2025年上半年，以MSCI所有国家世界指数（美国除外）为代表的国际股票表现亮眼，回报优于以 标普500指数为代表的美国大型股，扭转了美股长期主导市场的趋势。 虽然近期国际增长股表现出色，但其估值仍处于相对低位。相比之下，过去数年以来，由科技股领 涨的美股持续攀升，估值倍数显著扩张，令美股估值远高于国际市场。美股的强势在多方面具有基本面 的一定支撑。与上世纪90年代末的科技泡沫不同，如今的美国科技企业持续创造强劲盈利与回报。 然而，国际市场中亦不乏兼具竞争力、管理完善且勇于创新的优质企业，这些公司不但具备长期增 长潜力，其估值更具吸引力，为具备前瞻视野的投资者带来更多机会。 过去12个月里，全球宏观环境变化频繁，传统市场规律屡受挑战。在高度不确定的环境下，许多投 资者不禁思考，如何能准确识别长线机遇？ 可增加结构性增长公司配置 国际股票虽有助于分散投资风险，但核心国际指数MSCI所有国家世界指数（美国除外）偏重价值 型板块，其中金融、能源、原材料及工业等周期性和利率敏感板块的权重高达61%，而科技等结构性增 长板块权重较低。历史数据表明，高增长企业往往跑赢增长缓慢的同业。 被动型或核心国际策略单纯追踪广泛指数 ...

Core Viewpoint - The People's Bank of China (PBOC) is enhancing financial support for the coordinated development of the Beijing-Tianjin-Hebei region, focusing on advanced industries and technological innovation [1][2] Group 1: Financial Policy and Coordination - The PBOC's coordination mechanism for the Beijing-Tianjin-Hebei region has achieved positive results since its establishment, with improved policy frameworks and work mechanisms [1] - Financing scale in key areas has steadily increased, and the regional financial service system has been continuously improved [1] Group 2: Technological Innovation and Financial Services - The region is home to a significant amount of China's technological innovation achievements, necessitating a focus on technology finance to support high-level self-reliance and the transformation of technological achievements [1] - Financial services will be enhanced in areas such as regional industrial chain collaboration and supply chain integration [1] Group 3: Industry Integration and Financial Support - Industrial integration is identified as a key support for the coordinated development of the region, with a focus on financial support for areas like the decongestion of non-capital functions in Beijing, the construction of Xiong'an New Area, and the integration of transportation [2] - Innovation in financing products such as credit and bonds is encouraged, along with improvements in credit, payment, and digital currency services to facilitate the flow of financial resources within the region [2]

会议指出，京津冀协同发展人民银行三地协调机制自成立以来，推动金融支持京津冀协同发展取得积极 成效。政策框架和工作机制更加健全，重点领域融资规模稳步增长，区域金融服务体系不断完善。 会议认为，京津冀地区集聚了我国大量科技创新成果，要着重做好科技金融"大文章"，重点围绕高水平 科技自立自强、科技成果转化和应用、区域产业链供应链协同等领域做好各项金融服务，持续深化科技 金融服务能力建设，更好支持京津冀三地先进产业协同提质升级。 会议强调，产业一体化是京津冀协同发展的实体内容和关键支撑，要持续做好重点领域金融支持工作， 以北京非首都功能疏解、雄安新区和北京城市副中心建设、京津冀交通一体化、京津冀生态环境保护等 方面为要点，积极创新信贷、债券等融资产品模式，不断优化征信、支付、数字人民币等领域金融服务 水平，推动金融资源在京津冀地区合理流动，更好助力京津冀协同发展全方位、高品质深入推进。 ● 本报记者 欧阳剑环 中国人民银行北京市分行11月20日消息，中国人民银行北京市分行、天津市分行、河北省分行近日在京 联合召开2025年京津冀协同发展人民银行三地协调机制会议暨金融支持京津冀三地先进产业协同提质升 级工作推进会。会议 ...

（文章来源：第一财经） 据中国人民银行北京市分行消息，11月14日，中国人民银行北京市分行、天津市分行、河北省分行在京 联合召开2025年京津冀协同发展人民银行三地协调机制会议暨金融支持京津冀三地先进产业协同提质升 级工作推进会。会议强调，产业一体化是京津冀协同发展的实体内容和关键支撑，要持续做好重点领域 金融支持工作，以北京非首都功能疏解、雄安新区和北京城市副中心建设、京津冀交通一体化、京津冀 生态环境保护等方面为要点，积极创新信贷、债券等融资产品模式，不断优化征信、支付、数字人民币 等领域金融服务水平，推动金融资源在京津冀地区合理流动，更好助力京津冀协同发展全方位、高品质 深入推进。 ...

