作为中德金融合作的重要参与者，中国工商银行在本届活动中受到特别关注。中国工商银行金融市场部 总经理王海璐表示，工商银行自1999年在法兰克福设立首家亚洲以外海外分行以来，已深耕德国和欧洲 市场26年，服务网络从法兰克福拓展至柏林、慕尼黑、杜塞尔多夫等德国主要城市，在欧洲16国建立综 合机构布局，业务范围延伸至公司金融、金融市场、清算结算等多元领域。 11月17 日，中国工商银行金融市场部总经理王海璐在活动现场发表致辞。 新华社发（张琪 摄） 新华社法兰克福11月18日电（记者 胡尊元）第28届欧元金融周暨第11届"中国日"活动17日在德国金融 中心法兰克福举行。中国工商银行法兰克福分行荣获"法兰克福金融中心杰出贡献奖"。 11月17 日，中国工商银行法兰克福分行荣获"法兰克福金融中心杰出贡献奖"。 新华社发（张琪 摄） 中国驻法兰克福总领事黄昳扬在致辞中表示，在国际环境波动加剧、不稳定性和不确定性显著上升的背 景下，中德关系保持稳健发展，关键在于三点：一是两国在各层级始终保持高度的沟通与相互理解意 愿；二是双方在金融等专业领域合作持续深化；三是双方长期发展理念高度契合，未来可在"创新、开 放、可持续"领域不断 ...

Core Insights - In Q3 2025, insurance capital significantly increased its allocation to equity assets, with the proportion of equity assets approaching historical highs [1][4] - The investment distribution of insurance capital in Q3 2025 included 7.9% in bank deposits, 50.3% in bonds, 10.0% in stocks, 5.5% in funds, 7.9% in long-term equity investments, and 18.4% in other assets [1] - The investment in bank deposits and bonds decreased by 0.7 percentage points and 0.8 percentage points respectively compared to Q2 2025, while the investment in stocks and funds surged to 15.5%, nearing the historical peak of 16.1% in H1 2015 [1] Investment Trends - In Q3 2025, insurance capital continued to increase its allocation to dividend-paying stocks, particularly in the TMT (Technology, Media, and Telecommunications) and high-end manufacturing sectors, while adjusting its internal allocations [4] - The insurance capital significantly increased its holdings in banks, steel, and textile sectors, while reducing positions in high-end manufacturing sectors such as new energy, military, and machinery [4] - The overall trend showed that the dividend yield remained a crucial reference for insurance capital's stock selection, with a decreasing trend in dividend yield from increased to reduced holdings [4] Stock Specifics - The top stocks added by insurance capital in Q3 2025 included Agricultural Bank of China (329.1 billion), Postal Savings Bank (125.9 billion), and Industrial and Commercial Bank of China (57.4 billion) [7] - Conversely, the top stocks reduced included GCL-Poly Energy (7.0 billion), Wan Feng Auto (7.1 billion), and Aero Engine Corporation of China (7.6 billion) [7] Shareholding Activities - Insurance capital's shareholding activities accelerated in Q3 2025, with a notable increase in the number of companies targeted, particularly in Hong Kong stocks [9] - As of now, insurance capital has made 30 shareholding increases this year, surpassing the total for 2020 and 2024, with 25 of these being in Hong Kong stocks [9][11]

