摩根大通交易部门表示，美股自8月以来最长连跌走势为逢低买入者创造了机会。由于投资者担心 人工 智能概念行情的持续性以及美联储的货币政策路径，标普500指数连续四天下跌，截至周二收盘累计下 挫3.4%。摩根大通全球市场情报主管Andrew Tyler表示，这轮回调代表着股市一次"技术性洗盘"，可能 调整期已经结束。 "鉴于基本面没有任何变化，而我们的投资假设也不依赖于美联储放松政策，现在可 以逢低买入，"Tyler在周三给客户的报告中写道。周三早盘美股反弹，投资者等待AI龙头英伟达收盘后 公布财报，本周四还将迎来9月非农就业数据。Tyler称，这两件事"可能为股市再创新高奠定基础"。 ...

[ 金融监管总局日前发布2025年三季度银行业保险业主要监管指标数据显示，三季度末商业银行净息差 1.42%。 ] 2025年三季度银行业运行呈现"息差阶段性企稳、不良小幅双升"的鲜明特征。 金融监管总局日前发布2025年三季度银行业保险业主要监管指标数据显示，三季度末商业银行净息差 1.42%，环比终结持续收窄态势实现企稳，带动行业盈利降幅收窄；但不良贷款余额增至3.5万亿元、不 良率微升至1.52%，拨备覆盖率同步下滑。 净息差与不良贷款率的动态变化，正深刻折射出当前银行业面临"收益端收缩、风险端承压"的双重挑 战。与此同时，贷款利率已贴近银行经营成本下限的背景下，银行业如何在支持实体经济与稳健经营间 实现平衡成为市场关注的核心议题。 不良双升 2025年三季度商业银行不良贷款余额与不良率双双小幅上升，拨备覆盖率同步下滑，反映出经济环境下 部分领域风险持续暴露，行业资产质量反弹压力仍存。 息差阶段性企稳 银行业持续下行的息差趋势在2025年三季度迎来阶段性企稳。 数据显示，截至三季度末，商业银行净息差为1.42%，环比保持稳定，同比虽下降11个基点，但已终结 此前持续收窄态势。 分银行类型来看，三季度息差 ...

Core Insights - The insurance companies' investment yield has increased, with total investment funds surpassing 37 trillion yuan for the first time, driven by a significant rise in stock investments and a focus on banking, energy, and transportation sectors [1][6][7]. Investment Performance - The average annualized financial investment yield for life insurance companies reached nearly 5%, with a median exceeding 4.7%, marking an increase of approximately 1 percentage point compared to the previous year [3][6]. - The total investment funds of insurance companies exceeded 37 trillion yuan, with life insurance companies managing over 33.5 trillion yuan and property insurance companies nearly 2.4 trillion yuan [6][8]. - Equity investments accounted for 23.4% of total funds, reaching a recent high of over 8.4 trillion yuan [4][6]. Stock Investment Trends - Direct stock investments surged over 55%, with the amount reaching 3.6 trillion yuan, an increase of approximately 1.3 trillion yuan year-on-year [8][10]. - The growth in stock investments is attributed to regulatory measures encouraging long-term capital market participation [10][12]. Sector Preferences - Insurance funds are heavily invested in banking, energy, transportation, and telecommunications sectors, with banking remaining the top sector, accounting for about 50% of total investments [15][20]. - By the end of Q3 2025, the market value of bank stocks held by insurance companies exceeded 3.35 trillion yuan, reflecting an increase of nearly 700 billion yuan since the beginning of the year [20][22]. Major Holdings - Companies like Ping An and China Life have increased their stakes in Agricultural Bank and Industrial and Commercial Bank, respectively, indicating a continued preference for stable, high-dividend stocks [17][23]. - The investment strategy focuses on long-term stable dividend income, particularly in industries with solid profitability [15][16].

