三年减少1亿张，联名信用卡批量退场？

Core Insights - The credit card industry in China is undergoing a significant transformation, moving away from rapid expansion and towards a focus on cost reduction and efficiency optimization [1][4][7] Group 1: Industry Trends - The total number of credit cards in China has decreased to 707 million as of the end of Q3 2025, marking a reduction of nearly 100 million cards over the past three years [1][4] - Major banks are halting the issuance of co-branded credit cards, with significant cuts announced by institutions such as Postal Savings Bank, Bank of Communications, and China Merchants Bank [2][4] - The shift from co-branded credit cards reflects a broader industry trend from a scale-driven model to a value-driven approach, as banks seek to optimize their product offerings and focus on active users [4][6] Group 2: Structural Adjustments - Banks are restructuring their credit card operations, with a clear trend towards reducing physical branches and integrating credit card services into broader retail banking operations [5][6] - The closure of credit card centers and the consolidation of apps indicate a strategic move to streamline operations and enhance decision-making efficiency [6][7] - The reduction in credit card loan balances is attributed to multiple factors, including slow consumer recovery, competition from online financial platforms, and efforts to clean up inactive accounts [7]