Market Overview - The Shanghai Composite Index rose by 0.16% on December 18, with 12 out of 28 sectors experiencing gains, led by the banking and coal industries, which increased by 1.97% and 1.89% respectively [1] - The power equipment and communication sectors saw the largest declines, with decreases of 2.22% and 1.58% respectively [1] Capital Flow Analysis - The main capital flow showed a net outflow of 32.578 billion yuan across the two markets, with 8 sectors experiencing net inflows [1] - The defense and military industry had the highest net inflow, totaling 2.29 billion yuan and a daily increase of 0.90%, followed by the banking sector with a net inflow of 927 million yuan and a daily increase of 1.97% [1] Banking Sector Performance - The banking sector increased by 1.97% with a total net inflow of 927 million yuan, comprising 42 listed companies, all of which saw gains [2] - Among the banking stocks, 27 experienced net inflows, with 9 stocks receiving over 50 million yuan; the highest inflow was for Industrial Bank at 157 million yuan, followed by Agricultural Bank and Bank of Communications with inflows of 137 million yuan and 116 million yuan respectively [2] - The stocks with the largest net outflows included Postal Savings Bank, Suzhou Bank, and Qingdao Bank, with outflows of 53.26 million yuan, 39.29 million yuan, and 15.34 million yuan respectively [2] Individual Banking Stocks Performance - Notable banking stocks and their performance include: - Industrial Bank: +2.25%, 157.19 million yuan inflow [2] - Agricultural Bank: +2.01%, 136.65 million yuan inflow [2] - Bank of Communications: +2.05%, 116.49 million yuan inflow [2] - China Construction Bank: +2.58%, 71.12 million yuan inflow [2] - Postal Savings Bank: +1.12%, 53.26 million yuan outflow [3]

（中国信保党委委员赵蓉） 简历显示，赵蓉，女，1971年生，系复旦大学经济学院世界经济系1989级本科生，复旦大学世界经济研 究所金融学1993级硕士研究生，1995年毕业。同年，赵蓉考取中国人民银行研究生部博士研究生，并于 1998年毕业。 南方财经全媒体记者 林汉垚 今日，21世纪经济报道记者注意到，中国出口信用保险公司（以下简称"中国信保"）官网更新公司领导 信息，中国银行股份有限公司（以下简称"中国银行"）风险总监赵蓉已出任中国信保党委委员。 自2024年10月起，赵蓉出任中国银行风险总监，2024年9月起兼任中国银行风险管理部总经理。 据了解，中国信保成立于2001年12月18日，是由国家出资设立、支持中国对外经济贸易发展与合作的国 有政策性保险公司。 截至2025年6月底，中国信保累计支持的国内外贸易和投资规模超过9.5万亿美元，为38万家企业提供了 信用保险及相关服务，企业获赔受偿累计超250亿美元。 目前，中国信保公司领导包括党委书记、董事长王浩；党委副书记、副董事长、总经理盛和泰；党委副 书记李文森；党委委员、中央纪委国家监委驻公司纪检监察组组长李景龙；党委委员、副总经理徐新 伟；党委委员、 ...

Core Viewpoint - The trend of banks discontinuing co-branded credit cards is increasing, reflecting changes in market dynamics and consumer behavior, leading to a focus on more efficient product offerings [1][4][7]. Group 1: Discontinuation of Co-branded Credit Cards - Guangfa Bank announced the discontinuation of five co-branded credit cards starting February 1, 2026, due to the expiration of cooperation agreements [1]. - Major banks, including state-owned banks and regional commercial banks, have also stopped issuing co-branded credit cards across various sectors such as e-commerce and travel [1][4]. - The phenomenon of discontinuing co-branded credit cards is becoming common, with banks like Zhejiang Rural Commercial Bank and Wuhan Rural Commercial Bank ceasing to issue specific co-branded cards [4][5]. Group 2: Market Changes and Challenges - The credit card market has become saturated, with many users holding multiple cards that are underutilized, prompting banks to streamline their offerings [7][8]. - The decline in the effectiveness of co-branded credit cards is attributed to changing market conditions, where banks struggle to maintain profitable partnerships with co-branding entities [7][8]. - The operational costs associated with maintaining co-branded cards, including high authorization fees and marketing expenses, have led banks to reduce their product lines [6][8]. Group 3: Organizational Adjustments - Banks are undergoing structural changes, closing down several regional centers and consolidating their credit card operations to improve efficiency [9][10]. - The integration of credit card functionalities into main banking apps is a trend, with institutions like Bank of China shutting down independent credit card apps to streamline services [9][10]. - The focus is shifting from acquiring new customers to enhancing the value of existing customer relationships through tailored services and benefits [10]. Group 4: Future Outlook - The total number of credit cards in circulation has decreased significantly, with a drop of approximately 1 billion cards, or 12%, from the peak in June 2022 [10]. - The future competitiveness of banks will depend on their ability to leverage credit cards to enhance retail service offerings and respond to evolving consumer needs [10].

