"行业对科技浪潮的态度已从'是否拥抱'的选择题转变为'如何拥抱'的必答题。AI的价值，最终要体现在 业务成效上。"2025年上半年，成功扭转去年增收不增利的一家民营银行人士告诉中国证券报记者，将 AI技术嵌入核心业务场景，真正实现效能提升是民营银行摆脱传统业务模式、实现高效获客的关键。 然而，AI技术的落地尚存阻碍，安全、成本以及效益是银行的主要顾虑。 此外，需要说明的是，作为行业龙头，微众银行尚未披露2025年上半年业绩。根据微众银行2024年年 报，截至2024年末，微众银行资产规模6517.76亿元。2024年，微众银行实现营业收入381.28亿元、净利 润109.03亿元。 资源禀赋与科技能力是关键变量 "民营银行业绩分化显著的核心原因是在资源禀赋、生态支撑和科技能力等方面差距明显。"上海金融与 发展实验室主任曾刚表示，例如网商银行背靠阿里巴巴生态，能够高效获取海量的小微企业客户和个人 客户，同时能够深度利用阿里巴巴平台的大数据等资源，形成数字驱动的业务发展模式，从而实现业绩 增长。 曾刚表示，许多中尾部民营银行自有客户基数有限，主要依赖传统存贷款业务，抗风险和盈利能力薄 弱。此外，头部民营银行在金融 ...

Core Viewpoint - The retail banking sector in China is facing significant challenges, with banks like Ping An Bank experiencing a decline in retail business performance due to past strategies that prioritized high-risk, high-reward approaches. The industry is now reflecting on these strategies as they navigate a difficult economic environment [1][2][4]. Retail Banking Performance - In the first half of 2025, major banks reported a decline in retail financial income and profits, with Agricultural Bank of China, China Construction Bank, and Industrial and Commercial Bank of China all showing varying degrees of downturn in personal financial business [5][6][7]. - Ping An Bank's retail banking revenue fell by over 20% year-on-year, with its pre-tax profit dropping to 1.2 billion yuan, contributing only 4% to total profits, down from 7% [8][10]. Asset Quality and Credit Risk - The retail banking sector is under pressure regarding asset quality, with rising non-performing loan ratios impacting profitability. For instance, Ping An Bank's retail loan non-performing rate was 1.27% [13][14]. - The overall economic environment, including a downturn in real estate investment and sluggish consumer demand, has led to a significant reduction in retail business income across the board [12][16]. Wealth Management Transition - Banks are attempting to shift their focus from traditional retail lending to wealth management, which requires long-term strategic investment and organizational capability [16][20]. - Despite the challenges, some banks, like China Merchants Bank, have shown resilience in their wealth management capabilities, with a notable increase in their wealth management income [24]. Future Strategies - Banks are re-evaluating their strategies, emphasizing quality and efficiency over mere scale. For example, China Merchants Bank is focusing on core banking functions while enhancing digital services and AI integration [18][19]. - The shift towards wealth management is seen as essential for banks to maintain competitiveness, especially as deposit trends shift towards investment products [19][22].

Core Viewpoint - The retail banking sector in China is facing significant challenges, with declining revenues and profits in retail financial services, particularly in retail credit and wealth management, as economic conditions worsen [1][12][18]. Group 1: Retail Banking Performance - In the first half of 2025, retail banks continued to experience pressure, with major banks reporting declines in retail financial income and profits [4][7]. - Agricultural Bank of China reported retail financial income of 190.18 billion yuan, down 6.6% year-on-year, and a profit of 68.51 billion yuan, down 23.59% [4]. - China Construction Bank's retail financial income was 181.47 billion yuan, up 0.99%, but profits fell by 19.62% to 78.73 billion yuan [4]. - Industrial and Commercial Bank of China saw retail financial income decrease by 0.67% to 169.31 billion yuan, while profits increased by 46.05% to 92.77 billion yuan, largely due to a low base from the previous year [4][6]. - Ping An Bank's retail financial income plummeted by 20.49% to 31.08 billion yuan, with profits down 45.98% to 1.20 billion yuan [4][7]. Group 2: Credit Quality and Challenges - The retail loan non-performing ratio for major banks has shown signs of deterioration, with Ping An Bank at 1.27%, and the credit card non-performing ratio at 2.3% [13]. - The overall economic environment, including a downturn in the real estate sector and low consumer demand, has led to a significant reduction in retail banking income and growth [12][18]. - The shift from high-risk, high-return lending strategies to a focus on wealth management is becoming increasingly important for banks, but this transition is challenging and requires long-term investment [17][19]. Group 3: Wealth Management and Future Strategies - Wealth management is seen as a critical area for future growth, but banks are struggling to effectively transition from traditional retail banking to wealth management services [17][20]. - The average interest rate on personal deposits for major banks varies, with China Merchants Bank maintaining a low rate of 1.18%, which helps in reducing funding costs [24]. - China Merchants Bank reported a significant increase in wealth management income, reaching 20.86 billion yuan in the first half of 2025, marking a 5.45% year-on-year growth [25]. - The retail AUM (Assets Under Management) for China Merchants Bank is significantly lower in terms of retail deposits compared to its peers, indicating a stronger wealth management capability [22][23].

