证券代码：000001 证券简称：平安银行 公告编号：2025-020 优先股代码：140002 优先股简称：平银优 01 （二）预计日常关联交易类别和金额 根据《深圳证券交易所股票上市规则》《平安银行股份有限公司关联交易管理办 法》等相关规定，本行现对 2025 年度拟与中国平安及其关联方开展授信类、非授信 类日常关联交易预估如下： 1、本行拟与中国平安及其关联方开展授信类关联交易，关联交易额度上限 292 亿 元。 一、日常关联交易基本情况 （一）日常关联交易概述 平安银行股份有限公司（以下简称平安银行、本行）于 2025 年 4 月 3 日召开第 十二届董事会第三十八次会议，会议审议通过了《关于 2025 年度与中国平安保险（集 团）股份有限公司及其关联方日常关联交易预计的议案》，同意与中国平安保险（集 团）股份有限公司（以下简称中国平安）及其关联方开展日常关联交易。关联董事谢 永林、郭晓涛、蔡方方和付欣回避表决。 本行第十二届董事会独立董事专门会议和关联交易控制委员会第二十三次会议 审议通过了前述关联交易议案，全体独立董事同意此议案。本议案须提交本行股东大 会审议，关联股东将回避表决。 平安银行股份有 ...

证券代码：000001 证券简称：平安银行 公告编号：2025- 018 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关联交易公告 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。 一、关联交易概述 （一）本次关联交易基本情况 平安银行股份有限公司（以下简称平安银行、本行）第十二届董事会第三十八次 会议审议通过了《关于与深圳市创帆企业管理有限公司关联交易的议案》，同意与深 圳市创帆企业管理有限公司（以下简称创帆企管）进行人民币协定存款业务合作，本 金金额不超过人民币148.00亿元，利息不超过人民币0.962亿元。 （二）与上市公司的关联关系 本行和创帆企管同为中国平安保险（集团）股份有限公司（以下简称中国平安） 直接或间接控股的子公司。根据《银行保险机构关联交易管理办法》《深圳证券交易 所股票上市规则》等相关规定，创帆企管构成本行关联方，本行与上述关联方之间的 交易构成关联交易。 意此议案。 本次关联交易不构成《上市公司重大资产重组管理办法》规定的重大资产重组、 不构成重组上市，不需要经过有关部门批准。 （三）审议表决情况 本行20 ...

证券代码：000001 证券简称：平安银行 公告编号：2025-019 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关联交易公告 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。 一、关联交易概述 （一）本次关联交易基本情况 平安银行股份有限公司（以下简称平安银行、本行）第十二届董事会第三十八次 会议审议通过了《关于与方正证券股份有限公司关联交易的议案》，同意给予方正证 券股份有限公司（以下简称方正证券）增额续做同业综合授信额度人民币 20 亿元， 额度期限至 2026 年 1 月 23 日。 （二）与上市公司的关联关系 本行和方正证券同为中国平安保险（集团）股份有限公司（以下简称中国平安） 直接或间接控股的子公司。根据《银行保险机构关联交易管理办法》《深圳证券交易 所股票上市规则》等相关规定，方正证券构成本行关联方，本行与方正证券之间的交 易构成关联交易。 二、关联方基本情况 方正证券于1994年10月26日注册成立，统一社会信用代码：914300001429279950， 注册资本：人民币82.32亿元，注册地址：湖南省长沙市天心 ...

证券代码：000001 证券简称：平安银行 公告编号：2025- 017 01 优先股代码：140002 优先股简称：平银优 平安银行股份有限公司关联交易公告 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。 一、关联交易概述 （一）本次关联交易基本情况 平安银行股份有限公司（以下简称平安银行、本行）第十二届董事会第三十八次 会议审议通过了《关于与中国平安保险（集团）股份有限公司关联交易的议案》，同 意与中国平安保险（集团）股份有限公司（以下简称中国平安）进行协定存款（含人 民币、港币、美元）业务合作，本金金额合计不超过等值人民币 400 亿元，存款利息 合计不超过等值人民币 2.73 亿元。 （三）审议表决情况 本行 2024 年末资本净额为人民币 5,676.93 亿元。本次关联交易金额为等值人民 币 400 亿元，占本行资本净额 7.05%，存款类关联交易金额累计等值人民币 1370.54 亿元，占本行资本净额 24.14%。根据相关监管规定及本行关联交易管理办法，上述业 务需经董事会独立董事专门会议、董事会关联交易控制委员会审议通过后，提交董事 会批准， ...

