中经记者 秦玉芳 广州报道 自春节假期开始至今，"分期"促销正成为各家银行信用卡业务角逐的主战场。不少银行通过官微、手机 银行等渠道纷纷发布促销公告，通过贴息、费率折扣、发放优惠券等活动吸引客户办理账单分期、消费 分期、现金分期等分期业务，部分银行费率低至2—3折。 整体来看，信用卡行业已进入"质量提升"的关键阶段，在存量深耕背景下，业务重心向分期业务倾斜的 趋势已现。随着贴息政策影响的持续深入，未来银行仍将通过手续费折扣叠加财政贴息抢占市场，同时 也将通过加速场景化布局和定价策略优化争夺优质客户，强化存量客户的精细化深耕。 "激战"信用卡分期 大连银行官微公告显示，截至2026年4月30日，持卡人办理信用卡分期业务（包括消费分期、账单分 期、现金分期），分期利率均享受5折优惠。桂林银行信用卡中心官微显示，2月1日至2月28日活动期 间，受邀用户办理一键分期单期利率最低可享3折优惠。广州农商银行信用卡官微2月25日推文称，账单 分期可以享2.5折分期利率优惠。邮储银行信用卡也推出促销活动，现金分期利率最低2折。 分析人士普遍认为，贴息政策的落地，为银行提供了降价空间，是本轮银行信用卡在分期业务上集 体"放价" ...

Regulatory Actions - The China Securities Regulatory Commission (CSRC) issued its first fine of the year targeting market manipulation, with individual Yu Han penalized over 1 billion yuan for manipulating the stock price of "Doctor Glasses" [1] - Zhejiang Securities Regulatory Bureau is investigating misleading statements in the restructuring plan of "Sunflower" [1] - The Shenzhen Stock Exchange is closely monitoring *ST Lifan and *ST Changyao for suspected false financial reporting, indicating a strong regulatory stance against market violations [1] Banking Sector - Several banks have reduced their operating loan interest rates, with some as low as 2.31%, reflecting a nearly 20 basis point decrease from the previous month [1] - The competition among banks for quality small and micro-enterprise clients has intensified, leading to a price war in the lending market [1] - The financial sector is under pressure to balance price competition with sustainable operations, particularly for smaller banks with weaker client bases [1] Consumer Loan Policies - The implementation period for the personal consumption loan interest subsidy policy has been extended to December 31, 2026, with adjustments made to include credit card installment plans [2] - Current consumer loan rates are reported to be as low as 3%, with funds primarily allocated for home renovations, vehicle purchases, and travel [2] Biopharmaceutical Industry - Over 50 A-share biopharmaceutical companies are expected to report profits in 2025, driven by improving industry conditions and favorable policies [3] - As of January 26, 2023, 53 companies have issued profit forecasts, with 14 companies expecting to double their net profits [3] Lithium Market - The lithium carbonate market is expected to return to a tight balance by 2026, despite recent volatility in futures contracts [4] - Supply chain improvements and new mining licenses are anticipated, although challenges remain in waste management [4] Aviation Industry - COMAC plans to increase the production and delivery of its C919 narrow-body aircraft, targeting the delivery of 28 or more units this year [4] Technology and Research - China has achieved a record in superconducting magnet technology with a field strength of 35.6 Tesla, marking a significant advancement in high-temperature superconductors [5] - A study from the National University of Singapore has identified a key protein, DMTF1, that can restore the regenerative capacity of aging neural stem cells, offering potential for new therapies against brain aging [5] Alcohol Industry - Moutai has relaxed its requirements for distributors regarding payment for sauce-flavored liquor, allowing orders based on actual conditions to prevent excessive inventory [6] Corporate Developments - JD Smart Manufacturing has submitted a listing application to the Hong Kong Stock Exchange [6] - Anta Sports plans to acquire a 29.06% stake in PUMA SE for approximately 12.278 billion yuan [6] - Youkeshu intends to change its name to "Xingyun Technology" to better reflect its strategic direction [7] - Fuyijie expects a significant loss for 2025, with specific shareholders planning to liquidate their holdings [8] - Sunny Optical Technology has submitted a listing application for the spin-off of its automotive optical business [8] - Huakong Saige anticipates a net loss of 97 million to 120 million yuan for 2025 due to various operational challenges [9] - Guoen Co., Ltd. has set a preliminary price range for its H-share issuance between 34 and 42 Hong Kong dollars [9] Stock Market Performance - U.S. stock indices closed higher, with the Nasdaq up 0.43%, the Dow Jones up 0.64%, and the S&P 500 up 0.5%, driven by strong durable goods data [10] - The U.S. dollar has seen a decline, while gold prices have reached historical highs, with significant fluctuations in the commodities market [10]

