᷅⚕ᶢ撎埤 2024⸌♶栖 ⍢㛂㛽⯭㚳 中国上市银行2024年回顾及未来展望 / 1 引言 本报告为安永大中华区第十八份中国上市银行年 度分析报告，旨在基于中国上市银行的业务发展 情况、经营模式及监管环境的观察，展望中国银 行业未来发展的趋势。 本年度报告涵盖了截至2025年4月30日已发布 2024年度年报的58家上市银行，包括15家A+H 股、27家A股及16家H股上市银行，其总资产和 净利润分别占中国全部商业银行的83%和96%。 6 家大型银行 10 家全国性股份制银行 30 家城市商业银行 12 家农村商业银行* 本报告的数据资料，除特别注明外，均来源于上述银 行公布的年度报告。除16家H股上市银行数据源于其 按国际财务报告准则编制的财务报表外，其他与财务 报表相关数据均摘自各银行按中国企业会计准则编制 的报告。在比较时，我们对部分数据的分类口径进行 了适当调整，以使数据更具可比性。部分银行的数据 经重述，本报告所引用的数据为重述后数据。本报告 中提及的上市银行各项指标的平均数，除特别说明以 外，均为加权平均数。 中国工商银行（工行，A+H） 中国建设银行（建行，A+H） 中国农业银行（农行，A+H ...

᷅⚕42⭎A倹 ᶢ撎埤2025⸌ ᶘ⫻⸾ᶲ亁㤚奠 | | 上市银行净利润及增长率*（单位：人民币百万元） | | | | | --- | --- | --- | --- | --- | | 2024年一季度 | 2023年一季度 | | 2025年一季度 | | | 净利润 | 净利润 增长率 | 增长率 | 净利润 | 增长率 | | 88,062 | 工行 90,770 0.50% | -2.98% | 84,709 | -3.81% | | 86,907 | 建行 89,147 2.03% | -2.51% | 83,742 | -3.64% | | 70,839 | 农行 72,115 2.83% | -1.77% | 72,116 | 1.80% | | 59,973 | 中行 61,725 2.53% | -2.84% | 58,644 | -2.22% | | 25,957 | 邮储 26,285 5.03% | -1.25% | 25,362 | -2.29% | | 25,253 | 交行 24,951 7.03% | 1.21% | 25,619 | 1.45% | | 356,991 | ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The global retail market is undergoing significant transformation, with a projected market size of $30.6 trillion by 2024, growing at an annual rate of 3.76% [4][6] - The Asia-Pacific region, particularly China, India, and Japan, is expected to be the fastest-growing market, accounting for 40% of global retail sales by 2028 [4][6] - E-commerce is significantly reshaping consumer behavior, with online retail sales expected to account for 21% of total retail sales by 2025 [4][10] - Local brand internationalization is a growing trend, with Chinese brands like Pop Mart and Heytea expanding globally through strategic partnerships with shopping centers [4][11] Summary by Sections 1. Introduction - The global retail market is experiencing profound changes, driven by middle-class expansion, rapid urbanization, and internet penetration [4] - Shopping centers are becoming crucial partners for brands looking to expand internationally, providing localized support and innovative marketing strategies [4] 2. Understanding the Global Retail Market - The global retail market is projected to reach $30.6 trillion in 2024, a 4.37% increase from 2023 [6] - In China, the retail market is expected to reach 48.79 trillion RMB in 2024, with online retail sales growing by 7.2% [6] 3. Cooperation Strategy Framework - Shopping centers play a vital role in supporting brand internationalization by offering high-traffic retail spaces and strategic market positioning [18] - Brands face challenges such as identifying the right customer base and establishing local relationships when entering new markets [19][20] 4. Successful Cooperation Case Studies - Pop Mart's expansion into Southeast Asia through partnerships with shopping centers has significantly increased its sales and brand awareness [26] - A luxury brand collaborated with a cultural retail landmark in Hong Kong to create an immersive art retail space, enhancing consumer experience and brand image [29] 5. Multi-Dimensional Marketing Strategies - Shopping centers utilize various marketing strategies, including digital integration, cultural adaptation, and community engagement, to help brands establish recognition in new markets [31][38] - Technology-driven consumer interactions, such as AR and VR experiences, enhance shopping convenience and brand engagement [37][38] 6. Conclusion / Future and Action Recommendations - Shopping centers should continue to leverage their platform advantages to support brand internationalization through innovation and strategic partnerships [44]

