作为1999年为处置国有银行不良资产设立的机构，长城资产初始职责是接收中国农业银行剥离的不良资 产，此次通过临时提案推动其总裁助理史剑出任建行非执行董事，是其市场化战略投资的重要落子。 智通财经记者 | 张晓云 国有AMC（资产管理公司）布局银行再添样本。 11月28日，建设银行（601939.SH）披露2025年第二次临时股东大会的决议公告，将长城资产管理股份 有限公司（下称"长城资产"）的战略布局推向台前。 值得注意的是，长城资产的布局已呈现多元化态势。除建行外，其持有的民生银行股份超过3%，并已 获得民生银行董事席位提名。近期，长城资产提名的郑海阳民生银行董事任职已获得监管批复通过。因 此，长城资产已双线卡位建行、民生银行董事席位。 业内人士向智通财经表示，目前史剑提名已获股东大会投票通过，尚待监管核准，如果监管通过，不仅 标志着长城资产完成对建行的"董事席位"突破，更意味着长城资产可能通过权益法核算，迎来第二笔大 额损益确认，为自身业绩注入强心剂。 与此同时，这也延续了国有AMC通过股权绑定深度参与银行治理的行业趋势。从市场化增持达线到推 动人事落地，既有对财务收益与业务协同的双重考量，也成为观察AM ...

Core Insights - The state-owned large bank sector experienced a decline of 0.96% on November 28, with Postal Savings Bank leading the drop [1] - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] Bank Performance Summary - Construction Bank: Closed at 9.66, down 0.51%, with a trading volume of 1.097 million shares [1] - Industrial and Commercial Bank: Closed at 8.11, down 0.61%, with a trading volume of 2.084 million shares [1] - Agricultural Bank: Closed at 8.04, down 0.74%, with a trading volume of 2.474 million shares [1] - Transportation Bank: Closed at 7.59, down 1.56%, with a trading volume of 1.668 million shares [1] - Bank of China: Closed at 6.07, down 1.62%, with a trading volume of 3.601 million shares [1] - Postal Savings Bank: Closed at 5.68, down 1.90%, with a trading volume of 2.460 million shares [1] Capital Flow Analysis - The state-owned large bank sector saw a net outflow of 849 million yuan from institutional investors, while retail investors contributed a net inflow of 153 million yuan [1] - The detailed capital flow for individual banks shows significant net outflows for major banks, with the Industrial and Commercial Bank experiencing a net outflow of 69.01 million yuan from institutional investors [2] - Postal Savings Bank had a net outflow of 165 million yuan from institutional investors, while retail investors contributed a net inflow of 41.32 million yuan [2]

Core Points - The Financial Stability Board (FSB) released the latest list of Global Systemically Important Banks (G-SIBs) for 2025, which includes 29 banks, consistent with the 2024 list, but with adjustments in classification groups [1] - China has five banks listed as G-SIBs: Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, and Bank of Communications [1] - The classification groups for these banks are as follows: Bank of Communications is in Group 1 (additional capital requirement of 1%), Agricultural Bank of China, Bank of China, and China Construction Bank are in Group 2 (additional capital requirement of 1.5%), and Industrial and Commercial Bank of China is in Group 3 (additional capital requirement of 2.0%) [1]

Group 1: Dividend Announcements - Bank of China announced a dividend of RMB 0.1094 per share, with an ex-dividend date of December 2, 2025, and a payment date of January 23, 2026 [1] - China Construction Bank declared a dividend of RMB 0.1858 per share, with an ex-dividend date of December 3, 2025, and a payment date of January 26, 2026 [1] - DYNAM JAPAN announced a dividend of HKD 0.1243 per share, with an ex-dividend date of December 15, 2025, and a payment date of January 14, 2026 [1] Group 2: Industry Classification - Bank of China and China Construction Bank are classified under the banking sector [1] - DYNAM JAPAN is classified under the casino and gaming sector [1] - Hong Kong Credit is classified under the credit sector [2] Group 3: Additional Dividend Information - Cheng Shi Wai Education announced a final dividend of HKD 0.002 per share and a special dividend of HKD 0.003 per share, with an ex-dividend date of January 27, 2026, and a payment date of February 10, 2026 [3] - Ling Bang Group declared a dividend of HKD 0.012 per share, with an ex-dividend date of December 15, 2025, and a payment date of January 16, 2026 [3] - Youhe Group announced a dividend of HKD 0.015 per share, with an ex-dividend date of December 22, 2025, and a payment date of January 23, 2026 [3] Group 4: Sector-Specific Dividends - Various companies in the heavy infrastructure sector, such as Sanhe Construction Group and Asia United Infrastructure Holdings, announced dividends of HKD 0.12 and HKD 0.0083 per share, respectively [2][9] - Companies in the restaurant sector, including 大快活集团 and 大家乐集团, announced dividends of HKD 0.05 and HKD 0.1 per share, respectively [4][7] - Companies in the real estate sector, such as Kai Lian International Hotel and Tian De Real Estate, announced dividends of HKD 0.14 and HKD 0.05 per share, respectively [6][7] Group 5: Index Inclusion - Bank of China and China Construction Bank are components of the CSI Hong Kong Stock Connect Central Enterprise Dividend Index, the Hang Seng High Dividend Yield Index, and the S&P Hong Kong Stock Connect Low Volatility Dividend Index [1] - DYNAM JAPAN is not included in any of the mentioned indices [1] - Other companies like 波司登 are included in the Hang Seng High Dividend Yield Index and the S&P Hong Kong Stock Connect Low Volatility Dividend Index [9]

