Core Viewpoint - In 2025, China's economy is at a critical juncture of consumption-driven transformation, with expanding domestic demand and stabilizing growth as core policy goals. The credit card business, as a "main force" in consumer finance, plays a vital role in activating consumption potential [1][3]. Group 1: Market Dynamics - The credit card market has shifted from a "land grab" development model to a more sustainable approach as the market nears saturation. The focus is now on scenario-based and digital strategies to break through the constraints of existing business models [1][7]. - As of the end of 2024, the total number of credit cards and combined lending cards reached 727 million, a decrease of 5.14% year-on-year, indicating a trend of market saturation [7]. Group 2: Marketing Strategies - Credit card issuers are increasingly launching diverse marketing activities during peak consumption seasons, such as traditional holidays and e-commerce shopping festivals, to stimulate consumer enthusiasm [3][4]. - Recent promotional activities include significant cashback offers and discounts for cardholders during events like Mother's Day, showcasing the integration of credit cards into the consumer ecosystem [3][4]. Group 3: Product Innovation - Credit cards are evolving to meet changing consumer demands, expanding into new areas such as health, education, and pet care, while also enhancing integration with various consumption scenarios [4][5]. - Innovations in credit card products are focusing on green finance and digital services, utilizing big data and AI to provide personalized financial services [5][10]. Group 4: Competitive Strategies - To address market saturation, banks are raising quick payment limits and offering installment payment discounts to stimulate consumer spending and extend payment cycles [7][8]. - Recent competitive moves include significant interest rate reductions for installment loans, with promotional rates as low as 2.76% for 12-month plans, aimed at encouraging larger purchases [8]. Group 5: Future Outlook - The credit card industry is expected to continue its growth trajectory by deepening scenario-based and digital transformations, aligning with government initiatives to boost consumption [9][10]. - The integration of advanced technologies such as big data, AI, and blockchain will be crucial for enhancing customer insights, risk management, and product innovation [10][11].

| 公告编号：临2025-025 | | | | | --- | --- | --- | --- | | 证券代码：600000 | | 证券简称：浦发银行 | | | 优先股代码：360003 | 360008 | 优先股简称：浦发优1 | 浦发优2 | | 转债代码：110059 | | 转债简称：浦发转债 | | 上海浦东发展银行股份有限公司 关于可转换公司债券 2025 年跟踪评级结果的公告 1 前次债项评级："AAA"，主体评级："AAA"，评级展望：稳定 本次债项评级："AAA"，主体评级："AAA"，评级展望：稳定 根据本次评级结果，上海浦东发展银行股份有限公司（以下简称"公司"） 可转换公司债券（以下简称"浦发转债"，代码"110059"）仍可作为 债券质押式回购交易的质押券 本次信用评级报告详见上海证券交易所网站（www.sse.com.cn）及公司网站 （www.spdb.com.cn）。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 根据《上市公司证券发行注册管理办法》《上海证券交易所股 ...

定期跟踪评级报告 项目负责人: 王春苗 何泳萱 王 布 历 wangchunmiao@shxs j.com 项目组成员: 155 inter hyx@shxs j. com 评级总监: 熊荣萍 12:36 联系电话:(021)63501349 联系地址:上海市黄浦区汉口路 398 号华盛大厦 14 层 公司网站:www.shxsj.com 上海新世纪资信评估投资服务有限公司 Shanghai Brilliance Credit Rating & Investors Service Co., Ltd. 内部编号:2025050076 上海浦东发展银行股份有限公司 公开发行可转换公司债券 l 跟踪评级概要 编号:【新世纪跟踪(2025) 100028】 评级对象: 上海浦东发展银行股份 本次跟踪 首次评级 主体/展望/倩项/评级时间 主体/展望/债项/评级时间 浦发转债 AAA/稳定/AAA/2025 年5月2 AAA/稳定/AAA/2019年10月24日 跟踪评级观点 主要优势: 主要风险: 跟踪评级结论 通过对浦发银行主要信用风险要素的分析,本评级机构维持其 AAA 主体信用等级,认为本次债券还本 付息安全性 ...

Core Points - The Shanghai Composite Index opened lower but experienced a slight increase of 0.25%, closing at 3247.93 points with a trading volume of 47.586 billion yuan [1] - Over the past month, the index has risen by 1.60%, by 1.48% over the last three months, and by 0.54% year-to-date [1] Industry Analysis - The Shanghai Stock Exchange categorizes listed companies into five major sectors: Industrial, Commercial, Real Estate, Public Utilities, and Comprehensive [1] - The index reflects the economic conditions and overall performance of companies within these sectors, with a base date of April 30, 1993, and a base point of 1358.78 [1] Index Composition - The top ten weighted stocks in the Shanghai Composite Index include: - Industrial and Commercial Bank of China (12.82%) - Agricultural Bank of China (11.84%) - Bank of China (7.83%) - China Merchants Bank (6.09%) - China Life Insurance (5.41%) - China Telecom (4.11%) - Ping An Insurance (3.88%) - Industrial Bank (3.17%) - Shanghai Pudong Development Bank (2.39%) - CITIC Securities (2.11%) [1] - The financial sector accounts for 75.80% of the index, followed by Industrial (7.47%), Communication Services (6.66%), Consumer Discretionary (2.88%), Healthcare (2.34%), Information Technology (1.94%), Real Estate (1.06%), Consumer Staples (0.79%), Energy (0.71%), and Materials (0.35%) [2] Sample Inclusion Criteria - Securities are included in the index after three months of listing if they rank in the top ten by average total market capitalization; others are included after one year [2] - Securities under risk warning are removed from the index starting the second Friday of the month following the warning, while those that have their warning lifted are included the same way [2]

