Core Viewpoint - The China Securities Index for Hong Kong-listed tradable mainland banks has shown a mixed performance, with a recent decline over the past month but an overall increase year-to-date [1]. Group 1: Index Performance - The HKT Mainland Bank Index is reported at 1183.60 points, having decreased by 4.99% over the past month, increased by 4.64% over the past three months, and risen by 17.74% year-to-date [1]. - The index is part of a series that includes HKT Hong Kong Real Estate, HKT Mainland Consumption, and HKT Mainland Banks, reflecting the overall performance of related securities in the Hong Kong market [1]. Group 2: Index Composition - The top ten holdings in the HKT Mainland Bank Index are as follows: China Construction Bank (31.15%), Industrial and Commercial Bank of China (24.07%), Bank of China (17.23%), China Merchants Bank (10.32%), Agricultural Bank of China (7.87%), CITIC Bank (3.5%), Postal Savings Bank of China (2.56%), Minsheng Bank (1.4%), Chongqing Rural Commercial Bank (0.71%), and China Everbright Bank (0.64%) [1]. - The index is exclusively composed of financial sector stocks, with a 100% representation from this industry [3]. Group 3: Index Adjustment Mechanism - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day following the second Friday of June and December each year [3]. - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [3].

Core Viewpoint - The A-share market is experiencing a significant rally, surpassing 3800 points, driven by substantial inflows of long-term capital, particularly from insurance funds and foreign investments [2][3][4]. Group 1: Market Performance - On August 22, the semiconductor sector surged, leading the Shanghai Composite Index to reach a 10-year high of over 3800 points, with trading volumes exceeding 2 trillion yuan for eight consecutive days [2][3]. - The A-share market has seen a 14.69% increase over nearly 100 trading days, rebounding over 25% from its lowest point [8]. - The total market capitalization of A-shares has surpassed 100 trillion yuan [2]. Group 2: Capital Inflows - Insurance funds have injected over 640 billion yuan into the market in the first half of the year, significantly exceeding the total for the previous year and marking a historical high [3][10]. - In the first half of 2025, foreign capital net purchases of domestic stocks and funds reached 10.1 billion USD, reversing a two-year trend of net selling [12]. - The shift of household deposits to non-bank sectors indicates a trend of retail investors moving funds into the stock market [13]. Group 3: Sector Analysis - The banking sector has seen a remarkable recovery, with Agricultural Bank of China's stock price reaching a historical high, supported by institutional investments [15][16]. - Insurance funds have made significant investments in the banking sector, with 12 out of 30 notable stakes being in banks, highlighting their preference for high dividend yields in a low-interest-rate environment [16][18]. Group 4: Economic Factors - The A-share market's rise is supported by improving economic fundamentals, including a recovery in corporate earnings and consumer price index (CPI) trends [21][23]. - Recent government policies aimed at curbing excessive competition and optimizing supply structures are seen as key drivers for the current market rally [21][22]. Group 5: Investment Trends - Financial institutions are actively researching A-share companies, with a notable increase in foreign institutional interest [26]. - Fund managers are shifting focus towards undervalued stocks with clear recovery trajectories, indicating a strategic repositioning in response to market dynamics [29].

Core Viewpoint - China Merchants Bank (CMB) has achieved a significant milestone by surpassing 16 trillion yuan in retail AUM (Assets Under Management), marking it as the first joint-stock bank in China to reach this level, showcasing its strong competitive foundation in wealth management [1][3]. Group 1: Retail AUM Growth - CMB's retail AUM has seen a historical high growth, with an increase of over 1 trillion yuan since the beginning of the year, reflecting a growth rate exceeding 7% [3]. - The bank's strategy of focusing on wealth management has accelerated its AUM growth, with the time taken to reach each successive 5 trillion yuan milestone decreasing significantly [1][3]. Group 2: Customer Service and Technology - CMB is enhancing its customer service capabilities by diversifying its offerings to meet the evolving financial needs of its over 200 million personal customers, including retirement planning and cross-border investments [4][7]. - The bank has upgraded its AI wealth assistant, "AI Xiao Zhao," to provide comprehensive customer service throughout the investment lifecycle, improving service efficiency and customer experience [4][5]. Group 3: Insurance and Asset Allocation - CMB's retail insurance premium scale has surpassed 1 trillion yuan, indicating a shift in customer risk preferences towards more stable and predictable products amid market volatility [6][7]. - The bank has introduced the "TREE Asset Allocation Service System" to cater to various risk appetites, providing a one-stop asset allocation solution for over 10 million customers [7]. Group 4: Open Ecosystem and Collaboration - CMB has initiated a wealth management ecosystem by collaborating with over 160 partners, enhancing service offerings through shared resources and capabilities [9][10]. - The bank's wealth open platform has evolved to integrate various financial products and services, promoting a unified customer experience and operational efficiency [9][10].

