登录新浪财经APP 搜索【信披】查看更多考评等级 ◇ 作者：钟言 ◇ 本文原载《债券》2025年11月刊 防范化解风险是金融工作永恒的主题。近日发布的《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》对防范化解金融风险作出重要部署。债券市场风险防控可从制度、技术、市场三方面着 手，筑牢体系防线，服务金融高质量发展。 一是夯实风控制度基础。健全的制度规则让风险防控有章可循、有规可依。巩固债市运行的基础制度， 以穿透监管为原则，完善市场风险监测机制。优化信息披露相关机制，压实发行人与中介机构的信息披 露责任，制定绿色、科技等重点领域信息披露标准，降低投资者与发行方之间信息不对称。强化金融机 构债券业务内控和监督，落实中介机构主体责任。适度强化违约处置和违规查处机制，畅通债务重组等 退出渠道，提高违约处置效率，对虚假披露、操纵市场、逃废债等违规行为严格执法，以制度威慑筑牢 风险防线。 二是加强数字技术赋能。大数据、人工智能等数字技术日益发展，使债市风险防控更加智能有效。深化 债市信息披露数字化转型，探索应用可扩展商业语言等数字技术，促进债市信息披露更加结构化，便利 信息披露数据在市场机构间共享利用。加强 ...

Core Viewpoint - Zhengzhou Bank focuses on balancing its development with local economic empowerment amidst narrowing interest margins and intensified market competition in the banking industry [1] Group 1: Financial Performance - As of the third quarter, Zhengzhou Bank's total assets exceeded 740 billion yuan, reaching 743.55 billion yuan, representing a steady growth of 9.93% compared to the end of the previous year [1] - The total amount of deposits reached 459.52 billion yuan, an increase of 13.59% from the end of the previous year, with personal deposits growing by 22.44% year-on-year to 267.14 billion yuan [1] - Net interest income was 7.816 billion yuan, up 5.83% year-on-year, while non-interest income rose to 1.579 billion yuan, contributing to a diversified profit structure [2] Group 2: Credit and Investment Strategy - The total amount of loans and advances reached 406.72 billion yuan, a growth of 4.91% from the end of the previous year, with a focus on advanced manufacturing, urban renewal, and green low-carbon sectors [3] - The bank implemented a "one enterprise, one policy" approach to address financing difficulties for small and micro enterprises, enhancing support for local economic stability [3] Group 3: Service Ecosystem and Community Impact - Zhengzhou Bank has developed four service systems: "Citizen Manager," "Financing Manager," "Wealth Manager," and "Rural Manager," integrating financial services into various social scenarios [4] - Personal loan balances reached 96.31 billion yuan, reflecting a growth of 5.88% from the end of the previous year, catering to diverse needs such as housing, entrepreneurship, and consumption [4] Group 4: Risk Management - The bank maintained a provision coverage ratio of 186.17%, an increase of 19.94 percentage points year-on-year, while the non-performing loan ratio was 1.76%, a decrease of 0.1 percentage points [4] - Zhengzhou Bank emphasizes risk prevention as a core aspect of its operations, combining internal capital accumulation with external capital supplementation to enhance its risk resilience [4] Group 5: Future Outlook - Zhengzhou Bank aims to continue enhancing its comprehensive financial service capabilities and deepen its integration into local economic development, contributing to the rise of the Central Plains and the revitalization of Henan [5]

