Core Viewpoint - Major Chinese banks, including Industrial and Commercial Bank of China (ICBC) and China Construction Bank (CCB), have announced their bond issuance plans for 2026, indicating a strong appetite for raising capital through various debt instruments [1][2]. Group 1: Bond Issuance Plans - ICBC plans to issue financial bonds up to 488 billion yuan for 2026, an increase of approximately 38 billion yuan from its 2025 issuance plan [2]. - CCB's bond issuance plan includes a total of up to 700 billion yuan, with capital instruments not exceeding 450 billion yuan and TLAC bonds not exceeding 250 billion yuan [2]. - Other state-owned banks, such as Agricultural Bank of China and Postal Savings Bank, are also considering their bond issuance plans for 2026, although specific amounts are yet to be disclosed [1][2]. Group 2: Market Trends and Statistics - As of November 9, 2023, the total bond issuance by commercial banks for the year reached 2.88 trillion yuan, with subordinated and perpetual bonds (referred to as "二永债") accounting for approximately 1.37 trillion yuan [1][4]. - The issuance of subordinated bonds has decreased by about 24.9% year-on-year, while perpetual bonds have seen an increase of 18.4% [4]. - State-owned and joint-stock banks are the primary issuers of subordinated and perpetual bonds, accounting for 81.3% of the total market issuance [4]. Group 3: Investment Trends - Financial bonds, including subordinated and TLAC bonds, are becoming core assets for asset management institutions, driven by an increasing demand for fixed-income products [6]. - The market for financial bonds is now the largest investment segment for non-bank institutions, offering higher market value compared to traditional interest rate bonds [6]. - As of the third quarter of 2025, public funds held 43.6% of the market value of bank ordinary bonds, with significant allocations to subordinated and perpetual bonds [7].

Core Insights - The eighth China International Import Expo was held in Shanghai from November 5 to 10, showcasing the financial services provided by China Construction Bank at the event [1] Group 1: Digital Innovation in Financial Services - China Construction Bank has enhanced its financial services by leveraging cutting-edge technologies such as artificial intelligence to create smart and convenient financial service scenarios [1] - The introduction of "Jian Xiao Ai," a humanoid robot, exemplifies the bank's commitment to digital innovation, providing services like customer guidance and multilingual support [2] - The bank's focus on digital technology aims to improve product quality and expand application scenarios, fostering a positive interaction between technology, industry, and finance [2] Group 2: Focus on Technology Enterprises - The bank has launched a "Technology Flow" evaluation system that assesses the innovation value and development potential of technology enterprises, moving beyond traditional evaluation methods [3] - This system analyzes various dimensions such as technology conversion capability and R&D investment stability, enhancing the bank's ability to serve technology-driven companies [3] - The introduction of this evaluation system has attracted interest from many startup technology companies at the expo, indicating a strong demand for financial services tailored to their needs [3] Group 3: Supporting Global Expansion - A cross-border trade and investment service event titled "Encountering Jian at the Expo: Navigating Global" was held, where the bank unveiled a comprehensive financial service plan for enterprises going abroad [4] - The plan includes a "three-pillar protection and four-core empowerment" approach to assist Chinese companies in their global expansion efforts [4] - The bank is set to establish the "China Construction Bank Shanghai Global Financial Service Center" in September 2024, aimed at enhancing cross-border financial services and creating a standardized service system [4][5] Group 4: Commitment to High-Level Opening Up - The bank emphasizes its role in supporting China's high-level opening up by integrating domestic and international resources to create a service matrix for enterprises [5] - It aims to provide risk hedging and funding support for Chinese companies venturing abroad while facilitating foreign companies entering Shanghai [5] - The bank's leadership expresses a commitment to contributing more wisdom and strength to the new development pattern and high-level opening up [5]

