PSU banks trading at attractive 1-1.5x book despite strong growth prospectsFollowing the impressive performance of With the new normal likely featuring lower net interest margins across the banking industry, PSU banks are actually positioned favorably compared to peers. Many trade at approximately 1x book value or even below, creating attractive entry points. Shenoy views the 1 to 1.5x book value range as the opportunity zone, especially for banks growing earnings at 12-20% annually a combination that makes ...

6 February 2026 | 10:05PM HKT Economics Research CHINA MATTERS Lessons Learned from the Last Year We reflect on the macro data and policies we have followed closely over the past year and draw five lessons in this note. These five lessons from the past year have four implications for investors this year. c45a43530f604d12bcb9a82b5aa6b9f6 n First, data quality issues in some official series have become more significant, as seen in the quarter-end pattern of the NBS Manufacturing PMI and the double-digit decli ...

Group 1 - The event organized by the Guangzhou Development and Reform Commission and the Municipal Financial Office aims to connect financial resources with technology enterprises, focusing on the construction of a modern industrial system in Guangzhou [2] - The roadshow featured six promising technology companies from various fields, showcasing their core technological advantages, business layouts, and growth potential [2] - The theme of the event was "Open Co-creation, Industry-Finance Symbiosis - Building a New Ecosystem for the Technology Industry," emphasizing the need for efficient platforms to attract investment institutions and professional service agencies [2] Group 2 - The Guangzhou Development and Reform Commission is committed to establishing a modern industrial system supported by the real economy, focusing on key industries such as artificial intelligence, low-altitude economy, biomedicine and health, and integrated circuits [3] - The commission plans to continue the "Open Co-creation, Industry-Finance Symbiosis" series of activities to enhance the full-chain service mechanism for enterprise listings and facilitate the transformation of technological achievements [3] - The initiative aims to inject strong momentum into the construction of Guangzhou's modern industrial system by improving the channels for industrial upgrading and financial empowerment [3]

Core Insights - The Yangtze River Delta (YRD) region has achieved impressive economic growth, with a total economic output surpassing 34.66 trillion yuan in 2025, an increase of 1.49 trillion yuan from the previous year, and a rise of 7.06 trillion yuan since the beginning of the 14th Five-Year Plan [1][3] - All provinces in the YRD outperformed the national average growth rate of 5.0%, with Shanghai, Jiangsu, Zhejiang, and Anhui recording growth rates of 5.4%, 5.3%, 5.5%, and 5.5% respectively [3][4] Economic Performance - Shanghai's GDP reached 56,708.71 billion yuan, Jiangsu at 142,351.5 billion yuan, Zhejiang at 94,545 billion yuan, and Anhui at 52,989 billion yuan, collectively adding 1.49 trillion yuan compared to the previous year [3][4] - The YRD's GDP share of the national total increased from 24.1% to 24.7% from 2021 to 2025, indicating a significant contribution to national economic growth [3] New Economic Milestones - The YRD welcomed new members to its "trillion GDP city club," with Wenzhou in Zhejiang surpassing the trillion yuan mark at 10,213.9 billion yuan, and Xuzhou in Jiangsu expected to follow suit [4] - A total of 11 cities in the YRD are now part of this club, including major cities like Shanghai, Suzhou, and Hangzhou [4] Sectoral Highlights - In specific sectors, Shanghai's fixed asset investment grew by 4.6%, while Jiangsu's productive service industry contributed 77.4% to the growth of all regulated service industries [6][10] - Zhejiang's per capita disposable income exceeded 70,000 yuan for the first time, and Anhui led the nation in automotive and new energy vehicle production [6][10] Innovation and Technology - The YRD has become a hub for technological innovation, with nearly one-third of China's 26 national advanced manufacturing clusters located in the region [8] - Shanghai's three leading industries—integrated circuits, biomedicine, and artificial intelligence—saw a manufacturing output growth of 9.6% [8] Structural Transformation - Jiangsu's high-tech industry accounted for 52.1% of the regulated industrial output, with high-tech manufacturing value-added growing by 11.9% [10] - Zhejiang's private enterprises and digital economy saw a 7.2% increase in industrial output, contributing significantly to GDP growth [10] Integration and Connectivity - The YRD has made significant progress in infrastructure connectivity, resolving historical issues with inter-provincial "broken roads" and investing over 130 billion yuan in railway construction in 2025 [12][15] - A collaborative innovation system has been established, enhancing resource allocation and optimizing industrial chains across the region [12][15] Global Competitiveness - With all provinces in the YRD now part of the "trillion-dollar foreign trade club," the region is enhancing its global competitiveness through platforms like the Belt and Road Initiative and free trade zones [16] - The YRD's economic output has reached levels comparable to major developed economies, indicating a successful regional integration model [16]

