昨晚招行公布了24年的年报， 今天，A股招行大跌近-5.4%，港股招行大跌近-5.5% ，由于招行在中证银行指数中占比达到16%，因此光招行一 家的下跌，就导致指数下跌-0.86%左右，而指数本身仅下跌-1.44%，也就是说，招行一己之力今天带动了银行股垫底的行情。 从交易量来看，银行股今天合计230亿多的交易量，招行一家占比30%左右，市场对招行年报的关注度，不可谓不高。 和去年一样，提前补充一下，招行作为全中国最好的商业银行之一，更多的还是以点带面，说说银行业的实际情况，以及春江水暖鸭先知，通过 银行业，了解下宏观和微观经济的实际情况。 去年此时，我们就招行23年的年报，写过《 招行年报里的十大真相 》，大家比较爱看，因为分析的角度还算全面，跳出银行看银行，讲了比较 多宏观的因素。 ...... 今天，我们继续。 从财报发布开始，市场里的解读已经不少了，赞歌不少，但干货不多。 不可忽视的是，从招行的年报中，我们可以看到， 银行业，正面临着近20年罕见的经营环境 ——2024年，招行的ROE（净资产收益率）下滑到 15%以下，是2004年以来首次。 我们知道，银行归根到底是经营杠杆的行业，1块钱的资本金，能 ...

Core Viewpoint - The significant drop in China Merchants Bank's stock price is primarily attributed to its annual report, which revealed disappointing financial metrics and lower-than-expected dividend increases [1][4][5]. Financial Performance Summary - China Merchants Bank reported a total operating income of 3374.88 billion RMB for 2024, a slight decrease of 0.48% year-on-year [1][4]. - The net profit attributable to shareholders was 1483.91 billion RMB, reflecting a growth of 1.22% [1][4]. - Net interest income was 2112.77 billion RMB, down by 1.58%, while non-interest income increased by 1.41% to 1262.11 billion RMB [1][4]. - The bank's net interest margin decreased by 0.17 percentage points to 1.86%, and the net interest yield fell to 1.98% [4]. Dividend and Market Reaction - The bank proposed a cash dividend of 2 RMB per share, totaling approximately 504.40 billion RMB, with a cash dividend ratio of 35.32% for 2024 [5]. - Analysts noted that the dividend increase was below market expectations, contributing to the stock's decline [2][5]. Market Outlook and Analyst Opinions - Analysts from CICC indicated that while the 2024 performance met expectations, future revenue growth may face challenges due to bond market adjustments and loan repricing [4]. - China Merchants Bank's asset quality remains stable, with a non-performing loan ratio of 0.95% and a slight increase in actual non-performing loan generation rate [6]. - The bank's retail customer base continues to grow, with significant increases in high-net-worth clients and total retail assets under management [6]. Future Projections - Forecasts for net profit growth from 2025 to 2027 are adjusted to 1.00%, 3.92%, and 5.31% respectively, with corresponding price-to-book ratios of 1.0, 0.92, and 0.85 [4]. - Analysts expect retail loan demand to improve marginally in 2025, with a planned loan growth rate of 7% to 8% [7].

Core Viewpoint - China Merchants Bank has applied for a patent related to data processing methods that significantly enhance the efficiency of processing merchant payment limits in high-concurrency scenarios [1]. Group 1: Patent Application Details - The patent titled "Data Processing Method, Device, Equipment, Storage Medium, and Product" was filed with the National Intellectual Property Administration, with publication number CN 119671733 A and an application date of November 2024 [1]. - The patent describes a method that utilizes a predefined flow detection algorithm to identify payment flow scenarios in target systems [1]. - In high-concurrency scenarios, the method employs an asynchronous processing strategy and a pre-generated asynchronous queue to accumulate payment transaction limit information, resulting in improved efficiency compared to traditional polling methods [1]. Group 2: Company Overview - China Merchants Bank, established in 1987 and located in Shenzhen, primarily engages in monetary financial services [2]. - The company has a registered capital of approximately 25.22 billion RMB and a paid-in capital of about 296.29 million RMB [2]. - China Merchants Bank has invested in 15 enterprises, participated in 5,000 bidding projects, and holds 1,327 trademark records and 1,712 patent records, along with 325 administrative licenses [2].

