Group 1 - China Agricultural Bank will issue the "2025 Shanxi Provincial Government General Bonds (Phase 8)" on August 26, 27, and 28, 2025, with a fixed interest rate of 1.8800% and a face value of 100.00 yuan per bond [1][2] - The funds raised from this bond issuance will be allocated to various sectors including transportation infrastructure, municipal and industrial park infrastructure, ecological and environmental protection, social undertakings, and agricultural and water conservancy [1] - The bonds are available for subscription by individual investors, financial institutions, and non-financial institutions that meet the signing conditions in Shanxi Province, with no upper limit on subscription amounts [1] Group 2 - The repayment of principal and interest for the bonds will be handled by the Shanxi Provincial Finance Department, with China Agricultural Bank acting as the agent for the payment to customers [2] - Interest income from the bonds is exempt from corporate income tax and personal income tax according to regulations from the Ministry of Finance and the State Taxation Administration [2] - Central Government Securities Registration and Settlement Co., Ltd. will provide account verification services for investors to check their bond balance starting from the bond listing date [2]

泉州市中级人民法院认为，被告人楼文龙的行为构成受贿罪，受贿数额特别巨大，并使国家和人民利益 遭受特别重大损失，应依法惩处。鉴于其受贿犯罪中有未遂情节，到案后如实供述罪行，主动交代办案 机关尚未掌握的大部分受贿事实，认罪悔罪，积极退赃，赃款赃物及孳息已全部追缴，具有法定、酌定 从轻处罚情节，依法可对其从轻处罚。法庭遂作出上述判决。 据悉，泉州市中级人民法院于2025年6月6日公开开庭审理了该案。庭审中，检察机关出示了相关证据， 被告人楼文龙及其辩护人进行了质证，控辩双方在法庭的主持下充分发表了意见，楼文龙进行了最后陈 述，并当庭表示认罪悔罪。 北京商报讯（记者 孟凡霞 实习记者 周义力）8月25日，福建省泉州市中级人民法院一审公开宣判中国 农业银行原党委委员、副行长楼文龙受贿案，对被告人楼文龙以受贿罪判处无期徒刑，剥夺政治权利终 身，并处没收个人全部财产；对楼文龙受贿所得及孳息依法予以追缴，上缴国库。 经审理查明：2005年至2024年，被告人楼文龙利用担任原中国银行业监督管理委员会银行监管二部副主 任、主任，原中国银行业监督管理委员会北京监管局党委书记、局长，中国农业银行党委委员、副行长 等职务上的便利以及职 ...

新华财经福州8月25日电 2025年8月25日，福建省泉州市中级人民法院一审公开宣判中国农业银行原党 委委员、副行长楼文龙受贿案，对被告人楼文龙以受贿罪判处无期徒刑，剥夺政治权利终身，并处没收 个人全部财产；对楼文龙受贿所得及孳息依法予以追缴，上缴国库。 泉州市中级人民法院认为，被告人楼文龙的行为构成受贿罪，受贿数额特别巨大，并使国家和人民利益 遭受特别重大损失，应依法惩处。鉴于其受贿犯罪中有未遂情节，到案后如实供述罪行，主动交代办案 机关尚未掌握的大部分受贿事实，认罪悔罪，积极退赃，赃款赃物及孳息已全部追缴，具有法定、酌定 从轻处罚情节，依法可对其从轻处罚。法庭遂作出上述判决。 据悉，泉州市中级人民法院于2025年6月6日公开开庭审理了该案。庭审中，检察机关出示了相关证据， 被告人楼文龙及其辩护人进行了质证，控辩双方在法庭的主持下充分发表了意见，楼文龙进行了最后陈 述，并当庭表示认罪悔罪。人大代表、政协委员和各界群众30余人旁听了庭审。 （文章来源：新华社） 经审理查明：2005年至2024年，被告人楼文龙利用担任原中国银行业监督管理委员会银行监管二部副主 任、主任，原中国银行业监督管理委员会北京监管局党委 ...

