Core Viewpoint - The banking sector demonstrated stability and resilience in the first half of 2025, achieving a revenue of over 2.9 trillion yuan and a net profit of 1.1 trillion yuan, while focusing on supporting the real economy and preparing for digital transformation [1] Group 1: Financial Performance - A total of 42 A-share listed banks reported a revenue exceeding 2.9 trillion yuan, with a year-on-year growth of over 1% [1] - The net profit attributable to shareholders reached 1.1 trillion yuan, reflecting a year-on-year increase of 0.8% [1] - The six major state-owned banks collectively achieved a revenue of 1.8 trillion yuan and a net profit of 682.52 billion yuan in the first half of 2025 [3] Group 2: Asset and Liability Management - The total asset scale of the six major banks reached approximately 214 trillion yuan, an increase of about 7% compared to the end of the previous year [3] - The total asset scale of nine listed joint-stock banks was approximately 72 trillion yuan, growing by 2.37% [3] - The Industrial and Commercial Bank of China (ICBC) reported an asset scale of 52 trillion yuan, leading the industry in customer loans and deposits [3] Group 3: Dividend Distribution - The six major state-owned banks announced a total cash dividend exceeding 204.65 billion yuan for the first half of 2025 [2][4] Group 4: Digital Transformation - The application of artificial intelligence (AI) has become a key driver for the banks' transformation, with various banks launching AI initiatives and projects [5] - ICBC has initiated the "AI+" action, while Agricultural Bank of China is advancing its "AI+" applications [5] - By the end of June, ICBC had implemented over 100 AI application scenarios across key business areas [5] Group 5: Credit Growth and Focus on Real Economy - The total loan balance of 42 A-share listed banks reached approximately 180 trillion yuan, with a year-on-year growth of about 6% [6] - State-owned banks are the main contributors to credit issuance, with a loan balance exceeding 120 trillion yuan, growing by 6.59% [6] - Agricultural Bank of China reported a loan and advance total of 26.73 trillion yuan, with significant growth in manufacturing, green loans, and inclusive loans [7]

Core Viewpoint - The 2025 A-share banking mid-year report reveals significant profit differentiation among banks, with some city commercial banks achieving double-digit profit growth while others face negative growth due to narrowing interest margins and market volatility [1] Group 1: Profit Growth of City Commercial Banks - City commercial banks have emerged as the main contributors to profit growth among listed banks in the first half of 2025, with Hangzhou Bank reporting a net profit of 11.662 billion yuan, a year-on-year increase of 16.66% [2] - Factors contributing to the rapid profit growth of city commercial banks include stable asset scale growth, continuous optimization of asset-liability structure, and a recovery in fee and commission income driven by low base and wealth management growth [2][3] - Other city commercial banks such as Jiangyin Bank, Qilu Bank, and Qingdao Bank reported net profit growth rates of 16.63%, 16.48%, and 16.05% respectively [2] Group 2: Challenges Faced by Some Banks - In contrast, some banks like Guiyang Bank experienced negative profit growth, with a net profit of 2.474 billion yuan, a decrease of 7.20% year-on-year, attributed to declining interest income and weaker bond market performance [4] - The differentiation in profit performance among banks is largely due to variations in customer base, financing capabilities, risk preferences, and asset quality [4] Group 3: Interest Income and Margin Trends - The net interest margin for commercial banks narrowed to 1.42% in the first half of 2025, reflecting ongoing pressure on interest margins [7] - Strategies to manage interest margins include increasing the proportion of low-cost deposits and optimizing asset-liability management to improve net interest income [8][9] Group 4: Non-Interest Income and Business Diversification - Expanding non-interest income is seen as a crucial strategy for banks to mitigate the impact of declining interest margins, with a focus on enhancing middle business services such as custody, agency sales, and settlement [9] - Currently, non-interest income accounts for less than 30% of major listed banks in China, which is significantly lower than that of large international banks [9]

中经记者 杨井鑫 北京报道 2025年上半年银行信用卡业务仍在持续"瘦身"中。随着上市银行上半年"成绩单"陆续公布，这一趋势得 到进一步印证。多家银行中报数据显示，尽管个人贷款业务规模有所增长，但是信用卡贷款规模的下滑 成为行业共性。 此外，今年多家银行陆续关停信用卡分中心，这些结构性调整明确释放出从规模扩张到价值重构的转型 信号。信用卡行业正在经历深层次变革，逐渐告别粗放增长模式，转向精细化、高价值的发展新阶段。 规模普降 8月27日，中信银行（601998.SH）公布2025年上半年业绩报告显示，截至6月末，该行信用卡累计发卡 1.26亿张，较上年年末增长2.12%；信用卡贷款余额4584.55亿元。报告期内，信用卡交易量10854.12亿 元，同比下降12.54%；实现信用卡业务收入244.86亿元，同比下降了14.61%。 对比中信银行2024年年报数据，中信银行信用卡在今年上半年的累计发卡量增加了300万张，但是信用 卡贷款余额却减少了294.27亿元。同时，信用卡的交易量和收入也处在下降通道中。 同日，浦发银行（600000.SH）2025年半年报显示，截至6月末，该行信用卡及透支余额3778.8 ...

