近年来，农业银行（601288）持续强化合规管理长效机制，深入推进法治农行建设，将领导干部学法用 法纳入考核，增强全员法治意识。 在青海，工商银行（601398）青海省分行成立省分行普法教育领导小组，统筹协调全行普法工作事宜。 12月4日，我国迎来第十二个国家宪法日。 法治是中国式现代化的重要保障。对于金融业来说，法治建设同样是支持金融高质量发展的核心力量。 中央金融工作会议指出，要加强金融法治建设，及时推进金融重点领域和新兴领域立法，为金融业发展 保驾护航。《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》提出，完善中国特色社 会主义法治体系；金融法治建设是中国特色社会主义法治体系建设的重要组成部分。 近年来，在政策引导下，银行业金融机构将法治精神融入经营管理各环节，在有效防范风险、保障业务 创新、维护客户权益等方面不断强化法治建设，筑牢发展根基。 理念先行：让法治成为银行文化的底层基因 法治建设，理念先行。重视法治观念的培育，是商业银行落实加强金融法治建设要求的重要一步。 "领导小组办公室设在法律职能部门，负责牵头组织普法工作。"据工商银行青海省分行有关负责人介 绍，该行积极构建"法律职能部门牵 ...

理念先行：让法治成为银行文化的底层基因 法治建设，理念先行。重视法治观念的培育，是商业银行落实加强金融法治建设要求的重要一步。 12月4日，我国迎来第十二个国家宪法日。 法治是中国式现代化的重要保障。对于金融业来说，法治建设同样是支持金融高质量发展的核心力 量。中央金融工作会议指出，要加强金融法治建设，及时推进金融重点领域和新兴领域立法，为金融业 发展保驾护航。《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》提出，完善中国特 色社会主义法治体系；金融法治建设是中国特色社会主义法治体系建设的重要组成部分。 近年来，在政策引导下，银行业金融机构将法治精神融入经营管理各环节，在有效防范风险、保障 业务创新、维护客户权益等方面不断强化法治建设，筑牢发展根基。 近年来，农业银行持续强化合规管理长效机制，深入推进法治农行建设，将领导干部学法用法纳入 考核，增强全员法治意识。 在青海，工商银行青海省分行成立省分行普法教育领导小组，统筹协调全行普法工作事宜。 "领导小组办公室设在法律职能部门，负责牵头组织普法工作。"据工商银行青海省分行有关负责人 介绍，该行积极构建"法律职能部门牵头、业务部门协同、分支机构落地" ...

Core Viewpoint - The article emphasizes the importance of advancing financial legal development on the legal track to achieve high-quality financial growth in China, aligning with the goals set forth in the 15th Five-Year Plan [2][3]. Group 1: Financial Legal System Construction - The construction of a scientific and complete financial legal system is essential, focusing on foundational financial laws, central bank legal systems, financial stability laws, and financial regulatory laws [2][12]. - Strengthening the legal framework for financial stability is crucial, with ongoing efforts to draft a financial stability law aimed at comprehensive risk prevention and management [13][14]. Group 2: Financial Governance and Regulation - The article highlights the need for modernizing the financial governance system and enhancing governance capabilities, ensuring that financial institutions operate in compliance with laws and regulations [6][10]. - It stresses the importance of strict financial regulation and enforcement, advocating for the revision of existing laws to adapt to the evolving financial landscape [14][15]. Group 3: International Financial Law - Enhancing international financial legal frameworks is necessary for promoting high-level openness and addressing external risks, including money laundering and financial sanctions [14][10]. - The article calls for active participation in international rule-making and cooperation in law enforcement to safeguard national interests [14][15]. Group 4: Financial Legal Talent Development - Building a competent financial legal workforce is vital, focusing on training professionals who are well-versed in both finance and law [15]. - The article emphasizes the need for leadership in financial institutions to adopt a strong legal mindset and enhance their legal capabilities [15].

