Summary of China Merchants Bank Conference Call Company Overview - **Company**: China Merchants Bank (招商银行) - **Industry**: Banking and Financial Services Key Points Financial Performance - **ROA and Profitability**: China Merchants Bank has a significantly higher Return on Assets (ROA) compared to peers, showcasing stronger profitability driven by net interest income and fee-based income, particularly in low-cost funding and wealth management [2][4][5] - **Wealth Management Recovery**: In Q1 2025, wealth management income turned positive with a growth of 10%, ending a three-year decline, indicating potential for future growth [2][8] - **Credit Quality Improvement**: The bank's asset quality is improving, with a notable decrease in non-performing loans (NPLs) and generation rates, particularly in real estate-related corporate loans [2][13][14] Competitive Advantages - **Interest Income and Fee Income**: The bank's core advantages lie in its net interest income and fee income, benefiting from low funding costs rather than high loan yields [5][10] - **Deposit and Settlement Strength**: China Merchants Bank has a strong position in corporate deposits and settlement deposits, supported by a robust product system that attracts numerous corporate clients [11][12] - **Wealth Management Leadership**: The bank's extensive retail customer base and steady growth in client numbers enhance its competitive edge in wealth management [8][9] Market Position and Valuation - **Valuation Recovery**: A clear trend of valuation recovery is expected from H2 2024 to early 2025, with the bank positioned as a core asset due to its high dividend yield [3][20] - **Dividend Potential**: The bank's dividend yield is approximately 4.4%-4.6%, with potential to increase the payout ratio to 40%-45% in the coming years, enhancing its attractiveness to long-term investors [17][18] Risk Management - **Real Estate Risk Mitigation**: The bank has effectively managed real estate risks, with the NPL ratio for real estate corporate loans reduced to around 0.96% and a high provision coverage ratio exceeding 400% [14][15] - **Credit Risk Trends**: Improvement in credit quality is noted, particularly in retail loans, with a decrease in overdue rates for credit cards since 2023 [13] Strategic Outlook - **Investment Logic**: The investment logic is based on strong capital, low funding costs leading to high interest margins, and competitive wealth management capabilities, with stable profit growth expected despite macroeconomic pressures [16][22] - **Dividend Strategy**: In 2025, the bank initiated a mid-term dividend strategy, splitting dividends into two parts, which stabilizes shareholder returns and enhances investment appeal [21] Future Growth Drivers - **Economic Recovery Potential**: In a better-than-expected economic scenario, growth may arise from increased retail loan demand, improved wealth management, and better asset quality [19] Changes in Investment Strategy - **Evolution of Investment Logic**: Over the past decade, the bank has maintained a strong governance structure and aligned with cyclical trends, transitioning into a dividend era from 2024, focusing on net interest margin valuation [20][22]

Core Insights - The article highlights the top and bottom AH premium rates for various stocks, indicating significant discrepancies between H-shares and A-shares [1][2] - Northeast Electric (00042) and Andeli Juice (02218) lead in AH premium rates, while Ningde Times (03750) shows a negative premium [1] AH Premium Rate Rankings - The top three stocks with the highest AH premium rates are: - Northeast Electric (00042) with a premium of 1002.04% - Andeli Juice (02218) with a premium of 337.12% - Hongye Futures (03678) with a premium of 266.12% [1] - The bottom three stocks with the lowest AH premium rates are: - Ningde Times (03750) with a premium of -3.28% - Chifeng Gold (06693) with a premium of 7.16% - China Merchants Bank (03968) with a premium of 8.15% [1] Deviation Values - The stocks with the highest deviation values are: - Andeli Juice (02218) with a deviation of 39.38% - Northeast Electric (00042) with a deviation of 22.89% - Huaxin Cement (06655) with a deviation of 21.56% [1] - The stocks with the lowest deviation values are: - Zhejiang Shibao (01057) with a deviation of -67.67% - China Shipbuilding Defense (00317) with a deviation of -35.31% - Shandong Molong (00568) with a deviation of -32.11% [1][2] Additional Insights - The article provides a detailed table of the top ten and bottom ten AH stocks based on premium rates and deviation values, showcasing the significant differences in market valuations between H-shares and A-shares [1][2]

