Core Insights - The report focuses on mixed-asset products issued by wealth management companies, highlighting superior-performing products available for investors through distribution channels [1] - A ranking of products is provided based on their annualized performance over the last month, three months, and six months, reflecting their multidimensional performance amid recent market fluctuations [1] Group 1: Product Performance - The ranking showcases annualized returns for products over different time frames, with a specific emphasis on the three-month annualized yield for sorting [1] - The report includes a list of 28 distribution institutions, such as major banks like Industrial and Commercial Bank of China, Bank of China, and Agricultural Bank of China, among others [1] Group 2: Product Availability - The assessment of the "on-sale" status of wealth management products is based on their investment cycle projections, but actual availability may vary due to factors like sold-out quotas or differences in product listings for different clients [1] - Investors are advised to refer to the actual displays on the distribution bank's app for the most accurate product availability [1]

Group 1 - The core viewpoint of the article highlights that as of December 13, 26 A-share listed banks have disclosed their mid-term or quarterly dividend plans for 2025, surpassing the 24 banks that did so in the same period of 2024, with total dividends expected to exceed 260 billion yuan [1][3] - The banks disclosing dividend plans include 6 large state-owned banks, 6 joint-stock banks, and 14 small and medium-sized banks, with the six major state-owned banks expected to contribute over 200 billion yuan in cash dividends [3] - Industrial and Commercial Bank of China leads with an estimated dividend of approximately 50.4 billion yuan, followed by China Construction Bank, Agricultural Bank of China, Bank of China, Postal Savings Bank of China, and Bank of Communications [3] Group 2 - Joint-stock banks such as Industrial Bank and CITIC Bank are expected to have mid-term dividends exceeding 10 billion yuan, while China Everbright Bank and Minsheng Bank are projected to exceed 5 billion yuan [3] - Some small and medium-sized banks, like Shanghai Bank and Nanjing Bank, also show significant dividend amounts, with several banks like Industrial Bank and Ningbo Bank introducing mid-term dividend plans for the first time [3] - The increase in dividend frequency among commercial banks is a response to the new "National Nine Articles" aimed at promoting multiple dividends per year for listed companies, enhancing the connection between company profits and investor returns [3] Group 3 - More frequent dividends can directly enhance shareholder satisfaction, allowing investors to share in the banks' operational success in a timely manner [4] - Stable cash returns align well with the investment needs of long-term funds such as social security funds, pension funds, and insurance capital, helping to attract these funds for long-term holding [4] - The positioning of banks as dividend-oriented can create a virtuous cycle of attracting long-term capital, enhancing stock price stability, and reducing abnormal price fluctuations caused by short-term speculation [4]

Group 1 - A total of 143 bonds are set to mature or pay interest in the upcoming week from December 13 to December 19 [2][6] Group 2 - The list includes various bonds from different issuers, with details such as the issuer name, bond name, outstanding amount, and maturity/payment dates [3][4]

Core Viewpoint - The issuance of credit card non-performing asset-backed securities (ABS) by Everbright Bank at a low discount rate of 4.81% raises concerns about the underlying asset quality and the challenges in recovering credit card debts in the current economic environment [1][2]. Group 1: ABS Issuance and Discount Rates - Everbright Bank's latest ABS issuance of 300 million yuan is backed by credit card non-performing assets totaling approximately 6.24 billion yuan, resulting in a discount rate of about 4.81%, which is lower than the industry average [1]. - The bank's previous ABS issuances in 2025 had discount rates of 5.01%, 5.25%, and 5.27%, indicating a trend of declining discount rates, reflecting the increasing difficulty in recovering credit card debts [2]. - The cumulative issuance of Everbright Bank's credit card non-performing asset ABS in 2025 has reached 1 billion yuan, covering a total of 19.7 billion yuan in non-performing assets [2]. Group 2: Market Trends and Asset Transfer - The active transfer of credit card non-performing assets on platforms like Yindeng Network indicates a growing urgency among banks to address the rising levels of non-performing assets [3][5]. - Major banks such as Ping An Bank and Minsheng Bank have significantly increased their asset transfer activities, with Minsheng Bank's recent transfer involving 9.607 billion yuan in non-performing loans, highlighting the severity of the issue [4]. - The parallel development of ABS issuance and asset transfers creates a dual-channel approach for banks to manage non-performing credit card assets, reflecting a trend towards systematic and normalized asset disposal [5]. Group 3: Credit Card Business Challenges - The total number of credit cards in circulation has decreased by 10 million from a peak of 807 million, marking a continuous decline over 12 quarters, indicating challenges in the credit card business [6]. - Regulatory pressures and changing consumer behaviors are forcing banks to shift from aggressive card issuance to a focus on quality and risk management, as evidenced by the decline in both card issuance and transaction volumes [7][9]. - Recent regulatory actions against banks for compliance failures underscore the need for stringent management practices in credit card operations, emphasizing the importance of balancing growth with risk control [8][9].

