Investment Rating - The report assigns an "Overweight" rating to the banking sector [4]. Core Insights - As of March 21, 2026, 14 banks have disclosed their 2025 performance reports, showing steady growth and stable asset quality. The investment environment for the banking sector in Q2 is favorable, emphasizing the importance of high-performing stocks [2][3]. - The report highlights that most banks have stabilized or improved their revenue, primarily benefiting from a narrowing decline in interest margins. Notably, banks like Pudong Development Bank, China Merchants Bank, and Huaxia Bank reported revenue growth rates of +1.9%, +0.01%, and -5.4% respectively, with Ping An Bank experiencing a significant decline of -10.4% due to a 53.6% drop in non-interest income in Q4 2025 [4][8]. - The overall asset quality remains stable, with non-performing loan ratios either improving or remaining flat compared to Q3 2025. The report indicates a focus on retail risk changes while public sector risks are expected to continue to converge [4][8]. Summary by Sections 1. Core Indicators of 2025 Performance Reports - The report provides detailed performance metrics for various banks, including revenue, net profit, interest income, and non-interest income, with year-over-year changes noted for each bank [8]. - For instance, the total revenue for China Merchants Bank was 337.5 billion, with a slight increase of 0.01% year-over-year, while Ping An Bank's revenue decreased by 10.4% [8]. 2. Industry and Company Dynamics Tracking - The report discusses recent regulatory developments, including the issuance of interim measures for the regulatory rating of wealth management companies, which will impact governance and risk management practices [9][10]. - It also notes that the People's Bank of China has maintained the loan market quotation rate (LPR) unchanged, indicating a stable monetary policy environment [10][11]. 3. Weekly Data Tracking - The report includes performance tracking of banking stocks from March 16 to March 20, 2026, highlighting the fluctuations in stock prices and overall market performance [14][15].

Investment Rating - The report assigns an "Overweight" rating to the banking industry [6] Core Insights - The industry is characterized by a clear trend of "leading banks," with state-owned banks acting as a stabilizing force for credit. Regional city commercial banks are achieving differentiation and market share growth, particularly in economically strong provinces like Jiangsu, Zhejiang, Sichuan, and Shandong. Conversely, smaller financial institutions are facing marginalization and consolidation pressures [2][3] Summary by Sections Industry Landscape - The banking industry has returned to a phase dominated by large banks, with state-owned banks' asset share increasing by 4.0 percentage points to 43.3% by the end of 2025. The concentration of the industry is further shifting towards the top players [3][13] - City commercial banks are showing strong regional economic resilience, benefiting from robust credit demand in major economic provinces, with their asset share rising by 0.6 percentage points to 14.0% by the end of 2025 [3][13] - Shareholding banks are generally reducing high-risk business exposure, leading to a decline in market share, with their asset share decreasing by 2.0 percentage points to 16.2% by the end of 2025 [3][13] - Rural financial institutions are undergoing a phase of clearing and consolidation, with significant reductions in the number of institutions since 2025 [3][13] Business Perspective: Deposits and Loans - Deposit market shares for state-owned banks, shareholding banks, sample city commercial banks, and other financial institutions by the end of 2024 are 46.2%, 15.0%, 12.3%, and 26.5%, respectively, with changes of +0.7 percentage points, -0.9 percentage points, +0.8 percentage points, and -0.7 percentage points compared to the end of 2021 [16] - In terms of loans, the market shares for the same categories by the end of 2024 are 46.1%, 17.0%, 12.0%, and 24.9%, with changes of +1.9 percentage points, -2.3 percentage points, +0.6 percentage points, and -0.3 percentage points compared to the end of 2021 [23] Regional Perspective - State-owned banks maintain strong resilience in the Yangtze River Delta region, with market share reaching 36.4% by the end of 2024. Other regions have also seen varying degrees of market share increases, with the Northeast region experiencing the largest increase of 7.7 percentage points to 41.4% [30] - Shareholding banks are experiencing declines in market share across all regions, particularly in the Pearl River Delta and Yangtze River Delta, where shares have decreased by 2.7 percentage points and 1.8 percentage points, respectively [39] - City commercial banks are capitalizing on strong credit demand in major economic provinces, with market shares in Sichuan, Zhejiang, and Shandong increasing by 3.9 percentage points, 3.6 percentage points, and 3.3 percentage points, respectively [44]

