Core Points - Major Chinese banks, including Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, and Bank of Communications, have announced the approval of amendments to their articles of association, eliminating the supervisory board [2] - The trend of abolishing supervisory boards is also seen in city commercial banks, with Qilu Bank recently voting to no longer establish a supervisory board [2] - Over 20 of the 42 listed banks have either announced the cancellation or are in the process of abolishing their supervisory boards, including several joint-stock banks and local banks [2] - The removal of supervisory boards is driven by the new Company Law effective from July 1, 2024, allowing companies to set up an audit committee within the board of directors to exercise the powers of the supervisory board [2] - The China Securities Regulatory Commission has indicated that listed companies must establish an audit committee by January 1, 2026, to replace the supervisory board [3] - The industry believes that replacing supervisory boards with audit committees will enhance corporate governance efficiency and reduce operational costs, while ensuring independence and professionalism in supervision [3]

Core Viewpoint - The banking sector is experiencing a rise in stock prices despite market conditions, driven by recent adjustments in deposit rates by local small and medium-sized banks to alleviate pressure on their liabilities and improve net interest margins [1] Group 1: Stock Performance - Chongqing Rural Commercial Bank (03618) increased by 4.62%, reaching HKD 6.12 [1] - Qingdao Bank (03866) rose by 1.88%, reaching HKD 4.34 [1] - China Construction Bank (00939) saw a 1.1% increase, reaching HKD 7.38 [1] - Bank of China (03988) grew by 0.96%, reaching HKD 4.21 [1] Group 2: Deposit Rate Adjustments - Since September, the number of local small and medium-sized banks reducing deposit rates has been increasing [1] - On September 25, several banks, including Henan Luoyang Rural Commercial Bank, announced reductions in RMB deposit rates, with the maximum cut reaching 35 basis points [1] - The purpose of these adjustments is to alleviate pressure on the liability side and mitigate the negative impact of narrowing net interest margins [1] Group 3: Market Outlook - China Galaxy Securities indicates that the adjustment of the 14-day reverse repurchase operation aims to enhance the position of the 7-day reverse repurchase policy rate, improving liquidity management precision [1] - The benefits for small and medium-sized banks from these changes are expected to be less significant compared to larger banks [1] - Continued positive factors in the banking fundamentals, along with increased consumer policies, suggest potential mid-term performance improvements and a possible turning point [1] - The focus remains on the effectiveness of policies, retail business demand, risk improvement, and reform measures [1] - The institution maintains a positive outlook on the banking sector's valuation and continues to recommend investment in this area [1]

Economic Overview - In Q3 2025, global economic growth shows signs of recovery, with total demand slightly rebounding and overall supply remaining stable. Household consumption accounts for 55.4% of global GDP, with private investment at 28.1% and government spending at 16.5% [1][10][12] - Major economies exhibit divergent performances: the US economy is recovering, Europe shows weak recovery, Japan faces growth pressures, India exceeds expectations, and Russia encounters challenges [1][10][12] Demand and Supply Analysis - On the demand side, uncertainties are increasing, particularly in the US, where consumer spending may weaken. The EU and Japan also show signs of consumer fatigue. However, US investment may receive a boost, while other economies' potential remains questionable [2][6][18] - On the supply side, manufacturing is recovering, and service sector expansion continues, although US employment risks need to be monitored. Global actual GDP growth is projected at approximately 2.4% for Q4 2025, with an annual growth rate of about 2.1% [2][6][18] Inflation Trends - Global inflation is stabilizing overall, with a projected global CPI growth rate of around 3.1% for Q4 2025 and an annual rate of approximately 3.5%. The US faces a risk of inflation rebound, while other major economies experience a downward trend in prices [2][20][21] Trade and Tariff Policies - Tariff policies are experiencing a reduction in short-term impacts on global trade activities. The US has adjusted tariffs on various imports, leading to a slight decrease in the overall tariff rate. However, uncertainties remain regarding the legality of these policies and potential protectionist measures from other countries [23][25][26] - Global trade growth is expected to be around 0.7% in 2025, influenced by ongoing tariff negotiations and geopolitical factors [23][25][26] Fiscal Policies - Major economies are maintaining an expansionary fiscal policy stance. The US faces significant fiscal pressure, with a projected budget deficit of $2.911 trillion for the month of August, exceeding market expectations. The EU and Japan are also increasing their fiscal spending, focusing on defense and economic competitiveness [31][32][35][36]

二、中国银行咸阳分行应要求上述核准任职资格人员严格遵守金融监管总局有关监管规定，自中国银行 政许可决定作出之日起3个月内到任，并按要求及时报告到任情况。未在上述规定期限内到任的，本批 复文件失效，由决定机关办理行政许可注销手续。 三、中国银行咸阳分行应督促上述核准任职资格人员持续学习和掌握经济金融相关法律法规，牢固树立 风险合规意识，熟悉任职岗位职责，忠实勤勉履职。 2025年9月24日，咸阳金融监管分局发布批复称，《中国银行（601988）股份有限公司陕西省分行关于 核准薛继武高级管理人员任职资格的请示》（陕中银报〔2025〕138号）收悉。经审核，现批复如下： 一、核准薛继武中国银行咸阳分行副行长的任职资格。 ...

