Vi e w p o i n t | 16 Nov 2025 10:21:02 ET │ 11 pages China Banks What's New from Citi 2025 China Conference CITI'S TAKE We hosted meetings with key China banks during our Citi China Conference during 11-14 Nov in Shenzhen and Shanghai. We summarize key takeaways below. NIM to diverge between big banks and regional banks in 2026E — NIM pressure could continue to moderate into 4Q25E given most banks have achieved 90%+ of full-year loan quota, which cools off pricing competition, although sector NIM should co ...

《个人消费贷款财政贴息政策实施方案》实施已逾两个月，目前政策效果如何？贴息成功率高不 高？还面临哪些问题？记者进行了采访。 据了解，目前建设银行受理的贴息申请中，成功率大概在80%以上。不过，即便有较高的成功率， 建设银行在贴息审核中仍存在部分未通过案例，且在业务推进中面临着一些实际难点。建设银行相关负 责人介绍，受理的贴息申请中，未通过的主要原因是发票购买方名称与客户姓名不一致，开票日期早于 消费日期，上传发票影像不清晰、不完整等。消费贷款本质为居民个人或家庭周转资金，具有小额分散 特点，资金用途存在客观判定困难；业务实践中，因消费交易场景复杂隐蔽，精准识别存在难点，如第 三方支付消费无法穿透识别至具体商品、MCC码套用、不同渠道MCC码不一致等。同时，人工集约化 处理也面临发票鉴定难，客户取现、转账消费证明材料规则不统一等问题。 浙商银行相关负责人表示，尽管浙商银行的自动审批率较高，但在具体的识别技术层面，同样面临 着一些特殊情况。比如，客户的贷款如出现部分提前还款、结清或逾期等情况，会使借据状态发生变 动；同时客户的消费行为也随着当日退款、非当日退款等情况不断变动，使得消费场景难以准确识别。 此外，大部 ...

在市场风格切换与巨额中期分红密集派发的共同催化下，A股银行板块正迎来一轮强劲的"抢筹行情"。 其中，年内暴涨近六成的农业银行，成为本轮银行股行情最耀眼的"领头羊"。同时，中国银行（601988.SH， 03988.HK）、工商银行（601398.SH，01398.HK）股价也在近期持续突破新高。 据长江商报记者粗略计算，截至11月21日收盘，国有六大行总市值合计达到10.61万亿元，占全部上市银行的 69.5%，且较2024年末增加2.45万亿元。当前，A股共有12家上市公司市值超过万亿，其中五家为银行。 基本面稳健、高股息低估值，依旧是银行股受青睐的核心原因。特别是近期中期分红的密集落地、地方国资等重 要股东的增持，均催化了市场的做多热情。 数据显示，已有24家上市银行明确中期分红计划，拟分红金额合计高达2638亿元。其中国有六大行拟分红超过 2046亿元，且分红进度明显早于2024年。 截至11月21日收盘，上市银行平均股息率（近12个月，下同）高达4.47%，12家银行股息率超过5%。 国有六大行总市值合计10.61万亿 继11月19日股价触及6元之后，11月20日中国银行A股盘中大涨超4%，11月21 ...

近期，国有大行轮番上演"大象起舞"成为A股市场一道风景线。11月21日，中国银行股价一度涨超2%， 续创历史新高，前一个交易日，工商银行股价也创出新高点。此外，建设银行股价也逼近今年年中的历 史高点。此前，农业银行更是走出一波"14连阳"的行情，股价同样不断创新高。 分析人士表示，国有大行的集体上涨，不仅来自其高股息与稳健资产质量的吸引力，也源于其作为金融 系统"压舱石"的重要定位，而这一"确定性"价值正迎来市场的全面重估。 高股息策略成"重要选项" 国有大行的吸引力在于给投资者带来实打实的回报。长江证券银行业分析师马祥云在研报中表示，近期 国有大行陆续启动中期分红，计划12月上旬陆续派息，较2024年有所提前，推动了中期分红行情加速到 来。 据上海证券报记者统计，工农中建四大行的百亿元分红正在路上，六大行合计派现2046.57亿元，约占 全部上市银行中期分红总额的近80%。 今年前三季度，国有大行保持稳健的扩表增速。从盈利表现看，六大行前三季度合计盈利1.07万亿元， 净利润全部实现正增长。其中，工行、建行、中行利润增速环比二季度由负转正。"业绩有韧性。"戴志 锋表示，这是2022年以来国有大行营收利润增速 ...