Core Insights - The retail credit sector is facing unprecedented challenges in both development and risk aspects this year, with no signs of a turning point in the rising risk trend [1] Development Challenges - The retail credit market has seen a significant decline in incremental growth due to various factors including market environment and credit demand [1] Risk Factors - The overall economic slowdown, downturn in the real estate market, declining household income levels, and reduced repayment capacity and willingness among customers are contributing to the rising risk trend in retail credit [1] Credit Card Insights - Credit cards, which have a more down-market customer base and higher sensitivity to risk, serve as a leading indicator for changes in retail credit risk [1] - The non-performing loan ratio for credit cards continues to show a clear upward trend, indicating that the risk in retail credit has been increasing since last year and is still being revealed [1]

Core Viewpoint - The retail credit risk is on the rise, but the overall asset quality of the bank remains stable and controllable, with expectations of a slight increase in risk in the near term [1][2] Group 1: Retail Credit Risk - The bank's vice president, Wang Ying, indicated that the retail credit risk has increased, and there is no sign of a turning point in this trend [1] - Credit card customer segments are more sensitive to risks compared to retail credit, making credit card risk a leading indicator for retail credit risk changes [1] - The bank expects a slight increase in retail credit risk in the near future, but maintains that its asset quality is robust and manageable [1] Group 2: Asset Quality Assurance - The bank's assurance of retail credit asset quality is based on three main factors: a strong risk culture, a "three excellence strategy" focusing on quality customers, regions, and collateral, with 90% of loans adhering to this strategy [1] - Over 80% of the bank's retail loans are mortgage loans, providing a stable and sufficient collateral base, with low loan-to-value ratios [1] - The solid economic foundation of the country, supported by various government policies, is expected to improve the retail credit operating environment and shift competition towards technology and service quality [1] Group 3: Future Strategy - The bank aims to maintain its risk bottom line and ensure asset quality remains at the best level in the industry while enhancing its existing advantages in retail credit [2] - The bank will continue to strengthen the contribution of retail credit to its asset allocation as a stabilizing force [2]

Core Viewpoint - The risk situation of credit cards can serve as a leading indicator for changes in retail credit risk, with the current trend indicating a continued slight increase in retail credit risk in the near future, although the overall asset quality remains stable and controllable [1] Group 1: Credit Card Risk - The vice president of China Merchants Bank, Wang Ying, stated that the risk situation of credit cards is an important reference for retail credit risk changes [1] - Retail credit risk has shown a significant upward trend since last year, and the current risks are still being revealed [1] Group 2: Industry Perspective - From an industry perspective, there is no sign of a turning point in the upward trend of retail credit risk [1] - The bank anticipates that retail credit risk will continue to rise slightly in the near term [1] Group 3: Asset Quality - Despite the rising risks, the overall asset quality of the bank is described as stable and controllable [1]