Core Viewpoint - The article emphasizes the commitment of SPD Bank Chongqing Branch to implement consumer protection policies as a core mission, actively exploring the construction of a long-term collaborative mechanism for financial education [1] Group 1: Financial Education Initiatives - SPD Bank Chongqing has established a collaborative public welfare brand called "Red Partner" in partnership with community service platforms, regularly dispatching financial educators and setting up knowledge promotion points to provide ongoing consultation services [2] - The bank focuses on hot issues such as illegal fundraising and fraud prevention, using case studies and interactive Q&A to enhance risk awareness among the public [2] - In 2023, the bank has conducted 30 activities, reaching over 5,000 people, and has received multiple commendations from the district financial office and community streets [4] Group 2: Targeted Outreach Programs - The bank has tailored its financial education content to meet the needs of different groups, such as labor workers focusing on fraud prevention and elderly individuals emphasizing investment risk warnings [4] - Specific initiatives include the "Financial Knowledge into Construction Sites" program, which provides practical knowledge on safe use of salary cards and fraud prevention during lunch breaks for new citizens like construction workers and delivery riders [2][4] - The bank also conducts quarterly promotions of the deposit insurance system, using simple language to explain policies to key demographics, including the elderly and new citizens [2]

21世纪经济报道记者边万莉实习生余姿桦杭州报道作为中国经济最活跃、对外开放程度最高、创新能力 最强的地区之一，长三角地区在中国式现代化建设中的地位举足轻重。随着长三角一体化国家战略的落 地和实施，给商业银行带来了更加丰富的客户资源、重大项目和广阔的市场。 21世纪经济报道记者对国有大行和股份行2024年年报梳理发现，共有15家银行在财报中明确披露了长三 角地区相关数据，涵盖营业收入、利润总额、资产规模、存贷款规模等指标。 因区域划分口径差异等原因，中国银行(仅区分境内、港澳台及其他地区)、平安银行(按东南西北分区统 计)、渤海银行(采用华东地区分类)未纳入本次统计范围。 从存款占比来看，2024年共有3家银行超过20%。其中，交通银行在长三角存款占存款总规模的比例高 达27.65%，中信银行、农业银行这一数据为25.7%、23.5%。 | 表2: 存款 | | | | --- | --- | --- | | 银行名称 | 存款/百万元 | 占比/% | | 农业银行 | 6981158 | 23.5 | | 工商银行 | 6661782 | 19.1 | | 建设银行 | 5239658 | 18.25 | ...

浦发银行进行这类招商短信发送通常基于一定的条件。首先，客户处于逾期状态是最基本的前提，逾期 时间可能有一定要求，一般是短期逾期，因为长期逾期客户可能已经进入较为严格的催收流程，不太适 合进行招商活动。其次，客户的信用状况虽然因逾期受到影响，但仍有一定的潜在价值，比如客户过往 信用记录总体较好，只是由于临时的资金周转问题导致逾期，银行认为其有能力和意愿偿还欠款并参与 新的业务。另外，银行也会根据自身的业务策略和指标，在特定时间段对一定数量和类型的逾期客户发 送招商短信。 渠道指引 在金融领域，"浦发逾期发短信招商"这种现象需要我们进行深入分析。下面从多个方面展开详细探讨。 定义解释 "浦发逾期发短信招商"指的是浦发银行在客户信用卡或贷款出现逾期情况后，通过发送短信的方式进行 相关业务的招商活动。这里的招商可能涵盖多种业务类型，比如向逾期客户推销信用卡分期还款业务， 鼓励客户将逾期欠款进行分期，以减轻还款压力，同时银行也能逐步收回资金；或者推广其他金融产 品，如保险、理财产品等，期望逾期客户在解决逾期问题的同时，能进一步参与银行的其他业务。 条件说明 对于客户而言，参与浦发逾期招商业务存在一定风险。一方面，可能会 ...

