系统构建"好产品"，助投资者稳健参与资本市场投资 系统构建"好产品"，平安理财在成立之初就明确"以绝对收益为目标"的定位，始终强调弱化对于单一资产供给的依赖，建立了科学的投资和风控体系，构建"工业化、平台化"的投资模式，稳步 在净值化转型持续深入的大背景下，资管能力建设是银行理财公司的安身立命之本。过去银行理财以构建生息资产为核心，重点关注各类生息资产的配置和持有。随着市场逐渐步入低利率环境 对此，平安理财在业内创新提出打造"工业化、平台化"的投资模式。张东将其形象的比喻为一座高效生产的车间，"每一种策略就像是零部件，底层负责策略的模块化生产，顶层根据投资组合目 上述体系也可有效规避投资经理个人风格的过度强化和放大，不押宝单一赛道、也不依赖某位明星投资经理，而是依靠"团队制"把成熟的定价能力和资产配置能力沉淀在平台上，从而形成适应多 数据显示，截至今年6月，平安理财产品管理规模达1.16万亿元，服务客户数超1400万，这就意味着，全国平均每10名理财投资者中就有1位购买平安理财产品。成立5年来，平安理财为客户创 为帮助投资者更清晰、更便捷地选出"好理财"，平安银行与平安理财联合对理财产品体系进行系统性梳理与品 ...

2025年上半年，42家A股上市银行已悉数"交卷"，其投资收益成绩单尤为值得关注。在信贷需求疲软的市场趋势下，非息 收入已成为营收的重要支柱。其中，除手续费及佣金净收入外的其他非息收入项下，投资收益是验证银行对流动性资金的 管理运营能力与把握金融市场机遇的关键"风向标"。 21世纪经济报道记者据Wind数据梳理发现，投资收益规模方面，今年上半年工商银行、建设银行、农业银行和招商银行4 家均实现超200亿元的投资收益；上半年投资收益在100亿元以上的银行数量则达13家之多。 某上市城商行金市部资深人士告诉记者，上半年可观的投资收益的确大多来自兑现去年收益。他表示，今年债市行情没那 么好做了，后续机会取决于如何理解今年以来几轮调整后的收益率走势上，如果收益率持续在低位徘徊，机会就更有限 了。 投资收益的理想表现，或许与去年债市提供的丰厚利润空间不无关系。工行在中报里表示，今年上半年实现其他非利息收 益 464.96 亿元，同比增加 73.52 亿元，增长18.8%。其中，投资收益增加主要是本行把握市场机遇，债券投资已实现收益 增加所致，公允价值变动净损失变动主要是债券投资未实现收益减少所致。 中国银行副行长蔡钊在 ...

42家上市银行中报发布尘埃落定，在近期的业绩会上，零售业务成了各家高管无法回避的热点和痛点。 二元分化确认：大行高速增长，股份行地方银行多数萎缩 中报数据显示，六大行的零售业务总体齐头并进，在规模和网点的加持下，个人消费和经营贷均获得明 显增长，争得银行业零售业务半壁江山。 中报数据显示，六大行的零售业务总体齐头并进，在规模和网点的加持下，个人消费和经营贷均获得明 显增长，争得银行业零售业务半壁江山。相比之下，股份行和城农商行的个贷增长较为疲弱，多为个位 数增长甚至负增长，如平安银行、杭州银行个贷总额呈现负增长。 有意思的是，不同银行对零售业务的趋势判断截然不同。近期业绩会上部分银行高管认为，当前零售不 良拐点已过。比如平安银行行长冀光恒表示"零售贷款不良生成的拐点已至"、浦发银行副行长崔炳文认 为其"信用卡不良拐点已至"。 但更多的银行认为，当前零售贷款风险上升趋势未见拐点。如招行副行长王颖即坦言"零售贷款风险上 升的趋势未见拐点"，杭州银行副行长潘华富也表示"大零售整体风险目前上升趋势有所减缓，但拐点目 前仍尚未出现"。 9月5日，某股份行广州分行零售负责人对智通财经记者表示，拐点论与各家银行零售不良出清 ...

