Core Insights - The state-owned large bank sector experienced a decline of 0.55% on November 21, with Postal Savings Bank leading the drop [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Bank Performance Summary - China Bank (601988) closed at 6.29, up 0.80% with a trading volume of 6.807 million shares and a transaction value of 4.294 billion [1] - Industrial and Commercial Bank of China (601398) closed at 8.25, down 0.24% with a trading volume of 4.644 million shares [1] - China Construction Bank (601939) closed at 9.79, down 0.31% with a trading volume of 1.800 million shares [1] - Bank of Communications (601328) closed at 7.62, down 0.39% with a trading volume of 2.440 million shares [1] - Agricultural Bank of China (601288) closed at 8.05, down 1.35% with a trading volume of 3.334 million shares [1] - Postal Savings Bank (601658) closed at 5.81, down 1.69% with a trading volume of 2.113 million shares [1] Fund Flow Analysis - The state-owned large bank sector saw a net outflow of 394 million yuan from institutional investors, while retail investors had a net inflow of 308 million yuan [1] - The fund flow for individual banks shows that: - Bank of Communications had a net inflow of 49.743 million yuan from institutional investors [2] - Industrial and Commercial Bank had a net inflow of 2.533 million yuan from institutional investors [2] - China Bank experienced a net outflow of 14.801 million yuan from institutional investors [2] - China Construction Bank had a net outflow of 46.069 million yuan from institutional investors [2] - Postal Savings Bank saw a significant net outflow of 125 million yuan from institutional investors [2] - Agricultural Bank of China had a net outflow of 261 million yuan from institutional investors [2]

新华社法兰克福11月20日电 记者手记丨在欧元金融周聆听中德金融合作的声音 德国联邦议院议员尼古拉斯·齐佩利乌斯在19日的中欧金融高级别互动活动上说，当前，全球经济 面临严峻挑战，合作比以往任何时候都更加珍贵。德国联邦投资与资产管理协会首席执行官托马斯·里 希特对记者说："我们对彼此的金融市场都抱有兴趣。" 过去几天，刚刚在北京举办的第四次中德高级别财金对话成为中德金融界人士热议的话题。对话达 成了许多重要共识，让金融从业者备受鼓舞。 新华社记者刘向 单玮怡 马悦然 "我们需要进入中国市场，那里有数千家德国企业。中国仍然是亚太地区最大、最重要的市场，特 别是对于德国企业客户而言。"德国巴登-符腾堡州（巴符州）银行董事总经理兼亚太区负责人延斯·鲁 贝特近日在欧元金融周"中国日"活动上谈起巴符州银行几年前决定入驻上海陆家嘴的原因。 鲁贝特在"中国日"活动后接受新华社记者采访时说，巴符州银行2019年针对亚太地区业务进行战略 调整，决定在上海设立分支机构。巴符州银行上海分行2022年正式开业，主要面向在华德国、奥地利和 瑞士企业，过去三年发展良好。"从战略和长远角度来看，我们对开设上海分行的决定非常满意。" 中国市 ...

聚焦"十五五"战略目标 全面提升金融服务效能（二） 杨成长、龚 芳、方思元 《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》提出，要"构建统一、 开放、竞争、有序的市场体系，建设法治经济、信用经济"，这标志着信用市场在市场经济体制 机制改革及全国统一大市场建设中的重要性进一步提升。 加快健全信用体系和信用市场建设不仅是提升市场运行效率、优化营商环境的现实需要，更 是实现"十五五"规划战略目标的重要保障。近年来，受益于推进全国统一大市场建设及数字经济 的快速发展，我国已具备建设统一信用市场的良好基础。 "十五五"时期，应依托全国统一大市场建设，加快推进全国信用市场一体化进程：一要从理 念上重视全国统一信用市场的建设；二要加快构建高标准信用基础设施体系；三要全面提升中介 机构的信用评估定价能力；四要提升市场经营主体的信用经营能力。 近年来，我国高度重视全国统一大市场建设，推动各类资源要素在更大范围内顺畅流动、优 化配置。《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》（以下简称"十五 五"规划建议）提出，要"构建统一、开放、竞争、有序的市场体系，建设法治经济、信用经 济"。 健全的信用体系 ...