Core Viewpoint - The annual report of China Merchants Bank (CMB) for 2024 shows a slight decline in operating income but a growth in net profit, indicating a recovery in profit growth. The bank has also introduced a mid-term profit distribution plan for the first time, reflecting its commitment to shareholder returns [1][2]. Group 1: Financial Performance - CMB achieved operating income of 337.49 billion yuan, a year-on-year decrease of 0.5%, while net profit grew by 1.2% to 148.39 billion yuan, marking a return to profit growth [1]. - The bank plans to distribute a cash dividend of 50.44 billion yuan, with a cash dividend ratio rising to 35.32% [1]. - As of the end of last year, CMB's total assets reached 12.15 trillion yuan, growing by 10.2% year-on-year, and total loans increased by 5.8% [9]. Group 2: Strategic Transformation - CMB has introduced a "Four Transformations" strategy, focusing on internationalization, comprehensive operations, differentiated competitive advantages, and digital transformation [3][4]. - The bank aims to enhance its global service capabilities and international presence through its overseas institutions and cross-border financial services [5]. - CMB is committed to leveraging AI and other advanced technologies to improve service efficiency and risk management [6]. Group 3: Retail Banking and Asset Management - Retail loans have increased their proportion for two consecutive years, reaching 52.9% of total loans [9]. - The bank's retail assets under management (AUM) approached 15 trillion yuan, growing over 12% year-on-year, indicating strong growth in retail banking [11]. - CMB's retail customer base reached 210 million, with a growth rate of 6.6%, and the number of corporate clients exceeded 3.16 million, marking a significant increase [14]. Group 4: Asset Quality and Risk Management - CMB maintained a non-performing loan (NPL) ratio of 0.95%, with new NPL generation increasing to 66.7 billion yuan, reflecting a 57 billion yuan year-on-year increase [16]. - The bank disposed of 62.9 billion yuan in non-performing loans, with a coverage ratio of 412%, remaining the highest among joint-stock banks [17]. - The bank's exposure to real estate-related credit risk decreased, with the proportion of real estate loans in total loans dropping to approximately 4.4% [18].

Financial Performance - The average return on equity (ROAE) for the year reached 14.49%[12] - Total assets exceeded RMB 12 trillion, with deposits surpassing RMB 9 trillion, both growing over 10% year-on-year[12] - The bank achieved positive profit growth for the year, with a narrowing decline in revenue quarter by quarter[12] - Operating net income reached 337.12 billion yuan, and net profit attributable to shareholders grew by 1.22% year-on-year to 148.39 billion yuan[24] - The bank's operating income for 2024 was RMB 337,121 million, a decrease of 0.58% compared to RMB 339,078 million in 2023[49] - The pre-tax profit increased by 1.15% to RMB 178,652 million from RMB 176,618 million year-on-year[49] - Net profit attributable to shareholders rose by 1.22% to RMB 148,391 million, compared to RMB 146,602 million in the previous year[49] - The total operating income for 2024 was RMB 337.12 billion, a decrease of 0.58% compared to 2023[55] Asset Quality and Risk Management - The non-performing loan (NPL) ratio and provision coverage ratio remained at a competitive level among listed banks[12] - The non-performing loan ratio remained stable at 0.95%, with a provision coverage ratio of 411.98% and a loan provision ratio of 3.92%[24] - The bank is committed to enhancing risk management and addressing key area risks to prevent systemic risks[12] - The total amount of non-performing loans across all categories was RMB 65.61 billion, with a stable NPL ratio of 0.95%[110] - The company has implemented stricter credit policies, focusing on high-quality clients and enhancing risk management in key sectors[115] - The company continues to adjust its asset structure proactively, maintaining stable asset quality amid changing macroeconomic conditions[113] Capital Adequacy and Financial Stability - The core tier 1 capital adequacy ratio increased by 1.13 percentage points year-on-year to 14.86%, while the total capital adequacy ratio reached 19.05%[24] - The capital adequacy ratio increased to 19.05%, up 1.17 percentage points from the previous year[53] - The leverage ratio as of December 31, 2024, was 8.46%, up by 0.20 percentage points from the previous year[130] - The balance of loan loss provisions as of December 31, 2024, was RMB 270.301 billion, an increase of RMB 0.767 billion from the previous year, with a provision coverage ratio of 411.98%, down by 25.72 percentage points[128] Customer Base and Retail Banking - Retail customer base exceeded 200 million, with total assets under management (AUM) approaching 15 trillion yuan[14] - The total number of retail customers reached 210 million, a growth of 6.60% compared to the previous year[146] - The retail loan balance grew by 6.06% to RMB 3.58 trillion, while retail deposit balance increased by 15.43% to RMB 3.83 trillion[146] - The total assets under management (AUM) for retail customers increased by 12.05% to RMB 14.93 trillion[146] Digital Transformation and Innovation - The company launched the first open-source financial model in the domestic banking industry with 100 billion parameters, enhancing its competitive advantage[14] - The company is committed to advancing AI technology in finance, focusing on building a robust digital infrastructure and expanding its AI ecosystem[21] - The open operational service platform "Kaiyang Portal" has completed intelligent transformation for over 730 operational processes, with key business processing efficiency improving by 58.32% compared to the end of the previous year[155] - The overall availability of cloud services exceeded 99.999%, with a total of 5,942 reusable components published by the end of the reporting period[156][157][158] Strategic Focus and Future Plans - The bank's strategic focus includes deepening professional capabilities and supporting the real economy[12] - The bank's management emphasized the importance of achieving the goals set in the "14th Five-Year Plan" amid external pressures and internal challenges[12] - The bank aims to enhance its strategic execution, customer service, management, innovation, talent, and technology capabilities to strengthen its operational resilience against external uncertainties[34] - The bank plans to accelerate international development and enhance its global service capabilities through cross-border financial services[34] Non-Interest Income and Fee Structure - Non-interest income accounted for 37.33% of total income, an increase of 0.64 percentage points year-on-year[24] - The net fee and commission income was CNY 72.09 billion, a year-on-year decrease of 14.28%, representing 57.29% of non-interest income[166] - Fee and commission income totaled RMB 81.040 billion, down 12.70% year-on-year, with wealth management fees declining by 22.70% to RMB 22.005 billion[77] Environmental, Social, and Governance (ESG) Initiatives - The bank's ESG rating for 2024 was upgraded to the highest level of "AAA"[25] - The company saved 46.588 million sheets of paper and reduced carbon dioxide emissions by 419.30 tons through the promotion of electronic agreements and paperless operations[155] - The company is committed to social responsibility by enriching family trust services and promoting innovative offerings[197] Customer Engagement and Technology - Monthly active users (MAU) for the bank's apps reached 123 million, with wholesale online channel active customer count averaging 1.9494 million[31] - The company upgraded its online operations and enhanced user experience through the iteration of its wealth management app[195] - The company is focusing on value-driven customer acquisition strategies and product upgrades in the credit card business[199]

