Core Points - The Financial Stability Board (FSB) released the 2025 Global Systemically Important Banks (G-SIBs) list, with the Industrial and Commercial Bank of China (ICBC) moving from bucket 2 to bucket 3, becoming the first Chinese bank in this category [1][3] - The total number of G-SIBs remains at 29, unchanged from the 2024 list, but there have been adjustments in the bucket allocations of some banks [3] - The adjustments in bank classifications are primarily influenced by changes in their business activities, with the "complexity" metric having the most significant impact on scoring changes [3] Bucket Allocations - Bucket 5 (3.50%): Empty - Bucket 4 (2.50%): JP Morgan Chase - Bucket 3 (2.00%): Bank of America, Industrial and Commercial Bank of China, Citigroup, HSBC [2] - Bucket 2 (1.50%): Agricultural Bank of China, Bank of China, China Construction Bank, among others [2] - Bucket 1 (1.0096%): Bank of Communications, Deutsche Bank, and others [2] Future Implications - Higher capital buffer requirements for banks that move up in classification will take effect starting January 1, 2027 [3] - Fitch Ratings had predicted the rise of ICBC to bucket 3, while other Chinese banks are expected to remain on the G-SIBs list [3]

Core Viewpoint - The Bank of Communications Zhongshan Branch is actively engaging in project connections and assisting in the planning and application of specialized bonds for industrial parks, aligning with the local government's initiatives to enhance urban and rural development [2][3][4][5] Group 1: Focus on Economic Strength - The Zhongshan Branch is leveraging its expertise in specialized bonds to support the construction of industrial parks, particularly in manufacturing and ten key thematic industries [3] - A flexible service team has been established to connect with local industries, assisting in the planning and application of specialized bond projects that reflect local industrial characteristics [3] - The bank is addressing infrastructure gaps by packaging funding needs for projects like road and power relocations, thereby alleviating financial bottlenecks [3] Group 2: Enhancing Rural Revitalization - The bank is actively involved in rural sewage treatment projects, collaborating with local environmental authorities to secure funding through specialized bonds [4] - Initiatives are in place to address urban-rural infrastructure issues, with a focus on creating a sustainable funding model for ongoing projects [4] - A pre-evaluation mechanism for project applications has been established, involving government, design institutes, and financial institutions to enhance project quality and support rural revitalization efforts [4] Group 3: Improving Social Services - The bank prioritizes the equalization of public services as part of its commitment to enhancing community welfare [5] - In cultural projects, the bank provides intellectual support for bond applications to promote cultural heritage in the region [5] - Specialized financial services are being tailored for local agricultural sectors, including unique loan products to support rural economic development [5] Group 4: Future Outlook - The Zhongshan Branch plans to continue its focus on the "Hundred Thousand Project," integrating financing and intellectual support to foster industrial transformation and high-quality regional development [5] - The bank aims to optimize credit policies and explore new service models to contribute to the creation of a distinctive "Zhongshan Model" [5]

Group 1 - The announcement states that from November 28, 2025, China Galaxy Securities Co., Ltd. will act as a subscription and redemption agent for certain exchange-traded open-end index funds under CCB Fund Management Co., Ltd. [1] - Investors can conduct business related to the aforementioned funds at the sales institutions' outlets, and they are advised to refer to the relevant business rules and processes of the company and sales institutions [1] - The contact information for CCB Fund Management Co., Ltd. is provided, including a customer service hotline and website [1] Group 2 - A notice regarding the convening of a communication-based meeting for the fund holders of CCB Runli Enhanced Bond Fund is issued, with voting scheduled from December 19 to December 29, 2025 [2][3] - The meeting will discuss the proposal to adjust the income distribution principles of the fund, which requires approval from more than half of the voting rights held by participants [6][21] - The rights registration date for fund holders to participate in the meeting is set for December 18, 2025 [7] Group 3 - The voting process will be conducted via written paper ballots, and specific instructions for filling out and submitting the ballots are provided [8][9] - The counting of votes will be supervised by authorized personnel and notarized by a public notary [12] - The resolution from the meeting will take effect upon approval and will be reported to the China Securities Regulatory Commission [15][22] Group 4 - The proposal to adjust the income distribution principles includes changes to the frequency and conditions of profit distribution, allowing for more flexibility in the distribution process [23][24] - The new distribution principles will allow the fund manager to propose distribution plans based on actual conditions, with a default option of cash dividends unless otherwise specified by the fund holders [24] - The adjustments aim to better protect the interests of fund holders and will be communicated through the appropriate channels [25]

