Core Viewpoint - The upgrade of the "Ping An Good Car Owner Credit Card" aims to enhance the user experience for car owners by integrating various services and benefits, aligning with Ping An's "Three Savings Project" [2][9]. Group 1: Product Upgrade - The new card features a refreshed design, moving from a traditional steering wheel to a wheel hub shape, available in dynamic black and Ping An orange, targeting a younger audience [2][4]. - The upgraded card focuses on the entire car owner ecosystem, providing a one-stop service experience that is "worry-free, time-saving, and cost-saving" [2][4]. Group 2: Benefits and Services - The card offers significant savings on fuel and charging, with a "Savings Wallet" mechanism allowing cardholders to earn 1% cashback on network spending over 88 yuan, potentially saving up to 480 yuan annually [4]. - A welcome package worth 1,000 yuan is provided for new users, including discounts on car maintenance and driving services [4][5]. - Additional travel insurance benefits include three complimentary flight delay insurances, with compensation of 200 yuan for delays over two hours [5]. Group 3: Strategic Integration - The upgrade leverages Ping An Group's comprehensive financial resources, enhancing customer service through a multi-dimensional benefits system that covers fuel, maintenance, and travel protection [4][6]. - The card has served over 14 million car owners in its 17 years, showcasing its established presence in the market [7]. Group 4: Future Outlook - The upgrade represents a deep implementation of the "Three Savings Project" within the car owner vertical, with plans for continued innovation and service enhancement to solidify market recognition and reputation [9].

Core Insights - The credit card and loan card issuance in China has been declining for 11 consecutive quarters as of Q2 2025, leading to increased pressure on banks in a competitive market [1] - Ping An Bank has launched an upgraded "Ping An Good Car Owner Credit Card" to set a new benchmark in the industry by focusing on user value and vertical customer segments [1][3] - The upgrade is part of Ping An's "Three Savings Project" strategy, aiming to shift the industry focus from scale competition to ecological value competition [3] User Experience Redesign - The upgraded credit card emphasizes a seamless service experience rather than just a list of benefits, focusing on three core scenarios: refueling and charging, vehicle maintenance, and travel protection [4] - The refueling and charging scenario integrates with over 80,000 gas stations and 500,000 charging piles, offering features like "one-click navigation" and "fast payment" [4] - The vehicle maintenance service includes a complimentary "maintenance benefits package" worth 1,000 yuan for first-time users, lowering the barrier to accessing quality services [4] - Travel protection enhancements include additional insurance for flight delays and personal liability, extending coverage from transportation to the entire travel experience [4] Service Integration - The benefits are interconnected, creating a "service chain" that reduces user acquisition costs and decision-making burdens [5] - The integration of services is rooted in Ping An Group's "comprehensive finance + industry-bank collaboration" model, which creates high barriers in resource integration and cost control [6] Strategic Implementation - The upgrade of the Good Car Owner Card is a deep implementation of Ping An's "Three Savings Project" in the vertical field of car owners, enhancing user trust and engagement through a dual-layer structure of horizontal inclusivity and vertical depth [7] - The card leverages 17 years of data from over 14 million car owners to create a closed-loop operational capability that matches user behavior with tailored financial products [7] - The focus on specific customer segments and scenarios allows for sustained user retention and brand recognition, indicating a shift in credit card competition from quantity of benefits to depth of ecosystem [8]

Core Viewpoint - The credit card industry in China is experiencing a decline in issuance and key metrics, prompting a shift towards user value and service integration, exemplified by the recent upgrade of the Ping An Bank "Ping An Good Car Owner Credit Card" [1][4][8] Group 1: Industry Trends - As of Q2 2025, the issuance of credit cards and loan cards has decreased for 11 consecutive quarters, with many banks facing pressure in key metrics like loan balances and transaction volumes [1] - The industry is transitioning from scale competition to ecological value competition, as demonstrated by the new offerings from Ping An Bank [4][8] Group 2: Product Upgrade Details - The upgraded "Ping An Good Car Owner Credit Card" features a new dynamic wheel hub design and enhanced benefits that cover various car-related scenarios, including refueling, vehicle maintenance, and travel protection [1][5] - The card offers a "省钱包" mechanism, providing 1% cashback on online purchases over 88 yuan, with potential annual savings of up to 480 yuan [5] Group 3: Service Integration - The card's benefits are interconnected, creating a "service chain" that reduces user acquisition costs and decision-making burdens, such as offering rental discounts after using a ride-hailing service [6] - The integration of services is supported by Ping An Group's comprehensive financial ecosystem, which enhances resource sharing and cost control [6][7] Group 4: Strategic Framework - The upgrade aligns with Ping An's "Three Savings Project," which aims to enhance user experience and trust through foundational protections and vertical benefits tailored for car owners [7] - The card's development leverages 17 years of data from over 14 million car owners, enabling personalized service offerings based on user behavior and preferences [7][8] Group 5: Future Outlook - The competition in the credit card market is shifting from merely comparing the number of benefits to evaluating the depth of ecological integration and user experience [8] - The focus on creating a seamless part of the user's "car life" indicates a forward-thinking approach that may guide future innovations in retail finance [8]

