12月29日，招商银行发布2025年半年度利润分配方案公告，拟向全体股东每股派发现金红利1.013元 （含税）。截至 2025年6月30日，公司普通股总股本252.20亿股，以此计算，合计拟派发现金红利约 255.48亿元（含税），现金分红比例为35.02%。 ...

Group 1: US Economic Overview - The actual GDP growth rate for Q3 was 4.3%, with consumption growth at 3.5%, investment at -0.3%, and exports at 8.8% [2] - The K-shaped recovery continues, with services and non-durable goods consumption accelerating, while durable goods consumption remains sluggish [2] - The investment in equipment and intellectual property benefited from optimistic AI expectations, while construction and real estate investments were hindered by high interest rates [2] Group 2: Q4 Economic Predictions - The GDPNow model predicts a Q4 GDP growth rate of 3.0%, with consumption growth at 2.7%, investment at 7.0%, and exports at 6.6% [3] - Caution is advised regarding the sustainability of consumption growth due to declining savings rates and a weak job market [3] - Investment growth is primarily driven by inventory replenishment post-tariff impacts and a weak recovery in real estate investment [3] Group 3: Stock Market Insights - The S&P 500 and Nasdaq indices saw slight increases of 1.4% and 1.3% respectively, with December typically being a strong month for US stocks [4] - Concerns about high valuations and AI bubble risks persist, with future market dynamics expected to oscillate between high valuations, interest rate cuts, and AI monetization [4] - Recommendations include maintaining a diversified portfolio, focusing on materials and industrial sectors alongside technology [4] Group 4: Bond Market and Currency Trends - In a rate-cutting cycle, US bond yields are expected to trend downward, with short-term bonds benefiting directly from Fed actions [4] - The dollar is anticipated to remain in a downtrend due to high Fed rate cut expectations, although a long-term recovery is expected by 2026 [4] - The RMB is experiencing strong appreciation driven by year-end settlement demand, with further appreciation likely as the interest rate differential narrows [5] Group 5: Chinese Economic Conditions - The real estate market continues to weaken, with new home and second-hand home transactions dropping by 27.4% and 25.8% respectively in December [6] - Industrial profits fell by 13.1% year-on-year in November, indicating increasing economic pressure and weak recovery momentum [7] - Export dynamics show a short-term contraction in volume but a price recovery, with container shipping rates rebounding [8] Group 6: Fiscal and Monetary Policy - The 2026 fiscal policy will focus on expanding expenditure, optimizing government bond tools, and enhancing local financial autonomy [9] - The monetary policy is shifting towards a more flexible approach, emphasizing support for domestic demand and innovation [10] - The bond market is expected to remain slightly weak in the short term, with a focus on mid-term bond investments [11] Group 7: Market Outlook - Short-term risks include the potential decline in year-end capital inflows and increased earnings volatility in January [12] - The technology sector remains a key focus, with recommendations to balance investments across technology, dividends, and consumer sectors [13] - The Hong Kong market is expected to benefit from continued inflows and a favorable interest rate environment, despite current pressures [13]

本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 招商銀行股份有限公司董事會 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） 海外監管公告 2025年12月29日 於本公告日期，本公司的執行董事為王良及鍾德勝；本公司的股東董事（非執行 董事）為繆建民、石岱、孫雲飛、鄧仁傑、江朝陽、朱立偉及黃堅；及本公司的 獨立非執行董事為李孟剛、劉俏、田宏啟、李朝鮮、史永東及李健。 A 股简称：招商银行 A 股代码：600036 公告编号：2025-064 招商银行股份有限公司 2025年半年度利润分配方案公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、 利润分配方案内容 本公 ...

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） 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 招商銀行股份有限公司董事會 2025年12月29日 於本公告日期，本公司的執行董事為王良及鍾德勝；本公司的股東董事（非執行 董事）為繆建民、石岱、孫雲飛、鄧仁傑、江朝陽、朱立偉及黃堅；及本公司的 獨立非執行董事為李孟剛、劉俏、田宏啟、李朝鮮、史永東及李健。 A 股简称：招商银行 A 股代码：600036 公告编号：2025-063 同意：15 票 反对：0 票 弃权：0 票 有关利润分配方案详情，请参阅本公司同时在上海证券交易所网站 （www.sse.com.cn）、香港交易及结算所有限公司网站（www.hkex.com.hk）和本 公司网站(www.cmbc ...

12月29日，招商银行发布2025年半年度利润分配方案公告显示，该公司拟向全体股东每股派发现金红利1.013元（含税），预计总派发 金额为255.48亿元，现金分红比例为35.02%。A股现金红利发放日预计为2026年1月16日前后，有关详情将在分红派息实施公告中进一 步明确和公布。 上证报中国证券网讯（记者 徐潇潇）12月29日，招商银行发布2025年半年度利润分配方案公告显示，该公司拟向全体股东每股派发现 金红利1.013元（含税），预计总派发金额为255.48亿元，现金分红比例为35.02%。A股现金红利发放日预计为2026年1月16日前后，有 关详情将在分红派息实施公告中进一步明确和公布。 ...

