在反映银行核心盈利能力的息差指标及资产负债收益成本方面，报告期内，中信银行净息差为1.63%， 同比下降0.14个百分点；净利差为1.6%，同比下降0.11个百分点。生息资产收益率为3.33%，同比下降 0.5个百分点，付息负债成本率为1.73%，同比下降0.39个百分点。 谈及业绩表现，芦苇直言，中信银行已经摒弃了规模情结，"我们坚持不以风险下沉或削弱风险抵御能 力来换取短期的利润增长，业绩增长的成色底色更足。在规模方面实现了合理而且有质量的增长"。 他提到，目前，资产价格仍在低位运行，随着存量高收益资产逐步到期，将继续带动银行的资产收益率 下行，导致息差仍有下行的压力。不过，"反内卷"政策和息差中性货币政策将推动银行业净息差逐步趋 稳。具体而言，一方面今年以来，"反内卷"政策逐步出台，有利于规范行业有序竞争，引导银行业把握 好金融支持实体经济和保持自身健康发展。另一方面人民银行也推动存贷对称降息，货币政策传导效率 进一步提升，有利于银行进一步压降负债成本。 产业经济资深研究人士王剑辉指出，今年以来，人民银行推动存贷对称降息，提升了货币政策传导效 率，有利于银行压降负债成本。在此背景下，银行业净息差有望逐步 ...

Core Viewpoint - CITIC Bank's asset quality remains stable, with a focus on risk management in retail business, indicating a positive trend for future non-performing loans [1][3]. Financial Performance - For the first half of 2025, CITIC Bank reported a net profit of 36.478 billion yuan, a year-on-year increase of 2.78%, while operating income decreased by 2.99% to 105.762 billion yuan [1][2]. Risk Management - The bank has intensified risk control in retail business, with a focus on improving product and customer structures, leading to a decrease in future non-performing loan indicators [3]. - As of the reporting period, CITIC Bank's non-performing loan balance was 67.134 billion yuan, an increase of 0.98% year-on-year, with a non-performing loan ratio of 1.16%, unchanged from the end of the previous year [3]. Strategic Focus - CITIC Bank has shifted its focus from scale to quality and efficiency, emphasizing the "retail first" strategy and aiming for reasonable and quality growth [2]. - The bank plans to enhance its return on equity (ROE) stability and improve investor returns in the second half of the year [2]. Interest Margin Outlook - The bank's net interest margin for the first half of the year was 1.63%, down 14 basis points year-on-year, but showed improvement in the second quarter compared to the first [4]. - The "anti-involution" policy is expected to stabilize the banking sector's net interest margin, with ongoing pressure from declining asset prices [4]. Industry Trends - The retail asset quality risk has increased across the banking industry, with major banks experiencing rising non-performing loan ratios despite expanding retail portfolios [3]. - The "anti-involution" measures are anticipated to drive high-quality development in related industries, impacting the overall industry ecosystem [5].