招商银行：上半年净利润749.3亿元人民币。 ...

Fund Overview - The fund is named "Huaxia MSCI China A50 Interconnection ETF" and was established on November 1, 2021, with a total fund share of 3,699,588,073.00 shares as of the report date [1][2] - The fund aims to closely track the MSCI China A50 Interconnection Index, targeting an absolute tracking deviation of no more than 0.2% on a daily basis and an annual tracking error of no more than 2% [1][2] - The fund employs various investment strategies, including full replication, alternative strategies, and investment in derivatives [1][2] Financial Performance - The fund achieved a realized income of 126,423,995.03 RMB and a profit of 25,269,600.18 RMB during the reporting period from January 1, 2025, to June 30, 2025 [2][3] - The net asset value at the end of the reporting period was 3,100,756,949.39 RMB, with a net asset value per share of 0.8381 RMB [2][3] - The fund's cumulative net value growth rate since inception is -16.19%, with a net value growth rate of 0.87% for the reporting period [2][3] Market Context - The macroeconomic environment showed a GDP growth of 5.3% year-on-year, with fluctuations in PMI and low inflation levels [11] - The fund's investment strategy is influenced by market conditions, including the impact of trade wars and the performance of various sectors such as artificial intelligence and new consumption [11][12] - The fund's tracking deviation was +1.11%, primarily due to dividend distributions, operational expenses, and adjustments in index composition [12] Management and Operations - The fund is managed by Huaxia Fund Management Co., Ltd., which has extensive experience in managing ETF products and a wide range of investment strategies [3][4] - The fund's liquidity service providers include several major securities firms, ensuring market liquidity and stability [11] - The fund management adheres to strict compliance with regulations and maintains a commitment to fair trading practices [9][10] Future Outlook - The fund anticipates a favorable investment environment due to the potential return of capital to A-shares and H-shares, driven by a weaker dollar and expectations of interest rate cuts by the Federal Reserve [12] - The focus will be on closely tracking the index while adapting to market changes and investor needs [12][13]

Core Insights - The core viewpoint of the reports indicates a mixed performance for China Merchants Bank, with a slight decrease in operating net income but a marginal increase in net profit attributable to shareholders. Financial Performance - Operating net income for the first half of 2025 was 169.92 billion RMB, a year-on-year decrease of 1.73% [1] - Net profit attributable to shareholders reached 74.93 billion RMB, reflecting a year-on-year increase of 0.25% [1] - Basic earnings per share stood at 2.89 RMB [1] - Net interest income was 106.09 billion RMB, showing a year-on-year growth of 1.57% [1] - Non-interest income amounted to 63.84 billion RMB, which is a year-on-year decline of 6.77% [1] - Annualized return on average total assets (ROAA) was 1.21%, down by 0.11 percentage points year-on-year [1] - Annualized return on average equity (ROAE) was 13.85%, down by 1.59 percentage points year-on-year [1] Asset Quality - As of the end of the reporting period, the group's non-performing loan balance was 66.37 billion RMB, an increase of 0.76 billion RMB compared to the end of the previous year [2] - The non-performing loan ratio was 0.93%, a decrease of 0.02 percentage points from the end of the previous year [2] - Provision coverage ratio stood at 410.93%, down by 1.05 percentage points from the end of the previous year [2] - Loan provision ratio was 3.83%, a decrease of 0.09 percentage points compared to the end of the previous year [2]

Core Insights - The core viewpoint of the article is that China Merchants Bank (03968.HK) reported a decline in net operating income for the first half of 2025, while net profit showed a slight increase, indicating mixed financial performance amid a challenging economic environment [1] Financial Performance - The group achieved net operating income of 169.923 billion yuan, a year-on-year decrease of 1.73% [1] - The net profit attributable to shareholders was 74.930 billion yuan, reflecting a year-on-year increase of 0.25% [1] - Net interest income reached 106.085 billion yuan, marking a year-on-year growth of 1.57% [1] - Non-interest income totaled 63.838 billion yuan, which is a year-on-year decline of 6.77% [1] - The annualized return on average total assets (ROAA) was 1.21%, down 0.11 percentage points year-on-year [1] - The annualized return on average equity (ROAE) was 13.85%, down 1.59 percentage points year-on-year [1] Asset and Liability Overview - As of the reporting period, total assets amounted to 12,657.151 billion yuan, an increase of 4.16% compared to the end of the previous year [1] - Total loans and advances reached 7,116.616 billion yuan, up 3.31% from the end of the previous year [1] - Total liabilities were 11,360.291 billion yuan, reflecting a growth of 4.05% year-on-year [1] - Customer deposits totaled 9,422.379 billion yuan, an increase of 3.58% compared to the end of the previous year [1] Loan Quality Metrics - The balance of non-performing loans was 66.370 billion yuan, an increase of 0.760 billion yuan compared to the end of the previous year [1] - The non-performing loan ratio stood at 0.93%, a decrease of 0.02 percentage points year-on-year [1] - The provision coverage ratio was 410.93%, down 1.05 percentage points from the end of the previous year [1] - The loan provision ratio was 3.83%, a decrease of 0.09 percentage points year-on-year [1]

