable scales are 2.0612 trillion yuan and 968.9 billion yuan respectively. If the regulatory indicator is raised by 2%, the supportable incremental scales for 5 - year, 10 - year, and 30 - year government bonds are 4.1225 trillion yuan, 1.9379 trillion yuan, and 968 billion yuan respectively [3][24][26]. - **Supplementing Primary Capital with Special Treasury Bonds**: This year, 50 billion yuan of special treasury bonds have been issued to support state - owned large - scale banks to supplement capital. If Agricultural Bank and Industrial and Commercial Bank each have 25 billion yuan of primary capital increase next year, based on the △EVE/primary capital regulatory requirement of 15%, the △EVE released by the 50 billion yuan of supplementary primary capital can support large - scale banks to undertake incremental scales of 5 - year, 10 - year, and 30 - year government bonds of 1.0166 trillion yuan, 477.9 billion yuan, and 238.7 billion yuan respectively. It is less likely to raise the regulatory threshold of "ΔEVE/primary capital" in IRRBB, while it is more likely to lower the interest rate shock amplitude and issue additional special treasury bonds to supplement capital. After these measures, the pressure on IRRBB in 2026 is expected to be alleviated compared to this year [3][4][28].

北京商报讯（记者 宋亦桐）12月26日，来自云南省纪委省监委网站消息，据中国工商银行云南省分行 纪委、临沧市监委消息：中国工商银行云南临沧分行原党委书记、行长赵国明涉嫌严重违纪违法，目前 正接受中国工商银行云南省分行纪委纪律审查和临沧市监委监察调查。 ...