7家股份制银行跟进下调人民币存款利率 智通财经5月21日电，中国银行、工商银行、建设银行、招商银行等多家银行5月20日宣布下调人民币存 款利率后，5月21日，平安银行、中信银行、兴业银行、浦发银行、民生银行、广发银行、华夏银行7家 银行跟进下调存款利率，将1年、2年定期利率均下调15个基点。 ...

Core Viewpoint - Several Chinese banks have announced a reduction in RMB deposit interest rates effective from May 21, 2025, indicating a trend towards lower interest rates in the banking sector [1][2]. Group 1: Interest Rate Adjustments - The seven joint-stock banks, including Ping An Bank, Industrial Bank, Minsheng Bank, CITIC Bank, Huaxia Bank, Guangfa Bank, and Pudong Development Bank, will lower the interest rate on demand deposits from 0.1% to 0.05%, a decrease of 5 basis points [1]. - The fixed deposit rates for 3-month, 6-month, and 1-year terms will be adjusted from 0.85%, 1.10%, and 1.30% to 0.70%, 0.95%, and 1.15%, respectively, each down by 15 basis points [1]. - For 3-year and 5-year fixed deposits, the rates will be reduced from 1.55% and 1.60% to 1.30% and 1.35%, representing a decrease of 25 basis points [1]. Group 2: Specific Bank Adjustments - Minsheng Bank will adjust its 2-year deposit rate from 1.30% to 1.15%, while the other six banks will lower their rates from 1.35% to 1.20%, a reduction of 15 basis points [2]. - Prior to this announcement, China Merchants Bank and Everbright Bank had already adjusted their deposit rates effective May 20, aligning their rates with the six major state-owned banks [2]. - After the adjustments, China Merchants Bank's fixed deposit rates for various terms will be set at 0.65%, 0.85%, 0.95%, 1.05%, 1.25%, and 1.30% for 3-month, 6-month, 1-year, 2-year, 3-year, and 5-year deposits, respectively [2].

值得注意的是，新客户办理该卡完成首刷任务，还可获得:1年航旅纵横PLUS会员卓越版，同步解锁日 上免税、订购火车票、接送机等专属权益优惠。 双方表示，未来还将在用户服务、权益定制等方面展开深度合作，逐步构建服务链更完整、用户粘性更 高的商旅生态。民生航旅纵横联名信用卡的推出，标志着金融服务与航旅场景的融合进入新阶段，传统 支付工具正进化为"省心、实惠"的高效出行伙伴，为服务实体经济写下注脚。 强强联手，打造商旅金融新标杆 中国民生银行一直致力于金融产品的创新，以满足客户多元化、个性化的需求。中航信移动科技有限公 司旗下的航旅纵横平台，则拥有庞大的用户群体和丰富的航旅资源。此次双方联手，可谓是强强联合， 优势互补。 民生银行提供强大的金融支持和风控能力，航旅纵横则贡献其在航旅领域的深厚积累和用户洞察。这种 跨界的合作模式，打破了传统金融服务的边界，将金融服务与航旅场景深度融合，为商旅人士提供更加 便捷、高效、贴心的金融服务，树立了商旅金融的新标杆。 权益加码，提升商旅出行新体验 民生航旅纵横联名信用卡的推出，不仅仅是一张支付工具的升级，更是对商旅人士需求的深刻理解和精 准满足。"用得多、省得多"是该卡的核心权益 ...

