Regulatory Dynamics - The Financial Regulatory Bureau has issued a notice to unify the execution standards for non-auto insurance "reporting and issuing" practices, addressing issues of irrational competition and high costs in the non-auto insurance market [1] - Guangzhou Huilibao Payment Technology Co., Ltd. has been fined over 74 million yuan for multiple violations, including breaches of clearing management regulations and merchant management rules [1] Industry Dynamics - Major state-owned banks are raising the threshold for gold accumulation business, requiring personal clients to have a risk tolerance level of C3- or above to purchase gold accumulation products starting January 12, 2026 [2] - The interest rates for short-term large-denomination time deposits have dropped to "0" for several major state-owned banks, with rates for 1-month and 3-month deposits at 0.9% [2] - The average annualized yield of wealth management products has decreased to 2.2809% as of the end of 2025, with a total market size of 31.63 trillion yuan [3] - A significant wave of deposits maturing, estimated at 50 trillion yuan, is expected this year, with the majority concentrated in 2-year and 3-year deposits [5] - Several joint-stock banks' financial asset investment companies have begun investing in emerging industries, focusing on high-growth sectors such as new energy and materials [5] Corporate Dynamics - Everbright Bank's "Lehui Jin" credit card has been reported to show ghost debts, affecting users' credit scores and loan applications despite no actual defaults [6] - Yunnan's first trillion-yuan bank is set to be established through the merger of local rural credit cooperatives, creating the largest financial institution in the province [7] - Ping An Life has increased its holdings in Agricultural Bank of China and China Merchants Bank, triggering regulatory filings for both [8] - China Dadi Insurance and Sunshine Property Insurance have ceased new financing insurance business applications as of the end of 2025 [8] - Beijing's North Silver Consumer Finance has received approval to increase its registered capital by 150 million yuan, raising it to 1 billion yuan [9] - Jinshan Consumer Finance has become an executed party in a court case, with a claim amount of 20,000 yuan [9] - Zhonggang Yintong's payment license has been revoked by the central bank, marking the 12th payment license cancellation in 2025 [10] - ELong has fully acquired Firefly Microloan, enhancing its position in the financial services sector [11] Overseas Dynamics - JPMorgan Chase is set to take over Goldman Sachs' Apple credit card business, acquiring over $20 billion in credit card loans as Goldman Sachs shifts away from consumer finance [12] - Global fintech venture capital funding has rebounded significantly in 2025, reaching $55.94 billion, a 25% increase from 2024 [13]

近日，各大银行公布的高管薪酬数据引发市场关注。建设银行首席财务官生柳荣以148.31万元的总收 入，成为国有五大行2024年度'薪酬冠军'。这一数字不仅超过建行董事长张金良（117.67万元）和行长 张毅（79.31万元），也高于工行、农行、中行、交行四大行的最高收入者。 | | | | 2024年从本行获得的税前报酬情况 | | | | --- | --- | --- | --- | --- | --- | | 姓名 | 眼务 | 应付年薪 | 社会保险、企业年 金、补充医疗保险 及住房公积金的 单位缴纳(存)部 5) | 其他货币 性收入 | 是否在股 东单位或 其他关联 方領取薪 ાસ | | | 高级管理人员(2024年年末在任) | | | | | | 张毅 | 行长 | 62.20 | 17.11 | . | 否 | | 纪志宏 | 副行长 | 83.97 | 23.59 | . | 집 | | 李匹 | 刷行长 | 83.97 | 23.59 | . | 香 | | 李建江 | 刷行长 | 62.97 | 18.29 | . | 香 | | 金磐石 | 首席信息官 | 115.61 | 32.2 ...

