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Core Insights - LeShu Payment received the "Payment Scene Co-Creation Award" from American Express's joint venture in China, recognizing its contributions to the RMB acquiring business and innovative payment solutions [1][5] Group 1: Company Achievements - LeShu Payment has been a core acquiring partner for American Express in China since 2021, focusing on enhancing the acceptance of American Express cards across various sectors including dining, retail, and tourism [5][6] - The company was previously awarded the "Annual Outstanding Contribution Acquiring Partner Award" by the joint venture in 2023, highlighting its technological capabilities and ecosystem collaboration [5][6] Group 2: Industry Collaboration - The partnership between LeShu Payment and the joint venture aims to deepen cooperation and integrate global products and payment innovations, enhancing the acceptance of American Express cards in broader scenarios [6] - The collaboration is expected to provide differentiated services and experiences for both domestic and international merchants and consumers, contributing to higher quality development in the payment industry [6]

Core Insights - American Express reported that its August consumer credit card delinquency and net charge-off rates remained unchanged from the previous month [2] - The U.S. consumer card delinquency rate stood at 1.3% in August, consistent with the rates from the prior two months [2]

Group 1 - American Express Company (NYSE:AXP) is one of the largest payments management firms globally and has been frequently discussed by Jim Cramer as a gauge for US consumer spending [2] - Cramer highlighted that American Express's card offerings are particularly popular among younger users, positioning the company for long-term growth [2] - Following Cramer's advice on September 2nd to buy shares, the stock has remained flat but experienced two peaks since September 3rd [2] Group 2 - Cramer noted that despite the stock reaching an all-time high, some investors are expressing dissatisfaction, indicating a sense of greed among them [3] - The company is viewed as a strong investment, although there is a belief that certain AI stocks may offer higher returns with limited downside risk [3]

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Core Insights - American Express is enhancing the travel experience for Card Members with new digital tools aimed at making travel easier, smarter, and more personalized [1] - The innovations are part of American Express' commitment to providing high-touch premium travel experiences while addressing the evolving needs and preferences of travelers [1] Group 1 - The new digital tools are designed to elevate every stage of the travel journey for Card Members [1] - These innovations aim to make unforgettable travel experiences more accessible [1] - The tools reflect American Express' long history of premium travel services [1]

Group 1 - American Express has generated a total return of 233% over the past five years, significantly outperforming the S&P 500 index [1] - The company primarily targets an affluent customer base through its charge cards, which require cardholders to pay their balances in full each month [3] - American Express earns revenue from discount fees collected from merchants, totaling $9.4 billion in Q2 2025 [4] Group 2 - The company also generates substantial fee revenue, with annual fees for popular cards like the Platinum and Gold amounting to $695 and $325, respectively, resulting in $2.5 billion in fee revenue in the latest quarter [5] - Combined, fee and discount revenue accounted for 66% of American Express's total revenue in Q2 [5] - The business model benefits from higher-income consumers who tend to spend more, directly impacting the company's revenue [6]

Group 1 - American Express is celebrating its 150th anniversary and is leveraging technology to resonate with a younger consumer base, which is expected to drive growth for decades [1][6] - The company targets affluent consumers who are more resilient under pressure, generating loyalty through annual fees and attractive rewards [3][8] - In the second quarter, U.S. consumer spending increased by 7% year over year, with Gen Z spending rising by 39% and Millennials by 10% [4] Group 2 - CEO Stephen Squeri highlighted the growth of the premium customer base and the company's unique premium model developed over the past 40 years, which includes exclusive offerings and strong luxury partnerships [5] - The company's ability to adapt to current trends and shift its business model successfully instills confidence in its future growth [6]

Core Viewpoint - The People's Bank of China is enhancing financial services for the upcoming China International Fair for Trade in Services, scheduled for September 10-14, 2025, in Beijing, aiming to create a smart, convenient, diverse, and efficient payment environment for exhibitors and visitors [1] Payment Services Development - As of now, the two major airport payment service demonstration zones have served 38,000 international guests, processing nearly 1.9 million transactions with a total amount close to 1 billion yuan [1] - In addition to supporting UnionPay cards and QR code payments, the system has been expanded to include VISA, MasterCard, JCB, and American Express for subway access, allowing cardholders to easily tap their cards at 523 subway stations in Beijing [1] User Engagement and Transaction Volume - Over 1.37 million users from more than 137 countries and regions have utilized UnionPay, VISA, MasterCard, JCB, and American Express for subway access, with approximately 1.9 million transactions amounting to over 9.7 million yuan [1]

Core Insights - The partnership between American Express and Lianlian Digital, through their joint venture Lian Tong (Hangzhou) Technology Service Co., aims to enhance payment innovation and support domestic partners in China [1][2] - The recent summit at the 2025 Inclusion Bund Conference gathered nearly 400 representatives from various sectors, focusing on payment innovation and improving cardholder experiences [1] Group 1 - The summit featured keynote speeches from industry leaders, including Kartik Mani, President of Global Network Services at American Express, emphasizing collaboration and innovation in the payment sector [1] - Lian Tong introduced a new corporate payment solution called the Centralized Payment Account, which allows companies to manage travel-related expenses more effectively by integrating with multiple banks and expense management platforms [1] - This solution represents a successful localization of American Express's global corporate payment offerings in mainland China, showcasing the company's commitment to enhancing service for local partners [1] Group 2 - CEO Zhu Yaming highlighted the importance of the Bund Conference as a platform for discussing payment innovation and enhancing customer experiences for American Express cardholders and domestic merchants [2] - The focus on differentiated services aims to support the steady development of the payment industry in China [2]