发卡量大幅减少、分中心加速"退场"，近年来，信用卡行业正在迎来"瘦身潮"。 近日，中国人民银行发布的《2025年第三季度支付体系运行总体情况》显示，截至今年第三季度末，全 国共开立银行卡101.49亿张。其中，信用卡和借贷合一卡7.07亿张，较上季度减少800万张。 随着2024年7月政策过渡期结束，监管要求全面落地，各家银行都在积极调整发卡策略，主动清理低效 存量卡片。 再从上市银行2025年半年报看，今年上半年，工商银行（601398）信用卡累计发卡量1.48亿张，较上年 末减少200万张；交通银行（601328）境内行信用卡在册卡量6010万张，较上年末减少291万张；邮储银 行（601658）信用卡结存卡量3858万张，较上年末减少140万张。 同时，信用卡交易量也在持续收缩。其中，建设银行（601939）上半年信用卡总消费交易额1.30万亿 元，同比下降5.80%；交通银行信用卡累计消费额1.10万亿元，同比下降11.29%；招商银行（600036） 信用卡交易额2.02万亿元，同比下降8.54%。 除了发卡数量的明显减少外，信用卡业务的运营模式与组织架构也迎来了深度调整，具体体现为银行信 用卡分中 ...

Core Insights - The banking sector saw a rise of 1.76% on December 18, with Industrial Bank leading the gains [1] - The Shanghai Composite Index closed at 3876.37, up 0.16%, while the Shenzhen Component Index closed at 13053.98, down 1.29% [1] Stock Performance - Industrial Bank (601166) closed at 20.94, up 2.25% with a trading volume of 670,000 shares and a transaction value of 1.389 billion [1] - Other notable performers include: - Shanghai Pudong Development Bank (600000) at 11.78, up 2.08% [1] - China Merchants Bank (600036) at 42.37, up 2.05% [1] - CITIC Bank (601998) at 7.51, up 1.76% [1] - The overall trading volume and transaction values for various banks indicate active market participation [1] Fund Flow Analysis - The banking sector experienced a net inflow of 309 million from institutional investors, while retail investors saw a net outflow of 118 million [1] - Detailed fund flow for key banks includes: - Industrial Bank had a net inflow of 101 million from institutional investors [2] - China Everbright Bank (601818) saw a net inflow of 63 million from institutional investors [2] - Shanghai Pudong Development Bank had a net inflow of 46 million from institutional investors [2] - Retail investors showed significant outflows across most banks, indicating a cautious sentiment among smaller investors [2]

Market Overview - The Shanghai Composite Index rose by 0.16% on December 18, with 12 out of 28 sectors experiencing gains, led by the banking and coal industries, which increased by 1.97% and 1.89% respectively [1] - The power equipment and communication sectors saw the largest declines, with decreases of 2.22% and 1.58% respectively [1] Capital Flow Analysis - The main capital flow showed a net outflow of 32.578 billion yuan across the two markets, with 8 sectors experiencing net inflows [1] - The defense and military industry had the highest net inflow, totaling 2.29 billion yuan and a daily increase of 0.90%, followed by the banking sector with a net inflow of 927 million yuan and a daily increase of 1.97% [1] Banking Sector Performance - The banking sector increased by 1.97% with a total net inflow of 927 million yuan, comprising 42 listed companies, all of which saw gains [2] - Among the banking stocks, 27 experienced net inflows, with 9 stocks receiving over 50 million yuan; the highest inflow was for Industrial Bank at 157 million yuan, followed by Agricultural Bank and Bank of Communications with inflows of 137 million yuan and 116 million yuan respectively [2] - The stocks with the largest net outflows included Postal Savings Bank, Suzhou Bank, and Qingdao Bank, with outflows of 53.26 million yuan, 39.29 million yuan, and 15.34 million yuan respectively [2] Individual Banking Stocks Performance - Notable banking stocks and their performance include: - Industrial Bank: +2.25%, 157.19 million yuan inflow [2] - Agricultural Bank: +2.01%, 136.65 million yuan inflow [2] - Bank of Communications: +2.05%, 116.49 million yuan inflow [2] - China Construction Bank: +2.58%, 71.12 million yuan inflow [2] - Postal Savings Bank: +1.12%, 53.26 million yuan outflow [3]