实现净利息收入1,060.85亿元，同比增长1.57%;实现非利息净收入638.38亿元，同比下降6.77%;年化后归 属于本行股东的平均总资产收益率(ROAA)和年化后归属于本行普通股股东的平均净资产收益率(ROAE) 分别为1.21%和13.85%，同比分别下降0.11和1.59个百分点。 智通财经APP讯，招商银行(03968)发布2025年中期业绩，营业净收入1699.23亿元(人民币，下同)，同比 减少1.73%;归母净利润749.3亿元，同比增加0.25%;每股基本盈利2.89元。 报告期内，实现净利息收入1,060.85亿元，同比增长1.57%;实现非利息净收入638.38亿元，同比下降 6.77%;年化后归属于本行股东的平均总资产收益率(ROAA)和年化后归属于本行普通股股东的平均净资 产收益率(ROAE)分别为1.21%和13.85%，同比分别下降0.11和1.59个百分点。 截至报告期末，集团不良贷款余额663.70亿元，较上年末增加7.60亿元;不良贷款率0.93%，较上年末下 降0.02个百分点;拨备覆盖率410.93%，较上年末下降1.05个百分点;贷款拨备率3.83%，较上年末下降 ...

基金管理人和/或基金托管人的住所/办公地 华夏恒生中国企业交易型开放式指数 证券投资基金（QDII） 基金管理人：华夏基金管理有限公司 基金托管人：招商银行股份有限公司 报告送出日期：二〇二五年八月三十日 华夏恒生中国企业交易型开放式指数证券投资基金（QDII）2025 年中期报告 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。本中期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 8 月 28 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。 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。 本报告中财务资料未经审计。 本报告期自 2025 年 1 月 1 日起至 6 月 30 日止。 华夏恒生中国企业交 ...

Financial Performance - The unaudited interim results for China Merchants Bank for the six months ended June 30, 2025, have been announced[3]. - For the first half of 2025, the company's operating income was RMB 169,923 million, a decrease of 1.73% compared to RMB 172,922 million in the same period of 2024[19]. - The pre-tax profit for the first half of 2025 was RMB 88,906 million, down 0.82% from RMB 89,641 million in the previous year[19]. - The net profit attributable to shareholders was RMB 74,930 million, reflecting a slight increase of 0.25% from RMB 74,743 million in the same period last year[19]. - Total assets as of June 30, 2025, reached RMB 12,657,151 million, representing a growth of 4.16% from RMB 12,152,036 million at the end of 2024[19]. - The total amount of loans and advances increased by 3.31% to RMB 7,116,616 million compared to RMB 6,888,315 million at the end of 2024[19]. - The average return on total assets decreased to 1.21%, down 0.11 percentage points from 1.32% in the same period last year[21]. - The company achieved a net operating income of RMB 169.923 billion, a year-on-year decrease of 1.73%[28]. - Net profit attributable to shareholders was RMB 74.930 billion, an increase of 0.25% year-on-year[24]. - Total assets reached RMB 12,657.151 billion, growing by 4.16% compared to the end of the previous year[24]. Risk Management - The report includes a detailed description of major risks and the measures taken to address them, as outlined in the risk management section[9]. - The company maintained a provision coverage ratio of 410.93%, despite a decrease of 1.05 percentage points from the previous year[25]. - The company implemented strict asset risk classification to accurately reflect asset quality, ensuring robust risk management practices[79]. - The company will continue to monitor macroeconomic changes and enhance risk management strategies to maintain overall asset quality stability in the second half of the year[156]. Loan Quality and Non-Performing Loans - The non-performing loan ratio improved to 0.93%, down from 0.95% in the previous year[21]. - The non-performing loan balance was RMB 66.370 billion, with a non-performing loan ratio of 0.93%, a decrease of 0.02 percentage points year-on-year[25]. - The company maintained a stable loan quality with a total of RMB 66.37 billion in non-performing loans, representing 0.93% of total loans[80]. - The company reported a total of RMB 348,737 million in discounted bills, with a negligible NPL ratio of 0.00%[91]. - The total amount of non-performing loans was RMB 66,370 million, representing an increase from RMB 65,610 million at the end of 2024[88]. - The retail loan non-performing loan generation amount was RMB 10.730 billion, an increase of RMB 4.301 billion year-on-year, while credit card new non-performing loans decreased by RMB 0.260 billion year-on-year[155]. Capital Adequacy and Regulatory Compliance - The core tier 1 capital adequacy ratio, tier 1 capital adequacy ratio, and total capital adequacy ratio were 14.00%, 17.07%, and 18.56%, respectively, all showing a decline compared to the end of the previous year[103]. - The company maintained compliance with capital and leverage regulatory requirements throughout the reporting period[99]. - The company's net core Tier 1 capital was RMB 921,977 million, an increase of 0.84% from RMB 914,275 million at the end of the previous year[109]. - The risk-weighted assets (RWA) increased by 8.25% to RMB 6,669,094 million from RMB 6,160,977 million at the end of the previous year[106]. Customer Deposits and Loans - As of June 30, 2025, the total amount of customer deposits reached RMB 9,422.38 billion, an increase of 3.58% compared to the end of the previous year, accounting for 82.94% of total liabilities[74]. - The total amount of corporate loans reached CNY 2,798.72 billion, an increase of 8.04% compared to the end of the previous year, accounting for 41.41% of total loans and advances[183]. - The average balance of customer deposits increased to RMB 9.040248 trillion, with interest expenses of RMB 56.519 billion, resulting in a cost rate of 1.26%[41]. - The company aims to strengthen customer acquisition and optimize deposit structure to maintain stable and high-quality deposit growth[151]. Wealth Management and Investment - The company has a strong commitment to environmental, social, and governance (ESG) practices, as detailed in the report[4]. - The total assets of the group's wealth management products reached CNY 2.46 trillion, maintaining a leading position in the banking wealth management industry[124]. - Wealth management commission and fee income increased by 11.89% to RMB 12,797 million from RMB 11,437 million year-on-year[47]. - The number of wealth management clients reached 61.07 million, an increase of 4.90% compared to the end of the previous year[166]. Digital Transformation and Innovation - The company launched 386 new financial technology innovation projects during the reporting period, with a total of 4,796 projects initiated to date[129]. - The company processed 548,600 paperless reimbursement requests, improving efficiency by 54.05% compared to traditional paper reimbursement methods[134]. - The overall availability of the cloud platform exceeded 99.999% during the reporting period, enhancing resource efficiency[136]. - The company is actively participating in the construction of the data factor market and public data development, enhancing data asset management capabilities[136]. Corporate Social Responsibility - The company is committed to social responsibility by integrating resources to meet comprehensive needs of entrepreneur clients, including wealth management and charitable services[168]. - The company aims to strengthen support for key areas such as technology finance, green finance, and inclusive finance to promote high-quality financial development[154].