截至2025年9月4日 14:43，中证银行指数(399986)上涨0.99%，成分股农业银行(601288)上涨5.31%，邮 储银行(601658)上涨3.38%，中信银行(601998)上涨2.29%，工商银行(601398)上涨1.88%，兴业银行 (601166)上涨1.38%。银行ETF指数(512730)上涨0.94%，最新价报1.72元。 消息面上，25H1上市银行整体营业收入、归母净利润增速分别为1.0%、0.8%，分别较25Q1增速提升 2.8pc、提升2.0pc，营收及利润增速双双转正。 3）后周期弹性可期：银行存量经营的后周期属性决定了财务报表数据的改观不会很快体现，但预期先 行。若PMI持续维持景气区间、PPI增速逐步由负转正，银行股将迎来价值重估。 4）现阶段银行仍是β占优，在看好板块整体估值修复同时，优选更优估值弹性的子板块。此外，在"大 行搭台"催化板块β过程中，重视关注国有大行在业绩边际改善逻辑下的总体轮动机会。个股层面，看好 强区域β、利润增长稳定的优质城商行，有望稳步修复至1倍PB以上；以及股价修复滞后，基本面筑底 改善的权重股份行。 银行ETF指数紧密跟踪中证银行指数， ...

Investment Rating - The report indicates a positive outlook for the banking industry, with overall revenue and net profit growth rates turning positive in the first half of 2025, at 1.0% and 0.8% respectively, showing improvements from the previous quarter [4]. Core Insights - The banking sector's net interest margin for the first half of 2025 is reported at 1.42%, a decrease of 10 basis points compared to the previous year, but the decline is narrowing due to improved cost management on the liability side [5]. - Non-interest income, particularly from fees and commissions, has increased by 3.1% year-on-year, driven by a recovery in wealth management and a more active market environment [5]. - The asset quality remains stable, with a non-performing loan ratio of 1.23% and a provision coverage ratio of 239%, indicating a solid credit environment [5]. Summary by Sections Financial Performance Overview - The overall revenue and net profit growth for listed banks in the first half of 2025 were 1.0% and 0.8%, respectively, with both metrics showing improvement from the first quarter [4][22]. - The total assets of listed banks reached 321.3 trillion yuan, growing by 6.35% year-to-date, with loans and advances totaling 179.4 trillion yuan, accounting for 55.84% of total assets [21][24]. Income Sources - Net interest income decreased by 1.3% year-on-year, but the decline rate has slowed, reflecting better management of funding costs [5]. - Fee and commission income grew by 3.1% year-on-year, benefiting from a recovering market and the gradual impact of regulatory changes [5]. - Other non-interest income saw a significant increase of 10.7%, primarily due to favorable market conditions in the bond market [5]. Asset Quality and Management - The non-performing loan ratio remained stable at 1.23%, with a provision coverage ratio of 239%, indicating a robust asset quality [5]. - The credit cost for the first half of 2025 was 0.81%, a decrease of 5 basis points year-on-year, suggesting manageable credit risks [5]. Loan Growth and Composition - Loan growth was primarily driven by corporate lending, with significant contributions from infrastructure and manufacturing sectors [20]. - Personal loan growth was weaker, with a year-on-year increase of only 3.6%, reflecting a cautious approach to consumer lending amid rising risks [20]. Investment and Market Conditions - The investment asset proportion decreased to 34% as banks adjusted their strategies in response to market volatility [20]. - The overall yield on bonds fluctuated significantly, prompting banks to engage in tactical trading to enhance returns [20].

