2025年6月14日， 同方全球人寿于上海隆重举行了公司经营报告发布会。同方全球人寿总经理朱庆国先生携公司管理层齐聚一堂，向与会嘉宾全面展示公司 2024年在经营、投资、产品、服务等多方面取得的成果，并展望2025年的发展规划。发布会深刻诠释了公司"以稳应变，信有所为"的核心理念与行动准则， 彰显了其在复杂多变的市场环境与行业挑战下的战略定力、责任担当及对客户的坚定承诺。 经营稳健：长期主义，铸就风险韧性 近年来，同方全球人寿通过持续稳健经营厚植发展根基。2024年，公司核心业务与财务指标实现稳健增长。全年保费收入突破87亿元，增速达6.88%；资产 规模超过460亿元，增速高达28.77%；连续8年保持盈利状态。凭借出色业绩和稳健治理水平，公司荣获多项优质评级，包括最近一期公司治理监管评估B 级、最近一期风险综合评级AAA（最高级）以及国内两家头部评级机构授予的高等级信用评级结果AA+级。 发布会上，同方全球人寿总经理朱庆国重点介绍了公司2025年发展规划及经营特色。他强调，公司将围绕财富管理、养老规划、健康保障、高客经营四大核 心领域，以产品链接服务，持续为客户创造价值。 图为经营报告会主视觉 在健康保险 ...

Core Viewpoint - The report from CITIC Securities indicates that since 2025, the banking sector is stabilizing its asset-liability configuration while actively growing loans and deposits, with a convergence in interbank asset-liability expansion. Although the industry's net interest margin continues to decline, the reduction in funding costs is helping to narrow the margin of decline. The outlook suggests that managing funding costs will be a key focus for banks in the upcoming quarters [1][5][6]. Asset and Liability Management - On the asset side, credit and investment are experiencing high growth, while interbank asset growth is significantly converging. In Q1 2025, the total assets of 42 listed banks increased by 3.9% quarter-on-quarter, consistent with the level in Q1 2024. Both loan and investment asset scales are maintaining high growth, while interbank assets are on a downward trend [2]. - On the liability side, deposit growth is positive, and interbank liability expansion is converging. In Q1 2025, the total liabilities of 42 listed banks increased by 4.2% quarter-on-quarter, slightly higher than the asset expansion rate. The structure shows positive growth in deposits, with a convergence in interbank liabilities [2]. Loan and Deposit Structure - In 2024, the structure of loans and deposits among listed banks shows that the proportion of corporate loans is increasing while retail loans are decreasing. By the end of 2024, the proportion of corporate loans, particularly in government-related sectors, increased to 28.8%, up by 0.6 percentage points from the previous year. Conversely, the proportion of mortgage loans decreased to 18.8%, down by 1.67 percentage points [3]. - On the deposit side, the proportion of retail deposits is increasing, with a continued trend towards term deposits. By the end of 2024, the proportion of retail term deposits rose to 34.7%, an increase of 3.56 percentage points from the previous year, while the proportion of corporate demand deposits decreased to 21.4%, down by 1.94 percentage points [3]. Interest Margin Pricing - The industry’s net interest margin continues to decline. According to data from the National Financial Regulatory Administration, the net interest margin for commercial banks was 1.52% in Q4 2024, a slight decrease of 1 basis point from Q3 2024. In Q1 2025, the net interest margin for 25 banks that disclosed this information decreased by 7 basis points compared to the entire year of 2024 [4]. - The analysis indicates that the asset yield continues to decline while funding costs are significantly reduced. The yield on interest-earning assets was 3.18% in Q4 2024 and 3.04% in Q1 2025, down by 9 and 14 basis points respectively. The cost of interest-bearing liabilities was 1.83% in Q4 2024 and 1.72% in Q1 2025, down by 7 and 12 basis points respectively, benefiting from improved cost management and the gradual effect of deposit rate reductions [4]. - Although net interest margins for listed banks are generally declining, the rate of decline in Q1 2025 shows a narrowing trend. The average net interest margin for 25 banks decreased by 13 basis points year-on-year, which is better than the decline of 22 basis points in Q1 2024 and 18 basis points for the entire year of 2024 [4]. Future Outlook - The reduction in funding costs remains a crucial direction for managing bank interest margins in the upcoming quarters. Since 2024, factors such as rate reductions and regulatory improvements have significantly impacted the decline in funding costs, with many banks taking the opportunity to strengthen their funding pricing management [5]. - With the completion of concentrated repricing at the beginning of the year, it is expected that interest margins will stabilize further. The pace and extent of future policy interest rate and LPR adjustments will be critical for stabilizing bank interest margins [6].