Core Viewpoint - As of May 30, 2025, China Merchants Bank (600036) closed at 43.43 yuan, down 1.41% from the previous week, with a total market capitalization of 1,095.298 billion yuan, ranking 1st among joint-stock banks and 10th among all A-shares [1][5]. Company Announcements - The 52nd meeting of the 12th Board of Directors was held on May 28, 2025, where several resolutions were passed, including the candidate list for the 13th Board of Directors, which includes 8 shareholder directors, 3 executive directors, and 6 independent directors [1]. - The meeting also approved amendments to the company's articles of association, which will be submitted for review at the 2024 annual general meeting [1][2]. - The Supervisory Board held its 40th meeting on the same day, passing two resolutions regarding the amendments and the performance compensation clawback for 2024 [2]. Upcoming Shareholder Meeting - The 2024 Annual General Meeting is scheduled for June 25, 2025, where various proposals will be discussed, including the Board of Directors' work report, financial reports, profit distribution plans, and the election of the 13th Board of Directors [3][5]. - The meeting will utilize both on-site and online voting, with the record date set for June 18, 2025 [3]. Financial Performance - In 2024, China Merchants Bank reported total assets of 12.15 trillion yuan, a 10.19% increase from the previous year, with a net profit of 148.391 billion yuan, reflecting a 1.22% year-on-year growth [4][5]. - The bank maintained a non-performing loan ratio of 0.95% and a provision coverage ratio of 411.98% [4].

Core Viewpoint - The notice outlines the details for the 2024 Annual General Meeting (AGM) of China Merchants Bank, scheduled for June 25, 2025, including voting procedures and important dates [1]. Meeting Basic Information - The AGM will be held on June 25, 2025, at 9:30 AM in Shenzhen, Guangdong Province [1]. - The voting will be conducted through a combination of on-site and online methods, with online voting available only for A-share shareholders [1]. - The record date for shareholders is June 18, 2025 [1]. Voting Procedures - A-share shareholders can vote via the Shanghai Stock Exchange's online voting system, with specific time slots for voting on the day of the meeting [1]. - Shareholders holding multiple accounts can aggregate their voting rights across all accounts [2][3]. - Votes cast through different methods will be counted based on the first submission [3]. Meeting Attendance - A-share shareholders registered by the close of trading on the record date are eligible to attend the AGM [4]. - Both natural and legal person shareholders can appoint proxies to attend and vote on their behalf [4][5]. Registration Method - A-share shareholders must register to attend the meeting between June 20 and June 23, 2025 [4]. - Required documents for registration vary based on whether the shareholder is a natural person or a legal entity [5][6]. Other Matters - Shareholders are responsible for their own travel and accommodation expenses related to attending the meeting [8]. - Contact information for inquiries and pre-registration is provided, including a dedicated email and phone number [7].

关于无固定期限资本债券发行完毕的公告 本公司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。 A 股简称：招商银行 A 股代码：600036 公告编号：2025-029 招商银行股份有限公司 本期债券募集的资金将依据适用法律和监管部门的批准，补充本公 司的其他一级资本。 特此公告。 招商银行股份有限公司董事会 2025 年 5 月 30 日 经国家金融监督管理总局批准，招商银行股份有限公司（简称本公 司）近日在全国银行间债券市场发行了"2025年招商银行股份有限公司 无固定期限资本债券（第二期）（债券通）"（简称本期债券）。 本期债券于2025年5月27日簿记建档，并于2025年5月29日完成发行。 本期债券发行规模为人民币270亿元，前5年票面利率为2.05%，每5年调 整一次，在第5年及之后的每个付息日附发行人有条件赎回权。 ...

㊃⓮ 埴偉ấ㚱旸℔⎠ CHINA MERCHANTS BANK CO., LTD. 撞 二○二四年度股东大会文件 （股票代码 ：A股600036 H股03968） 文件目录 二○二四年度股东大会议案 普通决议案（非累积投票议案） | 1.2024年度董事会工作报告 | 1 | | --- | --- | | 2.2024年度监事会工作报告 | 8 | | 3.2024年度报告（含经审计之财务报告） | 15 | | 4.2024年度财务决算报告 | 16 | | 5.2024年度利润分配方案（包括宣派末期股息） | 21 | | 6.关于2025年度中期利润分配计划的议案 | 24 | | 7.2025-2029年资本管理规划 | 25 | | 8.关于聘请2025年度会计师事务所的议案 | 32 | | 9.2024年度关联交易情况报告 | 34 | | 10.关于选举招商银行第十三届董事会股东董事和执行董事的 | | | 议案 | 44 | | 11.关于不再设置监事会的议案 | 50 | | 特别决议案（非累积投票议案） | | | 12.关于修订《招商银行股份有限公司章程》的议案 | 51 | | 普 ...

证券代码：600036 证券简称：招商银行 公告编号：2025-028 招商银行股份有限公司 关于召开2024年度股东大会的通知 本公司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。 重要内容提示： 一、召开会议的基本情况 （三）投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合 的方式，其中网络投票仅适用于 A 股股东。 （四）现场会议召开的日期、时间和地点 召开的日期时间：2025 年 6 月 25 日 上午 9 点 30 分 召开地点：中国广东省深圳市福田区深南大道 7088 号招商银行大厦五楼会 议室 （五）网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 6 月 25 日 （六）融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户及沪股通投资者的投 票，应按照《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等 有关规定执行。 （七）涉及公开征集股东投票权：不适用 二、会议审 ...

