——行业深度报告 刘呈祥（分析师） 朱晓云（分析师） liuchengxiang@kysec.cn 证书编号：S0790523060002 zhuxiaoyun@kysec.cn 证书编号：S0790524070010 2025 年 12 月 04 日 存款偏离与指标问题对当前司库策略的影响 司库负债策略讲究头寸、指标与成本的三面平衡 平头寸（补齐流动性缺口）：1、当期缺口：总行需根据经营机构报备的每日走回 款情况，对全行当日资金余缺进行调剂。2、预期缺口——基于银行对资负两端 现金流预判，评估未来一段时间内可预见的流动性缺口，有以下几种模式：（1） 负债稳健，长期资产投放型，国有行为主。（2）中期融资压力型：3M-1Y 负缺 口突出，对市场利率波动敏感。（3）滚动融资压力型：1M 以内负缺口占比较大。 流动性风险指标：需满足 LCR、NSFR、LR、LMR 和存款准备金率等指标要求。 负债成本管理是"效益线"：通过 FTP 等定价工具引导综合负债成本优化。 行 业 研 究 同业存单的资金属性或逐渐减弱，定价更多反映银行内部管理诉求。下阶段， 因司库的成本管控诉求增强，其用于调控缺口和指标的市场化资金来源几乎 ...

近日，一张漂洋过海且含金量十足的榜单"造访"了中国银行业。在这个被视为"银行业奥斯卡"的 2025年度评选中，中信银行站上C位，荣膺"2025年中国年度银行"。该份榜单是国际专业财经媒体英国 《银行家》（The Banker）对于中信银行近年来在服务实体经济领域一系列创新实践的认同与褒奖，在 历届榜单中，工商银行、农业银行等国有大行和几家头部股份制银行也曾斩获该年度银行奖项。 那么，包括中信银行在内的中国银行业金融机构的"小金人"究竟是如何炼成的？其实，问道银行品 牌的"铸金之径"，其意义并不局限于银行业自身的品牌建设与发展，而是期待在新一轮科技革命浪潮奔 涌、"十五五"宏伟蓝图徐徐展开、建设金融强国旌旗猎猎的大时代，找到银行业赋能实体经济高质量发 展的"最优解"。 信立根 银行自诞生之初，便与"信用"血脉相连。 现代银行所从事的金融业务的本质是信用，而品牌的根基同样在于信任。在经济社会深刻变革的当 下，"信"如同数学中无数个"0"前面最关键的"1"，不仅是银行自身的发展根基，也是金融强国战略下品 牌建设的发展起点。 中信银行显然深谙此道，将"信"融入品牌基因。从"让财富有温度"的品牌主张，到"信·新"品牌论 ...

Group 1 - Yonghe Intelligent Control plans to publicly transfer 100% equity and a debt of 114 million yuan of its subsidiary Chengdu Shanshuishang Hotel, with a minimum listing price of 185 million yuan [1] - Grinda intends to invest 79.9999 million yuan to subscribe for 764,400 shares of Muxi Integrated Circuit (Shanghai) Co., accounting for 0.19% of the total share capital after issuance [1] - Tianshan Aluminum's actual controllers plan to reduce their holdings by no more than 1% of the company's shares starting from December 25, 2025 [1][2] Group 2 - Guang'an Aizhong plans to publicly issue bonds not exceeding 1 billion yuan to repay debts and supplement working capital [3] - Tengda Technology's shareholder plans to reduce holdings by no more than 0.8% of the company's shares starting from December 26, 2025 [4] - Tianwo Technology intends to invest in a 300,000-kilowatt "solar thermal + wind power integration" project with a total investment not exceeding 1.918 billion yuan [5][6] Group 3 - Yunnan Energy Investment announces that three wind power expansion projects have achieved full capacity grid connection, adding 596,250 kilowatts of wind power capacity [7] - Jinggong Technology wins a bid for a carbon fiber production base project worth 729 million yuan, accounting for 42.16% of its audited revenue for 2024 [8] - CITIC Bank's risk director's qualification has been approved by the regulatory authority [9][10] Group 4 - Electric Media plans to establish a joint venture with Mango Super Media and Zhangjiajie Tourism Group with a registered capital of 180 million yuan [11] - New Lai Ying Material's subsidiary plans to invest 157 million yuan to acquire a 51% stake in Anpu Intelligent Technology [13] - Kuaiji Elevator has been notified of the cancellation of its high-tech enterprise qualification for 2021-2023, which may impact its operating performance [15] Group 5 - Huakai Yibai's shareholders plan to reduce their holdings by no more than 2.94% of the company's shares [16] - Del Shares' shareholder plans to reduce holdings by no more than 2.98% of the company's shares [17] - Rifa Precision plans to sell idle assets for 155 million yuan to an affiliated party [19] Group 6 - Wanlong Optoelectronics is planning a major asset restructuring and has suspended trading of its shares [20] - Bangjie Co.'s shareholder plans to reduce holdings by no more than 400,000 shares [22] - Nanhua Instrument's actual controller and related parties plan to reduce holdings by no more than 1.62% of the company's shares [24] Group 7 - Unisplendour has re-submitted its H-share listing application to the Hong Kong Stock Exchange [25] - Zhongshi Technology plans to acquire 51% of Zhongshi Xun Cold for 35.7 million yuan [26] - Pulutong is planning a major asset restructuring and has suspended trading of its shares [26]

