二、北京银行应要求上述核准任职资格人员严格遵守金融监管总局有关监管规定，自北京银行政许可决 定作出之日起3个月内到任，并按要求及时报告到任情况。未在上述规定期限内到任的，本批复文件失 效，由决定机关办理行政许可注销手续。 三、北京银行应督促上述核准任职资格人员持续学习和掌握经济金融相关法律法规，牢固树立风险合规 意识，熟悉任职岗位职责，忠实勤勉履职。 2025年12月10日，河北金融监管局发布批复称，《北京银行关于核准胡萌萌任职资格的请示》（京银人 发〔2025〕955号）收悉。经审核，现批复如下： 一、核准胡萌萌北京银行股份有限公司石家庄分行副行长的任职资格。 ...

Group 1 - The Federal Reserve announced a 25 basis point cut in the federal funds rate target range to between 3.5% and 3.75% [1] - Multiple cities, including Nanjing, Changchun, and Wuhan, have implemented home loan interest subsidy policies in 2023 [2] - Since November, 12 listed banks have received 195 institutional research visits, a significant increase from October, with a focus on net interest margin and asset quality [3] Group 2 - Huaxia Bank approved a daily related transaction limit of RMB 139.8 billion with Beijing Bank [5] - Yibin Commercial Bank's registered capital has been increased from RMB 3.9 billion to RMB 4.5884 billion [6] - Chongqing Bank has been approved to issue capital instruments not exceeding RMB 4 billion in perpetual bonds [7] Group 3 - The former president of Shanxi Bank, Li Yingyao, has taken on a new role as deputy secretary of the provincial financial work committee [8] - Fourteen branches of Liaoning Rural Commercial Bank have been approved to cease operations, contributing to a significant increase in bank branch closures this year [9] - Bank wealth management subsidiaries have become a new force in offline IPO participation, with significant involvement in A-share listings [10][11]

Investment Rating - The report assigns an "Overweight" rating for the banking sector [7]. Core Insights - The report emphasizes the significant improvement in the cost of liabilities for banks in 2025, with a notable decrease of 28 basis points (bp) in the first half of the year, compared to only 4 bp in the same period last year. This improvement is primarily driven by reductions in deposit and interbank liabilities costs, contributing 19 bp and 7 bp respectively [3][11]. - The net interest margin (NIM) is expected to decline by approximately 5 bp in 2026, with the downward pressure on margins continuing to ease marginally, suggesting that some banks may stabilize their NIMs [2][10]. Summary by Sections 1. Liability Cost Improvement in 2025 - The first half of 2025 saw a significant reduction in the cost of interest-bearing liabilities, with the cost rate dropping to 1.70%, a decrease of 28 bp from 2024. This was supported by improvements in both deposit and interbank liability costs [11]. 2. Liability Side: Deposit Maturity and Repricing Benefits 1) **Term Structure**: The proportion of long-term deposits entering the repricing cycle has increased, with the share of deposits with a remaining maturity of 1-5 years declining by 1.5 percentage points (pct) to 22.6% by the end of Q2 2025. Some banks, such as those in Ningbo and Chongqing, experienced declines exceeding 10 pct [4]. 2) **Price Factors**: Regulatory focus on maintaining reasonable NIM levels has increased, with expectations of further interest rate cuts. The maximum reduction for three-year deposits could exceed 100 bp, indicating substantial room for cost improvement [5]. 3. Asset Side: Yield Pressure Expected to be Better than 2025 1) **Loans**: The repricing pressure on loans is expected to ease, with the five-year Loan Prime Rate (LPR) declining by only 10 bp in 2025, significantly less than the 50 bp drop the previous year [6]. 2) **Debt Replacement**: The shift from high-interest to low-interest debt is anticipated to have a limited impact on net interest margins, estimated to drag down margins by about 4 bp [6]. 3) **Bond Maturity**: The widening gap between new bond issuance rates and existing bond yields is expected to exert downward pressure on investment yields, with an estimated drag of 6 bp on margins from the reallocation of bonds maturing within one year [6]. 4. NIM Projections - The report forecasts a 5 bp decline in NIM for 2026, with the downward trend continuing to converge. The asset yield is expected to decrease by 17 bp, while the cost of liabilities is projected to improve by 13 bp, with deposit costs improving by 17 bp [7][10].

