二、招商银行济南分行应要求上述核准任职资格人员严格遵守金融监管总局有关监管规定，自招商银行 政许可决定作出之日起3个月内到任，并按要求及时报告到任情况。未在上述规定期限内到任的，本批 复文件失效，由决定机关办理行政许可注销手续。 三、招商银行济南分行应督促上述核准任职资格人员持续学习和掌握经济金融相关法律法规，牢固树立 风险合规意识，熟悉任职岗位职责，忠实勤勉履职。 2025年9月18日，山东金融监管局发布批复称，《招商银行（600036）关于核准单强高级管理人员任职 资格的请示》（招银字〔2025〕245号）收悉。经审核，现批复如下： 一、核准单强招商银行济南分行副行长的任职资格。 ...

Summary of Key Points Core Viewpoint - The company has approved a guarantee for its wholly-owned subsidiary, Tianrongxin Network Security Technology Co., Ltd., with a total credit limit of up to RMB 105 million, effective for 12 months from the date of approval [2][5]. Group 1: Guarantee Overview - The company will provide an irrevocable joint liability guarantee for Tianrongxin Network, with a maximum amount of RMB 105 million [2]. - The guarantee is authorized to be handled by the company's legal representative or an authorized agent [2]. Group 2: Basic Information of the Guaranteed Party - Tianrongxin Network was established on November 6, 1995, with a registered capital of RMB 35 million and is engaged in technology development, consulting, and sales of electronic products [3]. - The company has a good credit status and is not listed as a dishonest executor [3]. Group 3: Guarantee Progress - On September 24, 2025, the company signed a guarantee agreement with China Merchants Bank, providing a joint liability guarantee for a credit limit of up to RMB 30 million for Tianrongxin Network [5]. - After this guarantee, the total guarantee balance for Tianrongxin Network will be RMB 60 million, leaving a remaining guarantee capacity of RMB 45 million [5][6]. Group 4: Guarantee Agreement Details - The guarantee agreement specifies that the maximum guarantee amount is RMB 30 million, with a guarantee period extending to three years after the maturity of each loan or financing [5][6]. - The total guarantee amount provided by the company represents 11.18% of its latest audited net assets, while the cumulative guarantee balance represents 6.39% of the same [6].

Report Summary 1. Report Industry Investment Rating The document does not provide the industry investment rating. 2. Core View of the Report In August 2025, the leverage ratio of the inter - bank bond market increased slightly month - on - month and was lower than the same period in previous years. The total bond custody scale of China Central Depository & Clearing Co., Ltd. (CCDC) and Shanghai Clearing House increased. Different institutions had different investment preferences for various bonds, with commercial banks increasing their allocation of treasury bonds and policy - financial bonds, and broad - based funds increasing their holdings of local government bonds [1][2][50]. 3. Summary by Relevant Catalogs 3.1 Bank - Inter Leverage Ratio In late August, the inter - bank bond market leverage ratio was 106.88%, up 0.07 pct from the end of the previous month, and generally lower than the leverage ratio in the same period of previous years [1]. 3.2 Custody Data Overview In August 2025, the total bond custody scale of CCDC and Shanghai Clearing House was 174.54 trillion yuan, a month - on - month increase of 1.506 trillion yuan. Among them, CCDC's custody scale increased by 1.5382 trillion yuan, and Shanghai Clearing House's decreased by 32.2 billion yuan. Treasury bonds, local government bonds, policy - bank bonds, and medium - term notes contributed to the increase, while enterprise bonds, short - term financing bills, ultra - short - term financing bills, directional instruments, and inter - bank certificates of deposit contributed to the decrease [2][12]. 3.3 By Bond Type - **Interest - rate Bonds**: In August 2025, the total custody scale of major interest - rate bonds was 116.60 trillion yuan, a month - on - month increase of 1.7871 trillion yuan. Commercial banks were the main buyers, increasing their holdings by 1.2979 trillion yuan. Broad - based funds, insurance institutions, etc. also increased their holdings, while overseas institutions reduced their holdings [3][49]. - **Credit Bonds**: The total custody scale of major credit bonds was 16.06 trillion yuan, a month - on - month increase of 23 billion yuan. Commercial banks were the main buyers, increasing their holdings by 54.4 billion yuan. Broad - based funds and securities companies were the main sellers, reducing their holdings by 18.1 billion yuan and 14.8 billion yuan respectively. Insurance institutions and overseas institutions also reduced their holdings [3][49]. - **Inter - bank Certificates of Deposit**: The custody scale was 20.38 trillion yuan, a month - on - month decrease of 355.6 billion yuan. Broad - based funds and commercial banks were the main sellers [3][49]. 3.4 By Institution - **Commercial Banks**: The custody scale of major bonds was 85.29 trillion yuan, a month - on - month increase of 1.153 trillion yuan. They increased their holdings of interest - rate bonds and credit bonds by 1.2979 trillion yuan and 54.4 billion yuan respectively, and reduced their holdings of inter - bank certificates of deposit by 199.3 billion yuan [4][50]. - **Broad - based Funds**: The custody scale of major bonds was 37.38 trillion yuan, a month - on - month decrease of 172.3 billion yuan. They increased their holdings of interest - rate bonds by 120.7 billion yuan and reduced their holdings of credit bonds and inter - bank certificates of deposit by 18.1 billion yuan and 274.9 billion yuan respectively [4][50]. - **Overseas Institutions**: The custody scale of major bonds was 3.69 trillion yuan, a month - on - month decrease of 98.8 billion yuan. They reduced their holdings of interest - rate bonds, credit bonds, and inter - bank certificates of deposit by 27.5 billion yuan, 3.5 billion yuan, and 67.8 billion yuan respectively [4][54]. - **Insurance Institutions**: The custody scale of major bonds was 4.26 trillion yuan, a month - on - month increase of 43.2 billion yuan. They increased their holdings of interest - rate bonds by 49.5 billion yuan and reduced their holdings of credit bonds and inter - bank certificates of deposit by 5.9 billion yuan and 0.4 billion yuan respectively [4][54]. - **Securities Companies**: The custody scale of major bonds was 2.64 trillion yuan, a month - on - month decrease of 2 billion yuan. They increased their holdings of interest - rate bonds by 13.4 billion yuan and reduced their holdings of credit bonds and inter - bank certificates of deposit by 14.8 billion yuan and 0.6 billion yuan respectively [4][54]. - **Credit Unions**: The custody scale of major bonds was 2 trillion yuan, a month - on - month increase of 11.9 billion yuan. They increased their holdings of interest - rate bonds and credit bonds by 22.1 billion yuan and 0.7 billion yuan respectively, and reduced their holdings of inter - bank certificates of deposit by 10.8 billion yuan [5][55].

