Core Viewpoint - Guiyang Bank reported a decline in both revenue and net profit for the first half of 2025, continuing a trend of "double decline" for three consecutive years [2][4]. Financial Performance - In the first half of 2025, Guiyang Bank achieved revenue of 6.501 billion yuan, a year-on-year decrease of 12.22%, and a net profit attributable to shareholders of 2.474 billion yuan, down 7.2% year-on-year [2]. - The bank's net interest income fell from 5.806 billion yuan in the same period last year to 4.920 billion yuan, a decline of 15.26% [3]. - The fair value change income from trading financial assets turned negative at -511 million yuan, a decrease of 853 million yuan year-on-year [3]. Revenue Sources - Non-interest income for the first half of 2025 was 1.580 billion yuan, a decrease of 1.22% year-on-year [6]. - The bank's revenue primarily comes from within Guizhou Province, with 93.77% of income generated there, and 33.46% from Guiyang City alone [12]. Asset and Loan Growth - As of mid-2025, Guiyang Bank's total assets reached 741.536 billion yuan, an increase of 5.08% from the beginning of the year, with total loans amounting to 343.461 billion yuan, up 1.27% [8]. - The bank's non-performing loan balance increased to 5.824 billion yuan, with a non-performing loan ratio of 1.70%, up 0.12 percentage points from the beginning of the year [10]. Capital Adequacy - The bank's provision coverage ratio decreased to 238.64%, down 18.43 percentage points, while the capital adequacy ratio was 14.97%, a decrease of 0.23 percentage points [11].

Core Viewpoint - Recent adjustments in deposit interest rates by several village and town banks in regions such as Zhejiang, Guizhou, and Jilin indicate a trend of rate cuts primarily among small and medium-sized banks, aimed at stabilizing net interest margins in response to declining profitability [1][4] Summary by Sections Deposit Rate Adjustments - Multiple village and town banks have announced reductions in deposit rates, with decreases ranging from 10 to 20 basis points [1][3] - For instance, Jiangsu Bank has lowered its three-year fixed deposit rate from 1.85% to 1.75%, a reduction of 10 basis points [2] Market Response and Trends - The trend of lowering deposit rates is primarily seen in small and medium-sized banks, which are actively managing their funding costs to address the pressure from narrowing net interest margins [4][6] - Despite the overall downward trend in deposit rates, some banks have introduced large-denomination certificates of deposit (CDs) with interest rates exceeding 2%, attracting market attention [4] Future Outlook - Analysts predict that the downward trend in deposit rates will continue, with expectations of a new round of rate cuts in the third and fourth quarters of the year [5][6] - The necessity for small and medium-sized banks to optimize their deposit structures and reduce reliance on high-interest deposits is emphasized, as this could lead to unsustainable business practices in the long term [4][7]

Core Viewpoint - Jiangyin Rural Commercial Bank reported steady growth in assets and profits for the first half of 2025, driven by significant increases in investment income and improved asset quality [2][3][6]. Financial Performance - As of June 30, 2025, total assets reached 207.58 billion, a 3.67% increase from the previous year, while total liabilities grew by 3.86% to 188.38 billion [2]. - The bank's operating income for the first half of 2025 was 2.40 billion, reflecting a year-on-year growth of 10.45%, with net profit attributable to shareholders rising by 16.69% to 846 million [2][3]. - Investment income surged by 81.44% to 882 million, becoming the main driver of profit growth, while net interest income remained stable at 1.41 billion [2][3]. Income Composition - Non-interest income saw rapid growth, with investment income accounting for 36.72% of total operating income, up from 22.35% in the previous year [3]. - The bank's trading financial assets increased by 28.58% to 25.33 billion, with government bonds showing a remarkable growth of 267.27% [3]. - Fee and commission income decreased by 35.15% to 50.85 million, primarily due to market conditions affecting intermediary business revenues [3]. Asset and Liability Management - Total loans and advances amounted to 131.42 billion, a 5.87% increase, with over 80% allocated to corporate loans, particularly in manufacturing, wholesale retail, and construction [5]. - Total deposits reached 164.83 billion, growing by 6.35%, with a stable liability structure where deposits accounted for 87.49% of total liabilities [5]. Asset Quality - The overdue loan balance decreased significantly by 16.63% to 1.40 billion, indicating improved asset quality management [6]. - However, a substantial portion of overdue loans (68.69%) were overdue for more than three months, suggesting potential risks of conversion to non-performing loans [6]. - Credit impairment losses were 868 million, down 3.27% year-on-year, reflecting effective risk management and asset disposal efforts [6]. Industry Challenges - The bank faces challenges common to regional banks, including narrowing net interest margins and reliance on traditional lending models [6][7]. - There is a need for regional banks to enhance digital capabilities and explore wealth management and transaction banking to adapt to increasing competition and regulatory pressures [7]. - The concentration of loans in specific regions may amplify risks associated with economic fluctuations, necessitating a cautious approach to business expansion [7].

