Core Viewpoint - The banking industry is tightening control over cashless transactions, leading to a significant reduction in cardless cash services across multiple banks [1][3]. Group 1: Bank Policy Changes - China Merchants Bank announced it will stop ATM QR code deposit services starting April 9, 2025, to enhance customer safety and convenience [2]. - Over 30 banks, including major state-owned and joint-stock banks, have adjusted or closed cardless cash services in the past year, indicating a broader trend in the industry [3]. Group 2: Risk Management and Cost Considerations - The tightening of cardless cash services is primarily driven by financial risk concerns, as these services can lead to potential financial risks for banks [3]. - The operational costs associated with maintaining ATM systems and managing cardless cash services are also a factor in the decision to scale back these offerings [3]. Group 3: Customer Reactions and Usage Patterns - Customer responses to the cancellation of cardless services are mixed; while some prefer the convenience of QR code transactions, many still opt for traditional card usage [4]. - The demographic using ATM services tends to be older individuals who are more accustomed to using physical cards, indicating a potential gap in service adaptation among different age groups [6]. Group 4: Security Concerns - Experts highlight that the security of QR code deposits is relatively low, contributing to the decision to discontinue cardless cash services [4][5]. - The potential for identity verification issues and the risk of money laundering are significant concerns that banks must address in their cash handling processes [6].

近期，招商银行公布了2024年财报，本文结合2024年财报及近五年数据对招商银行分析如下： 一、增速放慢，同业相比依然优异 截至 2024 年末，招商银行总资产达到 12.15 万亿元 ，同比增长 10.19% ；当年实现营业收入 3374.88 亿元 ， 同比下降 0.48% ；实现净利润 1495.59 亿元 ，同比增加 1.05% 。在营业收入下降的情 况下，净利润保持增长，盈利能力较好。 受银行业整体增速放缓的大环境影响，纵向看招商银行自身规模类指标近年来增速有所慢。 营业 收入连续两年负增长；净利润增速五年来最低 。 但与同业相比招商银行 2024 年成绩依然优异。 与 六大行 相比，招商银行 2024 年末总资产同比增长 10.19% ，远高于 六大行 。且在总资产远小 于邮储银行和 交通银行 的情况下，实现净利润则远高于这两家大行。 2024 年招商银行的年化平均总资 产收益率（ ROA ）基本 是 交通银行 和邮储银行的 2 倍甚至以上 ， 且也远高于" 四大行 " ，展现了其 极强的获利能力 。 招商银行无论是不良率还是拨备覆盖率在同业中均 仍处优异水平 。不良率远低于除邮储银行外的 六大行 ...

来源：21世纪经济报道 你有多久没用过ATM扫码存款了？ 日前，招商银行发布公告称， 该行将于4月9日起停止ATM扫码存款服务 ，后续，客户可持银行卡，通过招商银行ATM或前往该行营业网点办理存款业 务。 近年来， 多家银行都在收紧无卡存取款业务 。谈及调整此类业务的原因，多家银行表示，是基于优化金融服务、风险管理以及成本效率等方面的考量。 01 近一年来，超50家银行暂停各类无卡业务 据不完全统计，近一年来已经有超过50家银行机构宣布，停止无卡存款、无卡取款、扫描取款等各类业务。 去年三、四月份 多家国有大行率先作出调整 比如， 工商银行 率先表示，其个人手机银行无卡取现功能已于去年4月17日起暂停服务，客户可通过ATM机手机银行扫码取现功能提取现金，或在ATM机 上插卡提现。 交通银行 随后发布公告称，于2024年5月24日起停止个人手机银行无卡取款功能中的预约取款服务。客户仍可通过交通银行智能机具办理有卡取款、扫码 取款或前往银行营业网点办理取款业务。 去年下半年 多家股份行、头部城商行持续跟进 去年6月4日， 民生银行 发布公告称，将于2024年6月7日起停止个人手机银行"ATM无卡取现"功能，现金机 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is revising the "Securities Investment Fund Custody Business Management Measures" to address industry issues and promote the standardized and professional development of the custody industry, thereby supporting the high-quality development of the capital market [1][2]. Group 1: Industry Issues - The current custody industry is highly concentrated, with national commercial banks and a few securities companies holding approximately 80% to 90% of public and private securities investment funds [2]. - Some institutions are engaging in activities outside the core business of "securities investment fund" custody, necessitating a clarification of business boundaries [3]. - Certain custody institutions are failing to fulfill their responsibilities adequately, as evidenced by private fund default incidents, highlighting the need for enhanced regulatory requirements [3]. - The existing market exit mechanism is inadequate, lacking clear standards for "non-business" activities, which leads to risks of unauthorized operations [4]. - The current regulations do not fully align with the needs of industry innovation, indicating a need for specific policies for specialized custody subsidiaries [5]. Group 2: Key Measures for Development - The revised measures will enhance entry thresholds by strengthening requirements for substantial operational capabilities and compliance risk management [6]. - There will be a focus on substantial operations and risk isolation, requiring applicants to commit to core responsibilities and ensuring the separation of fund assets from other custody assets [7]. - Custodians will be held accountable for verifying information provided by fund managers and must disclose risks adequately, with clear responsibilities for reporting and settlement [7]. - The exit mechanism will be improved by adding conditions for license cancellation, ensuring an orderly market mechanism [7]. - High-quality custody institutions will be allowed to establish wholly-owned subsidiaries dedicated to custody business, subject to relevant financial regulatory requirements [8]. Group 3: Industry Context and Growth - As of the end of the first quarter of this year, there are 73 institutions with custody qualifications, and the total assets under custody for public funds exceed 33 trillion yuan [9]. - The Industrial and Commercial Bank of China leads with a custody scale of 4.48 trillion yuan, holding a market share of 13.78% [9]. - The overall principle of the revision is to ensure stringent entry, focus on core business, enforce responsibilities, and promote innovation, aiming to enhance the custody industry's standardization and professionalism [9].

