近日，张家港农商银行与张家港市民政局联合召开银发经济推进会，围绕产品创新、服务升级、资金监 管等核心议题展开讨论，明确以"政银联动+专业赋能"模式，为港城老年群体打造全维度养老服务生 态。 会上，张家港市民政局相关负责人提出，一是联合成立专项协调班子，双方相关负责人牵头，抽调业务 骨干组成工作专班，建立定期会商、任务分解、进度督办机制，统筹推进产品研发、服务落地、专区建 设等工作，确保资源高效分配、问题快速解决；二是引入专业第三方机构，借助其在养老产业研究、金 融服务设计等领域的专业优势，为合作提供数据支撑与方案优化建议，提升养老服务与金融产品的科学 性、适配性；三是开展专项金融服务调研，聚焦港城老年人风险偏好、养老产业金融需求等，通过问 卷、访谈等形式摸清需求，为后续定制化金融产品研发、服务模式创新提供精准依据。 张家港农商银行表示，将全面响应民政局工作部署，配合做好班子组建与调研工作，立足金融服务本 源，将适老理念融入网点运营与产品设计，打造"金融+养老"融合服务新场景，让老年人享受到更便 捷、更安心的金融服务。 会上，双方就未来具体合作进行深入探讨，合力推动张家港养老服务战略计划，为港城银发经济发展设 ...

初创科技型企业普遍面临"项目建设周期长、初期抵押物不足"的融资痛点，成为制约其发展的关键瓶 颈。泰兴农商银行聚焦此类企业需求，创新推出"前景评估+足额快速放款"的金融服务机制，以精准、 高效的服务助力企业加速成长。 传统金融服务多以"抵押物"为核心审批依据，难以匹配初创科技企业"轻资产、重潜力"的特性。泰兴农 商银行打破这一局限，将评估重点转向企业未来价值与成长能力，构建多维度"前景评估"模型。 一是技术实力评估，重点考察企业核心技术的先进性、稀缺性及产业化潜力。如关注企业是否掌握"卡 脖子"技术、是否拥有自主知识产权、是否与高校、科研机构建立联合研发平台等。 二是团队能力评估，聚焦核心团队的专业背景、行业经验及过往成果，优先服务由高层次人才领衔的企 业。 三是市场与盈利评估，分析企业业务是否契合国家战略、盈利模式可行性以及长期成长性，判断企 业"自我造血"能力。 在"前景评估"通过后，该行进一步简化流程，无需依赖传统抵押物，以"土地使用权抵押+保证"形式， 直接对接企业融资需求，大幅缩短融资周期。 全周期服务初创科技型企业，助力新药研发落地 突破传统授信思维，建立"价值导向"评估体系 泰兴某制药有限公司是当 ...

在徐州某机械科技有限公司的生产车间内，工人们正在紧张有序地装配调试旋压钻机配套钻杆和高空作 业车等产品。作为省级高新技术企业和"专精特新"企业，该公司通过持续的技术研发和创新，推动产品 从传统施工装备向"高效节能+智能互联"转型升级。 "这笔资金不仅解决了生产设备需求，更坚定了我们拓展外部市场、加速产品迭代的信心。"企业负责人 表示，目前公司订单已排至月底，生产线满负荷运转，发展势头强劲。 申玉龙 企业快速发展的背后，离不开徐州农商银行泉山支行辖内福水井支行的"贴身服务"。该支行行长李雪敬 介绍："我们始终坚持'走出去'的服务理念，针对辖内科技企业，组建了专属服务小分队，每月至少开 展2次上门走访，就是为了第一时间掌握企业的生产经营动态和资金需求。" 2021年，支行在走访中获悉企业有扩大生产和研发的计划后，迅速响应，仅用3个工作日就完成审批流 程，发放500万元贷款。这笔资金帮助企业成功研发出4款新产品，显著提升了市场竞争力。 今年8月，企业因扩大生产规模再次出现资金需求。服务小分队第一时间上门对接，启动"急事急办"流 程，在很短时间内完成追加500万元授信的全部手续。 ...

Core Viewpoint - The article discusses the shift of household savings from bank deposits to financial assets such as stocks and funds due to a low interest rate environment, highlighting a significant increase in non-bank financial institution deposits in August 2025 [4][18][22]. Group 1: Economic Context - In August 2025, household deposits increased by 1.1 billion yuan, which is considered a low level for the year, while deposits in non-bank financial institutions, including securities, insurance, and funds, rose by 1.18 trillion yuan [18]. - The low interest rates on bank deposits are prompting individuals to seek alternative investment opportunities, as the returns are not keeping pace with inflation [8][22]. Group 2: Market Behavior - The stock market has become more active, attracting funds as many individuals are moving their savings into financial assets due to the low returns from bank deposits and stagnant real estate market conditions [15][16]. - The metaphor of "ants moving house" is used to describe the gradual transfer of funds from traditional savings to more lucrative investment options [17][22]. Group 3: Investment Sentiment - There is a growing enthusiasm for investing in stocks and funds among individuals, with some considering reactivating their stock accounts [12][20]. - The article emphasizes the need for caution, as the stock market can be volatile and the ability to generate consistent returns will depend on broader economic conditions and market opportunities [19][22].

