平安银行（000001.SZ）：盈利降幅 收窄，零售资产质量改善 ——2025 年半年报点评 事件：8 月 22 日，平安银行公布 2025 年半年报。1H25 实现营收、归母净利 润 693.9 亿、248.7 亿，分别同比 -10%、-3.9%（1Q25：-13.1%、-5.6%）。 年化加权平均 ROE 为 10.74%，同比下降 1.14pct。6 月末不良率 1.05%，环 比下降 1bp；拨备覆盖率 238.5%，环比提升 2pct。 点评： 非息收入边际改善推动营收降幅收窄。1H25 平安银行实现营收 693.9 亿，同 比-10%，降幅环比 1Q25 收窄 3pct；主要得益于非息收入降幅环比改善。具 体来看，（1）受净息差收窄，以及资产端调结构、规模增速偏低的影响，净利 息收入同比-9.3%，环比基本持平。（2）非息收入同比 -11.3%，降幅环比收窄 8.5pct；非息收入占营收比重 35.9%。一方面，得益于二季度债市回暖，浮亏 边际修复，其他非息收入同比降幅环比收窄 13.4pct 至-19.3%。另一方面，低 基数叠加市场回暖下，中收同比降幅环比收窄 6.2pct 至 -2.0%。其 ...

Core Viewpoint - The first quarter report of China Merchants Bank (CMB) shows a decline in both revenue and net profit, but there are signs of recovery in wealth management fees, indicating a potential stabilization in the bank's financial performance [1][4]. Financial Performance - CMB reported operating revenue of 83.751 billion yuan, a year-on-year decrease of 3.09%, and net profit of 37.513 billion yuan, down 2.08% [1]. - The non-performing loan ratio decreased by 0.01 percentage points to 0.94% compared to the end of the previous year [1]. - The net interest margin (NIM) fell to 1.91%, down 11 basis points year-on-year and 3 basis points quarter-on-quarter [1][2]. Wealth Management and Non-Interest Income - Non-interest net income was 30.755 billion yuan, a year-on-year decrease of 10.64%, accounting for 36.72% of total revenue [4]. - Wealth management fees showed improvement, with a 10.45% year-on-year increase in wealth management commission income to 6.783 billion yuan, reversing a previous decline [4][5]. - The bank's commission income from selling financial products, such as wealth management and insurance, remains under pressure due to market conditions [5][6]. Deposit Composition and Strategy - The proportion of demand deposits increased to 51.80%, with corporate demand deposits making up 58.06% and retail demand deposits 41.94% [2]. - The average daily balance of demand deposits accounted for 50.46% of the average daily balance of customer deposits, reflecting a slight increase from the previous year [2]. Market Activity and Shareholder Engagement - The Hong Kong Central Clearing Limited account increased its holdings of CMB shares by approximately 128 million shares during the first quarter [7]. - CMB's average return on total assets (ROAA) and average return on equity (ROAE) were 1.21% and 14.13%, respectively, both showing a year-on-year decline [7]. Management Outlook - CMB's management aims to stabilize the net interest margin and improve the commission income from wealth management, contingent on the overall stabilization of the capital market [6][7]. - The bank is cautious about increasing dividends to maintain a balance between return on equity and capital adequacy [7].