ab 4 November 2025 Global Research China Banks China Marketing feedback—potential rotation back to defensives towards year-end? Domestic investors' interest in China banks picked up slightly During our Shanghai and Beijing marketing in the past two weeks, we met with 32 institutions, of which over 90% were long-only investors. Compared with our earlier marketing in China, domestic investors' interest in China banks has picked up slightly, after the 10-15% correction in banks' share prices in Q3, but not to ...

2025年11月7日，中国银行（601988）发布公告称，根据国债发行安排，中国银行将于2025年11月10日 至11月19日（节假日正常发行）代理销售2025年第九期和第十期储蓄国债（电子式），单一个人国债二 级托管账户购买每期储蓄国债不超过300万元。第九期储蓄国债（电子式）期限三年，票面年利率为 1.63%；第十期储蓄国债（电子式）期限五年，票面年利率为1.70%。 ...

Core Insights - The China International Import Expo (CIIE) continues to serve as a significant platform for global trade cooperation, showcasing China's commitment to opening up its market and enhancing international economic collaboration [1][2][3] Group 1: CIIE Overview - The eighth CIIE, held in Shanghai, emphasizes China's vast market potential and strong determination for openness, attracting global attention [1] - The expo acts as a "never-closing" venue for international trade discussions and has consistently introduced important new measures for foreign trade [1] Group 2: Role of Bank of China - Bank of China has been the sole strategic partner of CIIE for eight consecutive years, leveraging its global service network to facilitate international trade cooperation [2] - The bank has actively participated in various core activities of the expo, including global exhibitions and domestic investment promotion, supporting nearly 150 overseas promotional events [4] Group 3: Trade and Investment Facilitation - The trade investment matchmaking event at CIIE attracted nearly 1,000 exhibitors and 3,000 buyers from 57 countries, focusing on creating a win-win market [3] - Bank of China introduced innovative services such as "Hui Chat" for efficient negotiations and "Hui Financial" for comprehensive financial services to support trade outcomes [3] Group 4: Consumer Services and Innovations - The bank has launched a series of consumer-oriented services, including a new tax refund service for international visitors, enhancing the shopping experience [6][7] - Collaborations with China UnionPay and Huazhu Group aim to streamline consumer payment processes and improve service offerings in travel and hospitality [6][8] Group 5: Digital Transformation - Bank of China has upgraded its digital services, including the "Zhongyin e-Qiying" cross-border matchmaking system, providing intelligent matching and online negotiation capabilities [5] - The introduction of a digital RMB hard wallet at the expo allows for convenient cross-border transactions, showcasing the bank's commitment to digital finance [9][10] Group 6: Global Economic Cooperation - The bank hosted the "Financial Support for Global Economic Development" forum, gathering over 200 participants to discuss new trends in financial development and global trade opportunities [11] - The establishment of a global salary service model aims to support Chinese enterprises in their international operations, providing comprehensive financial services [12] Group 7: Future Outlook - Bank of China aims to extend its services beyond the expo duration, ensuring continuous support for enterprises and enhancing the benefits of CIIE for a broader audience [13] - The bank's initiatives align with China's broader strategy of expanding its openness and enhancing its role in the global economy [13]

Core Viewpoint - The banking industry is experiencing a wave of app shutdowns, particularly in the credit card and direct banking sectors, as banks consolidate their services to enhance user experience and reduce operational costs [1][5][12]. Group 1: App Shutdown Trends - Multiple banks, including state-owned and leading city commercial banks, have announced the closure of various banking apps, leading to discussions among users about the necessity of so many banking applications [1][4]. - The shutdown trend is particularly evident in credit card apps, with China Bank recently announcing the migration of its "Colorful Life" app functions to its main app, marking a significant shift as previously, such closures were mainly among smaller banks [5][6]. - In 2023, at least 21 banks have ceased operations of their direct banking apps, with only about 10 remaining in the market, a significant drop from their peak [2][6]. Group 2: User Experience and Market Dynamics - Users have expressed frustration over the multitude of banking apps, which they find unnecessary for infrequent financial transactions, leading to a high number of inactive apps on their devices [1][11]. - The average daily usage time for mobile banking apps has decreased from 4.93 minutes to 2.70 minutes, indicating a decline in user engagement [11]. - The banking sector is shifting focus from acquiring new customers to retaining existing ones, as evidenced by the decline in credit card numbers over the past three years [15][16]. Group 3: Regulatory and Operational Considerations - Regulatory pressures are driving the consolidation of banking apps to enhance risk management and consumer protection, with over 25 banks reported for privacy issues in 2024 [13][14]. - The operational costs associated with maintaining multiple apps are becoming unsustainable, prompting banks to streamline their offerings to improve efficiency and reduce compliance burdens [15][16]. - The future of banking apps is expected to evolve towards a more integrated ecosystem, focusing on user-centric services rather than merely serving as transaction channels [18].

