香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 招商銀行股份有限公司 CHINA MERCHANTS BANK CO., LTD. （於中華人民共和國註冊成立的股份有限公司） （H股股票代碼：03968） 2025年度業績快報公告 招商銀行股份有限公司（「本公司」或「本行」，與其子公司合稱「本集團」）根據香 港聯合交易所有限公司證券上市規則（「上市規則」）第13.09(2)條及香港法例第 571章證券及期貨條例第XIVA部的內幕消息條文之規定發布本公告，旨在向本 公司股東及公眾人士提供本公司的財務資料。本公告亦同時在上海證券交易所 發佈，因此，本公告亦根據上市規則第13.10B條而發出。 本公告所載2025年度主要財務數據為本公司初步核算的集團口徑數據，未經會 計師事務所審計，具體數據以本公司最終披露的2025年度報告財務數據為準， 請投資者注意投資風險。 本公司董事會及全體董事保證本公告內容不存在任何虛假記載、誤導性陳述或 者重大遺漏，並對其內容的 ...

Core Insights - The article discusses the evolving landscape of financial technology, particularly the integration of satellite technology into banking operations, highlighting the launch of satellites by major banks like China Merchants Bank and Shanghai Pudong Development Bank as a strategic move to enhance data sovereignty and risk management in supply chain finance [2][9]. Group 1: Satellite Launches and Applications - China Merchants Bank's "Zhaoyin Jinkui" and Shanghai Pudong Development Bank's "Puyin Shuzhi" satellites were launched to join the "Tianqi Constellation," enhancing low Earth orbit IoT capabilities and allowing direct data transmission to banks without third-party intermediaries [2][9]. - The "Tianqi Constellation" focuses on short data communication across various terrains, improving data transmission frequency and reducing latency, which is crucial for real-time monitoring of assets [11][25]. - The integration of satellite technology into banking operations marks a significant shift from traditional data procurement methods, with banks now investing in their own satellite capabilities to gain greater control over data [17][23]. Group 2: Differentiation in Banking Strategies - Banks are diverging into two main strategies: the "Launchers," who invest in satellite hardware, and the "Buyers," who rely on algorithms and purchased data services [6][7]. - The "Launchers" include banks like China Merchants Bank and Ping An Bank, which have already deployed satellites to enhance their risk management frameworks [9][16]. - The "Buyers," represented by institutions like WeBank and CITIC Financial Assets, utilize satellite imagery for agricultural financing and project monitoring without owning the satellites themselves [12][14]. Group 3: Cost Dynamics and Strategic Implications - The decreasing costs of commercial space technology have made satellite launches more feasible for banks, with estimates suggesting that customized satellites can be developed for between millions to tens of millions of RMB [22][21]. - The ability to customize satellite payloads allows banks to meet specific operational needs, such as monitoring construction projects or environmental conditions, thus enhancing their risk assessment capabilities [23][28]. - By establishing their own satellite networks, banks can create a more resilient infrastructure for financial services, particularly in disaster recovery scenarios, ensuring business continuity [28][29]. Group 4: Ecosystem Development and Future Outlook - The collaboration between banks and commercial space companies is fostering a new ecosystem where financial institutions can leverage satellite technology to improve service offerings and operational efficiency [31]. - The integration of satellite data into banking operations is expected to redefine competitive dynamics in supply chain finance and cross-border transactions, positioning banks that effectively utilize this technology as leaders in the market [29].

Group 1 - The top three companies with the highest AH premium rates are Northeast Electric (00042) at 815.25%, Zhejiang Shibao (01057) at 353.47%, and Sinopec Oilfield Service (01033) at 275.00% [1][2] - The bottom three companies with the lowest AH premium rates are CATL (03750) at -11.83%, China Merchants Bank (03968) at -3.19%, and Heng Rui Medicine (01276) at -3.03% [1][2] - The companies with the highest deviation values are Jinyu Group (02009) at 26.31%, Sanhua Intelligent Control (02050) at 19.65%, and Goldwind Technology (02208) at 18.92% [1][2] Group 2 - The top ten AH stocks by premium rate include companies like Northeast Electric (00042), Zhejiang Shibao (01057), and Sinopec Oilfield Service (01033) [2] - The bottom ten AH stocks by premium rate include companies like CATL (03750), China Merchants Bank (03968), and Heng Rui Medicine (01276) [2] - The top ten AH stocks by deviation value include Jinyu Group (02009), Sanhua Intelligent Control (02050), and Goldwind Technology (02208) [3]