Investment Rating - The report indicates a cautious outlook for the banking sector, with expected revenue and net profit growth rates for listed banks in 2025 projected at approximately -1% and 0% respectively [3][9]. Core Insights - The overall revenue and net profit growth rates for listed banks in Q1 2025 were -1.7% and -1.2% year-on-year, reflecting a decline compared to Q4 2024 [3][9]. - The performance of different types of banks varied significantly, with city and rural commercial banks leading in growth due to improved scale and net interest margin, while state-owned banks showed weaker performance [3][10]. - The net interest margin for listed banks in Q1 2025 was 1.37%, a decrease of 13 basis points year-on-year, but the decline was less severe than in the previous year [3][9]. Summary by Sections Revenue and Profit Overview - Listed banks experienced a decline in revenue and net profit growth rates, with Q1 2025 figures at -1.7% and -1.2% respectively, marking a drop of 1.8 percentage points and 3.5 percentage points from Q4 2024 [3][9]. - The decline in net interest income was attributed to a narrowing interest margin and challenges in volume compensating for price [9]. Asset Quality and Provisioning - The asset quality remained stable, with a decrease in non-performing loan ratios and a reduction in provisioning pressure, as banks continued to report lower provisions in a challenging income environment [3][9]. - The provision coverage ratio for listed banks decreased to 238% in Q1 2025, reflecting a trend of reduced provisioning amid stable asset quality [3][9]. Investment Recommendations - The report suggests that the banking sector's configuration value is enhanced by both fundamental and liquidity factors, with a focus on key index-weighted stocks such as China Merchants Bank and Industrial and Commercial Bank of China [3][9]. - The report highlights the potential for mid-sized banks to attract capital for growth, particularly in the context of capital replenishment and profitability [3][9].

Core Viewpoint - The initiative allows citizens in Wuhan to convert their carbon reduction efforts into financial benefits, specifically by offsetting loan interest through accumulated carbon reduction credits [1][2]. Group 1: Program Overview - The program is a collaboration between the "Wuhan Carbon Jianghu" carbon account platform and Minsheng Bank's Wuhan branch, enabling citizens to accumulate carbon reduction credits through various low-carbon activities [2][5]. - Participants can redeem their carbon reduction credits at a rate of "1000g = 2 yuan" to offset loan interest via the Minsheng Bank's "Minsheng Chuhui Life" WeChat mini-program [2]. Group 2: Financial Innovation - Minsheng Bank's Wuhan branch has developed a carbon-inclusive financial product, the carbon-inclusive debit card, in partnership with Wuhan Carbon Inclusive Co., showcasing local characteristics and promoting carbon reduction scenarios [5]. - The initiative aims to bridge green finance and inclusive finance, transforming carbon reduction credits into financial benefits for consumers, thereby encouraging low-carbon behavior and stimulating consumption [5].

Core Viewpoint - The A-share banking sector has shown significant strength, reaching new highs not seen since mid-July 2015, with major banks like Agricultural Bank of China, Shanghai Bank, and China Everbright Bank hitting historical price peaks. This surge has positively impacted the ChiNext Index and the Shanghai Composite Index, which rose over 1% in the afternoon session [1]. Group 1: Market Performance - The banking sector's performance has led to a notable increase in stock prices, with several banks achieving record highs [1]. - Specific banks such as Zhengzhou Bank, Ningbo Bank, and Xiamen Bank have shown positive growth percentages, with increases of 3.09%, 2.87%, and 2.84% respectively [2]. Group 2: Fund Management Regulations - New regulations for public funds are expected to significantly boost the valuation recovery of A-share banking stocks, as these regulations will guide asset allocation towards the CSI 300 index, necessitating an increase in bank stock holdings due to a substantial "allocation gap" [2][3]. - As of the end of 2024, the proportion of bank holdings in actively managed funds is only 3.81%, while the banking sector's weight in the CSI 300 index is 13.67%, indicating a deviation of nearly 10 percentage points [3][9]. Group 3: Individual Bank Analysis - Under the new fund allocation trends, banks that were previously underweighted, such as China Merchants Bank, Industrial Bank, and Bank of Communications, are expected to benefit the most from increased fund allocations [5][12]. - Specific banks like China Merchants Bank and Industrial Bank have the highest underweight ratios, with deviations of 1.9% and 1.5% respectively [11]. Group 4: Regulatory Changes - The new public fund regulations emphasize a performance-based assessment system, increasing the weight of fund performance metrics in evaluating fund managers, with a minimum of 80% weight on fund product performance indicators [6][10]. - Funds that significantly deviate from performance benchmarks will be closely monitored, with quarterly reports required to detail industry allocation differences and adjustment plans [10].

