鹏华深圳能源清洁能源封闭式基础设施证 券投资基金 基金管理人：鹏华基金管理有限公司 基金托管人：招商银行股份有限公司 送出日期：2025 年 3 月 28 日 鹏华深圳能源 REIT2024 年年度报告 基金管理人的董事会、董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗漏， 并对其内容的真实性、准确性和完整性承担个别及连带的法律责任。本年度报告已经三分之二以 上独立董事签字同意，并由董事长签发。 基金托管人招商银行股份有限公司根据本基金合同规定，于 2025 年 03 月 27 日复核了本报 告中的财务指标、净值表现、利润分配情况、财务会计报告、投资组合报告等内容，保证复核内 容不存在虚假记载、误导性陈述或者重大遗漏。 运营管理机构已对年度报告中的相关披露事项进行确认，不存在异议。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应仔细阅读本 基金的招募说明书及其更新。 广东电力市场受一次能源价格、西南地区降水、市场用电需求及发电侧装机容量、售电公司 市场竞争等复杂因素影响，请投资者理性判断市场电 ...

去年9月底以来的整个宏观政策变化，以及适度宽松、择机降息的货币政策环境，对今年非利息收入企 稳有信心。 "现在银行面临的挑战主要是低利率、低费用，对银行盈利能力带来的挑战。但在银行业内，招行的优 势仍然是明显的。"在3月27日的2024年业绩发布会上，招商银行董事长缪建民这样表示。 面对这种局面，商业银行又将如何应对？在当天的会上，招商银行管理层提出了自己的看法。该行行长 王良回答提问时透露，今年将努力实现7%~8%的存贷款增长目标。虽然息差收窄的趋势仍会延续，但 仍会通过优化资产配置、成本管控等措施，努力保持该行的同业领先水平。 年报数据显示，2024年，招商银行净利润1483.9亿元，同比增长1.22%，但营业收入却同比下降0.48%至 3374.8亿元。而收入微降的一个主要因素，就是息差收窄。 招商银行管理层还判断，从去年9月底以来的整个宏观政策变化，加上适度宽松、择机降息的货币政策 环境，为银行今年的手续费、债券投资收入等创造了有利条件，因此对今年的非利息收入企稳，非常有 信心。 存贷款增长目标7%~8% 按照计划，该行2025年存、贷款的增速均为7%~8%。聚焦大规模设备更新、消费品以旧换新，国家重 ...

招商银行行长王良：招行将加快四化转型，应对低 利率挑战 第三，是特色化定位。在银行业同质化竞争日益严峻的背景下，招商银行将继续坚持零售银行业务 的优势，形成体系化、差异化的竞争优势。同时，通过特色化产品和服务，满足客户多元化的金融需 求。 最后，是数字化转型。王良强调，招商银行将继续加大科技投入，推动数字化转型。通过人工智 能、大数据等技术的应用，提升服务效率和质量，降低运营成本。同时，数字化转型也将为招商银行带 来新的业务增长点。 在谈及净息差和贷款增长目标时，王良表示，虽然净息差面临收窄压力，但招商银行将通过优化资 产负债结构、提升存款成本管控等措施，努力保持净息差水平在同业领先。同时，对于7%-8%的贷款增 长目标，王良表示，这是根据外部宏观环境和银行自身发展情况制定的合理目标，招商银行将努力实 现。 （文章来源：南方都市报） 3月27日，招商银行召开2024年度业绩发布会。招商银行行长王良在会上就银行面临的挑战、应对 策略及未来发展方向发表了具体观点。面对当前银行业低利率、低利差、低费率的经营环境，王良表 示，招商银行将加快业务国际化发展、综合化经营、特色化定位和数字化转型，以应对挑战，实现高质 量发 ...

招商银行官宣超500亿元分红，分红更高，波动率更 低的泰康香港银行指数(A类:006809;C类:006810)把 握银行板块估值修复投资机遇 消息面上，3月25日晚间，招商银行发布2024年业绩报告。财报数据显示，2024年招商银行净利润 为1483.91亿元，同比增长1.22%；营业收入3374.88亿元，同比下降0.48%；总资产达到12.15万亿元，较 上年末增长10.19%。 值得一提的是，招商银行拟向全体股东每股派发现金红利人民币2元（含税）。截至2024年12月31 日，公司普通股总股本252.2亿股，以此计算合计拟派发现金红利约504.40亿元（含税）。2024年度本公 司现金分红比例为35.32%。 国信证券分析指出，财富管理市场生态分化加速，商业银行依托高净值客群、线下渠道及合规优 势，在现金管理类产品、保险代销及公募基金首发领域占据核心地位。政策层面，《商业银行代理销售 业务管理办法》强化代销业务规范，推动私募基金代销回归券商渠道，但银行在公募基金（尤其是权益 类）、保险等传统优势品类中保有规模仍领先，且通过县域市场下沉及私人银行投顾服务持续拓展增量 空间。此外，ETF市场扩容背景下，银 ...

