本报记者 彭妍 近期，国内信用卡市场动作不断，权益缩水、部分产品停发、分中心关闭等现象引发广泛关注。具体来 看，招商银行、光大银行、浦发银行等多家银行陆续宣布，对部分高端信用卡产品的权益及活动进行调 整，涉及提高使用门槛、调整积分规则以及削减高端权益等；同时，还有多家银行宣布停发部分信用卡 产品，其中联名卡占比居多；此外，年内已有超过40家银行信用卡分中心获批终止营业。信用卡行业的 转型趋势日渐显现。 中国邮政储蓄银行研究员娄飞鹏对《证券日报》记者表示，上述现象折射出我国商业银行的信用卡业务 正经历三大转向：从规模导向转为价值深耕，从依赖息差转为生态变现，从以产品为中心转为以客户为 中心。这意味着行业已从"跑马圈地"的粗放阶段迈入"精耕细作"的质变期。未来，银行信用卡的创新重 点将围绕场景化联名卡开发、数字信用卡迭代、AI精准营销落地及客群生态圈构建等方向展开，通过 动态客群分层与场景化经营，筑牢新的价值"护城河"。 提高权益使用门槛 对于这一密集调整，苏商银行特约研究员高政扬对《证券日报》记者表示，其背后是市场环境与银行自 身经营需求共同作用的结果，核心逻辑是行业从增量扩张转向存量深耕。银行需通过精简低效产 ...

Market Overview - On August 4, A-shares experienced a rebound after an initial decline, with all three major indices closing higher, driven by strong performance in the banking sector and a recovery in thematic concepts [1] - The total trading volume in the two markets reached 1.5 trillion yuan, with over 3,800 stocks rising [1] Sector Performance - The defense and aerospace sectors showed significant gains, with the General Aviation ETF (159231) rising by 3.29%, reaching a new closing high since its listing [1][4] - The low-altitude economy in China has surpassed 506 billion yuan in 2023, with a year-on-year growth rate of 34%, and is projected to reach 3.5 trillion yuan by 2035, presenting a substantial investment opportunity [2][6] Fund Flows - The defense industry ETF (512810) saw a net inflow of 9.739 billion yuan, ranking second among all sectors, indicating strong investor interest [2] - The General Aviation ETF has accumulated a total increase of 21.63% since its launch, reflecting robust market sentiment [4] Investment Opportunities - Analysts suggest that the military industry sector is showing signs of recovery, with catalysts expected to drive performance in the first half of 2025 [3] - The low-altitude economy is anticipated to continue its growth trajectory, supported by government policies and technological advancements [6] Banking Sector Insights - The banking sector saw a strong performance, with the Agricultural Bank of China reaching a new high, and several banks, including Qingdao Bank and Postal Savings Bank, showing significant gains [16][18] - The central bank's commitment to maintaining a moderately loose monetary policy is expected to benefit the banking sector [18] - Recent data indicates that several listed banks have reported positive growth in net profit for the first half of the year, with asset quality remaining stable [19][20] ETF Highlights - The banking ETF (512800) has become the largest and most liquid among the 10 banking ETFs in the market, with a fund size exceeding 14.4 billion yuan [22] - The General Aviation ETF and its linked funds provide an effective tool for investors to capture opportunities in the burgeoning low-altitude economy [9]

登录新浪财经APP 搜索【信披】查看更多考评等级 南方财经全媒体记者林汉垚北京报道 截至8月4日，保险资金年内在A股及H股市场累计举牌达21次，一举超越去年全年水平。中国人寿、平 安人寿、泰康人寿等十余家机构密集出手，举牌标的涵盖银行、能源、公共事业等领域。 华泰证券分析指出，险资正通过高息股填补现金收益缺口，并借新会计准则下FVOCI计量平滑利润波 动。 与此同时，财政部拉长国有险企考核周期、国家金融监管总局上调权益资产配置上限等政策组合拳，推 动"耐心资本"保险资金与实体经济深度协同。 年内举牌量超去年全年 据了解，本轮险资举牌潮始于2024年，华泰证券分析，本轮险资举牌的驱动因素主要包括，利率下行环 境下投资压力增大和会计准则切换等，险资通过频繁举牌来追求长期稳定投资收益。 根据原中国保监会于2015年发布的《保险公司资金运用信息披露准则第3号：举牌上市公司股票》，保 险公司举牌上市公司股票，是指保险公司持有或者与其关联方及一致行动人共同持有一家上市公司已发 行股份的5%，以及之后每增持达到5%时，按照相关法律法规规定，在3日内通知该上市公司并予以公 告的行为。 中国保险行业协会网站信息显示，截至8月4 ...