Core Viewpoint - The banking industry is increasingly prioritizing the recruitment and development of dual-skilled talent who understand both finance and technology, driven by policy support for technology-driven financial innovation [4][6][8]. Talent Development - Banks are focusing on hiring technology professionals, with many institutions reporting a significant increase in the number of tech staff [8][9]. - The demand for AI talent is particularly high, with banks like China Merchants Bank actively recruiting for AI-related positions [6][7]. - The average age of technology finance personnel in banks is decreasing, with many new hires coming from engineering backgrounds rather than traditional finance [11]. Performance Assessment - Banks are implementing internal due diligence exemption systems to encourage innovation in technology finance, although challenges remain in standardizing these measures [5][14]. - The due diligence exemption allows bank staff to avoid penalties if they can demonstrate that they acted responsibly in the face of risks associated with technology loans [15][17]. - There is a push for longer-term performance evaluation cycles to better assess the impact of technology loans, as short-term metrics may not accurately reflect the success of tech-driven projects [16]. Industry Trends - The proportion of technology staff within banks is generally higher in joint-stock banks compared to state-owned banks, with notable increases in recent years [9][10]. - The technology staff at major banks like ICBC and CCB has reached significant numbers, with ICBC leading at 36,000 tech employees [8][9]. - The establishment of specialized technology finance branches is becoming common, with banks setting specific standards for the number and qualifications of technology staff [12][13]. Challenges - The implementation of due diligence exemption policies faces difficulties due to a lack of unified quantitative standards, leading to subjective interpretations of responsibility [18][20]. - The complexity of assessing risks in technology finance can hinder the effectiveness of performance evaluations, as the nature of tech companies often involves high uncertainty [19][20].

Group 1 - The core viewpoint is that commercial banks are actively closing credit card centers in various locations due to a shift from growth to a competitive market focused on existing customers [1][3][4] - As of April 30, 2024, nearly 30 banks have closed their credit card centers, with notable closures by Bank of Communications and Minsheng Bank [1][2] - The People's Bank of China reported a decline in the total number of credit cards and loans, with a total of 727 million cards by the end of 2024, a year-on-year decrease of 5.14% [1] Group 2 - The performance of credit card businesses in 2024 reflects a slowdown, with significant declines in card issuance, active card numbers, and consumer spending [2][3] - For instance, Postal Savings Bank reported a credit card consumption amount of 993.1 billion yuan, down approximately 12% year-on-year [2] - The shift in credit card business strategy is characterized by a move from centralized management to localized operations, aiming to provide comprehensive financial services tailored to local customers [3][4] Group 3 - The increasing pressure of non-performing loans in the credit card sector has prompted banks to focus on cost reduction and efficiency improvement [4][5] - Experts suggest that banks should adjust their credit card business strategies to offer differentiated products and services, targeting specific customer segments [4][5] - There is a call for banks to develop early warning models for risk management and enhance the disposal of non-performing credit card assets [5]

Group 1 - The "2025 China Listed Companies Brand Value List" was released, showcasing the brand value of listed companies in China, with a total brand value of 20.46 trillion yuan, an increase of 2.65 trillion yuan or 14.9% year-on-year [4][5] - Tencent and Alibaba ranked first and second in brand value, with values of 26,824 billion yuan and 18,335 billion yuan respectively, followed by China Mobile, Pinduoduo, and Kweichow Moutai in the top five [4] - The event also introduced the "Yangtze River Delta Listed Companies Brand Value List TOP100," highlighting the brand value and market influence of companies in that region [1][2] Group 2 - The event featured discussions on the integration of brand and cutting-edge digital technology, emphasizing the trend of brand IP (intellectual property) development [5] - A total of 30 companies were recognized as classic brand cases, including Agricultural Bank of China, Yili Group, and GAC Group, while 10 executives were awarded as Chief Brand Officers [5] - The "Daily Economic News" announced its AI strategy, aiming to create a new type of intelligent media group and enhance brand communication through innovative products [6][7]

