Core Viewpoint - The report from Kaiyuan Securities indicates that the total amount of high-interest fixed deposits maturing in 2025 for listed banks is approximately 39.7 trillion yuan, with a significant portion maturing in the first quarter [1] Group 1: Maturing Deposits - The estimated total of high-interest fixed deposits (2 years and above) maturing in 2025 is 39.7 trillion yuan, with 19.8 trillion yuan for 2-year, 17.4 trillion yuan for 3-year, and 2.5 trillion yuan for 5-year deposits [1] - The maturity schedule shows that 42% of these deposits will mature in Q1, followed by 16% in Q2, 18% in Q3, and 24% in Q4 [1] - An additional 19.6 trillion yuan of high-interest fixed deposits is expected to mature in the first half of 2026 [1] Group 2: Deposit Repricing and Cost Rate - The average cost rate for deposits is projected to decline to 1.61% in 2025 due to the repricing of fixed deposits, with quarterly rates expected to be 1.68%, 1.64%, 1.58%, and 1.53% for Q1, Q2, Q3, and Q4 respectively [5] - The repricing of fixed deposits is expected to improve the deposit cost rates by 11.7 basis points in Q1, 4.2 basis points in Q2, 5.7 basis points in Q3, and 5.1 basis points in Q4 [5] - For 2026, the average deposit cost rate is expected to further decline to 1.52% in the first half of the year [5] Group 3: Interest Rate Changes - The interest rate reduction for 2025 maturing 3-year deposits is estimated to be between 125 to 150 basis points, while 2-year deposits will see a reduction of 60 to 100 basis points [3] - The interest rate reduction for 2026 maturing deposits is projected to be 60 basis points for 2-year, 135 basis points for 3-year, and 145 basis points for 5-year deposits [4] Group 4: Investment Recommendations - Kaiyuan Securities suggests that the effective decrease in bank liability costs will alleviate the interest rate inversion phenomenon for government bonds, with a potential recovery in bond allocation space by Q4 2025 [6] - The report recommends investment in CITIC Bank and highlights beneficiaries such as Agricultural Bank of China, China Merchants Bank, Beijing Bank, Jiangsu Bank, Hangzhou Bank, and Chongqing Rural Commercial Bank [6]

Core Viewpoint - The introduction of a personal consumption loan interest subsidy program by several banks is expected to lower the effective interest rates for borrowers, potentially bringing them down to the "2s" range if the current minimum rate of 3% remains unchanged [1][5]. Group 1: Implementation Details - Banks are finalizing the operational framework for the consumption loan interest subsidy, which will require borrowers to actively apply and authorize banks to access their transaction records [2]. - The subsidy will apply only to identifiable and verifiable consumer expenditures, with specific limits on the amounts eligible for subsidy based on the purpose of the loan [2][3]. - The system for automatic identification of eligible transactions is currently in the final testing phase and is expected to be available in mobile banking applications by September 1 [2][3]. Group 2: Interest Rate Implications - The current minimum interest rate for consumption loans is 3%, and if this rate does not change, the effective interest rate after applying the subsidy could fall below 3% [5]. - The annualized interest rate for the subsidy is set at 1%, with a maximum subsidy cap of 3,000 yuan, which could further reduce the effective borrowing costs for consumers [5]. Group 3: Market Impact and Recommendations - The fiscal subsidy is aimed at stimulating private consumption and expanding credit activities, which may provide dual support for retail lending business in banks [6]. - Analysts suggest that consumers should apply for personal consumption loans through legitimate financial institutions based on actual needs, avoiding excessive borrowing despite attractive rates and subsidies [6].

