a 银 行 "碳寻星空"活动 碳减排量计算报告 您有多久,没见过满天繁 星了？ 过量碳排放引起气候异常变暖 伴随而来的空气污染亦使灰霾 遮盖星空,星光变得暗淡。 现在,有这样一个机会: 在招商银行App搜索 碳导星空, 您的点滴低碳行为将得到记录 并产生星光。 收取星光并去点亮,可以让星 空恢复璀璨,还有机会捐赠星 光参与爱心助农公益活动。 碳寻星空联合深圳绿色交易所通过科学的计算模型，将用户在 日常生活中低碳行为记录下来,量化为具体的减碳效益。 低碳行为对应的碳减量 | 单次行为碳减量(gCO2/次) 250 236.43 200 150 100 36.33 39.92 23.96 23.96 23.96 50 7.99 7.99 0 十年 上 录排一 上查收 上查社 上音医 一次线上查询社保、一次乘坐地铁出行 …… 每一份寻常生活中的低碳 行为,都是在为地球减少碳排放、改善人类生存环境进行努力。 用户可以在碳寻星空中通过收集"星光"点亮星座、领取徽章、奖励兑 换等方式获得各种奖励,还能直观感受到自己为节能减排做出的贡献。 碳寻星空上线一年以来，用户累计碳减排量达598吨。低碳 路上你是否好奇过"哪种低碳行 ...

关于无固定期限资本债券发行完毕的公告 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。 A 股简称：招商银行 A 股代码：600036 公告编号：2024-046 经国家金融监督管理总局批准，招商银行股份有限公司（简称本公 司）近日在全国银行间债券市场发行了"2024年招商银行股份有限公司 无固定期限资本债券（债券通）"（简称本期债券）。 本期债券于2024年11月1日簿记建档，并于2024年11月5日完成发行。 本期债券发行规模为人民币300亿元，前5年票面利率为2.42%，每5年调 整一次，在第5年及之后的每个付息日附发行人有条件赎回权。 招商银行股份有限公司 2024 年 11 月 6 日 本期债券募集的资金将依据适用法律和监管部门的批准，补充本公 司的其他一级资本。 特此公告。 招商银行股份有限公司董事会 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark index within the next six months [6][25]. Core Insights - The company's performance remains stable, with a revenue decline of 2.9% and a net profit decline of 0.6% for the first three quarters of 2024, showing improvements compared to the first half of 2024 [1][6]. - The net interest margin remained stable quarter-on-quarter at 1.97% in Q3 2024, with a slight decrease of 2 basis points from Q2 2024, benefiting from a reduction in both loan and deposit rates [2][6]. - The decline in commission income has slowed, particularly in wealth management, where income from selling financial products grew by 47% year-on-year [3][6]. - Asset quality in the retail sector shows some pressure, with a slight increase in the overdue loan rate to 1.71% as of September 2024 [4][6]. Summary by Sections Performance Overview - For the first three quarters of 2024, the company's operating income and net profit attributable to shareholders decreased by 2.9% and 0.6%, respectively, with improvements of 0.2 percentage points and 0.7 percentage points compared to the first half of 2024 [1]. - Cost control measures led to a reduction in business and management expenses, which decreased by 4.6% year-on-year, saving nearly 3.6 billion yuan [1]. Financial Metrics - The report forecasts revenue growth rates of -2.4%, 3.2%, and 7.1% for 2024-2026, with net profit growth rates of 1.1%, 2.2%, and 6.0% for the same period [6]. - The average price-to-book (PB) ratio over the past three years is 1.11, while the current PB ratio is 0.98, suggesting potential for valuation recovery [6]. Asset Quality and Risks - As of September 2024, the non-performing loan ratio remained stable, but the attention rate increased by 7 basis points compared to June 2024, indicating some pressure in asset quality [4]. - The overdue rate for retail loans increased to 1.71%, with notable rises in personal housing mortgage and consumer credit overdue rates [4]. Investment Recommendation - The report suggests maintaining a "Buy" rating based on the company's stable performance and potential for recovery in valuation, with a closing price of 39.08 yuan as of November 5, 2024 [8][6].