Core Insights - The report highlights a significant increase in electricity consumption in October, with a total of 857.2 billion kWh, representing a year-on-year growth of 10.4% [2] - The Chinese smartphone market experienced a notable recovery in October, with overall sales increasing by 8% year-on-year, driven by strong performances from brands like Apple and Xiaomi [5] - The airline industry showed positive trends in October, with an increase in passenger load factors and capacity deployment, indicating a favorable supply-demand relationship [7][8] Electricity Consumption - In October, the total electricity consumption reached 857.2 billion kWh, with the first industry consuming 12 billion kWh (up 13.2%), the second industry 568.8 billion kWh (up 6.2%), and the third industry 160.9 billion kWh (up 17.1%) [2] - Cumulative electricity consumption from January to October was 8,624.6 billion kWh, reflecting a year-on-year increase of 5.1% [2] Smartphone Market - The smartphone market in China saw a significant uptick in October, with Apple leading the market with a 37% year-on-year increase in sales, capturing a 25% market share [5] - Xiaomi ranked second for the first time in over a decade, with a 7% increase in sales, attributed to its diverse product offerings [5] - OPPO also contributed to market growth with a 19% increase in sales, while other brands like vivo and Honor experienced minor fluctuations [5] Airline Industry - Domestic airline capacity increased by approximately 3.6% year-on-year in October, with a corresponding rise in passenger load factors by about 1.8 percentage points [8] - International airline capacity saw a year-on-year increase of 14.3%, with a slight rise in load factors, indicating a healthy demand despite some overcapacity risks [9] - The report notes that the recent travel advisories may impact demand for certain international routes, particularly to Japan [10][11] Financial Sector - The report indicates a continued decline in social financing growth, with a year-on-year increase of 8.5% as of October, reflecting a slowdown in credit demand [14][15] - The total new RMB loans in October amounted to 220 billion, with a year-on-year decrease of 280 billion, highlighting a weak credit environment [16] - The M1 growth rate decreased to 6.2%, while M2 grew by 8.2%, indicating a trend towards "de-banking" in the financial sector [18]

Core Viewpoint - The article highlights the efforts of Yang Yuanhao, a representative from SPD Bank Chengdu Branch, in promoting rural revitalization in Jinjiang Village, located in the Daliang Mountains, through targeted financial support and community engagement [1][9]. Group 1: Community Engagement and Support - Yang Yuanhao conducted thorough visits to 96 poverty-stricken households and established records for 330 general households, laying the groundwork for future assistance [1]. - The focus of the initiatives is on addressing the immediate concerns of the villagers, ensuring that the projects align with their most pressing needs [1][2]. Group 2: Infrastructure and Livelihood Improvements - SPD Bank Chengdu Branch invested in various infrastructure projects, including the construction of a dining facility for a local kindergarten, waste management systems, and the installation of streetlights, significantly improving the village's living conditions [2][4]. - The bank also facilitated the construction of a water channel to resolve irrigation issues and supported the installation of a mobile signal tower to enhance communication [2]. Group 3: Economic Development Initiatives - Yang Yuanhao explored e-commerce opportunities for local agricultural products, leading to a successful live-streaming sales event that attracted approximately 460,000 viewers and generated over 3,000 yuan in sales [4]. - SPD Bank Chengdu Branch has purchased over 3,000 pounds of local pepper to stabilize market demand and directly increase farmers' income [4]. Group 4: Education and Long-term Development - The bank allocated nearly 150,000 yuan for the renovation of the Jinjiang Village kindergarten, improving educational facilities and resources for children [6]. - SPD Bank Chengdu Branch has donated over 2.38 million yuan to various educational initiatives in the region, supporting students from Jinjiang Village [7]. Group 5: Financial Support for Local Industries - SPD Bank Chengdu Branch provided approximately 148 million yuan in credit support to the Longtan Hydropower Development Company, facilitating the construction of small hydropower stations that create local employment opportunities [11]. - The bank's agricultural loan balance reached 12.91 billion yuan, reflecting an 18.78% increase, indicating a strong commitment to channeling financial resources into rural industries and infrastructure [13]. Group 6: Inclusive Financial Services - SPD Bank has established a bilingual service counter to assist the local Yi ethnic community, enhancing accessibility to financial services [15]. - The bank's prompt response to the financial needs of local businesses, such as the Qinghai Plateau Ai Wang Biotechnology Company, demonstrates its commitment to supporting local economies [15]. Group 7: Overall Impact and Vision - SPD Bank Chengdu Branch's comprehensive approach combines community engagement, infrastructure development, and financial support, aiming to create a sustainable model for rural revitalization [16].

Core Viewpoint - The recent data from the National Financial Regulatory Administration indicates a slight increase in both the non-performing loan (NPL) balance and the NPL ratio of commercial banks, while the market for transferring non-performing loans has seen significant growth this year [1] Group 1: Non-Performing Loan Market Trends - The scale of non-performing loan transfers has surged, with over 26 billion yuan in asset packages listed since November, and the total for the first half of 2025 expected to exceed 167 billion yuan, doubling from the same period in 2024 [1][2] - The issuance of asset-backed securities (ABS) for non-performing loans has surpassed 67.857 billion yuan this year, reflecting an increase of over 80% compared to the previous year [1] Group 2: Retail Loan Risks - There is a consensus in the industry that retail loan risks are becoming more apparent, with no signs of reaching a peak yet [1][6] - Major banks are increasingly transferring personal non-performing loans to improve asset quality and release capital [1][3] Group 3: Asset Transfer Dynamics - Banks are actively listing large amounts of non-performing assets, particularly in personal loans and credit card overdrafts, with significant amounts being transferred [2] - The trend of "discount promotions" for non-performing assets is growing, with some assets being sold for as little as 10% of their original value [4] Group 4: Retail Loan Quality Indicators - The non-performing loan ratio for retail loans is on the rise, with specific banks reporting increases in their personal loan NPL ratios [6][7] - The characteristics of retail loan risks include a higher default rate in consumer loans and credit card loans, while mortgage loans remain the most stable [6][7]