Core Viewpoint - The Ministry of Finance, the People's Bank of China, and the Financial Regulatory Bureau have extended the personal consumption loan interest subsidy policy until the end of 2026, allowing each borrower to enjoy a subsidy cap of 3,000 yuan, and including credit card installment payments in the support scope [2][3]. Group 1: Policy Changes - The implementation period for the personal consumption loan interest subsidy policy is now from September 1, 2025, to December 31, 2026 [3]. - The policy has removed the previous cap of 500 yuan on single transaction subsidies and the cumulative subsidy cap of 1,000 yuan for loans below 50,000 yuan, while maintaining the annual cap of 3,000 yuan per borrower at a single institution [5]. Group 2: Bank Responses - Major banks such as China Construction Bank and China Merchants Bank have announced that customers who previously signed subsidy agreements will automatically apply the new subsidy policy without needing to re-sign [4]. - The Industrial and Commercial Bank of China has launched a dedicated section for "Fiscal Subsidy and Installment Relief" on its app, allowing users to manage their installment payments and subsidies through various channels [6]. Group 3: Credit Card Inclusion - The inclusion of credit card installment payments in the subsidy policy aims to shift the focus from large purchases to frequent daily spending, thereby activating overall consumer demand [7]. - This move is expected to effectively reach a large consumer base, particularly targeting younger and lower-tier market segments, enhancing the consumption potential in these areas [7]. Group 4: Consumer Finance Companies - Consumer finance companies are actively adapting to the policy changes, ensuring that subsidy benefits reach consumers efficiently [10]. - Ant Group's consumer finance division has reported a 23% year-on-year increase in subsidies provided to consumers, indicating a positive impact on consumer spending [10]. Group 5: Specific Initiatives - Haier's consumer finance service has introduced interest-free installment plans for home appliances, contributing to the revitalization of the home appliance market [11]. - Other financial institutions, such as Zhaolian Finance and Du Xiaoman, have launched promotional activities to attract new customers and reduce borrowing costs through various interest subsidy initiatives [11].

Core Viewpoint - The upcoming leadership change at China Merchants Bank's credit card center, with Li Mingdong set to replace Liu Jialong, has drawn industry attention as it reflects broader trends of executive turnover in the credit card sector [2][8]. Group 1: Leadership Transition - Liu Jialong, the current general manager of the credit card center, is retiring due to reaching the legal retirement age and may transition to an advisory role [2]. - Li Mingdong, the incoming general manager, has extensive experience within the bank, having held various positions including general manager of the wealth management department [4][5]. - Liu Jialong has been a significant figure in the credit card industry, leading the center during critical periods and implementing key innovations such as the mobile app "Zhangshang Shenghuo" [3][4]. Group 2: Industry Trends - Since 2025, there have been 16 executive changes across credit card centers in various banks, indicating a trend of leadership adjustments in the industry [2][8]. - The credit card sector is experiencing challenges, with a decline in transaction amounts and revenue, despite an increase in active customers and transaction counts [4][6]. - The competitive landscape is shifting, with banks needing to adapt to changing market conditions and consumer behaviors to maintain their positions [9]. Group 3: Performance Metrics - As of June 2025, China Merchants Bank's credit card circulation reached 96.93 million cards, maintaining a leading position in the industry, but the total transaction amount decreased by 8.54% year-on-year to 2.02096 trillion yuan [6]. - Credit card interest income fell by 4.96% to approximately 30.61 billion yuan, while non-interest income saw a more significant decline of 16.23% to about 10.47 billion yuan [6]. - The monthly active users of the "Zhangshang Shenghuo" app decreased from 40.44 million at the end of 2024 to 37.09 million, indicating a drop in user engagement [6]. Group 4: Strategic Focus - The bank plans to enhance its retail financial strategy by improving customer engagement and advancing digital transformation, focusing on high-frequency consumption scenarios and optimizing credit structures [7]. - Li Mingdong emphasizes a customer-centric approach, aiming for stable growth in customer numbers and assets under management (AUM) to expand market share [5].

