11月20日，银行板块早盘延续强势，中国银行一度涨超4%，续创历史新高，截至发稿，总市值达1.8万亿元；邮储银行、光大银行、建设银行、中信银 行等涨幅靠前。 编辑丨瑜见 ...

中国银行震荡拉升，盘中涨超5%。 ...

中国银行直线拉升，涨近4%，总市值突破2万亿元。 ...

银行板块延续强势，中国银行涨超4%，续创历史新高，A股总市值逼近1.5万亿，邮储银行、光大银 行、建设银行、中信银行等涨幅靠前。 ...

PACIFIC LEGEND发布公告，于2025年11月18日(交易时段后)，公司与认购人订立认购协议，据此，公 司有条件同意配发及发行而认购人有条件同意认购合共1710万股认购股份，认购价为每股认购股份0.17 港元。 香港联交所最新资料显示，11月19日，PACIFIC LEGEND(08547)股东将股票由弘雅资本转入中国银行 (香港)，转仓市值623.48万港元，占比7.75%。 ...

Core Viewpoint - The People's Bank of China has reported an ongoing optimization of the credit structure, with significant growth in various loan categories, indicating a focus on inclusive finance and support for small and micro enterprises [1][2][3] Group 1: Credit Structure Optimization - As of the end of September, loans for technology, green projects, inclusive finance, elderly care, and digital economy sectors have seen year-on-year growth rates of 11.8%, 22.9%, 11.2%, 58.2%, and 12.9% respectively, all surpassing the overall loan growth rate [1] - The balance of inclusive loans for small and micro enterprises reached 36.5 trillion yuan, a year-on-year increase of 12.1%, while inclusive agricultural loans totaled 14.1 trillion yuan, with an increase of 1.2 trillion yuan since the beginning of the year [2] - Major state-owned banks are playing a crucial role, with their inclusive loan contributions accounting for nearly 50% of the total industry [2] Group 2: Policy Support and Financial Innovation - The government continues to enhance support for inclusive finance through structural monetary policy tools, aiming to improve the accessibility and coverage of financing for small and micro enterprises [3][6] - Banks are innovating financial products tailored to the operational characteristics and needs of small and micro enterprises, significantly improving loan disbursement efficiency through digital service channels [3][5] - Digital technology is being widely adopted to reduce service costs and address key issues such as information asymmetry and high costs in inclusive finance [5][6] Group 3: Case Studies and Practical Applications - In Anqiu City, Shandong Province, a local bank provided a specialized "Ginger Loan" to a small enterprise, demonstrating proactive service and tailored financial solutions that resulted in significant profitability for the business [4] - The Agricultural Bank of China has launched an online inclusive product system, "Nongyin e-loan," which has greatly enhanced the efficiency of loan processing [5] Group 4: Future Directions - Experts suggest that the next phase of high-quality development in inclusive finance should focus on enhancing quality and efficiency, with policies aimed at optimizing the financing ecosystem and maintaining reasonable growth in loans for small and micro enterprises [7] - Banks are expected to continue upgrading services and integrating various data sources to improve risk management and service quality for small and micro enterprises [7]

Core Insights - The article highlights the top-performing stocks in the S&P China A-Share Dividend Opportunity Index, showcasing significant price increases and dividend yields for various companies [1]. Group 1: Stock Performance - The top stock, Kesheng Co., Ltd. (300856.SZ), experienced a daily increase of 7.98% but has a year-to-date decline of 15.28% with a dividend yield of 1.51% [1]. - Yiyi Co., Ltd. (001206.SZ) showed a remarkable year-to-date increase of 111.31%, with a daily rise of 6.12% and a dividend yield of 2.61% [1]. - China Petroleum (601857.SH) reported a daily increase of 4.05% and a year-to-date increase of 21.26%, with a dividend yield of 4.76% [1]. Group 2: Dividend Yields - China Bank (601988.SH) has a dividend yield of 3.83%, with a daily increase of 3.81% and a year-to-date increase of 13.75% [1]. - China National Offshore Oil Corporation (600938.SH) offers a dividend yield of 4.45%, with a daily increase of 3.29% and a year-to-date increase of 5.00% [1]. - Postal Savings Bank of China (601658.SH) has a dividend yield of 3.82%, with a daily increase of 1.24% and a year-to-date increase of 5.84% [1].

