转自：新华财经 9月14日，招商银行呼和浩特分行成立18周年之际，在呼和浩特、鄂尔多斯、包头、呼伦贝尔四地同时举办第四届健步走活动。本次活动以"十八逐梦正青 春，有招有为创一流"为主题，吸引了众多零售客户、代发企业客户、公司企业客户及合作企业客户踊跃参与，大家齐聚一堂，以健步走的方式倡导健康生 活，共赏城市美景。 活动当天，参与者们身着统一服装，精神抖擞地来到活动场地。在呼和浩特市劳动公园，鄂尔多斯市乌兰木伦湖广场，包头市赛汗塔拉城中湿地草原，呼伦 贝尔市法治广场，大家纷纷在检录区有序排队，领取参赛装备，现场气氛热烈而欢快。活动开幕式上，招商银行呼和浩特分行相关领导发表致辞，向所有到 场的客户表示热烈欢迎和衷心感谢，并邀约大家在活动中享受运动带来的快乐。随后，专业健身教练带领大家进行互动热身，为即将开始的健步走活动做好 充分准备。 经过两个小时的激烈角逐，各地陆续有选手抵达终点。完成健步走的参与者们脸上洋溢着自豪与满足的笑容，在终点处有序领取纪念奖牌，并纷纷拍照留 念，记录下这一难忘的时刻。本次活动不仅为客户提供了一个锻炼身体、亲近自然的机会，也进一步加深了招商银行与客户之间的情感联系。 招商银行呼和浩特分行 ...

Market Overview - The A-share market saw all major indices rise last week, with the Sci-Tech 50, Small and Medium-sized Enterprises Index, and CSI 500 Index leading with returns of 5.48%, 3.66%, and 3.38% respectively, while the CSI 300, Shanghai Composite, and ChiNext Index lagged with returns of 1.38%, 1.52%, and 2.10% respectively [1][9] - In terms of trading volume, all major indices except the Sci-Tech 50 experienced a decline in trading volume last week [10] - The electronic, real estate, and agriculture sectors performed well, with returns of 5.98%, 5.82%, and 4.52% respectively, while the banking, comprehensive finance, and pharmaceutical sectors underperformed with returns of -0.64%, -0.58%, and -0.28% respectively [1][14] Fund Issuance and Performance - A total of 46 funds were reported last week, a decrease from the previous week, including 3 FOFs and 3 QDIIs [2] - Last week, 40 new funds were established with a total issuance scale of 21.794 billion yuan, which is a decrease from the previous week [3] - The Huashang Hong Kong Stock Connect Value Return Fund completed its fundraising on September 8, raising over 1 billion yuan with a subscription confirmation ratio of 32.95% [5] - The performance of open-end public funds showed that active equity, flexible allocation, and balanced mixed funds had returns of 2.18%, 1.73%, and 0.91% respectively [29][36] Fund Sales and Management - As of last week, there were 243 ordinary FOF funds, 119 target date funds, and 152 target risk funds in the open-end public fund category [35] - The top three fund sales institutions by equity fund holdings were Ant Fund, China Merchants Bank, and Tian Tian Fund, with holdings of 822.9 billion yuan, 492 billion yuan, and 349.6 billion yuan respectively [7] - The target date funds had the best median performance this year, with a cumulative return of 13.94% [36] Bond Market - As of last Friday, the central bank's reverse repo net injection was 196.1 billion yuan, with reverse repos maturing at 1,068.4 billion yuan, resulting in a net open market injection of 1,264.5 billion yuan [17] - The yield on government bonds of different maturities has increased, with credit spreads widening by 3.69 basis points [18][23] Sector Performance - Over the past month, the communication sector has seen the highest cumulative increase of 25.38%, while the comprehensive finance sector has experienced a cumulative decline of 5.53% [14] - Year-to-date, the communication, non-ferrous metals, and electronics sectors have shown high cumulative returns of 63.94%, 60.31%, and 38.03% respectively, while sectors like coal, transportation, and food and beverage have the lowest returns [14][16]

Group 1 - The article highlights a significant corruption issue within China Merchants Bank, particularly involving high-ranking officials like Wang Qingbin and Ding Wei, indicating a systemic problem rather than isolated incidents [1][2][3] - Wang Qingbin's career trajectory exemplifies the intertwining of power and capital in the financial sector, showcasing a path from a successful banker to a subject of investigation [1][2] - The investigation into Wang Qingbin and Ding Wei, conducted by the Qinghai Haidong Municipal Supervisory Committee, suggests a complex web of interests and potential collusion [2][3] Group 2 - The concentration of power within China Merchants Bank, characterized by a "one-person responsible system," has led to significant autonomy for branch managers and senior executives, contributing to the corruption issues [2][3] - The rapid development of innovative business models, such as integrated investment and commercial banking, has outpaced regulatory oversight, allowing for exploitation of regulatory gaps [2][3] - A shift in corporate culture towards prioritizing personal success linked to bank performance has blurred the lines between personal and institutional interests, fostering an environment conducive to corruption [3] Group 3 - The case of Wang Qingbin serves as a cautionary tale for the financial industry, emphasizing the need for effective supervision and checks and balances to prevent systemic corruption [3] - The article suggests that both individual accountability and institutional failures are at play in the corruption cases at China Merchants Bank, indicating a dual need for reform [3] - The narrative underscores the importance of maintaining integrity and oversight in the financial sector to preserve the reputation and operational effectiveness of institutions like China Merchants Bank [3]

