1. Report Industry Investment Rating - No information provided regarding the industry investment rating in the report 2. Core View of the Report - The report presents a weekly data tracking of secondary - capital bonds from December 22, 2025, to December 26, 2025, covering primary - market issuance, secondary - market trading, and valuation deviation of individual bonds [1] 3. Summary by Relevant Catalogs 3.1 Primary - Market Issuance - During the week from December 22, 2025, to December 26, 2025, 8 new secondary - capital bonds were issued in the inter - bank and exchange markets, with a total issuance scale of 53.15 billion yuan. The issuance term was 10 years, and the issuers included local state - owned enterprises, private enterprises, other enterprises, and central financial enterprises. The issuer regions were Sichuan, Zhejiang, Jiangsu, Beijing, and Hunan, and the subject ratings were AA +, AA -, A +, and AAA [1] 3.2 Secondary - Market Trading - **Trading Volume**: The total weekly trading volume of secondary - capital bonds was approximately 272.9 billion yuan, a decrease of 1 billion yuan compared to the previous week. The top three bonds in terms of trading volume were 25 Bank of China Secondary Capital Bond 03A(BC) (19.41 billion yuan), 25 China Construction Bank Secondary Capital Bond 03BC (9.691 billion yuan), and 25 Bank of China Secondary Capital Bond 01BC (8.304 billion yuan). By issuer region, the top three in trading volume were Beijing (about 217.1 billion yuan), Shanghai (about 19.3 billion yuan), and Guangdong (about 10 billion yuan) [2] - **Yield to Maturity**: As of December 26, for 5Y secondary - capital bonds, the yield - to - maturity changes of AAA -, AA +, and AA - rated bonds compared to the previous week were 1.19BP, 0.00BP, and 0.00BP respectively; for 7Y bonds, the changes were - 1.05BP, - 1.52BP, and - 1.52BP; for 10Y bonds, the changes were - 1.92BP, - 0.95BP, and - 0.95BP [2] 3.3 Valuation Deviation of Top 30 Individual Bonds - **Overall Situation**: The overall valuation deviation of the weekly average trading price of secondary - capital bonds was not significant. The proportion of discount transactions was less than that of premium transactions, but the discount magnitude was greater than the premium magnitude [3] - **Discount Bonds**: The top three bonds with the highest discount rates were 22 Shengjing Bank Secondary Capital Bond 01 (- 0.5385%), 24 Chang'an Bank Secondary Capital Bond 01 (- 0.4596%), and 25 Jilin Bank Secondary Capital Bond 01 (- 0.3868%). The Zhongzheng implied ratings were mainly AAA -, AA, and AA +, and the regions were mainly Beijing, Tianjin, and Guangdong [3] - **Premium Bonds**: The top three bonds with the highest premium rates were 23 Huaxing Bank Secondary Capital Bond 01 (0.3868%), 22 China Construction Bank Secondary Capital Bond 02B (0.2792%), and 23 Bank of China Secondary Capital Bond 01B (0.2319%). The Zhongzheng implied ratings were mainly AAA -, AA, and AA -, and the regions were mainly Beijing, Shanghai, and Sichuan [3]

