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]

Core Viewpoint - Major state-owned banks in China have completely stopped offering 5-year large denomination certificates of deposit (CDs), with some joint-stock banks and city commercial banks also following suit by reducing long-term deposit products [1][9]. Group 1: Changes in Deposit Products - The six major state-owned banks have significantly shortened the maturity structure of their large denomination CDs, now only offering products with maturities of 1 month, 3 months, 6 months, 1 year, 2 years, and 3 years [3][9]. - The interest rates for the 3-year large denomination CD is 1.55%, while the 1-year and 2-year products have interest rates of 1.20% [3]. Group 2: Withdrawal of 5-Year CDs - The 5-year large denomination CDs have been removed from the product offerings of several banks, including China Bank, Construction Bank, and Postal Savings Bank, with no trace of 5-year products in Agricultural Bank's catalog from 2018 to 2025 [9][10]. - The withdrawal of 5-year large denomination CDs has been a gradual process, as evidenced by China Bank's earlier announcement in May 2023, which included 5-year products but was limited to specific customers [9][10]. Group 3: Availability of Other Maturities - The 3-year large denomination CDs have also become scarce this year, with banks like China Merchants Bank confirming that both 3-year and 5-year options are no longer available [11]. - The longest available term for large denomination CDs is now 2 years, with an interest rate of 1.40% [11].

Core Insights - The article focuses on the performance of minimum holding period RMB public offering products, ranking them based on annualized returns for holding periods of 7, 14, 30, and 60 days [1][4][12] Group 1: 7-Day Holding Period Products - The top-performing product is from Minsheng Bank with an annualized return of 4.17% [3] - Other notable products include: - Huishang Bank with 3.58% [3] - Bank of China with 2.96% [3] - Minsheng Bank's Fuzhu Pure Bond with 2.54% [3] - Bohai Bank with 2.39% [3] Group 2: 14-Day Holding Period Products - Minsheng Bank's product "Jingxiang Fixed Income Incremental Dual-Week" leads with a return of 34.68% [5] - Other significant products include: - Minsheng Bank's Fuzhu Pure Bond with 5.66% [5] - WeBank's "Anying" Stable Income with 4.47% [5] - SPDB's "Wealth Management Series" with 2.33% [5] Group 3: 30-Day Holding Period Products - Minsheng Bank's "Guizhu Fixed Income Incremental Monthly" tops the list with a return of 21.23% [9] - Other key products include: - Minsheng Bank's Fuzhu Fixed Income with 13.53% [9] - Bank of China with 7.64% [9] - Huishang Bank's "Happiness 99" with 6.07% [9] Group 4: 60-Day Holding Period Products - The leading product is from Minsheng Bank with a return of 15.12% [13] - Other notable products include: - CITIC Bank's Fuzhu Pure Bond with 8.94% [14] - Bank of China with 4.57% [14] - Huishang Bank's product with 3.46% [14]

Market Overview - On December 2, the shareholding banks sector declined by 0.26% compared to the previous trading day, with Pudong Development Bank leading the decline [1] - The Shanghai Composite Index closed at 3897.71, down 0.42%, while the Shenzhen Component Index closed at 13056.7, down 0.68% [1] Individual Bank Performance - Citic Bank (601998) closed at 7.78 with no change in price, trading volume of 527,000 shares, and a transaction value of 412 million yuan [1] - Industrial Bank (601166) closed at 21.15, down 0.05%, with a trading volume of 531,500 shares and a transaction value of 1.122 billion yuan [1] - China Merchants Bank (600036) closed at 43.38, down 0.14%, with a trading volume of 406,700 shares and a transaction value of 1.766 billion yuan [1] - Huaxia Bank (600015) closed at 7.00, down 0.14%, with a trading volume of 486,300 shares and a transaction value of 340 million yuan [1] - Everbright Bank (601818) closed at 3.59, down 0.28%, with a trading volume of 2.2732 million shares and a transaction value of 815 million yuan [1] - Zhejiang Commercial Bank (601916) closed at 3.12, down 0.32%, with a trading volume of 1.3659 million shares and a transaction value of 426 million yuan [1] - Ping An Bank (000001) closed at 11.64, down 0.43%, with a trading volume of 768,100 shares and a transaction value of 895 million yuan [1] - Minsheng Bank (600016) closed at 4.12, down 0.72%, with a trading volume of 3.3482 million shares and a transaction value of 1.379 billion yuan [1] - Pudong Development Bank (600000) closed at 11.45, down 0.78%, with a trading volume of 503,300 shares and a transaction value of 578 million yuan [1] Capital Flow Analysis - The shareholding banks sector experienced a net outflow of 426 million yuan from main funds, while speculative funds saw a net inflow of 242 million yuan, and retail investors had a net inflow of 183 million yuan [1] - Citic Bank had a main fund net inflow of 56.67 million yuan, while retail investors contributed a net inflow of 8.34 million yuan [2] - Huaxia Bank saw a main fund net inflow of 20.20 million yuan, but retail investors had a net outflow of 1.99 million yuan [2] - Pudong Development Bank experienced a main fund net inflow of 0.89 million yuan, with a net outflow from retail investors of 32.71 million yuan [2] - Minsheng Bank had a significant main fund net outflow of 96.31 million yuan, while speculative funds saw a net inflow of 61.08 million yuan [2] - Industrial Bank faced a main fund net outflow of 101 million yuan, but retail investors contributed a net inflow of 82.80 million yuan [2]

