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。 ...

公开资料显示，徐明杰，1968年9月出生。招商银行副行长。西安交通大学工学学士，上海对外经贸大 学第二学士学位班经济学学士，特许公认会计师（ACCA)。1995年9月加入招商银行，历任总行公司金 融产品部总经理助理、总行投资银行部总经理助理、总行投资银行部副总经理、总行授信执行部总经 理、总行风险管理部总经理、招商银行行长助理。2024年1月至2025年9月兼任北京分行行长。2025年6 月起任招商银行副行长。 10月31日，招商银行同时发布董事会决议公告指出，该行第十三届董事会第七次会议审议通过了《关于 聘任招商银行首席风险官的议案》，同意聘任徐明杰为招商银行首席风险官，任期自国家金融监督管理 总局核准其首席风险官任职资格之日起，至第十三届董事会届满之日止。 北京商报讯（记者 宋亦桐）10月31日，招商银行发布公告指出，该行董事会收到该行首席风险官钟德 胜的辞任函。钟德胜因工作原因，向招商银行董事会提请辞去首席风险官职务。钟德胜的上述辞任自 2025年10月31日起生效。 ...

招商銀行股份有限公司 CHINA MERCHANTS BANK CO., LTD. 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份內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 招商銀行股份有限公司董事會 2025年10月31日 於本公告日期，本公司的執行董事為王良及鍾德勝；本公司的股東董事（非執行 董事）為繆建民、石岱、孫雲飛、江朝陽、朱立偉及黃堅；及本公司的獨立非執 行董事為李孟剛、劉俏、田宏啟、李朝鮮、史永東及李健。 A 股简称：招商银行 A 股代码：600036 公告编号：2025-055 （於中華人民共和國註冊成立的股份有限公司） （H股股票代碼：03968） 2025 年 10 月 31 日 1 招商银行股份有限公司 董事会决议公告 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 ...

格隆汇10月31日丨招商银行(03968.HK)公告，董事会收到公司首席风险官钟德胜的辞任函。钟德胜因工 作原因，向公司董事会提请辞去首席风险官职务。钟德胜的上述辞任自2025年10月31日起生效。 ...

Group 1: Fund Scale and Performance - The total net asset value of public funds reached 35.41 trillion yuan by the end of Q3 2025, an increase of 1.69 trillion yuan from the end of Q2 2025, with a quarterly growth of 2.65% in the A-share market [3][16]. - Non-monetary market fund scale reached 21.06 trillion yuan, up 1.56 trillion yuan from the previous quarter, representing a quarter-on-quarter increase of 8.02% and a year-on-year increase of 13.48% [3][16]. - Passive index bond funds led the growth with a scale of 1.82 trillion yuan, showing a quarter-on-quarter increase of 19.13% and a year-on-year increase of 80.38% [3][24]. Group 2: Active Equity Funds - As of the end of Q3 2025, there were 4,268 active equity funds with a total scale of 3.94 trillion yuan, reflecting a quarter-on-quarter increase of 1.06% and a year-on-year increase of 4.80% [4][25]. - The average holding ratio of active equity funds was 88.91%, with the top 10 holdings accounting for an average of 39.90% of the fund's net value, indicating a slight increase in concentration [4][27]. - The top ten fund companies accounted for 44.7% of the total active equity fund market, highlighting a significant concentration effect among leading firms [4][28]. Group 3: Fixed Income Plus Funds - By the end of Q3 2025, there were 1,631 fixed income plus funds with a total scale of 2.11 trillion yuan, with a notable increase in the number of funds in the medium and low elasticity categories [5][40]. - The market saw a significant increase in the allocation to electronic, power equipment and new energy, and non-ferrous metals sectors, with respective increases of 4.6%, 3.2%, and 3.0% in heavy positions [5][69]. - The top three fund companies managing fixed income plus funds were E Fund, Invesco Great Wall, and Fortune Fund, with E Fund managing over 237.2 billion yuan [5][46]. Group 4: FOF, ETF, QDII, and Quantitative Funds - As of Q3 2025, there were 518 FOF funds with a total scale of 1934.89 billion yuan, reflecting a quarter-on-quarter increase of 16.8% [6]. - The ETF market reached a total scale of 54,770.41 billion yuan, up 32.08% from Q2 2025 [6]. - The QDII market had 266 funds with a total scale of 740.3 billion yuan, indicating a quarter-on-quarter increase of 22.25% [6][24].

