Core Viewpoint - The article emphasizes the importance of selecting suitable wealth management products, particularly "fixed income+" products, from various banks, highlighting the need for investors to discern among numerous similar offerings [1][5]. Summary by Category Performance Ranking - The article presents a performance ranking of wealth management products based on their annualized returns over the past month, three months, and six months, with a focus on the three-month annualized yield for recent market performance [1][5]. Institutions Involved - A total of 28 banks are involved in the distribution of these wealth management products, including major institutions such as Industrial and Commercial Bank of China, Bank of China, Agricultural Bank of China, and others [1]. Product Selection - The ranking aims to assist investors in identifying high-performing products, with specific attention to the "fixed income+" category, which has gained popularity among investors seeking stable returns [1][5]. Market Dynamics - The article notes that the availability of these products may vary due to factors such as sold-out quotas or differences in product listings across banks, suggesting that investors should verify product availability through the respective bank's app [1].

Core Insights - The article focuses on the performance of bank wealth management products with varying minimum holding periods, aiming to help investors identify and select high-performing products [1][5][12] Summary by Category Performance Rankings - The article provides a ranking of wealth management products based on their annualized returns for different holding periods: 7 days, 14 days, 30 days, and 60 days [1][5][12] - For the 7-day holding period, the top-performing product is from Minsheng Bank with an annualized return of 17.12% [4] - For the 14-day holding period, Minsheng Bank's product also leads with a return of 19.88% [6] - In the 30-day category, Minsheng Bank again tops the list with a return of 21.98% [10] - The 60-day holding period shows a leading return of 9.74% from Minsheng Bank [13] Product Categories - The products are categorized into fixed income and mixed types, with specific focus on their respective annualized returns and performance benchmarks [4][10][13] - The rankings are based on data from 28 distribution institutions, including major banks like ICBC, Bank of China, and Agricultural Bank of China [1] Investor Guidance - The article emphasizes the importance of checking the actual availability of products on bank apps, as some may be sold out or not displayed uniformly across different clients [1] - It aims to reduce the selection cost for investors by providing a clear performance overview of available products [1][5]

文丨康康 编辑丨杜海 百进 来源丨正经社（ID：zhengjingshe） （本文约为4300字） 10月30日晚间，民生银行公布的2025年前三季度业绩，亮点是营收终于扭转了自2021年以来持续下降的趋势，实现6.74%的同比增长；但归母净利润仍然延 续了2024年一季度以来的下滑态势，同比降幅达6.38%。 | | 本报告期 2025年7-9月 | 本报告期比 上年同期 | 年初至 期 2025 年 | | --- | --- | --- | --- | | 经营业绩(人民币百万元) | | 增减(%) | | | 营业收入 | 36,125 | 4.61 | 10 | | 利息净收入 | 26.307 | 4.55 | | | 归属于本行股东的净利润 | 7,162 | -10.61 | | | 归属于本行股东的扣除非经常性 损益的净利润 | 7.276 | -8.60 | | | 经营活动产生的现金流量净额 | 不适用 | 不适用 | | 第二天，民生银行收到国家金融监督管理总局开出的一张巨额罚单：因存在部分贷款、票据及同业业务管理不审慎，以及监管数据报送不合规等问题，被处 以罚款5865万元，相关责 ...

Core Viewpoint - The retail banking sector is facing challenges with slowing loan growth, reduced retail performance contributions, and a shift in customer demographics, necessitating a focus on existing high-net-worth clients while managing declining retail loan demand [1][2]. Group 1: Retail Loan Trends - Retail loan growth has slowed, with several banks reporting a decrease in retail loan balances compared to the end of the previous year. For instance, Industrial Bank's personal loan balance was 1.94 trillion yuan, down 2.49% from the end of last year [3]. - As of the end of September, Minsheng Bank's personal loan total was 1.71 trillion yuan, a decrease of 3.17% from the end of last year [3]. - Other banks, such as China Construction Bank and Bank of China, also reported slight declines in personal loan balances compared to mid-year figures, indicating a broader trend of reduced retail lending [4]. Group 2: Customer Segmentation - There is a noticeable divergence in growth rates between high-net-worth clients and basic retail clients. High-net-worth client segments are growing faster than the basic retail customer base [6]. - For example, as of September, China Merchants Bank reported a 4.76% increase in retail customers, with high-net-worth clients growing by 10.42% [6]. - Similarly, Ping An Bank's wealth clients increased by 2.4%, while private banking clients grew by 6.7% [7]. Group 3: Strategic Focus - Banks are shifting their strategies to focus on existing customers, particularly in enhancing the value of lower-tier clients to transition them into higher-value segments. This includes leveraging digital channels for customer engagement [8]. - The emphasis is on "collective operation of retail long-tail customers," aiming to optimize customer interactions through various digital platforms and increase the conversion of basic clients to high-net-worth clients [8].