Group 1 - The core viewpoint indicates that China's manufacturing market demand has tightened in January, but production remains in an expansionary phase, with ongoing optimization of the industrial structure [1] - In January, the manufacturing Purchasing Managers' Index (PMI) for China was reported at 49.3%, a decrease of 0.8 percentage points from the previous month [1] - The equipment manufacturing PMI stood at 50.1%, while the high-tech manufacturing PMI was at 52%, indicating stable development in these sectors and continued optimization of the manufacturing industry structure [1] Group 2 - The service sector is reported to be operating relatively steadily, with business expectations continuing to improve [1]

Group 1 - The core viewpoint of the article highlights the accelerated integration of technological innovation and industrial innovation in China by 2025, with significant growth in strategic emerging industries and enhanced conversion of scientific achievements [1][2] Group 2 - In strategic emerging industries, sales revenue in high-tech industries is projected to grow by 13.9% year-on-year in 2025, with high-tech manufacturing and high-tech service industries increasing by 10.1% and 16.6% respectively [1] - Key sectors such as lithium-ion battery manufacturing, service robots, industrial robots, and biopharmaceuticals are expected to see remarkable sales revenue growth of 25.1%, 60.7%, 17.4%, and 7.7% respectively [1] Group 3 - The sales revenue of China's scientific and technological service industry is anticipated to increase by 20.4% year-on-year, while knowledge-intensive industries related to intellectual property are expected to grow by 10.7% [1] - The total transaction amount of technology contracts nationwide is projected to rise by 19.1% in 2025, indicating a stronger application of scientific achievements [1] Group 4 - In the integration of digital technology and the real economy, the sales revenue of core digital economy industries is expected to grow by 9.4% year-on-year, with digital product manufacturing and digital technology application industries increasing by 9.4% and 13.8% respectively [2] - The amount spent by enterprises on digital technology is projected to increase by 9.6%, with manufacturing sector spending on digital technology rising by 10.4% [2] Group 5 - Traditional industries are accelerating their transformation and upgrading, with automation being a key focus area; spending on automation equipment in traditional sectors such as petrochemicals, steelmaking, and ironmaking is expected to grow by 17.3%, 11.7%, and 12.7% respectively [2]

Group 1 - The core viewpoint of the article highlights the accelerated integration of technological innovation and industrial innovation in China, with significant growth in strategic emerging industries and enhanced conversion of scientific achievements by 2025 [1][2] - In 2025, sales revenue of China's high-tech industries is projected to grow by 13.9%, with high-tech manufacturing and high-tech services increasing by 10.1% and 16.6% respectively [1] - Specific sectors such as lithium-ion battery manufacturing, service robots, industrial robots, and biopharmaceuticals are expected to see sales revenue growth of 25.1%, 60.7%, 17.4%, and 7.7% respectively [1] Group 2 - The sales revenue of the digital economy's core industries is anticipated to grow by 9.4% in 2025, with digital product manufacturing and digital technology application sectors increasing by 9.4% and 13.8% respectively [2] - Traditional industries are accelerating their transformation and upgrading, with significant increases in the procurement of automation equipment in sectors like petrochemicals, steelmaking, and ironmaking, showing growth rates of 17.3%, 11.7%, and 12.7% respectively [2] - The data reflects China's solid achievements in technological self-reliance and the cultivation of new productive forces, indicating a shift towards high-end industrial structure and sustainable internal momentum for high-quality development [2]

