Group 1 - The core viewpoint of the article highlights that as of December 13, 26 A-share listed banks have disclosed their mid-term or quarterly dividend plans for 2025, surpassing the 24 banks that did so in the same period of 2024, with total dividends expected to exceed 260 billion yuan [1][3] - The banks disclosing dividend plans include 6 large state-owned banks, 6 joint-stock banks, and 14 small and medium-sized banks, with the six major state-owned banks expected to contribute over 200 billion yuan in cash dividends [3] - Industrial and Commercial Bank of China leads with an estimated dividend of approximately 50.4 billion yuan, followed by China Construction Bank, Agricultural Bank of China, Bank of China, Postal Savings Bank of China, and Bank of Communications [3] Group 2 - Joint-stock banks such as Industrial Bank and CITIC Bank are expected to have mid-term dividends exceeding 10 billion yuan, while China Everbright Bank and Minsheng Bank are projected to exceed 5 billion yuan [3] - Some small and medium-sized banks, like Shanghai Bank and Nanjing Bank, also show significant dividend amounts, with several banks like Industrial Bank and Ningbo Bank introducing mid-term dividend plans for the first time [3] - The increase in dividend frequency among commercial banks is a response to the new "National Nine Articles" aimed at promoting multiple dividends per year for listed companies, enhancing the connection between company profits and investor returns [3] Group 3 - More frequent dividends can directly enhance shareholder satisfaction, allowing investors to share in the banks' operational success in a timely manner [4] - Stable cash returns align well with the investment needs of long-term funds such as social security funds, pension funds, and insurance capital, helping to attract these funds for long-term holding [4] - The positioning of banks as dividend-oriented can create a virtuous cycle of attracting long-term capital, enhancing stock price stability, and reducing abnormal price fluctuations caused by short-term speculation [4]

Investment Rating - The report maintains a "Positive" outlook for the banking sector in 2026, indicating a return to fundamental narratives supported by policy financial tools and asset expansion resilience [6][23]. Core Viewpoints - The banking sector is expected to stabilize net interest margins due to a concentrated repricing cycle of deposits, with structural risks anticipated to receive policy support [3][23]. - The report highlights two main investment themes: focusing on quality small and medium-sized banks and state-owned banks with defensive value [24]. Summary by Sections Financial Data Analysis - In November 2025, social financing (社融) grew by 8.5% year-on-year, with a monthly increment of 2.49 trillion yuan, exceeding market expectations [10][9]. - The structure of social financing showed a decrease in RMB loans by 116.3 billion yuan year-on-year, indicating weak demand for credit [10][9]. - Government bonds decreased by 104.8 billion yuan year-on-year, while corporate direct financing increased by 170.2 billion yuan, with bond financing up by 178.8 billion yuan [10][9]. Loan Trends - Total RMB loans grew by 6.4% year-on-year in November, with a total of 390 billion yuan in new loans, reflecting a decline in both household and corporate loans [13][14]. - Household loans saw a significant drop, with short-term loans down by 178.8 billion yuan and medium to long-term loans down by 290 billion yuan [13][14]. - Corporate loans increased by 281.9 billion yuan, primarily driven by bill discounting [14][13]. Monetary Supply - M1 growth fell to 4.9% year-on-year, while M2 grew by 8.0%, with the gap between M2 and M1 increasing to 3.1% [20][21]. - New RMB deposits totaled 1.41 trillion yuan in November, a decrease of 760 billion yuan year-on-year, with declines across all categories including household and non-bank deposits [20][22]. Investment Recommendations - The report suggests focusing on quality small and medium-sized banks such as Nanjing Bank, Hangzhou Bank, and Ningbo Bank, while also considering state-owned banks like Bank of Communications and Industrial and Commercial Bank of China for their defensive value [24][23].

浙江大学金融研究所所长王维安在主题演讲中就中国宏观经济金融形势与政策展开深度分析，解读中国 经济基本面、政策导向及核心挑战。他表示，2026年，中国将实施更加积极的财政政策和适度宽松的货 币政策，以科技创新引领新质生产力发展，推进产业结构升级与数字化转型。 中国工商银行金边分行总经理林士强分享柬埔寨经济金融态势及相关热点问题，为中企出海与跨境合作 提供参考。他表示，柬国经济持续温和增长，人口红利显著，投资活跃度创新高，跨境人民币应用成效 显著。该分行将不断优化产品，为助力中柬共建"一带一路"、推动两国经贸合作贡献金融力量。(完) 钟洁在致辞中指出，中柬经贸合作面临广阔发展前景，双方在数字经济、绿色经济、农产品深加工等领 域加强投资对接，进一步深化金融等新兴领域合作，持续为中柬经贸合作注入新动能。坚信在中柬双方 的携手努力下，双边经贸合作一定能够穿越任何周期，显示出更强的韧性与活力。 中新网金边12月13日电 (杨强 强宝仪)中国驻柬埔寨大使馆公使衔参赞钟洁13日在金边表示，当前全球 经济增长动能不足，各国经济发展和国际经贸合作面临诸多挑战，中柬两国持续推进"一带一路"建 设，"钻石六边"合作框架更加充实，给两 ...

