Core Viewpoint - Ping An Bank is shifting its retail strategy from high-risk, high-return products to medium-risk, medium-return products, leading to a temporary decline in retail loan balances as the new products are being positioned [1][3][4]. Group 1: Retail Strategy Adjustments - The retail asset balance of Ping An Bank has shown a slowdown in the decline of both year-on-year and quarter-on-quarter figures, indicating a structural optimization with high-risk products being cleared out [3][5]. - The bank's retail financial assets accounted for 28.2% as of June, down from 29.4% at the end of the previous year, with personal loan balances decreasing by 2.3% to approximately 17.26 trillion yuan [5][6]. - The bank's management emphasizes the need to adjust the asset structure to enhance profitability, focusing on core loans and medium-return loans [5][7]. Group 2: Performance Metrics - Key metrics indicate that credit card receivables account for over 95% of the decline in loan scale, while mortgage loans have increased by 20.1 billion yuan [6][8]. - The non-performing loan (NPL) ratio for personal loans decreased to 1.27%, reflecting a significant improvement in asset quality [10]. - The bank's retail non-performing generation has declined for six consecutive quarters, with a notable reduction in the second quarter [10]. Group 3: Risk Management and Asset Quality - The bank has actively reduced high-risk retail products, with "New Yi Loan" balances dropping from over 150 billion yuan to just over 10 billion yuan, and credit card balances decreasing from 500 billion yuan to 390 billion yuan [8][9]. - The bank is transitioning to a self-operated team for medium-risk products, aiming for a market scale of 200-300 billion yuan in the next few years [9]. - The bank's credit and other asset impairment losses have decreased, indicating a stabilization in retail operations [9]. Group 4: Interest Margin Management - Ping An Bank's net interest margin remains relatively stable at 1.8%, compared to the industry average of 1.56%, providing a competitive advantage [11][12]. - The bank has implemented cost control measures, reducing operating expenses by 9% and optimizing liability costs, which has helped mitigate the pressure on interest margins [11][12].

Market Overview - On August 26, the share price of the joint-stock bank sector fell by 0.64% compared to the previous trading day, with Huaxia Bank leading the decline [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] Individual Bank Performance - The closing prices and changes for individual banks are as follows: - Shanghai Pudong Development Bank: 14.03, unchanged - Industrial Bank: 22.88, down 0.31% - Ping An Bank: 12.36, down 0.72% - CITIC Bank: 8.02, down 0.74% - China Merchants Bank: 43.52, down 0.80% - Everbright Bank: 3.96, down 1.00% - Minsheng Bank: 4.73, down 1.05% - Zhejiang Commercial Bank: 3.33, down 1.19% - Huaxia Bank: 7.87, down 1.25% [1] Capital Flow Analysis - The joint-stock bank sector experienced a net outflow of 81.03 million yuan from main funds, while speculative funds saw a net inflow of 114 million yuan, and retail investors had a net outflow of 32.54 million yuan [1] - Detailed capital flow for individual banks shows: - Shanghai Pudong Development Bank: Main funds net inflow of 13.2 million yuan, speculative funds net outflow of 60.72 million yuan, retail net outflow of 70.99 million yuan - CITIC Bank: Main funds net inflow of 61.73 million yuan, speculative funds net outflow of 4.00 million yuan, retail net outflow of 57.74 million yuan - Minsheng Bank: Main funds net inflow of 40.61 million yuan, speculative funds net inflow of 34.64 million yuan, retail net outflow of 75.25 million yuan - Huaxia Bank: Main funds net inflow of 34.71 million yuan, speculative funds net outflow of 0.50 million yuan, retail net outflow of 29.72 million yuan - Everbright Bank: Main funds net outflow of 29.75 million yuan, speculative funds net inflow of 37.21 million yuan, retail net outflow of 0.75 million yuan - Industrial Bank: Main funds net outflow of 44.71 million yuan, speculative funds net inflow of 72.56 million yuan, retail net outflow of 27.85 million yuan - Ping An Bank: Main funds net outflow of 54.80 million yuan, speculative funds net outflow of 0.38 million yuan, retail net inflow of 58.56 million yuan - Zhejiang Commercial Bank: Main funds net outflow of 10.40 million yuan, speculative funds net inflow of 42.15 million yuan, retail net inflow of 62.32 million yuan - China Merchants Bank: Main funds net outflow of 116 million yuan, speculative funds net inflow of 0.45 million yuan, retail net outflow of 116 million yuan [2]

