服务"零距离"让金融服务触手可及 转自：新华财经 作为国有商业银行，农业银行钦州分行积极履行社会责任，持续加大金融资源投入，全力为老年客户打 造更加稳健、多层次、可持续的养老金融保障体系。 精准输血破解养老服务升级难题 "新购置的这批智能护理床和康复器材，真是解了我们的燃眉之急！"看着焕然一新的护理区，钦州市红 枫叶养老服务中心的院长说。2025年，该中心打算升级设施、提升医养结合水平，但由于缺乏有效抵押 物，融资屡屡受阻。得知这一情况，农业银行钦州分行主动上门沟通，为客户量身定制融资方案，成功 解决缺乏有效抵押物的问题。同时，开通绿色审批通道，优化业务流程，短短一周的时间，一笔1000万 元的信贷资金就顺利到位。 在这笔贷款资金的支持下，钦州市红枫叶养老服务中心成功完成101套先进的智能护理床和康复训练器 材的采购，以及2个楼层的防滑地面、无障碍卫浴等适老化改造。 对于家住老旧小区、腿脚不便的80岁张大爷来说，去银行网点曾是件麻烦事。但最近，张大爷却体验到 了前所未有的便利。 得知张大爷忘记社保卡密码、养老金取不出来的情况后，农业银行钦州郊区支行营业室网点工作人员当 即带着便携设备，来到了张大爷家中。在核实 ...

Core Viewpoint - Farmers & Merchants Bancorp (FMCB) has maintained a stable share price since the last update in March, indicating a lack of significant market movement for this Californian bank [1] Company Summary - FMCB is characterized as a high-quality bank with a focus on sustainable high-quality earnings, appealing to long-term, buy-and-hold investors [1] - The bank's stock performance has been flat, suggesting stability but also a lack of growth momentum in the short term [1] Investment Strategy - The investment approach emphasizes dividend and income stocks, aligning with the bank's profile as a reliable income-generating asset [1]

银行大厅里，金光闪闪的立牌炫耀着"存50万送10克黄金"的诱人宣传，折算价值高达7800元，看似比普通存款多赚0.5%的收益。然而，这看似唾手可得的财 富背后，却隐藏着层层陷阱，将储户一步步引向"福利缩水术"的深渊。 "羊毛"陷阱：银行存款"福利"的真相 "存款送福利"的本质，不过是利率的变形魔术。某城商行员工计算过，送客户一台标价300元的豆浆机，实际采购成本仅80元，但银行会将存款利率从2.05% 压低到1.65%。储户存10万元一年，少拿的400元利息远超礼品成本，银行净赚3920元。 中小银行在这方面更是"算盘打得响"，某村镇银行三年期定存利率标价3%，却要求每月日均存款达标才能送积分，取钱超过两次则直接取消资格。 最终，羊毛的成本由谁承担？柜员或许是最大的"冤大头"。某农商行大堂经理透露，支行每月摊派200万元存款任务，完不成任务就要扣奖金，有的同事月 薪只有3000元，却要自掏400元购买水果赠送给客户。 银行还会精准筛选"易忽悠群体"：老年人存5万送"健康秤"，实则诱导购买保险；年轻人则被"存款送盲盒"的噱头吸引，结果却只是"谢谢惠顾"。 王阿姨便是受害者之一。她提前取款，本以为能顺利拿到之前存 ...

Investment Rating - The report maintains a "Buy" rating for Changshu Bank (601128.SH) with a current price of 7.80 CNY [1]. Core Insights - Changshu Bank reported a revenue of 6.1 billion CNY for the first half of 2025, representing a year-on-year growth of 10.1%, and a net profit attributable to shareholders of 2 billion CNY, up 13.5% year-on-year [4][5]. - The bank's return on average equity (ROAE) stands at 13.34%, reflecting a slight increase of 0.06 percentage points year-on-year [4]. - The bank's non-interest income grew significantly by 57.3% year-on-year, contributing to the overall revenue growth [5][9]. Summary by Sections Financial Performance - In the first half of 2025, the bank's revenue, pre-provision profit, and net profit attributable to shareholders grew by 10.1%, 12.1%, and 13.5% respectively, with slight changes compared to the first quarter [5]. - The bank's net interest income and non-interest income growth rates were 0.8% and 57.3% year-on-year, indicating a strong performance in non-interest income [5]. Asset and Loan Growth - As of the end of the second quarter of 2025, the bank's interest-earning assets and loans grew by 11.4% and 5.2% year-on-year, respectively [6]. - The bank's loan growth was supported by financial investments and interbank assets, with a total loan addition of 106 billion CNY in the first half of 2025 [6]. Deposit and Funding - The bank's interest-bearing liabilities and deposits grew by 9.4% and 9.9% year-on-year, with a total deposit addition of 242 billion CNY in the first half of 2025 [8]. - The bank has been actively managing its liabilities by adjusting deposit rates to mitigate the trend of increasing fixed-term deposits [8]. Capital Adequacy and Dividends - As of the end of the second quarter of 2025, the bank's core tier 1 capital adequacy ratio was 10.7%, with a proposed cash dividend of 497 million CNY, representing a payout ratio of 25.3% [11]. - The bank has 6 billion CNY of convertible bonds pending conversion, which is expected to support future capital needs [11]. Earnings Forecast and Valuation - The bank's earnings per share (EPS) forecasts for 2025, 2026, and 2027 are 1.28 CNY, 1.42 CNY, and 1.50 CNY, respectively, with corresponding price-to-earnings (P/E) ratios of 6.09, 5.50, and 5.19 [12][13].

