Core Viewpoint - The article highlights the continuous acquisition of bank stocks by insurance capital, particularly by Ping An Group, indicating a strategic shift towards stable, high-dividend assets in response to market conditions and regulatory changes [1][5][9]. Group 1: Ping An Group's Acquisitions - Since the fourth quarter of last year, Ping An Group has been actively increasing its holdings in bank stocks, including Agricultural Bank of China, Postal Savings Bank, and China Merchants Bank, with significant increases noted on February 20 [1][2]. - As of February 20, Ping An Group's holdings in Agricultural Bank's H-shares exceeded 8%, while holdings in Postal Savings Bank and China Merchants Bank surpassed 7% [2][3]. - The total expenditure for these acquisitions from December 18 to February 20 reached nearly 170 billion HKD, with a current market value exceeding 200 billion HKD [3][10]. Group 2: Industry Trends and Implications - The insurance sector has seen a surge in shareholding activities, with 20 instances of shareholding increases last year, marking a four-year high, and six instances already in the first two months of this year [5][6]. - Analysts suggest that the frequent acquisitions by insurance capital are driven by the need to stabilize returns amid fluctuating financial instruments and to respond to the downward pressure on interest rates [5][12]. - The shift towards high-dividend bank stocks is seen as a strategic move to enhance asset allocation and improve financial stability, particularly in light of new accounting standards that favor long-term equity investments [5][6]. Group 3: Performance of Bank Stocks - The A-share bank sector experienced a cumulative increase of over 42% last year, ranking first among 30 major sectors, with several banks seeing stock price increases exceeding 60% [10][11]. - Preliminary reports from 16 A-share listed banks indicate positive growth in both revenue and net profit, with banks attributing this to increased credit issuance and effective cost management [11][12]. - The overall outlook for the banking sector remains cautiously optimistic, with expectations of stable asset quality and potential revenue growth in the coming years [12][13].

（於中華人民共和國註冊成立的股份有限公司） （H股股票代碼：03968） 董事名單與其角色和職能 招商銀行股份有限公司董事會（「董事會」）成員茲載列如下： 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文件的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本文件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. 繆建民（董事長） 石岱 孫雲飛 陳冬 朱立偉 執行董事 王良（行長兼首席執行官） 鍾德勝（首席風險官） 朱江濤（副行長） 獨立非執行董事 李孟剛 劉俏 田宏啟 李朝鮮 史永東 李健 附註： (1) C 有關委員會的主任 非執行董事 1 董事會設立六個專門委員會。下表提供各董事會成員在該等委員會中所擔任的職 位： | 委員會 | | | | | | 關聯交易 | | --- | --- | --- | --- | --- | --- | --- | | | 戰略與可 持續發展 | 提名 | 薪酬 與考核 | 風險與 資本管理 | 審計 | 管理與 消費者 | | | 委 ...

A 股简称:招商银行 A 股代码:600036 公告编号:2025-004 二、审议通过了《关于行长助理离任审计结论的议案》，同意对徐明杰先生 担任招商银行行长助理期间履职情况的离任审计结论。 同意：9 票 反对：0 票 弃权：0 票 三、审议通过了《关于副行长离任审计结论的议案》，同意对钟德胜先生担 任招商银行副行长期间履职情况的离任审计结论。 同意：9 票 反对：0 票 弃权：0 票 招商银行股份有限公司 监事会决议公告 本公司监事会及全体监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。 招商银行股份有限公司（简称本公司或招商银行）于 2025 年 2 月 7 日以电 子邮件方式发出第十二届监事会第三十五次会议通知，于 2 月 11 日以书面传签 方式召开会议。会议应表决监事 9 名，实际表决监事 9 名，总有效表决票为 9 票。 会议的召开符合《中华人民共和国公司法》和《招商银行股份有限公司章程》等 有关规定。 会议审议通过了以下议案： 一、审议通过了《关于行长助理离任审计结论的议案》，同意对雷财华先生 担任招商银行行长助理期间履职情况的离 ...

