Group 1: Report Summary - The total bond custody scale in August increased by 150.6 billion yuan month-on-month, with a slower growth compared to July. The custody increments of treasury bonds and policy financial bonds rose, while the net financing scale of local bonds and credit bonds declined, and commercial bank bonds turned into net repayment. The custody scale of interbank certificates of deposit continued to decline significantly [4][7]. - In early August, the bond market oscillated and recovered, but after mid - August, sentiment weakened due to the continuous new highs of A - shares. Long - term interest rates were under pressure, while short - term rates were relatively resilient. From the perspective of institutional behavior, broad - based funds may have been affected by liability - side disturbances and reduced their bond holdings for the first time since February. Dealers also increased their holdings of interest - rate bonds. However, the承接 power of allocation - oriented investors was insufficient, which might have prevented interest rates from stabilizing in August. Notably, foreign institutions significantly narrowed their reduction of domestic bond holdings, possibly indicating an increase in their overall allocation of Chinese assets [4][9]. - Affected by the decline in the balance of repurchase agreements, the bond market leverage ratio slightly decreased by 0.1 percentage points to 107.5% in August, remaining at a relatively low level in recent years. Among different institutions, commercial banks' leverage ratio increased by 0.2 percentage points to 103.8%, while non - bank institutions' leverage ratio decreased by 0.5 percentage points to 116.9% [4][39]. Group 2: August Bond Custody Increment Analysis - Interest - rate bonds: The issuance scale of treasury bonds increased while the maturity scale decreased in August, with the custody increment rising by 38.42 billion yuan to 82.61 billion yuan. For policy financial bonds, the decline in the issuance scale was smaller than that in the maturity scale, and the custody increment increased by 22.23 billion yuan to 46.16 billion yuan. The issuance scale of local bonds decreased significantly while the maturity scale increased, and the custody increment decreased by 31.51 billion yuan to 51.72 billion yuan [7]. - Credit bonds: The issuance scale of medium - term notes and enterprise bonds decreased while the maturity scale increased. The custody increment of medium - term notes decreased by 11.05 billion yuan to 10.44 billion yuan, and the custody scale of enterprise bonds decreased by 3.53 billion yuan. The issuance scale of short - term commercial paper decreased, and the custody volume changed from an increase of 1.06 billion yuan in the previous month to a decrease of 4.61 billion yuan. The custody scale of PPN continued to decline by 1.53 billion yuan, with a narrower decline compared to the previous month [7]. - Other bonds: The issuance and maturity scales of interbank certificates of deposit both increased slightly, and the custody scale continued to decline by 35.56 billion yuan, with a narrower decline compared to the previous month. Commercial bank bonds turned into net repayment, with the custody volume changing from an increase of 36.9 billion yuan in the previous month to a decrease of 1.64 billion yuan. The custody increment of non - bank bonds increased by 2.04 billion yuan to 5.12 billion yuan, and the decline in the custody scale of credit - asset - backed securities narrowed by 0.58 billion yuan to 0.54 billion yuan [7]. Group 3: Institutional Behavior Analysis 3.1 Broad - based Funds - The bond custody scale of broad - based funds decreased by 19.17 billion yuan in August, mainly due to significant reductions in credit bonds and certificates of deposit, while slightly increasing holdings of interest - rate bonds. The reduction in holdings of interbank certificates of deposit, commercial bank bonds, and enterprise bonds increased, while the increase in holdings of medium - term notes and financial bonds on the Clearstream decreased. They turned to reduce holdings of short - term commercial paper and increase holdings of policy financial bonds [12]. 3.2 Securities Companies - The bond custody volume of securities companies increased by 190 million yuan in August, mainly due to a significant decrease in the reduction of treasury bonds, a slight decrease in the reduction of medium - term notes, an increase in the increase of policy financial bonds, and a turn to slightly increase holdings of financial bonds on the Clearstream. The reduction of bond holdings weakened significantly [18]. 3.3 Insurance Companies - The bond custody increment of insurance companies decreased by 5.76 billion yuan to 3.96 billion yuan in August, mainly due to a decrease in the increase of local bonds and treasury bonds, a turn to reduce holdings of policy financial bonds and medium - term notes, and an increase in the reduction of commercial bank bonds. They turned to reduce bond holdings [20]. 3.4 Foreign Institutions - The decline in the bond custody volume of foreign institutions significantly narrowed by 20.41 billion yuan to 9.97 billion yuan in August, with a significant decrease in the reduction of interbank certificates of deposit, treasury bonds, and policy financial bonds. They generally continued to reduce bond holdings, but the reduction intensity weakened [25]. 3.5 Other Institutions - The bond custody increment of other institutions, including the central bank, increased by 9.58 billion yuan to 33.52 billion yuan in August, mainly due to the increase in the net investment of outright reverse repurchase. They significantly increased holdings of local bonds, turned to reduce holdings of policy financial bonds, and slightly increased the reduction of treasury bonds. The increase in holdings of interbank certificates of deposit reached a new high since December 2022, while the increase in holdings of medium - term notes declined from a historical high [28]. 3.6 Commercial Banks - The bond custody increment of commercial banks decreased by 52.2 billion yuan to 120.01 billion yuan in August. They turned to reduce holdings of local bonds, possibly affected by the increase in the net investment of outright reverse repurchase and the concentration on local bonds. The increase in holdings of treasury bonds and policy financial bonds increased significantly, while the increase in holdings of financial bonds on the Clearstream decreased significantly [31]. 3.7 Credit Unions - The bond custody increment of credit unions decreased by 5.92 billion yuan to 1.04 billion yuan in August, mainly due to a decrease in the increase of policy financial bonds and treasury bonds and a turn to reduce holdings of interbank certificates of deposit. They turned to reduce bond holdings [37]. Group 4: Bond Market Leverage Ratio Analysis - The bond market leverage ratio decreased by 0.1 percentage points to 107.5% in August, remaining at a relatively low level in recent years. Commercial banks' leverage ratio increased by 0.2 percentage points to 103.8%, still significantly lower than the level before April 2024. Non - bank institutions' leverage ratio decreased by 0.5 percentage points to 116.9%, remaining at a relatively low level since 2022. Among non - bank institutions, securities companies' leverage ratio decreased by 12.8 percentage points to 215.1%, still at a relatively high level in the past three years. The leverage ratio of insurance and non - legal person products decreased by 0.4 percentage points to 113.8%, remaining at a relatively low level since 2022 [39].

