1. Report Industry Investment Rating No relevant content provided in the report 2. Core Viewpoints of the Report - The allocation value of 3 - 10Y secondary and perpetual bonds (Two - Yong Bonds) of banks is prominent. It is recommended to focus on AA+ and above - rated 3 - 10Y bonds with high interest - rate differentials, especially the 5Y AAA - perpetual bonds. For insurance and securities firm subordinated bonds, 3 - 10Y bonds of each rating are at a relatively high historical percentile and can be allocated opportunistically [2][3] - In November, the supply of Two - Yong Bonds increased both month - on - month and year - on - year. The net financing scale also increased. In the secondary market, the yields and credit spreads of secondary capital bonds generally fluctuated downward (except for AA+ varieties), the yields of perpetual bonds declined but spreads rose, and medium - and long - term bonds performed well [2][27] - In November, the net financing scale of insurance subordinated bonds increased year - on - year, while that of securities firm subordinated bonds decreased year - on - year. In the secondary market, except for 10 - year bonds, the yields and credit spreads of other remaining - term securities firm subordinated bonds and insurance capital - supplementary bonds generally declined [2][62] 3. Summary According to Relevant Catalogs 3.1 Bank Two - Yong Bonds 3.1.1 Primary Market and Approval Quota Usage - **Issuance Scale**: In November, the supply of Two - Yong Bonds increased both month - on - month and year - on - year, with a total issuance scale of 268.3 billion yuan, including 143.7 billion yuan of secondary capital bonds and 124.6 billion yuan of perpetual bonds. The total issuance in the first 11 months was about 1.58 trillion yuan, with secondary capital bonds at 781.06 billion yuan and perpetual bonds at 800 billion yuan [5] - **Total Repayment Amount**: In November, the total repayment amount of Two - Yong Bonds increased both month - on - month and year - on - year, amounting to about 174.7 billion yuan. The total repayment in the first 11 months was about 1.16 trillion yuan, reaching a year - on - year high since 2022 [13] - **Net Financing**: The net financing scale of bank Two - Yong Bonds increased both month - on - month and year - on - year in November, reaching 93.6 billion yuan. The net financing in the first 11 months was 422.96 billion yuan, a year - on - year decrease mainly due to a slightly smaller issuance scale than in 2024 and a year - on - year increase in total repayment. The net financing in the first 11 months mainly came from state - owned large - scale banks [14][17] - **Approval Quota and Usage**: As of November 30, the remaining quota of bank Two - Yong Bonds to be issued was 1.44 trillion yuan. State - owned large - scale banks had the fastest issuance progress, while joint - stock banks and rural commercial banks had relatively slow progress [25] 3.1.2 Secondary Market - **Interest Rate Differential and Yield**: The yields and credit spreads of secondary capital bonds generally fluctuated downward (except for AA+ varieties), the yields of perpetual bonds declined but spreads rose, and medium - and long - term bonds performed well. The spreads of 5 - 10Y bonds (except AA -) were relatively large, and the 5Y perpetual bonds, especially the AAA - variety, might have high cost - effectiveness [27][30] - **Trading Volume and Turnover Rate**: In November, the trading volume of Two - Yong Bonds increased month - on - month, with state - owned large - scale banks having the largest month - on - month increase in both secondary capital bonds and perpetual bonds. The turnover rates of joint - stock banks increased significantly, ranking first among various types of banks [48][52] 3.2 Securities Firm and Insurance Subordinated Bonds 3.2.1 Primary Market - **Issuance Scale**: In November, the issuance scale of securities firm subordinated bonds increased slightly, with 19 bonds issued totaling 28.75 billion yuan. The issuance of insurance company bonds remained stable, with 5 capital - supplementary bonds and 1 perpetual bond issued, totaling 15.57 billion yuan [54] - **Net Financing**: The net financing scale of insurance subordinated bonds increased year - on - year in November, while that of securities firm subordinated bonds decreased year - on - year. From January to November 2025, the net financing scale of insurance subordinated bonds decreased year - on - year, while that of securities firm subordinated bonds increased year - on - year [62] 3.2.2 Secondary Market - **Interest Rate Differential and Yield**: Except for 10 - year bonds, the yields and credit spreads of other remaining - term securities firm subordinated bonds and insurance capital - supplementary bonds generally declined. The yields of 1 - year securities firm subordinated bonds and 3 - year insurance capital - supplementary bonds declined more significantly. The 3 - and 10 - year bonds of each rating were at a relatively high historical percentile and could be allocated opportunistically [65] - **Trading Statistics**: The trading activity of insurance company capital - supplementary bonds increased, while that of securities firm subordinated bonds decreased. In November, the turnover rates of insurance company capital - supplementary bonds and securities firm subordinated bonds were 9.32% and 9.84% respectively [70]

