Group 1 - The non-bank financial sector saw a net inflow of over 38 billion yuan, indicating strong investor interest [1][2] - The securities and transportation equipment sectors also experienced significant net inflows of 32.65 billion yuan and 29.20 billion yuan, respectively [2] - In contrast, the pharmaceutical, basic chemicals, and new energy sectors faced substantial net outflows, with pharmaceuticals leading at -28.82 billion yuan [2] Group 2 - The top stock by net inflow was N影石, attracting 17.03 billion yuan, with a net inflow rate of 49.54% [3] - Other notable stocks with significant net inflows included 东方财富 (6.37 billion yuan), 比亚迪 (6.34 billion yuan), and 兴业证券 (6.01 billion yuan) [3] - On the sell side, 联化科技 experienced the highest net outflow at -8.61 billion yuan, followed by 中科曙光 (-7.23 billion yuan) and 乐山电力 (-3.66 billion yuan) [4]

"感谢你们，保住了我们老两口的养老钱，以后我们一定增强防范意识，多留一个心眼！"提起反诈遭 遇，招商银行客户吴老先生和章阿姨仍然惊魂未定，但也庆幸有了客户经理的帮助，将损失降到了最 低。站前西路支行客户经理林怡的精准识别，及时中断了一起形势严峻的电信诈骗，真正践行了"以客 户为中心"的服务理念。 例行回访，"声音变年轻"触发警报 4月30日下午，吴叔叔和爱人章阿姨一起来到网点，修改银行卡限额和密码，并当面向客户经理赠送锦 旗表达谢意："感谢你们，保住了我们老两口的养老钱，以后我们一定增强防范意识，多留一个心 眼！"随后，吴叔叔向我们讲述了诈骗分子是如何骗取信任，一步步让自己进入圈套的。诈骗分子用大 金额扣费引起恐慌，使客户在慌乱中失去辨别能力，操控客户账户。这个真实的案例告诉我们：电信诈 骗的套路层出不穷，务必提高警惕，不轻易接听陌生电话，不轻易点击不明链接，不轻易透露个人信 息。 服务心得：以心护财，以责守安 "将客户的事情放在第一位"是招商银行南昌分行永恒不变的宗旨。林怡表示，"作为招行的理财经理， 专业+服务缺一不可，不仅要帮客户做好财富规划，更要守护好客户资金安全。"在大数据时代，招商银 行南昌站前西 ...

Core Viewpoint - In May, China's import and export growth rates declined due to tariff impacts, with exports slowing and imports decreasing significantly, while trade surplus expanded substantially [1][4]. Exports: Tariff Impact and Declining Growth - In May, export value grew by 4.8% year-on-year, a further slowdown of 3.3 percentage points from April, primarily due to a significant drop in exports to the U.S. [5] - The U.S. import demand weakened significantly, influenced by frequent adjustments in U.S. tariff policies and increased operational costs due to trade uncertainties [5] - Exports to non-U.S. regions, such as Europe (12%), ASEAN (14.8%), and Africa (33.3%), maintained strong growth, although the momentum may slow down in the future [5][8]. Import: Widening Decline - In May, the import value decreased by 3.4% year-on-year, a widening decline of 3.2 percentage points [14] - Imports from the U.S. fell by 18.1%, with the decline expanding by 4.3 percentage points compared to April, reflecting weak domestic demand [14] - Despite a significant decrease in imports from the U.S., imports from the EU showed a slight recovery, indicating a potential substitution effect [14]. Outlook: Export Pressure in the Second Half - Export growth is expected to further slow down in the second half of the year, with the average tariff rate on Chinese goods in the U.S. remaining high at 41.2% [17] - The ongoing tariff negotiations between the U.S. and Southeast Asia may disrupt China's foreign investment pace and affect exports through multinational supply chains [17].

Core Insights - The article highlights the top and bottom AH share premium rates as of June 10, with Northeast Electric (00042) leading at a premium rate of 958.82% and Ningde Times (03750) at the bottom with -1.75% [1][2]. Group 1: Top AH Share Premium Rates - Northeast Electric (00042) has a premium rate of 958.82% with H-share priced at 0.255 HKD and A-share at 2.25 CNY [2]. - Hongye Futures (03678) follows with a premium rate of 271.39%, H-share at 3.390 HKD and A-share at 10.51 CNY [2]. - Andeli Juice (02218) ranks third with a premium rate of 268.02%, H-share at 15.980 HKD and A-share at 49.1 CNY [2]. Group 2: Bottom AH Share Premium Rates - Ningde Times (03750) has a premium rate of -1.75%, with H-share at 299.600 HKD and A-share at 245.75 CNY [2]. - WuXi AppTec (02359) has a premium rate of 5.05%, H-share at 74.000 HKD and A-share at 64.9 CNY [2]. - China Merchants Bank (03968) has a premium rate of 5.13%, H-share at 50.900 HKD and A-share at 44.67 CNY [2]. Group 3: Top Share Deviation Values - BYD Company (01211) leads with a deviation value of 202.33%, H-share at 135.600 HKD and A-share at 353.13 CNY [2]. - Longpan Technology (02465) follows with a deviation value of 30.49%, H-share at 6.910 HKD and A-share at 15.33 CNY [2]. - Yanzhou Coal Mining (01171) has a deviation value of 11.04%, H-share at 8.250 HKD and A-share at 12.79 CNY [2]. Group 4: Bottom Share Deviation Values - China Shipbuilding Defense (00317) has the lowest deviation value at -46.55%, H-share at 13.360 HKD and A-share at 24.9 CNY [3]. - Zhejiang Shibao (01057) follows with -37.20%, H-share at 4.650 HKD and A-share at 11.93 CNY [3]. - Junshi Biosciences (01877) has a deviation value of -35.39%, H-share at 24.600 HKD and A-share at 37 CNY [3].