Group 1 - The core viewpoint of the article is the sentencing of Lou Wenlong, former deputy governor of the Agricultural Bank of China, to life imprisonment for bribery, reflecting the severity of corruption in the banking sector [1][5]. - The court found that from 2005 to 2024, Lou Wenlong utilized his positions in various regulatory and banking roles to facilitate illegal benefits for individuals and entities, receiving bribes totaling over 84.51 million yuan [3][5]. - The court emphasized that Lou's actions constituted a particularly serious crime, causing significant losses to the state and public interests, warranting strict punishment [5][6]. Group 2 - The court acknowledged mitigating factors in Lou's case, including his confession, cooperation with the investigation, and the return of all illicit gains, which allowed for a lighter sentence despite the gravity of the crime [6][8]. - The trial was held publicly on June 6, 2025, with evidence presented by the prosecution and a thorough examination of the case by both sides, indicating transparency in the judicial process [8].

从资金流向上来看，当日国有大型银行板块主力资金净流出2.62亿元，游资资金净流入3.15亿元，散户资 金净流出5287.24万元。国有大型银行板块个股资金流向见下表： | 代码 | 名称 | 主力净流入 (元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601658 邮储银行 | | 1.53亿 | 12.55% | -609.22万 | -0.50% | -1.47 Z | -12.05% | | 601328 交通银行 | | 1.47 乙 | 9.50% | -1.08亿 | -6.95% | -3950.47万 | -2.55% | | 601288 农业银行 | | -1612.39万 | -0.30% | 1.41亿 | 2.63% | -1.25 Z | -2.33% | | 601939 建设银行 | | -5854.92万 | -4.72% | 2056.03万 | 1.66% | 3798.89万 | 3.06% | | 6019 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Views of the Report - The current adjustment of credit bonds is mainly due to the hot equity market and the decline in the profit - making effect of pure bonds, which leads to the diversion of funds from the bond market. Risk preference may be the main driving factor for the recent trend of credit bonds, and the stock - watching and bond - trading pattern may continue in the short term. If the scale of fixed - income + wealth management continues to grow, it may support the demand for medium - to - high - grade, medium - and short - duration non - financial credit bonds, but it may be difficult to reverse the overall trend of credit bonds. It is recommended to shorten the duration, moderately sink the medium - and short - duration of urban investment bonds, mainly allocate medium - to - high - grade industrial bonds, and institutions with strong trading ability for bank Tier 2 and perpetual bonds can trade quickly in and out [2][11][17] 3. Summary According to the Directory 3.1本轮信用债调整或仍将持续？ - **1.1本轮信用债调整原因探析** - There is an obvious calendar effect. Around August, credit bonds are relatively weak. This is because around August, there are intensive policies for stable growth such as wide - fiscal and stable - real - estate. The concentrated issuance of government bonds disturbs the capital market, and the wide - credit guides the expectation to turn, which cools the bond market sentiment. Since July 2025, the hot equity market and the decline in the profit - making effect of pure bonds have led to the diversion of funds from the bond market, and credit bond yields have fluctuated upward [10][11] - **1.2每轮调整阶段信用债特征** - In the comparable historical adjustment stages from 2023 - 2025, in terms of the maximum callback amplitude, Tier 2 and perpetual bonds generally have a larger callback amplitude than other credit bonds, and medium - and short - duration bonds have a relatively large callback amplitude; in terms of the callback start time, Tier 2 and perpetual bonds, medium - and short - duration bonds, and high - grade bonds tend to start the callback first; in terms of the callback end time, Tier 2 and perpetual bonds end the callback first, and 7 - 10 - year bonds end the callback later [12][14] - **1.3信用债后续走势判断** - Risk preference may be the main driving factor for the recent trend of credit bonds. The dovish signal from Federal Reserve Chairman Powell and the increasing expectation of US interest rate cuts are beneficial to boosting risk preference. The equity market is expected to continue to have a significant impact on the bond market. If the scale of fixed - income + wealth management continues to grow, it may support the demand for medium - to - high - grade, medium - and short - duration non - financial credit bonds, but it may be difficult to reverse the overall trend of credit bonds. It is recommended to shorten the duration [15][17] 3.2信用债收益率全览 - Last week (August 18 - 22, 2025), the stock - bond seesaw effect continued. Credit bonds continued to weaken, performed worse than interest - rate bonds, and the spreads widened overall. Short - duration credit bond yields rose relatively slightly, with a maximum increase of no more than 8bp; among medium - and long - duration bonds, the 10 - year AAA - grade urban investment bond had the largest increase of 13bp. Urban investment bonds had the largest average increase in yields, and short - end industrial bonds were similar to urban investment bonds, while medium - and long - duration industrial bonds performed better than urban investment bonds. The 3 - year financial bonds performed the worst [22] 3.3一级市场 - **3.1发行量** - Last week, the issuance scale of credit bonds increased month - on - month but decreased year - on - year, and the net financing scale increased significantly both month - on - month and year - on - year, mainly driven by financial bonds. From August 18 - 22, the credit bond issuance scale was 401.875 billion yuan, an increase of 49.2 billion yuan month - on - month and a decrease of 30.1 billion yuan year - on - year. The net financing of credit bonds was 102.761 billion yuan [34] - **3.2发行成本** - The average issuance interest rate of credit bonds increased month - on - month. Last week, the average issuance interest rate of credit bonds was 2.21%, an increase of 1bp month - on - month. The average issuance interest rates of urban investment bonds and industrial bonds increased by 8bp and 2bp respectively month - on - month, while that of financial bonds decreased by 3bp month - on - month [41] - **3.3发行期限** - The average issuance term of credit bonds decreased month - on - month. Last week, the average issuance term of credit bonds was 3.15 years, a decrease of 0.27 years month - on - month. The average issuance terms of urban investment bonds, industrial bonds, and financial bonds decreased by 0.28, 0.05, and 0.6 years respectively month - on - month [43] - **3.4取消发行情况** - Last week, the number and scale of cancelled credit bond issuances decreased month - on - month but were still the fifth - highest since 2023. From August 18 - 22, 18 bonds were cancelled, a decrease of 1 bond month - on - month; the total scale of cancelled issuances was 15.275 billion yuan, a decrease of 0.745 billion yuan month - on - month [46] 3.4二级市场 - **4.1成交量** - Last week, the total trading volume of credit bonds was 1.2863 trillion yuan, an increase of 93 billion yuan month - on - month. Except for the bank Tier 2 and perpetual bonds and brokerage sub - bonds, the trading volume of other credit bond varieties decreased. In terms of remaining term, trading terms of different types of bonds shifted; in terms of implied rating, trading of different types of bonds also shifted [50][53][54] - **4.2成交流动性** - Last week, the turnover rates of urban investment bonds and financial bonds increased, while that of industrial bonds decreased. For urban investment bonds, except for the 7 - 10 - year and over - 10 - year bonds, the turnover rates of other terms increased; for industrial bonds, the turnover rates of all terms decreased; for financial bonds, except for the under - 1 - year bonds, the turnover rates of other terms increased [56] - **4.3利差跟踪** - Last week, most credit spreads of urban investment bonds widened. Except for the 1 - year AAA - grade and AA+ - grade bonds, the spreads of other terms and ratings widened. Most spreads of AAA - grade industrial bonds, except for the commercial trade industry, widened, and all spreads of AA - grade industrial bonds widened. Most spreads of bank Tier 2 and perpetual bonds widened. The spreads of brokerage sub - bonds and insurance sub - bonds widened across the board [60][68][70] 3.5周度热债一览 - The report selected the top 20 credit bonds in terms of liquidity scores for urban investment bonds, industrial bonds, and financial bonds respectively, providing reference for investors [75] 3.6信用评级调整回顾 - According to domestic rating agencies, there were no debt - rating adjustments last week [80]

