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 ...

Core Viewpoint - Central Huijin's significant holdings in nine A-share listed banks demonstrate high shareholding ratios, strong stability, and good profitability, with all companies ranking in the top 50 for net profit in the Q1 2025 A-share listed companies [1][21] Group 1: Banks Controlled by China Investment Corporation - Industrial and Commercial Bank of China (ICBC) ranks first with a net profit of 841.56 billion yuan in Q1 2025, being the largest commercial bank globally [3] - China Construction Bank (CCB) ranks second with a net profit of 833.51 billion yuan, excelling in infrastructure financing and digital currency applications [5] - Agricultural Bank of China (ABC) ranks third with a net profit of 719.31 billion yuan, holding a unique advantage in rural finance [7] - Bank of China (BOC) ranks fourth with a net profit of 543.64 billion yuan, recognized for its foreign exchange and cross-border financial services [9] - China Everbright Bank ranks 24th with a net profit of 124.6 billion yuan, expanding into various financial services [11] Group 2: Banks Heavily Invested by Central Huijin Asset Management - CITIC Bank ranks 15th with a net profit of 195.09 billion yuan, leveraging its monopoly in state-owned enterprise client resources [13] - Shanghai Pudong Development Bank ranks 16th with a net profit of 175.98 billion yuan, leading in infrastructure and technology finance [15] - Ningbo Bank ranks 35th with a net profit of 74.17 billion yuan, operating across multiple profit centers [17] - Huaxia Bank ranks 50th with a net profit of 50.63 billion yuan, focusing on monetary financial services [19]

Core Viewpoint - Shandong province is advancing its marine economy through strategic initiatives and financial support, particularly from Industrial and Commercial Bank of China (ICBC), which is enhancing credit investments and developing marine financial products to support the construction of a strong marine province [1][8]. Group 1: Port Expansion and Financing - Dongying Port is set to become a "100 million ton port" by 2025, with 11 projects totaling an investment of 13.7 billion yuan aimed at enhancing port capacity [2]. - ICBC Dongying Branch has led the establishment of a 1.96 billion yuan syndicate loan for a key project at Dongying Port, marking the first syndicate loan in the local port industry and involving 11 banks, which is a record for the province [2]. - The project includes a 250,000-ton crude oil import berth with a designed annual throughput of 34.93 million tons, expected to save over 1 billion yuan in transportation costs annually for local petrochemical companies [2]. Group 2: Industry Upgrades and Support - Weihai Rongcheng is focusing on upgrading its distant-water fishing fleet, with ICBC Weihai Branch providing a 60 million yuan equipment purchase loan to support the modernization of fishing vessels [3]. - The financial assistance is crucial for the company, which is a leading player in the agricultural industry in Shandong, to enhance its production capacity and efficiency [3]. Group 3: Cultural and Tourism Development - Yantai Penglai is enhancing its tourism sector, with ICBC Yantai Branch facilitating a 2 billion yuan loan for the renovation of the Penglai Pavilion, a historical site that has seen increased visitor numbers [6]. - The loan aims to support new tourism projects and improve the financing structure of the enterprise, laying a solid foundation for the high-quality development of the scenic area [6]. Group 4: Future Directions - ICBC plans to continue optimizing financial services and explore new models to support the construction of a strong marine economy in Shandong, focusing on key projects and clients in the marine sector [8].

Core Viewpoint - Recently, nearly 20 banks in Shenzhen issued statements warning against a loan intermediary, Xin Xin Hui Lin (Shenzhen) Consulting Service Co., Ltd, which falsely claimed to be affiliated with these banks [2][5][10]. Group 1: Bank Responses - Multiple banks, including major institutions like China Construction Bank and Industrial and Commercial Bank of China, explicitly named Xin Xin Hui Lin in their statements, clarifying that they have no partnership with the intermediary [2][5]. - The banks urged consumers to be cautious of misleading claims such as "internal interest rate reductions" and "credit score improvement" [3][5]. Group 2: Xin Xin Hui Lin's Operations - Xin Xin Hui Lin has been promoting itself through advertisements claiming partnerships with various banks, offering services like interest rate reductions and charging high service fees [6][8]. - The company was established only six months ago, with a registered capital of 10 million yuan, and has rapidly expanded by being a shareholder in nine other consulting firms [7]. Group 3: Regulatory Context - The collective action by banks to issue warnings is unprecedented in recent years, reflecting a strong commitment to compliance and consumer protection amid ongoing regulatory crackdowns on financial misconduct [9][10]. - Regulatory bodies have intensified efforts to combat illegal financial practices, particularly in the loan, insurance, and credit card sectors [10][11]. Group 4: Consumer Awareness - Experts highlight the issue of information asymmetry in the financial sector, which leaves consumers vulnerable to scams by loan intermediaries [12][13]. - It is recommended that consumers apply for loans directly through legitimate financial institutions or their official online channels to avoid potential fraud [14].