Core Viewpoint - The sustainable development of the livestock industry, which is crucial for people's livelihoods, requires continuous financial support from banks to address the financing challenges faced by farming entities [1][3]. Group 1: Financial Innovation - Banks need to innovate credit products to address the core financing bottleneck in the livestock industry, breaking the traditional perception that "live animals are not assets" [1]. - The implementation of "Internet of Things + live asset collateral" models is essential, utilizing technologies like electronic ear tags and smart collars to transform live animals into financial assets that can be pledged and circulated [1]. - Optimizing the structure of loan terms and interest rates is necessary, with the design of medium- to long-term loans that align with breeding cycles and repayment schedules, such as no-principal renewal loans and revolving loans [1]. Group 2: Comprehensive Service Construction - Banks should abandon a "one-size-fits-all" credit model and provide customized financial solutions covering the entire livestock industry chain, including seedling cultivation, feed procurement, breeding management, slaughter processing, and production-sales connection [2]. - In the production phase, short-term working capital loans should support feed procurement and disease prevention, while fixed asset loans should assist in upgrading breeding facilities and introducing smart equipment [2]. - In the processing phase, increasing credit investment in slaughter processing enterprises is crucial to support cold chain logistics and deep processing projects, thereby extending the value of the industry chain [2]. Group 3: Risk Prevention and Control - Establishing a specialized risk assessment system is vital, integrating multi-dimensional information such as epidemic prevention records, production and sales data, credit status, and insurance coverage [2]. - Utilizing big data and satellite remote sensing technologies can enhance the precision of risk profiling, improving the scientific nature and efficiency of credit approval processes [2]. Group 4: Policy Guidance and Support - Banks should actively implement the agricultural and rural development department's work deployment and the requirements for high-quality development of the livestock industry during the "14th Five-Year Plan" period [3]. - There should be an increase in credit support for major production areas, large-scale breeding bases, and green low-carbon breeding projects to assist in cost reduction, quality improvement, and industry transformation [3]. - Strengthening the construction of financial service teams that understand both financial operations and livestock production is essential for enhancing service precision and targeting actual needs [3].

Core Insights - The article emphasizes the increasing importance of international trade compliance as a core capability for enterprises in response to evolving global trade dynamics and regulatory pressures [1][4]. Event Background - The event organized by LSEG and partners aims to address the challenges and opportunities in shipping trade and cross-border compliance, highlighting the need for transparency and compliance capabilities in the trade chain [1]. - The event invites professionals from various sectors, including maritime, shipping, trade, logistics, multinational corporations, and banking risk and compliance departments [1]. Event Agenda - The agenda includes a keynote speech on insights and best practices in shipping trade compliance, focusing on risk identification trends, the role of shipping and logistics data in financial compliance, and the latest developments in U.S. sanctions and export control systems [2][4]. - A roundtable discussion will cover the application of shipping logistics and sanctions compliance data in financial risk control, including the latest developments in U.S. sanctions and export control [5][8]. Key Topics - Best practices for verifying trade authenticity and enhancing supply chain transparency will be discussed [4]. - The use of shipping data in cross-border transaction compliance will be explored [4]. - Practical operations for identifying, avoiding, and monitoring sanction risks will be shared, along with collaborative mechanisms among banks, shipping companies, and technology providers [8]. Compliance Framework - The event will address the evolution of export control policies and their impact on enterprises, as well as strategies for navigating complex regulatory environments [8].

Core Viewpoint - The incident highlights the importance of risk management in banking, showcasing how proactive measures can prevent potential fraud and protect customer funds [1][4]. Group 1: Incident Overview - A customer, Mr. Zhang, attempted to transfer 9.9 million yuan, initially claiming it was for a company equity transfer, but later changed the reason to purchasing property, raising suspicions [2][3]. - Multiple red flags were identified, including the customer's age, the large amount of money, the presence of a non-relative, and inconsistencies in the transaction's purpose [2][3]. Group 2: Risk Management Actions - Bank staff engaged in thorough communication with Mr. Zhang to clarify the transaction details while simultaneously coordinating with local police to assess potential fraud risks [3]. - Upon further investigation, the police advised the bank to suspend all related transactions, which the bank promptly executed, successfully preventing any financial loss [3][4]. Group 3: Commitment to Financial Safety - The successful handling of this case reflects the bank's commitment to prioritizing customer fund safety, demonstrating professional risk signal detection and effective communication [4]. - The bank emphasizes a proactive risk prevention philosophy, particularly for vulnerable groups like elderly customers, ensuring a balance between security and quality service [4].

