证券简称：民生银行 A 股代码：600016 优先股简称：民生优 1 优先股代码：360037 编号：2026-003 中国民生银行股份有限公司 关于召开 2025 年度业绩交流会的公告 本行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。 重要内容提示： 网络直播地址：https://webcasting.bizconf.cn/live/watch/mv1r2d6m 或扫描以下二维码观看直播： 投资者可于 2026 年 3 月 31 日 9:00 前将相关问题通过电子邮件的形式发送 至中国民生银行股份有限公司（以下简称"本行"）电子邮箱：cmbc@cmbc.com.cn。 本行将于 2025 年度业绩交流会（以下简称"业绩交流会"）上对投资者普遍关注的 问题进行回答。 为了便于广大投资者更全面深入地了解本行 2025 年度业绩和经营情况，本行拟 于 2026 年 3 月 31 日（星期二）10:00 召开业绩交流会，就投资者普遍关心的问题 二、业绩交流会召开的时间、方式 （一）会议召开时间：2026 年 3 月 31 日（星期二）1 ...

Summary of China Banks Insight Equities Conference Call Industry Overview - The focus is on the Chinese banking sector, particularly the performance and outlook of major banks in 2026 and beyond. [2][11] Core Insights 1. Fundamentals - China banks are expected to enter a phase of fundamental improvement, with positive net interest income (NII) and fee income anticipated in 2026 due to stabilized net interest margins (NIM) and growth in wealth management. [2][5] - An estimated RMB66 trillion of deposits will be repriced lower, leading to a decline in funding costs by approximately 12 basis points. [2][38] - The quality of pre-provision operating profit (PPOP) is expected to improve, supporting potential expansions in price-to-earnings (PE) or price-to-PPOP multiples. [16][22] 2. Flows - Significant Southbound inflows were observed in 2024-25, with expectations of mild inflows in 2026. [3][61] - Insurers and pension funds have increased their equity allocations, positively impacting banks with high dividend yields. [3][5] - Southbound holdings are seen as stabilizers for the market, despite near-term volatility. [3][67] 3. Policies - Capital injections are anticipated for major banks like ICBC and ABC, with a confirmed injection of RMB300 billion. [4][54] - The People's Bank of China (PBoC) is expected to maintain policies that defend banks' NIMs, with mild rate cuts anticipated in 2026. [4][28] - De-regulation efforts are ongoing, allowing banks to expand into insurance and asset management sectors. [4][54] Investment Thesis - The market's focus is expected to shift towards earnings quality in 2026, as Southbound inflows slow. High dividend yields will remain attractive for risk-averse investors. [5][8] - Preferred stocks include ICBC-H and CCB-H for their solid balance sheets and higher dividend yields, while CMB-A is favored for its potential in wealth management. [5][8] Valuation Changes - Target prices and ratings have been adjusted for several banks, with ICBC-H and CCB-H maintaining a "Buy" rating, while ABC-A has been downgraded to "Reduce." [9][10] Additional Insights - The banking sector's performance has been resilient, with H-shares outperforming benchmarks despite earnings downgrades. [11][61] - The shift in investment from large banks to mid/smaller banks has been noted, indicating a changing market dynamic. [11][61] - The demand for wealth management products is expected to rise as deposit interest rates decline, leading to increased activity in mutual funds and bancassurance. [44][45] Conclusion - The Chinese banking sector is poised for a period of fundamental improvement, supported by favorable flows and policy adjustments. Investors are encouraged to focus on earnings quality and dividend yields as key drivers for investment decisions in 2026. [5][8][11]

Core Viewpoint - The collaboration between Haibo Sichuang Technology Co., Ltd., China Minsheng Bank, and Minsheng Financial Leasing marks a significant step towards the deep integration of finance and industry in the energy storage sector, aiming to drive high-quality development in the industry [1][3][6] Group 1: Collaboration Details - The partnership aims to establish a "bank + leasing + industry" triad model to explore innovative financial services across the entire energy storage industry chain [1] - Haibo Sichuang's CEO emphasized the importance of energy storage as a stabilizer for renewable energy, crucial for ensuring the safe and stable operation of the power system [3] - The collaboration is expected to support Haibo Sichuang's comprehensive layout across the industry chain, enhancing cooperation from single project collaboration to multi-scenario synergy [3][6] Group 2: Financial Support and Services - China Minsheng Bank's Beijing branch aims to provide precise, efficient, and diversified financial services to competitive and growth-potential enterprises like Haibo Sichuang [3] - Minsheng Financial Leasing will leverage its expertise in equipment financing and asset management to support Haibo Sichuang in project investment, equipment upgrades, and capacity construction [4] - The collaboration signifies a comprehensive upgrade of the partnership between Haibo Sichuang and Minsheng financial institutions, promoting deep integration of industry and finance [6] Group 3: Future Prospects - The three parties plan to deepen collaborative innovation in the new energy storage field and explore diverse cooperation models to contribute to China's energy structure transformation and green low-carbon development goals [6]