南方财经全媒体记者 林汉垚 北京报道 截至8月4日，保险资金年内在A股及H股市场累计举牌达21次，一举超越去年全年水平。中国人寿、平 安人寿、泰康人寿等十余家机构密集出手，举牌标的涵盖银行、能源、公共事业等领域。 华泰证券分析指出，险资正通过高息股填补现金收益缺口，并借新会计准则下FVOCI（以公允价值计量 且其变动计入其他综合收益的金融资产）计量平滑利润波动。 与此同时，财政部拉长国有险企考核周期、国家金融监管总局上调权益资产配置上限等政策组合拳，推 动"耐心资本"保险资金与实体经济深度协同。 年内举牌量超去年全年 根据原中国保监会于2015年发布的《保险公司资金运用信息披露准则第3号：举牌上市公司股票》，保 险公司举牌上市公司股票，是指保险公司持有或者与其关联方及一致行动人共同持有一家上市公司已发 行股份的5%，以及之后每增持达到5%时，按照相关法律法规规定，在3日内通知该上市公司并予以公 告的行为。 中国保险行业协会网站信息显示，截至8月4日，保险资金年内在A股及H股市场已累计举牌上市公司达 21次，已超过去年全年举牌次数。 据统计，今年以来举牌上市公司的保险机构有中国人寿、平安人寿、新华保险、瑞众人寿 ...

北京商报讯（记者 宋亦桐）8月4日，北京商报记者获悉，8月1日，农业银行在银行间市场成功发行500 亿元总损失吸收能力非资本债券（TLAC非资本债）。其中，3+1年期300亿元，利率1.85%；5+1年期50 亿元，利率1.93%；10+1年期150亿元，利率2.15%。 农业银行表示，本期债券充分考虑投资者需求，设置三个期限组合，并设有增发机制。得益于投资者大 力支持，本期债券在200亿元基础额度上，用足300亿元增发额度，三个期限品种债券均实现增发，最终 发行规模500亿元，有效提升农业银行总损失吸收能力。此次发行吸引各类投资者踊跃参与，全场认购 规模达基础发行规模4倍。 ...

Core Viewpoint - The State Council's recent decision to implement fiscal subsidies for personal consumption loans and service industry operating loans aims to reduce financing costs and stimulate consumer demand amidst a weak recovery in domestic consumption [2][4]. Group 1: Policy Implementation - The fiscal subsidy policy for personal consumption loans is expected to alleviate the credit burden for residents with genuine consumption needs, acting as a form of "national subsidy" in the financial sector [4]. - The policy is anticipated to focus on large consumption areas such as home decoration, household appliances, and automobiles, with potential lessons drawn from local experiences in places like Chongqing and Sichuan [4][5]. - Specific details regarding the subsidy rates, limits, and loan purposes are still pending regulatory clarification [2][3]. Group 2: Market Reactions and Expectations - There is speculation on whether consumption loan rates will drop below 3% again, following previous regulatory measures that halted pricing wars [2]. - Major state-owned banks are expected to apply the subsidy in a market-oriented manner, primarily benefiting credit-worthy middle-tier customers rather than a blanket reduction in rates [2][5]. - The banking sector is advised to avoid treating the subsidy as a new pricing war and instead focus on establishing clear industry standards and risk-based pricing [5]. Group 3: Recommendations for Financial Institutions - Financial institutions are encouraged to lower the capital requirements and risk weights for personal consumption loans and credit card lending temporarily, while also enhancing methods for managing non-performing consumer loans [5]. - Suggestions include supporting financial institutions in writing off consumer loans and providing fiscal subsidies for these write-offs, as well as improving consumer credit records [5]. - There is a call for diversifying funding and capital-raising channels for banks and consumer finance companies to enhance their lending capabilities [5].

Investment Rating - The report maintains a "Recommended" rating for the banking sector, highlighting its configuration value amidst positive macroeconomic policies and ongoing support for consumption and technology [5][37]. Core Insights - The banking sector has shown resilience, with the PB ratio at 0.73 times and a dividend yield of 4.09%, indicating strong potential for investment [5][28]. - The resumption of VAT on newly issued government bonds is expected to impact banks' income and asset allocation, leading to a decrease in actual comprehensive yields for various bonds [11][10]. - The implementation of interest subsidies for personal consumption loans and service industry loans is anticipated to benefit retail banking operations, stimulating credit demand [16][5]. Summary by Sections Latest Research Insights - The July Politburo meeting emphasized the need for sustained macroeconomic policy support, focusing on stabilizing employment, enterprises, and market expectations [7][8]. - The meeting also highlighted the importance of expanding domestic demand and supporting new productive forces, which could benefit retail and technology finance sectors [9][8]. Weekly Market Performance - The banking sector outperformed the market, with a decline of 0.84% compared to a 1.75% drop in the CSI 300 index [5][17]. - Among listed banks, Agricultural Bank (+2.43%) and Industrial and Commercial Bank (+1.74%) showed notable gains [18][5]. Valuation of the Sector and Listed Companies - As of August 1, 2025, the banking sector's PB ratio stands at 0.73, reflecting a 43.98% discount compared to the overall A-share market [28][5]. - The report lists several banks with strong performance potential, including Industrial and Commercial Bank (601398), Agricultural Bank (601288), and Postal Savings Bank (601658) [37][5]. Investment Recommendations - The report suggests that low-valued joint-stock banks and quality regional banks are gaining attention from active funds, with a focus on the effectiveness of domestic demand expansion policies [37][5]. - The overall positive accumulation of fundamental factors in the banking sector indicates a potential turning point in performance [37][5].