从具体机构来看，蚂蚁基金和招商银行两大代销巨头，上半年的权益基金保有规模均增加超过800亿 元，增长规模远超其他代销机构；这两家机构的非货币市场基金保有规模分别增加1146亿元和915亿 元，蚂蚁基金突破1.5万亿元，招商银行突破1万亿元。另外，天天基金的非货币市场基金保有规模突破 6000亿元，较2024年底增加620亿元，增幅也非常可观。 上半年，中国人寿保险的权益基金保有规模增至1114亿元，使得权益基金保有规模在1000亿元以上的机 构增至11家；非货币市场基金保有规模在1000亿元以上的机构达到26家。 代销机构发力指数产品 □本报记者 王宇露 9月12日晚间，中国证券投资基金业协会公布了上半年基金销售机构公募基金销售保有规模数据，公募 权益基金代销百强名单出炉。前十排名保持不变，蚂蚁基金和招商银行保有规模大幅提升，"强者恒 强"局面凸显。上半年，资金入市意愿强烈，百强权益基金保有规模进一步增长。尤其是股票型指数基 金成为代销机构发力的重点，券商在指数基金领域的绝对优势继续维持，银行渠道也开始重视指数产 品。 前十排名保持稳定 百强名单中，共有24家银行、57家券商、18家第三方代销机构和1家保险公 ...

Core Insights - The China Securities Investment Fund Industry Association reported significant growth in the public fund sales scale for the first half of the year, with Ant Fund and China Merchants Bank leading the way with increases exceeding 80 billion yuan each [1][6] - The top 100 distribution institutions saw a collective increase in equity fund holdings, particularly in stock index funds, which became a focal point for these institutions [1][7] Group 1: Distribution Institutions Overview - The top 100 distribution institutions include 24 banks, 57 securities firms, 18 third-party distributors, and 1 insurance company, with the number of banks and securities firms increasing by one each since the end of 2024 [2] - The top ten institutions in the distribution rankings remained unchanged from the end of 2024, highlighting a "stronger gets stronger" trend [2] Group 2: Fund Holdings Data - The total equity fund holdings of the top 100 distribution institutions reached 51,374 billion yuan, an increase of 2,856 billion yuan or 5.89% from the end of 2024 [6] - Non-monetary market fund holdings totaled 101,993 billion yuan, growing by 6,626 billion yuan or 6.95% [6] - Stock index fund holdings surged to 19,522 billion yuan, marking a significant increase of 2,483 billion yuan or 14.57% [6] Group 3: Institutional Performance - Ant Fund and China Merchants Bank each saw their equity fund holdings increase by over 80 billion yuan, with non-monetary market fund holdings rising by 1,146 billion yuan and 915 billion yuan, respectively [6][7] - The number of institutions with equity fund holdings exceeding 100 billion yuan rose to 11, while those with non-monetary market fund holdings above 100 billion yuan reached 26, up from 22 at the end of 2024 [6] Group 4: Index Fund Growth - The stock index fund holdings of the top 100 distribution institutions grew by 14.57%, significantly outpacing other fund types [7] - Securities firms maintained a dominant position in the index fund distribution sector, with 57 firms making it into the top 100 equity fund distributors [7] - Commercial banks also increased their focus on index fund distribution, with their stock index fund holdings rising by 38.69% to 2,667 billion yuan [7]

Core Insights - The China Securities Investment Fund Association (CSIA) released the top 100 public fund sales institutions for the first half of 2025, showing growth in the retained scale of equity funds, non-monetary market funds, and stock index funds compared to the end of 2024 [1][3] Fund Sales Rankings - The top three institutions in terms of retained scale for equity funds are Ant Group, China Merchants Bank, and Tian Tian Fund, with retained scales of 822.9 billion, 492 billion, and 349.6 billion respectively [2][7] - The total retained scale for equity funds among the top 100 institutions reached 5,137.4 billion, a 5.89% increase from the end of 2024 [3] - The retained scale for stock index funds reached 1,952.2 billion, reflecting a 14.57% increase [3] Institutional Performance - Among the top 100 institutions, securities firms hold 57 seats, banks have 24, and independent fund sales institutions have 17 [3] - Commercial banks lead in the retained scale of non-monetary market funds, with a share of 43.1%, while securities firms dominate stock index funds with a share of 55.34% [4][5] Market Trends - The growth in stock index fund retained scale is attributed to market volatility and the performance differentiation of individual stocks and actively managed equity funds, leading to increased interest from institutional and individual investors [4] - The future of public fund distribution channels is expected to maintain a diversified trend, with a focus on head institutions, professionalism, and personalization as key factors for investors [8]

