A股 - Minmetals Capital's announcement of a related party transaction has drawn industry attention, with its subsidiary Minmetals Trust planning to jointly invest in a joint venture with Minmetals Real Estate, injecting 300 million yuan in cash and an asset package valued at 16.29 billion yuan [2] - The results of the subscription for Moer Thread, known as the "first domestic GPU stock," were announced, with public funds, social security funds, and pension funds acquiring approximately 38.59 million shares, accounting for 98.44% of the offline final issuance [2] - Yunnan Aluminum announced plans to acquire stakes in three aluminum companies from Yunnan Metallurgical Group, while AVIC Helicopter's subsidiary plans to merge with another wholly-owned subsidiary [2] 港股 - The Hong Kong IPO market is experiencing a surge, surpassing the NYSE and NASDAQ, aiming to become the top global fundraising market for new stocks by 2025, with 81 new listings raising a total of 215.98 billion HKD in the first ten months of the year [3] - More than half of the fundraising amount in Hong Kong has come from 14 A-share companies, with notable price discrepancies between A-shares and H-shares, exemplified by CATL's H-share price being over 14% higher than its A-share price [3] 理财 - In November, nine dividend-themed funds were established, raising a total of 6.615 billion yuan, marking a new monthly high for the year, with significant contributions from several funds launched on November 25 [4] - Major state-owned banks and some joint-stock banks have begun to withdraw 5-year large-denomination time deposits, focusing on shorter-term products, with a broad impact across various banks [4] - Sixteen technology-themed funds have been approved, including several ETFs focused on artificial intelligence and semiconductor sectors, with some products receiving approval on the same day they were submitted [4] 个人养老金 - As the year-end personal pension contribution window approaches, banks are intensifying promotional efforts, offering exclusive benefits to attract customers to open accounts and contribute funds, with potential subsidies of around 600 yuan for maximum contributions [5] 债务 - The issuance of new local special bonds in November is expected to reach 492.2 billion yuan, an increase of over 200 billion yuan from the previous month, alongside a significant rise in refinancing bonds [5] 其他 - From January to October, profits of large-scale industrial enterprises in China totaled 595.03 billion yuan, a year-on-year increase of 1.9%, with equipment manufacturing and high-tech manufacturing being the main profit growth drivers [6] - China remains the world's largest market for industrial robots, with significant improvements in performance and quality, and a projected increase in domestic multi-joint robot sales [6] - The National Development and Reform Commission announced a new credit repair management method, effective from April 1, 2026, allowing credit subjects to apply for credit repair under certain conditions [6] - China's foreign direct investment reached 1,033.23 billion yuan in the first ten months, a year-on-year increase of 7%, with investments made in 9553 overseas enterprises across 152 countries and regions [7] - The Chinese medical device market is expected to reach 1.22 trillion yuan by 2025, driven by innovation, with a record number of approved innovative medical devices [7]

Core Viewpoint - The article highlights the participation of the Bank of China Guangdong Branch in the 11th China International Aging Industry Expo, showcasing innovative financial products and services aimed at the elderly population, emphasizing a "financial + scenario" model to enhance elderly care services [8][9]. Group 1: Event Participation and Offerings - The 11th China International Aging Industry Expo was held from November 27-29, where the Guangdong Branch of the Bank of China presented various key elderly financial products and services [8]. - The bank's participation attracted numerous visitors, showcasing a one-stop service solution that includes wealth planning, livelihood services, and cultural activities for the elderly [8][9]. Group 2: Strategic Initiatives and Collaborations - The Guangdong Branch collaborated with the Guangzhou Social Welfare and Elderly Service Association to create the "2025 Happy Aging Market," featuring over a thousand elderly-friendly products and services [9][10]. - The bank has established a strategic partnership with the Guangzhou Civil Affairs Bureau in the elderly care sector, having served over 70,000 elderly clients through the "Silver Age Market" initiative over the past three years [9][10]. Group 3: Financial Innovation and Community Engagement - The bank introduced a community elderly care model called "15-minute elderly service circle," integrating financial services into daily activities such as shopping and health management [10]. - The "Bank of China Five Hearts" cross-border elderly financial service system was launched, focusing on providing tailored services for residents from Hong Kong and Macau [10][11]. Group 4: Commitment to Elderly Financial Services - The Guangdong Branch has established 110 elderly service demonstration points across the province, enhancing service quality and reducing wait times for elderly clients [11][12]. - Future plans include continuing to innovate in elderly financial services, optimizing service processes, and promoting cross-regional financial collaboration to support the high-quality development of the elderly economy in Guangdong [12].