Group 1 - Morgan Fund Management (China) Co., Ltd. has signed a fund sales agency agreement with China Construction Bank Co., Ltd. to add it as a distribution institution for certain funds [1] - Investors can conduct subscription, redemption, and regular investment operations through China Construction Bank, with specific processes and timings subject to the bank's regulations [1] - Morgan Fund Management (China) Co., Ltd. has also signed a fund sales agency agreement with Hang Seng Bank (China) Co., Ltd. to add it as a distribution institution for certain funds [2] Group 2 - Investors can conduct subscription, redemption, and regular investment operations through Hang Seng Bank, with specific processes and timings subject to the bank's regulations [2] - For detailed inquiries regarding the fund sales, investors are advised to read the relevant legal documents such as the prospectus and fund contracts [2][3] - Contact information for inquiries includes customer service numbers and websites for both China Construction Bank and Morgan Fund Management (China) Co., Ltd. [2][4]

项目牵头人、江苏省金融学会会长周诚君在会上介绍，该项目作为我国首个面向银行关键基础设施抗量 子迁移的国家级重点研发计划，已在核心理论、技术攻关、标准规范与开放合作层面取得重大成果。周 诚君表示，量子科技与金融安全的深度融合，是涉及技术迭代、标准重构、产业升级、生态程序的系统 性工程。下一步将加速成果转化，推动核心算法、设备标准化产品化进程；深化协同创新，构建"产学 研用金"融合新生态；从而为筑牢金融"新基建"安全底座、构建"产学研用金"融合新生态和服务国家金 融安全全局贡献力量。 西交利物浦大学副校长丁忆民表示，西交利物浦大学始终认为高校在国家科技创新体系中不仅要追求学 术前沿，更要回应国家所需、行业所急。西交利物浦大学依托后量子迁移交叉实验室推动多学科协同研 究与金融场景的深度融合，致力于将科研成果转化为可落地、可推广的安全解决方案 。 会上，建设银行、中信银行和江苏银行作为首批"试水者"，在会上展示了相关应用验证成果。来自中国 科学院、中国电子科技集团的专家组对项目成果进行了研讨，认为该技术在格密码安全性分析领域具备 国际领先水平，为金融基础设施应对量子计算挑战提供了技术储备。 转自：南京晨报 晨报讯（南 ...

Investment Rating - The industry investment rating is "Positive" [3][17] Core Insights - Interest income is expected to return to positive growth, supported by an improvement in net interest margins in Q4 2025, which will offset other non-interest impacts [1] - For the full year 2025, listed banks are projected to see a net profit growth rate of 1.8% and revenue growth of 1.2%, both showing a quarter-on-quarter improvement [1] - Quality city commercial banks are expected to lead the sector, with revenue and profit growth rates projected between 5-10% for 2025 [1] Summary by Relevant Sections Industry Outlook - The overall outlook for 2025 indicates an improvement in net profit and revenue growth for listed banks, primarily due to the alleviation of margin pressures and increased provisions [1] - The asset scale of listed banks is expected to grow by 9.0% year-on-year, reflecting a slowdown compared to previous quarters due to weak credit demand [1] Key Drivers - **Margin Stabilization**: Q4 2025 is expected to see a 2 basis point improvement in net interest margin to 1.32%, driven by a larger decline in funding costs compared to asset yields [1] - **Non-Interest Income**: Non-interest income is projected to grow by 3.2% year-on-year, a decrease from earlier quarters, with a slight positive trend in commission income [1] - **Credit Quality**: The credit cost ratio is expected to decline to 0.67%, indicating a stable improvement in non-performing loans, particularly in retail lending [1] Investment Recommendations - The report suggests that banks with new growth drivers are likely to see significant value recovery, recommending major state-owned banks and select city commercial banks as key investment targets [1][2]

