本报记者 王宝会 为进一步加强商业银行托管业务监督管理，促进业务规范健康发展，国家金融监督管理总局近期制定了 《商业银行托管业务监督管理办法（试行）》。 近年来，商业银行为理财产品、资金信托、证券投资基金、证券公司资管产品、保险资管产品、社保基 金、养老金等提供托管服务，业务规模稳步扩大、服务种类不断增多、创新活动日趋活跃，有效满足了 财产保管、产品核算、资产估值等方面的多样化需求。 然而，随着我国高标准市场体系建设、深化要素市场化改革等持续推进，对商业银行托管业务专业化、 精细化、规范化水平和风险管理能力均提出了更高要求。 对于托管业务的监督管理，《办法》明确，国家金融监督管理总局及其派出机构应当加强对商业银行托 管业务的持续监管，加强跨部门监管协作，将托管业务的合规性和审慎性作为监管评级的内容。 业内人士表示，《办法》要求商业银行开展托管业务应当建立健全托管业务治理架构，在管理体系和制 度、业务独立性、授权控制、业务准入、宣传营销、数据保护等方面分别提出具体规范。监管部门应当 强化持续监管措施、监管处罚、数据报送等相关要求。 强化托管业务的监管有助于压降风险，但从风险源头看，打铁还需自身硬，商业银行要不断 ...

对于托管业务的监督管理，《办法》明确，国家金融监督管理总局及其派出机构应当加强对商业银行托 管业务的持续监管，加强跨部门监管协作，将托管业务的合规性和审慎性作为监管评级的内容。 近年来，商业银行为理财产品、资金信托、证券投资基金、证券公司资管产品、保险资管产品、社保基 金、养老金等提供托管服务，业务规模稳步扩大、服务种类不断增多、创新活动日趋活跃，有效满足了 财产保管、产品核算、资产估值等方面的多样化需求。 然而，随着我国高标准市场体系建设、深化要素市场化改革等持续推进，对商业银行托管业务专业化、 精细化、规范化水平和风险管理能力均提出了更高要求。 金融监管总局有关司局负责人介绍，《办法》在现有监管制度基础上，进一步明确商业银行开展托管业 务的基本规则，强化底线要求，细化重点环节的管理标准，推动商业银行秉持诚实守信的法律契约精 神，完善内部治理体系和制度建设，提升托管服务能力和水平，增强业务透明度，有效管控风险，依法 维护财产权利，有助于推动托管业务高质量发展。 托管是商业银行作为独立第三方，为各类金融产品及专项资金形成的投资组合等提供财产保管及相关服 务的行为。商业银行开展托管业务应当坚持诚实信用、勤勉尽责 ...

Group 1 - The central financial committee emphasizes the need to effectively manage financial risks in local small and medium financial institutions, real estate companies, and local government financing platforms, with a focus on controlling new risks and addressing existing ones [2] - The China Securities Regulatory Commission (CSRC) is set to introduce strict regulations on public fund sales, targeting long-standing issues in the industry such as prioritizing sales over service [2] - China's financial data for November shows a significant increase in RMB loans and social financing, with RMB loans increasing by 15.36 trillion yuan and social financing growing by 33.39 trillion yuan, surpassing last year's total [3] Group 2 - The People's Bank of China emphasizes maintaining stable financial markets and managing moral hazards, particularly in real estate finance [5] - The CSRC has issued a record fine to Yuce Investment for misappropriating fund assets and providing false information, highlighting the regulatory crackdown in the private equity sector [5] - The A-share market sees significant gains, particularly in nuclear power and commercial aerospace sectors, with the Shanghai Composite Index closing up 0.41% [5] Group 3 - The Hong Kong Hang Seng Index rises by 1.75%, driven by gains in technology and non-bank financial sectors, despite net selling by southbound funds [6] - The Shanghai Stock Exchange is monitoring stocks with significant volatility, indicating increased scrutiny on market activities [7] - Several companies are planning IPOs or stock issuances, including Galaxy General, which aims for a valuation of 3 to 4 billion USD [7] Group 4 - The Financial Regulatory Bureau has released a new management method for commercial bank custody businesses, emphasizing the need for banks to meet specific capabilities and prohibiting certain financial practices [9] - The market regulator is seeking opinions on compliance guidelines for the automotive industry, aiming to address pricing and promotional issues [9] - The State Administration for Market Regulation is pushing for improvements in online product sales, particularly in live commerce, to combat false advertising [9] Group 5 - The State Council has initiated measures to stabilize the real estate market, with Shandong province launching a housing "old-for-new" program to encourage home purchases [11] - The global gold ETF inflows reached 5.2 billion USD in November, marking a six-month streak of inflows and setting a record for total assets under management [20] - The domestic bond market shows signs of cooling, with yields on major bonds rising and the central bank conducting reverse repos to manage liquidity [19]