公司报告 | 公司点评 招商银行（600036） 证券研究报告 营收修复，利润正增 事件： 招商银行发布 2024 年全年业绩预告。2024 年，企业实现营收约 3375 亿 元，YoY-0.47%，归母净利润 1484 亿元，YoY+1.22%。 点评摘要： 营收持续向上修复表现。2024 年，招商银行实现营收约 3375 亿元 （YoY-0.47%），其中净利息收入 2113 亿元（YoY-1.58%）。非息净收 入 1263 亿元，同比增长 1.45%。 盈利增速转负为正。2024 年招商银行归母净利润同比+1.22%，较 24Q3 末向上修复 184bp。 资产端：截至 2024 年末，招商银行资产总计 12.2 万亿元，较 24Q3 末上 升 4972 亿元（环比+ 4.3%），同比多增 2339 亿元。结构上，贷款余额规 模环比变动+1.9%，同比负增 780 亿元。截至 2024 年末，贷款占生息资 产比重为 56.7%，较 24Q3 末余额占生息资产比重环比变动-1.3pct。 负债端：截至 2024 年末，招商银行负债余额 10.9 万亿元，较 24Q3 末增 加 4234 亿元（环比+4. ...

Group 1 - The Yunnan Financial Regulatory Bureau has imposed a fine of 2.6 million yuan on China Merchants Bank Kunming Branch for various violations [1] - Violations include discrepancies in non现场监管统计数据, improper collection of entrusted payment fees, imprudent loan management, and inadequate risk management in non-standard investment activities [1] - Liu Daiyi, the head of the real estate team at the strategic customer department of China Merchants Bank Kunming Branch, received a warning for imprudent loan management [1]

在黄玉山先生的独立董事任职资格获得核准之前，李孟刚先生将依据相关法 律法规和《招商银行股份有限公司章程》的有关规定继续履行独立董事及董事会 专门委员会相关职责。 同意：15 票 反对：0 票 弃权：0 票 二、审议通过了《关于提名卢力平先生为独立董事的议案》，同意：由董事 会提名委员会提名卢力平先生为本公司第十二届董事会独立董事候选人，并提交 本公司股东大会审议。股东大会审议通过后，报国家金融监督管理总局进行独立 董事任职资格审核，任期自任职资格核准之日起，至第十二届董事会届满之日止。 在卢力平先生的独立董事任职资格获得核准之前，刘俏先生将依据相关法律 法规和《招商银行股份有限公司章程》的有关规定继续履行独立董事及董事会专 门委员会相关职责。 A 股简称：招商银行 A 股代码：600036 公告编号：2025-003 招商银行股份有限公司 董事会决议公告 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。 招商银行股份有限公司（简称本公司或招商银行）于 2025 年 1 月 17 日以电 子邮件方式发出第十二届董事会第四十五次会议 ...

Investment Rating - The report maintains a "Strong Buy" rating for China Merchants Bank [5][11]. Core Views - The bank's revenue decline has narrowed, with a year-on-year revenue change of -0.5% and a net profit increase of +1.2% for 2024, indicating a recovery in profitability [2][11]. - The asset quality remains stable, with a non-performing loan ratio of 0.95% at year-end, and the bank is expected to benefit from improving credit costs and a supportive economic environment [2][3][11]. Summary by Sections Financial Performance - In 2024, China Merchants Bank achieved a revenue of 337.54 billion and a net profit of 148.39 billion, with respective year-on-year changes of -0.5% and +1.2% [1][12]. - The return on equity (ROE) was reported at 15.1%, down 1.7 percentage points year-on-year [1]. Revenue Composition - Net interest income decreased by 1.6% year-on-year, but the decline rate improved by 1.5 percentage points compared to previous quarters [2]. - Other non-interest income increased by 1.5% year-on-year, driven by improved market conditions and a recovery in wealth management fees [2][3]. Asset and Liability Management - Total assets grew by 10.2% year-on-year, with loans increasing by 5.8% and deposits rising by 11.5% [3][12]. - The bank's deposit growth outpaced loan growth, reflecting strong customer relationships and service capabilities [3]. Future Outlook - The bank is expected to see a gradual recovery in retail lending and a stabilization of its wealth management business, supported by favorable policies and market conditions [4][11]. - Projections indicate net profit growth of 3.4% and 5.8% for 2025 and 2026, respectively, with a corresponding book value per share (BVPS) of 48.82 and 55.33 yuan [11][12].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation of performance relative to the market [7]. Core Insights - The company reported a revenue of 337.5 billion yuan for 2024, a slight decrease of 0.5% year-on-year, while the net profit attributable to shareholders was 148.4 billion yuan, reflecting a growth of 1.2% year-on-year [4][7]. - The fourth quarter of 2024 saw a slight increase in the non-performing loan (NPL) ratio to 0.95%, with a decrease in the provision coverage ratio to 412% [4][7]. - The performance exceeded expectations, with asset quality remaining stable [7]. Financial Data and Profit Forecast - The total revenue for 2024 is projected at 337.5 billion yuan, with a year-on-year growth rate of -0.5%. The net profit for 2024 is expected to be 148.4 billion yuan, with a growth rate of 1.2% [5][10]. - The net interest income for 2024 is forecasted to be 211.3 billion yuan, down 1.6% from the previous year, while non-interest income is expected to grow by 1.5% to 126.3 billion yuan [10]. - The company anticipates a loan growth of 5.8% in 2024, with total loans reaching approximately 6.89 trillion yuan [8][10]. Key Performance Indicators - The company’s return on equity (ROE) for 2024 is projected to be 14.48%, with a net interest margin (NIM) of 1.98% [10]. - The provision coverage ratio is expected to be 411.98%, indicating a strong buffer against potential loan losses [10]. - The company’s dividend yield is projected at 4.9% for 2024, reflecting its commitment to returning value to shareholders [12].

