记者丨叶麦穗 编辑丨杨希 银行业的变革正从表层的网点调整，向深层的结构优化演进。这并非简单的关停，而是一场精 准的"瘦身增肌"行动——在压降低效网点的同时，以特色化布局重构线下价值。 国家金融监督管理总局最新数据显示， 截至12月8日，今年已有9661家银行网点获批退出 。 仅四季度伊始，就有1580家网点完成退出审批，行业"瘦身"速度显著加快。 不过与此同时， 也有7168个网点新增，其中特色化、功能化成为主旋律 。整体来看，银行对网点的布局从最 开始的跑马圈地到逐步优化，在关闭一些城市网点的同时，也对一些乡镇进行了线下新增。 | 机构持有列表 | | 近期机构设立情况 | 失控情况 | 机构退出列表 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 机构名称: | | | | 机构地址: | 流水号: | | | | | | 请选择 | | V | 请选择 | | | | | | 机构类型: | 请选择 | > | | 发证机关: > 请选择 | 所在省市: | 请选择 | V | 查询 | | | | | | | | ...

21世纪经济报道记者 叶麦穗 银行业的变革正从表层的网点调整，向深层的结构优化演进。这并非简单的关停，而是一场精准的"瘦身增肌"行动——在压降 低效网点的同时，以特色化布局重构线下价值。 国家金融监督管理总局最新数据显示，截至12月8日，今年已有9661家银行网点获批退出。仅四季度伊始，就有1580家网点完成 退出审批，行业"瘦身"速度显著加快。 不过与此同时，也有7168个网点新增，其中特色化、功能化成为主旋律。整体来看，银 行对网点的布局从最开始的跑马圈地到逐步优化，在关闭一些城市网点的同时，也对一些乡镇进行了线下新增。 对于网点布局的增减，不少银行也曾在业绩报告中提及自己的观点。邮储银行董事长郑国雨在去年的年报致辞中表示，推动网 点综合化、生态化、智能化转型，强化科技赋能、数据赋能，将近4万个网点打造成为便民利民的一站式服务窗口。农行行长王 志恒在2024年度报告中提出，加快掌银、网点等各类渠道适老化改造，深入推进2.2万家"农情暖域"工会驿站建设，要让金融服 务更有温度。 | | | | | | 成心以脂肪 | | | | 更新时间: 2025年12月08日 | | --- | --- | --- | ...

Core Viewpoint - The development of service consumption is essential for China's economic growth and is increasingly recognized as a necessary component for enhancing domestic demand and consumer spending [1][2]. Group 1: Economic Vitality - Service consumption is a key indicator of economic vitality, characterized by rich consumption levels, high frequency, broad reach, and sustainable growth [2]. - In the first ten months of this year, service retail sales increased by 5.3% year-on-year, outpacing the growth rate of goods retail sales [2]. - The thriving service consumption sector is expected to play a crucial role in driving high-quality economic development and expanding domestic demand [2]. Group 2: Innovation and Integration - "Business integration" is a core aspect of expanding service consumption, emphasizing the need for new service products and models that incorporate digitalization and AI tools [3]. - The current technological revolution and the trend of industrial transformation are driving the need for innovative service consumption that meets the personalized demands of new consumer groups [3]. - The service sector is viewed as a "testing ground" for social capital and private investment due to its diverse forms of innovation and integration compared to manufacturing [3]. Group 3: Employment Stability - The service sector is a significant area for job creation, with the proportion of per capita service consumption expenditure rising to 46.8% of total per capita consumption expenditure in the first three quarters of this year [4]. - The growth of service consumption contributes to employment stability, which in turn enhances residents' income and boosts their willingness to consume [4]. - Expanding service consumption requires ongoing efforts to broaden employment channels, increase employment flexibility, and improve worker income, thereby providing sustained momentum for domestic demand and consumption [4].