Core Insights - The new gold tax regulations have not significantly impacted the market, with stable prices and sufficient supply of investment gold bars observed in banks [1][3][4] Pricing Stability - The new regulations do not affect the sales prices for end customers, as banks continue to price investment gold bars based on market conditions [3][4] - The regulations classify gold into investment and non-investment categories, with investment gold bars having minimal impact from the new rules [3][5] Supply Adequacy - Banks report that the supply of investment gold bars is stable and sufficient to meet customer demand [4][5] - There has been a slight increase in customer inquiries and purchases since the new regulations were implemented, but the overall market remains stable [4][5] Customer Engagement - Customers have shown increased interest in gold investments due to geopolitical uncertainties and rising gold prices, despite no changes in pricing mechanisms [5] - The process for withdrawing physical gold from accumulated gold accounts has been streamlined, allowing for easy access to gold products [6][7] Business Operations - Banks briefly suspended certain gold accumulation services to adjust to the new regulations but quickly resumed operations after system updates [6][7] - The new tax policy encourages individuals to invest in gold through bank products and ETFs, reducing transaction costs for accumulated gold [7]

Summary of Key Points Core Viewpoint - China Construction Bank (CCB) is planning to distribute a cash dividend of RMB 48.605 billion for the 2025 interim period, with a dividend payout ratio of 30% [1][3]. Trading Information - On November 7, 2025, CCB's stock closed at RMB 9.39, down 0.53%, with a turnover rate of 0.65% and a trading volume of 621,300 shares, amounting to a total transaction value of RMB 585 million [1]. Fund Flow - On the same day, the net outflow of institutional funds was RMB 44.3845 million, accounting for 7.59% of the total transaction value. Retail investors saw a net inflow of RMB 16.8325 million, representing 2.88% of the total transaction value [1][3]. Company Announcements - CCB will hold its second extraordinary general meeting on November 27, 2025, to discuss the interim profit distribution plan and the issuance of capital instruments and total loss-absorbing capacity non-capital debt instruments, with the latter requiring a special resolution [1]. - The proposed cash dividend is set at RMB 1.858 per 10 shares (tax included), with the A-share dividend expected to be distributed on December 11, 2025, and the H-share dividend on January 26, 2026 [1][3]. - CCB plans to issue capital instruments and total loss-absorbing capacity non-capital debt instruments not exceeding RMB 700 billion to supplement its capital [1][3].

Core Viewpoint - The article highlights a significant increase in the number of properties directly sold by banks, with some properties being offered at prices 25% lower than market value, indicating a shift in asset disposal strategies by financial institutions [1] Group 1: Market Dynamics - Several banks, including Agricultural Bank, China Construction Bank, and Bank of Communications, are accelerating their direct property sales through online platforms, with some banks listing over a thousand properties for sale [1] - The properties being sold are primarily derived from the disposal of non-performing loans, where banks acquire full ownership after borrowers default [1] Group 2: Strategic Implications - The acceleration in property disposals by banks aims to enhance debt recovery rates during a period of adjustment in the real estate market, making direct sales a new strategy for banks to quickly liquidate assets [1]

Core Viewpoint - The long-term deposit products, once considered a "stabilizing force" for investors, are gradually disappearing from the shelves of some banks, indicating a profound restructuring of the banking industry's profit logic in response to deepening interest rate marketization and a low-interest environment [1][4][8]. Group 1: Disappearance of Long-term Deposits - As of November 9, major state-owned banks and some joint-stock banks have removed 5-year large certificates of deposit (CDs) from their offerings, with banks like ICBC, ABC, and BOC no longer listing these products [2][3]. - The interest rates for commonly available 3-year large CDs are now between 1.5% and 1.75%, with some banks facing a "one order hard to find" situation due to limited availability [2][3]. - Regional banks are also tightening their long-term CD offerings, with many now focusing on shorter terms such as 1 month, 3 months, and 1 year [3][5]. Group 2: Strategic Shift in Banking - The current low net interest margin has prompted banks to lower their liability costs to maintain stable profit levels, leading to the reduction or cancellation of high-interest long-term CDs [4][7]. - Smaller banks, particularly village banks, are also halting long-term deposit products, reflecting a broader industry trend towards optimizing balance sheets in response to regulatory pressures and changing market conditions [5][7]. - The traditional banking model of high-interest deposits and low-interest loans is facing unprecedented challenges, with net interest margins dropping to historical lows [8][9]. Group 3: Future Directions - The banking sector is expected to increasingly favor short-term adjustments and flexible combinations of various financial products to enhance customer loyalty and stabilize relationships [9]. - Banks are likely to optimize their liability structures by offering more medium- and short-term deposit products, reducing the proportion of high-cost deposits, and improving overall profitability through wealth management services [9].

