招商银行资金营运中心外汇分析师丁木桥表示，目前市场预期美联储降息2-3次，关注通胀、非农、失 业率数据。美元指数预计将在95-103区间宽幅震荡，欧元要突破7月创下的四年高点还需新的驱动因 素，日本年内加息存疑、利差逻辑仍偏利空日元。 来源：第一财经 ...

Core Viewpoint - The forum hosted by China Merchants Bank emphasizes the high-quality development of wealth management in the Guangdong-Hong Kong-Macao Greater Bay Area, highlighting the potential for growth in China's wealth management industry as it transitions to a globalized stage [1][2]. Group 1: Industry Trends and Changes - China's wealth management industry has significant growth potential as the country shifts from a financial power to a financial stronghold, with rising asset valuations and a recovering capital market attracting global funds [2]. - The low-interest-rate environment in China since 2021 poses challenges for wealth management institutions, impacting investment returns and operational pressures [2]. - Customer demand is evolving towards a more comprehensive approach, requiring wealth management firms to enhance their service capabilities to meet diverse needs [2]. - Wealth management must accelerate its transformation to achieve high-quality development, shifting from a focus on numerous small entities to fewer, stronger ones, and moving towards internationalization [2]. - The technological revolution, particularly AI, is expected to disrupt wealth management, transforming service methods, operational models, and decision-making processes [2]. Group 2: Company Strategies and Achievements - China Merchants Bank is committed to high-quality development in wealth management and asset management, achieving notable results through its strategic focus [2]. - The bank's business model is evolving to prioritize long-term effectiveness, emphasizing customer retention over mere sales [3]. - The bank maintains a balanced and robust business structure, utilizing a multi-asset and multi-strategy approach based on customer risk preferences [3]. - Customer experience is being enhanced through a focus on certainty in supply strategies and effective risk management [3]. - The bank is leveraging technology for efficiency, developing a digital foundation that incorporates cloud, AI, and centralized platforms [3]. Group 3: Future Directions and Collaborations - The bank aims to be a builder of a financial strong nation, integrating into national financial strategies to support the real economy and enhance global competitiveness [3]. - It seeks to create long-term value for clients by prioritizing customer needs and enhancing wealth management experiences [3]. - The bank is positioned as a service provider for global asset allocation, with an international layout centered around Hong Kong [3]. - It is pioneering in the "AI + Finance" space, implementing an "AI First" strategy to become a leading intelligent bank [3]. - The bank emphasizes regulatory compliance and self-discipline, promoting healthy competition within the industry [3].

Core Viewpoint - The performance of listed banks in 2021 has been impressive, with all 22 banks reporting positive growth in net profit, and a significant portion achieving double-digit growth in both revenue and net profit [1][2][3]. Group 1: Performance Overview - As of March 6, 2022, 22 listed banks have released their 2021 performance reports, all showing positive forecasts [1]. - Among these banks, 19 reported a double-digit growth rate in net profit, accounting for over 80% of the total [1]. - Shanghai Bank reported a revenue of 56.23 billion yuan, a year-on-year increase of 10.81%, and a net profit of 22.04 billion yuan, up 5.54% [1]. - The total assets of Shanghai Bank reached 2.65 trillion yuan, a growth of 7.76%, with a non-performing loan ratio of 1.25% [1]. Group 2: Leading Banks - In terms of revenue, China Merchants Bank, Industrial Bank, and CITIC Bank ranked as the top three listed banks, each exceeding 200 billion yuan in revenue, with China Merchants Bank leading at 331.23 billion yuan [2]. - China Merchants Bank is the only bank with a net profit exceeding 100 billion yuan, reporting 119.92 billion yuan for 2021 [2]. - Ningbo Bank and Jiangsu Bank achieved the highest growth rates, with revenue growth of 28.24% and net profit growth of 30.72%, respectively [2]. Group 3: Market Sentiment and International Interest - The overall performance of listed banks is expected to continue improving, driven by stable growth policies, which may further catalyze valuation recovery [3]. - Recent adjustments by FTSE Russell included the addition of two billion-dollar market cap banks, Ningbo Bank and Postal Savings Bank, to the FTSE China A50 Index [3]. - International funds, such as Allianz's China A-Share Fund, have increased their holdings in China Merchants Bank, indicating growing foreign interest in Chinese bank stocks [4].

