LightningPacketLoss

State-owned major banks' H-shares generally outperformed A-shares this year, with a discount of about 15% to 25% making H-shares more cost-effective. H-shares' dividend yields are mostly between 4% and 5%, higher than A-shares' 3% to 4%. Southbound funds continue to increase holdings, with long-term funds such as insurance preferring H-shares' earnings flexibility; foreign investors have reduced some H-shares but do not view the fundamentals negatively. A-shares still have liquidity and policy dividend advantages, with H-shares and A-shares forming a complementary relationship. As the dividend season approaches in the second quarter, southbound allocations may rebound but with a slowdown in intensity, with subsequent catalysts being the first-quarter reports and special national bonds.

The outstanding scale of the bank wealth management market in the first quarter was 31.91 trillion yuan, a year-on-year increase of 9.51%, but slightly down from 33.29 trillion yuan at the end of 2025.
End-of-quarter deposit pressure, market volatility, and low interest rates suppressing returns led to a decline in scale;
Fixed income still accounts for a large proportion, with a slight increase in hybrid products.
The second quarter is expected to rebound, and the overall year remains optimistic about structural optimization and a predominantly fixed income pattern, with the proportion of hybrid and equity products likely to continue rising.

Since the beginning of the year, many banks have stopped issuing credit card products mainly based on co-branded cards, with contract expirations and business adjustments being the main reasons, totaling over 45 discontinued products. By the end of the year, 13 listed banks had issued a total of 799 million cards, a decrease compared to 2024. Stricter regulatory oversight has prompted banks to shift from expansion to cost reduction and efficiency improvement, with sleep card rates under control and asset quality becoming key considerations. The divergence between overdraft balances and non-performing loan ratios has intensified, and the industry is transitioning from scale competition to high-quality development.

Staff Reporter Yang Jie
Recently, the yields of bank wealth management products have continued to come under pressure. On April 17, data obtained from Puyi Standard showed that the average annualized return of wealth management products in March this year was 1.01%, down from 2.11% in February and 3.71% in January.
In addition, the China Banking Wealth Management Registration and Custody Center previously released the "China Banking Wealth Management Market Annual Report (2025)," which showed that by 2025, the average return of wealth management products had fallen to 1.98%, a decrease of 67 basis points (BP) from 2.65% in 2024.
"The continued decline in the yields of bank wealth management products is mainly due to the deep adjustment of the interest rate environment and the simultaneous weakening of asset-side earning capacity," said Xue Hongyan, a special researcher at Su Commercial Bank, to Securities Daily. Since 2025, the yield curve in the bond market has generally shifted downward, as bonds are the main underlying assets of wealth management products.

Iran is preparing for the resumption of hostilities, and has refused to take part in the second round of US-Iran talks. US forces intercepted and took control of the cargo ship Touska headed toward Iran in the Gulf of Oman, saying it violated the ceasefire. Iran has threatened retaliation. Although the US side wants to negotiate, its position has repeatedly shifted. Iran has proposed a new order for the Strait of Hormuz and plans to enact legislation to ban the embargo of goods related to Israel, with the Larak Corridor set to be activated. Within nearly 36 hours, 35 ships have turned around and headed back in the Strait of Hormuz.

This article takes the young public fund manager Marina as an example to interpret the value of the May Fourth Spirit in the new era's capital markets. The core of the May Fourth Movement—science and progress—aligns closely with the mission of public funds in value discovery, asset pricing, and serving the real economy. She emphasizes seeking truth and deep thinking, establishing rigorous valuation models and fundamental analysis frameworks; and introduces cutting-edge AI and large language models into investment research, designing multi-agent investment research architectures to improve the accuracy of data extraction, industry research, and decision-making. She highlights that under the guidance of patriotism, democracy, and science, tool evolution and cognitive deepening proceed in tandem, striving to make young public fund professionals the backbone of wealth management and live up to the era.

China Overseas Development Releases Property Sales Data for January–April and April 2026: In April, contracted sales were approximately 24.191 billion yuan, with a sales area of about 8.021 million sq. m., representing year-on-year increases of 20.0% and 9.0%. From January to April, cumulative contracted sales reached 75.711 billion yuan, with a sales area of 2.6192 million sq. m., up 13.7% year-on-year in value but down 10.6% in area. As of April 30, approximately 11.608 billion yuan worth of pre-sold property sales had been subscribed, which is expected to be converted into contracted sales in the coming months.

