Core Viewpoint - The banking industry is experiencing a wave of app closures, with many banks, including state-owned and city commercial banks, shutting down their independent apps, particularly in the credit card and direct banking sectors [2][3]. Group 1: App Closures and Mergers - Over 10 small and medium-sized banks have completed the shutdown of their credit card apps in 2024, with at least 6 more expected to follow by October 2025, integrating their functions into main mobile banking apps [3]. - China Bank has become the first state-owned bank to close its independent credit card app, "Bountiful Life," migrating all functions to the "Bank of China" app [2][3]. - The trend of closing direct banking apps began earlier, with at least 21 banks ceasing operations of their direct banking apps in 2023, reducing the number of such apps to less than one-tenth of their peak [3][8]. Group 2: Reasons for App Consolidation - The closure of multiple apps is driven by the need to reduce operational costs and improve user experience, as many independent apps have low user engagement and high maintenance costs [7][8]. - Regulatory pressures have accelerated the consolidation process, with financial authorities mandating banks to optimize or terminate apps that have low user activity and high compliance risks [8]. - The credit card industry is entering a contraction phase, with a decline in the number of credit cards issued and overall transaction activity, prompting banks to shut down underperforming apps [8]. Group 3: User Behavior and Market Trends - Users prefer a single app that offers comprehensive financial and lifestyle services, leading banks to recognize the importance of a unified digital experience [7][9]. - The banking sector is transitioning from a phase of aggressive app proliferation to a more rational approach, focusing on enhancing user engagement and operational efficiency [7][9]. - The decline in user engagement is evident, with only a few credit card service apps achieving over 10 million monthly active users, while many others struggle to maintain relevance [6][7].

Core Insights - The state-owned large bank sector saw an increase of 0.61% on November 10, with China Construction Bank leading the gains [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Bank Performance Summary - China Construction Bank (CCB) closed at 9.50, up 1.17% with a trading volume of 837,000 shares and a transaction value of 79.267 million [1] - Industrial and Commercial Bank of China (ICBC) closed at 8.12, up 0.87% with a trading volume of 2.2329 million shares and a transaction value of 1.801 billion [1] - Bank of Communications closed at 7.37, up 0.82% with a trading volume of 1.3817 million shares and a transaction value of 1.014 billion [1] - Postal Savings Bank closed at 5.83, up 0.52% with a trading volume of 1.1039 million shares and a transaction value of 641 million [1] - Agricultural Bank of China closed at 8.12, up 0.50% with a trading volume of 2.09 million shares and a transaction value of 1.689 billion [1] - Bank of China closed at 5.66, up 0.35% with a trading volume of 1.7441 million shares and a transaction value of 985 million [1] Fund Flow Analysis - The state-owned large bank sector experienced a net inflow of 385 million from institutional investors, while retail investors saw a net outflow of 107 million [1] - The detailed fund flow for individual banks shows that ICBC had a net inflow of 172 million from institutional investors, while it faced a net outflow of 67.16 million from retail investors [2] - Bank of Communications had a net inflow of 133 million from institutional investors, with a net outflow of 34.23 million from retail investors [2] - CCB had a net inflow of 57.239 million from institutional investors, but also faced a net outflow of 53.9629 million from retail investors [2] - Agricultural Bank of China had a net inflow of 10.959 million from institutional investors, while retail investors contributed a net inflow of 60.3273 million [2] - Bank of China experienced a net outflow of 20.5749 million from institutional investors, but had a net inflow of 12.2374 million from retail investors [2]

