Core Viewpoint - The 19th Shenzhen International Financial Expo and the 2025 China Financial Institutions Annual Conference have been jointly held, highlighting the importance of financial institutions in supporting China's modernization efforts [1] Group 1: Event Overview - The event is a collaboration between the Shenzhen Municipal Government and the Securities Times, marking the first joint effort of these two significant financial events [1] - The "China Financial Industry's Commitment to Answering the 'Five Major Articles' Honor Award" was presented during the opening ceremony, recognizing leading institutions in the banking, insurance, securities, and fund industries [1] Group 2: Evaluation Criteria - The evaluation for the awards adhered to regulatory guidelines and was based on hundreds of official statistical indicators, forming a comprehensive evaluation model that emphasizes quantitative metrics with qualitative insights [2] - The model assesses financial institutions across five dimensions: technology finance, green finance, inclusive finance, pension finance, and digital finance, focusing on their contributions to the real economy [2] Group 3: Company Performance - In the first three quarters of 2025, the company focused on core clients in the technology sector, developing a unique financial service system to support technology industries [3] - The company assisted in the issuance of technology innovation corporate bonds for major clients, raising 460 million yuan for Nantong Taihe Chemical Co., Ltd. to support its transformation [3] - The company actively explored green finance initiatives, including the issuance of green technology innovation corporate bonds and the first real estate ABS product backed by water assets [3] - The company launched various financial products aimed at rural revitalization and increased its offerings in pension finance, adding 33 new personal pension fund products [3] - The company enhanced its digital services through the Jin Yang Guang APP, achieving significant user growth and multiple updates [3] - Future plans include promoting the "Five Major Articles" action plan to support new productive forces, circular economy development, and the growth of small and private enterprises [3]

近日,中国平安公众平台发布的一篇关于Q3"秋收报告"的文章引发网友热议,文章中藏着平安让消费者省 心、省时、又省钱的秘密,其中,平安寿险保全服务凭借其省时省钱省心的特质,沉淀下一份厚实的服务答 卷,让数字金融成果切实惠及消费者,彰显"金融为民"的服务宗旨。 全流程赋能,数字技术重塑保险服务生态 在数字金融成为行业变革核心驱动力的当下,平安寿险保全服务通过深度融合数字技术与保险全流程,实 现了从产品设计到客户服务、风险防控的多维度智能化升级。以大数据分析为支撑,平安寿险能够精准 捕捉客户行为特征,开发出个性化、定制化的保险产品,满足不同群体的差异化需求。在业务运营端,线上 渠道的全面铺开打破了传统服务的时空限制。客户通过平安金管家APP,即可随时随地完成保单查询、理 赔申请等操作,真正实现"一键办理、全程可视"。这种模式不仅提升了服务效率,更拓展了保险市场的覆 盖范围,让更多消费者享受到便捷的保险服务。 数字技术的应用为保险业的风险管理提供了全新工具。平安寿险保全服务通过构建智能化风控体系,实 现了对风险的精准识别与动态管控。借助人工智能与大数据技术,全流程覆盖保单承保的前、中、后各 环节,能够快速识别潜在风险 ...

Core Viewpoint - China Galaxy Securities reaffirms the value of bank sector dividends, maintaining a positive outlook on medium to long-term capital market opportunities, particularly focusing on the structural market of quality urban and rural commercial banks under the "14th Five-Year Plan" financial transformation [1] Group 1: 2025 Review - As of November 14, the banking sector has seen a cumulative increase of 10.8%, driven primarily by capital market dynamics, with ongoing medium to long-term capital allocation favoring dividend value and quality fundamentals [1] Group 2: 2026 Outlook - The bank sector is expected to transition from performance recovery to structural optimization and momentum conversion, aligning better with economic development and stable operations, while structural factors begin to dominate pricing evolution [2] Group 3: Quantity and Price - On the asset side, credit growth is expected to be driven by optimized allocations, with corporate loans remaining the main driver, while retail loan growth may continue to be weak. Positive factors include structural tools and consumption promotion policies, with the negative impact from the real estate market expected to diminish. On the liability side, competition for core deposits is intensifying [3] - Net interest margin (NIM) is projected to stabilize between 1.45% and 1.50%, supported by policy backing and improved liability costs, although rebound potential is limited due to low interest rates and asset scarcity [3] Group 4: Long-term Perspective - The development of digital finance is anticipated to reshape banking operating models, with ongoing improvements in fintech and digital transformation policies. Future policy planning may adapt to new AI trends, promoting deeper integration of technology and business within the banking sector, enhancing cost efficiency and creating new growth avenues [5]

