新加坡和东盟已成为中国企业出海的重要目的地之一。 当中国制造迈向"中国智造"，企业出海的内涵也悄然生变。 第一财经：在"中国制造"在向"中国智造"升级的过程中，中国银行如何帮助客户在东南亚等新兴市场更 好发展和建立品牌？ 近期，第十六届2025年慧眼中国环球论坛在新加坡举办，期间区域供应链产业链深度整合成为热议话 题。可以看到的是，东盟地区凭借独特定位，已成为关键枢纽。 中国银行新加坡分行副行长胡炜在接受第一财经记者专访时表示，新加坡和东盟已成为中国企业出海的 重要目的地之一。面对这一趋势，中国银行不仅是服务提供者，更是利用其全球网络与本地生态资源， 为企业提供一站式服务的长期陪伴者和护航员，助力中国企业出海东南亚和全球市场。 助力中企高质量出海 第一财经：中国企业在全球化的浪潮中正加速"出海"，尤其是通过新加坡这样的国际金融中心。中国银 行在其中扮演了怎样的角色？ 胡炜：中国银行新加坡分行历史悠久，于1936年6月15日成立，拥有近90年的历史。我们持有新加坡金 融管理局颁发的特准全面银行牌照，可提供包括商业银行、投资银行、财富私行在内的全产品服务。中 国银行境外机构覆盖64个国家和地区。围绕出海企业的金融 ...

A-share Market Valuation - The current PE (TTM) for the A-share market is 17.33, with a historical average of 25.85[7] - The Shanghai Composite Index has a PE (TTM) of 14.08, while the CSI 300 Index stands at 13.30[10] - The growth in earnings per share (EPS) has contributed significantly to the index performance, with the Shanghai Composite Index showing a current value of 16.41%[14] Hong Kong Market Valuation - The Hang Seng Index has a current PE (TTM) of 11.84, with a historical maximum of 22.67[59] - The Hang Seng Technology Index has a PE (TTM) of 23.69, indicating a higher valuation compared to the broader market[63] U.S. Market Valuation - The S&P 500 Index has a current PE (TTM) of 29.36, with a historical maximum of 41.99[82] - The NASDAQ Index shows a PE (TTM) of 42.83, reflecting its growth-oriented nature[90] Sector Valuation Insights - In the A-share market, the food and beverage sector has a low PE, while the technology sector has a high PE, indicating sector-specific valuation disparities[21] - The banking sector in Hong Kong has a current PB (LF) of 1.02, which is relatively low compared to other sectors[71] Key Stock Valuations - Major stocks like Kweichow Moutai and Wuliangye have median PEs of 29.04 and 22.36, respectively, indicating strong market positions[50] - Alibaba's current PE (TTM) is 19.53, reflecting its recovery potential in the market[75]

彼时，美元作为全球储备货币的垄断地位持续数十年，靠的是美国强势的金融系统与印钞机背书。长期 依赖意味着长期脆弱：一旦政治关系紧张，资产被"非市场化"处置的可能就变为现实。自去年开始，许 多国家央行加快了买黄金的节奏，因为黄金不同于美元国债，不能轻易凭一纸令下被没收，它是全球公 认的硬通货，是对抗金融武器化的天然盾牌。 在这种气氛中，一条看似技术性的消息具有象征意义。九月，外媒报道称中国央行正通过上海黄金交易 所与友好国家商谈，邀请它们将黄金储备存放在中国的保税仓库，而且据说已经有东南亚国家表现出了 兴趣。托管地点的转移，不只是物流安排，它背后指向"信任"的迁徙。把黄金放谁那，就等于把命脉塞 谁兜里——托管方的选择，其实是地缘政治与金融安全的投票。 定价权与钥匙的去与留 过去西方掌握了全球的黄金定价与托管体系：伦敦金库与纽约联储是黄金储备的集中地，伦敦的"良好 交割"标准与欧美的跨境清算网络相互嵌套，构成了一个难以撼动的惯性结构。许多国家甚至习惯了把 黄金留在海外，既便于交易，又兼顾声誉。可一旦托管与政治绑定，托管变成"寄存"，金虽在账上，钥 匙却不在手里。 相比之下，中国提出"你们可以放我这"，发行的是另一张 ...

