Core Insights - The retail credit sector is facing unprecedented challenges in both development and risk aspects this year, with no signs of a turning point in the rising risk trend [1] Development Challenges - The retail credit market has seen a significant decline in incremental growth due to various factors including market environment and credit demand [1] Risk Factors - The overall economic slowdown, downturn in the real estate market, declining household income levels, and reduced repayment capacity and willingness among customers are contributing to the rising risk trend in retail credit [1] Credit Card Insights - Credit cards, which have a more down-market customer base and higher sensitivity to risk, serve as a leading indicator for changes in retail credit risk [1] - The non-performing loan ratio for credit cards continues to show a clear upward trend, indicating that the risk in retail credit has been increasing since last year and is still being revealed [1]

王颖还指出，不管是循环利率还是分期利率，监管一直倡导的和要求的都是科学定价，要求坚持风险定 价理念，收益覆盖成本原则，坚持服务实体经济，利率市场化防控风险等多目标内化于这个定价体系当 中，要求银行通过差异化定价不断提升市场竞争力。 此外，王颖表示，招商银行在经营实践当中也是严格贯彻监管要求，将分期和循环统一到上述科学定价 的原则之下，不断提升风险定价能力，健全定价管理体系。 编辑 陈莉 校对 赵琳 新京报贝壳财经讯（记者姜樊）针对央行拟取消"信用卡透支利率的上限和下限管理"的政策，招商银行 副行长王颖在9月1日举行的2025年中期业绩发布会上表示，未来信用卡利率定价总体稳定。 上周五，央行发布公告，拟对《电子支付指引（第一号）》等4件规范性文件进行修改，并向社会公开 征求意见，其核心内容为拟取消信用卡透支利率的上限和下限管理。 "在业务实践方面，目前信用卡的主要信贷利率构建在分期业务之上，信用卡各类分期业务历经20多年 的发展演进，银行已经形成了比较成熟的风险定价机制和经营模式，监管也已经就分期业务形成了非常 全面的规范体系。"王颖表示，这既包括利率定价规范，也包括消费者保护条例，广大持卡客户都已经 普遍享有 ...

Core Viewpoint - The overall fee and commission income of the bank is under pressure, primarily due to a decline in credit card revenue, which has seen a significant drop in transaction volume and income [1]. Group 1: Credit Card Business - The transaction volume of the bank's credit cards exceeded 2 trillion, but this represents an 8.3% decrease compared to last year [1]. - Despite the decline in transaction volume, the market share of credit card transactions increased by 0.3 percentage points [1]. - Credit card income experienced a negative growth of 16%, attributed to a decrease in average spending per customer and per transaction, even as the number of credit card customers increased [1]. Group 2: Wealth Management - The bank's wealth management income has achieved positive growth for the first time in three years, with an increase of over 11% [2]. - Revenue from the sale of wealth management products, including trusts and funds, has grown rapidly, becoming a highlight of the bank's fee and commission income in the first half of the year [2].

Core Viewpoint - The retail credit risk is on the rise, but the overall asset quality of the bank remains stable and controllable, with expectations of a slight increase in risk in the near term [1][2] Group 1: Retail Credit Risk - The bank's vice president, Wang Ying, indicated that the retail credit risk has increased, and there is no sign of a turning point in this trend [1] - Credit card customer segments are more sensitive to risks compared to retail credit, making credit card risk a leading indicator for retail credit risk changes [1] - The bank expects a slight increase in retail credit risk in the near future, but maintains that its asset quality is robust and manageable [1] Group 2: Asset Quality Assurance - The bank's assurance of retail credit asset quality is based on three main factors: a strong risk culture, a "three excellence strategy" focusing on quality customers, regions, and collateral, with 90% of loans adhering to this strategy [1] - Over 80% of the bank's retail loans are mortgage loans, providing a stable and sufficient collateral base, with low loan-to-value ratios [1] - The solid economic foundation of the country, supported by various government policies, is expected to improve the retail credit operating environment and shift competition towards technology and service quality [1] Group 3: Future Strategy - The bank aims to maintain its risk bottom line and ensure asset quality remains at the best level in the industry while enhancing its existing advantages in retail credit [2] - The bank will continue to strengthen the contribution of retail credit to its asset allocation as a stabilizing force [2]

