会议指出，要引导大型银行发挥金融服务实体经济主力军作用，推动中小银行聚焦主责主业，增强银行 资本实力，共同维护金融市场的稳定发展。有效落实好各类结构性货币政策工具，扎实做好金融"五篇 大文章"，加强对扩大内需、科技创新、中小微企业等重点领域的金融支持。用好证券、基金、保险公 司互换便利和股票回购增持再贷款，探索常态化的制度安排，维护资本市场稳定。持续做好支持民营经 济发展壮大的金融服务。切实推进金融高水平双向开放，提高开放条件下经济金融管理能力和风险防控 能力。 会议强调，要以习近平新时代中国特色社会主义思想为指导，全面贯彻落实党的二十届四中全会和中央 经济工作会议精神，按照党中央、国务院的决策部署，牢牢把握高质量发展首要任务，扎实推进中国式 现代化，完整准确全面贯彻新发展理念，加快构建新发展格局。把做强国内大循环摆到更加突出的位 置，统筹好总供给和总需求的关系，增强宏观政策前瞻性针对性协同性，着力扩大内需、优化供给，做 优增量、盘活存量，不断巩固拓展经济稳中向好势头。 本次会议由中国人民银行行长兼货币政策委员会主席潘功胜主持，货币政策委员会委员宣昌能、邹澜、 李云泽、吴清、康义、朱鹤新、谷澍、王一鸣、黄海洲 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week, the credit spreads of the AAA electrical equipment industry compressed significantly compared to last week, while the credit spreads of other industries and ratings widened to varying degrees. For urban investment bonds, the credit spreads of those with a maturity over 10 years compressed slightly by 1BP, while the spreads of other maturities widened by 3BP. For industrial bonds, most of the industrial credit spreads continued to widen, with the short - end widening more significantly than the long - end. For bank capital bonds, the short - end spreads of bank Tier 2 and perpetual bonds within 1 year widened slightly, while the long - end spreads over 10 years compressed slightly [3][4][30]. - In 2026, for urban investment bonds, short - duration (within 2Y) sinking urban investment bonds can be used as a base position, and high - quality urban investment entities with a moderately extended duration (3 - 5Y) can be selected. For industrial bonds, high - quality central and state - owned enterprise industrial bonds can be used as a base position with an extended duration, and attention should be paid to industries with marginal improvements. For Tier 2 and perpetual bonds, trading opportunities of those with good liquidity (preferably 3 - 5Y AAA -) should be grasped, and attention should be paid to high - quality city commercial banks and rural commercial banks in economically developed areas and areas with advanced debt resolution progress [5][7][44]. 3. Summary by Related Catalogs 3.1 This Week's Credit Hot Events - On December 19th, the Shanghai Stock Exchange issued a notice allowing eligible overseas institutional investors to conduct bond repurchase business on the Shanghai Stock Exchange, providing them with standardized liquidity management tools [11]. - On December 15th, the National Association of Financial Market Institutional Investors launched a self - regulatory investigation into Postal Savings Bank of China for suspected violations in the underwriting and issuance of debt financing instruments [12]. - On December 15th, Guizhou Rural Commercial United Bank Co., Ltd. was approved to open. It acquired the shares of 16 rural commercial banks and 5 rural credit cooperatives, with an increased registered capital of 10.458 billion yuan and new shareholders including the Guizhou Provincial Department of Finance and China Kweichow Moutai Group Co., Ltd. [13]. 3.2 Primary Market 3.2.1 Net Financing Scale - This week, the net financing of credit bonds (excluding asset - backed securities) was 116.1 billion yuan, a decrease of 128.1 billion yuan compared to last week. The total issuance was 365.5 billion yuan, a decrease of 99.1 billion yuan, and the total repayment was 249.3 billion yuan, an increase of 29 billion yuan. The net financing of asset - backed securities was 20.9 billion yuan, a decrease of 27 billion yuan compared to last week [14]. - By product type, the net financing of urban investment bonds was 21.3 billion yuan, an increase of 500 million yuan; the net financing of industrial bonds was 70.9 billion yuan, a decrease of 44.7 billion yuan; and the net financing of financial bonds was 24 billion yuan, a decrease of 83.9 billion yuan [15]. 3.2.2 Issuance Cost - This week, the issuance rates of AA industrial bonds and urban investment bonds were adjusted to over 2.8%, while the average issuance rates of other bonds with different ratings and types were below 2.8%. Specifically, the issuance rates of AA industrial bonds and urban investment bonds increased by 45BP and 27BP respectively compared to last week, and the issuance rate of AA + financial bonds increased by 58BP [17]. 3.3 Secondary Market 3.3.1 Transaction Situation - In terms of trading volume, the trading volume of credit bonds (excluding asset - backed securities) decreased by 44.3 billion yuan compared to last week. By product type, the trading volume of urban investment bonds was 259.4 billion yuan, a decrease of 13.7 billion yuan; the trading volume of industrial bonds was 367.4 billion yuan, an increase of 13.2 billion yuan; the trading volume of financial bonds was 627.5 billion yuan, a decrease of 43.8 billion yuan. The trading volume of asset - backed securities was 25.5 billion yuan, an increase of 1 billion yuan [24]. - In terms of turnover rate, the turnover rate of credit bonds showed a mixed trend compared to last week. Specifically, the turnover rate of urban investment bonds was 1.66%, a decrease of 0.1 pct; the turnover rate of industrial bonds was 1.89%, an increase of 0.06 pct; the turnover rate of financial bonds was 4.05%, a decrease of 0.29 pct; the turnover rate of asset - backed securities was 0.67%, an increase of 0.03 pct [24]. 3.3.2 Yield - This week, the yields of credit bonds with different ratings and maturities fluctuated within 3BP compared to last week. For example, the yields of AA, AAA -, and AAA + credit bonds within 1 year decreased by 2BP, 2BP, and 1BP respectively; the yields of AA and AAA + credit bonds with a 5 - year maturity increased by 2BP and 1BP respectively, while the yield of AAA - credit bonds decreased by 1BP; the yields of AA, AAA -, and AAA + credit bonds with a maturity over 10 years decreased by 1BP, 1BP, and less than 1BP respectively [25]. 3.3.3 Credit Spreads - Overall, the credit spreads of the AAA electrical equipment industry compressed significantly by 14BP compared to last week, while the spreads of other industries and ratings widened to varying degrees. For example, the credit spreads of the AA + leisure service industry widened by 20BP, and the spreads of the AA + media and light manufacturing industries widened by 9BP [30]. - **Urban Investment Bonds**: By maturity, the credit spreads of urban investment bonds with a maturity over 10 years compressed slightly by 1BP, while the spreads of other maturities widened by 3BP. By region, the top five regions with the highest credit spreads of AA - rated urban investment bonds were Guizhou, Yunnan, Jilin, Shandong, and Sichuan; for AA + urban investment bonds, they were Guizhou, Inner Mongolia, Gansu, Shaanxi, and Yunnan; for AAA urban investment bonds, they were Liaoning, Yunnan, Shaanxi, Jilin, and Tianjin [32][34]. - **Industrial Bonds**: Most of the industrial credit spreads continued to widen, with the short - end widening more significantly than the long - end. For example, the credit spreads of 1 - year AAA -, AA +, and AA private industrial bonds widened by 4BP, 4BP, and 7BP respectively compared to last week; the spreads of 10 - year AAA -, AA +, and AA private industrial bonds widened by 2BP, 2BP, and 2BP respectively [36]. - **Bank Capital Bonds**: The short - end spreads of bank Tier 2 and perpetual bonds within 1 year widened slightly, while the long - end spreads over 10 years compressed slightly. For example, the credit spreads of 1 - year AAA -, AA +, and AA Tier 2 capital bonds widened by 4BP, 3BP, and 3BP respectively compared to last week, and the spreads of 10 - year AAA -, AA +, and AA Tier 2 capital bonds compressed by 3BP, 2BP, and 2BP respectively [39]. 3.4 This Week's Bond Market Negative News - This week, the implied ratings of bonds issued by five issuers, including Nanjing Zijin Financial Leasing Co., Ltd. and Beijing Tianheng Yuanxin Capital Investment Management Co., Ltd., were downgraded. The "H20 Tianying 3" issued by Wuhan Tianying Investment Group Co., Ltd. and the "Hongda Debenture" issued by Hongda Xingye Co., Ltd. defaulted in essence [4][40]. 3.5 Investment Recommendations - In 2026, for urban investment bonds, short - duration (within 2Y) sinking urban investment bonds can be used as a base position to obtain stable coupon income, and high - quality urban investment entities with a moderately extended duration (3 - 5Y) can be selected to increase portfolio returns. For industrial bonds, high - quality central and state - owned enterprise industrial bonds can be used as a base position with an extended duration to obtain stable coupon income, and attention should be paid to industries with marginal improvements. For Tier 2 and perpetual bonds, trading opportunities of those with good liquidity (preferably 3 - 5Y AAA -) should be grasped, and attention should be paid to high - quality city commercial banks and rural commercial banks in economically developed areas and areas with advanced debt resolution progress [44].

