海外银行研究报告：富国银行经验与我国零售银行发展.pptVIP

海外行业深度研究报告 Overweight Experience of Wells Fargo Bank and Development of Chinese Retail Banking （Maintained） Finance 6/15/2020 Research Purpose. In Research on the Retail Business of Wells Fargo Bank (Part 1), we have analyzed Wells Fargos business model evolution and found that Wells Fargo obtained a large number of low-cost liabilities by positioning at retail banking, achieved better performance than other comprehensive banks. In this report, we compare the business models and business development stages of Chinese retail banks and Wells Fargo Banks, so as to sort out some retail bank targets with valuation potential. Analyst Bo Zhang zhangboyjs@ SAC: S0190519060002 SFC: BMM189 Chinese retail banking has demand support: resident consumption level increases + policies to support the development of small-and-medium-size enterprises. —1). Since 2000, the consumption level of Chinese residents has rapidly increased. Even when CPI fell, Chinese resident consumption index was still rising. Not only has the volume of long-term consumer loans such as housing loans and car loans increased, but also short-term financial products such as Huabei and Jingdong Baitiao have also increased significantly. From 2007 to 2014, the average annual growth rate of Chinese consumer loans was more than 57%. The volume of consumer loans in 2014 was about 5 times the volume of 2007. —2) Since 2011, the government has issued a series of policies to support the development of small-and-medium-size enterprises. The State Council issued nine financial and taxation policy measures to support the development of small-and-medium-size enterprises; the original China Banking Regulatory Commission issued the Notice on Supporting Commercial Banks to Further Improve the Financial Services of Small Enterprises. Since then, policy support has raise small and micro enterprise credit lines and the demand for retail banking. Chinese retail banking: incomplete product line, in different stages of transformat