Group 1 - The core viewpoint of the article emphasizes the role of financial services in empowering technological innovation and supporting the development of the Guangdong Province's artificial intelligence and robotics industry [1] - Minsheng Bank's Guangzhou branch has initiated a comprehensive research project to address financing challenges faced by technology enterprises, aligning with the province's strategic goals [1][3] - The bank aims to provide integrated financial services that encompass financing, settlement, and policy alignment to support the growth of technology parks and their resident companies [3] Group 2 - Minsheng Bank's Guangzhou branch actively engages with technology parks through various non-financial services, such as financial lectures and policy salons, to foster deep interactions with enterprises [4] - The bank has established a rapid approval process for financing requests, exemplified by a case where a small enterprise received a 30 million yuan mortgage loan within a week to support its expansion [4] - The bank has developed specialized financial products tailored to the characteristics of technology enterprises, including the "Minsheng Hui" online product and "Yichuang E-loan" for startups, which streamline the application and approval process [5] Group 3 - The bank is focused on building a smart service ecosystem that goes beyond traditional credit services, aiming to enhance operational efficiency and digital service levels in industrial parks [7] - The "Smart Industrial Park" solution integrates systems and smart hardware to facilitate the transformation of traditional parks into intelligent, information-driven communities [7] - Minsheng Bank's initiatives include a smart payment platform and "One Card for the Park" service, which enhance convenience for enterprises and employees, thereby reducing resource search and matching costs [8] Group 4 - The bank is committed to long-term strategies that focus on policy transformation, digital integration, and ecosystem development to drive the intelligent upgrade of industries [8] - Minsheng Bank aims to create a comprehensive service ecosystem that covers the entire lifecycle of technology enterprises, fostering collaboration among parks, enterprises, and partners [8]

Group 1 - The core viewpoint of the articles highlights that China's total electricity consumption is projected to exceed 10 trillion kilowatt-hours by 2025, marking a significant milestone in global energy consumption [1][2][4] - This electricity consumption is expected to be more than double that of the United States and surpass the combined annual consumption of the EU, Russia, India, and Japan, indicating a robust economic activity level in China [2][3] - The growth in electricity consumption reflects the structural adjustments and development trends in the economy, particularly driven by emerging industries such as high-tech, digital economy, and green energy [2][3] Group 2 - The manufacturing sector continues to show a rising electricity demand, indicating active production activities and the steady expansion of China's manufacturing capabilities [3] - The electricity demand from data centers is expected to grow significantly, with projections indicating that by 2026, China's electricity demand for data centers will reach 300 terawatt-hours, surpassing that of the US and Europe [3] - The rapid expansion of the digital economy and advancements in artificial intelligence and cloud computing are contributing to increased electricity consumption, while high-energy-consuming industries are undergoing structural adjustments to improve energy efficiency [3][4] Group 3 - China has established the world's largest and fastest-growing renewable energy system, with renewable energy capacity reaching 2.22 billion kilowatts by October 2025, accounting for 59.2% of the total power generation capacity [4] - The share of green electricity in total consumption is significant, with one-third of the electricity generated coming from renewable sources [4] - The future outlook for China's economy remains positive, with continued growth in electricity consumption driven by advancements in high-tech manufacturing, digital economy, and a commitment to green development [4]

Group 1 - The company DingTong Technology (688668.SH) plans to issue convertible bonds with a total fundraising amount not exceeding 930 million yuan, including the principal [1] - The net proceeds, after deducting issuance costs, will be used for the company's expansion projects, high-speed communication and liquid cooling production projects, new energy BMS production projects, and to supplement working capital [1]