【深圳商报讯】（首席记者 谢惠茜）近期，包括建设银行、民生银行、邮储银行、中信银行在内的多 家银行纷纷上调部分代销公募基金产品风险等级。 在建设银行最新发布的《关于调整部分代销公募基金产品风险等级的公告》中表示，本次调整主要 是"根据《证券期货投资者适当性管理办法》（证监会令第130号）、《基金募集机构投资者适当性管理 实施指引（试行）》、《商业银行代理销售业务管理办法》等规定要求，为切实履行适当性义务，保护 投资者权益，我行遵循公募基金产品风险等级评定孰高原则，并持续开展产品风险等级动态评估工 作。" 具体来看，建设银行本次共调整87款公募基金产品，其中32款产品由R2（中低风险）调整至R3（中风 险）；55款产品由R3（中风险）上调至R4（中高风险）。 除此之外，邮储银行、中信银行等银行也调整了部分代销基金的风险评级。尤其是中信银行，近期已是 年内第四次对代销产品风险评级进行调整。在此之前，今年5月9日、6月23日以及9月16日，该行均发布 过关于调整部分代销资产管理产品风险评级的相关公告。 "多家银行上调代销基金风险等级，是强化投资者适当性管理的主动行为，并不意味着公募基金市场整 体风险必然全面上升。上 ...

2026中国（广州）国际智慧金融产业展览会 时 间：2026年6月27日-29日 地 点：广州琶洲保利世贸博览馆 【前 言】 智慧金融是在互联网时代，传统金融服务演化的更高级阶段。它的实现是基于大规模的真实数据分析， 因此智慧金融的决策更能贴近用户的需求。智慧金融代表未来金融业的发展方向，相较于传统金融，智 慧金融效率更高，服务成本更低。 在金融市场的不断发展中，技术是重要的驱动力。继互联网+之后，人工智能+金融又是一个重要发展 趋势，"智能金融"不单单是"人工智能+金融"的简单叠加，还是人工智能技术与业务场景融合后的表现 形式，是经人工智能赋能后的金融新业态和新模式。 随着互联网技术的大规模普及，金融行业对数据技术的应用需求呈现井喷态势。金融发展作为现代经济 的核心也伴随着技术的迭代跃上了一个新的台阶。如今，是否充分利用数据资产已经成为金融企业核心 竞争力的体现。金融企业对数据的实时监控、智能交互以及可视化应用呈现出迫切的需求。当大数据的 潜力通过可视化等技术手段显现时，前所未见的趋势与规律就很容易被发现，为决策者提供"战略信 息"，助力金融企业发现巨大商机。金融行业的白热化竞争更要求企业能够以自身需求为导 ...

Core Viewpoint - The construction bank's Fujian branch is deeply integrated into the county economy, focusing on key areas such as industry, livelihood, and consumption, aiming to inject financial momentum into the modernization of county economies by providing tailored financial services and support [1][2]. Group 1: Financial Support for Key Industries - The construction bank aims to achieve a loan balance of over 100 billion yuan for key county industries by October 2025, supporting over 12,000 key industrial entities [1]. - The bank has developed a "one county, one policy" approach to support various industrial chains, including modern textiles, petrochemicals, new energy vehicles, and new displays [2]. - In Longyan, the bank has provided comprehensive credit to 12 member enterprises of Zijin Mining Group, helping to incubate nearly 20 upstream and downstream projects [2]. Group 2: Infrastructure and Service Development - The bank is enhancing infrastructure financing channels to support urbanization projects, rural living environment improvements, and public service enhancements [4]. - It has introduced loans specifically for industrial park construction to meet the needs of industrial upgrades and enterprise development [5]. - The bank is actively involved in financing the construction of service areas along highways, integrating resources with surrounding towns [4]. Group 3: Agricultural Financing - The bank has launched agricultural credit products like "Yunong Quick Loan" and "Rural Revitalization Loan" to support over 110 specialty agricultural industries in Fujian, with an agricultural loan balance nearing 130 billion yuan [6]. Group 4: Digital Financial Services for Consumption - The bank is leveraging technology to enhance county consumption ecosystems through a model that combines smart payment solutions, inclusive financing, and promotional subsidies [7]. - It has optimized online consumer financing products to meet the needs of county consumers for purchasing vehicles and home renovations [7]. - The bank is actively engaging with local businesses to provide tailored credit products and promotional offers, enhancing the quality of county commercial ecosystems [8].

