A 股简称：招商银行 A 股代码：600036 公告编号：2025-025 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5月21 日以电子邮件方式发出第十二届董事会第五十一次会议通知，于5月23 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12名，石岱非执行董事因其他公务未出 席，委托朱立伟非执行董事代为出席会议。本公司7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《关于招商银行副行长辞任的议案》，同意朱江 涛先生因工作原因辞去招商银行副行长职务，辞任自2025年5月23日起 生效。 同意：13票 反对：0票 弃权：0票 朱江涛先生确认与本公司董事会无不同意见，也无与其辞任副行 长有关的其他事项需要提请本公司股东及债权人注意。本公司董事会 对朱江涛先生在担任副行长任职期间为本公司作出的贡 ...

Core Viewpoint - The collaboration between China Merchants Bank and China UnionPay enhances the payment experience through the integration of the UnionPay QuickPass network payment platform, providing a comprehensive and convenient financial service ecosystem for users [1] Group 1: Payment Experience Upgrade - China Merchants Bank's mobile banking app now integrates with the China UnionPay QuickPass network payment platform, allowing users to access services at over 30 million merchants [1] - The partnership aims to create a unified payment experience on the bank's side, offering features such as QR code payments and card management [1] Group 2: Ecosystem Development - The collaboration focuses on three key areas: systematic mechanisms, professional capabilities, and ecological scenarios, to foster a new environment for fintech [1] - This partnership represents a deepening of the "digital finance" cooperation between China Merchants Bank and China UnionPay [1] Group 3: Future Plans - China Merchants Bank plans to continue its close cooperation with China UnionPay to provide more convenient payment services and a variety of promotional activities for users [1] - Upcoming initiatives include a series of consumption discounts to enhance user engagement and satisfaction [1]

Summary of China Merchants Bank Conference Call Company Overview - **Company**: China Merchants Bank (招商银行) - **Date**: May 22, 2025 Key Points Financial Performance - **Net Interest Income**: Increased by nearly 2% year-on-year in Q1 2025, attributed to a narrowing of interest rate cuts, despite a decline in net interest margin by 11 basis points year-on-year [2][7][8] - **Loan Pricing**: Overall slight decrease in loan pricing; corporate loans saw a significant decline while retail loans remained stable or slightly decreased due to regulatory guidance [2][3][6] - **Deposit Growth**: Weak loan demand has led to sluggish deposit growth, with M1 and M2 widening [2][10] - **Wealth Management Fees**: Grew by 10.5% year-on-year in Q1 2025, marking the first significant positive growth since 2022, driven by nearly 30% growth in fund sales, wealth management, and trust services [2][13] - **Card Fees**: Card transaction fees and settlement fees declined by 7-8% year-on-year due to weak consumption [2][14] Loan Demand and Credit Quality - **Credit Demand**: Remains weak in Q2 2025; retail loans showed marginal recovery in early May but overall demand is still not significantly improved [3][4] - **Asset Quality**: Retail loan non-performing loans (NPLs) are rising, but the bank maintains a solid provision coverage ratio [3][17][18] - **Corporate Loan Risks**: Concentrated in real estate and related sectors, with overall asset quality in other sectors remaining low [3][19][20] Market Conditions and Economic Outlook - **Trade War Impact**: Limited short-term impact from the US-China trade war observed; however, long-term effects depend on future tariff policies [4][5] - **Interest Rate Trends**: New loan pricing has slightly decreased; retail loan pricing remains stable or slightly down due to regulatory constraints [6][8] - **Deposit Rate Adjustments**: Recent adjustments in deposit rates have raised concerns about potential deposit outflows, but the bank views the changes as beneficial due to its high proportion of demand deposits [9][11] Future Strategies - **Loan Strategy**: The bank will not rigidly increase any specific type of loan but will adjust based on market demand [4][21] - **Wealth Management Focus**: Continued emphasis on wealth management services to enhance fee income, with expectations for further growth in Q2 2025 [13][14] - **Dividends**: Plans for mid-term dividends in 2025 have been announced, with distributions expected in early and mid-2026 [23] Risks and Challenges - **Economic Uncertainty**: The bank faces significant operational pressure due to geopolitical factors and weak loan demand, with Q1 2025 expected to be the most challenging period of the year [15][16][22] - **Retail Loan Quality**: While retail loan quality is under scrutiny, the bank has sufficient provisions to manage potential risks [18][22] Conclusion - China Merchants Bank is navigating a challenging economic landscape with a focus on maintaining asset quality, adjusting loan strategies based on market conditions, and enhancing wealth management services to drive fee income growth. The outlook remains cautious due to external economic pressures and internal loan demand weaknesses.