Group 1 - The article promotes various co-branded credit cards offered by China Merchants Bank, highlighting attractive rewards for new customers [3][5][6] - New customers can receive gifts such as Starbucks coffee, customized cups, brand luggage, and exclusive badges from popular games upon meeting certain criteria [3][5][6] - The article emphasizes limited-time privileges for new cardholders, including referral rewards for both the referrer and the referred [10] Group 2 - Existing cardholders are encouraged to apply for additional credit cards, with shared credit limits and no new customer rewards [12] - The article provides links for users to explore more credit card options and details about ongoing promotions [14][13]

Core Viewpoint - The report highlights the AH premium rates of various companies, indicating significant discrepancies between their A-shares and H-shares, with Northeast Electric (00042) leading with a premium rate of 864.29% [1] AH Premium Rate Rankings - The top three companies with the highest AH premium rates are: - Northeast Electric (00042): 864.29% - Andeli Juice (02218): 227.40% - Hongye Futures (03678): 225.67% [1] - The bottom three companies with the lowest AH premium rates are: - Ningde Times (03750): -12.07% - Heng Rui Medicine (01276): -3.97% - Zijin Mining (02899): 4.14% [1] Deviation Value Rankings - The top three companies with the highest deviation values are: - Northeast Electric (00042): 74.37% - Changfei Optical Fiber (06869): 24.77% - Zhaoyan New Drug (06127): 22.94% [1] - The bottom three companies with the lowest deviation values are: - Longpan Technology (02465): -25.07% - Qin Port Shares (03369): -19.33% - COSCO Shipping Energy (01138): -15.04% [1] Detailed AH Stock Premium and Deviation Data - The report provides detailed tables showing the premium rates and deviation values for the top and bottom AH stocks, indicating significant variations in market perception and valuation between A-shares and H-shares [1][2]

Core Viewpoint - The development of inclusive finance is a crucial initiative at the national level to promote economic inclusive growth and maintain social fairness, with significant social implications in stabilizing employment, ensuring livelihoods, and promoting innovation [1] Group 1: Product Innovation - The company is enhancing traditional micro-enterprise mortgage loans while leveraging digital transformation to strengthen channel construction, promoting the integration of online and offline development [2] - New online financing products for micro-enterprises have been launched, including Lightning Loan, Government Procurement Loan, Medical Insurance Loan, and others, effectively meeting the quick financing needs of various micro-market entities [2] - As of August 2025, the company has served 17,000 micro-loan clients with an average loan balance of 730,000 yuan, demonstrating a commitment to making finance accessible to the public [2] Group 2: Risk Pricing - The company is optimizing the risk pricing scheme for micro-enterprise financing to reduce financing costs, with the profit subsidy for inclusive micro-loans increased to 70 basis points since 2022 [3] - The risk weight for small and medium enterprises has been lowered to 85%, and for eligible micro-enterprises to 75%, effectively promoting price reductions [3] - As of August 2025, the average interest rate for newly issued inclusive micro-loans is 3.12%, a decrease of 0.75 percentage points year-on-year, alleviating the financing cost pressure on micro-enterprises [3] Group 3: Credit Support - The company emphasizes early credit support through detailed KYC processes to ensure quick lending, targeting long-term stable cooperative clients and technology innovation enterprises [4] - Active marketing strategies are employed to promote the concept of "credit can be prepared but not used without preparation," enhancing the efficiency of micro-financial services [4] - As of August 2025, the company achieved an inclusive loan balance of 12.46 billion yuan, a year-on-year increase of 9.15%, reflecting its commitment to supporting the development of the real economy [4]