11月13日14时许，邮储银行西安市北关支行大堂工作人员收到一面绣着"百姓放心银行"6个金色大 字的红色锦旗和一封感谢信。原来，半个月前，居住在西安龙首印象城的李大妈遭遇电话诈骗，差点损 失近32万元积蓄。幸亏银行工作人员及时发现并联系反诈中心警务人员劝导，让老人及时止损。 "要不是银行工作人员及时提醒，我这些钱一定找不回来了。"李大妈说，"邮储银行工作人员还专 程给我介绍了几款养老金融产品，让我和老伴的半生积蓄有了收益。" 这温情一幕，正是陕西养老金融服务创新的生动缩影。 为精准对接养老产业需求，民生银行组建专项服务团队，整合机构建设融资、智慧化资金管理、长 者专属财富规划三大核心模块，形成的"一站式综合服务"有效填补了民营养老院的金融服务空白。今年 以来，该行加大银发经济领域的信贷供给力度，累计发放养老产业贷款1963.89万元。这得益于陕西省 应对人口老龄化挑战作出的顶层设计。 11月14日，在西安城南，作为西北地区集居住、医疗、文娱于一体的高端养老社区标杆项目——总 投资15亿元的泰康秦园养老社区已初具规模。泰康人寿陕西分公司精心打造的这一"银发生活综合体"自 开建以来，就备受瞩目。中国人寿陕西省分公 ...

2025年11月13日，一场聚焦未来资本战略与企业成长新机遇的盛会——"港交所IPO上市政策与未来发展交流会"，在民生银行大厦四层隆重举行。作为教育 科技赛道中极具创新力与成长性的代表企业，今日智学所属母公司——玖零时代公司，应邀出席本次高端资本交流会议，与民生银行及旗下民银国际团队展 开了深度对话与战略探讨。 本次会议由中国民生银行主办，旨在帮助优质民营企业深入了解港交所上市政策变化、国际资本市场趋势以及境外IPO的实务路径，为有志于资本化发展的 企业提供政策导向与专业支持。 作为中国民生银行的全资子公司，民银国际长期深耕于香港资本市场，具备港交所保荐人资格及股票承销商牌照，在推动内地企业登陆国际资本市场方面拥 有丰富的实战经验与优质的资源整合能力。会议期间，民银国际投行团队就港交所最新的上市准则、行业审查重点及中资企业的合规路径进行了详尽解读， 并分享了多个成功上市的典型案例。 此次交流不仅是一次关于资本战略的探讨，更是一次关于教育科技未来图景的思想碰撞。通过与民银国际的对接，玖零时代公司进一步明确了其资本化发展 的全球布局思路，也为"今日智学"在国际舞台上的品牌提升与战略扩展奠定了坚实基础。 展望未来， ...

Core Viewpoint - High dividend stocks are experiencing a rise in the market, particularly focusing on "high dividend + low valuation" large-cap blue-chip stocks, as indicated by the performance of the value ETF (510030) [1][4]. Market Performance - The value ETF (510030) opened with a slight increase, showing a gain of 0.36% as of the report time, with a peak increase of nearly 1% during the trading session [1][2]. - Major banks such as Industrial Bank saw a rise of over 2%, while other banks like Bank of China, Bank of Communications, and Industrial and Commercial Bank of China also experienced gains exceeding 1% [1][3]. Investment Strategy - Analysts from CITIC Securities suggest that the domestic banking sector is stabilizing, with a focus on high dividend strategies and low valuation stocks as attractive investment options [3]. - Galaxy Securities notes that while the banking sector's performance was temporarily affected by non-interest income fluctuations, the overall growth in scale supports earnings, with net interest income showing improvement [3]. - Huayuan Securities emphasizes the value of high dividend, low valuation stocks in a context of loose liquidity and low interest rates, suggesting that investors should prioritize companies with stable dividends and reasonable valuations [3]. Index and Composition - The value ETF (510030) closely tracks the Shanghai Stock Exchange 180 Value Index, which selects the top 60 stocks based on value factor scores from the 180 Index, including 20 bank stocks [4]. - The components of the index are characterized by "low valuation + high dividend" large-cap blue-chip stocks, which include leading financial stocks like Ping An Insurance and China Merchants Bank, providing defensive attributes in volatile markets [4].

