Core Viewpoint - The Ministry of Agriculture and Rural Affairs emphasizes the importance of agricultural standardization to drive high-quality development in the sector, urging banks to integrate financial support into the entire standardization process [1] Group 1: Financial Support for Standardization - Banks should break traditional credit thinking and establish a credit system that aligns with standardization construction, focusing on key areas like high-standard farmland and modern facility agriculture [1] - Special credit quotas should be allocated for high-standard farmland construction and modern facility agriculture, with optimized approval processes and reduced financing thresholds [1] - Innovative credit models should be developed for agricultural technology enterprises, focusing on technological prospects and intellectual property rather than solely on collateral [1] Group 2: Innovative Financial Service Models - Banks need to develop exclusive financial products that connect with standardized production processes, incorporating standards for fertilization and production into credit approval criteria [2] - Comprehensive financial services, including fixed asset loans and working capital loans, should be provided to support enterprises in standardizing processing and establishing quality traceability systems [2] - Digital platforms should be utilized to facilitate online loan applications and approvals, making financial support for standardization accessible [2] Group 3: Collaboration and Coordination - Banks should actively engage with agricultural departments to access project information on high-standard farmland and smart agriculture, ensuring efficient matching of project needs and financial supply [3] - Participation in government-bank-enterprise connection activities is essential for creating personalized financing solutions during project planning [3] - Strengthening cooperation with agricultural guarantee and insurance institutions through collaborative models can help mitigate credit risks and support standardization efforts [3]

■本报记者 郝飞 在基础设施建设领域，银行业聚焦交通路网、新型城镇化配套等重点项目，量身定制金融服务方案。比 如，建设银行云南镇雄支行累计向宜毕高速、都香高速等区域交通重点项目投放贷款13亿元，同时向成 贵铁路建设项目注入3.17亿元资金。这些金融支持以交通升级缩短了城乡时空距离，为县域经济循环打 通了高效运转的"大动脉"。针对县域新型城镇化进程中的居住需求，该支行为镇雄"以勒陆港新城"重点 房地产项目开通信贷绿色通道，提供3000万元信贷支持，有效助力提升返乡创业人员、小微企业主等群 体的居住水平，为县城人口集聚与功能完善提供了有力支撑。 公共服务均等化是县城城镇化建设的重要民生导向，也是银行业发力的重点领域。比如，农发行山东省 夏津县支行精准对接当地民生需求，获批2.7亿元新型城镇化贷款，专项支持县域养老服务体系建设项 目。该项目创新采用"闲置教育资源养老化改造"模式，选取37所闲置农村小学进行适应性改造，同步推 进养老用房新建、现有养老院升级等工程，累计新增养老床位2150张。这些养老服务设施重点布局在县 城周边及乡镇核心区域，提供价格亲民的普惠型养老服务，涵盖住养、保健、康复等全维度功能，同时 衔接长 ...

