粤港澳大湾区的金融天际线上，即将迎来一对耀眼的AIC"双子星"。 在近日的深圳国际金融大会上，招商银行行长王良透露，旗下金融资产投资公司（AIC）即将开业。南 都湾财社记者进一步获悉，该AIC已确定落子深圳。与此同时，另一家股份行旗下AIC也即将落地广 州。两家股份行AIC相互呼应，标志着大湾区将迎来AIC"双子星"时代。 在专家看来，两家AIC落地大湾区，是基于大湾区与科创金融、股权投资之间高度的战略契合和独特的 禀赋优势。它们将以更具耐心的中长期资本和灵活的综合金融方案，推动大湾区科创金融供给结构深化 升级，显著增强对实体经济的服务深度与韧性。 两家AIC将分别落地广深 近期，AIC动态频传。 11月16日，兴业银行旗下AIC兴银投资在福州揭牌成立并举行签约仪式。至此，我国首家股份行旗下 AIC正式成立。 三天后，在深圳国际金融大会上，招商银行行长王良表示，旗下金融资产投资公司（AIC）近期即将开 业。南都湾财社记者了解到，该AIC将落地深圳。实际上，今年8月份，深圳金融监管局就曾对外表 示，"招商银行AIC获批在深筹建"。 此外，南都湾财社记者还获悉，另一家股份行旗下AIC也将落地广州。 首家股份行AI ...

Core Viewpoint - Industrial Bank has received approval for its wholly-owned subsidiary, Xingyin Financial Asset Investment Co., Ltd., to commence operations, marking a significant entry of joint-stock banks into the market-oriented debt-to-equity swap business, traditionally dominated by state-owned banks [1][2]. Group 1: AIC Market Restructuring - Financial Asset Investment Companies (AICs) serve as the core platform for commercial banks to engage in market-oriented debt-to-equity swaps, established following a 2016 directive aimed at reducing corporate leverage [2]. - The approval of Xingyin Investment as the first joint-stock bank AIC follows a policy shift in May 2025, allowing qualified national commercial banks to establish AICs, with several banks, including CITIC Bank and China Merchants Bank, also in the process of establishment [2][3]. Group 2: Competitive Differentiation - Joint-stock banks' AICs generally maintain registered capital between 10 billion to 15 billion RMB, with China Merchants Bank leading at 15 billion RMB, while Industrial Bank and CITIC Bank are at 10 billion RMB, reflecting their commitment to AIC business prospects [3]. - Each bank's AIC emphasizes support for technological innovation and private enterprises, with Industrial Bank focusing on optimizing capital structures to reduce leverage for these sectors [3][4]. Group 3: Financial System Transformation - The rapid expansion of AICs represents a structural reform in China's financial system, allowing banks to convert debt into equity, thereby diversifying risks and enhancing direct financing [5]. - The inclusion of joint-stock banks enriches the AIC market, enabling better service for small and medium-sized enterprises and emerging industries, contrasting with state-owned banks' focus on large state-owned enterprises [5][6]. Group 4: Future Competitive Landscape - A comprehensive competition is emerging around project acquisition, valuation, post-investment management, and exit mechanisms, with joint-stock banks needing to carve out new paths in a field long dominated by state-owned banks [6].

Core Insights - The establishment of Zhongyou Investment marks the completion of the AIC licensing for all six major state-owned banks in China, indicating a significant development in the banking sector [1][2][4] - The move is seen as a response to national calls for enhancing financial services and supporting technological innovation, aiming to improve the bank's comprehensive service capabilities [4][5] Group 1: AIC Establishment - Postal Savings Bank has received approval from the National Financial Supervision Administration to establish Zhongyou Investment, which will be a wholly-owned subsidiary with a registered capital of 10 billion RMB [2][4] - The establishment of Zhongyou Investment is part of a broader trend where banks are exploring lighter transformation and supplementing existing business models through AICs [1][6] Group 2: Market Context - The approval of Zhongyou Investment completes the AIC setup for the six major state-owned banks, with the total number of bank-affiliated AICs in China now reaching nine [6] - The expansion of AICs aligns with regulatory support for banks to invest in technology-driven enterprises, enhancing their ability to meet diverse financing needs [5][6] Group 3: Opportunities and Challenges - AICs are expected to complement traditional banking services, allowing banks to engage in equity investments and support early-stage technology projects, which traditional credit systems may overlook [6][7] - However, banks face challenges in managing risks associated with equity investments, particularly given the long cycles and uncertainties of tech projects, necessitating a reevaluation of risk management strategies [7]

