2025.05. 26 本文字数：2751，阅读时长大约4.5分钟 作者 | 第一财经 陈君君 今年以来，国内存款利率持续走低，多家银行1年期定期存款利率日前跌破1%，传统储蓄吸引力减 弱。与此同时，银行股的"类固收"属性凸显，截至5月23日，42家A股上市银行中，超七成近12个月 股息率超4%，部分银行股息率突破8%，远超存款及国债收益。 板块行情分化，区域银行占上风 这种收益差距引发"替代效应"，推动银行股表现强劲，年初以来涨幅达7.66%。险资和公募基金纷纷 加仓银行股，持仓比例显著提升。进一步来看，银行板块内部走势分化，区域银行表现更为突出。业 内人士认为，短期内高股息策略将继续推动银行股上涨，而中长期来看，息差水平和资产质量是关 键。 银行股的存款"替代效应"凸显 自2025年起，国内存款利率持续走低，各大商业银行纷纷开启"降息潮"。目前，1年期定期存款利率 最低已跌破1%，达到历史最新低点。在传统储蓄收益吸引力不断减弱的形势下，"存银行不如买银行 股"的讨论再度升温。 根据Wind数据，截至5月23日收盘，在42家A股上市银行中，有31家银行的近12个月股息率超过了 4%。其中，平安银行、民生银行 ...

Investment Rating - The report indicates a positive outlook for the banking sector, suggesting that certain stocks may have alpha potential due to policy catalysts and a cyclical recovery [4]. Core Insights - Multiple banks have lowered their deposit rates, with the one-year and five-year Loan Prime Rate (LPR) reduced by 10 basis points on May 20, 2025. This trend reflects a broader market-driven decline in deposit costs [1][2]. - The average deposit cost rate for China Merchants Bank decreased significantly by 25 basis points to 1.29% in Q1 2025, indicating a trend of improving deposit costs across the sector [1]. - The report highlights that banks like Chongqing Bank, Minsheng Bank, and CITIC Bank have substantial room for further deposit cost reductions, suggesting a favorable environment for banks to optimize their funding costs [2]. Summary by Sections Section 1: Focus of the Week - Several banks have adjusted their deposit rates downward, with over half of listed banks participating in this trend by May 24, 2025 [1]. - The report notes that the average deposit cost rate for China Merchants Bank has shown improvement since Q2 2024, aligning with previous forecasts of enhanced cost reduction in liabilities [1]. Section 2: Sector Perspective - The banking sector is expected to benefit from expansionary policies aimed at stabilizing the economy, with specific banks like Ningbo Bank, Postal Savings Bank, and China Merchants Bank highlighted as potential investment opportunities [4]. - The report emphasizes that the cyclical recovery may take time, but the ongoing interest rate cuts could sustain the dividend strategy for banks like Shanghai Bank and Jiangsu Bank [4]. Section 3: Key Data Tracking - The report tracks various financial metrics, including the issuance of interbank certificates and the average rates for different types of bank notes, indicating a dynamic market environment [9][8]. - It also notes the increase in the proportion of deposits with a remaining maturity of less than one year, which rose by 3 percentage points to 37.4% by the end of 2024, suggesting a trend towards concentrated deposit maturities [2][16].

Core Viewpoint - The fourth China-CEEC Expo and International Consumer Goods Expo is being held in Ningbo, Zhejiang, showcasing the commitment of the Industrial and Commercial Bank of China (ICBC) to support foreign trade and new business models through comprehensive financial services [1]. Group 1: Event Overview - The expo is the only national-level exhibition in China targeting Central and Eastern European countries, with a theme of "Towards New, Towards Practical, Towards Future" [1]. - The exhibition area covers 80,000 square meters, featuring over 400 exhibitors from Central and Eastern Europe and more than 1,000 companies from across China [1]. Group 2: ICBC's Role - ICBC Ningbo Branch positioned itself as a "Global Financial Partner," showcasing its global layout advantages and cross-border financial service system [1]. - The bank has established a network of 408 overseas institutions in 49 countries and regions, providing efficient one-stop cross-border financial services to meet the needs of foreign trade enterprises [1]. Group 3: Support for Foreign Trade - ICBC hosted a special presentation on "Supporting the Development of New Foreign Trade Models and Enterprises Going Global," attracting over 60 representatives from enterprises and financial institutions [5]. - The bank has implemented 15 measures to stabilize foreign trade, including increasing support, opening green channels, reducing fees, and expanding financing channels [6]. Group 4: Future Plans - ICBC Ningbo Branch plans to continue leveraging its global network to optimize its service system and deepen cooperation with enterprises, contributing to high-quality foreign trade development and high-level opening-up [6].

