Group 1 - The banking sector in China is experiencing a decline, with several banks showing significant drops in their stock prices [1] - Shengjing Bank (02066.HK) has seen a decline of over 8% [1] - Postal Savings Bank (01658.HK) and China Merchants Bank (03968.HK) have both dropped over 5% [1] - Industrial and Commercial Bank of China (01398.HK), China Construction Bank (00939.HK), and Agricultural Bank of China (601288.SH) have all decreased by more than 4% [1]

Group 1 - The stock prices of several banks have experienced significant declines, with Shengjing Bank down by 8.57%, China Merchants Bank down by 3.60%, Postal Savings Bank down by 3.51%, Industrial and Commercial Bank down by 3.47%, and China Construction Bank down by 2.86% [1]

Core Viewpoint - Major state-owned banks in China, including Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, and Bank of Communications, along with two joint-stock banks, China Merchants Bank and Huaxia Bank, announced the decision to abolish their supervisory boards, transitioning oversight responsibilities to the audit committees of their boards of directors [1][4][7][10][13][15]. Group 1: Announcement Details - The boards of directors of the major banks have approved the proposals to abolish the supervisory boards and will submit these proposals to the shareholders' meetings for approval [1][4][7][10][13]. - China Merchants Bank will not establish a supervisory board and will have its audit committee assume the supervisory responsibilities, with the current supervisory board not being re-elected after its term ends [13][15]. - Huaxia Bank's board has also approved the proposal to abolish its supervisory board, and related governance structures will be terminated following the official dissolution of the supervisory board [15][16]. Group 2: Regulatory Context - The new revised Company Law of the People's Republic of China, effective July 2024, allows companies to set up audit committees within their boards to perform the functions of supervisory boards, eliminating the need for a supervisory board [17]. - The National Financial Regulatory Administration issued a notice to align governance regulations with the new Company Law, promoting the optimization of governance structures in financial institutions [17][18]. - The notice emphasizes the importance of communication with stakeholders during the transition and aims to enhance governance efficiency and effectiveness [17][18].

记者了解到，监事会撤销后，可以按照公司章程规定，在董事会中设置由董事组成的审计委员会，行使 公司法和监管制度规定的监事会职权。 每经记者 张寿林 每经编辑 张益铭 4月29日晚间，工商银行、农业银行、建设银行、中国银行和交通银行等多家银行宣布撤销监事会。 4月29日晚间，工商银行、农业银行、建设银行、中国银行和交通银行等多家国有大行发布董事会决议 公告称，将修改公司章程，撤销或不再设立监事会，相关议案尚需提交各家银行股东大会审议通过，并 报国家金融监督管理总局。 此外，招商银行也于晚间公告称，根据公司法和证监会、国家金融监管总局关于不设置监事会的有关规 定，该行董事会已审议通过《关于不再设置监事会的议案》，由董事会审计委员会承接法律法规规定的 监事会职权，在董事会设置职工董事，并相应修订公司章程。该决议事项尚需提交股东大会审议。 2024年12月17日，国家金融监督管理总局发布《关于公司治理监管规定与公司法衔接有关事项的通知》 （下称《通知》），明确指出：金融机构可以按照公司章程规定，在董事会中设置由董事组成的审计委 员会，行使公司法和监管制度规定的监事会职权，不设监事会或者监事。 追溯来看，国有银行不设监事 ...

【导读】七家银行同日宣布不再设立监事会 中国基金报记者 忆山 4月29日，工商银行、农业银行、中国银行、建设银行、交通银行五家国有大行，以及招商银行、华夏银行两家股份制银行相继发布公告称，将不再设立 监事会。 五家国有大行集体官宣 国有大行里，工商银行董事会审议通过了《中国工商银行股份有限公司章程（2025年版）》及撤销监事会相关事项的议案。 农业银行董事会审议通过不再设立监事会相关事项。 中国银行董事会审议通过了向股东大会提交《不再设立中国银行监事会》的议案。 建设银行董事会审议通过了关于不再设立监事会的议案、关于撤销监事会办公室的议案。 交通银行董事会审议通过了《关于不再设立监事会的议案》。 根据五大行公告，相关议案将提交股东大会审批，相关章程修改后将报送金融监管总局核准。 两家股份制银行同日官宣 股份制银行中，招商银行董事会审议通过了《关于不再设置监事会的议案》，该行将不再设置监事会，由董事会审计委员会承接法律法规规定的监事会职 权，在董事会设置职工董事，并相应修订章程，该行第十二届监事会监事任期届满后不再换届。 华夏银行董事会审议通过《关于撤销华夏银行监事会的议案》，待监事会正式撤销后，与监事会有关的 ...

