Core Insights - The 2026 China (Guangzhou) International Smart Finance Industry Exhibition will take place from June 27 to June 29, 2026, at the Poly World Trade Center in Guangzhou, highlighting the evolution of traditional financial services into a more advanced stage known as smart finance [1] - Smart finance is characterized by high efficiency and lower service costs compared to traditional finance, driven by large-scale real data analysis and the integration of artificial intelligence with financial services [1][2] Industry Trends - The financial industry is experiencing a surge in demand for data technology applications due to the widespread adoption of internet technology, marking a new stage in financial development [2] - The ability to leverage data assets has become a core competitive advantage for financial enterprises, with a pressing need for real-time monitoring, intelligent interaction, and visualization applications [2] - A global technological revolution is rapidly spreading across the financial sector, prompting forward-thinking financial companies to prepare for the next wave of technological competition [2] Exhibition Scope - The exhibition will cover various areas including commercial and financial technology, banking management information systems, risk management platforms, and integrated financial solutions [6] - It will also feature supply chain finance solutions, logistics, and financial technology equipment, showcasing the latest innovations in the financial sector [6] Target Audience - The event aims to attract a wide range of financial institutions, including major banks and insurance companies such as the People's Bank of China, Industrial and Commercial Bank of China, and China Life Insurance [6][7]

Investment Rating - The report maintains a "Recommended" investment rating for the banking sector, indicating a positive outlook for the industry in the near term [1]. Core Insights - The positioning of the digital RMB is expected to advance, with significant potential in the payment sector. The People's Bank of China (PBOC) is working on optimizing the management system for digital RMB, which may evolve from a cash-like payment instrument (M0) to broader monetary categories (M1, M2) [2][8]. - Infrastructure development for digital RMB is progressing, with the establishment of international and operational centers in Shanghai and Beijing, respectively. As of September 2025, the cumulative transaction amount in pilot areas reached 14.2 trillion yuan, with 2.25 billion personal wallets opened [3][8]. - The banking sector is expected to see a systematic recovery in valuations in 2026, transitioning from a defensive to a growth-oriented investment logic. Key investment themes include high dividend yields and low valuations, particularly as risk-free interest rates decline [9]. Summary by Sections Industry Overview - The banking sector comprises 42 listed companies with a total market capitalization of approximately 1.15 trillion yuan, representing 13.04% of the market [4]. - The average daily trading volume for A-shares was 10,583.60 billion yuan, reflecting a 0.65% increase from the previous week [8]. Performance Metrics - The absolute performance of the banking sector over the past month is 5.0%, with a relative performance of 2.8% compared to the benchmark [5]. - The report highlights that the banking index underperformed the CSI 300 index by 2.46 percentage points during the week [8]. Investment Recommendations - The report suggests focusing on three main investment lines: 1. State-owned banks and major commercial banks like China Merchants Bank. 2. Quality joint-stock banks and city commercial banks with improving net interest margins and credit costs. 3. City commercial banks benefiting from regional policies and showing significant performance potential [9]. - Specific banks recommended for investment include China Merchants Bank, CITIC Bank, and several city commercial banks such as Chengdu Bank and Chongqing Bank [9][10].

