2025.12. 17 本文字数：2335，阅读时长大约4分钟 作者 | 第一财经 陈君君 在房贷利率持续下行的背景下，部分此前通过经营贷购房的业主，正试图将经营贷重新"换回"普通 住房按揭贷款。然而，记者调查发现，市场上流传的所谓"经营贷转房贷"路径并无政策依据，多数 依赖中介操作，实际涉及虚假交易、资金过桥等复杂安排，潜藏较大的合规风险。 12月15日，国家统计局公布数据显示，1-11月全国商品房销售均价为9546元/平方米，同比下降 3.4%。房地产市场仍处于调整阶段，使部分以房产作抵押的存量贷款业主继续面临抵押物价值缩水 与融资压力并存的局面。 与此同时，随着存量房贷利率整体下调至约3%，房贷与经营贷之间的利差明显收窄。一些此前为降 低利息成本而通过经营贷购房的业主，开始关注是否存在将不确定性高的经营贷重新转回期限更长、 还款更稳定的普通住房按揭贷款的可能。 但多家银行在接受记者采访时均明确表示，目前并无经营贷转房贷的相关政策支持，相关操作存在明 显合规风险。同时，业内人士强调称，经营贷依法只能用于企业经营，将其用于购房或变相置换房 贷，本身可能构成合同违约甚至违法。 二手房交易成唯一"操作模式" 从 ...

Core Viewpoint - The article discusses the attempts of homeowners who previously used business loans to purchase properties to convert these loans back into traditional housing mortgages amid declining mortgage rates. However, it highlights that the methods being used lack policy support and involve significant compliance risks due to reliance on intermediaries and potentially fraudulent transactions [1][2]. Group 1: Market Conditions - The average sales price of commercial housing in China from January to November was 9,546 yuan per square meter, reflecting a year-on-year decrease of 3.4% [1]. - The real estate market is still in an adjustment phase, leading to a situation where homeowners with existing loans face both declining collateral values and financing pressures [1]. - The overall interest rate for existing housing loans has decreased to approximately 3%, narrowing the interest rate gap between housing loans and business loans [1][6]. Group 2: Loan Conversion Attempts - Many homeowners who took out business loans three years ago are now facing difficulties in renewing these loans due to reduced limits or interest rates [2]. - The emerging "business loan to housing loan" conversion model primarily involves second-hand property transactions, where borrowers engage intermediaries to facilitate the process [2][3]. - The typical process includes signing a second-hand property sale contract, applying for a housing mortgage, and using the mortgage funds to pay off the business loan after property transfer [2]. Group 3: Compliance and Risks - The conversion process relies on virtual transactions and bridging funds, which may lead to violations of loan usage agreements [3][5]. - There are significant legal risks involved, including potential contract breaches and criminal liabilities if fraudulent activities are detected [5]. - The regulatory environment has tightened, with increased scrutiny on the misuse of loan funds, leading to numerous penalties issued to institutions and individuals [6]. Group 4: Future Outlook - Despite the risks, there remains a demand for low-cost, long-term funding options as mortgage rates continue to decline [6]. - The real estate market is still in a recovery phase, with ongoing declines in new housing sales and prices [6]. - Analysts expect further room for mortgage rate reductions, which could stimulate housing demand and improve market expectations [6].

Summary of China Merchants Bank Conference Call Company Overview - **Company**: China Merchants Bank (招商银行) - **Date of Call**: Q3 2025 Key Points Industry and Financial Performance - **Net Interest Margin**: Q3 net interest margin was 1.83%, a decrease of 3 basis points quarter-on-quarter, but the year-on-year decline is narrowing. The bank expects improvement in net interest margin if no further rate cuts occur [2][3][4] - **Loan and Deposit Growth**: Total loans grew by 3.6% and total deposits by 4.6% in the first three quarters. Demand for credit remains weak, particularly in retail loans due to real estate market adjustments and sluggish offline consumption [2][4] - **Wealth Management Growth**: Wealth management income increased by 19% year-on-year, with significant growth in sales of trust products (47%) and funds (39%). Retail AUM reached 16.6 trillion, an 11% increase from the previous year [3][8] Risk Management and Asset Quality - **Mortgage Loan Quality**: As of Q3, mortgage loans accounted for approximately 22%-23% of total loans, with a scale of about 1.4 trillion. The non-performing loan (NPL) ratio is 0.45%, with a focus rate of 1.49% and overdue rate of 0.83% [2][5][6] - **Risk Management Measures**: The bank employs strict customer admission criteria and ongoing monitoring of collateral. Loans overdue by more than 60 days are classified as non-performing, and the bank closely monitors market price trends to adjust risk control strategies [6][7] Investment Strategy - **Bond Investment**: The bank has increased its bond investment, which now constitutes nearly 30% of total assets. The strategy includes maintaining a high proportion of debt investments and a neutral stance on interest rates [3][10] - **Cost Management**: Management expenses totaled 75 billion, with a cost-to-income ratio of 29.85%. The bank is focused on cost reduction through refined management and strategic investments in fintech and AI [11][12] Future Outlook - **Economic Policy and Budgeting**: The bank anticipates a positive economic policy environment in the new five-year plan, which will influence budgeting for the upcoming year [2][4] - **Dividend Policy**: The bank aims to maintain a cash dividend payout ratio above 30%, with a current target of 35%. Future adjustments will depend on overall profitability [14][15] Additional Insights - **Market Trends**: There is a shift in customer wealth management preferences towards equity-related products, driven by market conditions. The bank expects this trend to continue if capital market reforms deepen and market conditions stabilize [8][13] - **Floating Profit Realization**: The bank has seen a decrease in other comprehensive income due to the realization of floating profits, with future realizations dependent on market conditions [9] This summary encapsulates the key insights from the conference call, highlighting the financial performance, risk management strategies, investment approaches, and future outlook of China Merchants Bank.

