9月26日，申万宏源证券与上海农商银行签署战略合作协议。申万宏源党委书记、董事长 刘健，上海农商银行党委书记、董事长徐力见证签约，申万宏源党委副书记、证券公司总经理 张剑，上海农商银行党委副书记、行长（候任）汪明代表双方签约。申万宏源证券执委会成员 王苏龙，上海农商银行副行长占玲灵等出席签约仪式。 上海农村商业银行股份有限公司成立于2005年8月25日，是由国资控股、总部设在上海的法人银行，也是全国首家在农信基础上改制成立的省级股 份制商业银行。2021年8月19日，上海农商银行成为上海证券交易所主板上市公司，目前上海农商银行注册资本为96.44亿元人民币，营业网点逾360 家，员工总数超11000人。 此次协议签署将开启双方战略合作的新篇章，双方将秉持"长期合作、互惠互利、共同发展"的原则，在同业业务、科创金融、财富管理等领域拓宽合 作范围、强化合作深度，推动双方建立更加深入的全面互信关系，携手为上海国际金融中心建设做出应有的贡献。 来源：申万宏源证券 多年来，申万宏源证券与上海农商银行一直保持着紧密合作关系，双方曾于2022年7月首次签署战略合作协议，本次新一轮战略合作签约也标志着双 方深度合作迈上新的台 ...

专业联合 奠定权威基石 本次"双名单"的发布，汇聚了四大权威机构的专业力量。第一财经作为中国最具影响力的专业财经媒 体，深度洞察市场趋势，确保榜单的公信力与传播广度；上海交易集团作为要素市场化配置的重要平 台，拥有真实、海量的资产交易数据，为名单评估提供了坚实的底层资产质量支撑；联合资信作为国内 顶尖的信用评级机构，凭借其深厚的风险评估模型和专业分析能力，确保了评估体系的科学性与严谨 性；联合赤道作为国内领先的绿色金融与ESG服务机构，深耕绿色金融评估认证、可持续发展及碳认证 等领域，为名单注入前瞻性的评价维度与国际化视野。多方优势互补，共同确保了名单的专业性、客观 性与权威性，其结论将成为市场各方研判租赁企业真实价值的重要参考。 近日，由第一财经、上海交易集团、联合资信、联合赤道共同编制的2025中国融资租赁综合质量典范、 2025中国融资租赁ESG影响力典范评价体系建设接近尾声，中国融资租赁前15名租赁公司名单，即将正 式面向社会发布。 当前，融资租赁行业面临传统资产收缩、利差收窄与转型压力，亟需树立发展新标杆。本名单顺应"五 篇大文章"政策导向，突出绿色租赁、科创金融与可持续发展能力，不仅助力资本市场精 ...

Group 1 - Laishang Bank issued a 5-year sci-tech bond, raising 1 billion yuan, marking Jinan's total sci-tech bond issuance at 201 billion yuan, making it the first city in Shandong to exceed this threshold [1] - Since the launch of the "Technology Board" on May 7, Jinan has led Shandong in the number, volume, and amount of sci-tech bond issuances within just over four months [1] - Jinan Municipal Financial Office has implemented various measures to leverage the opportunities presented by the sci-tech bond policy, including training sessions and resource support [1][2] Group 2 - Jinan has established a bond financing service linkage mechanism and successfully secured the Shanghai Stock Exchange's "Bond Market City Action Plan" pilot [2] - The Municipal Financial Office has developed policies to subsidize guarantee and credit enhancement institutions, encouraging support for the issuance of sci-tech bonds by technology enterprises [2] - Jinan has organized experts to provide face-to-face guidance to 10 potential issuing companies, focusing on assisting private technology enterprises in accessing bond financing [2] Group 3 - Currently, 13 enterprises in Jinan have issued a total of 22 sci-tech bonds, accounting for 37.1%, 32.8%, and 34.9% of the total number, volume, and amount of issuances, respectively [3] - Notable issuances include the first national and Shandong sci-tech bonds by Inspur Electronic Information Industry Co., Ltd., and the first financial institution and city commercial bank sci-tech bonds in Shandong by Zhongtai Securities and Qilu Bank, respectively [3] - The two city commercial bank sci-tech bonds in Jinan will specifically support technology innovation through technology loans and investments in innovative enterprises [3]

