|2023 01 27 000001.SZ+1 33%2021 17.3%2022H1+2023 1004 897 2.7%8bps 2.2pc 2 2022Q3 2840 8.6%4407 8.5%1 41%2940 1008 3.1%70%3000 452 2 11 wind 12 1.6%2021 7-2022 11 2022PB 54%2023PB 0.70 x 42%3%3%610 0.70 x 13%4218+3353 1+2019 17bps 6bps 37bps 1.95%2.00%2.34%2.06%39.6%48.2%13bps 9bps 2.2pc 2+1 2 AUM 25%3.5 AUM 35%1.55 AUM 2075 2 2022Q1-3 51.1-20%2023 2022 13.6%747 AUM 2.8%3 3 1 20()15.13()293,611.54()19,405.92(%)100.00 30()102.75 S0680519040001 S0680520080001-46%-37%-27%-18%-9%0%9%2022-01 2022-06 2022-09 300 2023 01 27 P.2 2022 3 3-5 1-2 3 AUM 16.5%5.8 108 4.7%18.5%3 2019-2022H1 1.02%1.71%0.83pc 2.24%290%50bps 2022 2.27%1.64%1 2016Q4-2021 6000 55%2020 2+3 9%PPOP 3 1.69%20%2023+2022-2024 455.16 548.28 659.52 2022-2024PB 0.80 x 0.70 x 0.62x 2019-2021 PB 1.05x 2020A 2021A 2022E 2023E 2024E 153,542 169,383 179,901 190,740 208,351 yoy%11.30%10.32%6.21%6.03%9.23%107,172 119,696 129,065 138,768 152,609 yoy%13.16%12.53%7.83%7.52%9.97%28,928 36,336 45,516 54,828 65,952 yoy%2.60%25.61%25.26%20.46%20.29%1.49 1.87 2.35 2.83 3.40 15.16 16.77 18.89 21.43 24.49 Wind 2023 1 20 2023 01 27 P.3 2020A 2021A 2022E 2023E 2024E 2020A 2021A 2022E 2023E 2024E EPS 1.49 1.87 2.35 2.83 3.40 99,650 120,336 129,651 138,662 152,052 BVPS 15.16 16.77 18.89 21.43 24.49 43,481 33,062 29,134 32,019 35,236 0.18 0.23 0.29 0.34 0.41 10,411 15,985 21,115 20,060 21,063 P/E 10.12 8.06 6.43 5.34 4.44 153,542 169,383 179,901 190,740 208,351 P/B 1.00 0.90 0.80 0.70 0.62(1,525)(1,644)(1,721)(1,806)(1,985)2020A 2021A 2022E 2023E 2024E(44,690)(47,937)(49,115)(50,167)(53,757)净利息收入 10.77%6.05%7.74%6.95%9.66%(155)(106)0 0 0 净手续费收入 18.34%11.47%-11.88%9.90%10.05%107,172 119,696 129,065 138,768 152,609 营业收入 11.30%10.32%6.21%6.03%9.23%(70,418)(73,817)(71,667)(69,714)(69,650)拨备前利润 13.16%12.53%7.83%7.52%9.97%36,754 45,879 57,397 69,054 82,959 归母净利润 2.60%25.61%25.26%20.46%20.29%(7,826)(9,543)(11,881)(14,225)(17,007)2020A 2021A 2022E 2023E 2024E 28,928 36,336 45,516 54,828 65,952 净息差（测算）2.43%2.61%2.57%2.52%2.52%28,928 36,336 45,516 54,828 65,952 生息资产收益率 4.56%4.64%4.49%4.42%4.42%2020A 2021A 2022E 2023E 2024E 计息负债成本率 2.41%2.30%2.19%2.16%2.15%283,982 312,033 267,582 