截至2025年12月31日，本集团资产总额130,705.23亿元，较上年末增加9184.87亿元，增幅7.56%;负债总 额117,896.24亿元，较上年末增加8710.63亿元，增幅7.98%;不良贷款率0.94%，较上年末下降0.01个百分 点;拨备覆盖率391.79%，较上年末下降20.19个百分点;贷款拨备率3.68%，较上年末下降0.24个百分点。 智通财经APP讯，招商银行(03968)发布2025年度业绩快报，2025年，本集团各项业务稳健开展，总体经 营情况良好。2025年，本集团实现营业收入3375.32亿元，同比增加0.44亿元，增幅0.01%;利润总额 1789.93亿元，同比增加3.41亿元，增幅0.19%;归属于本行股东的净利润1501.81亿元，同比增加17.90亿 元，增幅1.21%。 ...

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） （H股股票代碼：03968） 2025年度業績快報公告 招商銀行股份有限公司（「本公司」或「本行」，與其子公司合稱「本集團」）根據香 港聯合交易所有限公司證券上市規則（「上市規則」）第13.09(2)條及香港法例第 571章證券及期貨條例第XIVA部的內幕消息條文之規定發布本公告，旨在向本 公司股東及公眾人士提供本公司的財務資料。本公告亦同時在上海證券交易所 發佈，因此，本公告亦根據上市規則第13.10B條而發出。 本公告所載2025年度主要財務數據為本公司初步核算的集團口徑數據，未經會 計師事務所審計，具體數據以本公司最終披露的2025年度報告財務數據為準， 請投資者注意投資風險。 本公司董事會及全體董事保證本公告內容不存在任何虛假記載、誤導性陳述或 者重大遺漏，並對其內容的 ...

Core Viewpoint - The public fund holdings in 2025 show a significant shift towards technology growth sectors, moving away from traditional consumer and financial sectors [9][10]. Group 1: Changes in Top Holdings - Ningde Times consistently ranked as the top holding throughout 2025, with a market value of 146.8 billion in Q1, 142.7 billion in Q2, 207.1 billion in Q3, and 181.9 billion in Q4 [3]. - Guizhou Moutai, a traditional consumer staple, saw a decline in its ranking and market value, dropping from second place at the beginning of the year to fifth by Q4 [10]. - Tencent Holdings maintained a relatively stable position, fluctuating between second and fourth place [10]. - Notable rises in rankings were observed for Zhongji Xuchuang and Xinyi Sheng, both of which entered the top ten in Q3 and continued to rise in Q4, indicating a strong interest in AI-related stocks [10]. Group 2: Changes in Industry Holdings - The electronics sector remained the top industry for public fund holdings across all four quarters of 2025, with investment values increasing from 518.9 billion in Q1 to 774.5 billion in Q4 [6]. - The food and beverage sector declined from second place in Q1 to seventh place by Q4, reflecting a shift in investor preference [12]. - The medical and biological sector, which ranked high in the first three quarters, was overtaken by the electric equipment and communication sectors in Q4 [12]. - The electric equipment sector improved its ranking from fourth to second place by Q4, while the communication sector rose from outside the top ten to third place [12]. - Non-bank financial and banking sectors experienced an overall decline in rankings, while the non-ferrous metals sector entered the top six in Q4 [13].

Core Insights - The article discusses the evolving landscape of financial technology, particularly the integration of satellite technology into banking operations, highlighting the launch of satellites by major banks like China Merchants Bank and Shanghai Pudong Development Bank as a strategic move to enhance data sovereignty and risk management in supply chain finance [2][9]. Group 1: Satellite Launches and Applications - China Merchants Bank's "Zhaoyin Jinkui" and Shanghai Pudong Development Bank's "Puyin Shuzhi" satellites were launched to join the "Tianqi Constellation," enhancing low Earth orbit IoT capabilities and allowing direct data transmission to banks without third-party intermediaries [2][9]. - The "Tianqi Constellation" focuses on short data communication across various terrains, improving data transmission frequency and reducing latency, which is crucial for real-time monitoring of assets [11][25]. - The integration of satellite technology into banking operations marks a significant shift from traditional data procurement methods, with banks now investing in their own satellite capabilities to gain greater control over data [17][23]. Group 2: Differentiation in Banking Strategies - Banks are diverging into two main strategies: the "Launchers," who invest in satellite hardware, and the "Buyers," who rely on algorithms and purchased data services [6][7]. - The "Launchers" include banks like China Merchants Bank and Ping An Bank, which have already deployed satellites to enhance their risk management frameworks [9][16]. - The "Buyers," represented by institutions like WeBank and CITIC Financial Assets, utilize satellite imagery for agricultural financing and project monitoring without owning the satellites themselves [12][14]. Group 3: Cost Dynamics and Strategic Implications - The decreasing costs of commercial space technology have made satellite launches more feasible for banks, with estimates suggesting that customized satellites can be developed for between millions to tens of millions of RMB [22][21]. - The ability to customize satellite payloads allows banks to meet specific operational needs, such as monitoring construction projects or environmental conditions, thus enhancing their risk assessment capabilities [23][28]. - By establishing their own satellite networks, banks can create a more resilient infrastructure for financial services, particularly in disaster recovery scenarios, ensuring business continuity [28][29]. Group 4: Ecosystem Development and Future Outlook - The collaboration between banks and commercial space companies is fostering a new ecosystem where financial institutions can leverage satellite technology to improve service offerings and operational efficiency [31]. - The integration of satellite data into banking operations is expected to redefine competitive dynamics in supply chain finance and cross-border transactions, positioning banks that effectively utilize this technology as leaders in the market [29].

