招商银行股份有限公司 2025 年半年度第三支柱报告 1.2 并表范围 根据《商业银行资本管理办法》相关规定，本集团资本监管指标计算范围 包括招商银行及其子公司。截至报告期末，本集团符合资本并表范围的子公司 包括：招商永隆银行、招银国际、招银金租、招银理财、招商基金、招商信诺 资管和招银欧洲。 CHINA MERCHANTS BANK CO., LTD. | | | | 1. | 引言 3 | | --- | --- | | 1.1 | 披露依据 3 | | 1.2 | 并表范围 3 | | 1.3 | 披露声明 3 | | 2. | 释义 4 | | 3. | 风险管理、关键审慎监管指标和风险加权资产概览 5 | | 3.1 | KM1 监管并表关键审慎监管指标 5 | | 3.2 | OV1 风险加权资产概况 6 | | 4. | 资本和总损失吸收能力的构成信息 8 | | 4.1 | CCA 资本工具和合格外部总损失吸收能力非资本债务工具的主要特征...8 | | 4.2 | CC1 资本构成 8 | | 4.3 | CC2 集团财务并表和监管并表下的资产负债表的差异 11 | | 5. | 信用风险 ...

Fund Overview - The fund is named "Huaxia CSI Petrochemical Industry Exchange-Traded Fund" and was established on December 2, 2021 [2] - The fund aims to closely track the CSI Petrochemical Industry Index with a target tracking deviation of no more than 0.2% on a daily basis and an annual tracking error of no more than 2% [2][8] - The fund's total shares at the end of the reporting period were 51,375,802 [2] Financial Performance - The fund reported a realized loss of 621,734.05 RMB and a total profit of -1,060,453.44 RMB for the first half of 2025 [3][4] - The net asset value at the end of the reporting period was 34,531,168.33 RMB, with a net asset value per share of 0.6721 RMB [3][4] - The cumulative net value growth rate since the fund's inception is -32.79% [3][4] Investment Strategy - The fund employs a full replication strategy and appropriate alternative strategies to track the underlying index effectively [8] - The investment strategy includes various approaches such as stock index futures, bond investments, and asset-backed securities [2][8] Market Environment - The A-share market experienced a range-bound trend in the first half of 2025, with rapid sector rotation and a focus on "dividend + technology" strategies [9][10] - The overall economic environment remains stable, with ongoing structural adjustments and a focus on high-quality development in China [9][10] Management and Compliance - The fund management strictly adheres to relevant laws and regulations, ensuring fair treatment of all funds under management [7] - The fund has not engaged in any abnormal trading activities during the reporting period [7] Future Outlook - The fund will continue to focus on closely tracking the underlying index while managing investor subscriptions and redemptions [9][10] - The market's attention will be on the potential impacts of tariffs on inflation and the direction of monetary policy adjustments by the Federal Reserve [10]

每经AI快讯，8月29日，招商银行公告，2025年上半年营业净收入1699.23亿元，同比下降1.73%；归属 于本行股东的净利润749.3亿元，同比增长0.25%。 （文章来源：每日经济新闻） ...

招商银行：上半年净利润749.3亿元人民币。 ...

Fund Overview - The fund is named "Huaxia MSCI China A50 Interconnection ETF" and was established on November 1, 2021, with a total fund share of 3,699,588,073.00 shares as of the report date [1][2] - The fund aims to closely track the MSCI China A50 Interconnection Index, targeting an absolute tracking deviation of no more than 0.2% on a daily basis and an annual tracking error of no more than 2% [1][2] - The fund employs various investment strategies, including full replication, alternative strategies, and investment in derivatives [1][2] Financial Performance - The fund achieved a realized income of 126,423,995.03 RMB and a profit of 25,269,600.18 RMB during the reporting period from January 1, 2025, to June 30, 2025 [2][3] - The net asset value at the end of the reporting period was 3,100,756,949.39 RMB, with a net asset value per share of 0.8381 RMB [2][3] - The fund's cumulative net value growth rate since inception is -16.19%, with a net value growth rate of 0.87% for the reporting period [2][3] Market Context - The macroeconomic environment showed a GDP growth of 5.3% year-on-year, with fluctuations in PMI and low inflation levels [11] - The fund's investment strategy is influenced by market conditions, including the impact of trade wars and the performance of various sectors such as artificial intelligence and new consumption [11][12] - The fund's tracking deviation was +1.11%, primarily due to dividend distributions, operational expenses, and adjustments in index composition [12] Management and Operations - The fund is managed by Huaxia Fund Management Co., Ltd., which has extensive experience in managing ETF products and a wide range of investment strategies [3][4] - The fund's liquidity service providers include several major securities firms, ensuring market liquidity and stability [11] - The fund management adheres to strict compliance with regulations and maintains a commitment to fair trading practices [9][10] Future Outlook - The fund anticipates a favorable investment environment due to the potential return of capital to A-shares and H-shares, driven by a weaker dollar and expectations of interest rate cuts by the Federal Reserve [12] - The focus will be on closely tracking the index while adapting to market changes and investor needs [12][13]