Core Viewpoint - The recent adjustments to anti-money laundering regulations in China signify a shift towards a more risk-based and nuanced approach, moving away from rigid thresholds in customer due diligence [2][3][4] Summary by Relevant Sections Regulatory Changes - The People's Bank of China, the National Financial Regulatory Administration, and the China Securities Regulatory Commission have jointly released a draft for public consultation regarding customer due diligence and transaction record management [1][2] - A significant change in the draft is the removal of the requirement for individuals to declare the source or purpose of cash transactions exceeding 50,000 yuan, indicating a transition to a more refined regulatory framework [2][3] Risk-Based Approach - The draft emphasizes a "risk-based" principle for customer due diligence, requiring financial institutions to tailor their investigation measures based on customer characteristics and transaction risks, avoiding a one-size-fits-all approach [3][4] - Low-risk scenarios will see simplified investigation processes, while high-risk situations will necessitate more stringent due diligence measures [4][7] Focus on High-Risk Areas - The draft increases the focus on high-risk scenarios, explicitly stating that simplified due diligence cannot be applied when there are suspicions of money laundering or terrorist financing [7] - Financial institutions are required to monitor specific high-risk groups and regions, ensuring that enhanced due diligence is applied to transactions involving clients from high-risk countries or those associated with high-risk individuals [7] Public Consultation and Future Implementation - The public consultation period for the draft will last until September 3, with expectations that the finalized regulations will be implemented before the FATF's fifth round of mutual evaluations [7]

Core Viewpoint - The recent adjustments to anti-money laundering regulations by financial institutions in China aim to simplify cash withdrawal processes while maintaining a focus on high-risk transactions and clients [4][8][16]. Group 1: Regulatory Changes - The new draft regulation allows cash withdrawals over 50,000 yuan without the need to explain the source or purpose of the funds, a significant change from the previous requirement [4][12]. - Financial institutions are still required to conduct due diligence for single transactions exceeding 50,000 yuan in cash remittances and physical precious metal transactions [5][8]. Group 2: Risk-Based Approach - The draft regulation emphasizes a "risk-based" principle for customer due diligence, allowing simplified measures for low-risk clients while enforcing stricter scrutiny for high-risk clients [8][16]. - Specific measures include prohibiting simplified due diligence in cases where there are suspicions of money laundering or terrorist financing [16]. Group 3: Historical Context - The previous regulation, implemented in 2022, faced public backlash due to concerns over privacy and operational complexity, leading to its postponement [11][12]. - The new draft reflects a balance between enhancing anti-money laundering efforts and protecting individual financial activities and privacy [9][16].

来源：商业周刊 美联储官员Michelle Bowman8月9日发布了两条重要消息。其一，她支持今年降息三次。其二，她将于 10月9日主持社区银行会议。 继数据显示劳动力市场急剧降温后，旧金山联储行长Mary Daly、明尼阿波利斯联储行长Neel Kashkari 和美联储理事Lisa Cook均表达了担忧。 美国劳工统计局报告显示，7月非农就业人数增加7.3万人，此前两个月的数据被大幅下修了近26万人。 失业率从6月的4.1%上升至4.2%。 社区银行会议 负责银行监管的Bowman表示，10月9日的社区银行会议将探讨针对这些银行资本框架的潜在改革方 案。她此前曾对社区银行的竞争格局表示担忧。长期以来，社区银行的市场份额一直在被规模更大的银 行蚕食。 "社区银行是银行和金融体系的基石，为当地社区及其客户提供支持，"Bowman在科罗拉多州斯普林斯 堪萨斯州银行家协会的演讲中表示，"这些银行常常被忽视，极少有人关注长期存在和新兴的问题，以 及行业和消费者的担忧。" 她表示，此举"将有助于避免劳动力市场状况进一步不必要地恶化，并降低委员会在劳动力市场进一步 恶化时需要实施更大规模政策修正的可能性。" Bowm ...

