现如今，科技创新已成为推动经济高质量发展的核心动力，科创金融作为连接科技与金融的关键桥梁，对于加速科技成果向现实生产力转化、培育战略 性新兴产业、提升国家核心竞争力具有至关重要的作用。科创金融研究中心的成立，是上海科创银行与上财浦发金融创新研究院深化合作的重要成果，也 是"产学研政金"五维联动协同创新模式的有益探索。 12月10日，由上海科创银行与上财浦发金融创新研究院联合主办的"科创金融研究中心成立暨潮涌东方论坛"圆满落幕，来自科创领域和金融行业的近两 百位专家学者、企业及机构代表共同见证科创金融研究中心正式落成。 上海财经大学副校长、上财浦发金融创新研究院院长姚玲珍在致辞中表示，上财浦发金融创新研究院作为重要智库平台，始终聚焦金融改革与发展的前 沿问题，为金融行业创新与监管提供大量智力支持。上海科创银行是上海国际金融中心建设的重要参与者，在服务科技创新领域经验丰富。此次强强联合成 立科创金融研究中心，将充分整合上财浦发金融创新研究院的学术研究、人才培养优势，以及上海科创银行的产业实践、金融资源网络优势，共同搭建协 同、开放、创新的高水平研究平台，为我国科技创新与科创金融发展贡献力量。 未来，上海科创银行将 ...

Investment Rating - The report assigns an "Overweight" rating for the banking sector [7]. Core Insights - The report emphasizes the significant improvement in the cost of liabilities for banks in 2025, with a notable decrease of 28 basis points (bp) in the first half of the year, compared to only 4 bp in the same period last year. This improvement is primarily driven by reductions in deposit and interbank liabilities costs, contributing 19 bp and 7 bp respectively [3][11]. - The net interest margin (NIM) is expected to decline by approximately 5 bp in 2026, with the downward pressure on margins continuing to ease marginally, suggesting that some banks may stabilize their NIMs [2][10]. Summary by Sections 1. Liability Cost Improvement in 2025 - The first half of 2025 saw a significant reduction in the cost of interest-bearing liabilities, with the cost rate dropping to 1.70%, a decrease of 28 bp from 2024. This was supported by improvements in both deposit and interbank liability costs [11]. 2. Liability Side: Deposit Maturity and Repricing Benefits 1) **Term Structure**: The proportion of long-term deposits entering the repricing cycle has increased, with the share of deposits with a remaining maturity of 1-5 years declining by 1.5 percentage points (pct) to 22.6% by the end of Q2 2025. Some banks, such as those in Ningbo and Chongqing, experienced declines exceeding 10 pct [4]. 2) **Price Factors**: Regulatory focus on maintaining reasonable NIM levels has increased, with expectations of further interest rate cuts. The maximum reduction for three-year deposits could exceed 100 bp, indicating substantial room for cost improvement [5]. 3. Asset Side: Yield Pressure Expected to be Better than 2025 1) **Loans**: The repricing pressure on loans is expected to ease, with the five-year Loan Prime Rate (LPR) declining by only 10 bp in 2025, significantly less than the 50 bp drop the previous year [6]. 2) **Debt Replacement**: The shift from high-interest to low-interest debt is anticipated to have a limited impact on net interest margins, estimated to drag down margins by about 4 bp [6]. 3) **Bond Maturity**: The widening gap between new bond issuance rates and existing bond yields is expected to exert downward pressure on investment yields, with an estimated drag of 6 bp on margins from the reallocation of bonds maturing within one year [6]. 4. NIM Projections - The report forecasts a 5 bp decline in NIM for 2026, with the downward trend continuing to converge. The asset yield is expected to decrease by 17 bp, while the cost of liabilities is projected to improve by 13 bp, with deposit costs improving by 17 bp [7][10].

