Core Viewpoint - China Chengtong and China Merchants Bank signed a strategic cooperation agreement to enhance diversified financial collaboration and explore new paradigms for cooperation between state-owned capital operation companies and commercial banks, aiming for high-quality development [1] Group 1 - The agreement includes deepening comprehensive credit, bond underwriting, wealth management, custody, treasury construction, and digital intelligence services [1] - The partnership seeks to leverage the strengths of both entities to achieve mutual growth and innovation in financial services [1]

Group 1 - The core viewpoint of the article is the introduction of the "Administrative Measures for the Supervision and Management of Custody Business of Commercial Banks (Trial)" to enhance the supervision and management of custody services provided by commercial banks, ensuring their healthy and standardized development [1][2]. Group 2 - The background for the formulation of the measures includes the steady expansion of custody services by commercial banks for various financial products, which has led to increased demands for professional, refined, and standardized management and risk control [2]. - The measures aim to clarify the basic rules for custody business, strengthen bottom-line requirements, and enhance internal governance and risk management capabilities of commercial banks [2][3]. Group 3 - The measures consist of five chapters and 49 articles, covering general principles, custody responsibilities, management requirements, supervision and legal responsibilities, and transitional provisions [3]. - Key contents include defining the concept and principles of custody business, detailing the responsibilities of custodians, establishing management requirements, and outlining the supervisory role of regulatory authorities [3]. Group 4 - Commercial banks are required to provide various services such as account opening, asset custody, settlement, accounting, asset valuation, information disclosure, and investment supervision, ensuring compliance with the measures [4]. - Banks must sign custody contracts that clearly outline compliance, risk disclosure, and the rights and obligations of all parties involved [4]. Group 5 - The measures stipulate that banks must establish a sound governance structure for custody business, with specific norms for management systems, business independence, and data protection [5]. - Regulatory authorities are tasked with enhancing ongoing supervision, regulatory penalties, and data reporting requirements [5]. Group 6 - Prohibited actions for banks in custody business include assuming credit or market risks of custody products, providing guarantees, or participating in investment decision-making [6]. - The measures aim to prevent banks from blurring the lines of responsibility and overexposing themselves to risks [6]. Group 7 - Internal management requirements include establishing a risk management system appropriate to the scale and complexity of custody business, ensuring independence from other business lines, and protecting data and client information [7]. - Banks must conduct due diligence on custody products and partners, implementing entry standards for clients and products [7].

Core Viewpoint - The National Financial Supervision Administration has released the "Supervision and Management Measures for Custody Business of Commercial Banks (Trial)" to enhance the regulation and management of custody services, emphasizing the establishment of a negative list for prohibited custody products and strengthening qualification review and risk management [1][27]. Group 1: General Principles - The measures aim to promote the standardized and healthy development of custody business in commercial banks, based on relevant laws and regulations [3][29]. - Custody refers to the act of commercial banks providing asset custody and related services as an independent third party within the People's Republic of China [3][29]. - Custody products include various financial products and investment portfolios formed from special funds recognized by financial management departments [3][29]. Group 2: Custody Responsibilities - Commercial banks are required to provide services such as account opening, asset custody, clearing and settlement, accounting, asset valuation, information disclosure, and investment supervision for custody products [5][31]. - A custody contract must be signed, detailing the rights and obligations of all parties, and ensuring compliance and clarity in terms [5][31]. - Banks must evaluate the capital strength, governance, compliance management, risk control, and market influence of product managers before providing custody services [6][31]. Group 3: Management Requirements - Commercial banks must establish a governance structure for custody business, ensuring that the board and senior management are responsible for custody operations [43]. - A risk management system must be in place that is commensurate with the scale and complexity of the custody business [43]. - Banks are required to maintain a separation of custody business from other operations to prevent conflicts of interest [45]. Group 4: Prohibited Practices - Commercial banks are prohibited from managing custody products that are on the negative list, which includes products established illegally or managed by unqualified managers [20][48]. - Banks must not mix custody assets with their own or with other custody products, nor engage in the misappropriation of custody assets [37][48]. - The measures also prohibit banks from providing guarantees or liquidity support for custody products [37][48]. Group 5: Supervision and Legal Responsibilities - The National Financial Supervision Administration will strengthen ongoing supervision of custody business and can impose corrective measures on banks that do not meet the required standards [41][42]. - Banks must report significant matters related to custody business to the National Financial Supervision Administration in a timely manner [45][52]. - Violations of these measures can lead to penalties, including the suspension of related business activities [42][43].

