Core Insights - Shanghai Branch of SPDB is advancing its "digital intelligence" strategy, focusing on supply chain finance and aiming to double its online loan volume [1][2] - The "Pu Lian Tong" service has surpassed 10 billion yuan in online funding, enhancing digital supply chain product capabilities [1] - The branch has seen a net increase of 27.7 billion yuan in online supply chain business volume and added 886 new supply chain clients in the first half of the year [1] Digital Supply Chain Finance - "Pu Lian Tong" is a core product featuring full ecosystem, online, all-scenario, and intelligent characteristics, catering to financial needs of upstream enterprises [1] - The branch has established connections with major state-owned enterprises for supply chain platform integration, facilitating online instant loans for suppliers [1] Support for New Retail and Infrastructure - The branch is addressing supply chain financing needs in the new retail sector by deploying "Pu Lian Tong" for leading TMT companies, enabling automatic loans and centralized payment collection [2] - Customized financial service solutions are provided to key enterprises involved in the construction of five new cities, enhancing financing efficiency [2] Expansion of Financial Services - The branch has successfully launched the "National Railway Freight Loan" service, providing efficient financing for railway users based on electronic waybills [2] - Future plans include continuous enhancement of supply chain financial services to empower upstream and downstream enterprises in the real economy [2]

Core Viewpoint - Recent incidents of unauthorized transactions on the Shanghai Pudong Development Bank (SPDB) Mastercard "Priceless World Card" have raised concerns about payment security, with multiple users reporting overseas fraud without their knowledge [1][3][9]. Group 1: Incident Overview - SPDB's credit card center detected unauthorized transactions on the "Priceless World Card" and initiated an emergency response mechanism in collaboration with Mastercard [1][10]. - Affected users reported significant unauthorized charges, with one user experiencing nearly 20,000 yuan in fraudulent transactions despite having a low available credit limit [3][7][9]. - Users did not receive any notifications for the unauthorized transactions, which occurred in Brazil, leading to frustration and concerns about the bank's security measures [5][8]. Group 2: User Experiences - Multiple users, including Yang Lihong and Xiong Lan, reported similar experiences of unauthorized transactions occurring without prior notification, with amounts totaling approximately 19,000 yuan [3][5][7]. - One user had previously requested to cancel their card but still received notifications of fraudulent transactions after the card was supposedly deactivated [8]. Group 3: Bank's Response and Accountability - SPDB assured customers that they would not bear the losses from the unauthorized transactions and that a resolution plan was in place [8][9]. - Users expressed dissatisfaction with the bank's response, emphasizing that ensuring card security is the bank's responsibility and calling for more proactive measures [8]. Group 4: Analysis of Fraud Causes - Industry analysts suggest that the incidents may be due to organized technical fraud attacks rather than individual user negligence, indicating a potential vulnerability in the security systems of the affected credit card products [9][10]. - The concentration of fraud incidents among a specific card type suggests a targeted attack, raising alarms about the effectiveness of current security measures [9]. Group 5: Regulatory Context - Regulatory bodies have previously mandated banks to enhance risk management and fraud prevention measures, but challenges remain in fully mitigating overseas fraud risks [10]. - Various banks have implemented new measures to address cross-border transaction risks, but the industry consensus is that collaboration among card organizations, acquiring parties, and clearing networks is essential for effective fraud prevention [10].

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Chinese Banking Sector - **Date of Conference**: September 3-5, 2025 - **Location**: Hangzhou and Beijing Core Insights 1. **Economic Support and Government Policies**: The Chinese government has prioritized economic support through various policies since September 2024, including rate cuts and consumption stimuli, leading to a recovering capital market and alleviation of local government financing vehicle (LGFV) debt issues [2][3][4] 2. **GDP Growth Outlook**: Despite recent weakening economic data, experts believe China is on track to meet its approximately 5% GDP growth target for 2025, aided by a favorable base effect in the second half of the year. However, 2026 presents heightened risks [3][12] 3. **Monetary and Fiscal Policies**: Further policy rate cuts are deemed unlikely for the remainder of 2025, with a preference for targeted fiscal subsidies. The potential introduction of a consumption tax reform in 2025 is also noted [3][4][12] 4. **Inflation and Economic Structure**: Weak inflation persists, attributed to structural issues and overcapacity in the investment-driven growth model, particularly in manufacturing. Experts emphasize the need for long-term structural reforms [11][13] 5. **Capital Market Recovery**: The capital market is showing signs of recovery, supported by easing US-China tensions and improved global liquidity. The upward momentum is expected to continue [15] Banking Sector Insights 1. **Net Interest Margin (NIM) Outlook**: Banks are less negative about NIM outlooks, with many indicating that NIM is near its bottom and may stabilize soon. However, loan demand remains lackluster, particularly from non-government corporates and retail sectors [5][24] 2. **Dividend Preferences**: In light of macroeconomic uncertainties, banks with higher dividend yields, such as ICBC, CCB, CITIC, and regional banks like BOCD and BOHZ, are preferred [5][24] 3. **Individual Bank Performance**: - **ICBC**: Expects improved earnings in H2 2025, driven by fee income growth and trading gains, despite a slight decline in NIM [25] - **CCB**: Anticipates NIM stabilization, with potential downward pressure from previous LPR cuts [26] - **BOC**: Expects NIM to bottom out and aims to prioritize wealth management and consumer finance [27] - **CITIC**: Predicts stable NIM and improvement in retail asset quality by early next year [28] - **SPDB**: Noted revenue and NPAT growth in H1, with a focus on technology finance and inclusive finance [30] Additional Considerations 1. **Consumption Trends**: Retail consumer goods sales growth has slowed, with services consumption becoming increasingly significant, accounting for approximately 46% of total consumption in 2024. Policies to boost consumption are expected to be emphasized [16][17] 2. **Property Market Dynamics**: The residential property market remains weak, but there is high demand for quality homes. Experts express skepticism about new property policies due to limited room for easing [22][18] 3. **Tariff and Trade Outlook**: Tariffs are expected to remain stable, with potential RMB appreciation driven by trade dynamics. The relationship between China and the US is characterized as tight, with full decoupling seen as unlikely [19][22] Conclusion The conference highlighted a cautious yet optimistic outlook for the Chinese banking sector, with a focus on stabilizing NIMs, improving asset quality, and navigating macroeconomic challenges. The emphasis on structural reforms and consumption growth indicates a strategic shift in policy direction moving forward.

