Core Viewpoint - The report from China Merchants Bank Research Institute provides a comprehensive overview of their published research for 2025, highlighting key insights and analyses relevant to the banking and financial sectors [1]. Summary by Sections - The report is a public version of the original research published by China Merchants Bank Research Institute, emphasizing the originality of the content [4]. - It includes a directive for proper citation and authorization for any reproduction of the report, ensuring that the integrity of the original work is maintained [4].

Core Insights - The article highlights the top and bottom AH share premium rates, with Northeast Electric (00042) leading at 785.25% and China Merchants Bank (03968) at an undisclosed rate [1][2]. Group 1: Top AH Share Premium Rates - Northeast Electric (00042) has a premium rate of 785.25% with a deviation value of -79.73% [1][2]. - Zhejiang Shibao (01057) follows with a premium rate of 414.81% and a deviation value of 55.09% [1][2]. - Junda Co., Ltd. (02865) ranks third with a premium rate of 306.91% and a deviation value of 91.03% [1][2]. Group 2: Bottom AH Share Premium Rates - China Merchants Bank (03968) has an undisclosed premium rate and a deviation value of 1.92% [2]. - Contemporary Amperex Technology Co., Ltd. (Ningde Times) (03750) shows a premium rate of -13.07% with a deviation value of -2.35% [2]. - Heng Rui Medicine (01276) has a premium rate of -2.62% and a deviation value of -3.51% [2]. Group 3: Deviation Values - Junda Co., Ltd. (02865) leads in deviation value at 91.03% [1][2]. - Goldwind Technology (02208) has a deviation value of 80.58% [1][2]. - Nanjing Panda Electronics (00553) follows with a deviation value of 61.61% [1][2].

Core Viewpoint - China Merchants Bank (CMB) has announced support for binding its Visa credit card to Apple Pay, enhancing the payment experience for cardholders both domestically and internationally [1] Group 1: Payment Functionality - CMB credit cardholders can use Apple Pay for payments at various locations, including physical stores, mobile apps, and online websites, facilitating convenient transactions for Chinese travelers abroad [1] - The payment process is simplified, requiring only two button presses on the iPhone or Apple Watch for in-store payments, ensuring a contactless experience [1] - Online payments can be made quickly without the need to create accounts or repeatedly enter personal information [1] Group 2: Security and Privacy - Apple Pay emphasizes security and privacy, with actual card numbers not stored on devices or Apple servers; instead, a unique Device Account Number is generated and securely stored [2] - The secure element chip is designed specifically for safe storage of payment information, adhering to industry standards [2] Group 3: Easy Setup - Adding the CMB Visa credit card to Apple Pay is straightforward, requiring users to open the Wallet app on their iPhone and follow prompts to add the card [3] Group 4: Instant Use for International Payments - CMB has introduced a feature allowing cardholders to apply for a Visa international credit card through the mobile app, enabling immediate activation and use with Apple Pay while traveling [5] Group 5: Rewards and Benefits - Cardholders retain the same rewards and benefits as with the physical card, plus exclusive offers for using Apple Pay, including 1% cashback on overseas transactions [6] - Additional benefits include a currency exchange subsidy and various promotions for travel and international living scenarios [6]

Core Viewpoint - The article highlights the ongoing trend of insurance capital actively increasing their equity investments, with significant recent activities including the acquisition of shares in Shanghai Airport by Taibao Life Insurance, indicating a robust wave of insurance capital entering the market in 2026 [2][3][5]. Group 1: Recent Acquisitions - On January 9, Taibao Life Insurance increased its stake in Shanghai Airport by acquiring 72.424 million shares, raising its total holdings to 124 million shares, which constitutes approximately 5.00% of the company's A-share capital [2][3]. - Prior to this acquisition, Taibao Life Insurance and its asset management subsidiary held 51.9917 million shares, representing a 2.09% stake [3]. - The total value of Taibao Life Insurance's holdings in Shanghai Airport is approximately 4.067 billion yuan, accounting for 0.15% of the company's total assets as of Q3 2025 [3][4]. Group 2: Insurance Capital Trends - In December 2025, Ping An Life Insurance also made significant acquisitions, reaching a 20% stake in Agricultural Bank of China and China Merchants Bank, triggering mandatory disclosure [5]. - The frequency of insurance capital triggering the 5% disclosure threshold has become a notable trend in 2025, with a total of 36 instances recorded, surpassing previous highs [5][6]. Group 3: Equity Asset Allocation - As of Q3 2025, the total equity asset allocation by life and property insurance companies reached 5.59 trillion yuan, marking a 35.92% increase year-on-year [7]. - The equity asset allocation ratio for insurance companies has reached a historical high, with stock allocations accounting for 10% of total assets and combined stock and fund allocations exceeding 15% [7]. - Ping An Life Insurance reported an equity asset balance of 1.5 trillion yuan, which is 27.00% of its total assets, up from 19.81% in the previous year [7]. Group 4: Market Outlook and Investment Sentiment - The article notes that insurance capital is motivated by a low interest rate environment and new accounting standards, leading to a greater need for equity asset allocation [8]. - A survey of insurance investment officers indicates a prevailing sentiment that opportunities in the market outweigh risks, with over 70% planning to continue increasing equity allocations [8][9]. - The trend of reallocating assets in a declining interest rate environment is expected to further drive insurance capital towards equity investments, fostering a positive cycle of market recovery [9].

