Core Insights - A significant financial phenomenon is occurring in China, where banks, once seen as a safe haven for national savings, are experiencing unprecedented "capital migration" [1] - The growth rate of national resident deposits fell to a near ten-year low of 3.2% in Q2 2025, down from 5.9% in the same period of 2024, indicating a substantial shift in financial behavior [1][3] - The net outflow of resident deposits reached 786.5 billion yuan in the first half of 2025, 2.3 times that of the same period in 2024, marking the first time since 2010 that deposits have seen consecutive quarterly net outflows [3] Factors Driving Capital Migration - Continuous decline in interest rates is a key driver, with the average one-year fixed deposit rate dropping to a historical low of 1.65% in June 2025, resulting in negative real interest rates when adjusted for inflation [3] - In contrast, the average annualized yield of bank wealth management products rose to 3.7% in Q2 2025, up 0.8 percentage points from the previous year, attracting funds away from traditional savings [3] New Investment Directions - Funds are diversifying into five main areas, reflecting a shift in investment strategies [4] 1. **Wealth Management Products**: The scale of wealth management products reached 31.7 trillion yuan in H1 2025, a 15.3% increase from the end of 2024, with equity and mixed products surpassing 50% for the first time [5] 2. **Stock Market**: The Shanghai Composite Index rose by 18.7% in H1 2025, attracting significant capital inflow, particularly from younger investors aged 30 and below, who accounted for 41.6% of new A-share accounts [6] 3. **Real Estate Market**: New home sales in first-tier cities grew by 12.3% in the first five months of 2025, indicating a recovery trend despite the overall market adjustment [7] 4. **Insurance Market**: Life insurance premium income reached 2.1 trillion yuan, a 22.5% year-on-year increase, with annuity and health insurance seeing rapid growth [9] 5. **Overseas Asset Allocation**: Personal foreign exchange purchases reached 56 billion USD in H1 2025, a 17.3% increase, reflecting a growing interest in overseas investments [11] Changing Investment Behavior - The shift in capital flow is characterized by generational differences, with younger generations (post-85 and post-90) leading the trend of reducing bank deposits in favor of equity assets, while older generations remain more conservative [12] - This transformation in investment philosophy indicates a move from traditional savings to a more diversified asset allocation approach, reflecting an increase in financial literacy among residents [12][14] Implications for Financial Institutions - The outflow of deposits poses challenges for banks, with the net interest margin dropping to 1.72%, the lowest on record [13] - In response, banks are innovating products, such as AI-driven wealth management solutions, to attract and retain customer funds [13] - The shift towards diversified asset allocation is seen as a positive signal for the financial market's deepening and the enhancement of residents' financial literacy [13][14]

此次展台以"数智金融"为脉络，深度融合数字科技与现代金融元素，展示了建行积极拥抱数字变革，将 人工智能、大数据等前沿科技深度融入业务全链条，以科技之力提升金融服务的广度、精度，为高质量 发展注入澎湃动能。 9月10日至14日， 2025年中国国际服务贸易交易会（以下简称"服贸会"）在北京首钢园区开幕。中国建 设银行以"数智建行，共筑服务新生态"为主题，将展区打造成了可触、可感、可玩的数字金融体验空 间，科技感十足的互动体验背后，是建行服务实体经济的生动印证，展示了在建设金融强国、坚守"金 融为民"初心、服务实体经济等方面的新成果。 数智融合赋能新范式 科技金融展区展示了建行以"五维一体"科技金融体系，引导金融资源向科技创新领域集聚，切实提升科 技金融服务质效，推动实现高水平科技自立自强。绿色金融展区展现了建行在绿色信贷、ESG风险管理 等领域的创新实践。建行积极助力"绿色北京"战略，结合首都产业发展特点，着力支持重点行业和领域 节能、减污、降碳、增绿、防灾，为金融强国建设贡献绿色发展动能。 "您看，只需几分钟，企业主就能通过'惠懂你'APP获得初步授信额度。"在建行普惠金融展区，工作人 员正向参观者演示着4. ...

