2026年度格隆汇"全球视野"十大核心资产已正式发布，汇丰控股经过层层选举和PK最终入选成为"全球 视野"十大核心资产中金融行业代表标的。 以下是关于汇丰控股的入选原因和分析逻辑： 当全球货币政策逐步转向宽松，跨境贸易与资本市场暖意渐浓，跨国银行正站在战略聚焦与业绩复苏的 十字路口。汇丰控股（HSBC.US）用三年时间完成了一场深刻转型——剥离欧美低盈利零售资产，将 重心重新锚定亚太市场，深耕"零售银行+跨境贸易+财富管理"的协同优势，凭借百年积累的区域网络 与清晰的战略方向，成为2026年全球核心资产中不可忽视的标的。 2025年前三季度，这份转型成效已清晰显现：净息差收入同比增长4%，剔除特殊项目后的权益回报率 （RoTE）高达18.2%，四大核心业务板块全部实现正向增长。随着非核心业务包袱出清，成本优化逐步 落地，汇丰正从传统跨国银行向"亚太核心+高现金回报"的优质标的转型，在降息周期中的抗风险能力 与业绩弹性，值得长期关注。 01 降息周期下的行业机遇：亚太市场成核心增量引擎 全球银行业在经历2022-2023年的利率波动后，2024年迈入稳健复苏通道，2025年呈现明显结构性分化 ——亚太地区成为全 ...

2025年12月4日-5日,作为国内顶级规格和水平的中小银行高管交流平台——第二十届中小商业银行CEO 论坛在天津圆满举行。广东华兴银行作为联合主办单位助力论坛召开,执行董事、行长职美琴受邀出席 并作主题演讲。 本届论坛以"银行的未来与未来银行——'十五五'规划期银行战略升维探讨"为核心主题,论坛吸引了来自 全国126家银行、38家机构的超600位参会嘉宾,齐聚津门,在"十四五"收官与"十五五"启航的关键历史交 汇点,为全国中小商业银行的未来发展凝聚智慧、指明方向。 本届论坛的主题设定,直指当前银行业的核心焦虑与时代命题。天津银行党委书记、董事长于建忠,论坛 执行主席、融至道创始人金海腾与融至道董事长黄一菠,广东华兴银行执行董事、行长职美琴等多位知 名银行家、行业专家、新经济新业态代表人物、新金融科技领军人物就相关话题发表主题演讲。 广东华兴银行执行董事、行长 职美琴 "三低一高"困境下的转型探索 职美琴行长分享了直面"低增长、低息差、低估值、高风险"困境,积极探索出的转型突围路径。职行长 介绍,面对规模红利消退、同业竞争加剧、风控模式失能等行业挑战,广东华兴银行坚定从"规模导向"转 向"价值导向",以战略定 ...

2025年， 厦门银行 迎来上市五周年，也迎来了新任董事长洪枇杷执掌后的首个完整经营周期。表面上 看，该行资产规模突破4400亿元、前三季度营收与净利润双双由负转正、不良贷款率维持在0.8%低 位，似乎印证了管理层"稳增长、调结构、防风险"战略的初步成效。深入剖析其财务数据与业务结构不 难发现，这一轮"稳中有进"的表象之下，实则暗流汹涌：资本充足率持续下滑、净息差行业垫底、利润 增长极度依赖非经常性投资收益、资产质量隐患重重，而高达38.56亿元的未执结诉讼债权更暴露出风 控体系的重大漏洞。 种种迹象表明， 厦门银行 当前的经营策略不仅未能有效提升内生盈利能力，反而加剧了资本消耗与结 构性失衡，其所谓"转型"更多体现为规模扩张下的被动应对，而非高质量发展的主动布局。 截至2025年9月末， 厦门银行 总资产达4425.58亿元，较年初增长8.52%，增速显著高于2024年同期的 3.23%。这一扩张主要由贷款驱动——客户贷款及垫款余额达2345.24亿元，较年初增长14.15%。但细究 贷款结构，企业贷款余额飙升至1572亿元，增幅高达28.76%，占总贷款比重升至67%，创近年新高；而 个人贷款则同比下降约 ...

