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]

Economic Overview - The US economy is experiencing a strong expansion with a projected GDP growth rate of 3.9% for Q3, driven by robust consumer spending, investment, and exports [12] - The Federal Reserve has lowered the benchmark interest rate by 25 basis points to a target range of 3.75-4.00% and plans to stop balance sheet reduction by December [11][12] - Employment data shows potential risks, with a projected unemployment rate of around 4.5% due to weak demand and limited hiring outside of AI-related sectors [15] Monetary Policy - The Federal Reserve's interest rate cuts are expected to continue into 2026, with a potential endpoint around 3% [26] - The European Central Bank has maintained its rates, indicating a cautious approach amid a recovering economy, while Japan's central bank remains dovish under new leadership [27][39] Asset Allocation Recommendations - The recommendation for cash is to maintain a standard allocation due to stable returns, while fixed income strategies suggest a focus on short-duration bonds as yields are expected to decline [9] - Equity strategies favor a balanced approach with a focus on high-dividend stocks and technology sectors, anticipating continued upward movement in A-shares and Hong Kong stocks [9] - Gold is expected to enter a short-term adjustment phase but maintains a long-term bullish outlook, with potential challenges in valuation [62] Currency and Bond Market - The US dollar is expected to remain in a range-bound trading pattern due to mixed signals from the Fed and economic conditions, with a projected range of 95-103 [55] - US Treasury yields are anticipated to decline slightly, with a recommendation to focus on 2-5 year maturities due to the ongoing rate cut cycle [49] Commodity Insights - Oil prices are under pressure with expectations of a downward trend due to increased supply from OPEC+ and non-OPEC countries, despite short-term rebounds [70] - Copper supply is tightening due to disruptions in major mining operations, which may lead to increased prices in the future [71] Chinese Economic Outlook - China's GDP growth is projected at 4.8% for Q3, with external demand remaining strong while internal demand shows signs of weakness [74] - The government is expected to implement policies to stimulate the economy and achieve growth targets, with a focus on high-quality development and innovation [85][86]

Market Overview - On October 31, the share price of the banking sector fell by 0.73% compared to the previous trading day, with Everbright Bank leading the decline [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Individual Bank Performance - Industrial Bank (601166) saw a closing price of 20.23, with an increase of 1.00% and a trading volume of 887,900 shares, totaling 1.793 billion yuan [1] - Huaxia Bank (600015) remained unchanged at 6.81, with a trading volume of 670,600 shares, totaling 45.6 million yuan [1] - Ping An Bank (000001) closed at 11.32, down 0.53%, with a trading volume of 970,200 shares, totaling 1.099 billion yuan [1] - China Merchants Bank (600036) closed at 40.89, down 0.75%, with a trading volume of 702,600 shares, totaling 2.882 billion yuan [1] - Zheshang Bank (601916) closed at 2.99, down 0.99%, with a trading volume of 1.6683 million shares, totaling 501 million yuan [1] - Minsheng Bank (600016) closed at 3.91, down 1.01%, with a trading volume of 4.6781 million shares, totaling 1.834 billion yuan [1] - CITIC Bank (601998) closed at 7.74, down 1.28%, with a trading volume of 915,000 shares, totaling 705 million yuan [1] - Shanghai Pudong Development Bank (600000) closed at 11.49, down 1.29%, with a trading volume of 1.4353 million shares, totaling 1.658 billion yuan [1] - Everbright Bank (601818) closed at 3.34, down 3.19%, with a trading volume of 5.9154 million shares, totaling 1.987 billion yuan [1] Capital Flow Analysis - The banking sector experienced a net outflow of 381 million yuan from main funds, while speculative funds saw a net inflow of 433 million yuan, and retail investors had a net outflow of 51.53 million yuan [1] - Specific capital flows for individual banks indicate varying trends, with Shanghai Pudong Development Bank experiencing a main fund net inflow of 241 million yuan but a net outflow from retail investors of 181 million yuan [2] - Industrial Bank had a main fund net inflow of 56.7 million yuan, while retail investors saw a net outflow of 48.09 million yuan [2] - CITIC Bank recorded a main fund net inflow of 30.28 million yuan, with a net outflow from retail investors of 47.03 million yuan [2] - Everbright Bank faced a significant main fund net outflow of 65.63 million yuan, despite a net inflow from speculative funds of 111 million yuan [2] - China Merchants Bank had a substantial main fund net outflow of 2.71 billion yuan, while speculative funds saw a net inflow of 3.15 billion yuan [2] - Minsheng Bank experienced a main fund net outflow of 3.17 billion yuan, with a net inflow from retail investors of 2.37 billion yuan [2]