Core Viewpoint - The Chongqing government has issued a comprehensive reform pilot action plan for the market-oriented allocation of factors, leading to a significant rise in the stock prices of local companies such as Chongqing Construction Engineering and others [1] Group 1: Housing Market Reforms - The plan includes measures to convert existing commercial housing into affordable housing and optimize the mechanism for revitalizing existing land [2] - It supports the use of special bonds to recover and acquire eligible idle land and explores short-term utilization of reserved land [2] Group 2: Capital Market Development - The initiative aims to accelerate the development of the capital market through the "Thoroughbred" action, promoting innovative business models and facilitating mergers, acquisitions, and refinancing for listed companies [3] - It emphasizes the integration of investment and financing functions in the capital market and aims to optimize the REITs project service chain [3] Group 3: Data and Technology Infrastructure - The plan focuses on building a national integrated computing network in Chongqing, enhancing data utilization, and establishing a regional hub for blockchain networks [4] - It aims to develop high-quality industry data sets and promote smart connected vehicles and industrial internet applications [4] Group 4: Energy Sector Initiatives - The government supports the expansion of the Chongqing oil and gas trading center and the exploration of direct sales of overseas oil and gas resources [5] - It aims to facilitate cross-border settlement of oil and gas commodities in RMB and improve the natural gas pricing mechanism [5] Group 5: Digital Platform Development - By 2027, the plan aims to establish a digital platform for factor allocation, enhancing market mechanisms and significantly improving allocation efficiency [6] - The goal is to position Chongqing as a comprehensive hub for factors, serving both domestic and international markets [6]

Core Viewpoint - The issuance of non-performing asset-backed securities (ABS) is becoming a normalized practice among banks, serving as a crucial tool for managing non-performing assets and mitigating systemic risks in the current economic environment [3][4][5]. Group 1: Non-Performing Asset Management - Non-performing asset securitization is increasingly recognized as an important institutional tool for commercial banks to revitalize existing assets and prevent systemic risks [3][4]. - Several banks, including Bohai Bank, China Construction Bank, and China Merchants Bank, have recently issued ABS backed by non-performing personal housing loans, indicating a trend towards structured financial products [3][4][5]. - The structure of these ABS typically includes a priority/subordinate tier, fixed interest rates, and relies on the realization of collateral to support cash flows, despite the underlying assets being classified as "non-performing" [3][5][6]. Group 2: Asset Quality and Recovery - The weighted average overdue period for the underlying assets in the recent Bohai Bank ABS issuance is 15.95 months, with a loss loan ratio of 56.60%, indicating a higher risk exposure compared to similar projects from other banks [6][10]. - The expected recovery rate for the underlying assets is 40.26%, with a total market value of collateral estimated at 1.184 billion yuan, but the realizable value is projected to be only 459 million yuan due to various factors [5][10]. - The current economic backdrop, including high household leverage and a slow increase in mortgage delinquency rates, is pressuring banks to actively manage their non-performing assets [4][10]. Group 3: Systemic Risk and Future Outlook - The current issuance of non-performing housing loan ABS is accompanied by common risks, including potential higher-than-expected issuance rates and limitations in due diligence that may leave some asset flaws unidentified [11][12]. - While securitization helps banks offload risks, it does not eliminate them, as risks may transfer to non-bank investors who may lack the expertise to manage these assets effectively [11][12]. - Historical data suggests that existing provisions could release at least 800 billion yuan in net profit for listed banks over the next few years, supporting the stability of overall net profits despite potential challenges [2][12].

