意见领袖 | 洪偌馨 2025年8月，平安银行行长冀光恒一句'2025将是平安银行最难的一年'，拉开了上市银行半年报密集披 露的大幕。 当然，正在经历零售阵痛的也不止平安银行一家。 银行零售业务的两大板块——零售信贷和财富管理，以前者规模扩张为主导的发展方式，一直是过去二 十年里中国零售银行发展的主流叙事。 曾经被称作'零售新王'的行业'黑马'，正在消化过去以风险换收益的苦果。行长反思零售战略，'曾经出 现了一些偏差'。 但近两年，在复杂多变的经济形势之下，居民收入波动、消费需求低迷、房产行业下行……银行的零售 业务发展集体'失速'、资产质量承压。 2025年半年报数据透露出了更多'寒意'，曾经支撑零售银行增长的信贷'引擎'渐失动力，而寄予厚望 的'大财富管理'却没能如预期般及时补位。 零售银行们要如何穿越'冬天'？ 1 '寒意'渗透 2025 年上半年，零售银行继续承压。 我们从国有大行和股份行中各选取了几家颇具代表性的银行，他们都将零售金融/个人金融作为重要的 战略业务。 除了短暂闪耀过的平安银行，其他几家的零售板块长期位于第一梯队。从他们的数据变化中，亦可窥见 零售银行的困境与出路。 | 银行/项目 | ...

Core Viewpoint - The retail banking sector in China is facing significant challenges, with declining revenues and profits in retail financial services, particularly in retail credit and wealth management, as economic conditions worsen [1][12][18]. Group 1: Retail Banking Performance - In the first half of 2025, retail banks continued to experience pressure, with major banks reporting declines in retail financial income and profits [4][7]. - Agricultural Bank of China reported retail financial income of 190.18 billion yuan, down 6.6% year-on-year, and a profit of 68.51 billion yuan, down 23.59% [4]. - China Construction Bank's retail financial income was 181.47 billion yuan, up 0.99%, but profits fell by 19.62% to 78.73 billion yuan [4]. - Industrial and Commercial Bank of China saw retail financial income decrease by 0.67% to 169.31 billion yuan, while profits increased by 46.05% to 92.77 billion yuan, largely due to a low base from the previous year [4][6]. - Ping An Bank's retail financial income plummeted by 20.49% to 31.08 billion yuan, with profits down 45.98% to 1.20 billion yuan [4][7]. Group 2: Credit Quality and Challenges - The retail loan non-performing ratio for major banks has shown signs of deterioration, with Ping An Bank at 1.27%, and the credit card non-performing ratio at 2.3% [13]. - The overall economic environment, including a downturn in the real estate sector and low consumer demand, has led to a significant reduction in retail banking income and growth [12][18]. - The shift from high-risk, high-return lending strategies to a focus on wealth management is becoming increasingly important for banks, but this transition is challenging and requires long-term investment [17][19]. Group 3: Wealth Management and Future Strategies - Wealth management is seen as a critical area for future growth, but banks are struggling to effectively transition from traditional retail banking to wealth management services [17][20]. - The average interest rate on personal deposits for major banks varies, with China Merchants Bank maintaining a low rate of 1.18%, which helps in reducing funding costs [24]. - China Merchants Bank reported a significant increase in wealth management income, reaching 20.86 billion yuan in the first half of 2025, marking a 5.45% year-on-year growth [25]. - The retail AUM (Assets Under Management) for China Merchants Bank is significantly lower in terms of retail deposits compared to its peers, indicating a stronger wealth management capability [22][23].

