| 姓名 | 职务 | 任职状态 | 2024 年度税前薪酬其余部分 | | --- | --- | --- | --- | | 冀光恒 | 董事、行长 | 在任 | 145.00 | | 项有志 | 董事、副行长、 首席财务官 | 在任 | 159.76 | | 杨志群 | 董事、副行长 | 在任 | 225.15 | | 孙永桢 | 职工监事 | 在任 | 138.80 | | 邓红 | 职工监事 | 在任 | 38.43 | | 周强 | 董事会秘书 | 在任 | 136.68 | （平安银行） 12月12日，平安银行（000001）发布公告称，该行董事会会议听取了《关于部分高级管理人员2024年度绩效奖金结算的报告》，在该行领取薪酬的相关董 事、监事及高级管理人员已确认的2024年度税前薪酬的其余部分披露如下：董事、行长冀光恒145万元；董事、副行长、首席财务官项有志159.76万元；董 事、副行长杨志群225.15万元；职工监事孙永桢138.80万元；职工监事邓红38.43万元；董事会秘书周强136.68万元。 公告显示，根据《商业银行稳健薪酬监管指引》和平安银行相关规定，平安银行高级管理人员的绩效 ...

平安银行股份有限公司董事会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 平安银行股份有限公司（以下简称本行）第十二届董事会第四十六次会议以 书面传签方式召开。会议通知以书面方式于 2025 年 12 月 10 日向各董事发出， 表决截止时间为 2025 年 12 月 12 日。本次会议的召开符合有关法律、法规、规 章和本行章程的规定。会议应到董事 13 人（包括独立董事 5 人），董事长谢永林， 董事冀光恒、郭晓涛、付欣、蔡方方、郭建、项有志、杨志群、杨军、艾春荣、 吴志攀、刘峰和潘敏共 13 人参加了会议。 本次会议审议通过了《平安银行合作机构管理办法》。 本议案同意票 13 票，反对票 0 票，弃权票 0 票。 本次会议听取了《关于部分高级管理人员 2024 年度绩效奖金结算的报告》， 相关情况请见附件。 证券代码：000001 证券简称：平安银行 公告编号：2025-063 优先股代码：140002 优先股简称：平银优 01 平安银行股份有限公司董事会 2025 年 12 月 13 日 1 附件： 关于部分高级管理人员 2024 年度绩效奖金 ...

Core Viewpoint - The credit card market is undergoing significant adjustments, with many banks, especially smaller ones, halting the issuance of co-branded credit cards due to rising costs and risks associated with these products [1][5][6]. Group 1: Market Trends - The trend of halting credit card issuance is not isolated, as it has become a common practice among both national and regional banks throughout the year [1][6]. - Major banks, including China Construction Bank and Postal Savings Bank, have collectively stopped issuing over 100 credit card products since the beginning of 2025, with co-branded cards being a significant portion of these [6][11]. - The total number of credit cards in circulation has decreased by 100 million over the past three years, indicating a shift away from the previous era of aggressive expansion [10][11]. Group 2: Bank Strategies - Banks are transitioning from a focus on quantity to quality in their credit card offerings, prompted by regulatory changes and market dynamics [11][12]. - The recent adjustments include the closure of credit card centers and the integration of credit card functionalities into main banking apps, reflecting a strategic shift towards efficiency and cost reduction [14][15]. - The halting of co-branded cards is seen as a necessary step for banks to concentrate resources on more viable products and improve operational efficiency [8][9]. Group 3: Future Directions - The future of credit card business is expected to focus on three main transformation directions: integrating various service scenarios, upgrading technology for better digital experiences, and deepening customer segmentation to enhance value creation [16].

Core Viewpoint - A wave of retail non-performing asset (NPA) disposals is occurring among banks in China, driven by the need to optimize year-end financial statements, reduce non-performing loan ratios, and release capital space, while also addressing risks accumulated from years of rapid retail business expansion [1][5] Group 1: Asset Disposal Trends - The pace of retail NPA disposals has accelerated as year-end approaches, with multiple banks, including state-owned and regional banks, participating in the process [3][4] - Ping An Bank has announced multiple personal loan transfer projects, including a package involving 308 loans with an outstanding principal and interest of approximately 52.98 million yuan, and two credit card NPA packages totaling around 84.77 million yuan [4][5] - The average overdue days for these NPAs are significantly high, with some exceeding 2,284 days, indicating severe asset quality deterioration [4][6] Group 2: Challenges in NPA Management - Retail NPAs are characterized by small amounts, dispersion, and lack of collateral, leading to high due diligence costs and valuation difficulties for potential buyers [6][7] - Many of these assets have aged significantly, with recovery rates dropping sharply for loans overdue by more than five years, often falling below 4% [7][8] - The complexity of managing these assets, including the need for legal proceedings and the lack of effective collection methods, poses significant challenges for banks [6][7] Group 3: Future Outlook and Strategic Shifts - The current wave of NPA disposals is expected to continue into the first half of next year, with a potential increase in the scale of disposals, particularly among smaller regional banks [8][9] - Banks are increasingly utilizing financial technology, such as big data and AI, to enhance risk management and monitoring of retail clients, aiming for a comprehensive risk management system [8][9] - A strategic shift towards prioritizing risk control over rapid expansion is necessary for banks to balance growth and risk management effectively [9]

