证券代码：000001 证券简称：平安银行 公告编号：2025-037 优先股代码：140002 优先股简称：平银优 01 本期债券于 2025 年 9 月 19 日簿记建档，于 2025 年 9 月 23 日发行完毕。本 期债券发行规模为人民币 300 亿元，为 3 年期固定利率债券，票面利率为 1.78%， 募集资金将依据适用法律和监管部门的批准，用于《绿色债券支持项目目录（2021 年版）》规定的绿色产业项目。 特此公告。 平安银行股份有限公司董事会 2025 年 9 月 24 日 平安银行股份有限公司关于 2025 年 第一期绿色金融债券（债券通）发行完毕的公告 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。 经相关监管机构批准，平安银行股份有限公司于近日在全国银行间债券市场 发行了"平安银行股份有限公司 2025 年第一期绿色金融债券（债券通）"（以 下简称本期债券）。 ...

Core Insights - The current logic for handling non-performing assets (NPAs) is undergoing significant changes due to the combined effects of economic and debt cycles, with a projected NPA listing scale of approximately 286.2 billion yuan and a transaction scale of 225.8 billion yuan in 2024, both showing over 80% year-on-year growth [1] - The average discount rate for corporate NPAs is 18.6%, which represents a 35 percentage point decrease year-on-year, indicating a shift in asset valuation dynamics [1] Group 1: Industry Transformation - The special asset industry is experiencing profound structural changes, with traditional recovery models facing significant challenges due to rapid shifts in asset structures, particularly towards real estate and local government debt [2] - The industry is grappling with "pricing imbalances" and "narrowing profits," leading to difficulties in asset circulation channels and testing the profitability models of the sector [2] - Financial institutions are encouraged to support debtors in restructuring and revitalizing assets, as highlighted by recent regulatory updates aimed at enhancing the legal framework for bankruptcy procedures [3] Group 2: Innovative Approaches - Financial institutions, particularly Ping An Bank, are innovating in asset disposal methods, moving beyond traditional judicial processes to include restructuring, operational revitalization, and resource injection [4] - Ping An Bank has successfully revitalized several high-impact projects, demonstrating the effectiveness of collaborative efforts with local governments and other stakeholders [5] - The bank has established a special asset expert mechanism, involving 31 internal and external experts, to facilitate the restructuring and operational revitalization of special assets, achieving significant recovery rates [5] Group 3: Evolving Roles of Financial Institutions - Financial institutions are transitioning from being "risk cleaners" to "value reconstructors," with Ping An Bank leading this shift by leveraging its comprehensive financial ecosystem [6] - The bank utilizes advanced technology, including a proprietary smart asset management platform, to enhance the efficiency and accuracy of asset recovery processes [7] - Ping An Bank is exploring innovative models that combine financial and industrial strategies to unlock asset value, such as the recent issuance of a public NPA income rights transfer product worth 980 million yuan [8]

Core Viewpoint - The recent upgrade of credit card foreign currency transaction services by banks such as China Merchants Bank and Ping An Bank is seen as a significant optimization in cross-border payment experiences, allowing direct settlement in RMB without the need for USD conversion [1][3]. Group 1: Credit Card Currency Upgrade - The upgrade simplifies the settlement process for overseas transactions from "local currency → USD → RMB" to "local currency → RMB," reducing the number of currency conversions and associated uncertainties [1][3]. - Starting from October 28, China Merchants Bank will implement this currency switch for specific Mastercard products, while Ping An Bank offers flexibility for cardholders to choose whether to enable the RMB settlement feature through their app [2]. Group 2: Industry Context and Challenges - The upgrade reflects the ongoing pressure on credit card businesses, with a reported decline in credit card loan balances among major banks, totaling 7.52 trillion RMB, a decrease of 197.57 billion RMB since the beginning of the year [3]. - Despite the overall downward trend, the currency upgrade aims to enhance customer experiences in cross-border spending, particularly targeting young consumers who are increasingly selective about their credit card usage [3]. Group 3: Competitive Landscape - The upgrade is also viewed as a strategic move for card organizations to enhance their competitiveness in the local market, especially against UnionPay, which already offers direct conversion from local currency to RMB without USD intermediary [4]. - Mastercard's establishment of a local operating entity, "Mastercard Network," in May 2024 is part of a two-phase strategy to improve domestic transaction capabilities and facilitate RMB settlements for overseas transactions [4]. Group 4: User Experience and Benefits - The most immediate benefit for users is the increased transparency in billing, as transactions will now display amounts directly in RMB, eliminating confusion caused by fluctuating exchange rates during conversions [5]. - Users will also benefit from the elimination of the approximately 1.5% currency conversion fee previously charged for non-USD transactions, leading to clearer and more controllable consumer cost structures [5]. Group 5: Considerations and Security - While the upgrade may not significantly impact the savings for average users, those with substantial overseas spending may notice a difference, particularly frequent travelers or small business owners engaged in cross-border procurement [6]. - The simplification of cross-border transaction processes may increase the risk of credit card fraud, prompting industry experts to recommend activating "overseas lock" features on cards to mitigate potential theft risks [6].

