反假工作是一项长期而艰巨的任务，需要持续用力、久久为功。民生银行潍坊高密支行将以此次活动为 契机，不断创新宣传方式，拓宽宣传渠道，持续加强反假币宣传教育工作，确保反假币知识深入人心。 同时，支行将进一步加强与公安、市场监管等部门的合作，共同维护良好的金融秩序和社会稳定，为构 建和谐、安全、稳定的金融环境贡献力量。 在具体宣传过程中，民生银行潍坊高密支行采取"网点宣传+社区宣传"相结合的模式，多维度开展反假 知识普及工作。一方面，在营业网点LED显示屏滚动播放反假币宣传标语，设置反假币宣传专栏，摆放 宣传折页和手册供客户取阅。大堂经理及柜员在日常服务中主动向客户讲解假币识别方法，增强客户防 范意识。另一方面，积极走进社区，通过悬挂横幅、设立咨询台、发放宣传资料、现场演示假币识别技 巧等方式，面对面解答居民疑问。特别针对老年群体，工作人员耐心讲解反假知识，进一步提升了社区 居民的反假币能力。 本次活动累计发放宣传资料一百余份，覆盖人群超过100人次，取得了良好的社会反响。社区群众普遍 表示受益匪浅，对民生银行潍坊高密支行的宣传活动给予了高度评价。 为切实增强社会公众防范假币意识，维护人民群众财产安全及金融秩序稳定 ...

此次活动不仅增强了企业员工的金融风险防范意识，也进一步拉近了银行与客户之间的距离，营造了良 好的金融消费环境。活动结束后，企业员工纷纷表示受益匪浅，不仅学到了实用的金融知识，也对银行 的服务理念和专业能力有了更深入的了解。 为进一步巩固宣传成效，民生银行潍坊分行营业部还建立了"金融知识进企业"常态化机制，计划定期组 织金融知识讲座、线上答疑、案例分享等活动，持续为企业员工提供专业、便捷的金融服务。同时，该 行还鼓励员工将所学知识传递给家人和朋友，形成"一人带动一家、一家影响一片"的良好氛围，推动金 融知识普及向家庭、社区延伸。 未来，民生银行潍坊分行将持续践行"以客户为中心"的理念，积极履行社会责任，不断拓展金融知识宣 传的广度和深度，助力构建和谐、安全、健康的金融生态环境，为推动区域经济高质量发展贡献力量。 为提升企业员工金融素养，守护金融消费安全，近日，民生银行潍坊分行营业部组织员工走进合作企 业，开展了"吹响消保金号角，金融知识齐鲁行"金融知识普及宣传活动，为企业职工送去内容丰富的金 融知识盛宴。 活动中，该行工作人员结合当前金融诈骗形势和员工实际需求，围绕防范电信网络诈骗、个人信息保 护、理性投资与理 ...

此次宣传活动得到了沿街商户的积极响应和好评。不少商户表示，通过工作人员的讲解，他们不仅对征 信知识有了更深入的了解，也大大提高了对"征信修复"诈骗的防范意识。一位商户感慨道："以前总听 说有征信修复的骗局，但具体怎么防范却不清楚。通过今天的宣传，我们学到了很多实用的知识，以后 遇到类似情况就知道该怎么应对了"。 为切实增强社会公众的征信安全意识，有效防范"征信修复"陷阱，近日，民生银行潍坊青州支行组织开 展了以"警惕征信修复陷阱，守护信用财富安全"为主题的宣传活动。此次活动通过深入沿街商户，面对 面讲解征信知识，帮助公众识别和防范征信修复诈骗，取得了显著成效。 民生银行潍坊青州支行工作人员表示，将持续开展此类宣传活动，进一步扩大宣传范围，丰富宣传形 式，切实帮助社会公众提升征信安全意识，共同维护健康的金融市场秩序。未来还将通过线上宣传、社 区讲座等多种形式，将征信安全知识普及到更广泛的群体，为构建诚信社会贡献力量。 活动期间，该支行工作人员分为多个小组，深入附近沿街商户，通过发放宣传折页、现场讲解等方式， 向商户们普及征信知识。宣传折页内容详实，涵盖了征信报告的重要性、如何正确查询征信报告、征信 异议处理流程 ...

