Core Viewpoint - The rise of illegal activities related to credit cards, such as "anti-collection," "agent rights protection," and "credit repair," has created a disruptive and harmful industry chain that undermines financial order and consumer rights. The banking sector is intensifying efforts to combat these activities through technology, police collaboration, and industry cooperation [2][4]. Regulatory Actions - The Ministry of Public Security and the National Financial Regulatory Administration have launched a six-month crackdown on illegal activities in the financial sector, focusing on illegal agent complaints and anti-collection practices starting in 2025 [2][4]. - Financial regulatory agencies in various provinces have issued risk warnings to consumers about scams related to "debt clearance" and "agent rights protection," urging them to resolve financial disputes through legitimate channels [4]. Industry Response - Banks are leveraging digital capabilities to develop various big data risk control models, such as "black industry identification models" and "complaint customer group identification models," to identify and combat illegal activities [2][5]. - The banking sector has seen a significant impact from "black and gray industry" activities, with nearly 70% of malicious complaints against credit card businesses suspected to be orchestrated by these organizations [3]. Collaborative Efforts - Banks are enhancing collaboration with law enforcement and industry associations to expedite case handling and improve the effectiveness of their responses to illegal activities [5]. - For instance, Ping An Bank's credit card division has established a specialized task force that has led to 20 criminal cases and 28 administrative penalties since its inception in September 2022 [6]. Technological Empowerment - Technology is becoming a crucial tool for banks in combating the "black and gray industry," with advancements in big data and artificial intelligence being utilized to refine risk models and identify fraudulent activities [7]. - Ping An Bank has implemented an innovative "1+N" system for combating illegal activities, utilizing a centralized command structure and advanced monitoring technologies [6]. Future Directions - Industry experts emphasize the need for ongoing regulatory support to effectively address the "black and gray industry," highlighting gaps in current policies that need to be addressed for more effective enforcement [8]. - Financial education and public awareness campaigns are also being prioritized to enhance consumer understanding of financial risks and prevent falling victim to scams [9].

● 本报记者 齐金钊 在利率下行、权益市场波动的环境下，如何为超30万亿元规模的产品提供"稳而优"的解决方案，是当前 银行理财行业面临的新挑战。 除了持续打磨投研体系，平安理财还着力加强与母行的协同创新，在产品和服务端为客户持续输出优质 体验。平安银行日前携手平安理财召开理财服务升级发布会，正式推出"安+心稳致远"全新产品品牌体 系。 "进入低利率时代，大家更关心财富资产的保值增值问题。在这一过程中，银行理财产品承接了一部分 从储蓄转出的资金，这一趋势在稳健型理财产品中的体现尤其明显。"平安银行行长助理王军认为。 "在低利率环境下，'+'的能力尤为重要。我们不依赖主观择时，而是通过科学的资产配置来分散风 险。"张东解释，例如，当转债、黄金等资产站上相对高位时，平安理财的固收+产品会自动进行风险 再平衡，适度降低仓位，转向胜率更高的配置策略。 日前，平安理财董事长张东在接受中国证券报记者专访时表示，理财的核心是帮客户做"配置"，而 非"择时"。通过打造"工业化、平台化"的投资管理模式，平安理财正在与母行进行协同变革，力争让客 户的每一份资金都成为家庭财富的"压舱石"。 应对同质化挑战 银行业理财登记托管中心发布 ...

中经财富是《中国经营报》旗下专注于银行板块、投资理财的媒体平台。让投资变简单，让您的财富天天 升值！ 近年来，信用卡"反催收""代理维权""征信修复"等"黑灰产"活动猖獗，形成了一条集虚假宣传、伪造证 据、恶意投诉、敲诈勒索于一体的非法产业链，严重扰乱金融秩序，侵害消费者权益。银行业正在通过科 技赋能、警银协作、行业联动等方式，持续加大打击力度。 2025年以来，公安部与国家金融监督管理总局联合部署开展为期6个月的金融领域"黑灰产"违法犯罪集群 打击工作，进一步明确严厉打击非法代理投诉、反催收等行为的政策导向。 商业银行也积极响应，发挥数字能力优势，构建各种"黑灰产识别模型""投诉客群识别模型"等大数据风控 模型，协同警方破获多起典型案例，推动打击金融"黑灰产"工作走向深入。 监管重拳出击 与此同时，年初至今，广东、陕西、湖南、新疆等多地金融监管局也相继发布风险提示，提醒消费者警 惕"债务清零""代理维权"等骗局，通过正规渠道解决金融纠纷，并在辖区内全力开展金融领域"黑灰产"违 法犯罪集群打击工作。 协同作战成效显著 监管态势持续升级为银行业打击"黑灰产"提供了有力支持，银行业积极响应，加强与警方、行业协会的 ...