Investment Rating - The report indicates a positive investment outlook for the banking sector, with a recommendation for increased allocation due to favorable trading conditions and performance expectations for 2025 [10][11]. Core Insights - The banking sector has experienced a cumulative decline of 3.1% since the beginning of 2026, underperforming the CSI 300 and Wind All A indices by 1.8 percentage points and 4.1 percentage points, respectively. However, there has been a recovery with a 3.5% increase in March 2026, ranking second among 30 sectors [9][10]. - The report anticipates that the overall performance of listed banks in 2025 will show steady improvement, supported by narrowing interest margins and stable asset quality. The expected growth in net profit and revenue is attributed to improved credit growth in key regions and stable deposit growth [11][12]. Summary by Sections Trading Environment - The trading environment for the banking sector in Q2 2025 is expected to be favorable, with revenue growth and net profit growth projected to improve. The report highlights that 23 banks have shown positive absolute returns since the beginning of the year, with Qingdao, Chongqing, and Hangzhou leading in growth rates [10][11]. Credit Growth and Quality - Credit growth is expected to slow down in 2026, with a projected growth rate of 6.1% for RMB loans. The report notes a decrease in household credit, indicating a trend towards deleveraging, while corporate credit has seen a slight increase due to new policy tools [16][17]. Interest Margin Trends - The net interest margin is in a downward trend but is expected to stabilize in 2026. The report indicates that the decline in interest margins will slow down, with some smaller banks potentially seeing a bottoming out of their margins [20][23]. Asset Quality - The report emphasizes that the asset quality of listed banks remains stable, with non-performing loan ratios and coverage ratios being closely monitored. The overall asset quality is expected to remain steady, supporting the banks' profitability [36][37]. Wealth Management and Fee Income - The wealth management business is recovering, with fee income from wealth management and agency services expected to grow. The report notes that the fee income for listed banks increased by 3.1% in the first half of 2025, driven by favorable market conditions [30][32]. Regional Performance - The report highlights that state-owned banks and city commercial banks in economically strong provinces are expected to continue leading in loan growth rates. Regions like Jiangsu, Zhejiang, and Sichuan are projected to outperform national averages [19][17].

Core Viewpoint - The company is actively promoting financial consumer rights education through targeted outreach programs aimed at enhancing financial literacy and risk prevention among new employment forms, particularly in the courier, ride-hailing, and freight sectors [1]. Group 1: Financial Knowledge Promotion - The company has organized a youth volunteer service team to conduct financial knowledge dissemination activities, focusing on frontline workers in the courier and ride-hailing industries [1][5]. - Activities include educating workers on personal financial information protection, fraud prevention, and credit maintenance, using simple language to ensure understanding and practical application [2][4]. Group 2: Fraud Prevention Initiatives - The company emphasizes the importance of safeguarding personal information and recognizing common scams, such as impersonation fraud and loan inducements, particularly for courier workers [4][5]. - Specific guidance is provided to workers on how to handle suspicious communications and protect their financial assets, reinforcing the message of not sharing personal banking information [4][5]. Group 3: Tailored Financial Education - The company has developed customized financial education sessions for different worker groups, addressing specific risks they face, such as account issues and fraudulent orders for ride-hailing drivers [5][7]. - For freight drivers, the focus is on educating them about scams related to freight orders and financial management, ensuring they can operate safely and maintain their financial rights [7]. Group 4: Community Impact - Feedback from participants indicates a strong appreciation for the initiative, highlighting the importance of financial security in their daily operations [7]. - The company aims to continue enhancing financial education efforts, fostering a safer financial environment for consumers and supporting new employment forms [7].

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） 投資者可於會後在本公司網站( www.cmbchina.com )「投資者關係」專欄觀看業績說 明會的相關實錄。 招商銀行股份有限公司董事會 2026年3月20日 投資者可於北京時間2026年3月30日（星期一）上午9:30-11:30通過以下網址參加 業績說明會。 中文：https://webcasting.bizconf.cn/live/watch/o69x7neo 英文：https://webcasting.bizconf.cn/live/watch/lkdxj00o 本公司將為投資者提供提問渠道。投資者可將相關問題通過電子郵件方式發送至 本公司2025年度業績說明會問題收集郵箱：query@ cmbchina.com 。郵件收取截止 時間為北京時間2026年3月30日（ ...