Core Insights - On September 16, Laishang Bank issued a 5-year sci-tech bond in the interbank bond market, raising 1 billion yuan, marking Jinan's total issuance of sci-tech bonds at 20.1 billion yuan, making it the first city in Shandong Province to surpass 20 billion yuan in sci-tech bond issuance [1] Group 1: Policy Implementation and Support - Since the launch of the "Technology Board" in the bond market on May 7, the Jinan Municipal Financial Office has actively implemented a comprehensive financial policy package to promote the issuance of sci-tech bonds [2] - Various training sessions have been organized to enhance awareness among enterprises regarding bond financing, including a specialized course for 260 officials and financing personnel from local enterprises [2] - A total of 45 enterprises have been identified and included in a reserve pool for potential sci-tech bond issuance, covering state-owned and some private enterprises [2] Group 2: Collaborative Efforts and Mechanisms - Jinan has established a collaborative mechanism involving multiple parties to facilitate bond issuance, including video conferences and discussions with the Shanghai Stock Exchange [2] - A risk-sharing mechanism has been actively adopted to support the issuance of sci-tech bonds, with policies in place to incentivize guarantee and credit enhancement institutions [2] - The city has developed a "Bond Financing Service Linkage Mechanism" to ensure effective support for enterprises in issuing sci-tech bonds [2] Group 3: Market Performance - As of now, 13 enterprises in Jinan have issued 22 sci-tech bonds totaling 20.1 billion yuan, leading the province in terms of the number of issuers, issuance count, and total amount [3] - Notable issuances include the first nationwide and Shandong province sci-tech bond by Inspur Information, the first financial institution sci-tech bond by Zhongtai Securities, and the first city commercial bank sci-tech bond by Qilu Bank [3]

Core Insights - The event "融聚十五载・智绘新征程" focused on the release of the Suzhou Bank Innovation Finance White Paper and aimed to enhance collaboration between financial institutions and technology innovation enterprises [1][4][6] Group 1: Event Overview - The event was attended by nearly 200 representatives from over 60 financial institutions, including banks, securities, insurance, and asset management companies [1] - Key figures such as Suzhou's Deputy Mayor Gu Haidong and Suzhou Bank's Chairman Cui Qingjun delivered speeches emphasizing the importance of financial support for technology innovation [4][6] Group 2: Financial Strategies and Initiatives - Suzhou Bank aims to deepen cooperation with financial institutions to create a collaborative environment that supports the development of technology innovation in Suzhou [6][8] - The bank has established a comprehensive "2+4+N" innovation finance system, which includes a dedicated committee and specialized centers for listed companies and mergers [18] Group 3: Financial Products and Services - The bank has developed the "苏心科创力" evaluation model to assess innovation capabilities of enterprises and has launched a series of financial support plans [18] - As of June 2025, Suzhou Bank has served over 13,000 technology innovation enterprises with a total credit amount exceeding 130 billion yuan, with loans to these enterprises accounting for over 20% of corporate loans [19] Group 4: Future Directions - Suzhou Bank plans to continue leveraging dual engines of "innovation + cross-border" and "livelihood + wealth" to enhance financial innovation and expand cooperation boundaries [21]

