Group 1 - The Ministry of Commerce has issued the third batch of best practice cases for the national service industry expansion pilot, focusing on replicable and promotable experiences for service industry development [1] - The best practices include 11 innovative measures across three areas: industrial ecosystem construction, international cooperation, and regional collaboration [1] - The measures reflect collaborative openness and integrated innovation in key industries such as culture, technology, and healthcare [1] Group 2 - The State Administration for Market Regulation is soliciting public opinions on the revised draft regulations to curb the abuse of administrative power that restricts competition [2] - The National Bureau of Statistics reported that the average annual salary for urban non-private and private sector employees in 2024 will be CNY 124,110 and CNY 69,476, respectively [2] Group 3 - The Ministry of Finance and the Financial Regulatory Bureau have announced a push for the digitalization of bank confirmations to enhance efficiency and security [3] - The notification emphasizes the importance of increasing the number of entities accessing the bank confirmation platform [3] Group 4 - The Ministry of Commerce and the National Development and Reform Commission have revised the "Catering Industry Promotion and Management Measures," adding provisions to encourage international cooperation and digital development [4] - The revised measures include 25 articles aimed at promoting high-quality development in the catering industry [4] Group 5 - The State-owned Assets Supervision and Administration Commission announced personnel changes in 10 central enterprises, including leadership appointments and removals [5][6] Group 6 - The China Securities Regulatory Commission encourages private equity funds to participate in mergers and acquisitions of listed companies, with adjustments to lock-up periods for investments [7] - The Shenzhen Stock Exchange is monitoring stocks with abnormal price fluctuations, including "ST Yushun" and "ST Jiajia" [8] Group 7 - The Shenzhen Stock Exchange will host the 2025 Global Investor Conference to showcase the investment value of Chinese assets and the A-share market [9] Group 8 - The Ministry of Industry and Information Technology is accelerating the development of 5G-A and 6G technologies to support modern industrial systems [13] - The National Data Bureau aims for the core value added of the digital economy to exceed 10% of GDP by the end of 2025 [14] Group 9 - The Ministry of Industry and Information Technology reported that China has built the world's largest and most advanced information and communication network, with 5G applications covering 86 of 97 national economic categories [15] Group 10 - Binhai Energy plans to acquire 100% equity of Cangzhou Xuyang Chemical Co., Ltd., with the stock expected to resume trading on May 19, 2025 [17] - The automotive industry is set to benefit from a significant release of funds due to a recent reserve requirement ratio cut, potentially exceeding CNY 1 trillion [18] Group 11 - Xiaomi's President revealed that products using the self-developed "Xuanjie" chip will extend beyond smartphones [21] - Huamin Co. and Tiantai Robotics signed a strategic cooperation agreement to advance the robotics industry [21] Group 12 - Xiangzi High-Tech announced the sale of an 80% stake in Heilongjiang Yunfeng Automobile Co., Ltd. for CNY 24.6 million, aiming to restructure its fuel vehicle business [22] - ST Kexin has successfully removed its delisting risk warning and will change its stock name to Kexin Development [23] Group 13 - *ST Aonong has received approval to remove its delisting risk warning, with its stock name changing to Aonong Biological [24][25] - Jianghan New Materials plans to repurchase shares worth CNY 200 million to CNY 400 million [26] Group 14 - Siyuan Electric intends to repurchase shares worth CNY 300 million to CNY 500 million [27] - Liren Lizhuang reported that products containing "Mikang Sulfur" have a minimal impact on overall business performance [28] Group 15 - Jinhe Biological's controlling shareholder plans to reduce its stake by up to 3% [29] - Guanghui Energy announced the transfer of 15.03% of its shares to two insurance companies [30] Group 16 - Tailing Microelectronics reported a reduction in the National Big Fund's shareholding to 6.95% [31] - AVIC High-Tech plans to invest CNY 918 million to enhance its capabilities in aviation composite materials [32]

近日，若干家跌破3%的信用卡现金分期利率，要跟市场告别了。 低于"保本线"、年利率3%以下的消费贷价格战，才落幕一个多月，就有一些银行信用卡开展不同力度的 现金分期限时优惠活动：利息优惠最低可至2折以下，使得整体现金分期年利率测算下来已低于3%。 这也就是为什么，业界关于银行"绕道"信用卡现金分期，重新开卷消费金融业务的质疑声渐起。 证券时报·券商中国记者观察到，目前已有银行信用卡中心将现金分期利率优惠活动力度缩减，使得分期 年利率回升至3%以上。 如此，现金分期实际利率水平，也齐平于消费贷限价政策的导向。 分期优惠空前，底线齐平消费贷限价政策 此前，各家信用卡经常举办现金分期优惠活动。但在消费贷限价政策开启之后的这一轮，力度之大，颇受 关注。 据证券时报·券商中国记者不完全统计和汇总公开报道，近期，中国银行、交通银行、浦发银行、中信银 行、招商银行等多家银行，推出信用卡现金分期或账单分期利率优惠活动。 其中，有两家银行的限时现金分期优惠力度空前，此前给出限时低于2折的利息优惠，使得12期现金分期 还款折算年化利率低至3%以下。另外，优惠力度稍低的几家银行，优惠也打到了3—4折区间，优惠后现 金分期折算年化利 ...