上海银行间同业拆放利率（Shibor）短期品种维持原地踏步，7天品种微跌。具体来看，隔夜Shibor上涨1.50BP，报1.3310%；7天Shibor 下跌1.60BP，报1.5100%；14天Shibor上涨0.50BP，报1.5550%。 新华财经北京8月29日电（高二山）人民银行29日开展7829亿元7天期逆回购操作，操作利率为1.40%，与此前持平；鉴于当日有3612亿 元7天期逆回购到期，公开市场实现净投放4217亿元。人民银行本周共进行22731亿元逆回购操作和6000亿元1年期中期借贷便利 （MLF）操作，因当周有20770亿元逆回购和3000亿元1年期MLF到期，公开市场全口径实现净投放4961亿元。 | | | | 2025-08-29 11:00 | | --- | --- | --- | --- | | | 期限 | Shibor(%) | 涨跌(BP) | | tr | O/N | 1.3310 | 1.50 | | � | 1W | 1.5100 | 1.60 | | ↑ | 2W | 1.5550 | 0.50 | | ⇒ | 1M | 1.5270 | 0.20 | | ↑ | ...

记者丨李览青 编辑丨周炎炎 上海房市"825大礼包"的房贷利率执行细则来了！ 8月25日，央行上海对上海市商业性个人住房贷款利率定价机制进行调整。内容主要包括以下四项： 第一，在利率定价机制安排方面，上海市商业性个人住房贷款利率不再区分首套住房和二套住房。 继8月25日上海市六部门联合印发《关于优化调整本市房地产政策措施的通知》（以下简称《通知》） 后，多家银行上海市分行刚刚出台了优化调整商业性个人住房贷款利率定价机制的细则。 8月29日晚间，21世纪经济报道记者注意到，已有中国银行、农业银行、建设银行、招商银行、平安银 行、光大银行、北京银行、江苏银行、南京银行等多家银行上海市分行通过官方微信公众号发布《关于 优化调整商业性个人住房贷款利率定价机制的公告》（以下简称《公告》），各家银行《公告》内容一 致。 具体来说，《公告》集中于新增房贷与存量房贷两方面。 新增方面，在利率定价机制安排上，各行不再区分首套住房和二套住房。每位客户商业性个人住房贷款 的具体利率水平，将根据上海市市场利率定价自律机制要求，并结合本行经营状况、客户风险状况等因 素合理确定。 存量方面，各行依然延续去年10月关于完善个人住房贷款利率 ...

Core Viewpoint - The article discusses the recent adjustments to the housing loan interest rate pricing mechanism in Shanghai, which aims to optimize the real estate policy and enhance market stability [2][4]. Group 1: New Housing Loan Policies - The new pricing mechanism for commercial personal housing loans no longer distinguishes between first and second homes, allowing for a more unified approach to interest rates [3][4]. - The specific interest rate for each customer's loan will be determined based on the Shanghai market interest rate pricing self-discipline mechanism, along with the bank's operational conditions and customer risk profiles [3][4]. Group 2: Existing Housing Loan Adjustments - Existing housing loans will continue to follow the guidelines established in October of the previous year, allowing for adjustments in the interest rates of certain second-home loans based on market conditions [3][4]. - If the interest rate increase for existing loans exceeds 30 basis points above the average rate of newly issued loans, borrowers can apply for a rate adjustment [3][4]. Group 3: Market Context and Implications - As of July, the weighted average interest rate for newly issued commercial personal housing loans in China was 3.09%, a slight decrease from the previous quarter, while the 5-year LPR was 3.5% [3]. - For second-home owners in Shanghai, applying for a loan after September 1 could result in a minimum interest rate of 3.09%, aligning with first-home rates, while existing loans at 3.45% could potentially be reduced to 3.36% [3].