Core Viewpoint - Agricultural Bank of China Changji Branch is actively promoting technology finance to connect closely with the real economy, facilitating a dual approach for technology innovation enterprises and financial services, and striving to build a new ecosystem for technology financial services [1] Group 1: Financial Support for Technology Enterprises - The loan balance for technology enterprises at the Changji Branch exceeds 5 billion yuan, with over 900 million yuan in new technology loans issued this year, providing continuous financial support for the development of innovation enterprises [2] - Xinjiang New Aluminum Industry Co., Ltd., located in the Changji National High-tech Industrial Park, has invested billions in advanced green production technology for aluminum profiles, facing funding challenges as it expands its R&D and production scale [2][6] - The Changji Branch quickly responded to the financing needs of Xinjiang New Aluminum by providing a tailored financial service package and promptly issuing a "Technology E-Loan" of 10 million yuan, effectively addressing the company's funding issues [2][6] Group 2: Innovative Financial Products and Services - The Changji Branch has introduced a series of intellectual property financing products to lower the financing threshold for technology enterprises, allowing for a more diverse product supply and establishing a one-on-one exclusive service mechanism [3] - The bank aims to support specialized, innovative, and green low-carbon technology enterprises, enhancing financial service efficiency and ensuring that various types of innovation enterprises can find suitable financing solutions [3] Group 3: Collaboration and Information Sharing - The Changji Branch actively collaborates with local authorities and innovation parks to build a technology enterprise information sharing platform, enabling precise identification of enterprises with financing needs and providing targeted services [5] - This collaboration aims to ensure that financial resources flow more accurately to technology enterprises, supporting innovation-driven development and promoting a virtuous cycle among technology, industry, and finance [5] Group 4: Commitment to High-Quality Development - The bank's president emphasized the importance of continuously enhancing technology finance services to meet market demands and industry trends, aiming to lower financing costs and optimize business processes [9] - The Changji Branch is committed to serving the real economy, focusing on technology innovation, green development, and rural revitalization, increasing credit resource investment to inject more financial power into high-quality development [9]

