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Express News | 9F Inc: Bought for Principal's Interest Some Loan Receivables & Related Interest and Rights From China CITIC Financial Asset Management's Unit
The landscape of bond underwriting and proprietary allocation is shifting! Banks have become the dominant force, with some institutions exceeding RMB 100 billion.
① Since 2026, commercial banks have significantly increased their proprietary placement activities in the primary bond market, with the share of placement amounts rising from nearly zero to 10% or higher; ② Commercial banks are increasingly adopting an integrated 'underwriting + investment' model, whereas securities firms focus more on market-driven distribution networks, using their own capital only as a strategic supplement.
Banks and insurers are forging closer partnerships, with some banks reporting a 50% increase in insurance-related revenue; bancassurance channels have become a strategic priority for insurers.
① Fee-based income generated from distributing insurance and other products continues to play an increasingly important role in helping banks expand non-interest income and diversify revenue sources. ② A significant reduction in expense costs has driven a substantial increase in value margins, and coupled with the relaxation of the '1+3' branch network restrictions, leading insurers have been actively expanding their bancassurance channels.
One foot on the brake, the other on the accelerator: A closer look at proprietary holdings of affiliated funds by China’s state-owned and joint-stock banks in 2025, with some yielding over 16%
① In 2025, commercial banks reduced their proprietary investments in funds, cutting their holdings of publicly offered funds by approximately RMB 460 billion to RMB 7.35 trillion for the full year. ② Under the related-party reporting basis, the combined fund holdings of 14 major state-owned and nationwide joint-equity banks increased by RMB 112.5 billion in the second half of the year, yet banks’ proprietary portfolios overall remained net sellers of funds. ③ In terms of investment fund performance, returns at large state-owned banks were stable, while those at joint-equity banks exhibited significant volatility.
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