Investment Rating - The industry is rated as "stronger than the market," indicating an expected index increase of over 10% relative to the broader market in the next six months [65]. Core Insights - Retail financial business revenue contribution is increasing while profit contribution is declining. From 2020 to 2024, the compound annual growth rate (CAGR) of retail financial business revenue for listed banks is projected to be 5%, outpacing the total revenue CAGR of 2.2% by 2.8 percentage points. The contribution of retail financial business revenue to total revenue is expected to rise from 39.6% to 45.4%, an increase of approximately 5.8 percentage points. In contrast, the profit CAGR for retail financial business is only 0.2%, lagging behind the total profit CAGR of 4.5% by 4.3 percentage points, leading to a decline in profit contribution from 39.1% to 31.7%, a drop of about 7.4 percentage points [2][15][16]. Summary by Sections Retail Financial Business Revenue and Profit Contribution - Retail financial business revenue growth is faster than total revenue growth, leading to an increase in its share [11]. - The profit growth of retail financial business is slower than that of total profit, resulting in a decrease in its share [15][16]. Interest Income Growth - The growth in net interest income is the primary factor for the increase in retail financial revenue contribution, with a projected CAGR of 8.5% from 2020 to 2024 [21]. - The share of net interest income in retail financial business revenue is expected to rise from 71% to 84% during the same period [22]. Asset Quality and Provisioning - The quality of retail financial assets is weakening, with an increase in non-performing loans and provisioning impacting profit contribution. The credit cost ratio for retail loans is expected to rise from 0.75% to 1.08% [40]. - The proportion of retail loan provisioning in total provisioning is projected to increase from 23% to 55% [40]. Changes in Loan Composition - The share of housing loans is declining while the share of operational loans is increasing. The proportion of housing-related loans is expected to decrease from 64.7% to 54.7%, while operational loans will rise from 12.7% to 22.7% [46]. Investment Strategy - The banking index has risen by 14.8% from January 2, 2025, to November 11, 2025, underperforming the CSI 300 index by 3.5 percentage points. The current price-to-book (PB) ratio for the banking index is approximately 0.72 [57]. - Future improvements in retail financial business returns are expected to enhance sector valuations, despite challenges such as slowing loan growth and narrowing net interest margins [58][63].

Core Insights - The Chinese domestic beauty market is witnessing a surge of players aiming for capital market entry, with natural brand Chando recently filing for an IPO on the Hong Kong Stock Exchange [2] - Chando has secured significant investments from major players, including a 300 million RMB investment from CVC Capital and a 6.67% stake from L'Oréal, indicating strong confidence in its growth potential [2][3] - The brand has shown impressive revenue growth, with projections indicating an increase from 42.92 billion RMB in 2022 to 46.01 billion RMB in 2024, and a gross margin of 70.07% [2][3] Company Overview - Founded by Zheng Chunying in 2001, Chando has developed a multi-brand strategy encompassing skincare, makeup, and baby care products, with over 522 SKUs [2] - The brand's primary revenue source is skincare products, particularly creams, serums, and lotions, targeting women aged 20 to 40 [3] - Chando has maintained a strong market position, ranking as the third largest domestic cosmetics brand in China, with a market share of 1.7% [4] Market Dynamics - The Chinese cosmetics market is the second largest globally, projected to grow from 779.4 billion RMB in 2019 to 934.6 billion RMB in 2024, with a compound annual growth rate (CAGR) of 3.7% [4] - The mass cosmetics segment, priced below 300 RMB, dominates the market, expected to reach 760.5 billion RMB by 2024, driven by consumer preference for high-cost performance products [4] - The market remains fragmented, with the top five cosmetics groups holding only 21.3% of the market share, indicating opportunities for growth among emerging brands [4] Competitive Landscape - International brands dominate the high-end market, while domestic brands like Chando are rapidly gaining ground in the mid to low-end and efficacy skincare segments [5] - The rise of ingredient-conscious consumers and digital trends is reshaping purchasing behavior, with 70% actively researching ingredient lists [5] - Emerging fields such as men's skincare and scalp anti-aging are identified as high-potential areas, with Chando's scalp anti-aging essence achieving over 100 million RMB in sales within three months of launch [6] Growth Opportunities - International collaborations and overseas expansion are seen as key growth strategies, with Chando leveraging its partnerships to explore markets in Southeast Asia and the Middle East [6] - The brand's focus on high-performance, cost-effective products aligns with the growing demand for sensitive skin care and affordable beauty solutions in international markets [6]

Core Viewpoint - The Global Women's Summit held in Beijing emphasizes the importance of accelerating women's comprehensive development and highlights China's significant role in advancing women's rights and empowerment globally [1][3]. Group 1: Women's Empowerment and Development - The summit's theme is "Shared Destiny: Accelerating the New Process of Women's Comprehensive Development," with representatives from various countries discussing women's development strategies [1]. - The spokesperson from the Solomon Islands acknowledges China's leadership in global women's affairs and expresses hope for deeper collaboration to empower women and enhance their participation in the digital economy [1][3]. Group 2: Historical Context and Achievements - The 30th anniversary of the UN's Fourth World Conference on Women is noted, where the Beijing Declaration and Platform for Action were adopted, leading to significant advancements for women worldwide [3]. - The spokesperson highlights that China's support through aid and scholarships has laid a solid foundation for women's development in the Solomon Islands, particularly in agriculture, infrastructure, health, and education [3]. Group 3: Future Opportunities and Challenges - There is a call for continued cooperation between China and the Solomon Islands to create more opportunities for women's development, especially in governance and decision-making processes [4]. - The spokesperson emphasizes the need for women to engage in addressing climate change challenges and to seize opportunities presented by advancements in artificial intelligence and digital technology [4]. - Education is highlighted as a crucial factor for women to enhance their knowledge and skills, enabling them to improve their income and social status [4].