297,551 328,794 ROAA 0.69%0.77%0.89%0.98%1.08%272,484 179,076 184,448 189,982 195,681 ROAE 8.54%9.57%10.94%11.89%12.79%2,666,297 3,063,448 3,329,161 3,642,244 4,006,468 成本收入比 29.11%28.30%27.30%26.30%25.80%(63,219)(90,202)(101,502)(109,000)(116,038)2020A 2021A 2022E 2023E 2024E 2,610,841 2,984,753 3,227,659 3,533,244 3,890,430 31,390 31,275 34,966 37,364 40,341 1,143,611 1,282,889 1,469,215 1,628,054 1,768,797 2.40%1.80%1.81%1.70%1.60%157,596 162,629 175,962 193,047 211,326 1.18%1.02%1.05%1.03%1.01%4,468,514 4,921,380 5,324,867 5,841,877 6,395,029 201.40%288.42%290.28%291.72%287.64%2,695,935 2,990,518 3,344,775 3,719,390 4,109,925 2.37%2.94%3.05%2.99%2.90%545,871 425,228 395,939 390,575 388,498 2020A 2021A 2022E 2023E 2024E 611,865 823,934 865,131 962,025 1,063,038 13.29%13.34%13.40%13.37%13.50%4,104,383 4,525,932 4,888,328 5,356,052 5,849,928 10.91%10.56%10.82%11.03%11.35%364,131 395,448 436,539 485,825 545,101 8.69%8.60%9.01%9.38%9.84%4,468,514 4,921,380 5,324,867 5,841,877 6,395,029 Wind 2023 1 20 2023 01 27 P.4+.5 1.1.5 1.2.8.11 2.1.12 2.2+.13 2.3.17.20 3.1.20 3.2.21.22 1 2022H.5 2 22H.6 3 ABS.6 4.7 5.7 6 2022%.8 7 2020.9 8 2020.9 9 PB.10 10 2021%.11 11 2022 5%.11 12+.11 13 2022H.12 14+.13 15 AUM 22H.14 16 AUM.14 17.15 18 AUM MGM.16 19 AUM.16 20 3 20%.18 21 2018.19 22 ABS%.19 23 2.20 24 MGM%.20 25 2022 1 16.21 2023 01 27 P.5+1.1 2016 2022 9 1.24 60%A 5950 18.0%7105 2021 2022 3.79 2.60 B 3216 9.7%1.6 1 C 1600 4.85%2023 1 2022Q3 1.08 54%33%2 A 2022H1 7.54%5.28%B ABS 2018 12 10.06%1.5pc 2022 14.9%ABS APP 8.88%3 2022H1 402.52 63%44%2023 1 2022H Wind 4.0%4.5%5.0%5.5%6.0%6.5%7.0%7.5%8.0%0%5%10%15%20%25%30%35%40%/2023 01 27 P.6 2 22H 3 ABS Wind Wind 2018 39 ABS 3+2019-2022 780 449 1597-46 2021 17.3%2022+20%2023 2023 2019 2021 21.9%10.2%2023 1004 897 2.7%6:4 2022 2023 2022 2023 3131 474 9.4%897 474 423 474 1 ABS1 6.6%14.9%2 423 6.0%5.7 3 474 35 40.6 8bps 2.2pc 1=ABS 110%ABS ABS 10%0.6 60%0%10%20%30%40%50%60%70%80%90%10.4%10.1%10.0%9.6%8.1%8.0%14.9%6.5%6.3%6.3%0%2%4%6%8%10%12%14%16%信用卡 消费贷 2023 01 27 P.7 4 Wind 1 NA-2 NA 2019 30%5 Wind 2019 2020 2021 2022H1 2019 2020 2021 2022H1 2019 2020 2021 2022H1平安银行 33.4%780 