Core Insights - The 10th "Maker China" National Finals for small and medium-sized enterprises (SMEs) innovation and entrepreneurship competition was held in Zhengzhou, gathering representatives from various sectors including enterprises, financial institutions, and research institutes [1][2] - CITIC Bank participated as a financial service partner, providing insights on the "14th Five-Year Plan" and macroeconomic outlook, while also facilitating various financial and project matching activities [1][2] Group 1 - CITIC Bank focuses on high-quality development and leverages the full financial license advantages of CITIC Group to empower technology innovation enterprises [2] - The bank offers a comprehensive financial service solution for technology enterprises throughout their lifecycle, from seed stage to IPO, emphasizing services beyond just credit [2] - Customized products for tech enterprises include "Tech e-loan," "Xiaotianyuan" digital management platform, and various other financial services aimed at enhancing enterprise growth [2] Group 2 - As the financial cooperation bank for the 2025 "Maker China" competition, CITIC Bank aims to support over 4,000 participating enterprises and connect with more than 1,600 service providers across emerging fields like artificial intelligence [2] - The Zhengzhou branch of CITIC Bank will continue to follow up on the competition's outcomes, enhancing financial services and innovation results conversion, while strengthening collaborations with local governments and investment institutions [2] - The bank aims to enrich the connotation of technology innovation financial services, contributing to the growth of technology enterprises in Henan province [2]

相关ETF 恒生红利ETF (产品代码：159726) ★ 跟踪：恒生中国内地企业高股息率指数 （原标题：中信银行荣膺英国《银行家》 "2025中国年度银行"大奖） 0:00 当地时间12月3日，国际权威财经媒体英国《银行家》（The Banker）杂志在伦敦揭晓年度银行榜单,中信银行荣膺"2025年中国年度银行"（Bank of the Year China 2025）大奖。 英国《银行家》杂志主办的"年度银行"评选是全球银行业最负盛名的奖项之一，以其独立、权威的评审体系著称， 被誉为全球银行业的"奥斯卡"。此次是中信银行继2017年获奖后再度折桂，不仅标志着其在贯彻落实中央关于金融工作各项决策部署、扎实推进 高质量发展方面取得突出成果，更展现了其在中国银行业商业化、国际化进程中的标杆地位。据Brand Finance揭晓的《2025年全球银行品牌价值 榜》，中信银行的品牌价值为169.5亿美元，同比增幅27.2%，成为中国内地银行中品牌价值增幅第一的金融机构。 《银行家》杂志高度评价了中 信银行围绕社会议题与不断变化的客群需求所进行的一系列创新实践。评委会特别指出，中信银行围绕客户全生命周期需求，构建了横 ...

在支持科技企业方面，中信银行落地多笔并购贷款项目，总规模达 30 亿元人民币（约合 4.22 亿美 元），涵盖科技并购贷、科技改造贷、科技固定资产贷等品类，目前已在全国投放 18 笔相关贷款。此 外，该行还牵头主承销了全国首批科技创新债券，包含 9 只债券，重点投向民营企业扶持、产业投资等 领域。 技术创新层面，该行自主研发的仓颉 AI 平台整合了 OpenAI 协议、深度求索等大语言模型，已在财富 管理、客户服务等 80 余个银行业务场景完成应用探索。2024 年全年，通过 AI 技术的全面落地，该行 实现了相当于 1.5 万人年的效率提升。 12月4日金融一线消息，国际权威财经媒体英国《银行家》（The Banker）杂志近日揭晓年度银行榜 单，中信银行、中国银行（香港）、中国工商银行（澳门）荣获2025年度亚太地区最佳银行大奖。 中信银行荣膺中国年度最佳银行 据介绍，中信银行凭借全方位业务革新，以及运用人工智能打造适老服务场景的举措，荣膺中国年度最 佳银行。 在适老服务领域，该行依托养老保障体系，针对老年客群积极开展金融知识普及活动，帮助老年客户提 升认知并合理选择储蓄账户、养老基金等产品。同时，该行还 ...

