（於中華人民共和國註冊成立的股份有限公司） 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份內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 招商銀行股份有限公司 CHINA MERCHANTS BANK CO., LTD. （H股股票代碼：03968) 董事會會議召開日期 招商銀行股份有限公司（「本公司」）董事會（「董事會」）茲通告謹定於2025年10月 29日（星期三）舉行董事會會議，藉以審議及批准刊發本公司截至2025年9月30日 止之第三季度業績公告。 招商銀行股份有限公司董事會 2025年10月17日 於本公告日期，本公司的執行董事為王良及鍾德勝；本公司的股東董事（非執行 董事）為繆建民、石岱、孫雲飛、朱立偉及黃堅；及本公司的獨立非執行董事為 李孟剛、劉俏、田宏啟、李朝鮮、史永東及李健。 ...

Core Insights - The article highlights the top and bottom AH premium rates for various stocks as of October 17, with Northeast Electric (00042) leading with a premium rate of 800.00% [1] - The article also discusses the deviation values of these stocks, indicating significant discrepancies between their A-shares and H-shares [1][2] Summary by Category Top AH Premium Rates - Northeast Electric (00042) has the highest premium rate at 800.00%, followed by Hongye Futures (03678) at 250.68% and Zhejiang Shibao (01057) at 245.26% [1] - Other notable mentions include Sinopec Oilfield Service (01033) with a premium rate of 238.36% and Andeli Juice (02218) at 236.87% [1] Bottom AH Premium Rates - The lowest premium rates are observed in Ningde Times (03750) at -17.74%, followed by Hengrui Medicine (01276) at -0.27% and China Merchants Bank (03968) at 1.59% [1] - Other companies with low premium rates include Midea Group (00300) at 7.52% and Zijin Mining (02899) at 10.86% [1] Top Deviation Values - The highest deviation values are recorded for Changfei Optical Fiber (06869) at 35.97%, Zhejiang Shibao (01057) at 24.67%, and Chenming Paper (01812) at 23.63% [1] - Other companies with significant deviation values include Hongye Futures (03678) at 21.99% and Nanjing Panda Electronics (00553) at 21.37% [1][2] Bottom Deviation Values - The lowest deviation values are seen in Shanghai Electric (02727) at -17.61%, China Southern Airlines (01055) at -12.86%, and China National Freight (00598) at -12.41% [1][2] - Northeast Electric (00042) also shows a negative deviation value of -10.29% [2]

Core Insights - Digital finance is a crucial foundation for building a strong financial nation and supports key initiatives like technology finance and green finance [1] - The Nanjing Branch of China Merchants Bank is actively responding to national strategies by integrating AI technology into financial services, enhancing risk control, and upgrading services [1] Group 1: Digital Financial Development - The Nanjing Branch views digital finance as essential for serving regional economies and aiding enterprise transformation, focusing on organizational structure, talent, and systems [2] - An AI Maker Club was established in 2023 to promote AI knowledge and applications across the bank, leading to the formation of an AI Innovation Integration Team in 2024 [2] - The branch has launched over 30 AI application projects in areas like customer service and risk management, creating a mechanism for digital transformation [2] Group 2: Financial Services for State-Owned Enterprises - The Nanjing Branch has developed a flagship product, CBS (Cross-Bank Cash Management System), to support state-owned enterprise treasury construction [3] - A project was initiated in February 2024 to cover dozens of state-owned enterprises and nearly a thousand member companies, enhancing debt and financing oversight [3] - The branch has successfully integrated financial management software with its services, improving operational efficiency for clients [3] Group 3: Customized Digital Solutions - The bank has created digital products like "Xinfutong" and "E Cantong" to assist enterprises in their digital transformation [4][5] - "Xinfutong" offers a comprehensive digital platform for payroll management, serving over 3,200 enterprises and more than 420,000 employees [4] - "E Cantong" provides dining solutions for employees, with nearly 700 enterprises utilizing the service by August [5] Group 4: AI and Risk Management - The Nanjing Branch leverages AI technology to enhance service efficiency and operational effectiveness in financial services [6] - AI tools have significantly improved processes such as customer communication and account opening, with efficiency gains of up to 240 times in some areas [6][7] - The branch has developed systems for suspicious account checks and fraud monitoring, successfully identifying potential fraud cases [7] Group 5: Future Directions - The Nanjing Branch aims to deepen the integration of technology and business, continuously exploring digital finance applications to support enterprise transformation [7]