"太感谢你们了，真是帮了我们大忙！"业务办理完成后，李奶奶连声道谢。此次高效、人性化的服务， 不仅解决了老人的实际困难，也是农行践行"金融为民"理念的生动体现。 农行济南滨河支行始终秉持"客户至上"的服务宗旨，积极为老年客户等特殊群体提供便捷、高效、暖心 的金融服务，持续提升服务体验，履行社会责任。 近日，农业银行济南滨河支行以高效贴心的服务，为一位七旬老人解决了燃眉之急，赢得了客户的高度 赞扬。 9月9日上午，70多岁的李奶奶急匆匆来到农行济南滨河支行营业大厅，手持老伴的银行卡向工作人员求 助。由于操作不当，银行卡密码多次输入错误导致锁定，无法取款。李奶奶焦急地表示，家中子女白天 均上班，老两口急需用卡中的钱购买药品，情况十分紧急。 网点工作人员在了解情况后，立即安抚李奶奶情绪，并迅速启动特殊客户服务预案。考虑到李奶奶年事 已高、出行不便，且密码解锁需持卡人本人办理，网点当即决定提供上门服务。两名工作人员携带移动 办公设备，驱车前往老人家中，顺利为老人解锁了银行卡。 ...

值得注意的是，惠誉近期发布报告称，由于恒生银行在香港特区商业房地产贷款方面的集中程度较高， 且自2024年以来，这些贷款的信用状况持续出现显著恶化，惠誉已将恒生银行的风险状况评分从"a"下 调至"a-"。截至2025年上半年末，这些贷款占恒生银行减值贷款的46%。鉴于房地产估值不断下降，惠 誉预计未来一到两年内情况还会进一步恶化。尽管如此，稳定的展望表明惠誉认为恒生银行的信用风险 管理较为积极主动。 智通财经APP获悉，恒生银行(00011)尾盘跌超3%，截至发稿，跌2.79%，报114.9港元，成交额3.78亿港 元。 消息面上，据新浪财经引述媒体报道称，汇丰控股近期罕见地直接介入旗下恒生银行的坏账处理，过去 两个月从伦敦总部派出球首席企业信贷官及特别信贷部门主管，督促恒生启动出售香港房地产不良贷款 组合的程序，预料涉及超过30亿美元。报道指，截至今年6月底，恒生银行的香港商业房地产不良贷款 额达约250亿港元，较去年同期大幅增加85%。 ...

投资咨询业务资格：证监许可【2012】669号 中信期货研究|⾦融衍⽣品策略⽇报 2025-09-25 股市缩量反弹，债市延续偏弱 股指期货：科技事件催化成⻓⻛格活跃 股指期权：期权市场情绪⾼涨 国债期货：债市延续偏弱 股指期货方面，科技事件催化成长风格活跃。周三沪指低开回升，缩 量反弹，成长风格积极活跃。日内出现增量科技事件，一是2025云栖大会 开幕，阿里巴巴宣布与英伟达开展Physical AI合作；二是上海微电子展 示最新设备、长川科技三季报大幅预喜，催化半导体产业链全天强势，创 业板指、科创50齐创阶段新高。全天近4500股飘红，但短线情绪与指数割 裂，电力设备、电子、传媒领涨，银行、煤炭、通讯领跌。由于十一临 近，事件驱动的持续性有限，但下跌会引发加仓意愿，可坚守成长风格， 半仓配置IM多单，等待10月中下旬的加仓契机。 股指期权方面，期权市场情绪高涨。昨日权益市场震荡上涨，科创 50指数单日涨幅3.49%。期权方面，市场成交额整体小幅回落，但细分走 势分化，50、300指数相关标的期权成交额回落，表明行情企稳；科创创 业相关标的成交额大幅提升，市场交投情绪活跃。期权情绪指标持仓量PC R全线上涨 ...