Group 1: Core Outlook and Asset Allocation - The report anticipates a strong performance of risk assets by 2026, driven by improvements in micro fundamentals, accelerated AI capital expenditures, and a favorable policy environment, with global market trends influenced by the U.S. [1] - Recommendations include prioritizing equity investments, followed by credit and government bonds, with a preference for U.S. assets; overweighting equities (+5%), U.S. high-yield bonds (+3%), and agency mortgage-backed securities (+3%), while underweighting commodities (-4%), cash (-3%), and U.S. investment-grade corporate bonds (-4%) [1] Group 2: Global Stock Market - The U.S. stock market is expected to outperform other global markets, benefiting from positive operating leverage, pro-cyclical policies, and AI-driven efficiency improvements, with a target for the S&P 500 index at 7,800 points by the end of 2026 (14% increase from current levels) and a projected EPS compound annual growth rate of 14% from 2025 to 2027 [1] - The Japanese stock market is also viewed positively, supported by re-inflation and improvements in return on equity (ROE), with a target for the TOPIX index at 3,600 points (+7%); however, Europe and emerging markets (excluding India and Brazil) lack similar positive catalysts [1] Group 3: Interest Rates and Exchange Rates - G10 interest rates are expected to exhibit a "lower first, higher later" pattern, with the Federal Reserve anticipated to cut rates by 50 basis points in the first half of 2026, leading to a mid-term drop in the 10-year U.S. Treasury yield to 3.75%, before rising to 4.05% by year-end [2] - The U.S. dollar index (DXY) is projected to decline to 94 in the first half of the year, followed by a rebound to 99 in the second half, with risk currencies like the Australian dollar and Swedish krona initially leading, while the euro and pound may struggle due to central bank rate cuts [2] Group 4: Credit and Securitized Products - Corporate credit is expected to benefit from increased capital expenditures, a revival in merger and acquisition activity, and accommodative policies, with high-yield bonds (HY) outperforming investment-grade bonds (IG) in both the U.S. and European markets [2] - There is a preference for 5-10 year maturities to capture rolling yields, with the financial sector expected to perform better than the cyclical sector; securitized products are anticipated to benefit from regulatory easing in the U.S. and Europe, with recommendations to increase holdings in short-term products and BBB- rated channel loan securities [2] Group 5: Commodities - The report indicates that metals are expected to outperform energy, with Brent crude oil projected to stabilize around $60 per barrel; gold is highlighted as a preferred asset, supported by macro factors and strong physical demand, with a target price of $4,500 per ounce [3] - Among industrial metals, copper and aluminum are favored due to significant supply challenges, while in agricultural products, soybean prices are expected to reach a target of $11.7 per bushel over the next 12-18 months, surpassing corn prices at $4.7 per bushel [3]

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" [4] Core Viewpoints - The banking sector is experiencing a significant divergence in credit growth, with state-owned banks increasing their share of new credit while smaller banks are seeing a decline [1][2] - The net interest margin for commercial banks has stabilized, with a slight increase observed in shareholding banks [3] - The report emphasizes the importance of increasing bond allocations to drive total asset growth, particularly for state-owned and city commercial banks [2] - The overall asset quality of banks remains stable, but there is a noticeable divergence, with non-listed banks experiencing a rise in non-performing loans [9][20] - The report suggests that the banking sector is currently undervalued, with A-share banks trading at a price-to-book ratio of 0.73 and Hong Kong-listed state-owned banks at 0.55 [10][11] Summary by Sections Section 1: Credit Growth and Market Dynamics - Recent financial data indicates that new RMB loans and social financing are significantly lower than the same period last year, reflecting weak financing demand [1] - The decline in real estate loans and the low credit dependence of light asset industries are impacting the competitive landscape among banks [1] Section 2: Asset Growth and Bond Allocation - State-owned and city commercial banks have shown a notable increase in total asset growth compared to joint-stock banks, attributed to their stronger liability bases and increased bond allocations [2] - The report anticipates a continued trend of credit expansion among banks with strong credit growth potential and increased bond allocations [2] Section 3: Net Interest Margin and Profitability - The net interest margin for commercial banks was reported at 1.42% for the first three quarters of the year, indicating stabilization [3] - The report notes that banks with a higher proportion of credit business and better middle-income advantages are likely to perform better in terms of fundamentals [10] Section 4: Asset Quality and Non-Performing Loans - The non-performing loan ratio for commercial banks was reported at 1.52%, with a slight increase observed [9][20] - State-owned and shareholding banks maintained stable non-performing loan ratios, while city and rural commercial banks experienced a faster increase [9][20] Section 5: Market Valuation and Investment Opportunities - The report highlights that the current valuation of the banking sector is significantly lower than that of banks in major international economies, suggesting potential for valuation recovery [10][11] - The report recommends focusing on state-owned banks, China Merchants Bank, and Ningbo Bank as investment opportunities [12]