Core Viewpoint - Ping An Insurance and its subsidiary Ping An Life have invested approximately HKD 173 million in H-shares of China Merchants Bank and Postal Savings Bank since October, indicating a strategic move to capitalize on the recent market corrections in the banking sector [1][4]. Group 1: Investment Details - Ping An and its subsidiary Ping An Life have increased their holdings in China Merchants Bank H-shares by approximately 2.99 million shares, investing around HKD 139 million, resulting in a holding ratio of about 17% [3]. - Additionally, they have acquired approximately 6.42 million shares of Postal Savings Bank H-shares, investing around HKD 34.41 million, which brings their holding ratio to approximately 17.01% [3]. Group 2: Market Context - The banking sector has experienced a decline of over 10% since July, with both China Merchants Bank and Postal Savings Bank H-shares seeing significant drops [4]. - The current external uncertainties in the global market have made financial sectors, particularly banks and insurance, preferred defensive assets for investors [4]. Group 3: Future Outlook - The trend of insurance capital increasing equity asset allocation is expected to continue, with banks remaining a focal point due to their high dividend yields [5]. - Research indicates that insurance capital is likely to further increase its holdings in bank stocks, particularly favoring large banks and those with regional advantages [5].

Core Viewpoint - China Ping An Insurance (Group) Co., Ltd. has increased its holdings in Postal Savings Bank of China by 6.416 million H-shares, reflecting a trend of insurance capital frequently increasing their stakes in bank H-shares this year [1] Group 1: Investment Activity - China Ping An and its subsidiaries have shown a pattern of continuous accumulation in bank H-shares, particularly in listed banks such as China Merchants Bank, Postal Savings Bank, and Agricultural Bank [1] - The insurance capital's preference for bank stocks is attributed to the generally high dividend yields in both A-shares and H-shares, with the China Securities Bank ETF yielding 4.07% and the Hong Kong Stock Connect Financial ETF yielding 5.06% as of October 16 [1] Group 2: Market Conditions - The current low interest rate environment enhances the attractiveness of these assets, leading to sustained inflows from long-term funds such as insurance capital and social security [1] - A shift in market sentiment towards risk aversion has made these assets more appealing, indicating a potential strategy for similar investors to follow the lead of insurance capital [1]

Group 1 - The article highlights various credit card offerings from China Merchants Bank, emphasizing promotional benefits for new users [5][8][9] - Specific incentives include free annual fees, gift options such as brand luggage and Starbucks coffee, and membership perks like JD PLUS for new applicants [7][12][14] - The article also mentions referral rewards for existing cardholders who recommend new users, enhancing customer engagement and acquisition strategies [14][16] Group 2 - The content promotes a range of co-branded credit cards, indicating a strategy to attract diverse customer segments through partnerships with popular brands [9][10] - There is a focus on limited-time offers, suggesting a sense of urgency to encourage immediate applications [13][18] - The article provides a call to action for users to explore more credit card options and apply through the official app, indicating a digital-first approach to customer acquisition [19][21]

Group 1 - The core point of the article is the announcement of a communication-based meeting for the holders of the Bo Dao Yuan Hang Mixed Securities Investment Fund to discuss the adjustment of the redemption fee rate and modifications to the fund contract [1][4][27] - The meeting will be held from October 10, 2025, to November 3, 2025, with specific voting procedures outlined for fund holders [2][8][18] - The agenda includes a proposal to adjust the redemption fee rate and modify the fund contract to include Hong Kong Stock Connect eligible stocks in the investment scope [4][27][34] Group 2 - The fund management company, Bo Dao Fund Management Co., Ltd., will conduct the meeting in collaboration with the fund custodian, China Merchants Bank Co., Ltd. [2][22] - Fund holders must register their rights by October 10, 2025, to participate in the voting process [4][20] - The voting process allows for both direct voting and the option to authorize others to vote on behalf of the fund holders [10][12][21] Group 3 - The proposed changes to the fund contract include adjustments to investment strategies, risk-return characteristics, and the performance benchmark due to the inclusion of Hong Kong Stock Connect stocks [27][34][38] - The adjustment of the redemption fee rate for Class A fund shares is aimed at better serving the interests of fund holders [27][34][38] - The decision requires a majority approval from the fund holders participating in the meeting for it to be effective [20][34][38]