Shunde Rural Commercial Bank releases its 2025 annual report: operating income of 77.16 billion yuan, down 7.14% year on year; after-tax net profit of 29.37 billion yuan, down 13.59%; ROA 0.61% and ROE 7.77%. Total assets at the end of the period were 487.97 billion yuan, up 3.60% from the end of the previous year; loans were 259.68 billion yuan and deposits were 333.19 billion yuan, increasing by 2.95% and 4.38%, respectively. The non-performing loan ratio was 1.51% and the provision coverage ratio was 2.62%, both down compared with the previous year.

A century of May Fourth spirit, passed on from generation to generation; youth strives forward and never squanders its best years. The May Fourth spirit carries the era’s inner core of patriotism, progress, democracy, and science, and in the tide of the asset management industry in the new era, it has already become a spiritual compass for young public-fund professionals to forge ahead and stay true to their mission.
As an important part of the capital market, public funds shoulder crucial responsibilities in client asset management, wealth management, and serving the real economy. Guided by the May Fourth spirit, generation after generation of young public-fund practitioners integrate their ideals and convictions into investment research and rapidly grow into a mainstay force in the investment community, practicing the original intention of finance for the people through their professional commitment.
In the view of Gao Jingxia, a young fund manager at ICBC Credit Suisse Fund, in the public-fund industry the May Fourth spirit can be distilled into three core inner elements: “objectivity, progress, and a sense of responsibility.” With the capital market changing rapidly and filled with uncertainty, “objectivity” requires practitioners to remain rational and make independent judgments in complex market conditions; “progress” means continuously going deeper into industry research, broadening one’s skill set, and iterating investment frameworks;

Securities Daily Reporter Xu Linyan
Currently, the commercialization and implementation process of AI intelligent agents is accelerating, with downstream application scenarios releasing concentrated demand, directly driving explosive growth in computing power demand, and the popularity of computing power leasing rising significantly.
On March 12, the concept sector of computing power leasing performed actively. As of the close of that day, many concept stocks such as Hongjing Technology Co., Ltd., China Energy Construction Corporation Limited, hit the daily limit, while Beijing Guolian Video Information Technology Co., Ltd., Beijing Huichen Zidao Information Co., Ltd. (hereinafter referred to as "Huichen Co., Ltd.") and other stocks followed suit.
"Computing power leasing is expected to become an important solution to alleviate the current AI computing power supply gap. It can quickly match the short-term computing power needs of AI companies, especially for small and medium-sized enterprises lacking sufficient funds and technical capabilities to build data centers themselves, significantly reducing initial investment costs. At the same time, it can also enhance overall computing power resources."

A hundred years of the May Fourth Movement, passing the torch from generation to generation, youth striving forward without wasting their prime years.
The spirit of May Fourth embodies the core values of patriotism, progress, democracy, and science, and has become the spiritual coordinate for public fund youth to forge ahead and uphold their mission in the wave of the new era asset management industry.
As an important part of the capital market, public funds bear the vital mission of managing assets for clients, wealth management, and serving the real economy.
Generation after generation of young fund practitioners are guided by the spirit of May Fourth, integrating their ideals and beliefs into investment research practices, rapidly growing into the backbone of the investment community, and practicing their original intention of serving the people through professional responsibility.
In the view of Mother Yaqian, a young fund manager at ICBC Credit Suisse Fund, the core connotation of the spirit of May Fourth is caring for the country and the people, seeking truth, striving for progress, and bravely taking on responsibilities, which naturally aligns with the mission of the public fund industry.
The public fund industry has always adhered to serving the real economy and practicing the original intention of investing for the people, relying on professional investment research capabilities to continuously guide social capital into areas of national strategic innovation.

