Core Insights - The article discusses the trend of banks merging multiple apps to streamline operations amid rising competition and high customer acquisition costs, with Bank of China (BOC) announcing the shutdown of its "Bountiful Life" app and migrating its functions to the main "Bank of China" app, marking the end of a 12-year service [1][4] - The credit card apps have historically served dual purposes: connecting online and offline channels for customer acquisition and creating digital profiles for targeted financial services, but the profitability of standalone credit card apps is declining [2][10] Industry Trends - Several banks, including Shanghai Rural Commercial Bank and Beijing Rural Commercial Bank, have closed their credit card apps, shifting functionalities to their main banking apps due to the shrinking credit card business and the need for cost efficiency [4][16] - The credit card business is facing significant challenges, including a drop in loan volumes and increased competition from other financial services, leading to a focus on customer retention rather than acquisition [10][13] User Engagement - User engagement with banking apps is declining, with average daily usage time dropping from 4.93 minutes to 2.70 minutes, indicating a saturation in mobile banking app traffic and a need for improved user experience [9][6] - The competition for user attention is intensifying, with lifestyle apps from companies like Meituan and Douyin entering the market, making it harder for credit card apps to attract new users [15][19] Financial Performance - Data shows that major banks are experiencing a decline in credit card loan volumes, with Bank of China reporting a 13.89% decrease year-over-year, highlighting the overall downturn in the credit card sector [5][16] - The credit card market is transitioning from a growth phase to a more mature stage, with banks needing to adapt their strategies to meet the evolving demands of younger consumers who prefer integrated financial services [17][19] Strategic Recommendations - Banks are encouraged to enhance the synergy between online and offline channels and focus on creating differentiated digital paths that align with their unique characteristics, rather than pursuing a one-size-fits-all approach [23][24] - Implementing advanced data analytics and AI-driven models could help banks better understand customer needs and improve service delivery, ultimately enhancing user experience and operational efficiency [21][22]

编者按：当前银行理财货架产品琳琅满目，诸如"增强""稳健""均衡"等名称相近、特征模糊的产品层出不穷，投资者应如何甄别 与选择？为降低投资者的选择成本，南财理财通课题组从代销机构角度入手，每周一聚焦各渠道当周在售的理财产品，搜罗其 中业绩表现优异者，并发布代销产品业绩榜单。 本期，南财理财通重点关注最低持有期人民币公募产品的业绩表现，按照90天、180天、365天持有期限分类对产品业绩进行排 名，业绩指标计算指标为年化收益率，计算区间与持有期限相同，如90天持有期产品的业绩计算区间为近三月年化收益率，同 机构同系列同投资周期产品保留一只。 21世纪经济报道 21 21财经 (财)南财理财通 SFC 南方则经全媒体集团 银行本周(10/20-10/26) 在售最低持有180天产品榜 u | 1 | | --- | | l | 代销机构 | 产品名称 | 发行机构 | Harri | 近6月年 | 业绩比较 | | --- | --- | --- | --- | --- | --- | --- | | | | | | 街质 | 化收藏 | 基隆 | | | | | | | | 35%×沪深 300指数期 | | ...