Core Insights - Banks are accelerating direct property sales to enhance debt recovery rates, particularly during the real estate market adjustment period [1][8] - The properties being sold directly by banks primarily originate from the disposal of non-performing loans [3][8] - The trend of "bank direct supply housing" is gaining traction, with multiple banks listing thousands of properties for sale [2][3] Group 1: Market Dynamics - Recent transactions show properties valued at approximately 2 million yuan being sold for as low as 1.5 million yuan, indicating significant discounts [1] - Major banks, including Agricultural Bank, Construction Bank, and Transportation Bank, are actively engaging in direct property sales through online platforms [2] - The scale of property listings is particularly notable among local city commercial banks and rural credit cooperatives, with some banks listing over 2,000 properties [3] Group 2: Sales Strategy - Banks are adopting a pricing strategy that often results in properties being sold below market value to expedite asset liquidation [5] - Properties are typically sold at prices lower than those of second-hand homes, with some properties experiencing multiple price reductions after failed auctions [5] - In addition to direct sales, some banks are exploring leasing options to activate assets, with clear property rights reducing transaction risks [6] Group 3: Underlying Factors - The acceleration in direct property sales is driven by the need to improve debt recovery rates, as traditional methods can take over two years [8] - The cooling of the judicial auction market has prompted banks to shift towards direct property disposal, as evidenced by declining auction success rates [9] - The overall increase in non-performing loans, particularly in personal business loans, is influencing banks to adopt a dual strategy of traditional and direct sales [8][9]

Group 1 - The eighth Hongqiao International Economic Forum held multiple sub-forums focusing on financial support for global trade, supply chain stability, and cross-border trade development, highlighting the importance of financial cooperation in international markets [1][2][3] - China Bank and the Hong Kong Trade Development Council signed a strategic cooperation memorandum to assist enterprises in expanding into international markets [1] - The launch of the "Digital Trade" ecological alliance by the Bank of Communications aims to enhance cross-border trade quality [2] Group 2 - The Shanghai Futures Exchange revised its guidelines for using government bonds as margin, facilitating futures companies in managing collateral [7] - Shanghai banks are innovating in financial services, such as the launch of the "Xinyu" cross-border products by Shanghai Rural Commercial Bank to support enterprises in global markets [11] - The signing of a strategic cooperation framework agreement between Shanghai United Assets and Macau Financial Assets Exchange aims to enhance cross-border asset trading and technological collaboration [9] Group 3 - The China Export-Import Bank introduced a tailored financial service plan for the eighth China International Import Expo, focusing on providing efficient cross-border financial services [14] - The Shanghai Financial Regulatory Bureau reported a total asset balance of 28.59 trillion yuan in the banking sector as of September 2025, reflecting a year-on-year growth of 6.25% [30] - The Shanghai Stock Exchange successfully recorded the first cross-border share pledge registration, enhancing the efficiency of cross-border transactions [20]

