2025.07. 20 本文字数：2445，阅读时长大约4分钟 作者 | 第一财经 陈君君 备受关注的"工行2.5亿存款失踪案"迎来新进展。7月15日，受害储户起诉中国工商银行南宁分行等分 支机构的民事赔偿案件在南宁正式开庭审理。这起曾震惊全国的巨额存款失踪案，将银行内控机制有 效性再次推至聚光灯下。 近年来，全国商业银行频繁爆出存款"失踪"或被盗事件，银行的责任边界和内控风险问题再度引发关 注。对此，业内人士强调，银行应强化内部管理，完善风控机制，加强员工行为监管，以杜绝此类事 件再次发生。同时，监管部门需加大监管力度，细化监管规则，明确金融机构在保障客户资金安全方 面的责任和义务。 2.5亿元存款失踪案有新进展 作为"工行2.5亿存款失踪案"原告储户方的代理律师，北京安剑律师事务所的周兆成律师在7月15日庭 审通过微博发布了案件的相关信息。他指出，此次庭审从上午8点半开始，一直持续到9点半结束。 在庭审过程中，原告方向法庭提交了36组证据，而工行的代理律师则提交了9组证据。 原告方所提交的证据主要围绕银行方面的重大过错展开。这些过错涉及内控机制的失效以及对员工行 为监管的缺失等关键问题。原告认为正是这些因 ...

备受关注的"工行2.5亿存款失踪案"迎来新进展。7月15日，受害储户起诉中国工商银行南宁分行等分支 机构的民事赔偿案件在南宁正式开庭审理。这起曾震惊全国的巨额存款失踪案，将银行内控机制有效性 再次推至聚光灯下。 近年来，全国商业银行频繁爆出存款"失踪"或被盗事件，银行的责任边界和内控风险问题再度引发关 注。对此，业内人士强调，银行应强化内部管理，完善风控机制，加强员工行为监管，以杜绝此类事件 再次发生。同时，监管部门需加大监管力度，细化监管规则，明确金融机构在保障客户资金安全方面的 责任和义务。 北京寻真律师事务所的王德怡律师分析称，如果储户的资金确实存入银行且储户取得了合规的存款凭 证，那么银行应当承担相应的安全保障责任。然而，如果储户在办理存款过程中已经察觉到手续异常， 例如存单印鉴不符合规定等情况，那么案件可能涉及盗窃或诈骗。 值得注意的是，本案受害储户除正常利息外，每月还收取梁某提供的4.5%额外贴息，折算年化收益高 达54%，远超市面上工行3年期大额存单不足5%的利率水平。 随着案件进入庭审阶段，这起涉案金额巨大的存款失踪案暴露出银行在员工行为监控，特别是对有重大 债务隐患高管的监督存在严重疏漏。法 ...

■郝飞 中央财经委员会第六次会议（以下简称"会议"）为海洋经济高质量发展勾勒出清晰路径。 海洋经济高质量发展离不开金融活水的灌溉。银行可以更主动的姿态、更创新的思维，赋能海洋经济做 大做强。 激活海洋经济，首在为科技"供氧输血"。会议提出"提高海洋科技自主创新能力"。为此，银行宜跳出传 统信贷框架，构建"科技金融+海洋科创"生态。面向战略科技力量，银行需创新知识产权质押、科创债 券等工具，打通成果转化的资金堵点；面向专精特新中小企业，银行可推出"技术评估+信用授信"专属 模式，把科技价值转化为融资信用，让金融活水从实验室流向深海生产线。 做强海洋产业，需要锻造全链条金融服务能力。会议提出"做强做优做大海洋产业"。覆盖海上风电、远 洋渔业、海洋生物医药等多元赛道，银行可推行"一业一策"定制方案，贯穿捕捞、加工、文旅、贸易全 链条，实现"每个环节都有资本托举"。 守护海洋生态，金融必须"绿色优先"。会议强调"加强海洋生态环境保护"。银行要以绿色金融为笔，绘 制人海和谐蓝图：加大重点海域综合治理信贷投放；创新海洋碳汇金融工具，探索碳汇核算与质押融资 衔接；建立"绿色信贷＋环境风险评估"机制，把生态指标嵌入授信模型， ...