Key Points - The total bond market in mainland China reached 196.18 trillion yuan by the end of 2025, an increase of 20.30 trillion yuan from the beginning of the year [2] - The issuance of various bonds in 2025 amounted to 89.0 trillion yuan, representing a year-on-year growth of 11% [2] - Interest-bearing bonds issuance reached 33.0 trillion yuan, up 18% from the previous year, with government bonds increasing by 28% and local government bonds by 5% [2][4] - Credit bonds issuance was 22.2 trillion yuan, reflecting an 8% increase year-on-year [2][4] - Interbank certificates of deposit totaled 33.8 trillion yuan, marking a 7% growth [2][4] Bond Issuance Breakdown - Interest-bearing bonds: 3,534 issues, 329,829.6 billion yuan, 18% growth [4] - Government bonds: 206 issues, 160,140.2 billion yuan, 28% growth [4] - Local government bonds: 2,449 issues, 102,901.0 billion yuan, 5% growth [4] - Policy bank bonds: 879 issues, 66,788.4 billion yuan, 17% growth [4] - Credit bonds: 24,003 issues, 222,246.7 billion yuan, 8% growth [4] - Financial bonds: 1,499 issues, 56,780.6 billion yuan, 25% growth [4] - Corporate bonds: 5,871 issues, 44,593.6 billion yuan, 12% growth [5] Market Trends - The overall issuance cost in the bond market showed a downward trend in 2025, with the index reaching a high of 42.68 in mid-March and a low of 33.01 in mid-July [7] - The top three banks in bond underwriting for 2025 were China Bank, Industrial and Commercial Bank, and Construction Bank, with underwriting amounts of 16,765.2 billion yuan, 16,479.0 billion yuan, and 15,020.5 billion yuan respectively [10][11] Underwriting Rankings - The top three securities firms in bond underwriting (excluding local government bonds) were CITIC Securities, Guotai Junan, and CITIC Jinpu, with underwriting amounts of 16,136.2 billion yuan, 13,613.4 billion yuan, and 12,419.6 billion yuan respectively [19][20] - For local government bonds, the top three securities firms were CITIC Securities, CITIC Jinpu, and Guotai Junan, with underwriting amounts of 22,491.6 billion yuan, 17,333.3 billion yuan, and 16,426.2 billion yuan respectively [26]

Core Viewpoint - The digital renminbi (e-CNY) will start accruing interest on wallet balances as of January 1, 2026, marking a significant shift from a cash-like payment tool to a deposit currency model, which aligns with economic growth and financial intermediation mechanisms [1][2][3] Digital Renminbi Transition - The People's Bank of China (PBOC) will implement a new measurement framework and management system for digital renminbi on January 1, 2026, transitioning from a cash-type model to a deposit currency model [2] - Major state-owned banks will begin to pay interest on digital renminbi wallet balances at the same rate as regular savings accounts [2] Systemic Upgrade - The ability to earn interest signifies a systemic upgrade, transforming digital renminbi from a mere tool to a comprehensive monetary system, responding to global trends in digital currencies [3][4] - The PBOC aims to redefine how money exists, circulates, and is governed, moving towards a more sustainable and operationally integrated digital currency [3][4] Cross-Border Payment Enhancements - The PBOC is focusing on enhancing cross-border payment systems, including expanding the use of the renminbi in international transactions and improving the efficiency of cross-border financial flows [5][6] - The digital renminbi is expected to become a core engine for cross-border payments, facilitating smoother transactions and reducing costs for businesses [5][6] Infrastructure Development - Recent policies indicate a strategic alignment between digital renminbi development and cross-border payment infrastructure, aiming for a cohesive system that supports both domestic and international financial activities [7][8] - The revised rules for the renminbi cross-border payment system will enhance governance and scalability, ensuring a robust framework for financial transactions [8][9] Future Implications - The transition to a deposit currency model is anticipated to significantly increase liquidity within the banking system and encourage more financial services around digital renminbi [13][14] - The internationalization of the renminbi will depend on clear rules, risk management, and compliance, which are essential for building trust among global financial institutions [14][15] Conclusion - The digital renminbi's evolution into a deposit currency represents a fundamental shift in China's monetary policy, with implications for both domestic financial stability and international currency dynamics [1][3][14]