Core Viewpoint - The article discusses the rapid development of commercial banks' agency sales business and the introduction of the "Administrative Measures for Agency Sales Business of Commercial Banks" to enhance regulation and protect consumer rights [1][2][12]. Group 1: Regulatory Framework - The new measures will take effect on October 1, 2025, and aim to standardize agency sales practices, reduce misleading sales, and improve customer service [1][2]. - The measures emphasize the responsibilities of banks as agency sales institutions, clarifying that they are not responsible for the investment and repayment of the sold products [2][10]. Group 2: Partner Selection and Management - Banks are required to strictly select partner institutions, limiting them to those supervised by the State Council's financial regulatory authority and holding financial licenses [3][5]. - Regular evaluations of partner institutions are mandated, with a mechanism for exiting partnerships if serious violations or risks are identified [3][5]. Group 3: Product Approval and Due Diligence - The measures require banks to establish clear standards for product approval based on customer profiles and risk tolerance, ensuring thorough due diligence on the products [4][6]. - Banks must verify the authenticity and completeness of product information and cannot rely solely on past performance metrics for approval [4][5]. Group 4: Sales Practices and Customer Suitability - Banks must establish comprehensive monitoring and management mechanisms for the entire sales process, ensuring compliance with appropriate sales practices [6][7]. - The measures highlight the importance of assessing customer suitability, particularly for vulnerable groups, and limit the frequency of assessments to prevent over-evaluation [6][7]. Group 5: Prohibited Practices - The measures outline 11 prohibited practices, including providing guarantees for products and bundling sales against customer wishes [7][8]. - Banks are required to maintain transparency and trust in their relationships with customers, addressing the issue of uniform sales practices [7][12]. Group 6: Private Fund Sales Regulations - The measures set specific entry requirements for agency sales of private fund products, ensuring that banks conduct comprehensive evaluations and obtain senior management approval [9][10]. - The regulations aim to prevent banks from engaging in channel business and ensure that private fund managers meet certain standards [9][10]. Group 7: Market Impact and Future Outlook - The introduction of these measures is expected to promote healthy development in the agency sales market, optimizing income structures and diversifying risks for banks [11][12]. - While some banks may face short-term challenges, the long-term benefits include improved quality and risk control in their operations [12].

