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 definition, the combined fund holdings of 14 major state-owned and nationwide joint-stock commercial banks increased by RMB 112.5 billion in the second half of the year, yet the banking sector as a whole still reduced its fund positions. ③ In terms of investment fund performance, large state-owned banks achieved stable returns, while joint-stock banks experienced significant volatility.

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Four securities firms appear on Changxin's shareholder list, with hundreds of billions in unrealized gains reshuffling rankings—equivalent to creating one and a half 'China Merchants Securities'.

① According to Changxin Technology's prospectus, four securities firms—China Merchants Securities, Huaan Securities, CITIC Securities, and CICC—hold indirect stakes in the company. ② Based on Changxin Technology’s estimated valuation of RMB 3 trillion, China Merchants Securities stands to realize an unrealized gain of nearly RMB 20 billion, while Huaan Securities exceeds RMB 10 billion, significantly boosting both firms’ net profits. ③ The earnings contribution from this equity investment is expected to propel China Merchants Securities into the top three among securities firms by profitability and help Huaan Securities break into the industry’s top ten.

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BOE Partners with Corning to Strengthen Layout in New Areas Including Glass-Based Packaging and Perovskite | Quick Read Announcement

① BOE and Corning signed a memorandum of understanding to collaborate in four areas: glass-based packaging substrates, foldable glass, perovskite glass substrates, and optical interconnects, with a validity period of three years; ② According to the announcement, among the four collaboration areas, only the foldable display business has achieved mass production, while the other three have not yet generated revenue; ③ BOE’s display device business is expected to see limited growth in 2025, and the company is increasing its investment in innovative businesses.

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Morning Brief by Xiao K | CXMT to Attend Listing Review Meeting on May 27; NVIDIA Expects to Ship Vera Rubin in the Second Half

① Samsung Electronics' labor union has postponed its strike; ② China Mobile has launched its Ciyuan data plan nationwide, with the lowest-priced option being a 5 RMB monthly package; ③ BOE Technology Group Co., Ltd. (BOE A) and Corning Incorporated have signed a memorandum of understanding, focusing their collaboration on glass-based packaging substrates, optical interconnect applications, and related fields.

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Spotting the trend once again! AICs of China's five major state-owned banks have appeared on the shareholder lists of Changxin Technology and Yangtze Memory Technologies, signaling initial success in their investment-lending linkage transformation.

① AIC subsidiaries of multiple banks—including Bank of China, Agricultural Bank of China, Bank of Communications, and China Construction Bank—have collectively appeared as shareholders in ChangXin Technology and Yangtze Memory Technologies, two memory companies preparing for IPOs; ② Previously, many banks successfully invested in equity stakes aligned with high-growth sectors such as new energy and artificial intelligence; ③ Industry observers believe that banks’ accelerated expansion into AIC equity investment operations will facilitate their business transformation and help establish diversified profit centers.

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Where are the over RMB 6 trillion in insurance funds being allocated, what is the outlook on current stock prices, and what are the trends in distribution channels? Ping An’s shareholders’ meeting provides signals.

① At today's shareholder meeting, Ma Mingzhe, Chairman of Ping An, stated that China undoubtedly offers the best growth potential and profitability in global financial and insurance markets; ② Guo Xiaotao, Co-Chief Executive Officer of Ping An, said the company adheres to an investment strategy of 'a guaranteed floor with upside flexibility'; ③ Fu Xin, Deputy General Manager and Chief Financial Officer of Ping An, remarked that Ping An’s share price remains undervalued.

cls.cnMay 20 19:59