本公告不構成或形成任何要約購買在美國銷售的證券的一部分。除非另有規定，任何根據計劃（定義見下文）將予 發行的票據（「票據」）將不會根據經不時修訂之1933年美國聯邦證券法（「證券法」）進行登記，而且不得在未登記或 獲豁免遵守證券法的登記規定的情況下於美國境內或向任何美國人士（定義見證券法）或出於美國人士的利益進行 發售或出售。將不會在美國進行證券的公開發售。 香港投資者謹請注意：本行確認票據擬僅供專業投資者（定義見上市規則第37章）（「專業投資者」）購買，計劃已按 該基準於香港聯合交易所有限公司上市，並且將於香港聯合交易所有限公司上市的票據亦將按該基準於香港聯合 交易所有限公司上市。據此，本行確認票據不適合作為香港零售投資者之投資。投資者應審慎考慮所涉及的風險。 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，概不對因本公告全部或任何部分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。 本公告及隨附的上市文件乃按香港聯合交易所有限公司證券上市規則（「上市規則」）規定刊發僅供參考之用，並不 構成收購、購買或認購任何證券的邀請或要 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In 2025, the bond market may mainly rely on increased allocation by bank self - operations. The balance of China's bond market increased by 19.7 trillion in the first 11 months of 2025, and the incremental investment in self - operated bonds by the banking industry in the same period reached 14.3 trillion, accounting for 72.7% of the bond scale increment [2][31]. - Bank self - operated bond investment is mainly in interest - rate bonds, which have a significant impact on the pricing of interest - rate bonds. As of Q3 2025, the proportion of interest - rate bond holdings in bank self - operated bonds was 80.7% [36]. - The bond investment behavior of banks is mainly affected by three types of indicators: capital adequacy ratio requirements, liquidity regulatory indicators, and bank book interest rate risk indicators [3][45]. - Joint - stock banks are the main players in the secondary trading of interest - rate bonds, while the trading scale of large - state - owned banks and policy banks is relatively small. Since Q1 2023, the overall market trading activity has increased, especially significantly after 2025 [3][52]. 3. Summary by Relevant Catalogs 3.1 Bank Self - Operated Financial Investment Composition, Scale Changes, and Structural Characteristics - **Composition and Scale Changes**: As of Q3 2025, the total financial investment scale of 42 listed banks was 101.5 trillion yuan. By statement account, the FVTPL account was 13.23 trillion yuan (13.0%), the FVOCI account was 29.87 trillion yuan (29.4%), and the AC account was 58.40 trillion yuan (57.5%). By asset category as of Q2 2025, bond investment was 79.08 trillion yuan (84.46%), equity investment was 0.86 trillion yuan (0.91%), and funds and other investments were 13.07 trillion yuan (13.96%). From Q4 2023 to Q3 2025, the investment scale of the FVOCI account increased significantly, mainly due to the growth of bond investment [8]. - **Structural Characteristics**: Credit bonds are mainly placed in the FVOCI account, and interest - rate bonds are mainly placed in the AC account. Among different types of banks, the proportion of the three accounts of large - state - owned banks and joint - stock banks is relatively stable, while the proportion of the AC category of city and rural commercial banks has decreased, and the FVOCI category of city commercial banks has increased, indicating a shift from allocation to trading thinking [2][14]. 3.2 Bond Market in 2025 - In 2025, the bond market may rely on increased allocation by bank self - operations. The government issued more bonds in 2025, and the weak credit demand led banks to significantly increase their bond investment. The year - on - year growth rate of the bond investment balance of various types of banks has increased significantly, and bond investment may become the main driving force for the expansion of bank asset scale [31][33]. 3.3 Bank Bond Investment Characteristics - **Investment Portfolio**: As of Q3 2025, bank self - operated bond holdings were 96.5 trillion yuan, mainly interest - rate bonds. Interest - rate bonds accounted for 80.7%, credit bonds accounted for 11.7%, negotiable certificates of deposit accounted for 5.7%, and other bonds accounted for 1.8%. Among interest - rate bonds, treasury bonds accounted for 33.3%, local government bonds accounted for 48.3%, and policy - bank bonds accounted for 17.8% [36]. - **Pricing Influence**: As of Q3 2025, bank self - operated bond holdings accounted for 48.21% of the total bond custody, having a significant impact on the bond market pricing, but the degree of influence varies by bond type. Bank self - operated interest - rate bond holdings accounted for 63.6% of the total interest - rate bond custody, having a significant impact on pricing [44]. 3.4 Bank Bond - Allocation Indicator Constraints - **Capital Adequacy Ratio Requirements**: The risk weights of treasury bonds and policy - bank bonds are 0, the risk weights of local general bonds and special bonds are 10% and 20% respectively, and the risk weights of general corporate bonds and non - bank financial institution ordinary bonds are 75% - 100% [3][47]. - **Liquidity Regulatory Indicators**: The liquidity coverage ratio is relatively relevant to bank self - operated bond investment behavior. Treasury bonds are included in qualified high - quality liquid assets at market price, while credit bonds are given a discount coefficient according to credit ratings [47]. - **Bank Book Interest Rate Risk Indicators**: For large - state - owned banks, joint - stock banks, and Postal Savings Bank, when the maximum economic value change exceeds 15% of their Tier - 1 capital (ΔEVE > 15%), regulatory attention will be drawn [47]. 3.5 Bank Self - Operated Secondary Trading Characteristics - **Interest - Rate Bond Secondary Trading**: Joint - stock banks are the main players in the secondary trading of interest - rate bonds. The trading activity of the whole market has increased since Q1 2023, especially significantly after 2025. The trading scale of large - state - owned banks and policy banks is relatively small [3][52]. - **Credit Bond Secondary Trading**: The trading scale of credit bonds is relatively limited, and the single - quarter trading amount of bank self - operations is generally below 1 trillion yuan [54]. - **Ultra - Long - Term Interest - Rate Bond Secondary Trading**: The secondary trading of ultra - long - term interest - rate bonds in the banking system shows the characteristics of "net reduction trend remains unchanged, and selling pressure converges marginally". Different types of banks have different trading behaviors [56].