Core Insights - The Industrial and Commercial Bank of China (ICBC) is actively providing financial support to the agricultural sector through its digital inclusive finance products, particularly the "Planting e-loan," which has surpassed a loan balance of 100 billion yuan by the end of June [1] Group 1: Financial Support for Agriculture - ICBC's "Planting e-loan" has been instrumental in supporting agricultural production during the critical summer harvest and planting season, helping farmers manage operational cash flow [2][3] - A grain planting cooperative in Hebei received nearly 3 million yuan in "Planting e-loan" funding to ensure smooth summer harvest operations amidst rising land rental prices and fluctuating agricultural product prices [2] - In Dali, Yunnan, a traditional Chinese medicine planting cooperative received over 2.9 million yuan in funding from ICBC to develop its medicinal herb industry, showcasing the bank's focus on local agricultural strengths [3] Group 2: Addressing Farmers' Financial Gaps - A peach farmer in Ningbo faced challenges in updating his aging peach orchard but received a 300,000 yuan loan from ICBC to cover the costs of new seedlings and agricultural supplies, highlighting the bank's responsiveness to urgent financing needs [4] - The "Planting e-loan" product is designed to meet the short-term and urgent financing characteristics of fruit tree planting, demonstrating ICBC's tailored approach to agricultural financing [4]

Core Insights - Recently, the stock prices of major Chinese banks such as Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, and China Construction Bank reached historical highs, with the China Securities Banking Index outperforming the Nasdaq 100 Index over the past year, leading some to refer to bank stocks as "Silver Nasdaq" or "Chinese version of Nasdaq" [1] - Despite the impressive performance, the banking sector faces significant operational pressures, raising concerns among investors about the sustainability of current stock prices [1] Financial Performance - In April, 42 A-share listed banks released their Q1 2025 earnings reports, revealing that the downward trend in net interest margins has not yet reversed, posing challenges for future operations [1] - Among the 42 listed banks, 26 reported positive revenue growth, while 30 maintained profit growth; however, 10 banks experienced declines in both revenue and profit, indicating a certain level of operational pressure [1] Dividend Trends - The average dividend yield for the 42 listed banks was 4.9% in July 2024, but it has since decreased to 3.89% as of July 7 this year, suggesting that bank stocks are no longer perceived as "cheap" [1] - Although current dividend yields remain higher than those of wealth management products, the attractiveness of entering the market has diminished compared to last year [1] Investment Considerations - Experts suggest that current bank stocks are neither particularly cheap nor expensive, advising investors to be cautious of short-term speculative risks driven by market sentiment [1] - A comprehensive assessment of bank valuations should consider operational performance and the overall economic environment to avoid entering the market during overheated conditions [1]

Group 1 - Industrial and Commercial Bank of China (ICBC) showcased its efficient and intelligent global financial infrastructure and settlement service system at the third China International Supply Chain Promotion Expo, emphasizing the role of settlement finance in stabilizing the industrial and supply chains [1] - ICBC has developed the "ICBC Treasury" comprehensive service system to address the trend of integrated management of corporate finance, aiming to enhance the centralized and refined management capabilities of enterprises in terms of funds, risks, and data [2] - The "ICBC Global Cash Management" service offers a comprehensive solution for cross-border fund allocation and local cash management, significantly reducing financial costs and operational risks for multinational operations [3] Group 2 - The "ICBC Ju" platform integrates settlement financial scenarios and electronic supply chain services, providing a comprehensive service solution that combines financial and non-financial services to enhance operational efficiency for enterprises [4] - The industrial internet is driving the intelligent transformation of manufacturing, with technologies such as industrial sensors and edge computing being utilized to create a seamless data flow across the entire supply chain, particularly in the automotive industry [5][6]

实施产品和服务创新提升行动。该行针对绿色产业特点，以"四融"组合产品的方式，提供一站式、涵盖 企业全生命周期的优质服务。一是"融通"产品，针对重大基础项目建设周期长的特点，采取分阶段授信 方式，助力解决前期营运资金不足的问题。二是"融工"产品，助力满足扩大生产、设备更新、技术改 造、环保升级等过程中的中长期资金需求。三是"融易"产品，以较优惠的利率、最便捷的流程，解决融 资贵、融资难的问题。四是"融达"产品，提供优质账户及结算服务，助力提升资金运营效率。 实施融资对接畅通提速行动。该行加强与地方政府及监管机构的协同联动，积极参与工作协调机制或专 题会商机制，及时了解碳达峰碳中和政策信息、绿色项目规划、企业环境信息、碳排放数据、绿色标准 等内容，有效提升金融服务的针对性。同时建立绿色目标客户"绿色清单"，按照绿色客户需满足经营范 围均属于绿色产业，以及绿色项目建设内容需符合绿色产业的要求，强化客户、项目和借据等维度统计 标识的区别与准确运用，高效做好贷前调查、授信审批、签约放款、统计分析、贷后管理。 实施生态环境优化提效行动。该行统筹发展和安全，以降低碳排放强度为导向，落实"有扶有控"的差异 化授信政策，不断优 ...