Core Viewpoint - The collaboration between Bank of China and China Pacific Insurance aims to support the high-quality development of Tianjin's shipping finance sector through a comprehensive service plan [1] Group 1: Collaboration and Support - The joint initiative will integrate efforts from financial institutions to support the shipping industry chain and ecosystem development [1] - The plan will involve collaboration with government and regulatory bodies to promote resource sharing and integration among enterprises [1] Group 2: New Mechanism and Development Framework - The initiative aims to establish a new dual-driven mechanism of "intelligent financing and connectivity" [1] - It seeks to create a collaborative development framework involving government, banks, insurance, and enterprises to enhance the comprehensive service capabilities of the Northern International shipping core area [1]

Core Viewpoint - The agricultural bank's inclusive financial services are crucial for supporting small and micro enterprises, stabilizing the economy, and promoting high-quality development across various regions in China [1][2]. Group 1: Financial Support for Small and Micro Enterprises - Financial support for small and micro enterprises is essential for economic stability, job security, and innovation [1]. - As of the end of November this year, the balance of inclusive micro and small loans reached 35.88 trillion yuan, reflecting an 11.4% year-on-year increase [1]. - The People's Bank of China announced a 300 billion yuan increase in re-loan quotas to support agricultural, small, and private enterprises [2]. Group 2: Innovative Financial Products - Banks are innovating financial products to address the financing challenges faced by small and micro enterprises, such as the "Lanzhou Bank's Hui Loan" which offers lower interest rates [2]. - The "Order e-loan" product from Citic Bank provides quick online financing solutions for businesses in need of immediate cash flow [4]. Group 3: Technology Empowerment - Financial institutions are leveraging technology, including big data and cloud computing, to enhance service quality and efficiency for small and micro enterprises [6]. - SuShang Bank has improved its credit assessment process by analyzing non-financial indicators, resulting in a nearly 50% increase in the proportion of credit loans for innovative enterprises [6]. Group 4: Policy and Regulatory Support - The financial regulatory authorities have implemented measures to strengthen the financing coordination mechanism for small and micro enterprises, particularly focusing on technology-driven companies [4]. - The central bank's policies aim to guide financial resources towards the agricultural and small business sectors, emphasizing the social responsibility of banks [2][3].

Group 1 - The core viewpoint of the news is that China's central economic work conference emphasizes the importance of innovation-driven development and the establishment of three major international science and technology innovation centers, expanding from individual cities to regions [1][2] - The three international innovation centers are Beijing, Shanghai, and the Guangdong-Hong Kong-Macao Greater Bay Area, with a focus on regional collaboration and resource concentration to create a global highland for technological innovation [2][4] - The conference highlights the need for improved intellectual property protection, governance of artificial intelligence, and innovative financial services to support technological innovation [2][3] Group 2 - Major state-owned banks are actively supporting technological innovation by enhancing their financial services and focusing on key areas such as expanding domestic demand and supporting small and medium-sized enterprises [4][6] - The total balance of technology loans from major banks has seen rapid growth, with Industrial and Commercial Bank of China reaching over 6 trillion yuan, Agricultural Bank of China at 4.7 trillion yuan, Bank of China at 4.59 trillion yuan, and China Construction Bank at 5.15 trillion yuan as of June this year [6][7] - There is a shift from traditional collateral-based financing to more innovative financial products that cater to the unique characteristics of technology enterprises, such as knowledge property and R&D investments [5][8]