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Viewpoints - The report indicates that the financial management scale is expected to benefit, and there may be changes in investment fund preferences due to new regulations on fund sales [3] - The trend of deposit non-bankization continues, with loan issuance potentially prioritizing price over volume [4] - The report highlights a decrease in both corporate and personal loans in August, with a notable decline in short-term and medium-to-long-term loans [5][6] Summary by Sections Financial Data - In August, M1 and M2 year-on-year growth rates were 6.00% (up 0.4 percentage points month-on-month) and 8.80% (unchanged month-on-month), respectively [4] - The total social financing (社融) increased by 2.57 trillion yuan in August, a year-on-year decrease of 463 billion yuan, with a stock growth rate of 8.8% (down 0.2 percentage points month-on-month) [4] - The new RMB loans amounted to 590 billion yuan in August, a year-on-year decrease of 310 billion yuan [5] Loan Analysis - Corporate loans showed a decline, with medium-to-long-term loans decreasing by 20 billion yuan year-on-year, while short-term loans increased by 70 billion yuan, marking the first positive growth in five years for corporate short-term loans [6] - Residential loans also decreased, with medium-to-long-term loans adding only 20 billion yuan, a year-on-year decrease of 100 billion yuan [6] Investment Recommendations - The report anticipates a recovery in credit rhythm in September, with potential short-term loan growth for enterprises [7] - Recommended bank stocks include Agricultural Bank of China, China Merchants Bank, CITIC Bank, Industrial Bank, Beijing Bank, Jiangsu Bank, Hangzhou Bank, Chengdu Bank, and Chongqing Rural Commercial Bank [7]

中国经济网北京9月14日讯（记者 田云绯） 2025年中国国际服务贸易交易会于9月10日至14日在北京首钢园举办。作为金融行业代表之一，招商银行 以"数智赋能'招'创价值"为主题亮相金融服务专题展。招商银行依托经典IP"小招喵"，打造了太空舱风格的财富体验馆，将前沿科技与金融服务深度融合。 招商银行展台划分为多个功能区：指挥视窗、失重体验舱、能量矩阵激活墙、星舱补给站、财富洽谈室等。其中，指挥视窗的可操控大屏让观众直观了 解"五篇大文章"实践成果，失重体验舱作为游戏活动区提升观众互动感，能量矩阵激活墙系统展示品牌亮点。 2025年服贸会招商银行展台 中国经济网记者 田云绯摄 在数智零售金融展区，招商银行展示了"AI+零售金融"的创新应用，例如通过智能投顾、AI风控实现财富管理的个性化与高效化。在全球化财资服务展 区，招商银行展示了"跨境财资一体化"解决方案，整合跨境结算、外汇管理、全球资金池等功能。在金融生态创新展区，招商银行构建以金融IP为核心的用 户生态，通过趣味化场景、互动化体验传递金融服务价值。 2025年服贸会招商银行展台 中国经济网记者 田云绯摄 招商银行星舱补给站 中国经济网记者 田云绯摄 在本 ...

Group 1 - The signing of a RMB financing agreement between China Merchants Bank (Europe) Co., Ltd. and Baudouin International Engine Co., Ltd. in Marseille marks the first RMB financing in the southern France region, with a total financing amount of 110 million RMB [1][3] - The financing agreement is characterized by low interest rates, high efficiency, and pure credit, providing diverse financing options for local enterprises, especially small and medium-sized enterprises in southern France [3] - The process from the financing application to approval took only 30 days, highlighting the efficient response and customer-oriented approach of China Merchants Bank (Europe) [3] Group 2 - The CEO of Baudouin stated that the RMB financing will facilitate easier procurement of raw materials and components from China, significantly reducing operational and procurement costs, enhancing settlement efficiency, and stabilizing the supply chain [3] - The financing arrangement is expected to lower exchange rate risks and financial costs, providing strong support for the global development of the enterprise [3]

Group 1 - The article highlights various promotional offers for new credit card users, including rewards such as points, cash back, and gifts upon meeting certain criteria [4][5][6][7][8][9]. - Specific rewards include 1000 points for standard gold card holders, 200 yuan train tickets, and brand luggage for different card types [4][5][6][7][8][9]. - The article emphasizes the limited-time nature of these offers, encouraging potential customers to apply quickly to take advantage of the benefits [14][15]. Group 2 - Existing cardholders are informed about the option to apply for additional credit cards, which will share the credit limit with their current cards and do not qualify for new user rewards [17]. - The article provides a call to action for users to explore more credit card options and promotional details through links provided [10][19].