目录 | 一、 前言 | | 2 | | --- | --- | --- | | 二、 新消费主义的画像 | | 3 | | （一） | 个性化消费崛起 | 3 | | （二） | 体验式消费升温 | 4 | | 三、 开启消费新时代的钥匙 | | 6 | | （一） | 需求端联动：场景革命激发消费势能 | 6 | | （二） | 供给端协同：生态闭环创造增量价值 | 6 | | （三） | 供应链整合：敏捷响应释放协同效能 | 7 | | 四、 对企业方和投资者的启示 | | 8 | | （一） | 企业方的机遇与挑战 | 8 | | （二） | 投资者的机遇与布局 | 9 | | 五、 结语 | | 10 | 解码2025中国消费：悦己驱动下的消费变革 1 1 前言 6 2025年3月5日，李强总理代表国务院在十四 届全国人大三次会议上作《政府工作报告》， 介绍2025年政府工作任务时提出"大力提振 消费、提高投资效益，全方位扩大国内需 求"1。扩大内需是战略之举，提振消费是重中 之重。2025年中国政府实施"提振消费专项 行动"，制定提升消费能力、增加优质供给、 改善消费环境专项措施，释放多样化、差异 ...

2025中国经济破浪前⾏， 稳中求进 2025年3⽉ 回顾2024：中国经济彰显韧性，以新促质 2 ⾯对严峻复杂的国内外环境，2024年我国国 内⽣产总值（GDP）⾸次突破⼈⺠币134万亿 元，同⽐增⻓5%。去年9⽉以来的⼀系列增量 政策推动四季度经济持续回升向好，为"⼗四 五"规划的顺利收官奠定了坚实基础。但从12 ⽉的单⽉数据看，供强需弱的特征仍然明显， 全⽅位扩⼤内需是应对外部冲击、增强战略主 动的⻓久之策。 外贸顶住外部压⼒，逆势再创新⾼。2024年， 我国进出⼝总值达到⼈⺠币43.85万亿元，同 ⽐增⻓5%，其中，⾼端装备出⼝同⽐增⻓超过 四成。 ⾼技术制造业展现出强⼤韧性，科技创新优势 持续增强。新能源汽⻋、集成电路、⼯业机器 ⼈产品产量同⽐增⻓38.7%、22.2%、14.2%。 消费市场持续回暖，以旧换新政策效果持续显 现。家电⾳像器材类以及体育娱乐升级类产品 消费增⻓波动上⾏, 全年同⽐增⻓达12.3%和 11.1%。在需求升级和科技创新的推动下，⽂ 旅消费复苏势头强劲。 展望2025：扩⼤内需和科技创新将"双轮驱动"， 引领经济发展新路径 3 从内部看，增量政策实施以及未来加⼒空间将 成为 ...

