Investment Rating - The report maintains a "Buy" rating for Minsheng Bank [5][8] Core Views - Minsheng Bank's revenue increased significantly, with a year-on-year growth of 7.83% in the first half of 2025, while the decline in net profit attributable to shareholders narrowed to -4.87% [2][5] - The bank's net interest margin stabilized at 1.39%, with a slight decrease of 2 basis points from the first quarter of 2025 [2][17] - The bank's non-interest income grew by 25.00% year-on-year, contributing to the overall revenue structure [2][21] Financial Performance - In the first half of 2025, Minsheng Bank achieved an operating income of approximately 72.384 billion yuan, with net interest income accounting for 67.97% of total revenue [2][13] - The bank's total interest-earning assets reached 7.39 trillion yuan, reflecting a year-on-year growth of 2.75% [4][22] - The non-performing loan ratio stood at 1.48%, with a slight increase of 2 basis points compared to the previous quarter [4][27] Asset and Liability Structure - As of the first half of 2025, the bank's interest-bearing liabilities amounted to 6.67 trillion yuan, showing a year-on-year increase of 1.38% [4][26] - The composition of interest-bearing liabilities included deposits (64.64%), bond issuance (15.75%), and interbank liabilities (15.85%) [4][26] - The bank's provision coverage ratio was 145.1%, indicating a strong buffer against potential loan losses [4][27] Profitability Forecast - The report forecasts a decline in net profit attributable to shareholders for 2025, with expected growth rates of -2.06%, +1.48%, and +2.69% for the years 2025 to 2027 [5][7]

城农商行中，7家银行已官宣中期分红，包括宁波银行、上海银行、上海农商行、长沙银行、张家港农商行、 常熟农商行、苏州农商行。长沙银行于今年首次推出中期分红，拟派发8.04亿元，进一步响应"一年多次分 红"政策；上海农商行中期分红金额为23.24亿元；上海银行、宁波银行分红方案均为每10股派发3元现金股 利，分红金额分别为42.63亿元和19.81亿元。 本次中期分红比例超过30%的共有4家银行，分别是上海银行、交通银行、邮储银行、沪农商行。此外，还有 不少银行的分红"红包"仍在路上。譬如，招商银行明确以半年度归属于普通股股东净利润的35%用于现金分 红，股权登记日等细节将另行公告。 此外，值得一提的是，本次实施中期分红的银行队伍再度扩容，招商银行、常熟银行、宁波银行、苏农银 行、张家港行、江阴银行和长沙银行等7家银行均为上市以来首次实施中期分红。 具体来看，六大国有银行依然稳居分红"第一梯队"。其中，工商银行以503.96亿元的分红总额领跑，每10股 派发人民币1.414元。建设银行、农业银行紧随其后，分红总额分别为486.05亿元、418.23亿元，每10股分别 派发1.858元、1.195元；中国银行、邮储 ...

Core Viewpoint - The banking industry is undergoing a transformation focused on "anti-involution," emphasizing high-quality development and structural adjustments rather than mere scale expansion [1][10][18]. Group 1: Industry Trends - The term "anti-involution" was officially introduced in the banking sector by the People's Bank of China in its 2024 Q3 monetary policy report, highlighting the need to address the significant deviation in loan-to-deposit ratios affecting monetary efficiency [1][2]. - Recent earnings reports from banks indicate a shift in market focus from external shocks to internal structural adjustments, with many bank executives explicitly mentioning "anti-involution" in their statements [1][5][10]. Group 2: High-Quality Development - Many banks are now prioritizing high-quality development over scale, with key phrases like "stability," "solid," and "high quality" frequently appearing in their mid-year earnings calls [11][12]. - The consensus among banks is to abandon the scale obsession and focus on efficiency and quality, as articulated by various bank leaders [10][12][18]. Group 3: Pricing Mechanisms - Pricing strategies are being refined as a key approach to combat involution, with banks like Huaxia Bank and ICBC implementing rational pricing and risk-based pricing to maintain market order and support the real economy [5][6][12]. - The importance of synchronizing asset and liability sides in the anti-involution strategy is emphasized, as failure to do so could negate the benefits of reduced deposit costs [6][12]. Group 4: Non-Interest Income - Non-interest income is becoming a critical focus for banks to diversify revenue streams and reduce reliance on traditional credit, with many banks expanding into wealth management, investment banking, and pension finance [14][18]. - For instance, ICBC reported a non-interest income of 95.5 billion yuan, while Agricultural Bank of China highlighted a 94.6% increase in its pension finance loans [14][16]. Group 5: Policy Guidance - The need for policy guidance to establish a correct value system in the banking industry is recognized, with a focus on genuine credit demand and risk prevention [2][7]. - The government's emphasis on supply-side reforms and market order is seen as a positive signal for achieving sustainable development in the banking sector [7][18].

