上海市金融运行报告（2025） 中国人民银行上海总部 货币政策分析小组 [内容摘要] 2024 年，面对复杂严峻的外部环境，上海市坚持以习近平新时代中国特色社会主义思想为指导，全 面贯彻落实党的二十大和二十届二中、三中全会精神，坚持稳中求进工作总基调，推动经济社会发展平 稳有序，新动能、新产业持续壮大，民生保障得到加强，积极因素不断增加，高质量发展稳步前行。中 国人民银行上海总部认真贯彻落实稳健的货币政策，精准有效落地各项货币政策工具，加大逆周期调节 力度，引导信贷合理增长、均衡投放，进一步降低社会综合融资成本，为支持实体经济向好提供有力的 金融支持。2024 年，上海市实现地区生产总值 5.4 万亿元，同比增长 5.0%。 全力稳增长提信心促发展，经济持续向好。一是着力扩投资促消费稳外需，夯实经济回升基础。全 社会固定资产投资增速平稳，同比增长 4.8%；工业投资表现强劲，同比增长 11.1%，为经济增长提供了 有力支撑。加快推进国际消费中心城市建设，深化商旅文体展融合联动，出台实施消费品以旧换新、服 务消费提质扩容等促消费政策，全力提振消费市场，上海市社会消费品零售总额同比下降 3.1%。积极 促进外贸稳 ...

透过各上市金融机构近期发布的半年报可以发现，无论是商业银行还是保险公司，都在养老金融领域加 大投入力度，深耕细分领域，不断推动养老金金融、养老服务金融、养老产业金融三大板块融合发展。 2024年底，中国人民银行等9部门联合印发《关于金融支持中国式养老事业服务银发经济高质量发展的 指导意见》，从支持不同人群养老金融需求、拓宽银发经济融资渠道、健全金融保障体系、夯实金融服 务基础、构建长效机制五方面提出16项重点举措。各金融机构围绕相关部署，全力做好养老金融大文 章。 丰富产品满足多样需求 从各金融机构披露的数据来看，商业银行一方面开发养老理财、养老储蓄产品，另一方面积极参与企业 年金和职业年金的管理。中信银行半年报显示，该行在养老金融领域迭代"幸福+"服务体系，养老金融 托管金额超5300亿元。兴业银行半年报显示，截至6月末，该行60周岁及以上客户达1086.43万户，较年 初增长6.75%；综合金融资产超1.11万亿元，较年初增长6.73%；个人养老金开户数719.14万户。 农业银行副行长林立在业绩说明会上介绍，农行8.88亿个人客户中，55岁以上的客户接近3亿户。记者 在采访中了解到，近年来农业银行持续优 ...

9月13日，在2025年服贸会·全球养老金融大会上，原中国保监会副主席周延礼表示，要优化养老金融发 展环境，降低老年人面临的金融风险。 随着人口老龄化加剧，养老金融领域的风险防范与老年人权益保障正成为社会关注的焦点。 为有效防范风险，必须进一步完善和健全养老金融的监管模式。周延礼提出，在政府监管层面，一行一 局一会需要中央相关部门的大力支持。人口老龄化不仅关乎社会民生，更涉及国家长远发展的总体布局 和国家安全。因此，加强风险防控、健全监管机制、减少金融治理赤字，是当前的紧迫任务。 他建议，要建立健全与养老金融业务发展相匹配的监管制度体系，在促进银发经济发展的同时强化风险 防控，切实保护金融消费者，尤其是老年人的合法权益。 "要利用电视、广播、网络等多种渠道普及养老金融和保险知识，让居民懂养老金融、会用养老金融， 使养老金融伴随每一位居民的一生。"周延礼表示，"同时要协同推进国家养老政策落实，积极争取支持 政策和政策协同，探索建立监管评价体系，让养老金融真正成为居民的安全保障。" 不过，中国老年人对养老问题不必过度焦虑。 养老问题专家杨叶青在接受记者采访时表示："只要老年人保持健康的生活状态，随着逐渐老龄化，无 ...