Core Viewpoint - The article highlights the acceleration of policy dividends transforming into robust momentum for the development of the technology innovation industry, emphasizing the importance of financial institutions in supporting the real economy and fostering new productive forces [1]. Group 1: Financial Support for Technology Enterprises - Ping An Bank has deepened its technology finance operations, serving 28,900 technology enterprise clients as of September 2025, a 9.5% increase from the previous year, with a technology loan balance of 297.53 billion yuan, up 6.6% [1]. - The bank provided a 17 million yuan working capital loan to Shenzhen "Yan Yi New Materials," which was later increased to 200 million yuan to support the company's expansion as it ramped up production and faced increased demand for raw materials [2]. - For Shandong Luch New Materials, Ping An Bank offered a comprehensive credit of 30 million yuan and approved a project loan of 175 million yuan to support the company's growth during a critical period [3]. Group 2: Comprehensive Financial Services - Ping An Bank is building a diversified financial service system that aligns with the full lifecycle financing needs of technology enterprises, moving beyond just funding to include supply chain coordination and operational support [4]. - The bank is also focusing on cross-border financing and settlement services to support companies like Luch New Materials as they expand into international markets [4]. - For mature technology enterprises like Zhuhai Jianfan Group, Ping An Bank is providing integrated financial solutions that encompass corporate, retail, and industrial services to meet their complex financial needs [5]. Group 3: Strategic Initiatives and Policy Support - The joint issuance of policies by seven departments aims to strengthen the technology finance system, with 275,400 technology SMEs receiving loan support by the end of Q3 2025, achieving a loan approval rate of 50.3%, an increase of 2.8 percentage points year-on-year [6]. - The "14th Five-Year Plan" emphasizes building a modern industrial system and highlights the importance of technology finance as a strategic task [6]. - Ping An Bank plans to elevate technology finance to a strategic position within the bank, focusing on sectors such as biomedicine, high-end manufacturing, and new materials, to drive innovation and support technology enterprises in overcoming challenges [7].

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 - A wave of retail non-performing asset (NPA) disposals is occurring among various banks in China, driven by the need to optimize year-end financial statements, reduce non-performing loan ratios, and release capital space, while also addressing risks accumulated from rapid retail business expansion over the past few years [1][5][9] Group 1: Asset Disposal Trends - The pace of retail NPA disposals has accelerated as year-end approaches, with multiple banks, including state-owned and regional banks, participating in the process [3][4] - Ping An Bank has announced multiple personal loan transfer projects, with one involving 308 loans totaling approximately 52.98 million yuan, and others focusing on credit card overdrafts with total amounts reaching 83.8 million yuan and 63.9 million yuan respectively [4][5] - The average overdue days for these assets are significantly high, exceeding 800 days for some, indicating a severe deterioration in asset quality [4][6] Group 2: Challenges in Asset Recovery - Retail NPAs are characterized by small amounts, dispersion, and lack of collateral, leading to high due diligence costs and uncertain recovery rates for buyers [1][7] - Many of these assets have aged significantly, with recovery rates dropping sharply for loans overdue by more than five years, often falling below 4% [7][8] - The complexity of legal issues and the low willingness of debtors to repay further complicate the pricing and recovery of these assets [8][9] Group 3: Future Outlook and Strategic Adjustments - The current wave of disposals is expected to continue into the first half of 2026, with a potential increase in the scale of disposals, particularly among smaller regional banks facing greater pressure [9][10] - Banks are increasingly utilizing financial technology to enhance risk management and monitoring of retail clients, aiming to build a comprehensive risk management system [10] - A strategic shift towards prioritizing risk control over mere growth is necessary for banks to balance expansion with effective risk management [10]