Core Insights - The credit card market in China is experiencing a significant contraction, with a total issuance of 707 million cards as of Q3 2025, down from 715 million in Q2 2025 and a peak of 807 million in Q3 2022, marking a decline of approximately 100 million cards over three years [2][3] - The non-performing loan (NPL) rate for credit cards has risen to 2.40% as of mid-2025, indicating increasing pressure on asset quality within the banking sector [5][6] Credit Card Issuance Trends - The total number of credit cards has been on a downward trend for 12 consecutive quarters, with a notable reduction of 800 million cards in Q3 2025 compared to the previous quarter [2] - Major banks have reported a significant decrease in credit card loan balances, with a reduction of nearly 600 billion yuan in the first half of 2025 compared to the end of 2024 [3] - Credit card transaction volumes have also declined, with an overall decrease of approximately 8% year-on-year, particularly affecting banks like China Merchants Bank and Bank of Communications [3] Factors Influencing Market Contraction - The contraction in the credit card market is attributed to multiple factors, including regulatory policies that encourage banks to move away from aggressive card issuance and the rise of mobile payments and internet credit tools that are replacing traditional credit card usage [4] - Banks are shifting their focus from merely expanding card issuance to more refined management and risk control strategies [4] Asset Quality Concerns - The total amount of overdue credit card loans has increased from 842.85 billion yuan in Q2 2022 to 1,239.64 billion yuan by the end of 2024, indicating a growing concern over asset quality [5] - The average NPL rate for credit card overdrafts among 12 domestic banks has risen from 2.33% at the end of 2024 to 2.40% by mid-2025, with specific banks like ICBC and CCB reporting even higher rates [5] Risk Management and Asset Disposal - In response to rising NPLs, banks are accelerating the disposal of non-performing assets, with over 260 billion yuan in personal loan asset packages being transferred in November alone [6] - Notable cases include large asset packages from banks like Minsheng Bank and SPDB, indicating a proactive approach to managing credit risk [6] Operational Adjustments in Banking - Banks are implementing cost-cutting measures, including the closure of credit card centers and integrating credit card operations into broader retail banking strategies [7] - The future of credit card services is expected to focus on providing safer and more value-added financial services rather than merely promoting overspending [7] - The competitive landscape is likely to favor larger banks with strong risk management capabilities, while smaller banks will need to find ways to attract and retain customers without compromising on risk [7]

Core Viewpoint - The long-term large-denomination certificates of deposit (CDs) are disappearing from banks, leading to a significant shift in savings habits among depositors as interest rates decline sharply [1][3][5]. Group 1: Product Supply - Major state-owned banks, including Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, and China Construction Bank, have stopped selling 5-year large-denomination CDs [3]. - Some banks have also ceased offering 3-year large-denomination CDs, with no clear timeline for their return [3]. - Local banks are following suit, with announcements of the cancellation of 5-year fixed-term deposits [3]. Group 2: Interest Rate Decline - The interest rates for large-denomination CDs have dropped to the "1" range, with 3-year CDs at 1.55% for major banks [5]. - In contrast, prior to 2020, 3-year and 5-year CDs had yields above 3%, with some smaller banks offering rates close to 4% [5]. - The traditional practice of higher interest rates for larger deposit amounts has been disrupted, as the rates for different deposit amounts are now the same [5]. Group 3: Banking Strategy - The collective withdrawal of long-term large-denomination CDs is a response to the ongoing pressure on banks' net interest margins, which fell to 1.42% by Q3 2025 [7]. - Banks aim to lower liability costs and stabilize net interest margins by reducing the supply of long-term deposits [7]. - The current low net interest margin environment compels banks to avoid high-cost long-term deposits to maintain profitability [7]. Group 4: Shift in Depositor Behavior - With the discontinuation of long-term large-denomination CDs, depositors are seeking alternative investment products, such as savings insurance, government bonds, or structured deposits [9]. - However, these alternatives come with their own limitations, such as lower liquidity for savings insurance and limited issuance for government bonds [9]. - A survey indicates an increase in residents inclined to invest more, rising by 5.6 percentage points to 18.5% [9]. Group 5: New Investment Preferences - Non-principal guaranteed bank wealth management products have become a preferred investment method among residents, with the market size reaching 32.13 trillion yuan, a 9.42% year-on-year increase [11]. - Financial advisors are recommending a diversified asset allocation strategy to improve returns and liquidity, moving away from excessive reliance on long-term deposits [11]. - Low-risk bank wealth management products are suggested as alternatives that may offer better returns than traditional deposits [11]. Group 6: Future Trends - The banking sector is expected to shift towards shorter-term products, emphasizing flexibility and a diverse range of financial products [13]. - Banks need to enhance their wealth management capabilities to maintain customer relationships and ensure stable returns [13]. - Depositors are encouraged to prioritize liquidity in their investments during a declining interest rate environment, allowing for better opportunities in the future [13].