2025年上半年，在经济环境复杂多变背景下，私人银行业务逆势而上，成为银行财富管理板块中表现最为亮眼的业务之一。 作者丨冯紫彤 编辑丨杨希 截至2025年6月末，15家被统计银行私人银行客户总数突破163万户，较年初新增近15万户，增幅超过10%。 工、农、中、建"四大 行"的AUM均超过3万亿元；兴业银行AUM首次突破万亿元，成为股份制银行中又一迈入私行"万亿俱乐部"的成员。 然而，在规模高增长的背后，户均资产普遍承压， 反映出行业正从"跑马圈地"迈入"精耕细作"的深度经营时期。聚焦超高净值客 户、发力家族信托、布局养老金融、加快私行中心建设……正成为私人银行突破同质化竞争、提升中收贡献的关键路径。 据21世纪经济报道统计，上半年，多家银行的私人银行客户数及管理资产规模（AUM）均实现两位数增长，部分银行上半年增速甚 至超过去年全年水平，显示出强劲的发展势头。 客户数与A UM同步提升 纵观上半年，私人银行业的整体扩容步伐稳健。 大型银行凭借深厚的客户基础和资源网络，继续占据市场主导地位。截至6月末，农业银行私行AUM站上3.5万亿元高位、较上年末 增长11.11%，私行客户半年增长2.3万户至27.9万户 ...

在资本市场中，上市银行的分红方案一直备受投资者关注。近日，随着A股上市银行半年报陆续出 炉，一场关于中期分红的"盛宴"逐步拉开了帷幕。 其中，工商银行以每10股派发1.414元（含税）、503.96亿元的中期分红总额位居上市银行之首。农 业银行、中国银行、建设银行、交通银行、邮储银行拟分红总额分别为418.23亿元、352.50亿元、 486.05亿元、138.11亿元、147.72亿元。 在股份制银行中，招商银行、中信银行、民生银行、平安银行及华夏银行5家银行均已确认将实施 2025年中期分红。 作为"零售之王"的招商银行公布了自上市以来的首次中期利润分配计划。根据半年报，招商银行 2025年度中期利润分配现金分红金额占2025年半年度归属于普通股股东净利润的比例为35%，预计将于 2026年1月至2月之间派发现金红利，具体现金分红日期及股权登记日将另行公告。 "为更好回报投资者，提高现金分红的及时性、稳定性，本行积极响应监管号召，做好新'国九 条'等重要政策研究落实，在去年实施中期分红的基础上，着力推动中期分红常态化。"中信银行表示， 该行拟将2025年度中期分红比例提升至30.7%，进一步提升投资者回报 ...

近期黄金白银价格大幅波动，平安银行特别提醒您提高风险防范意识，合理控制仓位，充分做好风险防 范工作，并提前做好资金安排。 自2025年9月5日（星期五）收盘清算起，个人客户Au（T+D）、mAu（T+D）、Au（T+N1）、Au （T+N2）合约保证金比例从40%调整为41%,法人客户Au（T+D）、mAu（T+D）、Au（T+N1）、Au （T+N2）合约保证金比例从24%调整为25%，下一交易日起涨跌幅度限制从12%调整为13%；个人客户 Ag（T+D）合约保证金比例从49%调整为50%，法人客户Ag（T+D）合约保证金比例从30%调整为 31%，下一交易日起涨跌幅度限制从15%调整为16%。 2025年9月4日，平安银行（000001）发布公告称，根据上海黄金交易所发布的《关于调整部分合约保证 金水平和涨跌停板的通知》，平安银行黄金、白银现货延期合约的保证金比例和涨跌幅度限制调整如 下: ...