Core Viewpoint - The narrowing of net interest margin (NIM) poses significant challenges to the sustainable development of the banking industry, reflecting a downward trend that has persisted for five consecutive years, with the average NIM of 58 listed banks dropping to 1.52% in 2024 and further declining to 1.43% in the first quarter of this year [1][2]. Factors Influencing NIM - Multiple factors contribute to the decline in NIM, including global economic growth challenges, asymmetric interest rate policies during active monetary policy implementation, intensified competition among banks leading to "price wars," and the differentiated impacts of banks' business structures and strategies [2][3]. Implications of NIM Decline - The decline in NIM affects not only the banking sector but also the overall stability of the financial industry. It necessitates banks to enhance asset-liability management strategies focused on NIM and capital returns, while also increasing pressure on capital replenishment for smaller banks [3][4]. Recommendations for Banks - Banks should improve asset-liability and cost-revenue management capabilities by optimizing their asset-liability structure and enhancing non-interest income through wealth management and other light-capital businesses. They should also focus on risk management capabilities to better handle macroeconomic fluctuations and reduce exposure to high-risk areas [4][5]. International Experience and Strategies - Internationally, banks facing NIM challenges have adopted common strategies, such as expanding into international markets to gain competitive advantages and optimizing regulatory policies to provide banks with the necessary space for transformation and adjustment [5][6].

Core Viewpoint - The narrowing of net interest margin (NIM) poses significant challenges to the sustainable development of the banking industry, reflecting a downward trend that has persisted for five consecutive years, with the average NIM of 58 listed banks dropping to 1.52% in 2024 and further declining to 1.43% in the first quarter of this year [1][2]. Factors Influencing NIM - Multiple factors contribute to the decline in NIM, including global economic growth challenges, asymmetric interest rate policies during active monetary policy implementation, intensified competition among banks leading to "price wars," and the differentiated impacts of banks' business structures and strategies [2][3]. Implications for the Banking Sector - The decline in NIM affects not only the banking sector but also the overall stability of the financial industry. It necessitates banks to enhance asset-liability management strategies focused on NIM and capital returns, while also addressing the capital replenishment pressures faced by smaller banks [3][4]. Strategic Responses - Banks are encouraged to improve asset-liability and cost-revenue management capabilities by optimizing their asset-liability structures and enhancing non-interest income through the development of wealth management and investment banking services [4][5]. - Strengthening risk management capabilities is essential for banks to navigate macroeconomic fluctuations and reduce exposure to high-risk areas [4][5]. International Experience and Recommendations - Internationally, banks facing NIM challenges have adopted common strategies, such as enhancing asset-liability management, increasing non-interest income, and improving risk management capabilities [4][5]. - Banks should also consider international expansion to tap into high-yield credit markets and support enterprises going abroad, while regulatory adjustments may be necessary to provide banks with the flexibility needed for transformation [5].