Core Insights - The Guangdong-Hong Kong-Macao Greater Bay Area is rapidly advancing towards becoming a world-class bay area and city cluster, with Nansha and Hengqin as key platforms for reform and cooperation [1] - China Construction Bank Guangdong Branch is deeply integrated into national development, providing diversified financial support to facilitate the construction of the Greater Bay Area [1][3] Group 1: Financial Services in Nansha - Nansha has become a strategic hub for financial innovation and enterprise expansion, supported by policies like the "Nansha Financial 30 Measures" [3] - The bank has tailored its services to meet the needs of Hong Kong and Macao enterprises, local businesses, and domestic companies going abroad, creating a new financial ecosystem [3][4] - A case study of a Hong Kong tech company illustrates how the bank optimized processes to enhance capital inflow efficiency by over 50%, facilitating rapid project development [4][5] Group 2: Support for Enterprises Going Abroad - The bank provides comprehensive financial services for enterprises facing complex cross-border financing and risk management needs, including customized foreign exchange services and financing solutions [5][6] - A notable example includes the bank's rapid issuance of bid guarantees for engineering companies, demonstrating its ability to support overseas project bids efficiently [5] - The bank's collaboration with a national "going out" service base enhances support for enterprises' cross-border investment operations [4][5] Group 3: Financial Innovation in Hengqin - Hengqin focuses on financial system innovation to facilitate deeper integration between Macau and Hengqin, with the establishment of the multi-functional EF account system [7][8] - The EF account has significantly improved cross-border payment efficiency for companies, reducing transaction times from days to hours [7][8] - The bank has launched a 2 billion yuan fund to support long-term capital needs for high-tech industries, emphasizing investment in technology potential rather than traditional collateral [8][9] Group 4: Overall Impact and Future Directions - The bank's practices in Nansha and Hengqin, while differing in focus, share a common goal of aligning with national strategies and addressing the real needs of the economy [10] - The bank aims to continue evolving its service models and financial innovations to better support the growth of enterprises in the Greater Bay Area [10]

国家知识产权局信息显示，中国建设银行股份有限公司、建信金融科技有限责任公司取得一项名为"数 据信息的确定方法、装置、设备、介质及程序产品"的专利，授权公告号CN119382961B，申请日期为 2024年10月。 天眼查资料显示，中国建设银行股份有限公司，成立于2004年，位于北京市，是一家以从事货币金融服 务为主的企业。企业注册资本26160038.1459万人民币。通过天眼查大数据分析，中国建设银行股份有 限公司共对外投资了36家企业，参与招投标项目5000次，财产线索方面有商标信息1908条，专利信息 5000条，此外企业还拥有行政许可149个。 建信金融科技有限责任公司，成立于2018年，位于上海市，是一家以从事软件和信息技术服务业为主的 企业。企业注册资本172972.9729万人民币。通过天眼查大数据分析，建信金融科技有限责任公司共对 外投资了6家企业，参与招投标项目4222次，财产线索方面有商标信息297条，专利信息5000条，此外企 业还拥有行政许可10个。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 ...

Group 1 - The core viewpoint of the articles highlights that banks are launching "year-end bonus wealth management" plans to cater to the needs of employees receiving year-end bonuses, focusing on stable and low-risk investment products [1][2][3] - Several banks, including Postal Savings Bank, China Construction Bank, and Bank of Communications, are offering "one-stop" wealth management solutions that include deposits, investments, and insurance products [1][2] - The recommended investment products are primarily low-risk (PR1) or medium-low risk (PR2), with a focus on meeting customer needs and enhancing customer loyalty in a competitive market [2][3] Group 2 - This year, banks are incorporating various insurance products into their year-end wealth management plans, with some banks prioritizing conservative and stable insurance options alongside traditional investment products [3][4] - The overall trend in year-end wealth management plans is towards low volatility and stability, with higher risk products being less common [4] - Experts suggest that investors should analyze their financial situation, risk tolerance, and future funding needs to create a tailored investment plan that balances risk and return [4][5] Group 3 - For short-term funds, it is recommended to choose highly liquid cash management products, while medium-term funds can be allocated to low-risk fixed income products [5] - Long-term investments may include rights-based financial products, with diversification through funds being encouraged to achieve long-term return goals [5][6] - The global economic uncertainty is expected to persist, and the wealth management market is projected to continue expanding, necessitating investor education on asset allocation and investment strategies [6]