从资金流向上来看，当日股份制银行板块主力资金净流入6.13亿元，游资资金净流出5.83亿元，散户资金 净流出3037.4万元。股份制银行板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600036 招商银行 | | 3.08亿 | 15.23% | -2.90 Z | -14.34% | -1800.19万 | -0.89% | | 600000 浦发银行 | | 1.49 乙 | 12.74% | -9000.01万 | -7.70% | -5904.07万 | -5.05% | | 601166 兴业银行 | | 6749.95万 | 7.94% | -8295.71万 | -9.75% | 1545.76万 | 1.82% | | 601818 光大银行 | | 5241.60万 | 6.73% | -6882.67万 | -8.83% | 1641.08万 | 2.11% | | ...

打击黑产新高潮，7-8月连续推进4起刑事立案 面对债务压力，上海的王某、北京的苏某、重庆的刘某和烟台的刘某，在近月都不约而同地陷入了金融黑灰产精心编织的陷阱。他们轻信"停息挂账""债务 优化"的美好承诺，支付了高额手续费，却成了黑灰产分子伪造公章、制作虚假证明的工具。 这些债务人原本只想缓解经济压力，却不知不觉中走上了违法道路，涉嫌伪造国家机关公文、印章等犯罪行为。 一张信用卡，承载着用户对美好生活的期待。但当持卡人轻信非法中介"减免债务""征信修复""代理维权"的虚假承诺，却将自己拖入更深的风险漩涡，甚至 滑向违法犯罪的深渊。 这些金融黑灰产非法出售、倒卖个人信息，收取高额"维权"费用，盗刷客户信用卡，套取贷款等，导致持卡人蒙受财产损失、债务雪上加霜；黑灰产还会诱 导客户参与伪造证据材料、敲诈勒索、非法集资等违法违规行为，让客户面临法律责任风险。 以上种种黑灰产乱象不仅侵害金融消费者合法权益，同时也挤占了金融消费者正常投诉资源，更可能扭曲风控数据模型，进而影响信贷决策，扰乱金融市场 正常秩序。近年来，金融监管部门多次发声，联合公安等部门发布多项通告，明确打击非法中介、代理维权等金融黑灰产行为。 面对这场"没 ...

Core Viewpoint - The rise of illegal activities related to credit cards, such as "anti-collection," "agent rights protection," and "credit repair," has created a disruptive and harmful industry chain that undermines financial order and consumer rights. The banking sector is intensifying efforts to combat these activities through technology, collaboration with law enforcement, and industry cooperation [1][2]. Group 1: Nature of Financial "Black and Gray Industry" - The financial "black and gray industry" encompasses illegal activities surrounding credit cards and loans, including fraudulent agent complaints and false credit repair services [2]. - These organizations often use online platforms to promote deceptive advertisements, enticing consumers to hire them for resolving disputes with banks, charging high fees, and sometimes engaging in secondary fraud by stealing personal information [2][3]. - Research indicates that nearly 70% of malicious complaints against credit card businesses are suspected to be orchestrated by "black and gray" organizations [2]. Group 2: Impact on Banking Sector - The "black and gray industry" has led to an increase in non-performing loans and heightened challenges in post-loan management for banks, complicating the collection process and damaging the banks' reputations [3]. - Malicious complaints and distortion of facts by these organizations create negative public perceptions of banks, which can adversely affect their operations in the long term [3]. Group 3: Regulatory and Collaborative Actions - In March 2025, the Ministry of Public Security and the National Financial Regulatory Administration launched a special crackdown on the financial "black and gray industry," emphasizing the need to address illegal agent complaints and anti-collection activities [3][4]. - Various financial regulatory bodies across provinces have issued risk warnings to consumers about scams related to "debt clearance" and "agent rights protection," urging them to resolve financial disputes through legitimate channels [3]. Group 4: Technological Empowerment in Combatting "Black and Gray Industry" - Banks are leveraging technology to enhance their capabilities in identifying and combating the "black and gray industry," employing big data and artificial intelligence to develop risk models [4][6]. - For instance, Ping An Bank has established a specialized task force to combat the "black industry," achieving significant results, including 20 criminal cases and 28 administrative penalties since its inception in September 2022 [5][6]. Group 5: Future Directions and Challenges - Industry experts believe that ongoing regulatory policies will be crucial for financial institutions to effectively manage the "black and gray industry" [7]. - There are calls for clearer definitions of illegal operating criteria for "agent rights protection" and the inclusion of forged documents in the evidence chain to facilitate prosecution [7].