449 1597-46 9.8%5.1%17.3%-0.4%23.9%13.1%40.2%-宁波银行 23.6%269 365 415 138 23.4%25.7%23.2%6.3%26.9%23.0%23.7%10.9%光大银行 18.7%585 351 424-36 11.1%6.0%6.8%-0.6%20.1%11.8%14.2%-招商银行 18.4%1186 819 1209 411 16.3%9.7%13.0%3.9%21.3%15.2%22.4%11.4%江苏银行 18.0%595 401 616-68 49.0%22.1%27.9%-2.4%39.4%24.9%31.0%-长沙银行 17.5%139 100 85 61 43.2%21.8%15.2%9.4%24.8%18.3%15.6%18.2%中信银行 15.1%738-359 836-89 11.4%-5.0%12.2%-1.2%18.9%-21.8%-南京银行 15.1%272 109 266 110 44.6%12.4%26.8%8.8%30.8%10.3%23.0%9.7%2019 2020 2021 2022H1 2019 2020 2021 2022H1 2019 2020 2021 2022H1平安银行 18.5%671-112 922-263 14.2%-2.1%17.4%-4.2%20.6%-23.2%-宁波银行 NA NA NA NA NA NA NA NA NA NA NA NA NA光大银行 12.8%434 21 19 23 10.8%0.5%0.4%0.5%14.9%0.7%0.6%1.1%招商银行 14.4%956 756 937 142 16.6%11.3%12.5%1.7%17.1%14.0%17.3%3.9%江苏银行 2.0%24 40 60 26 15.2%22.1%26.9%9.3%1.6%2.5%3.0%2.0%长沙银行 5.2%32 22 3-0 21.2%12.2%1.4%-0.1%5.8%4.1%0.5%-0.1%中信银行 10.3%722-291 427-108 16.3%-5.6%8.8%-2.0%18.5%-11.1%-南京银行 1.1%11-1 36 14 28.6%-1.9%77.7%16.6%1.2%-0.1%3.1%1.2%其中：信用卡22H占总贷款比重增量 增速 增量占比消费类信贷合计22H占总贷款比重增量 增速 增量占比信用卡 消费贷 合计 信用卡 消费贷 合计 信用卡 消费贷 合计平安银行 21.9%10.2%32.1%686 318 1,004 819 78 897 2.7%宁波银行 NA 25.3%25.3%NA 472 472 NA 210 210 2.0%光大银行 7.8%9.4%17.2%216 261 477 185 341 526 1.5%招商银行 17.2%10.0%27.2%930 541 1,471 309 47 356 0.6%江苏银行 2.3%24.5%26.8%46 487 533 7 332 338 2.1%长沙银行 3.2%18.2%21.4%22 128 150 23-23 0.5%中信银行 14.8%5.6%20.4%520 195 715 762 153 914 1.8%南京银行 2.1%24.7%26.9%34 395 429 16 163 178 1.9%增量部分 替换部分 信用卡 消费贷 增量部分 替换部分 合计 提升息差 提升营收平安银行 474 423 6.6%14.9%34.84 5.73 40.57 0.08%2.2%宁波银行 117 92 NA 6.4%7.51 0.94 8.45 0.04%1.4%光大银行 2 524 6.6%6.3%0.13 7.37 7.50 0.01%0.5%招商银行 356-5.3%6.3%19.41-19.41 0.02%0.6%江苏银行-338 6.2%6.3%-3.13 3.13 0.01%0.4%长沙银行 23-6.2%6.3%1.39-1.39 0.02%0.6%中信银行 27 887 5.4%6.3%1.51 5.80 7.31 0.01%0.3%南京银行 50 128 6.2%6.3%3.16 1.35 4.52 0.03%1.0%假设增量占贷款总增量比重 23E新增消费信贷 测算同比多增 相当于提升贷款增速同比多增消费贷拆分 假设收益率 测算同比多增部分增厚利息净收入 2023 01 27 P.8 1.2 2022Q3 2840 8.6%4406.83 8.5%5 2022H1 7.26%A 3353 6.45%2940 8.9%414 0.8%B 1054 452 2.03%6 2022%Wind 2021 22H 1 0.72%2022+95%41.4%2940 1008.3 3.1%47.1%2019 73%27%30%Wind 2022 2 15.06%82 2.78%0.25%2 2020+272.7 313.9 2019 4 2=/*100%单位：亿元 21A 22Q1 