在利率高企、就业承压的当下，美国消费者正不得不告别信用卡消费模式，转向更为审慎的财务管理。 最新数据显示，美国信用卡消费增速正显著放缓。今年上半年，美国人的借记卡支出同比增长6.57%， 而同期信用卡支出仅同比增长5.65%。 对于美国这样一个信用卡消费文化极其发达的国家而言，这一变化具有标志性意义。从去年年底开始， 美国人的信用卡开支增速就落后于借记卡，逆转了此前14个季度信用卡开支增长高于借记卡的连续走 势。在2022年消费高峰期，美国人的信用卡开支增速甚至比借记卡高出7倍多。如今趋势逆转，折射出 美国经济环境的深层调整已经开始影响消费者的财务习惯。 从历史维度看，美国信用卡消费退潮尤其值得关注。多年来，美国消费经济长期依赖家庭信贷扩张支 撑。从18世纪信用赊购萌芽到第二次世界大战后政策体系积极鼓励借贷消费，信用卡不仅是支付工具， 也是支撑经济增长的重要载体。不过，进入新世纪以来，这个发动机却出现了"失控"迹象。受业务扩展 压力影响，发卡机构普遍通过联名卡策略、弹性还款设计以及债务转移优惠等方式刺激消费信贷需求， 许多"边缘信用群体"均成为发卡机构的新客群。其结果是，信用卡债务总额持续扩大，违约率持续攀 ...

嗨，大家好，欢迎关注天阅财经观察。2020年6月13日，中国人民银行官宣，向连通公司核发银行卡清 算业务许可证！6月15日，央行与银保监会通过连通（杭州）技术服务有限公司提交的银行卡清算机构 开业申请，并向其核发银行卡清算业务许可证——并由此可以在我国进行人民币清算业务。据了解，这 是我国外卡组织中首家获得许可证的企业。 回顾这个新闻，我的的脑海中照例浮现出三个问题： 1、连通是何方神圣？ 2、哪里来的神通，能杀入油盐不进的中国金融市场？ 3、外资银行的杀入，会对本土银行业产生怎样的冲击？ 在中国想要查一家公司的信息现在并不难，只要打开天眼查就可以找得到。说起天眼查这也是一个神奇 的软件，他还有一大堆诸如企查查、企信宝、等一大堆同门，通过这类软件你完全可以把一个公司扒个 底掉，不仅工商注册、高管、法人信息可以查的一清二楚，就连这个公司的七大姑八大姨以及七大姑八 大姨的七大姑八大姨也都能给你扒的一清二楚。所以要论深扒公司信息，我只服查查系列。 根据天眼查显示，连通公司在2017年10月成立，注册资本10亿元人民币，其中连连数字科技有限公司持 股50%，运通旗下两家公司同样合计持股50%。依据《关于实施银行卡清算 ...

Core Viewpoint - Recent changes in credit card foreign currency transactions by several banks, including China Merchants Bank and Ping An Bank, have shifted from USD to RMB for cross-border transactions, potentially reducing currency exchange friction and enhancing card usage willingness [1][3][10]. Group 1: Changes in Credit Card Transactions - Multiple banks have upgraded their credit card foreign currency transactions to support RMB instead of USD, streamlining the cross-border payment process [1][3]. - China Merchants Bank announced that from October 28, 2025, certain Mastercard products will switch their cross-border transaction settlement currency from USD to RMB [3]. - Ping An Bank will allow customers to choose between RMB and USD for foreign currency transactions starting September 25 [4]. Group 2: Market Reactions and Implications - Market interpretations of these changes vary, with some viewing it as a marketing strategy under pressure in the credit card business, while others link it to the internationalization of the RMB [1][10]. - The credit card industry is under pressure, with a reported decline in the number of credit cards and transaction volumes across major banks [10]. Group 3: Competitive Landscape - The upgrade reflects competitive dynamics among card organizations, as Mastercard and Visa traditionally required two currency conversions, which is now reduced to one with the RMB switch [6][7]. - The shift may enhance Mastercard's market share in China, benefiting both the card organization and the partnering banks [6][10]. Group 4: Customer Experience and Fees - The changes are expected to provide a better customer experience, although the immediate impact on consumers may be minimal in terms of cost differences [11]. - The adjustment will also alter the fee structure for cash advances in foreign currencies, transitioning to a RMB settlement line [10].