Group 1: Financial Services Development - The high-quality development level of inclusive finance in China is continuously improving, with the balance of inclusive microloans reaching 32.93 trillion yuan by the end of 2024, a year-on-year increase of 14.6%, which is 7 percentage points higher than the growth rate of all loans [1] - Beijing's inclusive finance development focuses on serving the real economy and improving people's livelihoods, creating a financial service ecosystem with regional characteristics and inclusive attributes [1] - The Industrial and Commercial Bank of China (ICBC) Beijing Branch emphasizes online, intelligent, and ecological development paths for inclusive finance, utilizing digital technology to address financing difficulties for small and micro enterprises [1][2] Group 2: Consumer Demand and Financial Services - ICBC Beijing Branch actively expands emerging consumption areas and provides customized financial service solutions for key promotional activities, leveraging its global layout and comprehensive operational advantages [2] - China Construction Bank (CCB) Beijing Branch enhances the quality and efficiency of inclusive finance by upgrading its services and providing comprehensive service plans to meet diverse customer needs [2] - CCB has provided over 20.5 billion yuan in credit to nearly 12,100 enterprises by the end of October 2025, focusing on small and micro enterprises [2] Group 3: Support for Small and Micro Enterprises - Minsheng Bank Beijing Branch has conducted over a hundred "thousand enterprises and ten thousand households" visits to understand and address the needs of small enterprises, covering nearly 10,000 businesses [3] - Beijing Bank implements a combination of credit resource tilt and policy tools to enhance financial services for key industries such as foreign trade and technology [3][4] Group 4: Elderly Financial Services - The elderly population in Beijing has surpassed 5.14 million, accounting for 23.5% of the total population, making pension finance a core focus for financial institutions [6] - Various banks, including China Merchants Bank and Shanghai Pudong Development Bank, are developing specialized pension financial services and products to cater to the needs of the elderly population [6][7][8] - Beijing Rural Commercial Bank is enhancing its pension financial product offerings and establishing dedicated financial service points in numerous locations to support the elderly community [8][9] Group 5: Insurance and Pension Products - Ping An Life Beijing Branch is integrating technology with elderly services to create a comprehensive pension protection system, including smart policies and rapid claims services [9] - Beijing Life is actively participating in the construction of the third pillar of pension finance, offering diverse pension financial products tailored to different customer needs [9]

转自：新华财经 12月6日，由东方财富信息股份有限公司主办的"科创引领新经济 数智驱动新发展"——中国资产管理论坛暨2025东方财富风云际会在贵阳举行。来自200多 家金融机构的700多位嘉宾齐聚一堂，共商金融科技如何助力新兴产业，共寻行业发展新引擎，共建高质量资管生态。贵州省贵阳市市委副书记、市长王 宏，东方财富董事长其实致辞，贵州省投资促进局局长谢强作产业推介。 东方财富董事长其实表示，当前，资管行业正面临科技与金融深度融合的历史性机遇。随着国家人工智能+战略的深入推进，数智化已成为推动行业转型升 级的核心动力。东方财富将持续深化AI+金融战略布局，与行业同仁携手，共同构建更具韧性的行业发展新生态，为推动资管行业高质量发展贡献力量。 论坛上，东方财富证券研究所副所长、首席策略官陈果发表主题演讲《智能浪涌，逐牛攀高——2026年中国股市策略展望》。他指出，2026年A股有望延续 牛市，建议布局泛AI、周期反转与国际化三条主线，覆盖AI应用、半导体、新能源、有色、化工、工程机械等行业，警惕AI商业化进程带来的波动风险。 上海天天基金销售有限公司总经理潘世友发表演讲《用户为本、科技为径：财富管理的数智化探索》。 ...

Group 1 - The core viewpoint of the articles highlights the significant shift in credit allocation towards technology innovation, green development, and tourism consumption in China, with nearly 15 trillion yuan in new loans issued in the first ten months of the year [1] - Loans to technology-oriented small and medium-sized enterprises (SMEs) and green loans have grown faster than the overall loan growth rate, indicating a strategic focus on key sectors [1] - The People's Bank of China has introduced 45 specific measures to facilitate financial services that align with the needs of technology research and development, as well as the transformation of results [2] Group 2 - The "R&D loan" is an upgraded version of the "technology loan," offering lower interest rates, longer loan terms, and better credit solutions based on the company's R&D capabilities [4] - Financial institutions are increasingly willing to provide long-term, low-cost loans to technology companies, sharing in the excess equity appreciation of the companies as a way to mitigate risk [8] - Shenzhen's "Tengfei Loan" has successfully addressed the financing challenges faced by early-stage technology companies, providing significant funding support [10] Group 3 - Green loans have become a major driver of credit growth, with a 17.5% increase in the balance of green loans to 4.351 trillion yuan by the end of September [13] - Innovative green financial products are being developed, linking corporate carbon reduction achievements to financing rates, thus supporting enterprises in their green transformation [15] - The "electricity-carbon linked loan" product allows companies to receive lower interest rates based on their carbon reduction performance, promoting a "low-carbon for low-interest" approach [20][22] Group 4 - The establishment of a 500 billion yuan re-lending service for consumption and elderly care has led to increased credit allocation to tourism and cultural entertainment sectors [24] - Innovative financing models, such as "operating rights pledge," have been introduced to address the long project cycles and slow returns in the tourism industry, facilitating financial support for tourism projects [27] - The Chongqing branch of the Postal Savings Bank has issued 1.08 billion yuan in loans using the operating rights of scenic spots as collateral, significantly enhancing the funding available for tourism upgrades [29]