Group 1 - The core viewpoint of the article is the extension of the personal consumption loan interest subsidy policy until December 31, 2026, with the adjusted implementation period from September 1, 2025, to December 31, 2026 [1] - The Ministry of Finance, the People's Bank of China, and the National Financial Regulatory Administration jointly issued a notice regarding the optimization of the personal consumption loan subsidy policy [1] - Banks have begun to implement related optimization plans based on the new policy, including incorporating credit card installment services into the subsidy scope and removing restrictions on certain consumption scenarios [1] Group 2 - Current consumer loan interest rates are reported to be as low as 3%, with loan funds primarily allocated for purposes such as home renovation, car purchases, and travel [1] - Loan amounts are determined based on a comprehensive assessment of the customer's credit status, occupational background, and income level [1]

Core Viewpoint - The article highlights a significant trend in the banking industry where credit card centers are being closed, indicating a shift from aggressive expansion to refined management in credit card operations [3][5][11]. Group 1: Closure of Credit Card Centers - The closure of credit card centers continues, with Guangzhou Bank's Zhongshan center being the latest to cease operations, marking the second closure this year [3][5]. - Since 2025, over 60 credit card centers across the country have been shut down, including those of major banks like Postal Savings Bank and China Everbright Bank [6][8]. - The trend is not limited to city commercial banks; state-owned banks like Bank of Communications have also closed over 50 local centers since 2025, indicating a broader industry shift [5][6]. Group 2: Industry Transformation - The contraction of local credit card centers is seen as a necessary outcome of industry transformation, driven by the rise of mobile internet and the saturation of the market [8][9]. - Banks are expected to integrate management functions of closed centers into local branches, focusing on customer service and account management to reduce operational costs [8][9]. - The credit card business is transitioning to a phase centered on refined operations rather than mere expansion, with private domain operations becoming a key strategy for banks to engage existing customers [8][9]. Group 3: Digital and Ecological Development - The future of credit card operations is expected to focus on digital transformation and ecological development, moving away from a model based solely on market size [11][12]. - Digital tools and AI technology are being utilized to enhance customer engagement and operational efficiency, allowing banks to implement personalized marketing and risk management [11][12]. - The integration of credit card services with wealth management and other financial services aims to create a comprehensive service system that enhances customer loyalty and business value [11][12].

Core Viewpoint - The ongoing closure of credit card centers indicates a shift in the banking industry from extensive growth to refined operations, as banks adapt to changing market conditions and consumer behaviors [1][2][6]. Group 1: Industry Trends - Since 2025, over 60 credit card centers across the country have been closed, with significant closures reported by various banks, including Guangzhou Bank and China Transportation Bank [2][3]. - The decline in credit card issuance is evident, with the total number of credit cards dropping from 807 million in Q2 2022 to 707 million by Q3 2025, a decrease of approximately 100 million cards over three years [2]. Group 2: Operational Adjustments - The closure of local credit card centers is a necessary outcome of industry transformation, driven by the rise of online card applications and increased market saturation [3][4]. - Post-closure, banks typically integrate management functions into local branches, retaining only essential staff for customer service and account management, thereby reducing operational costs [3]. Group 3: Strategic Focus - Private domain operations are becoming a key strategy for banks to engage existing customers, utilizing platforms like WeChat and proprietary apps for efficient customer management [4][6]. - The focus on installment services is increasing, with banks like China Transportation Bank offering significant installment loans to enhance customer engagement and revenue [4]. Group 4: Future Outlook - The contraction of credit card centers signals a transition towards digitalization, ecological integration, and localized operations within the industry [6][7]. - Future strategies will prioritize refined operations, asset quality improvement, and enhanced service levels, moving away from reliance on a single profit model [7].

