Core Viewpoint - A newly established loan intermediary, Xin Xin Hui Lin, has sparked collective statements from nearly 20 banks in Shenzhen, indicating potential disruption to financial order and consumer rights due to misleading advertising practices [2][3]. Company Summary - Xin Xin Hui Lin (Shenzhen) Consulting Service Co., Ltd. was founded in November 2024 and has quickly established nine subsidiaries, focusing on community-based financing solutions [3][4]. - The company promotes its services through community-centric slogans, aiming to assist local residents in overcoming financing challenges [4]. Industry Summary - The shift of loan intermediaries towards residential communities reflects a transformation in the industry, driven by rising online customer acquisition costs and intensified market competition [4]. - This "community financing" model poses risks such as information asymmetry, lack of service transparency, and potential for excessive debt among consumers [5]. - Banks are encouraged to enhance financial education within communities and establish transparent service channels to mitigate the risks posed by unscrupulous intermediaries [5][6]. - Regulatory bodies are increasingly vigilant against illegal loan intermediary activities, emphasizing the need for clear boundaries in intermediary services and the establishment of transparent fee structures [6][7]. - Collaboration among regulatory agencies, industry associations, banks, and intermediaries is essential for standardizing practices and ensuring consumer protection [7].

银行板块震荡上扬，齐鲁银行（601665）涨超3%，农业银行（601288）涨超2%，长沙银行 （601577）、郑州银行（002936）、邮储银行（601658）、华夏银行（600015）纷纷上扬。 ...

Core Insights - The low interest rate environment has led to a resurgence in dividend strategy wealth management products, with increasing demand from investors for such allocations [1][2][8] - Major banks like Agricultural Bank of China, Bank of China, and Huaxia Bank are actively promoting dividend strategy products through their apps and public accounts [2][8] Product Overview - Dividend strategy products typically have a foundation of over 80% fixed income assets, with up to 20% allocated to dividend assets to enhance returns [1][4] - For example, the "Agricultural Bank of China Wealth Management 'Agricultural Bank Craftsmanship·Dynamic 360-Day Wealth Management Product (Dividend Preferred)'" has over 80% in fixed income assets and less than 20% in dividend assets [1][4] - The "Bank of China Wealth Management Wise Wealth Equity Dividend Strategy 180-Day Holding Period A" includes 30% of the CSI Dividend Index, with a risk level of R4 and an annualized return of 17.92% over the past month [4][7] Performance Metrics - The Agricultural Bank's product has shown an annualized return of 4.36% over the past month, 3.34% over the past three months, and 3.08% since inception, with a performance benchmark of 2.4%-3.4% [4][7] - The Bank of China's product has a high annualized return of 17.92% over the past month and 7.92% year-to-date, with an inception-to-date annualized return of 9.28% [7][8] Market Trends - The dividend strategy is gaining traction as a preferred investment choice among banks, with many financial managers recommending these products for their stability and potential for higher returns compared to traditional fixed income products [9][10] - The current low interest rate environment has made dividend strategies attractive, as they offer a stable yield compared to government bonds [9][10] Investment Opportunities - In addition to dividend strategy products, other investment opportunities include high-dividend blue chips, state-owned enterprises, green low-carbon assets, and sectors related to AI and digital economy [12][13] - The market is seeing increased interest from insurance funds in high-dividend stocks, indicating a shift towards assets that provide stable cash returns [10][11]

九泰聚鑫混合型证券投资基金 基金管理人：九泰基金管理有限公司 基金托管人：华夏银行股份有限公司 报告送出日期：2025 年 7 月 21 日 九泰聚鑫混合 2025 年第 2 季度报告 §1 重要提示 基金管理人的董事会及董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗漏， 并对其内容的真实性、准确性和完整性承担个别及连带责任。 基金托管人华夏银行股份有限公司根据本基金合同规定，于 2025 年 7 月 17 日复核了本报告 中的财务指标、净值表现和投资组合报告等内容，保证复核内容不存在虚假记载、误导性陈述或 者重大遗漏。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应仔细阅读本 基金的招募说明书。 | 本报告中财务资料未经审计。 | 2025 | 4 | 1 | 6 | 30 | 本报告期自 | 年 | 月 | 日起至 | 月 | 日止。 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | ...

