期服务模式，在债券市场风险管理领域开创了可复制推广的创新模式。 数据显示，"十四五"时期，公司累计债券增信规模超过600亿元，投资各类债券近300亿元，债券交易规 模超7000亿元，助力企业发行各类债券超2000亿元，为企业节约融资成本超10亿元。此次入选金融创新 优秀案例，是对公司长期以来扩大债券融资规模、防范化解区域信用风险、服务实体经济发展的认可和 肯定。 陕西增信方面表示，接下来公司还将继续立足使命定位，发挥债券市场基础设施功能作用，做好金 融"五篇大文章"，在扩大直接融资、降低融资成本、维护市场稳定、化解金融风险等方面展现新作为， 为债券市场高质量发展贡献更大力量。(秦声) 11月18日，由证券时报社主办的第二十届中国经济论坛暨2025大湾区科技与金融创新发展大会在广州举 行。会上，"十四五"金融创新优秀案例报告正式发布，该报告汇聚"十四五"时期具有示范效应的金融科 技创新成果，旨在推动金融支持实体经济与科技创新，为"十五五"规划提供来自一线的实践参考和决策 依据。其中"陕西增信打造债券市场全生命周期服务模式"成功入选生态创新案例。 作为陕西金融资产管理股份有限公司"一体两翼"中致力于债券市场风险管 ...

受访者供图 南方财经 21世纪经济报道记者 朱丽娜 香港报道 今年前三季度，香港IPO融资额重返全球第一。然而，在这份亮眼成绩单背后，香港金融业正面临一场 更深刻的变革：美国纳斯达克已开始试验代币化股票交易，印度央行在推进数字卢比跨境支付，新加坡 则通过Project Guardian项目抢占数字资产高地……在这场看不见硝烟的金融科技竞赛中，香港能否守住 国际金融中心的地位？ 作为香港回归后首位华人证监会主席，梁定邦在任期间主导建立了香港现代证券监管体系，推动了H股 市场的快速发展，见证了香港从亚洲金融危机中的重生。 近期，梁定邦在接受21世纪经济报道记者独家专访时，系统阐述了他对香港金融未来发展路径的思考。 在他看来，香港必须在巩固传统优势的基础上，抓住人民币国际化、金融科技创新和粤港澳大湾区融合 三大战略机遇，特别是要在数字化金融基础设施建设上先行先试。 "这已经不是一道'选择题'，而是一道'必答题'，"梁定邦语气坚定地表示，"留给香港的窗口期不会太长。 如果我们再等两三年，可能就真的来不及了。" 香港金融市场的三大基石 《21世纪》：你作为香港回归后首位华人证监会主席，亲历了香港金融市场几十年的发展。在 ...

Core Insights - The mobile banking app has become a core platform for commercial banks to serve users, optimize experiences, and enhance competitiveness in the context of national digital transformation and financial technology innovation [1] - The integration of AI technology, refined operational strategies, and diversified user demands are reshaping the market landscape and value of mobile banking apps [1] User Flow and Behavior - The user flow of mobile banking apps in China is stabilizing between 650 million to 700 million from 2023 to 2025, indicating a saturated market [2] - The decline in user engagement is evident, with average daily usage time dropping from 4.93 minutes to 2.70 minutes and daily usage frequency decreasing from 4.54 times to 2.86 times [4] Operational Strategies - Refined operations are crucial for banks to break through in a saturated market, focusing on precise user insights and intelligent technology applications [6][7] - AI technology is enhancing refined operations by upgrading interaction experiences, strengthening risk control, expanding diverse scenarios, and improving data operations [9] Rankings and Performance - The top three banks by average monthly active users (MAU) are Agricultural Bank of China (24 million), Industrial and Commercial Bank of China (18.9 million), and China Construction Bank (10.6 million) [11][15] - Among joint-stock commercial banks, China Merchants Bank leads with over 7 million MAU, while other banks like Ping An Bank and CITIC Bank follow closely [16][17] - City commercial banks show strong performance, with Jiangsu Bank leading at 349.6 thousand MAU, and several banks achieving significant growth rates [19][20] Case Studies of Successful Apps - Agricultural Bank of China is integrating financial services with daily life scenarios, achieving a 4.8% growth in MAU [28][29] - China Merchants Bank continues to innovate its app to meet customer needs and leverage AI technology [31] - Beijing Bank is focusing on a digital transformation strategy that combines technology, scenarios, and services [35]