Core Viewpoint - The banking sector, particularly Agricultural Bank of China, has shown remarkable stock price increases in 2023, driven by macroeconomic recovery, policy support, and significant capital inflows [1][5][6]. Group 1: Stock Performance - As of 2023, among 42 A-share banks, 9 have doubled their stock prices, with Agricultural Bank leading at a cumulative increase of 229.57% [1][2]. - Agricultural Bank's market capitalization has reached 2.55 trillion yuan, making it the second-largest bank by market value, only behind Industrial and Commercial Bank of China [2][6]. - The stock price of Agricultural Bank has surged from around 2.1 yuan in 2018-2022 to a significant increase in 2023, despite market fluctuations [2][4]. Group 2: Driving Factors - The stock price surge is attributed to a combination of macroeconomic recovery, policy support, long-term undervaluation, and large-scale capital inflows [5][6]. - China's GDP growth reached 5.2% in 2023, leading to increased corporate financing demand and stable growth in bank asset and liability scales [6][10]. - The introduction of the "special valuation" concept in late 2022 aimed to correct the undervaluation of state-owned enterprises, benefiting banks with high state capital ratios [6][10]. Group 3: Agricultural Bank's Unique Position - Agricultural Bank has a lower exposure to real estate risks compared to other banks, enhancing its defensive attributes [10][12]. - The bank's focus on rural development aligns with national policies, leading to strong growth in loans for rural infrastructure and small enterprises [10][12]. - As of 2023, Agricultural Bank's county-level deposits reached 12.33 trillion yuan, a year-on-year increase of 14.2%, supported by a low-cost deposit structure [12][13]. Group 4: Future Outlook - Despite the significant price increases, there is potential for short-term corrections as funds may shift to more elastic sectors [14][20]. - The low interest rate environment and stable high dividend yields make bank stocks attractive amid an "asset shortage" scenario [16][17]. - The ongoing policy support for long-term capital inflows suggests that bank stocks, particularly those with strong asset quality like Agricultural Bank, will remain appealing to investors [18][20].