Group 1 - Postal Savings Bank of China (601658.SH) has received approval from the National Financial Supervision Administration to establish China Post Financial Asset Investment Co., Ltd. (tentative name), marking a significant step in the bank's comprehensive operational strategy [1] - The registered capital of China Post Investment will be RMB 10 billion, and it will operate as a wholly-owned first-level subsidiary of Postal Savings Bank [1] - The establishment of China Post Investment is aimed at enhancing the bank's comprehensive service capabilities and supporting technological innovation and private enterprises through market-oriented debt-to-equity swaps and equity investment pilot projects [1] Group 2 - The approval of Postal Savings Bank's AIC expands the national commercial banks' AIC lineup to nine, following the initial five major state-owned banks that were approved in 2017 [2] - The AIC pilot program has seen significant expansion, with the investment scope extending from Shanghai to 18 cities, including Beijing and Tianjin, as of September 2024 [2] - The total asset scale of the five major AICs is projected to reach RMB 602.7 billion by the end of 2024, potentially increasing equity investment by approximately RMB 36 billion and leveraging social funds by around RMB 180 billion [2] Group 3 - The expansion of AIC licenses from state-owned banks to joint-stock banks indicates a growing interest among various financial institutions in establishing AICs, which can leverage parent banks' corporate client networks to discover projects and provide stable support for technology innovation enterprises [3] - Commercial banks can offer integrated financial services such as "equity-loan linkage," contributing to a more sustainable risk-return balance [3]

邮储银行百亿入局 AIC将集齐"六大行" 继三家股份行获准筹建金融资产投资公司(即"AIC")后，又一大行将携百亿资金入局——邮储银行拟出 资100亿元发起设立中邮金融资产投资有限公司(暂定名，以下简称"中邮投资")，相关事项目前正待监 管部门核准。 这一举动不仅有望实现国有六大行在AIC领域的全体"集结"，更将推动银行系AIC市场形成"国有大行全 阵容+股份行新势力"的竞争新格局。随着行业布局深化，银行系AIC行业发展路径又将呈现怎样的新特 征？ 又一国有大行展开布局 国有大行有望在AIC领域迎来"总动员"。7月16日晚间，邮储银行发布公告称，该行拟出资人民币100亿 元，全资发起设立中邮投资，并将其作为全资一级子公司管理，具体业务范围以有关监管机构批复为 准。公告显示，中邮投资将严格遵循各项法律法规及监管规定，建立完善的公司治理结构，在做好风险 管理基础上开展各项业务。 邮储银行表示，此次设立AIC是响应国家号召、服务科技强国建设的重要举措，有利于邮储银行提升综 合服务能力，做好金融"五篇大文章"，打造科技金融生力军，进一步发挥对科技创新和民营企业的支持 作用，助力新质生产力发展，更好服务实体经济。 对于 ...

Core Points - The establishment of Asset Investment Companies (AICs) by joint-stock banks aims to enhance equity investment support for technology enterprises [1][5] - The approval of AICs for three joint-stock banks (China Merchants Bank, Industrial Bank, and Citic Bank) signifies a move towards diversifying the financing system and addressing the financing difficulties faced by enterprises [2][5] - The new AICs will enable banks to transition from traditional funding intermediaries to comprehensive financial service providers, enhancing their investment capabilities and optimizing income structures [6][7] Summary by Sections Establishment of AICs - China Merchants Bank has received approval to establish its AIC with a registered capital of RMB 150 billion, making it a wholly-owned subsidiary [1] - Industrial Bank and Citic Bank have also received approvals for their AICs with registered capitals of RMB 100 billion each [2][3] Policy Implications - The expansion of AICs is part of a broader financial supply-side structural reform aimed at strengthening counter-cyclical adjustment capabilities while serving the real economy and mitigating risks [7] - The policy encourages joint-stock banks to participate in AICs, promoting a more diversified investment and financing system [4][5] Benefits for Banks and Enterprises - AICs will provide comprehensive financial services throughout the lifecycle of enterprises, particularly benefiting high-growth technology firms [5][6] - The establishment of AICs is expected to create new revenue streams for banks, including transaction settlements and fee income from enhanced cooperation with technology companies [7] Challenges and Considerations - AICs face challenges in balancing traditional risk-averse banking practices with the high-risk nature of technology investments [9] - There is a need for AICs to enhance their research and investment capabilities by increasing professional talent reserves and developing a differentiated operational structure [9]