Core Viewpoint - The article discusses the current state of personal housing loans in China, highlighting the significant role of major banks in this sector and the rising non-performing loan (NPL) rates due to a sluggish real estate market [2][3][4]. Group 1: Personal Housing Loan Balances - As of June 2025, the total personal housing loan balance in China reached 37.74 trillion yuan, with the top eight banks accounting for 73.17% of this total [2]. - The major banks' personal housing loan balances as of June 2025 are as follows: Industrial and Commercial Bank of China (ICBC) at 6.05 trillion yuan, China Construction Bank (CCB) at 6.15 trillion yuan, and Agricultural Bank of China (ABC) at 4.93 trillion yuan [3][4]. Group 2: Non-Performing Loan Rates - The NPL rate for personal housing loans at ICBC increased to 0.86% by June 2025, up from 0.73% at the end of 2024, marking a significant rise over the past five years [4][5]. - Other major banks also reported NPL rates exceeding 0.7%, indicating a widespread issue across the banking sector [5]. Group 3: Measures to Address NPLs - In response to rising NPLs, banks have increasingly turned to the securitization of personal housing loans as a means to manage these assets [8][11]. - The number of securitization projects has grown from 6 in 2020 to 29 in 2024, with 19 projects already completed in the first half of 2025 [8][13]. - The total amount of personal housing NPLs disposed of through securitization reached 70.11 billion yuan in 2024, with 49.59 billion yuan disposed of in the first half of 2025 [11][14]. Group 4: Impact on Housing Market - The increase in securitization and the corresponding rise in the number of disposed loans suggest that banks may become significant sellers of housing, potentially impacting housing prices negatively [16][26]. - The number of housing units associated with disposed NPLs reached 83,779 in the first half of 2025, indicating a substantial volume of properties being sold off [16][26].

上市银行半年报已陆续披露完毕，行业如何聚焦资产质量管控、推进资产质量稳中向好，备受关注。 数据显示，截至上半年，行业资产质量整体平稳、进一步改善，其中，20家A股上市银行的不良贷款率较年初有所下降，15家银行不 良贷款率较年初持平。 Wind数据显示，上半年，西安银行、齐鲁银行、重庆银行、江苏银行等20家银行的不良贷款率较年初有所下降；成都银行、杭州银 行、中信银行、上海银行、华夏银行等15家银行的不良贷款率较年初保持不变；贵阳银行、民生银行等7家银行不良率则较年初有所上 升。 邮储银行不良贷款率则较年初小幅攀升2个基点至0.92%，邮储银行副行长、首席风险官姚红表示，邮储银行始终坚持着审慎的风险偏 好，虽然不良率有所上升，但是绝对数值仍然是行业均值的60%左右，继续保持了行业较优的水平。 但从多家银行数据来看，对公房地产、零售个贷领域风险仍有所上升。多家银行高管在业绩会上表示，下半年仍将持续加大风险管控 力度。 除邮储银行外，截至6月末，仍有6家上市银行不良率较年初增加。民生银行、兴业银行、瑞丰银行、南京银行等4家上市银行不良贷款 率均较年初上浮1个基点至1.48%、1.08%、0.98%、0.84%。厦门 ...

Core Viewpoint - The current market environment and the decline in asset yield levels have made wealth management products a core solution for investors seeking enhanced returns [1] Group 1: Investment Strategy - Ping An Wealth Management aims to pursue "absolute returns" and provide clients with a "better experience on top of stability" through a "platform + industrialization" investment management model [1][2] - The company emphasizes a steady approach to asset allocation, avoiding blind pursuit of market trends, and instead focusing on multi-asset and multi-strategy combinations to deliver sustainable long-term returns [1][3] Group 2: Market Landscape - As of June, there are 41,800 wealth management products in the market, with significant homogeneity in investment strategies and underlying assets, primarily concentrated in "fixed income +" strategies [1][2] - The majority of wealth management investors have a low-risk appetite, seeking returns slightly above deposit rates with lower volatility than equity markets [3][4] Group 3: Product Development - The "fixed income +" strategy remains the mainstream product, typically allocating 5% to 15% to equity assets, with dynamic rebalancing through quantitative strategies to prevent excessive risk exposure [4][5] - The company is exploring the development of R3-level products, which can help clients achieve wealth appreciation and risk diversification through multi-asset and multi-strategy configurations [5]