北京商报讯（记者 孟凡霞 实习记者 周义力）9月1日，招商银行召开2025年中期业绩发布会。谈及"反 内卷"，该行行长王良表示，当前根据中央会议要求，各行各业都在开展"反内卷"。本次"反内卷"主要 以法制化、市场化手段来进行，与上一轮的供给侧改革既有相似之处，也有不同之处。他认为，从银行 的角度分析，这将有助于使市场秩序形成良性循环，有利于企业健康地发展，有利于控制资产质量风 险。 王良坦言，过去银行业存在过度竞争与恶性竞争现象，尤其体现在贷款定价、存款价格以及债券投资费 率等方面，部分竞争行为未遵循风险定价原则，甚至不计成本，既推高了风险，也违背了商业可持续性 原则。作为行业参与者，招行坚决拥护相关部门提出的"反内卷"要求，认真贯彻落实行业自律组织的部 署和要求。王良强调，招行有自觉性和主动性贯彻落实好"反内卷"的要求。 ...

Core Viewpoint - The overall fee and commission income of the bank is under pressure, primarily due to a decline in credit card business revenue [1] Group 1: Credit Card Business - Credit card transaction volume for the bank exceeded 2 trillion, but decreased by 8.3% compared to last year [1] - The market share of credit card transactions increased by 0.3 percentage points [1] - The decline in credit card revenue by 16% is attributed to the overall sluggish growth in the consumer market [1] - Despite an increase in the number of credit card customers, the average spending per customer and per transaction has decreased, leading to negative revenue growth [1] Group 2: Wealth Management - The bank's wealth management income has achieved positive growth for the first time in three years, with an increase of over 11% [1] - Revenue from the sale of financial products, trusts, and funds has grown rapidly, becoming a highlight of the bank's fee and commission income in the first half of the year [1]

Core Viewpoint - The key highlight from the mid-year performance meeting of China Merchants Bank is the significant growth in wealth management income, despite challenges in credit card revenue and other non-interest income sources [1] Group 1: Wealth Management and Income - The wealth management income has been identified as the biggest highlight for the first half of the year [1] - Credit card transaction volume exceeded 2 trillion yuan, but experienced a negative growth of 8.3% compared to last year [1] - The market share of credit card transactions increased by 0.3 percentage points [1] Group 2: Non-Interest Income Challenges - Other non-interest net income faced a decline of over 12% [1] - The decline in non-interest income is primarily attributed to financial market trading [1] - Although long and short-term interest rates decreased in the second quarter, short-term rates remain high [1]

Core Viewpoint - The risk situation of credit cards can serve as a leading indicator for changes in retail credit risk, with the current trend indicating a continued slight increase in retail credit risk in the near future, although the overall asset quality remains stable and controllable [1] Group 1: Credit Card Risk - The vice president of China Merchants Bank, Wang Ying, stated that the risk situation of credit cards is an important reference for retail credit risk changes [1] - Retail credit risk has shown a significant upward trend since last year, and the current risks are still being revealed [1] Group 2: Industry Perspective - From an industry perspective, there is no sign of a turning point in the upward trend of retail credit risk [1] - The bank anticipates that retail credit risk will continue to rise slightly in the near term [1] Group 3: Asset Quality - Despite the rising risks, the overall asset quality of the bank is described as stable and controllable [1]

Core Viewpoint - The management of China Merchants Bank expresses confidence in achieving a positive trend in fee income on a quarterly basis for the second half of the year [1] Group 1 - The bank's executives believe that the fee income will continue to improve in the upcoming quarters [1]

招商银行副行长王颖在该行2025年中期业绩说明会上表示，外部市场一直在变化，招行零售业务一直在 第三方支付崛起、降费让利、消费降级、房地产市场调整等挑战中持续成长，反映到经营结果上，就是 每个季度都会存在的压力，包括支付中收、财富中收、净息差、风险指标等等，招行并没有因此放弃哪 一个板块，而是在顺境的时候就抓住机遇，在逆境的时候就苦练内功。"零售是一个体系，哪一个条件 都非常重要，包括每一个层级的客群，包括每一个板块，从信用卡到个贷到财富、到支付到私行，我们 一直保持战略的坚定和战术的清醒，不断的反躬自省。" ...