构建适应未来产业发展的金融体制是一项复杂的系统工程，要求我们以党的二十届四中全会精神为统 领，坚持有效市场和有为政府相结合，勇于打破路径依赖和制度壁垒，推动金融发展、金融创新与金融 监管在更高水平上实现动态平衡。 "十五五"时期是我国在全面建成小康社会基础上，乘势而上开启全面建设社会主义现代化国家新征程的 关键五年。党的二十届四中全会公报（以下简称《公报》）指出，要建设现代化产业体系，巩固壮大实 体经济根基，特别是要优化提升传统产业，培育壮大新兴产业和未来产业。以此审视并前瞻性地规划未 来产业发展，并构建与之相匹配的现代化金融体制，具有至关重要的战略意义。未来产业代表新科技革 命和产业变革的方向，是塑造国家竞争新优势、培育新质生产力的核心场域。它以其颠覆性创新、高风 险长周期、知识资本密集等特征，对传统以银行信贷为主导、偏好抵押担保和稳定现金流的金融体系提 出了挑战。因此，必须以《公报》和"十五五"规划建议为指引，深刻把握金融与实体经济，特别是与未 来产业之间的辩证关系，破除体制机制障碍，构建一个能够创新引领、有效支撑、精准灌溉、审慎监管 未来产业发展的现代化金融体制。这不仅是金融自身实现高质量发展的内在要求 ...

市场的空前热情，早已印证了这一机会的价值。机构监测显示，单日新增认购用户突破50万，客服咨询量较平日暴涨8倍，这种热度源 于双重确定性：一是稳定币上市的明确预期——作为衔接健康中国实体资产与数字经济的核心载体，其背后有医疗设备收益权、健康服 务收费权等实体资产托底，绝非概念炒作；二是人民币国际化的战略红利——当前全球稳定币市场2500亿美元规模中，美元占比超 95%，人民币稳定币的上市将打破这一格局，早期参与者将直接共享这一战略进程的收益。 24小时后的双重压力，会让错过窗口期的人追悔莫及。专家明确指出，内测开放后，参与人数将以"每小时翻倍"的速度增长，这意味着 两大门槛将瞬间抬高：一方面，股权赠送比例下调已成定局，规则执行从无例外——过往同类项目的调整均以公告时间为节点，误差不 超过1秒，没有"延期操作"的余地；另一方面，资格审核将从"基础身份核验"升级为"资产+认知"双重筛选，当前10分钟就能完成的流 程，未来可能需要3天甚至更久，通过率还会跌破30%。 全球金融机构都在加速布局稳定币，我们没有理由错过这一机遇。美国通过《GENIUS Act》规范稳定币发展，欧盟MiCA法规已正式落 地，香港凭借《稳定币 ...

中国人民银行近日发布的《2025年第三季度中国货币政策执行报告》显示，9月末，科技贷款、绿色贷 款、普惠贷款、养老产业贷款、数字经济产业贷款同比分别增长11.8%、22.9%、11.2%、58.2%、 12.9%，均高于全部贷款增速。当前，在普惠信贷服务乡村振兴等政策引导下，普惠金融加快推动实体 经济转型升级。 资金精准直达 信贷精准直达让更多经营主体获得融资支持。福建金融监管局深入推进小微融资协调机制走深走实，截 至10月末，走访各类经营主体376.77万户，累计发放贷款64.12万户次、6998.99亿元。福建省农村信用 社联合社普惠金融部相关负责人表示，农信系统坚持把金融服务的着力点放在实体经济上，深化政银企 三方协同联动，优化信贷审批流程，完善尽职免责制度，持续开展"千企万户大走访"活动，引金融活水 滴灌民营小微企业。 中国社会科学院金融研究所银行研究室主任李广子表示，完善小微企业融资服务涉及金融供需双方等不 同主体，同时涉及金融、财政、税收等多方面政策，需要统筹协调，搭建起银企精准对接的桥梁，解决 小微企业融资中供需不匹配的问题。小微融资协调机制建立以来，对于提高小微企业融资效率发挥了重 要作用。 ...

日前，在深圳召开的第十九届深圳国际金融博览会（下称"金博会"）成为观察广深地区数字人民币进展的重要 窗口。 在本届金博会期间，在深圳市人民银行指导下，深圳市罗湖区联合深圳金融科技研究院、中国农业银行、农业 农村重大项目综合融资服务（深圳）平台，共同为"农业产业链数字人民币应用联合实验室"揭牌。 这一实验室的设立，标志着数字人民币的应用场景首次系统性地延伸至农业农村供应链领域，旨在打造一套可 在全国范围内复制推广的解决方案。 紧接着在11月20日，农业农村部重大项目综合产融平台（深圳）子平台落地罗湖，由全链农业产融服务（深 圳）有限公司运营，推动"金融+科技+农业"融合，探索农业三产联动模式。 在国家金融数字化浪潮的澎湃动力下，数字人民币的试点与应用正步入更广阔、更深入的领域。 近期，从深圳国际金融博览会的现场到深港两地政府联合发布的宏伟蓝图，一系列密集的举措与显著成果，清 晰地勾勒出数字人民币从区域性试点向全域化、国际化、产业化纵深发展的路径，其在服务实体经济、赋能产 业升级、促进跨境融合方面的潜力正加速释放。 金博会亮剑，罗湖创新与农业金融新探索 罗湖区的探索并非孤例，而是深圳系统推进数字人民币应用生态建设 ...