浦发银行红沙宣卡。图源：官网截图 短短几天之内，浦发银行信用卡被大规模盗刷。 9月11日下午，身处哈尔滨的杨丽红接到微信提示，三笔交易入账浦发信用卡，合计人民币近1.3万元， 消费地点均在境外巴西。杨丽红登录App查询发现，早在9月9日，这三笔交易已经发生，交易当天她并 没有收到任何短信提示。 同一天，远在新西兰的熊兰也遭遇了信用卡被盗刷，盗刷金额、交易时间与杨丽红相近，交易地点同样 在境外巴西。在相近的时间里，不同地点的浦发信用卡持卡人都遭遇了类似的盗刷，贝壳财经记者注意 到，在某社交平台上，遭遇此次盗刷的持卡人群聊已达300多人。 据了解，本次被盗刷的多为浦发银行红沙宣卡。多名持卡人称，被盗刷时并未收到任何预警和提示，还 存在信用卡可用额度600多元却被盗刷将近2万元，以及8月份申请注销卡仍然被盗刷的情况。 当前，已有持卡人的账单被清零，相关信用卡已经冻结或挂失，无法使用。亦有多名持卡人告诉贝壳财 经记者，银行承诺客户不用承担相关盗刷损失。 9月13日凌晨，浦发银行信用卡中心发布声明称，针对本次情况，该中心主动回应客户关切，避免客户 承担不应由其承担的损失，全力维护客户合法权益。 万事达方面表示，已与发卡 ...

Group 1 - The core viewpoint of the article highlights the significant growth in M2 and M1, with M2 increasing by 8.8% year-on-year and M1 by 6%, indicating a strong financial support for the real economy [1] - The M1-M2 spread has narrowed to -2.8%, the lowest since June 2021, suggesting a shift in the monetary landscape [1] - In the first eight months of the year, RMB loans increased by 13.46 trillion yuan, with a notable recovery in new credit in August, reflecting robust financial support for the economy [1] Group 2 - The article emphasizes the need for future monetary policy to focus on optimizing the structure of financial growth while maintaining reasonable total growth [1] - It is noted that the current low price levels in China provide ample space for moderately loose monetary policy, with expectations for new credit and social financing to see a year-on-year increase [1] - The stock market's significant rise in August coincided with a noticeable shift in resident deposits, with a year-on-year decrease of 600 billion yuan in resident deposits and an increase of 550 billion yuan in non-bank deposits [1] Group 3 - Investment recommendations from Zheshang Securities suggest focusing on improving and high-quality A-share banks, including Pudong Development Bank, Nanjing Bank, Shanghai Bank, China Merchants Bank, and Industrial Bank [4] - The report also advises paying attention to high-dividend H-shares with improving fundamentals [4]

Core Viewpoint - Recently, there have been unauthorized transactions reported on some Shanghai Pudong Development Bank (SPDB) Mastercard cards, prompting the bank to initiate an emergency response to mitigate risks and protect customer interests [4]. Group 1: Incident Overview - SPDB's credit card center detected unauthorized transactions on certain Mastercard cards and acted promptly to block potential risks [4]. - Reports on social media indicated that some customers experienced card fraud and had reported the incidents to the police [4]. Group 2: Response Measures - SPDB emphasized its commitment to customer safety and initiated measures to ensure that customers do not bear undue losses [4]. - Mastercard has collaborated with SPDB to conduct an emergency investigation and established a special team to trace the source of the risk and safeguard customer funds [4]. Group 3: Fraud Prevention Tips - Customers are advised to prevent credit card fraud by disabling overseas payment functions, using account locks, setting payment limits, and enabling transaction alerts [5]. - In case of fraud, customers should immediately report the loss, either through the bank's mobile app or customer service, and follow up with a police report [5].