智通财经APP获悉，摩根大通(JPM.US)周三发布声明称，正在扩大其在财富管理领域的市场份额，在美 国纽约、康涅狄格州、佛罗里达州和得克萨斯州的 53 家分行派驻私人客户银行家。此举使为资产在 100 万至 500 万美元的客户提供服务的金融中心增加到 18 个，办事处增加到 15 个。 摩根大通私人银行业务去年成立，当时它从美国政府手中收购了第一共和银行(First Republic Bank)，该 银行在 2023 年倒闭前开展高净值业务。另外，大通私人客户业务(Chase Private Client)致力于为存款和 投资余额至少达 15 万美元的客户提供服务，而摩根大通私人银行(J.P. Morgan Private Banks)则服务于超 级富豪。 ...

Core Insights - The article highlights the significant role of financial support from local banks, particularly the "Lobster Easy Loan" from Luyi Rural Commercial Bank, in boosting the sales and operational efficiency of small and micro enterprises in Luyi County, Jiangsu [1] - The bank has established a specialized service mechanism to address the financing challenges faced by small businesses, enhancing the quality and efficiency of financial services [2][4] Group 1: Financial Support and Growth - The company Euji Xuan Food Co., Ltd. anticipates a 30% increase in sales this year due to the financial backing from Luyi Rural Commercial Bank, which has allowed them to upgrade production equipment and expand online sales channels [1] - Luyi Rural Commercial Bank has created a "six specialized" service mechanism to improve financial services for small and micro enterprises, focusing on early support, small businesses, and high-quality enterprises [1][2] Group 2: Service Efficiency and Innovation - The bank's four specialized financial departments have a loan balance of 10.393 billion yuan, accounting for 63.21% of the total small business loans, indicating a shift towards concentrated, specialized, and efficient financial services [2] - A three-tiered interaction mechanism has been established to tailor services to individual enterprise needs, resulting in a 10.06% increase in new small business clients since 2025 [2] Group 3: Tailored Financial Products - Luyi Rural Commercial Bank offers various tailored loan products, such as "Huiqi Technology Loan" for startups with a maximum credit of 5 million yuan, "Order Loan" for growing businesses with up to 10 million yuan, and "Science and Technology Easy Loan" for mature enterprises with a ceiling of 30 million yuan [3] - The bank has set up 12 "one-stop service points" in industrial parks to streamline the process for small businesses, achieving loan disbursement in as little as half a day [3] Group 4: Commitment to Small Enterprises - The bank's chairman emphasizes that serving small and micro enterprises is a responsibility rather than just a business activity, committing to continuous innovation in service models to support local economic development [4]