Group 1 - The core viewpoint of the articles highlights the role of the Bank of China in promoting cultural heritage and rural revitalization in Shaanxi Province, particularly in Xianyang's "North Four Counties" [1][2][3] - The Bank of China has supported the construction of the Intangible Cultural Heritage Exhibition Hall in Xunyi County, which showcases local art and has become a cultural landmark [1] - Financial empowerment through loans has revitalized local industries, such as the egg production facility in Ma Fang Town, which houses over 1.6 million chickens and produces 1.52 million eggs daily, supported by a 400 million yuan loan [1] Group 2 - The establishment of a new branch in Changwu County by the Bank of China aims to enhance financial services and support local development projects, contributing to sustainable industrial ecosystems [2] - The Bank of China has facilitated the development of Dahuai Tree Village, which has become a leader in county income, generating 58 million yuan in e-commerce sales since 2019 and creating 10,000 job opportunities [2] - The Bank of China has promoted local agricultural products, such as the "Xianyang Malan Red" apple, at major international trade fairs, enhancing the visibility and market reach of local specialties [3]

Fund Overview - The fund is named "Jianxin Hangzhi Hong Kong Stock Connect Exchange-Traded Open-Ended Index Securities Investment Fund" and is referred to as "Jianxin Hangzhi Hong Kong Stock Connect ETF" [52] - The fund operates as an exchange-traded open-ended index fund and is categorized as a stock-type fund [52] - The initial offering price for each fund share is set at RMB 1.00 [52] Fund Raising Details - The maximum initial fundraising limit for the fund is RMB 2 billion, excluding interest and subscription fees [53] - The fundraising period is from December 4, 2025, to December 19, 2025, with both online and offline cash subscription options available [56] - Investors can subscribe multiple times, with no upper limit on the total subscription amount for individual investors [2][53] Subscription Methods - Investors can choose between online cash subscription and offline cash subscription [59] - For online subscriptions, a minimum of 1,000 shares or its multiples is required per transaction, while offline subscriptions through the fund management company require a minimum of 50,000 shares [2][63] - Subscription fees will be calculated based on the number of shares subscribed and the applicable commission rate [60][64] Fund Management and Custody - The fund is managed by Jianxin Fund Management Co., Ltd., and the custodian is Bank of China Co., Ltd. [1] - The fund's share registration agency is China Securities Registration and Settlement Co., Ltd. [1] Investor Eligibility - The fund is available for individual investors, institutional investors, qualified foreign investors, and other investors permitted by laws and regulations [54] Fund Operation and Adjustments - The fund management company reserves the right to adjust the fundraising arrangements based on various circumstances [18] - After the fundraising period, the fund management will determine the list of brokers for subscription and redemption, which will be announced after approval from the Shanghai Stock Exchange [5]

Core Insights - The Financial Stability Board (FSB) has released the 2025 list of Global Systemically Important Banks (G-SIBs), maintaining the number of banks at 29, with five Chinese state-owned banks included [1][2] - The grouping of banks has changed, reflecting shifts in their core business activities, with the Industrial and Commercial Bank of China (ICBC) moving from the second to the third group, marking it as the first Chinese bank in that category [1][2] Group Changes - The highest group (fifth group) remains vacant, while the fourth group includes only JPMorgan Chase [1] - The Agricultural Bank of China, Bank of China, and China Construction Bank remain in the second group, while the Bank of Communications is in the first group [1] Score Changes - The scores of Chinese G-SIBs have changed significantly, with ICBC and Bank of China increasing by 33 and 32 points respectively, driven by multiple factors rather than just size [2] - Currency effects have also positively influenced the scores of Chinese G-SIBs [2] Capital Requirements - Following the group adjustment, ICBC's additional capital requirement will increase from 1.5% to 2.0%, necessitating compliance with Total Loss-Absorbing Capacity (TLAC) requirements within a specified timeframe [2] Importance in Global Financial System - The adjustment confirms ICBC's significant position in the global financial system, raising expectations for its compliance and risk management [2] - The five Chinese banks are encouraged to enhance their ESG management and global strategy, leveraging financial technology for new service models [3] Recommendations for Future Strategy - The banks should improve their compliance and risk management systems by learning from global experiences and actively participating in discussions on international financial management standards [3] - They are advised to innovate in business practices to enhance their narrative in the global financial system and increase their influence [3]