11月4日，景瑞控股公布，该集团于2025年10月的合约签约销售额(连合营企业及联营企业的销售额)约 为人民币0.87亿元，同比减少65.2%；合同销售面积约为5,135平方米，合同销售均价约人民币16,943元 ╱平方米。 截至2025年10月31日止十个月，该集团累计合约签约销售额(连合营企业及联营企业的销售额)约为人民 币8.27亿元，同比减少51.81%；合同销售面积约为54,550平方米，合同销售均价约人民币15,160元╱平 方米。 智通财经APP获悉，香港联交所最新资料显示，11月21日，景瑞控股(01862)股东将股票由中国银行(香 港)转入耀才证券，转仓市值108.32万港元，占比5.03%。 ...

截至2025年10月31日止十个月，该集团累计合约签约销售额(连合营企业及联营企业的销售额)约为人民 币8.27亿元，同比减少51.81%；合同销售面积约为54,550平方米，合同销售均价约人民币15,160元╱平 方米。 11月4日，景瑞控股公布，该集团于2025年10月的合约签约销售额(连合营企业及联营企业的销售额)约 为人民币0.87亿元，同比减少65.2%；合同销售面积约为5,135平方米，合同销售均价约人民币16,943元 ╱平方米。 香港联交所最新资料显示，11月21日，景瑞控股(01862)股东将股票由中国银行(香港)转入耀才证券，转 仓市值108.32万港元，占比5.03%。 ...

国有大行的吸引力在于给投资者带来实打实的回报。长江证券银行业分析师马祥云在研报中表示，近期 国有大行陆续启动中期分红，计划12月上旬陆续派息，较2024年有所提前，推动了中期分红行情加速到 来。 据上海证券报记者统计，工农中建四大行的百亿元分红正在路上，六大行合计派现2046.57亿元，约占 全部上市银行中期分红总额的近80%。 以银行股为代表的红利资产，眼下正重回投资组合。国盛证券宏观首席分析师张浩在接受上海证券报记 者采访时表示，居民资产正在"换锚"，"向权益要收益"的配置意愿大幅提升，转配红利型权益类资产。 ■记者观察 大象何以轮番"起舞" ◎记者 张骄 近期，国有大行轮番上演"大象起舞"成为A股市场一道风景线。11月21日，中国银行股价一度涨超2%， 续创历史新高，前一个交易日，工商银行股价也创出新高点。此外，建设银行股价也逼近今年年中的历 史高点。此前，农业银行更是走出一波"14连阳"的行情，股价同样不断创新高。 分析人士表示，国有大行的集体上涨，不仅来自其高股息与稳健资产质量的吸引力，也源于其作为金融 系统"压舱石"的重要定位，而这一"确定性"价值正迎来市场的全面重估。 高股息策略成"重要选项" ...

Core Viewpoint - Multiple banks in China are actively participating in the distribution of childcare subsidies to support the national policy aimed at encouraging childbirth, with efficient financial services ensuring that benefits reach newborn families accurately [1][2]. Group 1: Implementation of Childcare Subsidies - The implementation plan for childcare subsidies was issued by the Central Committee and the State Council in July, establishing a subsidy of 3,600 yuan per child per year for children under three years old starting from January 1, 2025 [2]. - China Bank successfully distributed the first batch of childcare subsidies in Liaoning and Hebei, benefiting nearly 1,600 newborn families [2]. - Banks are conducting promotional activities to raise awareness of the policy and are offering additional services such as online applications for social security cards and discounts on parenting-related products [2][3]. Group 2: Role of Commercial Banks - Several banks, including Agricultural Bank and Everbright Bank, have opened channels for online applications for childcare subsidies, enhancing accessibility for families [3]. - The involvement of commercial banks is driven by their robust payment systems and high service efficiency, which are essential for the rapid implementation of the policy [3][4]. - Banks are expected to leverage their extensive service networks to facilitate the effective rollout of the childbirth support policy while also expanding their customer base and service offerings [4]. Group 3: Challenges and Future Developments - Challenges include the need for better integration with government systems and ensuring accurate subsidy distribution to avoid errors [4]. - The surge in business volume may pressure bank branches, necessitating improvements in service efficiency and accuracy in fund transfers [4]. - Looking ahead, banks plan to broaden the coverage of subsidies and introduce diverse financial services related to childbirth, including consumer finance, insurance, and savings products [4].

