Investment Rating - The report maintains a positive outlook on China Merchants Bank (CMB), highlighting its strong endogenous growth and competitive advantages in the banking sector [2][17] Core Views - CMB's high ROA is driven by its low-cost liability structure and strong non-interest income, particularly from wealth management services [2][18] - The bank's retail business benefits from a significant AUM of 14 trillion yuan, with personal demand deposits significantly higher than industry peers [2] - CMB's fee income advantage stems from its leading position in wealth management, contributing to a higher proportion of fee income compared to peers [2][18] Endogenous Growth Analysis - CMB's high net interest margin (NIM) is primarily supported by its low-cost liabilities rather than high-yielding assets [18] - The bank's retail strategy and long-term investment in fintech have resulted in higher business management fees, but its asset quality remains excellent [18] - CMB's ROE ranks second in the industry, supported by high capital adequacy and low leverage [18] Retail Business Strengths - CMB's retail loan portfolio is dominated by personal housing loans, which have been a core growth driver [20] - The bank's retail AUM growth has slowed due to macroeconomic pressures, but high-net-worth customer growth remains strong [24] - CMB's retail customer base is sticky, with a strong brand and service quality that is difficult for competitors to replicate [40] Corporate Business Advantages - CMB's corporate business contributes significantly to demand deposits, with a leading number of corporate clients among joint-stock banks [26] - The bank's product system, including salary payment services and transaction banking, is considered a benchmark in the industry [26] Asset Quality and Risk Management - CMB's asset quality remains stable, with a non-performing loan (NPL) ratio of 0.92% in Q1 2024, the lowest among joint-stock banks [57] - The bank's real estate-related risks have peaked, with NPLs in the real estate sector starting to decline in Q3 2023 [41] - CMB's credit card business, while sensitive to economic fluctuations, has historically maintained a lower NPL ratio compared to peers [55] Profit Forecast and Valuation - CMB's net profit is expected to grow modestly, with a projected ROE of 14.5% in 2024 [66] - The bank's valuation is expected to benefit from a re-rating of high-dividend stocks, with significant room for valuation recovery [64] - CMB's dividend payout ratio could potentially increase to 45% or 50% without impacting its capital adequacy [70]

㊃⓮ 埴偉ấ㚱旸℔⎠ CHINA MERCHANTS BANK CO., LTD. 撞 二○二三年度股东大会文件 （股票代码 ：A股600036 H股03968） 文件目录 二○二三年度股东大会议案 普通决议案 | 2023年度董事会工作报告 | 1 | | --- | --- | | 2023年度监事会工作报告 | 8 | | 2023年度报告（含经审计之财务报告） | 15 | | 2023年度财务决算报告 | 16 | | 2023年度利润分配方案（包括宣派末期股息） | 22 | | 关于聘请2024年度会计师事务所的议案 | 23 | | 关于选举李健女士为招商银行第十二届董事会 | | | 独立非执行董事的议案 | 25 | | 关于选举石岱女士为招商银行第十二届董事会 | | | 非执行董事的议案 | 35 | | 关于选举刘辉女士为招商银行第十二届董事会 | | | 非执行董事的议案 | 38 | | 关于选举朱立伟先生为招商银行第十二届董事会 | | | 非执行董事的议案 | 41 | | 关于选举钟德胜先生为招商银行第十二届董事会 | | | 执行董事的议案 | 44 | | 关于选举李金 ...

证券代码：600036 证券简称：招商银行 公告编号：2024-021 招商银行股份有限公司 关于召开 2023 年度股东大会的通知 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。 重要内容提示： 一、召开会议的基本情况 召开的日期时间：2024 年 6 月 25 日上午 9 点 30 分 召开地点：中国广东省深圳市福田区深南大道 7088 号招商银行大厦五楼会 议室 （五）网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 6 月 25 日 至 2024 年 6 月 25 日 1 股东大会召开日期：2024年6月25日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 股权登记日：2024年6月18日（星期二） 会议方式：现场会议、现场投票和网络投票，其中网络投票仅适用于A 股股东 （一）股东大会类型和届次：2023 年度股东大会 （二）股东大会召集人：本公司董事会 （三）投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 ...

