Core Insights - The article emphasizes the abundance of bank wealth management products with similar names and vague characteristics, urging investors to carefully select and differentiate among them [1] - The South Finance Wealth Management team aims to reduce investors' selection costs by focusing weekly on the performance of wealth management products available through various distribution channels [1] Summary by Category Performance Rankings - The current focus is on the performance of public offering products with a minimum holding period in RMB, categorized by holding periods of 7 days, 14 days, 30 days, and 60 days, with annualized returns as the performance metric [1] - The ranking includes 28 distribution institutions such as Industrial and Commercial Bank of China, Bank of China, Agricultural Bank of China, and others [1] Product Availability - The list of products is based on their "on-sale" status, which is determined by their investment cycle; however, actual availability may vary due to factors like sold-out quotas or differences in product listings for different customers [1] - Investors are advised to refer to the actual display on the distribution bank's app for the most accurate information [1] Weekly Updates - The article provides a weekly update on the performance of wealth management products, with specific attention to the lowest holding period products for the week of October 27 to November 2 [5][8][11]

Core Viewpoint - Huishang Bank's remote video service project ranked among the top eight in the "Ecological Innovation" category at the "2025 Customer Service Center and Remote Banking Intelligent Innovation Application Competition," showcasing the bank's innovative strength in remote financial services [1] Group 1: Platform Foundation - Huishang Bank's customer service center aims to create an integrated remote service platform that combines remote banking operations, call handling, and video services, leveraging technologies like large models and virtual digital humans to support intelligent business development [2] - The platform enables unified personnel scheduling, routing, and data processing, facilitating multi-channel service collaboration and improving operational efficiency while reducing system costs [2] Group 2: Technology Empowerment - The customer service center integrates advanced technologies to build a secure, efficient, and intelligent service capability, overcoming traditional service bottlenecks with high-definition video, low-latency communication, and adaptive bandwidth adjustment [3] - Enhanced identity verification mechanisms, including facial recognition, liveness detection, digital certificates, and end-to-end encryption, are implemented to mitigate business risks [3] - The system is deeply integrated with core business and CRM systems, allowing staff to access real-time customer information and utilize intelligent script recommendations to better understand customer needs [3] Group 3: Scenario Expansion - The customer service center is expanding its remote service capabilities, transitioning business models from offline to online, exemplified by the personal loan approval process that can now be completed online in under three minutes, achieving a customer satisfaction rate of 99.88% [4] - This online model significantly enhances operational efficiency and addresses service gaps during non-business hours, ensuring continuous service availability [4] Group 4: Experience Optimization - The bank emphasizes user-friendly design and social responsibility, providing tailored remote video services for elderly customers, enhancing their experience with features like real-time guidance and visual aids [5] - Innovations such as dual-screen collaboration and real-time annotation allow staff to visually demonstrate processes, improving communication efficiency and customer understanding [5] Group 5: Future Development - Huishang Bank's customer service center has established a customer-centric, intelligent, and multi-channel collaborative remote service system, with plans to further expand the breadth and depth of remote services [6] - The focus will be on optimizing customer experience through intelligent integration and data empowerment, ensuring safe, convenient, and warm financial services reach more households [6]

招联首席研究员、上海金融与发展实验室副主任董希淼表示，电商平台往往会配合大的促销节点推出分期免息、支付减免等活动吸引消费者，这成为电商 平台运营促销活动、拉动消费增长的重要工具。消费贷款、消费分期等消费信贷产品往往金额较小，其使用场景、便捷程度和良好体验，是消费者选择的 重要考量。 绑卡满减、分期免息、消费返现 "双11"银行优惠密集上线 赶在"双11"来临前，多家商业银行通过联合电商平台推出绑卡满减、分期免息、消费返现等多重优惠。 今年"双11"期间，中国银行联合支付宝推出消费立减活动。本活动仅限中国银行储蓄卡支付宝绑卡用户，用户报名活动后，通过支付宝选择中国银行储蓄 卡支付，有机会在线上消费或者线下到店消费时享受天天减优惠。 预热期（2025年10月20日-10月30日）连续5日(含报名当日）内，单笔订单满50元可享随机立减0.2元至11.11元；大促期（2025年10月31日-11月11日）连续 7日（含报名当日）内，单笔订单满100元可享随机立减0.5元至11.11元。 招商银行推出"砸金蛋天天返现"活动，2025年10月10日-11月15日，参与者至高抽1111元消费返现券。首绑京东支付至高128元 ...