Core Viewpoint - The healthy development of the private economy relies on precise financial support, as highlighted in the recent press conference by the Henan Provincial Government regarding financial support for high-quality development of the private economy [1] Financial Service Expansion - The financial system in Henan has maintained a trend of "increasing volume, expanding coverage, improving quality, and reducing costs" in support of the private economy [2] - As of the end of October, loans to the private economy reached 2.35 trillion yuan, a year-on-year increase of 2.32% [2] - 55.6% of new corporate loans this year were directed towards private enterprises, an increase of 1.3 percentage points compared to the end of 2024 [2] - The weighted average interest rate for new loans to private enterprises has continued to decrease [2] Financial Integration and Service Quality - A total of 449 financial service specialists have been deployed across provincial, municipal, and county levels to enhance service quality through various initiatives [3] - Over 4,500 government-enterprise financing matchmaking events were organized in the first ten months, covering 59,000 enterprises, with over 80% being private enterprises, resulting in financing of 220 billion yuan [3] - The comprehensive financing cost for corporate loans has stabilized and decreased, with innovative financing service models being developed [3] Monetary Policy Tools Utilization - The People's Bank of China, Henan branch, has effectively utilized various monetary policy tools to channel more quality financial resources into key areas of the private economy [4] - By the end of October, loans supported by these tools totaled 106.2 billion yuan, with the average interest rate for new corporate loans at 3.26%, down 0.51 percentage points year-on-year [4] Support for Small and Micro Enterprises - A coordination mechanism for supporting small and micro enterprises has been efficiently operational, with 7.32 million visits to small businesses conducted, ranking second nationally [5] - The mechanism has achieved a credit and loan issuance rate exceeding 95%, effectively addressing financing difficulties [5] Tailored Financial Products - Financial institutions are innovating personalized financing solutions to meet the diverse needs of private enterprises across different industries and regions [7] - The Industrial and Commercial Bank of China in Henan has developed 343 unique loan scenarios to address common financing challenges [7] - The "PuHui LaiLe" app by SPD Bank integrates various functions to create a convenient and efficient service system for private enterprises [7]

真 / 知 / 引 / 导 / 生 / 活 | 大连新闻传媒集团记者邵海峰 | 近日，浦发银行首家足球生态主题支行——大连梭鱼湾支行正式开门迎客，这也是大连首家足球生态主题银行，标志着大连，这座有着浓厚足球和体育氛 围的城市，正以"金融+体育"的深度融合模式，奏响体育经济高质量发展和城市文体旅融合的新乐章。 金融力量，如涓涓细流渗透到体育产业的每一个脉络，成为撬动城市消费升级、提升城市品牌影响力的新引擎。 媒集团记者邵海峰 摄 梭鱼湾足球场中超比赛场景。大连新闻传 $$\Leftrightarrow\exists i,j,l$$ 让"足球城"金字招牌 愈发闪亮 足球是大连鲜明的城市标签。 "足球是镌刻在大连这座城市基因里的荣耀，支持大连足球就是支持城市的未来。"我市一位金融业人士表示。 浦发银行首家足球生态主题支行——大连梭鱼湾支行的正式营业，是浦发银行大连分行深化"金融+体育"战略的关键举措。该支行不仅承接了原大连甘井 子浦发村镇银行的全部业务，更力求打破传统银行服务边界，打造集金融服务、球迷体验、产业链支持于一体的特色服务体系。 浦发银行大连分行与大连英博足球俱乐部的战略合作正在持续深化。双方将共同推出联 ...