当总资产已接近47万亿元大关时，每前进一步都来之不易，中国农业银行（以下简称"农行"）仍能保持资产质量稳定、"三农"县域业务护城河更宽，纵观可比同 业，这也是亮眼且独特的存在。 8月29日，农行发布了上半年经营数据，营业收入和净利润继续"双增"，且增速还在逐季加快。 多维度的同业首位，刻画了农行上半年经营业绩的"含金量"——境内人民币日均存款增量、增速居可比同业首位，普惠贷款余额、增量及普惠小微有贷客户数、客 户增量居可比同业首位，拨备余额和拨备覆盖率居可比同业首位…… "上半年经营成果为全年高质量发展打下了坚实基础，让我们有更充分的信心迎接新的挑战和考验。"农行行长王志恒展望下半年业绩时多次提到"充满信心"。 盈利"含金量"：高基础上"更上一层楼" 近年来，农行持续亮眼的业绩表现不仅引发业内关注和热议，资本市场也投下认可票，股价一路攀升，前不久A股流通股市值一举跃升至上市银行之首。细看今年 上半年成绩单，在高基础上还能保持稳健增长，这份答卷的"含金量"更为扎实。 另一方面，盈利增长的根基——资产质量依旧"硬核"。农行拥有超万亿元的拨备余额，拨备覆盖率295%，这些指标均居可比同业首位，厚实的拨备资金是农行抵 ...

8月25日的业绩会上，平安银行行长冀光恒将2025年称为平安银行"最难的一年"。 上半年，平安银行录得营收、归母净利693.85亿元、248.70亿元，两项数字同比降幅分别 为-10%、-3.9%。 利润降幅远小于营收的原因，一是该行降本增效、大力节流后业务及管理费支出同比下滑9.4%，二是 拨备反哺、信用减值损失大幅下滑16.27%。 从整体战略看，平安银行如今的收缩来源于对零售业务的刮骨疗毒。 2016年，平安银行启动零售转型，凭借远超同业的资产收益水平跑马圈地，高风险的信用卡、"新一 贷"业务一度被争相效仿。 随着行业进入下行周期，以风险换收益的苦果持续暴露。 2023年履新行长的冀光恒主导改革，以几乎"硬着陆"的方式调整信用类高收益业务，保障存量资产安 全。 刮骨疗毒下，该行零售部门2024年利润贡献率由2019年巅峰时的7成以上降至不足1%。 2025年，正是平安银行零售改革的关键年份。 信风注意到，近两年该行在资产质量未见优化的大背景下，已频繁通过拨备反哺利润； 具体到业务调整上，则通过大力扩张对公信贷掩护零售业务规模的极速下滑。 但以上种种也意味着，若平安银行的零售迟迟未见起色，不论是整体的拨备 ...

Core Insights - China Merchants Bank (CMB) has announced that its retail AUM (Assets Under Management) has surpassed 16 trillion yuan, making it the first domestic joint-stock commercial bank to reach this milestone [1][2] - The growth in AUM has accelerated significantly, with the bank achieving its first 5 trillion yuan in 9 years, the second in 5 years, and the latest in just over 3 years [2][3] - CMB's wealth management strategy has shown resilience through market cycles, with a focus on enhancing customer service capabilities and building an open platform ecosystem [1][4] AUM Acceleration - CMB's retail AUM reached 14.93 trillion yuan by the end of 2024, with significant growth from 12.12 trillion yuan in 2022 and 13.32 trillion yuan in 2023, indicating a strong upward trend [2] - The bank's AUM increased by 1.2 trillion yuan in 2023 and 1.61 trillion yuan in 2024, showcasing a notable increase in retail AUM increments [2][3] Product Category Breakthrough - CMB maintains the leading position in the industry for public non-monetary funds and wealth management products, with retail insurance premiums surpassing 1 trillion yuan [4] - The bank has developed a comprehensive service system called "TREE Asset Allocation Service System," catering to diverse customer financial needs and achieving over 10 million clients served [4] Customer Management - CMB serves over 200 million individual clients, enhancing its service offerings to meet diverse financial needs, including retirement planning and cross-border investments [5] - The bank has upgraded its AI wealth assistant, "AI Xiao Zhao," to improve customer service efficiency and effectiveness [6] Cross-Border Financial Services - CMB has launched upgraded cross-border investment services, including the "Cross-Border Wealth Management Connect 2.0" and new cross-border payment products [6] - The bank's digital initiatives aim to simplify wealth management for clients, providing a one-stop financial service experience through its app [7] Partnership Expansion - CMB collaborates with over 160 partners to build a comprehensive wealth management ecosystem, emphasizing cooperation and shared growth [8] - The bank's achievements in retail AUM reflect its strong operational capabilities and commitment to building a robust wealth management ecosystem with partners [8]