Core Viewpoint - The adjustment of credit card installment services by banks is a response to the current development environment, focusing on risk prevention and consumer protection, which will ultimately lead to a sustainable improvement in the quality of credit card business [1][4]. Group 1: Business Adjustments - Multiple banks have announced the cessation of credit card self-selected installment services, with Everbright Bank set to discontinue this service by December 9, 2025, affecting previously activated cards [2]. - Industrial and Commercial Bank of China will stop offering installment plans longer than 36 months starting December 5, 2023, while Postal Savings Bank has introduced shorter installment options [3]. - The adjustments reflect a trend towards more refined and consumer-friendly banking practices, with banks like Everbright Bank modifying their overdraft interest rates to be more dynamic based on customer profiles [4]. Group 2: Market Trends - The credit card market is experiencing a contraction, with a reported decrease of 6 million cards issued in the second quarter of 2025, totaling 715 million cards [5]. - The decline in credit card usage is attributed to a weakening macroeconomic environment, affecting consumer willingness to use credit cards, while the growth of consumer loans and digital payment services is also influencing credit card balances [6]. - The industry is moving towards a phase of "precision farming," emphasizing refined customer acquisition, operations, and risk control, with a need for innovation in products and services [6].

Core Viewpoint - Recent adjustments in credit card installment services by multiple banks signal a significant transformation in the industry, moving from a scale-driven approach to a value-driven strategy, emphasizing compliance and quality [1][4]. Summary by Sections Credit Card Installment Business Adjustments - Banks like Industrial and Commercial Bank of China and Everbright Bank have announced the cessation of installment plans exceeding 36 months and the discontinuation of self-selected installment features, indicating a shift in operational strategy [1][3]. - Everbright Bank will terminate its self-selected installment service on December 9, 2025, affecting new transactions while existing installment agreements remain unchanged [2]. - Industrial and Commercial Bank of China will stop offering installment plans longer than 36 months starting December 5, 2025, as part of its risk management strategy [3]. Reasons for Adjustments - The adjustments are aimed at optimizing risk structures and enhancing business compliance, responding to regulatory guidance to manage consumer debt levels effectively [3][4]. - The changes are also intended to reduce potential non-performing assets and improve capital efficiency, addressing the complexities of long-term debt management [3]. - The adjustments reflect a threefold consideration: responding to regulatory requirements, optimizing product structures, and reducing overall costs amid narrowing net interest margins [3]. Industry Transformation - The credit card industry is transitioning from a growth-focused model to one centered on risk control, scenario-based services, and user experience, marking the end of aggressive market expansion [4]. - The current market dynamics show a decline in total credit card numbers, while leading institutions maintain stable growth in card circulation, contrasting with the declining balances faced by smaller banks [4]. - Future industry directions should focus on digital integration, service ecosystem development, and deepening customer value to achieve a qualitative leap from quantity to quality [4].

Core Insights - Recent adjustments in credit card installment business rules by several banks, including Industrial and Commercial Bank of China (ICBC) and China Everbright Bank, have raised significant market attention regarding the implications for the industry [1][4][7] Group 1: Changes in Credit Card Installment Services - China Everbright Bank announced the discontinuation of its "self-selected installment" feature effective December 9, 2025, which previously allowed automatic installment for all transactions over 100 RMB or 20 USD/EUR into 12 monthly payments with fees ranging from 0.5% to 0.8% [1][4] - ICBC will stop offering installment options longer than 36 months starting December 5, 2023, eliminating the previous 48 and 60-month options while retaining 1-36 month choices for new transactions [4][5] - Longjiang Bank had already ceased its credit card flexible installment service earlier in June 2023, indicating a broader trend across various types of banks [7] Group 2: Industry Implications and Consumer Impact - The adjustments are driven by the need to adapt to current market conditions, as long-term installment options have contributed to credit card risk, and the shift aligns with deepening financial consumer protection principles [7][8] - Analysts suggest that these changes may lead to a short-term loss of credit card installment business and a slowdown in installment fee growth, but they are expected to promote a transformation in credit card services towards higher quality [7][8] - The reduction in long-term installment options encourages consumers to reassess their spending habits and manage their debt more responsibly, fostering a healthier credit culture [7][8] Group 3: Rising Credit Card Delinquency Rates - The People's Bank of China reported that the total amount of credit card loans overdue for more than six months reached 123.964 billion RMB by the end of 2024, marking a 26.31% year-on-year increase [8] - The market has seen a significant rise in the transfer of non-performing loans, with a 190.46% year-on-year increase in the first quarter of 2023, particularly in credit card non-performing loans, which surged by 879.25% [8] - Major banks, including China Construction Bank and China Everbright Bank, have been actively transferring non-performing credit card loans, indicating a critical need for banks to manage their credit risk more effectively [8]

