转自：江西晨报 对于前来银行办理单位账户业务的客户，工作人员将积极开展减费让利政策的普及宣导，确保每位办理 账户业务的小微企业和个体工商户都了解到中信银行的费用优惠政策，并且中信银行青山湖支行积极利 用企业对账、企业年检通知等业务通知的有利时机，一并对银行存量客户进行电话宣传，扩大影响面。 中信银行青山湖支行通过本次宣传活动的开展，进一步加深了"减费让利，让利于民"政策的普及程度， 积极做好减费让利政策的落地执行工作。下一步中信银行南昌青山湖支行将继续践行使命，扎实推进减 费让利的相关工作，不断提高业务办理效率，做到"降费不降服务"。（邓一朦） 编辑：穆皓 为积极响应中国人民银行"支付降费，让利于民"主题宣传活动的号召，中信银行南昌青山湖支行扎实做 好支付服务工作，积极宣传减费让利政策，提升小微企业和个体工商户对减费让利政策的满意度。 中信银行青山湖支行采用线上线下协同宣传的方式，在营业场所布放服务价目表、宣传公告、海报等宣 传物料，确保价格公示透明公开，让前来网点办理业务的客户能第一时间获取到银行的减费让利政策。 同时利用营业网点外部LED屏幕滚动播放"减费让利，让利于民"的宣传口号，扩大周边居民对减费让利 ...

作为中国普惠金融体系的核心工具，普惠小微贷款正站在"保量、稳价、优结构"的高质量发展关口。回 望过去十数年，从政策启动到市场培育，再到如今的规范发展，普惠小微贷款不仅实现了规模的跨越式 增长，更成为衔接金融资源与实体经济的关键纽带。从"融资难"到"融资易"，从"高成本"到"低成本"， 从"广覆盖"到"高质量"，普惠小微贷款的发展轨迹，正是中国金融体系向实体经济回归的缩影，在高质 量发展的道路上，普惠金融的故事仍在续写。 36万亿贷款余额 "这家企业三年前还是首贷客户，这次申请的续贷将全部用于新生产线采购。"在北京一国有银行普惠金 融部办公室内，一位客户经理正对着电脑屏幕梳理一家小微企业的续贷材料，类似的场景，每天都在全 国各地的银行网点中不断上演。 国家金融监督管理总局最新数据显示，截至2025年三季度末，银行业金融机构普惠型小微企业贷款余额 达36.5万亿元，同比增长12.1%。这一数字背后，是普惠小微贷款作为核心工具，破解小微企业融资困 境的生动实践。 亮眼的成果并非一蹴而就，将时间回拨至2010年，彼时，银行业普遍存在"重大轻小"的倾向，小微企业 因单体规模小、抗风险能力弱、财务信息不规范等问题，长期被 ...

Core Points - The Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159281) closed down 0.79% on December 10, with a trading volume of 43.34 million yuan [1] - The fund was established on August 20, 2025, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of December 9, the fund had a total of 310 million shares and a total size of 313 million yuan [1] - Over the past 20 trading days, the cumulative trading amount reached 778 million yuan, with an average daily trading amount of 38.91 million yuan [1] - The current fund manager is He Yuxuan, who has managed the fund since its inception, achieving a return of 4.01% during the tenure [1] Holdings Summary - The top holdings of the Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF include: - COSCO Shipping Holdings (0.85% holding, 218,000 shares, market value of 2.9175 million yuan) [2] - Orient Overseas International (0.40% holding, 10,500 shares, market value of 1.3717 million yuan) [2] - China Foreign Transport (0.33% holding, 270,000 shares, market value of 1.1396 million yuan) [2] - China Petroleum & Chemical Corporation (0.32% holding, 162,000 shares, market value of 1.0973 million yuan) [2] - CITIC Bank (0.32% holding, 175,000 shares, market value of 1.1136 million yuan) [2] - CNOOC (0.29% holding, 58,000 shares, market value of 1.0041 million yuan) [2] - China Shenhua Energy (0.29% holding, 30,500 shares, market value of 982,600 yuan) [2] - China People's Insurance Group (0.29% holding, 164,000 shares, market value of 1.0107 million yuan) [2] - China Unicom (0.28% holding, 104,000 shares, market value of 952,800 yuan) [2] - Agricultural Bank of China (0.27% holding, 189,000 shares, market value of 933,900 yuan) [2]