转自：新华财经 聚焦金融创新、跨境金融对"河南-东盟"区域大市场的赋能，柬埔寨财经部政策局副局长蒋国丰在高端对话环节表示，在开放政策的推动下，河南的金融机 构可以发挥其经验与技术优势，帮助降低融资成本、减少汇率风险，还能提升贸易的可预测性。通过将信贷、供应链金融和结算工具与东盟市场企业的需求 对接，河南的金融机构正在真正创造价值。汇丰环球研究大中华区首席经济学家刘晶认为，郑州可依托空、陆、网、海"四路协同"的通道优势，推动"物流 +产业+数据"深度融合，将枢纽优势进一步转化为资源配置话语权。 作为本次活动唯一承办金融机构，中国银行河南省分行表示，未来将持续发挥全球化、综合化优势，深化金融产品与服务模式创新，不断提升服务质效，为 河南构建内陆开放新高地贡献力量。 本次活动由郑州市政府、省委金融办、省商务厅主办，中国银行河南省分行等单位承办，是第十五届中国河南国际投资贸易洽谈会的系列活动之一。活动立 足河南区位优势和产业基础，设主旨演讲、高端对话等多个环节。活动现场，中国银行河南省分行与人保财险河南分公司联合发布支持河南跨境贸易行动方 案。郑州市政府与中银、工银、农银、建信、交银5家金融资产投资公司（AIC）进行 ...

Core Viewpoint - The recent administrative penalties imposed on five banks in Beijing highlight the ongoing regulatory focus on compliance in credit operations, particularly regarding the "three checks" system in loan management [1][2][5]. Group 1: Regulatory Actions - Five banks, including major state-owned banks and joint-stock banks, were fined 350,000 yuan each for violations related to loan management, specifically the "three checks" system [1][2][4]. - The "three checks" system, which includes pre-loan investigation, in-process review, and post-loan inspection, is crucial for managing loan risks and ensuring asset quality [2][3]. Group 2: Systemic Risks and Challenges - Inadequate management of working capital loans can lead to misuse of funds and potential systemic financial risks if multiple banks face similar issues [3][4]. - The penalties reflect a broader industry challenge, indicating that loan management problems are not isolated incidents but rather a common issue across the banking sector [4]. Group 3: Regulatory Environment and Future Directions - The regulatory authority has emphasized the importance of compliance and risk management in credit operations, with a focus on enhancing internal controls within banks [5][6]. - Future regulatory measures are expected to diversify, incorporating tools like window guidance and stress testing to create a multi-layered regulatory framework [5]. Group 4: Cultural and Mechanism Reforms - The penalties serve as a catalyst for banks to rethink their internal assessment criteria, ensuring that compliance and asset quality are prioritized alongside growth metrics [6]. - The adoption of advanced technologies such as big data and artificial intelligence is necessary to improve the efficiency and effectiveness of the "three checks" system [6].

Economic Overview - The global economy showed signs of recovery in Q3 2025, with total demand slightly rebounding and total supply remaining stable. However, the growth outlook for Q4 is mixed, with increasing uncertainties and structural characteristics becoming more pronounced [1][10][11] - Major economies exhibited divergent performances: the US economy improved, Europe showed weak recovery, Japan faced growth pressures, and India exceeded expectations [10][11][12] Inflation and Trade - Global inflation is decreasing, but the pace of decline is slowing and becoming more differentiated. In August, the US CPI rose to 2.9% year-on-year, while the Eurozone HICP increased by 2.1% [1][22][23] - Trade policies have seen a reduction in their disruptive impact, with the WTO raising its 2025 goods trade growth forecast to 0.9% [1][26][27] Financial Market Adjustments - The financial markets have undergone significant adjustments, with the Federal Reserve adopting a dovish stance and cutting interest rates by 25 basis points in September. This led to a net inflow of $82.98 billion into emerging market securities in July and August [2][3][10] - The dollar index has been fluctuating at low levels, and global stock markets have generally trended upward, with the MSCI global index rising over 10% [2][3][10] Capital Flows and Investment Trends - International capital is returning to emerging markets, with foreign direct investment (FDI) in Southeast Asia and Mexico expected to continue growing. Emerging market securities are increasingly favored by investors seeking resilient economies [2][11][12] - The report highlights potential areas for deepening cooperation between China and Europe in trade, green transformation, investment agreements, and multilateral governance under the backdrop of Trump's second term [2][11] Fiscal Policies - Major economies are maintaining an expansionary fiscal stance, but fiscal pressures are becoming more pronounced. The US fiscal deficit for FY 2025 is projected to grow by 7.7% year-on-year [2][33][36] - The Eurozone's debt-to-GDP ratio has risen to 78.1%, indicating increasing fiscal challenges [2][33][36]