Core Viewpoint - Ping An Bank's Credit Card Center is enhancing financial education in Shenzhen through innovative and interactive campaigns, focusing on consumer protection and financial literacy [1][9]. Group 1: Financial Education Initiatives - The Credit Card Center is utilizing multiple channels such as WeChat Moments, subway light boxes, and bus advertisements to integrate financial knowledge into daily life, creating an immersive educational experience [1][3]. - A new "WeChat Moments + Financial Education" platform has been established to reach a wide audience, with an expected exposure of over one million, effectively spreading consumer protection knowledge [3][9]. Group 2: Anti-Fraud Campaigns - The "Financial Knowledge Accompanying Me" initiative collaborates with the Shenzhen Banking and Insurance Consumer Protection Association to transform public transport spaces into anti-fraud awareness platforms, covering six subway stations and four bus routes [4][6]. - The Credit Card Center has introduced the "Six Methods to Identify Fraud" series, using simple language and engaging visuals to educate the public on common scams and illegal financial activities [4][6]. Group 3: Targeted Outreach Programs - The Credit Card Center is focusing on key demographics such as office workers, students, and the elderly by turning buses into "mobile classrooms" to disseminate financial knowledge [6][9]. - The "Financial Youth Riders" initiative targets vulnerable groups, including the elderly and youth, through creative consumer protection and financial education activities, enhancing their risk awareness [8][9]. Group 4: Future Commitment - The Credit Card Center aims to continue innovating in consumer protection education and channels, ensuring that financial literacy becomes an integral part of everyday life for all citizens [9].

Core Viewpoint - The banking sector is experiencing a positive trend, with the China Securities Bank Index rising by 1.69% and individual bank stocks showing significant gains, indicating a favorable market sentiment towards banks [1] Group 1: Market Performance - As of September 23, 2025, the China Securities Bank Index (399986) increased by 1.69%, with notable gains from Nanjing Bank (up 4.30%), Xiamen Bank (up 3.65%), Agricultural Bank of China (up 3.39%), and others [1] - The Bank ETF Index (512730) also rose by 1.62%, closing at 1.63 yuan [1] Group 2: Policy Changes - On September 19, the People's Bank of China announced adjustments to the 14-day reverse repurchase operations, shifting to fixed quantity, interest rate bidding, and multi-price bidding, with operation time and scale determined by liquidity management needs [1] - China Galaxy Securities noted that the adjustment of the 14-day reverse repurchase operation enhances the position of the 7-day reverse repurchase policy rate and improves liquidity management precision, with smaller banks expected to benefit less than larger banks [1] Group 3: Future Outlook - The ongoing consumer policy enhancements and the accumulation of positive factors in the banking fundamentals suggest potential mid-term performance improvements, with an inflection point anticipated [1] - Attention is drawn to the effectiveness of policy implementation, retail business demand, risk improvement, and upcoming significant events such as the 20th Central Committee's Fourth Plenary Session and the 15th Five-Year Plan reform measures [1] Group 4: Index Composition - As of August 29, 2025, the top ten weighted stocks in the China Securities Bank Index (399986) include China Merchants Bank, Industrial Bank, and others, collectively accounting for 65% of the index [2]