Investment Rating - The report does not explicitly state an investment rating for the banking sector, but it provides detailed insights into dividend yields and distribution processes, which can inform investment decisions. Core Insights - The report outlines the latest dividend yields and mid-term dividend processes for A and H shares of listed banks, emphasizing the importance of accurately calculating dynamic dividend yields to avoid discrepancies across periods [1][2]. - It details the two processes for mid-term dividends following the 2023 revision of the regulatory guidelines, highlighting the conventional and simplified processes for implementing mid-term dividends [2]. - The report provides a comprehensive overview of key dates related to dividend distribution for both A and H shares, including the importance of purchasing shares before the ex-dividend date to qualify for dividends [3][4]. Summary by Sections Dynamic Dividend Yield Calculation - A simplified yet accurate method for calculating dynamic dividend yield is introduced, defined as "rolling 12-month EPS * cash dividend rate / share price," which helps avoid issues related to overlapping or missing annual and mid-term dividends [1]. - The report calculates the cash dividend rate using a standardized approach across different banks, resulting in a clear comparison of dividend yields as of November 13, 2025 [1]. Mid-Term Dividend Processes - The report explains the two processes for mid-term dividends: the conventional process requiring shareholder approval and a simplified process allowing for quicker implementation [2]. - The simplified process is designed to enhance flexibility for companies in distributing mid-term dividends, thereby improving shareholder returns [2]. Dividend Distribution Key Dates - For A shares, investors must purchase shares before the ex-dividend date to receive dividends on the same day, while H shares typically see a delay of about one month for dividend payments [3][4]. - The report outlines the differences in the dividend distribution timeline between A and H shares, emphasizing the need for investors to be aware of these timelines to maximize their returns [3][4]. Mid-Term Dividend Progress - As of November 13, 2025, 31 A-share banks have confirmed mid-term dividends, while 11 H-share banks have also confirmed their dividend distributions [9][11]. - The report categorizes banks based on their dividend status, detailing those that have implemented dividends, those that are pending, and those that have opted not to distribute dividends [9][10][11]. - It highlights that the end of 2025 and early 2026 is expected to be a peak period for mid-term dividend distributions, suggesting potential investment opportunities for dividend-seeking investors [11].

Core Insights - The banking wealth management distribution market has seen significant growth since 2025, with many banks rapidly increasing the number of wealth management products they distribute [2][3]. Distribution Growth - From the top 20 banks by incremental growth, at least 14 banks have added over 1,000 new wealth management products, with 10 banks doubling their product offerings compared to the end of last year, and some even exceeding a 200% increase [3][4]. - Notable banks include: - Industrial Bank: 7,635 products, a 53% increase [4] - Beijing Bank: 4,236 products, an 80% increase [4] - Changshu Rural Commercial Bank: 2,130 products, a 211% increase [4]. Performance Metrics - The wealth management distribution revenue for major banks has also increased significantly: - China Merchants Bank reported a wealth management distribution income of 7.014 billion yuan, an 18.14% year-on-year increase [8]. - Beijing Bank's distribution scale has exceeded last year's total, with a fee income growth of over 10% [8]. - Changshu Rural Commercial Bank's commission income grew over 57% in the third quarter, attributed to increased fees from agency wealth management services [8]. Market Dynamics - The wealth management distribution market has reached a new high, surpassing 32 trillion yuan, with 139 million investors holding wealth management products, a 12.7% year-on-year increase [10]. - The average annualized yield for cash management products is 1.33%, while fixed-income products yield 2.42%, indicating a competitive advantage over traditional savings [11]. Regulatory Changes - The implementation of the "Commercial Bank Agency Sales Business Management Measures" on October 1 has clarified standards and processes for distribution business [16]. - The market is witnessing a shift as many banks, especially smaller ones, are aggressively entering the wealth management distribution space to capture market opportunities amid narrowing interest margins [9][10]. Future Trends - The demand for retirement wealth management products is expected to grow, especially following the recent expansion of pilot programs for retirement financial products across the country [24][27]. - The market is preparing for increased competition as banks look to enhance their service capabilities and product offerings in response to evolving customer needs [23][24].

Core Viewpoint - The emergence of a "bank direct supply housing" market is noted, where banks are selling properties at significantly lower prices than the market rate, yet many properties are failing to attract bids, indicating a potential mismatch between supply and demand [2][4][20]. Group 1: Market Dynamics - On November 10, the Lanzhou Rural Commercial Bank auctioned over a hundred residential units at prices as low as half the market rate, but all units received zero bids, leading to a failed auction [2][4]. - Major banks, including Agricultural Bank and various city commercial banks, are actively listing thousands of properties for direct sale, with Agricultural Bank listing 3,436 properties and Guangdong Rural Credit System exceeding 12,000 [3][10]. - The properties being sold are primarily non-performing assets, often resulting from loans that borrowers could not repay, and banks are under pressure to liquidate these assets within two years [4][16]. Group 2: Pricing and Demand - The starting prices for bank-supplied properties can be as low as 2,000 yuan per square meter, significantly below the market average of around 5,000 yuan per square meter, yet this has not translated into sales [4][20]. - Despite the attractive pricing, properties like those from the "育才壹品" project have not seen any successful bids, highlighting a potential lack of buyer interest or confidence in these offerings [20]. - In contrast, properties previously used as bank offices are in high demand, with some selling for prices significantly above their starting bids, indicating a differentiated market response based on property type [2][16]. Group 3: Asset Liquidation Process - The increase in bank direct supply housing is closely tied to the disposal of non-performing loans, with banks utilizing both judicial and non-judicial methods to recover debts [16][17]. - The judicial auction process typically starts at 70% of the appraised value, with subsequent rounds reducing the price further, leading to properties being sold at approximately 56% of their original appraised value after multiple rounds [17]. - The case of Lanzhou Rural Commercial Bank illustrates this process, where properties were acquired through court enforcement after the original borrower defaulted on a significant loan [17].