12月3日，存款利率处于历史低位情况下，银行一年一度的"开门红"又该如何开展？财联记者近日采访 多家机构了解到，多地银行"开门红"营销较往年有所提前，以便提前锁定优质客户和发力中收业务。 与此同时，银行"开门红"营销差异化也日趋明显。虽然不少地方性银行依然将揽储作为重点来做，但部 分银行需求有所减弱，而多数大行策略更是明显转变，重点发力财富管理业务，在营销上也更显低调。 此外，智通财经记者注意到，相较于往年，今年部分银行对揽储需求有所减弱。在为明年"开门红"做准 备，部分银行甚至要先进行"排水"，即要求客户暂时先将资金转出。 受访业内人士指出，银行业正在经历一场深刻的转型，从传统的存贷业务向综合金融服务转变，而"开 门红"正是这种转型的缩影，映射出银行在变化的市场环境中寻找新增长点的努力。 净息差收窄压力下，银行提早发力"开门红"营销 据了解，往年银行"开门红"大多集中在第一季度，而今年市场节奏明显前置。自11月下旬起，已有多家 银行通过召开"专项启动会"等形式，在内部下达了针对资管产品销售的冲刺任务。 "最近接到的培训通知特别密集，都是关于新产品推介和营销技巧的。"一位城商银行客户经理向智通财 经记者透露， ...

Core Viewpoint - The recent collective withdrawal of 5-year large deposits by six major state-owned banks has raised concerns among ordinary depositors regarding asset allocation [2][13]. Group 1: Withdrawal of Long-term Deposit Products - Six major state-owned banks, including Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, and Postal Savings Bank of China, have completely stopped offering 5-year large deposits [2][13]. - The exit of 5-year large deposits is not sudden; for instance, Bank of China had previously announced the sale of various deposit terms, including 5-year deposits, but limited them to specific customers [8][19]. - The availability of 3-year large deposits has also become scarce, with some banks indicating that the longest available term is now 2 years at a rate of 1.40% [10][21]. Group 2: Impact on Depositors - The reduction of long-term deposit products has left ordinary depositors in a dilemma regarding asset allocation, as many are uncertain about where to place their funds [11][22]. - A representative case is highlighted where a depositor with 1 million yuan intended to invest in a 5-year large deposit for stable returns but found no available options [11][22]. Group 3: Industry Response and Trends - The trend of withdrawing long-term deposit products reflects banks' reluctance to absorb higher-cost long-term liabilities due to pressure on interest margins, leading them to lower rates or reduce the supply of long-term products [11][22]. - The industry is being compelled to accelerate transformation, with suggestions for banks to expand non-interest income through wealth management and custodial services while stabilizing net interest margins [11][22].

记者登录六大行官方APP及手机银行查询时发现，目前各银行大额存单期限结构已明显"短期化"。工商银行"大额存单"栏目下仅剩余1个月、3个月、6个 月、1年、2年、3年六个期限产品。其中，3年期大额存单产品利率为1.55%，1年期、2年期产品利率均为1.20%。 "我跑了两家大行网点，5年期大额存单都停售了，就连3年期的都得靠'抢'，额度一出来很快就没了，关键利率还比去年降了不少。"家住北京市的王女士 告诉记者，她手中的50万元闲置资金本想配置长期大额存单以求稳健收益，如今却陷入了"无处可放"的困境。 王女士的遭遇并非个例。记者近期调研发现，工商银行（601398）、农业银行（601288）、中国银行（601988）、建设银行（601939）、交通银行 （601328）、邮储银行（601658）六家国有大行已全面停售5年期大额存单产品，部分股份制银行及城商行也紧随其后收缩长期存款业务。 六大行全面停售5年期大额存单 此外，中国银行、建设银行、交通银行及邮储银行的产品矩阵呈现相似特征，5年期产品均已从在售列表中移除。在农业银行2018年至2025年的人民币个 人大额存单产品目录中，也并未出现5年期大额存单产品的"踪 ...