Core Viewpoint - The transformation of traditional merchants in Huaqiangbei, particularly GYJH Technology, from physical sales to global online platforms is highlighted, showcasing the challenges and solutions in this transition [2][5]. Group 1: Company Overview - GYJH Technology has established a strong reputation in the mobile and digital product sales sector in Huaqiangbei, leveraging solid business strategies and quality product offerings [5]. - The company has successfully adopted a multi-channel business model by integrating offline and online sales through major e-commerce platforms [5][8]. Group 2: Challenges Faced - The rapid growth of online business has led to increased order volumes, but the long payment cycles from platforms have created significant cash flow pressures [6]. - The need for substantial upfront capital for inventory and ongoing marketing efforts has become a critical bottleneck for further expansion [6]. Group 3: Financial Solutions - Minsheng Bank's Shenzhen branch identified GYJH Technology's financial needs and provided a tailored financing solution through the "Minsheng Hui" mortgage loan, granting a credit limit of 5.66 million yuan [7]. - The loan product is designed for small and micro enterprises, offering high credit limits, long terms, and quick approvals, which aligns well with the company's medium to long-term funding requirements [7]. Group 4: Impact of Financial Support - The timely provision of 5.66 million yuan has empowered GYJH Technology's online transformation, allowing for improved inventory procurement and marketing efforts, which in turn alleviated cash flow issues [8]. - The company's online business has become a core growth driver, complementing its offline operations and successfully transitioning to a full-channel business model [8]. Group 5: Future Outlook - Minsheng Bank plans to continue enhancing its inclusive financial practices, focusing on the transformation needs of key business districts like Huaqiangbei, to support more small and micro enterprises in their digital transformation journeys [9].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - China's asset revaluation will deepen in 2026, shifting from valuation - driven to profit - driven, with a more balanced market style. The market consensus for asset allocation is that stocks are stronger than bonds, and commodity allocation has more flexibility [14]. - The real - estate industry is entering a new stage characterized by high - quality development and stock optimization. During the "15th Five - Year Plan" period, real - estate sales are likely to stabilize, and the interest rate center may moderately rise. The real - estate market in first - tier cities has shown marginal improvement, and house prices in first - tier cities are expected to stabilize in 2027 [29]. 3. Summary by Directory 3.1 Macro Data Overview - GDP growth rate in Q4 2025 was 4.5% year - on - year, lower than the previous quarter (4.8%) and the same period last year (5.4%) [1]. - In February 2026, the manufacturing PMI was 49.0%, down from the previous month (49.2%) and the same period last year (50.2%); the non - manufacturing PMI for business activities was 49.5%, unchanged from the previous month but lower than the same period last year (50.4%) [1]. - In February 2026, the social financing scale was 238.55 billion yuan, down from the previous month (249.26 billion yuan) but higher than the same period last year (223.31 billion yuan) [1]. - In February 2026, the year - on - year growth rates of M0, M1, and M2 were 14.1%, 5.9%, and 9.0% respectively, all higher than the previous month and the same period last year [1]. - In February 2026, new RMB loans were 90 billion yuan, up from the previous month (39 billion yuan) but lower than the same period last year (101 billion yuan) [1]. - In February 2026, the CPI increased by 1.3% year - on - year, up from the previous month (0.7%) and the same period last year (- 0.7%); the PPI decreased by 0.9% year - on - year, an improvement from the previous month (- 2.2%) and the same period last year (- 2.2%) [1]. - In February 2026, the cumulative year - on - year growth rate of fixed - asset investment was 1.8%, up from the previous period (- 2.6%) but lower than the same period last year (4.1%); the cumulative year - on - year growth rate of total retail sales of consumer goods was 2.8%, down from the previous period (4.0%) and the same period last year (4.0%) [1]. - In February 2026, export and import amounts increased by 39.60% and 13.80% year - on - year respectively, both higher than the previous month and the same period last year [1]. 3.2 Commodity Investment Reference 3.2.1 Comprehensive - China and the US will continue to communicate about President Trump's visit to China [2]. - Shanghai International Energy Exchange and Shanghai Futures Exchange adjusted the hedging position limits for some contracts [2][3]. - On March 18, 36 domestic commodity varieties had positive basis, and 32 had negative basis.沪镍, 郑棉, and 铸造铝合金 had the largest basis, while 苹果, 强麦, and 普麦 had the smallest [3]. - Iran launched a missile attack on US - related oil and energy facilities in the region in retaliation for the attack on its energy infrastructure [3]. - The Fed kept the federal funds rate target range at 3.50% - 3.75%, with a dovish interest - rate cut path [3][4]. - The Fed raised inflation and economic growth forecasts, and Fed Chairman Powell denied the US economy was in stagflation [4]. 