Core Viewpoint - Lufax Holdings, a subsidiary of Ping An Group, reported strong financial performance for 2021, with significant growth in revenue and net profit, alongside plans for dividends and share buybacks [1][4]. Group 1: Financial Performance - Lufax Holdings achieved total revenue of 61.835 billion yuan in 2021, representing an 18.8% year-on-year increase [1] - The net profit for the year was 16.709 billion yuan, a 36.1% increase compared to the previous year [1] - Adjusted net profit, according to Non-IFRS standards, grew by 29.1% to 17.561 billion yuan [1] Group 2: Business Growth - The number of borrowers increased by 16.4% year-on-year, reaching nearly 16.8 million by December 31, 2021 [2] - The managed loan balance reached 661 billion yuan, up 21.3% year-on-year [2] - Wealth management assets totaled 432.7 billion yuan, with registered users growing by 11.7% to 51.6 million [2] Group 3: Revenue Structure - Revenue from the technology platform decreased by 10.4% to 8.836 billion yuan, primarily due to a decline in credit service fees [3] - Guarantee income surged by 538.7% to 1.635 billion yuan, attributed to an increase in self-guarantee ratios [3] - Net interest income rose by 81.5% to 4.234 billion yuan [3] Group 4: Shareholder Returns - Lufax Holdings announced a cash dividend of $0.34 per ADS, amounting to approximately 30% of the 2021 net profit [4] - The company plans to add an additional $500 million to its existing $1 billion share buyback program [4] - By the end of 2021, Lufax had repurchased nearly 107 million ADS, costing approximately $864 million [4] Group 5: Future Outlook - The company aims to balance business growth and quality improvements in 2022 [5] - Lufax Holdings projects total revenue for 2022 to be between 68 billion and 69.3 billion yuan, with net profit expected to rise to between 18.6 billion and 18.9 billion yuan [5]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 55 CNY, maintaining the rating [4][13]. Core Views - The company's Q1 2025 performance shows a reliance on scale expansion for growth, with a year-on-year revenue decline of 3.09% and a net profit increase of 2.08% [1][12]. - The bank's strong deposit base supports asset expansion, despite a narrowing net interest margin and slowing non-interest income growth [1][12]. - The outlook for 2025 suggests a modest revenue growth of 0.61% and a net profit growth of 1.24%, with expectations of a recovery in the capital market aiding performance [13]. Summary by Sections Financial Performance - In Q1 2025, the bank's average interest-earning assets increased by 8.7% year-on-year, with new interest-earning assets amounting to 176.6 billion CNY, a year-on-year increase of 8.4 billion CNY [1][18]. - The net interest margin for Q1 2025 was 1.91%, down 11 basis points year-on-year, primarily due to a decrease in asset yield [2][3]. Loan and Deposit Structure - New loans in Q1 were primarily driven by corporate lending, while retail lending showed weakness, particularly in credit card loans [2][12]. - The bank's interest-bearing liabilities grew by 8.6% year-on-year, with deposits increasing by 9.4%, significantly outpacing loan growth of 5.2% [2][12]. Non-Interest Income - Non-interest income from fees and commissions decreased by 2.51% year-on-year, with wealth management income growing by 10.45% [8][12]. - Other non-interest income faced pressure, declining by 22.2% year-on-year due to market rate fluctuations affecting bond and fund investments [9][12]. Asset Quality - The bank's non-performing loan ratio remained stable at 0.94%, with a slight increase in the attention ratio to 1.36% [9][10]. - The bank's provision coverage ratio is stable at around 410%, indicating strong risk absorption capacity [10][12]. Future Outlook - The bank is expected to face continued pressure on net interest margins due to weak effective financing demand, but its strong deposit advantage is anticipated to maintain a relatively high margin compared to peers [8][12]. - The report highlights the potential for recovery in non-interest income as market conditions improve, particularly in the capital markets [9][12].

Investment Rating - The investment rating for Ping An Bank is maintained at Buy-A with a 6-month target price of 14.17 CNY, compared to the current stock price of 11.97 CNY [4]. Core Views - Ping An Bank's revenue growth is under pressure due to ongoing transformation and restructuring, with a reported revenue decline of 10.93% year-on-year for 2024 [1]. - The bank's net profit attributable to shareholders decreased by 4.19% year-on-year, indicating a divergence between revenue and profit growth [1]. - The bank's asset quality shows signs of improvement, with a decrease in the non-performing loan generation rate to 1.8% in 2024, down 9 basis points year-on-year [10][12]. Summary by Sections Financial Performance - In 2024, Ping An Bank's operating revenue was 146.695 billion CNY, with a projected revenue decline of 7.76% for 2025 [14]. - The bank's net profit for 2024 was 44.508 billion CNY, with an expected slight increase to 44.899 billion CNY in 2025 [14]. - The bank's net interest margin for Q4 2024 was reported at 1.70%, down 41 basis points year-on-year [3][9]. Asset Quality - The non-performing loan ratio remained stable at 1.06% as of Q4 2024, with improvements in various loan categories [33]. - The bank has increased its provision coverage ratio, maintaining a stable credit cost despite the pressure on profit growth [10][12]. Retail Business - The retail business is undergoing structural adjustments, with a focus on reducing high-risk loans, leading to a decline in retail credit [2][12]. - The bank's retail assets under management (AUM) showed slight growth, benefiting from improved market conditions in Q4 2024 [11][37]. Credit Growth - New credit issuance in Q4 2024 was 5.7 billion CNY, indicating a slight recovery compared to previous quarters, although retail credit remains under pressure [20]. - The bank's overall credit growth is expected to remain weak in 2025, with ongoing efforts to reduce high-risk retail loans [12][13].