12月份以来金融反腐力度不减，又有一批国有大行干部被查！ 12月19日，据中央纪委国家监委网站消息，中国农业银行内蒙古自治区分行副巡视员姜文俊涉嫌严重违纪违法 目前正接受纪律审查和监察调查。公开资料显示，姜文俊在农业银行工作多年，曾担任农行内蒙古分行信贷处 处长、内蒙古分行高级专家等。 近日，还有多家国有大行地方分支机构干部反腐消息陆续传出。12月16日消息，中国建设银行山东总审计室副 主任陈栋被查；12月12日消息，中国工商银行甘肃分行党委委员、副行长吕红晓主动投案；政策性银行方面， 12月11日消息，中国农业发展银行原政策研究室主任吴飚被查。 姜文俊被查 券商中国记者注意到，陈栋在今年11月还以建设银行山东总审计室副主任的身份出席了建行相关活动。公开资 料显示，陈栋在建行任职经历主要在山东和江苏地区，担任建设银行山东总审计室副主任之前，其于2023年4 月起担任建设银行江苏省分行行长助理，他于2020年9月起，担任建设银行德州分行行长，在此之前还短暂担 任建设银行烟台分行副行长。 工行方面，中央纪委国家监委网站12月12日消息，中国工商银行甘肃分行党委委员、副行长吕红晓涉嫌严重违 纪违法，主动投案，目前正 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - Among the bonds with discounted transactions, "24 Guoyuan 01" had a relatively large deviation in bond valuation price. Among the bonds with rising net prices, "22 Vanke 02" ranked high in terms of valuation price deviation. Among the Tier 2 and perpetual bonds with rising net prices, "25 Agricultural Bank of China Tier 2 Capital Bond 01A(BC)" had a relatively large deviation in valuation price. Among the commercial financial bonds with rising net prices, "25 China Everbright Bank Bond 02" ranked high in terms of valuation price deviation. Among the individual bonds with a transaction yield higher than 5%, real estate bonds ranked high [2]. - The changes in credit bond valuation yields were mainly distributed in the [-5,0) interval. The transaction terms of non - financial credit bonds were mainly distributed between 2 and 3 years, with the 1 - 1.5 - year - term varieties having the highest proportion of discounted transactions. The transaction terms of Tier 2 and perpetual bonds were mainly distributed between 4 and 5 years, with the varieties within 1 year having the highest proportion of discounted transactions. By industry, real estate industry bonds had the largest average deviation in valuation prices [2]. 3. Summaries Based on Relevant Catalogs 3.1 Discounted Transaction Tracking - Bonds such as "24 Guoyuan 01", "Jian Guan VY02", and "24 China Construction MTN002" had significant valuation price deviations in discounted transactions. The industries involved included urban investment, transportation, and building decoration. The transaction scales ranged from several million yuan to tens of millions of yuan [4]. 3.2 Tracking of Bonds with Rising Net Prices - Bonds like "22 Vanke 02", "22 Vanke 04", and "22 Vanke 06" had large positive deviations in valuation prices. The industries mainly included real estate, non - bank finance, and urban investment. The transaction scales varied from tens of thousands of yuan to hundreds of millions of yuan [5]. 3.3 Tracking of Tier 2 and Perpetual Bond Transactions - Bonds such as "25 Agricultural Bank of China Tier 2 Capital Bond 01A(BC)", "25 Industrial and Commercial Bank of China Tier 2 Capital Bond 03BC", and "25 Agricultural Bank of China Tier 2 Capital Bond 02A(BC)" had certain valuation price deviations. Banks involved included state - owned banks, joint - stock banks, and city commercial banks. The transaction scales were relatively large, reaching tens of millions of yuan to billions of yuan [6]. 3.4 Tracking of Commercial Financial Bond Transactions - Bonds like "25 China Everbright Bank Bond 02", "24 China Construction Bank Bond 01B", and "25 Jiangsu Bank Bond 02BC" had valuation price deviations. Banks included joint - stock banks, state - owned banks, and city commercial banks. The transaction scales ranged from several million yuan to hundreds of millions of yuan [7]. 3.5 Tracking of Bonds with a Transaction Yield Higher than 5% - Bonds such as "22 Vanke 02", "22 Vanke 04", and "24 Chanrong 06" had a transaction yield higher than 5%. The industries mainly included real estate and non - bank finance. The transaction scales were relatively small, mostly in the range of tens of thousands to hundreds of thousands of yuan [8]. 3.6 Distribution of Credit Bond Transaction Valuation Deviations on the Day - The changes in credit bond valuation yields were mainly distributed in the [-5,0) interval [2]. 3.7 Distribution of Non - Financial Credit Bond Transaction Terms on the Day - The transaction terms of non - financial credit bonds were mainly distributed between 2 and 3 years, with the 1 - 1.5 - year - term varieties having the highest proportion of discounted transactions [2]. 3.8 Distribution of Tier 2 and Perpetual Bond Transaction Terms on the Day - The transaction terms of Tier 2 and perpetual bonds were mainly distributed between 4 and 5 years, with the varieties within 1 year having the highest proportion of discounted transactions [2]. 3.9 Discounted Transaction Proportions and Transaction Scales of Non - Financial Credit Bonds in Each Industry - The real estate industry had the largest average deviation in non - financial credit bond valuation prices [2].

记者12月19日从中国人民银行获悉，中国人民银行定于2025年12月22日起陆续发行2026年贺岁纪念币和纪念钞，其中双色铜合金纪念币1枚， 纪念钞1张，金质纪念币1枚，银质纪念币1枚，均为中华人民共和国法定货币。 双色铜合金纪念币正面图案为"中国人民银行""10元"字样，汉语拼音字母"SHIYUAN"及年号"2026"，底纹衬以团花图案。双色铜合金纪念币 背面图案为中国传统剪纸艺术与装饰年画元素相结合的马形象，衬以花灯和萱草图案，币面左侧刊"丙午"字样。 纪念钞正面主景为马的造型图案，上方为中华人民共和国国徽、"中国人民银行"、篆书"马"字印章，下方依次为光彩光变面额数字"20"与汉 字"贰拾圆"、动感全息图案、透明视窗、盲文面额标记和冠字号码。 纪念钞背面主景为儿童欢庆锣鼓图案，辅以蒙古包装饰图案，上方为面额数字"20"、汉语拼音字母"YUAN"，下方为花卉与动感全息图案、 年号"2026年"、行长章、面额数字"20"、"中国人民银行"汉语拼音和蒙、藏、维、壮四种民族文字的"中国人民银行贰拾圆"字样。 双色铜合金纪念币和纪念钞采取预约兑换方式发行。中国工商银行、中国农业银行、中国银行、中国建设银行、交通银 ...

