Hong Kong is moving ahead with a major expansion of its crypto regulatory framework after regulators concluded consultations on new licensing regimes for virtual asset dealers and custodians, tightening oversight across a wider part of the digital asset market. The Financial Services and the Treasury Bureau and the Securities and Futures Commission said on Dec. 24 that firms providing virtual asset dealing or custody services in Hong Kong will be required to obtain licenses once the new framework takes ef ...

Core Viewpoint - China Chengtong announced a strategic cooperation agreement with China Merchants Bank on December 12, focusing on diversified financial collaboration [1] Group 1: Strategic Cooperation - The agreement aims to deepen cooperation in areas such as comprehensive credit, bond underwriting, wealth management, custody, treasury construction, and digital intelligence services [1]

人民财讯12月12日电，12月12日，中国诚通与招商银行（600036）在京签署战略合作协议。根据协议， 双方将持续深化综合授信、债券承销、财富管理、托管、司库建设及数智化服务等多元化金融合作，携 手探索国有资本运营公司与商业银行合作新范式，共同实现高质量发展。 ...

由此可见，商业银行的服务定价要以服务质量为核心，收费行为必须遵守市场经营规范，必须合法、合 规、合理，尤其要"货真价实"。 作为服务性企业，商业银行提供服务、收取费用属于正常的市场经营行为。近年来，随着贷款利率持续 下行，商业银行的存款、贷款利率差价进一步收窄，也就是其传统的主要收入来源——息差有所收窄。 那么，怎样拓展非息收入，例如管理服务费用？这已成为摆在商业银行面前的必答题。从国际市场发展 情况看，息差收入占比下降、非息收入占比上升是趋势，银行赚钱更多靠的是为客户提供高质量服务， 而非存贷款息差。 既然商业银行要靠高质量服务获取利润，一个关键问题便出现了：商业银行所收取的服务费用与其所提 供的服务质量是否匹配？这在监管文件中被界定为是否"质价相匹配"，通俗讲，就是是否"货真价实"。 此前，商业银行收费曾存在"质价不符"的问题，多收费少服务，甚至收了费却不提供服务。细究此现象 的病因，既有驱利、逐利等因素，也有商业银行内部考核机制不完善、分支机构迫于业绩压力变相拆分 服务项目等原因。 商业银行收费再次引发市场关注。近日，国家市场监督管理总局修订印发《商业银行收费行为执法指 南》。此前，监管部门已先后发布《 ...

Core Viewpoint - Postal Savings Bank of China (PSBC) experienced a decline in stock price and trading volume, indicating potential investor caution and market volatility [1] Financing Summary - On November 6, PSBC had a financing buy-in amount of 98.45 million yuan and a financing repayment of 109 million yuan, resulting in a net financing outflow of 10.52 million yuan [1] - The total financing and securities balance for PSBC reached 848 million yuan, with the current financing balance at 843 million yuan, accounting for 0.21% of the circulating market value, which is below the 20th percentile level over the past year [1] Securities Lending Summary - On November 6, PSBC repaid 170,600 shares in securities lending and sold 26,100 shares, with a selling amount of 152,700 yuan based on the closing price [1] - The remaining securities lending volume was 774,200 shares, with a balance of 4.53 million yuan, exceeding the 70th percentile level over the past year, indicating a relatively high position [1] Company Overview - PSBC, established on March 6, 2007, and listed on December 10, 2019, provides banking and related financial services in China, focusing on personal banking, corporate banking, and fund operations [2] - The revenue composition of PSBC includes 65.15% from personal banking, 22.71% from corporate banking, and 12.10% from fund operations, with other businesses contributing 0.04% [2] Financial Performance - As of September 30, PSBC reported a net profit attributable to shareholders of 76.562 billion yuan, reflecting a year-on-year growth of 0.98% [2] - The total cash dividends distributed by PSBC since its A-share listing amount to 137.796 billion yuan, with 77.395 billion yuan distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of PSBC shareholders decreased by 13.09% to 142,600, while the average circulating shares per person increased by 15.29% to 478,570 shares [2] - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable reductions in their holdings compared to previous periods [3]