Core Insights - The banking sector is actively exploring the integration of finance and aerospace, particularly in the context of commercial space ventures, while facing challenges related to the significant funding required for satellite development, launch, and operation [1] Group 1: Satellite Launches and Applications - Several banks, including China Merchants Bank and Shanghai Pudong Development Bank, successfully launched satellites, namely "Zhaoyin Jinkui" and "Puyin Shuzhi," which are part of China's first low-orbit satellite IoT constellation, "Tianqi Constellation" [1] - Shanghai Pudong Development Bank aims to leverage its communication service capabilities to innovate applications in financial asset lifecycle management and cross-border asset and trade supervision, supporting the large-scale development of the satellite IoT industry [1] Group 2: Technological Integration and Risk Management - China Merchants Bank has integrated remote sensing satellite technology into its financial risk control system, enhancing the efficiency of post-loan inspections through high-precision monitoring of construction progress across the country [2] - The bank has initiated the application verification of low-orbit satellite communication technology in its financial disaster recovery systems, establishing a technical foundation for a comprehensive financial emergency communication network [2] Group 3: Strategic Importance and Value Realization - Banks have been pursuing satellite-related strategies for years, driven by needs for risk control and business upgrades, with technologies like big data and satellite remote sensing becoming crucial for rural revitalization efforts [3] - The investment return from satellite systems is characterized by low initial returns, stable mid-term returns, and increasing long-term value as applications expand into green finance, cross-border finance, and disaster recovery systems [3] Group 4: Implementation Strategies - There is a consensus in the industry regarding differentiated implementation strategies, where large banks build their satellite systems to control data and create technological barriers, while smaller banks opt for purchasing data services or accessing third-party platforms to participate effectively [4]

Core Insights - Gold prices have been on the rise since 2025, leading to a surge in demand for gold-linked structured deposit products from various banks, with some products offering annualized returns as high as 8% [1] Group 1: Product Offerings - Multiple banks have launched gold-linked structured deposit products, with variations in minimum investment, duration, and yield, resulting in some popular products being sold out [1] - China Bank introduced a product with a minimum investment of 10,000 yuan and a term of 87 days, offering an annualized yield ranging from 0.2% to 5.2% [2] - Other banks, such as the Bank of Communications and Minsheng Bank, have also released competitive products with varying yields and investment thresholds [2] Group 2: Market Trends - As of December 2025, the balance of structured deposits in Chinese banks reached 4.25 trillion yuan, marking a year-on-year growth of 6.01%, with unit structured deposits accounting for 69.49% of the total [3] - The trend of companies investing in structured deposits has increased, with numerous A-share companies announcing investments in gold-linked products [3] Group 3: Investment Appeal - The popularity of structured deposits is attributed to their dual advantages of capital protection and higher returns compared to traditional savings, especially in a low-interest-rate environment [4] - The rising gold prices, driven by its safe-haven and anti-inflation properties, have made gold-linked structured deposits attractive for investors seeking to capitalize on market gains [5]

证券时报·数据宝统计显示，招商银行今日收盘价为37.85元，下跌1.02%，日换手率为0.91%，成交额为 71.38亿元，全天主力资金净流出7.43亿元，近5日该股累计下跌3.20%，近5日资金合计净流出10.33亿 元。 两融数据显示，该股最新融资余额为128.33亿元，近5日增加5.76亿元，增幅为4.70%。 1月22日招商银行大宗交易一览 招商银行1月22日大宗交易平台出现一笔成交，成交量8.00万股，成交金额302.80万元，大宗交易成交价 为37.85元。该笔交易的买方营业部为中信证券股份有限公司总部(非营业场所)，卖方营业部为广发证券 股份有限公司郑州航海东路证券营业部。 据天眼查APP显示，招商银行股份有限公司成立于1987年03月31日，注册资本2521984.5601万人民币。 （数据宝） 进一步统计，近3个月内该股累计发生5笔大宗交易，合计成交金额为2.06亿元。 | 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 ...

