"身家没三百万不算中产，一百万以下就是盲流弱势群体"，这话最近在网上吵得沸沸扬扬，不少人把资产数额当成了划分阶层的唯一标准，觉得只要银行卡 里、房产上的数字够了，就能跻身中产行列，没达到的就只能归为底层。但真的是这样吗？其实资产数额只是阶层划分的一个维度，抛开地域、负债、收入 稳定性这些关键因素谈阶层，根本就是不客观的，今天咱用大白话把这事掰扯清楚，看看你到底属于哪个层次。 其实真正的中产阶级，从来不是"三百万资产"这个数字能定义的，而是一种"稳定且体面"的生活状态。首先得有稳定的收入，不管是上班还是创业，每月能 有持续的现金流，能覆盖家庭开支，还能有结余用于储蓄和投资；其次是抗风险能力，家里有应急资金，能应对突发的疾病、失业等风险，不用因为一场意 外就返贫；再者是生活质量，能负担得起教育、医疗、旅游等方面的开支，不用为了柴米油盐斤斤计较，孩子能接受良好的教育，老人能安享晚年。满足这 些条件，哪怕总资产不到三百万，也能算中产；反之，就算资产超过三百万，要是没有稳定收入，全靠变卖资产过日子，那也只是"坐吃山空"，算不上真正 的中产。 还有一个很容易被忽略的点，就是"负债"。很多人算资产的时候只算总数，却忘了扣掉 ...

滙富快訊 香港及中國市場日報 今日焦點: ►永旺信貸（900 HK，股價7.23港元，市值30億港元，公允 價值12.00港元）3Q26業績穩健，貸款規模創新高，資產質 量持續改善 3Q26業績符合預期。永旺信貸（ACSA）在香港提供各類消費信貸融資服 務，包括簽發信用卡，提供私人貸款，租賃融資等。3Q26業績穩健，收 入按年增長3.8%至4.61億港元，符合我們預期。公司在精準營銷與品牌 力提升的雙重推動下，有效控制銷售費用，營業費用率按年收窄1個百分 點至45%。減值前營業利潤按年增長6.7%至2.37億港元。淨利潤達1.19億 港元，按年增長13.5%，符合我們預期，連續第五個季度利潤增速高於收 入增長。 | 香港及中國市場指數 | | 收 市 每日升跌 今年累升 | | | --- | --- | --- | --- | | 恒生指數 | 25,774 | -0.1% | 28.5% | | 中資企業指數 | 8,913 | -0.3% | 22.3% | | 紅籌指數 | 4,067 | -0.2% | 7.6% | | 滬深300指數 | 4,620 | 0.2% | 17.4% | | 上海A股 ...

[ 在受访人士看来，新政整体对银行形成利好，能够有效鼓励逾期债务人归还欠款，提高资产质量，同 时有望提振消费形成良性循环。"是件好事，很多人之前因为小的征信瑕疵做不了银行贷款，（信用一 次性修复以后）能提振这些人的信贷需求，最终也能达到促进消费的作用。"一位股份行人士对第一财 经表示，整体来看，此次新政落地将带来多方共赢。 ] 农业银行、建设银行等也陆续发布相关热点问题解答，详解一次性信用修复政策注意事项，并提示不法 分子可能围绕信用修复进行诈骗等风险。 [ 根据央行通知，对于2020年1月1日至2025年12月31日期间，单笔金额不超过1万元人民币的逾期，借 款人将迎来一次性信用修复的机会：个人于2026年3月31日（含）前足额偿还逾期债务的，央行征信系 统将不予展示。 ] 12月22日，央行重磅推出一次性信用修复政策。政策不区分贷款机构、贷款类型，不设置申请程序和复 杂的条件，公平公正、简便易行地为在规定日期前履行还款义务的个人提供信用重建的机会。 对部分非恶意失信者来说，这无疑是一个好消息。那么，对银行来说，政策将给信贷需求、资产质量带 来哪些影响？ 在受访人士看来，新政整体对银行形成利好，能够有效鼓励 ...