Core Viewpoint - The 2025 Global Systemically Important Banks (G-SIBs) list has been released, with five Chinese banks maintaining their status. The Industrial and Commercial Bank of China (ICBC) has moved up to the third group, marking a significant achievement for Chinese financial institutions [3][5]. Group 1: G-SIBs List and Rankings - The latest G-SIBs list includes 29 institutions, consistent with 2024, but with changes in scores and groupings for some banks [5]. - ICBC has advanced from the second group to the third group, becoming the first Chinese bank in this category. Other Chinese banks, including Bank of China, Agricultural Bank of China, and China Construction Bank, remain in the second group, while Bank of Communications stays in the first group [5][6]. - The G-SIBs list is divided into five groups, with the highest group (fifth) having no institutions, and the fourth group containing only JPMorgan Chase [5]. Group 2: Scoring Changes and Influencing Factors - This year, the scoring changes for Chinese G-SIBs show two main characteristics: scale is no longer the primary driver for score increases, and exchange rate fluctuations have had a positive impact [6][7]. - For instance, ICBC and Bank of China saw significant score increases of 33 and 32 points, respectively, due to various contributing factors [6]. - Despite these changes, Chinese G-SIBs still outperform global peers in terms of scale and interconnectedness [6]. Group 3: TLAC Compliance and Issuance - Following the successful achievement of the first phase of Total Loss-Absorbing Capacity (TLAC) requirements, the pressure for compliance in the next phase remains a concern [10][11]. - The five major banks have issued over 300 billion yuan in TLAC non-capital bonds this year, with a cumulative issuance of 540 billion yuan [11][12]. - The TLAC non-capital bonds are crucial for meeting international G-SIBs requirements, and the regulatory capital remains the primary component of total loss-absorbing capacity [12]. Group 4: Future Compliance Outlook - Some banks are currently able to meet the next phase of TLAC requirements, while others may need government support to achieve compliance [13]. - The assessment indicates that if risk-weighted asset growth remains stable, all five major banks are expected to meet the upcoming TLAC requirements on schedule [13].

此次活动邀请了生物科技、农业发展和教育等领域四家企业进行现场路演和交流答疑。"后续，我们将 与多家金融机构协作，为企业不同发展阶段融资需求提供综合性金融服务，共同为民营企业提供持续、 高效的融资支持，有效提升融资可得性和效率。"四川中行负责人说。 据悉，四川中行是成都市民营经济发展促进中心首批合作的金融机构。一直以来，该行持续推动金融资 源向实体经济有效供给，为实体企业提供有效的金融支持，助推成都市民营经济高质量发展。（曾俊 鹏） 编辑：王春霞 转自：新华财经 近日，由中国银行四川省分行（以下简称：四川中行）主办的"成都市金融服务接力计划"第五期专场路 演活动开展。该行聚合多家金融机构，共同为民营企业搭建金融服务平台，为当地民营经济蓬勃发展注 入金融动能。 据了解，"成都市金融服务接力计划"由中共成都市委金融办、市民营经济发展促进中心发起，致力于搭 建平台、撮合资源，打破金融机构各自提供服务的"单打独斗"传统模式，建立"主办行推荐、多家机构 接力"的创新服务机制，发挥政策引导与市场机制相结合的桥梁纽带作用，为金融与产业深度融合创造 有利条件。 ...

