RT Bloomberg New Economy (@BBGNewEconomy)"Credit or the act of lending - is not where the risk lies." Climate Ambassador, Singapore Ravi Menon on the role banks pay in financial-market regulation #BloombergNewEconomy.⏯️ https://t.co/Sqkf8dJOyf https://t.co/DXcBI8V8Gi ...

UniCredit is not discussing a potential tie-up with BPER and its leading shareholder Unipol , a spokesperson for the Italian bank said on Wednesday. ...

格隆汇11月19日｜海马汽车今日跌10%，龙虎榜数据显示，上榜营业部席位全天成交74071.76万元，占 当日总成交金额比例为21.67%。其中，买入金额为28249.95万元，卖出金额为45821.81万元，合计净卖 出17571.85万元。具体来看，深股通专用、国信证券股份有限公司浙江互联网分公司分别买入10532.11 万元、4693.55万元；深股通专用、光大证券股份有限公司佛山顺德北滘怡和路证券营业部分别卖出 20321.24万元、8305.29万元。 ...

格隆汇11月19日丨瑞丰银行(601528.SH)公布，2025年11月19日，本行收到股东安途汽车发来的《关于 提前终止减持计划暨减持股份结果的告知函》，安途汽车于2025年9月16日至2025年11月18日期间通过 集中竞价和大宗交易方式累计减持其持有的本行股份2202.75万股，占本行总股本的1.12%。其中：通过 集中竞价方式减持本行股份1952.75万股，占本行总股本的0.99%；通过大宗交易方式减持本行股份250 万股，占本行总股本的0.13%。安途汽车决定提前终止本次减持计划。截止本公告披露日，安途汽车与 其一致行动人索密克、沈幼生、沈百庆合计持有本行股份9760.81万股，占本行总股本的4.97%。 ...

活动当日，该行在米东区锅底坑村村委会设立临时宣传点，通过发放宣传折页、现场讲解和案例解析等 方式，向往来村民普及金融知识。该行工作人员以亲切易懂的语言，结合"养老理财""虚假投资"等当前 高发诈骗类型，深入剖析诈骗分子的常见手段和话术，提示村民警惕"高收益、零风险"等虚假承诺，强 调通过银行等正规机构办理业务的重要性。 活动现场，该行员工还针对银行卡使用、贷款申请等日常金融问题提供"一对一"金融解答，引导村民遇 到可疑情况时及时联系银行或报警，切实增强自我保护能力。 下一步，该行将继续坚守"普惠金融"使命，持续开展多样化的金融知识普及活动，将更优质的金融服务 与更安全的消费环境延伸至乡村基层，为乡村振兴注入金融正能量。（雷芳） 编辑：赵鼎 转自：新华财经 近日，邮储银行乌鲁木齐市分行积极参加国家金融监督管理总局米东监管支局举办的"送金融服务下 乡"活动。 据悉，此次活动以"保障金融权益，助力美好生活"为主题，着力提升村民，特别是老年群体的风险防范 意识和自我保护能力。 ...

转自：新华财经 近日，邮储银行乌鲁木齐市分行积极携手新疆老年学学会，充分发挥双方优势，深入基层社区，开展了 一系列形式多样、内容丰富的公益活动，为老年客群送去关怀与温暖。 10月以来，该行和新疆老年学学会充分发挥专业资源优势，组织专业团队深入首府多个重点社区，开展 了一系列精准服务活动。 此次"敬老月"系列公益活动，该行与新疆老年学学会紧密合作，将专业服务与金融知识送到老年人身 边，不仅增强了老年人的反诈能力和健康素养，也提升了他们对金融产品和服务的认知度。 今后，该行将与新疆老年学学会继续携手，关注老年人金融需求，开展更多贴心、实用的活动，为老年 人的幸福生活增添更多温暖与保障。（孙鹤峰） 编辑：赵鼎 其中反诈宣传团队针对当前层出不穷的诈骗手段，通过真实案例剖析、发放宣传资料、现场互动答疑等 形式，为老年人揭露常见骗局，提升他们的识骗、防骗能力，全力守护好"钱袋子"与身心健康。 健康义诊团队邀请医疗专家走进社区，为老年人提供免费血压、血糖检测及常见病、慢性病的健康咨询 与初步筛查，并给予个性化的健康指导和康复建议，传递科学养生知识，将健康关怀送到老人身边。 据悉，该行辖内沙区支行前往扬子江街道办事处，联合辖 ...