Core Viewpoint - The Hong Kong stock market experienced significant net selling from northbound capital, totaling 34.14 billion HKD on December 29, with notable net selling in major stocks like Alibaba and China Mobile [1]. Group 1: Northbound Capital Flow - Northbound capital recorded a net selling of 34.14 billion HKD, with 3.31 billion HKD from the Shanghai Stock Connect and 30.84 billion HKD from the Shenzhen Stock Connect [1]. - The stocks with the highest net buying included China Merchants Bank (03968), Hua Hong Semiconductor (01347), and Jiangxi Copper (00358) [1]. - The stocks with the highest net selling were China Mobile (00941), Alibaba-W (09988), and Zijin Mining (02899) [1]. Group 2: Individual Stock Performance - Alibaba-W (09988) had a net selling of 8.15 billion HKD, with a total trading volume of 41.57 billion HKD [2]. - Tencent Holdings (00700) saw a net inflow of 8.70 billion HKD, with a total trading volume of 34.90 billion HKD [2]. - China Mobile (00941) experienced a net selling of 10.79 billion HKD, with a total trading volume of 21.77 billion HKD [2]. Group 3: Company-Specific News - China Merchants Bank (03968) received a net buying of 9.71 billion HKD, following the establishment of its subsidiary AIC Investment [6]. - Jiangxi Copper (00358) had a net buying of 22.59 million HKD, as it announced plans to acquire SolGold for up to 7.64 billion GBP [7]. - Hua Hong Semiconductor (01347) saw a net buying of 2.62 billion HKD, while SMIC (00981) faced a net selling of 752 million HKD amid price increase notifications to downstream customers [6].

Summary of Key Points Core Viewpoint - Southbound funds recorded a net sell-off of HKD 3.414 billion in Hong Kong stocks today, indicating a trend of capital outflow from the market [1] Group 1: Net Buying and Selling - The net buying included China Merchants Bank at HKD 0.971 billion and Hua Hong Semiconductor at HKD 0.262 billion [1] - The net selling was led by China Mobile at HKD 1.45 billion, Alibaba-W at HKD 1.024 billion, and Zijin Mining at HKD 0.621 billion [1] - Other notable net sell-offs included Tencent Holdings at HKD 0.318 billion, Xiaomi Group-W at HKD 0.282 billion, CNOOC at HKD 0.228 billion, Meituan-W at HKD 0.194 billion, and UBTECH at HKD 0.16 billion [1] Group 2: Trends in Southbound Fund Activity - Southbound funds have recorded a continuous net sell-off of China Mobile for 10 consecutive days, totaling HKD 8.65362 billion [1] - Tencent has seen net sell-offs for 3 consecutive days, amounting to HKD 2.01788 billion [1]

A 股简称：招商银行 A 股代码：600036 公告编号：2025-063 招商银行股份有限公司 董事会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 招商银行股份有限公司（简称本公司或招商银行）于 2025 年 12 月 26 日以 电子邮件方式发出第十三届董事会第十次会议通知，于 12 月 29 日以书面传签方 式召开会议。会议应参会董事 15 名，实际参会董事 15 名。会议的召开符合《中 华人民共和国公司法》和《招商银行股份有限公司章程》等有关规定。 1 非执行董事为股东董事。 1 三、审议通过了《关于招商银行 2024 年度薪酬清算的议案》。 会议审议通过了以下议案： 一、审议通过了《关于实施 2025 年度中期利润分配的议案》。 同意：15 票 反对：0 票 弃权：0 票 有关利润分配方案详情，请参阅本公司同时在上海证券交易所网站 （www.sse.com.cn）、香港交易及结算所有限公司网站（www.hkex.com.hk）和本 公司网站(www.cmbchina.com)刊登的 2025 年半年度利润 ...

A 股简称：招商银行 A 股代码：600036 公告编号：2025-064 招商银行股份有限公司 2025年半年度利润分配方案公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、利润分配方案内容 本公司于 2025 年 12 月 29 日召开的第十三届董事会第十次会议审议并全票通 过了《关于实施 2025 年度中期利润分配的议案》，同意： （一）根据经安永华明会计师事务所（特殊普通合伙）审阅的本公司 2025 年半年度财务报告，截至 2025 年 6 月 30 日，本公司法人口径期末未分配利润为 人民币 5,742.04 亿元，2025 年半年度合并口径归属于本行普通股股东的净利润 为人民币 729.55 亿元，据此按 35%的比例计算本次中期利润分配现金分红金额。 （二）中期利润分配现金分红派发对象为截至股权登记日登记在册的本行全 体 A 股股东及 H 股股东。 （三）以股权登记日的 A 股与 H 股总股本为基数，向登记在册的全体股东派 发现金股息，每股现金分红 1.013 元（含税），以人民币计值和宣 ...

Core Viewpoint - China Merchants Bank announced a profit distribution plan for the first half of 2025, proposing a cash dividend of 1.013 yuan per share (including tax) to all shareholders, with a total distribution amount expected to be 25.548 billion yuan and a cash dividend ratio of 35.02% [1][3]. Summary by Categories Profit Distribution - The company plans to distribute a cash dividend of 1.013 yuan per share to shareholders [1][3]. - The total expected distribution amount is 25.548 billion yuan [1][3]. - The cash dividend ratio stands at 35.02% [1][3].