个性化解决方案 破解小微企业融资难 小微企业是稳就业、保民生的关键力量。长期以来，"融资难、融资贵、融资慢"影响小微企业的发展。 针对小微企业轻资产、缺抵押的特点，中国银行创新推出一系列专属金融产品，为不同行业、不同发展 阶段的小微企业提供个性化解决方案。 在郑州，某高新技术企业因中标超大订单急需资金采购原料，中国银行依托融资协调机制，为其开辟绿 色审批通道，仅用一周时间就完成贷款审批并到账。"以前在办理融资业务时，资金少说也得一个月左 右才能到。"该企业相关负责人表示，中国银行的资金支持不仅解了企业燃眉之急，更为企业发展注入 了信心。 重塑授信逻辑 "软资产"变融资"硬通货" ■本报记者 郝飞 从专利到生产线，从壮大特色产业到提升产业能级，中国银行正以全周期、全场景、全生态的金融服 务，构建起银企双向奔赴的新生态，为中原大地经济高质量发展注入澎湃动能。 科技企业普遍具有"轻资产、重研发、周期长"的特点，传统信贷模式难以满足其融资需求。中国银行打 破"看过去、看押品、看报表、看规模"的传统评估逻辑，转向"看产业、看技术、看团队、看未来"的授 信理念，将企业的知识产权、技术成果、人才团队等"软资产"转化为融资" ...

Investment Rating - The report maintains a positive outlook on the banking sector, suggesting potential investment opportunities due to favorable policy catalysts and improving fundamentals in certain banks [12]. Core Insights - The report highlights the adequacy of loan loss provisions among listed banks, with a provision coverage ratio of 70.8% for Stage 3 loans, indicating limited future impact on profits [2][12]. - It emphasizes the improvement in asset quality, particularly in Stage 3 loans, with notable reductions in the proportion of such loans for several banks compared to the end of Q4 2024 [1][2]. - The report suggests a focus on banks with positive fundamental changes and continuous improvement in financial statements, recommending specific banks for investment [12]. Summary by Sections 1. Loan Quality and Provisioning - The proportion of Stage 3 loans is relatively low for banks like Chengdu Bank (0.66%) and Ningbo Bank (0.76) [1]. - Significant improvements in Stage 3 loan ratios were observed for Chongqing Bank (-61bp) and Guiyang Bank (-48bp) compared to Q4 2024 [1]. - The provision coverage for Stage 3 loans is high, with leading banks like Qingnong Bank (4.35%) and Yunan Bank (4.16%) showing strong provisioning ratios [2]. 2. Financial Assets - The proportion of Stage 3 financial assets is low, with most banks not exceeding 0.05%, indicating manageable asset quality pressure [4]. - The report notes that the provision coverage for financial investments is also robust, with Zhejiang Bank (3.16%) and Qingdao Bank (2.85%) leading in provisioning ratios [8]. 3. Sector Outlook - The report anticipates that expansionary policies aimed at stabilizing the economy will benefit the banking sector, with a focus on banks like Ningbo Bank and Jiangsu Bank for potential investment [12]. - It highlights the ongoing economic recovery and the potential for interest rate cuts, suggesting a sustained dividend strategy for certain banks [12].

