Core Insights - The 2025 Central Economic Work Conference emphasized the need to fully tap economic potential and maintain a dual approach of policy support and reform innovation, which has sparked widespread discussion among grassroots banking staff [1][2] - The conference prioritized expanding domestic demand and building a strong domestic market, providing banks with new growth opportunities in sectors like accommodation, dining, entertainment, education, and elderly care [2][3] - The meeting highlighted the importance of innovation-driven development, guiding banks to deepen their engagement in "technology finance" and support innovation [3][4] - The conference addressed the stabilization of the real estate market and the promotion of "good housing" construction, which is crucial for residents' well-being and aligns with banks' traditional strengths in housing financial services [4][5] Group 1 - The conference called for a focus on serving the real economy, technology innovation, and green development, encouraging banks to translate these directives into actionable measures [2][3] - Grassroots banking professionals expressed their commitment to aligning their work with the conference's spirit, aiming to enhance financial services for small and micro enterprises and improve efficiency through financial technology [1][2] - The emphasis on rural revitalization and urban-rural integration has boosted banks' confidence in deepening their involvement in these areas [3][4] Group 2 - The conference's focus on stabilizing the real estate market and promoting housing construction provides a strong foundation for banks to support residents' housing needs [4][5] - Banks are planning to optimize differentiated housing credit policies to meet the demands of new citizens and families with multiple children, leveraging financial technology to enhance service efficiency [4][5] - As the "14th Five-Year Plan" concludes and the "15th Five-Year Plan" begins, banking staff are eager to implement the conference's directives and contribute to high-quality economic development [5]

+ CCS3671 ICBH + NAME(S) AND ADDRESS OF REGISTERED SHAREHOLDER(S) 登記股東之姓名及地址 Registered shareholders will automatically receive their cash dividends in Hong Kong dollars unless they elect to receive them in Renminbi. No action is required if you wish to receive your cash dividends in Hong Kong dollars. 登記股東將自動以港幣收取現金股息，除非選擇以人民幣收取現金股息。如果 閣下希望以港幣收取現金股息，則無需採取任何行動。 (a joint stock limited company incorporated in the People's Republic of China with limited liability) （於中華人民共和國註冊成立的股份有限公司） Stock Codes: 股份代號: 1398 ...

本报记者 杨洁 多家国有大行在会议中表示，中央经济工作会议为做好2026年经济金融工作提供了根本遵循，结合自身实际，下一步工作 将重点围绕在全面做好金融"五篇大文章"、加力支持扩大内需、支持"两新"政策与"两重"项目实施、统筹高质量发展与高水平 安全、全面服务好高水平对外开放等多个维度。 近日，政策性银行、国有大行党委纷纷召开会议，传达学习中央经济工作会议精神，按照全国金融系统工作会议的要求， 研究部署贯彻落实举措，有力有序有效做好2026年经营管理工作。 与此同时，各家大行均强调突出主责主业。工商银行会议提出要发挥主力军作用，持续发力促高质量发展。围绕服务"四 稳"，突出主责主业，提供全面金融解决方案；农业银行会议强调要坚守服务"三农"主责主业，进一步加大县域乡村融资投 放，推动县域经济高质量发展，持续巩固拓展脱贫攻坚成果；中国银行会议要求加快提升全球布局能力和国际竞争力，积极服 务高质量共建"一带一路"、自贸区（港）建设、贸易投资一体化发展，加快推进人民币国际使用，助力深化改革扩大开放；建 设银行会议强调持续优化扩大内需、科技创新、协调发展、中小微企业、民生保障等重点领域金融供给，推动金融资源向经济 社会 ...

Group 1 - The top ten financial brands in Beijing for the year 2025 have been announced [1] - The list includes major banks such as ICBC, China Construction Bank, and Agricultural Bank of China [2] - Other notable companies on the list are China Life Insurance and Ping An Life Insurance [2]