Core Insights - The core viewpoint of the news is that China Merchants Bank (招商银行) reported mixed financial results for the first three quarters of 2025, with a slight decline in revenue but a modest increase in net profit, highlighting challenges in interest income and non-interest income sources [1][2]. Financial Performance - For the first three quarters of 2025, the bank achieved operating income of 251.42 billion yuan, a year-on-year decrease of 0.5%, while net profit attributable to shareholders was 113.77 billion yuan, an increase of 0.52% [1]. - In Q3 2025, operating income was 81.45 billion yuan, reflecting a year-on-year growth of 2.11%, and net profit was 39.13 billion yuan, up 1.22% year-on-year [1]. Interest Income - The net interest income for the first three quarters increased by 1.7% year-on-year, with a growth rate improvement of 0.2 percentage points compared to the first half of the year [1]. - The average loan yield in Q3 2025 was 3.25%, down 13 basis points quarter-on-quarter, primarily due to the reduction in the Loan Prime Rate (LPR) in May and ongoing weak credit demand [1]. Non-Interest Income - Non-interest income for the first three quarters decreased by 4.2% year-on-year, with the decline rate narrowing by 2.5 percentage points compared to the first half of the year [2]. - Fee and commission income grew by 0.9% year-on-year, driven by strong growth in wealth management, which saw a 18.8% increase in fees [2]. - Other non-interest income fell by 11.4%, mainly due to losses from fair value changes in bond and fund investments, totaling 8.83 billion yuan in losses for the first three quarters, with Q3 alone accounting for 4.01 billion yuan [2]. Asset and Loan Growth - As of September 30, 2025, total assets reached 12.64 trillion yuan, a year-on-year increase of 8.5%, while total loans amounted to 7.14 trillion yuan, up 5.6% year-on-year [2]. - Total deposits were 9.52 trillion yuan, reflecting a year-on-year growth of 8.9% [2]. - The credit structure continued to optimize, with corporate loans increasing by 14.2%, primarily directed towards manufacturing, wholesale retail, and information transmission sectors, while retail loans grew by 3.4% [2].

Core Viewpoint - The performance of the mutual fund distribution business of China Merchants Bank (CMB) has seen rapid growth in Q3, driven by a favorable capital market and improved investor risk appetite, although the impact may weaken due to a high base from the previous year [1] Group 1: Business Performance - In Q3, CMB's mutual fund distribution business experienced significant growth, attributed to positive market conditions and a shift in investor sentiment [1] - The bank's official noted that while the positive factors will continue to play a role, their impact is expected to diminish due to last year's high performance baseline [1] Group 2: Industry Trends - The mutual fund industry is entering a third phase characterized by fee reduction policies, which will have a relatively larger impact on CMB due to its substantial scale in the fund industry [1] - Currently, the fee reduction policy is in the consultation phase, and even after the opinions are published, there will be a period for implementation [1] Group 3: Strategic Response - In response to the industry's fee reduction, CMB plans to focus on two main strategies: maintaining a high success rate with diversified asset allocation to expand the fund's retention base, and adapting to market changes and shifts in customer risk preferences [1]

