以幸福人寿为例，2024年因其持有南京银行3.68%股权并派驻董事，该投资改用权益法核算后确认了 12.25亿元营业外收入，从而实现扭亏为盈。 目前，平安人寿所持招商银行股份对应的净资产份额约为507.47亿元，高于其账面价值439.56亿元。若 未来平安人寿向招商银行派驻董事，形成重大影响，则可能确认约67.91亿元的营业外收入。尽管2025 年6月招商银行曾表示"长期资金未谋求董事席位诉求"，但当时平安人寿持股比例尚未达到3%的董事提 名门槛。如今其持股比例已升至3.61%，情况已有所不同。 此外，2025年以来，险资向银行派驻董事的现象逐渐增多。大家人寿、新华人寿、弘康人寿已分别向兴 业银行、杭州银行、苏农银行新派驻董事。其中，大家人寿的持股比例仅为3.38%。 1月8日，平安人寿发布公告称，由其委托平安资管管理的资金投资于招商银行H股。截至2025年12月31 日，持股比例已达到招商银行H股总股本的20%，约占总股本的3.61%。 为何招商银行年内四度被平安人寿举牌？ 一方面，在新会计准则下，保险公司可将此类股权投资计入"以公允价值计量且其变动计入其他综合收 益"科目。这意味着股价波动不影响当期利润， ...

出品｜达摩财经 12月19日，长沙银行（601577.SH）发布公告称，该行董事会收到董事长赵小中的辞职报告。因到龄离 任，赵小中申请辞去该行董事长等一系列职务，同时不再担任长沙银行法定代表人。 赵小中现年61岁，是长沙银行的元老人物，其自1997年长沙银行成立之初即加入，在核心岗位任职超过 十年，于2015年9月担任长沙银行行长，并自2021年12月起担任该行党委书记、董事长。 在赵小中担任长沙银行董事长任内，该行相继实现获批基金托管资格、完成湖南县域机构全覆盖、资产 规模突破万亿等多项里程碑式成就。 赵小中辞职的同时，长沙银行同时公布了董事长的接任人选。长沙银行董事会召开临时会议，选举张曼 为该行董事长，其任职资格还需监管部门核准。张曼的接任属于典型的"内部培养、梯队晋升"模式，此 次升任董事长后，其将成为A股上市城商行中唯一女性董事长。 张曼是1972年生人，早年工作于长沙农行系统。在长沙银行任职期间，张曼曾担任长沙银行星城支行行 长，长银五八消金筹备办公室主任，长沙银行党委委员、副行长。去年，长沙银行原行长唐力勇因工作 调整辞职，9月，张曼被聘任为该行行长，距今刚一年多的时间。 在息差承压的背景下，长 ...

Investment Rating - The report maintains a "Positive" investment rating for the banking sector [12] Core Insights - The overall market has seen a decline, with a noticeable drop in risk appetite, yet bank stocks have slightly retreated while outperforming the broader market and the ChiNext index, showcasing their defensive attributes [2] - The report highlights a significant focus on the asset quality trends of retail loans, particularly mortgage loans, due to recent fluctuations in housing prices, raising concerns about the ability to cover loan principal [6][40] - The report anticipates that the decision-makers will prioritize financial system stability and risk thresholds, likely implementing policy adjustments to alleviate the pressure on mortgage loan asset quality [6][40] Summary by Sections Market Performance - The Longjiang Bank Index fell by 0.9%, but outperformed the CSI 300 and ChiNext indices by 2.9% and 5.3% respectively, indicating a defensive characteristic of bank stocks [19] - State-owned banks have shown notable performance, with early mid-term dividend distributions in December encouraging increased allocations [19] Retail Loan Quality - There has been a rise in retail loan non-performing ratios and amounts among listed banks, reflecting pressures from declining housing prices and household income [6][41] - By June 2025, the non-performing balance of personal loans among sample listed banks increased by 88.3 billion yuan, with significant impacts from mortgage loans and rapidly growing personal business loans [6][41] - Individual banks such as China Communications Bank and China Merchants Bank reported rising retail non-performing ratios, while Ping An Bank showed a decline due to effective risk management and write-offs [7][42] Future Outlook - The report suggests that city commercial banks, like Ningbo Bank, are expected to achieve improvements in retail asset quality by actively adjusting their loan structures [8] - The overall retail risk in the banking sector is anticipated to remain under observation, with potential improvements in overdue rates and non-performing ratios expected in the future [7][41]

