Core Viewpoint - The essence of the banking industry's "involution" is systemic failure under competitive conditions in a stagnant market, leading to asymmetric imbalances in loan and deposit pricing [1][7][10]. Group 1: "反内卷" Initiatives - Banks are implementing "反内卷" measures to regulate competition, including setting minimum loan rates above market rates and prohibiting non-market methods to raise deposit costs [2][3][4]. - The Ningbo Banking Association has initiated efforts to standardize personal housing loan market practices, targeting "rebate" behaviors in the mortgage sector [2][9]. - The "反内卷" movement aims to establish a more orderly competitive environment, with banks encouraged to pursue differentiated paths based on their unique strengths [4][10]. Group 2: Market Dynamics and Pricing - The current pricing mechanism has led to a rapid decline in loan rates while deposit costs remain stagnant, creating a risk of asset quality deterioration due to distorted pricing [1][6][10]. - Banks are shifting focus from state-owned enterprises to private enterprises, which may offer higher loan rates, as part of their strategy to meet business growth needs while adhering to "反内卷" guidelines [2][6][10]. - The competition among banks has intensified, particularly in consumer loans, with many banks previously lowering rates to attract customers, leading to a "price war" [8][9]. Group 3: Differentiation and Innovation - The banking sector is characterized by high homogeneity in services, leading to a reliance on traditional interest margin income and a lack of innovative product offerings [10][14]. - Future differentiation strategies may include leveraging technology and capital to transition into comprehensive financial service providers, focusing on wealth management and investment banking services [14]. - Smaller banks are encouraged to maintain local advantages and serve small and micro enterprises, while medium-sized banks should focus on niche markets [14]. Group 4: Employee Dynamics - Despite the "反内卷" initiatives, employee performance metrics and workloads remain unchanged, with staff still facing high pressure to meet performance targets [16][17]. - There is a need for banks to restructure their employee evaluation systems to balance short-term performance with long-term risk management [17].

中信银行（601998）(00998)发布公告，2020年8月12日至8月14日，该行发行了规模为人民币400亿元的 二级资本债券，并于2020年8月15日发布了《中信银行股份有限公司关于2020年二级资本债券发行完毕 的公告》。根据本期债券募集说明书相关条款的规定，本期债券设有发行人有条件赎回权，发行人有权 在本期债券第5个计息年度的最后一日，即2025年8月14日部分或全部赎回本期债券。 截至本公告日，经国家金融监督管理总局认可，该行已行使赎回权，全额赎回了本期债券。 ...

Core Viewpoint - The China Interbank Market Dealers Association has introduced new underwriting pricing regulations to prohibit lead underwriters from participating in bond project bidding with fees below cost, aiming to address long-standing issues of vicious low-price competition in the market, particularly in the financial bond sector [2][3][7]. Summary by Relevant Sections Regulatory Changes - The new regulations require lead underwriters to refrain from bidding below cost and to regularly report detailed underwriting cost data [3][7]. - Six main measures have been established, including the creation of internal pricing management systems, reasonable cost calculations covering the entire process, and stricter penalties for low-price competition [3][4]. Market Context - The recent low-price bidding incident involving Guangfa Bank's secondary capital bond underwriting has triggered these regulatory changes, highlighting the prevalence of below-cost bidding in the market [5][6]. - The bidding results showed that some institutions quoted service fees as low as 700 yuan for a project worth 35 billion yuan, indicating a fee rate of only 0.000002% [5][6]. Industry Impact - Industry insiders view the new regulations as a critical action against "involution" in the bond underwriting market, aiming to restore a rational pricing mechanism and improve service quality [4][7]. - The regulations are expected to create a "three-way check" system among issuers, underwriters, and regulatory bodies, enhancing market discipline [3][6]. Future Outlook - While the new rules signal a positive step towards curbing below-cost competition, the effectiveness of these measures remains to be seen, especially given the complex market dynamics and the large scale of financial bonds [7][8]. - The industry currently lacks precise cost measurement methods, relying more on estimations based on previous years' data, indicating that establishing a scientifically sound cost benchmark will require further efforts [8].

Core Points - Suzhou Bank has exercised its redemption option for the second-tier capital bonds issued in August 2020, amounting to RMB 4.5 billion [1][2][3] - The bonds were issued with a provision allowing the issuer to redeem them at face value on the last day of the fifth interest period, which is August 7, 2025 [1] - The announcement confirms the authenticity and completeness of the information disclosed by the bank and its board [1][2]

8月7日，中国银行间市场交易商协会（以下简称"交易商协会"）发布《关于加强银行间债券市场承销报 价自律管理的通知》（以下简称"《通知》"），《通知》通过强化承销报价内部管理、合理测算承销成 本、规范成本数据报送要求、加强成本测算自律管理、规范主承销商选聘管理、加大违规行为举报处理 力度六大方面着手，强化银行间债券市场承销报价自律管理。 《中国经营报》记者注意到，针对此前备受关注的低价承销情况，《通知》进行相关管理办法明确，比 如主承销商报送的承销成本明显有失客观和行业公允的，交易商协会将进行重点核查和约谈，并进行公 示。 值得一提的是，不久前，7月10日，广发银行公布2025—2026年度350亿元规模的二级资本债券主承销商 招标结果，6家机构中标，机构承销费总额仅63448元，其中有2家机构报价700元，引发热议。7月12 日，交易商协会火速宣布对这6家机构启动自律调查。 针对此类现象，此次发布的《通知》从六大方面着手，强化承销报价自律管理，并明确了以下具体要 求： 一、强化承销报价内部管理。主承销商应根据《关于规范银行间债券市场簿记建档发行及承销有关工作 的通知》（中市协发〔2025〕146号）等制度要求 ...