Core Insights - The event "融聚十五载・智绘新征程" focused on the release of the Suzhou Bank Innovation Financial White Paper and aimed to enhance collaboration between financial institutions and technology innovation enterprises [1][4][6] Group 1: Event Overview - The event was attended by nearly 200 representatives from over 60 institutions, including banks, securities, insurance, and fund companies [1] - Key figures such as Suzhou's Deputy Mayor Gu Haidong and Suzhou Bank's Chairman Cui Qingjun delivered speeches emphasizing the importance of financial support for innovation [4][6] Group 2: Financial Strategies and Initiatives - Suzhou Bank aims to deepen cooperation with financial institutions to achieve resource sharing and capability building, contributing to the modernization of Jiangsu and Suzhou [6] - The bank has established a comprehensive "2+4+N" innovation financial system, including a financial committee and specialized centers for listed companies and mergers [16] - By June 2025, Suzhou Bank plans to serve over 13,000 innovation enterprises with a total credit exceeding 130 billion yuan, with innovation loans accounting for over 20% of corporate loans [16] Group 3: Future Directions - Suzhou Bank will continue to leverage a dual-engine strategy of "Innovation + Cross-border" and "Livelihood + Wealth" to expand its financial innovation and collaboration [18] - The bank aims to position Suzhou as a leading hub for innovation finance in China, contributing to the broader goals of Jiangsu's modernization [18]

Group 1: Company Positioning and Strategy - The company positions itself as a differentiated player in the brokerage industry, focusing on "wealth management" and "investment banking" as strategic pillars, aiming to serve the real economy and residents' wealth management [2] - The company emphasizes a "non-directional transformation" and "equity-debt rebalancing," maintaining a focus on investment opportunities in the equity market with a "high dividend+" strategy [2][3] Group 2: Investment Strategies and Asset Management - The company plans to build a "pyramid-type" asset portfolio to achieve stable returns that exceed market performance, utilizing flexible strategies to manage risks and optimize asset allocation [3] - The company’s affiliate, Invesco Great Wall, has maintained a strong reputation in active equity investment due to its stable governance structure and ability to leverage both domestic policy insights and international resources [3] Group 3: Wealth Management Transformation - The company is actively advancing its wealth management business by establishing a digital framework centered on "digital clients, digital employees, digital products, and digital advisory," focusing on creating a comprehensive advisory product ecosystem [3] - The company aims to build a multi-layered financial product matrix, with a strategic focus on ETF distribution and customized institutional wealth management products, particularly the "Wealth Great Wall · Private 50" product series [3]

Core Viewpoint - Jiaxing Bank has demonstrated strong operational resilience and strategic focus in a challenging macroeconomic environment, maintaining steady growth while advancing in key areas such as technology finance, green transformation, and digital empowerment [2][10]. Group 1: Steady Growth and Development Foundation - As of the end of August, Jiaxing Bank's total assets reached 192.70 billion yuan, an increase of 10.83 billion yuan, or 5.95%, since the beginning of the year [3]. - The bank's loan balance stood at 110.03 billion yuan, with an increase of 6.90 billion yuan, reflecting a growth rate of 6.69% [3]. - The growth in loans slightly outpaced asset growth, indicating a continued commitment to supporting the real economy [3]. Group 2: Breakthroughs in Technology Finance - Jiaxing Bank has positioned itself as a local bank with a focus on technology finance, achieving a technology loan balance of 27.15 billion yuan, which accounts for 24.67% of total loans, with a net increase of 2.35 billion yuan, or 9.46% [4]. - The bank has implemented innovative practices tailored to the characteristics of technology enterprises, such as the twin investment and loan linkage model and unique financial products to alleviate financing difficulties [4]. - Collaborations with Long Investment Group have helped establish a "bank-investment linkage" ecosystem, providing comprehensive financial services for technology enterprises [4]. Group 3: Multi-Dimensional Empowerment of the Real Economy - The bank's loan balance for the manufacturing sector reached 23.81 billion yuan, with a significant portion allocated to emerging industries, supporting regional industrial transformation [6]. - Green finance initiatives have also been notable, with a loan balance of 14.31 billion yuan and a specific product, "Sunshine Jia," showing a year-on-year growth of 31.6% [6]. - The bank has issued 19.95 billion yuan in no-repayment renewal loans, benefiting 22,285 market entities and saving approximately 9.30 million yuan in financing costs for small and micro enterprises [6]. Group 4: Accelerated Digital Transformation - Jiaxing Bank has established a CQC A-level certified green data center and completed a comprehensive upgrade of its core systems, enhancing its technological foundation [8]. - The bank has developed six digital service scenarios, including "Smart Canteen" and "DianDian Meal Card," which serve nearly 120,000 users and 4,000 partner merchants, integrating financial services into daily consumption [8]. Group 5: Industry Insights and Future Outlook - Industry observers attribute Jiaxing Bank's performance to its local focus and strategic differentiation in technology finance [10]. - The bank plans to continue enhancing its technology finance characteristics and aims to contribute significantly to the high-quality development of the regional economy [10]. - With the acceleration of the Yangtze River Delta integration process, Jiaxing Bank is expected to play a more prominent role in serving the real economy and driving innovation [10].