Core Insights - The office environment is becoming a crucial factor for young professionals in their job selection, shifting from a "functional" to a "human-centered" space that fosters warmth, happiness, and growth [1][4][23] - The integration of AI technology in office spaces aims to maximize human potential and create engaging environments that encourage employees to work more efficiently [1][21] Group 1: Shift in Office Space Philosophy - The core transformation of office spaces is from "functional containers" to "human-centered spaces," with 81% of companies prioritizing "employee experience" in space planning, significantly surpassing "cost control" [4][19] - A survey indicates that 79% of Gen Z employees believe they are more efficient working in an office, yet only 11% are satisfied with their current workspace [4][19] Group 2: Corporate Investment in Office Spaces - Leading companies are the primary drivers of this spatial revolution, as they seek to attract top talent who demand more freedom and warmth in their work environments [7][12] - Companies focused on brand image view office spaces as physical embodiments of their brand philosophy, with examples like Meihua Group investing in international office designs to reflect their global vision [10][12] Group 3: Employee-Centric Design - The design of office spaces is shifting to accommodate the diverse needs of employees, particularly Gen Z, who desire clear decision-making paths alongside a flat collaborative atmosphere [14][16] - Informal communication spaces are essential for fostering mentorship and knowledge transfer, which are difficult to replicate in remote work settings [14][18] Group 4: Sustainability in Office Spaces - Office spaces are critical for sustainable practices, with companies like Steelcase implementing eco-friendly materials and carbon-neutral certifications to enhance their ESG credentials [19][21] - The commitment to sustainability is increasingly seen as a competitive advantage, particularly among younger employees who prioritize social responsibility [19][21] Group 5: Future of Office Spaces - The ideal future office space will leverage smart technology to enhance human interaction and productivity, emphasizing a blend of digital, physical, and emotional elements [21][23] - The ultimate goal is to transform the perception of going to the office from a mandatory task to a valued choice, highlighting the importance of human connection and meaningful work [23]

办公氛围正成为年轻人择业的重要因素，他们对办公场景的需求从"能用"转向"好用"，更向往在有 温度、充满幸福感与成长空间的办公环境中工作，这一需求推动办公空间核心逻辑重构。同时，随着 AI 技术在日常中不断渗透，如何利用技术赋能办公空间从而将人的力量最大化，打造有"活人感"的 办公场所，让人能愿意主动走出家门，进入办公室进行更高效的工作，这正是我们探索办公空间进化 的起点。 近日，第一财经播客《商业就是这样》主理人肖文杰，对话 Steelcase 中国区董事总经理刘茜 Maggie 以及 Gensler 副总裁、工作室总监秦正辉 Freck ，在这场《 1 门生意》的谈话中，共同 拆解办公空间的变迁、企业投入逻辑以及理想办公空间的未来趋势。 办公空间的核心转变：从"功能容器"到"人本空间" 《 2025 全球办公空间使用基准指南》显示， 81% 的企业把"员工体验"列为空间规划的首要目 标，远超"成本控制"； Z 世代办公体验调研也显示， 79% 的人认为"在办公室工作更高效"，却只 有 11% 的人满意现在的空间。此外，第一财经的调研数据显示，办公氛围成为年轻人择业的第三大 要素。 肖文杰表示，这些数据的背后 ...

Investment Rating - The report assigns a "Buy" rating for the banking sector, indicating an expectation that stock prices will outperform the market by more than 10% over the next 12 months [40]. Core Insights - The growth of M2 is primarily driven by government and corporate leverage, with government leverage's contribution increasing from 23.9% in 2015 to 45.5% in 2025, while corporate leverage is expected to contribute 63.6% to M2 growth in 2025 [5][14]. - The report highlights a divergence between the social financing (社融) and M2 growth rates, indicating a liquidity accumulation in the financial system when the demand for financing from the real economy is insufficient, which can lead to a decline in bond yields [5][19]. - The expected social financing-M2 differential for 2026 is projected to be 0.56%, with a quarter-on-quarter increase of 33 basis points [32]. Summary by Sections M2 and Liquidity Analysis - M2 includes cash, personal deposits, corporate deposits, non-bank deposits, and deposits from non-deposit financial institutions. The main contributors to M2 growth are government and corporate leverage [5][13]. - The report discusses the relationship between the social financing-M2 differential and bond market performance, noting a shift in correlation since the second half of 2022 [5][19]. Social Financing Projections - For 2026, the report forecasts a total of 16.3 trillion yuan in new loans under the social financing framework, with a growth rate of 8.11% [32][34]. - The report anticipates that the net issuance of government bonds will reach 14.8 trillion yuan in 2026, with a focus on maintaining a proactive fiscal policy [34]. M2 Growth Forecast - The M2 growth rate for 2026 is projected at 7.55%, influenced by factors such as net fiscal deposits, the strengthening of the equity market, and cross-border capital flows [32][36].