Group 1: Core Insights - The trend of offering bicycles as incentives for credit card applications is gaining popularity in the financial sector, particularly in Beijing [1][5][14] - This promotional strategy involves multiple banks collaborating to attract new customers by providing bicycles of varying values in exchange for signing up for multiple credit cards [4][8][12] - The promotional events have seen a significant turnout, although there are concerns regarding the quality of the bicycles and the potential for excessive credit card issuance [1][12][14] Group 2: Promotional Details - Customers can receive bicycles by applying for a minimum number of credit cards, with higher-value bicycles requiring more applications; for example, a bicycle worth over 2000 yuan requires the application of 10 credit cards [4][5][11] - The promotional events are time-limited, running from September 5 to October 4, with a total of 10,000 bicycles available [5][12] - Participating banks include major institutions such as the Bank of Communications, Postal Savings Bank, and others, with staff present at the events to assist new applicants [8][12] Group 3: Market Context - The credit card business is under pressure, with a decline in the number of active credit cards and transaction volumes reported by several banks [14][15] - The People's Bank of China reported a decrease of 6 million credit cards in the second quarter of 2025, marking a continuous decline over 11 quarters [14][15] - Banks are encouraged to adapt their strategies, focusing on customer engagement and innovative product offerings to enhance credit card usage and profitability [16]

Group 1 - The banking sector showed strong performance in the market, with Nanjing Bank leading the gains at 4.78%, and several major banks like Industrial and Commercial Bank of China, Agricultural Bank of China, and China Construction Bank also seeing significant increases [1] - As of September 24, 2024, Nanjing Bank recorded a net increase of 6.54 billion yuan in shareholding by major shareholders, indicating optimistic expectations for the bank [1] - The Bank ETF (512800) experienced a notable increase in trading volume, with a daily turnover of 1.967 billion yuan, reflecting a 119% increase compared to the previous period [1] Group 2 - The banking sector has transitioned from a one-sided upward trend to a "slow bull" market, suggesting a more balanced investment strategy that includes both growth and cyclical stocks [2] - The banking ETF (512800) has seen a cumulative decline of 13.67% since its peak on July 11, 2024, highlighting an attractive valuation opportunity [3] - The average static dividend yield for listed banks has risen to 4.3%, and the average static price-to-book (PB) ratio has dropped to 0.61x, indicating a potential for higher equity returns [3] Group 3 - There has been a significant inflow of funds into the banking sector, with a net inflow of 4.519 billion yuan on a single day, making it the top sector for capital inflow [4] - In a low-interest-rate environment, the banking sector's low valuation and high dividend yield continue to attract long-term capital, particularly from insurance funds [5] - The Bank ETF (512800) has seen a net inflow of 406 million yuan over the past two days, with a total net inflow of 1.64 billion yuan over the last 20 days [5] Group 4 - The Bank ETF (512800) is a highly efficient investment tool that tracks the performance of 42 listed banks in A-shares, maintaining a significant scale and liquidity in the market [7]

Group 1 - The core idea of the article is the promotion of financial knowledge through various educational activities organized by the Bank of Communications Hebei Branch, focusing on the theme "Protecting Financial Rights and Supporting a Better Life" [1] - The integration of financial education with traditional culture and non-heritage arts is highlighted, exemplified by the creation of educational videos that warn consumers about risks such as fraud and illegal fundraising while promoting traditional culture [1][2] - The bank's collaboration with local tourism and consumer sectors is emphasized, showcasing financial knowledge alongside regional scenic spots through posters and digital displays, thereby enhancing both financial literacy and local tourism promotion [2] Group 2 - Special attention is given to vulnerable groups, with tailored financial education activities for visually and hearing-impaired individuals, including the distribution of braille financial knowledge manuals and interactive classes for hearing-impaired youth [3] - The innovative approach of combining "cultural tourism," "non-heritage empowerment," and "public welfare" in financial education activities is noted, breaking away from traditional single-mode financial promotion and effectively enhancing public financial literacy [3] - The bank plans to continue exploring deeper integration of financial promotion with local culture and social welfare, aiming to enhance the effectiveness and engagement of financial education initiatives [3]