宣传活动重点针对中老年消费者群体，该群体金融知识相对薄弱，支行结合这一特点，通过现场宣讲、 发放宣传折页、案例警示、互动答疑等多种形式，帮助中老年群体增强识别诈骗能力，了解合法维权渠 道。活动以通俗易懂的语言，向群众讲解银行卡安全、存款保险制度、理财风险等知识，重点剖析"高 息理财""保健品投资"等常见骗局套路，并围绕电信诈骗、普惠金融、养老金融等金融消费者权益保护 和金融服务政策，帮助消费者正确认识金融产品和服务，了解自身合法权益，提高识别和防范风险的能 力。支行工作人员还现场一对一答疑解惑，帮助识别可疑手机软件，并指导群众下载"国家反诈中 心"APP。 为深入贯彻落实金融消费者权益保护的工作要求，提升公众金融风险防范意识，强化人民群众的消费者 权益保护能力，近日，民生银行潍坊高密支行组织员工走进当地密贸市场开展了金融消费者权益保护知 识宣传活动。 本次宣传活动覆盖市场内商户及消费者一百余人次，发放宣传折页一百余份，现场解决疑问四十余条。 通过此次宣传活动，不仅提高了辖区居民的消费权益保护意识，增强了消费者鉴假维权能力，也引导消 费者懂法、守法，学习正确的消费方式、维权方式，树立理性的消费观念。在接下来的工 ...

Core Viewpoint - In the first half of the year, Minsheng Bank demonstrated steady growth in operating income while focusing on customer-centric strategies and sustainable development, despite a decline in net profit due to increased risk provisioning. Group 1: Financial Performance - Minsheng Bank achieved operating income of 72.4 billion yuan, a year-on-year increase of 7.83%, with both net interest income and non-interest income showing growth [1] - As of June 30, 2025, net interest income increased by 1.28% year-on-year, with a net interest margin of 1.39%, up by 1 basis point, indicating stabilization in a challenging industry environment [1] - The bank's net profit decreased by 4.87% year-on-year, primarily due to an increase in the risk provisioning ratio, with the coverage ratio rising by 3.12 percentage points since the beginning of the year [1] Group 2: Customer Strategy - The bank has adopted an integrated approach to managing large, medium, and small micro personal clients, enhancing customer acquisition and retention [2] - As of mid-year, the scale of strategic customer deposits and loans reached 1.2 trillion yuan and 1.5 trillion yuan respectively, showing significant traction [2] - The number of small and medium-sized enterprise loan clients increased by 15% year-to-date, with a continuous growth in credit balance for small and medium enterprises [2] Group 3: Product and Service Development - The bank's retail customer base grew by 3.9% year-on-year, with assets under management (AUM) increasing by 7.1% [2] - Technology-oriented enterprise clients grew by 7% year-to-date, with loan balances increasing by 5%, and green loans up by 10% [3] - The bank is focusing on stable and foundational strategic businesses such as supply chain financing, payment settlement, and mortgage services, which are crucial for long-term development [3] Group 4: Strategic Direction - The current performance reflects the gradual success of the bank's strategic transformation and commitment to serving the real economy while enhancing operational efficiency [3] - The bank aims to deepen customer engagement and promote high-quality, sustainable development without engaging in excessive competition [3]

Core Insights - As of August 2025, China's foreign exchange reserves reached $33,222 billion, an increase of $299 billion from the end of July, representing a growth rate of 0.91% [1] Group 1: Foreign Exchange Reserves - The rise in foreign exchange reserves in August is attributed to expectations regarding monetary policies of major economies, macroeconomic data, and a decline in the US dollar index, leading to an overall increase in global financial asset prices [1] - The foreign exchange reserves have reached a new high since January 2016, indicating China's enhanced capability to mitigate various shocks [1] Group 2: Economic Stability and Outlook - Despite increasing external uncertainties, China's economy remains solid, with significant advantages and potential [1] - The country possesses ample macroeconomic tools and policy space to support domestic demand, contributing to the stability of foreign exchange reserves [1] - Factors such as diversified trade regional layout, optimized trade structure, and the growing attractiveness of RMB assets to international capital are expected to help maintain a basic balance in international payments and stabilize foreign exchange reserves [1]

