Investment Rating - The report maintains a recommendation for the banking industry [3] Core Insights - The report provides a comprehensive analysis of the asset-liability structure and interest margin changes of 42 A-share listed banks during the "14th Five-Year Plan" period, highlighting a shift towards corporate loans on the asset side and a stronger retail focus on the liability side [12][14] - The asset-liability structure indicates a significant increase in the proportion of corporate loans, rising from 57.02% to 63.22% from the end of 2020 to mid-2025, while the proportion of demand deposits decreased from 41.94% to 30% [12][14] - The report notes a decline in both asset yield and interest margin, with the yield on interest-earning assets dropping from 4.43% to 3.32% and the net interest margin decreasing from 2.23% to 1.53% during the same period [14][15] Summary by Sections Overall Asset-Liability Structure and Interest Margin Changes - The asset-liability structure shows an increase in loan-to-earning asset ratio from 54.19% to 56.49%, with corporate loans making up a larger share of total loans [14][15] - The average yield on interest-earning assets decreased significantly, with the loan yield falling from 5.34% to 3.82% [15] - The net interest margin for listed banks remains higher than that of commercial banks, despite a decline [14][15] Changes in Each Banking Sector's Asset-Liability Structure and Interest Margin - City commercial banks experienced a more significant increase in the proportion of corporate loans, with their interest margin narrowing less compared to other banks [18] - The report highlights that the proportion of deposits in interest-bearing liabilities for state-owned banks decreased, while it increased for rural commercial banks [18] - The decline in interest-bearing liabilities' cost rate was most pronounced in city commercial banks, leading to a smaller reduction in their interest margin [18]

Core Points - China Everbright Bank is undergoing a board restructuring with the nomination of 15 candidates for its 10th board, indicating a new governance structure [1][2] - The continuity of leadership is reflected in the re-nomination of current executives, including Chairman Wu Lijun and Vice Chairman Cui Yong, which aligns with market expectations [2] - The nomination of three new independent directors suggests an optimization of the board's professional composition, addressing challenges in digital transformation and risk management [1][3] Board Restructuring - The candidate list for the 10th board shows a "core stability and structural optimization" characteristic, with many current executives receiving re-nominations [2] - Wu Lijun is set to continue as Chairman from January 2024, while Gao Cheng will officially become President in August 2024, indicating a formalization of their roles [2] - The inclusion of Zhao Jingjing, a new candidate with asset management and regulatory experience, may enhance future board decision-making [2] Independent Director Updates - The independent director system is crucial for modern corporate governance, with six candidates nominated, including three incumbents and three new candidates [3][4] - New independent directors possess diverse and strong professional backgrounds, enhancing the board's expertise in finance, accounting, and investment [3][4] - The independent directors have passed qualification reviews and committed to independence, ensuring compliance and governance integrity [4] Organizational Structure Adjustments - Alongside the board restructuring, the bank approved two organizational adjustments, including renaming the "Corporate Finance/Strategic Client Department" [5][6] - The adjustments may indicate a strategic upgrade in serving large enterprises and institutional clients, as well as a focus on cross-border and supply chain finance [6] - The simultaneous board and organizational changes reflect the bank's intent to optimize governance and execution layers, supporting strategic implementation [6][7] Strategic Implications - The restructuring and adjustments signify a dual upgrade in governance structure and strategic direction, crucial in a competitive banking environment [6][7] - The resilience of governance, agility of strategy, and innovation in business will form the new competitive foundation for the bank [7]

Group 1 - Xibei's official account shared a story about a child learning to eat at their restaurant, which encouraged the chairman, but the video has since been removed due to online harassment concerns [1][1] - Nezha Auto's restructuring process has only one potential investor that met the requirements, having submitted the necessary materials and a deposit of 50 million yuan [2][2] - McDonald's response to complaints about the pricing of bottled water indicates that pricing is determined by Coca-Cola and the company, and individual stores cannot modify it [3][3] Group 2 - GAC Fiat Chrysler is preparing for its sixth auction of core assets, with two asset packages being offered: one for land and buildings starting at approximately 600 million yuan, and another for production equipment starting at around 200 million yuan [6][6] - The International Paralympic Committee has fully restored the membership status of Russia and Belarus, allowing their athletes to participate in the upcoming Winter Paralympics [8][8] - Several banks have adjusted their credit card overdraft interest rates, with some offering rates as low as 0%, effective from September 29 [9][9]