上海浦东发展银行股份有限公司 章 程 二〇二五年十二月 | 第一章 总 | 则 2 | | --- | --- | | 第二章 | 经营宗旨和范围 5 | | 第三章 股 | 份 6 | | 第一节 股份发行 | 6 | | 第二节 股份增减和回购 | 8 | | 第三节 股份转让 | 10 | | 第四章 | 党组织（党委） 12 | | 第五章 | 股东和股东会 13 | | 第一节 股东的一般规定 | 13 | | 第二节 股东会的一般规定 | 23 | | 第三节 股东会的召集 | 26 | | 第四节 股东会的提案与通知 | 28 | | 第五节 股东会的召开 | 31 | | 第六节 股东会的表决和决议 | 35 | | 第六章 | 董事会 42 | | 第一节 董 事 | 42 | | 第二节 独立董事 | 49 | | 第三节 董事会 | 57 | | 第四节 董事会专门委员会 | 64 | | 第五节 董事会秘书 | 75 | | 第七章 | 高级管理层 77 | | 第八章 | 财务会计制度、利润分配和审计 81 | | 第一节 财务会计制度 | 81 | | 第二节 内部审计 | 85 ...

公告编号：临2025-079 特此公告。 上海浦东发展银行股份有限公司董事会 2025 年 12 月 29 日 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 上海浦东发展银行股份有限公司（以下简称"公司"）于2025年6月27日召 开的2024年年度股东会审议通过了《公司关于修订<公司章程>及撤销监事会的议 案》。 近日，公司收到《国家金融监督管理总局关于浦发银行修改公司章程的批复》 （金复〔2025〕760号），国家金融监督管理总局已核准公司修订后的公司章程。 《公司章程（2025年修订）》自12月26日起生效，全文请参见上海证券交易所网 站（www.sse.com.cn）和公司网站（www.spdb.com.cn）。股东会审议通过的《股 东会议事规则（2025年修订）》《董事会议事规则（2025年修订）》同步生效。 自《公司章程（2025年修订）》核准之日起，公司不再设立监事会，由董事 会审计委员会行使《公司法》和监管规定中的监事会职权。监事会、监事会专门 委员会、监事等有关的公司治理制度同步废止。孙伟先生、曹奕剑先生、 ...

12月29日金融一线消息，浦发银行公告称，近日，公司收到《国家金融监督管理总局关于浦发银行修改 公司章程的批复》（金复〔2025〕760号），国家金融监督管理总局已核准公司修订后的公司章程。 自《公司章程（2025年修订）》核准之日起，公司不再设立监事会，由董事会审计委员会行使《公司 法》和监管规定中的监事会职权。监事会、监事会专门委员会、监事等有关的公司治理制度同步废止。 孙伟、曹奕剑、李庆丰、吴坚、王跃堂、张宝全、何卫海、张湧不再担任公司监事，并均已确认与公司 无不同意见，亦无任何其他相关事项需要通知公司股东及债权人。 责任编辑：王馨茹 12月29日金融一线消息，浦发银行公告称，近日，公司收到《国家金融监督管理总局关于浦发银行修改 公司章程的批复》（金复〔2025〕760号），国家金融监督管理总局已核准公司修订后的公司章程。 自《公司章程（2025年修订）》核准之日起，公司不再设立监事会，由董事会审计委员会行使《公司 法》和监管规定中的监事会职权。监事会、监事会专门委员会、监事等有关的公司治理制度同步废止。 孙伟、曹奕剑、李庆丰、吴坚、王跃堂、张宝全、何卫海、张湧不再担任公司监事，并均已确认与公司 无不同 ...

