Core Points - The Chief Risk Officer of China Merchants Bank, Zhong Desheng, has resigned due to work reasons but will continue to hold a position within the bank [5][7] - Xu Mingjie, the current Vice President of the bank, has been appointed as the new Chief Risk Officer [2][7] Summary by Sections Resignation Details - Zhong Desheng submitted his resignation letter to the board of directors, effective from October 31, 2025 [5][6] - His resignation is attributed to work-related reasons, and he will remain in the bank and its subsidiaries [5][6] New Appointment - Xu Mingjie, born in September 1968, has been appointed as the new Chief Risk Officer, with his term starting upon approval from the National Financial Regulatory Administration [7] - Xu has a background in engineering and economics, with qualifications including being a Chartered Certified Accountant (ACCA) [7] - He has been with China Merchants Bank since September 1995, holding various positions including Assistant General Manager of the Corporate Finance Products Department and General Manager of the Risk Management Department [7]

Core Viewpoint - The article discusses the resignation of Zhong Desheng as the Chief Risk Officer of China Merchants Bank (CMB) due to work-related reasons, while he will continue to serve in other capacities within the bank. Xu Mingjie, the current Vice President, has been appointed as the new Chief Risk Officer. Group 1 - Zhong Desheng has resigned from his position as Chief Risk Officer of CMB, effective October 31, 2025, but will remain employed at the bank [5][6] - Xu Mingjie, born in September 1968, has been appointed as the new Chief Risk Officer, with his term starting upon approval from the National Financial Regulatory Administration [7] - The board of directors of CMB expressed high appreciation for Zhong Desheng's contributions during his tenure as Chief Risk Officer [7]

Summary of Key Points Core Viewpoint - A total of 293 stocks received buy ratings from institutions today, with 5 stocks having their ratings upgraded and 4 stocks receiving initial coverage from institutions [1]. Institutional Ratings - 358 buy rating records were published today, covering 293 stocks, with Yingjia Gongjiu receiving the highest attention with 5 buy ratings [1]. - Among the rated stocks, 110 records provided future target prices, with 7 stocks showing an upside potential exceeding 50%. Gujing Gongjiu has the highest upside potential at 86.34%, with a target price of 300.00 yuan set by Huachuang Securities on October 31 [1]. - Other stocks with significant upside potential include Wuliangye and Minsheng Bank, with upside potentials of 80.69% and 63.68%, respectively [1]. - There were 4 initial coverage ratings today, involving stocks such as Dameng Data and Goldwind Technology [1]. - 5 stocks had their ratings upgraded, including Kingsoft Office and Kangnong Agriculture [1]. Market Performance - Stocks with buy ratings averaged a slight increase of 0.01%, outperforming the Shanghai Composite Index. A total of 159 stocks saw price increases, with stocks like Yaxiang Integration, Youyou Food, and Enjie Co., Ltd. hitting the daily limit [1]. - Stocks with significant declines included Stone Technology, Lankai Technology, and Shenzhen South Circuit, with declines of 12.04%, 10.33%, and 8.12%, respectively [1]. Earnings Performance - Among the rated stocks, 293 have reported third-quarter earnings, with Te Yi Pharmaceutical showing the highest year-on-year net profit growth of 985.18%, achieving a net profit of 65.2171 million yuan [2]. - Other notable performers in terms of net profit growth include Changying Tong and Godewei, with year-on-year increases of 933.24% and 837.57%, respectively [2]. Industry Focus - The electronics industry is the most favored, with 27 stocks such as Zhongwei Company and Xingsen Technology listed among the buy-rated stocks. The power equipment and pharmaceutical biology sectors also received attention, with 26 and 22 stocks, respectively, on the buy rating list [2].

Core Viewpoint - China Merchants Bank announced the resignation of its Chief Risk Officer, Zhong Desheng, effective October 31, 2025, due to work-related reasons [1] Summary by Categories Company Announcement - The board of directors of China Merchants Bank received a resignation letter from Chief Risk Officer Zhong Desheng [1] - The resignation will take effect on October 31, 2025 [1]

Core Viewpoint - China Merchants Bank announced the resignation of Chief Risk Officer Zhong Desheng and the appointment of Xu Mingjie as the new Chief Risk Officer, effective from October 31, 2025 [2][3]. Group 1: Leadership Changes - Zhong Desheng resigned due to work reasons, with his term originally set to end on June 24, 2028 [2]. - Xu Mingjie has been with China Merchants Bank for 30 years and was appointed as Chief Risk Officer after serving as Vice President since June 2025 [2][3]. Group 2: Financial Performance - For the first three quarters, China Merchants Bank reported operating income of 251.42 billion yuan, a year-on-year decrease of 0.51%, and a net profit attributable to shareholders of 113.77 billion yuan, a year-on-year increase of 0.52% [4]. - As of the end of September, the non-performing loan balance was 67.43 billion yuan, with a non-performing loan ratio of 0.94%, down 0.01 percentage points from the end of the previous year [4]. - The provision coverage ratio was 405.93%, down 6.05 percentage points from the end of the previous year, while the loan provision ratio was 3.84%, down 0.08 percentage points [4].