22H 22Q3 22Q3较年初 招商银行 兴业银行 中信银行 民生银行对公地产风险业务总规模 3,411 3,455 3,414 3,353-58 4,937 5,278 3,987 4,544较年初变动 1.3%-1.2%-1.7%-3.5%-0.8%0.3%-4.0%对公地产风险业务总规模/总资产 6.93%6.75%6.68%6.45%-0.48pc 5.08%5.87%4.82%6.21%对公房地产贷款 2,889 2,928 2,980 2,940 50 3,972 3,336 2,916 3,593较年初变动 1.3%1.8%1.7%-1.1%-1.0%2.4%-0.3%对公房地产贷款/总贷款 9.43%9.28%9.24%8.90%-0.53pc 6.70%6.98%5.82%8.54%表外不承担风险业务 1,207 1,199 1,092 1,054-153 3,164 1,212 1,093 841较年初变动-0.7%-8.9%-12.7%-23.2%-6.8%-9.8%-4.0%表外不承担风险业务/总资产 2.45%2.34%2.14%2.03%-0.42pc 3.25%1.35%1.32%1.15%对公地产综合敞口 4,618 4,653 4,505 4,407-211 8,101 6,489 5,080 5,385对公地产综合敞口/总资产 9.38%9.09%8.82%8.48%-0.90pc 8.33%7.22%6.14%7.36%表内部分表外部分总敞口 2023 01 27 P.9 2022H1 3 6.72%4.90%2021-2022H1+144.1 90.1 79.3 4.5 B 2022 2000-3000 Q3 452 AUM 1.3%348.43 7 2020 8 2020 Wind Wind 3 A 90%2021 63 53 10 B 10 2022 2023 2021 6+1 2021 6-9 15%6pc 2022 7 8.84%2.4pc 2 2021 7 2022 11 53.1%23.6pc 2022PB 1.21x 0.55x 54%4 2023PB 0.70 x 2021 7 43%3=/+4=0.55x/(1.20 x)-1=-54%0%20%40%60%80%100%120%0501001502002503003502019 2020 2021 2022H+%0%5%10%15%20%25%30%35%40%45%0501001502002503002019 2020 2021 2022H+%2023 01 27 P.10 9 PB Wind 2023 1 13 3%82 2%3%2.27%323 1.05%205 3 609.91 0.70 x 23PB 50%5 13%4218 609.9+3353 2022 11 16 1 16 2 3 4 5 30%Wind 2022 2667.23 8 12 1.6%2023 5=1-PB)*+/*=+-60.0%-55.0%-50.0%-45.0%-40.0%-35.0%-30.0%-25.0%-20.0%-15.0%-10.0%-5.0%0.0%5.0%10.0%15.0%20.0%2021 7 2022 10 2021 7 2023 01 27 P.11 10 2021%11 2022 5%Wind Wind 2019 2021 10%2022 6.2%2 25%+1 2 3+12+Wind=/05001,0001,5002,0002,5003,0003,5004,0004,500051015202530 2021 年6 月恒大开始 陆续出现债 务违约事件2021 年7 月市场对地产相 关风险担忧增加，板块估值受到 影响 0.0%5.0%10.0%15.0%20.0%25.0%050010001500200025003000 QoQ2017/12/31 2018/12/31 2019/12/31 2020/12/31 2021/12/31 2022/6/30 2022/9/30 趋势图营收增速-1.8%10.3%18.2%11.3%10.3%8.7%8.7%相比股份行-1.2%+0.6%+4.1%+4.4%+5.0%+5.9%+6.8%-利润增速 2.61%7.02%13.61%2.60%25.61%25.62%25.82%相比股份行-2.7%+0.6%+3.9%+5.9%+11.9%+17.0%+16.4%总资产增速 9.99%5.24%15.22%13.44%10.13%8.16%7.05%相比股份行+6.5%+0.2%+4.8%+2.2%+3.1%+0.4%-0.3%净息差 2.37%2.35%2.62%2.88%2.79%2.76%2.77%相比股份行+0.49%+0.35%+0.37%+0.55%+0.59%+0.64%-手续费及佣金净收入占比 29.00%26.81%26.63%28.32%19.52%17.45%16.20%相比股份行-0.3%+0.0%+2.3%+9.1%+0.4%-1.8%-2.5%其他非息收入占比 