Core Insights - The retail credit market is experiencing a slowdown, with many banks facing challenges in maintaining retail performance metrics amid weak consumer demand and credit needs [1][2][3] Group 1: Retail Credit Trends - Retail loan growth has decelerated, with several banks reporting a decrease in retail loan balances compared to the end of last year [2] - As of the end of September, several banks, including Industrial Bank and Minsheng Bank, reported declines in personal loan balances, with decreases of 2.49% and 3.17% respectively [2] - The overall retail loan demand is insufficient, particularly in mortgage and credit card segments, leading to a downward trend in loan balances [3] Group 2: Customer Segmentation - There is a noticeable divergence in growth rates between high-net-worth and basic retail customer segments, with high-net-worth customers growing at a faster pace [4][5] - As of September, the number of high-net-worth customers at several banks, such as China Merchants Bank and Ping An Bank, has increased significantly, with growth rates of 10.42% and 6.7% respectively [5][6] - The trend indicates a shift towards deeper competition in the retail banking sector, focusing on maximizing value from existing customer bases rather than acquiring new customers [7]

Core Viewpoint - The retail banking sector is facing challenges with slowing loan growth, reduced retail performance contributions, and a shift in customer demographics, necessitating a focus on existing high-net-worth clients while managing declining retail loan demand [1][2]. Group 1: Retail Loan Trends - Retail loan growth has slowed, with several banks reporting a decrease in retail loan balances compared to the end of the previous year. For instance, Industrial Bank's personal loan balance was 1.94 trillion yuan, down 2.49% from the end of last year [3]. - As of the end of September, Minsheng Bank's personal loan total was 1.71 trillion yuan, a decrease of 3.17% from the end of last year [3]. - Other banks, such as China Construction Bank and Bank of China, also reported slight declines in personal loan balances compared to mid-year figures, indicating a broader trend of reduced retail lending [4]. Group 2: Customer Segmentation - There is a noticeable divergence in growth rates between high-net-worth clients and basic retail clients. High-net-worth client segments are growing faster than the basic retail customer base [6]. - For example, as of September, China Merchants Bank reported a 4.76% increase in retail customers, with high-net-worth clients growing by 10.42% [6]. - Similarly, Ping An Bank's wealth clients increased by 2.4%, while private banking clients grew by 6.7% [7]. Group 3: Strategic Focus - Banks are shifting their strategies to focus on existing customers, particularly in enhancing the value of lower-tier clients to transition them into higher-value segments. This includes leveraging digital channels for customer engagement [8]. - The emphasis is on "collective operation of retail long-tail customers," aiming to optimize customer interactions through various digital platforms and increase the conversion of basic clients to high-net-worth clients [8].

Core Viewpoint - The differentiated development path of regional banks has become a focal point in the banking industry, particularly in the context of narrowing interest margins and credit risk concerns in 2025. Chengdu Bank's third-quarter report exemplifies high-quality growth amidst a complex environment, showcasing its resilience and potential [1]. Financial Performance - Chengdu Bank reported a revenue of 17.761 billion yuan for the first three quarters of 2025, a year-on-year increase of 3.01%, and a net profit attributable to shareholders of 9.493 billion yuan, up 5.03% year-on-year [1]. - The bank's total assets reached nearly 1.39 trillion yuan, growing by 10.8% since the beginning of the year, maintaining double-digit expansion [4]. - The total loan amount stood at 847.481 billion yuan, reflecting a growth of 14.13% year-to-date and a year-on-year increase of 17.3%, ranking among the top in disclosed quarterly reports [4]. Loan and Interest Margin Dynamics - Chengdu Bank's loan growth was primarily driven by a strong increase in corporate loans, which accounted for 81% of new loans in the third quarter [4]. - The net interest margin for the third quarter was estimated to be between 1.45% and 1.55%, with a significant narrowing of the decline to approximately 3 basis points, contrasting with the broader industry trend of declining margins [4][6]. Risk Management and Asset Quality - As of the end of September, Chengdu Bank's non-performing loan ratio was 0.68%, remaining at a low level within the industry, while the ratio of special mention loans decreased by 7 basis points to 0.37%, indicating improving asset quality [8]. - The bank's provision coverage ratio stood at 433.08%, providing a strong safety net against potential risks, despite a slight decrease [9]. Capital Strength and Future Outlook - Chengdu Bank successfully issued 11 billion yuan in perpetual bonds, enhancing its capital adequacy ratio to 14.39%, which increased by 1.26% quarter-on-quarter [9][10]. - The bank's focus on capital efficiency is evident, with a year-on-year growth of risk-weighted assets at 15.1%, indicating a balanced approach to expansion and quality [10]. - The ongoing strategic development in the Chengdu-Chongqing economic circle is expected to support Chengdu Bank's high-quality growth, leveraging its unique regional advantages and solid customer base [2].

