非银金融 非银金融 2025 年 12 月 07 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 2024-12 2025-04 2025-08 非银金融 沪深300 相关研究报告 《大国崛起需建设金融强国，券商海 外业务迎发展良机—券商海外业务深 度研究》-2025.11.30 《公募 REITs 试点纳入商业不动产， 险企开门红向好 — 行 业 周 报 》 -2025.11.30 《开门红展望乐观，人身险产品费用 分摊指引发布—行业周报》-2025.11.23 ——吴清主席在中证协大会的致辞学习 | 高超（分析师） | 卢崑（分析师） | | --- | --- | | gaochao1@kysec.cn | lukun@kysec.cn | | 证书编号：S0790520050001 | 证书编号：S0790524040002 | | 事件：12 月 6 | 日吴清主席在中证协第八次会员大会致辞。 | 监管态度转向积极，对优质机构监管"松绑"，鼓励金融创新，鼓励并购 （1）杠杆放松，中小券商差异化监管："对优质机构监管'松绑'，进一步优化 风控指标，适度 ...

专题：四大证券报精华 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 12月5日（星期五），今日报刊头条主要内容精华如下： 中国证券报 寒武纪严正声明 12月4日，寒武纪科技微信公众号发文，公司关注到媒体及网络传播的关于公司产品、客户、供应及产 能预测等相关信息，均为误导市场的不实信息。 固收类产品四日累计跌超7.4%！"稳稳的幸福"遇挑战 11月27日至12月2日，华宸未来稳健添利债券基金连续四个交易日累计跌超7.4%，给有"稳稳的幸福"之 称的固收类产品带来冲击。华宸未来基金客服人员回应称，该基金持有的个别债券受市场环境影响，发 生了较大幅度的调整，是导致基金净值显著下跌的主要原因之一。此外，最近几个交易日，该基金连续 出现大额赎回，进一步加剧基金净值波动，此类负面影响需要一定时间逐步消化。 环保监测设备龙头"摘帽"！ 12月4日晚间，环保监测设备龙头ST先河（维权）公告称，公司股票交易将于12月5日（星期五）停牌 一天，于12月8日（星期一）开市起复牌。公司股票自12月8日开市起撤销其他风险警示，证券简称 由"ST先河"变更为"先河环保"，证券代码仍为"300137"，撤销其他 ...

证券时报记者黄钰霖 大财富管理不仅是连接资金端与资产端的关键枢纽，更是金融服务实体经济、实现普惠的重要载体。在 利率市场化深入推进、无风险收益率持续下行以及居民财富结构转型的多重背景下，如何回归本源，通 过专业能力为客户创造长期、稳健的价值，已成为银行等资管机构面临的核心议题。 近日，在"第十九届深圳国际金融博览会暨2025中国金融机构年会"分论坛"中国银行业年会"上，国信证 券经济研究所所长助理王剑主持主题为"做正确的事：共创大财富管理长期价值"的圆桌对话，农银理财 副总裁刘湘成、中银理财副总裁吴金梅、渣打北亚区首席投资策略总监郑子丰等展开了深入讨论。 他们表示，展望未来，全球化资产配置能力、数字化经营能力，以及专业的人才队伍将成为资管机构穿 越周期的"三驾马车"。 存款搬家趋势延续 近年来，中国居民财富总量持续快速增长，内部结构却迎来显著调整，"存款搬家"现象尤为突出——资 金正从传统银行储蓄向理财、基金及资本市场转移。这一趋势既是市场关注的焦点，更是大财富管理行 业发展的直接动力。 在与会嘉宾看来，存款搬家并非短期的市场脉冲，而是低利率环境下居民资产配置优化的必然结果。 刘湘成判断，当前"存款搬家"仍处 ...

Core Views - The article emphasizes the importance of building a strong financial nation and the new historical mission for the wealth management industry, as outlined in the "14th Five-Year Plan" [1] Group 1: Wealth Management Industry Dynamics - Wealth management serves as a crucial link between the funding and asset sides, playing a vital role in providing financial services to the real economy and achieving inclusive finance [2] - The rapid growth of household wealth in China is accompanied by a significant internal structural adjustment, notably the trend of "deposit migration" from traditional bank savings to wealth management products, funds, and capital markets [4] - The current phase of deposit migration is seen as a necessary outcome of optimizing asset allocation in a low-interest-rate environment, with the trend expected to continue as market activity increases [5] Group 2: Factors Driving Deposit Migration - The fundamental change in the interest rate environment is identified as the core driver of the deposit migration trend, with current bank deposit rates significantly lower than those from 2019 to 2021 [6] - The total amount of deposits in China is approximately 1.5 times the total market capitalization of A-shares, indicating substantial potential for capital market inflows [6] Group 3: Balancing Client Expectations - Clients often express a desire for both high returns and low volatility, creating a mismatch with financial realities, which poses challenges for asset management institutions [7] - Solutions to this challenge include setting reasonable expectations and optimizing strategies, such as designing appropriate product structures to smooth short-term volatility [7] Group 4: Investor Education and Engagement - The concept of "investor companionship" is gaining traction, focusing on helping clients understand products and manage risks effectively, especially during market fluctuations [9] - Continuous and detailed investor engagement is crucial for smoothing client emotions and achieving long-term value [9] Group 5: Future Competitiveness in Wealth Management - The competition in the wealth management industry is shifting from scale expansion to a deep competition in core capabilities, including global asset allocation, digital operations, and professional talent [10] - Asset management institutions are encouraged to enhance their strategies and products to meet the growing demand for cross-border investments [10] Group 6: Long-term Value Creation - Key directions for the future include establishing a client-centered investment management system, improving service quality, and leveraging technology for business development [11] - The industry is entering a new growth era, where focusing on service, professional capabilities, and genuine client engagement will be essential for navigating challenges and creating long-term value [11]

