2000年9月，刘建军迎来职业转折，加入招商银行济南分行担任副行长，自此开启了超过20 年的招行历练，奏响"兴于招行"的华彩篇章。 12月23日，中国邮政集团有限公司召开党组会议，宣布了中共中央组织部关于芦苇、刘建军 同志的职务任免决定：芦苇同志任中国邮政集团有限公司副总经理、党组成员，免去刘建军 同志的中国邮政集团有限公司副总经理、党组成员职务。相关职务任免按有关法律规定办 理。 出生于1965年的刘建军，现已满 60 岁。刘建军拥有丰富的国有大行及股份行从业履历， 1988年进入建设银行，先后在山东省多家分行担任副行长、行长；2000年转战招商银行，在 零售条线历练多年，对私人银行和财富管理业务贡献卓越，2013年12月起任招商银行副行 长，后兼任董事会秘书；2021年8月，刘建军正式出任邮储银行行长，后兼任党委书记一 职，打破国有大行通常由董事长担任党委书记的惯例。 履新邮储银行后，刘建军立足"自营+代理"独特模式，持续在零售银行战略上发力。最新数 据显示，邮储银行三季度零售AUM（管理个人客户资产）规模17.89万亿元，较上年末增超 7%；富嘉及以上客户规模654.85万户，较上年末增长12.16%。 ...

Investment Rating - The industry rating is "Outperform" (maintained rating) [3] Core Insights - The future development direction of retail banking should focus on planning adjustments, enhancing credit opening momentum, and adjusting loan risk preferences [1][6] - Retail banks are expected to strengthen their asset under management (AUM) fundamentals and expand "medium-risk - medium-return" retail loans [1][6] - Corporate banking is becoming an important support for retail banks, leveraging regional advantages to establish a "latecomer advantage" [1][6] Summary by Sections 1. Retail Banking's Industry Leadership - Retail banks like Ping An Bank and China Merchants Bank had a significant leadership position before the interest rate cut cycle, with their profitability growing faster than peers [10][11] - The success of retail banking is attributed to technology, teams, and service [14] 2. Current Operating Status of Retail Banks - Retail banking profitability growth has weakened compared to the industry average, with Ping An Bank and China Merchants Bank's net profit growth rates at -3.90% and +0.25% respectively in the first half of 2025 [24][28] - The net interest income and fee-based income of retail banks have faced significant pressure, with Ping An Bank's net interest income declining by 9.33% year-on-year [28][30] 3. Future Directions for Retail Banking - Important planning adjustments include enhancing the "credit opening" effect and tightening high-risk credit loan issuance [1][6] - Retail banks should focus on capturing AUM fundamentals and expanding medium-risk retail loans to balance risk and return [1][6] - Corporate banking is crucial for retail banks, with Ping An Bank and China Merchants Bank showing significant growth in corporate loans [1][6]