Group 1 - The core viewpoint emphasizes the need to optimize the development environment of pension finance and reduce financial risks faced by the elderly due to increasing population aging [2][3] - It is crucial to enhance financial service levels for the elderly, ensuring their basic rights are protected through expanded coverage and optimized service processes [2] - Recent initiatives by the People's Bank of China and the National Financial Regulatory Administration aim to increase financial transparency to protect consumer rights, which is vital for pension finance [2] Group 2 - Current issues in the pension finance sector include various institutions engaging in practices that pose significant risks to the elderly, highlighting the importance of protecting their financial rights [2][3] - A call for improved regulatory models in pension finance is made, emphasizing the need for support from central government departments to strengthen risk prevention and regulatory mechanisms [3] - The establishment of a regulatory system that aligns with the development of pension finance is necessary to promote the silver economy while ensuring consumer protection, particularly for the elderly [3] Group 3 - Experts suggest that elderly individuals need not overly worry about pension issues, as maintaining a healthy lifestyle can facilitate aging in place within families or communities [4]

Core Performance Indicators - As of June 30, 2025, the company's total assets exceeded 10.61 trillion yuan, with a deposit balance growth of 6.10% [2] - The net profit attributable to shareholders reached 43.141 billion yuan, a year-on-year increase of 0.21%, marking a positive turnaround from negative growth in the first quarter [2] - The net interest margin stood at 1.75%, significantly higher than the industry average of 1.42% [2] Asset Quality and Risk Management - The non-performing loan balance was 63.493 billion yuan, with a non-performing loan ratio of 1.08%, reflecting a slight increase of 0.01 percentage points from the end of the previous year [4] - The company reported a decrease in risk costs, with a provision coverage ratio of 228.54%, indicating strong risk absorption capacity [4] - New non-performing loans in key risk areas such as real estate and credit cards saw significant declines, confirming a turning point in asset quality [4] Strategic Focus Areas - The company is focusing on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, driving a transformation towards "light capital, light assets, and high efficiency" [5][6] - In technology finance, the financing balance reached 2.01 trillion yuan, growing by 14.18%, with a non-performing loan ratio of 0.97%, lower than the average for corporate loans [5] - Green finance remains a traditional strength, with a financing balance of 2.43 trillion yuan, an increase of 10.71%, and a non-performing loan ratio of 0.57% [5] Customer Service and Digital Transformation - The retail customer base grew to 112 million, with significant increases in high-value customer segments [9] - The company has implemented a digital inclusive finance service system, with inclusive small and micro loans reaching 584.932 billion yuan, a growth of 5.22% [6] - Monthly active users of mobile banking increased by 8.40%, reflecting the success of digital transformation initiatives [7][11] Core Competencies and Management - The company is enhancing its core capabilities in strategic execution, customer service, investment trading, comprehensive risk control, and management promotion [8][10] - The focus on risk management is evident, with a systematic approach to identifying and mitigating risks across various sectors [10] - The company is committed to high-quality development through digital transformation and talent development initiatives [11][12]