Investment Rating - The report assigns a "Buy" rating to several banks, including ICBC-H, CCB-H, and BOC-H, based on their above-peer dividend yield and attractive valuations [11]. Core Insights - The net interest margin (NIM) is expected to diverge between large banks and regional banks, with regional banks likely to perform better due to higher risk appetite and benefits from time-deposit rate cuts [2]. - Policy-financing instruments are anticipated to support loan growth into 1Q26E, potentially driving new loans of RMB2.5 trillion to RMB5 trillion [3]. - Overall asset quality remains stable, but there is increasing pressure on developer loans and non-mortgage retail loans, with manageable credit risk in mortgage loans [4][7]. - Fee income is improving due to strong agency and custodian fees, although a potential fee rate cut in mutual funds could impact future income [8]. - Big banks maintain flattish earnings growth guidance for 2025E, while regional banks like BOCD and BONJ expect around 5% to 8% earnings growth [9][10]. Summary by Sections Net Interest Margin (NIM) - NIM pressure is expected to moderate into 4Q25E, with large banks anticipating continued year-on-year compression in 2026E [2]. Loan Growth - The distribution of RMB500 billion in policy-financing instruments is expected to enhance loan growth, particularly for banks with higher exposure to infrastructure [3]. Asset Quality - Asset quality is stable overall, but there are rising pressures in developer loans and non-mortgage retail loans, with manageable risks in mortgage loans [4][7]. Fee Income - Fee income has improved, driven by strong performance in asset management, though future fee income may be affected by rate cuts [8]. Earnings Growth - Big banks expect flattish earnings growth in 2025E, while regional banks forecast modest growth, with specific banks like PAB expecting a return to positive year-on-year growth in 2026E [9][10]. Valuation and Equity Raising - The market is focused on potential equity raising, particularly for regional banks trading below 1x book value, which could open financing opportunities for others [10].

Core Insights - The article emphasizes the abundance of bank wealth management products with similar names and vague characteristics, urging investors to carefully select and differentiate among them [1] - The focus is on pure fixed-income products issued by wealth management companies, providing a performance ranking of these products based on their annualized returns over the past month, three months, and six months [1] Summary by Category Product Performance - The ranking showcases products with outstanding performance, sorted by annualized returns over the past three months to reflect their multidimensional yield performance amid recent market fluctuations [1] - Specific products highlighted include those from Huaxia Bank, which achieved annualized returns of 9.89% over 1 month and 10.92% over 3 months for a 180-day holding period [7] - Other notable products include those from China Bank and China Construction Bank, with varying annualized returns across different holding periods [5][8] Distribution Channels - The article lists 28 distribution institutions, including major banks such as Industrial and Commercial Bank of China, Bank of China, and Agricultural Bank of China, among others [2] - It notes that the availability of products may vary due to factors like sold-out quotas or differences in product listings for different customers, advising investors to refer to the actual displays on bank apps [2] Data Source - The performance data is sourced from the Nanfang Financial Terminal and Nanfang Wealth Management, with statistics as of November 20 [5][12]

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，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。 此外，南财理财通虽力求客观公正，但不对本评价榜信息的真实性、完整性和准确性作任何保证，排名信息仅供参考。 | 1 | 中国银行 | 汇浮信电影 放式 | 汇华理财 | 1 | -24.5 | 40.6 | 30.5 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 9% | 1% | 4% | | 2 | 平安银行 | 优享增强1号 | 平安理财 | 360 | 46.8 | 35.6 | 23.6 | | | | | | | 2% | 9% | 7% | | 3 | 光大银 行兴业 | 阳光橙增盈稳健1 | 光大理财 | 1 | 34.7 | 30.2 | 18.8 | | | 银行 | 를 | | | 9% | 9% | 2% | | 4 | 招商银行 | 招智泓 ...