Core Insights - The article highlights the efforts of China Construction Bank's Jilin Branch in enhancing financial security through technology and community service initiatives [1][2][3][4][6][7] Group 1: Technological Advancements - The Jilin Branch is migrating its core systems to a domestically developed platform to ensure financial security [1] - The bank has established a "1+2+3+5+X" working system to support the revitalization strategy of Jilin, focusing on retail, corporate, and county-level services [3] Group 2: Community Engagement and Social Responsibility - The bank's financial service teams are actively engaging with local communities, providing assistance and education on financial matters [2] - Initiatives like the "Laborer’s Harbor" and "Veteran Station" have been set up to provide support and services to veterans and local residents [4] - The bank has launched various programs to enhance public awareness about financial safety and fraud prevention, reaching tens of thousands of people [5] Group 3: Support for the Real Economy - The Jilin Branch has provided timely loans to local businesses, significantly aiding their operational capabilities [3] - The bank's green finance initiatives have achieved a loan balance exceeding 30 billion yuan, focusing on ecological and renewable energy projects [3] - The bank has also established a robust agricultural loan portfolio, with nearly 10 billion yuan in loans to support rural development [6] Group 4: Employee Welfare and Organizational Culture - The bank promotes a supportive work environment through various employee engagement initiatives, including interest associations and health programs [6] - Recognition programs for outstanding employees foster a sense of belonging and motivation among staff [6][7]

Core Insights - The report highlights the significant growth and development of inclusive finance in China, particularly focusing on small and micro enterprises and rural areas, with a notable annual growth rate of over 20% in inclusive micro loans during the 14th Five-Year Plan period [1][2] - As of June 2025, the balance of inclusive micro loans reached 36 trillion yuan, which is 2.3 times that of the end of the 13th Five-Year Plan, with a decrease in interest rates by 2 percentage points [1][2] - The average interest rate for newly issued inclusive micro loans was 3.48% as of June 2025, reflecting a decrease of 66 basis points year-on-year [1][2] Group 1: Digital Empowerment - Digital technology has been a key driver for the development of inclusive finance, with banks utilizing big data and AI to enhance loan approval efficiency and reduce financing costs [2][7] - The market structure among banks is changing, with large commercial banks holding a 45.11% share of inclusive micro loans, while rural financial institutions have seen a decline in their market share [2][3] - The average growth rate of inclusive micro loans has been slowing down, with a decrease from 30.9% in 2020 to 12.3% by mid-2025 [2][3] Group 2: Performance of Listed Banks - Among listed banks, Agricultural Bank of China, Industrial and Commercial Bank of China, and Beijing Bank reported the highest growth rates in inclusive micro loans at 18.50%, 17.30%, and 17.27% respectively [3][4] - In contrast, some banks, including Shanghai Bank and Zhengzhou Bank, experienced negative growth rates of -3.97% and -2.06% [3][4] - The performance of different banks varies significantly, with state-owned banks generally showing stronger growth in inclusive micro loans compared to smaller banks [3][4] Group 3: Interest Rates and Risk Management - The interest rates for newly issued inclusive micro loans have decreased across various banks, with the highest rate at 4.20% and the lowest at 2.94% [7][8] - The gap in interest rates between large and small banks is narrowing, with some large banks' rates aligning closely with those of smaller banks [8][9] - The report emphasizes the importance of risk management in the inclusive finance sector, with several banks focusing on improving asset quality and managing non-performing loans [9][10]

第八届进博会期间，笔者应邀赶赴长三角区域的历史文化名城和产业重镇湖州；着重对其行政辖区内的 南太湖新区进行调研，并和当地实践者进行发展规划交流。调研中，笔者同步也接触了和南太湖新区相 邻的长兴县、吴兴区的相关机构和国企负责人。东道主们对于湖州是两山理论的发源地，均感特别自 豪；同时强调南太湖新区正在阔步迈向绿色金融新赛道。 在南太湖新区，就有一家以临床用药需求为导向的创新生物药研发生产企业；其对金融服务的需求很迫 切。以往，我在上海的调研中就感知到金融机构对于新产业研发，是有畏难情绪的；即担心投资失败而 出现坏账。而新药研发，就像闯入一个看不见底的"深水区"。每一个阶段的推进，背后都是数以百万 计、千万计的资金投入。不过，在南太湖新区，就有些敢于探索新机制的先行者。如面对生物制药行业 高投入、长周期的特性，尤其是目前企业处于发展关键期，需要更多资金支持加速研发工作的推进现 状，建行湖州南太湖新区支行相关负责人敏锐地意识到，支持原创性、突破性的新药研发，正是科技金 融最重要的使命所在。 即建行湖州分行没有固守成规，而是迅速启动了应急响应机制，与南太湖新区管委会紧密联动，组建了 一支由前中后台业务骨干构成的专业服 ...