Core Viewpoint - The article emphasizes the importance of advancing financial legal construction on the rule of law track to promote high-quality financial development in China, highlighting the need for a correct political direction and practical reforms [1][2]. Financial Legal Construction Challenges - Financial legal construction must focus on six key dimensions: maintaining a correct political direction, prioritizing the people, aiming for a strong financial nation, modernizing governance systems, deepening structural reforms, and ensuring financial stability [2][3]. - Historical practices have led to the establishment of a basic legal framework for financial operations, with significant laws enacted since 1995, including the People's Bank of China Law and the Securities Law [2][3]. Historical Experience in Financial Legal Construction - Four major experiences have shaped China's financial legal construction: 1. Legislative processes have accompanied financial reforms, ensuring laws support and regulate these changes [3]. 2. Financial operational rules have been codified into law, reflecting national conditions and international practices [3]. 3. The legal framework protects the rights of various financial entities while embodying the essence of a socialist market economy [3]. 4. A systemic view of financial work has been established, balancing central and local responsibilities [3]. Future Directions for Financial Legal Construction - The upcoming "15th Five-Year Plan" will address new challenges, including external pressures and the need for financial stability amid economic adjustments [4][5]. - Seven key focus areas for financial legal construction have been identified, including foundational financial laws, central bank legal systems, and financial stability laws, with significant legislative efforts underway [5][6]. Key Areas for Legal System Development - The construction of financial regulatory legal systems must adapt to the current regulatory framework involving multiple financial authorities, necessitating updates to various financial laws [6]. - Enhancing foreign financial legal frameworks is crucial for balancing development and security, as well as participating in international rule-making [6]. - Building enforcement capabilities and a skilled legal workforce is essential for effective financial law implementation [7].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The report presents a comprehensive overview of macro - economic data, commodity investment trends, financial news, and stock market conditions, offering insights into various sectors and potential investment opportunities and risks [1][2][32] Summary by Directory 1. Macro Data - In Q3 2025, GDP growth at constant prices was 4.8% year - on - year, down from 5.2% in the previous quarter but up from 4.6% in the same period last year [1] - In October 2025, the manufacturing PMI was 49%, down from 49.8% in the previous month and 50.1% in the same period last year; the non - manufacturing PMI for business activities was 50.1%, up slightly from 50% in the previous month but down from 50.2% last year [1] - In October 2025, the month - on - month increase in social financing scale was 816.1 billion yuan, significantly lower than 3529.9 billion yuan in the previous month but higher than 1412 billion yuan last year [1] 2. Commodity Investment Comprehensive - Six departments jointly released a plan to enhance consumer goods supply - demand adaptability, aiming to optimize the supply structure by 2027, creating 3 trillion - level and 100 - billion - level consumption hotspots [2] - Platinum and palladium futures will be listed on the Guangzhou Futures Exchange on November 27, 2025, with specified contract listing benchmark prices [2] - Zhejiang Province issued a plan to build a commodity spot - futures integrated over - the - counter market, with goals set for 2027 and 2030 [3] - On November 26, 2025, 42 domestic commodity varieties had positive basis, and 28 had negative basis, with specific varieties showing different basis values [4] Metals - China has made breakthroughs in the extraction of rare metals such as gallium, germanium, and indium, improving recovery rates [6] - The China Non - Ferrous Metals Industry Association opposes zero or negative processing fees in the copper smelting industry and is taking measures to manage capacity [6] - On November 26, international precious metal futures generally rose, and LME metal inventories showed different trends [7] Coal, Coke, Steel, and Minerals - A gold deposit in Sichuan added 28.24 tons of gold resources, with a cumulative total of 81.06 tons [8] - Recently, coking coal and coke futures showed a weakening trend, with significant declines on November 26 [8][9] Energy and Chemicals - The UK government will not issue new licenses for oil and gas exploration, freeze the carbon price support, and set a new tax rate for oil and gas prices [10] - US EIA data showed an increase in crude oil inventories last week, a decrease in weekly crude oil exports, and changes in natural gas inventories and drilling numbers [10] Agricultural Products - The US Agriculture Minister said beef prices will take months to fall, and farmer relief funds will start to be distributed in early January [12][14] - South Korea's FLC is tendering to buy up to 138,000 metric tons of corn, and Turkey's TMO bought about 300,000 tons of Russian wheat [14] 3. Financial News Open Market - On November 26, the central bank conducted 213.3 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 97.2 billion yuan due to maturing reverse repurchases [15] Key News - Vanke experienced a "double - kill" in stocks and bonds. Some of its bonds had significant price fluctuations, and a bond extension meeting will be held [16] - Six departments released a plan to boost consumer goods consumption, and the NDRC announced a credit repair management method [17] - The Fed's Beige Book showed that economic activity was generally flat, with some areas reporting a slight decline or growth [19] Bond Market - The Chinese bond market was under pressure, with rising yields on interest - rate bonds and falling bond futures. Vanke bonds had significant price swings [22] - European and US bond yields showed different trends, with European bond yields generally falling and US bond yields having mixed performance [26][27] Foreign Exchange Market - The on - shore RMB against the US dollar rose 136 points at the 16:30 close, and the RMB central parity rate against the US dollar rose 30 points [28] - The US dollar index fell 0.22% in New York trading, and most non - US currencies rose [29] Research Reports - Xingzheng Fixed - Income recommended focusing on certain regions' city and rural commercial banks' secondary capital bonds and perpetual bonds [30] - CITIC Securities suggested paying attention to convertible bond strategies related to non - call provisions and post - call rebounds [30] 4. Stock Market - The A - share market had a mixed performance, with the Shanghai Composite Index down 0.15%, the Shenzhen Component Index up 1.02%, and the ChiNext Index up 2.14%. Different sectors showed different trends [32] - The Hong Kong Hang Seng Index rose 0.13%, with Vanke Enterprises falling more than 6%. Southbound funds had net outflows, and some stocks had significant net buying or selling [32] - Southbound funds have been actively buying Hong Kong stocks this year, driving up the market's valuation [32]

来源：金融界AI电报 中国人民银行党委委员、副行长陶玲在学习时报刊文指出，为适应改革需要，需要加快推进银行业监督 管理法、商业银行法、保险法、信托法等的修订工作，促进金融机构和金融行业规范健康发展。进一步 深化金融改革开放，修订外汇管理条例，完善外汇和跨境人民币管理体制，加强本外币一体化管理。制 定公司债券管理条例，健全分类趋同、规则统一的债券市场法律制度。推进数字金融新兴领域立法，提 高金融法治与金融实践的适应性。 ...