Group 1 - The Wangfujing Group held a media conference themed "All Good Things Come at the Right Time" on September 23, 2023, to announce the full opening of the Beijing Friendship Store and Garden after four months of trial operation [1][3] - The Beijing Friendship Store, established in 1964, has historically served as a diplomatic window for New China, receiving 5.39 million foreign guests annually [3] - The renovation of the store aims to blend historical elements with modern design, featuring 100% new and customized stores, including local coffee brand BERRY BEANS and a Chongqing Italian restaurant Carbo [3] Group 2 - In response to the rise of outlet malls and shopping centers, the Wangfujing Group has developed a business model that integrates "department stores + outlets + shopping centers," and has obtained national duty-free qualifications to add "taxable + duty-free" business [3] - The company focuses on transforming properties with good locations and manageable sizes, emphasizing specialized, systematic, and personalized approaches to meet changing consumer demands [3] - The Wangfujing Group aims to accelerate transformation and quality development by reconstructing commercial scenarios with an ecological mindset, enhancing both traditional department stores and new business formats like outlets and shopping centers [3] Group 3 - The company plans to embrace digitalization and foster talent development through cross-industry collaborations, contributing to the construction of an international consumption center city while steadily progressing towards its centennial enterprise goal [3]

Core Viewpoint - Yushu Technology is set to submit its IPO application in the fourth quarter of 2025, marking a significant step in its capital market journey [3][4]. Group 1: IPO Submission Details - Yushu Technology plans to submit its IPO application between October and December 2025, with operational data to be disclosed at that time [3]. - The company's sales distribution for 2024 is projected to be approximately 65% from quadruped robots, 30% from humanoid robots, and 5% from component products [3]. - About 80% of quadruped robots are utilized in research, education, and consumer sectors, while the remaining 20% are used in industrial applications such as inspection and firefighting [3]. Group 2: Market Context and Expectations - The listing of Yushu Technology is seen as a natural progression given the current focus on technology stocks amid a global digital transformation [6]. - The company has gained recognition for its advanced robotic products, which are widely used in various sectors including industrial manufacturing, logistics, and healthcare, leading to positive market sentiment [8]. - The favorable market conditions and investor enthusiasm for technology companies are expected to support Yushu Technology's IPO efforts [6][8]. Group 3: Listing Conditions and Challenges - Regulatory environments, such as those in the Sci-Tech Innovation Board and Hong Kong market, have become more accommodating for technology companies, allowing Yushu Technology greater flexibility in choosing its listing platform [9]. - Despite the relatively easier path to listing, the real challenge for Yushu Technology will be effectively utilizing the funds raised through the IPO to achieve significant growth [10][12]. - Proper allocation of resources towards core business expansion, technology development, and talent acquisition will be crucial for the company's success post-IPO [10][12].

Group 1 - The event organized by Yibin Tianyuan Group Co., Ltd. focused on themes such as the "May Fourth" spirit, youth contributions in the workplace, and the innovation of work scenarios through AI technology [1] - The activity, which started in May, received positive responses from young members, with a total of 16 entries submitted for evaluation [1] - The judging panel assessed the entries based on five criteria: thematic content, logical structure, presentation form, expression ability, and personal demeanor, with the first prize awarded to the entry titled "Boundaryless Collaboration, Intelligent Efficiency - AI Empowering Office Efficiency Leap" [1]

Core Viewpoint - Kodak, a century-old imaging giant, has warned investors about its potential inability to continue operations, leading to a significant drop in its stock price by nearly 26% on August 12, closing down 19.91% [1][4]. Financial Performance - In its latest financial report, Kodak reported a revenue of $263 million for Q2, a year-on-year decline of 1%, with a gross profit of $51 million, down 12%. The company also posted a net loss of $26 million, reversing from a net income of $26 million in the same period last year [4][6]. - Kodak has approximately $500 million in debt that is due and currently cannot be repaid, raising significant doubts about its ability to continue as a going concern [6]. Strategic Initiatives - Kodak is focusing on cost reduction and converting investments into long-term growth, with plans to terminate pension payments and implement a $500 million pension asset return plan to reduce debt [6]. - The company is also advancing its pharmaceutical production capabilities and investing in growth areas such as film and electric vehicle battery coatings [6]. Historical Context - Founded in 1892, Kodak was once the dominant player in the global photography market, holding a 75% market share in photographic equipment and 90% of profits in the 1930s [7][9]. - Kodak's decline began after it invented the first digital camera in 1975 but failed to capitalize on the digital wave, leading to a significant loss of market share to competitors like Sony and Canon [9][10]. - After filing for bankruptcy protection in 2012, Kodak shifted its focus to commercial printing, packaging, and materials science, gradually seeking transformation [9][10]. Recent Developments - Kodak's revenue from film has been gradually increasing, with film income accounting for approximately 20%, 30%, and 32% of the advanced materials and chemicals segment's total revenue in 2019, 2020, and 2021, respectively [10]. - In 2021, Kodak reported total revenue of $1.15 billion, marking an 11.76% year-on-year growth, driven by increased sales in advanced materials and chemicals as well as brand sales [10].