Core Viewpoint - Ping An Bank reported a steady performance in the first half of 2025, focusing on digital transformation, risk management, and supporting the real economy while navigating challenges such as declining interest rates and loan restructuring [1][2]. Financial Performance - Revenue for the first half of 2025 was CNY 69.385 billion, a year-on-year decrease of 10.0%, primarily due to lower market interest rates and adjustments in loan business structure [2] - Net profit reached CNY 24.870 billion, down 3.9% year-on-year, with the decline narrowing compared to the first quarter [2] - Total assets amounted to CNY 5.874 trillion, a 1.8% increase from the end of the previous year [2] Deposit and Loan Growth - Total liabilities were CNY 5.365 trillion, up 1.7% from the end of the previous year, with total deposits reaching CNY 3.694 trillion, a 4.6% increase [3] - The average interest rate on interest-bearing liabilities was 1.79%, down 46 basis points year-on-year [3] - Corporate loans increased by 4.7% year-on-year, with a total loan balance of CNY 1.683 trillion [7] Risk Management - The non-performing loan ratio was 1.05%, a slight decrease from the end of the previous year, with a recovery of non-performing assets totaling CNY 18.556 billion, up 13.8% year-on-year [3] - The provision coverage ratio stood at 238.48%, indicating strong risk mitigation capabilities [3] Capital Adequacy and Dividends - Core Tier 1 capital adequacy ratio was 9.31%, with overall capital adequacy ratio at 13.26%, both showing slight increases from the previous year [3] - The bank announced a mid-term dividend of CNY 2.36 per share, totaling CNY 4.580 billion [3] Retail Business Strategy - The bank is committed to enhancing its retail strategy, focusing on optimizing loan structures and improving customer experience [4] - Personal loan balance was CNY 1.726 trillion, with a 2.3% decrease year-on-year, while personal deposits grew by 3.1% to CNY 1.327 trillion [5][6] Corporate Banking Focus - The corporate banking segment emphasizes precision in industry, customer, and product offerings, with significant support for advanced manufacturing, green finance, and technology sectors [7][8] - The number of corporate clients increased by 6.5% to 909,100, with strategic client loans growing by 15.8% [8] Sustainable Development Initiatives - The bank is actively promoting green finance, with green loan balances reaching CNY 251.746 billion, a 6.0% increase [10] - Support for rural revitalization included CNY 31.259 billion in funding, with a total of CNY 183.506 billion allocated to rural initiatives [11]

Core Viewpoint - Ping An Bank's 2025 mid-year performance report highlights a steady business operation, emphasizing the importance of digital transformation, risk management, and strategic reforms to enhance retail, corporate, and interbank business segments [1][2]. Retail Business - The bank maintains a strong retail strategy, focusing on optimizing loan structures and enhancing product offerings to improve customer experience and market competitiveness. As of June, personal loan balance was CNY 17,259.78 billion, down 2.3% from the end of last year, with a non-performing loan ratio of 1.27%, a decrease of 0.12 percentage points [3][4]. - Personal deposits reached CNY 13,273.38 billion, up 3.1% year-on-year, with average interest rates declining by 37 basis points to 1.92%. Wealth management fee income grew by 12.8% to CNY 24.66 billion [4][6]. Digital and Comprehensive Financial Platforms - The bank continues to enhance its digital and comprehensive financial platforms, with registered users of the Ping An Pocket Bank APP reaching 177.60 million, a 2.0% increase. The contribution of comprehensive finance to new wealth clients was 57.3% [5][6]. Corporate Business - Ping An Bank focuses on refining its corporate business by supporting key sectors such as advanced manufacturing and green finance. As of June, corporate deposits were CNY 23,671.33 billion, up 5.4%, while corporate loans increased by 4.7% to CNY 16,825.20 billion [7][8]. - The bank has established a tiered customer management system, resulting in a 6.5% increase in corporate clients to 909,100, with strategic client loans growing by 15.8% [8]. Interbank Business - The bank's interbank business adapts to market changes, enhancing investment trading capabilities and customer services. As of June, the number of value clients reached 1,328, with bond sales increasing by 79.0% to CNY 169.36 billion [9]. Sustainable Development and Social Responsibility - Ping An Bank actively promotes green finance, with green loan balances reaching CNY 251.75 billion, a 6.0% increase. The bank also supports rural revitalization, with CNY 312.59 billion allocated to related initiatives [11][12]. Financial Performance - For the first half of 2025, the bank reported operating income of CNY 693.85 billion, a 10.0% decline, while net profit was CNY 248.70 billion, down 3.9%. The capital adequacy ratios improved, with the core tier one capital ratio at 9.31% [6][12].

全文阅读时间约为7分钟 中国正处于全球产业链大迁徙的前沿，对于中国企业而言，这既是挑战也是机遇。中国曾是世界全球化 进程的获益者，借助全球联系不断加深、数字化迅速普及、全球贸易占比高、制造业中心转移等关键发 展趋势，经济实现长足发展。展望未来十年，随着新一轮全球产业链大迁徙，产业升级、能源与资本投 入也在持续升级，中国企业应顺势而为，制定新的"走出去"战略，而这一趋势也将带动出海金融需求增 长，给金融机构带来新的发展契机，迈向国际舞台。 一、机会在哪里：东部沿海地区FDI同比增速14%，东盟成为热门出海地 中国进出口贸易量增长率近4%，达到近6万亿美元规模；企业出海目的地呈现多元化趋势，向东盟国家 直接投资流量同比增长35% 。2014-2023年，中国进出口贸易总量年复合增长率达到3.6%；对外直接总 投资年复合增长率达到4.1%。从区域看，2023年我国对外直接投资投向东盟、欧盟、美国、澳大利亚 的流量同比分别为+34.7%、-6.1%、-5.2%、-80.4%。东盟地区中，流量前三的国家分别为新加坡、印度 尼西亚及越南，且企业的出海目的地因行业而异（见图1、2）。 甲国灯外且技技贷 (UFDI), 20 ...