Investment Rating - The report indicates a positive outlook for the insurance sector, with a recommendation to focus on strong insurance companies such as New China Life Insurance, China Ping An, China Life Insurance H, and China Taiping [2][17] Core Insights - The non-bank financial sector (Shenwan) index increased by 2.27%, outperforming the CSI 300 index by 0.99 percentage points, while the insurance sector saw a significant rise of 5.08% [1][9] - The insurance sector's growth is attributed to several factors, including a reduction in long-term stock holding risk factors, expected strong performance in dividend insurance products, and improved global liquidity due to anticipated interest rate cuts in the US [2][16] - The brokerage sector is expected to experience a valuation correction, with a current price-to-book (PB) ratio of 1.36x, indicating potential for recovery in profitability and valuation [2][19] - The banking sector has underperformed, with a decline of 1.18%, and is currently undervalued with a PB ratio of 0.55x, suggesting room for future valuation improvement [3][20] Summary by Sections Insurance Sector - The insurance index rose by 5.08%, significantly outperforming the CSI 300 index by 3.80 percentage points, driven by regulatory adjustments that lowered risk factors for long-term stock holdings [1][13] - The sector is expected to benefit from a favorable environment for dividend insurance products, with strong growth anticipated in the coming year [2][16] - Key recommendations include focusing on companies like New China Life Insurance and China Ping An, which are positioned for growth [17] Brokerage Sector - The brokerage index increased by 1.14%, with a current PB ratio of 1.36x, indicating a potential mismatch between profitability and valuation [2][19] - Regulatory changes are expected to enhance capital efficiency for leading brokerages, creating opportunities for investment in firms with strong fundamentals [2][18] - Recommended stocks include Guotai Junan, Huatai Securities, and Orient Securities, particularly those involved in mergers or restructuring [19] Banking Sector - The banking sector saw a decline of 1.18%, with a PB ratio of 0.55x, indicating that banks are currently undervalued [3][20] - Concerns about asset quality, particularly related to real estate and local government debt, have affected market perceptions, but there is potential for recovery as regulatory support continues [23][24] - Recommendations include focusing on high-quality city commercial banks in economically developed regions, such as Hangzhou Bank and Ningbo Bank [20][24]

中小银行抢跑"开门红" 近期，多家中小银行宣布开始"开门红"营销活动。兰州银行12月5日宣布开启"开门红"活动，其中包括 信用卡支付优惠、快捷支付绑卡赠送支付券、生活服务卡券优惠价推介、"开门红"专属理财代销等具体 项目。金台农商银行2026年"新禾行动"动员会则在12月3日召开，会议强调"新禾行动"要紧盯普惠贷 款、"三年倍增"、代销理财等重点指标，并提出坚守存款生命线、激活信贷新动能、拓展中收增长极、 夯实客群基本盘等具体目标。 事实上，今年不少中小银行"开门红"营销提前启动。10月11日，宁波东海银行就召开2025年三季度经营 工作会议暨"开门红"工作部署会，会议提出在创设特色化产品、零售客群差异化破局、做大做稳普惠小 微公司贷款等业务上抓好落实工作。10月21日，华夏银行太原分行也召开2025年三季度经营分析会暨 2026年"开门红"启动会。并提出具体部署，包括紧扣存款与龙e贷两大核心业务，重点突破个人经营性 贷款、高端信用卡及付费权益产品，以及重点代销财私产品，夯实财私客户、代发客户、千元活跃客户 及信用卡价值客户的重点客群根基等。 一位银行业分析师告诉记者，中小银行的"开门红"营销节奏明显提前，从 ...

