Core Points - The company, Jian Sheng Group, announced a guarantee agreement with China Merchants Bank Co., Ltd. Quzhou Branch, providing a maximum guarantee of 50 million yuan for its wholly-owned subsidiary, Zhejiang Jian Sheng Group Jiangshan Knitting Co., Ltd. [2] - This guarantee is within the limit approved at the company's 2024 annual general meeting and aims to meet the daily operational funding needs of the subsidiary, with controllable risk associated with the guarantee [2]

Core Viewpoint - China Merchants Bank has received approval from the National Financial Regulatory Administration to establish a wholly-owned subsidiary, China Merchants Financial Asset Investment Co., Ltd., with a registered capital of 15 billion yuan [1] Group 1 - The newly established subsidiary will focus on market-oriented debt-to-equity swap business [1] - The company will also actively engage in pilot equity investment business [1]

A 股简称：招商银行 A 股代码：600036 公告编号：2025-057 招商银行股份有限公司 关于招银金融资产投资有限公司获准开业的公告 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）收到《国家金融监督管理 总局关于招银金融资产投资有限公司开业的批复》（金复〔2025〕667 号）。根据上述批复，本公司筹建的招银金融资产投资有限公司获准 开业，本公司将按照有关规定和程序前往市场监督管理部门办理工商 注册登记手续，领取企业法人营业执照，并在所有工作准备就绪后依 照有关规定完成招银金融资产投资有限公司的开业工作。 招银金融资产投资有限公司注册资本为人民币 150 亿元，为本公 司全资子公司。设立招银金融资产投资有限公司后，本公司将通过专 业化开展市场化债转股业务，深化产融协同与集团协同，服务实体经 济；同时积极开展股权投资试点业务，赋能科技创新，进一步提升本 公司综合化经营能力，全面推动高质量发展。 特此公告。 招商银行股份有限公司董事会 2025年11月23日 ...

Core Points - Hainan Development Holdings Co., Ltd. and China Merchants Bank signed a strategic cooperation agreement to enhance resource synergy and business collaboration, supporting the high-quality development of Hainan Free Trade Port [1] - Hainan Development Holdings has been actively seizing opportunities from the construction of Hainan Free Trade Port, achieving record highs in key operational indicators and entering a phase of healthy and rapid growth [1] - The strategic partnership aims to explore new paths for cooperation between banks and enterprises, leveraging the development opportunities presented by Hainan Free Trade Port [1] Company Overview - China Merchants Bank is the first shareholding commercial bank in China fully owned by corporate legal persons, with 143 branches and 1,800 sub-branches in China as of June 2025, covering over 130 cities domestically and having 6 branches and 1 representative office overseas [2] - The bank holds various financial licenses, including commercial banking, financial leasing, fund management, life insurance, overseas investment banking, consumer finance, and wealth management subsidiaries [2]

澳新 银行表示， 黄金价格已从近期4380美元的峰值回落，目前交投于4000美元附近。尽管如此，市场 基本面依然稳固，投资需求旺盛且央行购金势头强劲。当前美国劳动力市场、通胀与消费者支出领域的 风险平衡态势，预示着美联储下月有望降息25个基点。经济增长放缓、股市估值过高、地缘政治不确定 性以及全球资金从美国资产转向多元化配置等因素，预计将持续支撑稳健的投资需求与央行购金趋势。 白银表现继续优于黄金，黄金白银价格比率已降至80。十月零售投资增长令现货市场供应趋紧，进一步 助推了白银强势。（格隆汇） ...

Core Viewpoint - China Merchants Bank's subsidiary, AIC, has officially been approved to commence operations after nearly five months of preparation, marking a significant development in the financial asset investment sector [1][6]. Group 1: Company Establishment and Structure - China Merchants Bank has received formal approval from the National Financial Regulatory Administration for its wholly-owned subsidiary, China Merchants Financial Asset Investment Co., Ltd., to begin operations [1]. - The registered capital of the new AIC is 15 billion RMB, making it the highest initial registered capital among financial asset investment companies in China [6]. - The company will be located in the China Merchants Bank headquarters building in Shenzhen, with plans for the headquarters to move to a new location in the Shenzhen Bay Super Headquarters Base [1]. Group 2: Management and Personnel - The board of directors for the new AIC has been established, with key personnel including Lei Caihua as Chairman and legal representative, who is also the Vice President of China Merchants Bank [1][2]. - Other board members include senior executives from various departments of China Merchants Bank, indicating a strong internal leadership structure [2]. Group 3: Market Context and Future Plans - The establishment of AIC aligns with national policies aimed at expanding the role of financial asset investment companies in supporting technological innovation and economic development [7]. - Other banks, including Industrial Bank and CITIC Bank, have also established their AICs, indicating a growing trend among commercial banks to engage in financial asset investment [6][7]. - Analysts suggest that the benefits of AICs extend beyond direct equity investment profits, potentially enhancing overall banking revenues through increased deposits, loans, and intermediary services from technology clients [8].

