意见领袖 | 洪偌馨 2025年8月，平安银行行长冀光恒一句'2025将是平安银行最难的一年'，拉开了上市银行半年报密集披 露的大幕。 当然，正在经历零售阵痛的也不止平安银行一家。 银行零售业务的两大板块——零售信贷和财富管理，以前者规模扩张为主导的发展方式，一直是过去二 十年里中国零售银行发展的主流叙事。 曾经被称作'零售新王'的行业'黑马'，正在消化过去以风险换收益的苦果。行长反思零售战略，'曾经出 现了一些偏差'。 但近两年，在复杂多变的经济形势之下，居民收入波动、消费需求低迷、房产行业下行……银行的零售 业务发展集体'失速'、资产质量承压。 2025年半年报数据透露出了更多'寒意'，曾经支撑零售银行增长的信贷'引擎'渐失动力，而寄予厚望 的'大财富管理'却没能如预期般及时补位。 零售银行们要如何穿越'冬天'？ 1 '寒意'渗透 2025 年上半年，零售银行继续承压。 我们从国有大行和股份行中各选取了几家颇具代表性的银行，他们都将零售金融/个人金融作为重要的 战略业务。 除了短暂闪耀过的平安银行，其他几家的零售板块长期位于第一梯队。从他们的数据变化中，亦可窥见 零售银行的困境与出路。 | 银行/项目 | ...

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].

新京报贝壳财经讯（记者姜樊）9月1日，招商银行副行长王颖在2025年中期业绩发布会上表示，今年以 来零售信贷的全行业，无论是在发展端还是在风险端都遇到了前所未有的挑战，零售信贷风险上升趋势 未见拐点。 王颖表示，在发展端，受市场环境、信贷需求等多方面的影响，零售信贷全市场的增量大幅下降。在风 险端，受整个经济增速放缓、房地产市场下行、居民收入水平下降、客户还款能力和还款意愿等因素的 影响，零售信贷也出现了全行业的风险上升趋势。 "信用卡的客群相较零售信贷更加下沉，对风险的敏感度更高。因此信用卡风险形势的变化，可作为零 售信贷风险变化的先导和重要的参考。"王颖表示，信用卡全市场的不良率仍然呈明显的上升趋势，未 见拐点。从信用卡可以看零售信贷，零售信贷风险的明显上升是从去年开始的，风险还在暴露过程中。 编辑 陈莉 校对 刘军 ...

北京商报讯（记者 孟凡霞 实习记者 周义力）9月1日，招商银行召开2025年中期业绩发布会，谈及零售 信贷风险问题，招商银行副行长王颖表示，招商银行作为市场的一分子，个体表现无法背离市场整体趋 势，零售信贷风险有所上升。她判断，零售信贷风险上升趋势未见拐点，信用卡的客群相较零售信贷而 言更加下沉，对风险的敏感度更高，因此信用卡风险形势的变化可以作为零售信贷风险变化的先导和重 要参考。"我们认为未来一段时间仍会小幅上升，但总体招商银行的资产质量稳健可控。" 对于零售信贷资产质量的保障底气，王颖从三方面给出解释：一是，始终坚持稳健的风险文化，以 及"优质客户、优质区域、优质押品"的"三优策略"，目前"三优"占比已达90%，且今年仍在持续上升； 二是，招行零售贷款中抵押贷款占比超八成，抵押物充足稳定，抵押成数处于较低水平，安全垫相对充 足；三是，我国经济基础稳固、优势多、潜能大，长期向好支撑条件仍在，且今年中央出台包括贴息补 贴在内的一系列支持政策，经济持续回升将不断稳固基础，叠加"反内卷"推进，未来零售信贷经营环境 有望进一步改善，行业竞争将从价格战转向以科技、服务质量为核心的差异化竞争，这为招行带来新的 发展机 ...

今日上午召开的招商银行2025年中期业绩说明会上，招商银行副行长王颖表示，信用卡风险形势变化可 以作为零售信贷风险变化的先导和重要的参考，从信用卡看零售信贷的话，零售信贷风险从去年开始明 显上升，当前风险还在暴露过程当中。王颖判断，从行业视角，当前零售信贷风险上升趋势未见拐点， 零售信贷的风险未来一段时间仍会小幅上升，但我行资产质量总体稳健可控。 ...

在提前完成网贷清理之后，陆金所控股的财富管理业务保持稳健增长。截至12月31日，陆金所控股客户 资产规模为4327亿元，财富管理平台注册用户数同比增长11.7%，达5160万人；活跃投资者数由去年末 的1490万人增长至1550万人。同时，客户资产质量显著提升，截至2021年12月31日，陆金所平台投资金 额在30万元以上的客户资产占比达81.0%，较2020年同期的75.5%提升5.5个百分点。 继金融壹账通之后，中国平安集团旗下又一上市"独家兽"——陆金所控股发布了2021年全年业绩数 据。 数据显示，陆金所控股2021全年实现总营收618.35亿元，同比增长18.8%；全年净利润167.09亿元，同 比增长36.1%。按非国际会计准则（Non-IFRS）调整后，2021年净利润则同比增长29.1%，达175.61亿 元。 陆金所控股还披露了分红安排，计划按0.34美元/ADS的比例派发现金股息。此外，陆金所控股表示， 未来12个月内将在去年10亿美元回购计划的基础上，新增5亿美元用于ADS回购。 主营业务稳健增长 陆金所控股属中国平安集团联营公司，作为个人金融服务平台，旗下涵盖零售信贷、财富管理等业务。 ...

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].