Investment Rating - The report maintains a "Recommended" investment rating for the banking sector, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [24]. Core Insights - The new market risk regulations enhance operational efficiency for banks and establish a solid foundation for future business development [4]. - The regulations clarify the definition of market risk, separating it from interest rate risk, and emphasize the need for improved governance structures and responsibilities among the board, supervisors, and senior management [2][3]. - The report highlights the importance of the new regulations in strengthening banks' risk management capabilities amid increasing complexity in domestic and global trade [4]. Summary by Sections Market Risk Definition and Governance - The new regulations define market risk more rigorously, focusing on risks from adverse changes in interest rates, exchange rates, stock prices, and commodity prices [2]. - The governance structure is refined, specifying the responsibilities of the board, supervisors, and senior management in market risk management [3]. Market Risk Management Requirements - The report details enhanced requirements for risk identification, measurement, monitoring, control, and reporting, aligning with current market practices [3]. - Stricter requirements for the segregation of trading and non-trading activities are introduced, ensuring clearer roles and responsibilities [3]. Investment Opportunities - The report suggests that the banking sector is poised for increased capital inflows due to medium to long-term investments and public fund reforms, recommending a diversified investment strategy focusing on state-owned banks and quality regional banks [9]. - It emphasizes the potential for absolute returns in banks with high dividend yields and strong asset quality, particularly recommending banks like China Merchants Bank and CITIC Bank [9][10].

Core Viewpoint - The National Financial Supervision Administration has issued the "Market Risk Management Measures for Commercial Banks," which introduces new requirements for market risk management in commercial banks, replacing the previous guidelines from 2004 [1][2]. Group 1: Definition and Framework - The new measures redefine market risk, focusing on losses from adverse changes in market prices such as interest rates, exchange rates, stock prices, and commodity prices, excluding bank book interest rate risk [1]. - The measures consist of five chapters and forty-three articles, detailing the governance structure and management requirements for market risk [1][2]. Group 2: Governance Structure - The measures strengthen the governance framework for market risk, assigning clear responsibilities to the board of directors, supervisory board, and senior management [2]. - The board of directors is tasked with treating market risk as a primary risk and ensuring a corresponding risk culture is established [2]. Group 3: Risk Management Process - The measures require banks to implement comprehensive management of market risk, detailing processes for risk identification, measurement, monitoring, control, and reporting [2]. - There is an emphasis on improving internal model definitions, model management, and stress testing requirements to align with current market risk measurement frameworks [2]. Group 4: Implementation and Oversight - The National Financial Supervision Administration will enhance supervision and guidance to ensure the effective implementation of the new measures, aiming to improve banks' market risk management capabilities [2].

● 本报记者陈露 金融监管总局网站6月20日消息显示，金融监管总局发布《商业银行市场风险管理办法》。金融监管总 局对《商业银行市场风险管理指引》进行了修订，修订后的《办法》不再包含银行账簿利率风险，而是 聚焦于利率、汇率、股票价格、商品价格发生不利变动引发银行损益波动的风险。金融监管总局有关司 局负责人就《办法》答记者问时表示，《办法》对市场风险管理提出了新要求，有助于增强银行的运营 韧性。 据上述负责人介绍，《办法》一是明确市场风险定义。厘清《办法》适用范围，不再包括银行账簿利率 风险相关内容，加强与《商业银行资本管理办法》《银行业金融机构全面风险管理指引》等制度衔接。 二是强调完善市场风险治理架构。明确董事会、监事(会)和高级管理层的责任，界定三道防线的具体范 围和职责，强调银行在集团并表层面加强市场风险管理。三是细化市场风险管理要求。要求银行对市场 风险进行全流程管理，细化风险识别、计量、监测、控制和报告要求。完善内部模型定义以及模型管 理、压力测试要求，匹配当前市场风险计量框架和管理实践。 "市场风险是商业银行经营管理中面临的主要风险之一。"金融监管总局有关司局负责人在就《办法》答 记者问时表示，《商 ...