Core Insights - The total operating income of 42 listed banks exceeded 2.9 trillion yuan, with net profit surpassing 1.1 trillion yuan in the first half of the year, indicating strong financial performance [1] - Non-interest income has played a crucial role in improving bank performance, with significant growth observed across major state-owned banks and smaller banks [1][2] Group 1: Non-Interest Income Growth - Major banks reported substantial increases in non-interest income, with China Bank at 1141.87 billion yuan (up 26.43%), ICBC at 1135.16 billion yuan (up 6.5%), and CCB at 1075.64 billion yuan (up 19.64%) [2] - The growth in non-interest income is attributed to various factors, including a rise in fees and commissions, which reached 652.18 billion yuan for CCB, and a notable increase in other non-interest income for China Bank, which grew by 42.02% [2][3] Group 2: Factors Influencing Non-Interest Income - Analysts suggest that the high growth rates in non-interest income are due to the normalization of fee income after previous disruptions and a low base effect from last year's capital market activity [3] - The performance of non-interest income in the second half remains uncertain, with potential pressures from market volatility affecting investment income [3] Group 3: Regional Banks and Differentiation - Some regional banks have achieved remarkable growth in non-interest income, such as Changshu Bank with a 57.26% increase and Zhangjiagang Bank with a 140% rise in fee and commission income [4] - Regional banks are encouraged to leverage their local market knowledge to establish differentiated competitive strategies, focusing on wealth management and tailored financing services for local enterprises [5]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - From September 15th to September 19th, 2025, the issuance volume of credit bonds increased month - on - month, and the credit spreads of various industries showed mixed trends[1]. - The total trading volume of credit bonds increased, and the trading volumes of commercial bank bonds, corporate bonds, and medium - term notes ranked top three[4]. Summary by Directory 1. Primary Market 1.1 Issuance Statistics - During September 15 - 19, 2025, 455 credit bonds were issued, with a total issuance scale of 579.911 billion yuan, a month - on - month increase of 55.61%. Among them, 182 industrial bonds were issued, amounting to 202.499 billion yuan (up 63.71% month - on - month, accounting for 34.92% of the total); 217 urban investment bonds were issued, totaling 141.282 billion yuan (up 52.61% month - on - month, accounting for 24.36%); and 56 financial bonds were issued, reaching 236.13 billion yuan (up 50.98% month - on - month, accounting for 40.72%)[1][11]. - The average issuance term of credit bonds was 2.94 years. The average issuance terms of industrial bonds, urban investment bonds, and financial bonds were 2.42 years, 3.52 years, and 2.31 years respectively[1][13]. - The average issuance coupon rate of credit bonds was 2.28%. The average issuance coupon rates of industrial bonds, urban investment bonds, and financial bonds were 2.13%, 2.48%, and 1.97% respectively[2][18]. 1.2 Cancellation of Issuance Statistics - Four credit bonds were cancelled for issuance during the week, including "25 Xianggaosu CP003", "25 Datong D1", "25 Suzhou Energy MTN002", and "25 Tongzhouwan PPN003"[3][23]. 2. Secondary Market 2.1 Credit Spread Tracking - By industry, among Shenwan primary industries, for AAA - rated industries, the largest increase in credit spread was in the electronics industry (up 6.7BP), and the largest decrease was in the textile and apparel industry (down 6.8BP); for AA + - rated industries, the largest increase was in the electronics industry (up 1.2BP), and the largest decrease was in the mining industry (down 7BP); for AA - rated industries, the largest increase was in the real estate industry (up 14.3BP), and the largest decrease was in the agriculture, forestry, animal husbandry, and fishery industry (down 4.3BP)[3][25]. - By region for urban investment bonds, for AAA - rated bonds, the largest increase in credit spread was in Shanghai (up 3.3BP), and the largest decrease was in Shaanxi (down 10.2BP); for AA + - rated bonds, the largest increase was in Yunnan (up 4.7BP), and the largest decrease was in Hubei (down 5.9BP); for AA - rated bonds, the largest increase was in Fujian (up 6.5BP), and the largest decrease was in Jiangxi (down 5.8BP)[3][27]. - The credit spreads of coal and steel both showed mixed trends. The credit spreads of AAA and AA + - rated coal decreased by 1.2BP and 5.3BP respectively, and the credit spreads of AAA and AA + - rated steel decreased by 3.3BP and increased by 0.5BP respectively[25]. - The credit spreads of urban investment and non - urban investment bonds at all levels decreased. The credit spreads of three - level urban investment bonds decreased by 0.5BP, 3.1BP, and 1.8BP respectively, and the credit spreads of three - level non - urban investment bonds decreased by 1.5BP, 2.3BP, and 0.4BP respectively[25]. - The credit spreads of state - owned enterprises and private enterprises both showed mixed trends. The credit spreads of three - level central state - owned enterprises decreased by 1BP, 5.6BP, and increased by 0.2BP respectively; the credit spreads of three - level local state - owned enterprises decreased by 1.4BP, 1.8BP, and 2.1BP respectively; the credit spreads of three - level private enterprises decreased by 2BP, 2.3BP, and increased by 1BP respectively[26]. 2.2 Trading Volume Statistics - The total trading volume of credit bonds was 1.462306 trillion yuan, a month - on - month increase of 21.90%. The top three in terms of trading volume were commercial bank bonds, corporate bonds, and medium - term notes. The trading volume of commercial bank bonds was 479.739 billion yuan (up 26.26% month - on - month, accounting for 32.81% of the total trading volume); the trading volume of corporate bonds was 432.035 billion yuan (up 29.94% month - on - month, accounting for 29.54%); the trading volume of medium - term notes was 311.265 billion yuan (up 14.08% month - on - month, accounting for 21.29%)[4][28]. 2.3 Actively Traded Bonds This Week - According to DM client data, the top 20 urban investment bonds, industrial bonds, and financial bonds in terms of trading volume during the week are provided for investors' reference, including details such as bond codes, names, trading volumes, yields, and issuers[30][31][33].