证券代码：000001 证券简称：平安银行 公告编号：2025-016 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）第十二届董事会第三十八次会议以 书面传签方式召开。会议通知以书面方式于 2025 年 3 月 31 日向各董事发出，表 决截止时间为 2025 年 4 月 3 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、蔡方方、付欣、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如下议案： 一、审议通过了《平安银行股份有限公司关于发行金融债券一般性授权的议 案》。 本行（含本行各海外分行、各并表子公司及其附属机构等）拟按照如下规划 发行金融债券： （一）金融债券发行规划 本行董事会战略发展与消费者权益保护委员会已审议通过本议案。 1、发行规模：发行金融债券的余额不超过最近一年经审计总 ...

Core Viewpoint - The summit organized by Ping An Bank focuses on the high-quality development of the public fund industry, emphasizing collaboration among various financial institutions and the integration of AI technology in wealth management [1][3]. Group 1: Summit Overview - The summit titled "Gathering Strength for Ecology, Smartly Starting a New Journey" attracted over 40 fund companies, securities firms, and third-party distribution platforms, highlighting Ping An Bank's influence in the public fund sector [1]. - Key figures from Ping An Bank and other financial institutions participated, showcasing a commitment to enhancing the public fund ecosystem [1]. Group 2: Industry Challenges and Opportunities - Ping An Bank's President, Ji Guangheng, noted the increasing wealth management awareness among residents and the diversification of investment needs, presenting new challenges for the public fund industry [3]. - The bank aims to return wealth management to its essence of "value creation" and deepen partnerships to foster growth in the wealth management sector [3]. Group 3: Collaborative Efforts - Ping An Bank's Private Banking Wealth Department highlighted its unique cooperation with fund companies, focusing on long-term quality service and equitable asset management for all clients [4]. - The bank plans to leverage its market-making trading business to enhance bond market trading depth and strengthen connections between issuers and investors [4]. Group 4: Brand Launch and Index Investment - The summit featured the launch of the "Index at Ping An" brand, aimed at embracing the index investment era through collaboration across multiple sales and investment channels [5]. - This initiative seeks to provide comprehensive services for index products and enhance clients' long-term wealth growth [5]. Group 5: Future Directions and Innovations - Industry leaders discussed the potential for collaboration between banks and fund companies in areas such as investment research, distribution, and custody services [6]. - A roundtable forum explored topics like fund ecosystem construction and investment opportunities, contributing new ideas for the future of the public fund industry [7]. Group 6: Closing Remarks - The closing remarks emphasized the need for a refined product matrix to meet the evolving demands of clients, particularly in light of the personal pension system and the global investment needs of high-net-worth individuals [7].

Investment Rating - The report maintains an "Outperform" rating for the banking sector, indicating a positive outlook compared to the broader market [1]. Core Insights - The report highlights that the net profit of listed banks is expected to grow by 1.8% year-on-year for 2024, with a notable increase in growth rate compared to the first three quarters [4][10]. - Revenue decline is narrowing, with a projected revenue growth rate of -0.6% for 2024, an improvement from -1.6% in the previous quarters [11][14]. - The report emphasizes the importance of domestic economic recovery and the impact of recent growth-stabilizing policies on banking performance [14]. Summary by Sections 1. Profitability Breakdown - The net interest income for listed banks is expected to decline by 2.3% in 2024, an improvement from a 3.2% decline in the first three quarters [11][12]. - Non-interest income, particularly from investment gains, is projected to increase by 28% due to falling bond yields, partially offsetting revenue pressures [11][12]. - The report notes that the cost-to-income ratio has increased to 32.8%, reflecting a 0.5 percentage point rise year-on-year [7]. 2. Operational Analysis - Asset growth for listed banks has decreased to 7.2%, with loan growth at 7.7%, indicating stable overall growth despite a slight decline [22][23]. - The annualized net interest margin is projected to decrease to 1.43%, primarily due to asset pricing pressures [24]. - The report indicates that the quality of assets remains stable, with non-performing loan ratios showing slight fluctuations but overall stability [7][22]. 3. Dividend and Investment Recommendations - The report highlights a stable dividend payout ratio, with 9 banks increasing their dividend rates compared to the previous year [7]. - Investment recommendations focus on "pro-cyclical and high dividend" strategies, with an average dividend yield of 4.3% for the sector, which remains attractive compared to risk-free rates [7][8]. - Specific banks recommended for investment include Chengdu Bank, Suzhou Bank, and Ningbo Bank, which are expected to benefit from regional economic recovery [8][14].