Core Viewpoint - The first quarter report of China Merchants Bank (CMB) shows a decline in both revenue and net profit, but there are signs of recovery in wealth management fees, indicating a potential stabilization in the bank's financial performance [1][4]. Financial Performance - CMB reported operating revenue of 83.751 billion yuan, a year-on-year decrease of 3.09%, and net profit of 37.513 billion yuan, down 2.08% [1]. - The non-performing loan ratio decreased by 0.01 percentage points to 0.94% compared to the end of the previous year [1]. - The net interest margin (NIM) fell to 1.91%, down 11 basis points year-on-year and 3 basis points quarter-on-quarter [1][2]. Wealth Management and Non-Interest Income - Non-interest net income was 30.755 billion yuan, a year-on-year decrease of 10.64%, accounting for 36.72% of total revenue [4]. - Wealth management fees showed improvement, with a 10.45% year-on-year increase in wealth management commission income to 6.783 billion yuan, reversing a previous decline [4][5]. - The bank's commission income from selling financial products, such as wealth management and insurance, remains under pressure due to market conditions [5][6]. Deposit Composition and Strategy - The proportion of demand deposits increased to 51.80%, with corporate demand deposits making up 58.06% and retail demand deposits 41.94% [2]. - The average daily balance of demand deposits accounted for 50.46% of the average daily balance of customer deposits, reflecting a slight increase from the previous year [2]. Market Activity and Shareholder Engagement - The Hong Kong Central Clearing Limited account increased its holdings of CMB shares by approximately 128 million shares during the first quarter [7]. - CMB's average return on total assets (ROAA) and average return on equity (ROAE) were 1.21% and 14.13%, respectively, both showing a year-on-year decline [7]. Management Outlook - CMB's management aims to stabilize the net interest margin and improve the commission income from wealth management, contingent on the overall stabilization of the capital market [6][7]. - The bank is cautious about increasing dividends to maintain a balance between return on equity and capital adequacy [7].

Group 1 - The core viewpoint of the report indicates that China Merchants Bank experienced a decline in both operating income and net profit for Q1 2025 compared to the previous year, with operating income at 83.751 billion yuan, down 3.09%, and net profit at 37.286 billion yuan, down 2.08% [1] - The bank's net interest income increased by 1.92% year-on-year, reaching 52.996 billion yuan, while non-interest income saw a significant decline of 10.64%, totaling 30.755 billion yuan [1] - As of the end of Q1 2025, the total assets of China Merchants Bank reached 12.529 trillion yuan, a growth of 3.11% from the end of the previous year, with total loans and advances at 7.125 trillion yuan, up 3.44% [1] Group 2 - The bank's non-interest income accounted for 36.72% of total operating income, with net fee and commission income at 19.696 billion yuan, down 2.51% year-on-year, while other net income fell by 22.19% to 11.059 billion yuan, primarily due to the impact of rising market interest rates on the fair value of bond and fund investments [1] - In terms of asset quality, as of the end of Q1 2025, the non-performing loan balance was 66.743 billion yuan, an increase of 1.133 billion yuan from the end of the previous year, with a non-performing loan ratio of 0.94%, a slight decrease of 0.01 percentage points [2] - The bank's provision coverage ratio stood at 410.03%, down 1.95 percentage points from the end of the previous year, and the loan provision ratio was 3.84%, down 0.08 percentage points [2]

Group 1 - The core viewpoint is that seven major banks in China have decided to abolish their supervisory boards, reflecting a significant transformation in the banking sector in response to regulatory changes [1][2] - The banks involved include Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, China Merchants Bank, and Huaxia Bank, all of which have passed resolutions to eliminate their supervisory boards [1] - The decision aligns with the revised Company Law of the People's Republic of China, effective July 2024, which allows companies to establish an audit committee within the board of directors to perform the functions of a supervisory board [2] Group 2 - The National Financial Regulatory Administration issued a notice in December 2024, indicating that financial institutions can set up an audit committee within the board to exercise the powers of a supervisory board, thereby eliminating the need for a supervisory board [2] - This regulatory change is expected to reduce management costs and enhance the flexibility and effectiveness of corporate governance in the banking sector [2]