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - This week (20250505 - 20250509), 1 secondary capital bond was newly issued in the inter - bank and exchange markets, with a scale of 6 billion yuan, a term of 10 years, the issuer being a local state - owned enterprise in Jilin Province with a AAA rating. As of May 9, 2025, the outstanding balance of secondary capital bonds was 452.2505 billion yuan, a decrease of 34 billion yuan from the end of last week [1]. - This week, the total trading volume of secondary capital bonds was about 188.6 billion yuan, an increase of 83.7 billion yuan from last week. The top three trading volume bonds were 25 ICBC Secondary Capital Bond 02BC, 25 ICBC Secondary Capital Bond 01BC, and 25 Minsheng Bank Secondary Capital Bond 01. By issuer region, the top three in trading volume were Beijing, Shanghai, and Guangdong [2]. - This week, the overall valuation deviation of the weekly average trading price of secondary capital bonds was not large, with the proportion and amplitude of discount transactions greater than those of premium transactions [3]. 3. Summary by Directory 3.1 Primary Market Issuance and Outstanding Situation - New issuance: 1 secondary capital bond was issued this week, with a scale of 6 billion yuan, a term of 10 years, the issuer being a local state - owned enterprise in Jilin Province with a AAA rating [1]. - Outstanding balance: As of May 9, 2025, the outstanding balance of secondary capital bonds was 452.2505 billion yuan, a decrease of 34 billion yuan from the end of last week (20250502) [1]. 3.2 Secondary Market Trading Situation - Trading volume: The total trading volume this week was about 188.6 billion yuan, an increase of 83.7 billion yuan from last week. The top three trading volume bonds were 25 ICBC Secondary Capital Bond 02BC (58.779 billion yuan), 25 ICBC Secondary Capital Bond 01BC (9.071 billion yuan), and 25 Minsheng Bank Secondary Capital Bond 01 (7.429 billion yuan) [2]. - Trading volume by region: The top three in trading volume by issuer region were Beijing (about 153 billion yuan), Shanghai (about 9.9 billion yuan), and Guangdong (about 6.8 billion yuan) [2]. - Yield to maturity: As of May 9, for 5Y secondary capital bonds, the yield to maturity of AAA -, AA +, and AA - rated bonds changed by - 0.02BP, - 0.04BP, and - 0.02BP respectively compared to last week; for 7Y, the changes were - 0.04BP, - 0.02BP, and 0.00BP; for 10Y, the changes were - 0.04BP, - 0.01BP, and 0.01BP [2]. 3.3 Top 30 Bonds in Valuation Deviation % - Discount bonds: The top three discount bonds were 17 Chaoyang Bank Secondary (- 2.0484%), 24 Suzhou Rural Commercial Bank Secondary Capital Bond 01 (- 1.1242%), and 23 Huaxing Bank Secondary Capital Bond 01 (- 0.8407%). The Zhongzhai implicit ratings were mainly AAA -, AA +, and AA -, and the regional distribution was mainly in Beijing and Zhejiang [3]. - Premium bonds: The top three premium bonds were 24 Shengjing Bank Secondary Capital Bond 01 (0.8988%), 25 Guangdong Huaxing Bank Secondary Capital Bond 01 (0.6219%), and 25 Xi'an Bank Secondary Capital Bond 01 (0.1698%). The Zhongzhai implicit ratings were mainly AA -, AA, and A +, and the regional distribution was mainly in Zhejiang and Shaanxi [3].