Core Viewpoint - China Everbright Bank is actively exploring the marketization of data elements, focusing on research and practical applications during the "14th Five-Year Plan" and planning for the "15th Five-Year Plan" in areas such as data asset valuation, operational authorization, and data security [1][2][4] Group 1: Research and Development Achievements - The bank has developed a self-researched "Enterprise Data Asset Valuation Tool" to enhance the valuation of data assets for technology companies, broadening the scenarios for obtaining loans based on data [1] - Recent research results in 2025 include a comprehensive cost accounting framework for public data resource authorization operations, providing actionable paths for compliant data resource operations in the financial sector [2] - The bank's research has been published in the international journal "Journal of Digital Economy," showcasing China's exploration and practical achievements in the field of data [1] Group 2: Industry Insights and Future Directions - Experts emphasize the significant potential of data resources in the digital and intelligent revolution, advocating for proper value accounting of data to maximize its potential [2][3] - The bank aims to combine data elements with cutting-edge technologies while ensuring compliance and security, promoting a virtuous cycle of technology development, data generation, and application [4] - Future initiatives will focus on activating the potential of data elements, fostering a collaborative development model, and injecting sustainable momentum into the high-quality development of the digital economy [4]

Core Viewpoint - China Everbright Bank announced a system upgrade maintenance scheduled for December 18, 2025, from 20:00 to 24:00, aimed at enhancing service quality [1] Group 1: System Upgrade Details - The upgrade will affect various services including personal mobile banking, personal online banking, corporate online banking, and the financial service open platform [1] - Users are advised that during the maintenance period, certain channels and related services may be unavailable [1] Group 2: Customer Communication - The bank has provided a 24-hour customer service hotline (95595) for inquiries related to the maintenance [1] - The bank expresses gratitude for customer support and understanding during this period [1]

Core Viewpoint - China Everbright Bank is actively exploring the marketization of data elements during the 14th Five-Year Plan period, focusing on data asset valuation, circulation, and financial products, with significant research outcomes shared with the public [2][3]. Group 1: Research and Practice Achievements - During the 14th Five-Year Plan, China Everbright Bank has conducted extensive research and practical work in the field of data elements, including the development of a self-developed "Enterprise Data Asset Valuation Tool" that incorporates GPU computing power for technology companies [2]. - The bank published a paper in the international journal "Journal of Digital Economy," detailing its research and application of data asset valuation in commercial banking, showcasing China's exploration in the data field [2]. Group 2: Future Directions and Strategic Goals - In 2025, the bank aims to provide actionable paths for the compliant operation of financial data resources through its latest research on public data resource authorization and cost accounting [3]. - The bank plans to integrate data elements with cutting-edge technologies while ensuring compliance and security, focusing on areas such as cloud payment applications and digital twins [7]. - The bank's future strategy includes building a collaborative development model in the data element field to activate and release the value of data elements, promoting healthy market development for the digital economy [8]. Group 3: Expert Insights and Industry Context - Experts emphasize the importance of data as a new resource in the digital and intelligent revolution, highlighting the need for effective value accounting of data [5]. - The National Development and Reform Commission stresses that public data should be traded to realize price discovery and enhance state asset supervision, indicating a significant potential for future development in public data authorization and circulation [6].