Core Viewpoint - Huaxia Bank has approved a daily related transaction limit of RMB 139.8 billion with Bank of Beijing, which requires shareholder approval due to its size exceeding 5% of the bank's latest audited net assets [1]. Group 1: Transaction Details - The approved credit-related transaction limit is RMB 45 billion, excluding collateral deposits and pledged bank certificates and government bonds [1]. - The non-credit related transaction limit is RMB 94.8 billion [1]. - The transaction limit exceeds 5% of the bank's latest audited net assets, necessitating shareholder meeting approval [1]. Group 2: Counterparty Information - Bank of Beijing is classified as a systemically important bank in China, holding a significant position in the financial system and in Beijing [4]. - The asset quality of Bank of Beijing is reported to be good, with controllable risks during the credit period, based on past business cooperation [4].

责任编辑：秦艺 12月10日金融一线消息，华夏银行发布第九届董事会第十三次会议决议公告，会议审议通过《关于本行 与北京银行股份有限公司日常关联交易额度的议案》，同意核定与北京银行日常关联交易额度1398亿 元。其中，授信类关联交易授信额度450亿元，非授信类关联交易额度948亿元。 责任编辑：秦艺 12月10日金融一线消息，华夏银行发布第九届董事会第十三次会议决议公告，会议审议通过《关于本行 与北京银行股份有限公司日常关联交易额度的议案》，同意核定与北京银行日常关联交易额度1398亿 元。其中，授信类关联交易授信额度450亿元，非授信类关联交易额度948亿元。 ...

Core Viewpoint - Beijing Bank's Chief Financial Officer, Cao Zhuo, has resigned for personal reasons, effective December 8, 2023, nearly one year before the end of his term, which was set to expire on November 29, 2026 [1][2]. Group 1: Resignation Details - Cao Zhuo submitted his resignation letter to the board of directors, and the resignation is effective immediately [1]. - This resignation follows Cao Zhuo's earlier departure from the position of Secretary of the Board in June 2023 [1]. Group 2: Background of Cao Zhuo - Cao Zhuo, born in 1981, is a senior accountant who joined Beijing Bank in August 2005 [2]. - His career progression includes various roles such as manager in the Corporate Banking Distribution Department and Director Assistant in the Interest Rate Marketization Office [2]. - He has held positions including Deputy General Manager of the Planning and Finance Department and General Manager of the Asset and Liability Department since March 2020 [2].

Investment Rating - The report assigns a "Buy" rating for the banking sector, indicating an expectation that stock prices will outperform the market by more than 10% over the next 12 months [40]. Core Insights - The growth of M2 is primarily driven by government and corporate leverage, with government leverage's contribution increasing from 23.9% in 2015 to 45.5% in 2025, while corporate leverage is expected to contribute 63.6% to M2 growth in 2025 [5][14]. - The report highlights a divergence between the social financing (社融) and M2 growth rates, indicating a liquidity accumulation in the financial system when the demand for financing from the real economy is insufficient, which can lead to a decline in bond yields [5][19]. - The expected social financing-M2 differential for 2026 is projected to be 0.56%, with a quarter-on-quarter increase of 33 basis points [32]. Summary by Sections M2 and Liquidity Analysis - M2 includes cash, personal deposits, corporate deposits, non-bank deposits, and deposits from non-deposit financial institutions. The main contributors to M2 growth are government and corporate leverage [5][13]. - The report discusses the relationship between the social financing-M2 differential and bond market performance, noting a shift in correlation since the second half of 2022 [5][19]. Social Financing Projections - For 2026, the report forecasts a total of 16.3 trillion yuan in new loans under the social financing framework, with a growth rate of 8.11% [32][34]. - The report anticipates that the net issuance of government bonds will reach 14.8 trillion yuan in 2026, with a focus on maintaining a proactive fiscal policy [34]. M2 Growth Forecast - The M2 growth rate for 2026 is projected at 7.55%, influenced by factors such as net fiscal deposits, the strengthening of the equity market, and cross-border capital flows [32][36].

