在资深信用卡研究人士董峥看来，所谓高端信用卡，本质上并非单纯指卡片本身的等级高低，而是银行根据细分客群特征进行差异化产品设计和资源倾斜 的结果。目前来看，这类产品主要面向的是财富管理、私人银行等财富类客群，通常会对客户的资产规模或存款条件设置明确门槛。 "每年可兑换的酒店权益只剩一晚，在机场的自营贵宾厅服务也没了。" 手持多家银行高端信用卡的资深用户小钟，对着已"缩水"的权益列表感叹道。这 并非个例，小钟手上有数张不同银行的高端卡，但权益均有不同程度缩水。 酒店、机场贵宾厅、接送机、里程兑换、健康权益这些曾经定义高端信用卡尊贵体验的核心权益，正在被银行逐一重新打量。年末将至，多家银行密集发 布公告，对明年高端卡权益进行削减或抬高门槛：无限次贵宾厅变为限量，积分兑换门槛抬高，附属权益悄然消失。 权益收缩风暴背后，是银行难以言说的"亏本账"。一次接送机成本数百元，而国内刷卡回佣率仅约0.3%，若客户仅做支付工具、不分期贷款，银行几乎无 利可图。更有"羊毛党"套利，进一步侵蚀利润空间。 业内人士坦言："单就信用卡业务看，高端卡其实不赚钱。"但作为识别高价值客户、撬动财富管理业务的"金钥匙"，高端卡并非独立盈利单元。 ...

Core Insights - Postal Savings Bank of China (PSBC) has demonstrated a robust performance in its credit card business, capitalizing on national policies aimed at boosting consumption and expanding domestic demand [9] Business Performance Overview - As of the end of the reporting period, PSBC's credit card outstanding balance reached 38.5756 million cards [1] - The total credit card overdraft and other loans amounted to CNY 224.706 billion as of June 30, 2025 [3] - In the first half of 2025, the total credit card consumption amount was CNY 456.442 billion [6] - The non-performing loan ratio for credit cards stood at 1.55%, an increase of 0.07 percentage points compared to the end of the previous year [8] Strategic Initiatives - PSBC has focused on enhancing its credit card business through precise marketing strategies and optimizing customer engagement, resulting in over 40 million users participating in promotional activities, which boosted consumption by over CNY 30 billion [9] - The bank has launched a trade-in project in collaboration with China UnionPay, targeting key consumer sectors such as home appliances and automobiles, providing substantial consumer subsidies [9] - The bank has upgraded its product offerings for high-end customers, introducing premium credit cards that include value-added services in travel, healthcare, and wellness [9] Retail Banking Performance - PSBC has maintained a strong retail banking strategy, with personal deposits reaching CNY 14.22 trillion, an increase of CNY 591.44 billion from the previous year [11] - Personal loans amounted to CNY 4.86 trillion, reflecting an increase of CNY 887.93 billion [11] Revenue Breakdown - For the first half of 2025, the revenue from personal banking was CNY 116.911 billion, accounting for 65.15% of total revenue, while corporate banking contributed CNY 40.746 billion, or 22.71% [12] - The total operating revenue for the first half of 2025 was CNY 179.446 billion, slightly up from CNY 176.789 billion in the same period of 2024 [12]