转自：智通财经 【独家|招商银行旗下AIC将落地深圳】智通财经10月10日电，招商银行相关知情人士对智通财经记者确 认，招银金融资产投资公司（下称招银AIC）将落地深圳，目前筹备进度与兴业、中信两家接近，行内 希望尽快成立挂牌。但是最终还需以监管批复为准。由此，三大股份行兴业、中信和招商旗下AIC注册 地均已基本确定。据智通财经记者掌握的信息，其分别有望落地福州、广州和深圳。（智通财经记者 梁柯志） ...

招商银行相关知情人士对记者确认，招银金融资产投资公司（下称招银AIC）将落地深圳，目前筹备进 度与兴业、中信两家接近，行内希望尽快成立挂牌。但是最终还需以监管批复为准。由此，三大股份行 兴业、中信和招商旗下AIC注册地均已基本确定。据记者掌握的信息，其分别有望落地福州、广州和深 圳。（智通财经） ...

证券之星消息，10月10日股份制银行板块较上一交易日下跌0.01%，招商银行领跌。当日上证指数报收于3897.03，下跌0.94%。深证成指报收于 13355.42，下跌2.7%。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) | | --- | --- | --- | --- | --- | --- | | 601916 | 浙商银行 | 3.02 | 1.00% | 187.79万 | 5.66亿 | | 600015 | 半夏银行 | 6.56 | 0.46% | 230.34万 | 15.19亿 | | 600000 | 浦发银行 | 11.84 | 0.34% | - 93.76万 | 11.13亿 | | 000001 | 平安银行 | 11.43 | 0.26% | 108.79万 | 12.44亿 | | 601166 | 兴业银行 | 19.69 | 0.10% | 122.49万 | 24.18亿 | | 666109 | 中信银行 | 7.26 | 0.00% | 61.73万 | 4.50亿 | | 600016 | 民生 ...

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 1.31% as of the midday close, trading at 0.977 yuan with a transaction volume of 508,300 yuan [1] - Major holdings in the ETF include Kweichow Moutai, which fell by 0.30%, and Ningde Times, which experienced a significant drop of 6.30% [1] - The fund's performance benchmark is the Hu-Shen 300 ESG Index return, managed by China Merchants Fund Management Co., with a return of -0.96% since its inception on July 6, 2021, and a return of 5.62% over the past month [1]

Core Viewpoint - The article discusses the performance of deep value fund managers during different market conditions, highlighting their underperformance in the current bull market compared to growth-style fund managers, particularly in sectors like technology and innovation [4][20]. Group 1: Performance Comparison - In the past three years of bear markets, deep value fund managers performed relatively well, with many managing over 10 billion in assets [5]. - As of September 24, 2023, mainstream deep value fund managers like Xu Yan and Jiang Cheng had annual returns below 20%, while the average return of the CSI Active Equity Fund Index reached 34.11% [6][12]. - The article notes that deep value fund managers typically focus on low-valuation, stable companies, which leads to lower returns in bull markets but better performance in bear markets [14][19]. Group 2: Investment Philosophy - Deep value fund managers invest from an owner's perspective, focusing on long-term intrinsic value rather than short-term market fluctuations [16]. - They emphasize "quality and price," seeking high-quality companies that are undervalued due to market sentiment [17]. - Safety margins are crucial in their investment decisions, as they aim to protect against errors and downside risks [17][18]. Group 3: Market Trends and Strategies - The current bull market has favored growth-style funds, particularly those heavily invested in technology, with some achieving over 200% annual returns [7]. - Deep value fund managers often hold significant positions in traditional sectors like finance and real estate, which have underperformed in the current market [14][19]. - The article suggests that deep value funds should be considered for core portfolio allocations, especially for conservative investors [23][24]. Group 4: Selection Criteria - Not all low-valuation stocks represent deep value; some may belong to contrarian or cyclical strategies [29]. - Investors should focus on the stability of deep value fund managers' styles, as many have shifted towards growth or other strategies over time [36][38]. - The article advises that deep value funds can serve as a bottom-layer allocation in a diversified portfolio, balancing risk and return [24][26].