Core Viewpoint - The China Construction Bank (CCB) showcased its commitment to digital finance and service innovation at the 2025 China International Fair for Trade in Services, emphasizing its role in supporting the real economy and contributing to the construction of a financial powerhouse [1][11]. Digital Finance Integration - CCB's exhibition highlighted the integration of digital technology and modern finance, showcasing the use of artificial intelligence and big data to enhance financial services and drive high-quality development [2][11]. - The "Smart Finance" theme was central to the exhibition, demonstrating CCB's efforts to embrace digital transformation and improve service efficiency [2]. Technological and Green Finance Initiatives - CCB presented its "Five-Dimensional Integrated" technology finance system, aimed at directing financial resources towards technological innovation and enhancing service quality [3]. - The green finance section illustrated CCB's initiatives in green credit and ESG risk management, supporting the "Green Beijing" strategy and contributing to sustainable development [3][8]. Inclusive Financial Services - The "Hui Dong Ni" APP allows small business owners to obtain preliminary credit limits quickly, addressing the financing challenges faced by small enterprises [3]. - CCB's pension finance service system, branded as "Jian Yang An," offers comprehensive services including account management and investment, supporting the aging economy [3][4]. Urban Renewal and Financial Support - CCB has actively participated in urban renewal projects in Beijing, providing over 800 billion yuan in loans to support more than 200 projects, achieving a market share exceeding 40% in this sector [9][10]. - The bank has established a green branch in accordance with carbon reduction standards, furthering its commitment to sustainable finance [8]. Financial Education and Digital Currency - CCB introduced a digital education platform utilizing 3D, VR, and AI technologies to enhance public financial literacy and risk awareness [11]. - The bank also facilitated the opening of digital RMB wallets at the fair, promoting the use of digital currency through various consumer incentives [11].

Group 1: AI and Digital Services in Banking - The China International Fair for Trade in Services showcased AI-driven banking services, enhancing efficiency and user-friendliness [1][2] - Banks exhibited interactive robots that allow customers to complete transactions through voice commands, eliminating the need for manual input and reducing wait times [2] - Agricultural Bank introduced a VR-enabled service for booking accommodations, enhancing customer experience in the tourism sector [2] Group 2: Financial Technology Supporting Innovation - Banks demonstrated their technological capabilities to support the development of small and medium-sized enterprises (SMEs) and innovative companies [4][5] - Shanghai Pudong Development Bank provided a comprehensive financial service model to help tech companies navigate funding challenges [4] - Construction Bank launched the "Hui Dong Ni" app, which utilizes data to assess the creditworthiness of SMEs, addressing their urgent funding needs [6] Group 3: Digital Currency Innovations - Digital RMB products were prominently featured, including the "Mifang Card," which integrates payment, communication, and transportation services [7] - The Bank of Communications continued its interactive marketing for digital RMB, engaging users through promotional activities [7] - Agricultural Bank, as an early adopter of digital RMB, has expanded its applications across various sectors, including retail and public services [7]

Core Insights - China Construction Bank (CCB) demonstrated robust performance with operating income of 385.9 billion yuan and net profit of 162.6 billion yuan for the first half of 2025, reflecting the strength of state-owned banks [2][3] - CCB's strategy focuses on "Three Stability, Three Optimization, and Three Control" to ensure financial security while supporting the real economy [4][5] Group 1: Financial Performance - CCB's core assets and liabilities showed steady growth, with key indicators performing well, indicating resilience rather than stagnation [4] - The bank's total green loan balance reached 5.72 trillion yuan, showcasing its commitment to sustainable finance [2][6] - Personal housing loan balance stood at 6.15 trillion yuan, aiding millions in achieving housing stability [9] Group 2: Strategic Initiatives - CCB is committed to enhancing financial services for the real economy, focusing on five key areas: technology finance, green finance, inclusive finance, elderly finance, and digital finance [6][8] - The bank provided 740 million yuan for high-standard farmland projects, supporting agricultural resilience [6] - CCB's digital financial services recorded 5.22 billion transactions, reflecting a significant shift towards digitalization [7] Group 3: Risk Management - CCB's non-performing loan ratio improved to 1.33%, indicating effective risk management practices [12] - The bank aims to enhance its risk management framework to balance risk prevention with development promotion [12] - The coverage ratio for provisions reached 239.4%, demonstrating a strong buffer against potential loan defaults [12]

Core Viewpoint - The "Spring Economy" in Raohe County, Heilongjiang Province is revitalizing local economic activities through targeted financial support for small and micro enterprises and agricultural production [1] Group 1: Financial Support for Agriculture - The People's Bank of China (PBOC) in Shuangyashan has initiated extensive policy promotion to assist small and micro enterprises and support spring farming activities through innovative financial products and precise lending [2] - As of now, local financial institutions have issued a total of 5.239 billion yuan in loans for spring farming, benefiting 8,434 households [2] Group 2: Support for Small and Micro Enterprises - Local financial institutions have established a green channel for small and micro enterprise loans, simplifying approval processes and increasing loan support [3] - A total of 369 small and micro enterprises have received loans amounting to 295 million yuan, alleviating their financial pressures [3] Group 3: Enhancing Payment Security - To ensure transaction safety during the busy strawberry and blueberry harvest season, the PBOC and Raohe Rural Commercial Bank have provided merchants with equipment for mobile payment, reducing the risk of counterfeit currency [4] - The PBOC aims to continuously optimize and innovate financial services to further stimulate the "Spring Economy" and contribute to high-quality county economic development [4]