Core Viewpoint - The Industrial and Commercial Bank of China (ICBC) Hezhou Branch is committed to supporting residents' reasonable housing needs as a key aspect of its service to the public, aiming to enhance the accessibility and satisfaction of personal loan services [1][2][3] Group 1: Loan Services and Financial Support - As of October 2025, the personal housing loan balance of ICBC Hezhou Branch is expected to exceed 3.1 billion yuan, with an annual loan issuance of nearly 300 million yuan, contributing to the housing construction projects in Hezhou City [1] - The bank emphasizes strategic cooperation with local quality real estate projects, actively engaging with new developments such as "Jintou Guobinfu" and "Dongcheng Yayuan" to provide efficient mortgage support [1] Group 2: Service Process Optimization - To address the long loan processing times, ICBC Hezhou Branch has implemented multiple measures to enhance service experience, including establishing a green channel for key projects and creating a loan progress ledger to ensure efficient business connections [2] - These initiatives have significantly shortened business cycles and improved customer satisfaction for both new and second-hand housing loans [2] Group 3: Innovative Service Models - The bank has strengthened product innovation and service collaboration by promoting "foreclosure loans" to address financing difficulties in judicial auctions and implementing a "mortgage transfer" model to simplify second-hand housing transactions [3] - ICBC Hezhou Branch aims to continuously improve its housing financial service system, focusing on the public's housing needs and optimizing resource allocation for high-quality economic and social development in the region [3]

Group 1: Deposit and Interest Rate Performance - The average interest rate for deposits from January to September 2025 was 1.70%, a decrease of 43 basis points compared to the same period last year, and a decrease of 37 basis points compared to the entire previous year [1] - As of September 2025, retail deposit balance was CNY 1,279.63 billion, a decrease of 0.6% from the end of last year; the average daily balance of personal deposits increased by 4.2% year-on-year [1] - The average interest rate for personal deposits was 1.87%, down 37 basis points year-on-year [1] Group 2: Asset Quality and Risk Management - As of September 2025, the non-performing loan ratio was 1.05%, a decrease of 0.01 percentage points from the end of last year; the overdue loan ratios for 60 days and 90 days were 0.77 and 0.66, respectively [1] - The provision coverage ratio was 229.60%, indicating strong risk mitigation capabilities [1] Group 3: Loan Performance - As of September 2025, personal loan balance was CNY 1,729.19 billion, a decrease of 2.1% from the end of last year; mortgage loans accounted for 63.6% of personal loans [1] - Credit card receivables amounted to CNY 400.66 billion, a decrease of 7.9% from the end of last year [1] Group 4: Wealth Management and Capital Adequacy - As of September 2025, the number of wealth management clients was 1.4911 million, an increase of 2.4% from the end of last year; private banking clients increased by 6.7% to 103,300 [3] - The core Tier 1 capital adequacy ratio was 9.52%, an increase of 0.40 percentage points from the end of last year [3] Group 5: Automotive Finance and Real Estate Exposure - As of September 2025, automotive finance loan balance was CNY 300.3 billion, an increase of 2.2% from the end of last year; new personal loans for new energy vehicles increased by 23.1% year-on-year [3] - The balance of corporate real estate loans was CNY 226.99 billion, a decrease of CNY 18.23 billion from the end of last year; the non-performing rate for real estate loans was 2.20%, an increase of 0.41 percentage points from the end of last year [3]