Core Viewpoint - Recent changes in credit card foreign currency transactions by several banks, including China Merchants Bank and Ping An Bank, have shifted from USD to RMB for cross-border transactions, potentially reducing currency exchange friction costs and enhancing card usage willingness [1][2]. Group 1: Credit Card Currency Upgrade - China Merchants Bank announced that starting October 28, 2025, certain Mastercard credit card cross-border transactions will switch from USD to RMB, streamlining the currency conversion process [2]. - Ping An Bank will also support RMB for foreign currency transactions starting September 25, allowing customers to choose between RMB and USD for their transactions [2]. - This upgrade primarily affects Mastercard products, including standard, platinum, and world credit cards issued by China Merchants Bank [2][3]. Group 2: Market Dynamics and Competition - The currency upgrade is seen as a response to competitive pressures among card organizations, with Mastercard and American Express having established local operations in China [4][5]. - The upgrade may help expand Mastercard's issuance scale in China, benefiting the initial cooperating banks [6]. - The dual branding of cards in China, such as "Mastercard + UnionPay," is unique and stems from historical market conditions prior to China's WTO accession [6]. Group 3: Industry Challenges - The credit card industry is under pressure, with a reported decline in the total number of credit cards and transaction volumes across major banks [9]. - For instance, China Merchants Bank reported an 8.54% year-on-year decline in credit card transaction amounts [9]. - The currency switch is expected to have minimal immediate impact on consumers, primarily reflecting slight cost adjustments rather than significant benefits [10].

Core Insights - American Express has established a significant business moat by defining high-spending consumer groups, suggesting a potential market opportunity for Chinese companies like Meituan and Alibaba to replicate this model with their premium membership programs [1][15] - The concept of a "Chinese version of the black card" is emerging, as Meituan and Alibaba introduce membership systems that reward higher spending with more benefits, targeting high-value users [1][15] Group 1: Membership Comparison - The membership systems of Alibaba and Meituan primarily focus on spending amounts, which may inadvertently include "flashy spenders" who do not represent long-term valuable customers [4][5] - American Express's black card holders are not only high spenders but also possess significant assets and social resources, indicating that spending alone may not equate to true high net worth [3][5] Group 2: Data Utilization - Alibaba and Meituan have the advantage of comprehensive consumer data across various sectors, allowing for a more accurate reflection of a consumer's spending ability compared to a single credit card statement [6] - The platforms can refine their member selection process over time through accumulated data, enhancing the precision of their high-value customer identification [6] Group 3: Merchant Relationships - Concerns exist regarding whether Alibaba and Meituan can achieve the same pricing power with merchants as American Express, given their existing relationships with millions of businesses [6][8] - The collaboration model between Alibaba/Meituan and merchants is likely to be voluntary, where merchants offer exclusive benefits in exchange for access to high-value customers, rather than being forced to pay high fees [9][8] Group 4: Market Dynamics - The sensitivity of domestic merchants to costs poses challenges for implementing a high-fee model similar to American Express, as seen in past resistance to increased delivery fees [8] - The membership systems of Alibaba and Meituan are not intended to replace existing loyalty programs from airlines or hotels but rather to act as connectors that enhance the value of those memberships [13][11] Group 5: Future Potential - The lack of a robust credit card ecosystem in China presents an opportunity for internet platforms to fill this gap, with the potential to create a significant commercial value of $200 billion if they can establish trust and loyalty across various consumer scenarios [15][1]