Core Insights - Lianshui Rural Commercial Bank has successfully issued its first online agricultural re-loan of 100 million yuan, marking a significant step in utilizing monetary policy tools to reduce financing costs for small and micro enterprises [1][2] Group 1: Online Re-loan Implementation - The bank has rapidly completed system integration and functional configuration following the People's Bank of China's deployment of online agricultural re-loan operations [1] - The online operation simplifies business processes, significantly reduces operational costs and related risks, and enhances the efficiency of re-loan issuance [1][2] - The seamless integration of the Central Government Bond Registration and Settlement Co., Ltd. (China Bond) backend system and the foreign exchange trading center frontend system provides robust technological support for the online re-loan business [1] Group 2: Focus on Agricultural Development - The 100 million yuan re-loan will be precisely directed towards the "three rural issues" (agriculture, rural areas, and farmers), aiding in the industrialization of agriculture and revitalization of the rural economy [2] - The bank emphasizes its commitment to the "three rural issues" and its responsibility in utilizing monetary policy tools to serve the real economy [2] - Moving forward, the bank will continue to adopt a customer-centric service philosophy, explore financial technology innovations, and enhance service efficiency while increasing financial support for "three rural issues," small and micro enterprises, and private enterprises [2]

Core Insights - Hong Kong's fintech market is experiencing a resurgence, with major players like Ant Group and JD.com making significant investments and expansions in the region [2][3][7] - The city is positioning itself as a hub for fintech innovation, particularly in areas like Web3 and virtual currencies, aiming to attract capital and facilitate the overseas expansion of mainland companies [2][6][12] Group 1: Market Developments - In October, Ant Group and Alibaba made headlines by purchasing properties in Hong Kong and establishing Ant's overseas headquarters there [2] - JD.com quickly obtained an insurance brokerage license, indicating a competitive push into the market [2] - The Hong Kong Monetary Authority has issued a total of 8 virtual bank licenses since 2019, with many shareholders being major mainland internet and fintech giants [4][5] Group 2: Financial Performance and Trends - As of the end of 2024, the total assets of the 8 virtual banks established in Hong Kong are less than 80 billion HKD, serving only a few million customers [5] - In Q1 2025, new insurance policy premiums in Hong Kong surged to 93.4 billion HKD, a year-on-year increase of 43.4%, marking a record high since data collection began in 2001 [6] Group 3: Strategic Moves by Major Players - Ant Group is investing 7.2 billion HKD in real estate and acquiring the largest Hong Kong-based brokerage, Yau Ching Securities, for 2.814 billion HKD, gaining multiple SFC licenses [7][8] - JD.com is also actively pursuing SFC licenses to enhance its operational capabilities in Hong Kong [8] Group 4: Opportunities for Expansion - Hong Kong is seen as a testing ground for mainland fintech companies to refine their products and business models before entering other overseas markets [9] - The establishment of the "Mainland Enterprises Going Global Task Force" aims to assist companies in leveraging Hong Kong as a platform for international expansion [9] Group 5: Regulatory Environment and Future Outlook - The development of stablecoins is emerging as a significant variable in the fintech sector, with Hong Kong poised to lead in this area following the approval of the "GENIUS Act" in the U.S. [11][12] - Hong Kong's regulatory framework is evolving to support the issuance of stablecoins, with the first licenses expected to be issued soon [12][13] - The city aims to become a resilient international fintech hub, focusing on the tokenization of real-world assets as a key area of investment [13]