转自：新华财经 据介绍，"遇'建'美"品牌将从三个维度深化艺术与金融融合：一是以艺为媒，整合浦东美术馆展览、票 务、文创等资源，双方计划于2026年推出"浦美信用卡"，提供门票折扣、VIP通道、文创优惠等专属权 益；二是以美育人，建行上海市分行将融入浦东美术馆"美普绘——少儿艺术家培养计划"等公益项目， 通过金融产品与专业咨询服务，推动艺术传承与财富传承相结合；三是以文润心，双方携手为客户打 造"月月有大师课、季季有主题沙龙、年年有建行专属大型活动"的立体化艺术体验体系。 建行上海市分行相关负责人表示，此次与浦东美术馆的合作，是该行继携手上海科技馆、上海博物馆之 后，在文博艺术领域的又一重要布局，进一步拓展文化服务版图，实现金融与艺术的"双向奔赴"。未 来，该行还将继续深化与各类文化机构合作，为推动上海提升城市软实力贡献更多金融力量。 编辑：葛佳明 作为服务上海国际消费中心建设的金融主力军，建行上海市分行持续聚焦"房子、车子、筷子、杯子、 票子"五大消费领域，构建全方位消费金融生态。此前，该行已推出《促进上海文化消费的若干举 措》，创新"文创贷""票艺融"等融资产品，落地"艺术外滩""天天有戏"等系列文化活动 ...

Core Viewpoint - The 2025 Shenzhen Financial Innovation Competition aims to enhance the financial services of local institutions and promote Shenzhen as a globally influential financial center, showcasing the innovation level of the financial industry in Shenzhen [1][4]. Summary by Category Competition Overview - The competition was announced in September 2025, receiving submissions from 113 units with a total of 173 projects [4]. - After various evaluation stages, 30 projects were selected for awards, including 3 first prizes, 6 second prizes, 12 third prizes, 3 most potential awards, 3 best growth awards, and 3 innovation breakthrough awards [4]. Awarded Projects - **First Prize Projects**: - Financial model full-stack self-research technology system and scenario construction project by China Merchants Bank and WeBank [6]. - Hong Kong-Shenzhen cross-border data verification platform [6]. - Agricultural insurance prevention and rescue system based on data elements by Ping An Property & Casualty Insurance [6]. - **Second Prize Projects**: - Cross-border wealth management navigation plan by China Merchants Bank Wealth Management [6]. - New generation derivative rapid trading platform for global markets by CITIC Securities [6]. - Technology financial empowerment plan for new quality productivity development by Bank of China Shenzhen Branch [6]. - **Third Prize Projects**: - AI and multi-data integration service for early-stage technology enterprises by Shenzhen Credit Service [6]. - New employment form ride-hailing driver insurance project by Taiping Property Insurance [6]. - **Most Potential Award Projects**: - "Housing Dream" project for large-scale urban village renovation by the National Development Bank Shenzhen Branch [7]. - New energy "technology + insurance" model construction by Ping An Property & Casualty Insurance Shenzhen Branch [7]. - **Best Growth Award Projects**: - New model for marine pastoral + insurance + N by Taiping Property Insurance [7]. - **Innovation Breakthrough Award Projects**: - "WeChat Quick Compensation" proactive claim model by Weimin Insurance Agency [7]. - Online self-service tax refund mini-program "Xing Shui Tong" by Guangdong Huaxing Bank Shenzhen Branch [7].

证券研究报告 | 固定收益点评 gszqdatemark 2025 12 26 年 月 日 固定收益点评 如何看待银行承接长债指标压力，如何缓解？ 11 月中下旬以来，长债尤其是超长债大幅调整，银行可能是背后重要的抛 售力量，这与银行年末面临的久期指标约束有关。明年银行的相关指标能 否缓解，银行还有多少增配空间，本文对此展开研究。 近年来，由于银行负债端降久期、资产端拉久期，银行资负久期错配问题 加剧，部分国有行银行账簿利率风险指标或逼近监管上限。由于 2024 年 叫停"手工补息"、2025-2026 年高息定存集中到期、以及挂牌存款利率 持续下调，银行负债端整体缩久期、降成本。同时，政府债发行期限结构 不断拉长，国股行作为政府债的重要承接力量，预计资产端久期将会拉长。 这导致银行资产负债久期错配的问题加剧，2024 年，农业银行（-14.31%）、 工商银行（-14.71%）、建设银行（-14.73%）的ΔEVE/一级资本净额接 近-15%的监管上限。 当前银行账簿利率风险适用 2017 年发布的监管指引标准，2026 年大概 率将迎来调整。2016 年，巴塞尔银行监管委员会发布了关于银行账簿利 率风险的 ...