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） 本次優先股的贖回價格為本次優先股的票面金額加當期應計股息。應計股息 的計算公式為：IA=B×i×t/365 IA：指本公司宣告贖回的公告日的計息年度應計股息； B：指優先股股東持有的將被贖回的優先股票面總金額； i：指優先股當年股息率； t：指計息天數，即2025年12月18日至2026年4月15日期間的實際日曆天數 （算頭不算尾）。 （H股股票代碼：03968） 關於贖回優先股的第二次提示性公告 招商銀行股份有限公司（「本公司」）於2017年12月非公開發行2.75億股境內優先股 （「本次優先股」），募集資金總額為人民幣275億元，優先股簡稱「招銀優1」，優先 股代碼360028。經本公司股東大會授權董事會及董事會轉授權的兩位董事批准， 並經國家金融監督管理總局答覆無異議，本 ...

A 股简称：招商银行 A 股代码：600036 公告编号：2026-007 英文：https://webcasting.bizconf.cn/live/watch/lkdxj00o 投资者可将相关问题通过电子邮件方式发送至招商银行股份有限公司（简称本公 司）2025年度业绩说明会（简称业绩说明会）问题收集邮箱：query@cmbchina.com。 邮件收取截止时间为北京时间2026年3月30日（星期一）上午11:00。本公司将于业绩 说明会上对投资者普遍关注的问题进行回答。 一、业绩说明会类型 招商银行股份有限公司 关于召开2025年度业绩说明会的公告 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。 重要内容提示： 中文：https://webcasting.bizconf.cn/live/watch/o69x7neo 为了便于广大投资者更全面深入地了解本公司2025年度业绩和经营情况，本公司 拟通过网络直播方式召开业绩说明会，就投资者普遍关注的问题与投资者进行交流。 1 （一）投资者可于北京时间2026年3月30日上午9: ...

Core Viewpoint - The collaboration between China Merchants Bank Qingdao Branch and Qingdao High-tech Financing Guarantee Co., Ltd. has successfully launched the first batch guarantee online financing business in Qingdao, addressing the financing difficulties faced by small and micro enterprises [1][2]. Group 1: Financing Model Innovation - The batch guarantee online financing business is a response to the People's Bank of China's call for bank-guarantee cooperation, leveraging financial technology to create a new financing service model that eliminates reliance on collateral [2]. - This model features "no collateral, online application, and rapid disbursement," effectively integrating risk control resources from both banks and guarantees, simplifying the approval process, and significantly enhancing the accessibility and convenience of financing for small and micro enterprises [2]. Group 2: Focus on Technology Enterprises - The Qingdao Branch has further innovated its model by obtaining approval for a combination loan of "Science and Technology Innovation Quick Loan Scoring Card + Batch Guarantee Business," which enhances customer access and approval efficiency while effectively controlling risks [3]. - This design not only alleviates the workload of customer managers and loan officers but also provides a replicable and scalable service model for technology enterprises [3]. Group 3: Special Quota Establishment - To meet the short-term, small, frequent, and urgent funding needs of small and micro enterprises, the Qingdao Branch has established a special quota of nearly 300 million yuan, tailoring financing solutions through the batch guarantee cooperation model [4]. - The special funds are primarily directed towards inclusive small and micro enterprises, technological innovation, and livelihood services, supporting employment stability and industrial upgrading, thereby injecting financial vitality into regional economic high-quality development [4]. - The successful launch of this batch guarantee online financing business is a significant practice of the bank's commitment to serving the real economy, with plans to continue deepening bank-guarantee cooperation and expanding inclusive financial service coverage [4].