据交通银行官方微信公众号消息，近日，交通银行"沃野万理·共见未来——沃德财富万里行"全国巡回 路演在上海、广州、北京三地联合启动。在启动仪式上，周万阜表示，交行近期在总行层面成立财富管 理部，进一步强化财富金融特色，提升客户服务能力。此次"沃德财富万里行"作为组织架构优化后的首 个市场推广项目，将率先在重点区域开展，并逐步向全国推广，持续推动财富管理服务提质升级。 财富管理业务与老百姓的"钱袋子"息息相关。近日召开的中央经济工作会议将"坚持内需主导，建设强 大国内市场"列为明年经济工作重点任务，提出"深入实施提振消费专项行动，制定实施城乡居民增收计 划"。 "财富管理是增加居民财产性收入的重要途径之一，也是提振消费的重要抓手。"周万阜表示，交通银行 做优做强财富管理业务，助力居民增加财产性收入，是落实党中央决策部署的重要举措，也是金融机构 特别是资管机构和财富管理机构的共同使命。 交通银行财富管理业务目前成色如何？半年报显示，截至2025年6月末，交通银行代销个人公募基金产 品余额2131.61亿元，代销个人理财产品余额10044.77亿元，代销个人保险产品余额3535.3亿元。 作为财富管理版图的核心，理财 ...

据处罚信息，因信贷业务严重违反审慎经营规则，国家金融监督管理总局惠州监管分局对上海浦东发展 银行股份有限公司惠州分行罚款35万元，对朱浩给予警告。 采写：南都N视频记者 吴方 近日，国家金融监督管理总局广东监管局披露一则行政处罚信息，上海浦东发展银行股份有限公司惠州 分行被处以罚款35万元，一名相关责任人员被处以警告。 | 序 | 当事人名称 | 主要违法违规行为 | 行政处罚内容 | 作出决定机关 | | --- | --- | --- | --- | --- | | 骨 | | | | | | | 上海浦东发展 | | 对上海浦东发展 | 国家金融监督 管理总局惠州 监管分局 | | | 银行股份有限 | 信贷业务严重违反 | 银行股份有限公 | | | 1 | 公司惠州分行 | 审慎经营规则 | 司惠州分行罚款 | | | | 及相关责任人 | | 35万元,对朱浩 | | | | 员 | | 给予警告。 | | ...

Former Indian Premier League (IPL) chairman Lalit Modi offered "deepest apologies" to the Indian government for a video showing him partying with fugitive businessman Vijay Mallya in London and introducing themselves as the “biggest fugitives of India."“I apologise if I have hurt anyone feelings especially the Indian Government who I have the highest respect and regard for. The statement was misconstrued and was never intended to be as played out. Once again my deepest apologies,” Lalit Modi posted on X on ...