Core Insights - Shanghai Bank reported positive growth in both revenue and net profit for the first three quarters of 2025, with operating income reaching 41.14 billion yuan, a year-on-year increase of 4.04%, and net profit of 18.08 billion yuan, up 2.77% [1] Financial Performance - As of the end of September 2025, the non-performing loan ratio stood at 1.18%, unchanged from the end of the previous year, while the provision coverage ratio was 254.92%, indicating sufficient overall provisioning [1] - The first major shareholder, Shanghai Lianhe Investment Co., Ltd., increased its holdings to 2.092 billion shares by the end of September 2025, an increase of 6.97 million shares since the end of June 2025 [1] Sector-Specific Developments - Shanghai Bank has focused on deepening connections with technology innovation channels and enhancing service capabilities across key industrial chains, with technology loan disbursements amounting to 166.29 billion yuan, a year-on-year increase of 33.83% [1] - The bank has also made strides in supporting small and micro enterprises, with inclusive loan disbursements reaching 139.32 billion yuan, up 2.93% year-on-year [1] - Manufacturing loan disbursements totaled 86.51 billion yuan, reflecting an 8.89% year-on-year growth, supporting high-quality development in the manufacturing sector [1] Retail Banking and Customer Growth - Shanghai Bank has enhanced its retail financial services, focusing on pension finance, wealth management, and consumer finance, with retail customers reaching 21.50 million and managing over 1 trillion yuan in assets under management (AUM), a 5.50% increase from the previous year [2] - The bank leads in pension customer share in Shanghai, with 1.60 million pension clients and a 6.21% increase in AUM for pension clients [2] Loan Products Performance - Auto consumer loan disbursements grew by 40.16% year-on-year, with the balance of auto consumer loans increasing by 16.95% compared to the previous year, and loans for new energy vehicles surged by 63.08% [2] - Housing mortgage loan disbursements increased by 5.47% year-on-year, with a balance of 162.12 billion yuan as of September 2025, reflecting a 1.47% growth, and a 5.47% increase in the Shanghai region [2]

Core Viewpoint - Ping An Bank reported a decline in revenue and net profit for the first nine months of 2025, but the rate of decline has narrowed compared to the first half of the year, indicating some stabilization in performance [1][2]. Financial Performance - Revenue for 9M25 was CNY 100.67 billion, down 9.8% year-on-year, with the decline narrowing by 0.3 percentage points compared to 1H25 [1]. - Net profit attributable to shareholders was CNY 38.34 billion, down 3.5% year-on-year, with the decline narrowing by 0.4 percentage points compared to 1H25 [1]. - Net interest income decreased by 8.2% year-on-year, but the decline rate improved by 1.1 percentage points compared to 1H25, primarily due to a reduction in the drag from interest margins [2]. - Non-interest income from fees and commissions fell by only 0.1% year-on-year, an improvement from a 2.0% decline in 1H25, driven by strong growth in wealth management fees [2]. Asset Quality and Loan Performance - The bank's loan balance at the end of 9M25 was CNY 3.4178 trillion, up 1.0% year-on-year, marking a recovery from a decline of 0.1% at the end of 1H25 [3]. - Retail loans showed a positive trend, with a quarterly increase of CNY 3.2 billion, ending an eight-quarter decline, supported by a reduction in high-risk loans and growth in mid-risk products [3]. - The bank's non-performing loan (NPL) ratio remained stable at 1.05%, with retail NPLs improving and corporate NPLs also under control [6]. Strategic Outlook - The bank's retail strategy transformation has shown significant results, with improvements in asset quality and a stabilization in retail loan growth [4]. - The bank is expected to benefit from policy support for retail credit demand, with projections for net profit attributable to shareholders of CNY 43.24 billion, CNY 44.49 billion, and CNY 46.52 billion for 2025-2027, reflecting a slight decline followed by growth [4].

