獨立非執行董事 執行董事 史玉柱 溫秋菊 王曉永（副董事長、行長） 1 中國民生銀行股份有限公司 CHINA MINSHENG BANKING CORP., LTD. （在中華人民共和國註冊成立的股份有限公司） （股份代號：01988） 董事名單與其角色和職能 中國民生銀行股份有限公司（「本公司」）董事會（「董事會」）成員載列如下。 | 非執行董事 | 獨立非執行董事 | 執行董事 | | --- | --- | --- | | 劉永好（副董事長） | 曲新久 | 高迎欣（董事長） | | 史玉柱 | 溫秋菊 | 王曉永（副董事長、行長） | | 宋春風 | 宋煥政 | 張俊潼 | | 趙鵬 | 楊志威 | | | 梁鑫傑 | 程鳳朝 | | | 林立 | 劉寒星 | | | 鄭海陽 | | | C：有關董事委員會主席 M：有關董事委員會委員 中國，北京，2025年11月10日 2 董事會設立6個委員會。下表提供各董事會成員在這些委員會中所擔任的職位。 | | 董事委員會 | 戰略發展與 | 提名 | 薪酬與 | 風險管理 | 審計 | 關聯交易 | | --- | --- | --- | --- | --- ...

（在中華人民共和國註冊成立的股份有限公司） （股份代號：01988） 關於非執行董事任職資格核准的公告 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 中國民生銀行股份有限公司 CHINA MINSHENG BANKING CORP., LTD. 承董事會命 中國民生銀行股份有限公司 董事長 高迎欣 中國，北京 2025年11月10日 於本公告日期，本行執行董事為高迎欣先生、王曉永先生及張俊潼先生；非執行 董事為劉永好先生、史玉柱先生、宋春風先生、趙鵬先生、梁鑫傑先生、林立先 生及鄭海陽先生；獨立非執行董事為曲新久先生、溫秋菊女士、宋煥政先生、楊 志威先生、程鳳朝先生及劉寒星先生。 中國民生銀行股份有限公司（「本行」）於2025年11月7日收到《國家金融監督管理 總局關於鄭海陽民生銀行董事任職資格的批覆》（金覆[2025]633號）。國家金融監 督管理總局已核准鄭海陽先生擔任本行董事的任職資格，鄭海陽先生自2025年11 月6日起就任本行非執行董事及 ...

证券简称：民生银行 A 股代码：600016 优先股简称：民生优 1 优先股代码：360037 编号：2025-043 中国民生银行股份有限公司 关于董事任职资格获国家金融监督管理总局核准 的公告 本行董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中国民生银行股份有限公司（以下简称"本行"）于 2025 年 11 月 7 日收到《国 家金融监督管理总局关于郑海阳民生银行董事任职资格的批复》（金复〔2025〕633 号）。国家金融监督管理总局已核准郑海阳先生担任本行董事的任职资格。 2025 年 11 月 10 日 特此公告 中国民生银行股份有限公司董事会 根据监管规定、本行 2024 年年度股东会会议《关于选举郑海阳先生为本行非执 行董事的决议》及本行第九届董事会第十六次会议《关于调整本行第九届董事会部分 专门委员会成员的决议》，郑海阳先生自任职资格核准之日起就任本行第九届董事会 董事，并担任风险管理委员会委员。郑海阳先生的简历请见本行刊载于《中国证券报》 《上海证券报》《证券时报》、上海证券交易所网站（www.sse.com.c ...