Group 1 - Zhejiang Commercial Bank is no longer the leader among Zhejiang banks, as it has been surpassed by Ningbo Bank in total assets and operating income [1] - In the first three quarters, Zhejiang Commercial Bank reported a net profit of 11.668 billion yuan, a year-on-year decline of 9.59%, with a more significant drop of 18.45% in the third quarter [1][2] - The bank is experiencing a lack of growth momentum, contrasting with the overall trend in the banking industry, where 42 A-share listed banks achieved a net profit growth of 1.5% to 1.6% [2] Group 2 - The net interest margin (NIM) of Zhejiang Commercial Bank has been declining, reaching a historical low of 1.42% by the end of the second quarter [6][12] - The bank's NIM for the first three quarters was 1.67%, slightly above the industry average but still down 13 basis points year-on-year [11][12] - The bank's reliance on high-cost time deposits is squeezing its interest margin, with an average interest-bearing liability cost rate of 1.95% [14][15] Group 3 - The bank's non-interest income has also declined, with a 14.3% year-on-year drop in the first three quarters, contrasting with a 61.7% increase in the previous year [17] - The bank's strategy has shifted from pursuing high growth to focusing on quality and efficiency, as indicated by its new leadership [26][34] - The bank's asset quality has improved, with a non-performing loan (NPL) ratio of 1.36%, down from 1.53% at the end of 2021, although it remains lower than its peers [20][22] Group 4 - The new president of Zhejiang Commercial Bank faces dual pressures of transformation and compliance, as the bank has received multiple regulatory fines for various violations [30][31] - The bank's provisioning coverage ratio has dropped to 159.56%, indicating a potential weakening of its financial buffer against future asset quality fluctuations [25] - The bank's retail banking segment has reported losses, with credit impairment losses exceeding income in the first half of 2025 [23]

Core Insights - The performance of China’s listed commercial banks shows a clear divide, with some banks like Shanghai Pudong Development Bank (SPDB) demonstrating strong profit growth, while China Everbright Bank (CEB) faces significant declines in both revenue and net profit [3][4]. Financial Performance - SPDB reported a net profit of 38.819 billion yuan for the first three quarters, a year-on-year increase of 10.21%, while CEB's revenue and net profit fell by 7.94% and 3.63%, respectively [3][4]. - In Q3 alone, CEB's revenue and net profit saw declines of 13.01% and 10.99%, contrasting sharply with the stable or growing performance of peers like SPDB [3][4]. Comparative Analysis - CEB's revenue decline of 7.94% is significantly worse than peers such as China Merchants Bank (-0.51%) and SPDB (+1.88%) [4][5]. - CEB's net profit decline of 3.63% ranks it among the lowest in the sector, while SPDB leads with a 10.21% increase [4][5]. Revenue and Profit Drivers - CEB's net interest income decreased by 5.11%, reflecting a narrowing net interest margin due to falling loan rates and rigid funding costs [6]. - Non-interest income showed volatility, with a significant drop in investment income, which shifted from a net gain of 3.758 billion yuan to a net loss of 4.982 billion yuan [6]. Asset Quality Concerns - CEB's non-performing loan ratio slightly increased to 1.26%, and its provision coverage ratio decreased by 11.67 percentage points to 168.92%, indicating potential risks and profit erosion [6]. Strategic Challenges - CEB is investing heavily in technology finance, green finance, and digital transformation, which has led to increased short-term costs and pressure on profit margins [7]. - The bank's shift towards lower-priced policy-oriented credit assets has further exacerbated the narrowing net interest margin [7]. Industry Context - The banking sector is facing a critical challenge as traditional interest margin benefits diminish, raising questions about future profitability [8]. - CEB's struggles reflect a broader industry trend where banks must adapt quickly to find sustainable business models amid changing economic conditions [8].