1.04%9.15%8.16%6.78%9.44%12.93%13.39%相比股份行-4.7%-2.4%-2.4%-2.2%-1.4%-0.2%+0.5%成本收入比 29.89%30.32%29.61%29.11%28.30%26.46%26.41%相比股份行+0.4%+1.0%+1.8%+1.7%-0.5%+0.5%-0.8%信用成本 2.70%2.59%2.76%2.82%2.58%2.47%2.27%相比股份行+1.02%+0.85%+0.84%+0.81%+0.85%+0.83%+0.71%所得税率 23.11%23.00%22.20%21.29%20.80%20.50%20.50%相比股份行+4.0%+5.6%+6.0%+6.0%+5.8%+5.2%+5.1%ROE（加权，年化）11.62%11.49%11.30%9.58%10.85%12.20%13.52%相比股份行-2.4%-1.8%-1.7%-1.4%-0.5%+0.1%+1.9%逾期生成率 2.66%2.23%2.39%2.31%2.35%1.99%相比股份行+1.5%+0.7%+0.8%+0.7%+0.9%+0.6%-2023 01 27 P.12 2.1 2022Q1-3 8.7%0.76%2022H1 2.76%64bps 3bps 9bps 2019 45bps 23bps+6+2019 17bps 6bps 37bps 0.1pc 8.3%13bps 25bps 4pc 29%40bps(4bps)16.5%11.4%7.9%2022H1 7.8%5%4.0pc 37.2%0.3pc 3.3pc 2022H1 37.2%8pc 1.95%2.00%2.34%2.06%39.6%48.2%13bps 9bps 2.2pc 13 2022H Wind 6 2019 1 2+个人活期 企业活期 活期合计 个人定期 企业定期 定期合计 个人活期 个人定期 个人存款 企业活期 企业定期 企业存款 存款成本率招商银行 23.7%39.8%63.6%13.0%23.4%36.4%0.37%2.81%1.21%0.99%2.66%1.65%1.49%中信银行 6.8%40.9%47.8%14.9%37.3%52.2%0.27%2.93%2.16%1.31%2.73%2.01%2.04%浦发银行 8.2%38.4%46.6%16.4%37.0%53.3%0.30%3.19%2.35%1.39%2.59%1.97%2.06%民生银行 6.7%28.1%34.8%16.5%48.5%65.0%0.36%3.13%2.34%1.32%2.81%2.25%2.27%兴业银行 7.5%32.2%39.6%11.8%40.8%52.6%0.30%3.47%2.23%1.28%3.01%2.26%2.25%光大银行 6.7%33.4%40.1%17.7%42.0%59.8%0.43%3.17%2.44%0.94%2.76%2.20%2.26%华夏银行 7.0%29.9%37.0%13.9%36.9%50.8%0.30%3.01%2.15%1.06%2.53%1.97%2.01%平安银行 8.3%29.0%37.2%18.5%44.3%62.8%0.29%3.15%2.34%0.76%2.67%1.95%2.05%浙商银行 3.5%39.3%42.8%7.2%49.7%57.0%0.82%3.54%2.63%1.52%2.68%2.23%2.28%股份行 10.3%35.2%45.6%14.7%37.9%52.7%0.35%3.10%2.06%1.18%2.74%2.00%2.02%上市银行 17.5%27.7%45.2%28.5%24.3%52.8%0.33%2.85%1.91%0.99%2.67%1.77%1.81%占存款总额比重 利率 2023 01 27 P.13 14+Wind 2.2+2019 1 AUM 2022H 3.47 68%2 25%2 AUM 9000 25%9909 1430 452 1.45 3 2022 2022H1 2022H1 8.6%13.6%净息差2017/12/31 2018/12/31 2019/12/31 2020/12/31 2021/12/31 2022/6/30 2022/9/30 2019-22H 趋势图平安银行 2.37%2.35%2.62%2.88%2.79%2.76%2.77%+0.41%股份行 1.88%2.00%2.25%2.33%2.20%2.12%#N/A+0.11%上市银行 2.05%2.13%2.15%2.16%2.07%2.01%#N/A-0.12%生息资产收益率2017/12/31 2018/12/31 2019/12/31 2020/12/31 2021/12/31 2022/6/30 2022/9/30 2019-22H 趋势图平安银行 4.75%5.11%5.17%4.75%4.95%4.86%4.85%-0.25%股份行 