第 1 頁 共 11 頁 v 1.1.1 | 3. 股份分類 | 優先股 | 股份類別 | 其他類別 (請註明) 否 | 於香港聯交所上市 (註1) | | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 360028 | 說明 | 於上交所上市之人⺠幣27,500,000,000元的非累積境內優先股（「境內優先股」） | | | 2. 股份分類 | 普通股 | 股份類別 A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600036 | 說明 | 於上海證券交易所 （「上交所」）上市之A股 | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | 20,628,944,429 | RMB | | 1 RMB | | 20,628,944,429 | | 增加 / 減少 (-) | | | 0 | | RMB | | 0 | | 本月底結存 | | 20,628,94 ...

Core Insights - The article highlights the top and bottom AH premium rates for various stocks as of December 1, with Northeast Electric (00042) leading with a premium rate of 881.82% [1] - The article also lists the stocks with the highest and lowest deviation values, indicating significant discrepancies between their A-shares and H-shares [1] Summary of Top AH Premium Rates - Northeast Electric (00042) has the highest AH premium rate at 881.82%, followed by Hongye Futures (03678) at 274.55% and Sinopec Oilfield Service (01033) at 269.74% [1] - The top ten stocks with high premium rates include Zhejiang Shibao (01057) at 261.98% and Chenming Paper (01812) at 245.83% [1] Summary of Bottom AH Premium Rates - The stocks with the lowest AH premium rates include Ningde Times (03750) at -5.03%, China Merchants Bank (03968) at -1.36%, and Heng Rui Medicine (01276) at 1.50% [1] - Other notable mentions in the bottom list include Weichai Power (02338) at 6.45% and Midea Group (00300) at 7.66% [1] Summary of Deviation Values - The stocks with the highest deviation values are Guanghe Communication (00638) at 31.56%, Dazhong Public Utilities (01635) at 23.38%, and Beijing Jingcheng Machinery Electric (00187) at 20.11% [1] - Conversely, the stocks with the lowest deviation values include Jiangsu Ninghu Expressway (00177) at -13.73%, Junsheng Electronics (00699) at -12.81%, and China Life (02628) at -11.45% [1]

Core Viewpoint - The financial institutions in Hong Kong have rapidly mobilized to provide support and aid following the fire incident at Hong Kong's Tai Po Wang Fuk Court, demonstrating a commitment to disaster relief and community support [1]. Group 1: Contributions from Financial Institutions - CITIC Group has pledged HKD 15 million to support rescue efforts, victim relocation, and post-disaster reconstruction, while also organizing teams to deliver essential supplies and encouraging employee blood donations [2]. - China Merchants Bank has committed HKD 10 million for disaster relief and has established emergency service channels to provide immediate financial support to affected citizens [3]. - Industrial Bank has donated HKD 10 million to the designated "Tai Po Wang Fuk Court Relief Fund" to assist with medical care for the injured and support for the families of victims [4]. - Pudong Development Bank has also contributed HKD 10 million to the Bai Yulan Charity Foundation for emergency relief and reconstruction efforts, while organizing volunteer teams to assist affected residents [5]. - Shanghai Bank has donated HKD 10 million to the Bai Yulan Charity Foundation, with funds arriving promptly to support rescue and recovery efforts, and has mobilized employees for volunteer work [6]. - Qingdao Bank has opened a cross-border RMB donation "green channel" to facilitate donations to the affected area, waiving remittance fees for quicker support [7].