在获批筹建近5个月后，招商银行旗下AIC公司正式获批开业。 11月21日晚间，招商银行(03968.HK)发布公告称，已收到国家金融监督管理总局正式批复， 其筹建的招银金融资产投资有限公司(简称"招银金融投资")获准开业。 11月22日上午，21世纪经济报道注意到，招银金融投资的工商登记信息目前已可查询。 一方面，招银金融投资将入驻有"博士帽"之称的招商银行总部大厦，目前其注册地址显示为深 圳市福田区香蜜湖街道东海社区深南大道7088号招商银行大厦39层。此外，21世纪经济报道 记者也了解到， 招行总行多部门后续即将搬迁至另一座位于深圳湾超级总部基地的招行全球 总部大厦， 后者已于今年5月正式亮灯，进入交付倒计时。 此外，21世纪经济报道记者从知情人士了解到，将有部分员工团队来自招行的境外投行平台招 银国际。 另一方面，AIC的人员组成已经初步落定，包括总行高管、总行部门总经理在内的人员已经入 驻招银金融投资董事会。 工商登记信息显示，雷财华目前担任招银金融投资董事长兼法定代表人。雷财华现任招商银行 副行长，主要分管公司金融板块。今年6月，雷财华在正式获批出任总行副行长后，卸任上海 分行行长一职并回归总行。 ...

Core Viewpoint - China Merchants Bank's wholly-owned subsidiary, China Merchants Financial Investment, has been approved to commence operations with a registered capital of 15 billion RMB [1][6]. Group 1: Company Establishment - The establishment of China Merchants Financial Investment was a smooth process, taking just over six months from board approval to operational approval [4]. - The registered capital of 15 billion RMB makes it the highest initial registered capital for a financial asset investment company at its inception [6]. Group 2: Business Direction - Following its approval, China Merchants Financial Investment will focus on market-oriented debt-to-equity swap business, enhancing synergy between production and finance, and serving the real economy [7]. - The company aims to support technological innovation and promote high-quality development by engaging in equity investment pilot projects [7]. Group 3: Industry Context - The approval of China Merchants Financial Investment aligns with a broader trend where financial asset investment companies (AICs) are expanding their roles in supporting technology innovation and private enterprises [9][10]. - Recent regulatory changes have allowed AICs to broaden their equity investment pilot programs, increasing the number of commercial banks and insurance funds eligible to participate [9].

Core Viewpoint - China Merchants Bank's wholly-owned subsidiary, China Merchants Financial Investment, has been approved to commence operations with a registered capital of 15 billion RMB [1][4]. Group 1: Company Establishment - The establishment of China Merchants Financial Investment was a smooth process, taking just over six months from board approval to operational approval [4]. - The registered capital of 15 billion RMB makes it the highest initial registered capital for a financial asset investment company at its inception [4]. Group 2: Business Development Direction - After commencing operations, China Merchants Financial Investment will focus on market-oriented debt-to-equity swap business, enhancing synergy between industry and finance, and serving the real economy [5]. - The company aims to support technological innovation and improve the bank's comprehensive operational capabilities, promoting high-quality development [5]. - It will concentrate on key areas such as technological innovation, green low-carbon initiatives, and advanced manufacturing, leveraging long-term and patient capital to assist enterprises in reducing leverage and facilitating transformation [5][6]. Group 3: Industry Context - The approval of China Merchants Financial Investment aligns with a broader trend of expanding financial asset investment companies (AICs) in China, with several banks recently receiving approval to establish similar entities [7]. - Recent policies have been favorable for the development of AICs, positioning them as significant "patient capital" in the technology finance market [8].

Core Viewpoint - China Merchants Bank's wholly-owned subsidiary, China Merchants Financial Investment, has been approved to commence operations with a registered capital of 15 billion RMB, marking a significant step in the expansion of financial asset investment companies (AIC) in China [1][5][7]. Group 1: Company Establishment and Approval - The establishment of China Merchants Financial Investment was a smooth process, taking just over six months from board approval to receiving the operating license [5]. - The registered capital of 15 billion RMB makes it the highest initial capital amount for a financial asset investment company at its inception [7]. - The approval from the National Financial Supervision Administration aligns with China Merchants Bank's strategy to enhance its comprehensive operational capabilities and support the real economy [5][9]. Group 2: Business Development Focus - Post-establishment, China Merchants Financial Investment will focus on market-oriented debt-to-equity swap business, enhancing synergy between production and finance, and supporting the real economy [9]. - The company aims to engage in equity investment pilot projects, particularly in technology innovation, to bolster its comprehensive operational capabilities and promote high-quality development [9]. - The investment strategy will emphasize intelligent, green, and integrated approaches, targeting key sectors such as technology innovation, green low-carbon initiatives, and advanced manufacturing [9]. Group 3: Industry Context and Expansion - The recent expansion of AICs is supported by favorable policies, allowing more commercial banks and insurance funds to participate in equity investment [12]. - Other banks, including Industrial Bank and CITIC Bank, have also received approvals to establish their AICs, indicating a growing trend in the sector [13]. - The increasing number of AICs is expected to foster differentiated investment strategies and enhance capital efficiency within the market [13][14].