在缺少差异化优势和专业服务能力的情况下，银行为了稳住私行客户及AUM正在付出更多的代价。 近年来，各家银行对于私人银行业务愈发「讳莫如深」，连带财报披露的信息也非常有限。但从上市银行2025年半年报中，还是可以发现一些有意思的趋 势。 私行客户数虽然占比最少，但却能够贡献更大的价值，尽显「二八效应」。因此，它也被称为财富管理「皇冠」上明珠，处于整个零售金融生态链的最顶 端。 私行业务「托住」了零售AUM。 馨金融统计了在私行业务上具有代表性的国有大行、股份行、城商行的半年报数据，2025年上半年，这些银行的私行客户增速普遍超过零售客户整体增 速。 | 银行/ | | 私行AUM | | 私行客户数 | | 户均AUM | | --- | --- | --- | --- | --- | --- | --- | | 项目 | 金额 | 较上年末 | 私行AUM增量/ | 数量(万户) | 较上年末 | (万元) | | | (万亿) | | 零售AUM增量 | | | | | 农行 | 3.50 | 11.11% | 25.36% | 27.9 | 8.98% | 1254.48 | | 中行 | 3.40 | ...

Core Insights - The private banking sector is identified as a key area for value extraction within retail banking, reflecting the strength of banks' wealth management capabilities [1] - As of mid-2023, most banks reported growth in both the number of private banking clients and assets under management (AUM), indicating a continuous expansion of the high-net-worth wealth management market [1][2] Client Growth - Among the 13 listed banks that disclosed private banking client data, Agricultural Bank, China Bank, and Construction Bank lead with over 200,000 clients each, with respective figures of 279,000, 265,500, and 216,900 [2] - Construction Bank saw a 14.69% increase in private banking clients compared to the end of 2022, while China Bank surpassed the 200,000 client mark [2] - Among national joint-stock banks, China Merchants Bank leads with 182,700 clients, followed by Ping An Bank and CITIC Bank, both exceeding 90,000 clients [2] AUM Performance - Of the 13 banks analyzed, 11 disclosed AUM data, with Agricultural Bank, China Bank, and Construction Bank each exceeding 3 trillion yuan in AUM, at 3.5 trillion, 3.4 trillion, and 3.18 trillion yuan respectively [3] - Traffic Bank's AUM reached 1.39 trillion yuan, reflecting a 7.20% growth since the end of 2022 [3] - Among national joint-stock banks, Ping An Bank, CITIC Bank, and Industrial Bank are part of the "trillion yuan club," with AUM figures of 1.97 trillion, 1.28 trillion, and 1.05 trillion yuan respectively [3] Service Optimization - Private banking has become a significant profit growth point for banks, especially as traditional retail banking growth slows [4] - The sector is evolving from a single financial advisory model to a comprehensive service ecosystem, incorporating diverse products such as family trusts and cross-border asset allocation [4] - Major banks are enhancing their private banking services through product optimization and resource integration, aiming to build a robust service ecosystem [4] Future Directions - The future of private banking is expected to focus on three main areas: deepening digitalization, creating service ecosystems, and expanding global investment options [6] - Digital transformation will leverage technologies like AI and blockchain to enhance client service processes and risk management [6] - The integration of external resources such as legal and tax services will be crucial in developing a comprehensive service framework, particularly for family office and legacy planning services [6]

Core Insights - The private banking business of major state-owned banks in China has experienced rapid growth in the first half of the year, with a total client base of 864,000, reflecting a net increase of approximately 83,400 clients and a growth rate of 11% compared to the beginning of the year [1] Group 1: Bank-Specific Data - Agricultural Bank of China has 279,000 private banking clients and manages assets totaling 3.5 trillion yuan, continuously expanding its product offerings and optimizing the full-service experience [1] - Bank of China has 216,900 private banking clients with financial assets amounting to 3.4 trillion yuan, having established 205 private banking centers domestically to provide customized services [1] - China Construction Bank has 265,500 private banking clients with financial assets reaching 3.18 trillion yuan, focusing on wealth planning and family wealth services [1] - Bank of Communications has 102,600 private banking clients, marking a historic milestone, with managed assets of 138.89 billion yuan, reflecting a growth of 7.20% from the previous year [1] - Industrial and Commercial Bank of China has not disclosed detailed private banking data but has integrated group resources to enhance services for entrepreneurs, establishing over 3,300 "entrepreneur service stations" [1][2] Group 2: Market Trends and Analysis - The private banking sector is witnessing a growing demand for wealth management, prompting banks to enhance their service systems through product innovation and service upgrades to attract high-net-worth clients [3] - Postal Savings Bank is accelerating its private banking business, reporting a client base of 6.441 million, with a 10.97% increase, and 41,400 clients meeting the asset threshold of 6 million yuan, reflecting a growth of 21.28% [3] - China Construction Bank led in new private banking client additions in the first half of the year with 34,000 new clients, followed by Agricultural Bank, Bank of China, and Bank of Communications with 23,000, 18,000, and 8,400 new clients respectively [3]