Core Viewpoint - The People's Bank of China (PBOC) aims to deepen the interconnection between the financial markets and services of mainland China and Hong Kong, enhancing Hong Kong's status as an international financial center while promoting high-level financial openness [1][2]. Group 1: Financial Market Development - The PBOC will strengthen the construction of the offshore RMB market in Hong Kong [2]. - Continuous efforts will be made to enhance the integration of financial services between mainland China and Hong Kong [2]. Group 2: Financial Technology and Innovation - The PBOC plans to utilize financial technology innovations to provide efficient and convenient cross-border payment services for economic integration [2]. - Exploration of new cooperation schemes for cross-border payments using central bank digital currency (CBDC) is underway [2]. - The PBOC will enhance communication and collaboration in the field of financial technology with various parties [2]. Group 3: Contribution to Digital Economy - The initiatives are aimed at contributing to the high-quality development of the digital economy [2].

Core Viewpoint - The 2025 Financial Street Forum Annual Conference, themed "Global Financial Development under Innovation, Transformation, and Reshaping," was inaugurated in Beijing, with Beijing Bank as a strategic partner for the fifth consecutive year, highlighting its commitment to supporting the event and the responsibilities of state-owned enterprises in the capital [1][2]. Group 1 - Beijing Bank will actively participate in various activities during the forum, aiming to build an international financial dialogue platform, release innovative results, promote strategic cooperation, and facilitate investment and financing connections to support high-quality development of the real economy [1]. - The bank will host a parallel forum titled "Creating a New Ecosystem for Leapfrog Development of Technology Enterprises," focusing on cutting-edge topics such as financial technology innovation, cross-border financial empowerment for globalizing tech companies, economic complexity, and AI transformation [1]. - Multiple financial service achievements will be announced by Beijing Bank, including upgrades in technology financial products, showcasing investment banking-driven commercial banking results, zero-carbon park construction, green credit support, and comprehensive insurance services for specialized and innovative enterprises [1]. Group 2 - Beijing Bank will engage in six specialized investment and financing matching activities, concentrating on four key areas: artificial intelligence, digital transformation, green energy, and future industries, utilizing a dual approach of "corporate roadshows + exhibition displays" to create efficient channels for industry-finance matching [2]. - An immersive financial service experience booth will be set up by Beijing Bank at the outdoor communication space of the conference, showcasing its mission as "the bank that accompanies you for life" and integrating hard technology elements, allowing attendees to experience AI interactions and smart financial scenarios [2]. - The bank will leverage the "forum + consumption" synergy effect by participating in a carnival market, providing financial product services while promoting consumer discounts in the Financial Street business district to enhance consumer vitality and experience [2].

Core Insights - The 2025 Financial Street Forum has commenced in Beijing, focusing on "Innovation, Transformation, and Reshaping Global Financial Development" with over 400 guests from more than 30 countries [1] - Beijing's financial sector has shown significant growth, with a value-added of 670 billion yuan in the first three quarters of 2025, marking a 9% year-on-year increase [1][9] Policy Framework - The "Five Major Articles" policy framework, established during the 2023 Central Financial Work Conference, aims to direct financial resources towards key areas of the real economy [3] - Beijing is among the first cities to incorporate the "Five Major Articles" into its local financial development plan, with a comprehensive policy framework established by various financial authorities [3][4] Financial Performance - As of June 2025, loans in the "Five Major Articles" sectors reached 6.8 trillion yuan, growing at a rate 5.2 percentage points higher than overall loan growth [4] - In the technology finance sector, loans exceeded 4 trillion yuan, with a 30.9% year-on-year increase in loans to technology SMEs [4][5] Green Finance Initiatives - The establishment of the National Green Technology Trading Center and significant trading volumes in carbon markets highlight Beijing's commitment to green finance [5] - The city has implemented policies to enhance access to financing for innovative SMEs, including a 40% interest subsidy for first-time loans [5] High-Level Opening and International Cooperation - Beijing's financial sector is undergoing a transformation towards high-level opening, aligning with national strategies to attract global capital [6][7] - Since the initiation of the "Two Zones" strategy, nearly 200 foreign and domestic financial institutions have been introduced to Beijing [6] Cross-Border Financial Developments - The integration of onshore and offshore currency pools has simplified cross-border transactions for 1,700 enterprises, with a total cross-border payment volume exceeding 150 billion USD [7] - The city's foreign exchange revenue grew by 67.4% in 2024, reaching 2.4 trillion USD, accounting for 16.9% of the national total [7] Technological Innovation in Financial Services - Beijing is leveraging digital technology to enhance financial services, with nearly 20 million digital yuan wallets opened and transactions amounting to nearly 300 billion yuan [8] - The city has implemented various pilot projects for digital currency applications, including a digital yuan-backed loan for technology enterprises [8][9] Financial Ecosystem Development - The upgrade of the Zhongguancun Sci-Tech Financial Service Center has expanded its support to over 30,000 enterprises, enhancing the ecosystem for innovation [9] - The financial sector's value-added contribution to Beijing's GDP reached 17.4%, driving overall economic growth by 1.5 percentage points [9]