Core Viewpoint - The high-end credit card benefits are being significantly reduced by multiple banks, leading to a shift in the value proposition of these cards as banks struggle with profitability in this segment [2][5][7]. Group 1: Changes in High-End Card Benefits - Many banks are announcing reductions in high-end card benefits for the upcoming year, including limiting access to airport lounges and increasing the thresholds for redeeming points [2][5]. - Specific changes include limiting airport lounge access from unlimited visits to a maximum of six per year and increasing the points required for cash redemption from 400 to 500 points per dollar [6][5]. - The overall trend indicates a significant contraction in benefits, with services like health check-ups being completely removed [5][6]. Group 2: Profitability Challenges - High-end credit cards are not profitable for banks due to high costs associated with benefits and low commission rates from merchants, which average around 0.3% [7][9]. - The cost of providing services such as airport transfers can range from 200 to 300 yuan, while the revenue generated from card usage is minimal if customers do not carry a balance [8][7]. - The presence of "arbitrageurs" exploiting card benefits further erodes profitability, prompting banks to tighten rules and reduce benefits [10][7]. Group 3: Strategic Focus on High-End Cards - Despite the lack of profitability, banks continue to invest in high-end credit cards as a strategy to attract and retain high-value customers, linking these cards to broader wealth management services [11][14]. - High-end cards serve as a "hook" to deepen relationships with customers, enhancing loyalty and engagement across various banking services [15][14]. - The focus is shifting from acquiring new customers to maintaining existing high-quality clients, with banks aiming to create distinctive offerings in niche markets [19][18].

Core Viewpoint - The high-end credit card benefits are being significantly reduced by multiple banks, leading to a decline in the perceived value of these cards, as banks struggle with profitability in this segment [1][5][7]. Group 1: Benefit Reductions - Many banks are cutting back on high-cost benefits such as unlimited airport lounge access, reducing it to a maximum of six visits per year [5][6]. - The redemption thresholds for rewards points are being raised, with some banks changing the conversion rate from 400 points to 500 points for one unit of cash back [5][6]. - Additional benefits like complimentary dining and health check services are being eliminated entirely [5][6]. Group 2: Profitability Challenges - High-end credit cards are not profitable for banks due to high costs associated with benefits and low interchange fees, which average around 0.3% in China [7][8]. - The typical high-end cardholder often uses the card solely for payments without generating interest income for the bank, further complicating profitability [7][8]. - The presence of "arbitrageurs" exploiting card benefits has led to increased costs for banks, prompting them to tighten rules around benefit usage [9]. Group 3: Strategic Shifts - Banks are shifting focus from expanding customer bases to managing existing high-value clients, emphasizing a strategy of resource allocation towards wealth management and private banking [10][13]. - High-end credit cards are viewed as tools for identifying valuable customers and enhancing overall profitability through cross-selling opportunities in other financial services [10][13]. - The credit card industry is transitioning into a phase of maintaining existing customers rather than aggressively acquiring new ones, as the market becomes saturated [19][20].

Core Viewpoint - The company announced a guarantee for a credit facility application by its wholly-owned subsidiary, Hong Kong Liwang, to Citic Bank Dongguan Branch, amounting to a maximum of RMB 50 million, which represents 11.16% of the company's latest audited net assets [1] Group 1 - The company plans to provide a cash collateral guarantee for its subsidiary [1] - The credit facility application is for an amount not exceeding RMB 50 million [1] - The guarantee period is set for a maximum of 24 months [1]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights the adjustment of the interest rate shock scenario by the Basel Committee (BCBS), reducing the parallel upward shift from 250 basis points (BP) to 225 BP, which is expected to improve the ΔEVE (Economic Value of Equity) to Tier 1 Capital ratio for major banks [4][5] - It is estimated that this adjustment could release approximately CNY 1 trillion in capacity for 30-year local government bonds and CNY 1.5 trillion for 15-year bonds [6][8] - The report anticipates that the regulatory requirements for interest rate risk indicators may be relaxed in 2026, potentially alleviating the pressure on banks [7] Summary by Sections Interest Rate Shock Adjustment - The BCBS has revised the interest rate shock scenario, reducing the parallel upward shift from 250 BP to 225 BP, which is expected to enhance the ΔEVE/Tier 1 Capital ratio by 0.92% to 1.57% for major banks [4][12] - Major banks such as ICBC, CCB, ABC, and BOC are projected to see improvements in their ΔEVE ratios, with specific improvements of 1.13%, 1.36%, 1.57%, and 0.92% respectively [5][12] Capacity Release for Local Government Bonds - The adjustment in interest rate shock is expected to release approximately CNY 870 billion for 30-year local government bonds and CNY 1.16 trillion for 15-year bonds [5][14] - If the Ministry of Finance injects capital into ICBC and ABC in 2026, it could further improve their ΔEVE ratios and release additional capacity for local government bonds [6][15] Regulatory Environment - The report suggests that regulatory constraints on banks may be relaxed, with a potential reduction in the required shock levels and a possible easing of the upper limit on risk indicators [7] - The report notes that major banks sold approximately CNY 740 billion in 7-10 year bonds and CNY 850 billion in 20-30 year bonds from January to November 2025, indicating a shift in their bond portfolio strategy [16] Investment Recommendations - The report recommends a bottom-up approach focusing on large state-owned banks, with specific beneficiaries identified as Agricultural Bank of China and Industrial and Commercial Bank of China [8] - Core investments are suggested in leading comprehensive banks, with China Merchants Bank and Industrial Bank highlighted as key beneficiaries [8]