With the rapid advancement of large-model technology, and the tempting performance of blockbuster products like Meta Ray-Ban smart glasses with massive shipment volumes, AI glasses sparked a new wave of smart eyewear in 2024.
As a new blue ocean in the smart wearables market, AI glasses have attracted not only tech giants such as Apple, Samsung, and Amazon to place bets. Domestically, manufacturers including Huawei and Meizu have also moved into AI glasses. Recently, Baidu released native AI glasses powered by a Chinese large model—Xiaodu AI Glasses—adding more fuel to this hot AI-glasses track. With the AI-glasses boom gathering momentum, industry-chain listed companies are also eager to seize the initiative in this trend.
In the capital market, the AI-glasses concept has drawn considerable attention. Since the end of September, AI-glasses concept stocks have risen for three consecutive months. Recently, AI-glasses concept stocks have been trading actively; several individual stocks, including Zhuoyi Technology, have been moving…

Source: CITIC Publishing House
Author: Qin Shuo, a renowned cultural and financial observer
In early 2025, DeepSeek suddenly rose to prominence, kicking off a new chapter of re-examining China’s narrative and China’s values. This year also marked the completion of “Made in China 2025.” China has all industrial categories in the United Nations industrial classification, including 41 major industrial categories, 207 mid-level categories, and 666 small categories. The long-standing claim has been that China produces the largest volume globally for 220 major industrial products. The latest statement from the Ministry of Industry and Information Technology is that among 504 major industrial products, most of China’s products rank first globally in terms of output.
In addition, China has more than 570 industrial enterprises included in the global top 2,500 for R&D investment, and in 2024, 64 manufacturing enterprises were included in the Fortune Global 500. In 2024, the total number of international patent applications was 273,900, while China filed 70,160 applications, accounting for the total applications.

Hubei Regulatory Bureau disclosed that Shanghai Pudong Development Bank Wuhan Branch was fined 2.45 million yuan for imprudent issuance of fixed asset loans and negligence in pre-loan and post-loan management; responsible persons Long Li and Wang Jingzhong were given warnings, while Duan Xiaogang, Zhang Rubing, and Yu Bo received warnings and a total fine of 150k yuan.

In 2025, R&D investment by A-share listed companies reached 1.93 trillion yuan, with an R&D intensity of 2.64%, accounting for nearly half of the entire society, reflecting a qualitative change in innovation momentum and driving industrial upgrading. The STAR Market leads in R&D intensity, with investments in new energy, semiconductors, biomedicine, and other fields ranking at the forefront, with a total of 695k patents and an additional 142.6k patents. Profitability and cash flow on the STAR Market have significantly improved, with Cambrian and BeiGene becoming representatives of innovation-driven growth, indicating that China's economy will be propelled by original innovation to promote transformation and upgrading.

Recently, administrative penalty decision information disclosed by the Henan Branch of the People’s Bank of China shows that Zhongyuan Bank Co., Ltd. was found to have committed the following categories of illegal acts: 1. Violating regulations related to financial statistics; 2. Violating regulations on account management; 3. Violating regulations on cybersecurity management; 4. Violating regulations on the management of anti-counterfeit currency business; 5. Violating regulations on the administration of the circulation of RMB; 6. Violating regulations on the collection, provision, inquiry, and related management of credit information; 7. Failing to carry out customer due diligence as required; 8. Failing to report large-value transactions as required; 9. Failing to report suspicious transactions as required; 10. Failing to formulate and improve anti-money laundering internal control systems and standards as required. The Henan Branch of the People’s Bank of China warned the bank and imposed a fine of 884.37 million yuan. The administrative penalty decision was made on April 27, 2026.
(The People’s Bank of China)

Recently, Guangdong Huaxing Bank released its 2025 annual report. In 2025, the bank achieved operating net income of 7.351 billion yuan, a year-on-year decrease of 1.017 billion yuan. This included net interest income of 5.612 billion yuan and non-interest net income of 1.739 billion yuan. The decline was mainly due to fluctuations in the bond market, with investment income decreasing more noticeably. Meanwhile, to enhance its risk resilience, the bank increased the amount of provisions accrued for the year, achieving after-tax net profit of 1.505 billion yuan, a year-on-year decrease of 1.348 billion yuan. The bank’s annual average return on assets (ROAA) and average return on equity (ROAE) were 0.32% and 4.34%, respectively.
As of December 31, 2025, Guangdong Huaxing Bank’s total assets were 485.568 billion yuan, an increase of 20.111 billion yuan from the beginning of the year, representing 4.32% growth. Loans and advances outstanding were 257.013 billion yuan, an increase of 11.548 billion yuan from the beginning of the year, and the growth rate was...