Core Insights - Recent trends show banks like Agricultural Bank of China and China Construction Bank entering the real estate market with "bank direct supply houses," offering properties at prices up to 25% lower than market value, such as a property priced at 2 million being sold for 1.5 million [1][3] - The low-priced properties are part of banks' strategy to accelerate the disposal of non-performing assets, primarily consisting of collateral obtained through judicial processes, with banks opting for direct sales to quickly recover funds [3][4] - The direct supply houses offer clear property rights, alleviating concerns over hidden debts, but the low prices also indicate challenges in the judicial auction market, where the average discount rate for auctioned properties has been 31% since June, leading to increased instances of unsold properties [4][5] Investment Perspective - From an investment standpoint, bank direct supply houses present potential opportunities for bargain purchases; however, investors should be cautious as these properties are often located in third and fourth-tier cities or non-core areas, which may lead to liquidity issues when reselling [5][6] - Investors should remain patient and monitor price fluctuations, as banks may frequently adjust prices to achieve quick sales, making it essential to understand local real estate markets to ensure successful future transactions [5][6] - Overall, while bank direct supply houses offer potential investment opportunities, careful consideration of property location, liquidity, market trends, and pricing strategies is crucial for minimizing risks [6]

Group 1: Event Overview - The 15th National Games officially commenced on November 9, marking the first time the event is co-hosted by Guangdong, Hong Kong, and Macau, featuring a large scale and diverse participation [1] - Financial institutions have mobilized to support the event, with the People's Bank of China Guangdong Branch leading efforts to implement financial services aimed at enhancing the sports industry [1] Group 2: Green Financing Initiatives - The construction of renovated sports venues in Guangzhou, including the Tianhe Sports Center, was supported by over 100 million yuan in funding from China Construction Bank [2] - A total of 700 billion yuan in credit support has been provided for infrastructure projects related to the National Games, with nearly 200 billion yuan allocated to green infrastructure projects [2] Group 3: Payment Experience Enhancements - The Bank of China Guangdong Branch has upgraded services allowing Hong Kong and Macau residents to open mainland accounts remotely, enhancing accessibility for event participants [3] - A comprehensive payment settlement system has been established, featuring ATMs, currency exchange machines, and POS systems to cater to diverse payment needs for attendees [3] Group 4: Digital Currency Innovations - Agricultural Bank of China has introduced digital RMB self-service devices at event dining locations, allowing for quick and interactive payment experiences [4] - Consumers can purchase tickets for the National Games using digital RMB through the Industrial and Commercial Bank of China's online platform [4] Group 5: Security Financing Support - China Bank provided critical financial support to security service providers for the event, facilitating quick loan approvals and efficient payroll solutions [5] - Agricultural Bank of China offered 1.21 million yuan in funding to a sports development company, aiding in the construction of a new multi-sport facility [6] Group 6: Consumer Market Activation - The Industrial and Commercial Bank of China launched a commemorative credit card for the National Games, offering discounts on tickets and at various merchants [7] - Over 200 billion yuan has been financed for sports-related enterprises, with more than 1 billion yuan allocated for promotional activities to stimulate consumer spending [7]