Core Insights - The private banking sector has shown remarkable growth in the first half of 2025, becoming a standout area within the wealth management segment of banks despite a complex economic environment [1][4] - The total number of private banking clients across 15 banks exceeded 1.63 million, with an increase of nearly 150,000 clients, reflecting a growth rate of over 10% [1][4] - Major banks have reported significant increases in Assets Under Management (AUM), with Agricultural Bank leading at 3.5 trillion yuan, followed closely by Bank of China and China Construction Bank [2][4] Growth Metrics - Private banking AUM for Agricultural Bank reached 3.5 trillion yuan, up 11.11% from the previous year, with client numbers increasing by 23,000 to 279,000 [4][5] - Bank of China reported AUM of 3.4 trillion yuan and 216,900 clients, while China Construction Bank's AUM grew to 3.18 trillion yuan with a 14.39% increase [4][5] - The private banking sector is experiencing a shift from rapid expansion to a focus on deepening client relationships and enhancing service quality [1][5] Client Segmentation and Services - Banks are increasingly focusing on ultra-high-net-worth clients and diversifying their service offerings, including family trusts and retirement financial planning [1][8] - Citic Bank has reported a 40.96% increase in ultra-high-net-worth clients, while Everbright Bank is targeting families, women, and business owners with tailored services [7][8] - Family trusts have become a key area of growth, with Everbright Bank's family trust assets increasing by 56.12% year-on-year [8] Revenue Generation and Business Model - The establishment of private banking centers is accelerating, with China Construction Bank setting up 248 centers and Bank of China 205 centers, enhancing client retention and AUM [10][11] - Private banking is becoming a significant contributor to banks' intermediary income, with Beijing Bank reporting a 16.89% increase in product sales, driving a 17.77% rise in intermediary income [10][11] - The focus on personalized services and data-driven client profiling is expected to further enhance revenue streams for banks [11]

Core Insights - The closure of the "10 million deposit for internship opportunities" program by Industrial Bank highlights issues of fair competition in the banking sector [2] - The competition among banks for high-net-worth clients continues to intensify, with various strategies being employed to attract and retain these customers [2][3] Group 1: Private Banking Strategies - Banks are focusing on providing educational opportunities for high-net-worth clients' children, with services like overseas study programs being a common offering [3][4] - ICBC's private banking division serves over 300,000 clients, with many participating in charitable donations, indicating a trend towards integrating philanthropy into banking services [2][4] - CCB's private banking center has 248 branches and manages financial assets of 2.78 trillion yuan, showing a growth of 10.31% year-on-year [3] Group 2: Market Growth and Client Base - As of the end of 2024, the total number of private banking clients among 13 major banks in China reached 1.7131 million, an increase of 17.4% from the previous year [5] - The asset management scale of ICBC's private banking reached 3.47 trillion yuan, marking a growth rate of 13.2%, leading the industry [5][6] - The private banking sector is becoming a crucial growth area for banks, especially as traditional retail banking faces challenges [5] Group 3: Client Requirements and Service Offerings - The minimum financial asset requirement for private banking clients varies among banks, with some setting the threshold at 600,000 yuan, while others, like CMB, consider 10 million yuan as the starting point [6][7] - The services offered by private banks are diversifying, including non-financial services such as family governance, health care, and personalized lifestyle services [8] - Recent trends indicate a shift in high-net-worth clients' consumption patterns, with a focus on enhancing quality of life and well-being rather than material goods [9]

Core Viewpoint - The "Elite Internship Program" launched by Industrial Bank's private banking department has sparked widespread controversy and criticism for linking internship opportunities to high deposit requirements, raising concerns about fairness and social equity [2][6][7]. Group 1: Program Details and Reactions - The program requires non-private banking clients to deposit an additional 10 million yuan and existing private banking clients to deposit an additional 5 million yuan to secure internship opportunities at 50 well-known companies [2]. - Following the exposure of the program, companies like ByteDance and CITIC Securities denied any collaboration, emphasizing the independence of their recruitment processes [2][6]. - Industrial Bank acknowledged the misunderstanding caused by incomplete promotional statements and has suspended the program, clarifying that internships would be determined through company interviews rather than direct referrals [2][3]. Group 2: Motivations Behind the Program - The primary motivation for launching the program is to retain existing high-net-worth clients and attract new ones amid intense competition in the banking sector [3][4]. - The program aims to enhance client loyalty by offering scarce internship opportunities, addressing the significant concern of children's career development for wealthy families [3][4]. Group 3: Industry Context and Challenges - Industrial Bank faces pressure for business transformation, with a notable decline in non-interest income and a drop in net interest margin, indicating a struggling traditional profit model [4][9]. - The bank's credit card business has also seen a rise in non-performing loans, further complicating its financial health [4]. Group 4: Service Innovation and Competition - The "Elite Internship Program" represents a bold attempt at service innovation, extending beyond traditional wealth management to encompass various aspects of clients' lives [5][11]. - However, the program's approach has blurred the lines of fair competition, commodifying internship opportunities and raising ethical concerns about social equity [5][6][7]. Group 5: Public and Regulatory Response - The public reaction has been overwhelmingly negative, with widespread criticism of the program as a blatant challenge to fairness and social justice [6][7]. - Regulatory bodies are expected to investigate the program for potential violations of financial regulations, which could lead to reputational damage and operational impacts for Industrial Bank [8][9]. Group 6: Broader Implications - The incident highlights deeper issues within the private banking sector, including the challenges of differentiation and the need for banks to adapt to the evolving demands of high-net-worth clients [10][11]. - The program's failure underscores the importance of maintaining ethical standards and focusing on genuine service capabilities rather than seeking shortcuts for business growth [13].