客户如遇损坏换卡、挂失补卡、到期换卡等情况，中国银行将在旧版卡面使用完毕后，换发"中银畅行 卡"信用卡产品，卡面以实际收到为准，相关功能及费用标准不变。如有疑问或投诉建议，可拨打中国 银行信用卡客服电话咨询或反馈。中国银行将继续竭诚为您提供优质、便捷的服务。感谢您的理解与支 持！ 2025年9月25日，中国银行（601988）发布公告称，因中国银行业务调整，自2025年11月9日起，原"阳 光ETC汽车联名信用卡"产品名称将变更为"中银畅行卡"（金卡，申请代码：6291），同时采用新版产 品卡面，如下图所示： ...

据了解，此次活动范围覆盖河北省廊坊市区及大厂回族自治县52条公交线路共计1000余辆公交车，基本 实现重点区域公共交通网络的全面覆盖。活动期间，廊坊市民下载"数字人民币"APP，选择任一活动银 行（中国银行、农业银行、建设银行、邮储银行）开通数字人民币钱包后，在公交车载支付设备上出示 该钱包付款码，即可享受一分钱乘车优惠。此次活动将持续至2025年12月31日，活动期间每人每日可享 受2次优惠权益。 作为首批与中国人民银行数字货币研究所签署战略合作协议的受理服务机构，银联商务已累计为国内超 过70万家商户门店开通数字人民币支付受理服务，全面覆盖全国所有数字人民币试点城市和地区，涵盖 零售商超、交通出行、健康医疗、餐饮娱乐、景区、养老等各行业领域。后续，银联商务将持续深化与 地方政府、金融机构及商户的合作，进一步探索数字人民币在超市、菜场、药店等更多高频生活消费场 景的应用落地。 来源：北京日报客户端 转自：北京日报客户端 "一分钱乘车的优惠太实在了，而且扫码支付速度很快，一个月下来能省不少钱呢！"9月26日上午，在 廊坊万达广场公交站台，廊坊市民张女士通过"数字人民币"App，只花1分钱就顺利乘车了。近日，为 ...

预计四季度A股或将维持高位向上，但也需警惕震荡风险。一是增量资金入市仍有空间。二是上市公司 基本面有望结构性改善，关注科技、周期等板块机会。不过，需警惕前期上涨过快及内外部不确定性增 加带来的调整风险。（中经记者 谭志娟） 0:00 ...

Industry Overview - The industry is experiencing a positive development momentum supported by government policies [2] - Companies within the industry are showing high profitability [2] Risk Consideration - There has been a significant increase in the market previously, indicating a need to be cautious about potential risks [2]

Group 1: Central Bank and Financial Regulatory Authority Actions - The Central Bank and the Financial Regulatory Authority are focusing on long-term rectification measures, including enhancing financial infrastructure, advancing information technology reforms, and promoting financial legislation [1][2] - The Financial Regulatory Authority has implemented multiple measures to prevent financial risks, such as strict market access regulations and enhancing administrative penalties to protect consumer rights [1][2] Group 2: Supervision of Leadership - Emphasis on the supervision of "one leaders" in financial institutions, with a focus on accountability and responsibility among top executives [2][9] - At least 32 financial unit officials have been investigated this year, with 23 in the first half alone, highlighting ongoing anti-corruption efforts [2][10] Group 3: Bank-Specific Initiatives - The Export-Import Bank is reinforcing its policy-oriented banking role and enhancing monitoring of policy-related business [3] - The Industrial and Commercial Bank is developing a high-quality growth strategy and improving internal governance and risk management [3] - The Agricultural Bank is focusing on supporting rural revitalization and agricultural development through increased financing [4] Group 4: Global Strategy and Regional Development - The Bank of China is continuing its global strategy by enhancing overseas operations and supporting enterprises in international expansion [5] - The Construction Bank is committed to regional development strategies, including support for the Guangdong-Hong Kong-Macao Greater Bay Area [5] Group 5: Insurance Sector Actions - China Life is addressing the negative impacts of the Wang Bin case and is implementing measures to ensure accountability among its leadership [6][7] - China Pacific Insurance is focusing on strengthening its talent pool and enhancing the political and organizational functions of its party committees [8]

【导读】国有六大银行同日官宣，不再设立监事会 9月25日晚间，工商银行、中国银行、农业银行、建设银行、交通银行相继发布公告，宣布公司章程修 订已获得监管核准，不再设立监事会。 具体来看，工商银行公告显示，该行于2025年6月27日召开的2024年度股东年会审议批准了《关于审议 及撤销监事会相关事项的议案》，并于近日收到《国家金融监督管理总局关于工商银行修改公司章程的 批复》，核准该行修订后的公司章程。 工商银行表示，自公司章程核准之日起，该行监事会及监事依法撤销，《中国工商银行股份有限公司监 事会议事规则》同时废止。黄力、张杰和刘澜飚不再担任该行监事，已确认与该行无不同意见，亦无任 何其他相关事项需要通知该行股东及债权人。 564号)。国家金融监督管理总局已核准本行修 订后的公司章程。修订后的公司章程全文请参 见上海证券交易所网站（www.sse.com.cn）和 本行网站(www.icbc-ltd.com)。《中国工商 银行股份有限公司股东会议事规则(2025年 版) 》《中国工商银行股份有限公司董事会议 事规则(2025年版)》《中国工商银行股份有 限公司董事会提名委员会工作规则(2025年 版) 》和《 ...