Group 1 - The article emphasizes the importance of MACD golden cross signals, indicating potential upward trends in certain stocks [1][2] - It highlights the role of Jin Qilin analysts in providing authoritative, professional, timely, and comprehensive research reports to help investors identify potential thematic opportunities [1][2] Group 2 - The content is a reprint from a cooperative media source, and it does not imply endorsement or verification of the views expressed [1][2] - The article serves as a reference for investors, indicating that the information provided should not be considered as investment advice [1][2]

Core Viewpoint - The demand for bank safe deposit boxes has surged, leading to a situation where they are difficult to obtain, particularly in major cities like Shenzhen, due to increased interest in precious metal investments and a lack of supply [1][11]. Group 1: Demand and Supply Dynamics - The phenomenon of "one box hard to find" has become prominent in the past year, driven primarily by a surge in demand for precious metals [11]. - In Shenzhen, many banks are experiencing a shortage of safe deposit boxes, with some locations having waiting lists of hundreds of people and wait times extending to several years [2][10]. - The price of gold has been rising, with spot gold reaching approximately $4,635 per ounce, marking a year-to-date increase of about 6.5% [11]. Group 2: Customer Insights and Usage - Many customers seeking safe deposit boxes are looking to store investment gold bars, important documents, and sentimental items, reflecting a shift in the types of valuables being stored [10][12]. - The rental fees for safe deposit boxes vary, with the minimum annual fee starting at 300 RMB for standard boxes, while larger boxes can cost up to 550,000 RMB per year [4][5]. Group 3: Supply Constraints and Bank Responses - The supply of safe deposit boxes has not expanded to meet the rising demand, with many banks opting to maintain or reduce their services due to high operational costs and limited physical space [12][13]. - Banks are exploring strategies such as upgrading existing facilities and implementing smart storage solutions to improve space utilization and meet customer needs [13][14]. - The nature of items stored in safe deposit boxes is evolving, with a growing emphasis on asset security and emotional value, necessitating banks to refine their service offerings [14].

Market Performance - On January 14, the market experienced fluctuations with the three major indices showing mixed results. The Shanghai Composite Index reached a ten-year high during the day [2] - By the end of the trading session, the Shanghai Composite Index fell by 0.31%, while the Shenzhen Component Index rose by 0.56% and the ChiNext Index increased by 0.82% [2] - The total trading volume in the Shanghai and Shenzhen markets approached 40 trillion yuan, an increase of nearly 300 billion yuan compared to the previous day, setting a new historical record [2] Trading Volume Records - The A-share market has been consistently breaking historical records in recent days. On January 12, the trading volume reached 3.64 trillion yuan, surpassing the previous high from October 8, 2024 [2] - On January 13, this record was broken again with a trading volume of 3.69 trillion yuan, and on January 14, it further increased to 3.98 trillion yuan [2] - From January 12 to January 14, the cumulative trading volume exceeded 10 trillion yuan [2] Large Sell Orders - Notably, during the closing auction on January 14, several heavyweight stocks experienced significant sell orders. For instance, China Merchants Bank had a sell order amount exceeding 6.5 billion yuan [2] - Other companies such as Zijin Mining, Yangtze Power, China Aluminum, SAIC Motor, Industrial Bank, China Duty Free, Ping An Insurance, Hengrui Medicine, and Kweichow Moutai also had sell orders exceeding 1 billion yuan each [2]