当时间的秒针踏入最后的48小时，国泰君安国际股权市场的"权益分水岭"已然形成。11月25日零点，这个被无数人紧盯的节点，将正式 终结1:1的黄金股权时代，取而代之的1:0.5比例，意味着相同资金的权益将被直接"腰斩"。更关键的是，与倒计时同步启动的健康中国项 目内测，正以指数级速度推高实体币获取门槛。这最后的48小时，不是让你权衡利弊的"思考期"，而是数字金融浪潮中，普通人抢占黄 金入场权的"终极冲刺期"。 最后的48小时，你必须看清：这不是一次普通的权益调整，而是政策红利的"末班车"。数字经济的发展从来遵循"早期入场者吃肉"的铁 律——无论是数字人民币试点的首批体验者，还是合规金融平台的初始用户，都凭借"先行一步"的优势，享受到了后续者难以企及的权 益。此次国泰君安国际的股权调整，并非市场自发行为，而是国家数字金融试点从"规模扩张"转向"质量提升"的战略落地，1:1的股权比 例正是这一转型期的"政策红利收尾"。25日后，即便你投入双倍资金，也无法换回此刻的权益，这种刚性规则下的机会稀缺性，容不得 半分迟疑。 最后的48小时，行动的紧迫性远超你的想象，"双重门槛"正同步收紧。股权比例缩水的同时，健康中国项目内 ...

数字金融的权益倒计时已进入读秒阶段——距离国泰君安国际股权赠送比例从1:1正式"腰斩"至1:0.5，仅剩不足48小时。更具战略意义的是，与股权调整同 步启动的健康中国项目内测，不仅让实体币获取难度迎来3倍级攀升，更成为稳定币借道香港合规通道加速上市的关键信号。在全球稳定币市值突破2700亿 美元、香港《稳定币条例》正式生效的行业背景下，这48小时已不是简单的决策周期，而是普通人搭乘数字金融快车的最后登车时间。 股权比例"腰斩"的刚性背后，是国家级试点与国际监管趋势的双重驱动。作为承接"健康中国四期"数字资产落地的核心机构，国泰君安国际过往19次重大规 则调整均以公告时间为绝对节点精准落地，系统切换误差从未超过毫秒级。此次调整绝非市场短期行为，而是对香港稳定币监管框架的主动适配——8月1日 生效的香港《稳定币条例》已明确要求，持牌机构需通过权益梯度设置筛选合规参与者。从试点逻辑看，1:1高比例股权是初期市场培育的政策红利，如今 用户基数达标后转向1:0.5，正是为对接香港持牌发行要求、推动稳定币跨境流通做准备。 对普通参与者而言，这48小时的权益差异已形成"不可逆鸿沟"。从直观收益测算：投入10万元在窗口期内参 ...

Core Insights - The dual financial demand of "southbound" and "northbound" is becoming evident, with a focus on breaking down barriers in credit data recognition between mainland China and Hong Kong [1][5][6] - The recently released "Action Plan" aims to establish a cross-border financial data flow mechanism and create over 20 financial application scenarios by the end of 2027 [2][4] Group 1: Action Plan and Implementation - The "Action Plan" emphasizes the importance of data element circulation and digital technology innovation to deepen financial technology collaboration between Shenzhen and Hong Kong [2][4] - As of now, the cross-border data verification platform has facilitated loans exceeding 700 million yuan and established the first data insurance zone in the country [2] - The plan includes measures to optimize the regulatory environment for cross-border financial technology innovation and explore digital transformation in regulation [2][3] Group 2: Trends in Cross-Border Financial Activities - There is a shift from short-term consumption to long-term residency for Hong Kong residents in mainland China, leading to increased demand for loans and social security [4][6] - The asset allocation of Hong Kong residents is expanding beyond local investments to include mainland loans for property purchases and other financial activities [4][6] - The trend of young Hong Kong residents moving north for employment or entrepreneurship is growing, particularly in emerging sectors like technology and finance [4][6] Group 3: Challenges and Solutions - The lack of mutual recognition of credit data between the two regions poses significant challenges for financial institutions in verifying the creditworthiness of clients [6][7] - The cross-border data verification platform is seen as a key solution to overcoming information barriers and facilitating smoother financial transactions [8][9] - The Hong Kong Monetary Authority is working on regularizing cross-border credit data sharing, which will support the development of market-based solutions [9][10] Group 4: Future Prospects - The verification platform is designed to be highly open, allowing for the integration of various data sources across different industries [11] - There are suggestions to establish a unified financial identity authentication platform for residents of Hong Kong and Macau, utilizing blockchain and privacy computing technologies [11]