Core Viewpoint - The article emphasizes the urgent need for the banking industry to transition towards green finance in response to China's carbon neutrality goals by 2060 and peak carbon emissions by 2030, highlighting the significant investment opportunities and the strategic initiatives taken by China Merchants Bank (CMB) in this area [1][2][3]. Group 1: Green Finance Strategy - CMB has prioritized green finance as a core business area, elevating its importance in the 2021 sustainability report, reflecting a shift from 11th place in 2020 to the top position in 2021 [1]. - The bank aims for its green project loan growth to exceed the overall growth of corporate loans within the year and to enter the top tier of banks in the People's Bank of China's green finance evaluation within five years [2]. - The report indicates that achieving China's carbon peak and neutrality goals will require investments in the range of trillions of yuan, creating substantial market opportunities for financial institutions [2]. Group 2: Green Financing Policies - CMB plans to implement differentiated credit policies to allocate resources towards low-energy, low-pollution industries while controlling loans to high-pollution sectors [3]. - The bank has issued carbon reduction loans amounting to 6.974 billion yuan in 2021, resulting in a reduction of 1.2152 million tons of CO2 equivalent [4]. - CMB's green loan balance reached 263.842 billion yuan by the end of 2021, with a year-on-year increase of 55.254 billion yuan, representing a growth rate of 26.49% [4]. Group 3: Green Investment and ESG Integration - CMB has actively engaged in green investments, with a focus on retail markets, having sold approximately 17.8 billion yuan in funds related to renewable energy and photovoltaic industries over the past year [6]. - The bank has integrated ESG principles into its investment processes, achieving an MSCI ESG rating upgrade from BBB to A, positioning it among industry leaders [7]. - CMB's subsidiaries are involved in various green financing initiatives, including issuing green bonds and providing innovative financing solutions for renewable energy projects [5][6]. Group 4: Economic Impact of Green Finance - The article highlights that green finance is not merely a response to policy but is viewed as a long-term investment opportunity that can drive economic growth and job creation [8]. - The International Energy Agency predicts that investments in clean energy and infrastructure will triple by 2030, contributing significantly to global GDP growth [8]. - CMB is committed to leveraging financial tools to address climate challenges and support economic transformation towards sustainability [8].

从资产质量来看，多数银行房地产业不良贷款余额和不良贷款率微升。平安银行年报显示，截至2021年 年末，房地产业不良贷款率为0.22%，较2020年年末仅上升0.01个百分点。 其他股份行情况类似。截至2021年年末，招商银行房地产业不良贷款余额由2020年年末的11.90亿元上 升至56.55亿元，不良贷款率由0.3%上升至1.41%；中信银行房地产业不良贷款余额由96.33亿元提升至 103.31亿元，不良贷款率为3.63%，较2020年上升了0.28个百分点。 中国证券报记者日前梳理多家银行2021年年报后发现，截至2021年年末，银行业涉及房地产不良贷 款余额、不良贷款率整体来看较前一年略有提升。业内人士表示，这与商业银行加大房地产业的拨备计 提力度有关。整体来看，银行业涉房业务风险敞口有限，后续商业银行将进一步强化风控措施，同时加 大对保障性租赁住房项目、房企并购优质项目的支持力度。 涉房贷款不良率微升 据中国证券报记者不完全梳理，截至3月29日发稿时，已有中国银行、交通银行、招商银行、兴业银 行、中信银行、平安银行、苏州银行共7家A股上市银行在2021年年报中披露涉房贷款情况。 整体来看，各家银行的 ...

展望二季度，中邮证券认为，政策有助于巩固银行基本面，二季度稳增长政策将成为银行业下阶段 表现的动力来源，成长性较高、资产优质、业务护城河较深的相关个股有望得到市场更多的关注。东兴 证券也表示，银行板块估值修复行情值得期待，建议优选财富管理领域具备客户基础、销售渠道、产品 服务体系先发优势的银行，以及具备区位优势且体制机制较为市场化的优质中小银行。 【纠错】 【责任编辑:刘睿祎】 此外，已披露一季报的上市银行资产质量整体保持稳定，不良贷款率大多持平或下降。例如，截至 今年一季度末，南京银行不良贷款率0.90%，较年初下降0.01个百分点；杭州银行不良贷款率为0.82%， 较上年末下降0.04个百分点；宁波银行不良贷款率0.77%，与年初持平，继续保持行业较低水平；常熟 银行不良贷款率0.81%，浙商银行不良贷款率1.53%，均与去年末持平。 上市银行一季报正在加速披露中。4月26日晚，宁波银行、苏州银行、平安银行分别发布2022年一 季度报告，一季度归母净利润分别同比增长20.80%、20.56%、26.83%。截至记者发稿时，已有9家上市 银行发布一季报。整体来看，已披露业绩的上市银行盈利保持稳健，归母净利润 ...

作为中间业务的一类，基金代销业务为银行贡献了可观的非息收入。《证券日报》记者对银行2021 年年报梳理后发现，尽管部分银行2021年基金销量略有下降，但基金代销收入依然是银行财富管理手续 费收入的中坚力量。从保有量方面来看，银行稳居基金代销渠道的"C位"。例如，工行、招行2021年基 金销量虽然略有下降，但均超过6000亿元，且代销基金的保有量在业内处于领先地位。农行2021年基金 销量为3444.48亿元，同比增长233.65亿元。 银行仍是基金代销核心渠道 二季度，A股市场逐步回暖，基金销售市场随之升温，银行代销基金的活跃度也有所提升。一方 面，部分基金由于业绩表现亮眼，成为投资者申购的"抢手货"；另一方面，部分银行推出基金申购费率 一折优惠活动，也吸引了大量投资者的参与。 中国证券投资基金业协会（以下简称"中基协"）近日披露的2022年二季度基金销售机构公募基金销 售保有规模数据显示，在基金代销队伍中，银行的头部效应凸显。 银行基金销售情况平稳 近期，部分银行推出基金定投享受费率1折的优惠。例如，建设银行官网公布的消息显示，2022年6 月17日起至12月31日(截至当日法定交易时间)，投资者通过该行手 ...