Group 1 - The core viewpoint of the articles emphasizes the commitment of the Industrial and Commercial Bank of China (ICBC) Yulin Branch to support small and micro enterprises through innovative financial services and increased credit supply, contributing to local economic development [1][2] - As of June 2025, the bank has issued over 3.1 billion yuan in loans to small and micro enterprises, ensuring stable and efficient credit supply [1] - The bank has introduced innovative financial products such as "Transaction e-loan," "Merchant e-loan," and "Agricultural e-loan," successfully expanding coverage to 31 industrial clusters in Yulin, with over 600 million yuan in new investments [1] Group 2 - The bank has reported a total agricultural loan balance exceeding 6.6 billion yuan, an increase of nearly 700 million yuan since the beginning of the year, supporting local agricultural development [2] - Innovative products targeting agricultural sectors include "Agricultural e-loan," "Planting e-loan," and "Breeding e-loan," effectively supporting local farmers in various agricultural activities [2] - The bank has conducted over 2,900 visits to individual businesses, issuing loans exceeding 1.8 billion yuan to alleviate financial difficulties faced by small enterprises [2]

Core Viewpoint - The Industrial and Commercial Bank of China (ICBC) Hezhou Branch is actively supporting the development of small and micro enterprises through targeted financial services, achieving significant growth in inclusive loans and enhancing the vitality of the real economy [1][5]. Group 1: Financial Support and Growth Metrics - As of May 2025, ICBC Hezhou Branch's inclusive loan balance reached nearly 1.4 billion yuan, with an increase of 141 million yuan, representing a growth rate of 11.32% [1]. - The branch has served 840 inclusive loan clients, with 76 new clients added [1]. - The inclusive loan balance for the calcium carbonate industry exceeded 530 million yuan, with an annual increase of 100 million yuan, reflecting a year-on-year growth of 41% [3]. Group 2: Tailored Financial Solutions - A specialized financial service team identified funding gaps for a local calcium carbonate manufacturer and arranged a customized financing solution, approving a credit loan of 10 million yuan within just 7 working days [2]. - The loan was structured to reduce financial costs by nearly 200,000 yuan through a rate reduction of 150 basis points below the benchmark [2]. - The bank also facilitated a seamless transition for the company by offering a "no repayment renewal loan" at the time of the loan's maturity, aligning with the company's production line launch [2]. Group 3: Policy Implementation and Strategic Support - ICBC Hezhou Branch has processed 767 loan renewals for small and micro enterprises over the past three years, totaling 1.1 billion yuan [5]. - The branch has actively implemented national policies to support small enterprises, issuing 597 "Guihui Loans" amounting to 1.3 billion yuan since the policy's inception [5]. - The bank's inclusive, agricultural, and private enterprise loans increased by 141 million yuan, 30 million yuan, and 96 million yuan respectively, with growth rates of 11.32%, 7.87%, and 1.55%, all exceeding the average loan growth rate [6].

Core Viewpoint - The Industrial and Commercial Bank of China (ICBC) Fangchenggang Branch is focusing on small and micro enterprises that are in a growth phase and have potential but have not yet obtained loans, aiming to transform "no loan customers" into "first loan customers" by June 30, 2025 [1][2] Group 1: Loan Growth and Customer Acquisition - As of June 30, 2025, the bank's inclusive loan balance increased by 242 million yuan, representing a growth rate of 19.58% compared to the beginning of the year [1] - The number of inclusive loan customers increased by 192, with a growth rate of 15.16% compared to the beginning of the year [1] - The bank is utilizing various information resources to accurately identify target customers, focusing on enterprises with settlement accounts, small and micro enterprise parks, and supply chain businesses [1] Group 2: Support and Problem Solving - The bank is conducting support activities that include policy promotion, financing connections, risk analysis, and payment settlement to help enterprises transition from "no credit" to "creditworthy" [2] - By leveraging big data and financial technology, the bank is addressing challenges related to information gaps and customer acquisition [2] - The bank is implementing a financial product support system that combines policy and commercial elements, as well as collateral and credit options, to enhance the availability of financial services for small and micro enterprises [2]