Core Viewpoint - Shanghai Rural Commercial Bank reported steady growth in its financial performance for the first half of 2025, with key indicators showing resilience amid a complex macroeconomic environment [2][3][4]. Financial Performance - As of June 30, 2025, the total assets of the bank reached 1,549.419 billion yuan, an increase of 4.14% compared to the end of the previous year [2][3]. - The bank achieved an operating income of 13.444 billion yuan, with a year-on-year increase of 0.38% after excluding non-recurring gains and losses [2][4]. - The net profit attributable to shareholders was 7.013 billion yuan, reflecting a year-on-year growth of 6.69% after excluding non-recurring gains and losses [2][4]. - The non-interest income was 3.819 billion yuan, up 2.19% year-on-year, accounting for 28.41% of total operating income, indicating improved revenue structure [4]. Asset Quality and Risk Management - The bank maintained a non-performing loan ratio of 0.97%, remaining below 1%, which is considered industry-leading [4]. - The provision coverage ratio stood at 336.55%, indicating a strong risk mitigation capacity [4][5]. Capital Adequacy - As of June 30, 2025, the core tier one capital adequacy ratio was 14.52%, the tier one capital adequacy ratio was 14.55%, and the total capital adequacy ratio was 16.90%, all significantly above regulatory requirements [5]. Business Structure Optimization - The bank focused on optimizing its business structure, with a notable decrease in average interest rates on deposits to 1.57%, down 26 basis points year-on-year [8]. - The bank's corporate customer base reached 345,600, with a corporate loan balance of 495.929 billion yuan, and trade settlement volume increased by 68.61% year-on-year [8]. Inclusive Finance and Innovation - The bank's inclusive finance initiatives led to a balance of 91.347 billion yuan in small and micro loans, a growth of 5.47% from the previous year [9]. - In the technology finance sector, the bank's loans to technology enterprises exceeded 120 billion yuan, with a customer base of 4,624, reflecting an 8.09% increase [9]. Green Finance Initiatives - The bank's green finance assets surpassed 100 billion yuan, supporting key industries such as green energy and environmental protection [10]. High Dividend Policy - For the first half of 2025, the bank distributed cash dividends totaling 2.324 billion yuan, with a dividend payout ratio of 33.14%, an increase of 7 basis points from the previous year [12][13]. - The bank has consistently maintained a dividend payout ratio above 30% since its market debut in 2021, reflecting its commitment to shareholder returns [13].

苏州作为全国老龄化程度较高的城市之一，截至2024年底，60周岁及以上户籍人口占比达26.9%，214 万长者的养老需求成为民生焦点。作为国有大行，中国银行苏州分行（以下简称"苏州中行"）精心书写 养老金融大文章，聚焦政府、企业、个人三大客群需求，在产业金融、数字建设、服务网络、风险防控 等领域精准发力，加快构建一站式、全生命周期的养老金融服务生态体系，全面服务银发经济高质量发 展。 赋能产业，打造养老标杆项目 在吴中区核心板块，一个集养老、商业、医疗、托幼、文化娱乐于一体的城心养老园区正在筹备——这 是苏州首个城市中心养老项目，也是苏州中行深耕地方养老产业的发力点。 为全力支持"养老园区"运营模式落地，苏州中行组成审批团队，赴周边城市考察同类型项目，在充分调 研了解项目相关情况后，为项目方批复6亿元中长期固定资产贷款。据了解，该项目投入运营后，将以 社区化养老的方式服务中高端客户群体，区内医疗、商业、幼儿教育、老年大学等一应俱全，成熟的配 套将更加方便子女陪伴式养老和全家居住生活。 数字驱动，构建智慧养老生态 苏州中行以金融数字化转型为契机，打造了"苏悦·颐养—中银智慧养老平台"，围绕机构、社区及居家 养老 ...

今年5月7日，中国证监会推出重磅改革方案——《推动公募基金高质量发展行动方案》（以下简称《行 动方案》），针对市场和社会关切的痛点、堵点问题提出25条改革措施，督促公募基金形成高质量发 展"拐点"，促进行业持续提升服务居民财富管理、服务资本市场改革发展稳定、服务实体经济和国家战 略的能力。 专题：北京公募基金高质量发展系列活动 新时代、新基金、新价值 2025年9月8日，在北京证监局指导下，北京证券业协会携手北京公募基金管理人、基金销售机构、基金 评价机构及多家主流媒体，共同启动"北京公募基金高质量发展系列活动"。活动以"新时代·新基金·新价 值——北京公募基金高质量发展在行动"为主题，旨在贯彻落实《推动公募基金高质量发展行动方 案》，进一步提升北京作为国家金融管理中心的引领作用，打造北京金融高质量发展新名片。 泓德基金表示，《行动方案》为公募基金行业高质量发展指明了路径，公司将立足"新时代"，以"新基 金"为载体，探索新模式，致力于为持有人创造持续、稳健的"新价值"。 新时代——责任担当 金融为民 《行动方案》坚持以投资者为本的理念，突出强化与投资者的利益绑定，突出增强基金投资行为稳定 性，突出提升服务投资 ...