Core Insights - The article emphasizes the significant progress made by financial companies over the past five years, highlighting three key themes: "synergy," "quality enhancement," and "leapfrogging" in technology capabilities [2][3]. Group 1: Industry Overview - As of the second quarter of 2025, there are 234 operational corporate financial companies in China, with total assets amounting to 8.76 trillion yuan, an increase of 118.5 billion yuan or 1.37% year-on-year [3]. - Total deposits reached 7.26 trillion yuan, reflecting a year-on-year growth of 1.5%, while the capital adequacy ratio improved to 21.3%, up by 0.69 percentage points from the previous year [3]. Group 2: Company Performance - Several financial companies reported their mid-year results for 2025, with Huabei Mining Financial Company showing total assets of 12.11 billion yuan and a profit of 1.1 billion yuan for the first half of the year [4]. - China Nuclear Financial Company reported total assets of 105.58 billion yuan and a net profit of 472 million yuan for the same period [4]. - The defense industry financial company disclosed that it has provided over 350 billion yuan in credit over the past five years, saving the group nearly 2 billion yuan in costs through various financial strategies [4]. Group 3: Treasury Management - The construction of treasury systems has become crucial for financial companies to enhance fund utilization and risk management, with a focus on creating a comprehensive financial resource management platform [5][6]. - Companies like the defense industry financial company have developed advanced treasury systems that provide real-time visibility and risk alerts across all business domains [6]. Group 4: Future Outlook - The transition from the "14th Five-Year Plan" to the "15th Five-Year Plan" highlights the importance of strategic planning, with a focus on technological innovation and digital transformation as key priorities for financial companies [7][8]. - Financial companies are expected to undergo significant changes in service models over the next five to ten years, driven by rapid advancements in financial technology [7].

Core Insights - The 2025 Shanghai Suhewan Conference highlighted the importance of technology and finance in China's economic development, with the "new economy" contributing 18% to GDP and the financial sector accounting for 8% [1] Group 1: Technological Impact on Finance - The financial industry is expected to undergo digitalization, intelligence, and scenario-based trends, leading to a more diverse range of financial activities and blurred boundaries between financial services and products [3][4] - A new wave of technological revolution is anticipated to create new financial business models, expanding the scope of financial services, as seen in historical shifts from metal currency to paper money and the rise of cross-border financial services [3][4] - The integration of technologies such as AI, big data, and cloud computing is reshaping the financial service landscape, necessitating collaboration between financial institutions and external tech companies [4] Group 2: Changing Consumer Behavior - Public financial consumption behaviors are increasingly characterized by online, platform-based, and scenario-driven interactions, leading to a complex interplay between financial and non-financial services [4][5] - The accumulation of high-frequency data from daily activities allows for precise analysis of customer financial needs, enabling a seamless transition from data processing to financial service provision [5] Group 3: Regulatory Recommendations - To address the challenges posed by technological advancements in finance, it is recommended to apply equal regulatory standards across similar financial activities and to maintain a focus on risk management [5]

Core Points - The company, Renfu Pharmaceutical, announced the signing of a financial service agreement with China Merchants Group Finance Co., Ltd. following the approval at the fourth extraordinary general meeting of shareholders on September 12, 2025 [2] Group 1 - The agreement includes provisions for deposit, settlement, credit, foreign exchange, and other financial services to be provided by China Merchants Finance [2] - The company has set a limit for its end-of-day deposit balance with China Merchants Finance at no more than RMB 200 million [2] - The maximum outstanding loan balance granted by China Merchants Finance to the company is capped at RMB 500 million, with the agreement valid for three years [2]

Core Insights - The article discusses the strategic transformation and differentiation of DBS Bank's corporate banking in China, focusing on seizing opportunities amid the country's shift towards high-quality economic development and increasing corporate internationalization [1][2]. Group 1: Strategic Focus - DBS Bank's corporate banking is aligning with national high-quality development goals by focusing on emerging and transitioning industries [1]. - The bank aims to support the internationalization of enterprises by providing tailored financial services for their global expansion [1][6]. Group 2: New Economy Support - Supporting the development of new productive forces is a core strategic priority for DBS Bank's corporate and institutional business [2]. - The bank has established a unique three-dimensional model of "technology infrastructure + capital empowerment + ecosystem linkage" to provide comprehensive financial support to innovative enterprises [2][3]. Group 3: Global Collaboration - DBS Bank leverages its Singapore headquarters and Southeast Asian network to assist new economy enterprises in their global ventures, addressing the challenges they face when entering international markets [6]. - The bank has successfully facilitated significant transactions, such as the dual primary listing of Hesai Technology on the Hong Kong Stock Exchange, showcasing its capabilities in cross-border financial services [2][3]. Group 4: Tailored Services for Different Enterprises - DBS Bank recognizes three categories of Chinese enterprises going global: inherently internationalized companies, technology-exporting firms, and traditional companies gradually globalizing [7]. - The bank customizes its services to meet the diverse needs of these enterprises, such as providing global cash management and foreign exchange services for a technology company expanding overseas [7].