Group 1: Supply Chain Dynamics - The Asian supply chain is diversifying and becoming more refined, with China increasing its share of high-end manufactured goods in the value chain [1] - The ASEAN countries exhibit significant differences in industrial specialization and development levels, impacting their positions in the value chain [1] Group 2: Trade Relations and Economic Impact - The China-ASEAN Free Trade Agreement 3.0 negotiations have been completed, enhancing trade relations and establishing a comprehensive cooperation framework [1] - ASEAN has effectively replaced the U.S. as China's largest regional export market, with approximately 16% of China's exports directed to ASEAN in 2024 [2] - China has shifted from a trade deficit to a trade surplus with ASEAN in the electronics sector, indicating a strengthened production dominance [2] Group 3: Foreign Direct Investment (FDI) Trends - ASEAN welcomed a record FDI of $230 billion in 2023, with China becoming a major source of investment in the region [7] - In Indonesia, Chinese FDI reached $8.2 billion in the first half of 2025, significantly impacting local industries and job creation [8] - The growth of FDI is expected to enhance manufacturing capacity and create job opportunities, although challenges remain in managing domestic production impacts [8] Group 4: Strategies for Resilience - Companies can enhance regional supply chain resilience by diversifying and upgrading their operations in response to trade uncertainties [6] - ASEAN can benefit from increased FDI and supply chain restructuring, but must balance this with strategic measures to manage risks and promote local employment [9]

Core Viewpoint - The introduction of the "Railway Freight Certificate" by Zheshang Bank in collaboration with China National Railway Group effectively alleviates the financial pressure faced by bulk commodity enterprises in railway transportation, marking a significant advancement in financial and logistics integration [1][2]. Group 1: Industry Context - Railway freight is a crucial component of bulk commodity transportation, with national railway freight volume expected to exceed 5.1 billion tons in 2024, of which coal accounts for over 55%, translating to an annual volume of approximately 2.8 billion tons [2]. - Transportation costs for coal can constitute 15% to 30% of total procurement costs, influenced by factors such as transport distance, loading efficiency, and energy price fluctuations [2]. Group 2: Financial Innovation - The "Railway Freight Certificate" combines domestic letters of credit with railway logistics, allowing enterprises to pay freight using bank credit and repay later, thus streamlining the payment process [3]. - The process is fully online, enabling companies to generate freight bills on the national railway platform and apply for certificates without the need for physical documentation, with the possibility of a repayment period of up to one year [3]. Group 3: Implementation and Impact - The first transaction of the "Railway Freight Certificate" was successfully executed for Huainan Mining Group, with a certificate amount of 100 million yuan, significantly easing their freight payment pressures [4]. - Following the initial success, Zheshang Bank has expanded the service to other regions, including Chengdu, Beijing, and Xi'an, demonstrating a growing adoption among both state-owned and large private logistics enterprises [4]. Group 4: Collaborative Benefits - The "Railway Freight Certificate" creates a win-win situation for the railway bureau, banks, and enterprises, ensuring timely freight payments, reducing financial costs for companies, and expanding financial service opportunities for banks [5]. - This innovation reflects Zheshang Bank's commitment to enhancing supply chain financial services, having supported over 85,000 small and medium-sized enterprises in various sectors by mid-2025 [6].