21世纪经济报道 记者郭聪聪 经过十年研发试点，数字人民币将迈入的2.0阶段，从"数字现金时代"迈入"数字存款货币"时代。 12月29日，中国人民银行党委委员、副行长陆磊公开发文称，为切实提升数字人民币管理质效和服务能 力，在总结十年经验基础上，中国人民银行出台了《关于进一步加强数字人民币管理服务体系和相关金 融基础设施建设的行动方案》（以下简称《行动方案》），该《行动方案》将于2026年1月1日起正式启 动实施。 根据方案部署，新一代数字人民币的计量框架、管理体系、运行机制与生态体系将同步落地。其中主要 亮点包括：数字人民币钱包余额将计付利息；银行类运营机构的数字人民币纳入准备金制度框架管理， 其钱包余额统一计入存款准备金交存基数；参与运营的非银行支付机构则需实行100%的数字人民币保 证金要求等。 从数字现金到数字存款货币 陆磊在文中介绍道，我国数字人民币的研究和开发起步较早。在2014年，中国人民银行就启动理论研究 和封闭测试。2016年，中国人民银行提出了具有数字货币特征的电子支付工具（DC/EP）的法定数字货 币理论框架构想，审慎科学稳健试点探索数字人民币（e-CNY）管理体系和运行机理。 经反复论 ...

12月29日，香港金管局公布，自人民币业务资金安排第二阶段起，参与银行名单已扩大至40家，分配给 参与银行的总额度由前阶段的500亿元人民币增加至1,000亿元人民币。如香港金管局于9月26日所公 布，人民币业务资金安排由第二阶段起，进一步扩大所涵盖的合资格人民币资金用途范围至人民币资本 支出，及营运资金定期贷款。对此优化安排，银行业界反应正面。 中國農業銀行股份有限公司 澳新銀行集團有限公司 盤谷銀行(大眾有限公司) 中國銀行(香港)有限公司 中國銀行股份有限公司 交通銀行(香港)有限公司 交通銀行股份有限公司 東亞銀行有限公司 永豐商業銀行股份有限公司 法國巴黎銀行 中信銀行(國際)有限公司 中國建設銀行(亞洲)股份有限公司 中國建設銀行股份有限公司 中國光大銀行股份有限公司 招商銀行股份有限公司 中國民生銀行股份有限公司 集友銀行有限公司 創興銀行有限公司 招商永隆銀行有限公司 大新銀行有限公司 星展銀行(香港)有限公司 星展銀行有限公司 德意志銀行 第一阿布扎比銀行 富邦銀行(香港)有限公司 恒生銀行有限公司 香港上海滙豐銀行有限公司 中國工商銀行(亞洲)有限公司 中國工商銀行股份有限公司 興業銀行股 ...

Group 1 - The "New Quality Productivity - New Wave of Mergers and Acquisitions" financial forum was successfully held on December 26, 2025, to explore new paths for industrial integration and value creation in the field of mergers and acquisitions for technology innovation enterprises [2][15] - The forum was hosted by Shanghai Jiao Tong University’s Shanghai Advanced Institute of Finance (SAIF) and aimed to create a high-end communication platform for the integration of new quality productivity and the M&A market [2][5] - Key industry experts and leaders attended the forum to share cutting-edge practices and analyze industry bottlenecks, aiming to serve industrial upgrades and promote the development of new quality productivity [2][15] Group 2 - Li Feng, in his speech, highlighted that China's M&A market for technology innovation enterprises is entering a new wave of development characterized by a dual drive of "independent development of new quality productivity enterprises + technological transformation and upgrading of traditional enterprises" [4][17] - The forum aimed to leverage the research capabilities of academic think tanks and the resources of professional platforms to build an efficient communication bridge for the deep integration of new quality productivity cultivation and the M&A market [5][18] Group 3 - Wang Jianjun shared the current situation and research achievements of the Shanghai International M&A Research Center, emphasizing the need for policy formulation to shift towards classified and precise regulation, avoiding blind encouragement [7][20] - He stressed the importance of maintaining a dynamic balance between risk prevention and development promotion in regulatory guidance, advocating for a focus on sustainable development rather than short-term gains [7][20] Group 4 - The roundtable discussion featured deep dialogues among industry leaders on the dual drive of "independent development of new quality productivity enterprises + technological transformation and upgrading of traditional enterprises," addressing challenges such as valuation recognition and strategic integration [13][26] - The forum underscored the vision of building an efficient communication bridge for the deep integration of new quality productivity cultivation and the M&A market, aiming for high-quality mergers and acquisitions [26]