曹卓此次卸任CFO，是北京银行2025年管理层密集调整的延续。在6月柳阳获聘董秘前半个月，该行已 完成副行长毛文利、首席风险官房旭、首席信息官明立松的聘任，三位新任高管均为70后，其中房旭、 明立松为内部提拔，毛文利则来自北京农商银行。 12月9日，北京银行发布公告称，董事会收到该行首席财务官曹卓的辞职函。公告显示，曹卓因个人原 因提请辞去首席财务官职务，辞任自2025年12月8日起生效。辞去首席财务官后，他仍将留在北京银 行，但不再担任任何具体管理职务。北京银行董事会对曹卓在任期间的工作表示感谢，并指出其已按照 相关规定完成工作交接。 曹卓：从基层成长的"最年轻高管" 作为北京银行最年轻的高管之一，1981年出生的曹卓现年44岁，其职业履历全程扎根该行。公开资料显 示，2005年加入北京银行后，曹卓从双榆树支行基层岗位起步，一路稳步晋升，先后担任长沙分行行 长、总行计划财务部副总经理兼首席财务官助理等职。2020年3月，曹卓出任资产负债部总经理；2022 年8月，因前任董秘刘彦雷未及时披露51.47亿元证券虚假陈述责任纠纷《应诉通知书》遭监管警示，导 致银行股价波动及声誉受损，此后曹卓接棒董事会秘书一职；2 ...

Core Viewpoint - The Beijing government is transitioning to a normalized issuance phase for the third-generation social security card, with significant progress made in its distribution and functionality [1][2]. Group 1: Social Security Card Issuance - The third-generation social security card integrates multiple services into one card, enhancing convenience for users [2]. - The issuance process will begin in five batches starting from October 2024, prioritizing retirees and providing tailored services for special needs individuals [2]. - Nearly 800 million third-generation cards have been issued, with a cumulative usage of approximately 60 million times, indicating a smooth overall operation [2]. Group 2: Medical Insurance Settlement - The third-generation social security card allows for direct settlement of medical expenses at designated institutions, reducing the financial burden on insured patients [4]. - As of January 2024, the upgrade of the medical insurance settlement environment will be completed across 5,798 institutions, enhancing compatibility with all card generations [4]. - Approximately 70% of outpatient settlements and 80% of inpatient settlements are conducted using the social security card, demonstrating its widespread adoption [4]. Group 3: Banking Services - Beijing Bank has issued over 135 million third-generation social security cards, covering a wide range of institutions and individuals [5]. - The bank offers a rapid card issuance service, allowing cards to be produced in just three minutes, enhancing customer convenience [5]. - Innovative service channels, such as mobile applications and smart kiosks, have been introduced to streamline the application and activation processes for users [5].

Group 1 - The core point of the announcement is that the Chief Financial Officer (CFO) of Beijing Bank, Mr. Cao Zhuo, has submitted his resignation due to personal reasons, effective from December 8, 2025 [1][3]. - The board of directors confirmed that there are no disagreements between Mr. Cao and the board regarding his resignation, and no other matters related to his departure need to be disclosed to shareholders and creditors [3]. - The board expressed gratitude for Mr. Cao's contributions during his tenure as CFO [3][4]. Group 2 - Mr. Cao has completed the necessary work handover in accordance with the bank's management regulations [4].