21世纪经济报道记者 黄子潇 深圳报道 中高端信用卡，或将成为银行财富管理的一个切入点。 记者注意到，在到任首月，曹慰就以平安银行信用卡中心总裁（待核准）的身份会见了国际信用卡组织。 8月，Visa全球高级副总裁兼大中华区总裁于雪莉一行来访平安银行，平安银行行长助理王军、平安银行信用卡中心总裁（待核准）曹慰出席会见。今年上 半年，王军从深圳分行行长一职调任至总行行长助理，并分管零售业务；曹慰的此次出席也是其到任消息首次经官方证实。 此次会见透露出多个最新战略。王军表示，平安集团拥有庞大的客户资源，其中包括大量财富客群，存在着巨大的拓展空间。平安银行未来将逐步探索更加 完善的财富管理体系，以信用卡为突破口，通过差异化的产品与服务吸引财富客群，打造中高端市场的口碑和优势。 平安银行高管会见VISA高管 图源/平安银行 平安银行信用卡迎来一位深耕信用卡多年的人士。近日，深圳金融监管局批复信息显示，曹慰获准出任平安银行信用卡中心总经理。 曹慰在信用卡及零售金融领域深耕多年。据公开可查履历显示，2014年时，曹慰以招商银行信用卡中心市场企划部副总经理的身份出席活动；2018年前后， 出任招商银行总行零售金融总部总经理助 ...

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Core Insights - China Ping An ranked 9th in the "Top 100 Most Valuable Chinese Brands" by Kantar BrandZ with a brand value of $29.64 billion, marking a year-on-year increase of approximately 44.5% [1] - The BrandZ ranking evaluates brands based on financial value and brand contribution, highlighting China Ping An's commitment to building a trusted national brand and its ongoing digital transformation strategy [1] Group 1: Financial Performance and Customer Engagement - As of June 2025, China Ping An had nearly 247 million personal customers, equating to one in every six Chinese individuals being a customer, with an average of 2.94 contracts per customer, reflecting a 0.3% increase from June 2024 [2] - The average operating profit per customer reached 247.32 yuan in the first half of 2025, showing a year-on-year growth of 0.6% [2] - The company aims to provide a seamless financial service experience through a comprehensive financial supermarket model, emphasizing customer needs and product advantages [2] Group 2: Technological Advancements - China Ping An has leveraged AI technology to enhance its financial services, achieving 818 million calls to its large model and over 650 applications across various scenarios in the first half of 2025 [2] - AI-driven customer service accounted for approximately 8.82 billion interactions, covering 80% of total customer service volume, with a 94% instant underwriting rate for life insurance policies [2] - The integration of AI and human collaboration has improved policy renewal rates by 18%, enhancing customer protection [2] Group 3: Corporate Social Responsibility and Sustainability - By June 2025, China Ping An had invested nearly 10.8 trillion yuan in supporting the real economy, with green investment totaling 144.48 billion yuan and green loan balances at 251.75 billion yuan [3] - The company reported green insurance premium income of 35.84 billion yuan and provided 32.81 billion yuan in rural industry support in the first half of 2025 [3] - China Ping An's MSCI ESG rating improved to AA, ranking first in the Asia-Pacific region for "comprehensive insurance and brokerage," and it was the only insurance company from mainland China included in the S&P Global "Sustainability Yearbook" [3]

Core Viewpoint - China Ping An is actively embracing change in response to a new market environment, focusing on reform and innovation while maintaining a steady approach to growth [1][2]. Product Strategy - The company is implementing a product strategy centered on "transforming dividends, expanding annuities, and strengthening healthcare," continuously enriching and upgrading its insurance product system [1][2]. - Following the adjustment of the preset interest rate in September, wealth and pension products will fully transition to dividend-type products, with a gradual increase in the supply of dividend-type protection products [2]. - By the first half of 2025, the proportion of dividend insurance in individual new policies is expected to rise to around 40% [2]. Channel Development - China Ping An is promoting the collaborative development of various channels, including agent channels, bancassurance, and community financial services, emphasizing that both products and channels must adapt to market changes [2][3]. - The company aims to enhance the quality of its agent workforce and expand the bancassurance channel, which has significant growth potential in the domestic market [3]. AI Integration - The term "AI" appeared 67 times in the mid-2025 report, a significant increase from 15 times in the mid-2024 report, indicating the company's commitment to integrating AI across its operations [4][5]. - The company believes that the digital and intelligent capabilities of financial technology will drive disruptive changes in the industry, enhancing service coverage, operational efficiency, and risk management [4]. Customer Growth and Data Utilization - As of June 2025, China Ping An had nearly 247 million individual customers, supported by a vast amount of data for training large models in financial and healthcare sectors [5][6]. - The company has developed 67 proprietary large models, with 8.18 billion calls to these models and over 650 applications across various scenarios by mid-2025 [6]. Investment Strategy - China Ping An has increased its equity allocation from 9.9% at the end of 2024 to 12.6% by mid-2025, reflecting a strategic shift towards higher dividend-paying stocks and stable returns [7]. - The company emphasizes a dual investment strategy that aligns with the long-term, stable return needs of insurance funds while also supporting the growth of new productive sectors [8].