Core Viewpoint - The credit card business of commercial banks is entering a critical phase of stock competition and deep transformation, with several banks adjusting their installment business rules, raising market concerns [1][2]. Group 1: Industry Adjustments - On October 22, Everbright Bank announced it will officially discontinue the "self-selected installment" service starting December 9, 2025, affecting all credit cards that had this feature activated before that date [1]. - Industrial and Commercial Bank of China (ICBC) will optimize the installment periods for credit card bill installments and consumption transfers, ceasing long-term installment services exceeding 36 months, effective December 5, 2025 [1]. - The concentrated actions of multiple banks outline a clear trajectory of industry adjustments [1]. Group 2: Factors Driving Changes - Regulatory requirements are compelling banks to adjust installment business rules, ensuring compliance and preventing excessive credit issuance [2]. - Banks aim to optimize credit structures and control financial risks, as rising credit card delinquency rates necessitate adjustments in installment fees, terms, and entry thresholds [2]. - The need for sustainable development is pushing banks to shift from aggressive growth strategies to refined calculations of funding, operations, and risk costs [2]. - The adjustments are intended to reshape customer relationships, moving from a reliance on installment fees to enhancing customer loyalty through diversified services [2]. Group 3: Impacts on Banks and Customers - In the short term, banks may face challenges such as slowed growth in installment business scale and direct impacts on fee income [3]. - Long-term benefits include improved asset quality and a shift towards digital and refined customer operation models [3]. - Customers with lower credit qualifications may experience tighter installment qualifications and reduced favorable rates, while overall transparency in installment costs and repayment terms is expected to improve [3]. Group 4: Recommendations for Banks - Banks are encouraged to integrate financial services deeply into diverse consumption scenarios, moving beyond traditional "payment + installment" frameworks [4]. - Enhancing digital service experiences through financial technology and personalized services is recommended, utilizing big data and AI for better risk pricing [4]. - Innovation in products and models is essential, with flexible installment options and increased customer autonomy in repayments [4]. - Ongoing customer education on financial knowledge and responsible borrowing is crucial to foster a rational consumption mindset [4].

Core Viewpoint - The credit card business of commercial banks is entering a critical phase of stock competition and deep transformation, with multiple institutions adjusting their installment business rules, raising market attention [1][2]. Group 1: Industry Adjustments - On October 22, Everbright Bank announced it will officially discontinue the "self-selected installment" service starting December 9, 2025, affecting previously activated accounts but not impacting outstanding installment transactions [1]. - Industrial and Commercial Bank of China (ICBC) will optimize its credit card installment and consumption transfer installment services, ceasing long-term installment options exceeding 36 months, effective December 5, 2025 [1]. - The concentrated actions of various banks outline a clear trajectory of industry adjustments [1]. Group 2: Factors Driving Changes - Regulatory requirements are compelling banks to adjust installment business rules, ensuring compliance and preventing excessive credit issuance [2]. - Banks aim to optimize credit structures and control financial risks, as rising credit card delinquency rates necessitate adjustments in installment fees, terms, and entry thresholds [2]. - The need for sustainable development is pushing banks to shift from aggressive growth strategies to refined financial management and pricing strategies [2]. - The adjustments are intended to reshape customer relationships, moving from a reliance on installment fees to enhancing customer loyalty through diversified services [2]. Group 3: Impacts on Banks and Customers - In the short term, banks may face challenges with slowed growth in installment business and reduced fee income, but long-term benefits include improved asset quality and a shift towards digital and refined customer operations [3]. - Customers with weaker credit profiles may experience tighter installment qualifications and reduced favorable rates, while overall transparency in installment costs and repayment terms is expected to improve [3]. - The credit card business is transitioning from a focus on scale expansion to a more detailed approach, evolving into a comprehensive financial service platform [3]. Group 4: Recommendations for Banks - Banks are encouraged to integrate financial services deeply into diverse consumption scenarios, providing comprehensive solutions that combine payment, installment, and benefits [4]. - Enhancing digital service capabilities through financial technology, utilizing big data and AI for personalized service, and implementing differentiated risk pricing are recommended [4]. - Innovation in products and models, such as flexible installment options and customer education on rational borrowing, is essential for improving customer experience and maintaining profitability [4].