Group 1 - The company, Junshi Biosciences (01877), has received a registration notice from the China Interbank Market Dealers Association for its technology innovation bonds [1] - The registered amount for the medium-term notes is set at 2 billion RMB, with a validity period of two years from the date of the notice [1] - Shanghai Bank (601229) will act as the lead underwriter for this bond issuance [1]

Group 1 - The company, Junshi Biosciences (01877), has received a registration notice for its technology innovation bonds from the China Interbank Market Dealers Association [1] - The registered amount for the medium-term notes is set at RMB 2 billion, with a validity period of two years from the date of the notice [1] - Shanghai Bank Co., Ltd. will act as the lead underwriter for this bond issuance [1]

Core Viewpoint - China Bank's stock price has decreased by 0.88% this week, closing at 5.61 yuan, with a total market capitalization of 1,807.612 billion yuan, ranking 4th among state-owned large banks and 5th among A-shares [1] Company Announcements - China Bank issued a total of 50 billion yuan in subordinated capital bonds on December 22, 2025, to supplement its Tier 2 capital [1] - The bond issuance consists of two types: 48 billion yuan in fixed-rate bonds with a 10-year maturity and a coupon rate of 2.22%, and 2 billion yuan in floating-rate bonds with a coupon rate of 2.25% for the first interest period [1] - Both bond types include a call option for the issuer at the end of the fifth year [1]

Core Insights - The "2025 Banking Industry High-Quality Development Conference" was successfully held, focusing on themes such as serving the real economy, digital transformation, AI+finance innovation, and risk prevention [1][3][5] Group 1: Industry Challenges and Opportunities - The banking industry is facing multiple challenges, including macroeconomic structural adjustments, digital transformation pressures, and intensified market competition, while also encountering strategic opportunities for high-quality development [3][4] - The "14th Five-Year Plan" and "15th Five-Year Plan" set new, higher requirements for financial services, emphasizing the need for banks to adapt to changing circumstances and innovate while maintaining core principles [3][4] Group 2: Role of the China Banking Association - The China Banking Association plays a crucial role as a bridge between regulators, institutions, and the market, focusing on self-discipline, rights protection, coordination, and service [3][4] - The association aims to guide the industry back to its core mission, directing financial resources towards key areas such as manufacturing, technological innovation, green development, and rural revitalization to alleviate financing difficulties for small and micro enterprises [3][4] Group 3: Digital Transformation and Risk Management - The association is promoting digital transformation by establishing platforms for industry collaboration, enhancing digital applications in core scenarios, and ensuring data security and privacy protection [4][5] - In terms of risk prevention, the association emphasizes self-regulation, promoting healthy competition, standardization, and consumer rights protection to strengthen the financial safety net [4][5] Group 4: Future Directions - The conference provided a valuable opportunity for the industry to exchange ideas and build consensus on key issues such as serving the real economy, digital transformation, and risk management [5] - The China Banking Association will continue to facilitate industry collaboration, aiming for new achievements in serving the real economy, breakthroughs in digital transformation, and advancements in brand building [5]

1. Report Industry Investment Rating - No information provided regarding the industry investment rating in the report 2. Core View of the Report - The report presents a weekly data tracking of secondary - capital bonds from December 22, 2025, to December 26, 2025, covering primary - market issuance, secondary - market trading, and valuation deviation of individual bonds [1] 3. Summary by Relevant Catalogs 3.1 Primary - Market Issuance - During the week from December 22, 2025, to December 26, 2025, 8 new secondary - capital bonds were issued in the inter - bank and exchange markets, with a total issuance scale of 53.15 billion yuan. The issuance term was 10 years, and the issuers included local state - owned enterprises, private enterprises, other enterprises, and central financial enterprises. The issuer regions were Sichuan, Zhejiang, Jiangsu, Beijing, and Hunan, and the subject ratings were AA +, AA -, A +, and AAA [1] 3.2 Secondary - Market Trading - **Trading Volume**: The total weekly trading volume of secondary - capital bonds was approximately 272.9 billion yuan, a decrease of 1 billion yuan compared to the previous week. The top three bonds in terms of trading volume were 25 Bank of China Secondary Capital Bond 03A(BC) (19.41 billion yuan), 25 China Construction Bank Secondary Capital Bond 03BC (9.691 billion yuan), and 25 Bank of China Secondary Capital Bond 01BC (8.304 billion yuan). By issuer region, the top three in trading volume were Beijing (about 217.1 billion yuan), Shanghai (about 19.3 billion yuan), and Guangdong (about 10 billion yuan) [2] - **Yield to Maturity**: As of December 26, for 5Y secondary - capital bonds, the yield - to - maturity changes of AAA -, AA +, and AA - rated bonds compared to the previous week were 1.19BP, 0.00BP, and 0.00BP respectively; for 7Y bonds, the changes were - 1.05BP, - 1.52BP, and - 1.52BP; for 10Y bonds, the changes were - 1.92BP, - 0.95BP, and - 0.95BP [2] 3.3 Valuation Deviation of Top 30 Individual Bonds - **Overall Situation**: The overall valuation deviation of the weekly average trading price of secondary - capital bonds was not significant. The proportion of discount transactions was less than that of premium transactions, but the discount magnitude was greater than the premium magnitude [3] - **Discount Bonds**: The top three bonds with the highest discount rates were 22 Shengjing Bank Secondary Capital Bond 01 (- 0.5385%), 24 Chang'an Bank Secondary Capital Bond 01 (- 0.4596%), and 25 Jilin Bank Secondary Capital Bond 01 (- 0.3868%). The Zhongzheng implied ratings were mainly AAA -, AA, and AA +, and the regions were mainly Beijing, Tianjin, and Guangdong [3] - **Premium Bonds**: The top three bonds with the highest premium rates were 23 Huaxing Bank Secondary Capital Bond 01 (0.3868%), 22 China Construction Bank Secondary Capital Bond 02B (0.2792%), and 23 Bank of China Secondary Capital Bond 01B (0.2319%). The Zhongzheng implied ratings were mainly AAA -, AA, and AA -, and the regions were mainly Beijing, Shanghai, and Sichuan [3]