Report Overview - This is a weekly data tracking report on secondary capital bonds from September 15 to September 19, 2025, covering primary market issuance, secondary market trading, and valuation deviation of individual bonds [1]. 1. Primary Market Issuance - Two secondary capital bonds were newly issued in the inter - bank and exchange markets this week, with a total issuance scale of CNY 60 billion. The issuers are central financial enterprises in Beijing, with a credit rating of AAA. The issuance terms are 10 - year and 15 - year [1]. - The issuer is Agricultural Bank of China Limited, issuing two bonds: "25 Agricultural Bank Secondary Capital Bond 03B(BC)" with an issuance amount of CNY 25 billion and a term of 15 years, and "25 Agricultural Bank Secondary Capital Bond 03A(BC)" with an issuance amount of CNY 35 billion and a term of 10 years [7]. 2. Secondary Market Trading 2.1 Trading Volume - The total trading volume of secondary capital bonds this week was approximately CNY 177.8 billion, an increase of CNY 16.3 billion compared to last week. The top three bonds in terms of trading volume were "25 Industrial and Commercial Bank of China Secondary Capital Bond 02BC" (CNY 7.509 billion), "25 Industrial and Commercial Bank of China Secondary Capital Bond 01BC" (CNY 6.623 billion), and "25 China Construction Bank Secondary Capital Bond 01BC" (CNY 5.416 billion) [2]. - By issuer's regional location, the top three regions in terms of trading volume were Beijing (CNY 131.5 billion), Shanghai (CNY 15.3 billion), and Guangdong (CNY 7 billion) [2]. 2.2 Yield to Maturity - As of September 19, for 5 - year secondary capital bonds, the yield - to - maturity changes of AAA -, AA +, and AA - rated bonds compared to last week were - 1.51BP, - 1.01BP, and 1.99BP respectively; for 7 - year bonds, the changes were 1.63BP for all of AAA -, AA +, and AA - rated bonds; for 10 - year bonds, the changes were 3.53BP, 4.06BP, and 4.06BP respectively [2]. 3. Valuation Deviation of Top 30 Individual Bonds 3.1 Discounted Bonds - This week, the overall valuation deviation of the weekly average trading price of secondary capital bonds was not significant. The proportion of discounted transactions was less than that of premium transactions, but the discount amplitude was greater than the premium amplitude. - The top three bonds with the highest discount rates were "23 Huaibei Rural Commercial Bank Secondary Capital Bond 01" (- 0.8469%), "23 Feixi Rural Commercial Bank Secondary Capital Bond 01" (- 0.8123%), and "22 Chengdu Rural Commercial Bank Secondary 01" (- 0.7313%). The remaining discount rates were within - 0.50%. The implied ratings of ChinaBond were mainly AAA -, AA, and AA +, and the bonds were mostly from Beijing, Guangdong, and Sichuan [3]. 3.2 Premium Bonds - The top four bonds with the highest premium rates were "23 Chouzhou Commercial Bank Secondary Capital Bond 01" (0.8295%), "21 Xingtai Bank Secondary 01" (0.7102%), "24 Fudian Bank Secondary Capital Bond 01" (0.6358%), and "24 Bank of Communications Secondary Capital Bond 02B" (0.3861%). The remaining premium rates were within 0.37%. The implied ratings of ChinaBond were mainly AAA -, AA +, and AA -, and the bonds were mostly from Beijing, Shanghai, and Yunnan [3].

曲恒善、赵秀军被查 9月19日，中央纪委国家监委驻中国银行纪检监察组、辽宁省纪委监委消息：中国银行大连市分行原党 委委员、副行长曲恒善涉嫌严重违纪违法，目前正接受纪律审查和监察调查。 （原标题：大连中行原副行长曲恒善，落马！已退休多年，去年还在大连银行领取24万独董津贴） 又有多名国有大行干部落马消息传来！ 9月19日晚间，据中央纪委国家监委网站消息，中国银行大连市分行原党委委员、副行长曲恒善因涉嫌 严重违纪违法被查，公开资料显示，曲恒善已从中行退休多年。 就在近日，交通银行山西省分行党委委员、副行长赵秀军涉嫌严重违纪违法被查。 还有多名大行原干部在被查数月后，具体处分近日落地。其中工商银行河南省分行原党委书记、行长许 杰被开除党籍，取消其享受的待遇；通报显示其"追求低级趣味、私欲膨胀、以权敛财"。中国银行集中 采购中心原副总经理关小虎被开除党籍和公职，通报称其"在职工录用方面为他人谋取利益"和"有巨额 财产不能说明来源"。 许杰被指"私欲膨胀、以权敛财" 近日，多名国有大行干部被处分的具体情况公布。9月16日消息，工商银行河南省分行原党委书记、行 长许杰被开除党籍。而在今年2月，许杰因严重违纪违法问题被立案 ...

