【导读】平安银行与平安理财高管详解理财服务升级 以"中国最卓越、全球领先的智能化零售银行"为战略目标，在行长冀光恒两年多的改革后，平安银行 （000001）的零售银行战略究竟将怎么做，今年3月从深圳分行调任总行分管零售的行长助理王军，近 日接受媒体采访。 8月25日，平安银行举办2025年中期业绩发布会，王军首度以行领导身份在主席台亮相并分享零售业务 的想法，王军谈到了紧紧围绕效益优先、兼顾规模的经营发展目标，平安银行对零售业务首次提出"效 益优先、兼顾规模"。王军表示，要重视银管资产、银保资产，尤其是基础理财，使其成为AUM（资产 管理规模）高质量发展的"蓄水池"。王军说，下一步将打造"买理财找平安、好理财平安造"的品牌升 级。 8月27日，平安银行与子公司平安理财举办"买理财 找平安"为主题的理财服务升级发布会。王军发表致 辞时表示，平安银行和平安理财携手升级理财服务，就是为了让客户买理财更踏实、更安心，为客户送 上"平安集团""平安理财""平安银行"的三重平安。在发布会后，王军与平安理财总经理张东、平安银行 财富业务总监方志男接受了媒体采访。 王军表示，之所以重视理财，一方面是利率不断走低，老百姓的存款 ...

这八个字意味深长，因为银行零售业务在宏观经济形势、居民收入变化、有效消费需求等多重因素影响 下，并没有迎来顺周期。包括五家大行在内的多家上市行，去年年报的显著共性就是零售业务集体失 速，业务收入和净利占比均不同程度下降。 平安银行对零售业务阶段性经营策略思考，正借由这八个字向外有效表达。 纵观平安银行这两年的零售调整思路，一个明显的方法论显现：高风险高收益产品，让位于中风险中收 益产品。而零售贷款余额阶段性下降，可以理解为在这个阶段内，中风险中收益产品尚在补位。 在2025年中期业绩发布会上，平安银行党委书记、行长冀光恒用了一个很形象的比喻描述这一动态平 衡："过去的东西（高风险高收益产品）有没有出清、新的后备军（中风险中收益产品）有没有在排 队。" 一些向好的、趋势性的拐点正在显现—— 上半年平安银行零售资产余额同比、环比跌幅均放缓；结构 优化，存量高风险产品基本出清，基石类和中收益产品储备上量；零售资产质量、存款付息率、资产收 益率等关键经营指标持续优化。 值得一提的是，冀光恒在概述零售改革的最新进展时，首次用了"效益优先、兼顾规模"的表述。 量可以掉，但结构不能不调 "有效需求不足，零售业务不好做。"— ...

Core Viewpoint - Ping An Bank is shifting its retail strategy from high-risk, high-return products to medium-risk, medium-return products, leading to a temporary decline in retail loan balances as the new products are being positioned [1][3][4]. Group 1: Retail Strategy Adjustments - The retail asset balance of Ping An Bank has shown a slowdown in the decline of both year-on-year and quarter-on-quarter figures, indicating a structural optimization with high-risk products being cleared out [3][5]. - The bank's retail financial assets accounted for 28.2% as of June, down from 29.4% at the end of the previous year, with personal loan balances decreasing by 2.3% to approximately 17.26 trillion yuan [5][6]. - The bank's management emphasizes the need to adjust the asset structure to enhance profitability, focusing on core loans and medium-return loans [5][7]. Group 2: Performance Metrics - Key metrics indicate that credit card receivables account for over 95% of the decline in loan scale, while mortgage loans have increased by 20.1 billion yuan [6][8]. - The non-performing loan (NPL) ratio for personal loans decreased to 1.27%, reflecting a significant improvement in asset quality [10]. - The bank's retail non-performing generation has declined for six consecutive quarters, with a notable reduction in the second quarter [10]. Group 3: Risk Management and Asset Quality - The bank has actively reduced high-risk retail products, with "New Yi Loan" balances dropping from over 150 billion yuan to just over 10 billion yuan, and credit card balances decreasing from 500 billion yuan to 390 billion yuan [8][9]. - The bank is transitioning to a self-operated team for medium-risk products, aiming for a market scale of 200-300 billion yuan in the next few years [9]. - The bank's credit and other asset impairment losses have decreased, indicating a stabilization in retail operations [9]. Group 4: Interest Margin Management - Ping An Bank's net interest margin remains relatively stable at 1.8%, compared to the industry average of 1.56%, providing a competitive advantage [11][12]. - The bank has implemented cost control measures, reducing operating expenses by 9% and optimizing liability costs, which has helped mitigate the pressure on interest margins [11][12].