Core Viewpoint - The Ministry of Finance, the People's Bank of China, and the Financial Regulatory Bureau have extended the personal consumption loan interest subsidy policy until the end of 2026, allowing each borrower to enjoy a subsidy cap of 3,000 yuan, and including credit card installment payments in the support scope [2][3]. Group 1: Policy Changes - The implementation period for the personal consumption loan interest subsidy policy is now from September 1, 2025, to December 31, 2026 [3]. - The policy has removed the previous cap of 500 yuan on single transaction subsidies and the cumulative subsidy cap of 1,000 yuan for loans below 50,000 yuan, while maintaining the annual cap of 3,000 yuan per borrower at a single institution [5]. Group 2: Bank Responses - Major banks such as China Construction Bank and China Merchants Bank have announced that customers who previously signed subsidy agreements will automatically apply the new subsidy policy without needing to re-sign [4]. - The Industrial and Commercial Bank of China has launched a dedicated section for "Fiscal Subsidy and Installment Relief" on its app, allowing users to manage their installment payments and subsidies through various channels [6]. Group 3: Credit Card Inclusion - The inclusion of credit card installment payments in the subsidy policy aims to shift the focus from large purchases to frequent daily spending, thereby activating overall consumer demand [7]. - This move is expected to effectively reach a large consumer base, particularly targeting younger and lower-tier market segments, enhancing the consumption potential in these areas [7]. Group 4: Consumer Finance Companies - Consumer finance companies are actively adapting to the policy changes, ensuring that subsidy benefits reach consumers efficiently [10]. - Ant Group's consumer finance division has reported a 23% year-on-year increase in subsidies provided to consumers, indicating a positive impact on consumer spending [10]. Group 5: Specific Initiatives - Haier's consumer finance service has introduced interest-free installment plans for home appliances, contributing to the revitalization of the home appliance market [11]. - Other financial institutions, such as Zhaolian Finance and Du Xiaoman, have launched promotional activities to attract new customers and reduce borrowing costs through various interest subsidy initiatives [11].

近日，招商银行信用卡中心即将迎来新任总经理引发业内关注。南都湾财社记者从内部获悉，招商银行 总行财富平台部总经理厉明东或将接替信用卡中心总经理刘加隆，出任信用卡中心总经理一职。刘加隆 因达到法定退休年龄正式卸任，或转任为信用卡中心顾问，不过目前厉明东任职资格尚待监管部门核 准。 放眼整个行业，信用卡中心高管更替已并不罕见。据南都湾财社记者不完全统计，2025年至今，已有16 家银行信用卡中心的高管进行调整，涵盖从副总裁、总经理到副总经理、总经理助理等多个关键岗位。 新老掌门交接 公开信息显示，招行信用卡中心现任总经理刘加隆，中国人民大学工业经济系毕业，获得经济学硕士学 位。回顾其职业生涯，自1996年加入招商银行起，便深耕信用卡业务，曾三次执掌信用卡中心帅印，堪 称信用卡业内"元老"。 具体来看，在首次出任信用卡中心总经理期间(2009-2015年)，他领导招商银行信用卡开发了行业首个移 动App"掌上生活"，彻底改变了信用卡业务的竞争格局，加速了行业的数字化转型；当行业增速放缓的 危机来临时，刘加隆在2018年再次临危受命，其率先提出信用卡"下半场"概念。2024年，他第三次接任 总经理。此前他还担任过总行 ...

Core Viewpoint - The recent changes in bank credit lending rates reflect a strategic shift by banks towards more stable lending options, with operational loans seeing a decline in interest rates while personal consumption loans remain stable at around 3% [1][2]. Group 1: Operational Loans - The decline in operational loan rates is attributed to banks' current asset logic, as lower deposit rates reduce funding costs, allowing banks to offer more competitive rates [1]. - Operational loans are preferred due to their collateral backing, flexible terms, and ability to integrate with business operations, which helps banks maintain customer relationships and overall profitability [1][3]. - Despite lower interest rates, banks are willing to compress margins on operational loans to increase volume, indicating a strategic focus on securing stable lending opportunities [1]. Group 2: Personal Consumption Loans - Personal consumption loans face constraints due to risk and demand factors, with banks being more sensitive to risks in the current economic climate [2]. - The stability of personal consumption loan rates at around 3% is close to the risk pricing floor, making further reductions potentially unwise [2]. - Regulatory scrutiny and previous issues with low-cost consumption loans have led banks to tighten risk controls, making it difficult for consumption loans to become cheaper [2][3]. Group 3: Credit Structure and Market Response - The differentiation in credit lending is a response to policy boundaries, with fiscal subsidies and targeted support for consumption loans not leading to unrestricted lending [2]. - The current credit structure reflects banks' adaptation to economic changes, with operational loans supporting supply-side stability while consumption loans await improved consumer confidence [3]. - The tightening of approval processes for consumption loans, alongside competitive pricing for operational loans, illustrates banks' balancing act between maintaining loan volumes and managing risks [3].