Core Viewpoint - The asset management industry is undergoing a profound restructuring of its return logic due to the continuous decline in global interest rates, prompting a shift from "single asset allocation" to "multi-asset allocation" strategies [2][3] Group 1: Business Strategy - The company adopts a dual-driven approach of "active management + risk control" to navigate the low interest rate environment, establishing a robust business structure with a focus on traditional investment research and development (R&D) alongside innovative financing services [2][3] - The business architecture consists of a main body focusing on fixed income, equity, quantitative, fund of funds (FOF), and derivatives, with two wings represented by asset-backed securities (ABS) and real estate investment trusts (REITs) [2][3] Group 2: Investment Strategy - The traditional bond coupon strategy is no longer sufficient to meet investor return demands, with the 10-year government bond yield stabilizing around 1.7%, necessitating a reconstruction of return logic [3] - The company has been systematically developing a multi-strategy product line since 2016, focusing on flexible private equity products to complement its multi-asset strategy [3][4] - The fixed income team is continuously iterating its capabilities and structure, expanding its focus to include innovative investments and international business [3][4] Group 3: Product Development - The company has designed a multi-strategy product system based on investor risk preferences, creating a gradient layout of low, medium, and high volatility products [4] - The fixed income multi-strategy toolbox has expanded from traditional investments to include quantitative strategies, derivatives, and cross-border assets [4] Group 4: Equity Investment - The company's public equity scale grew over 80% by the end of Q3 2025 compared to the beginning of the year, with significant institutional capital inflow [5] - The company focuses on investment themes aligned with national industrial upgrades, achieving top performance in technology, consumer, and healthcare sectors [5] Group 5: Transition to Asset Management - The company is transitioning from traditional investment banking services to asset management, emphasizing deep operational engagement to enhance asset value [6][7] - The company has issued approximately 180 billion in ABS, focusing on high-quality enterprises in Zhejiang province and sectors like green technology [6][8] Group 6: Competitive Advantage - The company emphasizes the importance of active management and risk control as core competitive strategies, with total assets under management exceeding 300 billion by Q3 2025 [8][9] - The company aims to build a sustainable investment culture, focusing on long-term trends and the necessary professional capabilities to navigate market fluctuations [9]

Core Viewpoint - The emphasis on balancing development and security in the context of expanding openness in the Hainan Free Trade Port is crucial for achieving high-level foreign trade and investment [1][2][3] Group 1: Development and Security - The need to coordinate development and security is highlighted as essential for high-level foreign openness, especially given the complex international political and economic landscape [1] - The concept of "risk exposure" increases with broader and deeper foreign openness, making it more susceptible to external shocks [1] - A systematic approach to risk prevention and control is necessary, requiring a forward-looking and holistic mindset [3] Group 2: Risk Management - Conducting comprehensive pressure tests in specific areas is vital for assessing the feasibility of innovative systems and risk management capabilities [2] - The transition from "strict access and light regulation" to "broad access and heavy regulation" is necessary for effective risk management [3] - Establishing a risk prevention system that aligns with the level of openness is essential, focusing on collaborative efforts across departments [3] Group 3: Economic and Social Security - The free flow of goods, capital, talent, technology, and data introduces both traditional and non-traditional economic security risks [2] - Continuous evaluation and adjustment of risk prevention measures are necessary to avoid the spread of risks [3] - The development of a modern industrial system and diversification of global markets are critical for enhancing resilience and vitality in supply chains [3]

Core Viewpoint - The emphasis on balancing development and security in the context of expanding openness in the Hainan Free Trade Port is crucial for achieving high-level foreign trade and investment [1][2][3] Group 1: Development and Security - The current international political and economic landscape is complex, with significant challenges in the trade environment, necessitating a careful approach to openness [1][2] - The Hainan Free Trade Port is seen as a "testing ground" for higher levels of openness, requiring innovative legal, regulatory, and management frameworks [1][2] - A systematic approach to risk identification and prevention is essential to maintain a secure environment while promoting development [2][3] Group 2: Risk Management - Conducting comprehensive pressure tests in specific areas is vital for assessing the feasibility of innovative systems and risk management capabilities [2][3] - A dual approach of technological empowerment and institutional innovation is necessary to enhance the precision of risk prevention [3] - The regulatory framework should shift from "strict access and light regulation" to "broad access and heavy regulation," focusing on process-oriented oversight [3] Group 3: Economic and Social Security - The free flow of goods, capital, talent, technology, and data introduces both traditional and non-traditional economic security risks [2][3] - Building a robust risk prevention system that aligns with the level of openness is critical for maintaining overall economic and social security [3] - The development process should integrate safety measures, enhancing the resilience and vitality of industrial and supply chains [3]