Core Insights - The regulatory environment for the banking industry in 2025 remains stringent, with a "zero tolerance" approach leading to a significant number of penalties issued [1][3] - In the first three quarters of 2025, a total of 997 penalties were imposed on various banking institutions, amounting to approximately 981 million yuan [3][4] - The focus of regulatory scrutiny is primarily on credit business violations, which account for nearly 60% of total penalties, highlighting the need for improved internal controls and compliance mechanisms within banks [6][9] Regulatory Overview - The National Financial Supervision Administration and its branches issued 997 penalties in the first nine months of 2025, with a total fine amounting to 981 million yuan [3][4] - The regulatory body itself issued 14 penalties totaling approximately 314.67 million yuan, indicating a high average penalty per case [3] - The first quarter saw the highest number of penalties at 394, while the third quarter experienced a surge in penalties to 372, reflecting an intensified regulatory environment [4] Credit Business Violations - Credit business remains a significant area of concern, with various violations leading to substantial penalties, including cases of improper loan management and misuse of funds [6][7] - Notable penalties include 16.8 million yuan for Zhejiang Merchants Bank and 8.725 million yuan for Huaxia Bank, both related to credit business violations [7][8] - The prevalence of violations in the credit sector is attributed to the high stakes involved, as it directly impacts financial security and order [9][10] Compliance Challenges - Other areas of compliance, such as wealth management and credit card operations, also exhibit significant vulnerabilities, necessitating a comprehensive upgrade in internal control systems [11][12] - Banks are encouraged to shift their focus from aggressive business expansion to robust risk management and compliance practices [13] - The need for a cultural shift within banks to prioritize compliance as a core aspect of operations is emphasized, aiming to build a more resilient financial environment [13]

Group 1 - The core point of the article is the recent personnel adjustments at China Merchants Bank, including the appointment of two new members to the bank's party committee and changes in leadership at its three major branches [2][6][12] - Cui Jiakun has been appointed as the Party Secretary of the Beijing Branch and is expected to take on the role of branch president, while Xu Mingjie has stepped down from these positions [2][6] - The adjustments are seen as a signal for filling gaps in the bank's senior management team, particularly the long-vacant position of assistant president [6][8] Group 2 - Cui Jiakun and Wang Xinghai have been appointed as members of the bank's party committee, with Cui also taking on the role of president of the Beijing Branch and Wang serving as president of the Shenzhen Branch [7][12] - Xu Mingjie, after returning to the head office, is expected to oversee a specific business segment within the bank, which is divided into retail, corporate, wealth management, finance, and risk sectors [8][12] - The three major branches—Beijing, Shenzhen, and Shanghai—are referred to as "special branches" due to their significant asset sizes, collectively accounting for approximately 13.3% of the bank's total assets [12]

Investment Rating - The report suggests a positive investment outlook for quality banks in China, indicating significant valuation recovery potential [2][3]. Core Insights - The core conclusion emphasizes not to underestimate the resilience of China's economy, with a substantial space for bank valuation recovery. The investment focus should be on quality banks with stable operations and those with specialized business models [2][3]. - The report highlights that the investment in the banking sector is primarily driven by macroeconomic factors, with a strong correlation between bank profitability and economic performance [33][56]. Summary by Sections Global Banking Index Performance - The report outlines the performance of various banking indices over the past decade, noting that the Indian CNX Nifty Bank Index has seen a cumulative increase of 196%, while the Shenyin Wanguo Bank Index has only increased by 18% [5][19]. - It indicates that the Shenyin Wanguo Bank Index has lagged behind other global indices, primarily due to the economic pressures faced in China since 2022 [57][58]. Investment Recommendations - The report recommends focusing on high-quality cyclical stocks that are expected to outperform as the economic fundamentals improve, particularly in the fourth quarter and early next year [3]. - Specific banks such as Ningbo Bank and China Merchants Bank are highlighted as key investment opportunities, along with a recommendation to monitor banks like Changshu Bank and Chongqing Rural Commercial Bank [3][82]. Bank Performance Analysis - Among the 154 sample banks analyzed, 102 outperformed the domestic market index, with notable performances from banks in strong economic growth regions such as the UAE and Vietnam [82]. - The report notes that the performance of banks varies significantly based on their economic environment, governance, and market conditions, with private banks in India showing better performance compared to state-owned banks [89].