Core Viewpoint - The current logic of non-performing asset disposal is changing due to the combined effects of economic and debt cycles, prompting banks and other stakeholders to rethink how to mitigate risks, revitalize existing assets, and optimize resource allocation [1] Group 1: Industry Trends - The scale of non-performing assets listed for sale in 2024 is expected to be approximately 286.2 billion, with a transaction scale of 225.8 billion, both showing a year-on-year increase of over 80% [1] - The average discount rate for corporate non-performing assets is 18.6%, which represents a year-on-year decrease of 35 percentage points [1] - The special asset industry is undergoing profound structural changes, with traditional recovery models facing significant challenges [1] Group 2: Bank Strategies - Ping An Bank is actively exploring various methods such as restructuring, operational revitalization, and resource injection to restore the value of special assets and even cultivate new growth points [2] - The bank has successfully revitalized a large residential project in a provincial capital city by coordinating with local governments and introducing state-owned enterprises as investors, ensuring project resumption and high-quality delivery [2] - Ping An Bank has established a special asset expert working mechanism to promote the restructuring and operational revitalization of special assets [2] Group 3: Evolving Role of Banks - The role of banks in asset recovery is shifting from a singular focus on disposal to diversified operations, balancing short-term gains with long-term value, and moving from risk control to risk innovation [3]

Group 1 - The retail business of Ping An Bank has passed its most challenging period and is currently in a recovery phase, with previous reforms laying a solid foundation for future growth [1] - As of mid-2025, the retail financial business revenue accounted for 44.8% of total revenue, down from 50.7% in the same period last year, indicating a turning point as the decline in retail loan scale has narrowed [1] - The personal loan balance reached 1.73 trillion yuan by the end of June, showing signs of stabilization [1] Group 2 - Recent personnel changes include the appointment of Wang Jun as the new assistant president responsible for retail business, along with adjustments in leadership across various departments [1][2] - The wealth management client base grew to 1.4754 million, a 1.3% increase year-on-year, with private banking clients increasing by 3.2% to 99,900 [3] - Wealth management fee income reached 2.466 billion yuan, reflecting a year-on-year growth of 12.8%, with insurance and wealth management income increasing by 46% [3] Group 3 - Ping An Bank has 110 branches, including the Hong Kong branch, and a total of 1,134 operating institutions, with a reduction of 15 branches since the beginning of the year [10] - The bank's workforce stands at 40,262 employees, a decrease of 355 from the start of the year [10] - The bank is focusing on business transformation and efficiency improvement through structural optimization and digital transformation initiatives [10]

Market Performance - On September 22, the share price of the joint-stock bank sector fell by 0.63%, with Pudong Development Bank leading the decline [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Individual Bank Performance - Citic Bank closed at 7.39, down 0.14% with a trading volume of 358,600 shares and a transaction value of 266 million yuan [1] - China Merchants Bank closed at 40.92, down 0.20% with a trading volume of 656,100 shares and a transaction value of 2.688 billion yuan [1] - Minsheng Bank closed at 4.04, down 0.25% with a trading volume of 2.3409 million shares and a transaction value of 946 million yuan [1] - Everbright Bank closed at 3.45, down 0.29% with a trading volume of 1.7881 million shares and a transaction value of 617 million yuan [1] - Huaxia Bank closed at 6.77, down 0.59% with a trading volume of 492,100 shares and a transaction value of 334 million yuan [1] - Ping An Bank closed at 11.38, down 0.61% with a trading volume of 596,400 shares and a transaction value of 680 million yuan [1] - Zhejiang Commercial Bank closed at 3.01, down 0.66% with a trading volume of 1.0164 million shares and a transaction value of 307 million yuan [1] - Industrial Bank closed at 20.13, down 0.79% with a trading volume of 522,200 shares and a transaction value of 1.056 billion yuan [1] - Pudong Development Bank closed at 12.54, down 2.11% with a trading volume of 491,800 shares and a transaction value of 620 million yuan [1] Capital Flow Analysis - The joint-stock bank sector experienced a net inflow of 164 million yuan from institutional investors, while retail investors saw a net inflow of 118 million yuan [1] - However, speculative funds had a net outflow of 282 million yuan [1] Detailed Capital Flow for Individual Banks - China Merchants Bank had a net inflow of 324 million yuan from institutional investors, but a net outflow of 214 million yuan from speculative funds [2] - Huaxia Bank saw a net outflow of 1.172 million yuan from institutional investors, but a net inflow of 385,400 yuan from speculative funds [2] - Citic Bank experienced a net outflow of 639,310 yuan from institutional investors and a net outflow of 176,290 yuan from speculative funds [2] - Industrial Bank had a net outflow of 1.297 million yuan from institutional investors and a net outflow of 36.539 million yuan from speculative funds [2] - Ping An Bank faced a net outflow of 1.862 million yuan from institutional investors, while retail investors contributed a net inflow of 1.607 million yuan [2] - Zhejiang Commercial Bank had a net outflow of 1.953 million yuan from institutional investors, but a net inflow of 1.398 million yuan from retail investors [2] - Everbright Bank saw a net outflow of 2.857 million yuan from institutional investors, with a net inflow of 4.665 million yuan from retail investors [2] - Pudong Development Bank had a net outflow of 3.323 million yuan from institutional investors, but a net inflow of 5.201 million yuan from retail investors [2] - Minsheng Bank experienced a net outflow of 4.007 million yuan from institutional investors, while retail investors contributed a net inflow of 4.548 million yuan [2]