Core Viewpoint - The credit card industry in China is experiencing a significant transformation, shifting from expansion to a focus on quality and efficiency, as evidenced by the increasing number of banks discontinuing co-branded credit card products [12][19]. Group 1: Market Trends - Since January 1, 2025, at least seven major banks have announced the discontinuation of at least 22 co-branded credit card products, indicating a trend of product adjustments in the credit card market [2][6]. - Major banks, including China Bank and Citic Bank, have stopped issuing various co-branded credit cards, with reasons primarily cited as "business adjustments" or "contract expiration" [4][6]. Group 2: Product Adjustments - Co-branded credit cards, which are partnerships between banks and profit-oriented institutions, are being phased out due to their unsustainable cooperation models and imbalanced overall returns [9][10]. - Banks are transitioning to standard credit cards for existing co-branded cardholders, with changes in reward structures and benefits [4][6]. Group 3: Regulatory Environment - The regulatory framework has tightened, with new guidelines from the former CBIRC and the People's Bank of China mandating banks to focus on quality over quantity in credit card issuance [10][12]. - The new regulations require banks to limit the ratio of dormant credit cards to no more than 20%, prompting a reevaluation of credit card strategies [10][12]. Group 4: Consumer Behavior - The credit card market is increasingly catering to younger consumers, who have diverse interests and consumption needs, necessitating banks to innovate and tailor products accordingly [18][19]. - The decline in credit card issuance and usage reflects a broader trend of market saturation and the need for banks to refine their customer engagement strategies [12][13]. Group 5: Future Outlook - The discontinuation of co-branded credit cards is seen as a necessary step towards a more refined and efficient credit card business model, focusing on high-value customer segments and innovative product offerings [15][19]. - The industry is expected to evolve towards precision marketing and enhanced customer experiences, leveraging digital technologies and data analytics [7][19].

南方数字经济混合型证券投资基金 基金管理人：南方基金管理股份有限公司 基金托管人：华夏银行股份有限公司 送出日期：2025 年 7 月 21 日 南方数字经济混合型证券投资基金 2025 年第 2 季度报告 §1 重要提示 基金管理人的董事会及董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 基金托管人华夏银行股份有限公司根据本基金合同规定，于 2025 年 7 月 17 日复核了本 报告中的财务指标、净值表现和投资组合报告等内容，保证复核内容不存在虚假记载、误导 性陈述或者重大遗漏。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定 盈利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应仔细阅 读本基金的招募说明书。 本报告中财务资料未经审计。 本报告期自 2025 年 4 月 1 日起至 6 月 30 日止。 | | §2 基金产品概况 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 基金 ...

Core Viewpoint - Central Huijin's significant holdings in nine A-share listed banks demonstrate high shareholding ratios, strong stability, and good profitability, with all companies ranking in the top 50 for net profit in the Q1 2025 A-share listed companies [1][21] Group 1: Banks Controlled by China Investment Corporation - Industrial and Commercial Bank of China (ICBC) ranks first with a net profit of 841.56 billion yuan in Q1 2025, being the largest commercial bank globally [3] - China Construction Bank (CCB) ranks second with a net profit of 833.51 billion yuan, excelling in infrastructure financing and digital currency applications [5] - Agricultural Bank of China (ABC) ranks third with a net profit of 719.31 billion yuan, holding a unique advantage in rural finance [7] - Bank of China (BOC) ranks fourth with a net profit of 543.64 billion yuan, recognized for its foreign exchange and cross-border financial services [9] - China Everbright Bank ranks 24th with a net profit of 124.6 billion yuan, expanding into various financial services [11] Group 2: Banks Heavily Invested by Central Huijin Asset Management - CITIC Bank ranks 15th with a net profit of 195.09 billion yuan, leveraging its monopoly in state-owned enterprise client resources [13] - Shanghai Pudong Development Bank ranks 16th with a net profit of 175.98 billion yuan, leading in infrastructure and technology finance [15] - Ningbo Bank ranks 35th with a net profit of 74.17 billion yuan, operating across multiple profit centers [17] - Huaxia Bank ranks 50th with a net profit of 50.63 billion yuan, focusing on monetary financial services [19]