Core Viewpoint - The independent director system has become a crucial part of corporate governance in China's listed companies, contributing positively to improving governance structures, promoting standardized operations, and protecting the legitimate rights and interests of minority investors [1]. Group 1: Independent Director Compensation - Liu Qiao serves as an independent director for two A-share listed companies, China Merchants Bank and Midea Group, with total compensation amounting to 725,000 yuan, comprising 500,000 yuan from China Merchants Bank and 225,000 yuan from Midea Group [1]. Group 2: Meeting Attendance and Voting Behavior - During his tenure, Liu Qiao attended all 15 board meetings and one shareholders' meeting of China Merchants Bank, voting in favor of all resolutions without raising any objections or abstaining [2]. - Liu Qiao also attended all five board meetings and two shareholders' meetings of Shanghai Jianke, similarly voting in favor of all resolutions without any dissent [2]. Group 3: Professional Background - Liu Qiao holds a bachelor's degree in applied mathematics from Renmin University of China, a master's degree in economics from the People's Bank of China Research Institute, and a Ph.D. in economics from UCLA [2]. - He is currently the Dean of the Guanghua School of Management at Peking University and has held various academic and advisory positions, including being a member of the National Federation of Industry and Commerce Think Tank Committee [2].

Group 1 - The independent director system has become an important part of corporate governance in China's listed companies, enhancing decision-making and protecting the rights of minority investors [1] - Liu Qiao serves as an independent director for two A-share listed companies, China Merchants Bank and Midea Group, with total remuneration of 725,000 yuan [1] - During his tenure, Liu Qiao attended all board meetings and shareholder meetings, voting in favor of all proposals without raising any objections [1] Group 2 - Liu Qiao holds a bachelor's degree in applied mathematics from Renmin University of China, a master's degree in economics from the People's Bank of China Research Institute, and a Ph.D. in economics from UCLA [2] - He has held various academic and advisory positions, including being the dean of Peking University's Guanghua School of Management and serving on several committees related to finance and economics [2]

Core Viewpoint - The introduction of a personal consumption loan interest subsidy program by several banks is expected to lower the effective interest rates for borrowers, potentially bringing them down to the "2s" range if the current minimum rate of 3% remains unchanged [1][5]. Group 1: Implementation Details - Banks are finalizing the operational framework for the consumption loan interest subsidy, which will require borrowers to actively apply and authorize banks to access their transaction records [2]. - The subsidy will apply to identifiable and verifiable consumer expenditures, with different thresholds for daily consumption and larger purchases like cars or renovations [2][3]. - The system for automatic identification of eligible transactions is currently in the final testing phase and is expected to be available in mobile banking by September 1 [2][3]. Group 2: Interest Rate Implications - The current minimum interest rate for consumption loans is 3%, and if this rate does not change, the effective interest rate after applying the subsidy could fall below 3% [5]. - The annualized interest rate for the subsidy is set at 1%, with a maximum subsidy cap of 3,000 yuan, which could significantly reduce the financial burden on borrowers [5]. Group 3: Market Impact and Recommendations - The fiscal subsidy is aimed at stimulating private consumption and expanding credit activities, which may provide dual support for retail lending business in banks [6]. - Analysts suggest that the current weak demand for consumption loans could be bolstered by supportive policies, but caution is advised regarding the compliance and appropriate use of these loans [6].

以下文章来源于妙投APP ，作者刘国辉 妙投APP . 虎嗅旗下二级市场投研服务品牌，为您提供精选上市公司价值拆解，热门赛道产业链梳理 出品 | 妙投APP 作者 | 刘国辉 编辑 | 关雪菁 图片来源 | 视觉中国 2023年底至今，银行股走出了纳斯达克的架势。 中证银行指数历史表现显示，2021年中A股见顶后，银行股也跟着大盘有深幅调整，到2022年底，跌幅达到33%左右。2023年银行板块用一年时 间实现了筑底，2023年底开始，银行板块有了牛市行情，到今年7月份的高点时，一年半的时间里银行板块较2023年末的底部已经上涨了70%。 不仅是工农中建等国有大行，以及招行、宁波银行、江苏银行等优质银行股，近年来业绩较差的民生银行、浦发银行等也都有明显涨幅。 经过这一年半的上涨，银行股让人刮目相看，曾经在牛市里，银行股少有明星基金经理垂青，而近一年多的时间里，主动管理基金对于银行的配 置比例从2%逐渐抬升到4%左右。一些较少碰银行股的明星基金经理也配置了银行，如易方达的萧楠等。 对银行更为青睐的是险资，近一年多以来险资在二级市场频频举牌银行股，成为资本市场一道风景，也成了拉动银行上涨的重要因素。 在已经有明显 ...