该行预期今轮股市升势将进一步延续，因目前市场杠杆水平温和且估值不高，估计潜在资金轮动或为股 市注入额外14万亿元人民币流动性，相当于可流通市值约16%。在券商股中首选中金公司(03908)、东方 财富（300059）(300059.SZ)及华泰证券（601688）(06886)，预期中金将最能受惠于中国内地及香港IPO 市场复苏与市况向好所带来的股权投资收益增长。小摩预期高息股将于第四季重拾动力，内银首选招商 银行（600036）(600036.SH)，同时亦推荐工商银行（601398）(01398)、中国银行（601988）(03988)及 交通银行（601328）(601328.SH)，均予"增持"评级。 摩根大通发布研报称，对中资银行及券商股持正面看法，建议投资者对中资金融股采用铃策略(Barbell Strategy)，即同时投资于高风险及低风险资产，预期市场资产轮动及过剩流动性增加，将成为股市上升 的关键驱动力。 ...

该行预期今轮股市升势将进一步延续，因目前市场杠杆水平温和且估值不高，估计潜在资金轮动或为股 市注入额外14万亿元人民币流动性，相当于可流通市值约16%。在券商股中首选中金公司(03908)、东方 财富(300059.SZ)及华泰证券(06886)，预期中金将最能受惠于中国内地及香港IPO市场复苏与市况向好所 带来的股权投资收益增长。小摩预期高息股将于第四季重拾动力，内银首选招商银行(600036.SH)，同 时亦推荐工商银行(01398)、中国银行(03988)及交通银行(601328.SH)，均予"增持"评级。 智通财经APP获悉，摩根大通发布研报称，对中资银行及券商股持正面看法，建议投资者对中资金融股 采用铃策略(Barbell Strategy)，即同时投资于高风险及低风险资产，预期市场资产轮动及过剩流动性增 加，将成为股市上升的关键驱动力。 ...

Core Viewpoint - The introduction of a personal consumption loan interest subsidy program by several banks is expected to lower the effective interest rates for borrowers, potentially bringing them down to the "2s" range if the current minimum rate of 3% remains unchanged [1][5]. Group 1: Implementation Details - Banks are finalizing the operational framework for the consumption loan interest subsidy, which will require borrowers to actively apply and authorize banks to access their transaction records [2]. - The subsidy will apply only to identifiable and verifiable consumer expenditures, with specific limits on the amounts eligible for subsidy based on the purpose of the loan [2][3]. - The system for automatic identification of eligible transactions is currently in the final testing phase and is expected to be available in mobile banking applications by September 1 [2][3]. Group 2: Interest Rate Implications - The current minimum interest rate for consumption loans is 3%, and if this rate does not change, the effective interest rate after applying the subsidy could fall below 3% [5]. - The annualized interest rate for the subsidy is set at 1%, with a maximum subsidy cap of 3,000 yuan, which could further reduce the effective borrowing costs for consumers [5]. Group 3: Market Impact and Recommendations - The fiscal subsidy is aimed at stimulating private consumption and expanding credit activities, which may provide dual support for retail lending business in banks [6]. - Analysts suggest that consumers should apply for personal consumption loans through legitimate financial institutions based on actual needs, avoiding excessive borrowing despite attractive rates and subsidies [6].

