Core Viewpoint - 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]. Group 1: Growth Metrics - As of June 2025, the total number of private banking clients across 15 banks exceeded 1.63 million, with an increase of nearly 150,000 clients, representing a growth rate of over 10% [1]. - Major banks like Agricultural Bank, Bank of China, and China Construction Bank reported AUM exceeding 3 trillion yuan, with Agricultural Bank's AUM reaching 3.5 trillion yuan, a growth of 11.11% year-on-year [3]. - The AUM of Industrial Bank surpassed 1 trillion yuan for the first time, joining the "trillion club" among joint-stock banks [1][3]. Group 2: Client Quality and Strategy - Despite high growth in scale, the average asset per client has generally declined, indicating a shift from rapid expansion to a focus on deeper client engagement and service quality [4]. - Banks are increasingly targeting ultra-high-net-worth clients and enhancing services such as family trusts and retirement financial planning to differentiate themselves in a competitive market [1][5]. Group 3: Service Innovations - Private banks are moving beyond traditional product sales to more refined customer operations, focusing on precise segmentation and embedding services into clients' daily lives [6]. - For instance, China CITIC Bank has launched a dedicated service brand for ultra-high-net-worth clients, achieving a 40.96% increase in this segment [6]. - Family trusts have become a key area of focus, with several banks reporting significant growth in this service, such as Everbright Bank's family trust business growing by 56.12% year-on-year [7]. Group 4: Revenue Generation - The private banking sector is increasingly contributing to banks' intermediary income, with Beijing Bank reporting a 16.89% increase in product sales, directly boosting its intermediary income by 17.77% [9]. - Construction Bank's net income from fees and commissions reached 65.218 billion yuan in the first half of the year, reflecting a year-on-year growth of 4.02% [10].