2025年上市银行中报披露季收官，曾以"发卡量论英雄"的信用卡业务正显现出清晰的调整态势。9月3 日，北京商报记者梳理A股上市的国有银行及股份制银行半年报发现，在15家银行中，有多家银行信用 卡业务呈现贷款余额收缩、交易额同比下滑态势，部分银行还伴随不良贷款余额与不良率的双升。行业 从"跑马圈地"的增量时代已全面转向存量优化，转型步入深水区。 全面进入存量优化阶段 曾以"拼发卡、抢份额"为核心的信用卡跑马圈地扩张时代正式落幕，存量客户竞争、消费信心不足、部 分客户偿债能力下降等共性因素下，多家银行信用卡业务同步显现出贷款余额规模收缩、交易额降温态 势，部分银行还叠加不良贷款余额与不良率"双升"的压力。 从A股上市的国有银行及股份制银行业务表现来看，今年上半年15家银行的信用卡贷款余额呈现多降少 增格局。其中，11家银行出现下降：中国银行收缩最为显著，该行上半年信用卡贷款金额5109.69亿 元，较年初减少13.89%；平安银行（000001）、兴业银行（601166）紧随其后，降幅分别达9.23%、 8.07%；中信银行（601998）、民生银行（600016）、华夏银行（600015）、邮储银行（60165 ...

Core Insights - The competitive landscape of retail banking in A-shares is becoming clearer as the 2025 mid-year reports are disclosed, revealing a distinct tiered structure in retail AUM (Assets Under Management) [1][2] - The first tier consists of major state-owned banks and China Merchants Bank, all exceeding 16 trillion yuan in retail AUM, while the second tier includes joint-stock banks and some leading city commercial banks [1][2] - The retail business performance is mixed, with many banks facing pressure on retail revenue and net profit, highlighting a structural issue of profit growth without revenue increase [1][6] Tiered Structure of Retail AUM - The first tier banks, including Industrial and Commercial Bank of China (ICBC) and Agricultural Bank of China (ABC), lead with AUM exceeding 16 trillion yuan, with ICBC at over 24 trillion yuan and ABC at 23.68 trillion yuan [2][3] - China Construction Bank (CCB) and Postal Savings Bank of China also show strong performance, with CCB managing over 22 trillion yuan and Postal Savings Bank at 17.67 trillion yuan [2] - China Merchants Bank, known as the "king of retail," has a retail AUM of 16.03 trillion yuan, reflecting a 7.39% increase from the previous year [2] Second Tier Performance - The second tier banks have retail AUM ranging from 1 trillion to 6 trillion yuan, with notable growth from banks like Bank of Communications at 5.79 trillion yuan and Industrial Bank at 5.52 trillion yuan [3] - Joint-stock banks are active in this tier, with CITIC Bank and Shanghai Pudong Development Bank also showing significant growth in retail AUM [3] Third Tier Characteristics - The third tier banks have retail AUM mostly below 1 trillion yuan, with Nanjing Bank and Shanghai Rural Commercial Bank showing notable growth rates of 14.25% and 3.99% respectively [4] - Regional banks are leveraging local advantages to deepen market penetration, but face challenges in competing with larger banks [5] Retail Profitability Challenges - The retail banking sector is undergoing significant adjustments, with a shift in customer demand towards diversified financial solutions, which raises the bar for product innovation and service customization [6] - Leading banks like ICBC and China Merchants Bank are showing resilience, with ICBC's net profit rising by 46.05% despite a slight revenue decline [6][7] - However, some banks, including ABC and Ping An Bank, are experiencing declines in both revenue and net profit, indicating a challenging environment [7] Asset Quality Concerns - The retail banking sector is facing challenges in asset quality, particularly in personal loans, with rising non-performing loan (NPL) ratios reported by several banks [9][10] - For instance, China Merchants Bank's retail loan NPL ratio increased to 1.04%, while Chongqing Rural Commercial Bank's rose to 2.04% [9] - Some banks, like Ping An Bank and Industrial Bank, have managed to improve their asset quality through refined risk management practices [10] Strategic Recommendations - Analysts suggest that banks, especially smaller ones, should focus on enhancing their support for small and micro enterprises and optimizing financial resource allocation to uncover new growth points [8] - There is a call for banks to improve their digital capabilities and customer experience to better compete with larger institutions [8]