Investment Rating - The report does not explicitly provide an investment rating for the financial services industry. Core Insights - The global financial services regulatory landscape is increasingly fragmented, with countries prioritizing national interests over international cooperation, leading to a rise in local standards [9][10] - Financial institutions must enhance resilience to external threats, focusing on operational resilience, sustainable finance, and the management of non-bank financial institutions [9][33] - Regulatory scrutiny is intensifying around consumer treatment, financial inclusion, and the prevention of fraud and scams [9][52] Summary by Sections 1. Regulatory Fragmentation Intensifies - Regulatory fragmentation is exacerbated as policymakers prioritize national interests, complicating global business management and potentially increasing costs [10] - The implementation of Basel III reforms varies by country, creating challenges for banks operating internationally [12][14] 2. Enhancing Resilience to External Threats - Financial institutions are urged to improve operational resilience in light of recent global events, including geopolitical tensions and IT failures [35][39] - New regulations, such as the EU's Digital Operational Resilience Act, will come into effect, requiring financial institutions to manage risks associated with third-party technology providers [39][40] - The non-bank financial sector's growth raises concerns about systemic risks, prompting calls for enhanced oversight [44][47] 3. Consumer Treatment - Regulatory bodies are increasingly focused on enhancing consumer welfare, with new regulations emerging globally to ensure fair treatment and protection against fraud [54][56] - Financial institutions are encouraged to adopt practices that prioritize customer needs and improve service standards [54][55] 4. Risk Management - The report emphasizes the need for financial institutions to address long-standing weaknesses in risk management and governance frameworks, particularly in light of recent banking crises [66][68] - Regulatory expectations for board accountability and risk culture are becoming stricter, with a focus on proactive identification and management of potential risks [68][69]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report highlights significant updates in accounting regulations and standards in China for the year 2024, emphasizing the importance of compliance for companies in preparing their financial reports [1][2][3] Summary by Sections Section 1: Amendments to the Accounting Law - The Accounting Law of the People's Republic of China was amended, effective from July 1, 2024, focusing on enhancing financial supervision and increasing penalties for accounting violations to improve the quality of accounting information [2] Section 2: 2024 Annual Report Work Notification - A joint notification from the Ministry of Finance, State-owned Assets Supervision and Administration Commission, Financial Regulatory Bureau, and China Securities Regulatory Commission emphasizes the importance of adhering to accounting standards in the preparation of 2024 annual reports [3][4] Section 3: Accounting Standards and Sustainability Disclosure Guidelines - New accounting standards and guidelines for sustainability disclosures were introduced, including the implementation of the 17th and 18th interpretations of accounting standards, effective from January 1, 2024, and December 31, 2024, respectively [5][8] - The Ministry of Finance issued guidelines for the accounting treatment of enterprise data resources, effective January 1, 2024, which includes conditions for capitalizing development expenditures [5] Section 4: International Financial Reporting Standards Updates - The report outlines updates from the International Accounting Standards Board (IASB) regarding financial reporting standards, including proposed updates on financial instruments and disclosures [12][13] Section 5: Other Important Regulations - The report mentions the passing of the Value-Added Tax Law, effective January 1, 2026, which will replace the interim regulations currently in place [9] Section 6: Sustainable Development Reporting Guidelines - New guidelines for sustainable development reporting were released by various exchanges, effective May 1, 2024, aimed at enhancing transparency and accountability in sustainability practices [10] Section 7: Publications by Ernst & Young - The report includes references to Ernst & Young publications that provide guidance on the application of international financial reporting standards, particularly concerning financial instruments [18][19]

Investment Rating - The report indicates a positive investment outlook for the Chinese financial sector, emphasizing the ongoing reforms and opening-up measures that enhance market attractiveness and stability [4][5][6]. Core Insights - The report highlights significant progress in China's financial reform and opening-up in 2024, with a focus on the integration of foreign financial institutions and the expansion of capital markets [4][5][10]. - It notes the increasing participation of foreign investors in various financial sectors, including banking, insurance, and securities, reflecting growing confidence in the Chinese market [5][47][50]. - The report emphasizes the importance of policies aimed at enhancing the quality of capital markets and attracting foreign investment, which are crucial for sustainable economic growth [5][10][30]. Summary by Sections Major Events in Financial Sector Opening - In 2024, significant policy adjustments laid a solid foundation for a more robust and efficient financial system, with numerous foreign financial institutions entering the market [10][11]. - The report lists key events, such as the establishment of new foreign banks and the expansion of existing ones, which indicate a deepening integration of foreign entities into the Chinese financial landscape [10][11]. Market Development - The capital market is entering a phase of high-quality development, with regulatory measures enhancing the interconnectivity between domestic and foreign markets [13][14]. - The report notes that the average daily trading volume for northbound and southbound transactions reached 1,497.58 billion RMB and 481.08 billion HKD, respectively, marking a 25-fold and 50-fold increase since the launch of the Stock Connect [14][16]. Institutional Introduction - The introduction of foreign financial institutions is seen as a driving force for reform, with 24 out of 29 global systemically important banks establishing a presence in China [64][65]. - The report highlights that foreign banks are expanding their business scope, including gaining qualifications for RMB business and underwriting in the interbank bond market [66][67]. Business Development - The report discusses the diversification of investment mechanisms, including QFII, QFLP, QDII, and cross-border wealth management, which have flourished in 2024 [5][10]. - It emphasizes the growth of foreign investment in the insurance sector, with total assets of foreign insurance companies reaching 2.82 trillion RMB, a 17.5% increase from the previous year [50][72]. Regulatory Reform - The report outlines various regulatory reforms aimed at enhancing the quality of capital markets and attracting foreign investment, including the release of new policies and guidelines [5][10]. - It notes that the regulatory environment is becoming increasingly conducive to foreign participation, with significant improvements in market access and operational frameworks [67]. Regional Opening - The report highlights initiatives in regions like the Yangtze River Delta and the Greater Bay Area, which are enhancing international economic cooperation and expanding institutional openness [5][10]. - It mentions that Shanghai has introduced several policies aimed at building an international financial center, further promoting regional integration [5][10]. Outlook - The report concludes with a positive outlook for the Chinese financial sector, driven by ongoing reforms and the increasing presence of foreign institutions, which are expected to contribute to market stability and growth [5][10].