Core Viewpoint - The recent personnel changes at China Merchants Bank (CMB) reflect a strategic move to enhance collaboration between its wealth management and credit card businesses, aiming for growth in a challenging market environment [1][6]. Personnel Changes - Li Mingdong, previously the General Manager of the Wealth Management Platform, will take over as the General Manager of the Credit Card Center, while Lu Xiaorong, the General Manager of the Retail Financial Headquarters, will assume leadership of the Wealth Management Platform [1][4]. - This transition is seen as a way to cultivate talent and broaden the experience of mid-level managers within the bank [5][6]. Business Performance - In the first half of 2025, CMB's credit card interest income was CNY 30.612 billion, down 4.96% year-on-year, while non-interest income fell by 16.23% to CNY 10.471 billion [2][3]. - Conversely, wealth management fees and commissions reached CNY 12.797 billion, marking an 11.89% increase year-on-year, indicating a stronger growth trajectory compared to credit card services [2][3]. Market Context - The credit card business, once a key growth driver for CMB, is now facing stagnation due to market saturation and declining asset quality, with non-performing loans increasing [2][3]. - Wealth management has emerged as a new growth direction for CMB, focusing on asset under management (AUM) growth and providing services that meet clients' needs for capital preservation and appreciation [3][4]. Strategic Objectives - The personnel adjustments aim to deepen the synergy between wealth management and credit card services, leveraging Li Mingdong's experience in wealth management to enhance credit card offerings and vice versa [6][7]. - Lu Xiaorong's dual role is expected to facilitate better integration of data, risk management, and resource allocation between the two departments, creating a more cohesive operational strategy [6][8]. Competitive Landscape - CMB faces increasing competition in wealth management from state-owned banks and online platforms, necessitating a stronger focus on collaboration between its wealth management and credit card services to optimize customer engagement and revenue growth [7][9]. - The bank's ability to adapt to changing customer demands and regulatory pressures will be crucial for maintaining its competitive edge in the wealth management sector [9][10]. Future Outlook - While the current strategy is expected to remain stable, the effectiveness of the new leadership in addressing the challenges in wealth management and credit card services will be closely monitored [11][12]. - The integration of data and risk management capabilities is anticipated to enhance operational efficiency and customer satisfaction, but the success of these initiatives will depend on effective execution and collaboration [12].

转自：新华财经 "以前公积金里的钱取不出来付二手房首付，我还担心凑不齐款耽误买房，没想到现在用招行数字人民 币直接就能付首付，这可真是解决了我们的大难题！"刚完成公积金二手房首付提取的市民王先生难掩 激动。这既道出了招商银行青岛分行以数字人民币破解民生难题的实效，也揭开了改行深耕数字人民币 生态场景的生动篇章。 对普通市民而言，数字人民币的价值更体现在"以人为本"的便民举措中。过去，青岛市二手房交易环 节，公积金账户资金无法直接提取用于支付首付，市民需通过各种渠道筹集首付款，不仅增加短期资金 压力，还可能因流程衔接问题延误交易进度，成为二手房交易中的民生堵点。 招商银行青岛分行敏锐捕捉这一需求，主动对接，量身打造基于数字人民币的产业链结算体系，通 过"线上开立对公钱包+智能合约"解决方案，实现了集团与核心经销商之间"销售确认—利润分成"的自 动结算，以及与多级供应商之间"订单采购—货款入账"的实时结算，并为产业链各方提供供应链票据贴 现入数字人民币钱包服务，精准满足中小企业资金使用需求。目前，这一数字人民币结算模式已从"核 心企业"向"产业链末梢"延伸，集团内外已有数百家上下游企业接入，将分散的经营主体串联成 ...