零售银行鏖战AUM

Core Viewpoint - The retail banking sector is under pressure, with declining revenue and profit, while retail credit risks are on the rise, prompting banks to explore new transformation paths focused on retail AUM (Assets Under Management) as a key performance indicator [1][2][5]. Group 1: Retail Banking Performance - In the first half of 2025, three banks (Postal Savings Bank, China Merchants Bank, Agricultural Bank) reported retail revenue contributions exceeding 50%, while most banks with a focus on corporate banking had contributions below 40% [2]. - Among 12 sample banks, 10 reported a decline in retail revenue, and 7 saw a decrease in total profit, indicating that the retail business has not yet hit bottom [2]. - Notably, Industrial and Commercial Bank of China (ICBC) and China CITIC Bank reported significant increases in retail profit, with growth rates of 46.05% and 109.24% respectively [4]. Group 2: Retail AUM Trends - Retail AUM has become a focal point for banks, with the top three banks (ICBC, China Construction Bank, Agricultural Bank) exceeding 20 trillion yuan in retail AUM, and ICBC leading with 24 trillion yuan [5]. - All 13 banks analyzed reported positive growth in retail AUM compared to the beginning of the year, with notable increases from Shanghai Pudong Development Bank and Ping An Bank [5][6]. - Retail AUM is defined as a comprehensive measure of a bank's retail financial capabilities, including personal deposits, wealth management products, and insurance [5]. Group 3: Wealth Management Strategies - Banks are shifting focus from traditional deposit-based models to wealth management, emphasizing the importance of retail AUM for increasing non-interest income [6][11]. - The growth of retail AUM is expected to support the growth of intermediary business income, as highlighted by China Merchants Bank's strategy to enhance customer retention [9][12]. - Different banks are adopting varied approaches to wealth management, with ICBC focusing on customer coverage and China Bank emphasizing its infrastructure advantages [13][14].