● 本报记者 谭丁豪 12月19日，由中国证券报主办的"强投研 优配置 赢未来"2025银行业高质量发展大会在深圳举行。首创 证券党委副书记、董事、总经理蒋青峰在主题演讲中表示，在低利率与严监管交织、需求升级与行业转 型并行的关键节点，银行理财与券商资管作为资管生态中的核心力量，打破壁垒、深化协同，既是应对 市场变局的必然选择，更是共建高质量发展生态的核心命题。 低利率严监管重塑行业生态 蒋青峰表示，在市场与监管双重驱动下，行业呈现三大变化：一是高息存款退潮催生低波稳健产品"刚 需"，新增理财资金风险偏好持续降低，将传统协议存款到期资金转向同业存款等替代性工具，为资产 端创新合作开拓空间；二是客户需求从单一收益诉求升级为综合资产配置服务，海量到期资金亟须全生 命周期财富规划解决方案，推动行业从产品销售向客户需求为核心转型；三是中小银行加速轻资管转 型，更多中小银行聚焦代销与财富管理主业，为银证合作打开广阔市场空间。 银证协同构建合作新范式 蒋青峰认为，新时期银证合作已从传统渠道对接，升级为"联创+委外"并行、"固收+"协同的新范式，形 成两大核心合作模式。一方面是联创型BOF模式，针对中小银行存量资产压降、财 ...

Group 1 - The onshore and offshore RMB against the US dollar both broke the 7.14 mark, driven by external factors such as the Federal Reserve's policy shift and internal factors like the recovery of the domestic capital market and increased risk appetite [1] Group 2 - Three banks in Sichuan, namely Chengdu Bank, Chengdu Rural Commercial Bank, and Sichuan Bank, are planning to jointly apply for a wealth management company, with preparations already underway [2] Group 3 - Major banks are accelerating their securities account opening business in response to the significant recovery of the A-share market, with a 70.54% year-on-year increase in new investors in July 2025 [3] - The collaboration between banks and securities firms is seen as a necessary adaptation to changing market demands, integrating basic financial services and investment opportunities into a single ecosystem [3] Group 4 - The issuance of technology innovation bonds (科创债) has reached a total scale of 2,273 billion yuan, reflecting strong market demand for financing in technology innovation since the launch of the "technology board" in May [4] - A total of 814 technology innovation bonds have been issued, with 34 banks participating, indicating a robust response to the financing needs of emerging technology enterprises [4] Group 5 - Several banks are actively transferring non-performing credit card loans, with significant discounts on the transfer prices, indicating a strong commitment to cleaning up non-performing assets [5] - The large-scale transfer of non-performing loans is a strategy for banks to optimize their asset structure and improve liquidity [5]

Group 1 - The core viewpoint of the articles highlights the increasing collaboration between banks and securities firms to enhance financial services, focusing on inclusive finance, wealth management, and financial market operations [1][2][4] - Several banks have signed strategic cooperation agreements with securities firms since July, aiming to leverage their strengths to better serve local economic development and meet diverse financial needs of enterprises and residents [1][2] - The collaboration is characterized by a "five co" approach: shared customers, co-created business, expanded ecosystems, interconnected data, and joint promotion [1] Group 2 - Industrial and Commercial Bank of China (ICBC) has organized initiatives to promote the synergy between banks and securities firms, emphasizing efficient and stable transfer services to ensure investor fund safety [2] - Banks are actively promoting securities account openings and transfer services through various incentives, such as cash rewards and referral codes, to attract customers [2][3] - Banks are enhancing customer engagement and loyalty by facilitating securities investments, which also opens up opportunities for cross-selling other financial products [4] Group 3 - The collaboration allows securities firms to utilize banks as effective customer acquisition channels, with bank staff often working alongside securities firm representatives to provide services [3] - Banks are motivated to offer 24/7 transfer services to meet the increasing demand for efficient fund flow during favorable market conditions, thereby improving customer satisfaction [4] - By supporting securities account openings, banks aim to enhance their brand image in wealth management and attract more clients to their services [4]

Group 1 - The stock market is performing well, leading to increased inquiries at banks for opening securities accounts, with banks offering incentives such as cash rewards and lower fees for account opening [1] - Banks are strengthening partnerships with brokerage firms to attract clients for securities account openings, benefiting both parties by providing banks with low-cost deposits and potential cross-selling opportunities [1][2] - Major banks like China Bank, China Merchants Bank, and Industrial and Commercial Bank of China are actively promoting securities account opening services and 24/7 fund transfer services [2][4] Group 2 - The willingness of residents to invest in the stock market is increasing due to improved profit expectations, and banks are key channels for brokerage firms to acquire clients [4] - Banks are enhancing customer engagement and loyalty through securities account services, which also improve their brand image in wealth management [5] - The collaboration between banks and brokerages is expected to provide a solid customer base for future investment activities, such as initial public offerings [4][5]

Core Viewpoint - The collaboration between banks and securities firms is intensifying, as banks leverage their mobile banking apps to promote securities account openings, reflecting a strategic response to the bullish stock market and declining deposit rates [1][4]. Group 1: Bank Initiatives - Multiple banks, including Bank of China, China Merchants Bank, and Industrial Bank, are prominently featuring securities account opening services on their mobile banking apps, creating direct entry points for customer engagement [2][3]. - Bank of China offers promotional activities such as a lottery for customers who open accounts with linked debit cards, showcasing nearly 60 securities firms for customer selection [2]. - China Merchants Bank emphasizes its partnership with top securities firms, providing exclusive benefits for new account holders and highlighting 24/7 transfer capabilities with select brokers [2]. Group 2: Value Creation and Business Model - The collaboration allows banks to earn channel commissions from securities firms while integrating customer investment funds into their financial ecosystem, enhancing middle business income and customer retention [4][5]. - The model creates a "win-win" situation for banks, as they can alleviate profit pressures, enhance wealth management services, and improve marketing capabilities through transaction data [4]. - Securities firms benefit from access to banks' active user bases, although smaller firms may face challenges in customer acquisition costs and profit margins [4]. Group 3: Industry Trends - The shift from physical branch collaboration to digital integration is evident, with banks evolving from mere financial conduits to comprehensive wealth management service providers [5]. - The partnership requires a focus on compliance, customer information protection, and appropriate product management to ensure sustainable growth [5]. - Future collaboration should aim to transition from simple account opening to a comprehensive service model, enhancing customer engagement through joint advisory services and customized products [5].

Core Viewpoint - The collaboration between banks and securities firms is intensifying, with banks actively promoting securities account openings to attract customers and enhance their service offerings [1][6][7] Group 1: Bank and Securities Collaboration - Banks are strengthening partnerships with securities firms by offering incentives such as cash prizes and promoting 24/7 fund transfer services [1][4] - Securities firms benefit from banks' large customer bases, providing an efficient channel for customer acquisition [6][7] - Banks gain low-cost deposits when customers transfer funds back to their bank accounts after trading, creating opportunities for cross-selling other banking services [1][4][7] Group 2: Customer Engagement and Services - Customers opening securities accounts can participate in promotional activities, such as lotteries for cash rewards, enhancing customer engagement [2][4] - Banks are offering flexible fund transfer services to meet customer demands, especially during favorable market conditions, thereby increasing customer satisfaction [7] - The presence of securities firm representatives in bank branches facilitates better service for customers seeking investment opportunities [6][7] Group 3: Market Sentiment and Investment Trends - Increased market optimism and profit-taking behavior are driving more retail investors to enter the stock market [6] - The demand for third-party custody services is rising, as banks are evaluated on their performance in managing these services [6][7]