【环球网财经报道 记者 冯超男】在2025年中国国际服务贸交易会（下称"服贸会"）的金融服务专题展上，各大金融机构纷纷围绕科技金融、绿色金融、普 惠金融、养老金融、数字金融"五篇大文章"，描绘出金融赋能实体经济的实践图景。 对于养老金融而言，作为金融服务体系的重要组成部分，是应对人口老龄化、支持银发经济发展、增进老年人福祉的重要着力点。"养老金融属于双向延伸 的金融业务，可以成为一个超大群体、超长周期、超级规模的金融市场。"9月13日，中国银行原行长李礼辉在本届服贸会的重要组成部分——第三届全球养 老金融大会上称道。 该负责人进一步表示，投保规则层面，部分产品将最高投保年龄进一步放宽，更好地契合银发经济市场的保障需求。领取方式也更为灵活和人性化，支持年 领、月领等多种选择，部分养老年金产品还支持即期领取，帮助消费者打造与生命等长的持续现金流。 发展养老金融需要实现"养老"和"金融"的深度融合，秉持着"养老为根本，金融为手段"的原则，但如今无法单凭金融手段解决全部的养老问题。当前，很多 老年人不再满足于存款储蓄传统养老方式，而是追求康养旅居、智能设备、健康管理等品质体现。 金融与服务深度融合，推动适老化改造 养 ...

Core Insights - The aging population in China is accelerating, leading to a diversified demand for elderly care services, with a focus on the development of inclusive and intelligent elderly finance as a key area for improving the quality of life for seniors and supporting the construction of the pension system [1][3] - The integration of artificial intelligence (AI) technology into the entire elderly finance chain is seen as a solution to address high service thresholds, narrow coverage, and weak data support [1][3] Group 1: Demographics and Market Needs - By the end of 2024, the elderly population aged 60 and above in China is projected to reach 31.03 million, accounting for 22% of the total population, while those aged 65 and above will number 22.02 million, making up 15.6% of the total [3] - The demand for specialized and precise elderly finance services is becoming increasingly urgent as the aging population grows [3] Group 2: AI's Role in Elderly Finance - AI can lower the cost and threshold of elderly finance services, allowing for a broader reach beyond traditional high-net-worth individuals and large enterprises [3][4] - AI enhances the transparency and adaptability of elderly finance products, fostering consumer trust and engagement by providing tailored financial planning based on individual risk preferences and life scenarios [4] Group 3: Data Utilization and Challenges - Despite the potential of AI in elderly finance, challenges remain, including insufficient depth of AI application, unclear boundaries for data privacy protection, scarcity of high-quality financial data, and inadequate computational support [5][6] - The financial industry faces significant data sharing shortcomings, with public data often fragmented and non-public data circulation being inefficient [5][6] Group 4: Collaborative Efforts and Future Directions - The development of elderly finance requires collaboration among government, market, society, and families to leverage AI tools effectively [7] - There is a need for enhanced top-level design and institutional supply to ensure that pension systems benefit a wider population [7] - Establishing a national public database and improving personal information protection mechanisms are essential for maximizing the value of data in elderly finance [7] Group 5: Technological Integration and Service Innovation - Companies are encouraged to build unified health and care platforms that integrate various data sources to provide personalized services [8] - The application of IoT and advanced intelligent devices is being explored to enhance service efficiency and improve the quality of life for the elderly [8]