Core Insights - The company achieved a revenue of 265.1 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 1.8%, with an increase of 0.3 percentage points compared to the first half of the year [1] - The net profit attributable to shareholders reached 76.6 billion yuan, growing by 1.0% year-on-year, with a 0.2 percentage point increase from the first half of the year [1] - The annualized weighted average ROE was 10.7%, a decrease of 1.1 percentage points year-on-year [1] Financial Performance - Total assets grew by 11.1% year-on-year to 18.6 trillion yuan, an increase of 8.9% from the beginning of the year [1] - Customer deposits increased by 6.1% year-to-date to 16.2 trillion yuan, while total loans rose by 8.3% to 9.7 trillion yuan [1] - Corporate loans surged by 17.9% year-to-date, driven by increased credit allocation to advanced manufacturing, green finance, technology finance, and inclusive finance [1] - Personal loans grew by 1.9% year-to-date, while bill discounting slightly decreased [1] Capital and Asset Quality - The company completed capital replenishment, with a core Tier 1 capital adequacy ratio of 10.65% at the end of Q3, up by 1.09 percentage points from the beginning of the year [1] - The average net interest margin for the first three quarters was 1.68%, down by 21 basis points year-on-year, with net interest income decreasing by 2.1% [1] - The non-interest income from fees grew by 11.5% year-on-year to 23.1 billion yuan, supported by rapid development in investment banking, transaction banking, custody, and wealth management [2] - Other non-interest income increased by 27.5% year-on-year to 31.5 billion yuan, mainly due to gains from bond and bill trading [2] - The annualized non-performing loan generation rate was 0.93%, up by 0.14 percentage points year-on-year, with a non-performing loan ratio of 0.94% at the end of Q3, an increase from the beginning of the year [2] - The coverage ratio for provisions was 240%, down by 46 percentage points from the beginning of the year [2] Investment Outlook - The company maintained its profit forecast, expecting net profits attributable to shareholders of 86.6 billion yuan, 87.2 billion yuan, and 88.3 billion yuan for 2025-2027, with year-on-year growth rates of 0.2%, 0.7%, and 1.2% respectively [2] - The diluted EPS is projected to be 0.67, 0.67, and 0.68 yuan for the same period, with current stock prices corresponding to PE ratios of 8.9, 8.8, and 8.7 times, and PB ratios of 0.72, 0.68, and 0.65 times [2]

Core Insights - HNA Aviation Group has established Beijing Golden Deer Business Aviation Co., Ltd. with a registered capital of 100 million RMB, marking the official launch of a comprehensive resource integration plan for business aviation [1] - The integration aims to create a complete ecosystem covering the entire lifecycle of business jets, providing a "one-stop" aviation solution for high-end global clients [1][2] - Golden Deer Business Aviation Group has been in the industry for 30 years, with over 350,000 safe flight hours and a fleet size that ranks first in the Asia-Pacific region [1] Business Model and Services - The group will consolidate various entities under a unified platform, enhancing operations, management, maintenance, and support services for business jets [1][2] - The service model includes chartering, management, ground services, maintenance, and asset trading, creating a synergistic ecosystem that offers personalized and digital services [2] - Clients will benefit from reduced communication and management costs by interfacing solely with Golden Deer for all aviation needs [2] Market Strategy - The group plans to strengthen its market share in key domestic regions such as Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macao Greater Bay Area, while exploring emerging markets in central and western China [3] - Internationally, the group aims to expand its business jet services in regions along the Belt and Road Initiative and key areas in Europe and the U.S. [3] - Golden Deer has established branches in the UAE, Singapore, Malaysia, and Vietnam to build a service network in Southeast Asia, the Middle East, and North Africa [3] Technological Innovation and Sustainability - The group has identified technological innovation and sustainable development as strategic priorities, focusing on the research and development of electric and hybrid business jets [3] - Plans are in place to gradually promote the use of Sustainable Aviation Fuel (SAF) on domestic routes starting in 2027, with a target of achieving a 10% SAF coverage on international routes by 2030 [4] - Golden Deer is also exploring the eVTOL market and aims to become a leading operator in this emerging sector [4] Industry Leadership - Golden Deer has set multiple industry records in China, including being the first business jet operator and the first to conduct management services in the country [4] - The company has played a pivotal role in the development of China's business aviation sector, establishing itself as a leader in the industry [4][5] - The launch of Golden Deer Business Aviation Group signifies a shift in the Chinese business aviation industry from "scale expansion" to "value creation" [5]