Group 1: Event Overview - The 15th National Games officially commenced on November 9, marking the first time the event is co-hosted by Guangdong, Hong Kong, and Macau, featuring a large scale and diverse participation [1] - Financial institutions have mobilized to support the event, with the People's Bank of China Guangdong Branch leading efforts to implement financial services aimed at enhancing the sports industry [1] Group 2: Green Financing Initiatives - The construction of renovated sports venues in Guangzhou, including the Tianhe Sports Center, was supported by over 100 million yuan in funding from China Construction Bank [2] - A total of 700 billion yuan in credit support has been provided for infrastructure projects related to the National Games, with nearly 200 billion yuan allocated to green infrastructure projects [2] Group 3: Payment Experience Enhancements - The Bank of China Guangdong Branch has upgraded services allowing Hong Kong and Macau residents to open mainland accounts remotely, enhancing accessibility for event participants [3] - A comprehensive payment settlement system has been established, featuring ATMs, currency exchange machines, and POS systems to cater to diverse payment needs for attendees [3] Group 4: Digital Currency Innovations - Agricultural Bank of China has introduced digital RMB self-service devices at event dining locations, allowing for quick and interactive payment experiences [4] - Consumers can purchase tickets for the National Games using digital RMB through the Industrial and Commercial Bank of China's online platform [4] Group 5: Security Financing Support - China Bank provided critical financial support to security service providers for the event, facilitating quick loan approvals and efficient payroll solutions [5] - Agricultural Bank of China offered 1.21 million yuan in funding to a sports development company, aiding in the construction of a new multi-sport facility [6] Group 6: Consumer Market Activation - The Industrial and Commercial Bank of China launched a commemorative credit card for the National Games, offering discounts on tickets and at various merchants [7] - Over 200 billion yuan has been financed for sports-related enterprises, with more than 1 billion yuan allocated for promotional activities to stimulate consumer spending [7]

Core Insights - China's foreign exchange reserves reached $33,433.43 billion by the end of October 2025, marking an increase of $4.685 billion from September and the highest level since December 2015 [2] - The People's Bank of China (PBOC) increased its gold reserves to 7.409 million ounces by the end of October, adding 30,000 ounces, continuing a trend of gold accumulation for 12 consecutive months [2][4] Group 1: Central Bank Actions - Since November last year, the PBOC has been in a "gold buying mode," with a notable increase of 330,000 ounces in December 2024, followed by a gradual slowdown in purchases, indicating a long-term strategic vision [4] - In the first quarter of 2025, China, Poland, and Turkey were the top three central bank gold buyers, collectively accounting for over 50% of global purchases, reflecting a broader trend of central banks increasing gold holdings [6] Group 2: Strategic Considerations - Central banks are increasing gold reserves to optimize foreign exchange reserve structures, as gold is a non-sovereign credit reserve asset that is less affected by unilateral sanctions and has different price dynamics compared to other currencies [8] - The accumulation of gold is also seen as a crucial part of the internationalization strategy of the Renminbi, enhancing its role in the global monetary system and boosting international confidence in the currency [8] Group 3: Market Context - As of October 2025, international gold prices reached a historical high of $4,294 per ounce, with a monthly increase of 4.9%, marking the fifth consecutive month of price rises [10] - Historical trends indicate that central bank gold purchases do not guarantee continuous price increases, as seen during the 2008 financial crisis when gold prices fell despite increased purchases [10] Group 4: Broader Implications - The ongoing accumulation of gold by the PBOC symbolizes not only the resilience of the Chinese economy but also reflects significant changes in the international financial landscape, as the era of dollar dominance is gradually shifting [12]