Core Viewpoint - Ping An Bank is shifting its retail strategy from high-risk, high-return products to medium-risk, medium-return products, indicating a focus on stability and quality over sheer volume in its retail banking operations [1][2][3] Group 1: Retail Strategy Adjustments - The bank's retail loan balance has seen a temporary decline as it transitions to medium-risk products, with a notable reduction in high-risk product offerings [1][4] - As of mid-2023, the retail financial assets proportion decreased to 28.2% from 29.4% at the end of the previous year, with personal loan balances dropping by 2.3% [4][5] - The bank's management emphasizes the importance of optimizing the structure of retail loans, focusing on core loans and medium-yield loans to enhance profitability [4][6] Group 2: Performance Metrics - Key metrics indicate a stabilization in retail loan performance, with a significant reduction in the decline of retail loan balances in the second quarter compared to the first quarter [5][6] - The bank's mortgage loans have increased by 201 billion, with a notable improvement in asset quality, as evidenced by a drop in the non-performing loan (NPL) ratio from 0.47% to 0.28% [5][8] - The overall retail loan NPL ratio stood at 1.27%, showing a reduction of 5 basis points from the previous quarter and a decrease of 12 basis points from the end of the previous year [9][10] Group 3: Risk Management and Asset Quality - The bank has actively reduced high-risk retail products, with "New Yi Dai" balances dropping from over 150 billion to just over 10 billion, and credit card balances decreasing from over 500 billion to 390 billion [8][9] - The bank's strategy includes replacing intermediary channels with a self-operated team to enhance the quality of medium-risk, medium-return products, aiming for a monthly issuance of 50-60 billion in new loans [9] - The reduction in high-risk assets has led to a significant decrease in retail NPL generation, with a reduction of nearly 10 billion in the first half of the year compared to the previous year [9][10] Group 4: Interest Margin Management - The bank's net interest margin remains relatively stable at 1.8%, compared to the industry average of 1.56%, providing a competitive edge [11][12] - Cost control measures have been implemented, with operating expenses down by 9% year-on-year, and a reduction in provision for bad debts by 16% [12] - The bank aims to maintain a higher interest margin compared to peers, targeting a competitive position within the industry [12]

Core Viewpoint - Ping An Bank reported a decline in both revenue and net profit for the first half of 2025, with a focus on maintaining stable dividend levels and addressing challenges in retail banking, particularly in credit card business [1][2][3]. Financial Performance - For the first half of 2025, Ping An Bank achieved operating revenue of 69.385 billion yuan, a year-on-year decrease of 10.0% - The net profit for the same period was 24.870 billion yuan, down 3.9% compared to the previous year [1]. Dividend Policy - The mid-term dividend distribution plan announced a cash dividend of 2.36 yuan per 10 shares, totaling 4.580 billion yuan, which represents 20.05% of the net profit attributable to ordinary shareholders - The mid-term dividend level is consistent with the previous year, indicating the bank's intention to maintain stability in dividend distribution [2][3]. Retail Banking Performance - Retail financial business revenue accounted for 44.8% of total revenue, down from 50.7% in the same period last year - As of June 30, 2025, the personal loan balance was approximately 1.73 trillion yuan, a decrease of 2.3% from the end of the previous year, with declines in credit card receivables and consumer loans [3][4]. Credit Card Business Challenges - The decline in retail loan scale was primarily driven by credit card business, which accounted for over 95% of the total decrease - The number of credit card accounts decreased by 3.3% to 45.3908 million as of June 30, 2025 [3][4]. Future Outlook - The bank's management indicated a focus on increasing retail loan issuance in the second half of the year while ensuring risk control - There are signs of stabilization in the credit card business, with expectations of improved performance as the macro consumption market shows signs of recovery [4].