本周的汇市中，日元成为了表现最差的主要货币，日元兑美元在周三一夜贬值1%，跌至1月以来的最低水平，日本股市在本周后半段反弹的势头也将面临考 验。 对日本央行加息前景构成挑战 日本央行是全球最后一个放弃负利率和收益率曲线控制的主要央行，其货币政策正常化的道路本就充满不确定性，这份刺激计划让这条路更加崎岖。刺激计 划会推高国内需求，可能带来更持久、由内需驱动的通胀，这将支持日本央行收紧货币政策。 但另一方面， 刺激计划导致的日元疲软会大幅推高进口成本，这是输入性通胀，会挤压家庭和企业利润，如果市场对财政失去信心导致国债收益率失控， 日本央行将被迫干预债市。所以，日本央行需要在 "对抗通胀"、"支持经济增长" 和 "维持金融市场稳定" 这三个目标之间做出艰难取舍。当前日央行的加息 计划一拖再拖，仍面临挑战。 外界预计日本政府将于周五公布期待已久的经济刺激方案，日本首相高市早苗正面临上任以来的首次重大市场考验，人们对政府即将推出的刺激计划的担忧 可能会破坏她当选后点燃的股市上涨行情。市场担忧支出计划会加剧日本的财政困境，导致政府债券价格暴跌，日元疲软的局面也进一步加剧。 彭博社指出："抛售日本"的交易可能才刚刚开始。 ...

钛媒体App 11月21日消息，渣打银行预计美联储将于2026年第一季度降息，最有可能在1月份，而此前 的预测是2026年不会降息。（广角观察） ...

今天打开行情软件，估计不少朋友都倒吸一口凉气吧？沪指直接低开低走失守3900点，跌了2.45%，深证成指和创业板指跌得更狠，全市场超5000只个股飘 绿，手里的票要么绿油油要么原地踏步，是不是越看越慌，甚至想点开卖出键割肉离场？ 作为跑了20年财经的老记者，也是盯着中长线做投资的老兵，帮主见过太多这样的恐慌时刻。从2008年的1664点到2018年的2440点，每次市场跌得大家直 呼"扛不住"的时候，其实都是情绪在主导，而非基本面真的塌了。今天这波下跌也一样，前期涨得火的电池、能源金属、硅能源这些赛道股，不少资金赚了 钱想年末落袋为安，加上3900点这个心理关口一破，杠杆资金和止损盘集中出逃，越卖越跌形成了恶性循环，就像菜市场没人抢菜，商贩只能降价甩卖，不 管菜品好坏先清仓再说。 下周操作，帮主给中长线朋友三个实在建议。第一，绝对别割肉，尤其是手里拿着消费、金融、优质制造龙头的朋友，现在割肉就是把便宜筹码在地板上送 给别人，咱们做中长线图的是稳，不是跟着短期波动追涨杀跌。第二，分批布局，重点关注两类标的：一类是高股息的银行、公用事业股，它们分红稳定， 就像投资里的"压舱石"，现在股息率比不少理财还高；另一类是 ...

亚商投顾曾宪瑞老师提醒大家：股市有风险，投资需要多加小心，避免不必要的风险。 一、大盘 1.盘面 上证指数早盘小幅低开，随后震荡下跌，午后跌幅进一步加大，截止收盘，指数下跌2.45%，收出大阴线，全天成交额8249亿，相比上交易日的7113亿，增 加了1136亿。 深证成指早盘大幅低开，随后震荡回落，午后反拉之后再度下跌，截止收盘，指数下跌3.41%，收出大阴线，全天成交额1.14万亿，相比上交易日的9968 亿，增加了1432亿。 2.技术分析 图片来源：东方财富 上证指数今日低开低走，大幅下跌，并且失守60日均线，短期空头格局更盛。从技术面来看，MACD指标绿柱体持续放大，DIFF线与DEA线进一步下探， 死叉信号强化，表明空头动能强劲且无收敛迹象。同时，RSI指标虽处于超卖区间，但未形成有效底背离，暗示反抽空间有限；KDJ指标中K线与D线延续下 行趋势，J值反弹乏力，金叉形态难现，反映市场信心疲软。量能方面，成交额并无明显改善，资金入场意愿低迷，若缺乏增量支撑，反弹易夭折。操作 上，投资者需保持谨慎，避免盲目抄底，紧盯MACD柱体收敛或量能放大信号，以把握更安全的入场时机。 深证成指今日跳空低开，震荡下 ...