Core Viewpoint - The meeting of the China Listed Companies Association emphasized the importance of improving the quality of listed companies for the healthy development of the capital market and the overall high-quality economic development of the country. The association proposed five recommendations to enhance the quality of listed companies [1]. Group 1: Governance and Compliance - Strengthening governance foundations and enhancing compliance effectiveness is crucial. The revised Corporate Governance Code marks a shift from "formal compliance" to "substantive effectiveness." Companies should build a governance structure that is "well-structured, efficient in operation, and appropriately checks power" [2]. - Companies are encouraged to review their governance structures, enhance board decision-making functions, and improve the supervision mechanism of the audit committee to ensure that all governance bodies fulfill their responsibilities [2]. Group 2: Focus on Core Business - Companies should focus on their main responsibilities and cultivate new productive forces. This involves upgrading core business areas and identifying technological breakthroughs and new growth points [3]. - Companies are advised to avoid blind expansion and instead leverage their strengths to drive innovation and invest in research and development [3]. Group 3: Resource Allocation and Mergers - Optimizing core resource allocation and cautiously advancing mergers and acquisitions is essential. The introduction of measures like the "Six Guidelines for Mergers" has improved the inclusiveness and convenience of restructuring reviews [4]. - Mergers should align with the overall development strategy of the company, ensuring compliance and focusing on integration to achieve synergistic effects [4]. Group 4: Shareholder Returns - Companies should adopt a prudent approach to enhance shareholder return awareness, which reflects stable operations and financial health [5]. - A tailored return policy should be developed based on the company's development stage, industry characteristics, and financial status, utilizing methods like cash dividends and share buybacks [5]. Group 5: Risk Management - Companies must adopt a bottom-line thinking approach to establish a robust risk prevention system. The revised Corporate Governance Code focuses on regulating key minority behaviors and enhancing governance transparency [6]. - A comprehensive risk prevention system should be established, with a strong emphasis on internal controls and the responsibilities of the board of directors in risk management [6].

Core Insights - Shandong's financial sector is set to achieve significant milestones by May 2025, with social financing expected to exceed 25 trillion yuan and foreign and domestic currency loan balances surpassing 15 trillion yuan by November 2024, indicating early fulfillment of the "14th Five-Year Plan" goals [1] Group 1: Financial Growth and Performance - Over the past five years, Shandong's financial sector has experienced rapid growth, with social financing scale growth consistently exceeding the national average for 25 consecutive quarters and loan balance growth leading the nation for 20 consecutive quarters, providing continuous financial support to the real economy [1] - The average interest rate for newly issued corporate loans in Shandong has decreased to 3.61% as of September 2025, down 1.06 percentage points from the end of 2020, while the average interest rate for personal housing loans has dropped to 3.05%, a significant reduction of 2.2 percentage points [2] Group 2: Targeted Financial Support - Shandong's financial sector has focused on key areas such as technological innovation and rural revitalization, securing a total of 864.45 billion yuan in funding, and providing 378 billion yuan in financing for 343 cultural tourism projects, thereby stimulating domestic demand and consumption [2] - During the "14th Five-Year Plan" period, inclusive loans for small and micro enterprises increased by 1.27 trillion yuan, with an annual growth rate of 24.69%, while inclusive agricultural loans rose by 480.24 billion yuan, growing at an annual rate of 15.67%, expanding financial services to a broader audience [2] Group 3: Financial Innovation and Risk Management - Shandong has leveraged its three financial reform pilot zones to drive innovation, with loans to innovative enterprises in Jinan's pilot zone increasing by 176.7% since its approval, and over 100 innovative reform results emerging from the Qingdao wealth management pilot zone [3] - The financial sector has effectively managed risks, resolving 815.98 billion yuan in non-performing loans over five years, with total industry capital and provisions exceeding 1.1117 trillion yuan, ensuring no systemic risks arise [3] - The foreign exchange hedging ratio for enterprises has improved from 16.83% in 2020 to 30.39% by September 2025, aiding foreign trade enterprises in navigating market fluctuations [3] Group 4: Future Outlook - Shandong's financial sector aims to continue deepening supply-side structural reforms and optimizing the financial ecosystem to ensure that financial resources are more precisely directed towards key areas and weak links in the real economy, supporting the construction of a modern socialist strong province [4]