Core Viewpoint - The article discusses the anticipated changes in industry prosperity by 2025, emphasizing the need for proactive measures in response to economic challenges and the evolving global landscape [1]. Macroeconomic Analysis - The monetary policy report for Q4 2024 indicates a balanced approach to internal and external factors, suggesting adjustments as necessary [3]. - Economic data from early 2025 shows a stable start supported by policy measures, with seasonal price declines noted in February [3]. - The impact of tariffs is still unfolding, with import and export data from January to February 2025 reflecting this uncertainty [3]. Capital Market Insights - The U.S. Federal Reserve may resume easing policies, as indicated by CPI inflation data from early 2025, which shows persistent low inflation [4]. - The overall trend in A-shares is neutral to slightly bullish, with a focus on the long-term value of technology stocks [8]. Industry Commentary - The market reform for new energy grid prices is expected to stabilize revenue expectations, with operational strategies becoming a key competitive factor [11]. - The real estate market shows a weak rebound in new housing, while second-hand housing remains strong in key cities [11]. - The economic transformation driven by AI innovations, such as those from DeepSeek, is highlighted as a significant growth area [11]. - Consumer spending during the Spring Festival indicates a steady recovery, particularly in the film industry [11].

Core Viewpoint - The article discusses the implementation plan for high-quality development of technology finance in the banking and insurance sectors, aiming to provide precise and efficient financial support for key areas of technological innovation over the next five years [1]. Group 1: Strengthening Technology Financial Services - The plan outlines 20 specific measures to enhance the service mechanisms, product systems, professional capabilities, and risk control abilities of technology finance [1]. - It emphasizes increasing credit loans and medium-to-long-term loans for technology enterprises, allowing banks to flexibly set loan interest rates and repayment methods [2]. Group 2: Loan Management and Growth - The revised liquidity loan management regulations specify that the maximum term for liquidity loans is generally three years, extendable to five years for businesses with longer cash flow recovery cycles [3]. - Major state-owned banks have reported a loan growth rate exceeding 15% for strategic emerging sectors, with some banks like China Construction Bank and Bank of China exceeding 26% [3]. Group 3: Policy Trials and Collaborations - The plan encourages the optimization of technology insurance services, the promotion of technology finance policy trials, and collaboration between banks and venture capital institutions [4]. - It aims to expand the pilot programs for financial asset investment companies (AIC) to regions with strong economic capabilities and a high number of technology enterprises [4]. Group 4: Investment and Funding Strategies - As of February, five AICs established by major state-owned banks have signed agreements covering 18 pilot cities, with a total signing amount exceeding 350 billion [5]. - The plan supports banks in issuing technology innovation notes and asset-backed securities for qualified technology enterprises [6]. Group 5: Internal Mechanisms and Digital Empowerment - The plan highlights the need to optimize internal assessment and incentive mechanisms, increasing the weight of technology finance indicators in performance evaluations [6]. - It emphasizes the importance of digital empowerment for financial institutions, encouraging the development of digital tools to enhance risk management and operational efficiency [6]. Group 6: Collaborative Efforts - Financial regulatory bodies are urged to strengthen collaboration with local technology and development reform departments to address practical issues in technology finance services [7]. - Local departments are encouraged to provide financial support through loan interest subsidies and risk mitigation measures for key areas of technological innovation [7].

今天银行股微跌0.3%左右，但 邮储银行 一度下跌超3.5%，尾盘拉到跌2.5%附近，但还是排今天的倒数第二；年初至今的跌幅，也是所有银行股 里第三大的。 邮储的情况是比较有代表性的，因为这可能是全中国唯一一家，个人业务占比远超对公的大中型银行——截至24年末，其个贷不良占比超75%，对公不良 占比25%不到。 这更能反映出， 银行业24年的个人不良，应该说这轮是集体爆出来了。 在3月14日的推送（ 链接 ）里，我就提到过，当时市场对两点的炒作过热， 其一是对降准降息的预期，其二是对消费刺激政策 ，尤其是对消费信贷政策 的解读，下图，当时提到，监管消费信贷的政策，首先是"纾困"，解决居民部门资产负债表恶化的问题，其次才是所谓的刺激。 从这回银行披露出来的年报来看， 问题比想象的可能还严重一点。 市场还是在交易年报的数据，昨晚邮储公布了24年的年报，扣非后净利润增速是-0.68%，历史首次负增长，拨备覆盖率大降60%，跌破300% （我个人的标准是，300%是拨备覆盖率的及格线，400%以上是良好，500%以上是牛逼）。 不过，我看了一下，个人觉得年报里最让人诧异的，还是 个人不良贷款 的问题。 邮储总的不良率 ...

