CZBANK(SH:601916) Zhong Guo Jing Ying Bao·2025-09-11 08:14Core Viewpoint - The private banking business of several joint-stock banks in China has shown strong growth momentum in the first half of 2025, with significant increases in both asset management scale (AUM) and client numbers compared to the end of last year [1][2]. Group 1: Private Banking Performance - Among 12 joint-stock banks, 6 disclosed their private banking AUM and client numbers, with a total AUM of 4.65 trillion yuan as of June 30, 2025, up 4.49% from 4.45 trillion yuan at the end of last year [2]. - The total number of private banking clients for these banks reached 315,700, reflecting a growth of 7.53% compared to the end of last year [2]. - Notably, Minsheng Bank reported an AUM growth of 11.79% and a client number increase of 12.84%, while Zhejiang Commercial Bank saw AUM growth of 13.26% and client number growth of 15.52% [2]. Group 2: Strategies for Growth - Zhejiang Commercial Bank has implemented four key strategies to enhance its private banking business: 1. Strengthening the private banking system and upgrading service frameworks since 2024 [3]. 2. Expanding client acquisition channels through targeted activities for specific demographics, such as senior clients, and enhancing cross-border service capabilities [3]. 3. Focusing on family office services, which have seen significant growth in coverage and scale since 2024 [3]. 4. Expanding the range of customized and multi-strategy products to improve client asset allocation success rates [3]. Group 3: Family Trust and Office Business - Joint-stock banks are increasingly investing in family trust and family office services, with CITIC Bank emphasizing a comprehensive solution for ultra-high-net-worth clients [4]. - Zhejiang Commercial Bank's family office services are a core part of its private banking strategy, leveraging an expert service system and a fully online management system [4]. - In the first half of 2025, Zhejiang Commercial Bank signed 692 family trust agreements, adding 5.6 billion yuan in managed assets, and has successfully launched 62 elder care service trusts, marking a significant step towards scalable development in this area [5].