Core Viewpoint - Shengjing Bank has announced its decision to voluntarily withdraw its H-share listing status from the Hong Kong Stock Exchange, with over 99.99% approval from shareholders, marking the initiation of the delisting process [1][3]. Delisting Process - The formal delisting from the Hong Kong Stock Exchange is scheduled for November 20, 2025, with the last trading day for H-shares set for November 13, 2025 [3][4]. Shareholder Acceptance - As of October 21, 2025, approximately 2.241 billion H-shares have accepted the offer, representing about 99.69% of independent H-share holders, 95.74% of issued H-shares, and 25.48% of all issued shares [4][5]. Offer Details - The delisting will be executed through a full cash offer by the largest shareholder, Shenyang Shengjing Financial Holdings Group, with the final H-share offer price set at HKD 1.60 per share, a premium of approximately 40.35% over the last closing price of HKD 1.14 [5][6]. Financial Overview - Shengjing Bank reported a total of approximately 8.797 billion shares issued, with H-shares accounting for about 2.341 billion and domestic shares for about 6.456 billion. The closing share price on the announcement day was HKD 1.58 [6][7]. Performance Metrics - For the first half of 2025, Shengjing Bank achieved a revenue of RMB 4.326 billion and a net profit of RMB 508 million, with total assets amounting to RMB 11,281.81 billion [6][7]. Risk Management - The bank's non-performing loan ratio stands at 2.69%, with a provision coverage ratio of 157.00% [7].

Group 1 - Trust companies are making significant progress in the pension finance sector, with CITIC Trust launching the "Hainan Province No. 12 Occupational Annuity Plan" for investment operations, marking a key breakthrough in occupational annuity business [1] - The implementation of the "Occupational Annuity Plan" aligns with the national policy encouraging the development of a multi-tiered pension insurance system, as outlined in the "Implementation Plan for High-Quality Development of Pension Finance" released by the National Financial Regulatory Administration [1] - The aging population is driving the demand for occupational annuities, allowing trust companies to leverage their asset management capabilities to meet market needs and enhance the pension finance system [1] Group 2 - The demand for "housing for elderly care" is increasing, prompting the trust industry to explore ways to activate real estate resources for pension security [2] - The establishment of a non-transaction transfer system for real estate trust property registration has resolved legal and operational challenges, enabling the integration of real estate into trust structures for pension solutions [2] - Over the past six months, more than ten projects related to pension security and special care have been launched nationwide under the real estate trust property registration pilot [2] Group 3 - Foreign trade trusts are innovating by integrating "real estate + designated guardianship + special trusts," exemplified by the "Jiliang No. 10" trust, which manages logistics warehouse facilities for families while supporting public welfare [3] - Real estate trusts provide stable cash flow and facilitate intergenerational asset transfer, addressing both pension and inheritance needs for clients [3] - Trust companies are evolving into comprehensive service ecosystems, combining asset management, pension planning, and public welfare to create a service system that covers "pension - inheritance - public welfare" [3] Group 4 - Real estate trusts are becoming a core vehicle connecting real estate and pension needs, serving diverse groups including families with special needs, elderly individuals without children, and middle-aged families seeking pension security and asset inheritance [4] - The dynamic nature of real estate as a pension resource is expected to enhance the inclusivity of real estate trusts, benefiting both urban and rural families in their pension planning [4] - The implementation of real estate trust registration systems in more cities will further highlight the inclusive attributes of these trusts, addressing gaps in rural pension security [4]

