CNCB(601998) 南方都市报·2025-05-08 13:30Core Viewpoint - Two major joint-stock banks, China Merchants Bank and CITIC Bank, have announced plans to establish financial asset investment companies (AICs), following the lead of Industrial Bank, indicating a growing trend in the banking sector to enhance financial services and support for the real economy [2][3][4]. Group 1: Company Announcements - China Merchants Bank plans to invest 15 billion yuan to establish a wholly-owned financial asset investment company, which will enhance its integrated financial services capabilities [3]. - CITIC Bank intends to invest 10 billion yuan to set up a wholly-owned subsidiary, CITIC Financial Asset Investment Co., Ltd., focusing on market-oriented debt-to-equity swaps and other supportive businesses [3][4]. Group 2: Regulatory Context - The establishment of AICs aligns with the recent policy signals from the National Financial Regulatory Administration, which encourages commercial banks to set up AICs to support technology innovation and private enterprises [5][6]. - The approval for the establishment of AICs marks a significant shift in the banking sector, as the first five AICs were established by state-owned banks in 2017, focusing primarily on debt-to-equity swaps [7]. Group 3: Industry Implications - The establishment of AICs is expected to enhance the banks' ability to provide diversified financial services, particularly to technology and innovation-driven enterprises, thereby facilitating a stronger connection between investment and lending [7]. - AICs are evolving from being solely debt-to-equity tools to comprehensive investment platforms, expanding their roles to include mergers and acquisitions and hybrid investments, which will further support the integration of finance and industry [7].