Core Viewpoint - Nanjing Bank's 2025 semi-annual report demonstrates robust growth across multiple operational metrics, indicating strong profitability and resilience in a complex environment [1][6]. Financial Performance - As of the end of the reporting period, Nanjing Bank's total assets exceeded 2.9 trillion yuan, marking a nearly 12% increase from the previous year [1][7]. - The bank's deposits reached 1.64 trillion yuan, and loans amounted to 1.38 trillion yuan, with respective growth rates of 9.98% and 10.41% compared to the previous year [1][7]. - In the first half of 2025, Nanjing Bank achieved operating income of 28.48 billion yuan, an increase of 8.64% year-on-year, and a net profit attributable to shareholders of 12.62 billion yuan, up 8.84% year-on-year [6][7]. Capital Strength - The recent successful conversion of "Nanjing Bank Convertible Bonds" at nearly 100% conversion rate, totaling 19.996 billion yuan, set a record for city commercial banks [5][7]. - This conversion significantly enhances the bank's capital strength, providing a solid foundation for future high-quality development [5][7]. Business Segments - Nanjing Bank's corporate banking segment reported a loan balance of 1.06 trillion yuan, increasing by 119.02 billion yuan, or 12.71%, from the beginning of the year [8][11]. - Retail banking revenue reached 7.644 billion yuan, growing 21.40% year-on-year, with personal loans increasing to 331.949 billion yuan, a growth of 3.67% [9][11]. - The financial market segment maintained a steady upward trend, with subsidiaries contributing significantly to overall profitability [10]. Strategic Development - The bank's new five-year strategic plan focuses on developing corporate finance, retail finance, and financial markets, enhancing its comprehensive financial service capabilities [8][12]. - Nanjing Bank is actively optimizing its credit structure, particularly in key sectors such as advanced manufacturing, technology innovation, and green finance, with notable growth in these areas [11][12]. Regional Economic Integration - The bank emphasizes its role in supporting regional economic transformation, with significant increases in loans for green finance, inclusive small and micro enterprises, and technology finance [11][12]. - Nanjing Bank is also enhancing its cross-border financial services, supporting foreign trade small and micro enterprises [11][12]. Unique Business Identity - The bank is developing five distinctive business identities: Science and Technology Bank, Investment Bank, Wealth Bank, Transaction Bank, and Digital Bank, aiming to create a competitive edge [12][13]. - The focus on technology finance has led to a 12% increase in technology finance balance, reaching 166.8 billion yuan [12][13].

Group 1 - Interbrand's "2025 Best Chinese Brands" list ranks China Ping An third overall with a brand value of 175.85 billion yuan and a growth rate of 5%, marking its first position as the top financial brand in China and maintaining its lead in the insurance sector for 12 consecutive years [1] - The total brand value of the listed brands in the "2025 Best Chinese Brands" is 3,427.802 billion yuan, with Tencent and Alibaba occupying the first two positions [1] - China Ping An's unique strategy combines "comprehensive finance + medical and elderly care," leveraging AI technology to enhance user experience and promote a service model focused on being "worry-free, time-saving, and cost-effective" [1] Group 2 - As of June 30, 2025, China Ping An has nearly 247 million personal customers, a 1.8% increase since the beginning of the year, with a retention rate of 97.8% for customers holding four or more contracts [1][2] - The company collaborates with approximately 50,000 internal and external doctors, nearly 37,000 hospitals, and over 106,000 health management institutions, achieving 100% coverage of top hospitals in China [2] - China Ping An has invested nearly 10.8 trillion yuan in supporting the real economy and has a green investment scale of 144.482 billion yuan as of June 30, 2025 [3]

Core Viewpoint - The Shanghai Rural Commercial Bank Co., Ltd. reported its 2025 semi-annual results, highlighting a stable growth in assets and profits despite a slight decline in revenue compared to the previous year. The bank continues to focus on retail and inclusive finance, maintaining a strong capital adequacy ratio and low non-performing loan rate. Company Overview - Shanghai Rural Commercial Bank was established on August 25, 2005, and is headquartered in Shanghai, making it the first provincial-level joint-stock commercial bank based on rural credit. The bank was listed on the Shanghai Stock Exchange on August 19, 2021, under the stock code 601825 [3][4]. - The bank aims to provide comprehensive financial services to both enterprises and individuals, focusing on inclusive finance, technological innovation, and rural revitalization [3][4]. Financial Performance - For the first half of 2025, the bank reported operating income of 13.44 billion RMB, a decrease of 3.40% from the same period in 2024. However, net profit increased by 0.41% to 7.17 billion RMB [7][11]. - The total assets reached 1,549.42 billion RMB, reflecting a growth of 4.14% compared to the end of 2024. The total loans and advances amounted to 774.16 billion RMB, up by 2.51% [7][11]. - The bank's non-performing loan rate remained stable at 0.97%, with a provision coverage ratio of 336.55% [11][12]. Strategic Focus - The bank emphasizes retail finance as its main strategic focus, aiming to enhance wealth management and personal credit services. It is committed to developing a comprehensive financial service system that includes inclusive finance, technology finance, and green finance [5][6]. - The bank has established a robust risk management framework, maintaining a low level of non-performing loans and ensuring compliance with regulatory capital requirements [6][12]. Industry Context - The banking industry in China is facing challenges such as narrowing net interest margins and increased pressure on asset quality, particularly among small and medium-sized banks. The Shanghai market, however, is experiencing growth, with a GDP of 5.39 trillion RMB in 2024, marking a 5% increase [11][12]. - The strategic development of Shanghai as an international financial center is expected to provide opportunities for banks to support innovation and modernization in various sectors, including agriculture and elder care [12].

