第 1 頁 共 11 頁 v 1.1.1 | 3. 股份分類 | 優先股 | 股份類別 | 其他類別 (請註明) | 於香港聯交所上市 (註1) | 否 | | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 360028 | 說明 | 於上交所上市之人⺠幣27,500,000,000元的非累積境內優先股（「境內優先股」） | | | | 2. 股份分類 | 普通股 | 股份類別 A | | | 於香港聯交所上市 (註1) | | 否 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600036 | 說明 | | 於上海證券交易所 （「上交所」）上市之A股 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | | 上月底結存 | | 20,628,944,429 | RMB | | | 1 RMB | | 20,628,944,429 | | | 增加 / 減少 (-) | | | 0 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][7]. Core Insights - In the first half of 2025, the company achieved operating income of 169.969 billion yuan, a year-on-year decrease of 1.72%, while the net profit attributable to shareholders was 74.930 billion yuan, a slight increase of 0.25% [4][7]. - The net interest margin for the first half of 2025 was 1.88%, down 12 basis points year-on-year, but the cost of deposits continued to optimize, decreasing by 34 basis points to 1.26% [7]. - The company’s retail loan asset quality remains under pressure, with a non-performing loan ratio of 0.93% as of June 2025, and the coverage ratio stands at 410.93% [7][10]. Summary by Sections Financial Performance - The company reported a net interest income of 106.085 billion yuan in the first half of 2025, an increase of 1.57% year-on-year, while net fee and commission income was 37.602 billion yuan, down 1.89% [7]. - The wealth management fee income grew by 11.89%, and the income from agency insurance decreased by 18.76% due to changes in business structure [7]. Asset Quality - The non-performing loan ratio for retail loans increased to 1.03%, indicating ongoing challenges in asset quality, particularly in credit card loans [7][10]. - The company maintains a high risk compensation capability with a provision coverage ratio of 410.93% [7]. Future Outlook - The company plans to maintain a dividend payout ratio of over 30%, with a proposed mid-term dividend of 35% in 2025, highlighting its high dividend value [7]. - The estimated net asset value per share for 2025 is projected to be 45.25 yuan, with the current stock price corresponding to a price-to-book ratio of 0.95 times [7].

Core Viewpoint - The mid-year performance report for 2025 reveals that the ten listed joint-stock banks have shown a stable overall operational trend, with total assets reaching 73.38 trillion yuan and net profits totaling 278.125 billion yuan, while also exhibiting diverse development characteristics across the industry [2] Group 1: Asset Performance - Total assets of the joint-stock banks have generally increased, with the leading banks being China Merchants Bank and Industrial Bank, with total assets of 12.657 trillion yuan and 10.614 trillion yuan respectively, marking growth rates of 4.16% and 1.01% compared to the end of the previous year [3][4] - Among the ten banks, except for China Minsheng Bank and Bohai Bank, all other banks achieved positive growth in total assets [4] Group 2: Revenue and Profitability - Seven out of ten banks reported a year-on-year decline in operating income, with only Shanghai Pudong Development Bank, China Minsheng Bank, and Bohai Bank achieving revenue growth [5][7] - China Merchants Bank led in net profit with 74.930 billion yuan, showing a slight increase of 0.25% year-on-year, while four banks experienced a decline in net profit [8][9] Group 3: Net Interest Margin - The net interest margin has shown a significant downward trend, with eight out of ten banks continuing to decline, influenced by factors such as the reduction in the Loan Prime Rate (LPR) and adjustments in mortgage rates [9][10] - China Merchants Bank reported the highest net interest margin at 1.88%, although it decreased by 0.12 percentage points year-on-year [10][11] Group 4: Asset Quality - The non-performing loan (NPL) balances of all ten banks have increased compared to the end of the previous year, with Bohai Bank experiencing the fastest growth in NPLs, reaching 17.269 billion yuan, a 4.79% increase [12][13] - The highest NPL ratios were recorded by Bohai Bank (1.81%), Huaxia Bank (1.60%), and China Minsheng Bank (1.48%), while China Merchants Bank had the lowest at 0.93% [14] Group 5: Provision Coverage Ratio - The provision coverage ratio has decreased for seven banks compared to the end of the previous year, with Ping An Bank experiencing the largest decline of 12.23 percentage points [15] - China Merchants Bank has the highest provision coverage ratio at 410.93%, while China Minsheng Bank has the lowest at 145.06% [15]