Core Viewpoint - The mid-year performance report for 2025 reveals that the ten listed joint-stock banks have shown a stable overall operational trend, with total assets reaching 73.38 trillion yuan and net profits totaling 278.125 billion yuan, while also exhibiting diverse development characteristics across the industry [2] Group 1: Asset Performance - Total assets of the joint-stock banks have generally increased, with the leading banks being China Merchants Bank and Industrial Bank, with total assets of 12.657 trillion yuan and 10.614 trillion yuan respectively, marking growth rates of 4.16% and 1.01% compared to the end of the previous year [3][4] - Among the ten banks, except for China Minsheng Bank and Bohai Bank, all other banks achieved positive growth in total assets [4] Group 2: Revenue and Profitability - Seven out of ten banks reported a year-on-year decline in operating income, with only Shanghai Pudong Development Bank, China Minsheng Bank, and Bohai Bank achieving revenue growth [5][7] - China Merchants Bank led in net profit with 74.930 billion yuan, showing a slight increase of 0.25% year-on-year, while four banks experienced a decline in net profit [8][9] Group 3: Net Interest Margin - The net interest margin has shown a significant downward trend, with eight out of ten banks continuing to decline, influenced by factors such as the reduction in the Loan Prime Rate (LPR) and adjustments in mortgage rates [9][10] - China Merchants Bank reported the highest net interest margin at 1.88%, although it decreased by 0.12 percentage points year-on-year [10][11] Group 4: Asset Quality - The non-performing loan (NPL) balances of all ten banks have increased compared to the end of the previous year, with Bohai Bank experiencing the fastest growth in NPLs, reaching 17.269 billion yuan, a 4.79% increase [12][13] - The highest NPL ratios were recorded by Bohai Bank (1.81%), Huaxia Bank (1.60%), and China Minsheng Bank (1.48%), while China Merchants Bank had the lowest at 0.93% [14] Group 5: Provision Coverage Ratio - The provision coverage ratio has decreased for seven banks compared to the end of the previous year, with Ping An Bank experiencing the largest decline of 12.23 percentage points [15] - China Merchants Bank has the highest provision coverage ratio at 410.93%, while China Minsheng Bank has the lowest at 145.06% [15]

（原标题：不再"规模至上"，银行行长纷纷表态"反内卷"） 21世纪经济报道记者张欣 北京报道 近期，"反内卷" 成为银行业发展进程中的核心议题，一场重塑行业生态的变革正加速推进。2024年7月中央政治局会议明确提出"强化行业自律， 防止内卷式恶性竞争"，同年 11 月人民银行《2024 年第三季度中国货币政策执行报告》首次用"内卷"形容银行业，直指存贷偏离度较大影响货币 效能。 近期，上市银行二季度数据陆续披露，市场关注点正发生显著转变。招商证券银行首席分析师王先爽在《银行反内卷：方向与希望 —2025 年中报 综述》中指出，相较于今年银行业一季报前后聚焦关税冲击，当下行业的核心关注点已转向"反内卷"。这一转变背后，是市场视角从外部环境冲 击向内部结构性调整的迁移。 本报记者梳理了部分银行高管在2025年中期业绩会上的表态，有银行高管明确提出了要"反内卷"，更多的银行管理层虽未直接提到"反内卷"，但 字字句句都离不开"反内卷"的内涵："高质量发展""扎实""稳""合理控制规模"都是高频词。 银行业反内卷，亟需政策引导建立正确价值观，聚焦信贷真实需求与流向，防范道德风险。在服务实体经济时，除规模与利率外，结算、 ...

