Investment Rating - The report indicates a positive outlook for the insurance sector, with a recommendation to focus on strong insurance companies such as New China Life Insurance, China Ping An, China Life Insurance H, and China Taiping [2][17] Core Insights - The non-bank financial sector (Shenwan) index increased by 2.27%, outperforming the CSI 300 index by 0.99 percentage points, while the insurance sector saw a significant rise of 5.08% [1][9] - The insurance sector's growth is attributed to several factors, including a reduction in long-term stock holding risk factors, expected strong performance in dividend insurance products, and improved global liquidity due to anticipated interest rate cuts in the US [2][16] - The brokerage sector is expected to experience a valuation correction, with a current price-to-book (PB) ratio of 1.36x, indicating potential for recovery in profitability and valuation [2][19] - The banking sector has underperformed, with a decline of 1.18%, and is currently undervalued with a PB ratio of 0.55x, suggesting room for future valuation improvement [3][20] Summary by Sections Insurance Sector - The insurance index rose by 5.08%, significantly outperforming the CSI 300 index by 3.80 percentage points, driven by regulatory adjustments that lowered risk factors for long-term stock holdings [1][13] - The sector is expected to benefit from a favorable environment for dividend insurance products, with strong growth anticipated in the coming year [2][16] - Key recommendations include focusing on companies like New China Life Insurance and China Ping An, which are positioned for growth [17] Brokerage Sector - The brokerage index increased by 1.14%, with a current PB ratio of 1.36x, indicating a potential mismatch between profitability and valuation [2][19] - Regulatory changes are expected to enhance capital efficiency for leading brokerages, creating opportunities for investment in firms with strong fundamentals [2][18] - Recommended stocks include Guotai Junan, Huatai Securities, and Orient Securities, particularly those involved in mergers or restructuring [19] Banking Sector - The banking sector saw a decline of 1.18%, with a PB ratio of 0.55x, indicating that banks are currently undervalued [3][20] - Concerns about asset quality, particularly related to real estate and local government debt, have affected market perceptions, but there is potential for recovery as regulatory support continues [23][24] - Recommendations include focusing on high-quality city commercial banks in economically developed regions, such as Hangzhou Bank and Ningbo Bank [20][24]

Core Viewpoint - The company held its 25th meeting of the 7th Board of Directors on December 5, 2025, where several proposals regarding expected related party transactions for 2026 were approved, which will be submitted for shareholder approval [1][2][3]. Summary by Sections Related Party Transactions - The company anticipates related party transactions for 2026, including: - Up to RMB 600 million for ship repairs with China Merchants Industry Holdings [2][3]. - Up to RMB 6 billion for oil transportation with Sinopec Group [3]. - Up to RMB 2 billion for material supply and equipment agency with China Merchants Haitong Trading [3]. - Up to RMB 400 million for crew management with Guangzhou Haishun Maritime Service [3]. - Up to RMB 200 million for freight and rental services with China Foreign Trade and Transportation Group [3]. - Up to RMB 1.8 billion for various services with other related parties [5][3]. Financial Transactions with China Merchants Bank - The company plans to engage in deposit and loan transactions with China Merchants Bank from January 1 to December 31, 2026, with a maximum deposit balance of RMB 5 billion and a maximum credit balance of RMB 7 billion [9][63]. Board and Independent Director Approval - The proposals were approved with unanimous votes from the board members present, with related directors abstaining from voting on their respective proposals [6][10][38]. - Independent directors held a special meeting prior to the board meeting to review and agree on the expected related party transactions [7][38]. Shareholder Meeting - The proposals will be presented at the upcoming shareholder meeting scheduled for December 29, 2025, where related shareholders will abstain from voting on relevant proposals [18][49].

Core Insights - The credit card market in China is experiencing a significant contraction, with a total issuance of 707 million cards as of Q3 2025, down from 715 million in Q2 2025 and a peak of 807 million in Q3 2022, marking a decline of approximately 100 million cards over three years [2][3] - The non-performing loan (NPL) rate for credit cards has risen to 2.40% as of mid-2025, indicating increasing pressure on asset quality within the banking sector [5][6] Credit Card Issuance Trends - The total number of credit cards has been on a downward trend for 12 consecutive quarters, with a notable reduction of 800 million cards in Q3 2025 compared to the previous quarter [2] - Major banks have reported a significant decrease in credit card loan balances, with a reduction of nearly 600 billion yuan in the first half of 2025 compared to the end of 2024 [3] - Credit card transaction volumes have also declined, with an overall decrease of approximately 8% year-on-year, particularly affecting banks like China Merchants Bank and Bank of Communications [3] Factors Influencing Market Contraction - The contraction in the credit card market is attributed to multiple factors, including regulatory policies that encourage banks to move away from aggressive card issuance and the rise of mobile payments and internet credit tools that are replacing traditional credit card usage [4] - Banks are shifting their focus from merely expanding card issuance to more refined management and risk control strategies [4] Asset Quality Concerns - The total amount of overdue credit card loans has increased from 842.85 billion yuan in Q2 2022 to 1,239.64 billion yuan by the end of 2024, indicating a growing concern over asset quality [5] - The average NPL rate for credit card overdrafts among 12 domestic banks has risen from 2.33% at the end of 2024 to 2.40% by mid-2025, with specific banks like ICBC and CCB reporting even higher rates [5] Risk Management and Asset Disposal - In response to rising NPLs, banks are accelerating the disposal of non-performing assets, with over 260 billion yuan in personal loan asset packages being transferred in November alone [6] - Notable cases include large asset packages from banks like Minsheng Bank and SPDB, indicating a proactive approach to managing credit risk [6] Operational Adjustments in Banking - Banks are implementing cost-cutting measures, including the closure of credit card centers and integrating credit card operations into broader retail banking strategies [7] - The future of credit card services is expected to focus on providing safer and more value-added financial services rather than merely promoting overspending [7] - The competitive landscape is likely to favor larger banks with strong risk management capabilities, while smaller banks will need to find ways to attract and retain customers without compromising on risk [7]