Core Viewpoint - China Ping An is committed to increasing its equity asset allocation, focusing on growth sectors representing new productivity and high-dividend value stocks [2][5]. Performance Summary - In the first half of 2025, China Ping An achieved a net operating profit of 77.732 billion yuan, a year-on-year increase of 3.7%. The overall performance is described as stable, with strong growth in core business and ongoing innovation [4]. - However, the net profit attributable to shareholders decreased by 8.8% year-on-year to 68.047 billion yuan. This discrepancy is attributed to three main factors: one-time accounting treatment related to the consolidation of Ping An Good Doctor, the issuance of convertible bonds leading to short-term valuation declines, and significant unrealized capital gains not reflected in the profit statement [4]. - The CFO advises investors to focus on operating profit changes rather than short-term profit fluctuations due to investment volatility, as operating profit better reflects the company's operational capabilities [4]. Investment Strategy - As of mid-2025, China Ping An's insurance asset investment scale exceeded 6.2 trillion yuan, an increase of 8.2% from the beginning of the year, with stock assets accounting for 10.5% [6]. - The company plans to increase its equity market allocation, particularly in new productivity sectors and high-dividend value stocks, as it views the current valuation levels of the Chinese capital market as reasonable [6]. - Future asset allocation will dynamically match high-yield stocks, value stocks, and growth stocks, optimizing the investment strategy in line with capital market developments [6]. Stock Price and Valuation - On August 27, 2025, China Ping An's A-share closed at 58.69 yuan per share, with a total market capitalization exceeding 1 trillion yuan. The A-share price has increased by over 14% year-to-date [8]. - The company believes that the market is gradually recognizing its value, especially as the life insurance industry enters a golden development period, and the advantages of its comprehensive financial and healthcare services are becoming more apparent [8].

Core Viewpoint - China Ping An reported a 3.7% year-on-year increase in operating profit for the first half of the year, while net profit attributable to shareholders decreased by 8.8%, raising market concerns about the disparity between these two profit indicators [3][4]. Financial Performance - The decline in net profit is attributed to three main factors: a one-time impact from the consolidation of Ping An Good Doctor resulting in a 3.4 billion yuan impairment, a non-operating impact from the revaluation of convertible bonds, and significant unrealized gains from stock investments classified under other comprehensive income [5][6][7]. - The company emphasized that operating profit is a more accurate reflection of the insurance industry's true profitability [7]. Business Growth - The new business value from the life insurance agent channel grew by 17% year-on-year, with a significant 168.6% increase from the bancassurance channel [8]. - The overall quality of business improved, with a 13-month policy continuation rate of 96.9%, up 0.3 percentage points year-on-year [7]. Industry Trends - The life insurance sector is experiencing a golden development period, driven by a low-interest-rate environment and increasing demand for wealth preservation, family protection, and value-added services related to health and retirement [8][9]. - The company is leveraging three key reform dividends: multi-channel strategies, product-service integration, and AI-driven enhancements to sales efficiency [9]. Dividend and Shareholder Value - Ping An plans to distribute a mid-term dividend of 0.95 yuan per share, reflecting a 2.2% year-on-year increase [10]. - The company believes that the life insurance industry's growth potential and its comprehensive financial and healthcare advantages will enhance shareholder value over time [11]. AI and Technology Investment - The company has significantly invested in AI and digital transformation, with over 818 million calls to its AI model and more than 650 application scenarios [11][12]. - The strategic focus on comprehensive AI integration aims to enhance the entire financial and healthcare value chain [11][12]. Investment Strategy - Ping An's investment strategy emphasizes asset-liability matching, considering factors such as duration, cost, cash flow, yield, and regulatory compliance [13]. - The company aims to optimize asset allocation to improve investment returns while reducing liability costs [14]. Future Outlook - The company anticipates that as liability costs decrease and capital markets stabilize, it will dynamically match investments across high-yield, value, and growth stocks [14]. - Ping An's valuation is expected to rise due to its strategic leadership and technological empowerment in the comprehensive financial and healthcare sectors [15].