Core Viewpoint - Beihai City is accelerating the construction of a modern marine industry system, with a continuous upgrade in manufacturing transformation, supported by Industrial and Commercial Bank of China (ICBC) Beihai Branch's financial services aimed at high-quality local economic development [1][2][3] Group 1: Financial Support for Manufacturing - As of June 2025, ICBC Beihai Branch's manufacturing loans exceeded 4.9 billion yuan, representing a growth of 6.95% since the beginning of the year [1] - High-tech manufacturing loans reached over 2 billion yuan, with a significant increase of 46.17%, accounting for 41.52% of total manufacturing loans [1] - Loans in the electronic and communication equipment manufacturing sector surpassed 2 billion yuan, with a net increase of over 600 million yuan, reflecting a growth of over 46% [1] Group 2: Inclusive Financial Services - ICBC Beihai Branch has innovated inclusive financial service models, with loans for small and micro manufacturing enterprises exceeding 320 million yuan, marking an increase of over 46% [2] - The "credit + data risk control" model has been effective, with over 85% of newly issued small micro manufacturing loans being credit loans [2] - The average interest rate for newly issued manufacturing loans in the first half of 2025 saw a significant decrease, aiding in cost reduction for enterprises [2] Group 3: Risk Management and Service Quality - ICBC Beihai Branch emphasizes risk prevention and service quality, optimizing the credit asset term structure and enhancing risk monitoring [3] - A green channel for credit support has been established for key projects under the "Double Hundred and Double New" initiative in Guangxi Zhuang Autonomous Region [3] - The bank plans to further enhance financial support for the real economy and expand inclusive financial coverage, innovating service models for manufacturing clusters [3]

Group 1 - The core focus of the Industrial and Commercial Bank of China (ICBC) Wuzhou Branch is to enhance the development of inclusive finance, aiming for precise investment, optimized structure, and risk control, with an increase of 323 million yuan in inclusive loans by June 2025 compared to the beginning of the year [1][2] - The bank is actively implementing its inclusive loan development strategy by targeting small and micro customers, conducting outreach activities such as "ICBC Inclusive Finance Campaign" and "Thousand Enterprises and Ten Thousand Households Visits," and promoting a coordinated development of small and micro individual customers [1] - The bank is leveraging local traditional industry upgrades and the development of characteristic industries to conduct targeted visits to core enterprises and their upstream and downstream businesses, expanding its inclusive customer coverage through various loan products [1] Group 2 - The bank emphasizes risk control while expanding its inclusive business scale, implementing strict pre-loan investigations and enhancing post-loan management to address risk loans with tailored resolution measures [2] - The bank has accelerated the recovery of non-performing assets by forming recovery teams at branches and establishing clear recovery plans for non-performing loan customers [2] - Training for new customer managers at inclusive finance branches is being conducted to improve the team's ability in business development and risk prevention [2]

证券研究报告·固定收益·固收点评 固收点评 20250719 二级资本债周度数据跟踪 （20250714-20250718） 本周（20250714-20250718）二级资本债周成交均价估值偏离幅度整体不 大，折价成交的比例大于溢价成交，折价成交的幅度大于溢价成交。 [Table_Tag] [Table_Summary] 观点 ◼ 一级市场发行与存量情况： 本周（20250714-20250718）银行间市场及交易所市场无新发行二级资本 债。 截至 2025 年 7 月 18 日，二级资本债存量余额达 46,511.35 亿元，较上 周末（20250711）减少 20.0 亿元。 ◼ 二级市场成交情况： 本周（20250714-20250718）二级资本债周成交量合计约 2427 亿元，较 上周增加 572 亿元，成交量前三个券分别为 25 工行二级资本债 03BC （338.49 亿元）、25 农行二级资本债 01A(BC)（189.86 亿元）和 25 中 行二级资本债 01BC（153.95 亿元）。 分发行主体地域来看，成交量前三为北京市、上海市和广东省，分别约 为 1928 亿元、177 亿元和 ...