编者按： 时代之笔擘画新章，金融活水润泽实体。在金融"五篇大文章"铺就的壮阔画卷中，证券业正以创新之墨 挥毫作答。这是服务国家战略的使命担当，更是深化金融供给侧改革的生动实践。证券业以"国之大 者"为经，以"民之关切"做纬，让金融血脉与实体经济同频共振，奏响中国式现代化的资本强音。证券 时报联合中国证券业协会，推出"做好'五篇大文章' 证券业作答进行时"系列专栏， 本篇为系列报道之 四十九，敬请垂注。 近年来，作为坚定践行金融强国战略的积极力量，联储证券以青岛为根据地，以"新财富管理"和"资本投行"为 双轮驱动，持续锻造专业投资能力，在数字金融、养老金融、科技金融等重点领域取得突破性进展。 据联储证券总经理张强介绍，该公司创新构建"守护+"养老金融服务体系，护航银发群体安享晚年；以科技引 擎重塑数字金融新生态，将交易效能提升百倍；以并购赋能产业升级新格局，助理行业龙头重塑生态，展现出 综合金融服务能力。 构建"守护+"养老金融服务新体系 在人口老龄化加速演进的当下，如何让银发群体的财富管理需求得到专业而精准的回应，已成为金融机构 面临的重要课题。最新数据显示，2025年我国银发经济规模将达到9万亿元，预计20 ...

近年来，作为坚定践行金融强国战略的积极力量，联储证券以青岛为根据地，以"新财富管理"和"资本 投行"为双轮驱动，持续锻造专业投资能力，在数字金融、养老金融、科技金融等重点领域取得突破性 进展。 据联储证券总经理张强介绍，公司创新构建"守护+"养老金融服务体系，护航银发群体安享晚年；以科 技引擎重塑数字金融新生态，将交易效能提升百倍；以并购赋能产业升级新格局，助力行业龙头重塑生 态。 构建"守护+"养老金融服务体系 证券时报记者了解到，联储证券正积极布局养老金融领域，创新推出"守护+"养老金融服务体系，通过 专业化的产品设计与全流程的服务升级，满足新时代居民养老需求。 在产品端，该公司针对不同客户需求提供差异化方案：为有理财需求的客户，严选以"低波稳健"为特色 的养老产品线，提供安心钱袋计划和悦享人生计划基金投资方案；为有股票交易需求的客户配备"金辉 管家"账户诊断和投顾服务。 在财富传承领域，联储证券为富裕银发客户提供传承FOF专户、家族信托等专业服务，帮助实现财富有 序传承，并推出覆盖家庭不同成员、不同生命周期的财富管理方案。 张强表示，"守护+"体系承载着公司对银发客户的多重承诺：守护财富，抵御通货膨胀， ...

Core Insights - Guizhou Bank reported a stable performance in the first half of 2025, achieving growth in both revenue and net profit, with total assets exceeding 600 billion yuan [2][3] - The bank's commitment to supporting local economic development is evident in its financial results, which align with the modernization of Guizhou's industrial system [2] Financial Performance - In the first half of 2025, Guizhou Bank achieved operating revenue of 6.102 billion yuan, a year-on-year increase of 2.26%, and a net profit of 2.129 billion yuan, up 0.31% year-on-year [3] - As of June 30, total assets reached 603.747 billion yuan, an increase of 13.760 billion yuan or 2.33% from the beginning of the year [3] - Total loans amounted to 364.347 billion yuan, reflecting a growth of 4.97%, while total deposits reached 392.731 billion yuan, up 4.73% [3] - The bank's net interest margin improved to 1.90%, an increase of 0.22 percentage points year-on-year, with a cost-to-income ratio decreasing by 1.37 percentage points to 24.25% [3] Asset Quality - The bank's non-performing loan ratio decreased by 0.03 percentage points to 1.69%, and the proportion of attention-class loans also declined [4] - As of June 30, the provision coverage ratio increased by 15.89 percentage points to 331.87%, indicating enhanced risk resilience [4] Strategic Focus - Guizhou Bank is aligning its resources with the "Five Key Areas" outlined by the Central Financial Work Conference, focusing on technology finance, green finance, inclusive finance, pension finance, and digital finance [5][6] - The bank has increased its loan balance to support the real economy, with a total loan balance exceeding 350 billion yuan, reflecting a nearly 5% increase [5] Sector-Specific Loans - Loans in the "Five Key Areas" have shown significant growth, with technology finance loans increasing by 21.57%, digital economy loans by 28.57%, and pension industry loans by 57.22% [6] - The bank's green credit balance surpassed 60 billion yuan, growing by 2.582 billion yuan to 61.293 billion yuan [6] - Guizhou Bank has actively supported new urbanization, new industrialization, agricultural modernization, and tourism industry development, with substantial loan disbursements in these areas [7] Digital Transformation - The bank's digital transformation focuses on enhancing data-driven capabilities and improving business operations, achieving significant progress in key projects [8] - Guizhou Bank has launched various digital financial products and services, serving over 60,000 small and micro-enterprises [8] - The bank aims to establish itself as a "smart regional bank" that significantly contributes to the high-quality development of Guizhou's economy [9]