米兰强调，监管机构应避免过度反应，并指出在2008年危机后规则制定得过度严格。他补充说，这导致 许多传统银行业务部分迁移到监管较少的领域，部分原因就是"繁琐的规定"。 尽管围绕银行准备金余额及其利息、资产负债表构成、以及国债市场中介等议题的讨论愈加 热烈，但我认为这些讨论在很大程度上都是银行监管框架的下游问题。 特朗普政府时期的一些官员曾考虑放松多项在2008年金融危机后制定的银行资本监管措施，包括所谓 的"强化版补充杠杆率"（enhanced supplementary leverage ratio）。美联储近期也刚刚敲定了对大型银行 监管评级框架的修改，放宽了对部分贷款机构的要求。 美联储理事斯蒂芬·米兰（Stephen Miran）表示，他希望美联储在讨论与央行资产负债表相关的其他经 济问题之前，先重新调整华尔街的一系列监管规定。 米兰周三在华盛顿的行业组织——银行政策研究所（Bank Policy Institute）发表的预先准备讲话中表 示： 多年来，金融监管基本上只朝一个方向发展，不断加强对银行业的限制。监管与金融市场、 经济以及货币政策执行之间的互动往往不被充分重视。 他表示："虽然我并不偏见 ...

Core Insights - The integration of banking and social platforms is deepening, with Xiaohongshu becoming a significant battleground for banks [1][2] - Over 65 official accounts from various banks have been established on Xiaohongshu, indicating a growing trend in the banking sector [1] - The focus has shifted from traditional financial product promotion to a "scenario-based" approach, emphasizing financial literacy and market analysis [1][3] Group 1: Bank Engagement on Xiaohongshu - Several banks, including Zhejiang Bank and DBS Bank, have recently joined Xiaohongshu, offering content such as happiness guides and wealth management tips [2] - China Merchants Bank has adopted a lifestyle-oriented approach, focusing on practical financial knowledge and market insights to meet the needs of younger users [2] - Jiangsu Bank has creatively engaged users through interactive activities linked to popular events, enhancing emotional connections with the brand [2] Group 2: Digital Transformation and Marketing Innovation - The trend of banks entering Xiaohongshu reflects a deeper transformation in the banking industry towards digitalization and marketing innovation [3][4] - Banks are moving from traditional competition based on interest rates and branch networks to content-driven marketing and scenario-based engagement [3] - The entry of banks into Xiaohongshu allows for systematic dissemination of financial information, addressing the previously fragmented discussions among users [4] Group 3: Strategic Considerations for Future Engagement - Banks are advised to shift from homogeneous content to IP-based operations, balancing entertainment and professionalism to create a distinct brand image [5] - There is a need for seamless integration of financial services into daily life, with tailored solutions for trending topics [5] - Establishing a robust customer service system on social platforms is crucial for enhancing user experience and brand perception [5]

Core Viewpoint - The event focused on enhancing foreign legal services to support enterprises in their international development, highlighting the importance of the Tianfu Central Legal District as a platform for high-level foreign openness [1][2]. Group 1: Legal Service Development - The Tianfu Central Legal District aims to integrate platform functions, provide precise service supply, normalize legal-business integration, and cultivate international talent to enhance foreign legal services [2]. - Key legal achievements were announced, including the release of "2025 Foreign Typical Cases," "International Trade Country Legal Guidelines," and "Chengdu Foreign Intellectual Property Legal Services," which create a comprehensive legal toolbox for enterprises [2]. Group 2: Strategic Partnerships - The event featured strategic partnerships between the Tianfu Central Legal District and various companies and law firms, focusing on upgrading foreign legal services and innovative legal technology [3]. - Notable companies such as Changhong Electronics and Ruoyu Venture signed agreements with leading law firms to tailor legal service solutions for cross-border compliance, international dispute resolution, and overseas intellectual property protection [3]. Group 3: Collaborative Ecosystem - The event aimed to build an open service ecosystem integrating legal, financial, and arbitration elements, facilitating comprehensive solutions for enterprises [4]. - A project roadshow included presentations from major financial institutions and law firms, discussing cross-border dispute resolution and investment opportunities in key markets along the Belt and Road Initiative [4]. - A free exchange session was organized to connect enterprises with legal and financial service providers, promoting resource and demand matching in a collaborative "group overseas" model [4].

市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 美联储理事米兰：本来希望10月份就结束量化紧缩（QT）。 实施合理力度的监管将允许保持更小规模 的资产负债表。 强烈支持美联储修订银行业监管。 风险提示及免责条款 ...