4.17%4.50%4.60%4.46%4.30%4.18%#N/A-0.31%上市银行 3.85%4.06%4.11%3.95%3.85%3.81%#N/A-0.25%付息负债成本率2017/12/31 2018/12/31 2019/12/31 2020/12/31 2021/12/31 2022/6/30 2022/9/30 2019-22H 趋势图平安银行 2.55%2.85%2.64%2.32%2.21%2.22%2.15%-0.63%股份行 2.47%2.64%2.48%2.26%2.20%2.18%#N/A-0.46%上市银行 1.94%2.07%2.08%1.94%1.92%1.94%#N/A-0.13%存款成本率2017/12/31 2018/12/31 2019/12/31 2020/12/31 2021/12/31 2022/6/30 2022/9/30 2019-22H 趋势图平安银行 1.98%2.42%2.46%2.23%2.04%2.05%2.07%-0.37%股份行 1.66%1.96%2.14%2.09%1.98%2.02%#N/A+0.06%上市银行 1.50%1.65%1.81%1.78%1.77%1.81%#N/A+0.17%个人存款成本率2017/12/31 2018/12/31 2019/12/31 2020/12/31 2021/12/31 2022/6/30 2022/9/30 2019-22H 趋势图平安银行 1.81%2.47%2.53%2.38%2.30%2.34%2.33%-0.13%股份行 1.52%1.81%2.16%2.16%2.07%2.06%#N/A+0.25%上市银行 1.54%1.61%1.86%1.86%1.88%1.91%#N/A+0.29%对公存款成本率2017/12/31 2018/12/31 2019/12/31 2020/12/31 2021/12/31 2022/6/30 2022/9/30 2019-22H 趋势图平安银行 2.02%2.35%2.40%2.12%1.96%1.95%1.97%-0.40%股份行 1.69%1.96%2.09%2.05%1.94%2.00%#N/A+0.04%上市银行 1.47%1.62%1.72%1.71%1.70%1.77%#N/A+0.15%活期存款占比2017/12/31 2018/12/31 2019/12/31 2020/12/31 2021/12/31 2022/6/30 2022/9/30 2019-22H 趋势图平安银行 37.87%33.21%32.63%35.03%37.81%37.23%#N/A+4.03%股份行 48.92%45.82%43.32%45.91%47.11%45.56%#N/A-0.26%上市银行 50.77%48.56%47.92%48.50%47.24%45.23%#N/A-3.32%活 期 存 款 余 额(亿 元)2017/12/31 2018/12/31 2019/12/31 2020/12/31 2021/12/31 2022/6/30 2022/9/30 平均增速 趋势图平安银行 7575.99 7068.59 7952.66 9365.09 11199.31 12076.20#N/A 16.54%股份行 113151.40 113808.82 121665.54 143497.13 157622.36 166161.24#N/A 11.42%上市银行 562957.43 581353.98 620891.42 692547.24 724586.86 757817.35#N/A 7.87%2023 01 27 P.14 4 AUM600 2022H AUM 1.55 AUM 2000 AUM AUM 45%2 35%5 2021 3 AUM 5 2 AUM 2 2022 15 AUM 22H Wind 16 AUM Wind 2023+1 2022 2023 2022Q1-3 51.1-20%2022H1 工商银行 71,200 179,300 2.52 46.3%5.5%8.6%216,000 24,700 1,144 13.8%6.5%20.3%建设银行-160,000-47.5%6.7%-190,500 21,800 1,144 13.6%7.9%15.8%农业银行 85,900-191,000 20,624 1,080-11.7%16.6%中国银行-155,000 23,300 1,503-7.9%16.2%交通银行 18,900 44,775 2.37 35.6%5.2%11.0%73,700 10,298 1,397 23.0%3.5%23.4%邮储银行 64,400 134,100 2.08 99.9%7.0%12.5%-招商银行 17,800 117,177 6.58 120.5%8.9%19.6%130,029 36,479 2,805 31.1%7.5%21.7%中信银行 12,300 37,000 3.01 