Core Viewpoint - The issuance of green financial bonds in China has significantly increased in 2023, driven by supportive policies and a diverse range of issuing institutions, including small and medium-sized banks, which have become new growth points in the market [2][3][9]. Group 1: Green Bond Issuance - On November 27, the National Development Bank successfully issued 9 billion yuan of 3-year green financial bonds with an interest rate of 1.52%, achieving a subscription multiple of 2.46 times [1]. - Since the implementation of the "Green Bond Support Project Directory (2025 Edition)" in October, financial institutions have entered a "fast track" for green bond issuance, with 14 bank green bonds issued in November alone, marking the highest issuance density of the year [2]. - In November, various banks issued a total of 110.7 billion yuan in green financial bonds, setting a new monthly record for 2023 [3]. Group 2: Diverse Issuers - The issuance of green bonds has expanded beyond state-owned banks to include small and medium-sized banks and non-bank financial institutions, indicating a diversification of issuers [4][9]. - In November, several small banks issued green bonds ranging from 700 million yuan to 3.5 billion yuan, with specific examples including Tangshan Bank and Chongqing Three Gorges Bank [5][6][7]. Group 3: Policy Support and Market Growth - The explosive growth in green bond issuance is attributed to continuous policy support, particularly following the launch of the new project directory, which has unified various green financial products and reduced identification costs for financial institutions [9]. - As of November 28, over 240 green bonds have been issued by financial institutions, with a total issuance scale exceeding 640 billion yuan, doubling the issuance scale from 2024 [9]. Group 4: Cost Optimization and Innovation - The average issuance cost of bank green bonds has improved, decreasing from 1.94% in 2024 to 1.74% in 2023, enhancing the financing cost-effectiveness [3]. - There has been a notable increase in product innovation within the green bond market, with various financial institutions exploring new mechanisms, including floating rate bonds and thematic bonds focused on specific sectors like green manufacturing [11][13].

Group 1: Report Industry Investment Rating - No information provided in the report Group 2: Core Viewpoints of the Report - From November 24 to November 28, 2025, the issuance volume of credit bonds increased month - on - month, and the credit spreads of various industries generally rose [1] - The total trading volume of credit bonds in the secondary market increased month - on - month, with commercial bank bonds, corporate bonds, and medium - term notes ranking in the top three in terms of trading volume [4] Group 3: Summary by Directory 1. Primary Market 1.1 Issuance Statistics - From November 24 to November 28, 2025, a total of 433 credit bonds were issued, with a total issuance scale of 589.011 billion yuan, a month - on - month increase of 1.34%. Among them, industrial bonds accounted for 52.37%, urban investment bonds accounted for 20.08%, and financial bonds accounted for 27.55% [1][11] - The average issuance term of credit bonds was 2.80 years, with industrial bonds at 2.56 years, urban investment bonds at 3.19 years, and financial bonds at 2.41 years [1][13] - The average issuance coupon rate of credit bonds was 2.16%, with industrial bonds at 2.09%, urban investment bonds at 2.29%, and financial bonds at 1.95% [2][18] 1.2 Cancellation of Issuance Statistics - Five credit bonds were cancelled for issuance this week, including 25ShaanxiJiaotongMTN012, 25JinnengMeiyeMTN019, etc. [22][23] 2. Secondary Market 2.1 Credit Spread Tracking - The industry credit spreads generally rose this week. For example, among the Shenwan primary industries, the AAA - rated real estate industry's credit spread increased by 8.1BP, and the AA + - rated textile and clothing industry's credit spread increased by 15.4BP [3][24] - The credit spreads of coal showed mixed trends, while those of steel generally rose. The credit spreads of coal at the AAA, AA +, and AA levels increased by 3.3BP, 5.1BP, and decreased by 1.4BP respectively; the credit spreads of steel at the AAA and AA + levels increased by 5.5BP and 2.3BP respectively [24] - The credit spreads of urban investment and non - urban investment bonds at all levels generally rose. The credit spreads of urban investment bonds at three levels increased by 2.4BP, 5.3BP, and 6.8BP respectively; the credit spreads of non - urban investment bonds at three levels increased by 4.4BP, 5.4BP, and 4.9BP respectively [24] - The credit spreads of state - owned enterprises generally rose, while those of private enterprises showed mixed trends. The credit spreads of central state - owned enterprises at three levels increased by 4BP, 5.1BP, and 4.2BP respectively; the credit spreads of local state - owned enterprises at three levels increased by 3.3BP, 4.6BP, and 5.6BP respectively; the credit spreads of private enterprises at the AAA and AA + levels increased by 7BP and decreased by 0.1BP respectively [25] - The regional urban investment credit spreads showed mixed trends. The regions with the highest credit spreads at the AAA, AA +, and AA levels were Shaanxi, Qinghai, and Guangxi respectively. In terms of month - on - month changes, Gansu, Ningxia, and Xinjiang had the largest increases, while Yunnan had the largest decrease [26] 2.2 Trading Volume Statistics - The total trading volume of credit bonds was 1499.033 billion yuan, a month - on - month increase of 4.12%. The top three in terms of trading volume were commercial bank bonds, corporate bonds, and medium - term notes [4][27] 2.3 Actively Traded Bonds This Week - The report lists the top 20 actively traded urban investment bonds, industrial bonds, and financial bonds this week, including information such as bond codes, names, trading volumes, yields, and issuers [30][31][32]