Core Insights - The establishment of a four-level coordination mechanism for financing support to small and micro enterprises aims to enhance the efficiency and quality of financial services provided to these businesses [1][6][9] Group 1: Policy and Mechanism - The financial regulatory authority and the National Development and Reform Commission have initiated a mechanism to improve financing for small and micro enterprises, focusing on information sharing and tailored support [1][6] - Local governments have formed specialized teams to address the unique financing challenges faced by small and micro enterprises, breaking down previous departmental silos [6][7] Group 2: Loan Growth and Performance - Major state-owned banks have reported significant growth in inclusive small and micro enterprise loans, with Agricultural Bank of China, Industrial and Commercial Bank of China, and China Bank showing growth rates exceeding 29% [2][3] - As of February 2025, the total balance of inclusive small and micro enterprise loans in China approached 34 trillion yuan, with a year-on-year growth rate of 12.6%, outpacing other loan categories by 5.7 percentage points [4][6] Group 3: Case Studies and Implementation - Local teams have successfully facilitated financing for specific enterprises by addressing regulatory hurdles and providing necessary documentation to banks, demonstrating the effectiveness of the new coordination mechanism [7][8] - The focus has shifted from merely providing loans to ensuring the quality and suitability of financial products for small and micro enterprises, highlighting the importance of personalized solutions [8][9]

Core Insights - The credit card business in China is facing challenges, with a notable decline in transaction volumes and an increase in non-performing loans, despite some banks like China Construction Bank achieving significant growth in credit card loan balances [1][4][8]. Group 1: Credit Card Loan Balances - China Construction Bank (CCB) has become the first bank in the country to surpass 1 trillion yuan in credit card loans, reaching 1.07 trillion yuan in 2024, an increase of 688 billion yuan from the end of 2023 [2][3]. - Agricultural Bank of China (ABC) showed the most significant growth in credit card loans, increasing by 1.587 billion yuan, with its share in personal loans rising from 8.67% to 9.73% [3]. - Ping An Bank experienced a substantial reduction in credit card loans, with a balance of 435 billion yuan, down 791 billion yuan year-on-year, leading to a decrease in its share of personal loans from 25.99% to 24.62% [3]. Group 2: Asset Quality and Non-Performing Loans - The overall asset quality of credit card loans has deteriorated, with banks like Changshu Bank and Chongqing Bank reporting significant increases in non-performing loan ratios, rising to 4.14% and 3.04% respectively [4][5]. - The total amount of overdue credit card loans reached 123.964 billion yuan by the end of 2024, marking a year-on-year increase of 26.32% [5]. Group 3: Market Trends and Consumer Behavior - The total number of credit cards in circulation has decreased significantly, dropping from 807 million in mid-2022 to 727 million by the end of 2024, a reduction of 80 million cards [8]. - Credit card transaction volumes have also declined, with major banks like China Merchants Bank and Ping An Bank reporting decreases in credit card spending of approximately 390 billion yuan and 460 billion yuan respectively [8][10]. - The shift towards consumer loans is evident, with several banks reporting an increase in the proportion of consumer loans within their personal loan portfolios, indicating a strategic pivot in response to market conditions [11][12]. Group 4: Strategic Adjustments by Banks - Some banks are restructuring their credit card operations, with China Merchants Bank and Ping An Bank focusing on high-quality customer acquisition and adjusting their credit card issuance strategies [8][10]. - Traffic Bank is transitioning to a localized management model for its credit card business, aiming to provide integrated financial services to better meet customer needs [10].

Core Viewpoint - Ping An Bank's 2024 financial results reveal a significant decline in both revenue and net profit, indicating the bank is facing substantial challenges due to industry cycles and competitive pressures, as well as the costs associated with restructuring its asset portfolio and business model [1][2]. Financial Performance - The bank reported total operating income of 146.695 billion yuan, a year-on-year decrease of 10.93%, and a net profit attributable to shareholders of 44.508 billion yuan, down 4.19% from the previous year [1]. - The net interest margin fell to 1.87%, a decrease of 51 basis points from the previous year, marking the largest annual decline since 2010 [2]. - Interest income decreased by 20.8%, with corporate loan average yield dropping by 44 basis points and personal loan average yield declining by 102 basis points [4]. Revenue Breakdown - Interest income accounted for 93.427 billion yuan, representing 63.7% of total income, down from 71.6% the previous year [4]. - Non-interest income grew by 14.0%, but net fees and commissions fell by 18.1%, particularly in credit card and wealth management services [5][6]. Retail Business Challenges - The retail business, once a strong growth area, saw its revenue contribution drop below 50%, falling from 58.2% in 2023 to 48.6% in 2024 [8]. - Credit card circulation decreased by 12.9%, and total credit card spending fell by 16.6%, reflecting increased competition and changing consumer financial needs [8][9]. - Consumer loan balances also declined, with a notable increase in the non-performing loan ratio for personal loans [9][12]. Asset Quality Concerns - Total assets reached 5.769 trillion yuan, a 3.3% increase year-on-year, but the quality of assets remains under pressure, with rising non-performing loan ratios [12][14]. - The bank reported significant asset impairment losses, totaling 49.428 billion yuan, primarily affecting retail operations [6][14]. Strategic Adjustments - In response to these challenges, Ping An Bank is undergoing strategic adjustments, including a restructuring of its credit product offerings and a focus on improving internal management [20]. - Recent personnel changes in the retail division signal a commitment to reform and a desire to enhance operational efficiency [20].