1. Report Industry Investment Rating No information about the report industry investment rating is provided in the given content. 2. Core Viewpoints of the Report - External environment factors such as interest rate fluctuations, bond supply - demand, and policy orientation jointly impact bond investment returns. In H1 2025, the bond investment of 42 listed banks showed certain characteristics in scale, structure, and profit and loss, but there are still challenges in maintaining stable returns in the future [1]. - The overall bond investment scale of 42 listed banks expanded steadily in H1 2025. There were differences in the investment structure among different types of banks, with state - owned banks and city commercial banks having stable growth in the bond allocation portfolio, while joint - stock banks and rural commercial banks increased their efforts in the bond trading portfolio. The bond investment portfolio generally presented a pattern of "stable foundation and flexible gain" [1]. - The coupon income of 42 listed banks was generally stable in H1 2025 but showed a slight year - on - year decline. The fair value change loss was significant, and the investment income increased. However, the bond investment of the banking industry still faces pressure to maintain stable returns [1]. 3. Summary According to the Table of Contents 3.1 42 Listed Banks' Bond Investment Volume - **Overall Bond Investment Scale: Steady Expansion**: In H1 2025, the total scale of the three types of bond - type financial assets of 42 listed banks showed a steady expansion trend. The growth of debt investment - type financial assets measured at amortized cost was relatively slow, while the growth of trading financial assets measured at fair value and included in current profits and losses was relatively large, indicating that banks increased the proportion of trading positions [9]. - **Differentiated Bond Investment Distribution Structures among Different Bank Types**: In H1 2025, state - owned banks and city commercial banks showed stable growth in the bond allocation portfolio, which may be related to their participation in the primary - market issuance of important national and regional bond varieties. Joint - stock banks and rural commercial banks slightly weakened their bond allocation power but significantly increased their efforts in the bond trading portfolio, showing a differentiated feature of "stable allocation by large banks and prominent trading flexibility by small and medium - sized banks" [13]. - **Bond Investment Allocation Tilted towards Government - Related Bonds**: In H1 2025, commercial banks increased their allocation of government - related bonds, with an average month - on - month increase of about 10% for state - owned banks, joint - stock banks, and city commercial banks, and a slightly smaller increase for rural commercial banks. The allocation of financial bonds and other bonds was differentiated. All banks held a relatively large scale of government - related bonds, followed by financial bonds and credit - related bonds [18]. - **Correlation between Financial Asset Types and Bond Variety Structures**: The banking industry maintained a stable growth of interest - rate bonds in the bond allocation portfolio and increased the allocation of credit bonds, while the allocation of financial bonds was relatively weak. In the bond trading portfolio, interest - rate bonds and financial bonds were the core varieties, with a more significant increase than credit bonds, showing a "stable foundation and flexible gain" pattern [22]. 3.2 42 Listed Banks' Bond Investment Profit and Loss - **Coupon Income: Generally Stable and Still the Main Source of Income**: In H1 2025, the total coupon income of 42 listed banks decreased slightly year - on - year. Although the scale of held - to - maturity bonds increased, the decline in the coupon rate of newly issued bonds led to a decrease in coupon income. In the future, coupon income is still expected to be the main source of bond investment income for commercial banks [26]. - **Fair Value Change Loss: Losses in the Trading Level**: In H1 2025, the total fair value change loss of 42 listed banks decreased significantly year - on - year, indicating that it was difficult to obtain capital gains through short - term trading in the volatile bond market, and there were floating losses in bond trading [28]. - **Investment Income: Growth in All Bank Types**: In H1 2025, the actual investment income of 42 listed banks in the bond field increased significantly year - on - year. Although the book value appreciation of bond - type trading financial assets and other debt investment - type financial assets was not as good as that of the previous year, banks could still increase their investment income by selling floating - profit old bonds and waiting for the maturity of high - coupon bonds [31]. 3.3 Attribution and Summary - **External Environment Driving Factors: Interest Rate Fluctuations, Bond Supply - Demand, and Policy Orientation Jointly Impact Bond Investment Returns**: In H1 2025, the "more adjustments and fewer opportunities" bond market environment led to a general decline in the prices of existing bonds, resulting in a significant year - on - year decline in the fair value change loss of listed banks' bond investment. The supply of national bonds, local government bonds, and policy - based financial bonds increased, but the coupon rate of newly issued bonds decreased, leading to a decline in coupon income. Regulatory policies indirectly affected bond investment performance [35]. - **Banking Industry's Bond Investment Pressure and Future Outlook** - Overall Income Shows a Positive Trend but There Are Still Hidden Concerns: In H1 2025, the actual bond investment income of 42 listed banks increased slightly year - on - year, but the coupon income faced downward pressure in the interest - rate downward cycle, and it was more difficult to obtain spread income through band trading. Since H2 2025, the "stock - strong and bond - weak" pattern has emerged, and the loss caused by fair value change will be more obvious [3]. - Different Bank Types Show Differentiated Performance, and State - owned Banks' Pressure Is Relatively Controllable: State - owned banks can maintain a certain profit - making ability in the low - interest - rate volatile bond market due to their advantages in bond allocation and trading portfolios. Joint - stock banks, city commercial banks, and rural commercial banks are more vulnerable, and they may increase their capital allocation in the equity market, commodity market, and related structured fixed - income products in the future [3].

