2025年，是"十四五"交卷之年。广东银行业以一场服务实体的深刻实践，锚定未来航向。 这一年，广东银行业在关键处精准着墨：大湾区金融布局因AIC"双子星"而格局焕新；行业对"内卷 式"竞争的集体反思，让资源更多流向对"五篇大文章"的深耕；资金沿着"百千万工程"的脉络，润泽县 镇村；就连十五运会的赛场上也跃动着金融赋能的脉搏…… 关键词是读懂一年的切片。南都湾财社"2025广东金融年度关键词"专题报道第二篇，以十个鲜活词条， 带你回顾广东银行业过去一年在南粤大地上精耕细作、赋能实体经济的清晰足迹。 大湾区AIC"双子星" 2025年，粤港澳大湾区的金融天际线上，迎来一对耀眼的AIC（金融资产投资公司）"双子星"。 中小金融机构风险处置是广东金融监管局2025年监管工作会议列出的六项重点任务中的头号任务。广东 金融监管局表示，协同加快中小金融机构风险处置进程，在发展中防范化解风险，推动"摘帽"机构治理 重塑、管理重构、业务重组。 2025年，广东金融监管局稳妥推进村镇银行改革重组。南都湾财社记者根据广东金融监管局网站信息统 计发现，2025年，广东金融监管局共批复12家村镇银行解散及11家村行吸收合并。其中，获批 ...

做好科技金融大文章，需要构建适配的服务生态。何为"适配"？一般来说有两个维度：一是相关产业政 策、不同金融供给主体与不同行业及不同类型的科技企业之间的供需适配；二是针对科技企业在不同发 展阶段所需要金融服务的适配。同时，为了能够更好地推动科技企业发展，以适应发展新质生产力战略 的要求，金融供给主体急需提升自身的服务能力，这也是做好科技金融工作的重要基础。 如何让"构建适配服务生态"与"持续提升科技金融服务能力"齐头并进？如何让"建生态"更匹配科技企业 的需求，让"提能力"更有助于"适配生态"的完善？就上述问题，《金融时报》记者采访了青岛银行 （002948）首席经济学家、中国首席经济学家论坛理事刘晓曙。 《金融时报》记者：在近期科技金融政策叠加效应下，尤其是推动银行开展投贷联动、金融提供多元化 接力式服务的背景下，科技金融的供给（包括PE/VC/银行等）生态将呈现什么样的趋势？ 刘晓曙：科创企业在生命周期不同阶段所需融资类型及特点不同，对金融机构和投资者的要求也存在差 异。要满足科创企业全生命周期的融资需求，需要的是创投风投、基金、银行、保险等诸多金融机构接 续发力。例如，在科创企业种子期、初创期阶段，风险高 ...

Core Insights - The recent approval of three financial asset investment companies (AICs) marks the establishment of the first batch of national joint-stock bank AICs in China, with a total of nine AICs now operational [1][2] Group 1: AIC Establishment and Capitalization - The newly approved AICs include Xinyin Financial Asset Investment Co., Xinyin Financial Asset Investment Co., and Zhaoyin Financial Asset Investment Co., with registered capital of 150 billion yuan for Zhaoyin and 100 billion yuan for the other two [1] - The establishment of these AICs follows a policy shift initiated in March 2023, which encouraged qualified commercial banks to set up AICs, leading to the approval of several banks including Industrial Bank, CITIC Bank, and Postal Savings Bank [1] Group 2: Functions and Characteristics of AICs - Initially, AICs served as a "risk isolation wall" and "asset restructuring experts," focusing on converting bank or enterprise debt into equity to reduce leverage and mitigate financial risks [1] - Over time, the role of AICs has expanded to become key players in equity investment, particularly following recent policy changes that have increased their investment scope and intensity [1] Group 3: Comparison Between Joint-Stock and State-Owned AICs - Joint-stock bank AICs share common features with state-owned AICs, including core functions, regulatory frameworks, policy guidance, and operational models [2] - However, differences exist in shareholder backgrounds, resource endowments, capital scales, and regional layouts, with state-owned AICs benefiting from larger asset scales and nationwide networks [2] Group 4: Impact on the Economy - The concentration of AICs is expected to positively influence the development of the real economy and the stability of financial markets, facilitating corporate transformation and high-quality development [3] - AICs can alleviate corporate debt burdens through debt-to-equity swaps, promoting technological research and product innovation, particularly for specialized and innovative small and medium-sized enterprises [3]