Financial Data and Key Indicators Changes - The company's net operating income was RMB 337.12 billion, a year-on-year decrease of 0.58% [7] - Net profit attributable to shareholders was RMB 139 billion, a year-on-year increase of 1.22% [7] - Return on Average Assets (ROAA) was 1.28%, and Return on Average Equity (ROAE) was 14.49%, with year-on-year decreases of 0.11% and 1.73 percentage points respectively [7] - Net Interest Income (NII) was RMB 211.27 billion, a year-on-year decrease of 1.58% [7] - Net Non-Interest Income was RMB 125.84 billion, showing positive growth with a year-on-year increase of 1.15% [8] - Cost-to-Income ratio improved to 31.92%, a year-on-year decrease of 1.05 percentage points [8] Business Line Data and Key Indicators Changes - Retail finance contributed significantly, with net operating income and profit before tax from retail finance accounting for 58.37% and 50.74% respectively [12] - Total loans and advances to customers reached RMB 6.89 trillion, up by 5.83% [9] - The balance of retail loans was RMB 3.64 trillion, an increase of 6% [29] - The number of retail customers exceeded 200 million, a 6.6% increase [27] Market Data and Key Indicators Changes - Total assets exceeded RMB 12 trillion, an increase of 10.19% [9] - Total liabilities exceeded RMB 10 trillion, up by 9.81% [9] - Total customer deposits exceeded RMB 9 trillion, up by 11.54% [9] - The average cost ratio of interest-bearing liabilities was 1.64%, a year-on-year decrease of 9 basis points [10] Company Strategy and Development Direction - The company aims to build a value creation bank and enhance its digital and intelligent capabilities [5][14] - Focus on technology investment, with RMB 13.35 billion allocated in 2024, representing 4.38% of net operating income [14] - Emphasis on ESG (Environmental, Social, and Governance) principles, with an upgraded MSCI ESG rating to AAA [17] Management's Comments on Operating Environment and Future Outlook - The management acknowledged challenges such as declining interest rates and insufficient effective credit demand but also highlighted opportunities from proactive macro policies [50][51] - The company plans to maintain a high level of ROE and competitive advantages in NIM and wealth management [66] - The outlook for 2025 includes a focus on innovation-driven development and enhancing core capabilities in wealth management, fintech, and risk management [55][56] Other Important Information - The company has established an AI lab since 2017 and is focusing on AI-driven transformation across various operational areas [15][102] - The NPL (Non-Performing Loan) ratio was 0.95%, remaining stable, while the allowance coverage ratio was 411.98% [11] Q&A Session Summary Question: How can CMB maintain its strength and advantage in the current macro situation? - The Chairman acknowledged challenges but emphasized that CMB's advantages in NIM and wealth management can help maintain a competitive edge [66] Question: Can you elaborate on the internationalization strategy? - The President highlighted the need for banks to provide international services as Chinese companies expand globally and emphasized the importance of technology and AI in enhancing service capabilities [71][75] Question: What is the expectation for NIM trend this year? - The CFO indicated that while NIM is expected to continue declining, the magnitude of the decline may be less than peers, and the company aims to maintain a stable loan growth rate [80][87] Question: How is AI applied in bank operations? - The CIO discussed the bank's early investment in AI and its application across various business scenarios, resulting in significant productivity gains [102][107] Question: What is the outlook for retail loan asset quality? - The President acknowledged increasing pressure on retail loan asset quality but emphasized the bank's proactive risk management strategies [112][116] Question: How does the company plan to increase return to shareholders given the high CAR? - The President explained the need to balance maintaining a high CAR while also focusing on delivering a good ROE [120][123]

Group 1 - The China Securities Financial Index (全指金融) decreased by 0.99%, closing at 8543.63 points with a trading volume of 37.538 billion [1] - Over the past month, the index has increased by 2.61%, while it has decreased by 1.54% over the last three months and by 0.43% year-to-date [1] - The top ten weighted stocks in the index include China Ping An (11.12%), China Merchants Bank (10.55%), and Industrial Bank (6.24%) [1] Group 2 - The index is composed entirely of financial sector companies, with a 100% allocation to this industry [2] - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2] - Adjustments to the index samples occur in response to special events affecting the companies, such as mergers or delistings [2]