Investment Rating - The report assigns a "Buy" rating for the banking sector, indicating an expected performance that will exceed the market by more than 10% over the next 12 months [41]. Core Insights - The report discusses the concept of "asset scarcity," which is explained through two perspectives: the mismatch between supply and demand for funds, and the insufficient supply of quality assets that meet investors' risk and return preferences. It argues that the traditional supply-demand imbalance does not adequately explain the phenomenon of asset scarcity [5][13]. - The report identifies three dimensions of asset scarcity: macro, meso, and micro. It emphasizes that the bond market is primarily concerned with the micro-level aspects of asset scarcity [5][16]. - To alleviate macro-level asset scarcity, the report suggests increasing credit issuance and fiscal efforts, enhancing liquidity management by the central bank, and guiding non-bank funds back to banks to lower residents' yield expectations on non-bank assets [20][23]. - At the meso level, the report highlights the importance of fiscal and monetary growth rates, suggesting that credit and fiscal efforts should be strengthened while avoiding capital idling [23][24]. - The micro-level analysis focuses on the expectations of institutions regarding asset-liability expansion and actual expansion, noting that there is often a mismatch between liabilities and suitable assets [25][29]. Summary by Sections Section 1: Asset Scarcity Exploration - The report explores why the market has shifted its focus away from "asset scarcity," attributing this to a lack of significant asset-liability gaps in the real economy and the nature of interest rates as contractual [5][13]. - It discusses the macroeconomic factors influencing asset scarcity, including the expected decline in bond market yields and economic forecasts [16][18]. Section 2: Financial Institutions' Asset-Liability Management - The report provides a detailed analysis of financial institutions' liabilities, emphasizing the need for a balance between asset expansion and government debt supply [25][29]. - It projects that by 2026, the demand for government bonds will increase by 1.5 trillion yuan compared to 2025, indicating a growing need for asset allocation in the banking sector [25][29]. Section 3: Insurance Sector Analysis - The report estimates that the insurance sector will face a net increase in asset-liability mismatch of 1.28 trillion yuan by 2026, driven by the expiration of high-yield non-standard investments and continuous growth in premium income [30][29]. Section 4: Expected Returns and Market Dynamics - The report highlights the compression of asset-liability yield spreads due to rigid liabilities and flexible asset yields, which contributes to the practical aspect of asset scarcity for enterprises and theoretical scarcity for residents [35][29]. - It suggests that banks should lower the rigid costs of liabilities and guide non-bank entities to adjust their yield expectations [35][29].

Investment Rating - The report maintains an "Overweight" rating for the banking industry, indicating a positive outlook compared to the overall market performance [4][25]. Core Insights - The report highlights a slowdown in credit growth, with November's new social financing at 2.5 trillion yuan, a year-on-year decrease of 159.7 billion yuan, and new loans of 390 billion yuan, down 190 billion yuan year-on-year. The M1 money supply grew by 4.9%, while M2 increased by 8.0%, both showing a decline in growth rates compared to the previous month [1][4]. - The report anticipates that while credit growth may not accelerate significantly, the central bank's commitment to a "moderately loose monetary policy" and support for banks' net interest margins will likely lead to improved revenue for the banking sector in 2026 [4][2]. - Retail demand remains under pressure, with a net decrease in household credit of nearly 206 billion yuan in November, reflecting ongoing deleveraging among consumers. The report suggests that a recovery in retail demand will depend on improvements in household income [4][2]. Summary by Sections Credit and Financing - In November, new loans totaled 390 billion yuan, a year-on-year decrease of 190 billion yuan, with total new loans from January to November at 15.4 trillion yuan, down 1.7 trillion yuan year-on-year. The growth rate of RMB loans remained stable at 6.3% [4][1]. - The report notes that corporate loans saw a slight increase, with 270 billion yuan in new loans, while the issuance of corporate bonds and off-balance-sheet financing provided support against government debt and credit drag [4][7]. Monetary Supply - The M1 money supply grew by 4.9% year-on-year, down from 7.1% in the previous year, while M2 increased by 8.0%, showing a slight decline in growth rates [4][8]. - The report indicates that the decrease in deposits reflects a shift in non-bank deposits, which is closely related to the activity in the equity market [4][8]. Future Outlook - The report expresses optimism for 2026, expecting that the focus on corporate lending will continue, and improvements in the Producer Price Index (PPI) may enhance corporate profitability, positively impacting bank earnings [4][2]. - The report emphasizes the importance of monitoring the effectiveness of stimulus policies aimed at boosting domestic demand, which could lead to a more favorable environment for banks [4][2].

[Table_Page] 跟踪分析|银行 证券研究报告 [Table_Title] 跨境流动性跟踪 20251214 出口韧性累积蓄水池，联储鸽派降息助推资金回流 [Table_Summary] 核心观点： [联系人： Table_Contacts] 李文洁 021-38003644 gfliwenjie@gf.com.cn 972918116公共联系人2025-12-14 21:42:46 1 / 24 [分析师： Table_Author]倪军 -10% -3% 4% 10% 17% 24% 12/24 02/25 05/25 07/25 09/25 12/25 银行 沪深300 | | SAC 执证号：S0260518020004 | | --- | --- | | | 021-38003646 | | | nijun@gf.com.cn | | 分析师： | 林虎 | | | SAC 执证号：S0260525040004 | | | SFC CE No. BWK411 | | | 021-38003643 | | | gflinhu@gf.com.cn | 请注意，倪军并非香港证券及期货事务监察委员会 ...