Core Viewpoint - The "14th Five-Year Plan" emphasizes the acceleration of building a financial powerhouse and promoting the internationalization of the RMB, guiding financial services towards high-level openness [1] Group 1: Cross-Border Settlement - Digital technology is enhancing cross-border payment efficiency, addressing the slow and costly traditional remittance processes faced by foreign trade enterprises [3] - The first transaction using the digital currency bridge involved a cross-border remittance of 1.31 million yuan to Bank of China Hong Kong, completed within the same day, significantly faster than traditional methods, saving the enterprise over 1,400 yuan in intermediary fees [3] - The service has expanded to cover international trade settlements and cross-border e-commerce fund transfers, effectively meeting the core need for faster capital turnover in overseas operations [3] Group 2: Financing Collaboration - The bank is addressing the financing challenges faced by foreign trade and foreign-funded enterprises by integrating domestic and international market resources and leveraging policy benefits from free trade zones [4] - By introducing customized cross-border financing products, the bank has helped 10 enterprises secure 327 million yuan in low-cost funding, with financing costs lower than domestic counterparts [4] - The "Cross-Border Direct Loan" service allows domestic branches to directly lend to overseas entities, meeting operational needs while providing access to lower-cost RMB funds, receiving positive feedback from clients [4] Group 3: Future Outlook - The bank plans to focus on five major financial initiatives during the "14th Five-Year Plan," enhancing the integrated development of domestic and foreign currencies [5] - By leveraging a global response system, the bank aims to facilitate the flow of funds and information, integrating financial collaboration into the dual circulation strategy of Jiangmen, thereby supporting high-quality development of the real economy [5]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Report's Core View - This is a weekly data tracking report on secondary capital bonds from November 3, 2025, to November 7, 2025, covering primary market issuance, secondary market trading, and valuation deviation of individual bonds [1][2][3] 3. Summary by Relevant Catalogs Primary Market Issuance - Two secondary capital bonds were newly issued in the inter - bank and exchange markets, with a total issuance scale of 15 billion yuan. The issuance term is 10 years, the issuers are subsidiaries of central enterprises and local state - owned enterprises, the issuer ratings are AAA, and the issuer regions are Guangdong and Shandong provinces [1][6] Secondary Market Trading - **Trading Volume**: The weekly trading volume of secondary capital bonds was approximately 186 billion yuan, a decrease of 13.8 billion yuan compared to the previous week. The top three bonds in terms of trading volume were 25 Agricultural Bank of China Secondary Capital Bond 03A(BC) (16.084 billion yuan), 25 Agricultural Bank of China Secondary Capital Bond 03B(BC) (10.937 billion yuan), and 25 Industrial and Commercial Bank of China Secondary Capital Bond 01BC (5.996 billion yuan). By issuer region, the top three in trading volume were Beijing (about 140.8 billion yuan), Shanghai (about 11.6 billion yuan), and Fujian (about 8.6 billion yuan) [2] - **Yield to Maturity**: As of November 7, for 5Y secondary capital bonds, the yield - to - maturity changes of ratings AAA-, AA+, and AA compared to the previous week were 4.16BP, 3.24BP, and 3.24BP respectively; for 7Y bonds, they were 1.30BP, - 0.08BP, and - 0.08BP respectively; for 10Y bonds, they were 0.64BP, 0.64BP, and 0.64BP respectively [2][11] Valuation Deviation of Top 30 Individual Bonds - **Discount Bonds**: The top three discount bonds were 21 Jiutai Rural Commercial Secondary (-48.9752%), 22 Jiangshan Rural Commercial Bank Secondary Capital Bond 01 (-0.4149%), and 24 Longwan Rural Commercial Bank Secondary Capital Bond 01 (-0.3907%). The Zhongzheng implied ratings were mainly AA+, AA-, and A+, and the regional distribution was mostly in Tianjin, Guangdong, and Shanghai [3][14] - **Premium Bonds**: The top three premium bonds were 24 Qingdao Bank Secondary Capital Bond 01 (0.5969%), 23 Chouzhou Commercial Bank Secondary Capital Bond 01 (0.5512%), and 25 Jinshang Bank Secondary Capital Bond 01 (0.4984%). The Zhongzheng implied ratings were mainly AAA-, AA+, and AA, and the regional distribution was mostly in Beijing, Shanghai, and Guangdong [3][15]