12月3日，国际权威财经媒体英国《银行家》(The Banker)杂志在伦敦揭晓年度银行榜单,中信银行获 得"2025年中国年度银行"(Bank of the Year China 2025)大奖。 英国《银行家》杂志主办的"年度银行"评选是全球银行业最负盛名的奖项之一，以其独立、权威的评审 体系著称，被誉为全球银行业的"奥斯卡"。此次是中信银行继2017年获奖后再度折桂，不仅标志着其在 贯彻落实中央关于金融工作各项决策部署、扎实推进高质量发展方面取得突出成果，更展现了其在中国 银行业商业化、国际化进程中的标杆地位。据Brand Finance揭晓的《2025年全球银行品牌价值榜》，中 信银行的品牌价值为169.5亿美元，同比增幅27.2%，成为中国内地银行中品牌价值增幅第一的金融机 构。 《银行家》杂志高度评价了中信银行围绕社会议题与不断变化的客群需求所进行的一系列创新实践。评 委会特别指出，中信银行围绕客户全生命周期需求，构建了横跨零售、对公和金融市场，以及涵盖财富 管理、综合融资、交易结算、外汇服务、数字化银行等领域、层次分明且覆盖广泛的产品与服务矩阵。 其通过养老支柱产品项目为银发客户提供支持，满足中 ...

Core Insights - The recent approval of three financial asset investment companies (AICs) marks the establishment of the first batch of national joint-stock bank AICs in China, expanding the total number of bank-affiliated AICs to nine [1][2] Group 1: AIC Establishment and Function - The newly approved AICs include Xinyin Financial Asset Investment Co., Xinyin Financial Asset Investment Co., and Zhaoyin Financial Asset Investment Co., with registered capitals of 150 billion yuan and 100 billion yuan respectively [1] - AICs were initially designed for market-oriented debt-to-equity swaps, serving as a "risk isolation wall" and "asset restructuring expert" within the banking system, aimed at reducing corporate leverage and mitigating financial risks [1][3] - The role of AICs has evolved to become a major player in equity investment, particularly following recent policy expansions that have increased their investment scope and intensity [1] Group 2: Comparison Between AICs - The newly established AICs share common features with state-owned bank AICs, including core functions, regulatory frameworks, policy guidance, and operational models [2] - Differences exist in shareholder backgrounds, resource endowments, capital scales, and regional layouts, with state-owned AICs benefiting from larger asset scales and nationwide networks, focusing on large state-owned enterprises [2] - In contrast, joint-stock bank AICs have a slightly lower capital scale and are more concentrated in their initial focus, primarily serving private and innovative small and medium-sized enterprises [2] Group 3: Impact on the Economy - The entry of AICs is expected to significantly promote enterprise transformation and high-quality development by alleviating corporate debt burdens through debt-to-equity swaps, thereby facilitating technological research and product innovation [3] - AICs are positioned to support specialized and innovative enterprises, as well as technology-driven small and medium-sized enterprises, while also restructuring and revitalizing companies in debt distress through market-oriented and legal means [3]

Core Points - The board of directors of CITIC Bank has approved the appointment of Mr. Jin Xinian as the Chief Risk Officer, effective from December 2, 2025, following the approval of his qualifications by the National Financial Regulatory Administration [1][3] - The approval notice from the National Financial Regulatory Administration regarding Mr. Jin's qualifications was received by CITIC Bank, confirming his role as Chief Risk Officer [1][2] Summary by Sections - **Appointment Details** - Mr. Jin Xinian was appointed as the Chief Risk Officer during the board meeting held on September 28, 2025 [1] - His official start date is December 2, 2025, after receiving regulatory approval [1] - **Regulatory Approval** - The National Financial Regulatory Administration has issued a formal approval for Mr. Jin's qualifications as Chief Risk Officer [1] - The approval document is referenced as Jin Fu [2025] No. 686 [1] - **Disclosure Information** - Additional information regarding Mr. Jin's resume and other legally required disclosures can be found on the Shanghai Stock Exchange website and CITIC Bank's official website [1]

Core Viewpoint - CITIC Bank has appointed Jin Xinian as the new Chief Risk Officer, following the approval of his qualifications by the National Financial Regulatory Administration [1] Group 1 - CITIC Bank's board meeting on September 28, 2025, approved the appointment of Jin Xinian as Chief Risk Officer [1] - The National Financial Regulatory Administration has granted approval for Jin Xinian's qualifications as Chief Risk Officer [1] - Jin Xinian officially assumes the role of Chief Risk Officer at CITIC Bank starting December 2, 2025 [1]