1. Report Industry Investment Rating No information provided in the report. 2. Core View of the Report The report provides a weekly data tracking of secondary capital bonds from November 24 to November 28, 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 - Three new secondary capital bonds were issued in the inter - bank and exchange markets this week, with a total issuance scale of 68.9 billion yuan. The issuance term is 10 years, the issuers include local state - owned enterprises and central financial enterprises, with subject ratings of AA+ and AAA, and the issuer regions are Zhejiang, Hunan, and Beijing [1]. 3.2 Secondary Market Trading - **Trading Volume**: The total weekly trading volume of secondary capital bonds was approximately 178.5 billion yuan, an increase of 13.2 billion yuan from last week. The top three bonds in terms of trading volume were 25 Bank of China Secondary Capital Bond 02BC (10.146 billion yuan), 25 Agricultural Bank of China Secondary Capital Bond 04A(BC) (9.421 billion yuan), and 25 Bank of China Secondary Capital Bond 01BC (6.028 billion yuan). By issuer region, the top three in trading volume were Beijing (141.6 billion yuan), Shanghai (12.6 billion yuan), and Fujian (4.7 billion yuan) [2]. - **Yield to Maturity**: As of November 28, for 5Y secondary capital bonds, the yield - to - maturity changes of AAA-, AA+, and AA - rated bonds compared to last week were 5.46BP, 7.44BP, and 8.44BP respectively; for 7Y bonds, the changes were 9.05BP, 10.90BP, and 10.90BP respectively; for 10Y bonds, the changes were 10.13BP, 9.50BP, and 9.50BP respectively [2]. 3.3 Valuation Deviation of Top 30 Individual Bonds - The overall valuation deviation of the weekly trading average price of secondary capital bonds was not significant this week. The proportion and amplitude of discount transactions were smaller than those of premium transactions. - **Discount Bonds**: The top three discount - rate bonds were 21 Jiutai Rural Commercial Secondary (-48.4374%), 21 Guiyang Rural Commercial Secondary (-1.0131%), and 23 China CITIC Bank Secondary Capital Bond 01B (-0.3428%). The remaining discount rates were within - 0.31%. The ChinaBond implicit ratings were mainly AAA-, AA+, and AA - rated, and the regional distribution was mainly in Beijing, Zhejiang, and Shanghai [3]. - **Premium Bonds**: The top three premium - rate bonds were 25 Shanghai Pufa Bank Secondary Capital Bond 01B (1.5031%), 25 Qujiang Rural Commercial Bank Secondary Capital Bond 01 (1.3216%), and 25 Agricultural Bank of China Secondary Capital Bond 04B(BC) (0.8022%). The remaining premium rates were within 0.78%. The ChinaBond implicit ratings were mainly AAA-, AA+, and AA - rated, and the regional distribution was mainly in Beijing, Shanghai, and Tianjin [3].