商业银行开展托管业务的禁止性行为有哪些？国家金融监督管理总局有关司局负责人表示，为有效解决 职责边界不清导致过度承担风险的情况，《办法》列明了商业银行开展托管业务的禁止性职责和禁止性 行为。主要包括：禁止承担托管产品财产的信用风险、市场风险等；禁止为托管产品提供直接或间接、 显性或隐性担保；禁止承诺本金或保证收益；禁止为托管产品垫付资金、提供流动性支持(商业银行和 产品间按照市场化、法治化原则开展的固定收益有价证券合格担保品管理业务不在此列)或融资承诺； 禁止参与投资者适当性管理；禁止保证项目及交易信息真实性、资金来源的合法合规性；禁止参与管理 人的投资决策；禁止混同托管产品财产与其他财产等。 人民财讯12月12日电，国家金融监督管理总局有关司局负责人就《商业银行托管业务监督管理办法(试 行)》答记者问。 ...

Investment Rating - The industry rating is maintained as "Positive" [3] Core Views - The performance of listed banks in Q1-Q3 2025 shows resilience, with state-owned banks achieving positive results across the board, and the improvement in net interest margins for joint-stock and city commercial banks exceeding expectations [4] - The revenue growth rate for listed banks is stable at 0.9% year-on-year, while profit growth has increased to 1.6% [4] - The non-interest income growth rate for listed banks has narrowed, with a year-on-year increase of 5.0% [4] Summary by Sections Performance Overview - Listed banks' revenue growth is stable at 0.9%, and net profit growth has improved to 1.6% in Q1-Q3 2025, slightly slowing from H1 [4] - The net interest margin for listed banks has shown marginal improvement, with a quarterly increase of 0.3 basis points to 1.37% [4] Revenue and Profit Drivers - The asset scale growth for listed banks is 9.3% year-on-year, with a decrease in loan growth to 7.7% and an increase in financial investment growth to 15.8% [4][11] - The non-interest income growth rate has decreased by 2.0 percentage points compared to the previous quarter [4] Risk and Asset Quality - The average non-performing loan (NPL) ratio for 42 sample banks remains stable at 1.23%, while the average attention rate has increased by 2 basis points to 1.69% [5] - Retail loan risks continue to rise, with notable increases in NPL ratios for retail loans at certain banks [5] Dividend Trends - More banks have disclosed mid-term dividend plans for 2025, with some banks increasing their mid-term dividend rates compared to 2024 [6] Investment Recommendations - The report suggests that bank stocks may rebound in Q4, with a focus on small and medium-sized banks in economically developed regions and stable high-dividend large banks [6]

Core Insights - Minsheng Bank reported a net interest margin (NIM) of 1.47% for Q3 2025, showing a recovery compared to previous periods, driven by improved asset-liability management and customer operations [1][3] - The bank's total operating income reached 108.5 billion yuan for the first three quarters, marking a year-on-year growth of 6.74%, with both net interest income and non-interest income contributing to this increase [1][5] Group 1: Net Interest Margin Improvement - The NIM increased due to a combination of factors, including a decline in deposit rates, effective management of interbank liabilities, and stable investment yields [3][4] - Deposit interest rates fell by 13 basis points in Q3, with a higher proportion of low-cost demand deposits contributing to this decline [3] - Interbank liability rates decreased by 14 basis points, aided by improved management of interbank funding and an increase in demand deposits [3] Group 2: Revenue Growth Drivers - The growth in operating income was primarily driven by sustainable expansion of core business, with significant increases in customer scale and quality [5][6] - The number of retail customers grew by 5.38%, while private banking clients increased by 18.21%, indicating a solid customer base for future growth [5] - Net interest income rose to 75.51 billion yuan, reflecting a year-on-year increase of 2.40%, supported by a 0.73% growth in average interest-earning assets [5] Group 3: Future Outlook - The bank anticipates a continuation of a loose market funding environment, which will support further declines in funding costs [4] - Strategies will focus on enhancing customer service and expanding product offerings, particularly in payment settlement and wealth management, to drive fee and commission income [6] - The bank aims to maintain asset quality while promoting steady profit growth through effective management of non-performing loans [6]

