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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.
Jefferies Sticks to Their Hold Rating for China Minsheng Banking (CGMBF)
Minsheng Bank (01988): Huang Hongri officially assumes the position of Chief Compliance Officer.
Minsheng Bank (01988) announced that on May 7, 2026, it received the 'Approval of the National Financial Regulatory Authority Regarding the Qualification of Huang Hongri as Chief Compliance Officer of Minsheng Bank' (Approval No. [2026] 237), which approved the qualification of Mr. Huang Hongri to serve as the bank's Chief Compliance Officer. According to relevant regulations, Mr. Huang Hongri assumed the position of Chief Compliance Officer of the bank from the date of approval of his qualification.
Minsheng Bank (01988.HK) will release its earnings report on April 29.
Minsheng Bank (01988.HK) is scheduled to release its financial report on April 29. Investors are advised to stay tuned. What about the previous performance? In Q1 2025, the company reported operating revenue of 36.813 billion yuan, net profit of 12.782 billion yuan, and earnings per share of 0.29 yuan. Niuniu Reminder: 1. There are no mandatory regulations regarding the division of accounting years for companies listed in Hong Kong or the United States. The determination is entirely up to the company itself. Therefore, any financial reporting period can serve as the end date of the annual report without being tied to the calendar year as the fiscal year. 2. Generally speaking, the company will hold an earnings conference call on or around the aforementioned financial report release date, with management providing further updates.
Have bank deposits really “moved”? Deposits at 42 listed banks increased by nearly 10 trillion yuan in Q1.
①In the first quarter, the total customer deposit scale of 42 A-share listed banks reached 227.04 trillion yuan, increasing by 9.44 trillion yuan compared to the end of 2025, with a growth rate of 4.34%, and all banks achieved positive growth. ②In the first quarter, the deposit business of listed banks demonstrated several key highlights: 'steady growth in total volume, optimization in structure, decline in costs, and recovery in demand deposits.'
Review of Q1 Earnings Reports from State-Owned and Commercial Banks: Performance Recovery for Major State-Owned Banks, Significant Divergence Among Commercial Banks, Some Revenue Surges by 35%
① The marginal recovery of the capital market is driving a rebound in wealth management businesses, with fee and commission income expected to maintain a trend of gradual improvement. ② Based on projections for continued revenue growth in Q1 2026 and retail non-performing exposures yet to reach an inflection point, listed banks are likely to adopt a conservative approach to profit distribution, aiming to balance gains with losses.