Group 1 - The Chief Financial Officer of China Construction Bank, Sheng Liuyong, has become the highest-paid executive among the five major state-owned banks in China for 2024, with a total income of 1.4831 million yuan, surpassing both the chairman and president of the bank, as well as the highest earners from the other four banks [1] - The highest executive salaries from the other four major banks are as follows: Industrial and Commercial Bank of China (1.4746 million yuan), Agricultural Bank of China (1.4531 million yuan), Bank of China (1.4062 million yuan), and Bank of Communications (1.376 million yuan), all slightly lower than Sheng Liuyong's salary [1] - The average annual salary for employees at China Construction Bank is only 234,200 yuan, highlighting a significant disparity between executive and employee compensation [1] Group 2 - This phenomenon reflects a deep transformation in the compensation structure within the banking industry, where salaries for professional roles such as CFOs are surpassing those of administrative leaders, indicating a recognition of professional value in modern financial enterprises [1] - Sheng Liuyong's background as a scholar turned banker, with both theoretical knowledge and practical experience, contributes to his high compensation, as he oversees asset-liability management that directly impacts the bank's 5 trillion yuan bond investment portfolio [1] - There is a general trend among the five major banks where the compensation for business leaders exceeds that of administrative leaders, with three business directors at ICBC earning more than the chairman [1] Group 3 - The market-oriented compensation mechanism is beneficial for attracting top talent, but the significant gap between executive and employee salaries requires careful consideration [1] - The banking industry is currently facing pressure from a general decline in net profits, posing a challenge for companies to balance executive incentives with internal equity [1]

1月9日傍晚，中央纪委国家监委网站发布消息，日前，中央纪委国家监委驻中国建设银行纪检监察组、山东省聊城市监委对中国建设银行深圳市分行原资深 副经理陈坤雄严重违纪违法问题进行了立案审查调查。 经查，陈坤雄丧失理想信念，背弃初心使命，对抗组织审查；无视中央八项规定精神，接受可能影响公正执行公务的宴请；违反组织原则，不按规定如实报 告个人有关事项；廉洁底线失守，收受可能影响公正执行公务的礼品，纵容、默许亲属利用本人职权谋利；利用职务便利，在贷款、授信等方面为他人谋取 利益并非法收受巨额财物。 按照通报，陈坤雄严重违反党的政治纪律、组织纪律、廉洁纪律，构成严重职务违法并涉嫌受贿犯罪，性质严重，影响恶劣，应予严肃处理。依据有关规 定，经研究，决定给予陈坤雄开除党籍处分；决定给予其开除公职处分；收缴其违纪违法所得。 记者注意到，去年4月，陈坤雄"落马"，接受纪律审查和监察调查。公开资料显示，陈坤雄生于1968年，从中南财经大学会计系毕业后进入建行深圳分行， 扎根金融领域超过30年，曾任建设银行深圳罗湖支行行长、深圳市分行副行长等职。 （文章来源：南方都市报） ...

Core Viewpoint - Southbound funds have significantly increased their holdings in China Construction Bank, indicating strong investor interest and confidence in the bank's performance [1] Group 1: Southbound Fund Activity - On January 9, southbound funds increased their holdings by 42.1898 million shares of China Construction Bank (00939.HK) [1] - Over the past 5 trading days, there have been 5 days of net increases in holdings, totaling 217 million shares [1] - In the last 20 trading days, there were 11 days of net increases, amounting to 114 million shares [1] - Currently, southbound funds hold 34.042 billion shares of China Construction Bank, representing 14.15% of the company's total issued ordinary shares [1] Group 2: Company Overview - China Construction Bank is a commercial bank with primary business segments including corporate banking and personal banking [1] - Corporate banking services encompass enterprise deposits, loans, asset custody, corporate annuities, trade financing, international settlement, international financing, and value-added services [1] - Personal banking services include personal savings, loans, credit card services, private banking, foreign exchange trading, and gold trading [1] - The bank operates in both domestic and international markets [1]