Investment Rating - The report maintains a "Buy" rating for China Merchants Bank-H (3968 HK) with a target price of HK$48.90, representing a potential upside of 29% from the current price of HK$38.00 [1][5]. Core Views - The bank's 3Q24 earnings met expectations, benefiting from effective cost control that offset declines in interest and commission income. The adjusted net profit for 3Q24 was RMB 38.4 billion, a year-on-year increase of 0.8% [6][10]. - Revenue growth continues to slow, with a year-on-year decline of 2.6%, primarily due to a 14 basis point decrease in net interest margin, which offset a 4.7% increase in loans [6][12]. - The bank's asset quality showed relative improvement, with a non-performing loan ratio stable at 0.94% and a high coverage ratio of 432.2% [7][14]. - The outlook for 4Q24 and 2025 suggests a continued decline in net interest margin, although the pace of decline is expected to slow. Credit demand is anticipated to recover in 2025 [8][12]. Summary by Sections Earnings Performance - In 3Q24, adjusted net profit was RMB 38.4 billion, with a year-to-date adjusted net profit of RMB 111.2 billion, flat year-on-year [6][10]. - The bank's total revenue for 3Q24 was RMB 79.1 billion, down 2.6% year-on-year, driven by a decrease in net interest income and commission income [13]. Financial Metrics - The bank's cost-to-income ratio improved to 32.6%, down from 34.3% in 2Q24, indicating better cost management [7][14]. - The core Tier 1 capital ratio increased by 87 basis points to 14.73%, reflecting strengthened capital levels [7][14]. Future Outlook - The bank expects a decline in net interest margin in 4Q24, but the decrease is projected to be less severe than in 2024. Loan growth is expected to exceed 2024 levels, particularly in retail loans [8][12]. - The bank's ability to generate positive growth in commission income in 2025 will depend on regulatory decisions regarding fee reductions [8][12].

Investment Rating - The investment rating for the company is "Buy" [1][10]. Core Views - The report indicates that the company has a sustainable capital generation ability and stable asset quality, despite pressure on net interest margin and non-interest income. It is expected that with an improving economic environment, the company's revenue will also improve [4][7]. Financial Performance Summary - For Q3 2024, the company achieved operating revenue of 252.71 billion yuan, a year-on-year decrease of 2.91%. The net profit attributable to shareholders was 113.18 billion yuan, down 0.62% year-on-year. The net interest income was 157.30 billion yuan, a decline of 3.07% year-on-year [4][5]. - The annualized return on average total assets (ROAA) and return on average equity (ROAE) were 1.33% and 15.38%, respectively, both showing a year-on-year decline [4][6]. Income Breakdown - The net interest income accounted for 62.24% of total revenue, with a net interest margin of 1.99%, down 20 basis points year-on-year. The average yield on interest-earning assets was 3.49%, which decreased by 7 basis points from the previous quarter [5][6]. - Non-interest income was 95.41 billion yuan, representing 37.76% of total revenue, with a year-on-year decrease of 2.63%. The net fee and commission income fell by 16.90% due to reduced insurance channel fees and declining fund distribution income [6][7]. Asset Quality and Capital Adequacy - The non-performing loan ratio stood at 0.94%, with a strict recognition standard. The core Tier 1 capital adequacy ratio improved to 14.73%, up 0.87 percentage points from the previous report [6][7]. - The total assets reached 116,547.63 billion yuan, a year-on-year increase of 5.68%, with total loans and advances amounting to 67,587.51 billion yuan, up 3.84% year-on-year [5][6]. Earnings Forecast - The expected earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 5.88 yuan, 6.08 yuan, and 6.34 yuan, respectively. The corresponding price-to-earnings (P/E) ratios are 6.56, 6.35, and 6.08 [7][8].

Summary of the Conference Call for China Merchants Bank Q3 2024 Earnings Company Overview - **Company**: China Merchants Bank (招商银行) - **Event**: Q3 2024 Earnings Conference Call - **Date**: October 29, 2024 Key Points Financial Performance - **Revenue**: The bank reported total operating income of CNY 252.6 billion, a year-on-year decrease of 2.93% [3] - **Net Profit**: Net profit attributable to shareholders was CNY 113.18 billion, down 0.62% year-on-year, but the decline was less than in the first half of the year [3] - **Return on Assets (ROAA)**: 1.33% and Return on Equity (ROE) at 15.38% [3] - **Cost Management**: Operating expenses decreased by 3.5% to CNY 82.17 billion, with a cost-to-income ratio of 29.59%, down 0.5 percentage points [3] Asset and Liability Management - **Total Assets**: CNY 11.65 trillion, up 5.68% from the previous year [4] - **Loans**: Total loans and advances reached CNY 6.76 trillion, a growth of 3.84% year-on-year [4] - **Deposits**: Customer deposits totaled CNY 8.73 trillion, increasing by 7.08% [4] - **Loan Quality**: Non-performing loan (NPL) balance was CNY 63.56 billion, with an NPL ratio of 0.94%, slightly down from the previous year [6][7] Market and Economic Environment - **Economic Outlook**: The bank noted a stable overall economic operation in China, but challenges remain, including weak effective demand and social expectations [8] - **Policy Impact**: Recent government policies aimed at stimulating the economy are expected to positively impact credit demand and investment [12][13] Wealth Management and Non-Interest Income - **Wealth Management**: The bank's wealth management business remains robust, with retail clients increasing to 206 million, a growth of 4.57% [5] - **Non-Interest Income**: Net fee and commission income was CNY 55.70 billion, down 16.9% year-on-year, but the decline was less severe than in the first half [6] - **Investment Opportunities**: The bank is optimistic about capital market recovery, which is expected to benefit its wealth management and non-interest income streams [12][50] Risk Management - **Asset Quality**: The bank maintains a strong risk management framework, with a focus on monitoring and mitigating risks in key sectors such as real estate and manufacturing [7][19] - **Provisions**: The bank's provision coverage ratio was 432.15%, indicating a strong buffer against potential loan losses [7] Strategic Focus - **Value Banking Strategy**: The bank aims to enhance its value banking strategy, focusing on quality and efficiency while maintaining a balanced growth approach [8] - **Digital Transformation**: Continued investment in digital capabilities and technology to improve customer service and operational efficiency [86] Future Outlook - **Profit Growth**: Management expressed cautious optimism about profit growth in Q4 and beyond, contingent on economic recovery and effective policy implementation [20][21] - **Loan Demand**: Anticipated improvement in loan demand due to recent policy measures aimed at stimulating consumption and investment [12][34] Additional Insights - **Cost Control**: The bank is focused on cost control measures to enhance profitability amidst a challenging revenue environment [39][40] - **Employee Engagement**: Emphasis on maintaining employee morale and engagement while implementing cost management strategies [40] This summary encapsulates the key points discussed during the conference call, highlighting the financial performance, market conditions, strategic initiatives, and future outlook for China Merchants Bank.