Core Insights - The report highlights the significant growth and development of inclusive finance in China, particularly focusing on small and micro enterprises and rural areas, with a notable annual growth rate of over 20% in inclusive micro loans during the 14th Five-Year Plan period [1][2] - As of June 2025, the balance of inclusive micro loans reached 36 trillion yuan, which is 2.3 times that of the end of the 13th Five-Year Plan, with a decrease in interest rates by 2 percentage points [1][2] - The average interest rate for newly issued inclusive micro loans was 3.48% as of June 2025, reflecting a decrease of 66 basis points year-on-year [1][2] Group 1: Digital Empowerment - Digital technology has been a key driver for the development of inclusive finance, with banks utilizing big data and AI to enhance loan approval efficiency and reduce financing costs [2][7] - The market structure among banks is changing, with large commercial banks holding a 45.11% share of inclusive micro loans, while rural financial institutions have seen a decline in their market share [2][3] - The average growth rate of inclusive micro loans has been slowing down, with a decrease from 30.9% in 2020 to 12.3% by mid-2025 [2][3] Group 2: Performance of Listed Banks - Among listed banks, Agricultural Bank of China, Industrial and Commercial Bank of China, and Beijing Bank reported the highest growth rates in inclusive micro loans at 18.50%, 17.30%, and 17.27% respectively [3][4] - In contrast, some banks, including Shanghai Bank and Zhengzhou Bank, experienced negative growth rates of -3.97% and -2.06% [3][4] - The performance of different banks varies significantly, with state-owned banks generally showing stronger growth in inclusive micro loans compared to smaller banks [3][4] Group 3: Interest Rates and Risk Management - The interest rates for newly issued inclusive micro loans have decreased across various banks, with the highest rate at 4.20% and the lowest at 2.94% [7][8] - The gap in interest rates between large and small banks is narrowing, with some large banks' rates aligning closely with those of smaller banks [8][9] - The report emphasizes the importance of risk management in the inclusive finance sector, with several banks focusing on improving asset quality and managing non-performing loans [9][10]

Core Viewpoint - The "Minsheng Bank Cup" inaugural basketball invitation tournament was successfully held in Shenyang, showcasing the collaboration between Minsheng Bank and the Liaoning Provincial Cultural and Tourism Group, highlighting the integration of sports and finance for future development [1][3][5] Group 1: Event Overview - The basketball invitation tournament took place from November 5 to 7, organized by Minsheng Bank Shenyang Branch and Liaoning Provincial Cultural and Tourism Group, with participation from various industries [1] - The event featured 10 teams and nearly 200 athletes, emphasizing teamwork and competitive spirit among participants [3] Group 2: Outcomes and Achievements - Northeast Electric Power team won the championship, while Liaoshui Group secured the runner-up position, and Liaoning Provincial Cultural and Tourism Group along with Gaoshuo Petrochemical shared the third place [3] - The tournament served as a platform for enhancing mutual understanding and laying the groundwork for future cooperation and development among participating organizations [3] Group 3: Future Directions - Minsheng Bank Shenyang Branch aims to explore new paths for the integration of finance and sports, enhancing financial services and contributing to the modernization efforts in Liaoning [5]