Group 1 - The third Jinan Science and Technology Finance Forum was successfully held, focusing on the theme "Technological Innovation and Financial Support" with participation from over 60 representatives of technology companies [1][4] - The event featured the launch of the China Merchants Bank's technology finance brand and a series of product presentations aimed at providing comprehensive financial support for technological innovation [3] - The bank's comprehensive service plan is designed to support the entire lifecycle of technology innovation, enhancing service scenarios and expanding the service ecosystem [3] Group 2 - The forum included discussions on how companies can navigate macroeconomic uncertainties and identify growth opportunities within existing resources [3] - The "Five-Dimensional Big Data Evaluation Model" was introduced to convert technology reports into financial statements recognized by financial institutions, covering the entire financial service system for technology companies [3] - The event emphasized the importance of a full-chain service system to empower companies in leveraging capital market forces for high-quality development [3][4]

Summary of China Merchants Bank Conference Call Company Overview - **Company**: China Merchants Bank (招商银行) - **Date of Call**: Q3 2025 Key Points Industry and Financial Performance - **Net Interest Margin**: Q3 net interest margin was 1.83%, a decrease of 3 basis points quarter-on-quarter, but the year-on-year decline is narrowing. The bank expects improvement in net interest margin if no further rate cuts occur [2][3][4] - **Loan and Deposit Growth**: Total loans grew by 3.6% and total deposits by 4.6% in the first three quarters. Demand for credit remains weak, particularly in retail loans due to real estate market adjustments and sluggish offline consumption [2][4] - **Wealth Management Growth**: Wealth management income increased by 19% year-on-year, with significant growth in sales of trust products (47%) and funds (39%). Retail AUM reached 16.6 trillion, an 11% increase from the previous year [3][8] Risk Management and Asset Quality - **Mortgage Loan Quality**: As of Q3, mortgage loans accounted for approximately 22%-23% of total loans, with a scale of about 1.4 trillion. The non-performing loan (NPL) ratio is 0.45%, with a focus rate of 1.49% and overdue rate of 0.83% [2][5][6] - **Risk Management Measures**: The bank employs strict customer admission criteria and ongoing monitoring of collateral. Loans overdue by more than 60 days are classified as non-performing, and the bank closely monitors market price trends to adjust risk control strategies [6][7] Investment Strategy - **Bond Investment**: The bank has increased its bond investment, which now constitutes nearly 30% of total assets. The strategy includes maintaining a high proportion of debt investments and a neutral stance on interest rates [3][10] - **Cost Management**: Management expenses totaled 75 billion, with a cost-to-income ratio of 29.85%. The bank is focused on cost reduction through refined management and strategic investments in fintech and AI [11][12] Future Outlook - **Economic Policy and Budgeting**: The bank anticipates a positive economic policy environment in the new five-year plan, which will influence budgeting for the upcoming year [2][4] - **Dividend Policy**: The bank aims to maintain a cash dividend payout ratio above 30%, with a current target of 35%. Future adjustments will depend on overall profitability [14][15] Additional Insights - **Market Trends**: There is a shift in customer wealth management preferences towards equity-related products, driven by market conditions. The bank expects this trend to continue if capital market reforms deepen and market conditions stabilize [8][13] - **Floating Profit Realization**: The bank has seen a decrease in other comprehensive income due to the realization of floating profits, with future realizations dependent on market conditions [9] This summary encapsulates the key insights from the conference call, highlighting the financial performance, risk management strategies, investment approaches, and future outlook of China Merchants Bank.