Core Insights - Insurance capital continues to increase its allocation to equity assets, with the proportion of equity assets reaching near historical highs in Q3 2025 [1] - The allocation structure shows a significant increase in technology and a reduction in high-end manufacturing sectors [5][6] - Insurance capital has accelerated its stake acquisitions in listed companies, particularly in Hong Kong stocks, with a notable increase in the number of acquisitions compared to previous years [9] Allocation Trends - In Q3 2025, the allocation of insurance capital to various asset classes is as follows: bank deposits (7.9%), bonds (50.3%), stocks (10.0%), funds (5.5%), long-term equity investments (7.9%), and other assets (18.4%) [1] - The investment proportions in bank deposits and bonds decreased by 0.7 percentage points and 0.8 percentage points, respectively, while the investment in stocks and funds surged to 15.5%, approaching the historical peak of 16.1% in H1 2015 [1] Sector and Stock Preferences - Insurance capital has significantly increased its allocation to banks, steel, and textile sectors, while reducing holdings in high-end manufacturing sectors such as new energy and military [5] - Key stocks that saw increased investment include Agricultural Bank of China, Postal Savings Bank, Industrial and Commercial Bank of China, and Hikvision, while reductions were noted in stocks like Goldwind Technology and Aviation Industry Corporation of China [6][8] Shareholding Activities - In 2025, insurance capital has made 30 stake acquisitions in listed companies, surpassing the total for the entire years of 2020 and 2024, with 25 of these acquisitions in Hong Kong stocks [9] - The trend indicates a shift towards acquiring dividend-yielding assets in Hong Kong due to declining bond yields and rising traditional dividend assets [9]

11月18日金融一线消息，工商银行今日发布关于重置境内优先股"工行优1"票面股息率的公告。公告指出，根据《中国工商银行股份有限公司非公开发行优先股募集说明书》（简称《募集说明书 重置后的票面股息率为本次境内优先股票面股息率重置日（即2025年11月18日，简称重置日）的基准利率加固定息差。重置日的基准利率为重置日（不含）前20个交易日中国债券信息网或中央 据此，自2025年11月23日起，"工行优1"重置后的基准利率为1.58%，固定息差为1.56%，票面股息率为3.14%，股息每年支付一次。 责任编辑：曹睿潼 ...

中国工商银行股份有限公司董事会及全体董事保证本公告内容不存在任何虚 假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法 律责任。 根据《中国工商银行股份有限公司非公开发行优先股募集说明书》（简称《募 集说明书》）的相关条款，中国工商银行股份有限公司（简称本行）于2015年11 月非公开发行的境内优先股（简称"工行优1"，代码"360011"）采用分阶段调 整的票面股息率定价方式，票面股息率为基准利率加固定息差，首5年的票面股息 率从发行日起保持不变，其后基准利率每5年重置一次，每个重置周期内的票面股 息率保持不变。固定息差等于本次优先股发行时票面股息率与基准利率之间的差 值，其在存续期内保持不变。"工行优1"从前次重置日起将满5年，根据《募集 说明书》的相关条款，现对"工行优1"的票面股息率进行再次重置。 重置后的票面股息率为本次境内优先股票面股息率重置日（即2025年11月18 日，简称重置日）的基准利率加固定息差。重置日的基准利率为重置日（不含） 前20个交易日中国债券信息网（www.chinabond.com.cn）或中央国债登记结算有 限责任公司认可的其他网站公布的中债国债收益率 ...

工商银行公告称，该行于2015年11月非公开发行的境内优先股"工行优1"，从前次重置日起将满5年，现 对其票面股息率进行再次重置。重置日为2025年11月18日，重置后票面股息率为该日的基准利率加固定 息差。其中，基准利率为1.58%，固定息差为1.56%，票面股息率为3.14%。自2025年11月23日起，股息 每年支付一次。 ...

中國工商銀行股份有限公司 INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED （於中華人民共和國註冊成立的股份有限公司） 股份代號：1398 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而做出。 茲載列本行在上海證券交易所網站刊登的《中國工商銀行股份有限公司關於重置境內優 先股「工行優1」票面股息率的公告》，僅供參閱。 特此公告。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任 何責任。 证券代码：601398 证券简称：工商银行 公告编号：临 2025-046 号 中国工商银行股份有限公司 关于重置境内优先股"工行优 1"票面股息率的公告 中国工商银行股份有限公司董事会及全体董事保证本公告内容不存在任何虚 假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法 律责任。 根据《中国工商银行股份有限公司非公开发行优先股募集说明书》（简称《募 集说明书》）的相关条款，中 ...