Summary of Conference Call on Chinese Banks Industry Overview - The conference call focuses on the Chinese banking sector, particularly the performance and outlook of A/H-share listed banks, with a specific emphasis on China Merchants Bank (CMB) [1][2]. Key Points and Arguments Market Performance - A/H-share listed bank stocks have recorded market-cap-weighted absolute returns of 12%/21% year-to-date, attributed to improving fundamentals rather than sector allocation demand [1]. - The stabilization of asset quality and a narrowing decline in Net Interest Margins (NIMs) are significant factors driving this performance [1]. NIM and Loan Demand - The decline in NIM has narrowed in 3Q25, with expectations for continued narrowing into 1H26 due to ongoing deposit re-pricing [5]. - The large state-owned enterprises (SOE) banks and CMB are expected to have a sustainable NIM recovery, providing greater potential for shareholder returns [2]. - Loan demand is anticipated to weaken due to the "anti-involution" trend in the industrial sector, which will slow corporate loan demand [5][18]. Investment Income - Investment income is likely to be a negative contributor to bank revenue in 3Q25, particularly affecting small and medium-sized banks (SMBs) [5][27]. - The average year-over-year growth of bond investment income for covered banks is forecasted to be -7% in 3Q25 [36]. Fee Income - Fee income is expected to improve despite weak consumer credit demand, driven by growth in sales of financial products through banking channels [39]. - The sustained decline in deposit costs is creating opportunities for growth in wealth management products, insurance, and funds [40]. Asset Quality - Overall asset quality in the Chinese banking industry has not shown significant deterioration, with banks increasing provisions to bolster risk-resistance reserves [45]. - The NPL (Non-Performing Loan) coverage ratio has been on an upward trend, indicating that provisions are greater than new NPLs [45]. Additional Important Insights - CMB is favored for investment with a 12-month target price of Rmb54.24/HK$52.98, representing potential upside of 31%/10% [2]. - The average NIM for covered banks is expected to stabilize at 1.32% in 2026, largely unchanged from previous forecasts [17]. - The average loan growth forecast for covered banks in 2025 and 2026 is 9%, adjusted down from previous estimates [24]. Conclusion - The Chinese banking sector is navigating challenges such as narrowing NIMs and weakening loan demand, but there are positive indicators in fee income growth and asset quality stability. CMB stands out as a strong investment opportunity amidst these dynamics.

Vi e w p o i n t | 15 Oct 2025 11:45:46 ET │ 11 pages China Banks 3Q25 earnings preview: eased NIM pressure & strong fee income, set stage for outperformance ahead CITI'S TAKE We expect covered China banks' 3Q25E revenue growth of +1.4% y-y on smaller NIM compression and decent fee income, offsetting by muted loan growth and weak trading gains. With stable asset quality, we expect banks to release provisions and buffer earning growth (+3.0% y-y in 3Q25E, vs. +0.8% y-y in 1H25). We expect all large banks' 9M ...

ab 16 October 2025 Global Research China Banks China bank pulse monthly – weak RMB loans, retail deposits increased notably; is it time to revisit defensive China bank stocks? Both H and A-share China banks underperformed The MSCI China Banks Index was -4.1% in the past month, underperforming the MSCI China Index (-2.5%). Among our H-share coverage, CQRCB-H was the best performer (+5.4% MoM) and PSBC-H was the laggard (-9.1%). For A-share banks, the sector index was -1.6% in the past month, underperforming ...

Core Viewpoint - The rising gold prices, driven by factors such as expectations of interest rate cuts by the Federal Reserve, have led to increased investor interest in gold-related investments, prompting several banks to raise the minimum purchase thresholds for gold to manage risks associated with market volatility [1] Group 1: Market Trends - Gold prices have been reaching new highs, contributing to heightened investment enthusiasm in gold-related businesses [1] - The recent surge in international gold prices has resulted in a significant increase in investor interest in gold investments [1] Group 2: Bank Responses - Multiple commercial banks, including Bank of China, Industrial and Commercial Bank of China, China Construction Bank, and Ningbo Bank, have announced increases in the minimum purchase amounts for gold accumulation services [1] - These banks are enhancing investor suitability management to better assess the risk tolerance of investors [1] - The actions taken by financial institutions to strengthen risk control are seen as a necessary response to the increasing market volatility [1]