12月18日，标普信用评级(中国)有限公司(以下简称"标普信评")召开了2026年银行业展望会议。该机构 对2025年商业银行的整体经营状况进行了简要回顾，并从信用质量、规模增长、资本充足、盈利能力、 资产质量等维度，对2026年商业银行的经营进行展望。 标普信评认为，回顾2025年，商业银行规模增速整体平稳，资本保持充足，但是盈利能力承压。2026年 行业预计稳字当头，但是需要关注盈利压力和局部风险。 作为资产端的重要组成部分，商业银行的金融投资业务近年来颇受关注。过去几年的债券牛市行情为商 业银行的金融投资业务带来了可观的收益，但2025年以来债市波动加剧，对商业银行债券投资带来了一 定挑战。邹雪飞表示，2026年预计商业银行的债券投资策略将由较为单一的趋势性配置转向收益、资 本、流动性等多种目标兼顾的平衡性策略。 资本充足率方面，邹雪飞表示，预计2026年商业银行的一级资本充足率维持在12%左右，同时资本结构 保持稳定。一是基于今年财政部发行5000亿元特别国债注资国有大行，二是地方政府通过发行专项债支 持中小银行补充资本。需要注意的是，如果房地产回稳不及预期或零售坏账持续上升，部分中小银行的 资本韧性 ...

Core Viewpoint - Chongqing Sanxia Bank has faced significant regulatory penalties due to compliance failures, highlighting systemic issues in its internal controls and risk management practices [1][3][4]. Regulatory Penalties - On December 12, Chongqing Sanxia Bank was fined 8.9 million yuan for eight violations, including inadequate internal controls and improper loan issuance [1][3]. - The bank's management, including former chairman Ding Shilu, faced severe repercussions, with Ding receiving a lifetime ban from the banking industry [3][4]. - This penalty follows a previous fine of 5.592 million yuan in July for various regulatory breaches, totaling 14.492 million yuan in fines within five months [4][6]. Management Accountability - The bank's senior management has been held accountable, with significant penalties imposed on other executives, including a 10-year disqualification for the former vice president [4][5]. - The ongoing compliance issues reflect a deeper, systemic problem within the bank's operational framework [4][5]. IPO Challenges - Chongqing Sanxia Bank has struggled with its IPO process, facing delays and complications due to regulatory scrutiny and management issues [6][7]. - The bank's IPO application was stalled after the implementation of the A-share registration system in March 2023, resulting in it being classified as a "laggard" among its peers [7][8]. Financial Performance - As of the end of the third quarter of 2025, the bank reported total assets of 365.345 billion yuan, an 8.72% increase from the beginning of the year, and a net profit of 999 million yuan, up 5.43% year-on-year [7][8]. - Despite revenue growth, the bank's capital adequacy ratios have declined, with the core tier one capital ratio dropping to 8.46% [8][9]. Strategic Direction - The bank aims to focus on serving local economies and small enterprises while enhancing its financial services in technology, green finance, and digital banking [9][10]. - Analysts suggest leveraging state-owned shareholder resources to improve financial stability and explore strategic partnerships to enhance operational efficiency [10][11].