1. Report's Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The report analyzes the self - investment performance of banks in 2025 based on the semi - annual report and forecasts their behavior in the fourth quarter. It concludes that bond allocation is expected to support bank expansion, and although there is still room for banks to realize floating profits, the impact on the bond market is expected to be relatively mild [4][11][12]. 3. Summary According to the Directory 3.1 From the 2025 Semi - annual Report: Bank Self - investment Performance 3.1.1 Financial Market Returns: Increased Contribution of Realized Floating Profits - The revenue contribution of banks' self - investment business fluctuates upward. Since 2023, the proportion of investment income and fair - value changes in revenue has increased. In the first half of 2025, banks sold old bonds to realize floating profits to cope with the rising bond - market yields [20][23][26]. 3.1.2 Asset Allocation: Financial Investment Drives Balance - sheet Expansion - Since 2024, the year - on - year growth rate of bank financial investment has been rising, and its proportion in total assets has also increased. By the end of June 2025, the year - on - year growth rate of listed banks' financial investment was 14.9%. The OCI account's proportion has been increasing, and large state - owned banks have continuously increased their allocation of government bonds [31]. - In terms of duration, the overall duration of bank financial investment has been extended, but the space for continuous extension may be limited. Structurally, state - owned banks' AC accounts maintain a high duration, and joint - stock banks' OCI accounts have a more obvious duration - extension action [57][59][74]. 3.1.3 Liability Side: Decreased Liability Cost Rate and Declined Inter - bank Certificate of Deposit Balance in Q3 - In the first half of 2025, the weighted average interest - bearing liability cost rate of banks decreased by about 29BP compared with 2024, mainly due to the concentrated maturity and repricing of deposits. The deposit cost rate decreased by 25BP [86]. - Since the second quarter, the central bank's liquidity injection has been abundant, and the balance of inter - bank certificates of deposit has declined. Large state - owned banks have reduced their reliance on inter - bank certificates of deposit, while small and medium - sized banks have shortened the issuance term of inter - bank certificates of deposit to control costs [101][103][115]. 3.2 Outlook for Banks' Behavior in Q4 2025 3.2.1 Asset Side: Bond Allocation Expected to Continue Supporting Balance - sheet Expansion - In the fourth quarter, credit growth is expected to remain weak, and financial investment will still be the main driving force for bank balance - sheet expansion. The decline in liability cost rate has opened up space for bank bond allocation, and the current high spread between 10 - year treasury bonds and 1 - year inter - bank certificates of deposit has increased banks' willingness to allocate bonds [118][121][122]. - Large state - owned banks' pressure to undertake government bond issuance is expected to weaken, and small and medium - sized banks will continue to tilt available funds towards bond investment [128][131]. 3.2.2 Liability Side: Focus on the Issuance Scale of Banks' Inter - bank Certificates of Deposit - Banks may face "deposit migration" pressure in the fourth quarter, and some deposits will mature. Banks may issue inter - bank certificates of deposit preventively when liquidity is relatively loose. The issuance term of large state - owned banks is expected to be longer, while that of small and medium - sized banks is expected to be medium - short [136][138]. 3.2.3 Realizing Floating Profits: Still Some Space, but Limited Impact on the Bond Market - Banks need to smooth their performance in the fourth quarter, and there is still pressure to sell old bonds, but the impact on the bond market is expected to be relatively mild. There are limitations in selling old bonds, including accounting classification rationality, reinvestment pressure, and performance base pressure for 2026 [142][143]. - There is still some demand for banks to realize floating profits in Q4 2025, but the amount of floating profits that can be realized is limited. AC accounts have some selling constraints, and excessive realization of floating profits in OCI accounts may increase the performance base pressure for 2026 [144][151].

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份內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 招商銀行股份有限公司 CHINA MERCHANTS BANK CO., LTD. （於中華人民共和國註冊成立的股份有限公司） （H股股票代碼：03968） 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 招商銀行股份有限公司董事會 2025年10月31日 於本公告日期，本公司的執行董事為王良及鍾德勝；本公司的股東董事（非執行 董事）為繆建民、石岱、孫雲飛、江朝陽、朱立偉及黃堅；及本公司的獨立非執 行董事為李孟剛、劉俏、田宏啟、李朝鮮、史永東及李健。 A 股简称：招商银行 A 股代码：600036 公告编号：2025-054 钟德胜先生已按照本公司相关管理规定做好工作交接。 特此公告。 招商银行股份有限公司 关于首席风险官辞任的公告 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。 ...