Group 1: Donghai Securities - Donghai Securities was fined 60 million yuan by the China Securities Regulatory Commission for significant omissions and false records in its advisory role for Jinzhou Chihang Group's major asset restructuring in 2015, which is 2.55 times its net profit for the previous year and over half of its net profit for the first half of this year [1] - The fine may hinder Donghai Securities' ongoing IPO process, which has been in progress since March 2022, as regulatory bodies may require comprehensive internal control rectifications [1] - The company has faced frequent violations and management changes, with its investment banking revenue dropping 56.6% year-on-year in the first half of 2025, posing further challenges to its operations and IPO progress [1] Group 2: Minsheng Bank - Minsheng Bank reported a revenue of 72.384 billion yuan for the first half of 2025, a year-on-year increase of 7.83%, with a net interest margin rising by 1 basis point to 1.39% [2] - The bank's non-performing loan ratio was 1.48% as of June 30, 2025, an increase of 0.01 percentage points from the end of the previous year, while the proportion of special mention loans rose to 2.72% [2] - Minsheng Bank plans to distribute a cash dividend of 1.36 yuan per 10 shares to its A and H shareholders [2] Group 3: Sanxiang Bank - Sanxiang Bank reported a net loss of 214 million yuan for the first time in its nine-year history, primarily due to macroeconomic downturns and rising credit risks among small and micro enterprises [3] - The bank's shift from relying on personal loans through internet platforms to developing self-operated businesses like tax票 loans has led to increased losses due to insufficient risk control [3] - Frequent management changes and the introduction of talent from internet giants aim to drive digital transformation, but the bank's ability to return to profitability remains uncertain [3] Group 4: Jingjia Co. - Jingjia Co. announced that its controlling shareholder is involved in a significant lawsuit related to a borrowing contract dispute, with the amount in question reaching 67.85 million yuan [4] - Over the past year, the controlling shareholder and related parties have been involved in 15 major lawsuits, with a total amount exceeding 4 billion yuan [4] - The company's revenue and net profit for the first half of 2025 decreased by 16.56% and 32.54% respectively, indicating financial pressure [4] Group 5: Xiamen International Bank - Xiamen International Bank reported a revenue of 6.462 billion yuan for the first half of 2025, a year-on-year increase of 11.19%, with a net profit of 1.03 billion yuan, up 5.93% [4] - The bank's total assets and liabilities were 1.153 trillion yuan and 1.064 trillion yuan respectively, with a net asset value of 88.891 billion yuan [4] Group 6: Wenzhou Bank - Wenzhou Bank's revenue reached 4.664 billion yuan for the first half of 2025, reflecting a year-on-year growth of 14.23%, while its net profit increased by 2.43% to 1.146 billion yuan [4] - The bank's total assets and liabilities were 508 billion yuan and 477 billion yuan respectively, with a net asset value of 31.396 billion yuan [4] Group 7: Qingdao Bank - Qingdao Bank reported a revenue of 7.662 billion yuan for the first half of 2025, a year-on-year increase of 7.5%, with a net profit of 3.152 billion yuan, up 16.25% [5] - The bank's total assets and liabilities were 743 billion yuan and 696 billion yuan respectively, with a net asset value of 47.084 billion yuan [5] Group 8: Agricultural Bank of China - Agricultural Bank of China signed a significant agreement with Volant Aviation for 10 confirmed orders and 110 intended orders of aircraft, totaling a value of 3 billion yuan [6] - This partnership is supported by a 1 billion yuan credit facility from the Shanghai branch of Agricultural Bank of China [6] Group 9: Jiutai Rural Commercial Bank - Jiutai Rural Commercial Bank expects a net loss of 898 million yuan for the first half of 2025, primarily due to increased asset impairment losses despite rising revenue [7] - The bank anticipates a full-year net loss between 1.7 billion and 1.9 billion yuan for 2024, driven by reduced interest income and cautious credit risk assessments [7] Group 10: CICC - CICC appointed Wang Shuguang as the new president after a 16-month vacancy, with the company reporting a 43.96% increase in revenue and a 94.35% increase in net profit for the first half of 2025 [8] - The investment banking revenue surged by 149.70%, significantly contributing to the overall performance [8]

21世纪经济报道记者 边万莉 近日，民生银行（600016）发布2025年半年度报告，同步召开业绩发布 会。截至报告期末，截至报告期末，该行资产总额77,689.21亿元，比上年末减少460.48亿元，降幅 0.59%。2025年上半年，实现营业收入723.84亿元，同比增加52.57亿元，增幅7.83%；归属于公司股东 的净利润213.80亿元，降幅4.87%。 业绩发布会上，民生银行首席信息官张斌回答21世纪经济报道记者提问时表示，"AI是科技和银行运营 范式变革的重要驱动力，民生银行上半年持续提升体系能力，同时业务场景应用在向深度和广度扩展。 2025年上半年，实现了AI智能体平台部署应用，新增78个细分应用场景。2024年全年是80个应用场 景，今年半年已经和去年一年的规模基本持平。" 他进一步指出，民生银行的AI应用呈现加速趋势，这主要得益于两方面，一是始终注重企业级能力的 打造，二是有效的组织推动。2025年6月底大模型的应用日均调用量比去年年底增长了3倍。上半年的重 点应用包括授信尽调、零售营销、远程坐席、业务运营、知识问答等领域。 除大模型建设情况看，张斌还介绍了民生银行数字化转型支撑能力、赋 ...