转自：新华财经 编辑：赵鼎 活动现场，中国银行宁波市分行通过设置互动游戏区、一对一咨询台、发放宣传折页等多种形式，向广大市民特别是老年群体普及银行卡安全使用、防范电 信诈骗等关键金融知识。工作人员结合养老领域常见的诈骗风险，深入剖析"刷单返利""冒充客服退款""虚假业务关闭"等典型诈骗手法，以真实案例揭露犯 罪套路，帮助群众增强识骗、防骗能力，切实守护个人财产安全。 此外，现场还围绕个人信息保护、依法维权途径等热点问题，与参与市民开展面对面交流互动。不少老年朋友表示，通过此次活动，不仅加深了对金融产品 和服务的理解，也掌握了更多应对电信诈骗的实用技巧，真正做到了"听得懂、学得会、用得上"。 未来，中国银行宁波市分行将继续加强对老年人、新市民等重点群体的金融服务覆盖，持续开展有针对性的金融知识宣教，提升公众风险防范意识，为助力 客户远离虚假宣传、非法中介、电信诈骗等侵害，贡献中行的专业力量与温度担当。（李晓） 为积极践行金融为民理念，普及金融知识、提升公众金融素养，中国银行宁波市分行持续聚焦甬城群众实际金融需求，开展常态化、暖心化的金融知识普及 服务。近日，该行开展"智慧用卡 安全支付"主题宣传活动，走进202 ...

其余聘任的高管中，有4名新晋高管，分别为3名副总经理及1名董秘，均属于内部提拔。公司原副总经理、董秘黄斌，在此次高管聘任前夕，已带着"西部 +国融"融合的使命空降国融证券并出任一把手。 西部证券迎来新领导班子。 11月17日晚，西部证券发布董事会会议决议公告，选举徐朝晖为董事长，同时聘任多名高级管理人员。 徐朝晖自2018年起担任西部证券董事长，本次连任后，担任董事长时间超过7年。此外，齐冰自2021年起任总经理，此次亦是连任。 11月18日，时代周报记者以投资者身份致电西部证券，相关人士表示，目前公司经营情况一切正常。徐朝晖任职公司董事长以来，公司效益表现良好。新 增的3名副总经理，此前均长期担任总经理助理，在内部实际上也是分管业务的领导。 △图源：西部证券官网 "女将"徐朝晖已连任7年 西部证券此次人事变动共涉及9名高管，包含董事长及其他8名分管领导。 这是徐朝晖连任西部证券董事长的第八个年头。2018年5月，徐朝晖获西部证券实控人陕西投资集团有限公司（简称"陕西省投"）党委推荐提名担任董事 长，此后在董事会选举上多次连任，至今上任已超过7年。 徐朝晖生于1973年5月，现年已满52岁。从履历看，其于从1 ...