Core Viewpoint - The technology finance sector in China is experiencing intense price competition, transforming from a "blue ocean" to a "red ocean," with some areas even becoming a "dead sea" [1] Group 1: Industry Overview - As of the end of Q3 2025, 275,400 technology-based SMEs received loan support, with a loan approval rate of 50.3%, an increase of 2.8 percentage points year-on-year [1] - The loan balance for technology SMEs reached 3.56 trillion yuan, a year-on-year growth of 22.3%, outpacing the growth of all loans by 15.8 percentage points [1] Group 2: Competitive Strategies - Five industry experts suggested various strategies to counteract the price war, including developing syndicate loans, offering non-financial services, and creating a comprehensive service system from a "commercial bank + investment bank + ecosystem" perspective [2] - The consensus among the experts is to focus on "rolling value" rather than "rolling price" [2] Group 3: Case Study - Luch New Materials - Luch New Materials has become a leader in the rubber conveyor belt industry, producing the world's largest and longest tubular belts and holding 100 patents [3][4] - The company collaborates with Ping An Bank, which offers competitive advantages in terms of precision and speed in financing [3][4] Group 4: Financial Support Mechanisms - Ping An Bank provided a comprehensive credit line of 300 million yuan to Luch New Materials, simplifying the approval process under its specialized credit policy for high-tech enterprises [4] - In June 2024, the bank approved a project loan of 175 million yuan to support Luch New Materials' expansion, expected to save approximately 3 million yuan in annual financial costs [4] Group 5: Banking Practices - The case of Luch New Materials illustrates key banking practices, including the need for specialized incentive policies, competitive pricing to lower financing costs, and expedited approval processes tailored to technology enterprises [5][6] - The bank's approach emphasizes the importance of aligning internal resources and enhancing the enthusiasm of frontline staff in serving technology firms [5][6] Group 6: Future Outlook - The expectation is for banks to shift from "rolling price" to "rolling value" in technology finance by 2026, focusing on enhancing service quality and efficiency [7]

Core Viewpoint - The article discusses the shift in the technology finance sector from a "blue ocean" to a "red ocean," highlighting the intensifying price wars and the need for banks to focus on "value" rather than "price" in their services [1][2]. Group 1: Industry Overview - As of Q3 2025, 275,400 technology SMEs received loan support, with a loan approval rate of 50.3%, an increase of 2.8 percentage points year-on-year. The loan balance for these SMEs reached 3.56 trillion yuan, growing by 22.3%, which is 15.8 percentage points higher than the overall loan growth rate [1]. - The technology finance sector is experiencing significant competition, with banks struggling to maintain profitability amidst price wars [1]. Group 2: Case Study of Luch New Materials - Luch New Materials, a leader in the rubber conveyor belt industry, has developed the world's largest and longest tubular conveyor belt and holds 100 patents, showcasing its innovation and market leadership [2]. - The company has a strong international presence, with over 60% of its sales coming from overseas markets, which creates liquidity pressures due to long production and payment cycles [3]. Group 3: Banking Support and Strategies - Ping An Bank has actively supported Luch New Materials by providing a comprehensive credit line of 30 million yuan and a project loan of 175 million yuan, which helps the company reduce financial costs by approximately 3 million yuan annually [3][4]. - The bank's approach includes creating specialized incentive policies, optimizing assessment indicators, and implementing a fast-track approval process for technology enterprises, which enhances service efficiency and competitiveness [4][5][6]. Group 4: Future Outlook - The article anticipates a shift in the banking sector towards focusing on "value" in technology finance by 2026, emphasizing the need for improved risk management, diverse product offerings, and a supportive ecosystem for non-bank institutions [6][7].

登录新浪财经APP 搜索【信披】查看更多考评等级 4、本基金募集期自2025年12月15日-2025年12月24日，通过基金管理人和基金管理人委托的其他销售机 构面向投资者公开发售。基金管理人委托的其他销售机构详见本公告"七、（三）基金销售机构"。自基 金份额发售之日起最长不得超过三个月，具体发售时间见基金份额发售公告。 基金管理人可根据基金 销售情况在募集期限内适当延长或缩短基金发售时间，并及时公告。 5、本基金的募集对象为符合法律法规规定的可投资于证券投资基金的个人投资者、机构投资者、合格 境外投资者以及法律法规或中国证监会允许购买证券投资基金的其他投资人。本基金暂不向金融机构自 营账户销售（基金管理人自有资金除外），如未来本基金开放向金融机构自营账户公开发售或对发售对 象的范围予以进一步限定，基金管理人将另行公告。金融机构自营账户的具体范围以基金管理人认定为 准。 6、投资人可以通过各销售机构的基金销售网点办理基金认购手续。投资人开户需提供有效身份证件原 件等销售机构要求提供的材料申请开立开放式基金账户。投资人认购所需提交的文件和办理的具体手续 由基金管理人和销售机构约定。 7、投资者应保证用于认购的资 ...