经过了短暂的调整之后，银行股再度崛起，8月4日板块内42只个股仅有4只下跌，且跌幅在1%之内。至 此，中证银行指数今年的涨幅为11%，所有个股年内均实现上涨，其中浦发银行和青岛银行领涨，分别 上涨32.89%和32.80%。 7月中旬以来，多家银行陆续召开年中工作会，在回顾上半年工作成效的同时部署下半年重点工作，不 少银行高管对上半年经营给予了"持续向好"和"重点工作成效明显"结论，但也坦言"成绩来之不易"。这 在一定程度上进一步推动了银行板块行情。 7月30日，工商银行2025年党建暨年中经营管理工作会议在北京召开。对于今年上半年的工作，工行总 结为"转型发展扎实推进""'强优大稳'特征更加鲜明"，交出了一份稳中有进、以进促稳的半年成绩单。 该行同时提到，面对复杂外部形势，要落实"防风险、强监管、促高质量发展"的金融工作主线；要聚焦 防风险强合规，坚持三道防线同题共答、平行作业，巩固深化全面风险管理体系。 农业银行则在年中工作会议中称，其在上半年扛牢服务"三农"和实体经济职责使命，金融服务取得了新 成效。其中，信贷总量迈上新台阶，县域贷款站稳10万亿元，重点帮扶地区、"五篇大文章""两重""两 新"、提振消 ...

8月4日，A股先抑后扬，三大指数早盘低开，银行发力带动沪指率先翻红，午后题材概念回暖，创业板 指、深证成指接力反弹，三大指数集体收涨。全市场超3800只个股上涨，两市成交额1.5万亿元。 盘面上，国防军工、商业航天携手猛拉，表现突出。一键覆盖"低空经济+大飞机+军民融合+商业航 天"的通用航空ETF华宝（159231）场内价格大涨3.29%，创上市以来收盘价新高！ 周末重磅，我国自主研发的2吨级电动垂直起降航空器（eVTOL）——峰飞航空凯瑞鸥，成功实现全球 首次海上石油平台物资运输飞行，标志着我国在海陆低空物流场景应用中迈出关键一步。 中国民航局数据显示，中国低空经济规模2023年已突破5060亿元，同比增速达34%，预计到2035年市场 规模有望达到3.5万亿元，为投资者提供万亿级蓝海市场。 代码有"八一"的国防军工ETF（512810）放量上探，场内价格收涨2.67%。近期国防军工人气持续攀 升，各路资金密集涌入。 主力资金方面，今日大举净流入国防军工（申万）97.39亿元，居所有行业TOP2；ETF资金方面，国防 军工ETF（512810）已连续5日获资金增仓，合计达1.44亿元。 | | 0.693 ...

湘财证券指出，宽财政推动融资需求增长，在各项融资安排支持下，银行信贷供给充足，有望维持信贷 相对平稳增长。同时，政策稳息差态度积极，银行资产负债两端利率传导效率加强，后续随着存款成本 持续下行，息差或逐渐趋稳，业绩有望保持稳定。地产与城投领域存量风险明显改善，随着稳经济政策 持续推进，银行资产质量将进一步巩固。 基本面上，银行业绩喜报频出。截至目前，共有青岛银行、齐鲁银行、宁波银行、杭州银行及常 熟银行5家上市银行发布上半年业绩快报，归母净利润增速全部实现正增长，其中4家增幅达到了 两位数，资产质量指标保持稳定。 今日沪指早盘低开，随后迅速翻红，银行功不可没。百亿顶流银行ETF（512800）早盘迅速冲高，场内 价格一度涨逾1%，收涨0.59%。全天成交额11.91亿元，环比放量。 | 分割 3日 1分 " | F9 盘前盘后 叠加 九年 画线 工具 @ 2 》 | | | | | 银行ETF ① | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 512800[超扫黑] 10:20 0 0 0 861 388 0.008(0794%) 1988 ...