Core Insights - The recent approval of three financial asset investment companies (AICs) marks the establishment of the first batch of national joint-stock bank AICs in China, expanding the total number of bank-affiliated AICs to nine [1][2] Group 1: AIC Establishment and Function - The newly approved AICs include Xinyin Financial Asset Investment Co., Xinyin Financial Asset Investment Co., and Zhaoyin Financial Asset Investment Co., with registered capitals of 150 billion yuan and 100 billion yuan respectively [1] - AICs were initially designed for market-oriented debt-to-equity swaps, serving as a "risk isolation wall" and "asset restructuring expert" within the banking system, aimed at reducing corporate leverage and mitigating financial risks [1][3] - The role of AICs has evolved to become a major player in equity investment, particularly following recent policy expansions that have increased their investment scope and intensity [1] Group 2: Comparison Between AICs - The newly established AICs share common features with state-owned bank AICs, including core functions, regulatory frameworks, policy guidance, and operational models [2] - Differences exist in shareholder backgrounds, resource endowments, capital scales, and regional layouts, with state-owned AICs benefiting from larger asset scales and nationwide networks, focusing on large state-owned enterprises [2] - In contrast, joint-stock bank AICs have a slightly lower capital scale and are more concentrated in their initial focus, primarily serving private and innovative small and medium-sized enterprises [2] Group 3: Impact on the Economy - The entry of AICs is expected to significantly promote enterprise transformation and high-quality development by alleviating corporate debt burdens through debt-to-equity swaps, thereby facilitating technological research and product innovation [3] - AICs are positioned to support specialized and innovative enterprises, as well as technology-driven small and medium-sized enterprises, while also restructuring and revitalizing companies in debt distress through market-oriented and legal means [3]

Core Viewpoint - The establishment of Asset Investment Companies (AICs) by banks such as Industrial Bank, CITIC Bank, and China Merchants Bank signifies a further implementation of pilot programs aimed at comprehensive financial operations, providing new tools for managing existing risk assets in the banking system [1][2]. Summary by Sections AIC Establishment and Expansion - The recent approvals for AICs by CITIC Bank and China Merchants Bank follow the earlier approval for Industrial Bank, indicating an expansion of comprehensive financial operations in Chinese financial institutions [1]. - The first AIC pilot programs began in 2017 with five major state-owned banks, primarily focusing on debt-to-equity swaps to assist viable but struggling enterprises in reducing leverage and managing risks [1][2]. Financial Performance and Impact - As of June 2024, the total assets of the five major AICs reached 586.99 billion yuan, with 156 investment cases completed in 2024, amounting to 57.604 billion yuan [2]. - The AICs are expected to enhance the liquidity of existing credit assets and improve the asset-liability structure of distressed enterprises, facilitating their recovery [3]. Challenges and Considerations - Current challenges for AICs include limited external financing channels, high risk weights from parent banks, insufficient research capabilities, and reliance on indirect financing paths [3]. - The banking system's traditional focus on collateralized loans and the need for improved credit management practices pose additional hurdles for effective risk management within AICs [3][4]. Governance and Market Development - To attract external funding and avoid misconceptions about AICs being mere tools for risk asset management, a governance framework based on direct investment characteristics and business processes is essential [4]. - The development of a credit transfer market and the relaxation of credit asset securitization are necessary for effectively revitalizing existing credit resources and enabling market-driven pricing of credit assets [5].

Core Insights - The establishment of Xingyin Investment marks the first AIC (Asset Investment Company) under a joint-stock bank, with a registered capital of 10 billion yuan [1] - The leadership team of Xingyin Investment consists of experienced executives from Industrial Bank, indicating a strong internal continuity and expertise [2] Group 1: Company Formation and Leadership - Xingyin Investment is a wholly-owned subsidiary of Industrial Bank, officially launched in Fuzhou [1] - The chairman of Xingyin Investment is Chen Wei, who has extensive experience in investment banking and previously led significant financial projects at Industrial Bank [1] - The president of Xingyin Investment is Zheng Rongbin, who has held various key positions within the Industrial Bank system, focusing on inclusive finance [1][2] Group 2: Executive Team Composition - The vice president of Xingyin Investment is Zhao Gu, who has a strong background in credit risk management and investment banking within Industrial Bank [2] - Another vice president, Wang Su, brings expertise in financial technology, which may enhance the operational capabilities of Xingyin Investment [2] - The executive team also includes four directors and a financial officer, with members holding significant roles within Industrial Bank, such as the Chief Risk Officer and the Chief Auditor [5]