"十四五"时期，我国金融业在复杂多变的国内外经济环境中砥砺前行，以服务实体经济为根本、以防控金融风险为底线、以深化改革创新为动力，实现了 规模与质量的同步跃升。站在"十四五"收官与"十五五"启航的历史交汇点，面对全球经济格局深度调整、科技革命加速演进、国内经济结构转型升级的新 形势，金融业如何锚定"金融强国"建设目标，做好"五篇大文章"，在服务中国式现代化中展现新作为，成为亟待探索的重要课题。 —《"十五五"时期我国金融业将迎来转型升级的关键窗口 10月20日，本报《理论研究》版刊发了上海金融与发展实验室首席专家、主任曾刚的文章— 期》，文章系统梳理了"十四五"期间我国金融业的发展成就，深入分析"十五五"时期的发展环境与核心任务，旨在为金融业高质量发展提供思路参考。 THEORETICAL RESE 连型升级的关键窗 空风 "十四五"14年,以国会殿中在线出会经济 国内外餐资源度 | 级目前行,以服务家位系 为根本、以当书全时风险为底线、以深化改善 01新为动力,然想了馬嘴与殿皇的同步跃升 社在"十四五"收口与"十五十一周的历史又 汇は、国对全球还液目深度词的。和日中中 灯油冷止 .国人经济信构织联升级的新形 ...

Core Insights - The elderly care industry in Rizhao is experiencing significant growth, with a loan balance increase of 34.45% year-on-year, surpassing the overall loan growth rate by 25.68 percentage points [1][2][10] - Rizhao is leveraging its geographical advantages and innovative financial models to address the challenges posed by an aging population, with a projected elderly population exceeding 30% by 2030 [1][2] Financial Innovation and Support - Local financial institutions are breaking traditional credit constraints by creating a closed-loop system that integrates financial support, talent cultivation, and elderly care services [2][3] - The introduction of new policies allows social welfare land and elderly care facilities to be included as eligible collateral, facilitating access to financing for private elderly care institutions [4][10] - Rizhao has attracted 6.47 billion yuan in funding for the elderly care sector since 2020, with plans for 16 projects totaling 5.39 billion yuan by 2025 [5] Talent Development - The establishment of Rizhao Vocational College of Elderly Care aims to address the significant talent gap in the elderly care sector, with plans to train over 3,000 professionals annually [6][8] - Innovative financing solutions have enabled the college to expand its facilities and improve educational quality, thereby enhancing its capacity to produce skilled professionals for the industry [7][8] Challenges and Future Directions - Despite progress, the elderly care sector faces challenges such as long investment return cycles and cautious risk assessments from financial institutions [9][10] - There is a call for deeper financial innovation, including specialized credit lines and tailored financial products to better meet the diverse needs of the elderly care industry [10]