Group 1 - The core viewpoint of the news is the signing of a memorandum of cooperation between China Merchants Fund, Smart (a subsidiary of the New Zealand Stock Exchange), and the New Zealand branch of the Bank of China, aimed at enhancing the connectivity and integration of the capital markets between China and New Zealand [1][2] - Smart, established in 1996, is the first ETF issuer in New Zealand, managing over 150 billion NZD in funds and offering 44 ETF products focused on various markets including New Zealand, Australia, the US, and global stocks [1] - The cooperation is expected to deepen understanding of the New Zealand market and its investors, and to develop cross-border investment products that meet the needs of investors from both countries, thereby enriching the international product system [1] Group 2 - Mark Peterson, CEO of the New Zealand Stock Exchange, emphasized that this year marks the beginning of the second decade of the comprehensive strategic partnership between China and New Zealand, highlighting the strong bilateral relationship [2] - The Bank of China has been a proactive promoter of financial cooperation between China and New Zealand, aiming to leverage its cross-border financial advantages to facilitate capital connectivity between the two countries [2] - The signing of the memorandum is seen as a significant milestone in deepening financial cooperation and a practical exploration of the integration of the capital markets between China and New Zealand, with plans to continuously improve the cross-border product system [2]

（原标题：PACIFIC LEGEND(08547)股东将股票由弘雅资本转入中国银行(香港) 转仓市值623.48万港 元） 智通财经APP获悉，香港联交所最新资料显示，11月19日，PACIFIC LEGEND(08547)股东将股票由弘雅 资本转入中国银行(香港)，转仓市值623.48万港元，占比7.75%。 PACIFIC LEGEND发布公告，于2025年11月18日(交易时段后)，公司与认购人订立认购协议，据此，公 司有条件同意配发及发行而认购人有条件同意认购合共1710万股认购股份，认购价为每股认购股份0.17 港元。 ...

Group 1 - The core point of the news is the signing of a memorandum of cooperation between China Merchants Fund, Smart (a subsidiary of the New Zealand Stock Exchange), and the Bank of China New Zealand branch, aimed at enhancing the connectivity and integration of the capital markets between China and New Zealand [2][5]. Group 2 - Smart, established in 1996 and fully owned by the New Zealand Stock Exchange, is the first ETF issuer in New Zealand, managing over NZD 15 billion in funds and offering 44 ETF products focused on various markets including New Zealand, Australia, the US, and global stocks [4]. - The cooperation is set against the backdrop of the updated Memorandum of Understanding on securities and futures regulatory cooperation signed between the China Securities Regulatory Commission and the New Zealand Financial Markets Authority on September 25, 2025, indicating a deepening regulatory collaboration [4]. - China Merchants Fund has 15 years of experience in ETF management, with a comprehensive product line covering currencies, bonds, A-shares, Hong Kong stocks, and cross-border investments, aiming to develop cross-border investment products that meet the needs of investors from both countries [4]. Group 3 - Mark Peterson, CEO of the New Zealand Stock Exchange, emphasized that this year marks the beginning of the second decade of the comprehensive strategic partnership between China and New Zealand, highlighting the strong bilateral relationship and the potential benefits for investors from both countries through this collaboration [5]. - The Bank of China has been a proactive promoter of financial cooperation between China and New Zealand, supporting the project and aiming to deepen practical cooperation and accelerate product innovation for mutual market opportunities [5]. - The signing of the memorandum is seen as a significant milestone in deepening financial cooperation among the three parties and a practical exploration of the integration of the capital markets between China and New Zealand [5].