Investment Rating - The report maintains a "Buy" rating for the company, with an updated target price of 43.75 CNY [2][5]. Core Views - The company's Q3 2024 revenue and net profit growth rates are in line with expectations, with asset quality showing stability in corporate lending while retail lending faces pressure [2][3]. - The net profit growth forecast for 2024-2026 has been adjusted to 0.2%, 0.5%, and 3.8%, respectively, reflecting a cautious outlook due to economic conditions [3]. - The bank's net interest income and fee income have shown a narrowing decline, with wealth management income's year-on-year decline reducing from -32.6% in Q1 to -16% in Q3 2024 [3]. - The bank's asset quality remains robust, with corporate loan quality indicators improving, although retail non-performing loans have increased to 1.6% [3]. Financial Summary - Revenue for 2022 was 344,783 million CNY, with a projected decline to 329,687 million CNY in 2024, representing a -2.8% change [4]. - Net profit attributable to shareholders was 138,012 million CNY in 2022, expected to reach 146,877 million CNY in 2024, reflecting a growth of 0.2% [4]. - The book value per share (BVPS) is projected to increase from 36.71 CNY in 2023 to 41.25 CNY in 2024 [4]. - The net asset return rate is expected to decline from 14.5% in 2023 to 13.1% in 2024 [4].

