Group 1 - A total of 143 bonds are set to mature or pay interest in the upcoming week from December 13 to December 19 [2][6] Group 2 - The list includes various bonds from different issuers, with details such as the issuer name, bond name, outstanding amount, and maturity/payment dates [3][4]

Core Viewpoint - The issuance of credit card non-performing asset-backed securities (ABS) by Everbright Bank at a low discount rate of 4.81% raises concerns about the underlying asset quality and the challenges in recovering credit card debts in the current economic environment [1][2]. Group 1: ABS Issuance and Discount Rates - Everbright Bank's latest ABS issuance of 300 million yuan is backed by credit card non-performing assets totaling approximately 6.24 billion yuan, resulting in a discount rate of about 4.81%, which is lower than the industry average [1]. - The bank's previous ABS issuances in 2025 had discount rates of 5.01%, 5.25%, and 5.27%, indicating a trend of declining discount rates, reflecting the increasing difficulty in recovering credit card debts [2]. - The cumulative issuance of Everbright Bank's credit card non-performing asset ABS in 2025 has reached 1 billion yuan, covering a total of 19.7 billion yuan in non-performing assets [2]. Group 2: Market Trends and Asset Transfer - The active transfer of credit card non-performing assets on platforms like Yindeng Network indicates a growing urgency among banks to address the rising levels of non-performing assets [3][5]. - Major banks such as Ping An Bank and Minsheng Bank have significantly increased their asset transfer activities, with Minsheng Bank's recent transfer involving 9.607 billion yuan in non-performing loans, highlighting the severity of the issue [4]. - The parallel development of ABS issuance and asset transfers creates a dual-channel approach for banks to manage non-performing credit card assets, reflecting a trend towards systematic and normalized asset disposal [5]. Group 3: Credit Card Business Challenges - The total number of credit cards in circulation has decreased by 10 million from a peak of 807 million, marking a continuous decline over 12 quarters, indicating challenges in the credit card business [6]. - Regulatory pressures and changing consumer behaviors are forcing banks to shift from aggressive card issuance to a focus on quality and risk management, as evidenced by the decline in both card issuance and transaction volumes [7][9]. - Recent regulatory actions against banks for compliance failures underscore the need for stringent management practices in credit card operations, emphasizing the importance of balancing growth with risk control [8][9].

Core Viewpoint - China Everbright Bank is actively exploring the marketization of data elements, focusing on research and practical applications during the "14th Five-Year Plan" and planning for the "15th Five-Year Plan" in areas such as data asset valuation, operational authorization, and data security [1][2][4] Group 1: Research and Development Achievements - The bank has developed a self-researched "Enterprise Data Asset Valuation Tool" to enhance the valuation of data assets for technology companies, broadening the scenarios for obtaining loans based on data [1] - Recent research results in 2025 include a comprehensive cost accounting framework for public data resource authorization operations, providing actionable paths for compliant data resource operations in the financial sector [2] - The bank's research has been published in the international journal "Journal of Digital Economy," showcasing China's exploration and practical achievements in the field of data [1] Group 2: Industry Insights and Future Directions - Experts emphasize the significant potential of data resources in the digital and intelligent revolution, advocating for proper value accounting of data to maximize its potential [2][3] - The bank aims to combine data elements with cutting-edge technologies while ensuring compliance and security, promoting a virtuous cycle of technology development, data generation, and application [4] - Future initiatives will focus on activating the potential of data elements, fostering a collaborative development model, and injecting sustainable momentum into the high-quality development of the digital economy [4]

Core Viewpoint - China Everbright Bank announced a system upgrade maintenance scheduled for December 18, 2025, from 20:00 to 24:00, aimed at enhancing service quality [1] Group 1: System Upgrade Details - The upgrade will affect various services including personal mobile banking, personal online banking, corporate online banking, and the financial service open platform [1] - Users are advised that during the maintenance period, certain channels and related services may be unavailable [1] Group 2: Customer Communication - The bank has provided a 24-hour customer service hotline (95595) for inquiries related to the maintenance [1] - The bank expresses gratitude for customer support and understanding during this period [1]