中国工商银行东莞南城支行营业部排起了兑换纪念币的长队。 其中东莞工行承担了各36万枚/张的兑换任务，占比达地区总额的60%。为应对兑换高峰，确保流程顺 畅，东莞工行全辖网在显著位置设置"贺岁纪念币、纪念钞兑换专区"，工作人员营业前即向排队市民派 发专属兑换排号单。同时，根据实际客流动态调配窗口资源，必要时适当延长服务时间，全力保障当日 排队客户顺利兑换。 刚刚成功兑换纪念币钞的市民张先生高兴地表示："工行的安排非常贴心周到！专属排号让大家心里有 底，不用盲目排队；热茶水暖身又暖心；工作人员的引导很清晰，虽然人多，但整个过程特别顺畅，服 务体验非常好！" 东莞工行相关负责人表示，贺岁纪念币钞承载着新春祝福，是弘扬中华优秀传统文化的重要载体。市民 的踊跃兑换，既是对传统文化的热爱，也是对工行服务的信任。该行将持续优化服务流程，提升客户体 验，确保此次纪念币钞兑换工作圆满顺利完成，让广大市民在喜迎马年祥瑞的同时，真切感受到工商银 行高效、便捷、温暖的金融服务，为营造欢乐祥和的节日氛围贡献金融力量。 2026年1月20日，承载着马年"马到成功""龙马精神"美好寓意的2026年贺岁普通纪念币和纪念钞正式开 启兑换。中国 ...

Investment Rating - The report maintains a "Recommended" rating for the banking industry [1] Core Insights - The implementation of six fiscal and financial policies aims to stimulate domestic demand, focusing on structural optimization and interest margin improvement [3] - The fiscal interest subsidies, typically between 1-1.5 percentage points, are designed to lower overall financing costs, boost investment and consumption demand, and guide financial resources towards key areas such as technology innovation and support for small and micro enterprises [3] - The report highlights that the fiscal policies will positively support banks in optimizing their structures and stabilizing interest margins, with expectations of a narrowing decline in interest margins due to the upcoming maturity of high-interest fixed deposits in 2026 [3] - The establishment of a 500 billion yuan special guarantee plan for private investment and the optimization of risk-sharing mechanisms for corporate bonds are expected to enhance banks' asset quality and increase their willingness to issue long-term loans [3] - The report suggests that the collaborative fiscal and financial policies will directly benefit credit growth, structural optimization, and risk expectation improvement, while the stable interest margin guidance remains unchanged [3] Summary by Sections Banking Industry - The report emphasizes the positive impact of fiscal policies on credit growth and structural optimization, with a focus on improving risk expectations and stabilizing interest margins [3] - Specific recommendations for individual banks include Industrial and Commercial Bank of China, Agricultural Bank of China, Postal Savings Bank of China, Jiangsu Bank, Hangzhou Bank, and China Merchants Bank [3]

根据中国工商银行股份有限公司上海市分行与上海国有资产经营有限公司签署的《资产转让协议》，中 国工商银行上海市分行（含各支行）已将其对下列债务人及其担保人享有的主债权及担保合同项下的全 部权利依法转让给上海国有资产经营有限公司。中国工商银行股份有限公司上海市分行与上海国有资产 经营有限公司联合公告通知各债务人及担保人以及其他相关各方。 上海国有资产经营有限公司作为上述债权的受让方，现公告要求下列债务人及其担保人，从公告之日起 立即向上海国有资产经营有限公司履行主债权合同及担保合同约定的偿付义务或相应的担保责任。 特此公告。 中国工商银行股份有限公司上海市分行 上海国有资产经营有限公司 | 15 | 世博支行 | 上海顾迦医疗器械有限公 | 顾建华、吕志云 | 3,995,024.57 | | --- | --- | --- | --- | --- | | | | 司 | | | | 16 | 崇明支行 | 上海旻妤绿化工程有限公 | 施逸龙、汤利平、吴红卫 | 4,000,000.00 | | | | 司 | | | | 17 | 虹口支行 | 上海乾菱餐饮管理有限公 | 吉根妹、韦红才 | 5,549,914 ...

