行业承压期下，平安银行做对了“加减法”

Group 1 - The A-share market has shown a steady slow bull trend this year, with the Shanghai Composite Index breaking through 3800 points and aiming for 4000 points, highlighting the importance of the banking sector as a pillar of the market [1] - In the current complex macroeconomic environment, the banking sector's stable cash flow, high dividend yield, and strong support for the real economy are crucial for the market's steady progress, making banks with low valuations increasingly attractive [1] - Ping An Bank has come into focus due to its unique operational strategy and growth potential [1] Group 2 - Ping An Bank's 2025 semi-annual report revealed operating income of 69.385 billion yuan and net profit of 24.870 billion yuan, with both core financial metrics showing a year-on-year decline, although the decline has narrowed compared to the first quarter [2] - The bank's net interest margin for the first half of 2025 was 1.80%, down 16 basis points year-on-year, impacted by the overall interest rate decline in the banking sector [2] - Despite the decline, Ping An Bank's net interest margin remains above the average of 1.55% for joint-stock banks, demonstrating strong risk resistance and operational resilience [2] Group 3 - Ping An Bank has shifted its focus from scale expansion to balancing quality and quantity, which is significant for asset quality improvement [3] - As of the end of June, the bank's non-performing loan ratio was 1.05%, a slight year-on-year decrease, indicating effective credit risk management [3] - The bank's core tier 1 capital adequacy ratio, tier 1 capital adequacy ratio, and total capital adequacy ratio were 9.31%, 10.85%, and 13.26%, respectively, showing solid foundations for future growth [3] Group 4 - The persistent issue of banks trading below their net asset value has been a concern, but improvements in asset quality and performance growth can lead to value recovery [5] - Ping An Bank's ongoing improvements in asset quality provide a solid foundation for performance growth and risk resistance, creating favorable conditions for valuation re-evaluation [5][6] Group 5 - Despite pressures in retail banking due to insufficient credit demand, Ping An Bank is committed to transforming its retail business, focusing on wealth management [7] - The bank's wealth management fee income reached 2.466 billion yuan in the first half of 2025, a year-on-year increase of 12.8% [7] - The bank has also adjusted its credit resource allocation strategy to enhance corporate business, with corporate customer numbers increasing by 6.5% [8] Group 6 - Ping An Bank's valuation remains relatively low, with a price-to-book ratio of 0.53 as of August 22, indicating potential for valuation recovery as asset quality continues to improve [8] - The bank's focus on quality growth rather than scale expansion positions it favorably for future performance and valuation re-evaluation [10]