Core Viewpoint - The establishment of the Renminbi clearing bank in Turkey marks the official launch of Renminbi clearing services, enhancing bilateral trade and financial cooperation between China and Turkey [1][2]. Group 1: Financial Cooperation - The Renminbi clearing bank will facilitate the use of Renminbi in local settlements, financing, and transactions, promoting higher levels of economic and financial connectivity between the two countries [1][2]. - The People's Bank of China emphasizes that the use of Renminbi provides a reliable new option for global trade and investment activities, with a commitment to market-oriented, legal, and international practices [1]. Group 2: Business Opportunities - The clearing bank is expected to lower trade risks and reduce transaction costs, creating new business opportunities for Turkish enterprises in trade, investment, and long-term financing [2]. - The establishment of the clearing bank is seen as a milestone in China-Turkey financial cooperation, aimed at enriching the offshore cross-border application scenarios of Renminbi [1][2]. Group 3: Institutional Collaboration - The Industrial and Commercial Bank of China (ICBC) aims to deepen cooperation with local Turkish banks, policy institutions, and Chinese financial institutions to create a mutually beneficial Renminbi usage ecosystem [1]. - The opening ceremony was attended by nearly 400 representatives from financial institutions and the business community, highlighting the significance of this initiative [2].

Core Viewpoint - The state-owned large bank sector experienced a decline of 0.48% on November 18, with Agricultural Bank leading the drop. The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1] Summary by Category Stock Performance - The closing prices and performance of major state-owned banks are as follows: - Bank of Communications (601328): Closed at 7.43, up 0.54%, with a trading volume of 1.4445 million shares and a turnover of 1.073 billion yuan - Industrial and Commercial Bank of China (601398): Closed at 8.20, up 0.37%, with a trading volume of 2.176 million shares and a turnover of 1.781 billion yuan - Bank of China (601988): Closed at 5.78, up 0.17%, with a trading volume of 2.3242 million shares and a turnover of 1.340 billion yuan - China Construction Bank (601939): Closed at 9.41, down 0.32%, with a trading volume of 609,500 shares and a turnover of 573 million yuan - Postal Savings Bank of China (601658): Closed at 5.66, down 0.53%, with a trading volume of 1.2116 million shares and a turnover of 687 million yuan - Agricultural Bank of China (601288): Closed at 8.19, down 1.56%, with a trading volume of 2.8093 million shares and a turnover of 2.305 billion yuan [1] Capital Flow - The net capital flow for the state-owned large bank sector showed a net outflow of 305 million yuan from main funds, while retail funds saw a net inflow of 257 million yuan and speculative funds had a net inflow of 48.0376 million yuan [1]

Core Viewpoint - The establishment of the Renminbi clearing bank by the Industrial and Commercial Bank of China in Turkey marks a significant milestone in China-Turkey financial cooperation, facilitating trade and investment between the two countries [1][2]. Group 1: Financial Cooperation - The Renminbi clearing bank will enhance the use of Renminbi in local settlements, financing, and transactions, promoting higher levels of bilateral economic and financial connectivity [2]. - The People's Bank of China emphasizes that the use of Renminbi provides a reliable new option for global trade and investment activities, with a commitment to market-oriented, legal, and international practices [1]. Group 2: Economic Impact - The establishment of the clearing bank is expected to reduce trade risks and transaction costs, creating new business opportunities for Turkish enterprises [2]. - The Turkish Central Bank highlights that the Renminbi clearing operations will facilitate access to Renminbi financing and payment channels within Turkey, enhancing the cross-border use of Renminbi and the Turkish Lira [2]. Group 3: Institutional Collaboration - The Industrial and Commercial Bank of China aims to create a "highway" for Renminbi usage, enriching offshore cross-border application scenarios and providing comprehensive Renminbi services [1]. - The opening ceremony was attended by nearly 400 representatives from financial institutions and the business community, indicating strong institutional support for the initiative [2].