Group 1 - The core point of the article is the recent leadership change in the investment banking division of China Merchants Bank (CMB), with Su Jing taking over as the new general manager [1][2] - Su Jing has been with CMB for 22 years and has held various positions, including roles in strategic client management and energy and communication sectors [2] - The bank is focusing on expanding its investment banking services, particularly in the Hainan Free Trade Port, emphasizing project mergers and acquisitions, equity investments, and asset securitization [4] Group 2 - CMB's investment banking division is one of its four major business segments, encompassing bond underwriting, merger finance, corporate wealth management, and market trading facilitation [5] - In the third quarter of 2025, CMB underwrote debt financing tools totaling 274.295 billion yuan, ranking first in the market for perpetual bonds and technology innovation bonds [5] - The merger finance business saw a transaction volume of 138.454 billion yuan, a year-on-year increase of 27.39%, with a significant rise in RMB merger loan issuance [5] - The corporate wealth management business reported an average daily product balance of 459.059 billion yuan, reflecting a 14.80% increase from the previous year [6] - Market trading activities reached a volume of 228.333 billion yuan, showing a year-on-year growth of 29.09%, driven by strategic business initiatives [7] - CMB's subsidiary, CMB International, has been actively collaborating with the parent bank, completing multiple IPO sponsorships and underwriting projects in the Hong Kong market [8]

Group 1 - The core event was the "Capital Empowerment for New Development" investment banking activity held by Postal Savings Bank in Guangxi, aimed at enhancing local high-quality development through financial empowerment [1] - The event attracted over 100 participants, including government departments, financial regulatory bodies, state-owned enterprises, listed companies, and high-tech enterprises, creating a platform for deep communication and cooperation among government, banks, and enterprises [1] - Experts provided insights on macroeconomic trends and industry developments, focusing on high-end manufacturing, maritime economy, and digital Silk Road construction, fostering discussions on key topics like industrial upgrading and the "commercial bank + investment bank" service model for tech companies [1] Group 2 - Postal Savings Bank is leveraging its group resources and collaborative advantages to deepen business cooperation with subsidiaries like China Post Insurance and China Post Securities, aiming to create a robust business synergy [2] - The bank plans to offer comprehensive financial services, including bond underwriting, investment, merger financing, equity matching, and listing guidance, to effectively support key areas of local industrial development [2] - The bank will continue to utilize its "commercial bank + investment bank" service model to provide more comprehensive, high-quality, and efficient financial services, promoting high-quality regional economic development [2]

Core Viewpoint - Ping An Bank's retail business has moved past its most challenging period and is currently in a recovery phase, supported by prior reforms that lay a solid foundation for future growth [2]. Retail Business Performance - In the first half of 2025, Ping An Bank reported a revenue of 69.385 billion yuan, a year-on-year decline of 10.0%, but the rate of decline has narrowed [2]. - Net profit for the same period was 24.870 billion yuan, down 3.9% year-on-year, also showing a reduced decline compared to the first quarter [2]. - Retail financial business balance decreased by 2.1% compared to the end of the previous year, while wholesale financial business increased by 4.5%, now accounting for over half of total assets [2]. Risk Management and Asset Quality - The retail loan scale's decline has slowed, with a significant reduction in high-risk retail loans, including a drop from over 150 billion yuan to around 10 billion yuan for "New Yi Loan" and from 500 billion yuan to 390 billion yuan for credit cards [7]. - The non-performing loan (NPL) ratio for personal loans improved to 1.27%, down 5 basis points from the first quarter and 12 basis points from the end of the previous year, indicating a continuous downward trend [8]. - Retail asset quality is improving, with credit and other asset impairment losses decreasing from 105.4% to 96.9% year-on-year [8]. Corporate Business Development - Corporate loans increased by 4.7% compared to the end of the previous year, while corporate deposits rose by 5.4% [9]. - The average yield on corporate loans decreased to 3.14%, while the cost of corporate deposits was optimized, with a rate of 1.67%, down 34 basis points from the previous year [9]. - The overall corporate NPL ratio improved from 1.80% to 1.64%, although the corporate loan NPL ratio slightly increased to about 0.83% due to early risks in the real estate sector [9]. Strategic Focus Areas - Ping An Bank is focusing on six key industries, including infrastructure and public utilities, while avoiding high-risk sectors like real estate [10]. - The bank aims to enhance its product offerings, including supply chain finance and cross-border finance, while expanding its customer base and deepening client relationships [10][12]. - Future strategies will emphasize risk management, optimizing deposit structures, and exploring new financial models to sustain growth [11][12].