9月25日，中国银行研究院发布《2025年四季度经济金融展望报告》。 《报告》主要回顾了2025年三季 度全球和中国经济金融运行以及全球银行业运行情况，展望了2025年四季度经济金融形势以及全球银行 业发展趋势。报告称，展望四季度，随着政策持续发力，主要金融数据有望回暖，人民币汇率波动中走 升，将有望保持稳中有升态势。 展望四季度，随着政策持续发力，主要金融数据有望回暖，但预计将延续分化态势：一是融资总量稳步 扩张。四季度对全年及"十四五"经济目标完成至关重要，加之"十五五"规划将出台，预计增量政策将同 步推出，基建、房地产等重要领域有望迎来更多利好，将带动融资总量保持稳定增长，但信贷出现大幅 多增可能性较小。 二是重点领域和薄弱环节资金投放维持中高速增长。在结构性货币政策工具带动下，金融机构将持续加 大对科创、绿色、养老等领域的支持力度，预计相关领域信贷增速有望保持中高速增长，且将继续高于 全部贷款增速。随着北京、上海等地房地产政策持续放松，预计房地产贷款增速有望稳步回暖。 三是政府债券融资将继续保持高位。财政政策将持续强化逆周期调节，加之地方投资需求提速等因素带 动下，四季度政府债券发行规模预计将继续保持 ...

Core Viewpoint - The meeting held in Zibo High-tech Zone aims to address the financing difficulties faced by private enterprises and enhance the quality of financial services, creating a platform for direct communication between government, financial institutions, and businesses [1][2]. Group 1: Meeting Overview - The "Financial Reception Room" and the special docking meeting for financial direct connection gathered government departments, financial regulatory bodies, various financial institutions, and representatives from over ten enterprises in the high-tech zone [1]. - The meeting featured participation from key financial institutions including Industrial and Commercial Bank of China, Agricultural Bank of China, and several insurance companies, forming a multi-dimensional financial service alliance [1][2]. Group 2: Financial Products and Services - Financial institutions introduced tailored financial products for private enterprises, particularly for technology innovation-oriented small and medium-sized enterprises [2]. - Agricultural Bank of China presented the "Kejie Loan," which offers a maximum credit of 10 million yuan for specialized small giant enterprises and national technology innovation demonstration units [2]. - Qishang Bank promoted the "Entrepreneurial Guarantee Loan," which has a subsidized interest rate of 1.75% after adjustments, aimed at supporting personal entrepreneurship and small businesses [3]. Group 3: Impact on Enterprises - The financial support is crucial for enterprises like Shandong Meiflu Technology Co., which requires significant funding for R&D and capacity building [3]. - The continuous organization of financial institution meetings by the high-tech zone has facilitated financing channels for enterprises [3]. Group 4: Broader Financial Initiatives - This meeting is part of a broader initiative to deepen financial supply-side structural reforms and optimize the business environment in the high-tech zone [3]. - Earlier in the year, a similar high-profile meeting was held to connect over 60 financial institutions with more than 50 emerging enterprises, further bridging the gap between capital and industry [4]. Group 5: Ongoing Financial Flow - The ongoing "financial direct connection" and the effects of the "Financial Reception Room" are continuously channeling financial resources to enterprises in need [5].

智通财经APP获悉，据媒体消息，为满足日益增长的银行和理财服务需求，多家国际大型银行已将高层 管理人员调派至香港，德银、摩根大通、渣打、花旗集团、星展银行等已开始在香港增聘人手。中金公 司、中信证券等中资券商最近亦出招挽留人才。另外，猎头公司Links International的金融服务主管指， 与去年相比，今年收到委托填补的职位数量增加30%至40%，主因是香港IPO及并购活动增加。 而早年减薪的内地金融券商，市传最近为留住人才，亦出招挽留人才。中金公司为高级投资银行家增设 新职级，新增职位包括高级董事总经理及总监。另中信证券则拟为旗下香港附属公司中信里昂证券职员 增薪，部分初级助理月薪加幅15至30%。 今年以来，港股IPO市场认购盛况空前，"超额认购王"纪录屡创新高。德勤预计，今年前三季度，香港 将迎来66只新股上市，集资总额达1823亿港元。新股数量较去年同期的45只增长47%，集资额较去年同 期的556亿港元大幅上升228%。德勤在报告中指出，预计今年最后一个季度，香港新股市场将延续强劲 势头，2025年全年香港将迎来超过80宗新股上市，总集资额介于2500亿至2800亿港元之间。 德勤中国华南区 ...