Core Insights - The annual "Double Eleven" shopping festival has prompted banks to launch various promotional activities to boost consumer spending and capture market share [1][10] - Banks are offering tailored discounts and incentives for credit and debit card users, aiming to stimulate business growth during the shopping season [1][10] Group 1: Bank Promotions - Banks are introducing diverse credit card offers, including "full reduction" discounts and interest-free installment plans for high-value purchases [1][2] - China Bank's "Installment Enjoy Discount" campaign provides tiered discounts based on purchase amounts on platforms like Taobao and JD [2] - Huishang Bank's promotion offers discounts up to 400 yuan for purchases on mobile Taobao, valid until November 20 [3] Group 2: Consumer Loan Expansion - Banks are actively expanding consumer loan services to compensate for declining housing loan growth, as the real estate market is still recovering [5] - The continuous reduction in interest rates, including the LPR remaining at historical lows, is facilitating the growth of consumer loans [6][7] Group 3: Policy Support - The Ministry of Commerce and other departments have issued measures to promote service consumption, including financial support for consumer loans [9][10] - The policies encourage financial institutions to innovate products tailored to service consumption needs, combining government subsidies with financial support and merchant discounts [9][10]

Investment Rating - The report maintains a positive outlook on the banking sector, suggesting that several banks are undervalued based on their asset quality and excess provisioning metrics [4][3]. Core Insights - The valuation premium of banks typically arises from their middle-income and liability advantages, while valuation discounts are often due to concerns over asset quality [2][10]. - The report introduces two key indicators: "broad non-performing asset ratio" and "excess provisioning profit multiple" to objectively assess and compare the current asset quality status of banks [2][10]. - A total of 56 AH-listed banks are analyzed, expanding from the previous report's focus on 42 A-share listed banks, to provide a comprehensive overview of excess provisioning levels and trends [2][10]. Summary by Sections 1. Introduction: Significance of Asset Quality - The report emphasizes the importance of objectively assessing asset quality, as it significantly impacts bank valuations and performance [10]. 2. How to Objectively Assess Bank Non-Performing Assets - Traditional asset quality indicators may not accurately reflect the true provisioning situation due to inconsistent standards and incomplete coverage of assets [14]. - The report proposes a "broad non-performing asset ratio" to better capture the credit risk within banks [14][15]. 3. Construction of Excess Provisioning Profit Multiple Indicator - The excess provisioning profit multiple is constructed to measure the performance elasticity of banks, indicating their potential for future earnings recovery [7][14]. - The report highlights that banks with higher excess provisioning ratios, such as Hangzhou Bank, show strong risk mitigation capabilities [7][14]. 4. Valuation from the Perspective of Broad Excess Provisioning - The long-term correlation between bank valuation levels and ROE is noted, with excess provisioning contributing to performance and valuation improvements [3][4]. - Several banks, including Wuxi Bank and Agricultural Bank (H), are identified as being significantly above the PB-excess provisioning profit multiple regression line, indicating potential investment opportunities [3][4].

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 徽商銀行股份有限公司 呈交日期: 2025年10月8日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03698 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,478,750,000 | RMB | | 1 | RMB | | 3,478,750,000 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 3,478,750,000 | RMB | | 1 | RMB | | 3,478,750,000 | | ...

今年上半年，徽商银行坚持"稳中求进"总基调，交出了一份规模、效益、质量协同提升的高质量发 展"中期答卷"。近期，徽商银行发布2025年半年度业绩报告，报告期内，徽商银行实现营业收入211.57 亿元，同比增长2.25%，净利润93.28亿元，同比增长3.81%，实现营收与净利润双提升，盈利水平保持 城商行前列。 在英国《银行家》杂志2025年全球银行1000强榜单中，徽商银行跃升至第101位，较上年上升11位；在 最新一期的"中国银行业前100名单"中位列第23位，较上年再进1位。 这一张优异的成绩单，得益于徽商银行始终坚持与国家战略、地方发展同频共振，将自身发展融入安徽 大局，深耕科技创新、普惠小微、绿色金融等重点领域，绘就城商行服务实体经济的高质量发展新篇 章。 主要经营指标持续向好 整体来看，2025年上半年，徽商银行经营效益稳步提升，资产质量稳中向好。 资产规模上，徽商银行资产负债总额均实现两位数增长，6月末资产总额达到22518.54亿元，较年初增 长11.82%，负债总额达到20852.96亿元，较年初增长12.59%。基本面持续改善的背后，体现的是该行加 速优化资产负债结构，提升客户服务效能的坚 ...