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Financial Performance - Net profit attributable to shareholders for Q1 2025 was RMB 37,286 million, a decrease of 2.08% year-on-year[7]. - Operating income for Q1 2025 was RMB 83,731 million, down 3.11% from RMB 86,420 million in Q1 2024[7]. - Basic and diluted earnings per share for Q1 2025 were both RMB 1.48, a decline of 1.99% compared to RMB 1.51 in the same period last year[7]. - The weighted average return on equity for Q1 2025 was 14.13%, down 1.95 percentage points from 16.08% in Q1 2024[7]. - Net profit for Q1 2025 was RMB 37,513 million, down from RMB 38,442 million in Q1 2024, a decline of 2.4%[50]. - Total operating income for Q1 2025 was RMB 82,892 million, compared to RMB 85,674 million in Q1 2024, reflecting a decrease of 3.3%[49]. Assets and Equity - Total assets as of March 31, 2025, reached RMB 12,529,792 million, an increase of 3.11% compared to the end of 2024[7]. - Total equity attributable to shareholders as of March 31, 2025, was RMB 1,246,207 million, reflecting a 1.65% increase from RMB 1,226,014 million at the end of 2024[7]. - Total assets reached CNY 12,529.792 billion, an increase of 3.11% from the end of the previous year[16]. - The group's equity attributable to shareholders rose by 1.65% to RMB 12.462 trillion, with retained earnings increasing by 5.85% to RMB 6.712 trillion[27]. Cash Flow - Net cash flow from operating activities for Q1 2025 was RMB 95,026 million, significantly improved from a negative RMB 1,208 million in Q1 2024[7][9]. - The net cash outflow from investment activities in Q1 2025 was RMB 199,933 million, compared to a positive cash flow of RMB 1,119 million in Q1 2024[54]. - The total cash inflow from financing activities in Q1 2025 was negative at RMB 48,655 million, contrasting with a positive inflow of RMB 129,954 million in Q1 2024[54]. - The company reported cash and cash equivalents of RMB 602,891 million as of March 31, 2025, down from RMB 729,079 million at the end of Q1 2024[54]. Loans and Deposits - Total loans and advances amounted to CNY 7,125.479 billion, growing by 3.44% compared to the previous year-end[16]. - Customer deposits totaled CNY 9,319.462 billion, reflecting a 2.45% increase from the previous year-end[16]. - Retail loans increased by RMB 139.53 billion to RMB 36.586 trillion, reflecting a 0.38% growth, supported by a gradual recovery in consumer spending[25]. - Customer deposits reached RMB 9,406,230 million, an increase from RMB 9,195,329 million at the end of 2024[52]. Non-Performing Loans - Non-performing loan balance was CNY 66.743 billion, an increase of CNY 1.133 billion from the previous year-end[17]. - Non-performing loan ratio stood at 0.94%, a decrease of 0.01 percentage points from the previous year-end[17]. - The total non-performing loan balance is CNY 66.743 billion, an increase of CNY 1.133 billion, with a non-performing loan ratio of 0.94%, a decrease of 0.01 percentage points[30]. - The balance of overdue loans is CNY 98.325 billion, an increase of CNY 6.450 billion, with an overdue loan ratio of 1.38%, an increase of 0.05 percentage points[30]. Risk Management - The company will continue to support "white list" projects and strengthen risk management and post-loan management[29]. - The company aims to maintain overall stability in the quality of real estate assets while adhering to compliance and risk control principles[29]. - The company plans to enhance risk management sensitivity and proactive measures in response to the complex external economic environment[37]. Interest Income and Expenses - Net interest income was CNY 52.996 billion, an increase of 1.92% year-on-year[16]. - In Q1 2025, the group achieved net interest income of RMB 52.996 billion, a year-on-year increase of 1.92%, accounting for 63.29% of operating income[18]. - The net interest margin decreased to 1.82%, and the net interest yield fell to 1.91%, down 8 basis points and 11 basis points year-on-year, respectively[18]. - The company received interest income of RMB 67,856 million in Q1 2025, compared to RMB 72,745 million in Q1 2024[54]. Customer Base - The number of ordinary shareholders as of the report date was 434,959, with 407,926 A-share shareholders and 27,033 H-share shareholders[10]. - The number of retail customers reached 212 million, an increase of 0.95% compared to the end of last year[47]. - The number of high-net-worth clients (with average total assets of RMB 500,000 or more) increased to 5.4747 million, a growth of 4.56% year-over-year[47].