Core Insights - The financial index (399240) closed at 1590.59 points, up 2.22%, with a trading volume of 38.556 billion yuan and a turnover rate of 1.29% [1] - Among the index constituents, 27 stocks rose, led by Ruida Futures with a 10.01% increase, while 6 stocks fell, with Qingdao Bank leading the decline at 2.06% [1] Financial Index Performance - The top ten constituents of the financial index include: - Dongfang Fortune: 27.33% weight, latest price 23.31, up 4.11%, market cap 368.392 billion yuan [1] - Ningbo Bank: 8.30% weight, latest price 28.23, down 0.84%, market cap 186.419 billion yuan [1] - Ping An Bank: 8.21% weight, latest price 11.53, up 0.35%, market cap 223.750 billion yuan [1] - Tonghuashun: 6.36% weight, latest price 328.81, up 3.96%, market cap 176.768 billion yuan [1] - Guotai Junan: 5.45% weight, latest price 21.29, up 1.62%, market cap 161.928 billion yuan [1] - Zhinanzhen: 4.50% weight, latest price 130.79, up 7.29%, market cap 79.548 billion yuan [1] - Shenwan Hongyuan: 3.83% weight, latest price 5.19, up 1.96%, market cap 129.957 billion yuan [1] - Guosen Securities: 3.30% weight, latest price 13.12, up 1.63%, market cap 134.372 billion yuan [1] - Suzhou Bank: 2.77% weight, latest price 8.19, down 0.61%, market cap 36.615 billion yuan [1] - First Venture: 2.57% weight, latest price 6.91, up 2.22%, market cap 29.039 billion yuan [1] Capital Flow Analysis - The net inflow of main funds into the financial index constituents totaled 2.177 billion yuan, while retail funds saw a net outflow of 1.563 billion yuan [3] - Detailed capital flow for key stocks includes: - Dongfang Fortune: 532 million yuan net inflow from main funds, 125 million yuan net outflow from retail [3] - Zhinanzhen: 532 million yuan net inflow from main funds, 392 million yuan net outflow from retail [3] - Guotai Junan: 132 million yuan net inflow from main funds, 868.578 million yuan net outflow from retail [3] - Other notable stocks include Tonghuashun and Ruida Futures, with varying net inflows and outflows [3]

在政策导向与市场红利的双重驱动下，作为"五篇大文章"之首的科技金融，已成为银行业的战略聚焦方 向。在初步构建起科技金融业务"敢贷""愿贷""能贷"的机制基础后，如何切实实现"会贷"能力的提升， 仍是全行业持续探索的课题。 近日，在"第十九届深圳国际金融博览会暨2025中国金融机构年会"分论坛"中国银行业年会"上，来自中 国银行、兴业银行、浦发银行、平安银行和北京银行的嘉宾，展开了以"'种树'的密码：书写科技金融 大文章"的圆桌讨论。 上述嘉宾认为，科技金融的"种树"密码，在于专营化的组织架构及作业模式、风控逻辑和信审模型的升 级打磨、多元化产品供给和服务体系外延，以及多类型非银机构生态圈的搭建。 设立专营组织架构 上述5家银行均将科技金融置于战略优先地位。嘉宾在分享业务布局方法论时一致提到，组建专营队 伍、优化组织设置，是开展科技金融业务的首要保障。 "做科技金融必须有专业性队伍，因为科技金融企业和传统企业不一样，需要专业化积累，所以我们通 过队伍建设，保障业务人员更加准确了解科技型企业的诉求。"中国银行总行公司金融与投资银行部副 总经理杨雷对设置科技金融专营组织架构的归因，颇具代表性。 "科技金融面对的企业 ...

Core Insights - The credit card market in China is undergoing a significant contraction, with a reduction of 100 million cards over three years, reflecting a decline in consumer confidence and increased preventive savings [1][2] - As of the end of Q3 2023, the total number of credit cards and loan cards in circulation is 707 million, down from a peak of 807 million in June 2022, marking a continuous decline for 12 consecutive quarters [1] - The rise in credit card non-performing loan (NPL) rates to 2.40% as of mid-2023 indicates increasing asset quality pressures on banks, leading to a strategic shift in credit card issuance [1] Industry Trends - The ongoing reduction in credit card numbers is not a short-term fluctuation but a structural adjustment driven by stringent regulatory policies and insufficient consumer demand [1] - Banks are adopting differentiated strategies in card issuance, with some institutions like Postal Savings Bank and Bank of Communications reducing their card inventories, while others like China Merchants Bank and CITIC Bank are increasing their card issuance through targeted marketing [2] - Deloitte's report suggests a shift in the industry focus from quantity to quality in credit card issuance, indicating a more cautious approach by banks in response to market conditions [2]