Core Viewpoint - The independent director system has become a crucial part of corporate governance in China's listed companies, contributing positively to improving governance structures, promoting standardized operations, and protecting the legitimate rights and interests of minority investors [1]. Group 1: Independent Director Compensation - Liu Qiao serves as an independent director for two A-share listed companies, China Merchants Bank and Midea Group, with total compensation amounting to 725,000 yuan, comprising 500,000 yuan from China Merchants Bank and 225,000 yuan from Midea Group [1]. Group 2: Meeting Attendance and Voting Behavior - During his tenure, Liu Qiao attended all 15 board meetings and one shareholders' meeting of China Merchants Bank, voting in favor of all resolutions without raising any objections or abstaining [2]. - Liu Qiao also attended all five board meetings and two shareholders' meetings of Shanghai Jianke, similarly voting in favor of all resolutions without any dissent [2]. Group 3: Professional Background - Liu Qiao holds a bachelor's degree in applied mathematics from Renmin University of China, a master's degree in economics from the People's Bank of China Research Institute, and a Ph.D. in economics from UCLA [2]. - He is currently the Dean of the Guanghua School of Management at Peking University and has held various academic and advisory positions, including being a member of the National Federation of Industry and Commerce Think Tank Committee [2].

Group 1 - The independent director system has become an important part of corporate governance in China's listed companies, enhancing decision-making and protecting the rights of minority investors [1] - Liu Qiao serves as an independent director for two A-share listed companies, China Merchants Bank and Midea Group, with total remuneration of 725,000 yuan [1] - During his tenure, Liu Qiao attended all board meetings and shareholder meetings, voting in favor of all proposals without raising any objections [1] Group 2 - Liu Qiao holds a bachelor's degree in applied mathematics from Renmin University of China, a master's degree in economics from the People's Bank of China Research Institute, and a Ph.D. in economics from UCLA [2] - He has held various academic and advisory positions, including being the dean of Peking University's Guanghua School of Management and serving on several committees related to finance and economics [2]

据了解，"中国潮玩之都・东莞联名卡"是由招商银行东莞分行与东莞市潮玩协会联合打造的金融产品， 不仅是一张支付工具，更是连接IP价值与消费场景的"金钥匙"——持卡人可享受限定潮玩预售等专属折 扣等权益，未来还将拓展线上潮玩专区等创新功能。 "本次联名卡发行，非常感谢拼酷、狼博旺、Almost Real、因石、Toy City等合作品牌支持，我们希望通 过金融连接潮玩、文旅与消费者，让文化价值实现商业闭环"。招商银行东莞分行零售客群部副总经理 蔡伟林在解读中透露，未来还将开发线上专区等专属服务。 东莞市潮玩协会会长叶祖峰介绍，东莞作为"中国潮玩之都"，拥有完整的产业链和丰富的IP资源。此次 联动文旅产业，正是要打破行业边界，让潮玩文化走向大众消费场景。 在东莞漫博会活动期间，现场累计吸引超过200人开卡。随着联名卡应用场景的持续扩容，东莞潮玩IP 的影响力将走向大众生活，为城市文旅经济注入持久活力。 南方财经记者程浩 实习生李天豪 东莞报道 近日，"文创新旅"IP文旅生态共创活动在东莞石排举办，本次活动以"潮玩+文旅"为主题，汇聚政府代 表、行业协会、金融机构及潮玩文创企业，通过主题分享、联名卡发布、产业项目签约 ...

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） 關於召開2025年中期業績說明會的公告 招商銀行股份有限公司（「本公司」）擬於2025年8月29日（星期五）晚在香港交易 及結算所有限公司網站( www.hkex.com.hk )披露本公司2025年中期業績。為了便 於廣大投資者更全面深入地了解本公司2025年中期業績和經營情況，本公司擬於 北京時間2025年9月1日（星期一）上午9:30-11:30通過網絡直播方式召開業績說明 會，就投資者普遍關注的問題與投資者進行交流。本公司執行董事、行長兼首席 執行官王良先生，以及部分高級管理人員、獨立非執行董事等將參加業績說明會。 英文：https://webcasting.bizconf.cn/live/watch/o0ppyzjl 本公司將為投資者提供 ...