中国建设银行机构业务部原总经理黄曦已因受贿罪被判刑14年，并被最高法、最高检列为政商"旋转 门"受贿犯罪的典型案例。11月28日，"两高"联合发布依法惩治金融领域职务犯罪典型案例披露了该案 详情。 据典型案例披露，黄某在担任某国有银行部门总经理期间，利用职务上的便利，多次为请托人谋取利 益，在离职后到请托人实际控制公司工作，以"安家费""薪酬"等名义非法收受巨额财物，被法院以受贿 罪判处有期徒刑十四年。 白城市中级人民法院经审理认为，黄某在某国有商业银行任职期间，利用职务上的便利，以及职权、地 位形成的便利条件，为他人谋取利益，非法收受他人财物，其行为构成受贿罪。黄某受贿数额特别巨 大，鉴于其受贿犯罪中有未遂情节，归案后如实供述犯罪事实，主动交代办案机关尚未掌握的部分犯罪 事实，认罪悔罪，退缴全部赃款，依法可以从轻处罚。以受贿罪判处被告人黄某有期徒刑十四年，并处 罚金人民币四百万元。依法追缴犯罪所得及收益。宣判后，黄某提出上诉。吉林省高级人民法院裁定驳 回上诉，维持原判。 54岁"逃逸式离职"，在关系企业领高额"安家费" 据中央纪委国家监委驻中国建设银行纪检监察组、吉林省纪委监委2022年5月11日消息：中国 ...

【导读】"两高"联合发布金融领域职务犯罪典型案例 中国基金报记者晨曦 依法惩处政商"旋转门"受贿犯罪，最新通报来了！ 11月28日，最高人民法院、最高人民检察院联合发布6件依法惩治金融领域职务犯罪典型案例。其中提到，"黄某受贿 案"中，被告人以加入某公司获取"劳动报酬"的方式收受贿赂，是新型受贿政商"旋转门"的典型表现形式。此次案例中提 到，黄某被判有期徒刑14年，被处罚金400万元。 据悉，"黄某"即为建设银行机构业务部原总经理黄曦。自建行离职后，黄曦于2018年加入泰禾集团，担任执行副总裁。她 于2022年5月被查，同年11月被开除党籍。此前通报称，黄曦在职时"提前筑巢"、离职后"权力变现"，是银企"旋转门"式腐 败的典型。 首先来看该案的基本案情： 2016年1月至2018年7月，被告人黄某利用担任某国有商业银行资产管理部、机构业务部总经理职务上的便利，以及职权、 地位形成的便利条件，直接或者通过其他国家工作人员职务上的行为，为黄某森实际控制公司进入某国有商业银行特定客 户名单等事项提供帮助。黄某与黄某森约定，由黄某森先以"安家费"名义给予黄某部分费用，待黄某离职进入黄某森实际 控制公司后，再以"薪酬" ...

【 导读 】" 两高 " 联合发布金融领域职务犯罪典型案例 中国基金报记者 晨曦 依法惩处政商"旋转门"受贿犯罪，最新通报来了！ 11月28日，最高人民法院、最高人民检察院联合发布6件依法惩治金融领域职务犯罪典型案 例。其中提到，"黄某受贿案"中，被告人以加入某公司获取"劳动报酬"的方式收受贿赂，是 新型受贿政商"旋转门"的典型表现形式。此次案例中提到，黄某被判有期徒刑14年，被处罚 金400万元。 据悉，"黄某"即为建设银行机构业务部原 总经理黄曦 。自建行离职后，黄曦于2018年加入 泰禾集团，担任执行副总裁。她于2022年5月被查，同年11月被开除党籍。此前通报称，黄 曦在职时"提前筑巢"、离职后"权力变现"，是银企"旋转门"式腐败的典型。 来看详情—— 黄某受贿案 依法惩处政商"旋转门"受贿犯罪 首先来看该案的基本案情： 黄某受贿数额特别巨大，鉴于其受贿犯罪中有未遂情节，归案后如实供述犯罪事实，主动交 代办案机关尚未掌握的部分犯罪事实，认罪悔罪，退缴全部赃款，依法可以从轻处罚。以受 贿罪判处被告人黄某有期徒刑十四年，并处罚金人民币四百万元。依法追缴犯罪所得及收 益。宣判后，黄某提出上诉。吉林省高级人民 ...

Core Points - The Financial Stability Board (FSB) released the 2025 Global Systemically Important Banks (G-SIBs) list, with the Industrial and Commercial Bank of China (ICBC) moving from bucket 2 to bucket 3, becoming the first Chinese bank in this category [1][3] - The total number of G-SIBs remains at 29, unchanged from the 2024 list, but there have been adjustments in the bucket allocations of some banks [3] - The adjustments in bank classifications are primarily influenced by changes in their business activities, with the "complexity" metric having the most significant impact on scoring changes [3] Bucket Allocations - Bucket 5 (3.50%): Empty - Bucket 4 (2.50%): JP Morgan Chase - Bucket 3 (2.00%): Bank of America, Industrial and Commercial Bank of China, Citigroup, HSBC [2] - Bucket 2 (1.50%): Agricultural Bank of China, Bank of China, China Construction Bank, among others [2] - Bucket 1 (1.0096%): Bank of Communications, Deutsche Bank, and others [2] Future Implications - Higher capital buffer requirements for banks that move up in classification will take effect starting January 1, 2027 [3] - Fitch Ratings had predicted the rise of ICBC to bucket 3, while other Chinese banks are expected to remain on the G-SIBs list [3]