Core Viewpoint - The trend of large-denomination certificates of deposit (CDs) disappearing from the market is evident, with major banks removing long-term products to manage net interest margin pressures and adapt to changing monetary policies [1][2][3] Group 1: Market Changes - Major state-owned banks and national joint-stock banks have removed five-year large-denomination CDs from their offerings, with only short-term products available [1] - The availability of three-year large-denomination CDs is also tightening, with some banks halting new issuances [1][2] - The current offerings are primarily focused on one-year or shorter terms, with some banks only providing three-month or six-month products [2] Group 2: Reasons for Changes - The primary reason for banks discontinuing long-term large-denomination CDs is to alleviate the increasing pressure on net interest margins due to declining loan rates [2] - By reducing high-cost liabilities associated with long-term CDs, banks aim to optimize their liability structure and control overall funding costs [2][3] - This adjustment is seen as a proactive measure by banks in response to macroeconomic conditions and regulatory guidance [2] Group 3: Future Outlook - The role and form of large-denomination CDs are expected to undergo significant changes, with a shift towards shorter-term products becoming more common [3] - The interest rate advantage of large-denomination CDs is likely to diminish, aligning more closely with regular fixed-term deposits [3] - A long-term downward trend in deposit rates is anticipated, driven by monetary policy aimed at reducing financing costs for the real economy [3]

11月25日，省长赵刚在西安会见了招商银行行长王良一行。双方表示，将进一步加强务实合作，携 手做好金融"五篇大文章"，赋能陕西科技创新、产业升级、绿色发展。 副省长李钧，省政府秘书长吕来升，省直有关部门负责同志参加活动。 （记者：陈玮） ...

| 新任高级管理人员职务 | 董事长(法定代表人) | | --- | --- | | 新任高级管理人员姓名 | 王颖 | | 是否经中国证监会核准取得高 | | | 管任职资格 | | | 中国证监会核准高管任职资格 | | | 的日期 | | | 任职日期 | 2025年11月27日 | | 过往从业经历 | 王颖女士 1997年 1 月加入招商银行,历任招商银行北京分行 | | | 行长助理、副行长,天津分行行长,深圳分行行长,招商银行 | | | 行长助理。2023年11月起任招商银行副行长。 | | 取得的相关从业资格 | 基金从业资格 | | 国籍 | 中国 | | 学历、学位 | 大学本科、硕士 | | 基金管理人名称 | 招商基金管理有限公司 | | --- | --- | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》、《证券基金经营 | | | 机构董事、监事、高级管理人员及从业人员监督管理办法》 | | 高管变更类型 | 新任基金管理人董事长 | 11月26日晚间，招商基金关于高级管理人员变更的公告正式发布。 上证报中国证券网讯（记者 何漪）11月26日晚间，招商基金关于高级 ...

Core Viewpoint - Atlantic announced a guarantee agreement with China Merchants Bank to support its subsidiary Shanghai Atlantic's operational funding needs, securing a credit line of 40 million RMB [1] Group 1 - The guarantee agreement was signed on November 25, 2025, and is effective from November 26, 2025, to November 25, 2026 [1] - The guarantee provided is a joint liability guarantee without any counter-guarantee [1] - Another shareholder, Shanghai Heqing Economic Development (Group) Co., Ltd., did not provide any guarantee for this credit line [1]

Core Viewpoint - The appointment of Wang Ying as the new chairman of China Merchants Fund marks a significant leadership change within the company, indicating a potential shift in strategic direction and management style [1] Group 1: Management Changes - Wang Ying has been appointed as the chairman of China Merchants Fund, succeeding Zhong Wenyue, who will no longer serve in this role [1] - Wang Ying has a long history with the China Merchants Group, having joined China Merchants Bank in January 1997 and held various senior positions, including assistant president and branch president in multiple cities [1] - Prior to her new role, Wang Ying served as the vice president of China Merchants Bank starting in November 2023 [1]

Group 1 - The article promotes various credit card offerings with attractive benefits for new users, including fee waivers and rewards [4][8][12]. - New users can receive significant rewards upon meeting spending requirements, such as cash back or points [4][9][12]. - There are special promotions for specific cards, such as discounted dining vouchers and travel-related rewards [4][8][12]. Group 2 - The article highlights referral programs where both the referrer and the referred can receive rewards upon successful card applications [14]. - Existing cardholders are encouraged to apply for additional cards, which share credit limits with existing accounts but do not qualify for new user benefits [16]. - A promotional event is mentioned where users can comment on their favorite co-branded credit cards for a chance to win prizes [17].

