不以风险下沉换取短期利润！中信银行行长业绩会上“反内卷”

Core Viewpoint - The bank emphasizes maintaining risk resilience over short-term profit growth, adhering to a "反内卷" (anti-involution) policy to uphold operational standards [1][3]. Financial Performance - In the first half of 2025, the bank reported a net profit of 36.478 billion yuan, a year-on-year increase of 2.78%, while operating revenue decreased by 2.99% to 105.762 billion yuan [3]. - Net interest income was 71.201 billion yuan, down 1.94%, and non-interest income was 34.561 billion yuan, down 5.08% [3]. - The net interest margin was 1.63%, a decrease of 0.14 percentage points year-on-year, and the net profit margin was 1.60%, down 0.11 percentage points [3][4]. Market Environment - The bank's performance is influenced by a low-interest-rate environment and the gradual expiration of high-yield assets, which may exert downward pressure on asset yields and interest margins [4]. - The "反内卷" policy and neutral monetary policy are expected to stabilize the banking sector's net interest margin [4]. Retail Banking Strategy - The bank's retail management assets reached 4.99 trillion yuan, a growth of 6.52% year-on-year, but retail banking net income fell by 8.43% to 38.107 billion yuan [5][6]. - Changes in consumer asset allocation include a shift from deposits to wealth management and insurance products, with a focus on low-risk investments [5]. - The bank aims to enhance its asset organization capabilities and diversify its product offerings, including a transition to "固收+" strategies in wealth management [5][6]. Industry Competition - The bank acknowledges the challenges posed by intense competition in the retail sector, including price wars and changing consumer preferences [5][7]. - The government has signaled a need for supply-side reforms to regulate market order and promote sustainable development in the banking sector [8]. Support for Industry Transformation - The bank is committed to supporting industries undergoing transformation while avoiding excessive support for overcapacity sectors [8][9]. - The bank plans to focus on high-end manufacturing enterprises with independent R&D capabilities while gradually withdrawing from low-end manufacturing sectors lacking core competitiveness [9].