Group 1 - The banking industry is increasingly exploring space, with China Merchants Bank and Shanghai Pudong Development Bank successfully launching two satellites as part of the "Tianqi Constellation," China's first global low-orbit satellite IoT constellation [1][2] - China Merchants Bank has launched satellites for three consecutive years, with "Zhaoyin 1" and "Zhaoyin 2" launched in 2024 and 2025, respectively, while Ping An Bank has also launched its own satellites [1][2] - The recent launches aim to enhance global communication capabilities, improve data transmission, and support more terminal devices, marking the establishment of a comprehensive low-orbit satellite communication matrix for China Merchants Bank [2] Group 2 - The banking sector's involvement in space is driven by practical needs such as business upgrades, risk management, and supporting national strategies, rather than merely chasing trends [1][2] - The commercial space industry is entering a golden era, with multiple companies actively pursuing capital market opportunities and several firms updating their IPO progress [4] - The 14th Five-Year Plan has prioritized the construction of a strong space nation, which is expected to accelerate industry development [4][5] Group 3 - Data from the National Space Administration indicates that by 2025, China plans to complete 50 launches, with commercial rockets accounting for 25 of these, and a significant number of commercial satellites expected to be launched [5][6] - The commercial space sector is experiencing rapid growth, with a notable increase in stock prices for companies involved in this industry, reflecting strong market interest [6]

Core Insights - The article discusses the increasing involvement of commercial banks in the "finance + aerospace" integration, highlighting the significant financial investments required for satellite development, launch, and operation [1] Group 1: Satellite Launches and Applications - Several banks, including China Merchants Bank and Pudong Development Bank, successfully launched satellites, namely "Zhaoyin Jinkui" and "Puyin Shuzhi," which are part of China's first low-orbit satellite IoT constellation, "Tianqi Constellation" [1] - Pudong Development Bank aims to leverage its communication service expertise to innovate applications in financial asset lifecycle management and cross-border asset and trade supervision using the satellite data capabilities [1] Group 2: Technological Integration in Banking - China Merchants Bank has integrated remote sensing satellite technology into its financial risk control system, enhancing efficiency in post-loan monitoring of real estate projects across the country [3] - The bank has initiated the application verification of low-orbit satellite communication technology in its financial disaster recovery systems, establishing a technical foundation for a comprehensive financial emergency communication network [3] Group 3: Value Proposition and Investment Returns - The technology is expected to address three core pain points in traditional banking risk control: remote monitoring of collateral and project progress, application in agricultural finance to reduce data collection costs and loan default risks, and obtaining independent data from space to mitigate information asymmetry [4] - Investment returns from satellite systems are characterized by low initial returns, stable mid-term returns, and increasing long-term value as applications expand into green finance, cross-border finance, and disaster recovery [4] - Differentiated strategies are emerging, with large banks building their satellite systems to control data and create technological barriers, while smaller banks are opting for data service procurement or third-party platform integration for practical participation [4]

Core Insights - The banking sector is actively exploring the integration of finance and aerospace, particularly in the context of commercial space ventures, while facing challenges related to the significant funding required for satellite development, launch, and operation [1] Group 1: Satellite Launches and Applications - Several banks, including China Merchants Bank and Shanghai Pudong Development Bank, successfully launched satellites, namely "Zhaoyin Jinkui" and "Puyin Shuzhi," which are part of China's first low-orbit satellite IoT constellation, "Tianqi Constellation" [1] - Shanghai Pudong Development Bank aims to leverage its communication service capabilities to innovate applications in financial asset lifecycle management and cross-border asset and trade supervision, supporting the large-scale development of the satellite IoT industry [1] Group 2: Technological Integration and Risk Management - China Merchants Bank has integrated remote sensing satellite technology into its financial risk control system, enhancing the efficiency of post-loan inspections through high-precision monitoring of construction progress across the country [2] - The bank has initiated the application verification of low-orbit satellite communication technology in its financial disaster recovery systems, establishing a technical foundation for a comprehensive financial emergency communication network [2] Group 3: Strategic Importance and Value Realization - Banks have been pursuing satellite-related strategies for years, driven by needs for risk control and business upgrades, with technologies like big data and satellite remote sensing becoming crucial for rural revitalization efforts [3] - The investment return from satellite systems is characterized by low initial returns, stable mid-term returns, and increasing long-term value as applications expand into green finance, cross-border finance, and disaster recovery systems [3] Group 4: Implementation Strategies - There is a consensus in the industry regarding differentiated implementation strategies, where large banks build their satellite systems to control data and create technological barriers, while smaller banks opt for purchasing data services or accessing third-party platforms to participate effectively [4]