A股 - Minmetals Capital's announcement of a related party transaction has drawn industry attention, with its subsidiary Minmetals Trust planning to jointly invest in a joint venture with Minmetals Real Estate, injecting 300 million yuan in cash and an asset package valued at 16.29 billion yuan [2] - The results of the subscription for Moer Thread, known as the "first domestic GPU stock," were announced, with public funds, social security funds, and pension funds acquiring approximately 38.59 million shares, accounting for 98.44% of the offline final issuance [2] - Yunnan Aluminum announced plans to acquire stakes in three aluminum companies from Yunnan Metallurgical Group, while AVIC Helicopter's subsidiary plans to merge with another wholly-owned subsidiary [2] 港股 - The Hong Kong IPO market is experiencing a surge, surpassing the NYSE and NASDAQ, aiming to become the top global fundraising market for new stocks by 2025, with 81 new listings raising a total of 215.98 billion HKD in the first ten months of the year [3] - More than half of the fundraising amount in Hong Kong has come from 14 A-share companies, with notable price discrepancies between A-shares and H-shares, exemplified by CATL's H-share price being over 14% higher than its A-share price [3] 理财 - In November, nine dividend-themed funds were established, raising a total of 6.615 billion yuan, marking a new monthly high for the year, with significant contributions from several funds launched on November 25 [4] - Major state-owned banks and some joint-stock banks have begun to withdraw 5-year large-denomination time deposits, focusing on shorter-term products, with a broad impact across various banks [4] - Sixteen technology-themed funds have been approved, including several ETFs focused on artificial intelligence and semiconductor sectors, with some products receiving approval on the same day they were submitted [4] 个人养老金 - As the year-end personal pension contribution window approaches, banks are intensifying promotional efforts, offering exclusive benefits to attract customers to open accounts and contribute funds, with potential subsidies of around 600 yuan for maximum contributions [5] 债务 - The issuance of new local special bonds in November is expected to reach 492.2 billion yuan, an increase of over 200 billion yuan from the previous month, alongside a significant rise in refinancing bonds [5] 其他 - From January to October, profits of large-scale industrial enterprises in China totaled 595.03 billion yuan, a year-on-year increase of 1.9%, with equipment manufacturing and high-tech manufacturing being the main profit growth drivers [6] - China remains the world's largest market for industrial robots, with significant improvements in performance and quality, and a projected increase in domestic multi-joint robot sales [6] - The National Development and Reform Commission announced a new credit repair management method, effective from April 1, 2026, allowing credit subjects to apply for credit repair under certain conditions [6] - China's foreign direct investment reached 1,033.23 billion yuan in the first ten months, a year-on-year increase of 7%, with investments made in 9553 overseas enterprises across 152 countries and regions [7] - The Chinese medical device market is expected to reach 1.22 trillion yuan by 2025, driven by innovation, with a record number of approved innovative medical devices [7]