记者丨王俊 章驰 编辑丨肖潇 一批平台即将成为你的个人信息"守门人"。 11月22日，国家互联网信息办公室、公安部发布《大型网络平台个人信息保护规定（征求意见稿）》（以下简称"征求 意见稿"），明确了对大型网络平台的认定标准，以及应履行的个人信息保护义务。 根据征求意见稿， 除却阿里、腾讯、蚂蚁、字节跳动、百度、微博、小红书等互联网平台，DeepSeek、MiniMax、 Kimi等迅速增长的AI公司，以及OPPO、vivo、荣耀等智能终端厂商，不少用户规模也满足征求意见稿中的"用户超5 千万或月活超1千万"等条件，同样可能进入大型网络平台的序列。 "能力越大、责任越大"，这一原则贯穿了数字经济监管始终。该征求意见稿与9月份发布的《大型网络平台设立个人信 息保护监督委员会规定》一脉相承，均可被视为个人信息保护法第58条"守门人条款"以及《网络数据安全管理条例》 对大型平台规定的配套文件。 配套文件的规定，待正式版本发布后，将对上述平台的个人信息保护合规带来重要影响。 A I新贵进入大型平台监管射程？ 4年前，个人信息保护法正式实施。其中第58条创设了"守门人"制度：对于提供重要互联网平台服务、拥有巨大用户数 ...

Core Insights - The "2025 China Banking Industry Competitiveness Report" was released, highlighting the evolving competitive landscape of the banking sector amid economic adjustments, fintech innovations, and regulatory improvements [1] - The report ranks the top 100 banks based on a comprehensive evaluation system focusing on four core indicators: scale, profitability, growth, and stability [1] - For the first time, the ranking separates domestic and foreign banks, enhancing the rigor and professionalism of the evaluation [1] Group 1: Overall Ranking and Key Players - The top four banks are dominated by state-owned banks, with Industrial and Commercial Bank of China leading in asset scale and profitability [6] - China Construction Bank ranks second, showcasing balanced development across various indicators [6] - Agricultural Bank of China and Bank of China follow in third and fourth places, respectively, with strengths in asset base and international operations [6] Group 2: National Joint-Stock Commercial Banks - Among the 12 national joint-stock commercial banks, 10 are ranked between 5th and 30th, with China Merchants Bank leading this group at 5th place [7] - CITIC Bank and Industrial Bank are positioned 8th and 9th, respectively, demonstrating strong performance [7] - The overall performance indicates a growing disparity between leading and trailing banks within this category [7] Group 3: City Commercial Banks - City commercial banks represent the largest group with 53 institutions, with Jiangsu Bank leading at 17th place [8] - Shanghai Bank and Ningbo Bank follow closely, benefiting from strong local market engagement [8] - The regional focus of city commercial banks has established them as vital financial support for local economies [8] Group 4: Rural Commercial Banks - Rural commercial banks, with 27 institutions on the list, show robust operational stability and growth potential [9] - Shanghai Rural Commercial Bank ranks 22nd, while Chongqing Rural Commercial Bank leads in the southwest region at 27th [9] - These banks are crucial in supporting local agricultural and small business needs [9] Group 5: Private and Foreign Banks - The two private banks listed, WeBank and Ant Bank, rank 13th and 15th, respectively, showcasing strong performance in profitability and growth [9] - The five foreign banks are ranked separately, with Citibank (China) leading, followed by MUFG Bank (China) and HSBC (China) [9] - Foreign banks leverage international service capabilities and global resource integration to maintain competitive advantages [9] Group 6: Industry Trends and Future Outlook - The report emphasizes the importance of differentiated competition and innovation in building a high-quality banking ecosystem [10] - Various banks are enhancing their core capabilities to support the real economy and provide robust financial services [10] - The rankings reflect the ongoing transformation and adaptation of the banking sector in response to market demands and regulatory changes [10]