Group 1 - The implementation of the personal consumption loan interest subsidy policy began on September 1, allowing participating banks to accept applications for the subsidy [1] - The subsidy covers consumption loans below 50,000 yuan and key areas such as household vehicles, elderly care, childbirth, and education training [1] - Different banks have variations in the operational details, such as application channels and recognition standards, including whether existing loans prior to September 1 are eligible for the subsidy [1][2] Group 2 - Banks are utilizing technology to streamline the subsidy process, with many stating that the subsidy will be automatically deducted from loan interest payments [2] - The maximum cumulative subsidy for each borrower at one institution is capped at 3,000 yuan, corresponding to a total consumption amount of 300,000 yuan [1] - The system is designed to automatically recognize eligible loans, making the application process more efficient for consumers [2] Group 3 - Bank executives expressed optimism about the impact of the subsidy policy on consumer lending, with expectations of stable growth in personal consumption and business loans [3] - The subsidy is expected to enhance the lending capacity of banks, with a potential leverage effect of 100 times for a 1% subsidy rate [3] - The policy is anticipated to alleviate cost pressures on the liability side, benefiting banks' interest margins [3] Group 4 - Credit card installment loans are explicitly excluded from the subsidy program [4] - Concerns regarding rising risks in retail lending were highlighted, with credit card risk being a leading indicator for overall retail lending risk [4] - Banks have issued warnings against misuse of personal consumption loans, stating that violations will result in the denial or recovery of subsidies already granted [5]

Core Viewpoint - The implementation of a one-year personal consumption loan interest subsidy policy began on September 1, allowing consumers to enjoy a 1% annual subsidy on eligible loans used for consumption purposes [1][4]. Group 1: Policy Overview - The subsidy applies to loans taken for various consumption purposes, including purchasing electronics, home renovations, and family trips, with a maximum subsidy of 3,000 yuan per loan [4][5]. - To qualify for the subsidy, consumers must apply through designated financial institutions and sign an authorization agreement allowing banks to verify that the loan is used for consumption [2][3]. Group 2: Eligible Institutions - The policy includes major state-owned banks such as ICBC, ABC, and BOC, as well as several joint-stock banks and specialized consumer finance institutions [1][4]. - Different banks have varying implementation timelines and processes for applying for the subsidy, with some already offering streamlined application options [6][8]. Group 3: Existing Customers - Existing customers who took out loans before the policy's implementation can still apply for the subsidy if they meet the consumption criteria during the subsidy period from September 1, 2025, to August 31, 2026 [10][11]. - Some banks, like Citic Bank, allow existing customers to sign the necessary agreements retroactively to qualify for the subsidy [11]. Group 4: Compliance and Risks - Banks emphasize the importance of compliance with lending regulations, warning against fraudulent practices that could disqualify borrowers from receiving the subsidy [13][14]. - Customers are advised to avoid third-party intermediaries when applying for loans and subsidies, as banks will not charge any fees for these services [13].

Core Viewpoint - The core viewpoint of the article emphasizes that despite facing significant operational pressures in the first quarter, the company is optimistic about achieving steady progress and improving performance in the second half of the year, as indicated by the bank's leadership during the mid-year performance release [2][3]. Financial Performance - In the first half of the year, the bank's revenue reached 169.97 billion yuan, a year-on-year decrease of 1.72%, while net profit attributable to shareholders was 74.93 billion yuan, a slight increase of 0.25% [3]. - The bank's net interest income was 106.09 billion yuan, reflecting a year-on-year growth of 1.57%, while the net interest margin stood at 1.88%, down 12 basis points year-on-year [3][4]. Net Interest Margin - The bank's net interest margin is higher than the national average by 46 basis points, showcasing a leading position, but it faces relative pressure due to factors such as low deposit costs and a high proportion of mortgage loans [4][5]. - The bank's management believes that factors supporting the stabilization of the net interest margin still exist, including policies to boost consumption and the adjustment of deposit and loan rates [5]. Retail Business and Wealth Management - The retail business remains strong, with assets under management (AUM) surpassing 16 trillion yuan and a 6% year-on-year increase in retail wealth management fees and commissions [5][6]. - The bank's retail loan non-performing ratio increased to 1.03%, up from 0.96% at the end of the previous year, indicating rising risks in the retail lending sector [6]. Credit Card Business - The bank's wealth management fees and commissions saw an 11.89% year-on-year increase, marking the first positive growth in three years, driven by significant growth in income from wealth management products [7]. - However, credit card income faced pressure, with transaction volume declining by 8.3% year-on-year, leading to a 16% decrease in credit card income [8]. Industry Trends - The "anti-involution" trend is expected to create a healthier market environment, which will help banks manage asset quality risks more effectively [9]. - The bank anticipates that future credit demand will shift towards industrial mergers and acquisitions, as traditional sectors like real estate show weaker demand [9].