Core Viewpoint - Recently, nearly 20 banks in Shenzhen issued statements warning against a loan intermediary, Xin Xin Hui Lin (Shenzhen) Consulting Service Co., Ltd, which falsely claimed to be affiliated with these banks [2][5][10]. Group 1: Bank Responses - Multiple banks, including major institutions like China Construction Bank and Industrial and Commercial Bank of China, explicitly named Xin Xin Hui Lin in their statements, clarifying that they have no partnership with the intermediary [2][5]. - The banks urged consumers to be cautious of misleading claims such as "internal interest rate reductions" and "credit score improvement" [3][5]. Group 2: Xin Xin Hui Lin's Operations - Xin Xin Hui Lin has been promoting itself through advertisements claiming partnerships with various banks, offering services like interest rate reductions and charging high service fees [6][8]. - The company was established only six months ago, with a registered capital of 10 million yuan, and has rapidly expanded by being a shareholder in nine other consulting firms [7]. Group 3: Regulatory Context - The collective action by banks to issue warnings is unprecedented in recent years, reflecting a strong commitment to compliance and consumer protection amid ongoing regulatory crackdowns on financial misconduct [9][10]. - Regulatory bodies have intensified efforts to combat illegal financial practices, particularly in the loan, insurance, and credit card sectors [10][11]. Group 4: Consumer Awareness - Experts highlight the issue of information asymmetry in the financial sector, which leaves consumers vulnerable to scams by loan intermediaries [12][13]. - It is recommended that consumers apply for loans directly through legitimate financial institutions or their official online channels to avoid potential fraud [14].

Core Viewpoint - Recently, nearly 20 banks in Shenzhen issued statements regarding a loan intermediary, Xin Xin Hui Lin (Shenzhen) Consulting Service Co., Ltd., which allegedly impersonated these banks to attract customers [1][6]. Group 1: Bank Responses - Multiple banks, including major institutions like China Construction Bank, Industrial and Commercial Bank of China, and Agricultural Bank of China, publicly clarified that they have no partnership with Xin Xin Hui Lin and have not authorized it to conduct any business on their behalf [1][6]. - The banks warned consumers about the deceptive advertising practices employed by the intermediary, which falsely claimed to be strategic partners with several banks [6][7]. Group 2: Xin Xin Hui Lin's Operations - Xin Xin Hui Lin was established only six months prior to the incident, with a registered capital of 10 million yuan, and has rapidly expanded by being a shareholder in nine other consulting service companies [6][8]. - The intermediary has been promoting services such as "interest rate optimization" and "loan consulting" while charging high service fees, misleading consumers into believing they are affiliated with banks [6][7]. Group 3: Regulatory Environment - The collective action by banks reflects a strong commitment to compliance, consumer protection, and ongoing regulatory efforts to combat financial "black and gray industries" [9][10]. - Regulatory bodies have intensified their crackdown on illegal loan intermediary services and other financial misconduct, indicating a broader effort to enhance oversight in the financial sector [9][10].

Core Viewpoint - The establishment of a financing coordination mechanism for small and micro enterprises by the National Financial Supervision Administration and the National Development and Reform Commission aims to address financing issues and empower the real economy [1] Group 1: Policy and Mechanism - The Beijing branch of Huaxia Bank has quickly established a working system that emphasizes "policy guidance - mechanism collaboration - service penetration" to support small and micro enterprises [1] - A special working group led by the branch's leadership and involving 11 departments has been formed to ensure effective implementation of the financing support mechanisms [1] Group 2: Financial Services and Products - Huaxia Bank's Beijing branch has launched various financial products tailored for small and micro enterprises, including "Kechuang Yidai" which covers the entire lifecycle of technology enterprises [10] - The bank has optimized its "Housing Loan Pass" product and matched it with "no repayment loan" options to address the "reverse loan" issue faced by enterprises [10] Group 3: Collaborative Efforts - The bank has actively engaged with district-level government teams and utilized financing lists to reach out to enterprises in parks, communities, and rural areas [7] - Various branches of Huaxia Bank have participated in financial service promotion events and established collaborative platforms to better understand and meet the financing needs of technology enterprises [8] Group 4: Ongoing Initiatives - The financing coordination mechanism for small and micro enterprises will continue to be promoted, with efforts to deepen connections between the bank, local governments, parks, and enterprises [9] - The bank aims to broaden financing channels for small and micro enterprises by exploring scenario-based, digital, and batch customer acquisition models [10]