Core Viewpoint - Postal Savings Bank of China announced the integration of its independent credit card app into the main Postal Bank app, marking a shift in strategy as the bank aims to enhance user experience and reduce operational costs [1][6]. Group 1: App Integration and User Transition - The independent "Postal Credit Card App" will gradually cease updates, with all functionalities migrating to the "Postal Bank App" [1][6]. - As of November 15, the bank had already suspended new user registrations and card activations for the independent app, offering incentives such as 228 yuan in discounts to facilitate user transition [2][7]. - This move follows a trend among major state-owned banks, with Bank of China having already closed its independent credit card app in September [2][7]. Group 2: Market Trends and Regulatory Environment - The closure of independent credit card apps reflects a broader industry trend as banks shift from high-growth strategies to focusing on existing customer bases amid rising customer acquisition costs [2][3]. - Regulatory guidance from the National Financial Supervision Administration emphasizes the need for financial institutions to optimize or terminate low-activity apps, promoting a "less is more" approach [2][3]. Group 3: Structural Adjustments in Banking - Experts suggest that the integration is driven by the need to reduce costs and improve user experience, as the profitability of credit card services has been declining [3][8]. - Several banks have restructured their credit card divisions, indicating a shift in organizational strategy to enhance service efficiency [3][8]. Group 4: Product Strategy Changes - The issuance of co-branded credit cards has significantly decreased, with major banks halting nearly 100 co-branded cards due to high costs and low user engagement [4][9]. - Credit card benefits are also being reduced, with at least eight banks adjusting their offerings in various sectors, reflecting a reevaluation of cost-effectiveness [4][9]. Group 5: Market Dynamics and Future Outlook - The credit card market is undergoing structural adjustments, with the total number of credit cards in China decreasing to 707 million by the end of Q3 2025, down by 20 million from the beginning of the year [10]. - The industry is transitioning from "incremental expansion" to "deep cultivation of existing customers," focusing on efficiency, user experience, and sustainable development [5][10].

Core Viewpoint - Several banks have recently announced adjustments to high-end credit card benefits, indicating a shift in the credit card market towards a more competitive environment with increasing pressure on profitability [1] Group 1: Bank Adjustments - In July, multiple banks including China Merchants Bank, Everbright Bank, and HSBC (China) announced updates to their high-end credit card products, such as raising usage thresholds and adjusting applicable ranges [1] - Prior to these announcements, Agricultural Bank of China, Shanghai Pudong Development Bank, and Guangfa Bank also released similar notices regarding credit card benefits [1] Group 2: Market Dynamics - The credit card market is entering a phase of stock competition, characterized by a slowdown in issuance growth and rising customer acquisition costs [1] - The profitability of credit card operations has primarily relied on transaction fees and interest income, leading to a relatively singular profit model [1] Group 3: Expert Analysis - Financial expert Tian Lihui noted that the adjustments reflect banks' efforts to seek balance under pressure, highlighting the transition from magnetic stripe cards to chip cards as a technological upgrade [1] - Analyst Wang Pengbo from Botong Consulting indicated that the reduction in credit card benefits reflects significant profitability pressures within the credit card departments of banks [1]