交通银行辽宁省分行：多维升级无障碍金融教育暖心举措让金融知识"看得见" 近日，为扎实推进金融教育全覆盖，切实保障每一位消费者的受教育权，交通银行辽宁省分行推出了一系列创新性无障碍金融知识普及举措。通过提供多格 式、可感知的金融教育材料，有效打破了信息壁垒，让金融知识传播更具温度与包容性。 在各营业网点，传统的金融知识宣传材料迎来了贴心升级。除了常规版本，网点配备了大字版·盲文版金融消保手册，方便视弱人群轻松阅读。更值得一提 的是，每一本手册的醒目位置还设置了音频二维码，金融消费者只需用手机扫码，即可"听"到涵盖防范电信诈骗、识别非法集资、金融消费者八项基本权 益、防范非法金融中介、保护个人信息等内容的完整音频讲解。此外，为方便携带，还同步推出的盲文版宣传折页，确保金融知识及风险提示能够无障碍地 触达视弱、视障群体。 这一系列举措通过盲文、大字、音频三种载体形成互补，构建起一个立体的、无障碍的信息传播网络，确保不同需求的群体都能以最适合自己的方式获取急 需的金融知识，从而提升风险防范意识和能力，获得了前来办理业务的市民的积极评价。 未来，交通银行辽宁省分行将继续探索更多元化的教育形式，努力确保金融知识教育能够公 ...

Core Insights - The report highlights the steady growth of trade finance in the banking sector, driven by strong policy support and a solid development foundation [2][4] - Trade finance plays a crucial role in facilitating supply chain financing and empowering the real economy [2][4] Group 1: Trade Finance Development - In 2024, the international settlement volume reached $12.75 trillion, and domestic letter of credit settlement volume was ¥3.62 trillion, marking year-on-year growth of 10.35% and 17.89% respectively, both hitting historical highs [2] - International trade financing volume was $488.475 billion, showing a slight decline, while domestic trade financing volume was ¥4.66 trillion, with a year-on-year increase of 16.35% [2] - International factoring volume was $13.318 billion, experiencing a year-on-year decline for the first time in three years, while domestic factoring volume exceeded ¥4 trillion, growing by 17.03% [2] Group 2: Innovation and Risk Management - The banking sector is encouraged to innovate continuously, focusing on digital finance, supply chain financial platforms, and utilizing technologies like big data and AI for intelligent document review [3] - There is a need to strengthen risk prevention measures, including multi-level assessment mechanisms for country and sovereign credit risks, and enhancing compliance management for cross-border capital flows [3] - The report emphasizes the importance of trade finance in supporting national development strategies, stabilizing foreign trade, and promoting integrated domestic and foreign trade [4] Group 3: Future Outlook - The future of trade finance is expected to evolve along the path of "industry deepening + technology empowerment," enhancing specialized service systems and international cooperation [4] - The banking industry aims to inject lasting momentum into the construction of a strong trade nation and the establishment of an open economic system [4]

9月15日至21日，国家金融监督管理总局、中国人民银行、中国证监会联合开展以"保障金融权益，助力 美好生活"为主题的2025年金融教育宣传周活动。交通银行积极响应监管号召，集团上下高效协同、主 动作为，围绕宣传周主题打造了一系列形式新颖、内容丰富的金融知识普及项目，为公众提供更加贴近 生活、易于理解的金融教育服务，进一步推动金融知识走进千家万户。 据悉，宣传周期间，交行在全国28个省市的73个景区同步开展了"风险提示送上门"专项活动，切实将金 融服务与知识普及送到消费者身边。 由交行与新华网联合策划制作的金融教育系列宣传片《姣姣，出发！》先导片同步在线上多个渠道发 布。视频中，"姣姣"除了负责"说消保"工作之外，还接到一个新任务，开启一段融合旅行与金融知识普 及的奇妙之旅。后续，她将前往上海、云南和青岛等城市旅行，通过轻松有趣的剧情传播防诈骗、防范 黑灰产和理性投资等实用金融知识，以创新叙事方式增强公众的金融风险防范意识。令人期待的 是，"姣姣"将推出嵌入智能芯片的实体手办和多种周边产品。 原标题：交通银行：以温暖服务守护消费者权益 宣传周期间，交行结合自身金融文旅IP"文旅大戏"，整合资源，在全国多个景区组 ...