Core Insights - The credit card market in China is experiencing a significant contraction, with a total issuance of 707 million cards as of Q3 2025, down from 715 million in Q2 2025 and a peak of 807 million in Q3 2022, marking a decline of approximately 100 million cards over three years [2][3] - The non-performing loan (NPL) rate for credit cards has risen to 2.40% as of mid-2025, indicating increasing pressure on asset quality within the banking sector [5][6] Credit Card Issuance Trends - The total number of credit cards has been on a downward trend for 12 consecutive quarters, with a notable reduction of 800 million cards in Q3 2025 compared to the previous quarter [2] - Major banks have reported a significant decrease in credit card loan balances, with a reduction of nearly 600 billion yuan in the first half of 2025 compared to the end of 2024 [3] - Credit card transaction volumes have also declined, with an overall decrease of approximately 8% year-on-year, particularly affecting banks like China Merchants Bank and Bank of Communications [3] Factors Influencing Market Contraction - The contraction in the credit card market is attributed to multiple factors, including regulatory policies that encourage banks to move away from aggressive card issuance and the rise of mobile payments and internet credit tools that are replacing traditional credit card usage [4] - Banks are shifting their focus from merely expanding card issuance to more refined management and risk control strategies [4] Asset Quality Concerns - The total amount of overdue credit card loans has increased from 842.85 billion yuan in Q2 2022 to 1,239.64 billion yuan by the end of 2024, indicating a growing concern over asset quality [5] - The average NPL rate for credit card overdrafts among 12 domestic banks has risen from 2.33% at the end of 2024 to 2.40% by mid-2025, with specific banks like ICBC and CCB reporting even higher rates [5] Risk Management and Asset Disposal - In response to rising NPLs, banks are accelerating the disposal of non-performing assets, with over 260 billion yuan in personal loan asset packages being transferred in November alone [6] - Notable cases include large asset packages from banks like Minsheng Bank and SPDB, indicating a proactive approach to managing credit risk [6] Operational Adjustments in Banking - Banks are implementing cost-cutting measures, including the closure of credit card centers and integrating credit card operations into broader retail banking strategies [7] - The future of credit card services is expected to focus on providing safer and more value-added financial services rather than merely promoting overspending [7] - The competitive landscape is likely to favor larger banks with strong risk management capabilities, while smaller banks will need to find ways to attract and retain customers without compromising on risk [7]

Core Viewpoint - The long-term large-denomination certificates of deposit (CDs) are disappearing from banks, leading to a significant shift in savings habits among depositors as interest rates decline sharply [1][3][5]. Group 1: Product Supply - Major state-owned banks, including Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, and China Construction Bank, have stopped selling 5-year large-denomination CDs [3]. - Some banks have also ceased offering 3-year large-denomination CDs, with no clear timeline for their return [3]. - Local banks are following suit, with announcements of the cancellation of 5-year fixed-term deposits [3]. Group 2: Interest Rate Decline - The interest rates for large-denomination CDs have dropped to the "1" range, with 3-year CDs at 1.55% for major banks [5]. - In contrast, prior to 2020, 3-year and 5-year CDs had yields above 3%, with some smaller banks offering rates close to 4% [5]. - The traditional practice of higher interest rates for larger deposit amounts has been disrupted, as the rates for different deposit amounts are now the same [5]. Group 3: Banking Strategy - The collective withdrawal of long-term large-denomination CDs is a response to the ongoing pressure on banks' net interest margins, which fell to 1.42% by Q3 2025 [7]. - Banks aim to lower liability costs and stabilize net interest margins by reducing the supply of long-term deposits [7]. - The current low net interest margin environment compels banks to avoid high-cost long-term deposits to maintain profitability [7]. Group 4: Shift in Depositor Behavior - With the discontinuation of long-term large-denomination CDs, depositors are seeking alternative investment products, such as savings insurance, government bonds, or structured deposits [9]. - However, these alternatives come with their own limitations, such as lower liquidity for savings insurance and limited issuance for government bonds [9]. - A survey indicates an increase in residents inclined to invest more, rising by 5.6 percentage points to 18.5% [9]. Group 5: New Investment Preferences - Non-principal guaranteed bank wealth management products have become a preferred investment method among residents, with the market size reaching 32.13 trillion yuan, a 9.42% year-on-year increase [11]. - Financial advisors are recommending a diversified asset allocation strategy to improve returns and liquidity, moving away from excessive reliance on long-term deposits [11]. - Low-risk bank wealth management products are suggested as alternatives that may offer better returns than traditional deposits [11]. Group 6: Future Trends - The banking sector is expected to shift towards shorter-term products, emphasizing flexibility and a diverse range of financial products [13]. - Banks need to enhance their wealth management capabilities to maintain customer relationships and ensure stable returns [13]. - Depositors are encouraged to prioritize liquidity in their investments during a declining interest rate environment, allowing for better opportunities in the future [13].