Core Viewpoint - Deutsche Bank reported a 7% year-on-year increase in net profit for Q3, defying market expectations of a decline, driven by significant growth in its global investment banking division [1][4]. Financial Performance - Total revenue for the quarter reached €8.04 billion, with net profit attributable to shareholders at €1.56 billion (approximately $1.82 billion), up from €1.46 billion in the same period last year and exceeding analyst expectations of about €1.34 billion [1][2]. - The investment banking division emerged as the largest revenue source, with a notable 18% increase in revenue, surpassing the market expectation of 10.8% [5]. - Fixed income and foreign exchange trading revenue reached €2.48 billion, reflecting a 19% year-on-year growth, outperforming the expected 8.1% [5]. - The underwriting and advisory business saw a 27% revenue increase, exceeding the anticipated 24.4% [5]. Strategic Context - The financial results come as Deutsche Bank approaches the conclusion of its three-year transformation plan, with CEO Christian Sewing expressing confidence in achieving the financial targets set for 2025 [2][4]. - The bank aims to return over €8 billion to shareholders between 2022 and 2026, with plans for strategic adjustments to be announced in November [8]. - The retail banking segment experienced a 4% revenue increase, aligning closely with the expected 3.4%, while corporate banking revenue declined by 1%, contrary to analyst expectations of slight growth [8]. Market Position - Compared to European competitors, Deutsche Bank's investment banking performance was strong, while peers like BNP Paribas underperformed and Barclays showed mixed results [8]. - The bank's asset management subsidiary, DWS, reported a significant 34% increase in net profit for the period [9].

Financial Data and Key Metrics Changes - The company achieved a record net income to common of $101 million, representing a 36% increase compared to the adjusted net income from Q3 of the previous year [17] - Earnings per share reached a record of $2.18, marking a 37% increase year-over-year [17] - Total revenue increased by $35.4 million, or 12% year-over-year, supported by a 13% growth in net interest income and a 6% growth in fee-based revenue [16][22] - The return on average assets was reported at 1.3%, exceeding the target of 1.1% [6] Business Line Data and Key Metrics Changes - The Treasury Solutions platform saw a 91% increase in product fees over the past four years, indicating strong growth in this area [10] - Average commercial loan balances increased by 3%, or $317 million, during the quarter, with total commitments excluding mortgage finance up $577 million, or 8.2% annualized [18] - The firm is now a top-five Texas-based originator of SBA loans, reflecting its commitment to serving small businesses [11] Market Data and Key Metrics Changes - The company reported a 22% year-over-year increase in client interest-bearing deposits, excluding multi-year contraction index deposits, which rose by $3.3 billion [19] - The allowance for credit loss finished the quarter at $333 million, or 1.79% of loans held for investment, which is the highest level relative to criticized loans since 2014 [24] Company Strategy and Development Direction - The company is focused on transforming into a full-service financial services firm, aiming to bank the best clients in its markets [5] - The strategic plan includes a disciplined capital allocation process aimed at driving long-term shareholder value and enhancing franchise value [12] - The firm is committed to maintaining a strong capital position, with tangible common equity to tangible assets at an all-time high of 10.25% [8] Management's Comments on Operating Environment and Future Outlook - Management expressed a conservative view on the economic environment, emphasizing the importance of client selection as a risk mitigant [67] - The company reaffirmed its revenue guidance of low double-digit percentage growth for the full year, despite anticipated rate cuts [26][27] - Management highlighted the importance of maintaining a competitive advantage through strong capital levels and a diversified earnings platform [58] Other Important Information - The company repurchased 12% of its shares outstanding at a weighted average price of $59 per share, reflecting a disciplined approach to capital management [12] - The firm has made significant investments in its platform, resulting in improved operational efficiencies and a higher quality operating model [9] Q&A Session Summary Question: Loan growth and future outlook - Management noted that while loan growth may have slowed, commitments increased by 11% quarter-over-quarter, indicating potential for better performance in the fourth quarter [30][31] Question: Investment banking and fee outlook - The firm reported a record investment banking quarter and narrowed its full-year fee income guidance to $230 to $235 million, with expectations for fourth-quarter non-interest income of $60 to $65 million [36] Question: NII growth amid rate cuts - Management indicated that net interest income is expected to be between $255 to $260 million for Q4, despite anticipated rate cuts, due to effective management of deposit pricing [41] Question: Credit transformation since 2021 - Management highlighted a significant reduction in criticized loans, down 41% year-over-year, and emphasized a conservative approach to risk management [45][48] Question: Capital deployment opportunities - Management discussed a disciplined capital menu, focusing on organic growth and platform investments, while remaining open to M&A opportunities in the future [54][60]