Core Viewpoint - The recent adjustments in the Chinese banking wealth management market are primarily driven by the People's Bank of China's interest rate cuts, leading to a decline in market interest rates and subsequently affecting the performance benchmarks of various wealth management products [1][4]. Group 1: Market Impact - Since May, over a hundred wealth management products have announced reductions in their performance benchmarks, with some products' yield limits dropping below 2%, nearing the rates of fixed-term deposits [1][6]. - The decline in expected returns has prompted investors to reconsider their asset allocations, with conservative investors likely shifting towards cash management products or fixed-term deposits, while those with a higher risk appetite may focus more on "fixed income plus" products [2][4]. Group 2: Product Adjustments - Major wealth management firms, including Ping An Wealth Management and Bank of China Wealth Management, have adjusted their performance benchmarks in response to the declining policy interest rates, which have led to lower yields on underlying assets [3][5]. - The average performance benchmark for newly issued wealth management products in April 2025 was reported at 2.12%, reflecting a month-on-month decrease of 0.02 percentage points [7]. Group 3: Regulatory Environment - Regulatory bodies have been reinforcing the disclosure requirements for performance benchmarks of wealth management products, ensuring they accurately reflect market conditions and the risk-return characteristics of the products [4][5]. - The adjustments in performance benchmarks are aligned with regulatory expectations, aiming to provide a more transparent reference for investors regarding the expected returns of wealth management products [4][5]. Group 4: Future Trends - The low interest rate environment may lead to a reallocation of funds back to the deposit market, as many wealth management products' yields approach those of fixed-term deposits [6][10]. - Wealth management firms are encouraged to enhance their product offerings, particularly in "fixed income plus" products, to balance risk and return while adapting to the changing market landscape [11][12].

Core Viewpoint - The Industrial and Commercial Bank of China (ICBC) Xi'an Branch is actively enhancing financial services to support the Belt and Road Initiative, particularly focusing on the China-Europe Railway Express and cross-border trade, showcasing significant achievements in financial empowerment [1][3]. Group 1: Financial Services and Achievements - As of the end of Q1 2025, ICBC Xi'an Branch has provided over 640 million yuan in loans to enterprises related to the China-Europe Railway Express [1][3]. - The bank has optimized cross-border settlement and clearing processes, improving the efficiency of capital flow across borders, enabling enterprises to conduct various financial transactions conveniently [3]. Group 2: Focus Areas and Financial Products - ICBC Xi'an Branch is concentrating on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, to strengthen its financial services [4]. - The green loan balance of ICBC Xi'an Branch exceeded 60 billion yuan, while inclusive loans surpassed 30 billion yuan as of Q1 2023 [4]. - The bank has supported over 1,000 specialized and innovative high-tech enterprises with nearly 10 billion yuan in financing [4].

Core Viewpoint - The private economy is a vital source of vitality, innovation, and prosperity for Shanghai's urban development, playing an irreplaceable role in building an international economic, financial, trade, shipping, and technological innovation center. The "Private Economy Promotion Law" officially took effect on May 20, promoting the sustainable, healthy, and high-quality development of the private economy [1]. Group 1: Mechanism Foundation - The Industrial and Commercial Bank of China (ICBC) Shanghai Branch utilizes tools such as re-loans and rediscounting to expand customer service coverage and dynamically adjust financing costs for private small and micro enterprises in response to policy changes [2]. - The bank has improved the "error correction and duty exemption" system to enhance risk management and encourage lending to small and micro enterprises [2]. Group 2: Service Proximity - The ICBC Shanghai Branch has established a comprehensive network for inclusive financial services, having visited 18,500 small micro enterprises and provided credit support exceeding 27.7 billion yuan, with loans disbursed exceeding 24.2 billion yuan [3]. - The bank has launched various online financing products tailored to the common needs of private small and micro enterprises, including customized financing services and an upgraded "no repayment renewal loan" service [3]. Group 3: Product Empowerment - The ICBC Shanghai Branch has developed the "Small Micro Customer Innovation Loan" to meet the financing needs of technology-based small and micro enterprises, providing support exceeding 1.2 billion yuan to over 500 clients [5]. - The bank has innovated financing guarantee business models to offer a variety of financing products, enhancing risk-sharing functions for small and micro enterprises [5]. Group 4: Collaborative Creation - The ICBC Shanghai Branch is advancing a collaborative mechanism involving government, associations, banks, and enterprises to create an inclusive service ecosystem for private enterprises [7]. - The bank aims to continue building and improving long-term mechanisms to support the development of the private economy, providing prioritized and precise financial resource support for high-quality development [7].