Core Insights - The foreign exchange business reform has been positively received by commercial banks and the public, with 26 banks participating as of September 2025, covering various types of banks across the country [1][2] Group 1: Reform Implementation and Participation - As of September 2025, 26 banks are involved in the foreign exchange business reform, including 5 large banks, 9 joint-stock banks, 4 city commercial banks, and 8 foreign banks [1] - The newly added banks in the third quarter include Industrial and Commercial Bank of China, Deutsche Bank, Mizuho Bank, and Mitsubishi UFJ Financial Group [2] Group 2: Benefits of the Reform - The reform has reduced the burden on enterprises, allowing them to handle foreign exchange transactions more efficiently, with some businesses experiencing a significant reduction in processing time from days to minutes [3] - Banks have improved their customer identification and service capabilities, leading to a reduction in average processing time for transactions by over 50% [3] - The reform has enhanced regulatory quality, with banks establishing risk monitoring systems to better track cross-border transactions and identify abnormal activities early [3] Group 3: Future Directions - The State Administration of Foreign Exchange plans to further enhance the foreign exchange management system, focusing on convenience, openness, security, and intelligence [4] - Future efforts will include expanding the coverage of the reform to benefit more enterprises and integrating various facilitation policies [4] - The application of new technologies such as artificial intelligence and big data will be encouraged to improve efficiency in foreign exchange services [4]

Core Viewpoint - The overall market sentiment remains cautiously optimistic, with no significant negative trends observed in the fundamental performance of key sectors, particularly in technology and growth stocks [1] Group 1: Market Performance - As of November 26, 2025, the Shanghai 180 Index rose by 0.30%, with notable increases in stocks such as Haiguang Information (3.95%) and Zhongke Shuguang (3.53%) [1] - The Shanghai 180 ETF Index Fund also saw a slight increase of 0.17%, marking its third consecutive rise [1] Group 2: Sector Analysis - The technology growth sector, including communications and semiconductors, continues to show strong performance, suggesting that recent market adjustments may be positioning for future gains [1] - Despite a slowdown in policy support compared to the first half of the year, the overall market remains in a loose monetary environment, which is expected to support recovery in the technology sector [1] Group 3: Investment Strategy - A "barbell strategy" is recommended for investment, suggesting to maintain positions in growth sectors like communications, semiconductors, and innovative pharmaceuticals while being cautious with short-term operations [1] - Defensive investments in dividend-paying sectors are advised to mitigate risks during market fluctuations [1] Group 4: Index Composition - The Shanghai 180 Index comprises 180 large-cap stocks selected for their market capitalization and liquidity, reflecting the overall performance of core listed companies in the Shanghai securities market [2] - As of October 31, 2025, the top ten weighted stocks in the index account for 26.29% of the total index, with notable companies including Kweichow Moutai and China Ping An [2]

Group 1 - The core idea of the articles emphasizes the importance of safeguarding the financial security of the elderly as a practical implementation of serving the public [2] - The Guangzhou branch of China Merchants Bank collaborates with local communities and merchants to organize a financial education campaign titled "Prevent Fraud and Protect Your Wallet" [2][3] - The campaign aims to transform professional financial knowledge into accessible services for the elderly, ensuring that the initiative's warmth permeates every interaction [2] Group 2 - The bank focuses on common financial scenarios faced by the elderly, designing 16 practical quiz questions to address their everyday concerns and enhance their understanding of fraud prevention [3] - The event features a comprehensive community market, integrating financial fraud awareness booths with services like traditional Chinese medicine consultations and fire safety education [4] - Participants can collect stamps on their cards by engaging in various activities, which can be exchanged for gifts, reflecting the success of the initiative in serving the community [4] Group 3 - The conclusion of the event marks a new beginning for ongoing community service, with the bank committed to being a trusted guardian of financial security for the elderly [4] - The bank plans to continue organizing a series of community outreach activities, delivering effective financial knowledge and services to more neighborhoods [4]

Core Viewpoint - The establishment of Asset Investment Companies (AICs) by banks like Industrial Bank, CITIC Bank, and China Merchants Bank indicates a significant expansion of comprehensive financial operations in China, following regulatory approvals aimed at enhancing the financial ecosystem and supporting troubled enterprises [2][3]. Summary by Sections AIC Establishment and Regulatory Background - The first AIC pilot programs began in 2017 with five major state-owned banks, primarily focusing on debt-to-equity swaps to assist viable but struggling companies in reducing leverage and managing risks [2]. - In 2020, the regulatory framework was expanded to allow AICs to engage in direct equity investments beyond debt-to-equity swaps, with further relaxations announced in 2024 [2]. Performance and Investment Data - As of June 2024, the total assets of the five major AICs reached 586.99 billion yuan, with 156 investment cases completed in 2024, amounting to 57.604 billion yuan [3]. Challenges and Risks - AICs face significant challenges, including limited external financing channels, high risk weights from parent banks, and insufficient research and personnel capabilities [4]. - The banking sector's traditional focus on collateralized loans and scale efficiency may hinder effective risk management in equity investments, raising concerns about the success rates of rapid debt-to-equity transitions [5]. Recommendations for Improvement - To enhance the effectiveness of AICs, it is crucial to develop a governance framework based on direct investment risk characteristics and to improve market transparency [5]. - The establishment of a credit transfer market and the promotion of credit asset securitization are essential for revitalizing credit resources and enabling market-driven pricing of credit assets [6].