Core Viewpoint - The People's Bank of China and the Bank of Laos have initiated a cross-border digital yuan payment service in Laos, marking a significant step in digital currency collaboration between the two countries [1] Group 1: Digital Currency Implementation - China Bank has successfully launched the first cross-border digital yuan wallet QR code payment business in Laos [1] - The project is guided by the People's Bank of China and the Bank of Laos, with China Bank being one of the first participants in the cross-border pilot program [1] - The China Bank Vientiane branch has connected to the digital yuan cross-border payment platform, facilitating real-time exchange rate quotes and efficient clearing services [1] Group 2: Benefits for Tourists and Merchants - The new payment service significantly lowers the barriers for cross-border settlements between China and Laos, providing a seamless experience for "payment-exchange-clearing" [1] - Chinese tourists in Laos can make payments directly in local currency without the need to exchange for foreign currency, using the digital yuan app to scan merchant QR codes [1] - Local merchants in Laos can receive funds automatically and compliantly without needing to upgrade their existing payment equipment [1]

Core Viewpoint - The Chinese government emphasizes the importance of financial development in achieving modernization, with a focus on inclusive finance as a key component for high-quality economic growth [1] Group 1: Financial Development Strategies - The 14th Five-Year Plan outlines strategic goals for building a strong financial nation, highlighting the development of technology finance, green finance, inclusive finance, pension finance, and digital finance [1] - The implementation plan for high-quality development of inclusive finance was jointly issued by the National Financial Regulatory Administration and the People's Bank of China, emphasizing the integration of party leadership into all aspects of inclusive finance [1] Group 2: Inclusive Finance Achievements - As of September 2023, inclusive loans in China grew by 11.2% year-on-year, with the balance of inclusive micro-loans reaching 36.1 trillion yuan, a 12.2% increase [1] - China Bank reported an inclusive loan balance of 2.71 trillion yuan by September 2025, benefiting nearly 1.8 million small and micro enterprises [2] Group 3: Local Initiatives and Community Engagement - In Shenzhen, the local government and China Bank have established a three-tiered party-building system to enhance financial services for small and micro enterprises, addressing their specific financing needs [3] - The "Xinhua Assistance Seedling" service team from China Bank has tailored financial products like the "Electronic Business Circle Loan" to meet the urgent and frequent funding needs of local businesses [4] Group 4: Organizational Structure and Governance - China Bank is focusing on building a clear and efficient organizational structure led by party leadership to ensure effective policy implementation and high-quality development of inclusive finance [6] - The bank has established various committees and mechanisms to enhance the top-level design and policy framework for inclusive finance, aligning with national strategies [7] Group 5: Risk Management and Sustainability - The bank emphasizes the dual role of party leadership in expanding services while maintaining risk control, ensuring that inclusive finance development is both commercially viable and socially beneficial [11] - China Bank has implemented an intelligent risk control system to proactively identify and manage risks associated with small and micro loans [11] Group 6: Integration of Political and Business Strategies - The practices of China Bank illustrate a pathway for integrating political and organizational advantages into governance effectiveness and business resilience, ensuring alignment with national financial goals [12]