同步发力的"波波知了"平台，则聚焦于为企业"降本增效"。该平台提供涵盖劳动合同审改、用工补贴申领、残保金优化等"22+2"项服务，通过专业筛查 与全流程支持，有效帮助企业降低用工成本、规避法律风险。其中，"波波直聘"功能还能提升企业招聘效率，为企业人才梯队建设提供助力。 "以国家'十五五'规划为指引，我们将通过'数字人力3.0'与'波波知了'两大核心产品，持续赋能企业管理，为区域经济的高质量发展注入科技金融新动 能。"宁波银行绍兴分行相关负责人表示。 面对新阶段对企业精细化管理和合规经营提出的更高要求，宁波银行绍兴分行同步推出定制化金融服务方案"数字人力3.0"系统。该系统集招聘、考 勤、绩效、薪资发放等全流程于一体，直击企业管理痛点，实现了风险防范与效率提升的双重目标。其电子合同服务实现了签署、存档、到期提醒的线上化 管理，显著提升效率并降低风险；"社保直连"功能支持多区域、多税号的统一管理，实现参保、申报、缴费与官方系统自动同步，并将数据直达算薪模块， 为企业合规管控提供了坚实支撑。 近日，宁波银行绍兴分行举办"社保新政面对面"系列主题活动，覆盖越城、柯桥、诸暨、新昌等各地，累计吸引超过百余家制造业、民营 ...