Core Insights - The People's Bank of China reports rapid growth in green loans, highlighting the importance of green finance in supporting economic transformation and the construction of a beautiful China [1][2] Credit Supply Increase - China's financial institutions are enhancing the quality of financial supply for green transformation, with a focus on increasing credit supply to green and environmental protection sectors [2][3] - As of July, the balance of green loans at China Construction Bank exceeded 5.74 trillion yuan, accounting for over 20% of total loans [2] - The implementation of the "High-Quality Development Implementation Plan for Green Finance in the Banking and Insurance Industries" aims to optimize credit supply [2] Green Loan Growth - The balance of green loans in both domestic and foreign currencies reached 43.51 trillion yuan by the end of Q3 2025, marking a 17.5% increase from the beginning of the year [3] - The increase in green credit supply is expected to extend the coverage of green finance and promote low-carbon development in key industries [3] Product Innovation - Financial institutions are innovating in the carbon market, providing diverse green financial products to support low-carbon development [4][5] - The introduction of carbon pledge financing allows companies to use carbon emission quotas as collateral for loans, representing a significant financial innovation [4] Carbon Finance Integration - Carbon pledge financing is a key attempt to integrate carbon markets with financial markets, enhancing the financial functionality of carbon assets [5][6] - The participation of securities firms in carbon trading is expected to improve price discovery and market liquidity [6] Transition Finance - Transition finance is emerging to support the green transformation of high-carbon industries, which are crucial for China's industrial development [7][8] - Financial institutions are encouraged to explore new financing channels for traditional industries, such as using pollution rights as collateral [8] Standards and Disclosure - The establishment of a unified standard for green finance projects is crucial for promoting transition finance and achieving carbon neutrality goals [8][9] - Improving the quality of information disclosure for transition entities is essential for reducing financing costs and facilitating low-carbon transformation [9]

Core Insights - The digital RMB has made significant progress in the cross-border payment sector, with recent developments including the launch of merchant payment services in Hong Kong by Hang Seng Bank in collaboration with China Construction Bank [1][2] Group 1: Market Developments - Hang Seng Bank and China Construction Bank have introduced digital RMB merchant payment services in Hong Kong, allowing consumers to use digital RMB wallets at over 100 local merchants [1][2] - The digital RMB International Operations Center in Shanghai has commenced operations, alongside the establishment of a digital RMB Operations Management Center in Beijing, aimed at facilitating cross-border applications and international development of the digital RMB [1][6] Group 2: Strategic Initiatives - The People's Bank of China (PBOC) is focusing on enhancing cross-border payment cooperation with Hong Kong, exploring various financial technology innovations to promote economic integration [3][4] - The PBOC has outlined principles for the infrastructure of digital currencies, emphasizing compliance, interoperability, and non-disruption [3] Group 3: Infrastructure Development - The Shanghai digital RMB International Operations Center has launched three major platforms: a cross-border digital payment platform, a blockchain service platform, and a digital asset platform, all aimed at addressing traditional cross-border payment challenges [6][7] - The Beijing digital RMB Operations Management Center is tasked with the construction and maintenance of the central bank's digital RMB system, promoting a secure and efficient digital RMB ecosystem [6][7]

Core Viewpoint - The article highlights the recent advancements in the deployment of digital RMB in the cross-border payment sector, emphasizing collaborations and infrastructure developments that enhance its application and internationalization [1][2]. Market Developments - Hang Seng Bank, in collaboration with its subsidiary Hang Seng China and China Construction Bank, has launched a digital RMB merchant payment service in Hong Kong, expanding its use in retail consumption [2][3]. - Consumers can now use digital RMB wallets at over 100 local merchants in Hong Kong across various sectors, including dining, tourism, electronics, and clothing [3]. - The initiative aims to increase the usage of digital RMB in Hong Kong and strengthen its position as an offshore RMB business hub [3]. Infrastructure Advancements - The Digital RMB International Operation Center in Shanghai has commenced operations, alongside the establishment of the Digital RMB Operation Management Center in Beijing, both aimed at facilitating cross-border applications and international development of digital RMB [2][6]. - The Shanghai center is responsible for building and operating the cross-border and blockchain infrastructure for digital RMB, while the Beijing center focuses on the core infrastructure for the central bank's digital RMB system [7]. Future Directions - The People's Bank of China (PBOC) is exploring new cross-border payment solutions using digital RMB, emphasizing principles of "no loss," "compliance," and "interconnectivity" in the development of digital currency infrastructure [4][5]. - The PBOC plans to promote multilateral central bank digital currency bridge cooperation and leverage digital RMB platforms for cross-border payment collaborations [5]. Accelerated Application Progress - The application of digital RMB in cross-border payments has significantly accelerated in 2023, with the establishment of the Digital RMB International Operation Center and the introduction of three major business platforms [6]. - These platforms include a cross-border digital payment platform, a blockchain service platform, and a digital asset platform, each addressing specific challenges in traditional cross-border payments and enhancing digital financial services [6].