据了解，"中国潮玩之都・东莞联名卡"是由招商银行东莞分行与东莞市潮玩协会联合打造的金融产品， 不仅是一张支付工具，更是连接IP价值与消费场景的"金钥匙"——持卡人可享受限定潮玩预售等专属折 扣等权益，未来还将拓展线上潮玩专区等创新功能。 "本次联名卡发行，非常感谢拼酷、狼博旺、Almost Real、因石、Toy City等合作品牌支持，我们希望通 过金融连接潮玩、文旅与消费者，让文化价值实现商业闭环"。招商银行东莞分行零售客群部副总经理 蔡伟林在解读中透露，未来还将开发线上专区等专属服务。 东莞市潮玩协会会长叶祖峰介绍，东莞作为"中国潮玩之都"，拥有完整的产业链和丰富的IP资源。此次 联动文旅产业，正是要打破行业边界，让潮玩文化走向大众消费场景。 在东莞漫博会活动期间，现场累计吸引超过200人开卡。随着联名卡应用场景的持续扩容，东莞潮玩IP 的影响力将走向大众生活，为城市文旅经济注入持久活力。 南方财经记者程浩 实习生李天豪 东莞报道 近日，"文创新旅"IP文旅生态共创活动在东莞石排举办，本次活动以"潮玩+文旅"为主题，汇聚政府代 表、行业协会、金融机构及潮玩文创企业，通过主题分享、联名卡发布、产业项目签约 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 招商銀行股份有限公司 CHINA MERCHANTS BANK CO., LTD. （於中華人民共和國註冊成立的股份有限公司） （H股股票代碼：03968） 關於召開2025年中期業績說明會的公告 招商銀行股份有限公司（「本公司」）擬於2025年8月29日（星期五）晚在香港交易 及結算所有限公司網站( www.hkex.com.hk )披露本公司2025年中期業績。為了便 於廣大投資者更全面深入地了解本公司2025年中期業績和經營情況，本公司擬於 北京時間2025年9月1日（星期一）上午9:30-11:30通過網絡直播方式召開業績說明 會，就投資者普遍關注的問題與投資者進行交流。本公司執行董事、行長兼首席 執行官王良先生，以及部分高級管理人員、獨立非執行董事等將參加業績說明會。 英文：https://webcasting.bizconf.cn/live/watch/o0ppyzjl 本公司將為投資者提供 ...

A 股简称：招商银行 A 股代码：600036 公告编号：2025-043 招商银行股份有限公司 关于召开2025年中期业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ??会议召开时间：北京时间2025年9月1日（星期一）上午9:30-11:30 ??会议召开方式：网络直播 ??网络直播地址： 中文：https://webcasting.bizconf.cn/live/watch/o533vdnl 英文：https://webcasting.bizconf.cn/live/watch/o0ppyzjl 投资者可将相关问题通过电子邮件方式发送至招商银行股份有限公司（简称本公 司）2025年中期业绩说明会（简称业绩说明会）问题收集邮箱：query@cmbchina.com。 邮件收取截止时间为北京时间2025年9月1日（星期一）上午11:00。本公司将于业绩 说明会上对投资者普遍关注的问题进行回答。 一、业绩说明会类型 为了便于广大投资者更全面深入地了解本公司2025年中期业绩和经营情况，本公 司 ...

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