Core Viewpoint - The article highlights the mid-year dividend announcements from A-share listed companies, indicating a positive trend in net profit growth and substantial cash dividends being distributed to shareholders [2]. Group 1: Dividend Distribution - As of August 26, 2025, a total of 2,358 A-share listed companies have disclosed their semi-annual reports, with 1,329 companies reporting year-on-year net profit growth [2]. - Among these, 389 companies announced mid-term dividend plans, with a total proposed dividend amount nearing 1,800 billion yuan [2]. Group 2: Major Dividend Payers - Notable companies with significant cash dividends include China Mobile, China Telecom, and Sinopec, each distributing over 10 billion yuan, with China Mobile leading at 540.83 billion yuan [5][7]. - Other companies with substantial dividends include Muyuan Foods (50.02 billion yuan) and Ping An Bank (45.80 billion yuan) [5][7]. Group 3: Dividend Per Share - The article lists companies with notable dividends per share, including: - Gigabit (6.60 yuan) - Ninebot (4.23 yuan) - Shuoshi Biology (3.40 yuan) - China Mobile (2.50 yuan) [10].

Group 1 - The core viewpoint is that Jianyin International has upgraded the rating of Ping An Bank to outperform the market [1] Group 2 - The upgrade reflects positive expectations for Ping An Bank's performance in the financial sector [1]

Core Viewpoint - Ping An Bank anticipates 2025 to be a challenging year, but positive trends have emerged in the first half, indicating that difficulties are gradually passing [1] Retail Business Performance - Retail loan scale has seen a narrowing decline, achieving a near stop in the downturn; credit card loans accounted for over 95% of the total decline in retail loans [1] - In Q1 2025, retail loan balance decreased by 38 billion yuan compared to the end of 2024, while in Q2 2025, the decline was only 3.1 billion yuan, showing significant improvement [1] - Mortgage loans increased by 20 billion yuan compared to the beginning of the year, indicating a recovery in retail lending [1] Asset Quality and Risk Management - Retail non-performing loan (NPL) generation decreased by over 9 billion yuan year-on-year in Q2, with the NPL generation rate down by 18 basis points from the end of Q1 and 64 basis points from the beginning of the year [2] - As of June 2025, the personal loan NPL ratio was 1.27%, down 0.12 percentage points from the end of the previous year and 0.05 percentage points from the end of Q1 2025 [2] - The bank is confident in maintaining stable retail asset quality, closely monitoring economic conditions and personal repayment capabilities [2] Corporate Banking Strategy - Ping An Bank has focused on six key industries, including infrastructure and new energy, while actively avoiding risks in real estate [2] - New loans in four major industries reached 239.77 billion yuan, a year-on-year increase of 19.6%, while loans in three emerging industries grew by 16.7% to 123.82 billion yuan [3] - The bank has established a tiered customer management system to cater to strategic, regional, and small micro-enterprise clients, enhancing service quality and optimizing customer structure [3] Future Outlook and Strategic Focus - The bank plans to enhance performance monitoring of key business units and branches, aiming to improve revenue and profit levels [4] - Ongoing business transformation initiatives will focus on product and service innovation, optimizing customer structure, and enhancing internal collaboration [4] - Ping An Bank will concentrate resources in economically vibrant areas with strong credit demand, aiming to improve asset yield and deposit interest rates while increasing the proportion of non-interest income [4]