Group 1 - The People's Bank of China will conduct a 600 billion yuan reverse repurchase operation on December 15, 2025, to maintain liquidity in the banking system and ensure stable financial market operations [1] - As of the end of November, the balance of domestic and foreign currency loans reached 274.84 trillion yuan, with a year-on-year growth of 6.3% [1] - In the first eleven months, the increase in RMB loans amounted to 15.36 trillion yuan [1] Group 2 - The National Financial Regulatory Administration has released new regulations for bank custody business, effective from February 1, 2026, outlining prohibitive responsibilities and behaviors for commercial banks [2] - Key prohibitions include not assuming credit or market risks for custody products, not providing guarantees, and not participating in investment decision-making [2] Group 3 - The bank wealth management market has reached a new high, standing at approximately 33 trillion yuan, nearing the 34 trillion yuan mark [3] - Fourteen wealth management companies with over 1 trillion yuan in assets have seen a cumulative growth of about 3.43 trillion yuan in the first eleven months, with "fixed income +" products contributing significantly [3] - In the fourth quarter alone, these companies have grown by 1.67 trillion yuan, accounting for nearly half of the annual increase [3] Group 4 - The research interest in listed banks has surged, with 17 listed banks receiving 308 institutional research visits since the beginning of the fourth quarter [4] - The total number of research visits has reached 312, with city commercial banks and rural commercial banks being the main focus [4] - Hangzhou Bank has attracted the most research institutions, becoming the "most popular" in this round of research [4] Group 5 - Eight departments in Ningxia have jointly issued new policies for the real estate market, introducing twelve specific measures to support stable and healthy development [5] - The new policies include subsidies for newly built commercial housing and targeted subsidies for commercial properties, aimed at reducing the financial burden on homebuyers [5] Group 6 - Xu Zuo, former vice president of CITIC Group, was sentenced to life imprisonment for bribery and illegal business operations, highlighting a strict stance against financial sector corruption [6] Group 7 - Lu Hongxiao, vice president of the Gansu branch of Industrial and Commercial Bank of China, is under investigation for serious violations of discipline and law [7] Group 8 - Bank of China plans to issue two types of notes under a 40 billion USD medium-term note program, with applications for listing on the Hong Kong Stock Exchange [8][9] Group 9 - The resignation of Hou Bin, risk director of Suzhou Bank, was due to age reasons, effective December 10, 2025, and is considered a normal executive adjustment [10] Group 10 - Zou Yabin, vice president of the Hong Kong branch of Industrial Bank, is proposed to become the vice president of Xingyin Wealth Management, with the management team having undergone multiple adjustments in 2025 [11]

邮储银行 20251128 摘要 邮储银行坚持零售业务根本战略，未来五年将深耕强县富镇市场，强调 业务均衡发展，并着力提升城市业务、网点效能和手机银行服务，同时 推进五大行动和七大改革，以提升服务质效和风险管控能力。 预计 2026 年总资产增速平稳，信贷增量与 2025 年相当，保持稳健态 势，同时注重量价险平衡和资本回报。前三季度对公贷款增量显著高于 零售贷款，未来信贷投放比例和结构将视市场需求恢复情况而定。 邮储银行三季度不良率为 0.94%，处于行业优秀水平。零售领域资产质 量面临压力，但消费类贷款不良率有所改善，经营贷不良生成保持稳定， 未来改善趋势仍需观察，宏观经济复苏是关键。 邮储银行存款和负债成本处于行业低位，前三季度息差为 1.68%，同比 下降 19 个 BP，但降幅趋缓。在政策支持和行业共识下，对未来息差走 势持积极态度，已叫停高息高返车贷等业务。 邮储银行将重点提升对公客户综合服务能力，尤其是在产业园区、城市 更新等新兴领域。通过机构改革，将人员从中后台向一线扩充，提高单 个网点产能，同时维持整体数量稳定。 Q&A 邮储银行在 2026 年的增长规划是什么？在"十五五"开局之年，邮储银 ...

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected increase of over 10% in the industry index relative to the broader market within the next six months [9]. Core Insights - The net profit growth rate of commercial banks has continued to rebound, with a year-on-year growth rate of 0% as of Q3 2025, and a quarterly growth rate of 2.4% [3]. - The net interest margin remained stable at 1.42% in Q3 2025, with slight variations among different types of banks [3]. - The overall asset growth rate of the industry remains stable, with state-owned and city commercial banks showing relatively high year-on-year growth rates of 10% and 10.6%, respectively [3]. - Asset quality has shown slight fluctuations, with non-performing loan ratios and attention ratios increasing slightly [4]. - The provision coverage ratio decreased to 207.15%, indicating a slight decline in the buffer against potential loan losses [4]. - The report suggests that the performance of the banking sector is expected to continue improving, with enhanced stability and increased investment value due to high dividend yields [4]. Summary by Sections Profitability - As of Q3 2025, the cumulative net profit growth rate for commercial banks is 0%, with state-owned banks at 2.3%, joint-stock banks at -2.1%, city commercial banks at 1.7%, and rural commercial banks at -7.3% [3]. - The quarterly net profit growth rate for Q3 2025 is 2.4%, with state-owned banks at 4.4%, joint-stock banks at -2.4%, city commercial banks at 9%, and rural commercial banks at -5.8% [3]. Net Interest Margin - The net interest margin for Q3 2025 is 1.42%, remaining unchanged from the previous quarter [3]. - The net interest margin for state-owned banks is 1.31%, joint-stock banks at 1.56%, city commercial banks at 1.37%, and rural commercial banks at 1.58% [3]. Asset Growth - The total asset growth rate for commercial banks is 8.8% year-on-year as of Q3 2025, slightly down from 8.9% in Q2 2025 [3]. - State-owned banks and city commercial banks have higher asset growth rates of 10% and 10.6%, respectively [3]. Asset Quality - The non-performing loan ratio is 1.52%, with a slight increase of 3 basis points, and the attention ratio is 2.2%, also up by 3 basis points [4]. - The provision coverage ratio is 207.15%, down by 4.82 percentage points [4].