Core Viewpoint - The trend of major banks in China, including Industrial and Commercial Bank of China, China Merchants Bank, and CITIC Bank, is to withdraw five-year large denomination certificates of deposit (CDs) and shorten the maximum term of available CDs to two years, in response to declining interest margins [1][3]. Group 1: Bank Actions - Major banks are actively reducing long-term liabilities by lowering the interest rates on long-term large denomination CDs or even suspending the issuance of three and five-year products to mitigate the risk of future cost-revenue inversion [1][4]. - As of recent searches, five-year large denomination CDs are no longer available on the apps of major state-owned banks, with the longest available term being three years at a rate of 1.55% [1]. - China Merchants Bank has also removed three and five-year large denomination CDs from sale, currently offering only products with terms of two years or less, with rates below 2.15% [3]. Group 2: Interest Rate Trends - The average interest rates for one-year, two-year, three-year, and five-year large denomination CDs are reported as 1.719%, 1.867%, 2.197%, and 2.038% respectively, indicating a general decline in rates [4]. - The interest rates for three-year large denomination CDs have decreased by approximately 80 basis points compared to the same period in 2024, with current rates concentrated between 1.55% and 1.8% [3]. - The latest seven-day annualized yield for Tianhong Yu'ebao has reached 1.18%, which is close to the one-year large denomination CD rate of 1.2%, highlighting the diminishing advantage of large denomination CDs in terms of interest rates [3]. Group 3: Industry Context - The banking sector is currently facing low net interest margins, with the net interest margin further declining to 1.43% in the first quarter of 2025, down 9 basis points from the end of 2024 [4]. - The pressure on net interest margins is exacerbated by the continuous decline in loan yields due to multiple reductions in the Loan Prime Rate (LPR), while the trend of increasing fixed-term deposits intensifies the burden of high-interest liabilities [4][5]. - The suspension of five-year large denomination CDs and the reduction of medium to long-term deposit products are necessary measures for banks to lower funding costs and stabilize net interest margins [5].

被视为债市"科技板"的科创债新政落地后，市场主体发行科创债的热度持续攀升。 以发行起始日计，5月7日新规落地后的首月（截至6月7日），已有221只科创债正式发行，募集资金规模超 4000亿元，同比增长3倍还多。 新获发行资质的银行、券商等金融机构共发行科创债2303亿元； 其中，16家银行发债超2000亿元，凭借五成以上的份额成为科创债的绝对主力与最大增量。 科创债起源于双创债实践，后为以科创公司债（交易所）与票据（银行间）为主要品种。 5月7日，央行、证监会联合提出丰富科创债产品体系的13条具体举措，通过金融机构与股权投资机构的双 重扩容，构建覆盖科创企业全生命周期的融资链条； 同日，交易商协会、银行间市场、三大交易所宣布优化科创债发行、交易等环节。 5月14日，科技部、央行等7个部门发布《加快构建科技金融体制有力支撑高水平科技自立自强的若干政策 举措》，再提建立债市"科技板"。 密集的新规推动下，科创债发行量持续走向高峰。 超3倍增量入市 科创债新政落地首月，新发科创债已达221只、募资4027亿元，两项数据同比增幅分别为130.21%、 322.12%。 科创债基于科创企业类、升级类、投资类、孵化类等属 ...

Core Viewpoint - The launch of the "China Merchants Bank Mastercard Debit Card" marks a significant advancement in cross-border payment solutions, allowing for direct RMB settlement both domestically and internationally, enhancing the payment experience for Chinese consumers [1][2]. Group 1: Product Features - The Mastercard Debit Card is the first card in China that supports RMB settlement for both domestic and international transactions, filling a gap in the cross-border payment market [2]. - The card allows users to make purchases abroad with transactions converted directly to RMB, eliminating the need for third-party currency conversion and improving fund utilization efficiency [2][3]. Group 2: User Benefits - The card offers multiple benefits for cross-border consumers, including no fees for the first three ATM withdrawals abroad each month, no foreign ATM inquiry fees, and no currency conversion fees [3]. - Additional incentives include a 5‰ exchange rate subsidy for overseas transactions and a 6.8% discount on tuition currency exchange for students, making it particularly attractive for families with students studying abroad [3]. Group 3: Market Context - The issuance of this card aligns with the ongoing internationalization of the RMB, as Mastercard received approval for overseas RMB clearing operations in 2023, prompting a swift response from China Merchants Bank to meet market demand [2]. - China Merchants Bank has over 200 million personal customers and total retail customer assets exceeding 15 trillion RMB, indicating a strong market presence and commitment to enhancing customer service and product offerings [4].