Financial Performance - For the first three quarters of 2025, the bank's operating income was CNY 100.67 billion, a decrease of 9.8% year-on-year [1] - Net profit for the same period was CNY 38.34 billion, down 3.5% year-on-year [1] - As of September 2025, total assets amounted to CNY 576.68 billion, with total loans and advances at CNY 341.78 billion, reflecting a growth of 1.3% from the previous year [1] - The non-performing loan ratio stood at 1.05%, a slight decrease of 0.01 percentage points from the end of the previous year [1] Strategic Goals - The bank aims to be "the most excellent retail bank in China and a globally leading intelligent retail bank" [1] - The strategy focuses on strengthening retail, refining corporate services, and specializing in interbank operations while enhancing risk management and digital transformation [1] Comprehensive Financial Services - The bank is upgrading its comprehensive financial model, leveraging the advantages of the Ping An Group's ecosystem [1] - In the first three quarters of 2025, the net increase in wealth management clients from comprehensive financial services accounted for 47.5% [1] - New customer acquisition in assets under management (AUM) from comprehensive financial services represented 50.5% [1] Insurance Business - By September 2025, the bank's agency income from personal insurance reached CNY 1.24 billion, marking a year-on-year increase of 48.7% [3] Technology Finance - As of September 2025, the number of technology enterprise clients was 28,859, reflecting a growth of 9.5% year-on-year [3] - The balance of technology loans was CNY 297.53 billion, an increase of 6.6% from the previous year [3] Real Estate Loans - The balance of corporate real estate loans was CNY 226.99 billion as of September 2025, a decrease of CNY 18.23 billion from the previous year [3] - The non-performing rate for corporate real estate loans was 2.20%, an increase of 0.41 percentage points from the end of the previous year [3]

Core Viewpoint - Ping An Bank's Anshan Branch celebrates its fifth anniversary, emphasizing its commitment to local service and community engagement to drive regional economic development [1] Group 1: Financial Services and Community Engagement - The bank has focused on optimizing service processes and innovating financial products to enhance community connections [1] - Ping An Bank Anshan Branch aims to provide tailored financial services for the elderly, addressing their specific needs and risk tolerance [3] - The bank has implemented measures in consumer credit, such as lowering financing costs and increasing loan limits, to stimulate consumption and serve the public [3] Group 2: Business Growth and Market Strategy - Over the past five years, the bank has centered its operations on deposit and loan services, achieving steady growth in savings deposits [5] - The bank has prioritized lending to small and micro enterprises and the agricultural sector, addressing financing challenges faced by local businesses and farmers [5] - Ping An Bank Anshan Branch plans to continue its focus on local market development and innovation in products and services to support economic prosperity and rural revitalization strategies [5]

Core Insights - The banking sector is experiencing a significant transformation from traditional deposit and loan services to comprehensive financial services, with the "New Year Opening" marketing campaign reflecting this shift in search of new growth points in a changing market environment [1][3] Group 1: Early Marketing Initiatives - Many banks have started their "New Year Opening" marketing campaigns earlier than usual, with some initiating efforts as early as late November to secure quality clients and boost middle-income business [2][3] - Banks are conducting internal meetings to set sales targets for asset management products, indicating a proactive approach to marketing [2][3] Group 2: Pressure on Net Interest Margin - As of the end of Q3, the banking industry's net interest margin has dropped to 1.42%, remaining at a historical low, prompting banks to adjust their product offerings to manage interest margins more effectively [3][4] - Some banks have begun to withdraw long-term deposit products to strengthen interest margin control, with expectations of further declines in deposit rates [3] Group 3: Shift in Marketing Focus - There is a noticeable reduction in the demand for deposit acquisition among some banks, leading them to focus more on wealth management services [4][5] - Marketing strategies have evolved from traditional giveaways to more pragmatic approaches, such as fee discounts and cash rebates, to attract clients [4][5] Group 4: Wealth Management as a Priority - Wealth management has become a key focus for many banks, with initiatives like the "Wealth Growth Plan" being introduced to incentivize client participation [5] - The emphasis on wealth management reflects the increasing importance of retaining and growing client assets in the context of declining interest rates and net interest margins [5]