Core Viewpoint - The banking industry must innovate and establish a sustainable financial system that aligns with technological innovation to support the development of a strong technological nation [1][2]. Group 1: Technological Financial Development - The essence of "technological finance" is to price for the future and empower uncertainty, necessitating a sustainable development model through innovation and specialized operations [1][2]. - Banks should enhance the adaptability, relevance, and effectiveness of technological financial services by improving specialized service models, innovating product systems, and refining differentiated assessment frameworks [1][2]. Group 2: Practical Implementation - Banks should focus on supporting the development of new productive forces by optimizing financial supply based on local resources and industry foundations, establishing a diverse and specialized financial product service system [2]. - There is a need to deepen the integration of technological and industrial innovation, strengthen the coordination of industrial and financial policies, and respond promptly to changes in enterprise financial service demands [2]. Group 3: Role of Different Banking Institutions - Large state-owned and national commercial banks should leverage their comprehensive operational advantages to support major national technological tasks and facilitate capital circulation through various financial instruments [3]. - Small and medium-sized banks should create specialized technological financial service systems, focusing on technology-oriented SMEs and exploring diverse service models to meet the varied needs of rapidly developing technology enterprises [3]. Group 4: Collaborative Ecosystem - The banking industry should deepen multi-party cooperation, building a technological financial ecosystem and utilizing various financial instruments to provide comprehensive financial services for technology enterprises [4]. - The China Banking Association aims to promote the effectiveness of technological financial policies and enhance communication platforms to better support the development of new productive forces [4].

Core Viewpoint - The report highlights the trends, characteristics, significant changes, and achievements in the development of intermediary business in China's banking sector, while also analyzing the challenges faced and forecasting future directions [1][5] Group 1: Service National Strategy and Improve Service Quality - Due to factors such as slowing economic growth and policy interest rate cuts, commercial banks are experiencing a continuous narrowing of net interest margins, necessitating a shift towards intermediary business with lighter capital and assets [2][6] - Commercial banks are actively serving key sectors like advanced manufacturing, strategic emerging industries, and the elderly care industry, while enhancing product innovation and accelerating business transformation [2][6] - The implementation of fee reduction policies aims to improve financial service quality and optimize customer financial experiences, thereby supporting high-quality economic development [2][6] Group 2: Strengthen Management Capabilities and Solidify Operational Foundation - Intermediary business is crucial for commercial banks to serve the real economy and promote their own high-quality development [7] - In the context of narrowing net interest margins and tightening capital constraints, banks are enhancing refined management and professional capabilities to achieve cost reduction and efficiency improvement [7] - The report emphasizes the need for product and service innovation, building a versatile talent pool, deepening technological empowerment, and strengthening compliance management to enhance value creation capabilities [7] Group 3: Learn from International Experience to Promote Transformation and Upgrading - The report reviews the overall development and structural characteristics of intermediary business in European and American banks over the past three years, comparing income structure, product service innovation, and management models [3][7] - By integrating China's national conditions and policy guidance, the report suggests adopting mature practices from international banks in terms of management philosophy, operational models, and technological innovation to facilitate the transformation and upgrading of intermediary business in China [3][7] Group 4: Select Excellent Cases to Showcase Good Practices - The report selects exemplary cases of intermediary business product innovation from various banks, including the China Development Bank, Agricultural Development Bank of China, and others, showcasing innovation models, service effectiveness, significance, and specific application scenarios [4][7] - This selection aims to demonstrate the innovative development of intermediary business in commercial banks and the effective practices in addressing key issues [4][7]

Core Viewpoint - Technological innovation is identified as a core element of national competition, with a focus on enhancing self-reliance and strength in technology as outlined in the "14th Five-Year Plan" [1] Group 1: Financial Support for Technological Innovation - The Ministry of Science and Technology, the People's Bank of China, and other regulatory bodies have proposed 15 specific measures to provide comprehensive financial support for technological innovation across seven key areas [1] - China Bank has launched the "Integrated Customer Cultivation Plan" with an initial funding pool of 60 billion yuan, aimed at supporting the growth of key technology enterprises [1][4] Group 2: Integrated Cultivation Concept - The "Integrated Cultivation" concept aims to provide a seamless service model for high-growth potential technology companies, transitioning from fragmented services to a one-stop service approach [2] - The plan includes a comprehensive service package covering equity, loans, bonds, and investment banking, tailored to the development stages of enterprises over a 3-5 year period [2] Group 3: Funding Structure and Focus Areas - The initial funding pool consists of 10 billion yuan for equity investment and 50 billion yuan for credit support, with a focus on key hard technology sectors such as integrated circuits, artificial intelligence, and biomedicine [4] - The plan will first be implemented in five key regions: Beijing, Shanghai, Jiangsu, Shenzhen, and Hangzhou, targeting the cultivation of at least 100 high-quality enterprises with core technologies [4] Group 4: Case Study of Successful Support - The example of GPU company Moore Threads illustrates the effectiveness of the plan, with China Bank providing over 100 million yuan during the A-round financing and leading a consortium to support a 1 billion yuan project [3]