Core Insights - The article highlights the top and bottom AH premium rates for various stocks as of December 12, with Northeast Electric (00042) leading with a premium rate of 900.00% [1] - The article also provides a detailed ranking of stocks based on their deviation values, indicating significant discrepancies between H-shares and A-shares [2][3] AH Premium Rate Rankings - Northeast Electric (00042) has the highest AH premium rate at 900.00%, followed by Zhejiang Shibao (01057) at 265.58% and Beijing Machinery (00187) at 262.47% [1] - The lowest AH premium rates are recorded for CATL (03750) at -9.05%, China Merchants Bank (03968) at -2.65%, and Weichai Power (02338) at 6.11% [1] Deviation Value Rankings - The top three stocks with the highest deviation values are Northeast Electric (00042) at 28.66%, Beijing Machinery (00187) at 24.60%, and Red Star Macalline (01528) at 20.22% [1] - Conversely, the stocks with the lowest deviation values include GAC Group (02238) at -25.71%, Yangtze Optical Fibre (06869) at -16.11%, and Longyuan Power (00916) at -15.02% [1] Additional Insights - The article includes a comprehensive table of the top ten and bottom ten AH stocks based on premium rates and deviation values, providing a clear overview of market performance [1][2][3]

金秋送爽，丹桂溢香之际，为弘扬"尊老、敬老、爱老、助老"的传统美德，招商银行北京分行辖内网点 在多地开展数场老年客户专场活动，帮助老年人在感受温暖与关怀的同时，提高金融风险意识、筑牢财 产安全防线。 糕香暖心田，敬老情更浓 宋家庄支行联合某社区居委会，共同举办"糕香暖心田，敬老情更浓"主题活动，邀请社区50余名老年居 民齐聚一堂，手工制作糕点，话家常、学知识，在温馨氛围中共度传统佳节。 活动中，支行负责人向在场老年人致以由衷祝福，讲解了"登高赏秋、食糕敬老"的传统寓意。制糕环 节，支行邀请的糕点师傅先示范讲解，从粉浆配比、铺料技巧到蒸制时间，耐心拆解每一个步骤。随后 老人们分组围坐，在支行员工的协助下动手操作，搅拌粉浆、铺撒果干、脱模、切块，现场一派其乐融 融的景象。蒸糕间隙，现场开启"唠家常"环节，老人们相互分享着彼此的生活趣事。当热气腾腾的糕点 出锅，他们品尝着亲手制作的成果，脸上洋溢着笑容。活动最后，银行人员讲解了以"养老服务""健康 养生""高息理财"等为名义的新型骗局，揭露了骗子如何利用亲情关怀、虚假承诺、免费体验等套路骗 取信任的本质，让老年居民提高警惕，保护财产安全。 此次活动以传统习俗为纽带， ...

Core Viewpoint - China Merchants Bank is enhancing its services for elderly customers through a comprehensive and empathetic approach, focusing on creating a warm and accessible banking environment while ensuring financial security and convenience for this demographic [1][2][3][6][7]. Group 1: Service Enhancement Initiatives - The bank has launched the "Warmth in the Elderly" service system, which aims to provide tailored and thoughtful financial services to elderly clients, ensuring their needs are met with care and precision [1]. - Physical upgrades in bank branches include the provision of essential facilities such as reading glasses, hearing aids, wheelchairs, and blood pressure monitors, creating a more accessible environment for elderly customers [2]. - The implementation of an "Elderly Radar" system helps staff identify elderly clients automatically, ensuring they receive timely assistance [2][3]. Group 2: Staff Training and Development - The bank emphasizes the importance of training staff to understand and assist elderly clients effectively, introducing courses and initiatives that foster empathy and practical skills [3]. - Regular evaluations and recognition programs, such as the "Silver Service Star," motivate employees to excel in providing elderly services [3]. Group 3: Customized Service Processes - The bank has developed streamlined processes for elderly clients, including emergency services and personalized assistance for urgent needs, ensuring a quick and compassionate response [4][5]. - Special service cards are provided to elderly clients, detailing transaction information and contact details for easy reference, enhancing their financial memory [5]. Group 4: Financial Security and Education - The bank actively engages in community education to protect elderly clients from financial fraud, using interactive methods to teach them about scams and safe banking practices [6]. - Cultural activities are integrated into financial education, making learning about financial safety more engaging and accessible for elderly clients [6]. Group 5: Long-term Service Sustainability - A closed-loop management system is in place to continuously improve elderly service standards, ensuring that the warmth and quality of service are maintained over time [7]. - The bank collects and analyzes feedback from elderly clients to refine services and address any shortcomings, fostering a culture of continuous improvement [7].

Core Viewpoint - The credit card market is undergoing significant adjustments, with many banks, especially smaller ones, halting the issuance of co-branded credit cards due to rising costs and risks associated with these products [1][5][6]. Group 1: Market Trends - The trend of halting credit card issuance is not isolated, as it has become a common practice among both national and regional banks throughout the year [1][6]. - Major banks, including China Construction Bank and Postal Savings Bank, have collectively stopped issuing over 100 credit card products since the beginning of 2025, with co-branded cards being a significant portion of these [6][11]. - The total number of credit cards in circulation has decreased by 100 million over the past three years, indicating a shift away from the previous era of aggressive expansion [10][11]. Group 2: Bank Strategies - Banks are transitioning from a focus on quantity to quality in their credit card offerings, prompted by regulatory changes and market dynamics [11][12]. - The recent adjustments include the closure of credit card centers and the integration of credit card functionalities into main banking apps, reflecting a strategic shift towards efficiency and cost reduction [14][15]. - The halting of co-branded cards is seen as a necessary step for banks to concentrate resources on more viable products and improve operational efficiency [8][9]. Group 3: Future Directions - The future of credit card business is expected to focus on three main transformation directions: integrating various service scenarios, upgrading technology for better digital experiences, and deepening customer segmentation to enhance value creation [16].