同日，万事网联也对外公告称，近期在中国境内监测到万事达卡的部分未经授权交易。万事网联与发 卡银行已成立专项小组，追溯风险源、阻断潜在风险，并推动持卡人的资金保障流程，确保客户利益 不受侵害。 集中盗刷 从多位持卡人的描述看，本次风险事件集中出现在浦发银行与万事达卡合作发行的高端信用卡产 品"无价世界卡"，包括"尊享版"和"之极版"。该卡定位于跨境消费场景，面向频繁出境、境外支付 需求较高的客户群体。 2025.09. 14 本文字数：1791，阅读时长大约3分钟 作者 | 第一财经 陈君君 近期，多位浦发银行信用卡用户在社交平台上反映，其名下的万事达"无价世界卡"遭遇境外盗刷。 相关交易大多发生在持卡人不知情、亦无境外交易行为的情况下，事件引发市场对支付安全的担忧。 9月13日凌晨，浦发银行信用卡中心发布声明称，近期监测到部分"无价世界卡"发生未经授权的交 易。浦发银行方面表示，已会同万事达卡组织第一时间启动应急响应机制，"及时发现并阻断风 险"，并承诺将避免客户承担"不应由其承担的损失"，全力维护客户合法权益。 多位用户在社交平台上发帖称，尽管本人并未在境外消费，但账户仍出现多笔以境外货币计价的交 易。一名 ...

近期，多位浦发银行信用卡用户在社交平台上反映，其名下的万事达"无价世界卡"遭遇境外盗刷。相关 交易大多发生在持卡人不知情、亦无境外交易行为的情况下，事件引发市场对支付安全的担忧。 9月13日凌晨，浦发银行信用卡中心发布声明称，近期监测到部分"无价世界卡"发生未经授权的交易。 浦发银行方面表示，已会同万事达卡组织第一时间启动应急响应机制，"及时发现并阻断风险"，并承诺 将避免客户承担"不应由其承担的损失"，全力维护客户合法权益。 同日，万事网联也对外公告称，近期在中国境内监测到万事达卡的部分未经授权交易。万事网联与发卡 银行已成立专项小组，追溯风险源、阻断潜在风险，并推动持卡人的资金保障流程，确保客户利益不受 侵害。 集中盗刷 从多位持卡人的描述看，本次风险事件集中出现在浦发银行与万事达卡合作发行的高端信用卡产品"无 价世界卡"，包括"尊享版"和"之极版"。该卡定位于跨境消费场景，面向频繁出境、境外支付需求较高 的客户群体。 多位用户在社交平台上发帖称，尽管本人并未在境外消费，但账户仍出现多笔以境外货币计价的交易。 一名用户称，9月10日收到扣款短信后即刻挂失，但随后仍发现9月9日的境外交易入账，总金额约1.2 ...

Core Insights - The 2025 China International Service Trade Fair (CIFTIS) financial services section was held in Beijing, focusing on the theme "Digital Intelligence Drives Open Win-Win" [2] - The financial services section aims to create four platforms: global financial innovation product and service display, important policy and industry rule release, partner negotiation, and cutting-edge financial experience [2] Group 1: Technology Integration in Financial Services - The technology presence at the fair was notably higher, with banks showcasing advanced technology systems and interactive experiences [3][4] - Industrial and Commercial Bank of China (ICBC) displayed a trillion-level financial model interactive exhibit, emphasizing its technology system based on large model support and application paradigms [4] - Other banks, such as China Construction Bank and Shanghai Pudong Development Bank, highlighted their technology finance systems and achievements in guiding financial resources towards technological innovation [4][7] Group 2: AI Applications in Banking - Multiple AI applications were showcased by commercial banks, including Minsheng Bank's intelligent financial terminals and AI laboratory, and Beijing Bank's interactive digital robot [5] - ICBC presented its "Public Fund Digital Human" and a one-stop service device for public fund card applications, enhancing user interaction and service efficiency [6] Group 3: Financial Innovation and Services - Numerous financial institutions, including ICBC, Agricultural Bank of China, and others, exhibited innovative products and services in the technology finance sector [7] - Shanghai Pudong Development Bank introduced immersive experiences by integrating cutting-edge technology from its clients, focusing on five key financial areas [8] - Construction Bank's technology finance section showcased its "Five-Dimensional Integrated" technology finance system, promoting high-level self-reliance in technology [9]

你们敢相信吗？这居然是银行的展台！在2025服贸会的现场，浦发银行（600000）以"科技+金融"生态 共创为主题，带来沉浸式多元体验。不仅有AI形象定制、智慧车机互动、非遗手作熊猫胸针，还能在 现场与人形机器人互动、走进大科创直播间，切身感受金融与科技、消费、人文之间的深度交融。科技 的炫酷，养老的温度，浦发让金融真正有了"未来感"和"人情味"。今天新京报贝壳财经记者带大家沉浸 式体验一把——金融到底可以多"未来"！ ...