来源：公告 近日，证监会官网发布《关于芜湖扬子农村商业银行股份有限公司（以下简称"扬子银行"）首次公开发行股票并上市辅导工作进展报告（第三十期）》，辅 导期间为2025年4月至2025年6月。自2015年12月启动上市辅导开始，扬子银行的IPO长跑之路已持续10年有余。 扬子银行成立于2006年12月29日，是安徽省首家农村商业银行。截至2024年末，该行下辖营业网点43个，并在广德市、石台县、东至县、天津市、巢湖市、 武汉市以及上海市发起设立7家村镇银行。 财报显示，截至2024年末，扬子银行资产总额为627.18亿元，同比增长7.77%；资本充足率为13.58%，核心一级资本充足率为11.51%，拨备覆盖率为 266.53%，均符合监管要求。 业绩方面，2024年，扬子银行实现营收10.23亿元，同比增长30.32%；实现净利润2.67亿元，同比下滑6.97%。 本期辅导期间，扬子银行针对具体监管意见研究制定了整改措施，并进一步规范了贷款三查、征信管理、股东及股权管理、公司治理等方面的内控措施。 然而，扬子银行第一大股东淮南矿业股权问题至今仍未解决。 报告显示，截至2025年6月30日，淮南矿业持有扬子银 ...

Core Viewpoint - Hang Seng Bank's interim results for the first half of 2025 show a significant decline in net profit and net interest income, reflecting challenges in the current economic environment and the bank's strategic focus on diversifying income sources to drive future growth [1][9]. Financial Performance - The bank reported a net profit attributable to shareholders of HKD 6.88 billion, a decrease of 30.46% year-on-year [1]. - Net interest income fell by 7.39% to HKD 14.339 billion, primarily due to a 3% reduction in average total customer loans and a decline in market interest rates [2][3]. - Total operating income increased by 3% to HKD 20.975 billion, but pre-tax profit dropped by 28.39% to HKD 8.097 billion [2][4]. Income Diversification - Non-interest income grew significantly, with service fees and other income rising by 34% to HKD 6.636 billion, now accounting for 31.6% of total income [4][5]. - Wealth management and investment services saw a remarkable increase of 43% in revenue, while securities brokerage income surged by 60% [5]. Strategic Initiatives - The bank is focusing on expanding its wealth management services and enhancing cross-border financial capabilities, with a 75% increase in new affluent clients and an 81% rise in new retail clients from mainland China [7][9]. - A sustainable development financing fund of HKD 80 billion has been launched, with over two-thirds already disbursed, indicating a commitment to green finance [6]. Shareholder Returns - Despite the decline in net profit, the bank announced an 8% increase in interim dividends, totaling HKD 2.60 per share, and initiated a HKD 3 billion share buyback program [7][8]. - The bank's capital adequacy ratios improved, with a common equity tier 1 capital ratio of 21.3%, reflecting its ability to manage future risks [8]. Leadership Transition - The recent appointment of new Chairman Zheng Weixin marks a strategic shift for the bank, emphasizing a focus on core strategies and the importance of adapting to the evolving economic landscape [1][9].

意见领袖 |王小龙 从长周期看，我国银行业净息差经历了两轮下降，分别是2015-2017年一季度和2019年至今，这两个时 间节点值得深入研究。 信贷需求减弱有深层次背景，包括人口红利和人口总数见顶等因素，需求减弱呈现从个人贷款到小企业 再到大企业的传导路径。 当前中小银行面临的压力相对更大，农商行净息差下降最为显著。银行业增量客户增长见顶背景下，大 行下沉对中小银行冲击明显，低利率环境下内卷式竞争加剧。 应对的核心在于战略定力，需要在规模、质量、效益之间做出合理选择，中小银行应立足差异化发展， 通过联合体方式克服规模和范围不经济难题。 ——王小龙 浙江省政协经济委员会副主任、浙江农村商业联合银行原董事长 * 本文为作者在2025年7月6日的CF40双周内部研讨会第458期"低利率、信贷需求与银行业挑战"上所做 的主题演讲，经作者审核。 中国银行业进入低息差低利率时代 净息差是规模、质量、效益不可能三角的核心问题，是当前银行业面临信贷需求不足和低利率环境背景 下生存发展的焦点所在。 从长周期视角观察，近15年来，我国银行业净息差经历了两轮明显的下行周期。第一轮是2015年至2017 年一季度，第二轮是2019 ...