Core Insights - The top three companies by Hong Kong Stock Connect shareholding ratios are China Telecom (72.50%), Power Assets Holdings (69.68%), and GCL-Poly Energy Holdings (69.67%) [1][2] - Xiaomi Group-W, Tracker Fund of Hong Kong, and China Merchants Bank saw the largest increases in shareholding amounts over the last five trading days, with increases of +4.913 billion, +2.976 billion, and +1.548 billion respectively [1][2] - The companies with the largest decreases in shareholding amounts during the same period include WanGuo Gold Group (-3.816 billion), Tencent Holdings (-2.649 billion), and Alibaba Group-W (-1.421 billion) [1][2] Shareholding Ratios - The latest shareholding ratios for the top 20 companies in Hong Kong Stock Connect are led by: - China Telecom (100.63 billion shares, 72.50%) - Power Assets Holdings (3.72 billion shares, 69.68%) - GCL-Poly Energy Holdings (2.82 billion shares, 69.67%) [1] Recent Increases in Shareholding - The top 10 companies with the largest increases in shareholding amounts over the last five trading days are: - Xiaomi Group-W: +4.913 billion (11.647 million shares) - Tracker Fund of Hong Kong: +2.976 billion (11.551 million shares) - China Merchants Bank: +1.548 billion (3.028 million shares) [1][2] Recent Decreases in Shareholding - The top 10 companies with the largest decreases in shareholding amounts over the last five trading days are: - WanGuo Gold Group: -3.816 billion (-49.945 million shares) - Tencent Holdings: -2.649 billion (-4.403 million shares) - Alibaba Group-W: -1.421 billion (-9.435 million shares) [1][2]

Group 1 - Ping An Asset Management Co., Ltd. increased its stake in China Merchants Bank (03968.HK) by acquiring 14.118 million shares at an average price of HKD 51.9353 per share, totaling approximately HKD 733 million [1][3] - Following this acquisition, Ping An Asset Management's total shareholding in China Merchants Bank rose to 1,023,106,500 shares, increasing its ownership percentage from 21.97% to 22.28% [1][2]

Core Insights - Tencent Holdings, China Merchants Bank, and Xiaomi Group lead the market in net inflows, with amounts of 875 million, 725 million, and 540 million respectively [1] - Pop Mart, Luoyang Molybdenum, and China Hongqiao experience the highest net outflows, with amounts of -574 million, -409 million, and -375 million respectively [1] Net Inflows Summary - Tencent Holdings (00700) shows a net inflow of 875 million, representing an increase of 8.35% in net inflow ratio, closing at 602.500 with a decrease of 0.41% [2] - China Merchants Bank (03968) has a net inflow of 725 million, with a net inflow ratio of 54.62%, closing at 52.000 with an increase of 0.39% [2] - Xiaomi Group (01810) reports a net inflow of 540 million, with a net inflow ratio of 7.11%, closing at 41.260 with a decrease of 3.10% [2] Net Outflows Summary - Pop Mart (09992) records a net outflow of -574 million, with a net outflow ratio of -12.71%, closing at 190.300 with a decrease of 5.04% [2] - Luoyang Molybdenum (03993) has a net outflow of -409 million, with a net outflow ratio of -27.72%, closing at 17.920 with a decrease of 6.42% [2] - China Hongqiao (01378) shows a net outflow of -375 million, with a net outflow ratio of -30.29%, closing at 31.340 with a decrease of 3.87% [2] Net Inflow Ratio Leaders - Sichuan Chengyu Expressway (00107) leads with a net inflow ratio of 68.25%, with a net inflow of 7.056 million, closing at 5.560 with a decrease of 0.36% [3] - Tongrentang (03613) follows with a net inflow ratio of 66.47%, with a net inflow of 5.284 million, closing at 8.810 with a decrease of 1.12% [3] - China Merchants Hengsheng Technology (03423) has a net inflow ratio of 63.08%, with a net inflow of 974,000, closing at 9.960 with a decrease of 1.87% [3] Net Outflow Ratio Leaders - China Merchants Port (00144) leads with a net outflow ratio of -58.92%, with a net outflow of -35.2885 million, closing at 15.940 with a decrease of 1.42% [3] - Chongqing Rural Commercial Bank (03618) follows with a net outflow ratio of -54.76%, with a net outflow of -33.6925 million, closing at 6.180 with a decrease of 1.59% [3] - Hisense Home Appliances (00921) shows a net outflow ratio of -54.05%, with a net outflow of -16.1746 million, closing at 24.840 with a decrease of 0.32% [3]