Core Viewpoint - China Merchants Bank has undergone significant personnel changes over the past year, including the recent approval of Xu Mingjie as vice president, which reflects the bank's strategic adjustments and leadership restructuring [1][2][3] Personnel Changes - Xu Mingjie has been approved as vice president of China Merchants Bank, effective from June 4, 2025, until the end of the twelfth board of directors [1][2] - Xu Mingjie has a long tenure at the bank, having joined in 1995 and held various senior positions, including assistant to the president and head of several departments [2][3] - The bank has seen multiple leadership changes, including the retirement of Wang Yungui and the appointment of new executives such as Zhong Desheng as chief risk officer [3] Financial Performance - In 2024, China Merchants Bank reported operating income of 337.49 billion yuan, a slight decrease of 0.48% year-on-year, while net profit increased by 1.22% to 148.39 billion yuan [5] - The bank's net interest income for 2024 was 211.28 billion yuan, down 1.58% year-on-year, while non-interest income rose by 1.41% to 126.21 billion yuan [6] - For Q1 2025, the bank's operating income was 83.75 billion yuan, a decline of 3.09% year-on-year, with net profit at 37.51 billion yuan, down 2.08% [6] Asset Quality - As of Q1 2025, China Merchants Bank's total assets reached 12.5 trillion yuan, a 3.1% increase from the previous year [8] - The non-performing loan (NPL) ratio stood at 0.94%, a slight decrease of 0.01 percentage points from the end of the previous year, indicating improved asset quality [8] - The bank's provision coverage ratio was 410.03%, maintaining a strong position within the industry despite a slight decline of 1.95 percentage points [8] Non-Interest Income - In Q1 2025, non-interest income decreased by 10.64% to 30.76 billion yuan, accounting for 36.72% of total operating income [7] - The bank's net fee and commission income showed signs of recovery, with a decline of only 2.51% in Q1 2025 compared to a 14.28% drop in 2024 [7] - Wealth management fees increased by 10.45% to 6.78 billion yuan in Q1 2025, indicating a positive trend in this segment [7]

Core Viewpoint - The event "Science and Innovation in Central South, Financial Solutions" organized by China Merchants Bank in collaboration with Central South University Technology Park aims to enhance regional technological innovation and support the growth of enterprises through financial services [1][5]. Group 1: Financial Solutions for Innovation Enterprises - China Merchants Bank introduced a tailored financial service plan named "Industry + Technology" specifically designed for innovation enterprises, focusing on their core needs in five key areas: bank financing, capital connection, financial management, cross-border development, and talent retention [3][4]. - The bank launched the "Innovation Talent Loan" product to address the common challenges of light assets and financing difficulties faced by innovation enterprises, providing a convenient online application and credit-based financing channel [4]. Group 2: Ecosystem Development and Collaboration - The event represents a strategic collaboration between China Merchants Bank and Central South University Technology Park, aiming to deliver advanced financial products and professional services to technology innovation entities, thereby addressing financial and legal challenges faced by enterprises [5]. - China Merchants Bank is committed to creating a comprehensive service system that integrates "Investment, Business, Private Research" to promote a virtuous cycle of "Technology-Industry-Finance" and enhance the regional innovation ecosystem [7].

Group 1 - The core point of the article is the appointment of Zhu Jiangtao as the new president of China Merchants Securities, which is expected to enhance the company's resource integration and risk management capabilities [2][3] - Zhu Jiangtao has a strong background in banking, having served in various risk management roles at China Merchants Bank for nearly 30 years before transitioning to the securities industry [4][5] - The leadership change aims to minimize the impact of management turnover following the retirement of the previous president, Wu Zongmin [3][6] Group 2 - Zhu Jiangtao's extensive experience includes roles such as Chief Risk Officer and Vice President at China Merchants Bank, indicating a solid foundation in risk management [4][5] - The new executive team at China Merchants Securities consists of one president and five vice presidents, with specific responsibilities for compliance, risk management, and investment business [6][8] - The company's financial performance shows a recovery in the first quarter of 2025, with a 9.64% increase in revenue and a 6.97% rise in net profit compared to the previous year [9][10] Group 3 - The significant growth in net commission income by 47.66% in the first quarter of 2025 is attributed to increased brokerage activity, while investment income turned positive, reaching 3.31 billion yuan [10][11] - The overall market environment has improved, with a notable increase in trading volumes and investor confidence, contributing to the recovery of the brokerage industry [10][11]