| 代码 | 名称 | 主力净流入 (元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601658 邮储银行 | | -199.96万 | -0.16% | 2360.50万 | 1.91% | -2160.54万 | -1.74% | | 601939 建设银行 | | -3603.16万 | -3.07% | 1700.23万 | 1.45% | 1902.93万 | 1.62% | | 601398 工商银行 | | -6430.00万 | -2.21% | 4180.82万 | 1.44% | 2249.17万 | 0.77% | | 601988 中国银行 | | -7938.75万 | -4.24% | -6691.73万 | -3.58% | 1.46/Z | 7.82% | | 601328 交通银行 | | -1.14亿 | -10.57% | 2637.48万 | 2.44% | 8804.97万 | 8.14% | | 6012 ...

许锡龙严重违反党的政治纪律、中央八项规定精神、党的组织纪律、廉洁纪律、群众纪律、生活纪律， 构成严重职务违法并涉嫌受贿罪、利用影响力受贿罪，且在党的十八大后不收敛不收手，党的十九大甚 至二十大后仍不思改不知止，性质严重，影响恶劣，应予严肃处理。依据《中国共产党纪律处分条例》 《中华人民共和国监察法》《中华人民共和国公职人员政务处分法》等有关规定，经中国农业银行党委 研究，决定给予许锡龙开除党籍处分；按规定取消其享受的待遇；收缴其违纪违法所得。山东省菏泽市 监委将其涉嫌犯罪问题移送检察机关依法审查起诉，所涉财物一并移送。 北京商报讯（记者 宋亦桐）8月22日，据中央纪委国家监委网站消息，据中央纪委国家监委驻中国农业 银行纪检监察组、山东省纪委监委消息：日前，经中央纪委国家监委批准，中央纪委国家监委驻中国农 业银行纪检监察组、山东省菏泽市监委对中国农业银行原首席专家兼深圳市分行原党委书记、行长许锡 龙严重违纪违法问题进行了立案审查调查。 经查，许锡龙身为党员领导干部，丧失理想信念，背弃初心使命，对抗组织审查，搞迷信活动，履行全 面从严治党主体责任不力；违反中央八项规定精神和廉洁纪律，收受可能影响公正执行公务的礼品 ...

2025年8月15日，云南金融监管局发布批复称，《中国农业银行关于卢伟云南省分行副行长任职资格核 准的请示》（农银函〔2025〕200号）收悉。经审核，现批复如下： 一、核准卢伟中国农业银行股份有限公司云南省分行副行长的任职资格。 三、中国农业银行应督促上述核准任职资格人员持续学习和掌握经济金融相关法律法规，牢固树立风险 合规意识，熟悉任职岗位职责，忠实勤勉履职。 二、中国农业银行应要求上述核准任职资格人员严格遵守金融监管总局有关监管规定，自中国农业银行 政许可决定作出之日起3个月内到任，并按要求及时报告到任情况。未在上述规定期限内到任的，本批 复文件失效，由决定机关办理行政许可注销手续。 ...