Investment Rating - The report assigns an "Outperform" rating to multiple companies in the discretionary sector, including Nike, Midea Group, JD Group, Haier Smart Home, Anta Sports, Gree Electric, and others [1]. Core Insights - The gambling sector continues to show strong performance in September, outperforming other discretionary sub-sectors, with a weekly increase of 1.8% [4][16]. - Domestic cosmetics and luxury goods also performed positively, with increases of 0.7% and 0.3% respectively, while other sectors like overseas sportswear and snacks faced declines [4][16]. - The report highlights that most sub-sectors are currently undervalued compared to their historical averages, indicating potential investment opportunities [20]. Summary by Relevant Sections Weekly Performance Review - The gambling sector led the weekly performance with a 1.8% increase, followed by domestic cosmetics at 0.7% and luxury goods at 0.3%. In contrast, overseas sportswear and snacks saw declines of 3.0% and 4.1% respectively [4][16]. - Year-to-date performance shows significant gains in gold and jewelry, domestic cosmetics, and pets, with increases of 167.1%, 60.6%, and 38.8% respectively [13]. Sector Analysis - The gambling sector's strong performance is attributed to better-than-expected results during the off-season, with optimism for the upcoming peak season driven by events like the NBA and concerts [6][16]. - Domestic cosmetics are benefiting from successful marketing campaigns, with notable sales figures reported [6][17]. - The overseas sportswear sector is under pressure due to disappointing earnings forecasts and competition, leading to significant stock price declines [8][17]. Valuation Analysis - Most sectors are trading below their five-year average P/E ratios, indicating potential for growth. For instance, the expected P/E for the overseas sportswear sector is 33.4 times, which is 59% of its historical average [20]. - The gambling sector's expected P/E is 34.2 times, which is 40% of its historical average, suggesting it may be undervalued [20].

Core Viewpoint - The company is actively enhancing consumer financial services in response to the evolving consumption market, aligning with national policies to stimulate and expand consumption [1][2]. Group 1: Policy Alignment - The company is integrating financial services with national policies aimed at boosting large-scale consumption and promoting the replacement of consumer goods [2]. - Initiatives include collaborations with automotive companies and charging infrastructure providers to alleviate concerns for electric vehicle owners, as well as promotional activities for fuel vehicle owners [2]. - In the consumer electronics and home appliance sectors, the company is optimizing installment services and offering discounts to lower the purchasing threshold for high-end technology products [2]. Group 2: Innovative Scenarios - The company is leveraging ecological thinking to activate consumer value by focusing on high-frequency essential scenarios [3]. - Collaborations with platforms like Meituan to provide discounts and incentives for daily meals integrate financial benefits into everyday life [3]. - The company is expanding installment payment options to digital platforms and enhancing its points system to encourage consumer spending across various demographics [3]. Group 3: Ecological Collaboration - The company is building a collaborative ecosystem that combines government guidance, financial empowerment, platform support, and consumer benefits [4]. - A partnership with JD.com allows customers to enjoy national subsidies on selected products while using the company's credit card for additional discounts, enhancing the shopping experience [4]. - The company aims to continue evolving its services to support national strategies and improve the quality of life for consumers [4].

Investment Rating - The report assigns an "Outperform" rating to multiple companies in the discretionary sector, including Nike, Midea Group, JD Group, Haier Smart Home, Anta Sports, Gree Electric, and others [1]. Core Insights - The report emphasizes the focus on consumer sub-sectors with favorable risk/reward ratios, highlighting bottom opportunities in the market [1][4]. - The performance of various consumer sectors is analyzed, with gold and jewelry, overseas cosmetics, and domestic cosmetics showing positive growth, while luxury goods and overseas sportswear sectors experienced declines [4][12]. Sector Performance Review - Weekly performance rankings indicate that the gold and jewelry sector led with a 4.0% increase, followed by overseas cosmetics at 1.7% and domestic cosmetics at 1.4%. In contrast, overseas sportswear saw a significant decline of 4.2% [4][12]. - Monthly performance shows overseas cosmetics leading with an 8.8% increase, while overseas sportswear experienced a decline of 2.9% [12]. - Year-to-date performance highlights gold and jewelry with a remarkable 175.3% increase, while overseas sportswear faced a decline of 12.0% [12][13]. Sector Valuation Analysis - Most sectors are valued below their average over the past five years, with the overseas sportswear sector expected PE at 34.3 times, which is 61% of its historical average. The domestic sportswear sector is expected to have a PE of 14.1 times, 80% of its historical average [9][18]. - The gold and jewelry sector's expected PE is 27.1 times, 48% of its historical average, while the luxury goods sector is expected at 24.3 times, 44% of its historical average [9][18]. - The report indicates that all sectors' expected PE for 2025 is lower than their historical averages, with only the household goods sector's EV/EBITDA exceeding its historical average [18].