Investment Rating - The report maintains a rating of "Accumulate" for the company [2][5][44]. Core Insights - The company's revenue and profit growth are showing signs of recovery, with a cumulative revenue decline of 3.2% year-on-year for Q3 2024, an improvement from a 3.4% decline in the first half of 2024. Net profit decreased by 0.6% year-on-year, compared to a 1.3% decline in the first half of 2024 [2][9]. - The net interest income has shown a slight recovery, with a quarter-on-quarter increase of 0.8 percentage points, supported by a stable growth in interest-earning assets [3][12]. - The asset quality remains robust, with a non-performing loan (NPL) ratio stable at 0.94% and a provision coverage ratio of 432.15%, indicating a strong safety margin [30][32][34]. Revenue and Profit Growth - Cumulative revenue for Q3 2024 is down 3.2% year-on-year, while net interest income has decreased by 3.1% and non-interest income by 3.4%. The net fee income has seen a significant decline of 16.9%, but other non-interest income has increased by 30.9% [2][9][22]. - The growth in net interest income is supported by a stable interest margin, with the annualized yield on interest-earning assets decreasing by 7 basis points to 3.49% [3][12]. Asset and Liability Growth - The growth rate of interest-earning assets is stable, with a year-on-year increase of 6.5%. Total loans increased by 5.3%, and bond investments rose by 8.2% [16][17]. - Total deposits grew by 7.7% year-on-year, with a notable increase in the proportion of time deposits [16][18]. Non-Interest Income - Non-interest income has faced pressure, with a year-on-year decline of 3.4%. The net fee income has decreased by 16.9%, while other non-interest income has increased by 30.9% [22][23]. - The wealth management segment has shown strong growth, with agency wealth management income increasing by 47.4% [22][23]. Retail Customers and AUM - The number of retail customers has surpassed 206 million, with total assets under management (AUM) reaching 14.3 trillion yuan. The growth rates for different customer segments remain robust [26][29]. Asset Quality - The overall asset quality remains stable, with the NPL ratio at 0.94% and a provision coverage ratio of 432.15%. The corporate NPL ratio has improved, while the retail NPL ratio has seen a slight increase [30][34]. - The overdue rate has improved, with a current rate of 1.25%, down 17 basis points [30][34]. Other Insights - The core tier one capital adequacy ratio has increased, indicating a strong capital position [44]. - The report has adjusted profit forecasts for 2024-2026, with expected net profits of 146.6 billion, 146.6 billion, and 149.5 billion yuan respectively [44].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's performance is steadily improving, with an enhancement in credit card asset quality [6] - For the first three quarters of 2024, the company achieved a revenue of 252.709 billion yuan, a year-on-year increase of 2.91%, and a net profit attributable to shareholders of 113.184 billion yuan, a year-on-year decrease of 0.62% [6] - The company is expected to maintain a significant retail business advantage, with a projected revenue growth of 2.60% CAGR over the next three years [6] Summary by Relevant Sections Financial Performance - In Q1-Q3 2024, the company's net interest income and commission income decreased by 3.07% and 16.90% year-on-year, respectively, but showed marginal improvement compared to H1 2024 [6] - The net profit growth rate for Q1-Q3 2024 increased by 0.71% compared to H1 2024, driven by interest margin business, commission income, and cost control [6] Retail Business - As of Q3 2024, the company's loan balance reached 6.76 trillion yuan, a year-on-year increase of 4.70%, with retail loans showing significant growth [6] - The average yield on loans and average cost of deposits for Q1-Q3 2024 were 3.98% and 1.58%, respectively, reflecting a slight decline compared to H1 2024 [6] Wealth Management - Wealth management fee and commission income for Q1-Q3 2024 was 17.405 billion yuan, a year-on-year decrease of 27.63%, but the decline rate narrowed compared to H1 2024 [6] - The company’s retail AUM reached 14.34 trillion yuan, an increase of 7.69% from the beginning of the year [6] Asset Quality - As of Q3 2024, the company's non-performing loan ratio was 0.94%, with a provision coverage ratio of 432.15%, indicating strong risk compensation ability [6] - The overall non-performing loan generation rate for Q1-Q3 2024 was 1.02%, stable compared to H1 2024 [6] Investment Outlook - The company is projected to achieve revenues of 333.4 billion yuan, 346.4 billion yuan, and 366.2 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profit estimates of 146.8 billion yuan, 151.1 billion yuan, and 159.5 billion yuan [6][7]

Investment Rating - The report assigns a rating of "Accumulate" with a target price of 43.02 CNY, indicating a potential upside of 15% from the current price of 37.36 CNY [6][25]. Core Insights - The report highlights that the company's net interest margin has stabilized, and profitability is showing signs of recovery, while provisions remain at a high level [1][5]. - The bank's revenue has shown a continuous upward recovery, with total revenue for the first three quarters of 2024 reaching approximately 252.7 billion CNY, a year-on-year decrease of 2.91% [2][9]. - The asset quality remains robust, with a non-performing loan ratio of 0.94% and a provision coverage ratio of 432.15% [4][21]. Financial Performance Summary - As of Q3 2024, the bank's total revenue was approximately 252.7 billion CNY, with net interest income at 157.3 billion CNY, reflecting a year-on-year decline of 3.07% [2][9]. - The bank's net profit attributable to shareholders for Q3 2024 was 113.2 billion CNY, down 0.62% year-on-year [2][9]. - The bank's net interest margin for Q1-Q3 2024 was 1.99%, slightly below the mid-2024 target of 2.00% but showing a significant slowdown in the downward trend compared to previous quarters [3][12]. Asset and Liability Management - As of Q3 2024, the bank's interest-earning assets totaled 112,931 billion CNY, an increase of 776 billion CNY from H1 2024 [4][16]. - The bank's interest-bearing liabilities amounted to 99,455 billion CNY, reflecting a quarter-on-quarter increase of 542 billion CNY [4][16]. - The structure of liabilities shows a stable increase in deposits, with a slight decrease in existing bonds and interbank liabilities [4][20]. Asset Quality and Provisions - The non-performing loan balance stood at 636 billion CNY, maintaining a ratio of 0.94% [21]. - The overdue loan ratio improved to 1.36%, with a provision coverage ratio of 432.2% for non-performing loans [4][21]. Profitability Forecast and Valuation - The forecast for net profit growth from 2024 to 2026 is 2.25%, 3.79%, and 3.19%, respectively [5][25]. - The report utilizes a dividend discount model to estimate a target price of 43.02 CNY, corresponding to a price-to-book ratio of 1.04x for 2024 [5][25].