Core Viewpoint - Insurance capital, represented by China Ping An, is actively increasing its holdings in bank stocks, particularly H-shares, indicating a strategic shift towards high-dividend assets in a low-interest-rate environment [1][3]. Group 1: Investment Activities - On October 10, China Ping An increased its holdings in Postal Savings Bank by 641,600 shares and also raised its stake in China Merchants Bank by purchasing 2,989,000 shares at an average price of HKD 46.44 per share, totaling approximately HKD 139 million [1][2]. - Year-to-date, China Ping An has acquired approximately 550 million shares of China Merchants Bank, raising its ownership from 5.01% at the beginning of the year to 17% [2]. - China Ping An has also increased its stake in Agricultural Bank of China, surpassing 19%, and in Postal Savings Bank, raising its ownership from 6.09% to 17.01% [2]. Group 2: Market Conditions and Strategy - The banking sector has seen a valuation advantage since July, aligning with insurance capital's demand for "high dividend + quasi-fixed income" assets, which provide stable cash flow to match liability costs [3]. - Insurance companies have increased their equity asset allocation, with stock investments exceeding CNY 3 trillion, reflecting a rise of approximately CNY 640 billion compared to the end of Q4 2024 [4]. - The banking sector represents the highest market share in insurance capital's stock investments, accounting for 47.2%, significantly higher than the second-highest sector, utilities, at 7.2% [4]. Group 3: Strategic Considerations - Strategic holdings in banks enhance collaboration between insurance and banking sectors, creating long-term synergies beyond mere financial returns [5].

Core Viewpoint - Ping An Insurance and its subsidiary Ping An Life have invested approximately HKD 173 million in H-shares of China Merchants Bank and Postal Savings Bank since October, indicating a strategic move to capitalize on the recent market downturn in bank stocks [1][4]. Group 1: Investment Details - Ping An and its subsidiary Ping An Life have increased their holdings in China Merchants Bank H-shares by approximately 2.99 million shares, investing around HKD 139 million, resulting in a holding ratio of about 17% [3][4]. - Additionally, they have acquired approximately 6.42 million shares of Postal Savings Bank H-shares, investing around HKD 34.41 million, which brings their holding ratio to approximately 17.01% [3][4]. Group 2: Market Context - The investment comes after a significant decline in bank stocks, with the banking sector dropping over 10% from July 1 to September 30, 2023 [4]. - As of September 30, 2023, China Merchants Bank H-shares had also fallen over 10%, while Postal Savings Bank H-shares experienced a decline of more than 5% from their peak in July [4]. Group 3: Future Outlook - Analysts suggest that the current environment presents structural opportunities, particularly in high-dividend sectors such as finance, telecommunications, and transportation, as well as in consumer sectors that may benefit from policy adjustments [4][5]. - The trend of insurance capital increasing its equity asset allocation is expected to continue, with banks being a focal point due to their high dividend characteristics [5]. - Research indicates that banks are likely to maintain stable performance, with projected profit growth of 0.8% for listed banks in the first half of 2025, suggesting a positive outlook for the sector [5].

Group 1 - The core transaction of China Merchants Bank on October 16 involved a block trade of 4.8 million shares, amounting to 201 million yuan, with a transaction price of 41.93 yuan per share [2][3] - In the last three months, China Merchants Bank has recorded a total of 13 block trades, with a cumulative transaction value of 5.322 billion yuan [2] - The closing price of China Merchants Bank on the same day was 41.93 yuan, reflecting an increase of 1.04%, with a daily turnover rate of 0.52% and a total trading volume of 4.427 billion yuan [2] Group 2 - The net outflow of main funds for China Merchants Bank was 121 million yuan for the day, while the stock has seen a cumulative increase of 3.97% over the past five days, with a total net outflow of 507 million yuan [2] - The latest margin financing balance for China Merchants Bank is 9.505 billion yuan, which has increased by 86.0446 million yuan over the past five days, representing a growth of 0.91% [3] - China Merchants Bank was established on March 31, 1987, with a registered capital of 25.219845601 billion yuan [3]