"我跑了两家大行网点，5年期大额存单都停售了，就连3年期的都得靠'抢'，额度一出来很快就没了，关键利率还比去年降了不少。"家住北京市的王 女士告诉记者，她手中的50万元闲置资金本想配置长期大额存单以求稳健收益，如今却陷入了"无处可放"的困境。 王女士的遭遇并非个例。记者近期调研发现，工商银行、农业银行、中国银行、建设银行、交通银行、邮储银行六家国有大行已全面停售5年期大额 存单产品，部分股份制银行及城商行也紧随其后收缩长期存款业务。 六大行全面停售5年期大额存单 记者登录六大行官方APP及手机银行查询时发现，目前各银行大额存单期限结构已明显"短期化"。工商银行"大额存单"栏目下仅剩余1个月、3个月、 6个月、1年、2年、3年六个期限产品。其中，3年期大额存单产品利率为1.55%，1年期、2年期产品利率均为1.20%。 此外，中国银行、建设银行、交通银行及邮储银行的产品矩阵呈现相似特征，5年期产品均已从在售列表中移除。在农业银行2018年至2025年的人民 币个人大额存单产品目录中，也并未出现5年期大额存单产品的"踪影"。 回溯来看，5年期大额存单的退出并非突然之举。以中国银行为例，今年5月20日，中国银行曾在 ...

Core Viewpoint - The major state-owned banks in China have completely stopped offering 5-year large denomination certificates of deposit (CDs), with a trend towards shorter-term products, reflecting a shift in the banking sector's approach to long-term deposits amid declining interest rates and changing depositor behavior [1][2][10]. Group 1: Bank Actions - Six major state-owned banks, including ICBC, ABC, BOC, CCB, BOCOM, and PSBC, have ceased offering 5-year large denomination CDs, with some also reducing the availability of 3-year products [1][2][6]. - The current offerings from these banks now primarily include shorter-term products, with the longest available being 3 years at a rate of 1.55% [2][6]. - The trend of discontinuing long-term deposit products is not limited to national banks; local commercial banks and private banks are also following suit, as seen with the announcements from banks in Inner Mongolia [10][11]. Group 2: Market Dynamics - The reduction in long-term deposit products is attributed to the downward trend in interest rates, leading banks to avoid higher costs associated with long-term deposits [10][11]. - There is a notable increase in deposit enthusiasm among residents, resulting in rapid growth in bank deposit scales, while credit demand remains weak, reducing banks' motivation to attract long-term deposits [10][11]. - Many banks are also lowering deposit rates, with some reductions reaching up to 65 basis points, indicating a broader strategy to optimize their liability structure under pressure from interest margins [10][11]. Group 3: Depositor Behavior - The withdrawal of long-term deposit products has created a dilemma for depositors, as many are uncertain about where to allocate their idle funds, with a significant portion of savers expressing a desire for more savings [11]. - A survey indicates that the proportion of depositors inclined towards saving more has decreased by 1.5 percentage points, suggesting a shift in asset allocation strategies among investors in a low-interest-rate environment [11]. - Financial experts recommend that investors adjust their expectations for returns and consider diversifying their asset allocation to include cash management products, money market funds, and government bonds [11].