Group 1 - The central bank reported significant achievements in China's financial sector during the "14th Five-Year Plan" period, with total banking assets reaching nearly 470 trillion yuan, ranking first globally [1] - China's stock and bond market sizes rank second in the world, while foreign exchange reserves have maintained the top position for 20 consecutive years [1] - The country leads in green finance, inclusive finance, and digital finance, establishing a comprehensive and efficient cross-border payment network for the renminbi [1] Group 2 - As of September 23, 2025, the CSI A500 Dividend Low Volatility Index (932422) saw a slight increase of 0.01%, with notable stock performances from Ningbo Port (up 2.70%) and Industrial and Commercial Bank of China (up 2.65%) [2] - The CSI A500 Dividend Low Volatility ETF (561680) experienced a trading volume of 851.19 million yuan, with a turnover rate of 1.66% [2] - The ETF has a maximum drawdown of 3.42% since inception, with a tracking error of 0.164% this year, indicating high tracking precision among comparable funds [2] Group 3 - The CSI A500 Dividend Low Volatility Index selects 50 stocks from the CSI A500 Index based on high dividend yields and low volatility, weighted by dividend yield [3] - As of August 29, 2025, the top ten weighted stocks in the index accounted for 31.13% of the total index weight, with Agricultural Bank of China being the highest [3]

9月23日，伴随着丰收的喜悦，第八个"中国农民丰收节"（以下简称"丰收节"）如期而至。今年的丰收节以"庆农业丰收 享美好生活"为主题，全国各地 秉承"庆祝丰收、弘扬文化、振兴乡村"的宗旨，锚定推进乡村全面振兴、建设农业强国目标，深入学习运用"千万工程"经验，深化农村改革，突出农民主体 地位，组织开展丰富多彩的庆祝丰收活动。 金融是落实农业强国建设的重要力量。多年来，银行业金融机构紧跟国家政策导向，运用金融优惠政策，创新产品、优化服务，不断强化对"三农"和乡 村全面振兴的支持，成为推动农业增效益、农村增活力、农民增收入的重要力量。 支持乡村产业全链条升级：多策共举万象新 民以食为天。洁白饱满的大米，是人们日常饮食中不可或缺的"主角"，承载着国人的温饱。 在辽宁省辽阳市灯塔市，大米不仅是广大老百姓碗中的香糯，更是推动区域经济发展的重要支柱产业之一。从田野到餐桌，从播种到品尝，大米的"上 桌之旅"离不开金融铺就的路基。 辽宁禾谷茂源农业发展有限公司（以下简称"禾谷茂源"）是当地一家农业相关企业。年初，禾谷茂源负责人田先生一度因资金周转问题压得愁眉不展。 "化肥、农药、农机具的钱刚凑够，地租还没有着落。"站在承包的2 ...

Core Viewpoint - The banking sector is experiencing a positive trend, with the China Securities Bank Index rising by 1.69% and individual bank stocks showing significant gains, indicating a favorable market sentiment towards banks [1] Group 1: Market Performance - As of September 23, 2025, the China Securities Bank Index (399986) increased by 1.69%, with notable gains from Nanjing Bank (up 4.30%), Xiamen Bank (up 3.65%), Agricultural Bank of China (up 3.39%), and others [1] - The Bank ETF Index (512730) also rose by 1.62%, closing at 1.63 yuan [1] Group 2: Policy Changes - On September 19, the People's Bank of China announced adjustments to the 14-day reverse repurchase operations, shifting to fixed quantity, interest rate bidding, and multi-price bidding, with operation time and scale determined by liquidity management needs [1] - China Galaxy Securities noted that the adjustment of the 14-day reverse repurchase operation enhances the position of the 7-day reverse repurchase policy rate and improves liquidity management precision, with smaller banks expected to benefit less than larger banks [1] Group 3: Future Outlook - The ongoing consumer policy enhancements and the accumulation of positive factors in the banking fundamentals suggest potential mid-term performance improvements, with an inflection point anticipated [1] - Attention is drawn to the effectiveness of policy implementation, retail business demand, risk improvement, and upcoming significant events such as the 20th Central Committee's Fourth Plenary Session and the 15th Five-Year Plan reform measures [1] Group 4: Index Composition - As of August 29, 2025, the top ten weighted stocks in the China Securities Bank Index (399986) include China Merchants Bank, Industrial Bank, and others, collectively accounting for 65% of the index [2]

Asia Pacific Equity Research Sep 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. China Banks The dividend theme is not done yet Asia Financials Katherine Lei AC (852) 2800-8552 katherine.lei@jpmorgan.com J.P. Morgan Securities (Asia Pacific) Limited/ J. ...