8月25日上海市六部门联合印发《关于优化调整本市房地产政策措施的通知》。8月29日晚间，有中国银 行、农业银行、建设银行、招商银行、平安银行、光大银行、北京银行、江苏银行、南京银行等多家银 行上海市分行通过官方微信公众号发布《关于优化调整商业性个人住房贷款利率定价机制的公告》，各 家银行《公告》内容一致。新增方面，在利率定价机制安排上，各行不再区分首套住房和二套住房。每 位客户商业性个人住房贷款的具体利率水平，将根据上海市市场利率定价自律机制要求，并结合本行经 营状况、客户风险状况等因素合理确定。对于上海二套房业主来说，如果在9月1日以后申请房贷，最低 利率有望达到3.09%，与首套房房贷利率保持一致。而存量房贷利率为3.45%的二套房贷款可申请降低 房贷利率至3.36%。这与人民银行上海市分行此前发布的调整要求相一致。（21财经） ...

具体调整规则是，存量房贷利率加点值高于上季度全国新发放房贷利率平均加点值加30基点以上的，可 申请调整加点值，重新约定的加点值不低于上季度全国新发放房贷利率平均加点值加30基点。具体加点 值根据市场供求、客户资信情况、贷款担保变化等因素确定。 21世纪经济报道记者李览青 上海报道 上海房市"825大礼包"的房贷利率执行细则来了！ 继8月25日上海市六部门联合印发《关于优化调整本市房地产政策措施的通知》（以下简称《通知》） 后，多家银行上海市分行刚刚出台了优化调整商业性个人住房贷款利率定价机制的细则。 8月29日晚间，21世纪经济报道记者注意到，已有中国银行、农业银行、建设银行、招商银行、平安银 行、光大银行、北京银行、江苏银行、南京银行等多家银行上海市分行通过官方微信公众号发布《关于 优化调整商业性个人住房贷款利率定价机制的公告》（以下简称《公告》），各家银行《公告》内容一 致。 具体来说，《公告》集中于新增房贷与存量房贷两方面。 新增方面，在利率定价机制安排上，各行不再区分首套住房和二套住房。每位客户商业性个人住房贷款 的具体利率水平，将根据上海市市场利率定价自律机制要求，并结合本行经营状况、客户风险状况等 ...

指数证券投资基金 基金管理人：平安基金管理有限公司 基金托管人：平安银行股份有限公司 送出日期：2025 年 08 月 30 日 平安富时中国国企开放共赢 ETF2025 年中期报告 基金管理人的董事会、董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗漏， 并对其内容的真实性、准确性和完整性承担个别及连带的法律责任。本中期报告已经三分之二以 上独立董事签字同意，并由董事长签发。 基金托管人平安银行股份有限公司根据本基金合同规定，于 2025 年 08 月 29 日复核了本报告 中的财务指标、净值表现、利润分配情况、财务会计报告、投资组合报告等内容，保证复核内容 不存在虚假记载、误导性陈述或者重大遗漏。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应仔细阅读本 基金的招募说明书及其更新。 本报告中财务资料未经审计。 本报告除特别注明外，金额单位均为人民币元。 本报告期自 2025 年 01 月 01 日起至 06 月 30 日止。 第 2 页 共 52 页 平安富时中国国企开放共赢 ETF2025 ...

Fund Overview - The fund is named "Ping An Zhongzhai-0-3 Year National Development Bank Bond ETF" and is managed by Ping An Fund Management Co., Ltd. [1] - The fund aims to closely track the underlying index, targeting an average tracking deviation of no more than 0.25% and an annualized tracking error of no more than 3% [1][2]. - The fund was established on September 1, 2022, and its shares are traded on the Shenzhen Stock Exchange [1]. Financial Performance - The fund achieved a realized income of CNY 15,116,613.31 and a profit of CNY 2,851,224.44 during the reporting period from January 1, 2025, to June 30, 2025 [2][3]. - The weighted average net value profit rate for the period was 0.21%, with a net asset value of CNY 1,008,139,154.66 at the end of the reporting period [2][3]. - The fund's share net value growth rate was 0.29%, while the cumulative net value growth rate since inception was 6.25% [2][3]. Investment Strategy - The fund employs a passive management strategy using representative stratified sampling to replicate the characteristics of the underlying index [1][6]. - The average daily tracking deviation during the reporting period was 0.02%, with an annualized tracking error of 0.33%, indicating effective tracking of the underlying index [6]. Market Conditions - The bond market faced challenges due to a conservative stance from the central bank regarding liquidity, with the 10-year government bond yield reaching 1.9% [7][8]. - The market is expected to remain volatile, with the 10-year government bond likely to experience fluctuations in the second half of the year [8]. Management and Governance - Ping An Fund Management Co., Ltd. has been managing the fund in compliance with relevant laws and regulations, ensuring the protection of investors' interests [5][9]. - The fund management team is composed of experienced professionals, with a focus on maintaining fair trading practices and transparency [5][6].