Core Insights - The top three stocks with net inflows are Alibaba-W (09988) with 1.522 billion, Pop Mart (09992) with 385 million, and China Merchants Bank (03968) with 330 million [1] - The top three stocks with net outflows are the Tracker Fund of Hong Kong (02800) with -2.261 billion, Tencent Holdings (00700) with -1.182 billion, and Hang Seng China Enterprises (02828) with -833 million [1] - In terms of net inflow ratios, China National Freight (00598) leads with 73.90%, followed by Southern Eastern Select (03441) with 64.44%, and COSCO Shipping Ports (01199) with 60.69% [1] - The stocks with the highest net outflow ratios include Ruian Real Estate (00272) at -64.09%, CNOOC Services (02883) at -62.56%, and Haitian International (01882) at -55.09% [1] Net Inflow Rankings - The top ten stocks by net inflow include: - Alibaba-W (09988): 1.522 billion, 8.82% [2] - Pop Mart (09992): 385 million, 19.66% [2] - China Merchants Bank (03968): 330 million, 32.52% [2] - CSPC Pharmaceutical Group (01093): 241 million, 20.20% [2] - Vanke Enterprises (02202): 196 million, 35.18% [2] - Yangtze Optical Fibre and Cable (06869): 180 million, 11.11% [2] - China Life Insurance (02628): 168 million, 15.04% [2] - UBTECH Robotics (09880): 148 million, 21.68% [2] - Bilibili-W (09626): 135 million, 20.46% [2] - Lion Group (02562): 132 million, 17.89% [2] Net Outflow Rankings - The top ten stocks by net outflow include: - Tracker Fund of Hong Kong (02800): -2.261 billion, -16.10% [2] - Tencent Holdings (00700): -1.182 billion, -13.16% [2] - Hang Seng China Enterprises (02828): -833 million, -10.01% [2] - Meituan-W (03690): -365 million, -2.74% [2] - China Mobile (00941): -268 million, -23.21% [2] - SMIC (00981): -255 million, -7.67% [2] - Hua Hong Semiconductor (01347): -227 million, -10.96% [2] - China Hongqiao Group (01378): -196 million, -18.31% [2] - BYD Company (01211): -153 million, -5.55% [2] - HSBC Holdings (00005): -153 million, -14.03% [2] Net Inflow Ratios - The top stocks by net inflow ratio include: - China National Freight (00598): 73.90%, 13.0298 million [3] - Southern Eastern Select (03441): 64.44%, 3.7299 million [3] - COSCO Shipping Ports (01199): 60.69%, 11.5153 million [3] - Qingdao Bank (03866): 54.25%, 11.6628 million [3] - China Power (02380): 51.21%, 15.0679 million [3] - Tanwan (09890): 47.54%, 2.8146 million [3] - Power Development (01277): 47.25%, 9.1556 million [3] - Shougang Resources (00639): 45.84%, 15.6165 million [3] - Dashi Holdings (01405): 44.46%, 5.6236 million [3] - Qingdao Port (06198): 44.08%, 2.5357 million [3] Net Outflow Ratios - The top stocks by net outflow ratio include: - Ruian Real Estate (00272): -64.09%, -1.9067 million [3] - CNOOC Services (02883): -62.56%, -56.8889 million [3] - Haitian International (01882): -55.09%, -10.1836 million [3] - Hong Kong and China Gas (00003): -54.67%, -129 million [3] - Angelalign Technology (06699): -48.57%, -34.5458 million [3] - Anhui Wanshan Expressway (00995): -46.19%, -22.9518 million [3] - 361 Degrees (01361): -42.89%, -3.5273 million [3] - Greentown Management Holdings (09979): -42.86%, -5.2056 million [3] - Weigao Group (01066): -42.55%, -44.5428 million [3] - Fenbi (02469): -41.23%, -14.4094 million [3]

Core Viewpoint - The "14th Five-Year Plan" emphasizes the importance of enhancing consumption as a sustainable driver of economic growth, highlighting the role of banks in facilitating this through targeted financial support [1][2][3] Group 1: Financial Empowerment for Consumption - Banks are encouraged to focus on "promoting employment, increasing income, expanding supply, and optimizing scenarios" to convert financial resources into consumption growth momentum [1] - The plan suggests extending financial support to the entire employment and entrepreneurship chain, particularly targeting small and micro enterprises and individual businesses to alleviate financing difficulties [1][2] - Initiatives such as deepening first-loan outreach and innovating "credit granting + policy interest subsidies" models are proposed to enhance access to financing [1] Group 2: Supply-Side Enhancement - The plan calls for banks to shift from "demand-side stimulation" to "supply-side empowerment," promoting quality upgrades in consumption supply through financial support [2] - In the consumer goods sector, banks should focus on upgrading products like new energy vehicles and smart home appliances by optimizing loan terms and integrating "old-for-new" policies [2] - In service consumption, banks are advised to support sectors like tourism, elderly care, and childcare through project loans and supply chain financing to enhance service facilities and product offerings [2] Group 3: Innovative Financial Services - The plan highlights the need for banks to innovate financial services by creating new consumption scenarios that integrate financial services into daily life [2] - Examples include launching co-branded credit cards in the tourism sector and providing comprehensive support for small businesses to enhance their online and offline sales channels [2] Group 4: Institutional Mechanisms for Consumption Promotion - The plan emphasizes the importance of institutional innovation to overcome bottlenecks in consumer finance development, advocating for a more inclusive and secure financial environment [3] - Banks should actively connect with fiscal policies like interest subsidies and consumption vouchers to amplify policy effects and ensure benefits reach consumers and businesses [3] - Utilizing technologies like big data and AI for risk management is recommended to expand credit coverage while mitigating financial risks [3]