Core Viewpoint - The article highlights the launch of a financial consumer protection initiative by Ping An Bank during the 2025 Financial Education Promotion Week, focusing on raising awareness about telecom network fraud and illegal financial activities through engaging educational tools like comics [1][3]. Group 1: Financial Education Initiative - Ping An Bank collaborated with China Legal Publishing House and cartoonist Si Ge Xiao Jin to release a comic titled "Three-Minute Comic on Preventing Telecom Network Fraud" [1][3]. - The initiative includes various activities such as comic exhibitions, anti-fraud courses, and interactive experiences to educate the public on financial consumer protection and fraud prevention in a fun and engaging manner [1][3]. Group 2: Content of the Comic - The comic covers various common types of telecom network fraud, divided into eight chapters targeting different demographics, including the elderly, students, and working professionals [3]. - It provides tailored anti-fraud advice and risk alerts, helping readers enhance their financial literacy and awareness of consumer rights [3]. Group 3: Volunteer Program - Ping An Bank launched the "Little Orange Hat" financial consumer protection volunteer program, recruiting volunteers from various sectors to extend consumer protection services [6]. - The program aims to address the needs of key groups such as the elderly and youth, fostering community engagement and support [6]. Group 4: Commitment to Consumer Protection - The Deputy Director of Ping An Bank's Consumer Rights Protection Center emphasized the importance of financial knowledge education in navigating the complex financial landscape and protecting consumer rights [7]. - The bank is committed to delivering financial knowledge to a broader audience and enhancing consumer protection education [7]. Group 5: Promotional Activities - During the Financial Education Promotion Week, Ping An Bank organized various creative promotional activities, including videos and interactive games focused on combating illegal financial activities and improving financial services [9]. - The comic will be available in bookstores and online platforms, aiming to spread financial consumer protection and anti-fraud knowledge widely [9].

Core Viewpoint - The article emphasizes the importance of distinguishing between various bank wealth management products with similar names and characteristics, providing a weekly performance ranking of these products to assist investors in making informed choices [1][2]. Group 1: Product Performance Rankings - The article presents a ranking of wealth management products based on their annualized returns for different holding periods: 7 days, 14 days, 30 days, and 60 days [1]. - For the 7-day holding period, the top-performing product is from Minsheng Bank with an annualized return of 9.75% [4]. - The 14-day holding period rankings show Minsheng Bank's product achieving an annualized return of 8.34% [6]. - In the 30-day holding period, Hangzhou Bank leads with a return of 24.26% [11]. - For the 60-day holding period, China Bank's product tops the list with a return of 26.21% [15]. Group 2: Investment Institutions - The ranking includes products from 28 distribution institutions, such as Industrial and Commercial Bank of China, Bank of China, Agricultural Bank of China, and others [1]. - The performance data is sourced from the Nanfang Financial Terminal, ensuring a comprehensive overview of available products [4][11][15]. Group 3: Methodology and Data Collection - The performance metrics are calculated based on the annualized yield over the respective holding periods, with the same institution and product series retained for comparison [1]. - The article advises investors to refer to the actual product listings on the banks' apps, as availability may vary due to factors like quota exhaustion [1].