Core Viewpoint - Major state-owned banks and some joint-stock banks in China have recently suspended the sale of 5-year large-denomination time deposits, with current offerings primarily focused on 1-month to 3-year products [1] Group 1: Bank Actions - Six major state-owned banks, including ICBC, ABC, BOC, CCB, BOCOM, and PSBC, along with several joint-stock banks, have withdrawn long-term deposit products [1] - Many small and medium-sized banks have also announced the suspension of 3-year and 5-year fixed deposit products while simultaneously lowering interest rates across various deposit terms [1] - The remaining large-denomination time deposits are mostly concentrated in 1-month, 3-month, and 3-year terms, with 3-year products becoming the primary long-term offering [1] Group 2: Interest Rate Trends - The interest rates for 3-year large-denomination time deposits generally range from 1.5% to 1.75%, with reports of "tight quotas" and "sold out" situations being common [1] - The average net interest margin for commercial banks has dropped to a historical low of 1.42% in Q3, reflecting the pressure on bank profitability [2] Group 3: Strategic Adjustments - The adjustments in long-term deposit products are a response to the narrowing net interest margin, aimed at alleviating profitability pressures [2][3] - The shift indicates a transition from a focus on scale expansion to a more refined approach that emphasizes the quality of liabilities [3] Group 4: Future Outlook - There is potential for further reductions in deposit rates as banks continue to adjust high-cost deposit products [4] - Investors are advised to monitor market dynamics closely, including LPR adjustments and regulatory changes, while diversifying their asset allocation based on risk preferences [4]

Core Viewpoint - The major state-owned banks in China have collectively removed five-year large-denomination time deposits, indicating a trend of declining long-term deposit products in the banking industry [1][2][4] Group 1: Changes in Deposit Products - The six major state-owned banks have eliminated five-year large-denomination time deposits, with only three-year products remaining, which have seen interest rates drop to between 1.5% and 1.75% [1] - The first bank to announce the cancellation of five-year time deposits was Tongyu County Mengyin Village Bank, which will stop offering this product starting November 5, 2025 [1] - Other banks, including at least seven private banks, have also begun to remove five-year time deposits, reflecting a broader trend in the industry [3][4] Group 2: Interest Rate Adjustments - The interest rates for various deposit products have been adjusted downwards, with one-year and two-year rates reduced by 5 basis points to 1.45% and 1.55%, respectively, and the three-year rate decreased by 10 basis points to 1.85% [3] - The adjustments are a response to the pressure on net interest margins faced by banks, as the yield on assets (like loan rates) is declining while the cost of liabilities (like deposit rates) remains rigid [2][4] Group 3: Industry Context and Implications - The banking industry is experiencing a "two-sided squeeze" where declining loan rates and high competition for deposits are pressuring net interest margins, leading to the reduction of long-term high-interest deposit products [4] - A survey indicated that 62.3% of urban depositors prefer to save more, a slight decrease from the previous quarter, suggesting a shift in savings behavior due to lower interest rates [4] - Analysts predict that while long-term deposits will not completely disappear, they will exhibit differentiated supply characteristics, with state-owned banks likely retaining five-year deposits as service tools but at potentially lower rates [5]

Group 1 - The core viewpoint of the news is the establishment of a standardized cross-regional joint credit mechanism in the Yangtze River Delta, aimed at facilitating financing for enterprises undergoing industrial transfer [1][2] - The signing of the first standardized agreement for "Yangtze River Delta Cross-Regional Joint Credit" between the Bank of Communications branches in Bengbu and Ningbo marks a significant step in financial integration innovation in Anhui [1][3] - The joint credit mechanism addresses challenges in credit resource allocation due to the separation of R&D and manufacturing, as well as headquarters and subsidiaries, thereby supporting industrial transfer and collaborative development of the industrial chain [2] Group 2 - The agreement focuses on five innovative arrangements: standardized credit limits, pricing, approval processes, management, and supporting mechanisms to ensure balanced and efficient fund allocation [2] - The first cross-regional joint credit business aims to provide a joint credit of 500 million yuan for a transferring enterprise from Zhejiang, expected to be finalized by December this year [3] - The initiative is designed to create a virtuous development mechanism of "financial collaboration - industrial linkage - regional win-win," enhancing financing support for industrial transfer projects in the Yangtze River Delta [3]