Core Viewpoint - The A-share market has seen a significant increase in the scale and performance of private placements in 2025, with a total fundraising amount of 959.38 billion yuan, marking a 454.4% increase compared to the entire year of 2024 [2][6]. Group 1: Fundraising Activity - As of December 25, 2025, 164 A-share companies have implemented private placements, raising a total of 959.38 billion yuan, which is a substantial increase from the previous year [2][6]. - The approval rate for private placement projects has reached 100%, with nearly 90% of projects currently showing profits [2][12]. - The fundraising scale in 2025 is approaching the 1 trillion yuan mark, with the total exceeding 950 billion yuan, a significant recovery from the low of 173.05 billion yuan in 2024 [5][6]. Group 2: Sector and Company Distribution - The financial sector leads in fundraising, with 11 companies raising a total of 659.47 billion yuan, including major banks like China Bank and Postal Savings Bank [7][8]. - Among the 164 companies that have completed private placements, 118 are from the manufacturing sector, raising 189.66 billion yuan, indicating a strong demand for long-term funding in this industry [6][19]. - The top four state-owned banks have collectively raised 520 billion yuan, accounting for 52.5% of the total private placement fundraising this year [8][10]. Group 3: Market Performance - Approximately 88% of the private placement projects this year have shown profits, with 33 projects experiencing price increases exceeding 100% [12][16]. - Notable performers include companies like AVIC Chengfei, which has a premium rate of 820.23% [13]. - The overall enthusiasm for private placements is high, with public funds participating significantly, leading to a floating profit amount of 10.74 billion yuan for public funds [16]. Group 4: Approval and Regulatory Environment - The approval process for private placements has accelerated, with 133 projects approved by the end of 2025, reflecting a significant increase in efficiency compared to previous years [17][18]. - The "Six Merger Policies" have notably increased the proportion of financing for mergers and acquisitions, with 45 cases related to asset acquisitions [19]. - The reduction in the average review cycle for private placements has improved the responsiveness of the capital market to the needs of the real economy [18][19].

建信金融科技有限责任公司，成立于2018年，位于上海市，是一家以从事软件和信息技术服务业为主的 企业。企业注册资本172972.9729万人民币。通过天眼查大数据分析，建信金融科技有限责任公司共对 外投资了6家企业，参与招投标项目4225次，财产线索方面有商标信息297条，专利信息5000条，此外企 业还拥有行政许可10个。 来源：市场资讯 天眼查资料显示，中国建设银行股份有限公司，成立于2004年，位于北京市，是一家以从事货币金融服 务为主的企业。企业注册资本26160038.1459万人民币。通过天眼查大数据分析，中国建设银行股份有 限公司共对外投资了36家企业，参与招投标项目5000次，财产线索方面有商标信息1908条，专利信息 5000条，此外企业还拥有行政许可149个。 国家知识产权局信息显示，中国建设银行股份有限公司取得一项名为"数据清理方法及其装置、设备、 介质、产品"的专利，授权公告号CN117194402B，申请日期为2023年9月。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 ...

国家知识产权局信息显示，中国建设银行股份有限公司、建信金融科技有限责任公司取得一项名为"数 据库双写方法、装置、设备、介质及产品"的专利，授权公告号CN117194575B，申请日期为2023年9 月。 天眼查资料显示，中国建设银行股份有限公司，成立于2004年，位于北京市，是一家以从事货币金融服 务为主的企业。企业注册资本26160038.1459万人民币。通过天眼查大数据分析，中国建设银行股份有 限公司共对外投资了36家企业，参与招投标项目5000次，财产线索方面有商标信息1908条，专利信息 5000条，此外企业还拥有行政许可149个。 建信金融科技有限责任公司，成立于2018年，位于上海市，是一家以从事软件和信息技术服务业为主的 企业。企业注册资本172972.9729万人民币。通过天眼查大数据分析，建信金融科技有限责任公司共对 外投资了6家企业，参与招投标项目4225次，财产线索方面有商标信息297条，专利信息5000条，此外企 业还拥有行政许可10个。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 ...