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。 董事會會議召開日期 招商銀行股份有限公司（「本公司」）董事會（「董事會」）茲通告謹定於2025年10月 29日（星期三）舉行董事會會議，藉以審議及批准刊發本公司截至2025年9月30日 止之第三季度業績公告。 招商銀行股份有限公司董事會 2025年10月17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、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。 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) ...

Investment Rating - The report maintains a positive outlook on the banking sector, suggesting that several banks are undervalued based on their asset quality and excess provisioning metrics [4][3]. Core Insights - The valuation premium of banks typically arises from their middle-income and liability advantages, while valuation discounts are often due to concerns over asset quality [2][10]. - The report introduces two key indicators: "broad non-performing asset ratio" and "excess provisioning profit multiple" to objectively assess and compare the current asset quality status of banks [2][10]. - A total of 56 AH-listed banks are analyzed, expanding from the previous report's focus on 42 A-share listed banks, to provide a comprehensive overview of excess provisioning levels and trends [2][10]. Summary by Sections 1. Introduction: Significance of Asset Quality - The report emphasizes the importance of objectively assessing asset quality, as it significantly impacts bank valuations and performance [10]. 2. How to Objectively Assess Bank Non-Performing Assets - Traditional asset quality indicators may not accurately reflect the true provisioning situation due to inconsistent standards and incomplete coverage of assets [14]. - The report proposes a "broad non-performing asset ratio" to better capture the credit risk within banks [14][15]. 3. Construction of Excess Provisioning Profit Multiple Indicator - The excess provisioning profit multiple is constructed to measure the performance elasticity of banks, indicating their potential for future earnings recovery [7][14]. - The report highlights that banks with higher excess provisioning ratios, such as Hangzhou Bank, show strong risk mitigation capabilities [7][14]. 4. Valuation from the Perspective of Broad Excess Provisioning - The long-term correlation between bank valuation levels and ROE is noted, with excess provisioning contributing to performance and valuation improvements [3][4]. - Several banks, including Wuxi Bank and Agricultural Bank (H), are identified as being significantly above the PB-excess provisioning profit multiple regression line, indicating potential investment opportunities [3][4].

Core Viewpoint - China Merchants Bank (03968.HK) has announced that its board of directors will hold a meeting on October 29, 2025, to review and approve the release of the company's third-quarter performance announcement for the period ending September 30, 2025 [1] Group 1 - The board meeting is scheduled for October 29, 2025 [1] - The purpose of the meeting is to review and approve the third-quarter performance announcement [1] - The performance announcement will cover the period ending September 30, 2025 [1]

证券之星消息，10月17日股份制银行板块较上一交易日下跌0.8%，兴业银行领跌。当日上证指数报收于 3839.76，下跌1.95%。深证成指报收于12688.94，下跌3.04%。股份制银行板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600000 | 浦发银行 | 13.32 | 0.00% | 81.69万 | 10.84亿 | | 601916 | 浙商银行 | 3.07 | -0.32% | 222.90万 | 6.87亿 | | 866109 | 中信银行 | 7.79 | -0.64% | 86.03万 | 6.73亿 | | 600015 | 华夏银行 | 6.80 | -0.73% | 103.17万 | 7.06亿 | | 600036 | 招商银行 | 41.59 | -0.81% | 82.98万 | 34.71亿 | | 601818 | 光大银行 | 3.43 | -1.15% | 375.57万 | 13.00亿 | | 000001 | 平安 ...

（於中華人民共和國註冊成立的股份有限公司） 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. （H股股票代碼：03968) 董事會會議召開日期 招商銀行股份有限公司（「本公司」）董事會（「董事會」）茲通告謹定於2025年10月 29日（星期三）舉行董事會會議，藉以審議及批准刊發本公司截至2025年9月30日 止之第三季度業績公告。 招商銀行股份有限公司董事會 2025年10月17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、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。 ...