Group 1 - The core viewpoint indicates that retail credit risk has been on the rise since last year, with no signs of a turning point in the near future, as stated by the Vice President of China Merchants Bank, Wang Ying [1] - The overall asset quality of China Merchants Bank remains stable and controllable despite the increasing retail credit risk, with a retail non-performing loan (NPL) balance of 37.71 billion yuan and an NPL ratio of 1.03% as of June 30, which is 0.07 percentage points higher than the end of last year [1] - The newly generated NPLs primarily stem from retail business, with a total of 32.72 billion yuan in new NPLs generated in the first half of the year, reflecting a year-on-year increase of 749 million yuan [1] Group 2 - The balance of retail loans at China Merchants Bank reached 3.61 trillion yuan as of June 30, marking a 0.94% increase from the end of last year, while excluding credit cards, the balance grew by 2.16% to 2.68 trillion yuan [2] - The bank's operating income was 96.19 billion yuan, a year-on-year growth of 0.26%, and the pre-tax profit was 52.036 billion yuan, reflecting a 1.64% increase year-on-year [2] - Despite external market challenges such as the rise of third-party payments and adjustments in the real estate market, China Merchants Bank's retail business continues to grow, maintaining a strategic commitment across all segments [2]

Group 1 - The core viewpoint is that under the guidance of regulatory authorities, the banking industry is working to avoid chaotic competition, which will lead to more rational pricing and help stabilize interest margin levels [1] - A senior executive from China Merchants Bank indicated that while there is still downward pressure on interest margins measured quarterly, the hope is that the extent of the decline compared to the previous year will narrow [1]

王颖还指出，不管是循环利率还是分期利率，监管一直倡导的和要求的都是科学定价要求坚持风险定价 理念，收益覆盖成本原则，坚持服务实体经济，利率市场化防控风险等多目标内化于这个定价体系当 中，要求银行通过差异化定价不断提升市场竞争力。 此外，王颖表示，招商银行在经营实践当中也是严格贯彻监管要求，将分期和循环统一到上述科学定价 的原则之下，不断提升风险定价能力，健全定价管理体系。 【招商银行副行长王颖：#信用卡利率定价总体稳定#】新京报贝壳财经讯（记者姜樊）针对央行拟取 消"信用卡透支利率的上限和下限管理"的政策，招商银行副行长王颖在9月1日举行的2025年中期业绩发 布会上表示，未来信用卡利率定价总体稳定。 上周五，央行发布公告，拟对《电子支付指引（第一号）》等4件规范性文件进行修改，并向社会公开 征求意见，其核心内容为拟取消信用卡透支利率的上限和下限管理。 "在业务实践方面，目前信用卡的主要信贷利率构建在分期业务之上，信用卡各类分期业务历经20多年 的发展演进，银行已经形成了比较成熟的风险定价机制和经营模式，监管也已经就分期业务形成了非常 全面的规范体系。"王颖表示，这既包括利率定价规范，也包括消费者保护条例，广 ...

Core Insights - The retail credit sector is facing unprecedented challenges in both development and risk aspects this year, with no signs of a turning point in the rising risk trend [1] Development Challenges - The retail credit market has seen a significant decline in incremental growth due to various factors including market environment and credit demand [1] Risk Factors - The overall economic slowdown, downturn in the real estate market, declining household income levels, and reduced repayment capacity and willingness among customers are contributing to the rising risk trend in retail credit [1] Credit Card Insights - Credit cards, which have a more down-market customer base and higher sensitivity to risk, serve as a leading indicator for changes in retail credit risk [1] - The non-performing loan ratio for credit cards continues to show a clear upward trend, indicating that the risk in retail credit has been increasing since last year and is still being revealed [1]