Group 1 - The 15th China Henan International Investment and Trade Fair aims to enhance high-level openness and support industrial development through a series of economic and trade activities [1] - The event includes the "Zhengzhou International Financial Development Dialogue and China (Henan) - ASEAN Cooperation Development New Opportunities Exchange Activity," which focuses on deepening financial cooperation between Henan and ASEAN regions [1] - China Bank's Henan branch plays a crucial role in facilitating high-level foreign trade and investment, with over 70% coverage of service for import and export enterprises in the province [1] Group 2 - China Bank's Henan branch actively engages with nearly 7,000 import and export enterprises, providing customized cross-border financial services, including foreign currency settlement and financing [2] - The bank has assisted enterprises in achieving over $4.5 billion in foreign exchange hedging transactions through government-supported risk mitigation policies [2] - The upcoming event will gather representatives from various sectors to explore new pathways for regional financial cooperation and provide financial support for modern industrial upgrades [2]

又有多名国有大行干部落马消息传来！ 9月19日晚间，据中央纪委国家监委网站消息，中国银行大连市分行原党委委员、副行长曲恒善因涉嫌严重违纪违法被 查，公开资料显示，曲恒善已从中行退休多年。 就在近日，交通银行山西省分行党委委员、副行长赵秀军涉嫌严重违纪违法被查。 还有多名大行原干部在被查数月后，具体处分近日落地。其中工商银行河南省分行原党委书记、行长许杰被开除党籍， 取消其享受的待遇；通报显示其"追求低级趣味、私欲膨胀、以权敛财"。中国银行集中采购中心原副总经理关小虎被开 除党籍和公职，通报称其"在职工录用方面为他人谋取利益"和"有巨额财产不能说明来源"。 曲恒善、赵秀军被查 9月19日，中央纪委国家监委驻中国银行纪检监察组、辽宁省纪委监委消息：中国银行大连市分行原党委委员、副行长曲 恒善涉嫌严重违纪违法，目前正接受纪律审查和监察调查。 券商中国记者注意到，曲恒善卸任中行大连分行副行长多年，退休后到大连银行担任独立董事。大连原银保监局公开批 复信息显示，2019年11月，大连原银保监局核准了曲恒善大连银行独立董事任职资格。另据大连银行2024年年报，截至 去年末，曲恒善担任该行独立董事，董事津贴为24万元。 大 ...

Group 1: Event Overview - The 9th Hebei Provincial Tourism Industry Development Conference was held on September 16-17, featuring a "main and sub-venue linkage" model with Xingtai as the main venue and Shijiazhuang, Zhangjiakou, Baoding, and Handan as sub-venues [1] - The conference included various activities promoting the scenic beauty and diverse tourism offerings of the Taihang Mountains, aiming to attract more tourists [1][2] Group 2: Tourism Resources and Performance - Hebei is recognized for its diverse geographical features, including grasslands, beaches, deserts, lakes, plateaus, plains, mountains, and forests, making it a "national geographic reader" [2] - In 2023, Hebei's total tourism revenue exceeded 1 trillion yuan, reaching 1,011.62 billion yuan, with a projected revenue of 1,114.83 billion yuan in 2024 and 937 million visitors [2] - Despite strong performance metrics, Hebei struggles with public perception and recognition as a tourist destination compared to southern provinces, indicating a need for improvement in tourism development and service quality [2][3] Group 3: Future Plans and Goals - Hebei aims to achieve 1.03 billion tourists and 1.2 trillion yuan in tourism revenue by the end of this year, with long-term goals set for 2027 to reach 1.36 billion tourists and 1.6 trillion yuan in revenue, targeting an annual growth rate of at least 15% [4]

Group 1 - The private placement market has seen significant growth this year, with 99 listed companies completing placements, raising a total of 757.34 billion yuan, a year-on-year increase of 534.49% [1] - The industries with the highest number of companies conducting private placements include chemicals, machinery, hardware equipment, electrical equipment, and semiconductors, with 15, 10, 10, 9, and 7 companies respectively [1] - Eight companies raised over 10 billion yuan through private placements, with four major banks raising a combined total of 520 billion yuan [1] Group 2 - A total of 270 listed companies have disclosed private placement plans this year, representing a year-on-year increase of 126.89% [2] - Private placement funding is crucial for the development of companies, particularly in the semiconductor and electrical equipment sectors, enabling them to attract talent and enhance R&D [2] - The active participation of institutional investors in private placements is driven by improved market conditions and positive future expectations [2]