44.7%6.3%25.3%63,900-浦发银行 13,300 39,500 2.97 46.4%2.1%30.5%28,000 5,200 1,857 13.2%2.0%-民生银行 11,224 22,021 1.96 30.1%5.2%7.5%41,091 5,564 1,354 25.3%4.5%13.6%兴业银行 8,482 30,700 3.62 34.2%7.7%16.8%60,000 7,654 1,276 24.9%3.1%15.9%光大银行 14,700 23,100 1.57 36.9%8.8%12.9%53,273 5,371 1,008 23.3%7.2%15.6%华夏银行 3,227 10,000 3.10 26.0%2.3%10.4%13,800 2,260 1,638 22.6%2.2%14.3%平安银行12,205 34,721 2.84 68.0%9.1%25.1%74,900 15,540 2,075 44.8%10.5%35.0%浙商银行 839-10,262 1,578 1,538-1.2%-北京银行 2,638 9,524 3.61 29.8%7.7%12.2%12,300-南京银行 2,509 6,368 2.54 33.3%12.4%16.7%10,954 1,070 977 16.8%18.0%-宁波银行-7,300-32.6%11.2%22.7%15,600 1,757 1,126 24.1%20.0%47.0%私行人均AUM万元私行AUM/总AUM22H私行AUM增速过去2年半平均增速零售客户整体 私人银行业务零售客户万户零售AUM亿元人均AUM万元零售AUM/总资产22HAUM增速过去2年半平均增速私行客户数(户）私行AUM亿元规模 占比 规模 占比 规模 占比 规模 占比 规模 占比 规模 占比AUM 14167.96-19827.21-26247.62-31826.34-34721.48-35325.6-存款 4615.91 32.6%5836.73 29.4%6846.69 26.1%7703.65 24.2%8687.77 25.0%9039.24 25.6%理财 6204.46 43.8%6577.16 33.2%6481.85 24.7%8720.66 27.4%9472.76 27.3%9909.17 28.1%其他 3347.59 23.6%7413.32 37.4%12919.08 49.2%15402.03 48.4%16560.95 47.7%16377.19 46.4%其中：非货基-1425 5.4%1503 4.7%1419 4.1%1430 4.0%2022Q3 2018 2019 2020 2021 2022H 2023 01 27 P.15+29%50.4%22H1 5.2 14%9 AUM AUM 3.53 1.58 11%12%2023 A 2023 B 2022Q1-3 1356 1335 747 AUM 2.8%2022+C 3000 452 2023 2 A 3 90 30 2022H1 51.91 1.15 36.8%2.64 2022H1 1.2 AUM50 120 600 7.49 2.3 24 8807 1000 22 3 MGM 2022H1 AUM 48.6%44.9%44.5%2019 10pc 17pc 4pc 2022H1 2021 2021 2022 17 分层 客户数 客户占比 划分标准 分层 客户数 客户占比 划分标准 分层 客户数 客户占比 划分标准高净值 22.00 0.10%个人资产1000万私行客户 7.49 0.06%AUM600 万 私行客户 13.00 0.07%AUM1000 万富裕 8,807 39.11%年收入24 万 财富客户 120 0.99%AUM 在50 万-600万之间金葵花客户 389 2.19%AUM 在50 万-600万之间中产及大众客户 13,687 60.79%年收入24 万 其余客户 12,077 98.95%AUM50 万 其余客户 17,398 97.74%AUM50 万平安集团 平安银行 招商银行 2023 01 27 P.16 18 AUM MGM 2017 2018 2019 2020 2021 2022H 新增 AUM(百万)99,261 140,359 218,368 246,836 313,574 140,769 占总新增 AUM 比重 34.34%42.50%38.60%38.40%56.20%48.60%新增零售 客户数(万户)412.66 295.87 248.91 301.00 564.75 172.52 占总新增 零售客 户比重 41.38%29.80%27.80%38.70%51.00%44.90%新增私财 客户（万户）4.30 5.42-占总新增 私财客 户比重 38.19%40.10%-新增财富 客户（万户）-7.71 7.49 9.94 4.62 占总新增 财富客 户比重-41.00%48.00%60.00%44.50%新增私行 客户（