证券研究报告·固定收益·固收点评 固收点评 20251206 二级资本债周度数据跟踪 （20251201-20251205） [Table_Tag] [Table_Summary] 观点 ◼ 一级市场发行情况： 本周（20251201-20251205）银行间市场及交易所市场共新发行二级资本 债 3 只，发行规模为 500.00 亿元。发行年限为 10Y；发行人性质为地方 国有企业、中央金融企业；主体评级为 AAA；发行人地域为安徽省、北 京市、四川省。 ◼ 二级市场成交情况： 本周（20251201-20251205）二级资本债周成交量合计约 1949 亿元，较 上周增加 164 亿元，成交量前三个券分别为 25 中行二级资本债 02BC （118.26 亿元）、25 工行二级资本债 02BC（87.73 亿元）和 25 长沙银 行二级资本债 01（85.56 亿元）。 分发行主体地域来看，成交量前三为北京市、上海市和湖南省，分别约 为 1410 亿元、100 亿元和 88 亿元。 从到期收益率角度来看，截至 12 月 5 日，5Y 二级资本债中评级 AAA-、 AA+、AA 级到期收益率较上周涨跌幅分别为 ...

Group 1 - The price of physical gold remains stable at 1328 CNY per gram for brands such as Chow Tai Fook and Chow Sang Sang [1] - There is a price differentiation in bank investment gold bars, with China Construction Bank quoting 969.60 CNY per gram and Industrial and Commercial Bank of China quoting 979.15 CNY per gram [1]

Group 1 - The implementation of the upgraded Free Trade Account (FTA) in Shanghai marks a new phase in financial openness, providing a new account system for cross-border fund transfers and convenient financing for quality enterprises in the free trade zone [1] - The Bank of China Shanghai Branch has actively responded to the policy by successfully processing FTA upgrade account services for several key enterprises on the first day of implementation, enhancing global operations for these companies [1] - The upgraded FTA allows enterprises to freely transfer funds to and from offshore accounts, significantly improving fund turnover efficiency and supporting overseas project financing [1] Group 2 - The Bank of China Shanghai Branch has simplified cross-border investment and financing processes, enabling companies to quickly complete fund transfers without being restricted by overseas loan quotas, thus supporting their overseas project operations [2] - The FTA upgrade account service is designed to support energy companies in their global expansion and green transformation, facilitating direct investment in overseas renewable energy projects [2] - The Bank of China Shanghai Branch has tailored FTA account functions for foreign trade enterprises, enhancing cross-border fund payment efficiency and supporting their "going out" strategy [3] Group 3 - As one of the first banks to implement FTA upgrade account services, the Bank of China Shanghai Branch has provided services to over 10,000 clients and has issued FTA loans exceeding 600 billion yuan [3] - The bank plans to continue expanding the coverage of FTA upgrade account services, leveraging its dual advantages of "one-line free transfer and two-line macro-prudential management" to enhance global fund management capabilities for enterprises [3]