Core Insights - China Merchants Bank (CMB) has announced that its retail AUM (Assets Under Management) has surpassed 16 trillion yuan, becoming the first domestic joint-stock commercial bank to reach this milestone [1][8] - The growth in AUM has accelerated significantly, with the bank achieving the third 5 trillion yuan milestone in just over 3 years, compared to 9 years for the first and 5 years for the second [2][8] AUM Growth Acceleration - CMB's retail AUM reached 14.93 trillion yuan by the end of 2024, with significant growth from 12.12 trillion yuan in 2022 and 13.32 trillion yuan in 2023, indicating a strong upward trend [2][3] - The bank's AUM increased by over 1 trillion yuan in the first seven months of the year, marking a historical high in growth [3] Product Category Breakthroughs - CMB maintains the leading position in the industry for non-monetary public funds and wealth management products, with retail insurance premiums surpassing 1 trillion yuan [4][8] - The bank has developed a comprehensive service system called "TREE Asset Allocation Service System," catering to diverse client needs and enhancing its wealth management capabilities [4] Client Management and Services - CMB serves over 200 million individual clients, focusing on personalized services to meet diverse financial needs, including retirement planning and cross-border investments [5][6] - The bank has upgraded its AI wealth assistant, "AI Xiao Zhao," to enhance customer service efficiency and effectiveness [6] Cross-Border Financial Services - CMB has launched upgraded cross-border investment services, including the "Cross-Border Wealth Management Connect 2.0" and new cross-border payment products, facilitating easier access for clients [6][7] Wealth Management Ecosystem - CMB collaborates with over 160 partners to build a comprehensive wealth management ecosystem, emphasizing cooperation and shared growth [7][8]

把握"五大变化"，推动大财富管理高质量发展 8月7日，招商银行在深举办"财富启新程 湾区共潮生——2025财富合作伙伴论坛"，头部基金、理财、保险、私募、信托机构齐聚粤港澳大湾区，共商大财富管理高质量发展新征程。 目前，粤港澳大湾区经济总量已达14.8万亿元人民币，比肩全球三大湾区。招商银行行长王良在论坛致辞时表示，中国财富资管已经迈入了全球化发展的新阶段，要充分依托粤港澳大湾区的区 招行成立38年以来，不断发展壮大，综合实力不断增强，在英国《银行家》刚刚公布的全球银行1000强榜单中，按一级资本排名，招行位列第8位。当前，招行为超2亿个人客户提供优质服务， 此外，招商银行在会上宣布，其零售代销保险总规模已突破1万亿元人民币大关。 一是业务模式更加长期有效。在高质量发展的路线指引下，伴随着降费政策的相继落地，银行财富管理模式在持续推进从GMV到AUM的范式迁移，相比"卖出去"更关注"留得住"。近几年来，招商 二是业务结构更加稳健均衡。在客户配置上，招商银行坚持TREE的资产配置服务体系，基于客户风险偏好及需求提供多资产多策略组合。在产品布局上，招行构建了理财、基金、保险、私募、 三是客户体验更加良好。一方面以 ...

Core Insights - The core focus of the report is on the development of retail banking at Guangfa Bank, emphasizing a balanced approach to quality, efficiency, scale, and structure in business operations [1][2]. Group 1: Business Performance - Guangfa Bank has achieved significant progress in operational efficiency, with steady growth in retail business revenue and an optimized asset-liability structure [1]. - The bank's personal deposit business has seen both quantity and quality improvements, while personal loans have enhanced self-operating capabilities [1]. - The private banking client base has grown rapidly, and the quality of credit card customers has steadily improved [1]. Group 2: Strategic Initiatives - Guangfa Bank is actively involved in the development of pension finance, focusing on customer needs and expanding its pension product offerings, having opened 1.3 million personal pension accounts [1]. - The bank has launched new credit financing services for new citizens to support entrepreneurship and has introduced various consumer loan products [1]. - The bank has implemented policies to adjust interest rates on existing first-home loans to support a stable real estate market and has contributed to consumption recovery with credit card spending reaching 2.22 trillion yuan [1]. Group 3: Digital Transformation - Guangfa Bank is enhancing its retail business through systematic, comprehensive, and digital capabilities, accelerating its digital transformation [2]. - The bank has built a "scene + finance" digital customer service ecosystem, resulting in over one million new customers [2]. - The introduction of various digital tools, including the successful launch of a step-by-step core system for credit cards, has provided strong momentum for digital transformation and high-quality development of credit card services [2]. Group 4: Comprehensive Operations - The bank has strengthened resource integration and deepened collaborative efforts, improving the efficiency of retail customer conversion [2]. - It has enhanced its professional service capabilities in wealth management, focusing on customer-centered product matrices and upgrading its financial products [2]. - The bank is developing a comprehensive lifecycle management system for customers, enriching its membership growth system and offering diverse and differentiated services [2].