Core Viewpoint - The article highlights the continuous decline in bank deposit rates, with many banks entering the "1 era" for medium to long-term rates, indicating a broader trend of decreasing interest rates in the banking sector [1][2][4]. Summary by Sections Bank Deposit Rates - As of June 2025, the average interest rates for various term deposits are as follows: 3-month at 0.949%, 6-month at 1.156%, 1-year at 1.287%, 2-year at 1.372%, 3-year at 1.695%, and 5-year at 1.538% [3]. - Compared to May, the rates have decreased: 3-month by 5.5 basis points (BP), 6-month by 5.6 BP, 1-year by 5.2 BP, 2-year by 5.6 BP, 3-year by 1.6 BP, and 5-year by 3.5 BP [3]. Factors Influencing Rate Changes - The decline in deposit rates was anticipated following the People's Bank of China's (PBOC) reduction of the Loan Prime Rate (LPR) on May 20, which led major banks to lower their deposit rates by up to 25 BP [3][4]. - The ongoing marketization of interest rates and the pressure on banks' net interest margins are contributing to the trend of decreasing deposit rates [4][5]. Large Certificates of Deposit (CDs) - The average interest rates for large CDs have also decreased, with 3-month at 1.179%, 6-month at 1.391%, 1-year at 1.477%, 2-year at 1.462%, 3-year at 1.768%, and 5-year at 1.700% [7]. - The decline in rates is more pronounced for longer-term CDs, with significant reductions observed across all terms compared to May [7]. Structural Deposits - The average term for structured deposits has increased to 103 days, with an average expected middle yield of 1.78% and an average expected maximum yield of 2.14% [11]. - The yields for structured deposits linked to various assets have shown mixed trends, with some categories experiencing declines while others, like those linked to indices, have seen slight increases [12]. Future Outlook - Analysts predict that the downward trend in deposit rates will continue due to multiple factors, including the need for banks to manage their funding costs and the overall low-interest-rate environment [13]. - The expectation is that banks will further adjust their deposit rates to mitigate risks associated with high-interest liabilities in a declining rate environment [9][13].

Core Viewpoint - The article discusses the decline in the attractiveness of large-denomination time deposits in the context of falling interest rates, leading to a shift in consumer investment behavior towards more appealing financial products like wealth management and insurance [1][2][4]. Summary by Sections Interest Rate Changes - Major banks have reduced interest rates on large-denomination time deposits, with rates now entering the "1" era, marking the first large-scale adjustment since 2025 [4]. - As of July 8, 2025, the interest rates for large-denomination time deposits at major banks are generally below 2%, with some rates even matching or falling below those of regular savings products [5][7]. Market Response - The decline in interest rates has led to a noticeable trend of "deposit migration," where funds are moving from traditional deposits to more attractive investment options such as wealth management and insurance products [2][10]. - The demand for large-denomination time deposits has decreased significantly, with fewer customers inquiring about these products [4][10]. Product Availability - Many banks have removed long-term large-denomination time deposits from their offerings, focusing instead on shorter-term products ranging from 1 month to 2 years [1][5]. - The availability of 5-year large-denomination time deposits has virtually disappeared, and even 3-year products are limited in supply [5][6]. Investment Trends - The shift in consumer behavior is reflected in the increasing popularity of wealth management products, with the market size surpassing 31.3 trillion yuan in the first half of 2025 [10]. - Financial advisors are now recommending products based on clients' liquidity preferences, with a focus on short-term fixed-income investments for those requiring higher liquidity [11][12].