Core Insights - Recent actions by banks in the public fund distribution sector reflect a competitive strategy to attract clients through fee reductions while simultaneously increasing risk ratings for certain funds, indicating a focus on investor protection and appropriate risk management [1][6][8] Fee Discounts - Minsheng Bank announced a 50% discount on the subscription fee for the "Minsheng Jiayin Multi-Asset Stable Allocation Fund" from November 24 to December 31, 2025, applicable through various banking channels [3] - Industrial Bank also introduced a 50% discount on subscription and regular investment fees for four Morgan fund products starting November 25, 2025, with specific fee reductions detailed [4] - WeBank has taken a more aggressive approach, offering some funds with a 0% subscription fee, significantly lower than traditional banks' discounts [4][5] Risk Rating Adjustments - Minsheng Bank has raised the risk ratings of several public fund products from "low risk" to "medium risk," emphasizing the importance of investor suitability and risk awareness [6][7] - Other banks, including China Construction Bank and Postal Savings Bank, have also adjusted risk ratings upward for various funds, indicating a trend of increasing risk assessments across the industry [7][8] - The adjustments are seen as a proactive measure to enhance compliance and protect investor interests amid market volatility [8] Industry Trends - The competitive landscape in wealth management is shifting from a focus on sales to a more client-centric approach, with banks aiming to improve customer experience and long-term value through diversified services [6][10] - Analysts suggest that banks need to overcome traditional sales-focused mindsets and enhance their advisory capabilities to build sustainable competitive advantages [9][10] - The emphasis on risk rating adjustments and fee discounts reflects a broader industry trend towards more precise risk disclosures and improved investor protection [8][9]

Core Insights - The "2025 China Financial Institutions Annual Conference" and the "19th Shenzhen International Financial Expo" will be held simultaneously, marking a significant collaboration aimed at high-quality development in the financial sector [1] - The conference theme "Empowerment and Value Restructuring" focuses on gathering consensus for the transformation of the Chinese financial industry [1] Group 1 - The event will feature prominent experts from macroeconomic decision-making bodies, international think tanks, and the banking industry to discuss new development strategies [1] - Key topics include the transformation of wealth management in a low-interest-rate environment and the role of technology in financial innovation [2] - The "Tianji Award" will be presented, recognizing outstanding institutions and innovative practices in the Chinese banking sector [3]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a strong performance in Q3 2025, with a revenue of 21.0 billion yuan, a year-on-year increase of 48.6%, and a net profit of 9.5 billion yuan, up 75.1% year-on-year [5][7] - The company's 9M25 revenue reached 50.6 billion yuan, a 14% increase year-on-year, and the net profit was 20.4 billion yuan, reflecting a 38.4% growth [5][7] - The report highlights a significant improvement in the company's return on equity (ROE), which was 5.51% for 9M25, an increase of 1.32 percentage points year-on-year [5] Financial Data and Profit Forecast - The company is projected to achieve revenues of 7.288 billion yuan in 2025, with a year-on-year growth rate of 15.95% [6] - The estimated net profit for 2025 is 2.687 billion yuan, representing a 14.82% increase compared to the previous year [6] - The report anticipates a gradual increase in net profit for the years 2025 to 2027, with figures of 2.687 billion yuan, 2.943 billion yuan, and 3.101 billion yuan respectively [6][8] Performance Attribution - The increase in net profit is attributed to a decrease in management fees and a reversal of credit impairment losses, with management fees down 3% year-on-year [7] - Brokerage and net interest income showed significant growth, with brokerage income increasing by 66% year-on-year [7] - The company's total assets reached 148.4 billion yuan by the end of Q3 2025, a 7% increase from the previous quarter [7] Investment Analysis Opinion - The report suggests an upward revision of profit forecasts due to better-than-expected self-operated investment returns, with net profit estimates for 2025-2027 adjusted to 2.687 billion yuan, 2.943 billion yuan, and 3.101 billion yuan respectively [7]