A 股简称：招商银行 A 股代码：600036 公告编号：2025-054 招商银行股份有限公司 关于首席风险官辞任的公告 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。 一、首席风险官离任的基本情况 招商银行股份有限公司（简称本公司）董事会收到本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，向本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，具体情况如下： | | | | | | 辞任生效后 | | 是否存在 | | --- | --- | --- | --- | --- | --- | --- | --- | | 姓名 | 离任职务 | 离任时间 | 原定任期 | 离任原因 | 是否继续在 | 具体 | 未履行完 | | | | | 到期日 | | 本公司及其控股 | 职务 | 毕的公开 | | | | | | | 子公司任职 | | 承诺 | | 钟德胜 | 首席风险官 | 2025 年 | 2028 年 | 因工作 | 是 | 本公司 | 否 | | | ...

A 股简称：招商银行 A 股代码：600036 公告编号：2025-055 招商银行股份有限公司 董事会决议公告 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（简称本公司或招商银行）于 2025 年 10 月 28 日以 电子邮件方式发出第十三届董事会第七次会议通知，于 10 月 31 日以远程视频电 话会议方式召开会议。会议由缪建民董事长主持，应参会董事 14 名，实际参会 董事 12 名，钟德胜执行董事和李健独立非执行董事因其他公务未出席，分别委 托王良执行董事和李朝鲜独立非执行董事代为出席会议。本公司 5 名监事列席了 会议。会议的召开符合《中华人民共和国公司法》和《招商银行股份有限公司章 程》等有关规定。 1 附件 1： 徐明杰先生简历及相关信息 会议审议通过了《关于聘任招商银行首席风险官的议案》，同意聘任徐明杰 先生为招商银行首席风险官，任期自国家金融监督管理总局核准其首席风险官任 职资格之日起，至第十三届董事会届满之日止。 同意：14 票 反对：0 票 弃权：0 票 本公司董事会提名委员会已 ...

Core Insights - A total of 527 stocks in the Shanghai and Shenzhen markets have experienced net outflows of main funds for five consecutive days or more as of October 31 [1] - Among these, Jineng Technology has seen the longest streak of 21 days of net outflows, while Aerospace Electronics follows with 19 days [1] - The largest total net outflow amount is from SMIC, with a cumulative outflow of 5 days totaling 5.685 billion yuan, followed by CITIC Securities with 4.523 billion yuan over 6 days [1] Group 1: Stocks with Significant Net Outflows - SMIC (688981) has recorded a net outflow of 5 days totaling 5.685 billion yuan, with a net outflow ratio of 11.43% and a cumulative decline of 7.37% [1] - CITIC Securities (600030) has experienced a net outflow of 6 days totaling 4.523 billion yuan, with a net outflow ratio of 8.81% and a cumulative decline of 0.47% [1] - China Merchants Bank (600036) has seen a net outflow over 14 days totaling 3.583 billion yuan, with a net outflow ratio of 6.91% and a cumulative increase of 1.94% [1] Group 2: Stocks with Notable Performance Metrics - Guanghui Logistics (600629) has the highest net outflow ratio at 12.85% over 8 days, with a cumulative decline of 43.76% [1] - ST Huatuo (002602) has a net outflow of 2.216 billion yuan over 8 days, with a net outflow ratio of 9.51% and a cumulative decline of 3.41% [1] - Hailiang Information (688041) has a net outflow of 2.347 billion yuan over 5 days, with a net outflow ratio of 6.71% and a cumulative decline of 7.90% [1] Group 3: Additional Stocks with Outflows - Zhongke Shuguang (603019) has a net outflow of 3.222 billion yuan over 5 days, with a net outflow ratio of 11.41% and a cumulative decline of 6.56% [1] - Huajian Group (600629) has a net outflow of 1.998 billion yuan over 8 days, with a net outflow ratio of 12.85% and a cumulative decline of 43.76% [1] - Shengbang Co., Ltd. (300661) has a net outflow of 1.952 billion yuan over 14 days, with a net outflow ratio of 9.22% and a cumulative decline of 13.78% [1]