Core Viewpoint - China Postal Savings Bank is transitioning from a phase of rapid expansion to a focus on deepening existing customer relationships and enhancing value through wealth management, marking a significant upgrade in its retail banking strategy [1] Group 1: Wealth Management Strategy - The bank has established a dedicated wealth management department, achieving a personal asset management (AUM) scale of 17.67 trillion yuan, a 5.87% increase from the previous year [1][7] - Wealth management has become a core link connecting 670 million retail customers, integrating inclusive finance with professional services [1][12] - The bank's wealth management strategy has led to a 47.89% year-on-year increase in wealth management service fee income [2][3] Group 2: Intermediate Business Income - The bank's intermediate business income reached 16.918 billion yuan, with an 11.59% year-on-year growth, outperforming peers [2][3] - Wealth management-related income has been a major contributor, with significant growth in service fees from wealth management and custody services [2][4] - The bank's focus on high-value areas such as investment banking and transaction banking has led to a structural optimization of income [3][4] Group 3: Customer Base and Channel Advantage - The bank serves over 670 million personal customers through nearly 40,000 outlets, providing a unique advantage in reaching rural and urban clients [6][7] - The integration of postal services with banking has allowed the bank to embed wealth management services into everyday life for customers [6][7] - The bank's customer segmentation strategy addresses diverse needs, offering tailored services for different customer groups [7][8] Group 4: Capital Strength and Efficiency - The bank raised 130 billion yuan through a targeted A-share issuance, enhancing its capital adequacy ratio to 10.52% [10][11] - Cost management initiatives have led to a reduction in agency fees and an improvement in the cost-to-income ratio, allowing for reinvestment in wealth management capabilities [11][12] - The bank aims to transition from a reliance on interest income to a diversified income model through enhanced capabilities in wealth management [11][12]

Investment Rating - The report maintains a "Strong Buy" rating for Postal Savings Bank of China (601658.SH) [9] Core Views - The bank's revenue and net profit growth turned positive in the first half of 2025, with revenue at CNY 179.45 billion and net profit at CNY 49.23 billion, reflecting year-on-year increases of 1.5% and 0.8% respectively [1] - Non-interest income significantly contributed to revenue growth, with a 25.2% year-on-year increase in other non-interest income, while net interest income saw a decline of 2.7% [2] - The bank's asset quality remains stable, with a non-performing loan (NPL) ratio of 0.92% as of June 2025, showing a slight increase from the previous quarter [5] Summary by Sections Financial Performance - In 1H25, the bank's revenue grew by 1.5% year-on-year, with a sequential improvement of 1.6 percentage points from 1Q25 [2] - The bank's net interest income decreased by 2.7% year-on-year, but the decline was less severe compared to previous periods [2] - Other non-interest income surged by 25.2%, driven by a recovery in the bond market and increased trading gains, with investment income rising by 64.6% [2] Loan Growth - As of June 2025, the bank's total assets and loans increased by 10.8% and 10.1% year-on-year, respectively, outpacing state-owned banks [3] - Corporate loans grew by 14.8%, while retail loans saw a modest increase of 1.9% [3] Interest Margin - The net interest margin (NIM) for 1H25 was 1.7%, down 17 basis points from 2024, with a year-on-year decline of 21 basis points [4] - The bank's deposit and interest-bearing liabilities interest rates decreased by 21 basis points compared to 2024, but the decline was less than the average of the five major banks [4] Asset Quality - The NPL ratio stood at 0.92% as of June 2025, with a slight increase of 1 basis point from the previous quarter [5] - The bank's provision coverage ratio was 260.4%, indicating a strong buffer against potential loan losses [5] Future Outlook - The report forecasts a net profit growth of 1.5%, 2.8%, and 3.8% for 2025, 2026, and 2027, respectively, with corresponding book value per share (BVPS) estimates of CNY 7.59, CNY 8.12, and CNY 8.20 [9][10]