Investment Rating - The report does not explicitly provide an investment rating for the payment service industry in Europe and Luxembourg. Core Insights - The payment service providers (PSPs) play a crucial role in facilitating seamless, secure, and rapid digital transactions, replacing cash transactions as the digital economy grows [6][8]. - The evolving regulatory framework, including the introduction of PSD3 and PSR, aims to simplify compliance and enhance the operational flexibility of PSPs, allowing them to offer a broader range of services [15][18]. - Luxembourg is positioned as an attractive hub for international payment service providers due to its favorable regulatory environment, strategic location, and advanced digital infrastructure [26][27]. Summary by Sections Definition and Role of Payment Service Providers - Payment service providers (PSPs) are essential intermediaries in the financial ecosystem, facilitating transactions between users and banks, and offering specialized services that differentiate them from traditional banks [6][8]. Regulatory Framework - The current regulatory landscape is shaped by PSD2 and EMD2, with upcoming changes under PSD3 and PSR expected to merge existing licenses and simplify compliance requirements for PSPs [7][15]. - PSD3 will allow payment institutions (PIs) to issue electronic money and provide short-term credit, enhancing their competitive position against banks [18][19]. Market Advantages - Europe is a significant digital market, with approximately 67 billion non-cash transactions and a total payment volume of €111.4 trillion in the first half of 2023, indicating substantial growth potential [22][24]. - Luxembourg's strategic advantages include a robust legal framework, a strong financial services sector, and a favorable tax environment, making it an ideal location for fintech companies [26][27]. Chinese Enterprises in Luxembourg - The number of Chinese payment service providers entering the Luxembourg market is increasing, with several already obtaining necessary licenses, highlighting Luxembourg's appeal to international firms [29]. Conclusion - The report emphasizes the importance of understanding the evolving regulatory landscape and market dynamics for payment service providers in Europe and Luxembourg, as these factors will significantly influence future investment opportunities and operational strategies [15][18].

Investment Rating - The report does not explicitly state an investment rating for the financial industry Core Insights - The financial regulatory landscape is evolving with a focus on compliance and risk management, as various regulatory bodies have issued new guidelines and policies to enhance governance and operational efficiency in the financial sector [3][4][12] Summary by Sections 1. Regulatory Policy Updates and Key Interpretations - The report highlights the continuous strengthening of financial industry governance by regulatory bodies, emphasizing compliance management and the issuance of new regulations [3] - Key policies include the "Guidance on Enhancing Financial Services for the Elderly" aimed at improving financial services for older adults [10][12] - The "Action Plan for Promoting High-Quality Development of Digital Finance" sets a target for establishing a financial system that aligns with digital economic development by the end of 2027 [12][16] 2. Trends and Analysis of Regulatory Penalties - The report provides insights into the trends of regulatory penalties across various sectors, including banking, insurance, and securities, indicating a stricter enforcement environment [14][15] 3. Banking and Insurance Regulatory Policies - The "Management Measures for Syndicated Loan Business" outlines the framework for managing syndicated loans, including member roles and loan management [20][21] - The "Notice on Developing Commercial Insurance Annuities" aims to enhance the development of insurance products that cater to retirement planning [22][23] 4. Securities and Futures Regulatory Policies - The "Management Measures for Securities Company Income Certificates" aims to regulate the issuance of income certificates by securities companies, ensuring investor protection and risk management [38][40] - The "Guidelines for Mobile Application Software Filing in the Securities and Futures Industry" focus on enhancing the security management of mobile applications used in the financial sector [44]