以下文章来源于一丰看金融 ，作者王一峰、赵晨阳 一丰看金融 . 分享经济金融领域大事小情，路边新闻 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 形成抽水；另一方面，季初月份理财等表外产品季节性扩容，月内股票、商品走牛形成资金虹吸；居民、 企业存款与政府、非银存款间跷跷板效应显现，M1大概率负增长。但考虑到去年同期整顿存款"手工补 息"影响仍有延续，企业经营景气度下行影响账面活期资金沉淀留存，低基数效应下，预计7月M1增速仍可 维持在4.5%附近，同6月末大体持平。 6月贷款投放季节性冲高，同比多增，但需求不足压制仍在，2Q季内合计新增贷款3.1万亿，同比少增6700 亿，年初旺季投放过后信贷增长相对乏力。进入7月，基数效应与信用活动景气度再度回落共同影响，贷 款或同比少 ...

继江西裕民银行、安徽新安银行之后，第三家民营银行即将迎来国资股东。 近日，国家金融监督管理总局披露，已同意无锡市国联发展（集团）有限公司（下称"国联集团"）受让红豆集 团有限公司（下称"红豆集团"）持有的锡商银行5亿股股份。 受让后，国联集团合计持有锡商银行5亿股股份，持股比例达到25％，将替代红豆集团成为锡商银行第一大股 东。 国资入股前兆：提前空降高层 公开信息显示，李军曾为国联集团董事长，在2023年2月，江苏金融监管局曾核准了李军国联财务董事长任职 资格。 从股东结构看，红豆集团一直是该行的第一大股东，持股比例维持在25%。在该行成立之时，由红豆集团实际 控制人周海江，出任锡商银行首任董事长。 就在上述股权变更披露的同天，锡商银行发布公告，江苏金融监管局已核准李军该行董事、董事长任职资格。 锡商银行由红豆集团等8家民营企业共同发起设立，于2020年4月正式开业，是全国第19家、江苏省第2家民营 银行。 值得关注的是，根据"无锡联合担保"公众号披露，今年6月20日，李军就以锡商银行党委书记的身份接待无锡 联合担保一行的到访。 也就说，在锡商银行正式股份变更之前，国联集团已派驻高层进入锡商银行。 在此之前 ...

Core Viewpoint - The first half of 2025 has shown positive growth in revenue and net profit for several A-share listed banks, with a notable performance from Changshu Bank, indicating a potential revaluation of bank stocks and a favorable outlook for a "slow bull market" [2][9]. Group 1: Changshu Bank Performance - Changshu Bank reported a revenue of 6.062 billion yuan, a year-on-year increase of 10.1%, and a net profit of 1.969 billion yuan, up 13.51% [3]. - Non-interest income surged by 57.26%, driven by significant increases in fee and commission income (up 637.77%) and bond investment income (up 560.13%) [3]. - As of June 30, 2025, total assets reached 401.227 billion yuan, with loans and deposits growing by 4.4% and 8.46%, respectively [3][4]. Group 2: Asset Quality and Dividends - The non-performing loan (NPL) ratio stood at 0.76%, a slight decrease from the previous year, while the provision coverage ratio was 489.53% [4]. - Changshu Bank proposed a cash dividend of 0.15 yuan per share, totaling 497 million yuan, which is 25.27% of its net profit for the half-year [4]. Group 3: Other Banks' Performance - Other banks such as Hangzhou Bank, Ningbo Bank, and Shanghai Pudong Development Bank also reported net profit growth exceeding 10%, with Hangzhou Bank achieving a 16.67% increase [5][7]. - Shanghai Pudong Development Bank's net profit reached 29.737 billion yuan, reflecting a 10.19% year-on-year growth, with total loans and deposits increasing by 4.51% and 8.71%, respectively [5][7]. - Qingdao Bank and Ningbo Bank also reported positive growth in both revenue and net profit, with Qingdao Bank's net profit increasing by 16.05% [8]. Group 4: Market Performance and Outlook - The banking sector has seen an 18.10% increase in stock prices year-to-date, with Shanghai Pudong Development Bank leading with a 41.88% rise [9]. - Agricultural Bank of China has surpassed Industrial and Commercial Bank of China in market capitalization, reaching 2.14 trillion yuan [10][11]. - Analysts suggest that the combination of low valuations and high returns makes bank stocks attractive, with potential for over 60% price appreciation based on current dividend yields and asset quality [11][12].