Core Viewpoint - China Merchants Bank (03968.HK) maintains a strong technical trend, closing at HKD 49.45 on May 29, 2025, with a slight increase of 0.20%, reinforcing its recent upward channel [1] Technical Analysis - The stock price is currently above key technical support levels, with short-term support between HKD 47.50 and HKD 44.80, and upward resistance at HKD 50.60 and HKD 52.00 [1] - The overall upward probability is at 52%, indicating potential for breaking previous highs, with market sentiment remaining bullish [1] - Moving averages show the stock price is above the 10-day, 30-day, and 60-day averages, which are HKD 49.30, HKD 46.43, and HKD 46.40 respectively, reflecting a standard bullish pattern [1] - Trading volume reached HKD 750 million, indicating strong liquidity and high market participation, which supports steady price increases [1] Technical Indicators - The RSI value is at 66, nearing the overbought zone but not yet overheated, suggesting active buying with room for further upward movement [2] - Other key oscillators like CCI and psychological lines maintain buy ratings, while the stochastic oscillator is in the overbought zone but signals a sell [2] - The MACD remains in positive territory with a buy signal, and the Ichimoku chart shows a clear upward trend, indicating a healthy technical structure [2] - The Bollinger Bands indicate the stock is trading between the upper and middle bands, reflecting a strong consolidation phase with upward breakout potential [2] - The overall technical summary signals a "strong buy" with a strength rating of 17, indicating a very strong upward signal [2] Market Outlook - As a core blue-chip in the financial sector, China Merchants Bank has established a clear and stable upward pattern [3] - A successful breakthrough of the key resistance at HKD 50.60 could lead to rapid advancement towards HKD 52 or higher [3] - As long as the stock does not fall below the critical support level of HKD 47.50, the overall bullish trend will be maintained, making it a potential target for medium-term positioning [3]

Core Points - The Shanghai Composite Index fell by 0.47% on May 30, with the banking sector showing a gain of 0.64%, making it the second-highest gainer among industries [1] - The banking sector saw a net inflow of 7.87 billion yuan in capital, with 39 out of 42 stocks in the sector rising [2][3] - Major banks like China Merchants Bank, Industrial and Commercial Bank of China, and Agricultural Bank of China led the net inflow, with respective inflows of 2.36 billion yuan, 2.31 billion yuan, and 1.41 billion yuan [2] Industry Performance - Among the industries, the top gainers were agriculture, forestry, animal husbandry, and fishery, with a rise of 1.20%, followed by the banking sector [1] - The automotive and comprehensive sectors experienced the largest declines, with drops of 1.91% and 1.87% respectively [1] Capital Flow Analysis - The overall market saw a net outflow of 44.445 billion yuan, with 27 industries experiencing capital outflows [1] - The computer industry had the highest net outflow at 6.741 billion yuan, followed by the automotive sector with 5.871 billion yuan [1] Individual Stock Performance - In the banking sector, 23 stocks experienced net inflows, with 7 stocks receiving over 50 million yuan [2] - Notable stocks with significant net outflows included Ningbo Bank, Shanghai Pudong Development Bank, and Suzhou Bank, with outflows of 61.3681 million yuan, 50.6039 million yuan, and 40.3037 million yuan respectively [2][3]

Group 1 - The board of directors of China Merchants Bank (CMB) is undergoing a restructuring after three years of service, with the announcement of the candidate list for the 13th board [2][3] - The candidate list includes 17 individuals: 8 shareholder directors, 3 executive directors, and 6 independent directors, expanding the board from 13 to 17 members [2][3] - Among the shareholder directors, 5 are re-nominated and 3 are new additions, with significant representation from China Merchants Group and China Ocean Shipping Group [2][3] Group 2 - The 3 executive director candidates include Wang Liang (current president), Zhong Desheng (current party secretary and chief risk officer), and Wang Xiaoqing (current vice president), with Wang Xiaoqing being a new nominee [3] - The independent director candidates consist of 6 individuals, with 4 being re-nominated and 2 new candidates, indicating a mix of continuity and change [3][4] - The new board members will serve a three-year term from June 2025 to June 2028, pending approval from the National Financial Regulatory Administration [3][4] Group 3 - The board also approved a proposal regarding the performance compensation clawback for 2024 and scheduled the annual shareholders' meeting for June 25, 2025 [4]