Core Viewpoint - The overall asset quality of the banking industry has remained stable and improved, with a focus on risk management and control in the second half of the year [1][2]. Group 1: Asset Quality Overview - As of mid-year, the overall asset quality of the banking industry is stable and has further improved, with 20 A-share listed banks showing a decrease in non-performing loan (NPL) ratios compared to the beginning of the year [2][3]. - Among the listed banks, Xian Bank, Qilu Bank, and Chongqing Bank reported the most significant reductions in NPL ratios, with decreases of 12, 10, and 8 basis points, respectively [4][5]. - Conversely, some banks, including Guizhou Bank and Minsheng Bank, experienced increases in their NPL ratios compared to the beginning of the year [6]. Group 2: Sector-Specific Risks - There is a notable upward trend in NPL ratios in specific sectors, particularly in corporate real estate and retail personal loans [7][8]. - Qingnong Bank reported a significant increase in its real estate NPL ratio, rising by 14.15 percentage points to 21.32%, with real estate NPLs now comprising 61.54% of its total NPLs [8]. - Guizhou Bank also saw a rise in its real estate NPL ratio, which increased by 70 basis points to 1.75% [8]. Group 3: Retail Credit Concerns - In the retail credit sector, there has been an increase in NPL ratios for personal consumption loans and credit cards, with 8 out of 14 banks reporting higher NPL ratios for credit card receivables compared to the beginning of the year [9][10]. - Chongqing Bank's credit card NPL ratio increased by 1.15 percentage points to 4.19%, while Lanzhou Bank's rose by 1.06 percentage points to 2.85% [9]. - Among 12 banks disclosing personal consumption loan NPL ratios, 7 reported increases, with notable rises from China Merchants Bank and Lanzhou Bank [10]. Group 4: Risk Management Strategies - Banks are increasingly prioritizing risk management, with several executives emphasizing the need for enhanced risk control measures and digital risk management capabilities [11][12]. - Beijing Bank plans to strengthen its provisioning efforts and improve the management of new NPLs, while ICBC expects a slowdown in the deterioration of personal consumption loans due to supportive economic policies [11]. - Industry leaders, including those from Industrial Bank and China Merchants Bank, are focusing on risk mitigation in real estate and credit card sectors, indicating a shift from high incidence to a more controlled environment [12].

