2026年3月3日，在全国工商联指导下，网商银行发起的"2026年新春助微行动"收官。数据显示，该 行动自2月17日启动以来，网商银行已累计为超30万户小微经营者提供了免息额度支持，帮助他们抓 住新春消费旺季，跑出开工"加速度"。 据悉，新春助微行动目的在于精准支持春节前后小微经营者的集中资金需求。数据显示， 获得免息支持的经营者中，有7成来自三线及以下城市和县域，让普惠金融扎根市井街巷 与田间地头。 此外，行动的高效得益于AI技术的创新应用。网商银行依托AI技术智能识别小微经营者提 交的开工场景视频，平均仅需5 5秒即可完成免息资金的审核，帮助众多经营者抢先抓住春 节这个宝贵消费旺季。 江苏常州的蔬菜经营户李文灿对此感受真切。春节期间，他仓库里囤着几十吨娃娃菜，但 招 募 人 手 、 打 包 发 货 等 环 节 急 需 资 金 周 转 。 他 通 过 网 商 银 行 APP 上 传 店 铺 忙 碌 的 开 工 视 频，AI系统快速完成了审核，免息资金及时到账，解了他的燃眉之急。"有了这笔钱，心 里更踏实了，新年也能放开手脚干了！"李文灿感慨。 据悉，此次新春助微行动是全国工商联与网商银行全面战略合作的具体落 ...

Core Insights - The wealth health index of China's new affluent population is projected to slightly decline from 70.51 to 70.35 in 2025, indicating a decrease in wealth confidence, financial planning, and investment participation sub-indices [1] - Despite the overall decline, the asset management sub-index has shown improvement, reflecting a growing maturity in wealth management and asset allocation behaviors among the new affluent [1] Group 1: Wealth Management Trends - Nearly 48.6% of respondents have retirement planning, with significant increases observed among the 25-44 age group and high-income earners [1] - The average allocation of cash and fixed deposits in the asset configuration of the new affluent has decreased to 52.5%, marking a shift towards more diversified investment strategies [1] - The participation rate in fund investments has reached a five-year high, with the average allocation of funds in investment portfolios rising to 12.4% [1] Group 2: Investment Preferences - There is a notable interest in overseas asset allocation, with nearly 38.8% of respondents expressing interest in this area [1] - The new affluent population is increasingly active in exploring diverse investment paths, particularly in the context of declining risk-free interest rates [1] Group 3: Attitudes Towards AI in Financial Services - The new affluent population in China shows a significantly higher trust in AI-generated investment advice compared to overseas markets, with nearly 70% expressing strong or moderate trust [2] - More aggressive investors tend to have higher trust levels in AI, while those with over 15 years of investment experience prefer human advisory services [2] - AI is recognized for its strengths in technical analysis, while human advisors excel in emotional support and understanding client needs [2]

Group 1 - The report titled "2025 Wealth Health Index of China's New Affluent" was jointly released by Shanghai Jiao Tong University and Charles Schwab, aiming to track the investment behavior and wealth health of a significant economic group in China [1] - The new affluent group is defined as individuals with an annual income between 125,000 and 1,000,000 yuan and investable assets below 7 million yuan [1] - In a low-interest-rate environment, the new affluent are shifting their asset allocation from cash to higher-risk financial investments, with cash and deposits still accounting for over half of their assets, but this proportion has decreased by nearly 5 percentage points to 52.5% [1] Group 2 - The proportion of bank wealth management products has also declined, while investment in funds has seen a significant increase, with 42.6% of respondents holding funds, the highest in five years, and the average allocation to funds rising from 7.8% to 12.4% [1] - There is a slight increase in the allocation to stocks and overseas investments among the new affluent [1] Group 3 - ETF investments are gaining popularity, especially among respondents who have used investment advisory services, with high transparency and risk diversification being the main reasons for choosing ETFs [2] - Despite a desire for high returns, the risk appetite of the new affluent is becoming more conservative, with 63.1% of respondents unwilling to accept losses exceeding 10%, an increase of 13.2 percentage points from the previous year [2] Group 4 - Nearly half (48.6%) of respondents have retirement planning, with significant increases among the 25-44 age group and higher income brackets [3] - The primary method for retirement planning has shifted from regular savings to purchasing retirement insurance, indicating a growing reliance on financial investment returns rather than savings [3] Group 5 - There is a notable trust in AI-generated investment advice among the new affluent, with nearly 70% expressing high or moderate trust, particularly among those with more aggressive investment styles [3] - Individuals with over 15 years of investment experience show a preference for human services over AI [3]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [8] Core Views - The company's securities business shows significant elasticity, while the fund business still needs breakthroughs [1][3] - The company achieved total revenue of 6.86 billion yuan, a year-on-year increase of 39%, and a net profit attributable to shareholders of 5.57 billion yuan, up 37% year-on-year [1] - The company’s total assets reached 355.3 billion yuan, an increase of 16% from the beginning of the year, with a return on equity (ROE) of 13.4%, up 0.74 percentage points from 2024 [1] Summary by Sections Securities Business - The brokerage business shows strong growth with net commission income of 3.36 billion yuan, up 68% year-on-year, and trading volume of 16.03 trillion yuan, up 74% year-on-year [2] - Interest income from credit business increased by 49% year-on-year to 1.25 billion yuan, supported by the expansion of non-bank deposits [2] - Proprietary trading income decreased by 17% year-on-year to 1.39 billion yuan, indicating relative weakness under base pressure [2] Fund Business - Fund sales reached 1.0573 trillion yuan, a year-on-year increase of 24%, with non-monetary fund sales at 626 billion yuan, up 25% [3] - The company’s non-monetary fund holding scale was 675.3 billion yuan, up 10% from the beginning of the year, while equity fund holdings remained stable [3] - The company is focusing on high-net-worth clients and integrating AI capabilities to enhance service quality [3] Financial Data and Valuation - The company’s projected net profit for 2025, 2026, and 2027 is expected to be 11.745 billion yuan, 13.002 billion yuan, and 14.425 billion yuan, respectively, with year-on-year growth rates of 22%, 11%, and 11% [8] - The current stock price is 26.76 yuan, with a total market capitalization of 42.29 billion yuan [4] - The company’s financial metrics include a price-to-earnings (PE) ratio of 36.0 for 2025 and a price-to-book (PB) ratio of 4.6 [9]