Investment Rating - The industry investment rating is "Overweight (Maintain)" [2] Core Viewpoints - The report indicates that the total social financing (社融) in November increased by 2.49 trillion yuan, which is 159.7 billion yuan more than the same period last year, exceeding the consensus expectation of 2.02 trillion yuan [5][8] - The cumulative social financing for the first eleven months shows a year-on-year growth of 8.5%, maintaining the same growth rate as in October [5][8] - The report highlights a structural differentiation in financing, with trust loans, bond financing, and unendorsed bank acceptance bills showing significant year-on-year increases, while credit and government bonds experienced declines [5][9] Summary by Sections Social Financing Situation - In November, social financing increased by 2.49 trillion yuan, with a year-on-year increase of 159.7 billion yuan, surpassing expectations [5][8] - The cumulative social financing for the first eleven months shows an 8.5% year-on-year increase, consistent with October's growth rate [5][8] Credit Situation - The report notes that the credit supply is lower than in previous years, with November's new RMB loans amounting to 405.3 billion yuan, which is 116.3 billion yuan less than the same month last year [5][12] - The credit balance grew by 6.4% year-on-year, with a slight decline in growth rate compared to the previous month [12] Liquidity and Deposit Situation - The report indicates that M1 growth has slowed, while M2 and M1's differential has slightly expanded [19] - In November, RMB deposits increased by 1.4 trillion yuan, which is 760 billion yuan less than the same period last year, with a year-on-year growth rate of 7.7% [21] Investment Recommendations - The report suggests a shift in the investment logic for bank stocks from "pro-cyclical" to "weak-cyclical," indicating that during periods of economic stagnation, high dividend yields from bank stocks will remain attractive [24] - Two main investment lines are recommended: regional banks with strong certainty and large banks with high dividend yields [24]

Core Viewpoint - The banking sector is expected to present new investment opportunities as market styles shift, with a high probability of a resurgence in bank stocks in Q4 2025, particularly favoring quality regional banks and high-dividend large banks [1][2][5] Market Style Shift - The current market exhibits a "technology strong, weight weak" seesaw effect, with the technology sector showing significant volatility and growth, while the banking sector has lagged behind, indicating a potential for recovery [8][10] - The banking sector's price-to-book (PB) ratio remains at historical lows of 0.6-0.8, contrasting with the high valuations of the technology sector [1][8] Policy Environment - The banking sector benefits from favorable policies, including a significant reduction in deposit rates, which lowers banks' funding costs and supports their interest margins [2][24] - As of September 30, 2025, the dividend yield for bank stocks reached 4.40%, significantly higher than the 2.79% yield of the CSI 300 index, indicating a strong income advantage for investors [2][24] Funding Environment - There is a structural shift in funding flows, with increased allocation of risk-averse and long-term funds towards bank stocks, enhancing their funding advantages [2][26] - The asset quality of banks is steadily improving, with non-performing loan ratios decreasing from 1.59% to 1.49% between Q1 2024 and Q2 2025, and the provision coverage ratio increasing from 204.54% to 211.97% [2][29] Performance Analysis - The banking sector has shown strong performance from the end of 2024 to mid-2025, with the Shenwan Banking Index rising by 13.10% in the first half of 2025, outperforming the broader market [16][19] - Quality regional banks like Jiangsu Bank have demonstrated significant profit growth, with a 8.84% increase in net profit year-on-year in Q3 2025, highlighting their operational resilience [5][59] Investment Strategy - The fourth quarter is expected to see a "performance differentiation and valuation rebalancing" pattern, with banks positioned as core investment targets due to their low valuations, improving fundamentals, and attractive dividend yields [74] - Large state-owned banks such as ICBC and CCB are recommended for conservative investors due to their stable high dividends and strong financial positions [63][74] - Regional banks like Chengdu Bank and Suzhou Bank are also highlighted for their growth potential and solid asset quality, benefiting from regional economic advantages [70][74]

转自：新华财经 12月12日，工行四川省分行受邀参加成渝地区国家先进制造业集群"强链融圈"暨成渝地区产业合作园区高质量发展推进活动。活动中，该行作"工银惠群"服 务先进制造业集群的专题推介，并发布支持集群发展的创新服务措施及产品。 此外，工行四川省分行还参加了成渝地区电子信息先进制造业集群和成渝地区生物医药先进制造业集群的活动，并作服务方案宣讲和产品推介。 编辑：张震 图为工行四川省分行作重点产品推介 近年来，四川将先进制造业集群培育作为推动产业向中高端迈进、提升产业链供应链韧性、培育经济发展新动能的重要抓手。全省5大国家先进制造业集群 具有技术含量高、配套产业多、资本聚集密、发展前景好等特点，但也存在客群分布广、需求多样化的特征，对银行服务适配性提出更高要求。 经过持续稳健发展，中国工商银行已经建立了"贷+债+股+代+租+顾"的投融资体系，不仅可以做表内贷款，还可以联动海内外分支机构，以及工银理财、工 银金租、工银国际、工银投资、工银安盛等集团子公司为企业提供综合服务。工行四川省分行整合表内外融资资源，充分发挥综合化服务优势，不断帮助企 业提高资金使用效能，截至今年9月末，该行制造业贷款余额已超1200亿元 ...