近日，中国银行间市场交易商协会（以下简称"交易商协会"）发布《关于规范银行间债券市场簿记建档 发行及承销有关工作的通知》（以下简称《通知》），直指当前市场存在的发行定价扭曲、非市场化发 行及人为干预簿记过程等问题，要求主承销商应建立健全承销报价内部管理制度，综合评估项目成本、 合理确定报价，不得以低于成本的承销费报价参与债券项目竞标；发行人应当按照市场化原则，合理设 置比选评分指标，不得干扰主承销商独立、客观的报价决策。 700元"地板价"引发自律调查 这是交易商协会短期内再次明确禁止"低于成本报价"。6月16日，针对市场成员反映的低价承销费、低 价包销、拼盘投资、利益输送等问题，交易商协会发布《关于加强银行间债券市场发行承销规范的通 知》，明确"承销机构不得以低于成本的承销费率报价参与债券项目竞标"的监管要求。 值得关注的是，7月11日，交易商协会发布公告称，针对广发银行2025-2026年度二级资本债券项目中主 承销商报价异常问题，决定对中国银河证券、广发证券、兴业银行、国泰海通证券、中信建投证券、中 信证券等6家机构启动自律调查。此次调查聚焦承销服务费畸低现象，旨在维护银行间债券市场公平竞 争秩序，强化 ...

撰稿|多客 来源|贝多财经 7月21日，中国银行间市场交易商协会（下称"交易商协会"）发布信息称，该协会在对广发银行2025-2026年度二级资本债券项目6家中标主承销商自律调查 过程中发现，发行人广发银行涉嫌存在引导价格等情形，协会正进一步查实。 仅700元。" 其三，"承销机构不得以低于成本的承销费率报价参与债券项目竞标。发行人、承销机构应按照商业约定履行付款义务，不应拒绝支付或拖欠费用。" 交易商协会强调，若相关方在业务开展过程中存在违反自律规则的情况，将依据有关规定予以自律处理。 一石激起千层浪，交易商协会于7月11日发布《交易商协会对6家主承销商启动自律调查》称，"协会监测到，在广发银行2025-2026年度二级资本债券项目 中，中国银河证券股份有限公司、广发证券股份有限公司、兴业银行股份有限公司、国泰海通证券股份有限公司、中信建投证券股份有限公司、中信证券股 份有限公司等6家主承销商中标承销费引发市场关注。" 图片来源：交易商协会 随后的7月21日，交易商协会在官网发布《交易商协会加强对广发银行等发行人的自律调查》称，"近期，交易商协会在对广发银行2025-2026年度二级资本 债券项目6家中标主 ...

Group 1 - Agricultural Bank of China (601288) closed at 6.18 yuan on July 25, 2025, down 0.64% from 6.22 yuan the previous week [1] - The bank's market capitalization is currently 21628.95 billion yuan, ranking 3rd among state-owned large banks and 4th among 5148 A-shares [1] - The highest intraday price recorded on July 23 was 6.3 yuan, while the lowest was 6.07 yuan [1] Group 2 - Wang Dajun has officially taken up the position of Vice President of Agricultural Bank of China [2][3] - Xiao Xiang has retired due to age and has resigned from the position of non-executive director and related committee roles as of July 23, 2025 [2][3] - The bank has completed the issuance of 600 billion yuan in secondary capital bonds, divided into two types: a 10-year fixed-rate bond of 400 billion yuan at an interest rate of 1.92% and a 15-year fixed-rate bond of 200 billion yuan at an interest rate of 2.12% [2][3]

Group 1 - Xinan Century's controlling shareholder Wang Yixin plans to reduce his stake by up to 2.22%, equating to a maximum of 7.05 million shares within three months after 15 trading days [1] - Jintou City Development intends to purchase a villa property from Tianjin Tekeshu Chuang for approximately 7.1854 million yuan [2] - Zhujiang Shares has received approval from the Shanghai Stock Exchange for its application to issue shares to specific targets [2] Group 2 - Changshu Bank plans to absorb and merge three village and town banks and establish branch offices, pending approval at the upcoming shareholders' meeting [3] - Agricultural Bank has completed the issuance of 60 billion yuan in secondary capital bonds, with two types of bonds having fixed interest rates of 1.92% and 2.12% [4] - Nanjing Xinbai's major assets have been judicially frozen due to liquidity debt crisis faced by its controlling shareholder [5] Group 3 - Shikong Technology's controlling shareholder is planning a change in company control, leading to a continued suspension of its stock [6] - Fute Technology aims to raise up to 528 million yuan through a private placement for projects related to electric vehicle components [7] - Yuanli Shares plans to acquire 100% of Tongsheng Shares, a company specializing in silicon dioxide, to enhance its strategic business layout [9] Group 4 - Sanyangma's subsidiary has signed a procurement contract worth 120 million yuan for sensor products with a domestic auto parts company [10] - Yong'an Pharmaceutical's controlling shareholder plans to reduce its stake by up to 263,230 shares [11] - Pioneer New Materials and its former controlling shareholder are under investigation by the China Securities Regulatory Commission for information disclosure violations [12] Group 5 - Yubang New Materials' shareholder intends to transfer 2.28% of the company's shares [13] - Zhonghuan Environmental Protection's specific shareholder did not execute its planned share reduction within the designated period [14] - Chuhuan Technology's controlling shareholder has committed not to reduce their stake in the company for the next 12 months [15]

Group 1 - The Trading Association has initiated a self-discipline investigation against Guangfa Bank regarding its 2025-2026 secondary capital bond project [1] - During the investigation, it was found that Guangfa Bank is suspected of engaging in price manipulation [1] - The Association plans to strengthen regulations on the issuer's related behaviors and will impose strict penalties on those found guilty of such actions [1]