Group 1 - The Hang Seng Index experienced a sharp drop after opening but rebounded significantly, closing up by 0.58% [1] - The Hang Seng Tech Index led the gains, rising by 1.33%, with notable increases from Baidu Group (up 5.01%), Kuaishou (up 2.52%), and Xiaomi Group (up 1.91%) [3] - The banking sector showed signs of recovery, with a 0.28% increase, highlighted by China Merchants Bank (up 2.09%) and Industrial and Commercial Bank of China (up 1.77%) [3] Group 2 - Despite the overall market rebound, some banks like Everbright Bank fell by 1.91%, while others like Agricultural Bank of China and Minsheng Bank also saw slight declines [3] - The pharmaceutical sector faced mixed results, with companies like Innovent Biologics and BeiGene experiencing declines, while Hansoh Pharmaceutical saw an increase of 3.66% [3]

Market Overview - Major blue-chip stocks mostly declined, with HSBC Holdings closing at HKD 110.541, down 0.41% from the previous close; Tencent Holdings closed at HKD 608.677, down 0.22% [2] Stock Performance Summary - Tencent Holdings: Latest price HKD 610.000, down HKD 2.000 (-0.33%); ADR price HKD 608.677, down HKD 1.323 [3] - HSBC Holdings: Latest price HKD 111.000, down HKD 0.500 (-0.45%); ADR price HKD 110.541, down HKD 0.459 [3] - Alibaba Group: Latest price HKD 155.000, up HKD 0.600 (0.39%); ADR price HKD 154.057, down HKD 0.943 [3] - AIA Group: Latest price HKD 78.300, down HKD 0.700 (-0.89%); ADR price HKD 78.371, up HKD 0.071 [3] - Meituan: Latest price HKD 99.050, up HKD 0.950 (0.97%); ADR price HKD 98.981, down HKD 0.069 [3] - Ping An Insurance: Latest price HKD 60.450, up HKD 3.800 (6.71%); ADR price HKD 60.370, down HKD 0.080 [3] - BYD Company: Latest price HKD 99.150, up HKD 0.750 (0.76%); ADR price HKD 98.086, down HKD 1.064 [3]

2025年11月14日，招商银行青岛分行与青岛海关携手，成功协助客户OXAS完成全国首笔银行直联B类 快件电子关税保函业务。此举标志着在个人自用物品快件领域，传统保证金模式被数字化金融方案成功 替代，为物流行业高质量发展注入了强劲动能。 破冰之举：全国首笔B类快件电子关税保函落地 B类快件特指境内自然人收寄件的个人自用物品。随着海关总署将其纳入线上化试点范围，招商银行迅 速响应，创新推出适用于该场景的电子关税保函产品。青岛分行与青岛海关紧密协作，启动系统对接方 案设计，并凭借与海关总署的系统直联优势，高效完成多轮测试，最终在试点系统上线当日实现业务突 破，落地首笔业务。 未来展望：数字化金融助力物流行业高质量发展 招商银行青岛分行"以客户为中心、以创新为引擎"，此次业务创新是其积极响应中央"数字政府"建设、 优化营商环境决策部署的又一典范。分行表示，将继续深化与海关总署及各地海关的合作，探索更多场 景下的数字化金融服务方案，为物流行业的转型升级提供持续动力。 据悉，此举不仅响应了海关总署及地方政府提升通关便利化、降低企业运营成本的工作要求，更以实际 行动证明了数字化金融在赋能实体经济、优化营商环境方面的巨大潜 ...

招商銀行股份有限公司董事會 2025年12月5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。 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。 第一条 为规范招商银行股份有限公司（以下简称本行） 信息披露暂缓与豁免行为，保障本行及其他信息披露义务人 依法合规履行信息披露义务，保护本行和投资者的合法权益， 根据中国证监会《上市公司信息披露暂缓与豁免管理规定》 《上海证券交易所股票上市规则》《上海证券交易所上市公 司自律监管指引第 2 号——信息披露事务 ...

招商银行（600036）(03968)公布，按照招银优1票面股息率3.62%计算，每股优先股派发现金股息人民 币3.62元(含税)，合计派发人民币9.955亿元(含税)。股息发放日为2025年12月18日(星期四)。 ...

智通财经APP讯，招商银行(03968)公布，按照招银优1票面股息率3.62%计算，每股优先股派发现金股 息人民币3.62元(含税)，合计派发人民币9.955亿元(含税)。 股息发放日为2025年12月18日(星期四)。 ...

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 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。 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 3 日以电 子邮件方式发出第十三届董事会第八次会议通知，于 12 月 5 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。 会议审议通过了以下议案： 一、审议通过了《招商银行并表管理办法（第四版）》。 同意：15 票 反对 ...