智通财经5月23日电，香港交易所信息显示，贝莱德在工商银行的持股比例于05月19日从5.06%降至 4.94%。 ...

Core Viewpoint - The Industrial and Commercial Bank of China (ICBC) Shijiazhuang Branch is actively supporting foreign trade enterprises by providing comprehensive financial services to enhance their international competitiveness and facilitate high-level opening-up in Shijiazhuang [1][2]. Group 1: Financial Support for Enterprises - ICBC Shijiazhuang Branch addresses the challenges of "difficult and expensive financing" faced by manufacturing foreign trade enterprises by diversifying its financial product offerings [2]. - The branch has a long-standing partnership with Hebei Xinhang Pharmaceutical Co., which has become a key supplier of anti-tuberculosis raw materials, achieving a domestic market share of 70% for its main product, Rifampicin [2][3]. - In response to increased overseas market demand, the bank provided a specialized loan of 10 million yuan to support the company's raw material procurement and is expediting a financing credit of 50 million yuan to enhance its international market competitiveness [3]. Group 2: Risk Management and Efficiency - The bank has implemented a "convenience+" policy integration model to improve foreign exchange risk management capabilities and enhance cross-border settlement efficiency, processing international settlements of 1.67 billion USD and cross-border RMB settlements of 4.08 billion yuan by the end of April [4]. - ICBC Shijiazhuang Branch has supported Shijiazhuang Yadong Polyurethane Co., a leading exporter in the polyurethane industry, by providing foreign exchange derivative transactions worth 20 million USD to improve liquidity management [4]. Group 3: Credit and Financing Solutions - The bank has introduced the "Cross-Border Quick Loan" product to assist Hebei Duyang Silk Screen Printing Equipment Co., which faced long payment cycles, by providing a credit line of 3 million yuan based on dynamic analysis of the company's export and collection records [7]. - ICBC Shijiazhuang Branch is actively engaging with small and micro foreign trade enterprises through initiatives like the "Thousand Enterprises and Ten Thousand Households" campaign to enhance communication and financing channels [7].

近日，中国工商银行吉林省分行在吉林省人民银行指导下，成功向省内某重点高校发放贷款。这是中国 人民银行设立服务消费与养老再贷款新政后，吉林工行在教育领域落地的首笔融资业务，标志着该行在 支持消费与养老产业升级的新赛道上迈出关键一步。 政策响应：从中央部署到地方实践的高效联动 4月25日，中央经济工作会议提出设立服务消费与养老再贷款政策框架；5月9日，中国人民银行印发 《关于设立服务消费与养老再贷款有关事宜的通知》，激励引导金融机构加大对住宿餐饮、居民服务、 教育、文体娱乐及养老产业的支持力度。吉林工行迅速响应，主动对接域内重点客户，并加速推进贷款 审批发放流程，于5月14日实现首笔教育领域贷款精准投放。 本次获得贷款的高校是吉林省高等教育领域的标杆单位，先后被吉林省教育厅确定为专业硕士立项建设 单位，被教育部评为吉林省转型发展示范高校、吉林省本科人才培养改革示范高校，综合实力稳居"中 国顶尖应用型大学"行列。贷款资金将专项用于该校学科建设、人才培养及产学研融合项目，进一步强 化其在应用型人才培养领域的示范效应，为吉林省消费与养老产业输送更多专业技术人才，推动产业服 务能级提升。 高校赋能：金融"活水"注入教育示 ...

Group 1 - The article emphasizes the importance of financing for the development of small and micro enterprises, addressing the challenges of "difficult, expensive, and slow" financing [1] - The Central Commission for Discipline Inspection and the National Supervisory Commission is working with the Industrial and Commercial Bank of China to enhance inclusive finance, particularly for small and micro enterprises [1] - A series of policies have been implemented to improve financing conditions for small and micro enterprises, benefiting millions of businesses [1] Group 2 - The article highlights the issue of information asymmetry and multiple intermediaries in the credit supply for small and micro enterprises, which contributes to their financing difficulties [2] - The supervisory group is promoting the establishment of a "four-level linkage" working group within the Industrial and Commercial Bank of China to better understand the financing needs of small and micro enterprises [2] - As of March 2025, the balance of inclusive loans at the Industrial and Commercial Bank of China reached 3.24 trillion yuan, an increase of over 350 billion yuan since the beginning of the year, outpacing the growth rate of other loans by 7.26 percentage points [2]