Core Viewpoint - Recent adjustments by multiple banks to credit card overdraft interest rates indicate a shift towards a more market-oriented pricing strategy, potentially benefiting high-quality credit card users with lower rates [1][2]. Group 1: Interest Rate Adjustments - Several banks have recently revised their credit card overdraft interest rate standards, breaking the previous 0.05% overdraft rate benchmark [1]. - Everbright Bank announced a change in its credit card overdraft interest rate from "daily rate of 0.035% to 0.05% (annual rate of 12.7750%-18.2500%)" to "daily rate of 0%-0.05%, approximating an annual rate of 0%-18.25%" [1]. Group 2: Market Implications - This adjustment allows for the possibility of a 0% overdraft rate for high-quality credit card users under extreme conditions [2]. - At least six banks have publicly disclosed or updated their credit card overdraft interest rate standards in response to competitive pressures from low-interest consumer loans [2]. - The market-oriented approach to credit card overdraft rates aims to provide lower pricing for select high-quality customer segments, allowing banks to generate interest income while facilitating healthy fund turnover [2].

这意味着极限情况下，优质信用卡用户有望获得最低0%的透支利率。 事实上，早在2020年《中国人民银行关于信用卡透支利率市场化改革的通知》，就明确提出"信用卡透 支利率由发卡机构与持卡人自主协商确定，取消信用卡透支利率上限和下限管理（即上限为日利率万分 之五，透支利率下限为日利率万分之五的0.7倍）"。 五年前就提出的信用卡利率市场化改革，为何到今年真正开始推进了？ 21世纪经济报道记者了解到，其背后的原因有两个方面。 一是在信用卡规模不断萎缩的背景下，银行可以留住存量客户的手段相对有限。 （原标题：多家银行信用卡透支利率低至0% 能否与消费贷"一战"？） 信用卡行业进入存量甚至"减量"阶段后，用户精细化运营终于来到信用卡透支利率标准方面。 近日，多家银行对信用卡透支利率标准进行调整，打破0.05%的透支利率标准。光大银行近期发布的公 告显示，该行将信用卡透支利率收取标准调整为"日利率0%-0.05%"。 二是近年来消费贷利率水平不断下探，按此前信用卡0.05%日利率计算，信用卡透支年化利率水平达到 18%，而消费贷年化利率已降至3%甚至2%水平，信用卡透支消费的竞争优势减弱，信用卡交易额不断 下降。 ...

