Core Viewpoint - The prices of gold bars from various banks and brands have shown a mixed trend, with some increasing and others decreasing, indicating fluctuations in the gold market [1] Price Movements - China Gold, Construction Bank, and Bank of China have seen an increase in gold bar prices, with China Gold experiencing the largest rise of 0.6 yuan per gram compared to the previous day [1] - In contrast, brands such as Yayi Gold Store, Chow Sang Sang, and Laomiao Gold have reported declines in their gold bar prices, with Laomiao Gold experiencing the most significant drop of 4 yuan per gram [1]

12 September 2025 | 10:10PM HKT China Banks Soft TSF in Aug due to weaker credit and gov. bond growth; Deposits shift towards non-deposit products New TSF and loan growth in August 2025 recorded Rmb 2.6/0.6tn, compared to Rmb 3.0/0.9tn in August 2024. Outstanding balances expanded by 8.8%/6.8% yoy, vs. 8.1%/8.5% in August 2024. Key takeaways include: 1. New TSF in August was Rmb 2.6tn, a decrease of Rmb -0.5tn in the yoy increment, mainly due to weaker yoy growth in both loan and government bond issuance. N ...

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Chinese Banking Sector - **Date of Conference**: September 3-5, 2025 - **Location**: Hangzhou and Beijing Core Insights 1. **Economic Support and Government Policies**: The Chinese government has prioritized economic support through various policies since September 2024, including rate cuts and consumption stimuli, leading to a recovering capital market and alleviation of local government financing vehicle (LGFV) debt issues [2][3][4] 2. **GDP Growth Outlook**: Despite recent weakening economic data, experts believe China is on track to meet its approximately 5% GDP growth target for 2025, aided by a favorable base effect in the second half of the year. However, 2026 presents heightened risks [3][12] 3. **Monetary and Fiscal Policies**: Further policy rate cuts are deemed unlikely for the remainder of 2025, with a preference for targeted fiscal subsidies. The potential introduction of a consumption tax reform in 2025 is also noted [3][4][12] 4. **Inflation and Economic Structure**: Weak inflation persists, attributed to structural issues and overcapacity in the investment-driven growth model, particularly in manufacturing. Experts emphasize the need for long-term structural reforms [11][13] 5. **Capital Market Recovery**: The capital market is showing signs of recovery, supported by easing US-China tensions and improved global liquidity. The upward momentum is expected to continue [15] Banking Sector Insights 1. **Net Interest Margin (NIM) Outlook**: Banks are less negative about NIM outlooks, with many indicating that NIM is near its bottom and may stabilize soon. However, loan demand remains lackluster, particularly from non-government corporates and retail sectors [5][24] 2. **Dividend Preferences**: In light of macroeconomic uncertainties, banks with higher dividend yields, such as ICBC, CCB, CITIC, and regional banks like BOCD and BOHZ, are preferred [5][24] 3. **Individual Bank Performance**: - **ICBC**: Expects improved earnings in H2 2025, driven by fee income growth and trading gains, despite a slight decline in NIM [25] - **CCB**: Anticipates NIM stabilization, with potential downward pressure from previous LPR cuts [26] - **BOC**: Expects NIM to bottom out and aims to prioritize wealth management and consumer finance [27] - **CITIC**: Predicts stable NIM and improvement in retail asset quality by early next year [28] - **SPDB**: Noted revenue and NPAT growth in H1, with a focus on technology finance and inclusive finance [30] Additional Considerations 1. **Consumption Trends**: Retail consumer goods sales growth has slowed, with services consumption becoming increasingly significant, accounting for approximately 46% of total consumption in 2024. Policies to boost consumption are expected to be emphasized [16][17] 2. **Property Market Dynamics**: The residential property market remains weak, but there is high demand for quality homes. Experts express skepticism about new property policies due to limited room for easing [22][18] 3. **Tariff and Trade Outlook**: Tariffs are expected to remain stable, with potential RMB appreciation driven by trade dynamics. The relationship between China and the US is characterized as tight, with full decoupling seen as unlikely [19][22] Conclusion The conference highlighted a cautious yet optimistic outlook for the Chinese banking sector, with a focus on stabilizing NIMs, improving asset quality, and navigating macroeconomic challenges. The emphasis on structural reforms and consumption growth indicates a strategic shift in policy direction moving forward.