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2024年5月26日以电子邮 件方式发出第十二届董事会第三十四次会议通知，于5月28日以远程视频电话会议 方式召开会议。会议由缪建民董事长主持，应参会董事13名，实际参会董事11名， 周松非执行董事和陈冬非执行董事因其他公务未出席，分别委托张健非执行董事 和孙云飞非执行董事代为出席会议。本公司5名监事列席了会议。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《关于对外投资额度授权的议案》。 同意：13票 反对：0票 弃权：0票 A 股简称：招商银行 A 股代码：600036 公告编号：2024-020 招商银行股份有限公司董事会 2024 年 5 月 28 日 二、审议通过了《关于招商银行首席风险官辞任的议案》，同意朱江涛先生 因行内分工变动原因辞去其兼任的招商银行首席风险官职务，辞任自 2024 年 5 月 28 日起 ...

A 股简称:招商银行 A 股代码:600036 公告编号:2024-018 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 2024 年 5 月 24 日以电 子邮件方式发出第十二届监事会第二十八次会议通知，于 5 月 27 日以书面传签 方式召开会议。会议应表决监事 8 名，实际表决监事 8 名，总有效表决票为 8 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《关于提名李金明先生为股东监事的议案》。同意提名李金 明先生为本公司第十二届监事会股东监事候选人，并提交本公司 2023 年度股东 大会审议。若股东大会审议通过，则李金明先生的股东监事任期自股东大会审议 通过之日起，至第十二届监事会届满之日止。 同意：8 票 反对：0 票 弃权：0 票 李金明先生，1968 年 2 月出生，大学本科学历，正高级会计师。现任中交 财务有限公司党委书记、董事、总经理。曾任 ...

A 股简称：招商银行 A 股代码：600036 公告编号：2024-019 招商银行股份有限公司 关于变更会计师事务所的公告 招商银行股份有限公司（简称本公司或招商银行）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。 重要内容提示： 拟聘任的会计师事务所名称： 安永华明会计师事务所（特殊普通合伙）（简称安永华明） 安永会计师事务所（简称安永香港） 原聘任的会计师事务所名称： 德勤华永会计师事务所（特殊普通合伙）（简称德勤华永） 德勤·关黄陈方会计师行（简称德勤香港） 变更会计师事务所的简要原因及前任会计师的异议情况： 一、拟聘任会计师事务所的基本情况 （一）机构信息 1.国内会计师事务所：安永华明 在执行完本公司 2023 年度审计工作后，本公司原聘任的会计师事务所 已连续 8 年为本公司提供审计服务，达到财政部规定的最长连续聘用 会计师事务所年限。2024 年度，本公司须变更会计师事务所。本公司 已就变更会计师事务所事宜与原聘任的会计师事务所分别进行了充分 沟通，原聘任的会计师事务所对变更事宜均无异议。 1 （1）基本信息 安永 ...

A 股简称：招商银行 A 股代码：600036 公告编号：2024-017 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。 同意：13 票 反对：0 票 弃权：0 票 关于召开 2023 年度股东大会的通知，本公司将另行公告。 二、审议通过了《关于聘请 2024 年度会计师事务所的议案》。 同意：13 票 反对：0 票 弃权：0 票 本公司董事会审计委员会已审议通过上述议案，并同意将其提交本公司董事 会审议。 本公司董事会同意将聘请 2024 年度会计师事务所的有关事项提交本公司股 东大会审议。 有关详情，请参阅本公司同时在上海证券交易所网站（www.sse.com.cn）和 本公司网站(www.cmbchina.com)刊登的《招商银行股份有限公司关于变更会计师 事务所的公告》。 特此公告。 招商银行股份有限公司董事会 招商银行股份有限公司（简称本公司）于 2024 年 5 月 24 日以电子邮件方式 发出第十二届董事会第三十三次会议通知，于5月27日以书面传签方式召开会议。 会议应参会 ...

Investment Rating - The investment rating for the company is "Maintain Buy" with a target price of 36.85 [30]. Core Views - The company is expected to have a relative price increase of over 15% compared to the benchmark index in the next 6 to 12 months [24]. - The current stock price corresponds to a price-to-book (PB) ratio of 0.91X for 2024E, 0.83X for 2025E, and 0.76X for 2026E, and a price-to-earnings (PE) ratio of 6.41X for 2024E, 6.34X for 2025E, and 6.28X for 2026E [3][31]. Financial Performance - The company’s net profit forecast for 2024-2026 is adjusted to 146.7 billion, 148.2 billion, and 149.7 billion respectively, down from previous estimates of 151.9 billion, 155.8 billion, and 158.1 billion [4]. - The company reported a net interest income of 214.67 billion in 2023, with a slight decrease expected in 2024 [7]. Capital Adequacy - As of 1Q24, the capital adequacy ratios are as follows: core Tier 1 capital ratio at 14.07%, Tier 1 capital ratio at 16.30%, and total capital ratio at 18.20% [2]. Shareholder Changes - The top ten shareholders saw an increase in holdings by Hong Kong Central Clearing Limited by 0.44 percentage points to 4.64% [2][3]. Asset Quality - The company’s non-performing loan (NPL) ratio improved to 1.09% as of 1Q24, with a decrease in overdue loans [13][14]. - The overdue rate increased slightly to 1.31%, with overdue loans over 90 days accounting for 0.72% of total loans [9][13]. Cost-to-Income Ratio - The cost-to-income ratio for the company is projected to be 28.92%, which is an increase of 0.86 percentage points compared to the same period last year [17].