中央经济工作会议12月10日至11日在北京举行。会议提出，明年经济工作在政策取向上，要坚持"稳中 求进、提质增效"，并用"八个坚持"划出了明年经济工作的重点任务。 会后，多家金融机构集体表态对标对表明年经济工作"八个坚持"重点任务，并结合自身实际谋划好2026 年和"十五五"期间工作。 《每日经济新闻》记者注意到，多家金融机构强调，要突出主责主业，持续优化重点领域金融供给，包 括支持扩大内需、科技创新、中小微企业、民生保障等方面。此外，多家机构表态坚持守牢底线，积极 稳妥化解重点领域风险。 聚焦主责主业，推动金融资源向重点领域和薄弱环节集聚 多家机构表态，要聚焦主责主业，做好金融"五篇大文章"，推动金融资源向经济社会发展的重大战略、 重点领域和薄弱环节集聚，提升服务实体经济质效。记者注意到，多家机构在科技创新领域重点着墨。 工商银行表示，要发挥主力军作用，持续发力促进高质量发展。围绕服务"四稳"，突出主责主业，提供 全面金融解决方案。积极融入强大国内市场，加力支持扩大内需、科技创新、中小微企业等重点领域， 精准服务"两重一薄"、制造业、区域协调、"双碳"引领、民生保障等，努力为人民群众多办实事。 农业银行提及 ...

记者丨张欣 编辑丨曾芳 12月12日，全国金融系统工作会议在京召开，中共中央政治局委员、中央金融委员会办公室主 任何立峰出席会议并讲话，为2026年金融系统工作划定核心方向。 同日，工行、建行、农行、中行等国有大行召开党委会议，传达学习中央经济工作会议精神， 结合全国金融系统工作会议要求，研究部署贯彻落实措施，明确2026年及 "十五五" 时期工作 重点，为助力经济高质量发展、服务金融强国建设提供金融支撑。 四家国有大行在贯彻落实会议精神过程中形成明确共识，均紧扣"防风险、强监管、促高质量 发展"工作主线，锚定三大核心方向推进2026年工作： 一是坚持党中央对金融工作的集中统一领导。 工行、农行、建行、中行均强调要深刻领悟 "两个确立" 的决定性意义，坚决做到"两个维 护"。其中，工行和农行还强调要增强 "四个意识"、坚定 "四个自信"。 工行和中行提出要牢固树立和践行正确政绩观、业绩观，持之以恒推进全面从严治党，抓好中 央巡视整改常态化长效化。农行、建行也明确要加强党的建设，树立正确业绩观，确保中央决 策部署落地见效。 二是聚焦主责主业，做深做实金融"五篇大文章"。 四家银行均提出要全面做好金融 "五篇大文 ...

Core Viewpoint - The national financial system work conference outlined the core directions for the financial system's work in 2026, emphasizing the importance of risk prevention, strong regulation, and promoting high-quality development [1][3]. Group 1: Core Directions for 2026 - The four major state-owned banks have reached a consensus on three core directions: maintaining centralized leadership from the Party, focusing on their main responsibilities, and ensuring the balance between development and safety [3][6]. - The banks emphasized the significance of understanding and implementing the "two establishments" and "two safeguards" to ensure effective execution of central policies [3][4]. Group 2: Focus on Main Responsibilities - The banks aim to enhance financial support in key areas such as expanding domestic demand, technological innovation, and support for small and micro enterprises [4][5]. - Agricultural Bank of China (ABC) plans to align with new policies and projects to boost consumption and stabilize investment through significant credit allocations [5][9]. - The banks are committed to improving financial services for the real economy, particularly in areas like green finance and support for small and micro enterprises [4][5]. Group 3: Risk Prevention and Management - All four banks prioritize the prevention and resolution of financial risks, with a focus on maintaining asset quality and managing various risks effectively [6][7]. - The banks are dedicated to ensuring that systemic risks do not occur, particularly in sectors like real estate and local government debt [7][8]. Group 4: Differentiated Work Focus - Each bank has defined its unique focus areas: Industrial and Commercial Bank of China (ICBC) emphasizes its role as a mainstay in the market, while China Construction Bank (CCB) focuses on digital transformation [8][9]. - Bank of China (BOC) aims to leverage its cross-border financial advantages to enhance global competitiveness and support international trade [9]. - ABC is committed to strengthening rural financing and supporting the high-quality development of rural economies [9].