Group 1 - The importance of financial services to the real economy is increasingly highlighted in the current economic context, with the People's Bank of China issuing documents to enhance the technology finance policy framework in 2024 [1] - China Merchants Bank Nanchang Branch is actively responding to national policies by developing digital guarantee products to support enterprises and inject financial vitality into the real economy [1] Group 2 - The bank prioritizes customer experience and has developed domestic guarantee products, optimizing service processes and creating a digital brand called "Guarantee Butler" [2] - In 2020, the "Guarantee Butler" service was launched, allowing for T+0 automatic issuance of guarantees, achieving full online, paperless, and automated processes [2] Group 3 - The bank has seen continuous growth in domestic guarantee customers and issuance amounts for three consecutive years, serving over 600 clients and issuing more than 14,000 guarantees, setting historical records [3] - The variety of guarantee products has expanded to include special types such as customs payment guarantees and wage payment guarantees, enhancing the product system [3] Group 4 - The bank has been innovative in guarantee services, becoming one of the first banks to achieve data transmission with the General Administration of Customs and establishing various electronic guarantee platforms [4] - By 2025, the bank has connected with multiple important platform systems, issuing electronic guarantees totaling over 10 billion yuan [4]

香港交易所信息显示，平安资产管理有限责任公司在 招商银行的持股比例于05月19日从12.98%升至 13.17%，平均股价为48.8137港元。 ...

Group 1: Interest Rate Cuts and Banking Environment - A new round of deposit rate cuts has begun, effective from May 20, with major banks including Industrial, Agricultural, China, Construction, and Postal Savings banks reducing rates by 5-15 basis points for demand and one-year fixed deposits, and by 25 basis points for three and five-year fixed deposits [2] - The average daily balance of demand deposits at China Merchants Bank (CMB) reached 51.80%, significantly higher than the industry average, which reduces sensitivity to interest rate fluctuations during the rate cut cycle [3] - The overall banking industry is entering a low-interest-rate era, prompting institutions to rethink strategies to overcome challenges [3] Group 2: CMB's Performance and Challenges - CMB's Q1 2025 report showed declines in operating income and net profit, alongside a drop in ROA and ROE, raising concerns about growth and the retail banking model [3][4] - The decline in CMB's performance is attributed to multiple factors, including macroeconomic conditions, intensified industry competition, and the bank's own proactive adjustments [4][5] - CMB's proactive adjustments include a focus on wealth management and financial technology, which may temporarily impact traditional revenue streams [6] Group 3: Retail Banking Strengths - Despite short-term performance pressures, CMB's retail banking foundation remains solid, with a customer base of 2.12 billion and total retail assets of 15.57 trillion yuan, reflecting a 4.30% increase [8] - CMB's extensive service network and innovative product offerings, such as the "Zhangshang Life" app, enhance its competitive edge in retail banking [9] - The retail business model of CMB shows resilience against economic fluctuations, maintaining a high revenue share despite reduced corporate loan demand [9] Group 4: Wealth Management Focus - Wealth management is a key strategic direction for CMB, with significant investments aimed at building a robust wealth management system [10] - CMB's wealth management client base grew to 5.47 million, with private banking clients increasing by 4.43%, indicating a strong foundation for future growth [11] - The bank's wealth management capabilities are being enhanced through talent acquisition and product innovation, positioning it well for future market opportunities [12]

Core Viewpoint - The recent reduction in deposit rates by multiple banks, including state-owned and joint-stock banks, aligns with market expectations and aims to stabilize net interest margins while supporting the real economy [1][5][6]. Group 1: Deposit Rate Adjustments - Nine out of twelve joint-stock banks have announced reductions in deposit rates, with significant cuts in medium to long-term deposit rates, particularly a 25 basis points (BP) decrease for 3-year and 5-year fixed deposits [1][2][3]. - Specific banks like Ping An Bank and Minsheng Bank have adjusted their deposit rates, with Ping An Bank's rates for various terms now at 0.70%, 0.95%, 1.15%, 1.20%, and 1.30%, reflecting reductions of 15 BP for most terms and 25 BP for longer terms [2][3]. - The speed of these adjustments is seen as necessary for banks to manage their liabilities effectively and maintain competitiveness in the current economic environment [5][6]. Group 2: Market Reactions and Expectations - Investors have anticipated the decline in deposit rates, with no significant rush to lock in rates observed at bank branches, indicating a broader acceptance of a long-term downward trend in deposit rates [3][5]. - Experts believe that the synchronized reduction in deposit rates by banks is crucial for reducing financing costs for the real economy and stabilizing net interest margins [5][6]. Group 3: Implications for Banking Sector - The current trend of deposit rate reductions is expected to create more room for lowering financing costs in the future, which is essential for improving banks' profitability and sustainability in serving the real economy [6][7]. - The recent adjustments have seen deposit rate cuts that exceed the reductions in the Loan Prime Rate (LPR), indicating a strategic move by banks to manage their interest expenses more effectively [6][7].