Investment Rating - The industry rating is "Outperform" (maintained rating) [3] Core Insights - The future development direction of retail banking should focus on planning adjustments, enhancing credit opening momentum, and adjusting loan risk preferences [1][6] - Retail banks are expected to strengthen their asset under management (AUM) fundamentals and expand "medium-risk - medium-return" retail loans [1][6] - Corporate banking is becoming an important support for retail banks, leveraging regional advantages to establish a "latecomer advantage" [1][6] Summary by Sections 1. Retail Banking's Industry Leadership - Retail banks like Ping An Bank and China Merchants Bank had a significant leadership position before the interest rate cut cycle, with their profitability growing faster than peers [10][11] - The success of retail banking is attributed to technology, teams, and service [14] 2. Current Operating Status of Retail Banks - Retail banking profitability growth has weakened compared to the industry average, with Ping An Bank and China Merchants Bank's net profit growth rates at -3.90% and +0.25% respectively in the first half of 2025 [24][28] - The net interest income and fee-based income of retail banks have faced significant pressure, with Ping An Bank's net interest income declining by 9.33% year-on-year [28][30] 3. Future Directions for Retail Banking - Important planning adjustments include enhancing the "credit opening" effect and tightening high-risk credit loan issuance [1][6] - Retail banks should focus on capturing AUM fundamentals and expanding medium-risk retail loans to balance risk and return [1][6] - Corporate banking is crucial for retail banks, with Ping An Bank and China Merchants Bank showing significant growth in corporate loans [1][6]

Industry Investment Rating - The investment rating for the banking sector is "Outperform" [1] Core Insights - The proportion of corporate loans has increased, while retail demand recovery is being monitored. As of mid-2025, the proportion of corporate loans among listed banks rose by 1.65 percentage points from the end of 2024 to 60.2%. The manufacturing sector's loans accounted for 18.5% of corporate loans, reflecting a recovery in the operations of manufacturing enterprises [3][12] - The flexibility in bond allocation has increased, with bond trading helping to stabilize market fluctuations. In the first half of 2025, listed banks saw a significant decline in other comprehensive income and fair value changes due to interest rate fluctuations. Some banks, primarily state-owned, increased bond trading to enhance investment returns and stabilize net profit growth [3][6] - Asset quality pressure is manageable, with a focus on risks in the retail sector. The overall asset quality remains stable, with the non-performing loan (NPL) ratio for A-share listed banks holding steady at 1.15% as of Q3 2025. However, the average NPL ratio for retail loans increased by 15 basis points to 1.58% compared to the end of 2024 [3][6] Summary by Sections Corporate Loan Structure - The overall asset structure of listed banks shows an increase in loan allocation, with the loan proportion rising by 0.1 percentage points from the end of 2024. State-owned banks increased interbank asset allocation, while small and medium-sized banks focused more on loan issuance [12][19] - Corporate loans remain the primary focus of credit allocation, with corporate loans accounting for 91.1% of all new loans in the first nine months of 2025. Short-term corporate loans made up 33.7% of new corporate loans [17][18] Bond Investment Preferences - The preference for flexible bond allocation has increased, with banks primarily investing in government bonds and central bank bills. The proportion of OCI accounts has risen, indicating a shift towards more flexible investment strategies [6][3] Asset Quality and Risk Monitoring - The asset quality of the banking sector is stable, with a non-performing loan ratio of 1.15% as of Q3 2025. The retail loan sector has shown slight increases in NPL ratios, necessitating ongoing monitoring of risks in this area [3][6]