Core Insights - The 2025 Shenzhen Global Investment Conference will be held on December 5, 2025, at the Shenzhen Convention and Exhibition Center, aiming to attract global enterprises to the Futian District [1] - Futian District has a total area of 78.66 square kilometers and generated a GDP of 594.88 billion in 2024, showcasing its economic strength [1] Group 1: New Development Engines - Futian District is developing three new engines: the Hong Kong-Shenzhen Innovation Cooperation Zone, the Xiangmi Lake New Financial Center, and the Central Park Vitality Circle [3] - The Hong Kong-Shenzhen Innovation Cooperation Zone, covering 3.89 square kilometers, is a key platform for technological innovation and collaboration between Shenzhen and Hong Kong [3][5] Group 2: Financial Hub - The Xiangmi Lake New Financial Center is positioned as a new financial heart of Futian, focusing on various financial sectors including industrial finance and digital finance [7] - Futian District hosts 301 licensed financial institutions and 280 financial technology firms, accounting for approximately 60% and 70% of the city's total, respectively [12] Group 3: Innovation and Technology - Futian has over 1,600 national high-tech enterprises and strategic emerging industries with a value exceeding 110 billion, highlighting its technological innovation capabilities [14] - The district is home to significant clusters in new energy, smart terminals, and software services, with a strong emphasis on artificial intelligence infrastructure [14] Group 4: Fashion Industry - Futian District leads the nation in high-end women's clothing and spatial design, with the fashion industry contributing 91.91 billion to the district's GDP in 2024 [16] Group 5: Investment and Policy Support - Futian has prepared various incentives including land, funding, and policy support to attract and retain businesses, with 234 hectares of land available for investment [17] - The district is establishing funds such as the 70 billion "AIC" industrial mother fund to support technological innovation and development [19] Group 6: Talent and Innovation Ecosystem - Futian has upgraded its talent policies to support recruitment and development, creating a comprehensive support system for talent acquisition and training [21] - The district is also promoting innovation through the establishment of service centers and digital platforms to facilitate the commercialization of new technologies [21]

Core Conclusions - The financial industry experienced a weekly increase of +0.68% in the non-bank financial index, underperforming the CSI 300 index by 0.96 percentage points [1] - The banking sector saw a decline of -0.59%, lagging behind the CSI 300 index by 2.23 percentage points, with state-owned banks, joint-stock banks, city commercial banks, and rural commercial banks showing varied performance [1][9] Insurance Sector Insights - The insurance sector's index rose by +0.20%, underperforming the CSI 300 index by 1.44 percentage points, driven by strong demand for dividend insurance products that align with residents' needs for stable returns and value appreciation [2][12] - Major insurance companies are focusing on dividend insurance as a strategic core, with product offerings expanding significantly ahead of the 2026 "opening red" period [2][12] - The growth of new single premiums is expected to be strong in 2026, supported by improved net present value margins (NBVM) and a favorable regulatory environment for dividend insurance [2][17] Brokerage Sector Insights - The brokerage sector index increased by +0.74%, underperforming the CSI 300 index by 0.90 percentage points, with recent developments in refinancing for two brokerages indicating a cautious approach to capital raising [2][18] - The current environment presents a mismatch between profitability and valuation in the brokerage sector, suggesting potential for valuation recovery [2][19] - Recommendations include strong mid-to-large brokerages with low valuations and those involved in mergers or restructuring [2][19] Banking Sector Insights - The banking sector's index decreased by -0.59%, underperforming the CSI 300 index by 2.23 percentage points, with a focus on high dividend strategies remaining viable [3][20] - The average dividend yield for banks is approximately 4.1%, which is attractive compared to other sectors, particularly in the context of a stable earnings outlook [3][21] - Recommendations include state-owned banks and resilient city commercial banks, with specific attention to banks with strong fundamentals and low volatility [3][22]