5月7日，国家金融监督管理总局局长李云泽在国新办新闻发布会上表示："支持符合条件的全国性 商业银行设立金融资产投资公司（AIC），近日即将陆续批复。今天我们就会批复一家，推动加大对科 创企业的投资力度。" 当日，国家金融监督管理总局发布《关于筹建兴银金融资产投资有限公司的批复》，同意兴业银行 筹建兴银金融资产投资有限公司（名称暂定）。 国家金融监督管理总局进一步表示，该行应严格按照有关法律法规要求办理筹建事宜，自批复之日 起6个月内完成筹建工作。筹建工作接受国家金融监督管理总局的监督指导。筹建期间不得从事金融业 务活动。筹建工作完成后，应按照有关规定和程序向国家金融监督管理总局提出开业申请。 今年3月5日，国家金融监督管理总局发布《关于进一步扩大金融资产投资公司股权投资试点的通 知》，支持符合条件的商业银行发起设立AIC。 此次兴业银行筹建AIC获批，意味着全国性股份制银行正式加入AIC阵容。目前全国共有五家 AIC，均成立于2017年，且均为5家国有大行旗下全资子公司，分别为工银金融资产投资有限公司、农 银金融资产投资有限公司、中银金融资产投资有限公司、建信金融资产投资有限公司、交银金融资产投 资有限公司。 ...

业内人士表示，随着全国性股份制银行的加入，AIC或将成为银行参与科技金融和股权市场的重要 途径之一，这也有利于银行业高质量发展。 新增2家申请设立AIC 今年3月5日，国家金融监督管理总局发布《关于进一步扩大金融资产投资公司股权投资试点的通 知》明确，支持符合条件的商业银行发起设立AIC。 5月7日，国家金融监督管理总局局长李云泽在国新办新闻发布会上表示，支持符合条件的全国性商 业银行设立AIC，近日即将陆续批复。当天，兴业银行筹建AIC获批，这也是首家全国性股份制银行 AIC获批。 银行系AIC（金融资产投资公司）队伍正加速扩容。继5月7日国家金融监督管理总局发布《关于筹 建兴银金融资产投资有限公司的批复》，同意兴业银行筹建兴银金融资产投资有限公司（名称暂定） 后，5月8日，中信银行、招商银行均发布了有关出资设立AIC的公告。 2020年，原中国银行保险监督管理委员会陆续批准5家AIC通过其附属机构，在上海开展不以债转 股为目的的股权投资。2024年9月24日，国家金融监督管理总局发布相关政策，明确将AIC股权投资试 点范围由上海扩大至北京、天津、重庆、南京等18个大中型城市，同时放宽股权投资金额和比例限制 ...

Core Viewpoint - The establishment of Asset Investment Companies (AICs) by major banks, including Postal Savings Bank's investment of 10 billion RMB, signifies a strategic move to enhance support for technology innovation and improve financial services for the real economy [1][2]. Group 1: AIC Establishment and Purpose - Postal Savings Bank plans to invest 10 billion RMB to establish China Post Financial Asset Investment Company, joining the ranks of other major banks in the AIC sector [1]. - The establishment of AICs is seen as a response to national calls for supporting technological advancements and enhancing the comprehensive service capabilities of banks [2]. - Since 2025, three other banks have been approved to set up AICs, indicating a growing trend among financial institutions to engage in this area [2]. Group 2: AIC's Role and Evolution - Initially, AICs were focused on resolving non-performing assets and conducting market-oriented debt-to-equity swaps, but their role has evolved to support equity investments in technology enterprises [4][5]. - The shift in AIC functions aligns with China's economic restructuring, emphasizing the importance of technological innovation for high-quality economic development [4][5]. - AICs are now positioned to provide long-term capital for technology innovation, reflecting a broader trend in the banking sector to support strategic emerging industries [6][8]. Group 3: Market Impact and Future Outlook - The collective involvement of the six major state-owned banks in AICs is expected to strengthen support for large state-owned enterprises and strategic emerging industries, creating a competitive landscape in the AIC market [2][3]. - Recent data shows significant investments by bank-affiliated AICs in technology sectors, with cumulative investments reaching nearly 400 billion RMB in market-oriented debt-to-equity swaps and equity investments [7]. - Experts suggest that AICs need to balance prudent management with innovative development to effectively support technological advancements and adapt to the evolving financial landscape [8].

Core Viewpoint - Postal Savings Bank of China plans to establish a financial asset investment company with a capital of RMB 10 billion, responding to national calls and supporting the construction of a technology-driven economy [2][6]. Group 1: Company Initiatives - The establishment of the investment company, named China Post Investment, will be managed as a wholly-owned first-level subsidiary of Postal Savings Bank [2][6]. - This investment is part of a broader trend where financial asset investment companies (AICs) are expanding, with three other banks receiving approval to establish AICs in 2025 [2][5]. Group 2: Industry Context - AICs are an innovative product of China's financial system reform, with five existing AICs established by major state-owned banks since 2017, primarily to manage non-performing assets [4]. - Recent regulatory changes have expanded the scope for AICs, allowing more national commercial banks to establish their own AICs and increasing investment in strategic emerging industries and infrastructure [5][6].