Core Insights - Digital finance is a crucial foundation for building a strong financial nation and supports key initiatives like technology finance and green finance [1] - The Nanjing Branch of China Merchants Bank is actively responding to national strategies by integrating AI technology into financial services, enhancing risk control, and upgrading services [1] Group 1: Digital Financial Development - The Nanjing Branch views digital finance as essential for serving regional economies and aiding enterprise transformation, focusing on organizational structure, talent, and systems [2] - An AI Maker Club was established in 2023 to promote AI knowledge and applications across the bank, leading to the formation of an AI Innovation Integration Team in 2024 [2] - The branch has launched over 30 AI application projects in areas like customer service and risk management, creating a mechanism for digital transformation [2] Group 2: Financial Services for State-Owned Enterprises - The Nanjing Branch has developed a flagship product, CBS (Cross-Bank Cash Management System), to support state-owned enterprise treasury construction [3] - A project was initiated in February 2024 to cover dozens of state-owned enterprises and nearly a thousand member companies, enhancing debt and financing oversight [3] - The branch has successfully integrated financial management software with its services, improving operational efficiency for clients [3] Group 3: Customized Digital Solutions - The bank has created digital products like "Xinfutong" and "E Cantong" to assist enterprises in their digital transformation [4][5] - "Xinfutong" offers a comprehensive digital platform for payroll management, serving over 3,200 enterprises and more than 420,000 employees [4] - "E Cantong" provides dining solutions for employees, with nearly 700 enterprises utilizing the service by August [5] Group 4: AI and Risk Management - The Nanjing Branch leverages AI technology to enhance service efficiency and operational effectiveness in financial services [6] - AI tools have significantly improved processes such as customer communication and account opening, with efficiency gains of up to 240 times in some areas [6][7] - The branch has developed systems for suspicious account checks and fraud monitoring, successfully identifying potential fraud cases [7] Group 5: Future Directions - The Nanjing Branch aims to deepen the integration of technology and business, continuously exploring digital finance applications to support enterprise transformation [7]

Core Viewpoint - Ping An Insurance and its subsidiary Ping An Life have invested approximately HKD 173 million in H-shares of China Merchants Bank and Postal Savings Bank since October, indicating a strategic move to capitalize on the recent market corrections in the banking sector [1][4]. Group 1: Investment Details - Ping An and its subsidiary Ping An Life have increased their holdings in China Merchants Bank H-shares by approximately 2.99 million shares, investing around HKD 139 million, resulting in a holding ratio of about 17% [3]. - Additionally, they have acquired approximately 6.42 million shares of Postal Savings Bank H-shares, investing around HKD 34.41 million, which brings their holding ratio to approximately 17.01% [3]. Group 2: Market Context - The banking sector has experienced a decline of over 10% since July, with both China Merchants Bank and Postal Savings Bank H-shares seeing significant drops [4]. - The current external uncertainties in the global market have made financial sectors, particularly banks and insurance, preferred defensive assets for investors [4]. Group 3: Future Outlook - The trend of insurance capital increasing equity asset allocation is expected to continue, with banks remaining a focal point due to their high dividend yields [5]. - Research indicates that insurance capital is likely to further increase its holdings in bank stocks, particularly favoring large banks and those with regional advantages [5].

Group 1 - The core point of the article highlights the performance of the Hu-Shen 300 ESG ETF (561900), which has seen a decline of 1.13% as of the midday close, trading at 0.962 yuan with a transaction volume of 799,400 yuan [1] - Major holdings within the Hu-Shen 300 ESG ETF include Kweichow Moutai, which fell by 0.92%, and BYD, which decreased by 1.73%, while China Ping An rose by 0.22% [1] - The fund's performance benchmark is the Hu-Shen 300 ESG benchmark index return, managed by China Merchants Fund Management Co., with a return of -2.67% since its inception on July 6, 2021, and a return of 2.01% over the past month [1]

Group 1 - The A500 index components showed mixed performance, with Huatian Technology leading the gains at 10.02%, followed by Wentai Technology at 5.96% and Shandong Gold at 3.29%, while Desay SV fell [1] - The A500 ETF fund's latest price is 1.15 yuan, with a turnover rate of 19.72% and a trading volume of 3.248 billion yuan, indicating active market trading [1] - As of October 16, the A500 ETF fund had an average daily trading volume of 5.003 billion yuan over the past month, ranking first among comparable funds [1] Group 2 - The A500 index consists of 500 securities selected from various industries based on market capitalization and liquidity, reflecting the overall performance of representative listed companies [2] - As of September 30, 2025, the top ten weighted stocks in the A500 index accounted for 19% of the index, including Ningde Times, Kweichow Moutai, and China Ping An [2] - The A500 ETF fund and its enhanced version closely track the A500 index, with various related index funds available for investment [2]

Core Viewpoint - China Ping An Insurance (Group) Co., Ltd. has increased its holdings in Postal Savings Bank of China by 6.416 million H-shares, reflecting a trend of insurance capital frequently increasing their stakes in bank H-shares this year [1] Group 1: Investment Activity - China Ping An and its subsidiaries have shown a pattern of continuous accumulation in bank H-shares, particularly in listed banks such as China Merchants Bank, Postal Savings Bank, and Agricultural Bank [1] - The insurance capital's preference for bank stocks is attributed to the generally high dividend yields in both A-shares and H-shares, with the China Securities Bank ETF yielding 4.07% and the Hong Kong Stock Connect Financial ETF yielding 5.06% as of October 16 [1] Group 2: Market Conditions - The current low interest rate environment enhances the attractiveness of these assets, leading to sustained inflows from long-term funds such as insurance capital and social security [1] - A shift in market sentiment towards risk aversion has made these assets more appealing, indicating a potential strategy for similar investors to follow the lead of insurance capital [1]