Core Viewpoint - Insurance capital is increasingly favoring bank stocks, with a notable rise in shareholding activities in 2025, indicating a strategic shift in investment focus towards the banking sector [2][3]. Group 1: Insurance Capital's Preference for Bank Stocks - In 2025, six insurance companies have made shareholding moves in nine listed companies, with over half of these being bank stocks, particularly in H-shares [2][3]. - The main targets for shareholding include banks such as CITIC Bank, Postal Savings Bank, China Merchants Bank, Agricultural Bank, and Hangzhou Bank, with Ping An Life being the most active player [4]. - Historical data shows that since 2015, there have been 16 instances of insurance capital acquiring bank stocks, indicating a long-standing interest in this sector [6]. Group 2: Factors Driving Insurance Capital Investment - Three main factors are driving the current trend of insurance capital investing in bank stocks: policy guidance, the need to address "asset scarcity," and the impact of new accounting standards [7][8]. - Recent regulatory measures have encouraged insurance companies to increase their investments in A-shares, with a directive for 30% of new premiums to be allocated to A-share investments starting this year [7]. - The ongoing low interest rate environment has heightened the demand for stable, high-dividend assets, making bank stocks particularly attractive to insurance companies [8]. Group 3: Sustainability of Investment Interest - The sustained interest of insurance capital in bank stocks is influenced by the macroeconomic recovery and the evolving regulatory landscape [10]. - If the low interest rate environment persists, insurance capital may continue to seek higher-yield investment opportunities in bank stocks [10]. - The introduction of long-term stable shareholders can enhance banks' market value, creating a positive feedback loop that benefits both banks and insurance investors [10].

以下文章来源于财经天下WEEKLY ，作者财经天下 财经天下WEEKLY . 《财经天下》周刊官方账号，提供有品质的深度报道，讲述中国企业在时代浪潮中的精彩故事。 作者： 陈大壮 来源： 财经天下WEEKLY （ID： cjtxweekly ） "尊贵的客户，我行为您提供临时资金周转！30万元贷款额度已获批，请及时登录领取，以防过 期。" "银行额度放开啦，最高可借100万元！" 近日，消费者又开始频繁接到银行推销消费贷的短信和电话。为了让大家贷款，银行"让利"幅度 越来越大，利率越来越低。 01 消费贷利率又变低了 消费贷利率的变化，从招商银行身上体现得淋漓尽致。 2023年10月，该行给客户发送的短信里写道，"3.4%闪电贷利率券已发放"，同样是闪电贷利率 券，2024年3月变为3.1%，同年11月变为2.88%。2025年1月为2.78%，3月又降到2.68%。 中国企业资本联盟副理事长、中国区首席经济学家柏文喜观察到，银行在降利率的同时，营销方 式花样也变多了。除了利率优惠券与限时活动外，最普遍的还有定向优惠与客户筛选，这是指银 行对特定客户群体提供优惠利率， 如公务员、教师、企事业单位员工等优质客户 ...

行业研究 银行 2025 年 03 月 16 日 华创证券研究所 证 券 研 究 报 告 银行业周报（20250310-20250316） 推荐（维持） 提振消费促进需求回暖，资产质量趋稳 证券分析师：贾靖 邮箱：jiajing@hcyjs.com 执业编号：S0360523040004 证券分析师：徐康 电话：021-20572556 邮箱：xukang@hcyjs.com 执业编号：S0360518060005 联系人：林宛慧 邮箱：linwanhui@hcyjs.com 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 42 | 0.01 | | 总市值(亿元) | 114,991.99 | 13.04 | | 流通市值(亿元) | 78,973.67 | 11.41 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 5.0% | 17.3% | 17.7% | | 相对表现 | 2.8% | 15.6% | 24.4% | -12% 3% 19% 34% 24/03 2 ...

招聘岗位 行业研究岗（互联网软件及大模型） 岗位须知 岗位职责 1.通过实地调研、收集数据和分析，深入研究行业和公司的竞争状况、商业模式、发展趋势和风险状 况，发现行业和公司的基本面变化，为业务发展和风险预判提供参考； 2.根据研究覆盖范围，重点开展 互联网软件及大模型行业 的研究，撰写行业策略、专题、深度报告； 3.跟踪行业和公司的重要数据、事项，建立行业分析数据库和行业知识图谱，形成行业研究框架体 系； 4.为业务部门和客户提供研究服务，参加行内外各类报告会、策略会、研讨会、客户拜访等路演活 动，推动行业研究成果应用； 5.完成行领导及部门安排的其他工作。 岗位要求 1.硕士及以上学历，具备三年以上研究工作经验，具备行业与金融复合背景者优先； 2. 在相关行业有一定的研究积累，掌握相关行业的研究方法，有优秀的数据分析能力、调查分析能力 和文字撰写能力； 深圳市 截止日期 2025-05-23 3.热爱行业研究工作，对行业发展趋势具备敏感性，有优秀的逻辑思维能力、学习领悟能力及沟通协 调能力； 4.踏实勤奋，有较强的责任心、团队合作精神，抗压能力强。 所属机构 招商银行研究院 工作地点 应聘方式 扫码点击" ...