Core Viewpoint - The recent reduction in deposit rates by nine joint-stock banks follows the lead of the six major state-owned banks, indicating a broader trend in the banking sector to lower interest rates in response to the central bank's monetary policy adjustments [1][4]. Group 1: Deposit Rate Adjustments - On May 21, seven joint-stock banks announced a reduction in their deposit rates, with a decrease of 15 basis points for 3-month, 6-month, 1-year, and 2-year fixed deposits, and a 25 basis points reduction for 3-year and 5-year fixed deposits [1][2]. - The new deposit rates for various terms at China Merchants Bank are set at 0.95% for 1-year, 1.05% for 2-year, 1.25% for 3-year, and 1.30% for 5-year deposits, while other banks have slightly different rates [1][2]. Group 2: LPR and Monetary Policy - The Loan Prime Rate (LPR) was also adjusted downwards, with the 5-year LPR at 3.5% and the 1-year LPR at 3%, both down by 10 basis points [4]. - Analysts suggest that the central bank is establishing a transmission mechanism from policy rates to LPR and deposit rates, indicating a coordinated approach to monetary policy [4][6]. Group 3: Implications for the Financial Market - The reduction in deposit rates is expected to lower the cost of liabilities for financial institutions and enhance the attractiveness of bond assets compared to loan assets, potentially leading to increased investment in the bond market [4][6]. - The average reduction in deposit rates is greater than that of the LPR, which reflects a strategy to protect bank interest margins while supporting the real economy [6].

Group 1 - The core viewpoint of the article is that several banks in China have announced a reduction in RMB deposit rates, following a trend initiated by major state-owned banks, which is linked to the recent decrease in the Loan Prime Rate (LPR) [1][4][5] Group 2 - On May 20, six state-owned banks and several others, including China Merchants Bank and China Everbright Bank, announced a reduction in RMB deposit rates, with the adjustment range being 5 to 25 basis points [1] - Following this, on May 21, seven additional banks, including Ping An Bank and CITIC Bank, also announced similar reductions, with the new rates for demand deposits set at 0.05% and various fixed-term deposit rates adjusted accordingly [1][2] - The new fixed-term deposit rates for three months, six months, one year, two years, three years, and five years are 0.7%, 0.95%, 1.15%, 1.20%, 1.30%, and 1.35% respectively [1] - The recent LPR adjustments include a decrease in the 5-year LPR to 3.5% and the 1-year LPR to 3%, both down by 0.1% from the previous month [4] - The reduction in deposit rates is expected to lead to an overall decrease in deposit rates by approximately 0.11 to 0.13 percentage points, which may help stabilize banks' net interest margins [4][5] - As of the first quarter of 2025, the net interest margin for commercial banks was reported at 1.43%, a decrease of 0.09 percentage points, marking a historical low [5]

Core Viewpoint - The recent reduction in deposit rates by nine joint-stock banks follows the earlier actions of the six major state-owned banks, indicating a broader trend in the banking sector to lower interest rates in response to the People's Bank of China's (PBOC) adjustments to the Loan Prime Rate (LPR) [1][3][6] Group 1: Deposit Rate Adjustments - On May 21, seven joint-stock banks announced a reduction in their deposit rates, with a decrease of 15 basis points for 3-month, 6-month, 1-year, and 2-year fixed deposits, and a reduction of 25 basis points for 3-year and 5-year fixed deposits [1][2] - Specific rates for China Merchants Bank were adjusted to 0.95% for 1-year, 1.05% for 2-year, 1.25% for 3-year, and 1.30% for 5-year deposits, while other banks set their rates at 1.15%, 1.20%, 1.30%, and 1.35% respectively for similar terms [1][2] Group 2: LPR and Monetary Policy - The PBOC announced a decrease in the LPR, with the 1-year LPR at 3% and the 5-year LPR at 3.5%, both down by 10 basis points [3] - Analysts suggest that the PBOC is establishing a transmission mechanism from policy rates to LPR and deposit rates, indicating a coordinated approach to monetary policy [3][4] Group 3: Market Implications - The reduction in deposit rates is expected to enhance the attractiveness of bond assets by lowering the yield advantage of loan assets, thereby improving the configuration value of bonds [3][4] - The larger reduction in deposit rates compared to LPR is seen as a measure to protect bank interest margins while encouraging credit growth [6]