转自：新华财经 新华财经北京12月19日电 为提升保险公司资产负债管理能力，加强保险业资产负债监管，金融监管总 局研究制定了《保险公司资产负债管理办法（征求意见稿）》（以下简称《办法》），自2025年12月19 日起公开征求意见。 《办法》是贯彻落实《国务院关于加强监管防范风险推动保险业高质量发展的若干意见》精神、提升保 险业经营韧性、健全审慎监管制度体系的重要措施。《办法》的出台，有助于引导保险公司树立稳健审 慎的经营理念，加强资产负债有效联动，防范资产负债错配风险，维护保险业健康可持续发展。同时， 《办法》推动保险公司完善绩效考核体系，拉长指标评价周期，服务实体经济高质量发展。 《办法》共5章51条，包括总则、资产负债管理、监管指标和监测指标、监督管理以及附则。 具体来看，一是明确资产负债管理目标和管理原则。保险公司应当承担资产负债管理主体责任，坚持全 面覆盖、合理匹配、稳健审慎、统筹协调的原则，切实防范资产负债错配风险。二是规范资产负债管理 治理体系。明确保险公司建立由董事会负最终责任、高级管理层直接领导、资产负债管理牵头部门统筹 协调、职能部门相互协作、内部审计部门检查监督的组织体系。三是明确资产负债 ...