Financial Data and Key Indicators Changes - The group's net operating income was ¥251.28 billion, a year-on-year decrease of 0.52%, with the decrease narrowed by 1.21 percentage points compared with the first half [3] - Net profit attributable to the bank's shareholders was ¥113.7 billion, a year-on-year increase of 0.52%, up by 0.27 percentage points compared with the first half [3] - ROAA and ROAE were 1.22% and 13.96%, up by 0.01 and 0.11 percentage points compared with the first half [3] - The cost-to-income ratio was 29.86%, maintained at an appropriate level [4] - CET1 ratio was 13.93%, Tier 1 ratio 16.25%, total capital ratio 17.59%, down by 0.93, 1.23, and 1.46 percentage points compared with last year [4] Business Line Data and Key Indicators Changes - Total assets were ¥12.64 trillion, up by 4.05% compared with last year's end [4] - Total loans were ¥7.14 trillion, up by 3.6% compared with last year's end [4] - Retail loans were ¥3.7 trillion, up by 1.43%, accounting for 51.8% of the total [4] - Corporate loans were ¥3.15 trillion, up by 10.01% compared with last year's end [4] - Financial investment balance totaled ¥4.03 trillion, up by 10.52% [5] Market Data and Key Indicators Changes - Total customer deposits were ¥9.52 trillion, up by 4.64%, accounting for 83.73% of total liabilities [5] - The average daily balance of demand deposits accounted for 49.45%, maintained at a high level [5] - NII was ¥160.4 billion, up by 1.74% [6] - NIM was 1.87%, down by 12 bps year-on-year, but the decrease was narrowed [6] Company Strategy and Development Direction - The company aims to build a value creation bank and focuses on quality, profitability, and scale [3] - The wealth management business has shown good growth momentum, with net fee and commission income recording positive year-on-year growth for the first time in three years [6][7] - The company plans to continue promoting transformation into international, comprehensive, differentiated, and intelligent development [10] - The retail loan business remains a cornerstone, with efforts to maintain market share despite challenges [17][27] Management's Comments on Operating Environment and Future Outlook - The macroeconomic environment is stable, but challenges remain, particularly in retail loan demand [12][13] - The company has maintained good momentum in performance despite external pressures [13] - Management emphasizes the importance of customer growth and maintaining a balanced approach to risk and pricing [14][45] - The company is optimistic about future growth opportunities arising from the 15th Five-Year Plan [19] Other Important Information - The NPL balance was ¥67.4 billion, with an NPL ratio of 0.94%, down by 0.01 percentage points [9] - The company maintains a prudent provision policy, with an allowance coverage ratio of 405.93%, down by 6.05 percentage points [9] - The total assets of subsidiary companies surpassed ¥900 billion, with a growth rate of 8% compared to the end of last year [16] Q&A Session Summary Question: Short-term demand and long-term development strategy - Management acknowledged the challenges in retail loan demand but emphasized the importance of maintaining a balanced approach without compromising risk [12][13] Question: Impact of weak demand on asset structure and NIM - Management indicated that while NIM is under pressure, they expect to maintain a leading level and are focused on optimizing asset and liability management [22][23][24] Question: Sustainability of fee income growth - Management expressed confidence in the sustainability of fee income growth, particularly from wealth management, despite potential pressures from fee cuts in the mutual fund industry [40][41][58] Question: Small and microfinance segment challenges - Management highlighted the importance of risk management and maintaining reasonable pricing in the small and microfinance segment, despite competitive pressures [44][45][48]

Group 1 - The article highlights the top 20 stocks in the S&P China A-Share Dividend Opportunities Index, showcasing their daily and year-to-date performance along with dividend yields [1][2] - The top performer is COSCO Shipping Energy Transportation (600026.SH) with a daily increase of 8.76% and a year-to-date increase of 19.08%, offering a dividend yield of 2.77% [1] - China National Foreign Trade Transportation Group (601598.SH) ranks second with a daily increase of 7.40% and a year-to-date increase of 31.14%, providing a dividend yield of 4.28% [1] Group 2 - The index consists of 100 stocks, with a maximum weight of 3% for any single stock and a maximum of 33% for any single GICS industry [2] - The index's historical price-to-earnings ratio is 10.08, with an expected price-to-earnings ratio of 10.64, and a dividend yield of 5.18% [2] - The data for the index is sourced from the Shanghai and Shenzhen Stock Exchanges, with the latest update as of October 30, 2025 [2]

Core Insights - The report highlights a significant increase in the performance of the electronic and TMT sectors, with a focus on the communication, media, and non-ferrous metals industries, indicating a strategic shift towards these areas by active equity funds [2][11] - The report notes that the electronic sector's holding ratio has reached a historical high of 25.7%, indicating a crowded market that may lead to volatility in future performance [11] - The analysis suggests that the market may experience a style shift influenced by the Producer Price Index (PPI) transitioning from negative to positive growth, which historically favors value stocks over growth stocks [11] Industry Configuration - Active equity funds have increased their positions in the ChiNext board and the technology sector, particularly in communication, media, non-ferrous metals, and power equipment [2][11] - The report indicates a reduction in positions in domestic consumption sectors, including home appliances, social services, and automotive industries [11] Performance Metrics - The report details that the electronic sector is projected to see a 54% year-on-year increase in net profit for 2025, with growth rates expected to remain high in subsequent years [11] - The EBITDA margin for a specific company reached approximately 51.7%, reflecting strong operational performance and cash generation capabilities [12] Company-Specific Insights - A specific company reported a revenue of 1.824 billion yuan for the first three quarters of 2025, marking a 15.3% increase year-on-year, with a net profit of 145 million yuan, up 37.3% [12] - Another company achieved a revenue of 428.3 billion yuan for the first three quarters of 2025, with a net profit of 1.629 billion yuan, indicating a 24% increase year-on-year [17] - A third company reported a revenue of 36.71 billion yuan for the first three quarters of 2025, reflecting a 246.01% increase, with a net profit of 3.47 billion yuan, up 299.36% [20] Future Outlook - The report emphasizes the importance of monitoring the PPI as a key indicator for potential market shifts, particularly in identifying opportunities in undervalued sectors during inflation recovery phases [11] - The report suggests that the financial sector, particularly non-bank financials, may see a slower recovery compared to banks, indicating a potential area for cautious investment [11]