丨证券研究报告丨 行业研究丨行业周报丨银行 [Table_Title] 关注零售贷款资产质量趋势 ——银行业周度追踪 2025 年第 46 周 报告要点 [Table_Summary] 本周市场整体下跌，风险偏好明显回落，银行股小幅回调，但明显跑赢大盘及创业板指数，体 现防御属性。四季度以来市场调整过程中国有行表现最突出，率先创新高，同时中期分红时点 提前至 12 月，推动配置盘加仓。个股层面，国有行呈现轮动式上涨，前期领涨的农业银行本周 调整，但中国银行 A 股大涨，建设银行 A 股、交通银行 A 股等也涨幅靠前，南京银行大股东法 巴银行再度增持，推动涨幅领先。四季度继续看好银行股系统性估值修复，红利配置盘持续加 仓，同时受益市场风险偏好回落。 分析师及联系人 [Table_Author] 马祥云 盛悦菲 SAC：S0490521120002 SAC：S0490524070002 SFC：BUT916 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 关注零售贷款资产质量趋势 2] ——银行业周度追踪 2025 年第 46 周 [Tab ...

11月21日，"2025第一财经金融价值榜"评选结果揭晓， 平安银行凭借2025年的优秀业绩、突出表 现和良好口碑，荣膺"最佳金融机构服务银行"奖项。 以蜂巢模式整合生态 做机构的综合服务伙伴 在资金同业业务领域， 平安银行紧密围绕国家关于活跃资本市场、金融服务实体经济的战略部署，依 托平安集团"综合金融+医疗养老"的生态资源，通过"投资交易+客户业务"双轮驱动，积极应对政策、 市场与环境变化。 平安银行坚持以客户为中心，充分发挥蜂巢经营优势，整合平安集团与银行自身在产品、渠道等多方面 的资源， 通过多场景、多账户、多产品的一体化服务模式，为同业客户提供覆盖全周期的服务与陪伴 闭环，助力金融市场高质量发展。 以多元供给连接市场 做机构的资产配置伙伴 在资管产品服务方面， 平安银行打造了以金融机构客户为核心的集客式平台——"行E通"平台，集产 品展示、产品评价、产品销售交易、产品投后分析以及资讯和信息服务为一体，围绕同业客户的多样化 需求，提供涵盖投前、投中、投后全流程的陪伴式服务。 截至2025年9月，"行E通"平台累计有效客 户超1400户，通过该平台销售的资管产品保有规模近2500亿元。 以科技智慧赋能流 ...

11月21日，"2025第一财经金融价值榜"评选结果揭晓，平安银行凭借2025年的优秀业绩、突出表现和良好口碑，荣膺"最佳金融机构服务银行"奖项。 以蜂巢模式整合生态 做机构的综合服务伙伴 在资金同业业务领域，平安银行紧密围绕国家关于活跃资本市场、金融服务实体经济的战略部署，依托平安集团"综合金融+医疗养老"的生态资源，通过"投 资交易+客户业务"双轮驱动，积极应对政策、市场与环境变化。 平安银行坚持以客户为中心，充分发挥蜂巢经营优势，整合平安集团与银行自身在产品、渠道等多方面的资源，通过多场景、多账户、多产品的一体化服务 模式，为同业客户提供覆盖全周期的服务与陪伴闭环，助力金融市场高质量发展。 以多元供给连接市场 做机构的资产配置伙伴 在资管产品服务方面，平安银行打造了以金融机构客户为核心的集客式平台——"行E通"平台，集产品展示、产品评价、产品销售交易、产品投后分析以及 资讯和信息服务为一体，围绕同业客户的多样化需求，提供涵盖投前、投中、投后全流程的陪伴式服务。截至2025年9月，"行E通"平台累计有效客户超 1400户，通过该平台销售的资管产品保有规模近2500亿元。 3125分 - 财务企融 价值年会 ...

产品创新，破解科技型企业融资急难筹盼 随着经济发展转型与科技自主创新的深化，科技产业迎来新的发展机遇。与此同时，国内众多科技型中 小企业仍然普遍面临"技术强、资产轻"的融资困境，平均有效质押资产不足传统企业的30%。数据显 示，截至2025年三季度，因担保缺失导致融资受阻的科技型中小企业比例达45%。 转自：新华财经 作为连接科技与资本、创新与市场的桥梁，科技金融在推动科技创新驱动经济发展过程中，扮演着优化 创新资源配置、提升科技成果转化效率的重要角色。近年来，平安银行上海分行依托集团综合金融优 势，聚焦集成电路、人工智能等战略新兴产业，持续创新金融工具，构建覆盖企业全生命周期的科技金 融服务体系，以系统性解决方案助力广大科技企业突破发展瓶颈，为国家重大技术攻关注入金融动能。 全面覆盖，构建全生命周期科技金融服务体系 围绕科技企业在不同发展阶段的差异化金融服务需求，平安银行上海分行积极整合集团资源，提供覆盖 从初创扶持到产业扩张的综合金融支持，为科技企业提供全生命周期科技金融服务。 针对数量庞大的成长期科技型企业，平安银行上海分行深度应用大数据与区块链技术，有效破解传统信 贷依赖抵押物的困局。在张江药谷，专注 ...