INDUSTRIAL BANK(SH:601166) 36氪·2025-05-28 13:07Core Viewpoint - The competition for high-net-worth clients among banks is intensifying, with private banking services becoming a focal point for major banks in China as the number of wealthy families continues to grow [3][6]. Group 1: Private Banking Growth - The number of private banking clients at major banks has surpassed one million, with the five largest state-owned banks collectively serving 1.0696 million clients and managing assets totaling 13.84 trillion yuan [6][7]. - As of the end of 2024, the average daily number of private banking clients at Industrial Bank reached 77,000, an increase of 11.36% year-on-year, with total financial assets growing by 12.40% to 961.044 billion yuan [4][6]. - Industrial Bank's private banking business has continued to grow, surpassing one trillion yuan in asset management scale by March 2025, with client numbers exceeding 80,000 [5]. Group 2: Client Demographics and Services - The report indicates that there are 4.142 million affluent families in China, with 1.5 million families having investable assets exceeding 6 million yuan [3]. - Private banking clients have diverse financial service needs, with a focus on service quality and actual returns, as highlighted by a private banking client from Shanghai [4]. - Major banks are enhancing their private banking offerings with various exclusive activities and services, such as cultural experiences and educational planning [5]. Group 3: Competitive Landscape - The private banking sector has seen significant growth among both state-owned and national joint-stock banks, with notable increases in client numbers and asset management [6][7]. - Postal Savings Bank reported a 27% year-on-year increase in private banking clients, reaching 34,200 [6]. - China Merchants Bank, known for its high client entry standards, leads in private banking client numbers among joint-stock banks, with 169,100 clients as of the end of 2024 [7].