1. Report Industry Investment Rating - Currently, the report has a phased and clear bullish view on the bond market [1]. 2. Core Viewpoints of the Report - The revenue growth rate of the entire A-share market and the return on 10-year Treasury bonds are relatively consistent, and the economy may have stabilized at a low level in the first half of 2025, but there is still downward pressure [1][4]. - The loan growth rate continues to decline, the proportion of loans on the asset side of banks tends to decrease, and the financial investment proportion of large banks has increased since early 2023 [1]. - The cost rate of interest-bearing liabilities of listed banks has declined quarter by quarter, and it is expected to further decline in the next few years [1]. - The decline in bank liability costs will support the bond yield to oscillate downward, and it is recommended to increase the allocation of government bonds [1]. 3. Summary by Relevant Catalogues 3.1 From the Semi-annual Report of the Entire A-share Market to See the Economic and Bank Operating Pressures - **From the Performance of the Entire A-share Market to See the Economy** - The revenue growth rate of the entire A-share market can reflect the nominal GDP growth rate to a certain extent, and it is more consistent with the return on 10-year Treasury bonds than the nominal GDP growth rate [5][6]. - In the first half of 2025, the revenue growth rate of the entire A-share market was 0.0%, and the net profit growth rate attributable to the parent was 2.4%. The growth rate of the entire A-share market excluding finance, petroleum, and petrochemicals was under pressure, reflecting the large pressure on real - economy growth [4][10]. - **From the Performance of the Bank Sector to See the Economy** - The performance of the banking industry is closely related to the economy. In the past two years, the performance growth of the banking industry has been significantly under pressure, and the net interest margin of commercial banks has continued to decline [13][16]. - As of the second quarter of 2025, the net interest margin of commercial banks was 1.42%, a record low, and the average net interest margin of various types of listed banks has also decreased significantly [16][18]. - **From the Liabilities of the Entire A-share Market to See the Financing Demand** - Since the first quarter of 2024, the long - term borrowing of the entire A - share market (excluding finance, petroleum, and petrochemicals) has stagnated, reflecting the weak financing demand of market - oriented enterprises [20]. - The social financing growth rate generally leads the nominal GDP growth rate by 1 - 2 quarters, and the social financing growth rate may decline in the next few months [23]. 3.2 What Changes Have Occurred in the Bank's Assets and Liabilities? - **The Loan Growth Rates of Large and Small and Medium - Sized Banks Have Both Declined** - As of the end of July 2025, the balance of RMB loans of financial institutions was 268.5 trillion yuan, with a year - on - year growth rate of 6.9%, the lowest level since the beginning of 2011 [25]. - The growth rate of personal housing loans is under pressure of negative growth, and the loan growth rates of large and small and medium - sized banks have both declined. The proportion of loans of listed banks has tended to decline since the second quarter of 2024 [25][29]. - **The Proportion of Deposits on the Liability Side of Large Banks Has Decreased, and the Proportion of Deposits of Small and Medium - Sized Banks Has Remained Stable** - Since early 2023, the proportion of deposits of the six major banks has decreased from 81.4% in the first quarter of 2023 to 76.0% in the second quarter of 2025, while the average proportion of deposits of listed joint - stock banks has increased [25]. - The large - scale banks' corporate deposit growth has slowed down, and the large - scale banks' dependence on non - bank inter - bank deposits has increased [39][45]. 3.3 Which Banks Had More Financial Investment Growth in the First Half of 2025? - Since early 2023, the proportion of financial investment of large banks has rebounded. As of the end of June 2025, the overall financial investment of A - share listed banks reached 97.4 trillion yuan, accounting for 30.3% of assets [51]. - In the first half of 2025, ICBC and CCB had more financial investment growth, while a small number of joint - stock banks' financial investment decreased. The financial investment increments of large banks, joint - stock banks, and city and rural commercial banks were all significant [55][59]. - As of the end of July 2025, the year - on - year growth rate of the bond investment of the four major banks reached 21.2%, the highest since 2017, and that of small and medium - sized banks was 18.3% [60]. 3.4 How Much Has the Cost of Interest - Bearing Liabilities of Banks Decreased? - In 2025, the decline of the current deposit ratio has slowed down. Since early 2018, the current deposit ratio has dropped significantly, and it is expected to further decline in the future, but the decline rate may slow down [61]. - Since the beginning of 2024, the deposit interest - payment rate has decreased significantly. The overall deposit interest - payment rate of A - share listed banks in the first half of 2025 was 1.65%, a year - on - year decrease of 32BP [65]. - The cost rate of interest - bearing liabilities has declined quarter by quarter. It is expected to further decline in the next few years, and may drop below 1.65% in the fourth quarter of 2025 [67]. 3.5 Investment Suggestions - It is expected that the liability cost of commercial banks will decline year by year in the next five years, which will support the bond yield to oscillate downward, and the return on 10 - year Treasury bonds will follow the decline of bank interest - bearing liabilities [69]. - In the low - interest - rate era, it is recommended to reduce the return expectation of bond investment, and commercial bank self - operation should increase the allocation of government bonds [72][73].