香港联交所最新资料显示，12月9日，UBS Group AG减持金融街物业(01502)18.5万股，每股均价2.08港 元，总金额为38.48万港元。减持后最新持股数目约为1120.75万股，最新持股比例为10.83%。 ...

智通财经APP获悉，香港联交所最新资料显示，12月9日，UBS Group AG减持金融街物业(01502)18.5万 股，每股均价2.08港元，总金额为38.48万港元。减持后最新持股数目约为1120.75万股，最新持股比例 为10.83%。 ...

证券代码：000402 证券简称：金融街 公告编号：2025-116 金融街控股股份有限公司 2024 年度第二期中期票据 2025 年付息公告 本公司及董事会全体成员保证信息披露的内容是真实、准确、完整的，没有 虚假记载、误导性陈述或者重大遗漏。 为保证金融街控股股份有限公司2024年度第二期中期票据2025年付息工作 的顺利进行，方便投资者及时领取付息资金，现将有关事宜公告如下： 一、本期债券基本情况 1. 发行人：金融街控股股份有限公司 2. 债券名称：金融街控股股份有限公司 2024 年度第二期中期票据 3. 债券简称：24 金融街 MTN002 4. 债券代码：102485518 5. 发行总额：人民币 155,000 万元 6. 起息日：2024 年 12 月 20 日 7. 债券期限：3+2 年 8. 债券余额：人民币 155,000 万元 11. 付息日：2025 年 12 月 20 日（如遇法定节假日或休息日，则顺延至其后 的第一个工作日，顺延期间不另计息） 12. 本期应偿付利息金额：人民币 3,766.5 万元 13. 主承销商：中信建投证券股份有限公司，中信银行股份有限公司，渤海 银行 ...