Core Insights - Ping An Bank reported a decline in revenue and net profit for the first three quarters of 2025, with operating income at 100.67 billion yuan, down 9.8% year-on-year, and net profit attributable to shareholders at 38.34 billion yuan, down 3.5% year-on-year [1][2] Financial Performance - The bank's total assets reached 5.77 trillion yuan, with total loans and advances at 3.42 trillion yuan, an increase of 1.3% from the end of the previous year, and total deposits at 3.55 trillion yuan, up 0.6% [1] - The average interest rate on interest-bearing liabilities decreased by 47 basis points to 1.73%, while the average interest rate on deposits fell by 43 basis points to 1.70%, indicating effective cost optimization [1] Risk Management - As of September 2025, the non-performing loan ratio was 1.05%, a slight decrease of 0.01 percentage points from the end of 2024, with a provision coverage ratio of 229.60%, maintaining a good level of risk compensation ability [1] Business Strategy - The bank's strategic focus on retail strength, precision in corporate banking, and specialization in interbank operations continues to drive its business transformation [1][2] - The housing mortgage loan balance reached 352.35 billion yuan, up 8.1% year-on-year, and the auto finance loan balance was 300.3 billion yuan, up 2.2% year-on-year [2] - Wealth management clients increased to 1.49 million, a growth of 2.4%, with private banking clients at 103,300, up 6.7%, and assets under management (AUM) for private banking clients at 1.97 trillion yuan [2]

Core Viewpoint - Ping An Bank reported a steady business performance in its Q3 2025 results, focusing on enhancing retail, corporate, and interbank operations while strengthening risk management and digital transformation efforts [1] Business Performance Summary - For the first nine months of 2025, Ping An Bank achieved operating income of CNY 100.668 billion, a year-on-year decrease of 9.8%, primarily due to declining loan interest rates and structural adjustments [2] - The net interest margin was 1.79%, down 14 basis points from the previous year, while non-interest income from bond investments decreased due to market volatility [2] - Net profit for the period was CNY 38.339 billion, a decline of 3.5% year-on-year [2] - Total assets reached CNY 5,766.764 billion, with loans and advances totaling CNY 3,417.753 billion, reflecting a 1.3% increase from the end of the previous year [2] Retail Business - The retail strategy remains a priority, with personal loans totaling CNY 1,729.192 billion, down 2.1% from the previous year [4] - Mortgage loans increased by 8.1% to CNY 352.350 billion, while credit card receivables and consumer loans saw declines [4] - Personal deposits stood at CNY 1,279.630 billion, a slight decrease of 0.6%, but the average daily balance increased by 4.2% year-on-year [5] Corporate Business - Corporate loans reached CNY 1,688.561 billion, up 5.1% from the previous year, with corporate deposits growing by 1.3% to CNY 2,275.325 billion [6][7] - The bank focused on supporting key industries, with new loans in infrastructure, automotive, and public utilities increasing by 11.8% [7] - Strategic customer segments were developed, with the number of corporate clients rising by 9.7% to 935,700 [7] Interbank Business - The interbank business is driven by investment and trading, with a focus on enhancing investment capabilities and capturing structural trading opportunities [8][9] - The number of value clients in interbank institutions reached 1,438, with a significant increase in trading volumes [9] Sustainable Development and Social Responsibility - Ping An Bank is committed to green finance, with green loans totaling CNY 261.280 billion, a 10.0% increase from the previous year [10] - The bank supports rural revitalization with CNY 43.295 billion allocated for related initiatives, contributing to a cumulative total of CNY 195.542 billion [10] - The bank aims to enhance financial services for the real economy, focusing on consumer finance and manufacturing sectors [11]

Investment Rating - The report maintains a recommendation for the banking industry [3] Core Insights - The report provides a comprehensive analysis of the asset-liability structure and interest margin changes of 42 A-share listed banks during the "14th Five-Year Plan" period, highlighting a shift towards corporate loans on the asset side and a stronger retail focus on the liability side [12][14] - The asset-liability structure indicates a significant increase in the proportion of corporate loans, rising from 57.02% to 63.22% from the end of 2020 to mid-2025, while the proportion of demand deposits decreased from 41.94% to 30% [12][14] - The report notes a decline in both asset yield and interest margin, with the yield on interest-earning assets dropping from 4.43% to 3.32% and the net interest margin decreasing from 2.23% to 1.53% during the same period [14][15] Summary by Sections Overall Asset-Liability Structure and Interest Margin Changes - The asset-liability structure shows an increase in loan-to-earning asset ratio from 54.19% to 56.49%, with corporate loans making up a larger share of total loans [14][15] - The average yield on interest-earning assets decreased significantly, with the loan yield falling from 5.34% to 3.82% [15] - The net interest margin for listed banks remains higher than that of commercial banks, despite a decline [14][15] Changes in Each Banking Sector's Asset-Liability Structure and Interest Margin - City commercial banks experienced a more significant increase in the proportion of corporate loans, with their interest margin narrowing less compared to other banks [18] - The report highlights that the proportion of deposits in interest-bearing liabilities for state-owned banks decreased, while it increased for rural commercial banks [18] - The decline in interest-bearing liabilities' cost rate was most pronounced in city commercial banks, leading to a smaller reduction in their interest margin [18]