对此，秦农银行首席研究员、复旦大学金融研究院兼职研究员董希淼表示，对银行理财公司和已经 成立理财公司的商业银行而言，拓展理财产品代销业务，一方面可以增加理财业务收入，提高中间业务 收入占比；另一方面可以丰富理财产品体系，满足客户多元化资产配置的需求。 "近年来，银行加大向实体经济减费让利，中间业务收入增长压力很大，开展理财产品代销业务可 以减缓中间业务收入下降的压力，同时还可以让客户在购买理财产品方面有更多选择，进一步提升对客 户的吸引力。"董希淼表示。 中金公司分析师王子瑜认为，部分深耕财富管理业务的商业银行积极引入外部资管机构资管产品， 可以为财富管理客户提供更全面、更优质的资产配置服务；同时，引入外部资管产品有望激励理财公司 推进能力建设。 招行首次代销光大养老理财，额度仅10亿元。"日前，招行客户经理向中国证券报记者推介其他银 行理财公司的产品。 随着理财产品销售的"围墙"逐步被打破，代销业务发展得如火如荼。记者梳理上市银行半年报发 现，多家银行的理财代销收入大幅提升。业内人士认为，在净值化管理的新阶段，拓展代销业务能减缓 中间业务收入下降的压力，有望成为未来银行发力的重要方面。 代销理财产品收入增幅 ...

Group 1: Overall Performance of Listed Banks - Multiple A-share listed banks reported strong performance for 2022, with net profit growth exceeding 25% for several banks, including Ping An Bank, Changshu Bank, Wuxi Bank, and Zhangjiagang Bank [1] - The profitability of banks is driven by improved asset quality and declining credit costs, indicating potential for sustained high growth in the coming years [1] Group 2: Specific Bank Performance - China Merchants Bank ("CMB") achieved a revenue of 344.78 billion yuan, a year-on-year increase of 4.08%, and a net profit of 138.01 billion yuan, up 15.08% [2] - CMB's total assets surpassed 1 trillion yuan for the first time, reaching approximately 10.14 trillion yuan, a growth of 9.6% from the previous year [2] - Ping An Bank reported a revenue of 179.90 billion yuan, a 6.2% increase, and a net profit of 45.52 billion yuan, up 25.3% [3] - Changshu Bank's revenue was 8.81 billion yuan, with a net profit of 2.74 billion yuan, reflecting a 15.06% and 25.41% increase, respectively [4] - Wuxi Bank achieved a total revenue of 4.48 billion yuan and a net profit of 2.00 billion yuan, with increases of 3.04% and 26.65% [4] Group 3: Asset Quality and Risk Management - CMB's non-performing loan (NPL) ratio slightly increased to 0.96%, while its provision coverage ratio decreased to 450.79% [2] - Ping An Bank's NPL ratio rose to 1.05%, with a provision coverage ratio of 290.28% [3] - Both Changshu Bank and Wuxi Bank maintained NPL ratios of 0.81%, with strong provision coverage ratios exceeding 530% [5] Group 4: Market Outlook and Valuation - The stock prices of banks that reported positive earnings have seen recovery, with CMB's market capitalization exceeding 1 trillion yuan [6] - Analysts expect significant valuation recovery for quality banks, particularly as real estate risks are resolved [6] - There is a positive outlook for regional banks with strong operational capabilities and high growth in revenue and net profit, alongside favorable asset quality metrics [6]

8月7日，招商银行在深举办"财富启新程 湾区共潮生——2025财富合作伙伴论坛"，头部基金、理财、 保险、私募、信托机构齐聚粤港澳大湾区，共商大财富管理高质量发展新征程。 目前，粤港澳大湾区经济总量已达14.8万亿元人民币，比肩全球三大湾区。招商银行行长王良在论坛致 辞时表示，中国财富资管已经迈入了全球化发展的新阶段，要充分依托粤港澳大湾区的区位优势，依托 香港"超级联系人""超级增值人"的角色功能，积极融入全球财富资管市场，服务客户财富保值增值。招 行愿与所有合作伙伴相互支持、携手并进，共同推动大财富管理高质量发展。 招行成立38年以来，不断发展壮大，综合实力不断增强，在英国《银行家》刚刚公布的全球银行1000强 榜单中，按一级资本排名，招行位列第8位。当前，招行为超2亿个人客户提供优质服务，管理零售客户 总资产（AUM）规模超过16万亿元，资产托管规模超过24万亿元，资产管理规模近4.5万亿元，在财富 资管的"长坡厚雪"上跑出了加速度。 此外，招商银行在会上宣布，其零售代销保险总规模已突破1万亿元人民币大关。 把握"五大变化"，推动大财富管理高质量发展 当前，我国大财富管理行业面临新趋势、新变化、新机遇。 ...