（原标题：深度 | 首提零售改革"效益优先、兼顾规模"，平安银行在释放什么信号？） 纵观平安银行这两年的零售调整思路，一个明显的方法论显现：高风险高收益产品，让位于中风险中收 益产品。而零售贷款余额阶段性下降，可以理解为在这个阶段内，中风险中收益产品尚在补位。 在2025年中期业绩发布会上，平安银行党委书记、行长冀光恒用了一个很形象的比喻描述这一动态平 衡："过去的东西（高风险高收益产品）有没有出清、新的后备军（中风险中收益产品）有没有在排 队。" 一些向好的、趋势性的拐点正在显现—— 上半年平安银行零售资产余额同比、环比跌幅均放缓；结构 优化，存量高风险产品基本出清，基石类和中收益产品储备上量；零售资产质量、存款付息率、资产收 益率等关键经营指标持续优化。 值得一提的是，冀光恒在概述零售改革的最新进展时，首次用了"效益优先、兼顾规模"的表述。 这八个字意味深长，因为银行零售业务在宏观经济形势、居民收入变化、有效消费需求等多重因素影响 下，并没有迎来顺周期。包括五家大行在内的多家上市行，去年年报的显著共性就是零售业务集体失 速，业务收入和净利占比均不同程度下降。 平安银行对零售业务阶段性经营策略思考，正借由这 ...

Core Viewpoint - Ping An Bank's retail financial business is undergoing a significant strategic adjustment, reflected in a notable decline in revenue and profit contribution, indicating challenges in its transformation efforts [1][2][6]. Financial Performance - For the first half of 2025, Ping An Bank reported operating income of 69.385 billion yuan, a year-on-year decrease of 10.0%, and a net profit attributable to shareholders of 24.870 billion yuan, down 3.9% [1]. - The net interest margin narrowed to 1.80%, a decline of 16 basis points compared to the same period last year [1]. - The retail financial business generated operating income of 31.081 billion yuan, accounting for 44.8% of total revenue, down from 50.7% year-on-year [2]. Retail Business Challenges - The net profit from the retail business fell to 1.002 billion yuan, representing only 4.0% of the group's total net profit, down from 7.0% a year earlier [2]. - The retail business faced significant impairment losses totaling 18.845 billion yuan, which accounted for 96.9% of the group's total impairment losses, indicating pressure on asset quality [2][4]. Strategic Adjustments - Ping An Bank is actively managing its asset-liability structure by reducing high-risk business scales and optimizing asset composition, with personal loan balances decreasing by 2.3% to 1.725 trillion yuan as of June 2025 [4]. - The bank's strategy has shifted from rapid expansion to prioritizing efficiency and risk management, focusing on optimizing customer segments and asset structures [3][8]. Wealth Management and Non-Interest Income - Despite challenges in retail, wealth management has shown resilience, with retail customer assets under management (AUM) reaching 4.212839 trillion yuan, a slight increase of 0.4% [6]. - Wealth management fee income grew by 12.8% to 2.466 billion yuan, driven by a significant increase in insurance-related income [6]. Digital Transformation - The digital transformation is crucial for supporting wealth management, with registered users of the Ping An Pocket Bank app reaching 177.5986 million, a 2.0% increase [7]. - The "AI+T+Offline" service model has enhanced service efficiency and customer experience, contributing to the growth of wealth management clients [7]. Future Outlook - The bank aims to achieve a "triple reconstruction" in its business model, customer structure, and risk control systems to enhance profitability and reduce credit costs [8]. - Ping An Bank is committed to refining its business strategies and improving its professional capabilities to stabilize and enhance performance in the second half of the year [8].

Core Insights - The property management industry is transitioning to a stock market competition due to the downturn in the real estate market, with a focus on core areas and key cities [1][4][5] - The average managed area of the top 100 property management companies is projected to be 69.463 million square meters by the end of 2024, reflecting a year-on-year growth of 2.18%, but a decline in growth rate by 4.03 percentage points compared to the previous year [4][5][10] - Companies are shifting from "expanding area" to "enhancing efficiency," focusing on high-quality, sustainable development and optimizing project portfolios [2][8][9] Industry Trends - The overall growth rate of managed areas has slowed down, with the real estate market entering a deep adjustment phase since 2021, leading to a continuous contraction of incremental space [5][7] - The number of companies experiencing a decline in managed area is increasing, with approximately 10% of the top 100 companies showing a downward trend by the end of 2024, up 4 percentage points year-on-year [10][13] - The average contract area for the top 100 companies is expected to reach 88.478 million square meters by the end of 2024, with a year-on-year growth of 1.01%, also reflecting a decline in growth rate [4][5] Strategic Adjustments - Companies are actively optimizing their project portfolios by exiting low-quality projects to focus on high-quality, profitable ones, which is essential for sustainable development [8][9][34] - The focus on non-residential sectors is increasing, with companies expanding into areas such as hospitals, schools, and transportation, although the proportion of non-residential management area has not significantly increased [14][21][23] - The strategy of "focusing and deepening" is becoming more prominent, with companies concentrating resources on core markets and advantageous businesses to enhance competitive advantages [34][36][38] Market Expansion and M&A - The proportion of third-party management area among the top 100 companies is stable at 54.83%, indicating challenges in market expansion despite efforts to increase market share [24][26] - The M&A market is becoming more rational, with a focus on integrating internal resources rather than aggressive market acquisitions, reflecting a cautious approach to growth [26][28] - Companies are leveraging AI and intelligent platforms to track market dynamics and identify project opportunities, enhancing their market expansion capabilities [32][33]