Core Viewpoint - The financial performance of Industrial Bank in the first half of 2025 shows a decline in operating income but a slight increase in net profit, indicating a stabilization in profitability despite challenges in revenue generation [1][2]. Financial Performance - Operating income for the first half of 2025 was 110.46 billion yuan, a year-on-year decrease of 2.29%, with the decline rate narrowing by 1.29 percentage points compared to the first quarter [1]. - Net profit attributable to shareholders was 43.14 billion yuan, reflecting a year-on-year growth of 0.21%, with the growth rate turning positive from a negative in the first quarter [1]. Revenue Structure - Net interest income amounted to 73.76 billion yuan, down 1.52% year-on-year, primarily due to a narrowing interest margin, which was managed effectively by balancing liabilities and assets [1]. - The net interest margin stood at 1.75%, a decrease of 7 basis points compared to the previous year [1]. - Non-interest income totaled 36.70 billion yuan, a decline of 3.80% year-on-year, influenced by market interest rate fluctuations [1]. - Fee and commission income was 13.08 billion yuan, showing a year-on-year increase of 2.59%, driven by enhanced customer financial service capabilities [1]. - Other non-interest income reached 23.63 billion yuan, down 7.00% year-on-year, although it saw a 11.7% increase in the second quarter compared to the previous year [1]. Asset and Loan Growth - Total assets reached 10,614.38 billion yuan, reflecting a growth of 1.01% from the end of the previous year [2]. - The balance of loans in domestic and foreign currencies was 5,903.43 billion yuan, an increase of 2.91% from the end of the previous year [2]. - The balance of deposits in domestic and foreign currencies was 5,869.83 billion yuan, up 6.10% from the end of the previous year [2]. Asset Quality - The overall asset quality remained stable, with a non-performing loan ratio of 1.08%, unchanged from the first quarter but up 0.01 percentage points from the end of the previous year [2]. - The provision coverage ratio was 228.54%, a decrease of 9.24 percentage points from the end of the previous year [2].

Core Viewpoint - The company has shifted its focus from scale to a balanced growth of efficiency and quality, as stated by the president of CITIC Bank, Lu Wei, during the mid-year performance release [1] Financial Performance - As of the reporting period, CITIC Bank's total assets reached 9.86 trillion yuan, an increase of 3.42% from the end of the previous year, nearing the 10 trillion yuan mark [1] - The bank's operating income was 105.8 billion yuan, a year-on-year decrease of 2.99% [3] - Total loans and advances amounted to 5.8 trillion yuan, growing by 1.43% year-on-year, while total customer deposits reached 6.1 trillion yuan, up by 5.69% [3] Interest Margin Management - CITIC Bank's net interest margin (NIM) decreased from 1.77% in 2024 to 1.63% in the first half of 2025, although it outperformed the industry average [3] - The bank has successfully transformed its interest margin from a disadvantage to a relative advantage by controlling deposit costs and optimizing asset quality [3][4] - The cost of interest-bearing liabilities was 1.67%, ranking as the second lowest among joint-stock banks [3] Asset Quality - As of June, the non-performing loan (NPL) balance was 67.134 billion yuan, with an NPL ratio of 1.16%, unchanged from the end of the previous year [4] - The provision coverage ratio improved to 207.53%, reflecting a stable asset quality outlook [4] - The bank has actively adjusted its product and customer structures to address rising retail NPLs [4][5] Light Asset Transformation - CITIC Bank's non-interest income reached 34.561 billion yuan, a decrease of 5.1% year-on-year, but the bank's fee income from various products showed positive growth [6] - The bank's wealth management business continued to perform well, with retail assets under management (AUM) exceeding 2.1 trillion yuan, generating 3.2 billion yuan in revenue, a 37% increase [6][7] - The bank maintained its leading position in corporate debt financing and custody services, with significant growth in related revenues [6][7] Customer and Asset Optimization - CITIC Bank has focused on customer segmentation, increasing its corporate clients to 1.34 million and retail clients to 150 million [8] - The bank's general loans increased by 5.8% year-on-year, while credit bond asset allocation was also enhanced [8] - The bank's new RMB corporate loan pricing reached 3.35%, with a record high loan increment of 296.8 billion yuan [8] Long-term Strategy - CITIC Bank has committed to a "structure-oriented" approach to optimize its asset-liability structure amid ongoing low-interest-rate challenges [8] - The bank's adjustments have led to steady profit growth, maintained industry-leading interest margins, and stable asset quality, positioning it well against future challenges [8]