Investment Rating - The report indicates a cautious outlook on the credit growth rate, suggesting a shift towards quality improvement, with expectations for a recovery in corporate loan increments by 2026 [5][9]. Core Insights - Credit growth is expected to slow significantly starting in 2024, but the decline in growth rate is anticipated to moderate by 2026, with corporate loans likely to see a year-on-year increase [7][9]. - The relationship between credit growth and economic growth is weakening, emphasizing the need to optimize credit structure and reduce idle financial resources [9]. - The report highlights that the banking sector's total asset growth will outpace loan growth in 2025, driven by government bond supply and fiscal policies [9]. Summary by Sections Credit Growth Forecast - New RMB loans are projected at 21.3 trillion, 23.6 trillion, and 18.9 trillion yuan for 2022, 2023, and 2024 respectively, with a further estimate of 14.7 trillion yuan for the first three quarters of 2025 [9]. - For 2026, new loans are expected to be between 17.2 trillion and 17.7 trillion yuan, corresponding to a growth rate of 6.3% to 6.5% [9]. Loan Composition - In 2023, the total RMB loans are expected to reach 237.59 trillion yuan, with a year-on-year growth rate of 10.6% [8]. - Retail loans are projected to grow from 80.10 trillion yuan in 2023 to 82.84 trillion yuan in 2024, reflecting a growth rate decline from 5.7% to 3.4% [8]. - Corporate loans are anticipated to increase from 157.07 trillion yuan in 2023 to 171.01 trillion yuan in 2024, with a growth rate of 12.7% [8]. Regional Performance - Regions such as Jiangsu, Zhejiang, Sichuan, and Shandong are expected to continue outperforming the national average in loan growth due to strong economic performance and support from new policy financial tools [12]. Banking Sector Dynamics - The report notes that state-owned banks are expected to maintain a competitive edge due to lower funding costs and capital injections from the Ministry of Finance [12]. - The net interest margin is in a downward trend, but the rate of decline is expected to slow starting in 2025, with some smaller banks potentially stabilizing their margins by 2026 [13][17]. Asset Quality - As of Q2 2025, the non-performing loan (NPL) ratio for listed banks is reported at 1.25%, indicating a stable asset quality despite pressures on retail credit [37]. - The report emphasizes that while retail loan NPLs have increased since 2021, corporate loan clearances have improved significantly, providing a buffer against retail risks [37].

Core Viewpoint - Ping An Bank will upgrade its core business system from November 21, 2025, 20:00 to November 23, 2025, 20:00, during which various services will be suspended to enhance service quality [1]. Service Suspension Details - Physical branches will be closed on November 22 and 23, 2025, and will resume normal operations on November 24, 2025 [2]. - Online services including corporate and personal online banking, mobile banking, and ATM services will begin suspending operations from November 21, 2025, 20:00 and will resume on November 23, 2025, 20:00 [2]. - Personal account services such as payments, loans, and investment products will be unavailable during the upgrade, including services linked to third-party platforms like Alipay and WeChat [2]. Services Available During Upgrade - Emergency loss reporting can still be processed through telephone banking [3]. - Credit card repayments can be made through automatic deductions from Ping An debit cards or third-party platforms using non-Ping An debit cards [3]. - Credit card transactions, inquiries, and withdrawals can still occur through non-Ping An POS/ATMs and third-party channels, although some services may be affected [3]. Additional Information - Retail loan repayments via automatic deduction will continue, but timing may vary based on system progress [4]. - Transactions made by Ping An Bank's merchants on November 21 will be settled on November 23 [4]. - Customers are encouraged to contact the 24-hour customer service hotline for assistance during this period [4].