Group 1 - The establishment of Xingyin Investment marks the first AIC (Asset Investment Company) under a joint-stock bank, with a registered capital of 10 billion yuan [2] - The leadership team of Xingyin Investment consists of experienced executives from Industrial Bank, including Chairman Chen Wei and President Zheng Rongbin, both of whom have extensive backgrounds in investment banking [2][3] - The recent regulatory support from the National Financial Regulatory Administration aims to expand the establishment of AICs by qualifying commercial banks, enhancing their role in supporting technological innovation [3][4] Group 2 - As of now, there are a total of 9 approved AICs in China, including 6 from state-owned banks and 3 from joint-stock banks, indicating a growing trend in the establishment of AICs [4] - The leadership team includes key members such as Vice Presidents Zhao Gu and Wang Su, who bring diverse expertise in credit risk management and financial technology, respectively [3][7] - The regulatory framework has been evolving, with recent notifications aimed at facilitating the establishment of AICs to better support equity investments in technology [3][4]

Core Viewpoint - The recent approval of Asset Investment Companies (AIC) by several joint-stock banks marks a significant expansion in the sector, breaking the previous dominance of state-owned banks in this area [1][6][10] Group 1: AIC Expansion - Three joint-stock banks, CITIC Bank, China Merchants Bank, and Industrial Bank, have recently received approval to establish AICs, increasing the total number of bank-affiliated AICs in China to nine [1][6] - The registered capital of the nine AICs has reached a total of 148.5 billion yuan, with the newly established AICs contributing 35 billion yuan [1][4][6] Group 2: Business Focus and Strategy - The newly established AICs will primarily focus on market-oriented debt-to-equity swaps and equity investments, which are expected to enhance the banks' investment banking capabilities and improve profitability [1][2][5] - The AICs aim to provide comprehensive financing support to enterprises, particularly in technology and emerging industries, thereby promoting high-quality development [2][5] Group 3: Competitive Advantages - Joint-stock banks' AICs possess several competitive advantages over state-owned banks, including greater flexibility, faster decision-making, and a focus on niche markets such as technology finance and green industries [8][10] - The AICs are expected to fill the financing gap for small and medium-sized technology enterprises by providing "patient capital" with investment cycles of over five years [8][10] Group 4: Future Outlook - The industry is anticipated to see further expansion of AICs, with more joint-stock banks and potentially city commercial banks being approved to establish their own AICs [9][10] - The regulatory environment is becoming more favorable for the establishment of AICs, which is expected to enhance the overall diversity and competitiveness of the sector [6][10]

Core Insights - The approval of three national joint-stock banks to establish Asset Investment Companies (AICs) marks an expansion in China's banking sector after an eight-year hiatus [2][3]. Group 1: Company Developments - CITIC Bank announced the approval for its financial asset investment company, with a registered capital of 10 billion RMB, located in Guangzhou [2]. - China Merchants Bank also received approval for its AIC, with a registered capital of 15 billion RMB, based in Shenzhen [2]. - Xinyin Financial Asset Investment Company was officially established in Fuzhou, becoming the first AIC initiated by a joint-stock bank, with a registered capital of 10 billion RMB [2]. Group 2: Policy Background - The expansion of AICs is driven by ongoing policy support, including a notification from the National Financial Regulatory Administration in September 2024 to enhance equity investment trials [3]. - In March 2025, the regulatory body expanded the investment scope of AICs to include trial cities and their provinces, aiming to bolster support for technology innovation and private enterprises [3]. - A joint document from seven departments in May 2025 emphasized the need for a financial system that supports technological innovation, expanding the AIC equity investment trial to 18 provinces [3]. Group 3: Industry Landscape - Currently, five major state-owned banks have established AICs, including ICBC Investment, ABC Investment, Bank of China Asset, CCB Investment, and Bank of Communications Investment [4]. - Postal Savings Bank has received approval to establish its AIC, indicating ongoing growth in this sector [4].

Core Insights - The establishment of Xingyin Financial Asset Investment Co., Ltd. marks the first financial asset investment company (AIC) initiated by a joint-stock bank in China, breaking the monopoly of the five major state-owned banks in this sector since 2017 [1][3] - The company has a registered capital of 10 billion yuan and aims to support technology innovation and the development of private enterprises by optimizing capital structures and reducing leverage [1][3] Regulatory Background - The significant expansion of regulatory policies in March 2023 allowed qualified commercial banks to establish AICs, promoting financial resources towards the technology innovation sector [3] - Following the approval of Xingyin's establishment, other banks such as CITIC Bank and China Merchants Bank were also granted permission to set up AICs, indicating a growing trend in the banking sector [3] Industry Impact - AICs are viewed as "patient capital," providing long-term support to technology enterprises and helping to lower financing costs while diversifying investment risks [4] - The growth of AICs is expected to provide stable and robust financial support for high-quality economic development and industrial upgrades in China [4]