Core Insights - The core viewpoint of the reports indicates a mixed performance for China Merchants Bank, with a slight decrease in operating net income but a marginal increase in net profit attributable to shareholders. Financial Performance - Operating net income for the first half of 2025 was 169.92 billion RMB, a year-on-year decrease of 1.73% [1] - Net profit attributable to shareholders reached 74.93 billion RMB, reflecting a year-on-year increase of 0.25% [1] - Basic earnings per share stood at 2.89 RMB [1] - Net interest income was 106.09 billion RMB, showing a year-on-year growth of 1.57% [1] - Non-interest income amounted to 63.84 billion RMB, which is a year-on-year decline of 6.77% [1] - Annualized return on average total assets (ROAA) was 1.21%, down by 0.11 percentage points year-on-year [1] - Annualized return on average equity (ROAE) was 13.85%, down by 1.59 percentage points year-on-year [1] Asset Quality - As of the end of the reporting period, the group's non-performing loan balance was 66.37 billion RMB, an increase of 0.76 billion RMB compared to the end of the previous year [2] - The non-performing loan ratio was 0.93%, a decrease of 0.02 percentage points from the end of the previous year [2] - Provision coverage ratio stood at 410.93%, down by 1.05 percentage points from the end of the previous year [2] - Loan provision ratio was 3.83%, a decrease of 0.09 percentage points compared to the end of the previous year [2]

Core Insights - The core viewpoint of the article is that China Merchants Bank (03968.HK) reported a decline in net operating income for the first half of 2025, while net profit showed a slight increase, indicating mixed financial performance amid a challenging economic environment [1] Financial Performance - The group achieved net operating income of 169.923 billion yuan, a year-on-year decrease of 1.73% [1] - The net profit attributable to shareholders was 74.930 billion yuan, reflecting a year-on-year increase of 0.25% [1] - Net interest income reached 106.085 billion yuan, marking a year-on-year growth of 1.57% [1] - Non-interest income totaled 63.838 billion yuan, which is a year-on-year decline of 6.77% [1] - The annualized return on average total assets (ROAA) was 1.21%, down 0.11 percentage points year-on-year [1] - The annualized return on average equity (ROAE) was 13.85%, down 1.59 percentage points year-on-year [1] Asset and Liability Overview - As of the reporting period, total assets amounted to 12,657.151 billion yuan, an increase of 4.16% compared to the end of the previous year [1] - Total loans and advances reached 7,116.616 billion yuan, up 3.31% from the end of the previous year [1] - Total liabilities were 11,360.291 billion yuan, reflecting a growth of 4.05% year-on-year [1] - Customer deposits totaled 9,422.379 billion yuan, an increase of 3.58% compared to the end of the previous year [1] Loan Quality Metrics - The balance of non-performing loans was 66.370 billion yuan, an increase of 0.760 billion yuan compared to the end of the previous year [1] - The non-performing loan ratio stood at 0.93%, a decrease of 0.02 percentage points year-on-year [1] - The provision coverage ratio was 410.93%, down 1.05 percentage points from the end of the previous year [1] - The loan provision ratio was 3.83%, a decrease of 0.09 percentage points year-on-year [1]

实现净利息收入1,060.85亿元，同比增长1.57%;实现非利息净收入638.38亿元，同比下降6.77%;年化后归 属于本行股东的平均总资产收益率(ROAA)和年化后归属于本行普通股股东的平均净资产收益率(ROAE) 分别为1.21%和13.85%，同比分别下降0.11和1.59个百分点。 智通财经APP讯，招商银行(03968)发布2025年中期业绩，营业净收入1699.23亿元(人民币，下同)，同比 减少1.73%;归母净利润749.3亿元，同比增加0.25%;每股基本盈利2.89元。 报告期内，实现净利息收入1,060.85亿元，同比增长1.57%;实现非利息净收入638.38亿元，同比下降 6.77%;年化后归属于本行股东的平均总资产收益率(ROAA)和年化后归属于本行普通股股东的平均净资 产收益率(ROAE)分别为1.21%和13.85%，同比分别下降0.11和1.59个百分点。 截至报告期末，集团不良贷款余额663.70亿元，较上年末增加7.60亿元;不良贷款率0.93%，较上年末下 降0.02个百分点;拨备覆盖率410.93%，较上年末下降1.05个百分点;贷款拨备率3.83%，较上年末下降 ...

基金管理人和/或基金托管人的住所/办公地 华夏恒生中国企业交易型开放式指数 证券投资基金（QDII） 基金管理人：华夏基金管理有限公司 基金托管人：招商银行股份有限公司 报告送出日期：二〇二五年八月三十日 华夏恒生中国企业交易型开放式指数证券投资基金（QDII）2025 年中期报告 基金管理人的董事会、董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗漏，并 对其内容的真实性、准确性和完整性承担个别及连带的法律责任。本中期报告已经三分之二以上独 立董事签字同意，并由董事长签发。 基金托管人招商银行股份有限公司根据本基金合同规定，于 2025 年 8 月 28 日复核了本报告中 的财务指标、净值表现、利润分配情况、财务会计报告、投资组合报告等内容，保证复核内容不存 在虚假记载、误导性陈述或者重大遗漏。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应仔细阅读本基 金的招募说明书及其更新。 本报告中财务资料未经审计。 本报告期自 2025 年 1 月 1 日起至 6 月 30 日止。 华夏恒生中国企业交 ...

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年中期業績公告 招商銀行股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈本公司及其附屬 公司截至2025年6月30日止六個月之未經審計業績。本公告列載本公司2025年中 期報告全文，並符合香港聯合交易所有限公司證券上市規則中有關中期業績初步 公告附載的資料之要求。本公司2025年中期報告將適時刊載於香港交易及結算所 有限公司網站( www.hkex.com.hk )及本公司網站( www.cmbchina.com )並按本公司 H股股東選擇收取公司通訊的方式寄發予本公司H股股東。 發佈業績公告 本業績公告的中英文版本可在香港交易及結算所有限公司網站( www.hkex.com.hk ) 和本公司網站( www.cmbchina.com ...