昨晚发了招行的年报解读，有小伙伴问，马上要入职小招了，现在进银行，算不算是49年入国军。 我说这怎么可能呢，现在能找到份工作就不错了，这都是有依据的，看到银行招聘网上，贴出来的 四大行的春招计划 ： 农行，25年春招4500人，比去年同期少1万人； 工行，25年春招4500人，比去年少4300人； 中行，25年春招4700人，比去年少1000人； 建行，25年春招2300人，比去年少1400人。 四大行今年合计春招1.6万人，比去年同期少招近1.7万人，直接砍半了，其中农行砍的比较多，因为网点多，2.3万个网点，是工行和建行的1.5 倍，是中行的2倍多，过往一线网点的招聘基数比较大，现在业务难做，师傅都吃不饱饭了，更不可能招新员工进来当徒弟了。 所以，你想进国军，国军不一定有编制呢。 何况，我们分析了半天，最核心的逻辑还是，在基本面的下行期， 从比烂的角度来看，银行是不差的 ，毕竟24年全年，全国规上工业企业，净 利润同比下降了3.3%，而银行不管是靠拨备，还是靠业绩，都至少保持了净利润的正增长； 而且，除了招行这种pb在1以上的银行外，大部分银行的上涨，核心逻辑依然是估值的修复，尤其是本来两块系统性风险，地 ...

昨晚招行公布了24年的年报， 今天，A股招行大跌近-5.4%，港股招行大跌近-5.5% ，由于招行在中证银行指数中占比达到16%，因此光招行一 家的下跌，就导致指数下跌-0.86%左右，而指数本身仅下跌-1.44%，也就是说，招行一己之力今天带动了银行股垫底的行情。 从交易量来看，银行股今天合计230亿多的交易量，招行一家占比30%左右，市场对招行年报的关注度，不可谓不高。 和去年一样，提前补充一下，招行作为全中国最好的商业银行之一，更多的还是以点带面，说说银行业的实际情况，以及春江水暖鸭先知，通过 银行业，了解下宏观和微观经济的实际情况。 去年此时，我们就招行23年的年报，写过《 招行年报里的十大真相 》，大家比较爱看，因为分析的角度还算全面，跳出银行看银行，讲了比较 多宏观的因素。 ...... 今天，我们继续。 从财报发布开始，市场里的解读已经不少了，赞歌不少，但干货不多。 不可忽视的是，从招行的年报中，我们可以看到， 银行业，正面临着近20年罕见的经营环境 ——2024年，招行的ROE（净资产收益率）下滑到 15%以下，是2004年以来首次。 我们知道，银行归根到底是经营杠杆的行业，1块钱的资本金，能 ...

Core Viewpoint - The significant drop in China Merchants Bank's stock price is primarily attributed to its annual report, which revealed disappointing financial metrics and lower-than-expected dividend increases [1][4][5]. Financial Performance Summary - China Merchants Bank reported a total operating income of 3374.88 billion RMB for 2024, a slight decrease of 0.48% year-on-year [1][4]. - The net profit attributable to shareholders was 1483.91 billion RMB, reflecting a growth of 1.22% [1][4]. - Net interest income was 2112.77 billion RMB, down by 1.58%, while non-interest income increased by 1.41% to 1262.11 billion RMB [1][4]. - The bank's net interest margin decreased by 0.17 percentage points to 1.86%, and the net interest yield fell to 1.98% [4]. Dividend and Market Reaction - The bank proposed a cash dividend of 2 RMB per share, totaling approximately 504.40 billion RMB, with a cash dividend ratio of 35.32% for 2024 [5]. - Analysts noted that the dividend increase was below market expectations, contributing to the stock's decline [2][5]. Market Outlook and Analyst Opinions - Analysts from CICC indicated that while the 2024 performance met expectations, future revenue growth may face challenges due to bond market adjustments and loan repricing [4]. - China Merchants Bank's asset quality remains stable, with a non-performing loan ratio of 0.95% and a slight increase in actual non-performing loan generation rate [6]. - The bank's retail customer base continues to grow, with significant increases in high-net-worth clients and total retail assets under management [6]. Future Projections - Forecasts for net profit growth from 2025 to 2027 are adjusted to 1.00%, 3.92%, and 5.31% respectively, with corresponding price-to-book ratios of 1.0, 0.92, and 0.85 [4]. - Analysts expect retail loan demand to improve marginally in 2025, with a planned loan growth rate of 7% to 8% [7].