Report Industry Investment Rating - Not provided in the document Core Viewpoints - The LGFV space remained stable, with higher-yielding issues tightening due to HF demand, and overall two-way flows skewed towards buying from RMs, especially for onshore AAA-guaranteed CNH issues [3] - BTSDF is on track to achieve its FY25 revised revenue target based on the 9M25 run-rate. The conviction level of BTSDF 9.125 07/24/28 is now lower, so the recommendation changes to neutral, and the switch is made to FOSUNI 8.5 05/19/28 for better carry [4] - Bangkok Bank's new BBLTB 30s and BBLTB 35s are expected to have FVs of T+80 - 85bps and T+95 - 100bps, respectively [4][8] - H&H's credit profile is improving, and it is on track to achieve its FY25 revised revenue target. Its near-term refinancing risk is manageable [16][17][21] Summary by Directory Trading Desk Comments - Yesterday, the MEITUA curve and TW lifer NSINTW/FUBON widened by 2 - 5bps. There were two-way flows on CCAMCL Perp and block two-way trading on CDBFLC 35. Chinese and global funds sold HK bank SHCMBK/DAHSIN/BNKEA/NANYAN T2s [2] - The NWDEVL complex rose 1.4 - 2.9pts. BTSDF 9.125 07/24/28 was 0.1pt lower. In Chinese properties, VNKRLE 27 - 29 were down by 0.4 - 1.0pt, and FUTLAN 28/FTLNHD 26 - 27 were 0.1pt lower [2] - Japanese/Korean IG spaces were up to 5bps wider on financial and corporate bonds, but flows were balanced on JP bank FRNs. SOFTBK and RAKUTN bonds were down by 0.9 - 1.3pts. Yankee AT1s and insurance subs dropped by 0.3 - 0.5pt. In SEA, OCBCSP/BBLTB T2s traded 3 - 5bps wider, and ACPM 5 1/8 Perp lowered by 1.3pts. There were two-way flows on BSFR 35 in the Middle Eastern space [2] Macro News Recap - On Tuesday, S&P (-0.83%), Dow (-1.07%), and Nasdaq (-1.21%) were lower. The latest initial jobless claims were +232k, higher than the market expectation of +223k. UST yield was lower, with 2/5/10/30 year yields at 3.58%/3.70%/4.12%/4.74% [7] Desk Analyst Comments - Bangkok Bank plans to issue 5yr and 10yr Reg S/144A senior unsecured USD bonds. The FV of the new BBLTB 30s and BBLTB 35s is expected to be T+80 - 85bps and T+95 - 100bps, respectively, considering its existing curve [8] BBLTB Analysis - Bangkok Bank is the largest bank in Thailand by total assets as of Sep'25, with a presence in 14 international markets. Its loan book is more diversified geographically than local peers, and it has the largest exposure to corporate and lowest to SME and retail [11] - In 9M25, Bangkok Bank showed resilient profitability, stable asset quality, and strong capital adequacy. NIM declined to 2.81% from 3.05% in 9M24, and the cost-to-income ratio fell to 44.7% from 46.3%. ROA/ROE increased to 1.12%/8.99% from 1.03%/8.54% in 9M24 [12] - In 3Q25, Bangkok Bank's asset quality stabilized, with credit costs down to c1.5% from c1.6% in 2Q25. The gross NPL ratio rose to 3.3% as of Sep'25 from 3.2% as of Jun'25, mainly due to a shrink in the loan book. NPL coverage ratio was 294% as of Sep'25 [13] - Bangkok Bank's capital buffers remain ample, with a standalone CET1 ratio of 19.6% as of Sep'25, well above the 8.0% regulatory minimum. The net reduction in CAR from redeeming USD750mn AT1 was mitigated by issuing USD1bn T2 bonds in Mar'25 [15] BTSDF Analysis - Based on the 9M25 run-rate, BTSDF is on track to achieve its FY25 revised revenue target. The conviction level of BTSDF 9.125 07/24/28 is now lower after moving up c5pts since the buy recommendation in Jan'25, so the switch is made to FOSUNI 8.5 05/19/28 [4][16] H&H Analysis - H&H's 9M25 revenue increased by 12.0% yoy to RMB10.8bn, with all business segments growing. Mainland China remained the largest market, contributing 71.0% of revenue in 9M25, up from 65.9% in 9M24 [17] - The ANC segment grew 5.2% yoy in 9M25, driven by Swisse's performance in mainland China, especially in cross-border e-commerce and Douyin channels [18] - The BNC segment grew 24.0% yoy in 9M25, mainly due to a 35.2% yoy increase in mainland China IMF sales, reaching a market share of 16.4% as of Sep'25. The decline in pediatric probiotic and nutritional supplements narrowed [19] - The PNC segment grew 8.2% yoy in 9M25, due to Zesty Paws' growth in North America, partially offset by Solid Gold's decline in North America [20] - As of Sep'25, H&H held RMB1.7bn of cash, up from RMB1.6bn as of Dec'24. It has been proactive in debt management, and its near-term refinancing risk is manageable, with no major debt maturities until 2027 [21] - H&H targets to reduce net debt/adj. EBITDA to 3.7x by Dec'25 from 3.9x as of Jun'25 and considers an 80% RMB share of total debt as an optimal currency mix [22] Offshore Asia New Issues - New issued: The Hong Kong Mortgage Corporation issued USD1000mn 5yr bonds with a 3.875% coupon at T+20 [25] - In the pipeline: Bangkok Bank plans to issue 5yr and 10yr bonds at T+115 and T+130; the Government of Indonesia plans 5yr and 10yr bonds at 4.8% and 5.3%; SMBC Aviation Capital Finance plans a 10yr bond at T+145 [26] News and Market Color - There were 161 credit bonds issued onshore yesterday with an amount of RMB193bn. Month-to-date, 1,188 credit bonds were issued with a total amount of RMB1,299bn, a 35.4% yoy increase [27] - S&P upgraded Marubeni Corp by one notch to A- from BBB+ with a stable outlook [27] Company News - NWD increased the cap on exchange offers to USD1.79bn from USD1.6bn, added an early tender date on 25 Nov'25 and an extra early payment date on 1 Dec'25 [33] - PDD Holdings 9M25 revenue was up 8.7% yoy to RMB307.9bn (cUSD43.4bn) [33] - POSCO's trading arm will acquire KRW1.3tn (cUSD860mn) worth of shares in Singapore's AGPA [33] - SoftBank's USD6.5bn bid for Ampere secured HSR early termination [33] - A former TSMC executive was probed by Taiwan over potential technology transfer and received TWD147bn (cUSD4.7bn) in government subsidies over 21 months [33] - Moody's placed West China Cement under review for upgrade following a bond deal and tender offer [33] - Xiaomi 3Q25 revenue was up 22.3% yoy to RMB113.1bn (cUSD16bn) [33]