1. Report Industry Investment Rating - Currently, the report has a phased and clear bullish view on the bond market [1]. 2. Core Viewpoints of the Report - The revenue growth rate of the entire A-share market and the return on 10-year Treasury bonds are relatively consistent, and the economy may have stabilized at a low level in the first half of 2025, but there is still downward pressure [1][4]. - The loan growth rate continues to decline, the proportion of loans on the asset side of banks tends to decrease, and the financial investment proportion of large banks has increased since early 2023 [1]. - The cost rate of interest-bearing liabilities of listed banks has declined quarter by quarter, and it is expected to further decline in the next few years [1]. - The decline in bank liability costs will support the bond yield to oscillate downward, and it is recommended to increase the allocation of government bonds [1]. 3. Summary by Relevant Catalogues 3.1 From the Semi-annual Report of the Entire A-share Market to See the Economic and Bank Operating Pressures - **From the Performance of the Entire A-share Market to See the Economy** - The revenue growth rate of the entire A-share market can reflect the nominal GDP growth rate to a certain extent, and it is more consistent with the return on 10-year Treasury bonds than the nominal GDP growth rate [5][6]. - In the first half of 2025, the revenue growth rate of the entire A-share market was 0.0%, and the net profit growth rate attributable to the parent was 2.4%. The growth rate of the entire A-share market excluding finance, petroleum, and petrochemicals was under pressure, reflecting the large pressure on real - economy growth [4][10]. - **From the Performance of the Bank Sector to See the Economy** - The performance of the banking industry is closely related to the economy. In the past two years, the performance growth of the banking industry has been significantly under pressure, and the net interest margin of commercial banks has continued to decline [13][16]. - As of the second quarter of 2025, the net interest margin of commercial banks was 1.42%, a record low, and the average net interest margin of various types of listed banks has also decreased significantly [16][18]. - **From the Liabilities of the Entire A-share Market to See the Financing Demand** - Since the first quarter of 2024, the long - term borrowing of the entire A - share market (excluding finance, petroleum, and petrochemicals) has stagnated, reflecting the weak financing demand of market - oriented enterprises [20]. - The social financing growth rate generally leads the nominal GDP growth rate by 1 - 2 quarters, and the social financing growth rate may decline in the next few months [23]. 3.2 What Changes Have Occurred in the Bank's Assets and Liabilities? - **The Loan Growth Rates of Large and Small and Medium - Sized Banks Have Both Declined** - As of the end of July 2025, the balance of RMB loans of financial institutions was 268.5 trillion yuan, with a year - on - year growth rate of 6.9%, the lowest level since the beginning of 2011 [25]. - The growth rate of personal housing loans is under pressure of negative growth, and the loan growth rates of large and small and medium - sized banks have both declined. The proportion of loans of listed banks has tended to decline since the second quarter of 2024 [25][29]. - **The Proportion of Deposits on the Liability Side of Large Banks Has Decreased, and the Proportion of Deposits of Small and Medium - Sized Banks Has Remained Stable** - Since early 2023, the proportion of deposits of the six major banks has decreased from 81.4% in the first quarter of 2023 to 76.0% in the second quarter of 2025, while the average proportion of deposits of listed joint - stock banks has increased [25]. - The large - scale banks' corporate deposit growth has slowed down, and the large - scale banks' dependence on non - bank inter - bank deposits has increased [39][45]. 3.3 Which Banks Had More Financial Investment Growth in the First Half of 2025? - Since early 2023, the proportion of financial investment of large banks has rebounded. As of the end of June 2025, the overall financial investment of A - share listed banks reached 97.4 trillion yuan, accounting for 30.3% of assets [51]. - In the first half of 2025, ICBC and CCB had more financial investment growth, while a small number of joint - stock banks' financial investment decreased. The financial investment increments of large banks, joint - stock banks, and city and rural commercial banks were all significant [55][59]. - As of the end of July 2025, the year - on - year growth rate of the bond investment of the four major banks reached 21.2%, the highest since 2017, and that of small and medium - sized banks was 18.3% [60]. 3.4 How Much Has the Cost of Interest - Bearing Liabilities of Banks Decreased? - In 2025, the decline of the current deposit ratio has slowed down. Since early 2018, the current deposit ratio has dropped significantly, and it is expected to further decline in the future, but the decline rate may slow down [61]. - Since the beginning of 2024, the deposit interest - payment rate has decreased significantly. The overall deposit interest - payment rate of A - share listed banks in the first half of 2025 was 1.65%, a year - on - year decrease of 32BP [65]. - The cost rate of interest - bearing liabilities has declined quarter by quarter. It is expected to further decline in the next few years, and may drop below 1.65% in the fourth quarter of 2025 [67]. 3.5 Investment Suggestions - It is expected that the liability cost of commercial banks will decline year by year in the next five years, which will support the bond yield to oscillate downward, and the return on 10 - year Treasury bonds will follow the decline of bank interest - bearing liabilities [69]. - In the low - interest - rate era, it is recommended to reduce the return expectation of bond investment, and commercial bank self - operation should increase the allocation of government bonds [72][73].