Core Viewpoint - The article emphasizes the need for financial legal system construction in China to adapt to new challenges and tasks during the "14th Five-Year Plan" period, addressing both external and internal pressures on the economy and financial system [1] Group 1: External Environment - The international environment is increasingly complex and severe, impacting China's economic and financial operations [1] - Financial law must respond to changes and challenges in the external environment, promoting high-level financial openness and preventing risks such as money laundering, financial sanctions, and "long-arm jurisdiction" [1] Group 2: Domestic Environment - The financial system must balance stability in growth, structural adjustments, and risk prevention [1] - Financial law should enhance financial services for the real economy, control financial risks in key areas, prevent abnormal fluctuations in financial markets, and combat illegal fundraising and other illicit financial activities [1] - Rapidly developing digital finance and internet finance innovations need to be integrated into the legal framework in a timely manner [1]

Core Viewpoint - The article emphasizes the importance of accelerating the construction of a financial powerhouse in China as part of the national modernization strategy, highlighting key tasks and initiatives outlined in the 15th Five-Year Plan [1]. Group 1: Major Tasks and Initiatives - Continuous improvement of the central bank system, including the establishment of a robust monetary policy framework and a comprehensive macro-prudential management system, while maintaining the stability of the RMB exchange rate and promoting its internationalization [2]. - Deepening the "five major articles" of finance, which includes enhancing financial support for technological independence, promoting green transformation, and developing a sustainable inclusive finance system [2]. - Promoting the healthy and stable development of capital markets by improving their inclusiveness for new industries and technologies, and establishing a comprehensive regulatory system for listed companies [2]. Group 2: Financial Infrastructure and Regulation - Further optimization of financial institutions and infrastructure, encouraging various financial entities to focus on their core businesses and improve governance [3]. - Accelerating the construction of international financial centers, particularly in Shanghai and Hong Kong, to enhance their influence and support the development of offshore RMB business [3]. - Comprehensive enhancement of financial regulatory capabilities, including strengthening oversight across all financial activities and improving early warning mechanisms for financial risks [3]. Group 3: Legal Framework - Strengthening financial legal construction by completing financial legislation and enhancing enforcement against illegal financial activities, ensuring a zero-tolerance approach to violations [3].

Core Viewpoint - The importance of advancing financial legal construction in the context of financial risk prevention and collaborative governance in the digital intelligence era is emphasized [1] Group 1: Financial Legal System - There is a need to improve the financial legal system to address the challenges posed by the digital economy [1] - Enhancing regulatory legal awareness is crucial for effective financial governance [1] Group 2: Risks in the Digital Era - The digital economy alters the way financial services are delivered but does not change the fundamental laws of finance or the financial risk system [1] - The risks and challenges brought by digital technology include technological risks, compliance risks, and financial stability risks [1]

Core Insights - The forum emphasized the importance of strengthening financial legal systems to support stable and prosperous financial development in China [1][2][3] - Discussions included the need for a modernized financial adjudication system to provide stable, fair, and transparent judicial guarantees for market participants [2][3] - The integration of digital economy and legal protection of data rights was highlighted as a key issue, with suggestions for improving data ownership and classification systems [4][6] Group 1: Financial Legal System Development - The forum discussed the rapid development of China's financial sector over the past 40 years, particularly since the 18th National Congress, and the establishment of a comprehensive financial legal system [1] - Huang Wei, Deputy Director of the Legislative Affairs Commission, emphasized the need for further legislative efforts to prevent systemic financial risks and adapt to industry practices [1][2] - The importance of collaboration between legislative, enforcement, and judicial bodies to enhance the financial legal environment was stressed [2][3] Group 2: Financial Adjudication and Risk Management - Liu Guixiang from the Supreme People's Court highlighted the role of financial adjudication in guiding market behavior and preventing systemic risks [2] - The Beijing Financial Court is focusing on enhancing its financial adjudication functions and innovating its financial trial mechanisms [3][5] - The need for a stable legal framework to support cross-border financial activities and ensure compliance with laws was discussed [6] Group 3: Cross-Border Financial Challenges - The forum addressed the legal challenges of cross-border finance, with a focus on optimizing the legal environment for cross-border investments and trade [4][6] - Huang Hui from the State Administration of Foreign Exchange outlined efforts to balance development and security in foreign exchange management [4] - The importance of a robust legal framework to facilitate capital market openness and enhance the foreign legal environment was emphasized [6]