Group 1 - The core viewpoint of the news is that China Merchants Bank's Shanghai branch has successfully assisted Shanghai Electric Group in returning to the interbank bond market after five years, issuing a total of 1 billion yuan in bonds with a 3-year term and a coupon rate of 1.85% [1][2] - The funds raised from this bond issuance will be used to repay acquisition loans and enhance control over two important subsidiaries, marking a significant step in supporting state-owned enterprises and aligning with national policies [1][2] - This issuance represents the first batch of merger notes in the country and the first in Shanghai, showcasing the bank's commitment to serving the real economy and facilitating corporate mergers and acquisitions [1][2] Group 2 - The dual-label model of "merger notes" and "technology innovation bonds" is an innovative practice by China Merchants Bank, aimed at addressing the financing needs of enterprises in technology innovation and industrial mergers [2] - This product is designed to help companies optimize their financial structure, reduce financing costs, and focus on core businesses while enhancing support for subsidiaries in governance, technology, market, and branding [2] - The successful implementation of this innovative business model reflects the bank's responsibility in promoting industrial structure upgrades and providing efficient financial support for direct financing markets [2]

证券研究报告 金融 公募绩效考核优化，关注优质金融 华泰研究 2025 年 12 月 18 日│中国内地 行业月报 公募绩效考核优化，关注优质金融 25 年 11 月全市场发行理财产品 2631 份，环比+23.6%；公募基金新发份额 946 亿份，月环比+31%。12 月《基金管理公司绩效考核管理指引（征求意 见稿）》下发，强化长期业绩导向、提高强制跟投比例，并明确量化降薪问 责机制等，将基金公司及其核心投研人员的利益与投资者的长期利益深度绑 定。资本市场中长期稳步向上趋势不改，奠定资管产品发展基础。建议把握 优质个股，银行推荐零售及财富管理标杆招行 AH，财富管理战略地位提升 的宁波银行；券商推荐大财富管理产业链具备较强优势的广发 AH、东方 AH。 银行理财：存续规模微增，收益表现下行 根据基金业协会数据，截至 25Q2 末，券商资管规模为 6.14 万亿元，季度 环比+4%。2025 年 11 月新发份额 44.69 亿份，环比持平。从新发份额结构 上看，债券型占比最高，达 53.27%。 私募基金：存量规模环比增长，证券投资基金备案规模环比提升 根据基金业协会数据，截至 2025 年 10 月末，全 ...

做好科技金融大文章，需要构建适配的服务生态。何为"适配"？一般来说有两个维度：一是相关产 业政策、不同金融供给主体与不同行业及不同类型的科技企业之间的供需适配；二是针对科技企业在不 同发展阶段所需要金融服务的适配。同时，为了能够更好地推动科技企业发展，以适应发展新质生产力 战略的要求，金融供给主体急需提升自身的服务能力，这也是做好科技金融工作的重要基础。 如何让"构建适配服务生态"与"持续提升科技金融服务能力"齐头并进？如何让"建生态"更匹配科技 企业的需求，让"提能力"更有助于"适配生态"的完善？就上述问题，《金融时报》记者采访了青岛银行 首席经济学家、中国首席经济学家论坛理事刘晓曙。 《金融时报》记者：在近期科技金融政策叠加效应下，尤其是推动银行开展投贷联动、金融提供多 元化接力式服务的背景下，科技金融的供给（包括PE/VC/银行等）生态将呈现什么样的趋势？ 刘晓曙：科创企业在生命周期不同阶段所需融资类型及特点不同，对金融机构和投资者的要求也存 在差异。要满足科创企业全生命周期的融资需求，需要的是创投风投、基金、银行、保险等诸多金融机 构接续发力。例如，在科创企业种子期、初创期阶段，风险高、回报不确定，更 ...