Summary of Key Points Core Viewpoint - China Bank (601988) reported a closing price of 5.64 yuan on November 7, 2025, reflecting a decrease of 0.35% with a trading volume of 2.2374 million shares and a total transaction value of 1.266 billion yuan [1]. Trading Information - On November 7, the net outflow of main funds was 36.0916 million yuan, accounting for 2.85% of the total transaction value [1]. - The net outflow of speculative funds was 10.6207 million yuan, representing 0.84% of the total transaction value [1]. - Retail investors saw a net inflow of 46.7123 million yuan, which constituted 3.69% of the total transaction value [1]. Company Announcements - China Bank proposed a mid-term profit distribution plan, intending to distribute a cash dividend of 0.1094 yuan per share (pre-tax) to A-share and H-share shareholders registered by December 10, 2025 [1][3]. - The bank will hold its fourth extraordinary general meeting on November 27, 2025, to review the mid-term profit distribution plan, with a separate vote for minority investors [1][3]. - The A-share registration date is set for November 21, 2025, and shareholders must complete registration and submit receipts within the specified timeframe [1].

Group 1 - The eighth Hongqiao International Economic Forum held multiple sub-forums focusing on financial support for global trade, supply chain stability, and cross-border trade development, highlighting the importance of financial cooperation in international markets [1][2][3] - China Bank and the Hong Kong Trade Development Council signed a strategic cooperation memorandum to assist enterprises in expanding into international markets [1] - The launch of the "Digital Trade" ecological alliance by the Bank of Communications aims to enhance cross-border trade quality [2] Group 2 - The Shanghai Futures Exchange revised its guidelines for using government bonds as margin, facilitating futures companies in managing collateral [7] - Shanghai banks are innovating in financial services, such as the launch of the "Xinyu" cross-border products by Shanghai Rural Commercial Bank to support enterprises in global markets [11] - The signing of a strategic cooperation framework agreement between Shanghai United Assets and Macau Financial Assets Exchange aims to enhance cross-border asset trading and technological collaboration [9] Group 3 - The China Export-Import Bank introduced a tailored financial service plan for the eighth China International Import Expo, focusing on providing efficient cross-border financial services [14] - The Shanghai Financial Regulatory Bureau reported a total asset balance of 28.59 trillion yuan in the banking sector as of September 2025, reflecting a year-on-year growth of 6.25% [30] - The Shanghai Stock Exchange successfully recorded the first cross-border share pledge registration, enhancing the efficiency of cross-border transactions [20]

Core Insights - The Bank of China Shanghai Branch has enhanced its cross-border financial services at the China International Import Expo (CIIE) by introducing a centralized tax refund point for immediate refunds, improving the shopping experience for foreign travelers [1][4]. Group 1: Tax Refund Services - The centralized tax refund point allows foreign travelers to enjoy a "buy and refund" service, with a minimum purchase requirement of 200 yuan for tax refunds, following a policy adjustment by six Chinese ministries [2][4]. - The Bank of China staff actively assist travelers in understanding the tax refund process, including the refund threshold and rates, ensuring a smooth experience [2][3]. Group 2: Customer Experience - The Bank of China has set up two centralized refund points at the expo, strategically located near areas with high foreign visitor traffic, enhancing accessibility [3]. - Travelers have expressed high satisfaction with the service, highlighting the professionalism and warmth of the staff, which contributes to a positive perception of the expo [2][3]. Group 3: Innovative Solutions - The introduction of an integrated tax refund POS machine at the expo streamlines the refund process, combining multiple steps into one, significantly reducing processing time [4]. - The Bank of China has implemented various innovations in tax refund services, including cross-regional recognition of immediate refunds and the establishment of refund points in hotels and supermarkets [4]. Group 4: Future Commitment - The Bank of China Shanghai Branch aims to continue providing high-quality services to foreign travelers, contributing to the promotion of high-level openness and inbound consumption [5].

Group 1 - The eighth China International Import Expo is gaining momentum, with various financial institutions launching innovative financial products to support enterprises in global operations [1] - Bank of China introduced the "Global Payroll" product to address the complexities and inefficiencies in cross-border payroll for enterprises, providing a comprehensive service system from payroll to usage [1][3] - The product aims to reduce time and cost in cross-border payroll management, allowing enterprises to focus on core business expansion [3] Group 2 - China Pacific Insurance provided an insurance solution for the expo, with a total coverage amount of 1.28 trillion yuan, benefiting organizers, exhibitors, buyers, and supply chain service providers [5] - The company developed a "technology output + local service" solution to address challenges faced by the new energy vehicle sector in international markets [5] - Pacific Insurance aims to enhance the convenience of insurance for domestic vehicles abroad by leveraging online services and collaborating with local partners to mitigate risks [7]