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Report's Core View - In October, the net financing of certificates of deposit (CDs) turned positive, and there was a phenomenon where primary market price increases led to a slight rise in secondary market interest rates. The increase in CD supply pressure in October may be due to the decline in the NSFR of some joint - stock banks and preparations for the "good start" at the beginning of next year [3][7][19]. - The pressure on the NSFR of joint - stock banks may have decreased with the significant increase in their net CD financing. The probability of a significant increase in the overall supply pressure of bank CDs this year, which could lead to a situation similar to that in Q1 where primary market price increases drive a sharp rise in secondary market interest rates, is relatively limited [4][43][45]. - In the baseline scenario, the central range of DR001 in November may be similar to that in October, remaining between 1.3% - 1.4%. Further decline in funding rates may require a policy rate cut [4][50]. - The central bank's resumption of bond purchases reflects that the current fundamental environment still requires monetary easing support. The central bank's interest - rate cut cycle is not over, and it is only a matter of time before the interest - rate cut is implemented. It is expected that the CD interest rate will fluctuate between 1.55% - 1.65% this year [4][52][53]. Group 3: Summary by Related Catalogs I. Q3 CD Supply - Demand Environment was Favorable, and the Widening Spread with Funds may be Disturbed by the Rise in Short - Term Interest Rates - In 2025, CD interest rates first rose, then fell, and finally stabilized. After the interest - rate cut in May, the 1Y AAA - rated CD interest rate basically fluctuated within the range of 1.6% - 1.7% [7]. - From May to September, banks' liability pressure was relatively limited. Asset - side credit growth slowed down, and the liability - side funding was loose. The central bank increased medium - term liquidity injection, resulting in negative net CD financing [10]. - Since Q2, non - bank institutions' demand for CDs has remained high. The spread between CDs and funds has widened, which is related to the weakening of the central bank's "timely reserve - requirement ratio and interest - rate cut" statement and the rise in short - term policy - financial bond yields [12][14]. - CDs are more resilient than policy - financial bonds. In the current supply - demand environment, the 30BP spread between CDs and funds may be at the upper limit of the fluctuation range, and it may be difficult to break through the 1.7% high in September [18]. II. The Increase in the Net Financing of Joint - Stock Bank CDs in October may be Affected by the Decline in NSFR and Preparations for the "Good Start" - In October, the net financing of CDs turned positive again, especially for joint - stock banks. From the perspective of asset - liability matching, commercial banks may not have significant liability pressure [19][20]. - The view that banks increase CD issuance at the end of the year to preserve next year's issuance quota may not be the main reason for the increase in CD issuance scale [23]. - Although the central bank's monetary policy tools were tilted towards large - scale banks in Q3, from the overall asset - liability perspective, the liability gap of small and medium - sized banks was not significantly higher than that of large - scale banks [31][33]. - In Q3, the NSFR of large - scale banks improved, while that of joint - stock banks declined. The decline in the NSFR of some joint - stock banks may be an important reason for the increase in their CD issuance scale in October. Some banks with relatively stable NSFR indicators may also be preparing for the "good start" at the beginning of next year [35][36]. III. The Decline in the NSFR of Joint - Stock Banks may be Affected by Deposit Migration and Increased Bond Investment, but the Related Pressure may have Gradually Eased after October - The increase in the NSFR of large - scale banks is due to the decline in the growth rate of required stable funds and the increase in the growth rate of available stable funds, which is related to the change in deposit structure [38]. - For small and medium - sized banks, the growth rate of required stable funds increased, while the growth rate of available stable funds decreased. Deposit migration may have reduced their liability costs but also put pressure on their NSFR [40]. - With the significant increase in the net CD financing of joint - stock banks, the pressure on their NSFR may have decreased, which is reflected in the increase in their reverse - repurchase scale [43]. - It is expected that the net financing scale of government bonds in November will rise but still be lower than that in the first three quarters. The central bank's possible purchase of treasury bonds is beneficial to the alleviation of bank liability pressure and the improvement of NSFR [45]. IV. CD Interest Rates may Remain Volatile and Decline at the End of the Year, with a Slight Downward Shift in the Central Range - In October, the spreads between DR001, DR007, and OMO reached new lows, and the funding volatility remained low. The current funding relaxation is the central bank's response to the fundamental environment [46]. - DR001 still has 10BP of downward space, but even if the lower limit drops to 1.2%, its central range may not decline significantly, and the volatility may increase. In the baseline scenario, the central range of DR001 will remain between 1.3% - 1.4% [50]. - The central bank's resumption of bond purchases reflects the need for monetary easing. Although there is uncertainty about the timing of the interest - rate cut, it is expected that the CD interest rate will fluctuate between 1.55% - 1.65% this year [4][52][53].

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]

Core Insights - The latest reports indicate a significant increase in personal housing loans from several listed banks, contrasting with the decline observed in state-owned banks' mortgage lending [1][2][6][7] Group 1: Personal Housing Loan Growth - Nearly ten listed banks, including Minsheng Bank, Ping An Bank, and others, reported a clear increase in personal housing loans by the end of Q3 compared to the beginning of the year [1][2] - Specific banks like Ping An Bank reported a housing loan balance of 3,523.50 billion yuan, growing by 8.1% from the beginning of the year [2] - Minsheng Bank's mortgage loan balance increased by 180.41 billion yuan, marking a growth of 3.24% [2] Group 2: State-Owned Banks' Decline - The six major state-owned banks experienced a reduction of over 1,000 billion yuan in personal housing loans in the first half of the year, continuing a downward trend for three consecutive years [1][6] - By the end of Q3, the total personal housing loan balance for these banks was approximately 25.086 trillion yuan, reflecting a decrease of 1,078 billion yuan since the beginning of the year [6] Group 3: Market Dynamics and Regional Insights - The demand for housing loans remains strong in certain regions, such as Jiangsu, Zhejiang, and Shanghai, prompting banks to increase mortgage lending [4][5] - The new personal housing loans issued in key economic regions accounted for 87.70% of the total new loans issued by Shanghai Pudong Development Bank, indicating a regional focus in lending strategies [3] Group 4: Overall Market Trends - As of the end of Q3 2025, the total personal housing loan balance in the market was 37.44 trillion yuan, showing a year-on-year decline of 0.3% despite the growth from smaller banks [7] - The overall trend suggests that while some smaller banks are increasing their mortgage lending, it is not sufficient to offset the overall decline in the personal housing loan market driven by the larger state-owned banks [7]