Core Insights - The article highlights the top and bottom AH share premium rates as of August 29, with Northeast Electric (00042) leading at 785.25% and Ningde Times (03750) at -13.55% [1][2][3] Group 1: Top AH Share Premium Rates - Northeast Electric (00042) has a premium rate of 785.25% with a deviation value of 5.90% [2] - Andeli Juice (02218) follows with a premium rate of 253.20% and a deviation value of 40.75% [2] - Hongye Futures (03678) ranks third with a premium rate of 246.76% and a deviation value of 17.02% [2] Group 2: Bottom AH Share Premium Rates - Ningde Times (03750) has the lowest premium rate at -13.55% with a deviation value of 6.61% [2] - Heng Rui Medicine (01276) shows a premium rate of 4.11% and a deviation value of 7.74% [2] - China Merchants Bank (03968) has a premium rate of 7.02% with a deviation value of 1.87% [2] Group 3: Top AH Share Deviation Values - Jinli Permanent Magnet (06680) leads with a deviation value of 42.99% and a premium rate of 121.34% [3] - Andeli Juice (02218) again appears with a deviation value of 40.75% [3] - Zhejiang Shibao (01057) has a deviation value of 25.37% [3] Group 4: Bottom AH Share Deviation Values - BYD Company (01211) has the lowest deviation value at -66.83% with a premium rate of 19.42% [3] - Longpan Technology (02465) follows with a deviation value of -46.69% [3] - Great Wall Motors (02333) has a deviation value of -22.48% [3]

【深圳商报讯】（首席记者 谢惠茜）近日，由市委金融办、市商务局、市前海管理局主办，招商银行 深圳分行、深圳市财富管理协会、深圳市跨境电商协会共同承办的外贸领域扩大信贷投放产融对接会在 前海举办。活动聚焦跨境电商、外贸综合服务等领域的痛点堵点，现场为超200家企业提供一站式跨境 金融综合服务对接。 活动邀请了政策性银保机构、中资商业银行、外资银行、财产保险公司、专业第三方等机构30余家。业 内专家聚焦跨境电商卖家出海挑战，介绍我市外贸阳光化相关政策、深度解读跨境电商卖家在商品运 输、产品售后、贸易资金安全、境外商旅经营全流程所面临的风险与解决方案，进一步精准发力实现跨 境金融基础服务触达，政银保合力构建一站式金融赋能企业全球化布局生态。 ...

Core Viewpoint - Mona Lisa announced a guarantee agreement with China Merchants Bank Foshan Branch, agreeing to assume joint guarantee responsibility for debts owed by Mona Lisa Smart Home under a credit agreement, with a maximum guarantee limit of RMB 200 million [1] Group 1: Guarantee Agreement Details - The guarantee agreement was signed on August 28, 2025, and is related to a credit agreement numbered 757XY250806T000007 [1] - The maximum guarantee responsibility includes the principal debt of RMB 200 million and related payable fees [1] - The guarantee matter falls within the approval range of the company's 2024 annual general meeting [1] Group 2: Current Guarantee Status - As of August 28, 2025, the actual guarantee balance provided by the company for Mona Lisa Smart Home is RMB 0 [1] - The remaining actual available guarantee limit is RMB 50 million [1]