3.2.2 Metals - The price of black tungsten concentrate soared, rising 124% from the beginning of 2026 and over 600% from the beginning of 2025 [5]. - The Shenzhen Gold and Jewelry Association called on enterprises to implement real - name registration for large - value transactions [5]. - Indonesia cut nickel ore production quotas, and Guinea planned to restrict bauxite exports, which will reshape the global base - metal supply pattern [6]. - As of March 18, 2026, the holdings of the world's largest silver ETF and gold ETF decreased [6][7]. - On March 17, the inventories of some metals on the London Metal Exchange changed, with tin and copper inventories reaching multi - year highs, and aluminum inventory reaching a multi - month low [7]. 3.2.3 Coal, Coke, Steel, and Minerals - Guinea may link bauxite exports to the production levels in mining feasibility studies [8]. 3.2.4 Energy and Chemicals - Middle - East energy facilities were at high risk of being attacked. Iran announced counter - attacks, and the US and Iran's actions affected global energy supply [9][10]. - US natural gas prices rose due to stronger oil prices and expected temperature drops, but high production and rising inventories were still risks [10]. - Middle - East oil exports dropped significantly due to the conflict [10]. - Russia was considering an early gas cut - off to Europe, and the EU issued guidelines to simplify non - Russian gas imports [10]. - The global was facing the most severe energy crisis in 40 years, and the blockade of the Strait of Hormuz would have a huge impact on global energy trade [10]. - Japan's national average gasoline retail price reached a record high [11]. - US EIA crude oil inventories increased more than expected [11]. 3.2.5 Agricultural Products - The price of live - hog futures has been falling this year, and the spot - market pig price has dropped below 10 yuan/kg, leading to industry - wide losses [12]. - In March, the price of piglets continued to decline, and the profit margin was significantly compressed [12]. - The Ministry of Agriculture and Rural Affairs emphasized promoting the seed - industry revitalization action [12]. 3.3 Financial News Compilation 3.3.1 Open Market - On March 18, the central bank conducted 20.5 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 6 billion yuan [13]. 3.3.2 Key News - Brokerage spring strategy meetings were held intensively. Institutions believed that China's asset revaluation would deepen in 2026, and the market style would be more balanced [14]. - The Fed kept the federal funds rate unchanged and predicted one interest - rate cut in 2026 [14]. - The China Securities Regulatory Commission emphasized anti - corruption and strengthening supervision in the capital market [15]. - China and the US will continue to communicate about President Trump's visit to China [15]. - Many small and medium - sized banks cut fixed - deposit interest rates in March [16]. - Henan and Hebei will issue government bonds in March [16][19]. - The Industrial and Commercial Bank of China supported the French bank BNP Paribas in issuing 5 billion yuan of panda bonds [17]. - The central government issued opinions on extending the second - round land - contract period by 30 years [17]. - Japan, China, and the UK increased their holdings of US Treasury bonds in January [18]. - Dubai's real - estate market was affected by the conflict, while Hong Kong became a preferred destination for capital flight [18][19]. - A Guizhou city - level urban investment company's debt was overdue [19]. - Tencent's Q4 2025 revenue and profit increased year - on - year, and it proposed a dividend [19]. - Some companies had major events such as lawsuits, asset freezes, and management changes [20]. - Some overseas credit ratings were adjusted [20]. 3.3.3 Bond Market Summary - The inter - bank bond market in China continued to be warm, with bond yields generally falling [21]. - Treasury - bond futures closed higher, and the money market was loose [22]. - Some bonds in the exchange - bond market rose or fell [22]. - The convertible - bond index rose, and some convertible bonds had significant price changes [23]. - Money - market interest rates showed mixed trends [23][24]. - The yields of some financial bonds and government bonds were determined through bidding [25]. - European and US bond yields rose [25][26]. 3.3.4 Foreign Exchange Market - The on - shore RMB against the US dollar rose, and the RMB central parity rate was adjusted up [27]. - The US dollar index rose, and non - US currencies generally fell [27]. 3.3.5 Research Report Highlights - Dongwu Securities analyzed the constraints and impacts of the change in China's bond - supply structure [28]. - CITIC Securities believed that the real - estate industry was entering a new stage [29]. 3.3.6 Today's Reminders - On March 19, some bonds were listed, issued, paid, and had principal and interest repaid [30]. 3.4 Stock Market News - The A - share market rebounded after a decline, with the Shanghai Composite Index rising 0.32%, the Shenzhen Component Index rising 1.05%, and the ChiNext Index rising 2.02%. The AI computing - power industry chain was active, while cyclical stocks fell [31]. - The Hong Kong stock market rose, with the Hang Seng Index rising 0.61%. Big - model concept stocks and storage - semiconductor stocks were active, and southbound funds had net purchases [31][32].