（1）2025年12月11日暂停代销机构（中国民生银行股份有限公司、平安银行股份有限公司、宁波银行 股份有限公司、兴业银行股份有限公司、江苏银行股份有限公司、中国邮政储蓄银行股份有限公司、中 信银行股份有限公司、招商银行招赢通、华西证券股份有限公司、中邮证券有限责任公司、上海利得基 金销售有限公司、通华财富（上海）基金销售有限公司除外）的大额申购（含转换转入、定期定额投 资）业务期间，单日每个基金账户通过代销机构累计申购、转换转入及定期定额投资本基金的金额应不 超过 5 万元；如单日每个基金账户通过代销机构累计申购、转换转入及定期定额投资本基金的金额超过 5万元，本基金管理人将有权拒绝。 （2）2025年12月12日起本基金将恢复代销机构大额申购（含转换转入、定期定额投资）业务，届时将 不再另行公告。本基金暂停代销机构大额申购（含转换转入、定期定额投资）业务期间，其他业务仍正 常办理。 公告送出日期：2025年12月10日 敬请投资者提前做好交易安排。如有疑问，请拨打本基金管理人全国免长途费的客服热线4006855600咨 询，或登录本基金管理人网站www.furamc.com.cn获取 1、公告基本信息 2 ...

在项目攻坚、产业对接、民生服务等领域，江苏援派干部以专业能力、实干担当，实现与地方发展 的协同耦合、双向奔赴。为何"江苏所能"总能精准滴灌"地方所需"？ 今年全国两会期间，习近平总书记参加江苏代表团审议时强调，"经济大省不仅指经济块头大，更 意味着在全国发展大局中肩负的责任大，要在落实国家重大发展战略上有更大的担当"，并专门指出要 做好援藏援疆等对口帮扶工作。 对口支援协作，关键在人，在人的观念、能力、干劲。如何构建更加完善的激励保障体系，激活担 当作为的源头活水，让"千里马"在广阔的天地竞相奔腾？如何搭好实干之台，推动人尽其才，让干部人 才的事业成就感不断转化为持续奋进的加速度？ 依事择人，选优派强展现江苏担当 为筹备"十五五"援藏规划编制，江苏省第十一批援藏干部、拉萨市发改委副主任朱晨乐带领项目 组，连续数月深入拉萨县区的田间地头和企业车间走访调研。 聚焦项目引进建设，江苏省对口支援新疆克州前方指挥部党委副书记、副总指挥李林主动在一线对 接资源、洽谈项目，邀请客商企业来克州江苏产业园区考察百余次，促成10个重大产业项目签约落地。 江苏省第六批援青干部、海南州数据局副局长陈宏充分发挥自身专业优势，积极参与《 ...

Core Viewpoint - The announcement of interim dividends by major banks reflects their robust operational resilience and mature shareholder return mechanisms, which may act as catalysts for valuation recovery in the banking sector [1][5][6] Group 1: Dividend Announcements - Industrial and Commercial Bank of China and Agricultural Bank of China announced interim dividends totaling CNY 503.96 billion and CNY 418.23 billion respectively, with both distributing over CNY 300 billion in cash dividends [1] - As of December 9, 26 A-share listed banks have disclosed their 2025 interim or quarterly dividend plans, with a total proposed payout exceeding CNY 260 billion [1][2] - The six major state-owned banks are the primary contributors to dividends, proposing a total cash dividend of CNY 2,046.57 billion, accounting for over 70% of the total disclosed dividends [2] Group 2: Trends in Dividend Distribution - The six major banks, including ICBC, CCB, ABC, and BOC, have maintained a stable dividend payout ratio around 30% [2] - Regional banks are increasingly participating in dividend distributions, with several institutions like Ningbo Bank and Changsha Bank announcing their first interim dividends [2] - The introduction of interim dividends by banks like Industrial Bank marks a significant step in enhancing the high-dividend landscape among joint-stock banks [2] Group 3: Regulatory and Market Influences - The expansion of the interim dividend landscape is attributed to regulatory policies, solid operational fundamentals, and market demand [3] - Recent policies encourage listed banks to optimize their dividend strategies, with measures to enhance dividend stability and predictability [3] - The Shanghai Stock Exchange is actively promoting higher dividend payouts and increased frequency of distributions to enhance company valuations [3] Group 4: Investment Implications - Bank stocks are characterized by stable performance, low valuations, high dividends, and low volatility, making them attractive for institutional investors seeking low-risk dividend assets [4] - The recent stability in bank stock performance and the appeal of high-dividend stocks are expected to attract more long-term capital, reinforcing the positive cycle of management, dividends, and valuation recovery [5][6] - Analysts believe that the ongoing high dividend policies and stock buybacks will continue to attract long-term investors, enhancing the overall investment value of bank stocks [6]