Group 1: Manufacturing Industry Development - Anhui Province is implementing a strong manufacturing strategy, focusing on high-end, intelligent, and green development, and has entered the ranks of major industrial provinces in China [1] - As of August, the loan balance for manufacturing by Bank of China Anhui Branch reached 157.5 billion, serving over 14,000 manufacturing enterprises [1] Group 2: Equipment Upgrade and Industry Transformation - A leading consumer goods company has successfully launched a digital brewing and by-product recycling project, receiving 500 million in fixed asset loans from Bank of China Anhui Branch [2] - The project has been recognized as a national-level intelligent manufacturing demonstration factory, showcasing industry standards for intelligent and green development [2] - Bank of China Anhui Branch has actively supported equipment updates and technology upgrades, focusing on energy conservation, digitalization, and intelligent upgrades [2] Group 3: Financial Innovation and Support for Technology - Bank of China Anhui Branch has a loan balance of 8.3 billion for equipment upgrade projects as of August [3] - The bank is shifting its service model from asset-focused to technology-focused, providing tailored financing solutions for technology-driven enterprises [3][4] - The bank's technology finance loan balance has surpassed 100 billion, serving nearly 20,000 technology enterprises [4] Group 4: Supply Chain Financing - Bank of China Anhui Branch has successfully implemented supply chain financing for a group of key enterprises, completing 39 transactions totaling 5.627 million [5][6] - The bank is enhancing its financial support for the rapidly growing new energy vehicle industry, providing over 4.2 billion in new loans and serving more than 240 clients in the supply chain [6] Group 5: Commitment to High-Quality Development - Bank of China Anhui Branch aims to align with regional development strategies and support manufacturing enterprises, enhancing financial services to promote high-quality development in the manufacturing sector [6]

Economic Performance - In 2024, Shandong Province achieved a GDP of 9.9 trillion yuan, with a year-on-year growth of 5.7%, surpassing the national growth rate by 0.7 percentage points[2] - Fixed asset investment (excluding farmers) grew by 3.3%, with manufacturing investment increasing by 15.1% and high-tech industry investment rising by 15.9%[3] - The total retail sales of consumer goods reached 3.8 trillion yuan, growing by 5.0% year-on-year, with online retail sales at 754.3 billion yuan, up 7.8%[3] Financial Sector Performance - The total social financing scale in Shandong reached 23.8 trillion yuan, with a year-on-year growth of 10.2%[62] - New loans amounted to 1.2 trillion yuan, with a year-on-year growth of 9.0%, exceeding the national average by 1.8 percentage points[44] - The balance of debt financing tools issued by enterprises was 622.8 billion yuan, reflecting a 9.6% increase year-on-year[66] Employment and Income - Urban employment increased by 1.245 million, achieving 113.2% of the annual target, while per capita disposable income rose by 5.5%[34] - The rural per capita disposable income growth rate outpaced that of urban residents, indicating a positive trend in rural economic conditions[34] Price Stability - The consumer price index (CPI) rose by 0.2%, with food prices declining by 0.5% and non-food prices increasing by 0.4%[35] - The industrial producer price index (PPI) decreased by 2.1%, with the decline narrowing by 1.4 percentage points compared to the previous year[35] Financial Risk Management - The non-performing loan ratio in the banking sector was 1.15%, a decrease of 0.01 percentage points, marking six consecutive years of decline[59] - The provision coverage ratio reached 276.6%, indicating enhanced risk resistance capabilities within the banking institutions[59]