Group 1 - The core transaction on September 22 involved a block trade of 8.70 million shares of China Merchants Bank, with a transaction value of 356 million yuan and a price of 40.92 yuan per share [2][3] - Over the past three months, China Merchants Bank has recorded a total of 11 block trades, amounting to a cumulative transaction value of 5.101 billion yuan [2] - As of September 22, the closing price of China Merchants Bank was 40.92 yuan, reflecting a decrease of 0.20%, with a daily turnover rate of 0.32% and a total trading volume of 2.688 billion yuan [2] Group 2 - The latest margin financing balance for China Merchants Bank stands at 9.428 billion yuan, having increased by 400 million yuan, which is a growth of 4.43% over the past five days [3] - The registered capital of China Merchants Bank is approximately 25.22 billion yuan, and the bank was established on March 31, 1987 [3]

Core Viewpoint - The establishment of bank-affiliated Asset Investment Companies (AICs) is accelerating, with 招银金融资产投资有限公司 (Zhaoyin AIC) aiming for completion by the end of the year [1][4]. Group 1: Company Structure and Recruitment - Zhaoyin AIC has initiated internal recruitment, primarily targeting candidates from 招银国际 (Zhaoyin International) and various departments within the bank, with a focus on those with over two years of experience [3][4]. - The recruitment process emphasizes the need for candidates with experience in debt-to-equity swaps and primary market investments, as these skills align closely with the AIC's core business [3][4]. - As of September 22, no external recruitment positions for Zhaoyin AIC have been posted on the bank's official website, indicating a focus on internal talent acquisition [4]. Group 2: Business Model and Market Position - Zhaoyin AIC's primary business will focus on debt-to-equity swaps and equity investments, leveraging high-quality projects from the parent bank's credit portfolio [4][5]. - The AIC model includes purchasing debt to convert into equity and investing in equity to repay existing debts, targeting enterprises that align with national policy and have strong asset quality [5][6]. - The AICs established by major banks have varying scales, with Zhaoyin AIC having the highest registered capital at 15 billion yuan, while others range from 14.5 billion to 27 billion yuan [6][7]. Group 3: Strategic Importance and Future Outlook - The establishment of AICs is seen as a strategic move to enhance comprehensive operational capabilities and support market-oriented debt-to-equity swaps and equity investment trials [7][8]. - Analysts suggest that the benefits of AICs extend beyond direct investment profits, potentially enhancing overall banking revenues through increased deposits, loans, and other intermediary services from technology clients [7][8]. - The entry of various banking institutions into the AIC space is expected to foster differentiated investment strategies, with some focusing on early-stage projects and others on mature enterprise value enhancement [8].

Group 1 - The banking financial asset investment companies (AIC) approved this year are accelerating their establishment efforts [1] - The internal recruitment for China Merchants Bank Financial Asset Investment Co., Ltd. (China Merchants AIC), approved in July, has commenced, with resumes currently in the screening stage [1] - The company is pushing forward with its preparation work, aiming for establishment by the end of the year [1]

Group 1 - The Invesco Great Wall CSI National New Hong Kong Stock Connect Central Enterprise Dividend ETF (520990) closed down 1.58% on September 22, with a trading volume of 154 million yuan [1] - The fund was established on June 26, 2024, with a management fee of 0.50% and a custody fee of 0.10% [1] - As of September 19, 2024, the fund had 4.308 billion shares and a total size of 4.373 billion yuan, reflecting a 15.00% increase in shares and a 24.88% increase in size year-to-date [1] Group 2 - The current fund managers are Gong Lili and Wang Yang, with returns of 17.76% and 4.19% respectively during their management periods [2] - The fund's top holdings include China Mobile, China Petroleum, COSCO Shipping, CNOOC, China Shenhua, Sinopec, China Telecom, China Unicom, China Merchants Bank, and China Coal Energy, with varying holding percentages [2][3] Group 3 - The top holdings and their respective percentages are as follows: - China Mobile: 10.83% - China Petroleum: 10.55% - COSCO Shipping: 9.66% - CNOOC: 9.03% - China Shenhua: 8.09% - Sinopec: 7.66% - China Telecom: 4.85% - China Unicom: 3.68% - China Merchants Bank: 2.63% - China Coal Energy: 2.57% [3]