Nan Fang Du Shi Bao·2025-08-07 15:25Core Insights - China Merchants Bank (CMB) has surpassed 16 trillion yuan in retail assets under management (AUM), serving over 200 million personal customers, marking a significant milestone in the banking sector [2][3] - The bank's retail business revenue for 2024 reached 196.83 billion yuan, showing a year-on-year growth of 1.29%, while other major banks reported declines in retail revenue [3][4] Retail AUM Growth - CMB's journey in wealth management has been closely tied to China's economic growth, achieving its first 5 trillion yuan in AUM in 9 years, the second in just 5 years, and the latest 5 trillion in over 3 years [3] - The bank's retail AUM includes deposits, wealth management products, and funds, serving as a key indicator of its retail business strength [3] Challenges in Wealth Management - Despite revenue growth, CMB's pre-tax profit from retail financial services declined by 9.56% in 2024, with a significant drop of 25.24% in fees and commissions from wealth management [4] - The wealth management industry is facing new trends and challenges, prompting a need for adaptation [4][6] Changing Customer Demands - Customer needs are evolving towards a more inclusive and diverse range of financial products, with increasing participation from younger demographics and ordinary families [7] - The number of bank wealth management product investors reached 125 million in 2024, while public fund investors exceeded 700 million [7] Low-Interest Rate Environment - The persistent low-interest rate environment is reshaping the wealth management landscape, with the 10-year government bond yield dropping from approximately 3.2% to 1.7% since 2021 [8] - This trend presents both challenges and opportunities for wealth management institutions [8] Development Logic Shift - The industry is transitioning from a "many small" model to a "few strong" model, emphasizing high-quality development and international competition [8] - The rise of AI is expected to significantly transform service methods, operational models, and investment decision-making processes in wealth management [8] Commitment to Core Values - CMB emphasizes its role as a builder of a strong financial nation, focusing on enhancing its capabilities and supporting the real economy [9] - The bank aims to create long-term value by shifting its focus from sales volume to asset management scale [10] Asset Allocation Services - CMB has developed a comprehensive asset allocation system, allowing customers to choose investment strategies that align with their risk preferences [11] - The bank's international network facilitates global asset allocation for its clients [11] AI Integration in Financial Services - CMB is implementing an "AI First" strategy, prioritizing AI capabilities to enhance its service offerings and operational efficiency [12] - The bank has launched a large-scale financial model and is exploring over 120 application scenarios for AI [12] Market Regulation and Ethical Practices - CMB is committed to maintaining market standards and ethical practices in wealth management, advocating for responsible competition and product integrity [12] - The bank has introduced favorable policies to promote healthy competition in the wealth management sector [12]