Group 1 - The core viewpoint of the article highlights the successful identification and prevention of a fraudulent investment app by the staff of Minsheng Bank's Shantou Chaonan branch, protecting the client's funds from further loss [1][2][3] Group 2 - On July 31, during a transaction to adjust a client's non-counter withdrawal limit, the bank staff noticed unusual account activity, including frequent large transactions and numerous unfamiliar trading partners [2] - The client was investing in an app called "Jinrong China," claiming high returns and state-owned background, with over 10,000 yuan already deposited [2] - Upon investigation, the bank staff found the app to be poorly designed, with discrepancies in the claimed gold product prices compared to the legitimate market, and the payment accounts were linked to unknown individuals [2] - The staff reported the suspicious app to the local anti-fraud center, which confirmed it as a typical fraudulent investment platform with many reports from victims, complicating recovery efforts [2] - The bank staff, in collaboration with the anti-fraud center, successfully advised the client to cease investments in the app, ensuring the preservation of the client's funds [2][3] Group 3 - This case underscores the hidden dangers and risks of new financial scams, emphasizing the critical role of frontline bank employees as gatekeepers against financial risks [3] - With the rapid development of financial technology, illegal financial activities are evolving, often disguised as professional, state-backed, high-return investments [3] - It is essential for bank staff to continuously enhance their ability to recognize new scam patterns to prevent actual financial losses and fulfill their responsibilities in maintaining social stability and protecting public assets [3]

Core Viewpoint - China Minsheng Bank is implementing a fiscal interest subsidy policy for personal consumption loans to reduce consumer credit costs and stimulate consumer spending potential from September 1, 2025, to August 31, 2026 [1] Group 1: Fiscal Subsidy Execution Period and Scope - The subsidy applies to personal consumption loans used for consumption, excluding credit card transactions, with identifiable consumption transaction information [1] - The subsidy covers single transactions below 50,000 yuan and significant expenditures in key areas such as automobiles, education, and healthcare [1] Group 2: Fiscal Subsidy Standards - The annual subsidy rate is set at 1 percentage point, with a maximum of 50% of the loan contract interest rate [2] - The total subsidy limit for each individual customer is capped at 3,000 yuan, with a specific limit of 1,000 yuan for transactions below 50,000 yuan [2] Group 3: Fiscal Subsidy Rules - Customers must authorize China Minsheng Bank to access transaction information to qualify for the subsidy, which can be done through the bank's mobile app [3] - The signing of the subsidy agreement does not affect the normal application and use of personal consumption loans, but failure to sign will result in ineligibility for the subsidy [4] Group 4: Consumption Transaction Identification - The bank will identify transactions through system recognition or manual review to determine eligibility for the subsidy [5] Group 5: Subsidy Loan Interest Calculation and Settlement - The bank will calculate the subsidy amount daily based on the stipulated rate and limits, deducting it from the loan interest charged [6] - If a loan that has received a subsidy is later deemed ineligible, the bank reserves the right to reclaim the subsidy amount [6] Group 6: Additional Information - China Minsheng Bank will not charge any fees for processing the subsidy and advises customers to be cautious of potential fraud [7]

Core Viewpoint - Shanghai's new housing policy has led to a reduction in mortgage rates for existing loans and a minimum rate of 3.09% for new second-home loans, aligning them with first-home rates [1][3]. Group 1: New Mortgage Rates - The new policy eliminates the distinction between first and second home mortgage rates in Shanghai, with the specific rate determined by the market rate pricing mechanism and individual bank conditions [2][10]. - The minimum mortgage rate for new second-home loans in Shanghai is set at 3.09%, which is consistent with the first-home loan rate [3][2]. Group 2: Existing Mortgage Adjustments - Existing mortgage rates can be adjusted for eligible borrowers, particularly if their current rate exceeds the national average by more than 30 basis points [4][11]. - For example, a second-home loan with a current rate of 3.45% could potentially be reduced to 3.36% [6][4]. - The adjustment process will not incur any fees and will begin on September 1, 2025 [7][14]. Group 3: Implementation and Communication - Banks in Shanghai, including major institutions like ICBC and Bank of China, have issued announcements regarding the new mortgage rate adjustments [1][9]. - Borrowers can check their eligibility for rate adjustments through their respective banks starting September 1, 2025 [12][13].