Core Viewpoint - Under the dual background of deepening transformation in retail banking and the increasing demand for wealth management among residents, the company actively practices a customer-centric service philosophy, aiming to provide more intelligent and personalized wealth management services, thereby injecting strong momentum into family wealth preservation and appreciation [1]. Group 1: Wealth Management Features - The company focuses on creating value for customers by building a distinctive "Sunshine Wealth" brand, emphasizing three main features: a wide range of quality products, strong innovation, and excellent service, which form a differentiated competitive advantage [1]. - The company has developed a robust and diverse product matrix, covering cash, fixed income, fixed income+, mixed, and equity products, continuously enriching the types of "fixed income+" products [1]. - Recent innovations include a new model for regular investment in wealth management, offering targeted investment products that lock in income goals, popular investment products, and stable income products [1]. Group 2: Product Management and Risk Control - The company has established a comprehensive product management system covering the entire lifecycle of wealth management products, ensuring integrated processes and refined management [2]. - Strict product risk rating standards are in place, evaluating investment targets, return structures, and risk characteristics to ensure product quality and safety from the source [2]. - Real-time monitoring of product performance is conducted, with automatic alerts for abnormal fluctuations, allowing for immediate adjustments to investment strategies and enhanced risk warnings [2]. Group 3: Technological Empowerment and Service Efficiency - The company is advancing intelligent service upgrades, integrating cloud consulting, cloud review, and cloud companionship into its services [3]. - Over 5,000 wealth managers have access to a digital platform that allows them to share investment knowledge and market dynamics, providing real-time, personalized services to clients [3]. - The company aims to continuously enhance the competitiveness of its products and services by exploring diverse service models that align with customer lifestyles, while strengthening the integration of technology and business [3].

上半年，光大银行实现营业收入659.18亿元，同比下降5.57%，降幅较上年同期收窄3.2个百分点；归母净利润246.22亿元，同 比增长0.55% 文｜《财经》记者 唐郡 编辑｜张威 8月29日，光大银行发布2025年半年度报告。 报告显示，截至6月末，光大银行总资产达7.24万亿元，较上年末增长4.02%；贷款总额4.08万亿元，较上年末增长3.82%；存 款余额4.25万亿元，较上年末增长5.39%。 上半年，光大银行实现营业收入659.18亿元，同比下降5.57%，降幅较上年同期收窄3.2个百分点；归母净利润246.22亿元，同 比增长0.55%。 受贷款市场报价利率下调、存量房贷利率调整等因素影响，上半年光大银行净息差同比下降14个基点，至1.40%。受此影响， 该行上半年利息净收入为454.32亿元，同比减少26.79亿元，下降5.57%。 同时，上半年光大银行计提资产减值损失159.13亿元，同比大幅下降21.60%。华创证券金融业研究团队认为，资产减值损失减 少有效对冲了营收端的压力。 以阳光财富为例，上半年光大银行在零售金融领域着力打造"阳光财富"品牌。截至6月末，光大银行零售AUM（资产管 ...

Core Viewpoint - The company reported a 4.1% year-on-year decrease in revenue for Q1 2025, while net profit attributable to shareholders increased by 0.3%, aligning with expectations [1] Development Trends - The improvement in funding costs accelerated, with a net interest margin (NIM) of 1.39%, down 16 basis points year-on-year and 14 basis points quarter-on-quarter [2] - The cost of interest-bearing liabilities decreased by 39 basis points year-on-year and 12 basis points quarter-on-quarter to 1.99%, indicating a significant improvement in funding costs [2] - Total assets, loans, and deposits grew by 3.9%, 4.5%, and 5.8% respectively compared to the beginning of the year, with loan growth primarily from technology and green loans [2] - The bank's non-performing loan ratio remained stable at 1.25%, with a provision coverage ratio of 174.44%, down 6.15 percentage points from the beginning of the year [3] Fee Income and Non-Interest Revenue - Net fee income increased by 3.3% year-on-year, a significant recovery from a 19.5% decline in 2024 [3] - The wealth management business stabilized, with retail AUM reaching 3.05 trillion yuan [3] - Other non-interest income grew by 1.5% year-on-year, supported by high investment income that offset losses from fair value changes [3] Profit Forecast and Valuation - The company maintains its profit forecast and valuation, with A-shares trading at 0.4x P/B for 2025E and 2026E, and a target price of 4.58 yuan, indicating a 20.2% upside [4] - H-shares are trading at 0.4x P/B for 2025E and 0.3x for 2026E, with a target price of 3.56 HKD, reflecting a 9.2% upside [4]