Core Viewpoint - The National Financial Regulatory Administration has issued the "Supervision and Management Measures for Custody Business of Commercial Banks (Trial)" to enhance the supervision and management of custody business, promoting its standardized and healthy development [1][2]. Group 1: Regulatory Framework - The Measures consist of five chapters and 49 articles, covering general principles, custody responsibilities, management requirements, supervision and legal responsibilities, and supplementary provisions [2]. - The Measures define the concept of custody business and the basic principles for conducting such business, requiring commercial banks to establish a sound governance structure and management system for custody services [2]. Group 2: Implementation and Oversight - Commercial banks are mandated to provide appropriate custody services based on their capabilities and service levels, while the Measures also strengthen ongoing supervision, regulatory penalties, data reporting, and self-regulation [2]. - The National Financial Regulatory Administration will continue to urge commercial banks to enhance their management levels and risk prevention capabilities, promoting standardized, healthy, and high-quality development of custody business [3].

Core Viewpoint - The recent trading activity of Industrial and Commercial Bank of China (ICBC) indicates a significant net selling by institutional investors, with a total transaction amount of 24.78 million yuan on December 12, 2023, reflecting a cautious market sentiment towards the stock [1][2]. Group 1: Trading Activity - On December 12, 2023, ICBC recorded two block trades totaling 3.11 million shares, with a transaction value of 24.78 million yuan at a price of 7.97 yuan per share [1][2]. - The closing price of ICBC on the same day was 7.97 yuan, marking a decline of 0.38% with a daily turnover rate of 0.19% and a total trading volume of 4.11 billion yuan [1]. - Over the past five days, ICBC's stock has seen a cumulative decline of 0.25%, with a total net outflow of 515 million yuan [1]. Group 2: Financing Data - The latest margin financing balance for ICBC stands at 2.069 billion yuan, which has decreased by 51.80 million yuan over the past five days, representing a decline of 2.44% [2]. - ICBC was established on November 22, 1985, with a registered capital of approximately 35.64 billion yuan [2].

Core Viewpoint - The implementation of "Shanghai Science Credit Loan" aims to enhance financial support for technology-driven enterprises by using the "Shanghai Science Credit" as a key evaluation tool for innovation capabilities and financial assistance [1] Group 1: Policy and Implementation - The People's Bank of China Shanghai Branch, along with several local financial and regulatory bodies, has issued a notice to promote "Shanghai Science Credit Loan" as a specialized financial product for evaluating and supporting enterprise innovation [1] - Financial institutions in Shanghai are encouraged to utilize "Shanghai Science Credit" as a basis for assessing the innovation capabilities of local enterprises, facilitating loan issuance under manageable risk conditions [1] Group 2: Case Studies of Financial Support - A biotechnology company with a "Shanghai Science Credit" score above 80 has received a loan of 30 million yuan from Bank of Communications Shanghai Zhangjiang Branch, utilizing a differentiated credit model based on its innovation capabilities [2] - Shanghai Guangjiang Environmental Art Co., Ltd. increased its loan limit to 2.8 million yuan through collaboration with Bank of China Shanghai Branch, which utilized the "Shanghai Science Credit" evaluation to address financing challenges for small and medium-sized tech enterprises [3] Group 3: Features of "Shanghai Science Credit Loan" - The notice outlines that financial institutions should enhance the application of "Shanghai Science Credit" results, offering differentiated arrangements such as increased loan limits and reduced interest rates for top-ranked enterprises [4] - Institutions are encouraged to innovate the design of "Shanghai Science Credit Loan" products, focusing on key industries and enhancing the convenience of application processes through digital technology [4] Group 4: Future Directions - The People's Bank of China Shanghai Branch plans to establish a joint working mechanism to strengthen policy coordination and promote the expansion of "Shanghai Science Credit Loan" products [5]

Group 1 - The core issue is that many banks have removed 5-year fixed deposit products, and the threshold for 3-year fixed deposits has increased, leading to a shift in consumer behavior towards alternative investment options [1][6] - Banks are responding to the uncertain long-term interest rate environment and the need to stimulate consumption by reducing the availability of long-term fixed deposits, which are becoming less attractive due to low interest rates [1][6] - The reduction of long-term fixed deposit products is a market-driven decision, reflecting the banks' need to adapt to changing economic conditions and consumer preferences [1][6] Group 2 - Risk-averse consumers are now seeking alternative investment opportunities as fixed deposit options diminish, with a focus on stable, high-dividend assets such as bond funds and blue-chip stocks, particularly in the banking sector [2][7] - Recent trends show that large state-owned bank stocks have been rising due to the influx of low-risk capital, previously invested in real estate and infrastructure, now flowing into these banks as the real estate market changes [2][7] - The annualized dividend rates of major state-owned banks are declining, with examples such as Industrial and Commercial Bank of China at 3.8%, China Construction Bank at 4.3%, and Agricultural Bank of China at 3% [3][8] Group 3 - The banking sector in A-shares is highly interconnected, with similar operational models and profitability levels among banks, but state-owned banks have outperformed due to shifts in investor risk preferences [4][9] - Some regional city commercial banks, like Beijing Bank, show strong performance metrics and competitive dividend yields, making them attractive alternatives to traditional fixed deposits [5][10] - Beijing Bank has an annualized dividend rate of 5.7%, positioning it among the top banks, and its solid fundamentals suggest it can maintain this rate even in a changing economic landscape [5][10]