Core Viewpoint - The Federal Reserve's recent decision to lower the federal funds rate target range by 25 basis points to 4.00%-4.25% has prompted significant attention towards the domestic dollar deposit rates in China, with many banks beginning to adjust their rates downward in response to the Fed's actions [1][4]. Group 1: Current Dollar Deposit Rates - Various banks in China are currently offering dollar deposit rates above 3%, with some products still maintaining attractive rates [3]. - For instance, Jiangsu Bank offers a 1-year dollar deposit rate of 3% with a minimum deposit of $5,000, while other banks like Guangfa Bank and Chongqing Bank provide rates as high as 3.4% and 3.95% respectively for higher deposit amounts [3][4]. - Foreign banks, such as Standard Chartered, are also maintaining relatively stable rates, with their 1-year dollar deposit rate reaching up to 3.6% [3]. Group 2: Rate Adjustments Post-Fed Decision - Several banks have already initiated rate cuts following the Fed's announcement, with Huashang Bank reducing its short-term dollar deposit rates by 25 basis points across various terms [4]. - Xi'an Bank plans to lower its dollar deposit rates by the end of September, with significant reductions across all terms [4]. - Guangdong Huaxing Bank has already completed its rate adjustments, with the 1-year rate for deposits over $100,000 now at 3.9% [4]. Group 3: Future Rate Trends - Experts predict a downward trend in dollar deposit rates due to the Fed's actions, with expectations of further rate cuts in the coming years [6]. - The Chief Economist at CITIC Securities suggests that domestic banks will likely lower their dollar deposit rates to reduce liability costs, although the timing may vary based on individual bank circumstances [6]. - Predictions indicate that the Fed may implement two more rate cuts by 2025, which could further pressure domestic dollar deposit rates [6]. Group 4: Consumer Behavior and Considerations - Some consumers are taking proactive measures to secure higher rates before anticipated cuts, while others remain cautious and rational in their approach to dollar deposits [7]. - The current exchange rate of 1 USD to 7.1173 CNY indicates a strengthening of the yuan, which could impact the real returns on dollar deposits if the trend continues [7]. - There is an expectation that state-owned banks will eventually follow suit with rate adjustments, as market expectations are forming around this possibility [7].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The surge in non - bank deposits is not simply due to "deposits entering the market." It is influenced by government fiscal funds, enterprise "manual interest compensation" policy changes, and the transfer of residents' excess net savings [17][18]. - The current equity market rally may have some sustainability. If the A - share market rises steadily, about 3.3 trillion yuan of residents' "excess net savings" may continue to transfer, with 0.49 - 0.82 trillion yuan potentially entering the equity market [5][18]. 3. Summary According to the Directory 3.1 Non - bank Deposits Surge is Not Simply "Deposits Entering the Market" - In August 2025, the newly - added household deposits were only 110 billion yuan, the lowest in the same period in the past decade. In contrast, the newly - added non - bank financial institution deposits were 1180 billion yuan, significantly exceeding the seasonal level for two consecutive months [19]. - The view of "deposits entering the market" has methodological flaws, as the "household deposits/A - share total market value" ratio is affected by stock price changes and ignores data seasonality [19][21]. - The seasonal fluctuations of household deposits are mainly due to seasonal consumption demand and bank deposit assessment at the end of the half - year. The seasonal fluctuations of non - bank deposits are related to bank MPA assessments and the scale increase of bank wealth management products [21][25]. 3.2 Support Factor from the Government: Lubrication Effect of Active Fiscal Fund Allocation - As of August 2025, the balance of fiscal deposits was 7.8 trillion yuan. Fiscal deposits are mainly affected by broad fiscal revenues and expenditures and government bond net financing [30]. - In 2025, fiscal front - loading provided sufficient funds for government deposits. However, fiscal revenue showed a situation of "high financing, low precipitation," which may be related to the improvement of fiscal expenditure efficiency and the conversion of fiscal funds into entity - sector deposits [31][38]. 3.3 Support Factor from Enterprises: Persistent Scar Effect of Canceling the "Manual Interest Compensation" Policy 3.3.1 Calculation of the Proportion of "Ultra - compliant" Deposits Based on the Annual Reports of Listed Banks - Since the end of 2022, the central bank and regulatory authorities have introduced policies to guide large banks to increase credit investment in specific areas, resulting in more enterprise deposits being concentrated in large - bank systems [45]. - Banks have taken multiple measures to reduce deposit costs, but the effect is not obvious. The main reasons are the regular - ization of household deposits and the high cost of enterprise deposits affected by "manual interest compensation" [47][50]. - After the "manual interest compensation" was stopped in April 2024, about 40% of the current deposits of large state - owned and joint - stock banks were estimated to be "ultra - compliant" deposits. However, not all of these deposits will flow out immediately [56][61]. 3.3.2 Calculation of the Proportion of "Ultra - compliant" Deposits Based on the Trend of Enterprise Current Deposits in the Credit Caliber - After the cancellation of "manual interest compensation," the year - on - year decline of enterprise current deposits significantly expanded. From April to August 2024, the cumulative year - on - year over - reduction scale was 4502.42 billion yuan, accounting for about 18.3% of the total balance at the end of March 2024 [65][69]. 3.3.3 Two Factors for the Improvement of Enterprises' Short - term Capital Position - The issuance of government bonds and the allocation of fiscal funds have accelerated, injecting liquidity into the enterprise sector. The increase in settlement demand has led to an increase in RMB funds, which has also promoted the recovery of enterprise current deposits [70][71]. 3.4 Support Factor from Residents: Maturity Transfer of Excess Net Savings 3.4.1 Historical Review of Two Rounds of Residents' "Deposit Outflows" - From 2009 - 2011, residents' savings first flowed into the stock and real - estate markets and then into wealth management and trust products. This was due to the economic stimulus policies after the financial crisis and the subsequent tightening of monetary policy to control inflation [78][82]. - From 2014 - 2016, the bull markets in stocks and bonds, the rise of Internet finance, and the relaxation of real - estate policies led to the diversion of residents' deposits [89][102]. 3.4.2 Calculation of the Precipitated "Savings" with Migration Potential in the Resident Sector - Since 2020, residents' savings have significantly deviated from the linear trend, mainly in the form of regular deposits. As of August 2025, the excess regular savings were about 47.75 trillion yuan, while the excess current savings were only 0.33 trillion yuan [111][115]. - The concept of "excess net savings" is introduced to measure the real "excess" savings accumulation by considering both the asset and liability sides of the resident sector [118]. 3.5 The Bull Market Continues, and 3.3 Trillion Yuan of Deposits May Continue to Transfer This Year, with 0.49 - 0.82 Trillion Yuan Potentially Entering the Market - From June to August 2025, the "deposit transfer" of residents may be in the initial stage, mainly due to the transfer of matured "excess net savings" rather than a fundamental change in residents' risk preference [5][18]. - The equity market rally may have some sustainability. Leveraged funds, medium - and long - term funds entering the market, and foreign capital may support the market. If the A - share market rises steadily, about 3.3 trillion yuan of funds may continue to transfer, with 15% - 25% (about 0.49 - 0.82 trillion yuan) potentially entering the equity market [5].