Fund Overview - The fund is named "Jiao Yin Shi Luo De Rui An Mixed Securities Investment Fund" and is classified as a mixed securities investment fund [16] - The fund operates as a contractual open-end fund with an indefinite duration [16] Fund Categories - The fund offers two categories of shares: Class A and Class C. Class A shares charge subscription fees, while Class C shares do not charge subscription fees but deduct service fees from the fund's assets [2][17] - Each category has a separate fund code and net asset value calculation [2][17] Fund Subscription Details - The subscription period for the fund is from May 27, 2025, to June 20, 2025, with a maximum duration of three months [3][23] - The minimum subscription amount for direct sales institutions is 1 million RMB for the first subscription and 100,000 RMB for additional subscriptions. For online subscriptions, the minimum is 1 RMB [5][33] Fund Management and Custody - The fund is managed by Jiao Yin Shi Luo De Fund Management Co., Ltd., and the custodian is Shanghai Pudong Development Bank Co., Ltd. [1][58] Subscription Process - Investors must open a fund account with the management company before subscribing. Each investor can only have one fund account [4] - Subscription applications cannot be revoked once accepted by the registration institution [6] Fund Fees - The management fee is calculated at an annual rate of 1.20% based on the previous day's net asset value [12] - Subscription fees for Class A shares are calculated separately for each application, while Class C shares do not have upfront subscription fees [26] Fund Investment Scope - The fund can invest in various securities, including stocks, bonds, and asset-backed securities, and may also invest in stock index futures [9][11] - The fund is subject to various risks, including market risk, liquidity risk, and credit risk [9][10] Fund Registration and Verification - The fund must meet specific conditions, including a minimum of 200 investors and a total subscription amount of at least 200 million RMB, to become effective [53] - The management company will conduct verification and submit reports to the China Securities Regulatory Commission after the subscription period ends [53][54]

Core Viewpoint - The competition in the credit card cash installment business has intensified, with banks offering significant interest rate discounts, leading to annualized rates dropping below 3% for some products [1][3]. Group 1: Market Dynamics - Following the regulatory crackdown on consumer loans, which set a minimum annualized interest rate of 3%, banks have turned to credit card cash installment services, which are not yet subject to the same restrictions [2]. - Major banks such as China Merchants Bank, Bank of China, and others have launched promotional activities, with some rates as low as 2.76% for 12-month installments [3][4]. - The cash installment service allows cardholders to convert their credit limits into cash, which can be repaid in installments along with fees [3]. Group 2: Strategic Implications - The current interest rate discounts are seen as a strategy to attract customers and expand retail loan volumes while managing credit risk through strict customer eligibility criteria [5]. - The credit card business is undergoing a strategic transformation, focusing on enhancing the value of existing customers and increasing the penetration of installment services [5]. - The low-interest strategy may stimulate short-term growth, but there are concerns about the potential accumulation of risks due to aggressive pricing [5][6]. Group 3: Industry Challenges - The credit card industry is moving away from rapid expansion, with several banks closing credit card branches and adjusting their operational strategies [7]. - The industry faces challenges such as difficulty in acquiring new users and pressure on product offerings, which test the strategic resilience of banks [7]. - Data indicates that among 14 listed banks reporting credit card non-performing loan rates for 2024, most have seen an increase, highlighting the pressure on retail banking [7].

Core Insights - The article highlights the rapid growth and significance of "Mosu Space" in Shanghai as a hub for artificial intelligence startups, attracting over 100 AI companies and positioning itself as a "super incubator" in the large model field [1] Company Overview - "Mosu Space" has become a vibrant entrepreneurial ecosystem, facilitating innovation and collaboration among AI enterprises [1] - "Wenxin Qinqu" is one of the first companies to settle in "Mosu Space," growing from 7 to over 200 team members in just two years, indicating a strong demand for AI capabilities [2] - The average age of the team at "Wenxin Qinqu" is 32, dropping to 28 when including interns, reflecting the youthful nature of the workforce driving innovation [2] Technology and Innovation - "Wenxin Qinqu" positions itself as a "computing power operator" in the era of large models, addressing the fragmentation of computing power through a collaborative approach [2] - The company has developed China's first "computing power ecological supermarket," enhancing the efficiency of various heterogeneous computing resources [2] - The collaboration between "Wenxin Qinqu" and Shanghai Pudong Development Bank focuses on intelligent risk control and wealth management AI assistants, aiming to explore advanced topics in financial document understanding and dynamic risk prediction [4] Financial Services and Support - Shanghai Pudong Development Bank has established itself as a key partner for "Wenxin Qinqu," providing not only credit but also comprehensive services tailored to the unique needs of tech enterprises [3] - The bank's approach includes building an ecosystem that integrates various resources to support startups, moving beyond traditional financial services [3] - "Ling Shu Intelligent," another startup in "Mosu Space," has received financial support from the bank, which has provided favorable loan terms to help the company navigate funding challenges [6] Ecosystem Development - "Mosu Space" serves as a professional incubator for AI-related enterprises, offering support in investment, technology, and application development [5] - The continuous evolution of industrial large models is expected to significantly enhance AI applications in specialized industrial scenarios, contributing to the growth of the AI ecosystem [6] - The bank's initiatives aim to provide ongoing support through various forms of capital, ensuring that tech companies have access to the resources they need for sustainable growth [6]