Core Insights - The report from Goldman Sachs indicates that China Construction Bank (CCB) will face continued downward pressure on net interest margin until 2026, primarily due to loan repricing, although the pace of decline is expected to slow as loan pricing stabilizes and deposit cost savings materialize [1] - CCB anticipates steady growth in fee income by 2026, supported by consumer stimulus policies, and plans to offset the decline in mutual fund fees through increased sales volume [1] - Asset quality is expected to remain stable, but there is an upward trend in non-performing loan ratios in the retail sector, which will depend on the macroeconomic environment [1] - Without further interest rate cuts and with positive growth in fee income, CCB expects improvements in revenue and profit in 2026 compared to 2025, while maintaining a 30% dividend payout ratio and semi-annual dividend frequency [1] - Goldman Sachs has assigned a "Buy" rating to CCB, with a target price of HKD 8.39 for H-shares and CNY 11.18 for A-shares [1] Related Events - Zhongyin International has raised the target price for CCB's H-shares to HKD 10.44 while maintaining a "Buy" rating, following a positive review of CCB's Q3 2025 results, which highlighted the deepening of the "three major strategies" and a return to positive growth in performance [2]

Group 1: Market Performance - The A-share banking sector has shown a continuous recovery since the fourth quarter, with bank stocks, including ICBC and ABC, reaching new highs on November 14. The China Securities Banking Index rose by 0.25%, with a cumulative increase of 1.69% over four trading days this week [1] - Institutional attention towards listed banks has increased significantly, with 23 listed banks being investigated by 891 institutions from July 1 to November 14, totaling 139 investigations [1] Group 2: Focus of Institutional Research - The main focus of institutional research includes the phase trends of net interest margins, changes in asset quality, and optimization of non-interest income structures [1] - Among the banks investigated, city commercial banks and rural commercial banks have become the focal point, with 14 out of 23 listed banks located in the Jiangsu, Zhejiang, and Shanghai regions [2] Group 3: Key Banks Under Investigation - Jiangsu Bank received the highest number of investigations at 83, followed by Chongqing Rural Commercial Bank, Ningbo Bank, and Shanghai Bank with 76, 75, and 70 investigations respectively [3] - Foreign institutions have shown a preference for Ningbo Bank, which attracted 47 foreign institutions for research, along with significant interest in Hangzhou Bank, Jiangsu Bank, and Ruifeng Bank [2] Group 4: Net Interest Margin and Asset Quality - Net interest margin remains a core concern for institutions, with many banks reporting signs of stabilization in their net interest margins in their semi-annual and quarterly reports [4] - Banks have successfully alleviated the downward pressure on interest margins by adjusting their liability pricing structures and expanding low-cost deposits [4][5] Group 5: Asset Quality Management - Institutions are closely monitoring asset quality, with banks like Ningbo Bank emphasizing a prudent risk preference and strict credit risk management to maintain asset quality within industry-leading levels [5][6] - Guizhou Bank reported a decrease in its non-performing loan ratio to 1.63%, with a robust provision coverage ratio of 239.59% [6] Group 6: Non-Interest Income and Market Strategies - As net interest margins face structural pressure, the importance of non-interest income has increased, with banks focusing on bond investment strategies and the recovery of intermediary business income [7] - Banks are adjusting their fee and commission income structures, with some smaller institutions experiencing declines in self-operated wealth management income due to regulatory impacts [8] Group 7: Future Outlook - Analysts predict that the influx of incremental funds will continue to support the banking sector, with expectations of increased demand for bank stocks from passive ETFs and insurance funds [9]