作为国内养老金融先行者，兴业银行自2012年推出"安愉人生"养老金融综合服务方案以来，深耕养老金 融业务领域十余载，持续发挥集团化优势，全力构建涵盖养老金金融、养老服务金融、养老产业金融的 综合化服务体系。近年来先后支持上海星堡、江苏瑞颐养老、河北根叶养老等多个养老产业项目落地， 切实履行推动养老产业发展的社会责任。责任编辑：韩胜杰 近日，兴业银行作为民政部全国首批养老机构预收资金监管合作银行，在天津率先落地养老机构预收资 金监管业务，成功与多家本地养老机构对接并开展合作，为养老资金安全提供有力保障。 自民政部等七部门发布《关于加强养老机构预收费监管的指导意见》，要求加强养老机构预收费监管以 来，兴业银行迅速响应，高效完成全国养老服务信息系统对接，以及行内系统模块开发及生产环境测 试，具备合规开展养老机构服务费、押金、会员费等预收资金监管的各项条件。截至9月末，兴业银行 已在上海、河北、江苏、广东、湖南等多地区获取民政部门养老资金监管业务资格。 ...

Core Viewpoint - Industrial Bank has become one of the first banks to implement the regulatory framework for pre-collected funds in elderly care institutions, ensuring the safety of pension funds in collaboration with local institutions [1] Group 1: Regulatory Compliance and Implementation - The Ministry of Civil Affairs and six other departments issued guidelines to strengthen the regulation of pre-collection fees in elderly care institutions, prompting Industrial Bank to respond swiftly [1] - Industrial Bank has successfully integrated with the national elderly service information system and developed internal system modules to comply with the regulatory requirements for managing pre-collected service fees, deposits, and membership fees [1] Group 2: Regional Expansion and Qualifications - As of the end of September, Industrial Bank has obtained qualifications for elderly fund regulatory business from civil affairs departments in multiple regions, including Shanghai, Hebei, Jiangsu, Guangdong, and Hunan [1] Group 3: Commitment to Elderly Care Finance - Industrial Bank has been a pioneer in elderly finance since launching the "Anyu Life" comprehensive pension financial service plan in 2012, focusing on the pension finance sector for over a decade [1] - The bank has supported various elderly care industry projects, such as Shanghai Xingbao, Jiangsu Ruiyi Elderly Care, and Hebei Genye Elderly Care, fulfilling its social responsibility to promote the development of the elderly care industry [1]

Core Viewpoint - The recent capital increase plan by Guomin Pension Insurance Co., Ltd. reflects the growing opportunities in the pension insurance sector due to China's aging population and favorable policies, prompting multiple pension companies to accelerate capital replenishment to gain a competitive edge [1][4]. Company Summary - Guomin Pension Insurance, established in March 2022, plans to issue up to 471 million shares to attract a maximum of five investors, aiming to raise funds for core tier one capital to support its main business development [2]. - Following the introduction of Allianz from Germany as a strategic partner by the end of 2024, Guomin Pension's registered capital will increase from 10 billion yuan to 11.378 billion yuan [2]. - As of the second quarter of 2025, Guomin Pension's core solvency ratio is 590.78%, and the comprehensive solvency ratio is 603.72%, both significantly exceeding regulatory requirements [2]. Industry Summary - The aging population in China is expected to drive the pension financial market to reach a scale of 22.3 trillion yuan by 2030, presenting a significant growth opportunity for pension insurance companies [4]. - In 2024, four out of ten existing pension insurance companies have disclosed a total of six rounds of capital increase plans, with amounts ranging from 20 million to several billion yuan [4]. - The regulatory environment is evolving, with increased capital reserve requirements for pension insurance companies, necessitating capital replenishment as a routine action during this strategic period [5][6]. Market Dynamics - The competition in the pension financial market is shifting from capital accumulation to value creation, emphasizing the need for differentiated service ecosystems that address comprehensive customer needs [7][8]. - Companies are transitioning from being mere product sellers to comprehensive service providers, integrating financial products with health management and care services to meet the evolving demands of consumers [7][8].