Core Viewpoint - The implementation of the new regulatory policy, referred to as the "Assisted Loan New Regulations," will significantly reshape the landscape of the assisted loan industry by establishing clear compliance boundaries for commercial banks' internet-assisted loan businesses [1][3]. Group 1: Regulatory Changes - The new regulation, effective from October 1, 2025, mandates commercial banks to adopt a "list management" system for assisted loan cooperation institutions, which has led to a lack of transparency regarding the cooperation lists of major banks [4][5]. - The regulation imposes strict controls on "comprehensive financing costs," particularly targeting products with annualized comprehensive costs exceeding 24%, which poses a challenge to existing business models in the assisted loan sector [1][9]. Group 2: Market Dynamics - The disclosed cooperation lists indicate a trend where major internet giants are preferred partners for banks, leading to a concentration of funds and resources in the hands of a few leading institutions [5][6]. - Various banks have begun to reveal their cooperation lists, with significant participation from both state-owned and private banks, although the six major state-owned banks have yet to disclose their lists [4][6]. Group 3: Business Models and Strategies - Banks like Ping An Bank have developed platforms such as the "Smart Loan Platform" to enhance compliance and safety while expanding their internet credit ecosystem, reflecting a shift towards more regulated and secure lending practices [7]. - Some banks are reconsidering their involvement in assisted loan businesses due to high default rates and rising customer acquisition costs, which are compressing profit margins [7]. Group 4: Financial Implications - The new regulations are expected to create a significant stratification in funding sources, with high-interest assets losing bank support while assets with annualized rates below 24% become highly competitive [9][10]. - Trust funds have seen a temporary increase in demand as an alternative funding source, but their higher costs and regulatory constraints limit their sustainability [10]. Group 5: Regulatory Focus Post-Implementation - Post-implementation, regulatory scrutiny will focus on pricing transparency and comprehensive cost control, particularly regarding the inclusion of service fees in the overall financing costs [11]. - The regulatory authorities will also evaluate banks' risk management capabilities and their adherence to core responsibilities in the assisted loan sector [11].

Core Viewpoint - The article highlights the efforts of Huishang Bank Beijing Branch in enhancing public awareness and ability to identify counterfeit currency through a series of promotional activities during the anti-counterfeit currency awareness month in September, under the theme "Building a Strong Anti-Counterfeit Currency Safety Net to Protect the Public's Wallets" [1] Group 1: Promotional Activities - The bank established its main promotional base in its service halls, displaying anti-counterfeit currency brochures and posters prominently, and providing QR codes for customers to learn about anti-counterfeit knowledge while conducting their banking transactions [2] - The bank organized community outreach events, such as participating in the "Harvest Neighborhood Festival" to educate residents on counterfeit currency identification techniques through interactive activities [6][7] - A themed event titled "Donate Books for Green Plants, Anti-Counterfeit Currency with Me" was held in the Tianshuiyuan West Community, where the bank provided financial knowledge consultations and practical methods for identifying counterfeit currency [10] Group 2: Targeted Outreach - The bank conducted targeted outreach to specific demographics, including a visit to the Haidian District Elderly Cadre Bureau to educate the elderly on counterfeit currency prevention and common scams [13] - Educational sessions were held at Capital University of Economics and Business and Fengtai Yihai Middle School to raise awareness among young people about currency security features and identification methods [16] Group 3: Merchant Engagement - The bank engaged with merchants in a grid-based responsibility area, providing door-to-door services to educate them on counterfeit currency identification and the legal implications of selling counterfeit currency [19] - The initiative included distributing promotional materials and ensuring merchants are equipped with updated cash handling equipment to enhance financial security in their operations [19] Group 4: Future Commitment - Huishang Bank Beijing Branch plans to continue enhancing the public's ability to identify counterfeit currency and fulfill its corporate social responsibility by contributing to a safe and healthy currency circulation environment [22]

Core Viewpoint - The article highlights the efforts of Huishang Bank Nanjing Branch in promoting electronic payment solutions to assist businesses in their digital transformation and enhance payment efficiency [1] Group 1: Electronic Payment Promotion - Huishang Bank Nanjing Branch conducted a promotional event titled "Smart Payment Empowering Enterprises" to educate local businesses about electronic payment [1] - The bank staff detailed the advantages of electronic payments, including convenience, quick fund transfer, and clear transaction records [1] - Demonstrations of various electronic payment tools such as mobile banking, QR code payments, and corporate online banking were provided during the event [1] Group 2: Customized Solutions for Businesses - The bank focused on explaining how electronic payments can reduce operational costs and improve fund management efficiency for financial personnel in businesses [1] - Customized payment solutions were offered to meet the specific needs of enterprises [1] Group 3: Security Awareness - The promotional activities included distributing brochures and interactive Q&A sessions to raise awareness about electronic payment security [1] - Employees were reminded to be vigilant against payment risks to protect both corporate and personal accounts [1] Group 4: Future Initiatives - The event received a positive response from employees, and Huishang Bank Nanjing Branch plans to continue promoting electronic payment applications among small and micro enterprises [1] - The initiative aims to help businesses reduce costs and increase efficiency, thereby injecting financial vitality into the real economy [1]