Core Viewpoint - China Everbright Bank is actively exploring the marketization of data elements during the 14th Five-Year Plan period, focusing on data asset valuation, circulation, and financial products, with significant research outcomes shared with the public [2][3]. Group 1: Research and Practice Achievements - During the 14th Five-Year Plan, China Everbright Bank has conducted extensive research and practical work in the field of data elements, including the development of a self-developed "Enterprise Data Asset Valuation Tool" that incorporates GPU computing power for technology companies [2]. - The bank published a paper in the international journal "Journal of Digital Economy," detailing its research and application of data asset valuation in commercial banking, showcasing China's exploration in the data field [2]. Group 2: Future Directions and Strategic Goals - In 2025, the bank aims to provide actionable paths for the compliant operation of financial data resources through its latest research on public data resource authorization and cost accounting [3]. - The bank plans to integrate data elements with cutting-edge technologies while ensuring compliance and security, focusing on areas such as cloud payment applications and digital twins [7]. - The bank's future strategy includes building a collaborative development model in the data element field to activate and release the value of data elements, promoting healthy market development for the digital economy [8]. Group 3: Expert Insights and Industry Context - Experts emphasize the importance of data as a new resource in the digital and intelligent revolution, highlighting the need for effective value accounting of data [5]. - The National Development and Reform Commission stresses that public data should be traded to realize price discovery and enhance state asset supervision, indicating a significant potential for future development in public data authorization and circulation [6].

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].

Group 1 - The core service of China Everbright Bank is the "Everbright Cloud Payment," which facilitates online payments for various utilities and services, including water, electricity, gas, heating, social security, education, and property management, totaling 19,000 online services [1][2] - The platform aims to serve hundreds of millions of users, emphasizing the importance of digital finance in enhancing user experience and accessibility [1] - The bank is committed to expanding its reach into households and communities, providing a comprehensive payment system that includes services like photography appointments and transportation [2]

Investment Rating - The report assigns a "Buy" rating for the banking sector, indicating an expectation that stock prices will outperform the market by more than 10% over the next 12 months [40]. Core Insights - The growth of M2 is primarily driven by government and corporate leverage, with government leverage's contribution increasing from 23.9% in 2015 to 45.5% in 2025, while corporate leverage is expected to contribute 63.6% to M2 growth in 2025 [5][14]. - The report highlights a divergence between the social financing (社融) and M2 growth rates, indicating a liquidity accumulation in the financial system when the demand for financing from the real economy is insufficient, which can lead to a decline in bond yields [5][19]. - The expected social financing-M2 differential for 2026 is projected to be 0.56%, with a quarter-on-quarter increase of 33 basis points [32]. Summary by Sections M2 and Liquidity Analysis - M2 includes cash, personal deposits, corporate deposits, non-bank deposits, and deposits from non-deposit financial institutions. The main contributors to M2 growth are government and corporate leverage [5][13]. - The report discusses the relationship between the social financing-M2 differential and bond market performance, noting a shift in correlation since the second half of 2022 [5][19]. Social Financing Projections - For 2026, the report forecasts a total of 16.3 trillion yuan in new loans under the social financing framework, with a growth rate of 8.11% [32][34]. - The report anticipates that the net issuance of government bonds will reach 14.8 trillion yuan in 2026, with a focus on maintaining a proactive fiscal policy [34]. M2 Growth Forecast - The M2 growth rate for 2026 is projected at 7.55%, influenced by factors such as net fiscal deposits, the strengthening of the equity market, and cross-border capital flows [32][36].

Core Insights - The awards for financial bond underwriting and market-making have been announced, recognizing various banks and securities firms for their outstanding performance in the industry [1][2][3][4][5][6][7] Group 1: Outstanding Underwriters - The title of "Outstanding Underwriter" was awarded to several banks, including CITIC Bank, Shanghai Pudong Development Bank, and Industrial and Commercial Bank of China [1][2] - A total of 10 banks were recognized as "Excellent Underwriters," highlighting their contributions to the financial bond market [1] Group 2: Excellent Market Makers - The "Excellent Market Maker" category included firms such as Huatai Securities and CITIC Securities, showcasing their role in enhancing market liquidity [2][4] - A diverse range of banks, including Ping An Bank and Industrial Bank, were acknowledged for their market-making capabilities [2][4] Group 3: Special Awards - Special awards were given for various categories, including "Debt Sea Rising Award" and "Green Low Carbon Award," recognizing banks like Agricultural Bank of China and Postal Savings Bank of China for their innovative approaches [3] - The "Technology Innovation Award" was awarded to banks that demonstrated significant advancements in financial technology [3] Group 4: Individual Recognitions - Individual awards were presented to key personnel from various banks, such as CITIC Bank's Sun Wei and China Everbright Bank's Liu Yan, acknowledging their leadership in driving financial bond initiatives [4][5] - The "Outstanding Underwriting Supervisor" category highlighted individuals from major banks, emphasizing the importance of leadership in underwriting processes [5]

从资金流向上来看，当日股份制银行板块主力资金净流出2.88亿元，游资资金净流入1.98亿元，散户资 金净流入9048.35万元。股份制银行板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 证券之星消息，12月9日股份制银行板块较上一交易日下跌0.56%，光大银行领跌。当日上证指数报收 于3909.52，下跌0.37%。深证成指报收于13277.36，下跌0.39%。股份制银行板块个股涨跌见下表： ...