一方面，中行、建行、工行三家国有大行"老将"到龄退休交棒，中小银行也加速"抢人"步伐，从外部引进资深金融科技人才。 另一方面，多家银行副行长与首席信息官为同一人，为科技负责人给予更高的权责，从而深度参与战略决策，在上市银行业绩 发布会上，越来越多的首席信息官"亮相"，从幕后走向台前。 "商业银行设立首席信息官，是银行数字化转型从'选择题'变为'必答题'的重要措施。"招联首席研究员、上海金融与发展实验室 副主任董希淼向记者表示，专设首席信息官有助于银行增强面向未来的发展能力与服务能力。 全年22家银行科技"一把手"变动 21世纪经济报道记者李览青 随着银行科技战略的不断推进，2025年，作为科技"掌门人"的首席信息官在银行数智化转型中承担着越来越重要的角色。 据21世纪经济报道记者不完全统计，2025年有22家银行科技"一把手"出现变更。 从中小银行的首席信息官聘任路径来看，既有内部提拔的业务骨干，亦有深耕金融科技领域的外部人才引进。 例如在龙江银行CIO那群威任职资格获批前，该行曾公开对外招聘，彼时其任职要求为，具有15年以上（含）信息科技相关工作 经验，曾任国有大型商业银行省级分行科技部门总经理；具有大学本 ...

值得关注的是，该设备支持工作日与周末营业时间开放服务，让更多办事群体可灵活安排时间，在家门 口或就近区域就能轻松办理。 据悉，此次全新投用的不动产查询打证一体机，依托金融专网与北京市不动产登记系统实现安全对接， 构建起"身份核验-信息查询-证书打印"全流程自助服务闭环。居民仅需扫描本人身份证件完成核验，即 可通过操作界面自主办理业务，不仅能打印房产证，还可出具本人名下不动产登记信息证明，全面覆盖 房产交易、抵押贷款等高频使用场景，真正实现"即查即打、立等可取"。 北京商报讯（记者 王寅浩 李晗）1月21日，北京商报记者了解到，中国工商银行北京市分行广安门支行 携手北京链家，在西城区北京链家天宁寺签约服务中心附近设立便利金融服务点，并投放不动产查询打 证一体机，打造交易、登记、金融一体化服务场景。即日起，北京全市居民可在北京链家天宁寺签约服 务中心的工行便利金融服务点，办理不动产信息查询与房产证打印业务。 北京链家交易服务中心负责人表示："我们希望北京链家签约服务中心不仅是房产交易的场所，还能配 合相关部门落实更多便民服务举措，为居民带来实实在在的便利，让居民在二手房交易过程中更省心、 省力"。 目前，北京链家 ...

1月21日金融一线消息，当地时间1月20日，《Brand Finance 2026年全球品牌价值500强榜单报告》在瑞 士达沃斯正式发布。 《Brand Finance 2026年全球品牌价值500强榜单报告》显示，银行业凭借79个品牌，为总价值贡献了 12.5%。其中，13家中国银行品牌以4170亿美元总价值占据行业鳌头，同比增长1.4%。 中国工商银行在榜单中的排名为第12名，凭借908.8亿美元的品牌价值和91.5分的品牌强度指数稳居全球 银行品牌榜首，获得AAA+评级。 上榜的中国银行品牌还有中国建设银行（排名14）、中国银行（排名17）、中国农业银行（排名19）、 招商银行（排名74）、中信银行（排名128）、中国邮政储蓄银行（排名134）、交通银行（排名 167）、上海浦东发展银行（排名272）、兴业银行（排名274）、中国民生银行（排名404）、中国光大 银行（排名461）、恒生银行（排名462）。 | 2025 2026 | | | 2026 2026 | 2026 | 2025 | | --- | --- | --- | --- | --- | --- | | 排名 | 排名 品牌 | | ...

Core Viewpoint - Industrial and Commercial Bank of China (ICBC) issued a total of RMB 30 billion in subordinated capital bonds in the interbank bond market from January 19 to 21, 2021, and announced the completion of the issuance on January 21, 2021 [1] Group 1 - The bonds have an issuer call option, allowing ICBC to redeem the bonds at face value on the last day of the fifth interest period, which is January 21, 2026 [1] - As of the announcement date, ICBC has exercised its redemption right and fully redeemed the bonds [1]

Core Viewpoint - Industrial and Commercial Bank of China (ICBC) issued a total of 30 billion RMB in subordinated bonds in the interbank bond market from January 19 to 21, 2021, and has exercised its redemption option for these bonds as of the announcement date [1] Group 1 - The bond issuance was conducted in accordance with the relevant provisions outlined in the prospectus [1] - The bonds include an issuer's redemption option, allowing ICBC to redeem the bonds at face value on the last day of the fifth interest period, which is January 21, 2026 [1] - As of the announcement date, ICBC has fully redeemed the issued bonds [1]