Group 1: China's Tech Sector and Economic Stimulus - China's technology-focused indices are showing strong momentum, with the CSI Battery Index expected to open nearly 2% higher due to a 2027 storage expansion plan [3] - The CSI Semiconductor Index is projected to jump 3%, reflecting a similar increase in the SSE STAR AI Index as China investigates the U.S. chip sector [3][9] - The People's Bank of China injected 280 billion yuan into the market through 7-day reverse repos, maintaining the interest rate at 1.40% [4][9] Group 2: Housing Market Headwinds - In China, new home prices declined by 0.30% month-over-month in August, while used home prices fell by 0.58%, indicating ongoing weakness in the property sector [5][9] - The UK housing market is also experiencing a downturn, with prices dropping and rent growth reaching a four-year low, suggesting broader economic pressures [6][9] Group 3: Geopolitical and Corporate Developments - Geopolitical tensions are rising as Beijing seeks a visit from former President Trump amid crucial trade negotiations with the U.S. [7][9] - Tencent's medium-term notes received an A1 rating from Moody's, indicating a stable outlook for the company [8] - Apple is under pressure to upgrade its Siri voice assistant due to increasing competition in the AI space [8] - South Korean shipbuilder HD Korea secured a 652 billion Won deal for four container ships from a British client, marking a significant corporate win [8]

Core Insights - The China Securities Investment Fund Industry Association reported significant growth in the public fund sales scale for the first half of the year, with Ant Fund and China Merchants Bank leading the way with increases exceeding 80 billion yuan each [1][6] - The top 100 distribution institutions saw a collective increase in equity fund holdings, particularly in stock index funds, which became a focal point for these institutions [1][7] Group 1: Distribution Institutions Overview - The top 100 distribution institutions include 24 banks, 57 securities firms, 18 third-party distributors, and 1 insurance company, with the number of banks and securities firms increasing by one each since the end of 2024 [2] - The top ten institutions in the distribution rankings remained unchanged from the end of 2024, highlighting a "stronger gets stronger" trend [2] Group 2: Fund Holdings Data - The total equity fund holdings of the top 100 distribution institutions reached 51,374 billion yuan, an increase of 2,856 billion yuan or 5.89% from the end of 2024 [6] - Non-monetary market fund holdings totaled 101,993 billion yuan, growing by 6,626 billion yuan or 6.95% [6] - Stock index fund holdings surged to 19,522 billion yuan, marking a significant increase of 2,483 billion yuan or 14.57% [6] Group 3: Institutional Performance - Ant Fund and China Merchants Bank each saw their equity fund holdings increase by over 80 billion yuan, with non-monetary market fund holdings rising by 1,146 billion yuan and 915 billion yuan, respectively [6][7] - The number of institutions with equity fund holdings exceeding 100 billion yuan rose to 11, while those with non-monetary market fund holdings above 100 billion yuan reached 26, up from 22 at the end of 2024 [6] Group 4: Index Fund Growth - The stock index fund holdings of the top 100 distribution institutions grew by 14.57%, significantly outpacing other fund types [7] - Securities firms maintained a dominant position in the index fund distribution sector, with 57 firms making it into the top 100 equity fund distributors [7] - Commercial banks also increased their focus on index fund distribution, with their stock index fund holdings rising by 38.69% to 2,667 billion yuan [7]

Core Insights - The China Securities Investment Fund Association (CSIA) released the top 100 public fund sales institutions for the first half of 2025, showing growth in the retained scale of equity funds, non-monetary market funds, and stock index funds compared to the end of 2024 [1][3] Fund Sales Rankings - The top three institutions in terms of retained scale for equity funds are Ant Group, China Merchants Bank, and Tian Tian Fund, with retained scales of 822.9 billion, 492 billion, and 349.6 billion respectively [2][7] - The total retained scale for equity funds among the top 100 institutions reached 5,137.4 billion, a 5.89% increase from the end of 2024 [3] - The retained scale for stock index funds reached 1,952.2 billion, reflecting a 14.57% increase [3] Institutional Performance - Among the top 100 institutions, securities firms hold 57 seats, banks have 24, and independent fund sales institutions have 17 [3] - Commercial banks lead in the retained scale of non-monetary market funds, with a share of 43.1%, while securities firms dominate stock index funds with a share of 55.34% [4][5] Market Trends - The growth in stock index fund retained scale is attributed to market volatility and the performance differentiation of individual stocks and actively managed equity funds, leading to increased interest from institutional and individual investors [4] - The future of public fund distribution channels is expected to maintain a diversified trend, with a focus on head institutions, professionalism, and personalization as key factors for investors [8]