Core Viewpoint - The article highlights the successful development of the Bai Ma Lin Gu Homestay in Henan Province, which has become a popular destination and a model for rural revitalization supported by Minsheng Bank's financial assistance and community engagement [2][3][4]. Group 1: Development of Bai Ma Lin Gu Homestay - Bai Ma Lin Gu Homestay, located in Shixian County, has been operational for over two years and is known for its amenities and natural surroundings, attracting many visitors [2]. - The homestay has contributed to local tourism and economic growth, with full occupancy during holidays [2][4]. - The project was initiated with a donation of 20.5 million yuan from Minsheng Bank as part of the "Hundred Beautiful Villages" initiative, officially opening on May 31, 2023 [4]. Group 2: Financial Support and Impact - Over 23 years, Minsheng Bank has donated more than 260 million yuan and provided over 1.4 billion yuan in loans to support poverty alleviation and rural revitalization in Shixian and neighboring counties [3]. - The bank's efforts have included training nearly 98,000 individuals and facilitating over 200 million yuan in consumption assistance [3]. Group 3: Economic Growth and Community Engagement - The collective income of Shixian County has significantly increased, from 20,000 yuan in 2021 to 630,000 yuan in 2024, demonstrating the positive impact of community engagement and development initiatives [5]. - The introduction of the "Cultural and Tourism" development model has further enhanced local economic opportunities, leveraging the region's agricultural strengths [5][6]. Group 4: Educational Initiatives - Minsheng Bank has invested in educational infrastructure, including a vocational school in Shixian that offers various skill training programs, enhancing local employment opportunities [9][10]. - The bank's support has also extended to special education, providing resources and facilities for students with disabilities [11][12]. Group 5: Healthcare Support - Minsheng Bank has contributed to healthcare improvements in Shixian, including the donation of 25 medical examination vehicles to enhance health services for the elderly and chronic disease patients [13][14]. - These initiatives aim to provide equitable healthcare access and improve overall community health [14]. Group 6: Agricultural Development - The bank has supported agricultural projects, such as the establishment of a gold flower industry in nearby villages, which is expected to generate significant income and employment opportunities [16]. - The introduction of high-quality seed varieties and modern agricultural practices is projected to enhance productivity and profitability for local farmers [16].

Core Insights - The private banking sector in China is experiencing significant growth, with several listed banks reporting an increase in private banking clients exceeding 10% [1][2][3] - Notably, Minsheng Bank, Beijing Bank, and Nanjing Bank have all reported client growth rates above 15% [1][2][3] - As of the end of September, the total number of private banking clients at Minsheng Bank reached 73,409, marking an 18.21% increase from the previous year [3][5] Private Banking Client Growth - Multiple banks have shown robust growth in private banking clients, with Minsheng Bank, Beijing Bank, and Nanjing Bank leading with growth rates over 15% [1][2][3] - As of September 30, 2023, the number of private banking clients at major banks is as follows: - China Merchants Bank: 191,418 clients, up 13.2% - Ping An Bank: 103,300 clients, up 6.7% - Minsheng Bank: 73,409 clients, up 18.21% - Beijing Bank: 20,586 clients, up 17.9% - Nanjing Bank: growth of 15.43% [3][5][6] Wealth Management Market Expansion - The wealth management market in China continues to expand, with listed banks reporting steady growth in wealth clients [8][9] - As of September 30, 2023, Ping An Bank reported 1.4911 million wealth clients, a 2.4% increase from the previous year [9] - Nanjing Bank's wealth clients grew by 16.31%, while Guiyang Bank's wealth clients increased by 7.77% [9] Asset Under Management (AUM) Growth - The total assets under management (AUM) for private banking clients at Minsheng Bank reached 1,014.72 billion yuan, an increase of 148.75 billion yuan, or 17.18% [3][5] - Beijing Bank's private banking AUM was 224 billion yuan, up 14.39% from the beginning of the year [4] Revenue from Wealth Management Services - Several banks reported positive growth in wealth management fee income, with many exceeding 15% growth [10][12] - For instance, China Merchants Bank's wealth management fee income reached 20.67 billion yuan, an 18.76% year-on-year increase [10] - Ping An Bank's wealth management fee income was 3.979 billion yuan, up 16.1% [10] Distribution and Sales Growth - The distribution of financial products has become a significant revenue source for banks, with many reporting substantial increases in sales [11][12] - For example, Ping An Bank's income from personal insurance sales grew by 48.7%, while its income from personal fund sales increased by 6.7% [12] - China Merchants Bank's income from fund sales rose by 38.76%, driven by increased sales and improved product structure [12]