Core Insights - The article discusses the implementation of a registration management system for generative artificial intelligence applications in Beijing, allowing services to go live after registration [1] - As of December 19, 30 new generative AI services have been registered in Beijing, which must display their registration number prominently [1] Group 1: Regulatory Framework - The "Interim Measures for the Management of Generative Artificial Intelligence Services" outlines the registration process for AI applications that utilize large models via API or other means [1] - The registration system aims to ensure compliance and transparency for generative AI services operating in the region [1] Group 2: Registered AI Services - A total of 30 generative AI services have been registered, including platforms from various companies such as: - ChuXin Intelligent Platform by People's Daily [3] - LoVong Dragon Phoenix AI Platform by Higher Education Press [3] - TongDao by China Electronic Technology Standardization Institute [3] - XiaoJing Financial Intelligence by Beijing Yin Financial Technology [3] - AI Assistant by China Construction Bank [3] - Each registered service is assigned a unique registration number that must be displayed in a prominent location [1][3]

Group 1 - The Hainan Free Trade Port officially launched its full island closure on December 18, serving as a crucial infrastructure for high-level financial openness in Hainan [1] - The multi-functional free trade account (EF account) facilitates cross-border fund transfers, enhancing the efficiency of capital settlement for enterprises [1][2] - The EF account allows banks to provide more convenient cross-border financial services without the need for prior registration or approval from foreign exchange management departments [1][2] Group 2 - Financial institutions are seizing the opportunity for financial innovation in Hainan, with significant growth in international settlement clients and cross-border RMB business volumes [2] - As of November, 11 banks in Hainan had opened EF accounts, with a total business volume equivalent to 2,950 billion RMB, involving fund transfers with 80 countries and regions [2] - The EF account has become a vital platform for cross-border fund flows in Hainan, with a notable increase in business volume since its launch [2] Group 3 - A series of financial innovation policies are being piloted in Hainan, including cross-border asset management and trade investment, with significant transaction volumes reported [3] - The cumulative cross-border trade facilitation pilot business in Hainan has reached 430.5 billion USD, while cross-border investment facilitation has totaled 28 billion USD [3] - Hainan's cross-border revenue and expenditure scale has shown consistent growth, with a year-on-year average growth rate of 55% since 2020 [3] Group 4 - The People's Bank of China has been enhancing cross-border fund flow management policies to ensure both openness and security in financial operations [4] - A comprehensive risk monitoring mechanism has been established to improve the ability to prevent cross-border financial risks [4] Group 5 - Experts indicate that the launch of the full island closure will continue to support the construction of a new cross-border financial ecosystem in Hainan, promoting institutional openness and sharing development opportunities with the world [5]

摩根士丹利发布研报称，根据建设银行（601939）(00939)2025年第三季度业绩，修订对该行的盈利预 测。该行将2025至2027年度净息差预测下调，同时因2025年第三季手续费收入增长超出预期，上调相关 预测。因此2025年税后净利润预测微调上调0.1%，而2026年及2027年税后净利润预测则分别下调0.3% 及0.8%。目标价由9.5港元升至9.9港元，评级"增持"。 ...

智通财经APP获悉，摩根士丹利发布研报称，根据建设银行(00939)2025年第三季度业绩，修订对该行的 盈利预测。该行将2025至2027年度净息差预测下调，同时因2025年第三季手续费收入增长超出预期，上 调相关预测。因此2025年税后净利润预测微调上调0.1%，而2026年及2027年税后净利润预测则分别下 调0.3%及0.8%。目标价由9.5港元升至9.9港元，评级"增持"。 ...

Group 1 - The core viewpoint of the news is that A-share listed banks are expected to distribute significant cash dividends, with a total expected amount exceeding 260 billion yuan, indicating a trend towards increased shareholder returns [1][2] - As of December 17, 2025, 26 A-share listed banks have disclosed their mid-term or quarterly dividend plans, surpassing the 24 banks that did so for 2024 [1][2] - The six major state-owned banks are the main contributors to this dividend distribution, with a total cash dividend expected to exceed 200 billion yuan, accounting for over 70% of the total dividends from all listed banks [2] Group 2 - The Industrial and Commercial Bank of China leads the dividend distribution with 50.396 billion yuan, followed by other major banks such as China Construction Bank and Agricultural Bank of China [2] - Several banks, including China Merchants Bank and Changsha Bank, are initiating mid-term dividends for the first time, with a total dividend amount of approximately 23 billion yuan [2] - The trend of high-frequency dividends aligns with national policy directives aimed at enhancing the quality of capital market development and protecting investor rights [3][4] Group 3 - The increase in dividend frequency is seen as a positive response to policy guidance, providing a model for other listed companies to improve their dividend mechanisms [4] - High-frequency dividends not only enhance shareholder satisfaction but also meet the investment needs of long-term funds such as social security and pension funds [4][5] - The banking sector's move towards mid-term dividends is expected to positively impact stock prices and the overall banking sector, signaling strong profitability and ample cash flow [6]