Investment Rating - The report maintains an "Increase" rating for the banking sector, indicating a positive outlook for the industry [1]. Core Insights - In the first half of 2025, the contribution of financial asset disposal gains from AC and OCI accounts to revenue reached 5.2%, an increase of 2.9 percentage points compared to 2024 [1][2]. - The investment income growth rate for 42 listed banks was 23.6%, with AC, OCI, and TPL gains showing year-on-year growth rates of 134.7%, 79.0%, and -8.4% respectively [1]. - The report highlights that the increase in disposal gains does not necessarily indicate a significant increase in asset disposal scale, as market conditions and strategies vary among banks [2]. Financial Asset Disposal Gains - The contribution of AC and OCI financial asset disposal gains to revenue was 5.2%, up 2.9 percentage points from 2024, with AC asset disposal gains contributing 2.6% [2]. - Among different types of banks, rural commercial banks had the highest contribution from AC and OCI disposal gains, reaching 11.0%, an increase of 6.2 percentage points from 2024 [2]. - Specific banks such as Jiangyin Bank, Sunong Bank, and Zijin Bank had high disposal gain ratios relative to their revenue, at 28.9%, 26.7%, and 22.7% respectively [2]. OCI Floating Profit Situation - The overall OCI floating profit decreased compared to the end of the previous year, accounting for 12.6% of the estimated profit for 2025 [3]. - Major state-owned banks like CCB and ABC reported significant OCI floating profits, with balances exceeding 30 billion [3]. - The average contribution of OCI floating profits to profits for city and rural commercial banks was notably high, with Ningbo Bank's ratio reaching 35% [3][6]. Sector Trends - The banking sector is expected to benefit from expansionary policies aimed at stabilizing the economy, with a focus on real estate and consumer spending [7]. - The report suggests a focus on banks with improving fundamentals, such as Ningbo Bank, and those with dividend strategies like Jiangsu Bank and Chengdu Bank [7]. - Attention is also drawn to banks with potential convertible bond conversion expectations, including Shanghai Bank and Industrial Bank [7].

Core Viewpoint - The retail banking sector is under pressure, with declining revenue and profit, while retail credit risks are on the rise. Banks are exploring new retail transformation paths, focusing on expanding retail AUM (Assets Under Management) to enhance non-interest income and reshape their business models towards wealth management [1][3][12]. Retail Banking Performance - In the first half of 2025, three banks (Postal Savings Bank, China Merchants Bank, Agricultural Bank) reported retail revenue contributions exceeding 50%, while most banks with a focus on corporate banking had contributions below 40% [3]. - Among the 12 sample banks, 10 reported a decline in retail revenue, and 7 saw a decrease in total profit. However, three banks (Industrial and Commercial Bank, China CITIC Bank, and China Everbright Bank) showed positive changes in retail profit [3][5]. - The retail revenue and profit statistics for major banks indicate a mixed performance, with some banks like ICBC showing a profit increase of 46.05% [5]. Retail AUM Insights - Retail AUM has become a key indicator for banks, with the top three banks (ICBC, CCB, ABC) exceeding 20 trillion yuan in AUM. ICBC leads with 24 trillion yuan [7]. - All 13 banks reported positive growth in retail AUM compared to the beginning of the year, with notable increases from banks like SPD Bank [7][8]. - Retail AUM is defined as a measure of a bank's comprehensive retail financial capabilities, including personal deposits, wealth management, and insurance [7][8]. Wealth Management Transition - The shift towards retail AUM signifies a transition from traditional deposit-based models to wealth management-focused strategies, enhancing non-interest income [8][12]. - Banks are emphasizing the importance of retail AUM in their earnings reports, with many highlighting their strategies to grow this metric [9][12]. - The growth of retail AUM is expected to support the increase in intermediary business income, as banks focus on expanding their customer base [12][14]. Strategic Focus of Banks - Different banks are adopting varied strategies for wealth management. For instance, China Merchants Bank emphasizes retaining customers over merely selling products, while Ping An Bank aims to enhance its insurance business as a growth engine [14][15]. - ICBC highlights its extensive customer base and wealth management coverage, while China Bank focuses on its infrastructure advantages [15][16]. - The overall trend indicates a move away from high-risk retail asset strategies towards building a sustainable wealth management framework [16].