Core Viewpoint - Multiple banks are initiating the cleanup of long-term inactive accounts, which include both personal and corporate accounts, to mitigate risks associated with money laundering and fraud, as well as to optimize resource management [2][3][4]. Group 1: Reasons for Cleanup - Long-term inactive accounts are susceptible to misuse by criminals for activities such as money laundering and telecom fraud, necessitating their removal to reduce gray areas [3]. - These accounts consume system resources and increase data storage and maintenance costs, thus cleaning them can enhance backend management and service response efficiency [3]. - Regulatory requirements mandate banks to perform customer identity verification and manage accounts that cannot be verified or have been inactive for long periods, aligning with anti-money laundering and account real-name management efforts [3]. Group 2: Consumer Risks - Long-term inactive accounts can incur management fees and annual fees, leading to gradual depletion of small balances if not monitored [4]. - Inactive accounts may be exploited by criminals, posing legal risks and credit vulnerabilities for consumers [5]. Group 3: Standards for Inactive Accounts - Different banks have varying criteria for defining "long-term inactive accounts," with examples including: - Industrial Bank defines it as accounts with a balance of 10 yuan or less and no transactions for over 365 days [6]. - New Feng Rural Commercial Bank considers accounts inactive if there have been no transactions for over three years and the balance is zero [6]. - Bank of China (Hainan branch) identifies accounts with no transactions in three years and a balance of 10 yuan or less as inactive [6]. - Jiuquan Rural Commercial Bank sets the threshold at two years of inactivity with a balance of 100 yuan or less [6]. Group 4: Variability in Standards - The differences in standards among banks stem from their autonomy in execution and varying risk preferences, with larger banks often adopting more cautious approaches compared to smaller banks [7]. - Some banks are extending the cleanup to corporate accounts and online channels, indicating a broader scope of the initiative [7]. Group 5: Regulatory Evolution - The current cleanup initiative reflects a shift from focusing on physical cards to managing account behaviors, indicating a deeper regulatory approach to account lifecycle management [8][9]. - The emphasis has transitioned from merely addressing card redundancy to ensuring the authenticity, activity, and traceability of accounts, highlighting an upgrade in regulatory requirements [9].

Core Points - The 2025 Beijing Marathon has announced a supplementary draw for athletes who did not secure a spot in the initial lottery due to some winners failing to complete payment on time [1] - Athletes who were not selected in the first round can check their draw status from October 19, 2025, 10:00 AM to October 21, 2025, 11:59 PM [1] - Successful applicants must complete their payment by October 21, 2025, 11:59 PM, or they will forfeit their entry [1] Payment and Status Check Methods - Method 1: Check draw results via the official Beijing Marathon English website by logging into the personal account [11] - Method 2: Use the BOC Compass APP to check draw results by logging into the personal account [15] - Method 3: Use the Marathon APP to view draw status in the "My Registration" section [6] - Method 4: Use the Digital Heart APP to check draw status in the "My Orders" section [8]

Group 1: Industry Investment Rating - No industry investment rating is provided in the report. Group 2: Core Viewpoint - The report presents a weekly data tracking of secondary capital bonds from October 13, 2025, to October 17, 2025, covering primary market issuance, secondary market trading, and valuation deviation of individual bonds [1]. Group 3: Summary Based on Related Catalogs Primary Market Issuance - One new secondary capital bond was issued in the inter - bank and exchange markets this week, with an issuance scale of 4.5 billion yuan, a maturity of 10 years. The issuer is a local state - owned enterprise in Jiangsu Province with a subject rating of AAAspc [1][6]. Secondary Market Trading - **Trading Volume**: The total weekly trading volume of secondary capital bonds was approximately 166.8 billion yuan, an increase of 122.3 billion yuan compared to last week. The top three bonds in terms of trading volume were 25 ICBC Secondary Capital Bond 02BC (6.075 billion yuan), 25 BOC Secondary Capital Bond 01BC (5.131 billion yuan), and 25 CCB Secondary Capital Bond 01BC (5.024 billion yuan) [2]. - **Regional Trading Volume**: The top three regions in terms of trading volume were Beijing, Shanghai, and Guangdong, with trading volumes of approximately 129 billion yuan, 12.3 billion yuan, and 6.8 billion yuan respectively [2]. - **Yield to Maturity**: As of October 17, the yield - to - maturity changes of 5Y secondary capital bonds with ratings of AAA -, AA +, and AA compared to last week were - 7.98BP, - 7.12BP, and - 7.12BP respectively; for 7Y bonds, the changes were - 9.74BP for all three ratings; for 10Y bonds, the changes were - 9.29BP, - 8.58BP, and - 8.58BP respectively [2][11]. Valuation Deviation of Top 30 Individual Bonds - **Overall Situation**: The overall valuation deviation of the weekly average trading price of secondary capital bonds was not significant this week. The proportion of discount trading was greater than that of premium trading, and the discount range was larger than the premium range [3]. - **Discount Bonds**: The top three bonds with the highest discount rates were 20 Fuxin Bank Secondary 01 (- 15.2060%), 17 Yanbian Rural Commercial Secondary 02 (- 2.5373%), and 22 Chengdu Rural Commercial Secondary 01 (- 0.7800%). The majority of ChinaBond implied ratings were AAA -, AA +, and A +, and the bonds were mainly distributed in Beijing, Guangdong, and Shanghai [3][13]. - **Premium Bonds**: The top three bonds with the highest premium rates were 22 Chouzhou Commercial Bank Secondary Capital Bond 01 (0.2822%), 21 Jinshang Bank Secondary 01 (0.2143%), and 21 Huishang Bank Secondary 01 (0.1652%). The majority of ChinaBond implied ratings were AAA -, AA, and AA +, and the bonds were mainly distributed in Beijing, Guangdong, and Shanghai [3][14].