Core Viewpoint - China Merchants Bank announced the resignation of Chief Risk Officer Zhong Desheng and appointed Xu Mingjie as the new Chief Risk Officer, effective from October 31, 2025 [2][3] Group 1: Leadership Changes - Zhong Desheng resigned due to work reasons, with his term originally set to end on June 24, 2028 [2] - Xu Mingjie has been with China Merchants Bank for 30 years and was appointed as Chief Risk Officer after serving as Vice President since June 2025 [2][3] Group 2: Financial Performance - For the first three quarters, China Merchants Bank reported operating income of 251.42 billion yuan, a year-on-year decrease of 0.51%, and a net profit attributable to shareholders of 113.77 billion yuan, a year-on-year increase of 0.52% [4] - As of the end of September, the non-performing loan balance was 67.43 billion yuan, an increase of 1.81 billion yuan from the end of the previous year, with a non-performing loan ratio of 0.94%, down 0.01 percentage points [4] Group 3: Loan Quality - The non-performing loan ratio for corporate loans was 0.82%, down 0.19 percentage points from the end of the previous year, while the retail loan non-performing loan ratio was 1.05%, up 0.07 percentage points [5] - The non-performing loan ratio for small and micro loans was 1.11%, up 0.32 percentage points, while the personal housing loan non-performing loan ratio was 0.45%, down 0.03 percentage points [5]

Core Viewpoint - The performance report for the third quarter of 2025 indicates that China Merchants Bank (CMB) is facing operational pressures, particularly in retail lending and net interest margin, but remains committed to increasing its market share in retail assets despite these challenges [5][6]. Retail Lending - CMB's retail loan growth has slowed, with a growth rate of 1.43%, which still exceeds the industry average of 1.2%, indicating an increase in market share [6] - The bank emphasizes that retail loans will continue to be a key focus area, with strategies in place to enhance this "anchor" asset [6] - The bank's management is cautious about the "volume compensating for price" strategy, stressing that risk should not be sacrificed for volume growth [5] Corporate Lending - CMB's corporate loans reached 3.15 trillion yuan, reflecting a 10.01% increase from the previous year [8] - The bank is re-evaluating its corporate loan strategy, focusing on various client segments, particularly mid-sized clients, in alignment with the "14th Five-Year Plan" [8] Net Interest Margin - For the first nine months of 2025, CMB's net interest margin slightly narrowed to 1.87% [11] - The bank maintains a strong deposit structure, with 85% of liabilities in deposits, and is focusing on optimizing its funding sources [11] Wealth Management - CMB's wealth management business has shown strong growth, with net fee and commission income increasing by 0.90% year-on-year, marking the first positive growth in three years [13] - The bank's wealth management strategy focuses on four dimensions: client growth, digital service enhancement, professional advisory services, and client-centered product development [14][15] Customer Base Growth - CMB reported a 4.76% increase in retail customers, totaling 220 million, with significant growth in high-value client segments [17] - The corporate client base also grew by 10%, indicating a robust demand for banking services across both retail and corporate sectors [18] Subsidiary and International Business - CMB's subsidiaries have shown positive growth, with total assets exceeding 900 billion yuan, a year-on-year increase of 8% [20] - The bank's international operations have also expanded, with total assets growing by 10% and revenue increasing by 25% in the first three quarters [20]

Core Viewpoint - China Merchants Bank (600036.SH) announced the resignation of its Chief Risk Officer, Zhong Desheng, effective October 31, 2025, due to work-related reasons [1] Group 1 - The resignation of Zhong Desheng has been formally submitted to the board of directors [1] - Zhong Desheng has completed the necessary work handover in accordance with the company's management regulations [1]

Core Viewpoint - The apparent stability of bank non-performing loan (NPL) ratios conceals deeper structural changes, indicating that the era of "soft landing" achieved through provisioning adjustments and risk rotation is nearing its end [2][8] Group 1: Banking Performance - China Construction Bank reported a 1.44% year-on-year increase in operating income to 560.281 billion yuan for the first three quarters of 2025, with net profit rising by 0.52% to 258.446 billion yuan [3] - The bank's asset quality remains robust, with a non-performing loan ratio of 1.32%, down 0.02 percentage points from the end of the previous year, and a provisioning coverage ratio of 235.05%, up 1.45 percentage points [3] - Other major banks, such as China Bank and Postal Savings Bank, also show varying levels of asset quality, with China Bank's NPL ratio at 1.24% and Postal Savings Bank's NPL ratio at 0.94% [4] Group 2: Risk Assessment - Some joint-stock banks are experiencing thinner provisioning buffers, with Everbright Bank's NPL ratio at 1.26% and a provisioning coverage ratio of 168.92%, nearing regulatory warning lines [5] - In contrast, certain regional banks demonstrate stronger risk resilience, such as Chengdu Bank with an NPL ratio of only 0.68% and a provisioning coverage ratio of 433.08% [6] - The focus of risk has shifted from corporate to retail, with banks like China Merchants Bank reporting an increase in attention loans, indicating rising concerns in personal lending sectors [7] Group 3: Future Outlook - The banking industry is expected to face a genuine stress test as excess provisioning space narrows and retail risks continue to emerge, marking a transition from scale expansion to quality prioritization [2][8] - The ability to balance risk clearance and sustainable profits will determine the future restructuring of the industry [8]

智通财经APP讯，招商银行(03968)发布公告，公司董事会收到公司首席风险官钟德胜先生的辞任函。钟 德胜先生因工作原因，向公司董事会提请辞去首席风险官职务。钟德胜先生的上述辞任自2025年10月31 日起生效。 ...