Core Viewpoint - The People's Bank of China has released a draft for public consultation to amend four regulatory documents, including the "Electronic Payment Guidelines," to adapt to the rapid development of digital payments and market maturity, aiming to enhance the flexibility of financial institutions in pricing and to transition the payment system from "small-scale convenience" to "full-scenario coverage" [1][6]. Group 1: Adjustments in Electronic Payment - The amendments include the removal of transaction limit regulations, allowing financial institutions to set their own limits based on risk management, which previously restricted individual online payments to a maximum of 1,000 yuan and daily accumulations to 5,000 yuan [3][4]. - The guidelines emphasize the need for banks to handle customer disputes promptly and responsibly, encouraging resolution through mediation and arbitration to better protect user rights [3][6]. Group 2: Changes in Credit Card Business - The removal of upper and lower limits on overdraft interest rates allows issuing institutions to determine their own pricing based on customer credit status, enhancing pricing flexibility [4][8]. - The requirement for issuing institutions to publicly disclose credit card application conditions and fees has been eliminated, along with the obligation to report interest rate changes to the central bank, reducing administrative burdens [4][9]. Group 3: Implications for Consumers and Financial Institutions - The adjustments are expected to enhance payment convenience and personalized services for consumers, particularly benefiting large transactions such as real estate purchases and cross-border e-commerce [6][9]. - Financial institutions will gain greater operational flexibility and innovation opportunities, allowing them to develop customized payment products and adjust pricing strategies based on customer risk profiles [8][9]. - The changes are aligned with the government's goal to stimulate consumption and expand domestic demand, potentially invigorating the digital finance sector, although the ultimate impact will depend on the implementation details and market feedback [9].

Core Insights - The growth rate of credit card spending in the U.S. has slowed down, with debit card spending outpacing credit card spending for the first time in four years [1][12] - American consumers are increasingly managing their credit card debt, with a notable rise in personal loans as a strategy to pay off credit card balances [2][12] - Young Americans, particularly those aged 18 to 29, are facing significant credit card debt and overdue payments, indicating a troubling trend in financial health among this demographic [5][12] Group 1: Credit Card Spending Trends - Credit card debt in the U.S. has surpassed $1 trillion, but the growth rate of credit card spending has decreased to 5.65% year-on-year, compared to a 6.57% increase in debit card spending [1][12] - Since the end of last year, credit card spending growth has lagged behind that of debit cards, contrasting with the previous 14 quarters where credit card spending consistently outperformed debit card spending [1][12] - The average annual interest rate for credit cards is approximately 22%, significantly higher than that of personal loans, which has led consumers to seek personal loans to manage credit card debt [2][12] Group 2: Consumer Debt Management - A report from credit agency Equifax indicates that while credit card loan balances are growing at a slower pace, the delinquency rate has decreased, suggesting consumers are actively managing their debts [2] - Many consumers are opting for personal loans to pay off credit card debt, with personal loan issuance increasing by 18% year-on-year in the first quarter, reaching a record total of $257 billion [2] - Despite initial success in reducing credit card balances by an average of 57% through personal loans, many consumers find themselves accumulating credit card debt again within 18 months [2] Group 3: Demographic Insights - Young adults (ages 18-29) represent the largest group of credit card delinquents, with nearly 10% of their overdue amounts being 90 days or more past due [5] - The overall credit card delinquency rate has remained high, with 6.93% of debt overdue over the past year, indicating a concerning trend in financial stability among younger consumers [5][12] - A survey revealed that 42% of Americans are worried about their ability to repay credit card debt, with this anxiety affecting their mental health and overall well-being [5][12] Group 4: Economic Context - The slowdown in credit card spending is attributed to rising costs from tariffs and the resumption of student loan repayments, which have added financial pressure on households [10][11] - The job market is showing signs of cooling, with non-farm payrolls adding only 73,000 jobs in July, below market expectations, contributing to consumer uncertainty [11] - Consumers are prioritizing essential spending and reducing discretionary expenses, reflecting a shift in financial behavior in response to economic pressures [11][12]