Core Viewpoint - The credit card market is undergoing significant adjustments, with many banks, especially smaller ones, halting the issuance of co-branded credit cards due to rising costs and risks associated with these products [1][5][6]. Group 1: Market Trends - The trend of halting credit card issuance is not isolated, as it has become a common practice among both national and regional banks throughout the year [1][6]. - Major banks, including China Construction Bank and Postal Savings Bank, have collectively stopped issuing over 100 credit card products since the beginning of 2025, with co-branded cards being a significant portion of these [6][11]. - The total number of credit cards in circulation has decreased by 100 million over the past three years, indicating a shift away from the previous era of aggressive expansion [10][11]. Group 2: Bank Strategies - Banks are transitioning from a focus on quantity to quality in their credit card offerings, prompted by regulatory changes and market dynamics [11][12]. - The recent adjustments include the closure of credit card centers and the integration of credit card functionalities into main banking apps, reflecting a strategic shift towards efficiency and cost reduction [14][15]. - The halting of co-branded cards is seen as a necessary step for banks to concentrate resources on more viable products and improve operational efficiency [8][9]. Group 3: Future Directions - The future of credit card business is expected to focus on three main transformation directions: integrating various service scenarios, upgrading technology for better digital experiences, and deepening customer segmentation to enhance value creation [16].

中国经济网北京12月11日讯 今日，上海光大证券资产管理发布光大阳光稳债收益12个月持有期债券型集 合资产管理计划清算报告。 | | 今年来 近1周 近1月 近3月 近6月 近1年 近2年 近3年 近5年 成立来 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 涨幅 1.10% | | 0.00% | -0.01% | 0.28% | 0.26% | 1.34% | 5.02% | 8.66% | 15.95% | 16.25% | | 同类平均� 2.57% | | 0.09% | -0.28% | 0.50% | 1.38% | 2.91% | 8.21% | 10.83% | 20.09% | | | 沪深300 16.69% | 35.08% | 1.34% | -2.20% | 3.29% | 18.79% | 14.92% | | 14.85% | -7.06% | | 光大阳光稳债收益12个月持有债券C累计收益率 | | | | | | | 今年来 近1周 近1月 ...

Investment Rating - The report assigns an "Overweight" rating for the banking sector [7]. Core Insights - The report emphasizes the significant improvement in the cost of liabilities for banks in 2025, with a notable decrease of 28 basis points (bp) in the first half of the year, compared to only 4 bp in the same period last year. This improvement is primarily driven by reductions in deposit and interbank liabilities costs, contributing 19 bp and 7 bp respectively [3][11]. - The net interest margin (NIM) is expected to decline by approximately 5 bp in 2026, with the downward pressure on margins continuing to ease marginally, suggesting that some banks may stabilize their NIMs [2][10]. Summary by Sections 1. Liability Cost Improvement in 2025 - The first half of 2025 saw a significant reduction in the cost of interest-bearing liabilities, with the cost rate dropping to 1.70%, a decrease of 28 bp from 2024. This was supported by improvements in both deposit and interbank liability costs [11]. 2. Liability Side: Deposit Maturity and Repricing Benefits 1) **Term Structure**: The proportion of long-term deposits entering the repricing cycle has increased, with the share of deposits with a remaining maturity of 1-5 years declining by 1.5 percentage points (pct) to 22.6% by the end of Q2 2025. Some banks, such as those in Ningbo and Chongqing, experienced declines exceeding 10 pct [4]. 2) **Price Factors**: Regulatory focus on maintaining reasonable NIM levels has increased, with expectations of further interest rate cuts. The maximum reduction for three-year deposits could exceed 100 bp, indicating substantial room for cost improvement [5]. 3. Asset Side: Yield Pressure Expected to be Better than 2025 1) **Loans**: The repricing pressure on loans is expected to ease, with the five-year Loan Prime Rate (LPR) declining by only 10 bp in 2025, significantly less than the 50 bp drop the previous year [6]. 2) **Debt Replacement**: The shift from high-interest to low-interest debt is anticipated to have a limited impact on net interest margins, estimated to drag down margins by about 4 bp [6]. 3) **Bond Maturity**: The widening gap between new bond issuance rates and existing bond yields is expected to exert downward pressure on investment yields, with an estimated drag of 6 bp on margins from the reallocation of bonds maturing within one year [6]. 4. NIM Projections - The report forecasts a 5 bp decline in NIM for 2026, with the downward trend continuing to converge. The asset yield is expected to decrease by 17 bp, while the cost of liabilities is projected to improve by 13 bp, with deposit costs improving by 17 bp [7][10].