Investment Rating - The report maintains an "Accumulate" rating for the company [11] Core Views - The company's revenue for Q1 2024 decreased by 4.9% year-on-year, while net profit fell by 2.0%, indicating a marginal weakening in performance due to both interest and non-interest income pressures [40][18] - The net interest income decreased by 0.7% quarter-on-quarter, with the average net interest margin declining by 2 basis points to 2.02%, primarily due to asset pricing pressures [22][44] - The growth rate of total assets has slightly slowed, with an increase in the proportion of loans [40][27] - The company continues to see a two-digit growth in retail clients and assets under management (AUM) [31][34] Financial Performance Summary - Revenue (in million yuan): 2022A: 339,102; 2023A: 332,881; 2024E: 323,432; 2025E: 323,507; 2026E: 323,656, with a year-on-year growth rate of -1.80% for 2023A and -2.80% for 2024E [3] - Net profit (in million yuan): 2022A: 138,012; 2023A: 146,602; 2024E: 146,665; 2025E: 148,213; 2026E: 149,739, with a year-on-year growth rate of 6.20% for 2023A and 0.00% for 2024E [3] - Earnings per share (in yuan): 2022A: 5.41; 2023A: 5.75; 2024E: 5.75; 2025E: 5.81; 2026E: 5.87 [3] Asset and Liability Analysis - Total liabilities increased by 5.9% year-on-year, with total deposits rising by 6.3% [25] - The proportion of loans in total assets has increased, with loans accounting for 63.4% of total assets [40][50] - The company reported a total loan increase of 6.3% year-on-year, with a quarterly average loan addition of 1,388 million yuan in Q1 2024 [40][27] Non-Interest Income - Non-interest income decreased by 2.9% year-on-year, primarily due to a decline in fee income [30][31] - The proportion of net fee income to total revenue has decreased, with net fee income accounting for 23.8% of total revenue in Q1 2024 [31] Asset Quality - Overall asset quality has improved, with a non-performing loan ratio of 0.92% and a provision coverage ratio of 436.82% [34][31] - The company has seen a continuous improvement in the quality of corporate loans, while retail overdue rates have slightly increased [34][31]

Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The report highlights that the decline in net interest margin has narrowed, which is a positive aspect amidst the overall pressure on profits due to a decrease in revenue [11][32]. - The first quarter saw a revenue decline of 4.7% year-on-year, with net profit attributable to shareholders decreasing by 2.0% [10][11]. - The report indicates that the current macroeconomic environment is exerting pressure on operations, but the narrowing of the net interest margin is seen as a bright spot, suggesting that short-term pressures do not affect the long-term investment logic [11]. Summary by Sections Financial Performance - In Q1 2024, the company's revenue decreased by 4.7% year-on-year, and net interest income fell by 6.2%, reflecting the impact of declining net interest margin and slower growth in interest-earning assets [10][11]. - Non-interest income also declined by 2.3%, with a significant drop of 19.4% in commission income, which had a notable drag on overall revenue [10][11]. - The loan growth for Q1 was 4.7%, with corporate loans increasing by 7.4% and retail loans by 1.8%, while bill financing surged by 11.2% [10][11]. Asset Quality - The non-performing loan (NPL) ratio at the end of Q1 was 0.92%, a decrease of 3 basis points from the previous quarter, indicating a slight improvement in asset quality [10][35]. - The new NPL generation rate for the bank was 1.03%, remaining stable compared to the full year of 2023 [35]. - The provision coverage ratio stood at 437%, down by 0.9 percentage points, reflecting a continuous decline over nine quarters [35]. Capital Adequacy - The core Tier 1 capital adequacy ratio at the end of Q1 was 14.1%, an increase of 0.3 percentage points, indicating a strong capital position [6][11]. - The report suggests that the bank has the capacity to maintain stable dividends due to its capital adequacy and low capital consumption business model [11].