2025年10月，根据招商银行采购管理平台官网公示，北京玻色量子科技有限公司(以下简称"玻色量子")在一众优秀的候选者角逐中脱颖而出，成功中标 招商银行首个量子计算采购项目"天秤AI"。 我们期待，随着项目的成功交付与落地，玻色量子能为中国乃至全球的金融科技进步，贡献出卓越的"量子智慧"与"中国方案"。 玻色量子与招商银行将开启强强联合的深度合作，基于自研的1000量子比特相干光量子计算机真机，玻色量子将为招商银行的"天秤AI"量子计算项目提 供国际顶尖的量子组合优化算法方案，以及持续稳定的、"任务式"的量子真机算力服务。包括提供量子组合计算接口、完成优化目标矩阵构建、进行基金池 数据校验、构建定制化的量子优化算法等服务与支持。 这些方案将直面金融领域中诸如投资组合优化、风险控制建模等经典计算机难以高效解决的复杂计算难题。量子计算的强大并行处理能力，将在这些场 景中实现指数级的加速，为招商银行在瞬息万变的金融市场中提供更精准、更快速的决策支持。 在金融行业，量子计算技术将革新金融领域投资和信贷应用，实现千倍级效率突破，为现代金融业发展注入革命性技术动能。玻色量子已先后与光大科 技、平安银行、龙盈智达、华夏银行 ...

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 the regulatory approval date until the end of the current board term [1][3]. Group 1: Management Changes - Zhong Desheng submitted his resignation as Chief Risk Officer due to work reasons, effective October 31, 2025 [1]. - Xu Mingjie, who recently returned to the head office as a vice president, will take over the risk management division [1][4]. - Zhong Desheng's current roles have been clarified to "Party Deputy Secretary, Executive Director," with no longer holding the Chief Risk Officer position [3]. Group 2: Background of Executives - Xu Mingjie has prior experience as the General Manager of the Risk Management Department at China Merchants Bank and has returned to oversee the risk sector after serving as the head of the Beijing branch [4][6]. - Xu Mingjie joined China Merchants Bank in September 1995 and has held various positions, including Assistant General Manager of the Corporate Finance Products Department and General Manager of the Investment Banking Department [6]. - The current executive lineup of China Merchants Bank consists of one president and four vice presidents, with Xu Mingjie responsible for the risk management area [6].

Core Insights - The performance of China’s listed commercial banks shows a clear divide, with some banks like Shanghai Pudong Development Bank (SPDB) demonstrating strong profit growth, while China Everbright Bank (CEB) faces significant declines in both revenue and net profit [3][4]. Financial Performance - SPDB reported a net profit of 38.819 billion yuan for the first three quarters, a year-on-year increase of 10.21%, while CEB's revenue and net profit fell by 7.94% and 3.63%, respectively [3][4]. - In Q3 alone, CEB's revenue and net profit saw declines of 13.01% and 10.99%, contrasting sharply with the stable or growing performance of peers like SPDB [3][4]. Comparative Analysis - CEB's revenue decline of 7.94% is significantly worse than peers such as China Merchants Bank (-0.51%) and SPDB (+1.88%) [4][5]. - CEB's net profit decline of 3.63% ranks it among the lowest in the sector, while SPDB leads with a 10.21% increase [4][5]. Revenue and Profit Drivers - CEB's net interest income decreased by 5.11%, reflecting a narrowing net interest margin due to falling loan rates and rigid funding costs [6]. - Non-interest income showed volatility, with a significant drop in investment income, which shifted from a net gain of 3.758 billion yuan to a net loss of 4.982 billion yuan [6]. Asset Quality Concerns - CEB's non-performing loan ratio slightly increased to 1.26%, and its provision coverage ratio decreased by 11.67 percentage points to 168.92%, indicating potential risks and profit erosion [6]. Strategic Challenges - CEB is investing heavily in technology finance, green finance, and digital transformation, which has led to increased short-term costs and pressure on profit margins [7]. - The bank's shift towards lower-priced policy-oriented credit assets has further exacerbated the narrowing net interest margin [7]. Industry Context - The banking sector is facing a critical challenge as traditional interest margin benefits diminish, raising questions about future profitability [8]. - CEB's struggles reflect a broader industry trend where banks must adapt quickly to find sustainable business models amid changing economic conditions [8].

【导语】钟德胜因工作原因辞任招行首席风险官，仍在招行任职，副行长徐明杰获聘接任 招商银行（600036）领导钟德胜的任职发生变化，辞任首席风险官，仍在招行工作。1968年出生的副行长徐明杰，获聘首席风险官。 钟德胜在招商银行官网领导层排名仅次于董事长缪建民与行长王良，排名第三；辞任首席风险官前，官网显示的主要职务为党委副书记、首席风险官；最 新官网信息显示，钟德胜的职务为党委副书记。 10月31日晚间，招商银行发布公告称，公司董事会收到首席风险官钟德胜的辞任函。钟德胜因工作原因，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。公告表示，钟德胜将继续在招行及其控股子公司任职。 招行表示，公司董事会对钟德胜在担任首席风险官期间为本公司作出的贡献给予高度评价并致以衷心的感谢。 | 姓名 | 离任职务 | 离任时间 | 原定任期 | 离任原因 | 辞任生效后 | | 是否存在 未履行完 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 是否继续在 | 具体 | | | | | | 到期日 | | ...

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]