Group 1 - The core viewpoint of the articles highlights the role of China Bank in supporting rural revitalization and agricultural development through innovative financial products and services [1][2][4]. Group 2 - In Guangxi, China Bank provided an 800,000 yuan "Jasmine Tea Loan" to help a buyer manage cash flow during the jasmine flower harvest season [1]. - In Ningxia, the introduction of the "Goji Berry Loan" has encouraged local farmers to expand cultivation, while the "Ningke Loan" supports the development of new products like goji berry juice and masks [2]. - In Hebei, China Bank has invested over 350 million yuan in projects to improve saline-alkali land, enhancing agricultural productivity in the region [2]. - In Shaanxi, the bank has launched specialized financial products such as "Kiwi Loan" and "Apple Loan," providing over 500 million yuan in credit support to promote local agricultural products [3]. - In Zhejiang, China Bank invested 20 million yuan to support service industry projects and village renovations, enhancing local tourism and community income [4]. - The bank has developed a "Beautiful Countryside Smart Platform" to improve rural governance and service efficiency, alongside launching a mobile banking app tailored for farmers [4]. - China Bank emphasizes its commitment to rural finance, aiming to continuously inject financial vitality into rural revitalization efforts [4].

Core Insights - The establishment of the multi-functional free trade account (EF account) in Hainan has significantly enhanced cross-border capital flow, with over 650 accounts opened and transaction volumes exceeding 250 billion yuan by October 2025 [1][4] - Hainan's cross-border RMB payment volume reached over 420 billion yuan from January to October 2025, marking a 16-fold increase compared to the same period in 2020 [1][6] - The financial sector plays a crucial role in supporting the construction of Hainan Free Trade Port, facilitating trade and investment freedom [2][9] Financial Infrastructure and Policy Development - The "Overall Plan for the Construction of Hainan Free Trade Port" emphasizes the need for a multi-functional free trade account system to facilitate cross-border trade and investment [3][4] - The pilot program for cross-border trade and investment was expanded to the entire province in February 2024, enhancing the convenience of cross-border financing [4] - The establishment of the cross-border capital centralized operation center in Hainan is a key development, providing a comprehensive financial infrastructure for enterprises [5] Cross-Border Investment and Asset Management - The release of the implementation rules for cross-border asset management pilot business in July 2023 aims to support foreign investors in participating in Hainan's financial market [7][8] - The cross-border asset management pilot business is designed to create a dual-directional open comprehensive asset management platform, focusing on domestic investments while attracting qualified foreign institutions and individuals [8] - The innovative financial products developed under this pilot program are expected to attract more domestic and foreign asset management institutions to Hainan [7][8] Enhancing Financial Services for the Real Economy - The "14th Five-Year Plan" for Hainan emphasizes improving the quality and efficiency of financial services for the real economy [9][10] - Hainan Free Trade Port is positioned as a significant platform for promoting financial openness and the internationalization of the RMB [9][10] - Financial institutions are expected to deepen their presence in Hainan, focusing on cross-border trade and investment, and enhancing the convenience of cross-border capital flow [10]

12月11日，贵州茅台（600519）披露中期权益分派实施公告，以总股本12.52亿股为基数，每股派发23.957元现金 红利，共计派发300.01亿元，此次分红除权除息日为12月19日。 事实上，近期A股市场正迎来一波现金"红包雨"，掀起"春节前分红"的一波阶段性小高峰。《金融时报》记者根据 数据统计，截至12月15日，近两周内（12月8日至12月19日），包括四大银行、贵州茅台等在内，共有75家上市公 司合计2402.13亿元现金分红即将到账。 据《金融时报》记者不完全统计，今年以来，已有1084家A股上市公司公布中期（一季报、半年报、三季报）现 金分红方案，共宣告中期分红计划总额7807.29亿元。其中，沪市上市公司宣告中期分红计划总额6441亿元，同比 增长11%，显示出沪市公司分红意愿、分红能力同步提升的良性态势。 值得一提的是，上述分红一部分已在或将在春节前发放。据《金融时报》记者不完全统计，目前，拥有中期分红 计划的公司尚有127家未确定除权除息日，对应金额为913.87亿元待发放，有望在春节前落地。 稳定的分红策略，正在深度重塑上市公司与投资者之间的关系，这也是资本市场回归本源、夯实价值投资基 ...

二、核准中国银行遵义分行业务范围为：经银行业监督管理机构批准并经上级行授权的业务。 2025年12月11日，遵义金融监管分局发布批复称，《中国银行（601988）遵义分行关于辖属中国银行股 份有限公司正安支行开业的请示》（遵中银报〔2025〕103号）收悉。经审核，现批复如下： 一、同意中国银行股份有限公司正安支行开业，营业场所为正安县凤仪镇文昌社区七鑫·未来世界一组 团A14栋1层1号商业门面。 三、接此批复文件后，中国银行应按照有关规定领取许可证并办理开业前的相关手续。开业后及时向遵 义金融监管分局报告相关情况。 ...