Core Viewpoint - The National Financial Regulatory Administration has officially released the "Supervision and Management Measures for Custody Business of Commercial Banks (Trial)" which clarifies requirements for custody products, non-standard asset custody, funding behavior, and risk capital provision in the banking custody business [1][2]. Group 1: Implementation and Transition - The measures will take effect on February 1, 2026, with a three-year transition period for existing businesses [2]. - Existing judicial practices are increasingly holding custodians to higher standards of fiduciary duty, emphasizing the protection of investors' interests [2]. Group 2: Responsibilities and Limitations - The measures specify thirteen responsibilities that commercial banks are prohibited from undertaking in custody business, including assuming credit and market risks of custody products, providing guarantees, and funding support [3]. - Notably, the measures explicitly prohibit banks from providing liquidity support or financing commitments for custody products [4]. Group 3: Non-standard Asset Custody - The measures introduce specific requirements for the custody of non-standard assets, mandating banks to assess their capabilities and service levels before engaging in such custody [4]. - Banks must evaluate the capital strength, governance, compliance management, risk control, and market influence of product managers, as well as the transaction structure and valuation methods of the products [5]. Group 4: Valuation Responsibilities - Commercial banks are required to undertake review responsibilities for asset valuation, with clear stipulations in custody contracts regarding valuation objects, principles, methods, and error handling [5]. - When using model valuations, banks must carefully determine model parameters and avoid arbitrary adjustments, ensuring alignment with legal disclosure requirements if discrepancies arise with product managers [5].

Group 1 - The article discusses the high delivery fees associated with food delivery services, highlighting consumer frustration with a 5 yuan delivery fee on a 50 yuan meal [1] - It emphasizes the growing trend of consumers seeking cost-effective solutions in their spending habits, particularly in the context of food delivery [1] Group 2 - The article mentions the popularity of borrowing video app memberships among consumers, indicating a willingness to spend on experiences like concert tickets while seeking savings elsewhere [2] - It reflects a cultural trend where consumers are increasingly reliant on social networks for sharing resources, such as borrowing VIP memberships for video streaming [2] Group 3 - The article highlights a DIY approach to personal care, showcasing a trend of consumers looking for cost-saving methods in their skincare routines [3] - It suggests that consumers are becoming more resourceful and creative in finding ways to maintain their beauty regimens without overspending [3] Group 4 - The article introduces a cash management tool provided by China Construction Bank, which connects to money market fund products, emphasizing its features like quick redemption and flexible investment options [4] - It positions this tool as an ideal investment solution for consumers looking to manage their idle cash effectively, aligning with the trend of frugality [4]