近日，若干家跌破3%的信用卡现金分期利率，要跟市场告别了。 低于"保本线"、年利率3%以下的消费贷价格战，才落幕一个多月，就有一些银行信用卡开展不同力度的现金 分期限时优惠活动：利息优惠最低可至2折以下，使得整体现金分期年利率测算下来已低于3%。 这也就是为什么，业界关于银行"绕道"信用卡现金分期，重新开卷消费金融业务的质疑声渐起。 券商中国记者观察到，目前已有银行信用卡中心将现金分期利率优惠活动力度缩减，使得分期年利率回升至 3%以上。 1.一家银行信用卡中心，昨日缩减了分期利率优惠力度，使得其分期最低折算年利率回升至3%以上。 2.另一家银行最新回复券商中国记者，该行已基于监管强化消费金融的要求，针对现金分期业务与消费贷 款相似性，也全面对其执行年化利率大于等于3%标准。 从"以价换量"，到呼吁"以质换量" 今年一季度，消费贷价格战愈演愈烈，不少银行通过发放优惠券等方式，将部分客户实际消费贷利率降至 2.5%—2.8%。后续经监管部门指导，从4月起银行新发放消费贷产品的年化利率不得低于3%。 如此，现金分期实际利率水平，也齐平于消费贷限价政策的导向。 分期优惠空前，底线齐平消费贷限价政策 此前，各家信用卡 ...

Core Viewpoint - The competition in interbank interest rates has not disappeared but has shifted to a new arena, with banks adjusting their credit card cash installment rates to attract customers [1][2]. Group 1: Interest Rate Adjustments - In early April, many banks raised the annualized interest rate for credit consumer loans to no less than 3%, halting a prolonged price war in consumer loans [1]. - Following this, several banks have lowered the annualized interest rates for credit card cash installments to as low as the "2" range, competing with previous consumer loan rates [2]. - For example, China Merchants Bank's "e-loan" offers a limited-time interest rate discount of 1.7 times, resulting in an annualized rate as low as 2.76% for 12-month installments [2]. Group 2: Marketing Strategies - Banks are using promotional strategies to attract customers by lowering annualized rates or fees, aiming to expand their business scale [4]. - The cash installment business is a significant profit area within credit card operations, and lowering rates can help banks increase market share and revenue [4][5]. - Different customer segments receive varying promotional rates, with banks focusing on high-quality clients such as corporate employees with stable income [5]. Group 3: Risk Management and Credit Quality - The cash installment business currently represents a small proportion of credit card operations, and banks are implementing strict customer segmentation and risk management [6]. - Recent data shows an increase in credit card non-performing loans among several banks, raising concerns about retail sector risks [7]. - Banks are optimizing risk management models and focusing on low-risk customer segments to mitigate potential risks in credit card lending [8].

Core Viewpoint - The recent competition among banks in credit card cash installment services has intensified, following a previous price war in consumer loans, with banks offering significant discounts to attract high-quality customers [1][4][6]. Group 1: Credit Card Cash Installment Promotions - Several banks, including China Merchants Bank and CITIC Bank, have launched promotional activities for credit card cash installments, offering discounts such as 1.7-fold and 1.9-fold for 12-month installments, with annualized rates as low as 2.76% and 3.09% respectively [1][4]. - The discounts are primarily targeted at high-quality customers, as the eligibility criteria are stringent, indicating a shift towards prioritizing customer quality over quantity [1][6]. Group 2: Market Dynamics and Regulatory Environment - The shift to credit card cash installments is a strategic response to tightened regulations on consumer loans, with banks aiming to attract customers from the consumer loan segment by offering lower rates [4][5]. - The People's Bank of China has emphasized the importance of supporting consumer finance, which aligns with banks' current strategies to enhance their retail loan portfolios [5][6]. Group 3: Customer Experience and Limitations - Customers have reported that the promotional offers are not universally available, with many being limited to existing users or those with a history of cash installments, reflecting a more selective approach by banks [8][9]. - The overall credit card issuance has seen a decline, with a reduction of 40 million cards in 2024 compared to the previous year, indicating a challenging environment for credit card businesses [9].

Core Viewpoint - The consumer loan market has experienced a "rate war," with many banks offering annualized rates below 3%, prompting regulatory intervention to raise rates to at least 3% starting April 1. However, banks have shifted their focus to credit card cash installment services, offering promotional rates as low as 1.7 times the base rate, resulting in annualized rates below 3% [1][4][9]. Summary by Sections Consumer Loan Market - In March, consumer loan rates fell below 3%, with some banks offering rates as low as 2.4%, marking a historical low [1]. - The decline in consumer loan rates has raised concerns about potential misuse of funds, as loans may be diverted to real estate and capital markets [1]. Credit Card Cash Installment Promotions - Banks have launched limited-time promotions for credit card cash installment services, with rates as low as 1.7 times the base rate, translating to annualized rates of approximately 2.76% to 3.19% depending on the bank and repayment period [3][4]. - For example, China Merchants Bank's "e-loan" offers a promotional rate of 1.7 times for 12 months, resulting in an annualized rate of 2.76% [3]. Bank Strategies and Consumer Caution - Banks are employing a strategy of "volume compensating for price" to expand retail loan growth and manage credit risk by targeting specific customer segments [9]. - Consumers are advised to carefully evaluate the total costs and their repayment capabilities before applying for cash installments, as misuse of funds can lead to penalties and impact credit scores [9].