近期，多家银行对长期存款产品的调整引发市场广泛关注。 一边，部分村镇银行、民营银行等中小银行直接取消或停售五年期定期存款；另一边，国有大行与股份 制银行也纷纷停售五年期大额存单，形成同步收紧的行业态势。 与此同时，一些村镇银行还同步下调了多个期限的定期存款产品利率，幅度最高达10个基点。 这轮覆盖各类银行的密集调整，既是净息差压力持续传导至负债端的直接体现，也是银行体系对利率传 导梗阻的主动"纠偏"，反映出在政策引导与经营压力双重作用下，银行业正加速优化存款结构、压降负 债成本。 从监管视角看，人民银行通过利率自律机制引导商业银行下调存款利率，其初衷并非让某类存款产品消 失，而是旨在打通利率传导的堵点。 过去，贷款与存款利率下降不同步所形成的"内卷式竞争"，削弱了货币政策的传导效率。通过推动高成 本长期存款有序退场，有助于银行构建更加合理、与自身经营更匹配的负债体系，使存款利率更灵敏地 响应LPR变动，从而畅通"政策利率—市场利率—实体融资成本"的传导链条。 这不仅有助于提升政策传导效率，也为未来进一步降准降息预留出必要的政策空间，确保宏观调控能够 更加精准、有效地直达实体经济。 对储户而言，五年期定存的退潮 ...

市场正在等待明日（北京时间11月20日）凌晨的美联储货币政策会议纪要和英伟达业绩。 当地时间11月19日（周三），美股三大股指早盘小幅上涨，截至发稿，道指微涨0.08%，标普500指数上涨0.31%，纳指上涨0.48%。 | ದಿ △ 田 03 | 价格 = | 涨跌幅 ◆ | | --- | --- | --- | | 道琼斯指数 | 46126.88 | +0.08% | | .DJI | | | | 标普500指数 | 6637.85 | +0.31% | | .SPX | | | | 纳斯达克综合指数 | 22541.47 | +0.48% | | IVIC | | | 据芝商所"美联储观察"工具，美联储12月降息25个基点的概率为48.9%，维持利率不变的概率为51.1%。美联储到明年1月累计降息25个基点的概率为 49.7%，维持利率不变的概率为31.9%，累计降息50个基点的概率为18.4%。 值得一提的是，一个月前，市场预期12月降息的概率高达95%。市场分析认为，在官方数据发布因为美国政府"停摆"而一度中断的这段时间里，不确定性 明显上升。一些美联储官员担心在"数据盲飞"的情况下做决策，因为 ...

Core Viewpoint - The 19th Shenzhen International Financial Expo showcases innovative financial products and services aimed at supporting the real economy, with a focus on technology finance and inclusive finance, highlighting the role of financial institutions in driving high-quality development in Shenzhen [1][12]. Technology Finance - Shenzhen is recognized as a national high-tech innovation hub, with over 12.5 national high-tech enterprises per square kilometer and leading the country in PCT international patent applications for 21 consecutive years [5]. - Shenzhen Industrial and Commercial Bank (ICBC) provides comprehensive financial support to technology companies like Kenqing Technology, facilitating technology transformation, production scale expansion, and market promotion [3][5]. - The bank has developed a full-cycle "technology innovation product group" to activate the value of intellectual property and equity assets, including the first copyright pledge financing in Shenzhen [6]. - A unique "three-in-one" evaluation mechanism has been established to assess technology companies based on talent structure, R&D capabilities, and intellectual property value, rather than traditional financial metrics [6][7]. - A digital platform has been created to enhance efficiency and accurately match the needs of technology enterprises, resulting in the approval of over 240 cutting-edge technology companies since its launch [6][7]. Inclusive Finance - Shenzhen ICBC has achieved a historic milestone with its inclusive loan balance surpassing 200 billion yuan, with an annual growth rate of 43% [11]. - The bank has introduced three major products—"Operating Quick Loan," "Online Loan," and "Digital Supply Chain"—to meet the diverse financing needs of small and micro enterprises [8][10]. - The "Park e-loan" product converts soft power indicators into quantifiable assessment metrics, enhancing service quality through data interaction with park operators [10]. - The bank's support has enabled companies like Shenzhen Tengxin Bainai Technology to secure funding for raw material procurement and R&D investments, contributing to their growth as specialized "little giant" enterprises [10]. Fifteenth National Games Finance - The bank has launched a series of financial products related to the Fifteenth National Games, including themed debit and credit cards, integrating sports, finance, and culture [12][15]. - The digital RMB hard wallet allows for seamless payment experiences, enhancing convenience for both local residents and international visitors attending the games [14][15]. - The bank's initiatives aim to transform spectator enthusiasm into tangible benefits for residents, showcasing its commitment to community engagement and support for major events [15].