昨晚招行公布了24年的年报， 今天，A股招行大跌近-5.4%，港股招行大跌近-5.5% ，由于招行在中证银行指数中占比达到16%，因此光招行一 家的下跌，就导致指数下跌-0.86%左右，而指数本身仅下跌-1.44%，也就是说，招行一己之力今天带动了银行股垫底的行情。 从交易量来看，银行股今天合计230亿多的交易量，招行一家占比30%左右，市场对招行年报的关注度，不可谓不高。 和去年一样，提前补充一下，招行作为全中国最好的商业银行之一，更多的还是以点带面，说说银行业的实际情况，以及春江水暖鸭先知，通过 银行业，了解下宏观和微观经济的实际情况。 去年此时，我们就招行23年的年报，写过《 招行年报里的十大真相 》，大家比较爱看，因为分析的角度还算全面，跳出银行看银行，讲了比较 多宏观的因素。 ...... 今天，我们继续。 从财报发布开始，市场里的解读已经不少了，赞歌不少，但干货不多。 不可忽视的是，从招行的年报中，我们可以看到， 银行业，正面临着近20年罕见的经营环境 ——2024年，招行的ROE（净资产收益率）下滑到 15%以下，是2004年以来首次。 我们知道，银行归根到底是经营杠杆的行业，1块钱的资本金，能 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's revenue decline continues to narrow, with a year-on-year decrease of 0.7% for 2024, while net profit growth has turned positive at 1.2% [3][6] - Net interest income decreased by 1.6% year-on-year, but the decline is narrowing, and non-interest income has turned positive with a growth of 0.8% [3][6] - The company maintains a stable asset quality, with a non-performing loan ratio of 0.95% and improvements in corporate loans, particularly in the real estate sector [4][6] Summary by Sections Revenue and Profitability - The cumulative revenue for 2024 shows a year-on-year decline of 0.7%, with net profit increasing by 1.2% [3][6] - The net interest income has decreased by 1.6% year-on-year, while non-interest income has increased by 0.8% [3][6] Interest Income and Margin - The quarterly net interest income increased by 2.1%, while the net interest margin decreased by 3 basis points to 1.94% [11][13] - The annualized yield on interest-earning assets decreased by 16 basis points to 3.33% [15] Asset and Liability Growth - Interest-earning assets increased by 8.8% year-on-year, with total loans growing by 5.2% [17] - Total deposits increased by 8.6%, outpacing loan growth [17] Loan Structure - The structure of new loans shows a significant increase in corporate loans, which accounted for 69.5% of new loans, up 20.5 percentage points from 2023 [18] - The retail loan structure remains stable, with a notable recovery in mortgage loans [18][21] Non-Interest Income - Non-interest income has shown a year-on-year increase of 0.8%, with a significant recovery in wealth management fees [23][26] - The company has maintained a stable fee income structure, with wealth management and card services contributing the most [26] Retail Banking and AUM - The total assets under management (AUM) for retail clients are approaching 15 trillion, with a steady growth in high-net-worth clients [28][29] - The number of retail clients reached 210 million, with significant growth in wealth management clients [29]

其中，净买入招商银行15.8亿、美团-W 3.77亿、紫金矿业3.51亿、中芯国际3.17亿、泡泡玛特2.87亿、快手-W 1.89亿、腾讯控股1.47亿。 净卖出小米集团-W 4.43亿、阿里巴巴-W 3.49亿、小鹏汽车-W 1.67亿、中国海洋石油1.36亿。 | | 沖股通 | | | | | --- | --- | --- | --- | --- | | 名称 | 涨跌幅 | 净买入额(亿) | 成交额 | 名称 | | 小米集团-W | 1.0% | -10.96 | 42.06亿 | 小米集团-W | | 腾讯控股 | 0.9% | 5.71 | 24.13亿 | 腾讯控股 | | 阿里巴巴-W | 1.4% | -0.06 | 19.38 Z | 阿里巴巴-W | | 中芯国际 | 1.7% | 0.62 | 17.70亿 | 快手-W | | 招商银行 | -5.5% | 15.80 | 17.40亿 | 中心国际 | | 快手-W | -1.7% | 1.37 | 15.48 Z | 泡泡玛特 | | 泡泡玛特 | 10.9% | -0.32 | 13.62亿 | 小鹏汽车-W | | 美 ...

北水动向|北水成交净买入83.68亿 招商银行(03968) 绩后重挫 北水全天抢筹超15亿港元 智通财经APP获悉，3月26日港股市场，北水成交净买入83.68亿港元，其中港股通(沪)成交净买入50.77 亿港元，港股通(深)成交净买入32.91亿港元。 北水净买入最多的个股是招商银行(03968)、美团-W(03690)、紫金矿业(02899)。北水净卖出最多的个股 是小米集团-W(01810)、阿里巴巴-W(09988)、小鹏汽车-W(09868)。 | 股票名称 | 买入额 | 卖出额 | 关实思额 | | --- | --- | --- | --- | | | | | 净流入 | | 小米集团-W | 15.55 乙 | 26.51 乙 | 42.06亿 | | HK 01810 | | | -10.96亿 | | 腾讯控股 | 14.92 乙 | 9.21亿 | 24.13亿 | | HK 00700 | | | +5.71 乙 | | 阿里巴巴-W HK 09988 | 9.66亿 | 9.72亿 | 19.38亿 | | | | | -634.54万 | | 中芯国际 | 9.16亿 | 8. ...