股票代码：601818 股票简称：光大银行 公告编号：临2025-046 中国光大银行股份有限公司第九届董事会第三十一次会议决议公告 本行董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的 真实性、准确性和完整性承担法律责任。 中国光大银行股份有限公司（简称本行）第九届董事会第三十一次会议于2025年9月19日以书面形式发 出会议通知，并于2025年9月26日在中国光大银行总行以现场会议方式召开。本次会议应出席董事16 名，亲自出席董事14名，朱文辉、姚威、张铭文、李巍董事以视频方式参会；委托出席董事2名，曲 亮、邵瑞庆董事因其他公务书面委托郝成、刘世平董事代为出席并行使表决权。会议的召开符合法律、 法规、规章和《中国光大银行股份有限公司章程》（简称《公司章程》）的有关规定。本行3名监事列 席本次会议。 本次会议由吴利军董事长主持，审议并通过以下议案： 独立董事对该项议案的独立意见：根据《公司法》和《公司章程》的有关规定，本行独立董事从客观、 独立的角度作出判断，同意该项议案。 二、关于公司金融部/战略客户部更名的议案 表决情况：有效表决票16票，同意16票，反对0票，弃权 ...

（原标题：多家银行信用卡透支利率低至0%，能否与消费贷"一战"？） 五年前就提出的信用卡利率市场化改革，为何到今年真正开始推进了？ 信用卡行业进入存量甚至"减量"阶段后，用户精细化运营终于来到信用卡透支利率标准方面。 21世纪经济报道记者了解到，其背后的原因有两个方面。 事实上，早在2020年《中国人民银行关于信用卡透支利率市场化改革的通知》，就明确提出"信用卡透 支利率由发卡机构与持卡人自主协商确定，取消信用卡透支利率上限和下限管理（即上限为日利率万分 之五，透支利率下限为日利率万分之五的0.7倍）"。 一是在信用卡规模不断萎缩的背景下，银行可以留住存量客户的手段相对有限。 近日，多家银行对信用卡透支利率标准进行调整，打破0.05%的透支利率标准。光大银行近期发布的公 告显示，该行将信用卡透支利率收取标准调整为"日利率0%-0.05%"。 这意味着极限情况下，优质信用卡用户有望获得最低0%的透支利率。 二是近年来消费贷利率水平不断下探，按此前信用卡0.05%日利率计算，信用卡透支年化利率水平达到 18%，而消费贷年化利率已降至3%甚至2%水平，信用卡透支消费的竞争优势减弱，信用卡交易额不断 下降。 （原文： ...

智通财经APP讯，中国光大银行(06818)发布公告，公司第九届董事会的任期已届满。公司得悉，在第九 届董事会成员中，曲亮先生、朱文辉先生、邵瑞庆先生、洪永淼先生及黄志凌先生将卸任并不再作为董 事候选人参加第十届董事会的选举。 董事会建议以下任命以组成第十届董事会：(i)吴利军先生、崔勇先生、赵晶晶女士、姚威先生、张铭文 先生及李巍先生担任非执行董事;(ii)郝成先生、齐晔女士及杨兵兵先生担任执行董事;(iii)李引泉先生、 刘世平先生、黄振中先生、李颖琦女士、胡湘先生及刘俏先生担任独立非执行董事。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 中國光大銀行股份有限公司 中國光大銀行股份有限公司 China Everbright Bank Company Limited China Everbright Bank Company Limited （於中華人民共和國註冊成立的股份有限公司） （於中華人民共和國註冊成立的股份有限公司） （股份代號：6818） （股份代號：6818） 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 茲載列中國光大銀行股份有限公司在上海證券交易所網站刊登的《中國光大銀行股份有限 公司第九屆董事會第三十一次會議決議公告》，僅供參閱。 中國光大銀行股份有限公司 董事會 中國 • 北京 2025年9月26日 於本公告日期，本公司執行董事為郝成先生、齊曄女士及楊兵兵先生；非執行董事為 吳利軍先生、崔勇先生、曲亮先生、朱文輝先生、姚威先生、張銘文先生及李巍先生； 以及獨立非執行董事為邵瑞 ...