招商银行股份有限公司 关于赎回优先股的第二次提示性公告 A股简称：招商银行 A股代码：600036 公告编号：2026-008 t：指计息天数，即2025年12月18日至2026年4月15日期间的实际日历天数（算 头不算尾）。 三、赎回时间 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）于2017年12月非公开发行2.75亿股境内 优先股（简称本次优先股），募集资金总额为人民币275亿元，优先股简称"招银 优1"，优先股代码360028。经本公司股东大会授权董事会及董事会转授权的两位 董事批准，并经国家金融监督管理总局答复无异议，本公司拟于2026年4月15日赎 回本次优先股，现将有关赎回事宜提示如下： 一、赎回规模 本公司拟赎回本次优先股合计2.75亿股，每股面值人民币100元，总金额人民 币275亿元。 二、赎回价格 本次优先股的赎回价格为本次优先股的票面金额加当期应计股息。应计股息的 计算公式为：IA=B×i×t/365 IA：指本公司宣告赎回的公告日的计息年度应计股息； B：指优先股 ...

Overview - The "15th Five-Year Plan" outlines a systematic approach to building a modern industrial system, marking a critical period for China to transition from an "industrial power" to an "industrial strong power" [1] Group 1: Five Dimensions of Industrial Evolution - The "15th Five-Year Plan" presents five significant changes in industrial development logic compared to the "14th Five-Year Plan," indicating a shift from quantitative to qualitative changes in China's industry [1] - The first change is the adjustment of strategic priorities, placing "building a modern industrial system" as the top priority, ahead of "technological innovation" [4] - The second change establishes a clear "four-tier" development structure for the modern industrial system, emphasizing traditional industries as the foundation and new industries as the leaders [4] - The third change transitions from "digitalization" to "intelligentization" in digital China construction, highlighting the integration of AI into traditional and emerging industries [5] - The fourth change emphasizes technological innovation as the core driving force for growth, with a focus on improving total factor productivity [6] - The fifth change upgrades security requirements from "coordinating development and security" to "actively shaping a security pattern," reflecting a more proactive approach to industrial and national security [6] Group 2: Four-Tier Structure of Industrial Construction Traditional Industries - Traditional industries are recognized as the cornerstone of the modern industrial system, contributing nearly 80% of manufacturing value added [7] - The plan anticipates a market space release of over 10 trillion yuan in traditional industries over the next five years, focusing on both stock potential and incremental creation [7] - The strategy includes optimizing traditional industries through green and intelligent upgrades, particularly in sectors like steel and petrochemicals [7][8] Emerging and Future Industries - The plan introduces "emerging pillar industries," elevating the industrial structure to a three-dimensional system that includes strategic emerging industries, emerging pillar industries, and future industries [11] - Key emerging industries such as integrated circuits, aerospace, and biomedicine are expected to generate nearly 6 trillion yuan in output by 2025, doubling to over 10 trillion yuan by 2030 [16] - Future industries are transitioning from planning to systematic cultivation, with a focus on quantum computing and intelligent robotics [20][21] Service Sector - The service sector's contribution to GDP has surpassed 60%, with a focus on enhancing quality and expanding capacity [22] - The plan emphasizes the need for high-end production services to support manufacturing upgrades, while also addressing structural issues in the service sector [22] - In the life services sector, the plan aims to improve accessibility and diversity, particularly in healthcare and elderly care [23] Modern Infrastructure - The focus shifts from traditional infrastructure to new infrastructure and energy systems, aligning with the demands of AI-driven industrial revolutions [26] - The plan emphasizes the need for a new energy system to ensure energy security and support the modern industrial framework [45] Group 3: Dual Drivers and One Guarantee of Industrial Development Core Driver 1: AI Empowering Industrial Transformation - AI is positioned as a crucial pillar for economic growth, with a target to cultivate a smart economy exceeding 10 trillion yuan [31] - The plan outlines the development of AI infrastructure and applications across various sectors, enhancing productivity and innovation [36] Core Driver 2: Open and Autonomous Global Industrial Extension - The strategy emphasizes institutional openness to optimize global competitive order, moving from factor-based to institutional-based openness [38] - The service sector is highlighted as a key area for expanding market access, driving productivity and competitiveness [39] Guarantee: New Energy System and Green Transition - The plan aims to build a new energy system as a foundational support for the modern industrial framework, focusing on renewable energy and energy security [43] - It outlines a comprehensive approach to achieving carbon peak goals, emphasizing mandatory assessments and market mechanisms for carbon emissions [50]