Core Insights - The "2025 Shanghai Global Asset Management Forum" emphasizes the importance of promoting high-level bilateral openness in the asset management sector between China and Europe amidst a complex international economic landscape [1][2] - China is enhancing its financial market and asset management openness, with the RMB gaining global attention as an investment and reserve currency, leading to increased interest from European institutions in China's stock and bond markets [3][4] Group 1: Economic and Financial Performance - Shanghai's GDP reached 2.6 trillion yuan in the first half of 2025, growing by 5.1% year-on-year, with the financial sector contributing 250 billion yuan, an 8.8% increase, accounting for 17.2% of the city's GDP [3] - The three leading industries in Shanghai—artificial intelligence, integrated circuits, and biomedicine—saw a combined output growth of 9.1%, supporting the city's competitiveness as an international financial center [3] Group 2: Policy and Institutional Developments - Shanghai is actively promoting the aggregation of financial institutions and enhancing financial service functions, currently hosting over one-third of the nation's foreign banks and nearly half of foreign insurance institutions [4] - The Shanghai Stock Exchange signed a memorandum of cooperation with the Swiss Exchange to advance cross-border openness, while also improving cross-border financial services and the internationalization of financial institutions [4] Group 3: Investment Trends and Opportunities - International investors are increasingly favoring Chinese assets due to supportive policies, technological innovations, and market performance, with net inflows exceeding 60% of the total for 2024 by mid-2025 [5] - The Chinese market is seen as having significant potential in areas like institutional openness, green finance, and pension markets, with suggestions to gradually relax restrictions on overseas investments in pensions [6] Group 4: Sector Performance and Investment Focus - From 2022 to 2024, energy and financial sectors showed resilience, while 2025 is expected to highlight sectors related to artificial intelligence and leading companies in pharmaceuticals and materials [7] - China is emerging as a leader in innovative drug development, with clinical-stage innovations accounting for 50% of global totals, and is also making strides in electric vehicles and robotics [7] Group 5: Financial Cooperation and Market Integration - The cooperation between China and Europe is characterized by accelerated infrastructure connectivity and deepening policy communication, with the RMB's role in bilateral cooperation becoming increasingly diverse [8] - The London Stock Exchange is implementing reforms to enhance its competitiveness, while also exploring opportunities for collaboration in green economy and energy sectors with Chinese firms [9] Group 6: Strategic Initiatives and Future Outlook - China Bank is positioned as a key player in facilitating China-Europe financial cooperation, with a global custody scale of 4.7 trillion yuan, serving over 100 countries [10] - Future initiatives will focus on enhancing collaboration in green finance, technology empowerment, product innovation, and risk management, aiming to leverage historical opportunities for high-quality development in China and green transitions in Europe [14]