陆金所控股(LU.US/06623.HK)治理升级，消费金融驱动价值重估

Core Viewpoint - Lufax Holding has made significant progress in governance and business transformation, addressing past challenges and laying a solid foundation for future growth through systematic measures and strategic focus on consumer finance [1][2][3]. Governance Deepening - The company has conducted a thorough investigation into historical transactions, clarifying the motives behind specific trades aimed at compensating retail investors who suffered losses [1]. - Lufax has appointed Deloitte as an independent internal monitoring consultant to review its governance and internal control policies, indicating a commitment to rebuilding its internal control system to prevent future issues [2]. - The company's governance improvements have been recognized by MSCI, which upgraded Lufax's ESG rating to "AA," reflecting substantial enhancements in governance and internal controls [2]. Business Focus - Lufax's core business has shown resilience and growth, particularly in consumer finance, with a loan balance reaching 59.6 billion yuan, a 19.0% year-on-year increase as of December 31, 2025 [3]. - The company has maintained a stable non-performing loan (NPL) rate of 1.2% in its consumer finance segment, demonstrating effective risk management and a robust business model [3][4]. - The total number of borrowers has grown to approximately 29.1 million, indicating a solid and expanding base for its inclusive financial services [3]. Conclusion - Over the past year, Lufax has undergone a profound self-reform, including changes in auditors and the appointment of experienced executives to strengthen governance [5]. - The company is actively cooperating with Ernst & Young to complete its financial audit and has received an extension from the NYSE for its annual report submission, clarifying the path to resuming trading [6]. - As short-term uncertainties are resolved, Lufax is positioned for a re-evaluation of its intrinsic value, supported by improved governance, focused business strategies, and sustainable operational models [6].