Group 1 - The Beijing Municipal Taxation Bureau, in collaboration with the Bank of China Beijing Branch, has introduced innovative measures for the "immediate refund upon purchase" service at the 2025 Service Trade Fair, aligning with the theme "Digital Intelligence Leading, Service Trade Renewed" [1] - Currently, there are five centralized refund points for the "immediate refund upon purchase" service in Beijing, allowing foreign travelers to process tax refund applications at any of the 1,500 participating stores [1] - The tax bureau has also implemented groundbreaking initiatives, including cross-recognition of the "immediate refund upon purchase" service between Beijing and Tianjin, and instant tax refund payments [1] Group 2 - As inbound tourism continues to rise, the attention on Beijing's departure tax refund services has also increased, with a 251% year-on-year growth in the volume of departure tax refund business as of the end of August this year [2] - The sales of goods eligible for departure tax refunds have increased by 84% year-on-year, and the amount of tax refunds processed has also risen by 84% [2] - Nearly 15,000 foreign travelers from 170 countries and regions have benefited from the departure tax refund services, contributing to the robust growth of inbound tourism consumption and enhancing the tax-driven momentum for the capital's international consumption center development [2]

Group 1 - The core theme of the 2025 Service Trade Fair is "Digital Intelligence Leading, Service Trade Renewing," with a focus on innovative measures for the "immediate purchase and immediate refund" service for outbound tax refunds in Beijing [1] - Beijing has established five centralized refund points for the "immediate purchase and immediate refund" service, allowing foreign travelers to process tax refund applications at any of the 1,500 participating stores in the city [1] - The tax authority has introduced groundbreaking initiatives in the outbound tax refund service, including mutual recognition of the "immediate purchase and immediate refund" service between Beijing and Tianjin, and instant refund payments [1] Group 2 - As of the end of August, the volume of outbound tax refund business in Beijing has increased by 251% year-on-year, with sales of tax refund goods rising by 84% and the amount of tax refunds processed also increasing by 84% [2] - Nearly 15,000 foreign travelers from 170 countries and regions have benefited from the outbound tax refund service, indicating a sustained high growth trend that stimulates the potential of inbound tourism consumption [2] - The outbound tax refund service contributes significantly to the construction of Beijing as an international consumption center, providing stronger tax incentives for the city's economic development [2]

Group 1 - The core viewpoint of the article highlights that the four major state-owned banks in China have announced over 70,000 campus recruitment positions for the 2026 graduating class [1] - Agricultural Bank of China has the highest recruitment numbers, offering approximately 21,000 positions, followed by Industrial and Commercial Bank of China with about 20,320 positions [1] - China Construction Bank is recruiting around 16,880 individuals, while Bank of China is offering approximately 13,280 positions [1] Group 2 - Emerging technologies such as AI and big data remain key focus areas in the recruitment process for these banks [1]

Core Insights - The Bank of China Kaifeng Branch is advancing its digital transformation in treasury services, contributing significantly to the execution of national budgets and local economic development [1][2] Group 1: Digital Transformation in Treasury Services - The Bank of China Kaifeng Branch has achieved a major leap from traditional operations to digital operations in treasury services, ensuring the smooth execution of national budgets [1] - The branch has completed the intelligent upgrade of the centralized treasury payment system, enabling full electronic processing of fiscal authorization payment business, which enhances the safety and efficiency of fiscal fund operations [1] Group 2: Smart Payment System - The branch has developed a smart payment system that provides high-quality and convenient payment services to budget units, effectively supporting the implementation of various livelihood policies and key projects [1] Group 3: Revenue Collection Network - The Bank of China Kaifeng Branch has innovated digital service channels such as the "Smart Tax Hall," offering diversified and efficient budget revenue payment services to enterprises and taxpayers [1] - This ensures that tax and other budget revenues are accurately and timely deposited into the treasury, maintaining the seriousness and standardization of budget revenues [1] Group 4: National Debt Service Optimization - The branch actively provides all-day national debt subscription services through online banking and smart counters, enhancing the coverage and convenience of national debt sales [1] - The bank has consistently fulfilled its underwriting tasks, achieving good social benefits and meeting public demand for safe and stable investment products [1]