Core Viewpoint - The Chinese M&A market is entering a new phase driven by regulatory innovation and capital empowerment, with significant growth in merger and acquisition activities observed in recent years [2][3]. Group 1: Market Dynamics - The introduction of new policies such as the "National Nine Articles," "Sci-Tech Innovation Board Eight Articles," and "M&A Six Articles" has activated the M&A market, leading to a 117.30% year-on-year increase in major M&A transactions disclosed by A-share listed companies, totaling 163 deals by August 31, 2025 [3]. - The total transaction value of these M&A deals reached 4724.48 billion yuan, reflecting a 172.90% increase year-on-year [3]. - The M&A market is shifting from simple scale expansion to value creation, emphasizing the importance of industrial logic and quality of targets [3][5]. Group 2: Changes in M&A Logic - The Chinese M&A market has evolved from a dualistic structure, where state-owned enterprises focused on scale expansion and resource integration, while private enterprises pursued short-term capital returns through speculative activities [4][5]. - The 2017 "goodwill impairment" incident exposed inflated valuations and performance manipulation in some M&A transactions, prompting a reevaluation of M&A logic and value [4][5]. Group 3: Role of Banking in M&A - The recent draft of the "Commercial Bank M&A Loan Management Measures" expands the scope of M&A loans, allowing for minority stake acquisitions and increasing the financing ratio for controlling acquisitions from 60% to 70% [6]. - This regulatory change aims to enhance the funding capabilities for M&A transactions, particularly for strategic investments that require collaboration across the industrial chain [6][7]. Group 4: Private Equity (PE) Involvement - PE institutions are increasingly recognized as key players in industrial integration and value creation, moving beyond the perception of being short-term speculators [9][11]. - Successful PE-led M&A transactions have emerged, demonstrating the potential for significant contributions to local economies, job creation, and overall industry growth [10][11]. Group 5: Foreign Capital Trends - Foreign capital, particularly from the Middle East and Europe, is shifting towards deeper industrial integration and strategic cooperation in China, moving away from purely financial investments [12][13]. - European capital is actively participating in China's innovation ecosystem, focusing on high-tech and green transformation sectors, while also establishing partnerships with local firms [13][14]. - The collaboration between European and Middle Eastern capital is fostering a complementary strategic value, enhancing China's integration into global innovation networks and industrial chains [14].

Core Insights - The Chinese M&A market is entering a new phase driven by regulatory innovation and capital empowerment, with a mature ecosystem emerging for mergers and acquisitions [1] - Recent policies such as the new "National Nine Articles," "Sci-Tech Innovation Board Eight Articles," and "M&A Six Articles" have significantly activated the M&A market, leading to a substantial increase in major transactions [2][3] Regulatory Changes - The introduction of the "M&A Six Articles" by the CSRC on September 24, 2024, has notably increased market activity after five years of declining transaction amounts, with a reported 163 major M&A transactions by A-share listed companies by August 31, 2025, representing a 117.30% year-on-year increase [2][3] - The total transaction amount reached 472.448 billion yuan, marking a 172.90% increase year-on-year [2] Market Dynamics - The development logic of the Chinese M&A market has shifted from simple scale expansion to value creation, emphasizing the importance of industrial logic and quality of targets [3][4] - The market has transitioned from a "dualistic" structure, where state-owned enterprises focused on resource integration and scale, to a more rational approach that values deep industry integration and technological advancement [3][4] Role of Financial Institutions - The recent draft of the "Commercial Bank M&A Loan Management Measures" expands the scope of M&A loans, allowing for minority stake acquisitions and increasing the financing ratio for controlling acquisitions from 60% to 70% [5] - This regulatory change aims to enhance the funding capabilities for M&A transactions, particularly for strategic investments that require collaboration across the industrial chain [5][6] Bank Strategies - Ping An Bank has focused on developing a systematic approach to M&A financing, targeting key strategic areas such as state-owned enterprise reform and technological innovation, with nearly 100 billion yuan in M&A loans provided to state-owned enterprises over the past three years [6][7] - The bank has also supported private equity (PE) acquisitions, facilitating connections between domestic and international capital, and has engaged in significant projects such as the acquisition of Yingde Gas, a leading industrial gas producer [6][7] Foreign Investment Trends - There is a notable shift in foreign capital investment in China, with Middle Eastern and European capital increasingly engaging in strategic partnerships and deeper industrial integration rather than merely financial investments [9][10] - This trend reflects a growing recognition of the value of Chinese innovation and technology, with foreign investors actively participating in sectors such as renewable energy, digital infrastructure, and biomedicine [10][11] Conclusion - The evolving landscape of the Chinese M&A market, characterized by regulatory support and strategic foreign investment, presents significant opportunities for value creation and industrial advancement, positioning it as a critical driver of economic growth [1][2][10]