中國民生銀行股份有限公司 CHINA MINSHENG BANKING CORP., LTD. （在中華人民共和國註冊成立的股份有限公司） （股份代號：01988） 董事會會議召開日期 中國民生銀行股份有限公司（「本行」）董事會（「董事會」）茲通告謹定於2026年3月 30日（星期一）舉行董事會會議，藉以（其中包括）審議及批准刊發本行及其附屬 公司截至2025年12月31日止年度之合併業績公告，及審議派發末期股息（如有） 之建議。 承董事會命 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分內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 中國民生銀行股份有限公司 董事長 高迎欣 中國，北京 2026年3月18日 於本公告日期，本行執行董事為高迎欣先生、王曉永先生及張俊潼先生；非執行 董事為劉永好先生、史玉柱先生、宋春風先生、梁鑫傑先生、林立先生及鄭海陽 先生；獨立非執行董事為曲新久先生、溫秋菊女士、宋煥政先生、楊志威先生、 程鳳朝先生及劉寒星先生。 ...

Core Viewpoint - Recent adjustments by multiple banks regarding personal gold trading highlight a significant shift in the banking sector's approach to managing risks associated with volatile gold prices [1][3][4]. Group 1: Bank Adjustments - On March 17, Minsheng Bank and Postal Savings Bank announced the need for personal clients to complete transactions and contract terminations due to severe market fluctuations in the gold sector [1][3]. - Minsheng Bank has been progressively closing its personal gold trading services since July 2022, with a focus on urging clients to settle their accounts and withdraw funds [3]. - Postal Savings Bank will enforce mandatory liquidation of accounts that remain inactive by March 27, 2026, to protect client assets [3][4]. - Ping An Bank plans to gradually close its personal gold trading services starting April 1, 2026, and has already adjusted margin requirements to 100% for certain contracts [4]. Group 2: Market Volatility - The recent volatility in gold prices, including a significant drop of over 12% within 30 hours after reaching a historical high of $5,600 per ounce, has prompted banks to reassess their risk exposure [8]. - The extreme fluctuations have led to increased instances of "negative balances" in client accounts, where losses exceed the deposited margin, placing financial pressure on banks [8]. - Banks are now requiring full margin payments to mitigate the risk of clients facing liquidation due to price swings, effectively eliminating leverage in gold trading [9]. Group 3: Future Outlook - Deutsche Bank's recent report maintains a long-term price target of $6,000 per ounce for gold, indicating a shift in gold's asset characteristics and its increasing correlation with risk assets [9].

- The report does not contain any quantitative models or factors related to financial engineering or quantitative analysis[1][2][4][6] - The content primarily focuses on market data, financing and securities lending balances, industry characteristics, ETF financing, and individual stock performance[9][12][27][41][46] - No quantitative models, factors, or related testing results are discussed in the provided documents[1][2][4][6]

Group 1 - On March 18, Minsheng Bank executed a block trade of 300,000 shares, with a transaction amount of 1.173 million yuan, accounting for 0.11% of the total transaction volume for the day [1] - The transaction price was 3.91 yuan, which remained stable compared to the market closing price of 3.91 yuan [1]

Group 1 - The company, Minsheng Bank, announced a board meeting scheduled for March 30, 2026, to review and approve the consolidated financial results for the year ending December 31, 2025 [1] - The meeting will also consider the proposal for the distribution of a final dividend, if any [1]