Core Viewpoint - The article discusses the rising popularity of "low volatility high dividend" investment strategies among investors seeking stability in a turbulent stock market, highlighting a shift from speculative investments to more secure asset allocations [1][2][25]. Group 1: Investment Trends - Investors, particularly those from stable income professions like teachers and doctors, are increasingly favoring low volatility high dividend assets as a means to achieve stable returns [3][12]. - The concept of "low volatility high dividend" is seen as a way for society to indirectly distribute wealth through dividends from quality companies [2][40]. - The investment strategy has gained traction since 2020, reflecting a broader trend of seeking stability in investment choices amid economic uncertainties [20][25]. Group 2: Performance and Strategy - A case study of an investor, referred to as Li Jie, illustrates the effectiveness of this strategy, with her investments yielding approximately 6% returns, outperforming traditional savings options [5][7]. - The low volatility high dividend strategy is characterized by a mix of stocks and bonds, focusing on stable, cash-generating companies [26][29]. - Historical data shows that the low volatility high dividend index has outperformed the broader market in various time frames, demonstrating its resilience during market downturns [42][44]. Group 3: Market Dynamics - The article notes that the low volatility high dividend investment approach is becoming more relevant as traditional high-risk investments lose appeal due to regulatory changes and market conditions [22][24]. - The introduction of policies aimed at enhancing dividend payouts from state-owned enterprises is expected to further support the growth of low volatility high dividend investments [47][49]. - The market is witnessing an increase in the number and scale of low volatility high dividend funds, indicating a shift in investor preferences towards more stable investment options [39][50].

2025.09. 24 本文字数：1132，阅读时长大约2分钟 Dealogic的数据显示，今年夏天，华尔街投行们的全球并购和股权资本市场的交易量均较去年同期 激增40%，是自2021年创纪录以来最好的一年。债务资本市场活动和对公司的贷款业务也有所回 升。本月的IPO市场也是多年来最繁忙的。 在本月的一次行业会议上，摩根士丹利的首席执行官辛克维兹（Dan Simkowitz）表示，多项业务 交易量"与新冠疫情后、高通胀时期以来的任何时期相比，都有了显著改善"。 这逆转了连续几年的投行业务颓势。2021年投行业务繁荣时期，华尔街投行争相招聘的员工，但随 后数年交易一直低迷，投行裁员计划也因此接连不断。今年春天时，由于特朗普政府的关税政策，投 行高管一度判断各项交易业务将进一步被搁置而疲软。当时，高盛在春季进行了一轮裁员，并表示将 视关税影响决定何时再次裁员。眼下，据报道，高盛不仅不准备再次裁员，反而计划雇佣更多重点从 事中间市场业务的银行家。 薪酬咨询公司Johnson Associates的董事约翰森（Alan Johnson）表示："招聘活动的箭头仍指向 上方，投行们正在考虑增加员工人数，并利用即将到来的交 ...