Leadership Changes - The president of China Merchants Bank's (CMB) Beijing branch has changed, with Xu Mingjie serving as acting president from January 2024 to September 2025, following the departure of Zhang Cheng [1][2] - Cui Jiakun, the president of CMB's Guangzhou branch, is set to take over as the new president of the Beijing branch [1][2] - Xu Mingjie was promoted to vice president of CMB in June 2024 after serving as the acting president of the Beijing branch [2] Asset Scale - By the end of 2024, CMB's Beijing branch is expected to surpass the Shenzhen branch, becoming the largest branch of the bank, with an asset scale of 584.477 billion yuan, exceeding Shenzhen's by 5.634 billion yuan [2] Branch Management Changes - CMB has seen leadership changes in its second and third largest branches this year, with Wang Xinghai approved as the president of the Shenzhen branch in January and Lu Ming taking over the Shanghai branch in May [2] New Company Establishment - CMB is in the process of establishing the China Merchants Bank Financial Asset Investment Company (AIC), with a registered capital of 15 billion yuan, which is expected to enhance the bank's capabilities in market-oriented debt-to-equity swaps and equity investment pilot businesses [5][10] - The AIC's preparatory team is led by Zheng Xinying, the general manager of the investment banking department, with other key positions filled by senior executives from various departments [6][7][8] Investment Banking Performance - In the first half of 2025, CMB underwrote debt financing tools totaling 274.295 billion yuan, ranking first in the market for perpetual bonds and technology innovation bonds [10]

Core Viewpoint - The banking sector experienced a decline, with the share prices of major banks falling, particularly led by Industrial Bank, while the overall stock market showed positive growth [1] Group 1: Market Performance - On October 9, the share price of the banking sector fell by 0.25%, with Industrial Bank leading the decline [1] - The Shanghai Composite Index closed at 3933.97, up by 1.32%, and the Shenzhen Component Index closed at 13725.56, up by 1.47% [1] Group 2: Individual Bank Performance - The closing prices and performance of key banks are as follows: - CITIC Bank: 7.26, up by 0.83% - Ping An Bank: 11.40, up by 0.53% - Zheshang Bank: 2.99, up by 0.34% - Everbright Bank: 3.36, unchanged - China Merchants Bank: 40.33, down by 0.20% - Minsheng Bank: 3.95, down by 0.75% - Huaxia Bank: 6.53, down by 0.76% - Pudong Development Bank: 11.80, down by 0.84% - Industrial Bank: 19.67, down by 0.91% [1] Group 3: Capital Flow Analysis - The banking sector saw a net outflow of 1.696 billion yuan from major funds, while retail investors contributed a net inflow of 963 million yuan [1] - The capital flow for individual banks indicates: - Pudong Development Bank: Major net inflow of 20.68 million yuan, retail net outflow of 47.41 million yuan - CITIC Bank: Major net inflow of 8.90 million yuan, retail net inflow of 1.20 million yuan - Ping An Bank: Major net inflow of 1.22 million yuan, retail net outflow of 6.27 million yuan - Zheshang Bank: Major net outflow of 8.04 million yuan, retail net inflow of 15.78 million yuan - China Merchants Bank: Major net outflow of 1.79 billion yuan, retail net inflow of 2.16 million yuan - Minsheng Bank: Major net outflow of 28.60 million yuan, retail net inflow of 114 million yuan - Industrial Bank: Major net outflow of 40 million yuan, retail net inflow of 254 million yuan - Huaxia Bank: Major net outflow of 41.80 million yuan, retail net inflow of 18 million yuan - Everbright Bank: Major net outflow of 43.70 million yuan, retail net inflow of 23.60 million yuan [2]