Core Insights - The strategic investment by JF SmartTrade in EX.IO marks a significant step for 九方智投控股 in enhancing its overseas digital asset business and establishing a comprehensive on-chain financial service system [3] - The collaboration between 九方智投控股, EX.IO, and 方德证券 aims to leverage their respective strengths to create an integrated service ecosystem in the digital finance sector [4][8] Group 1: Strategic Investment and Collaboration - 九方智投控股's full acquisition of JF SmartTrade for strategic investment in EX.IO is a key move to deepen its international digital asset operations [3] - EX.IO is recognized as a leading entity connecting traditional finance (Web2) with the Web3 ecosystem, providing compliant and secure financial solutions [3] - The partnership will enable 九方智投控股 to quickly enter the compliant digital asset market in Hong Kong and abroad, supported by necessary licenses and compliance [3] Group 2: Market Opportunities and Growth - 方德证券 and EX.IO have signed a strategic cooperation agreement to capitalize on the growth opportunities in the Hong Kong digital asset market [4] - 方德证券 plans to upgrade its licenses to offer digital asset trading and investment consulting services, transitioning from an internet broker to a tokenized investment bank [7] - The collaboration is expected to create a robust ecosystem combining exchange, brokerage, and advisory services, enhancing comprehensive on-chain financial service capabilities [7][8] Group 3: Industry Context and Future Outlook - The recent release of the "Hong Kong Digital Asset Development Policy Declaration 2.0" indicates a rapid development of a regulated and diverse digital asset ecosystem in Hong Kong [8] - In the first half of 2025, the total trading volume of bank-related digital asset products and tokenized assets reached HKD 26.1 billion, a 233% increase compared to the same period last year [8] - The collaboration among the three companies is seen as a model for industry high-quality development, driving the sector towards a more professional and integrated future [8]

Core Viewpoint - Cryptocurrency exchange Gemini has announced its intention to launch an initial public offering (IPO), aiming to raise up to $317 million by offering 16.7 million shares at a price range of $17 to $19 per share [1] Company Overview - Gemini was founded by the Winklevoss brothers and offers a range of services including trading, stablecoin issuance, custody, staking, and credit card services [1] - The company currently manages over $18 billion in assets [1] Financial Performance - In the first half of 2025, Gemini reported a net loss of $283 million, with revenues amounting to $68.6 million, indicating a heavy reliance on trading fees [1] Regulatory Developments - Recently, Gemini reached a settlement with the U.S. Securities and Exchange Commission regarding allegations of selling unregistered securities [1] - The company also paid a $5 million fine to the Commodity Futures Trading Commission concerning compliance issues related to Bitcoin futures [1]

Group 1: Financial Performance - In Q1 2025, Qingdao Bank's net interest margin (annualized) was 1.77%, an increase of 0.04 percentage points compared to 2024, remaining stable year-on-year [2] - As of the end of Q1 2025, the total customer loans amounted to 3,591.18 billion yuan, an increase of 184.28 billion yuan, representing a growth of 5.41% compared to the end of the previous year [3] Group 2: Strategic Measures - The bank implemented a high-quality development strategy, focusing on optimizing resource allocation and enhancing the assessment of interest rate spreads [2] - Efforts were made to optimize the asset structure, increasing the proportion of high-yield assets and boosting loan issuance to support local economic development [2] - On the liability side, the bank aimed to reduce costs by optimizing the structure of major liabilities and lowering deposit costs through various strategies [3] Group 3: Future Lending Direction - In 2025, Qingdao Bank plans to continue optimizing its asset-liability structure and steadily expand its loan issuance to support the real economy [3] - The bank will align its corporate lending with national macro-control policies and focus on key industries and major projects, targeting eight major sectors including technology finance and green finance [3] - Retail lending will focus on meeting personal customer needs, enhancing the structure of housing loans, consumer loans, and business loans to achieve balanced development [3]