Core Insights - The net profit attributable to shareholders of China Merchants Bank for the first three quarters of 2025 was 113.77 billion yuan, representing a year-on-year increase of 0.52% [1] Revenue Trends - The bank achieved an operating income of 251.42 billion yuan in the first three quarters, a year-on-year decrease of 0.51%, with the decline narrowing by approximately 1.2 percentage points compared to the first half of the year [2] - Net interest income for the first three quarters was 160.04 billion yuan, up 1.74% year-on-year, while non-interest income was 91.38 billion yuan, down 4.23%, with the decline narrowing compared to the first half [2] Wealth Management Performance - The wealth management segment of China Merchants Bank showed strong growth, contributing positively to overall revenue [3] Operational Advantages - The bank's net interest margin was 1.88% in the first half of 2025, exceeding the industry average by 46 basis points, despite a downward trend due to falling asset yields [4] - The cost of interest-bearing liabilities decreased by 38 basis points to 1.31%, positively impacting net interest income [4] - Retail loans reached 3.70 trillion yuan, growing 1.43% year-on-year, with retail loans accounting for 51.80% of total loans and advances [4] Retail Business Resilience - As of the end of September, the number of retail customers was 220 million, an increase of 4.76% year-on-year, with total assets under management (AUM) reaching 16.60 trillion yuan, up 11.19% [5] Steady Development - Total assets amounted to 12.64 trillion yuan, a 4.05% increase year-on-year, with total loans and advances at 7.14 trillion yuan, up 3.60% [6] - The non-performing loan (NPL) ratio was 0.94%, a slight decrease from the previous year, with a provision coverage ratio of 405.93% [6][7] Income Structure - Non-interest income accounted for 36.34% of total revenue, maintaining a high level compared to peers, with significant growth in wealth management fees and commissions [7]

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company has shown stable performance with a revenue of 251.4 billion yuan for the first three quarters of 2025, a year-on-year decline of 0.51%, which is an improvement from the previous half-year decline of approximately 1.2 percentage points. The net profit attributable to shareholders reached 113.7 billion yuan, reflecting a year-on-year growth of 0.52% [1] - The wealth management business continues to recover, with a significant increase in fee income, particularly from wealth management services, which saw a growth of 18.76% year-on-year [1][2] - The company maintains a strong competitive advantage with a retail customer base of 220 million, an increase of 4.76% since the beginning of the year, and a retail AUM of 16.6 trillion yuan, up 11.19% [2] - Asset quality remains robust, with a non-performing loan ratio of 0.94%, and a provision coverage ratio of 406%, indicating a stable asset quality [3] Financial Performance Summary - For the first three quarters of 2025, the company achieved a net interest income growth of 1.7% year-on-year, with a net interest margin of 1.87%, showing a slight decrease of 1 basis point from the previous half-year [2] - The total assets reached 12.64 trillion yuan, with loans totaling 7.14 trillion yuan and deposits at 9.52 trillion yuan, reflecting growth rates of 4.05%, 3.60%, and 4.64% respectively since the beginning of the year [2] - The company forecasts net profits of 150.8 billion yuan, 158.1 billion yuan, and 169.1 billion yuan for 2025, 2026, and 2027 respectively, with corresponding year-on-year growth rates of 1.6%, 4.9%, and 7.0% [4][8]

Core Viewpoint - China Merchants Bank (CMB) reported a steady improvement in operational efficiency in Q3 2023, with net profit for the first nine months reaching 113.77 billion yuan, a year-on-year increase of 0.52% [2] Financial Performance - For the first three quarters, CMB achieved operating income of 251.42 billion yuan, a slight decline of 0.51% year-on-year, but the decline narrowed by approximately 1.2 percentage points compared to the first half of the year [2] - Net interest income for the first nine months was 160.04 billion yuan, up 1.74% year-on-year, while non-interest income was 91.38 billion yuan, down 4.23% year-on-year, with the decline narrowing compared to the first half [2] Wealth Management - CMB's wealth management segment showed strong growth, contributing to the overall positive performance [3] Competitive Advantages - CMB maintained a significant net interest margin advantage, reported at 1.87%, which is 46 basis points higher than the industry average [4] - The bank's cost of interest-bearing liabilities decreased by 38 basis points to 1.31%, positively impacting net interest income [4] Retail Banking - Retail loans reached 3.70 trillion yuan, a year-on-year increase of 1.43%, despite industry-wide pressures on retail loan growth [5] - The number of retail customers increased to 220 million, a growth of 4.76% year-on-year, with total assets under management (AUM) rising to 16.60 trillion yuan, an increase of 11.19% [5] Asset Quality - CMB's total assets reached 12.64 trillion yuan, a growth of 4.05% year-on-year, with a non-performing loan (NPL) ratio of 0.94%, slightly down from the previous year [6] - The bank's provision coverage ratio stood at 405.93%, maintaining a strong position in the industry [6] Income Structure - Non-interest income accounted for 36.34% of total revenue, reflecting a stable income structure [7] - Wealth management fees and commissions grew by 18.76% year-on-year, marking the best performance since 2022 [7]