登录新浪财经APP 搜索【信披】查看更多考评等级 根据华夏基金管理有限公司（以下简称"本基金管理人"）于2025年9月25日发布的《华夏基金管理有限 公司关于以通讯方式召开华夏中证沪港深500交易型开放式指数证券投资基金基金份额持有人大会的公 告》，本基金管理人决定以通讯方式召开华夏中证沪港深500交易型开放式指数证券投资基金（以下简 称"本基金"）的基金份额持有人大会，审议《关于华夏中证沪港深500交易型开放式指数证券投资基金 持续运作的议案》。为了使本次基金份额持有人大会顺利召开，现将具体事宜提示如下： 一、召开会议基本情况 根据《中华人民共和国证券投资基金法》《公开募集证券投资基金运作管理办法》《公开募集证券投资 基金信息披露管理办法》和《华夏中证沪港深500交易型开放式指数证券投资基金基金合同》（以下简 称"《基金合同》"）的有关规定，本基金管理人经与基金托管人中国银行股份有限公司协商一致，决定 以通讯方式召开本基金的基金份额持有人大会，审议本基金持续运作事宜。会议的具体安排如下： （一）会议召开方式：通讯方式。 （二）表决票收取时间：2025年9月30日至2025年10月27日17:00（以收到表决 ...

Core Viewpoint - The major state-owned banks in China are abolishing their supervisory boards, transitioning to a governance structure led by audit committees, which is expected to enhance management professionalism and independence [1][2][3]. Group 1: Announcement of Supervisory Board Abolishment - On September 25, five major state-owned banks, including Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, Bank of China, and Bank of Communications, announced the receipt of regulatory approval to abolish their supervisory boards [2]. - This decision has been in the works for some time, with proposals to eliminate supervisory boards appearing in board resolutions as early as April 29 [2]. - Other banks, such as Shanghai Rural Commercial Bank and China Merchants Bank, are also expected to follow suit, with nearly 20 institutions planning to abolish their supervisory boards this year [1][3]. Group 2: Legal and Regulatory Framework - The new Company Law allows limited liability companies to establish audit committees within the board of directors to exercise the functions of supervisory boards, providing a legal basis for banks to abolish their supervisory boards [3]. - The National Financial Regulatory Administration has indicated that financial institutions can choose to replace supervisory boards with audit committees, aligning regulatory policies with legal revisions [3][4]. Group 3: Internal Governance Structure Post-Abolishment - The banks will adopt a single-tier governance structure led by audit committees, which will be composed mainly of independent directors, enhancing supervisory efficiency through professional division of labor [4]. - The transition to audit committees is expected to improve the professionalism and independence of oversight functions, although it will depend on the effective operation of these committees [5].

转自：新华财经 近期，2025年世界智能产业博览会在重庆举行。为提升来自世界各地参会嘉宾和游客在渝支付体验，中国人民银行重庆市分行采取多项便利化措施，在机 场入境、地铁公交、酒店商圈、展会现场等场所，多样化支付方式一路随行，保障参会畅行无阻。 首站支付服务提升好印象 在江北机场国际航班到达出口货币兑换处，中国银行工作人员正在帮助来自法国的皮埃尔兑换人民币，同时通过翻译设备介绍了中国外卡刷卡、移动支付 等支付方式。皮埃尔对工作人员的专业解答和热情服务表示感谢。 这只是江北国际机场入境服务中心的寻常一幕。为保障外籍人员在入境第一时间享受便捷支付服务，中国人民银行重庆市分行指导中国银行重庆市分行在 江北机场入境服务中心设置支付服务柜台，每日安排专业工作人员，配备翻译机、ATM机、货币自助兑换机等硬件设施，第一时间为入境外籍人员提供 支付服务，包括支付咨询、移动支付下载绑卡辅助、ATM外卡支取人民币、外币兑换人民币等。同时，提供中英文版《外籍来渝人员支付指南》等宣传 资料，让外籍人员及时了解中国便捷、多样的支付方式。据统计，自2025年5月江北国际机场入境服务中心试运营以来，已经累计服务入境人员超2万人 次。 在江北 ...

Core Viewpoint - The article highlights the initiative by the Bank of China Heilongjiang Branch to promote financial education among students, focusing on safeguarding financial rights and enhancing financial literacy in a fun and engaging manner [1][2]. Group 1: Financial Education Activities - The Bank of China Heilongjiang Branch organized a financial knowledge dissemination event at a primary school in Harbin, incorporating a "Little Banker" simulation to make learning about finance interactive and enjoyable [1]. - Bank staff introduced basic knowledge about the Renminbi and mobile payment concepts, emphasizing security measures such as protecting payment passwords and avoiding scams [1]. Group 2: Student Engagement and Learning - The interactive Q&A session sparked lively discussions among students about "online game recharge scams," allowing them to share personal experiences and learn about prevention methods in a relaxed environment [1]. - A role-playing activity was conducted where students acted out scenarios involving telecom fraud, helping them recognize scam tactics and understand the importance of protecting family finances [1]. Group 3: Future Initiatives - The financial education initiative received positive feedback from schools, parents, and students, with the Bank of China Heilongjiang Branch committing to continue promoting financial literacy and innovating educational activities for broader community impact [2].