Core Viewpoint - Ping An Bank reported strong financial performance for the first half of 2025, with significant growth in revenue and net profit, alongside a stable asset quality and a focus on optimizing its asset structure [1][2]. Financial Performance - In the first half of 2025, Ping An Bank achieved operating revenue of 69.385 billion yuan and net profit of 24.870 billion yuan [1]. - As of June 30, total assets reached 5,874.961 billion yuan, a year-on-year increase of 1.8%, while total liabilities grew by 1.7% to 5,364.899 billion yuan [1]. - The non-performing loan ratio stood at 1.05%, a decrease of 0.01 percentage points from the end of the previous year, with a provision coverage ratio of 238.48% [1]. Dividend Distribution - The bank announced a mid-year profit distribution plan, proposing a cash dividend of 2.36 yuan per 10 shares, totaling 4.580 billion yuan, which represents 18.42% of the net profit attributable to shareholders [1]. Asset Structure Optimization - Ping An Bank has been optimizing its asset structure by increasing financing support for key sectors such as advanced manufacturing, green finance, and rural revitalization [2]. - Corporate deposits reached 23,671.33 billion yuan, up 5.4% year-on-year, while corporate loans increased by 4.7% to 16,825.20 billion yuan [2]. - New loans issued in infrastructure, automotive, public utilities, and real estate sectors amounted to 239.777 billion yuan, reflecting a year-on-year growth of 19.6% [2]. Retail Business Development - The bank is advancing its retail strategy, enhancing loan, deposit, and wealth management services to ensure sustainable growth [2]. - New inclusive loans for small and micro enterprises surged by 33.6% year-on-year [2]. - The credit card new customer acquisition scale saw a year-on-year increase, while automotive finance loan balance reached 2,956.24 billion yuan, a 0.6% increase from the end of the previous year [2]. Wealth Management and Customer Engagement - Wealth management fee income rose to 2.466 billion yuan, a 12.8% increase, with personal insurance agency income growing by 46.1% to 666 million yuan [3]. - As of June 30, the number of registered users on the Ping An Pocket Bank App reached 177.5986 million, a 2% increase, with monthly active users at 38.745 million [3]. - The contribution of comprehensive finance to net new wealth customers accounted for 57.3%, with new customer acquisition at 50.8% [3].

中证报中证网讯(记者齐金钊)8月25日，平安银行（000001）举行2025年中期业绩发布会。平安银行行 长冀光恒表示，经过两年的改革调整，平安银行展现出强大的战略韧性和逆周期适应能力。未来，该行 将继续迎难而上，坚持做难而正确的事情，力争在今年实现业绩筑底企稳，延续向好趋势，为业绩进一 步改善打好根基。同时，该行将努力保持相对稳定的分红比例，积极与投资者共享经营成果。 上半年实现净利润248.7亿元 以差异化竞争"反内卷" 冀光恒表示，自2023年以来，在延续良好商业模式，保持经营连续性前提下，平安银行勇于正视过去高 速发展阶段积累的一些问题，开启了一系列大刀阔斧的战略改革。业务上稳中求进、先立后破，主动调 整客群结构、提高业务质量；经营策略上，以增收节支为目标，提升经营管理精细化水平；组织架构 上，聚焦精简，不断提升组织能力和队伍素质，梯队建设和人才储备更加完善。 在当前银行业竞争激烈、利润承压的背景下，"反内卷"成为行业的共识。对此，平安银行副行长项有志 认为，"内卷"式竞争对银行业危害很大，银行做好"反内卷"工作，有利于实现金融资源更加有效的配 置，同时能让金融参与主体及整个社会实现利益最大化，长远来 ...

Core Viewpoint - Ping An Bank's president Ji Guangheng stated that the most challenging times for the bank are behind, with positive trends emerging in key performance indicators during the first half of 2025 [3][9]. Group 1: Performance and Strategy - Ping An Bank reported a revenue of 69.385 billion yuan in the first half of 2025, a decrease of 10.0% year-on-year, and a net profit of 24.870 billion yuan, down 3.9% year-on-year, with the decline narrowing compared to the first quarter [4]. - The bank aims to maintain a relatively stable dividend ratio, with a mid-year dividend rate of 18%, consistent with the previous year [17][18]. - Ji Guangheng emphasized the bank's strategic focus on strengthening retail banking, refining corporate banking, and specializing in interbank operations [8][9]. Group 2: Retail and Corporate Banking - The risk structure of retail loans has significantly improved, with a notable turning point in non-performing loans [10][11]. - The bank plans to enhance its retail banking features, focusing on customer needs and upgrading its brand to "Buy Wealth Management, Find Ping An" [14][15]. - Corporate banking strategy remains focused on precision, with a strong emphasis on six industries and products, achieving double-digit growth in most areas except real estate [12][13]. Group 3: Interest Margin and Capital Planning - The net interest margin is currently at 1.8%, with expectations to maintain a competitive position among joint-stock banks [16]. - The bank has no plans for external capital replenishment at this time, relying on internal accumulation to support business development [18]. Group 4: Contribution to Shenzhen - Ping An Bank expressed gratitude for the 45th anniversary of Shenzhen Special Economic Zone, highlighting its role as a key participant and beneficiary of Shenzhen's development [19].