2025年11月27日，交通银行（601328）发布公告称，根据《理财公司理财产品销售管理暂行办法》 中"理财公司与代理销售机构合作，理财公司与代理销售机构应当在代理销售合作协议签订10个工作日 内，至少通过本公司、代理销售机构的官方渠道予以公告。"的要求，特此公告：交通银行已与北银理 财有限责任公司签订理财产品代理销售协议，将依法合规代理销售北银理财有限责任公司依法发行的理 财产品。具体代销产品可通过交通银行门户网站www.bankcomm.com查询（查询路径：首页-个人业务- 投资服务-个金产品信息披露-代销产品-公募理财）。 ...

Core Viewpoint - Agricultural Bank of China is inviting employees and the public to contribute ideas for its 15th Five-Year Plan, aligning with the national economic and social development strategy outlined by the Communist Party [1] Group 1: National Strategy Alignment - State-owned banks are prioritizing national strategies, focusing on supporting the real economy, expanding domestic demand, and facilitating foreign trade during the 15th Five-Year Plan [2] - Agricultural Bank will enhance rural financial services and support agricultural modernization while promoting domestic consumption and effective investment [2] - China Bank aims to improve its global competitiveness and service capabilities, supporting the internationalization of the Renminbi and the Belt and Road Initiative [2] - Construction Bank will support infrastructure development and modern industrial systems, focusing on new industrialization and productivity [2] Group 2: Strategic Planning and Implementation - Transportation Bank emphasizes a seamless transition between the 14th and 15th Five-Year Plans, refining strategic focus and priorities [3] - Postal Savings Bank is committed to implementing its unique financial strategies and responding to the evolving financial needs of the public [3] Group 3: Differentiated Transformation - Joint-stock and local banks are identifying their unique positions and competitive advantages to create a multi-tiered financial service structure during the 15th Five-Year Plan [4] - Industrial Bank, as a leader in green finance, will enhance its services to support carbon reduction goals and promote green operations [4] - Citic Bank is focusing on technology finance, providing comprehensive financial services to support industrial upgrades and innovation [4] Group 4: Future Development Planning - The 15th Five-Year Plan is guided by the goal of building a strong financial nation, with banks actively developing their strategic plans [6] - Construction Bank is engaging with grassroots feedback to address high-priority issues and enhance operational efficiency [6] - Transportation Bank is incorporating public and expert opinions into its planning process for the 15th Five-Year Plan [6] - Regional banks are also developing their plans, focusing on key performance indicators like ROE and adjusting their business structures to enhance revenue [7]

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]

Core Viewpoint - On November 26, a block trade of 630,000 shares of Bank of Communications was executed at a price of 7.72 yuan, representing a premium of 0.78% over the closing price of 7.66 yuan for the day [1] Summary by Category Block Trade Details - The total transaction amount for the block trade was 4.8636 million yuan [1] - The buyer and seller for this transaction were both from CITIC Securities Co., Ltd., Beijing Zizhuyuan Road Securities Branch [1] - In the last three months, the stock has seen a total of 10 block trades, with a cumulative transaction amount of 135 million yuan [1] Stock Performance - The closing price of Bank of Communications on the day of the trade was 7.66 yuan, down 0.78% [1] - The daily turnover rate was 0.58%, with a total trading volume of 1.153 billion yuan [1] - There was a net outflow of 4.9728 million yuan in main funds for the day, while the stock has increased by 1.73% over the past five days, with a total net inflow of 390 million yuan [1] Margin Trading Data - The latest margin financing balance for the stock is 1.586 billion yuan, which has decreased by 27.8239 million yuan over the past five days, reflecting a decline of 1.72% [1]