Core Insights - The forum hosted by China Merchants Bank focused on high-quality development in wealth management within the Guangdong-Hong Kong-Macao Greater Bay Area, emphasizing collaboration among financial institutions [1][3] - China Merchants Bank's retail insurance distribution has surpassed 1 trillion RMB, indicating significant growth in its wealth management services [2] - The bank's assets under management (AUM) exceed 16 trillion RMB, with total asset custody over 24 trillion RMB, showcasing its strong market position [1] Industry Trends - The Chinese wealth management industry is experiencing substantial growth potential, with predictions of an annual growth rate of 8%-10% in the wealth management market [3] - The transition to a low-interest-rate environment poses challenges and opportunities for wealth management institutions, necessitating a focus on creating stable, low-risk investment products [3] - Changing customer demands are driving wealth management firms to enhance service capabilities, requiring a shift towards a more comprehensive and integrated service experience [3] Strategic Directions - Wealth management institutions must adapt to regulatory changes and shift from a focus on scale to a focus on investor-centric approaches, emphasizing long-term value and investor rights [4] - The integration of AI technology is expected to revolutionize wealth management, impacting service delivery, operational models, and investment strategies [4] Company Initiatives - China Merchants Bank is prioritizing a long-term effective business model, focusing on AUM growth rather than just sales volume, and enhancing customer retention [5] - The bank is diversifying its product offerings across various asset classes, including funds, insurance, and private equity, to create a balanced revenue structure [5] - Customer experience is being improved through a focus on product management and risk control, ensuring a stable and positive client interaction [6] Future Vision - The bank aims to be a key player in building a strong financial nation, supporting the development of the real economy and enhancing its global competitiveness [7] - China Merchants Bank is committed to providing comprehensive global asset allocation services, leveraging its international presence and cross-border capabilities [7] - The bank is embracing an "AI First" strategy to become a leading intelligent bank, collaborating with partners to innovate in AI applications within the financial sector [7]

目前，粤港澳大湾区经济总量已达14.8万亿元人民币，比肩全球三大湾区。招商银行行长王良在论坛致 辞时表示，中国财富资管已经迈入了全球化发展的新阶段，要充分依托粤港澳大湾区的区位优势，依托 香港"超级联系人""超级增值人"的角色功能，积极融入全球财富资管市场，服务客户财富保值增值。招 行愿与所有合作伙伴相互支持、携手并进，共同推动大财富管理高质量发展。 招行成立38年以来，不断发展壮大，综合实力不断增强，在英国《银行家》刚刚公布的全球银行1000强 榜单中，按一级资本排名，招行位列第8位。当前，招行为超2亿个人客户提供优质服务，管理零售客户 总资产（AUM）规模超过16万亿元，资产托管规模超过24万亿元，资产管理规模近4.5万亿元，在财富 资管的"长坡厚雪"上跑出了加速度。 作为招商银行的合作伙伴，富国基金将始终坚守投资者利益为先的初心，把握经济高质量发展的新机 遇。依托在资产管理领域的深厚积淀，富国基金愿与招商银行携手，以更精进的专业能力和更贴心的陪 伴服务，持续为客户创造价值。 此外，招商银行在会上宣布，其零售代销保险总规模已突破1万亿元人民币大关。 把握"五大变化"，推动大财富管理高质量发展 当前，我国大 ...