Core Viewpoint - Insurance capital continues to increase holdings in bank stocks, particularly H-shares, indicating a trend of significant investment activity in the banking sector [1][5][6]. Group 1: Recent Transactions - On January 8 and 10, Ping An Life increased its holdings in Postal Savings Bank and China Merchants Bank H-shares, investing approximately HKD 0.33 billion and HKD 0.73 billion respectively [1][2]. - Following these transactions, Ping An Life holds nearly 1 billion shares of Postal Savings Bank H-shares and over 230 million shares of China Merchants Bank H-shares, with both exceeding 5% of the total H-share count, triggering the disclosure requirement [1][2][3]. - In the past month, Ping An Group and its subsidiary Ping An Life have invested at least HKD 5 billion in multiple H-share banks, including CCB, ICBC, Postal Savings, ABC, and China Merchants Bank [4]. Group 2: Market Trends and Analysis - The banking sector has seen a resurgence, with A-share banks rising over 42% last year, ranking first among 30 major sectors, and four banks experiencing gains exceeding 60% [4]. - The increase in insurance capital holdings is part of a broader trend of insurance companies responding to calls for long-term capital market participation, driven by new financial regulations and declining interest rates [6][7]. - The implementation of new accounting standards (IFRS 9) allows insurance companies to classify stocks with over 5% ownership as long-term equity investments, which aids in stabilizing financial reports and investment returns [7][8]. Group 3: Future Outlook - Analysts predict that the frequency of insurance capital acquisitions will remain high due to low interest rates and the influx of long-term capital into the market [9]. - Insurance investment officers express optimism regarding investment opportunities in Hong Kong stocks, citing significant valuation advantages and favorable market conditions [8].

Investment Rating - The report assigns a "Buy-A/Buy-H" rating for the company, with a current price of 39.85 CNY/39.90 HKD and a fair value of 55.63 CNY/55.70 HKD [3]. Core Insights - The report highlights that non-interest income growth and provisioning recovery are driving a rebound in Q4, with a year-on-year revenue growth of -0.47% for 2024, which is an improvement of 2.4 percentage points compared to the first three quarters of 2024 [8]. - The bank's total assets and loan amounts increased by 10.2% and 5.8% year-on-year, respectively, indicating accelerated scale expansion [8]. - Asset quality remains stable, with a non-performing loan (NPL) ratio of 0.95%, unchanged from the previous year, and a provisioning coverage ratio of 411.98%, although it has decreased from previous quarters [8]. - The report forecasts a net profit growth of 5.56% and 6.43% for 2025 and 2026, respectively, with earnings per share (EPS) projected at 6.03 CNY and 6.43 CNY [8]. Summary by Sections Financial Performance - In Q4 2024, the bank's revenue and net profit grew by 7.59% and 7.63% year-on-year, respectively, with significant contributions from non-interest income, which rose by 16.6% [8]. - The total liabilities and deposits increased by 9.8% and 11.5% year-on-year, respectively, with deposits accounting for 83.3% of total liabilities [8]. Asset Quality - The NPL ratio remained stable at 0.95%, with a total NPL amount increasing by 1.9 billion CNY in Q4 2024, while the cumulative NPL amount for the year increased by 3.6 billion CNY [8]. - The provisioning coverage ratio decreased by 20.17 percentage points from the previous quarter but remains at a high level, indicating sufficient risk coverage [8]. Profitability and Valuation - The report projects a price-to-earnings (P/E) ratio of 6.61X for 2024 and 6.20X for 2025, with a price-to-book (P/B) ratio of 0.89X and 0.81X for the same years [8]. - The bank's return on equity (ROE) remains high, supporting its ability to generate internal capital [8].