Group 1 - The 2025 Financial Street Forum Annual Meeting will be held from October 27 to 30 in Beijing, focusing on the "14th Five-Year Plan" for financial reform and development, emphasizing financial services for the real economy [2][3] - The theme of this year's forum is "Global Financial Development under Innovation, Transformation, and Reshaping," aiming to promote high-quality global financial development and build a more resilient, inclusive, and sustainable global financial system [2][3] - The forum will feature the release of important financial policies, the unveiling of key institutions, and the signing of international cooperation memorandums, along with representative projects and reports in financial technology, green development, and industrial finance [2][4] Group 2 - The forum will be the first national-level international forum in the economic and financial sector after the 20th National Congress of the Communist Party of China, focusing on the implementation of the Congress's spirit and the "Five Major Articles" of finance [3][4] - International cooperation will be a key focus, with discussions on topics such as Beijing-Hong Kong financial cooperation, China-Europe investment promotion, and cross-border investment to enhance international collaboration [3][4] - The forum will also emphasize financial services for the real economy, including activities focused on private sector development and a series of investment and financing matchmaking events [3][4] Group 3 - The China Securities Regulatory Commission (CSRC) will participate in the forum, with plans to release policies and hold the International Advisory Committee meeting during the event [6][7] - The Beijing Stock Exchange will host a parallel forum themed "Innovation, Cooperation, and Openness," focusing on building an interactive platform for industry, technology, and finance [6][7] - The CSRC has supported the establishment of a unique system for innovative small and medium-sized enterprises, with over 279 listed companies and a total market value exceeding 860 billion yuan [7][8] Group 4 - The National Foreign Exchange Administration will host a special event on October 30, focusing on enhancing trade and investment cooperation in advanced manufacturing, digital technology, and green energy [10][11] - The administration has implemented various foreign exchange facilitation policies to support high-level openness and economic development in Beijing, including pilot programs for cross-border trade and investment [10][11] - Over 2,300 enterprises in Beijing have utilized foreign exchange derivative services, with a total contract value of 12.94 billion USD, primarily benefiting small and medium-sized enterprises [11]

Core Points - The 2025 Financial Street Forum Annual Meeting will be co-hosted by the Beijing Municipal Government and several financial regulatory bodies, taking place from October 27 to 30 in Beijing's Financial Street [1][3] - The theme of this year's forum is "Global Financial Development under Innovation, Transformation, and Restructuring," with over 400 important guests from more than 30 countries and regions expected to attend, marking the highest number of participants in history [1][4] - Key speakers include the Governor of the People's Bank of China, Pan Gongsheng, and the heads of various financial regulatory agencies, who will deliver keynote speeches during the event [1][4] Event Structure - The forum will feature a framework of "main forum + parallel forums + financial technology conference + supporting activities," with a total of 27 activities planned for the main and parallel forums and 11 activities for the financial technology conference [4] - The opening ceremony is scheduled for the afternoon of October 27, and the closing ceremony will take place on the afternoon of October 30 [4]