基金管理人：中银国际证券股份有限公司 基金托管人：中国工商银行股份有限公司 报告送出日期：2025 年 7 月 19 日 中银证券创业板交易型开放式指数证券投 资基金 BOCI 创业 2025 年第 2 季度报告 §1 重要提示 基金管理人的董事会及董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗漏， 并对其内容的真实性、准确性和完整性承担个别及连带责任。 基金托管人中国工商银行股份有限公司根据本基金合同规定，于 2025 年 7 月 18 日复核了本 报告中的财务指标、净值表现和投资组合报告等内容，保证复核内容不存在虚假记载、误导性陈 述或者重大遗漏。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应仔细阅读本 基金的招募说明书。 本报告中财务资料未经审计。 | 本报告期自 | 2025 年 | 4 | 月 1 日起至 6 月 30 日止。 | | | --- | --- | --- | --- | --- | | | | | §2 基金产品概况 | | | 基金简称 | | | 中银证券创业板 ...

Core Points - The article highlights the growing cultural and educational ties between China and the UAE, particularly through the Hamdan School's Chinese language program, which has become a flagship initiative for Chinese education in the region [1][2][3] - The strategic vision of UAE leadership, particularly Sheikh Mohammed, has led to the establishment of Chinese language courses in public schools, fostering a new generation of students proficient in Chinese [3][4] - The successful integration of Chinese culture and language into the UAE's education system is seen as a bridge for future cooperation between the two nations [2][4] Group 1: Cultural Exchange - The Hamdan School has been pivotal in promoting Chinese language education, with students starting from kindergarten and achieving fluency by graduation [2][3] - Graduates from the school have received admission offers from top Chinese universities, indicating a successful educational exchange [2] - The presence of Chinese language and culture in the UAE is fostering a deeper understanding and connection between the two countries [1][2] Group 2: Strategic Initiatives - The establishment of the Hamdan School in 2006 marked a significant step in the UAE's educational strategy to look eastward for talent development [3] - The initiative has expanded to 171 schools, with over 71,000 students now learning Chinese, showcasing the rapid growth of this educational program [3] - The correspondence between students in the UAE and President Xi Jinping reflects the high-level support for cultural and educational exchanges [3] Group 3: Economic Cooperation - The article discusses the financial collaboration between China and the UAE, highlighted by the successful issuance of a $5.6 billion green bond, symbolizing deepening strategic trust [7][8] - The establishment of the Belt and Road Bank Cooperation Mechanism has expanded from 49 to 185 member institutions, indicating a robust framework for financial cooperation [7][8] - The focus on green finance and sustainable projects is reshaping the financial landscape and cooperation between the two nations [7][8] Group 4: Artistic Collaboration - A concert featuring Chinese classical music in Dubai represents a cultural exchange that transcends borders, showcasing the integration of Chinese art into the UAE's cultural scene [6] - The performance of traditional Chinese pieces in a prominent venue highlights the growing appreciation for Chinese culture in the UAE [6] - The ongoing series of concerts aims to further promote Chinese art and culture, enhancing bilateral cultural relations [6]

释放多重效益，赋能地方绿色发展。该创新模式在实际效益上表现显著：通过建立高效的三级联动服务 机制，优化绿色金融资源配置，打通了项目审批落地的关键环节，极大缩短了项目融资周期；同时，显 著降低了企业的融资综合成本，避免了因流程冗长可能产生的额外财务负担。其带来的社会效益同样突 出：成功推动金融资源精准投向"双碳"关键领域，有力支持了地方重大绿色能源项目建设，有效激活了 来宾市绿色产业发展动能；同时，通过持续跟踪服务，建立了良好的银政企关系，强化了该行在绿色金 融领域的品牌领先优势和产品竞争力，为地方经济高质量、可持续发展注入强劲的"绿色引擎"。 下一步，工行来宾分行将继续坚守国有大行责任担当，积极响应国家绿色发展战略号召，持续完善绿色 金融服务体系，优化信贷流程，加大创新力度，深耕绿色金融新模式，为来宾市乃至全区经济社会绿色 低碳转型提供更加优质、高效的金融支持。（刘雨） 转自：新华财经 近日，工行来宾分行成功落地抽蓄项目首笔贷款，金额2335万元，这一创新举措标志着该行在践行国 家"双碳"战略、深耕绿色金融领域取得重要突破，以精准的"绿色金融活水"激活"双碳"信贷基因。截至 2025年6月底，该行累计发放绿色 ...