Domestic News - The Financial Supervision Administration has allowed currency brokerage firms to provide matching services for financial institutions in markets such as currency, bonds, foreign exchange, and gold [5] - The Ministry of Finance reported that from January to May, the national general public budget revenue was 96,623 billion yuan, a year-on-year decrease of 0.3%; stamp duty revenue was 1,787 billion yuan, a year-on-year increase of 18.8% [6] - The National Medical Products Administration has approved measures to optimize the full lifecycle supervision to support the innovation and development of high-end medical devices [6] International News - Preliminary reports indicate that Iranian missiles have struck Tel Aviv, Negev, and Haifa, with approximately 25 ballistic missiles launched from Iran to Israel during the latest round of attacks [3] - The People's Bank of China and the Hong Kong Monetary Authority announced that the cross-border payment system will be operational starting June 22 [4] - The Ministry of Commerce reported that from January to May, the actual use of foreign capital in the country was 358.19 billion yuan, a year-on-year decrease of 13.2% [4] - The Financial Supervision Administration released the "Market Risk Management Measures for Commercial Banks," detailing market risk management requirements [4]

Core Viewpoint - The Financial Supervision and Administration Bureau has issued guidelines stating that the compensation of personnel responsible for market risk management in commercial banks should not be linked to direct operating profits [1] Group 1: Compensation and Incentives - Commercial banks are required to avoid conflicts of interest between their compensation systems and the objectives of market risk management [1] - The board of directors and senior management should ensure that the compensation structure does not encourage excessive risk-taking behavior [1] - Performance evaluations should focus on long-term operational risks rather than being overly concentrated on short-term profit performance [1] Group 2: Market Risk Management - The guidelines emphasize the importance of aligning risk management practices with compensation to prevent negative effects on risk-taking [1] - The compensation of staff responsible for market risk management should be independent of direct operating income [1]

金十数据6月20日讯，金融监督管理总局关于印发《商业银行市场风险管理办法》，办法提到，市场风 险管理政策和程序应当纳入全面风险管理框架，原则上适用于具有独立法人地位的境内外附属机构。商 业银行应当充分认识到附属机构之间存在的法律差异和资金流动障碍，并对其风险管理政策和程序进行 相应调整，审慎处理具有法律差异和资金流动障碍的附属机构之间头寸的抵消，避免造成对市场风险的 低估。 金融监督管理总局：市场风险管理政策和程序应当纳入全面风险管理框架 ...

Group 1: Sales and Cost Management - Sales expenses increased in 2024 primarily due to rising LNG storage costs, with measures planned to control these expenses and improve cost-effectiveness [1] - The company aims to establish a dynamic balance mechanism for cost control and market expansion to enhance the return on sales expenses [2] Group 2: Market Trends and Strategic Adaptation - The LNG market is expected to see significant growth from 2025 to 2026 due to multiple new supply projects and increasing demand driven by environmental policies and industrial growth [2] - The company plans to optimize its clean energy supply and service models, expand customer resources, and enhance LNG transportation capabilities to strengthen its market position [2] Group 3: Procurement and Risk Management - The company is actively seeking price differences in domestic and international LNG markets to enhance procurement channels and mitigate risks associated with price fluctuations [3] - In 2024, the Singapore subsidiary completed two LNG ship cargo transactions, generating revenue of CNY 656 million, contributing to stable LNG resource acquisition [3] Group 4: Hedging Strategies - The company employs hedging strategies through its Singapore subsidiary to manage price volatility and ensure stable profitability [4] - Adjustments to hedging strategies will be made based on market conditions to optimize resource trade flows and achieve risk management goals [4] Group 5: Competitive Positioning - The company is developing a comprehensive LNG business chain, including transportation, wholesale trade, and retail, to enhance competitiveness against traditional energy sources [5] - Plans include expanding retail operations through the development of LNG refueling stations and leveraging data analytics to improve sales capabilities [5]