Investment Rating - The industry investment rating is "Overweight" (maintained) [2] Core Insights - The report highlights a slowdown in non-bank deposit growth, indicating a reduced diversion of deposits to the stock market, with large banks experiencing a net inflow of deposits while smaller banks see a decline [5][6] - The report suggests that the upcoming quarter (Q1 2026) will present challenges for banks in terms of asset-liability matching due to the maturity of high-interest deposits and fluctuating deposit growth [7] - The investment strategy emphasizes balancing asset quality and pricing power, with a focus on large state-owned banks and leading comprehensive banks as key investment targets [8] Summary by Sections Deposit Trends - In November, large banks saw a decrease of 83.3 billion yuan in non-bank deposits, reflecting a weakening effect of the stock market on deposit diversion [5] - Non-bank deposit growth remains higher than that of resident fixed deposits, indicating a shift of funds into wealth management products [6] - Smaller banks experienced a year-on-year decrease of 478.9 billion yuan in fixed deposits, while large banks saw an increase of 419.4 billion yuan, suggesting a trend of deposit migration back to larger institutions [6] Credit and Investment Dynamics - Credit demand, particularly in consumer sectors, remains weak, leading to a continued slowdown in lending growth [7] - The report anticipates that banks may increase bond investments to fill year-end balance sheet requirements, especially as high-interest fixed deposits mature [7] Investment Recommendations - The report recommends a focus on large state-owned banks as foundational investments, with specific mentions of Agricultural Bank of China and Industrial and Commercial Bank of China as beneficiaries [8] - Core investments should target leading comprehensive banks like China Merchants Bank and Industrial Bank, with a recommendation for CITIC Bank as a key stock [8] - For more flexible investments, banks such as Jiangsu Bank and Chongqing Bank are highlighted as potential beneficiaries [8]

Core Viewpoint - Some banks are displaying higher annualized returns on their wealth management products in their apps compared to the actual recent returns, leading to investor concerns about misleading information [1][7]. Group 1: Discrepancy in Returns - Many banks show annualized returns since inception that are significantly higher than the recent monthly returns, indicating a potential misrepresentation of product performance [1][7]. - For example, a product from China Construction Bank shows an annualized return of 2.28% since its inception, while its recent one-month return is only 0.75% [3][7]. Group 2: Market Conditions - The discrepancy in returns is attributed to a declining interest rate environment and poor recent performance in the bond market, which affects the underlying assets of these wealth management products [3][5]. - The annualized return for bonds has decreased significantly, with the year-to-date return at only 0.46% and a one-month return of -0.43% [11]. Group 3: Regulatory Perspective - Current regulations do not explicitly prohibit banks from showcasing higher historical returns, allowing them to prioritize displaying more favorable figures [3][9]. - The China Banking Association's guidelines emphasize the need for transparency and accurate representation of past performance to protect investors' rights [11]. Group 4: Concerns About Performance Display - There are concerns that the practice of highlighting higher historical returns may mislead investors about the stability and future performance of these products [6][12]. - Experts suggest that banks should standardize the timeframes used for performance display across similar products to avoid selective reporting [12].

Core Viewpoint - Some banks are displaying higher annualized returns for their wealth management products than the actual recent returns, leading to concerns about transparency and accuracy in financial reporting [1][3]. Group 1: Discrepancy in Reported Returns - Investors have reported discrepancies between the annualized returns displayed on bank apps and the actual returns, with some banks showing significantly higher returns since the product's inception compared to recent performance [1][2]. - The discrepancy is attributed to a decline in bond market performance, which has affected the recent yields of wealth management products, while historical yields remain elevated due to previous market conditions [1][3]. Group 2: Regulatory and Compliance Issues - Current regulations do not explicitly prohibit banks from showcasing higher historical returns, which may lead to a preference for displaying more favorable figures [1][4]. - The China Banking Association's guidelines emphasize that past performance should accurately reflect the investment manager's capabilities and inform investors, but the current practices may inflate perceived product performance [4]. Group 3: Market Trends and Performance Analysis - The overall trend in fixed-income assets, which form the basis of many wealth management products, is downward, with recent yields significantly lower than historical averages [3][4]. - For instance, the annualized yield for bonds has dropped to 0.46% year-to-date, while the annualized yield over the past three years is 4.90% [3].

- The report does not contain any quantitative models or factors related to quantitative finance[1][2][3]