Core Insights - The People's Bank of China reported that the total social financing stock reached 440.07 trillion yuan by the end of November 2025, marking an 8.5% year-on-year increase [1][2] - The total social financing increment for the first eleven months of 2025 was 33.39 trillion yuan, which is 3.99 trillion yuan more than the same period last year [1][4] - The broad money supply (M2) stood at 336.99 trillion yuan at the end of November, reflecting an 8% year-on-year growth [1][5] Social Financing Stock - By the end of November, the stock of social financing was 440.07 trillion yuan, with a year-on-year growth of 8.5% [2] - The breakdown of financing includes: - RMB loans to the real economy: 267.42 trillion yuan, up 6.3% - Foreign currency loans (in RMB equivalent): 1.13 trillion yuan, down 16.5% - Entrusted loans: 11.32 trillion yuan, up 1% - Trust loans: 4.6 trillion yuan, up 7.4% - Undiscounted bank acceptance bills: 2.3 trillion yuan, up 0.4% - Corporate bonds: 34.08 trillion yuan, up 5.6% - Government bonds: 94.24 trillion yuan, up 18.8% - Non-financial corporate domestic stock: 12.14 trillion yuan, up 4% [2] Financing Structure - The structure of financing as of November shows: - RMB loans to the real economy accounted for 60.8% of the total social financing stock, down 1.3 percentage points year-on-year - Foreign currency loans accounted for 0.3%, unchanged year-on-year - Entrusted loans accounted for 2.6%, down 0.2 percentage points - Trust loans accounted for 1%, down 0.1 percentage points - Undiscounted bank acceptance bills accounted for 0.5%, down 0.1 percentage points - Corporate bonds accounted for 7.7%, down 0.3 percentage points - Government bonds accounted for 21.4%, up 1.8 percentage points - Non-financial corporate domestic stock accounted for 2.8%, down 0.1 percentage points [3] Increment in Social Financing - The total increment in social financing for the first eleven months was 33.39 trillion yuan, which is 3.99 trillion yuan more than the previous year [4] - Key components include: - RMB loans to the real economy increased by 14.93 trillion yuan, down 1.28 trillion yuan year-on-year - Foreign currency loans decreased by 1.368 billion yuan, down 1.873 billion yuan year-on-year - Entrusted loans increased by 895 billion yuan, up 1.453 trillion yuan year-on-year - Trust loans increased by 3.003 trillion yuan, down 823 billion yuan year-on-year - Undiscounted bank acceptance bills increased by 1.605 trillion yuan, up 3.568 trillion yuan year-on-year - Corporate bonds net financing was 2.24 trillion yuan, up 3.125 trillion yuan year-on-year - Government bonds net financing was 13.15 trillion yuan, up 3.61 trillion yuan year-on-year - Non-financial corporate domestic stock financing was 420.4 billion yuan, up 178.8 billion yuan year-on-year [4] Money Supply - The broad money supply (M2) was 336.99 trillion yuan at the end of November, with an 8% year-on-year increase [5] - The narrow money supply (M1) was 112.89 trillion yuan, up 4.9% year-on-year - The currency in circulation (M0) was 13.74 trillion yuan, reflecting a 10.6% year-on-year growth - A net cash injection of 917.5 billion yuan occurred in the first eleven months [5] Deposits and Loans - By the end of November, the total deposits (in both domestic and foreign currencies) reached 334.46 trillion yuan, up 8% year-on-year [6] - The RMB deposit balance was 326.96 trillion yuan, up 7.7% year-on-year - In the first eleven months, RMB deposits increased by 24.73 trillion yuan, with household deposits rising by 12.06 trillion yuan [6] - The total loan balance (in both domestic and foreign currencies) was 274.84 trillion yuan, up 6.3% year-on-year [7] - RMB loans increased by 15.36 trillion yuan in the first eleven months, with household loans increasing by 533.3 billion yuan [7] Interbank Market - In November, the weighted average interest rate for interbank RMB market lending was 1.42%, up 0.03 percentage points from the previous month but down 0.13 percentage points year-on-year [9] - The total transaction volume in the interbank RMB market was 187.7 trillion yuan, with an average daily transaction of 9.38 trillion yuan, down 1.2% year-on-year [9] Cross-Border RMB Settlement - In November, the cross-border RMB settlement amount under the current account was 1.49 trillion yuan, with direct investment cross-border RMB settlement amounting to 0.71 trillion yuan [10]

| 证券代码：000402 | 证券简称：金融街 | | | 公告编号：2025-115 | | --- | --- | --- | --- | --- | | 债券代码：149746 | 债券简称：21 | 金街 | 07 | | 金融街控股股份有限公司 公司债券（21 金街 07）2025 年付息公告 本公司及董事会全体成员保证信息披露的内容是真实、准确、完整的，没 有虚假记载、误导性陈述或者重大遗漏。 特别提示：金融街控股股份有限公司 2021 年面向专业投资者公开发行公司 债券（第六期）（品种二）（债券简称：21 金街 07，债券代码：149746）将于 2025 年 12 月 16 日支付自 2024 年 12 月 16 日到 2025 年 12 月 15 日期间的利息， 本次付息的债权登记日为 2025 年 12 月 15 日，凡在 2025 年 12 月 15 日（含） 前买入并持有本期债券的投资者享有本次派发的利息；2025 年 12 月 15 日卖出 本期债券的投资者不享有本次派发的利息。截至本公告披露日，公司已将本期 债券本次利息足额划付至中国结算深圳分公司指定的银行账户。 公司在 202 ...

经中审华会计师事务所(特殊普通合伙)验资，金融街中心CMBS实际收到的认购资金为81亿元，金融街 中心CMBS募集专户中的本金金额已经达到《金融街商业地产第2期(金融街中心)资产支持专项计划说明 书》约定的专项计划目标募集规模，金融街中心CMBS于2025年12月10日正式成立。 金融街（000402）(000402.SZ)公告，公司于2025年12月10日顺利完成金融街商业地产第2期(金融街中 心)资产支持专项计划(简称"金融街中心CMBS")的发行工作。 ...

Core Viewpoint - Financial Street (000402.SZ) is set to hold its first extraordinary general meeting of shareholders in 2024 on February 28, to approve the proposal for issuing shelf CMBS [1] Group 1: Company Actions - The company received a no-objection letter from the Shenzhen Stock Exchange on December 27, 2024, confirming that the "Financial Street Commercial Real Estate Phase 1-5 Asset-Backed Special Plan" meets the listing conditions [1] - The issuance of the Financial Street Commercial Real Estate Phase 2 (Financial Street Center) Asset-Backed Special Plan (referred to as "Financial Street Center CMBS") was successfully completed on December 10, 2025 [1] Group 2: Financial Details - The actual subscription funds received for the Financial Street Center CMBS amounted to 8,100,000,000.00 yuan [1] - The principal amount in the special account for the Financial Street Center CMBS has reached the target fundraising scale as stipulated in the plan's prospectus [1]