为关爱老年人口腔健康,日前,文登区口腔医院组织医务人员来到招商银行为老年人客户开设口腔健康知 识讲座,并为老年人进行了口腔义诊。 文登区口腔医院口腔医生提醒老年朋友:随着年龄增长,口腔黏膜变薄、唾液分泌减少,更需注重日常口腔 维护。建议每年进行一次专业口腔检查,及时处理龋齿、牙周病等问题,并注意假牙的清洁与适配情况。 若出现长期不愈的口腔溃疡、牙龈不明原因出血或牙齿松动,应及时就诊。(丁欣欣) 活动现场,医务人员首先讲解了老年人口腔常见问题及相关防治知识,随后为老年人进行了口腔健康检 查、口腔健康咨询服务,并针对老年人的口腔问题给予了健康指导,还向老人发放口腔保健手册,鼓励有牙 结石的老人定期洁牙,保持口腔健康。此次活动服务老年群众20余人。 ...

Group 1 - The core point of the article highlights that on January 14, the main funds in the Shanghai and Shenzhen markets experienced a net outflow of 504.74 billion yuan, with the ChiNext board seeing a net outflow of 210.18 billion yuan and the CSI 300 index stocks a net outflow of 154.4 billion yuan [1] - Among the 17 primary industries, the computer industry had the highest increase, rising by 3.42%, while the banking and real estate sectors saw declines exceeding 1% [1] - Ten industries experienced net inflows of main funds, with the computer industry leading at a net inflow of 46.7 billion yuan, followed by non-bank financials and telecommunications with inflows exceeding 11 billion yuan each [1] Group 2 - In individual stock performance, the automotive parts company Shanzi Gaoke had the highest net inflow of main funds at 21.18 billion yuan, with a trading volume of 128.48 billion yuan and a turnover rate of 24.14% [2] - PCB concept stock Hu Dian shares saw a net inflow of 13.28 billion yuan, ranking second, while AI financial stock Lakala had a net inflow of 12.91 billion yuan [2] - The article also notes that over 250 stocks had net outflows exceeding 1 billion yuan, with 10 stocks seeing outflows over 10 billion yuan [3] Group 3 - The article mentions that leading sectors for net outflows included robotics, electricity, and wind power, with each seeing outflows exceeding 21 billion yuan [4] - Hai Ge Communication experienced a net outflow of 14.3 billion yuan, with the company announcing expected losses for the 2025 fiscal year [4] - The tail-end trading session saw a net outflow of 54.14 billion yuan, with the CSI 300 index stocks experiencing a net outflow of 49.52 billion yuan [5]

Core Viewpoint - The trend of mid-term dividends among A-share listed banks is expanding, with more banks announcing dividend plans, supported by policy guidance and stable operations [2][4][6]. Group 1: Dividend Announcements - Postal Savings Bank has completed its mid-term dividend distribution, with a payout of 0.1230 yuan per share, totaling 12.33 billion yuan [8]. - Jiangsu Bank plans to distribute a mid-term cash dividend of 3.309 yuan per 10 shares, amounting to 6.072 billion yuan, on January 14, 2026 [1][8]. - China Merchants Bank will distribute a cash dividend of 10.13 yuan per 10 shares, totaling approximately 25.548 billion yuan, on January 16, 2026, marking its first mid-term dividend since listing [3][8]. Group 2: Overall Dividend Trends - As of January 12, 2026, over half of the 42 A-share listed banks have implemented mid-term dividends for the 2025 fiscal year, with 30 banks disclosing plans that exceed a total dividend scale of 290 billion yuan [6][8]. - The six major state-owned banks are the main contributors to this mid-term dividend trend, with a total payout of 204.657 billion yuan, maintaining a dividend payout ratio of around 30% of net profit [7][8]. Group 3: Policy Influence - Recent policies have encouraged listed banks to optimize their dividend strategies, including simplifying mid-term dividend procedures and promoting more frequent distributions [3][4]. - The new "National Nine Articles" emphasizes increasing incentives for high-quality dividend-paying companies, aiming to enhance the stability and predictability of dividends [4]. Group 4: Market Implications - The proliferation of mid-term dividends is expected to boost investor confidence in bank stocks and foster a long-term value investment mindset [4][9]. - Analysts suggest that the current low-interest-rate environment combined with frequent dividends enhances the attractiveness of bank stocks, leading to increased interest from long-term investors [9].