1 加快重点区域分行发展，提升综合化国际 化水平，着力锻造新的竞争优势，不断优化业务结构、收入 结构，保持良好的盈利能力。 二、坚持现代公司治理机制，践行可持续发展理念，为 高质量发展提供坚实保障 一、聚焦价值创造，持续推动高质量发展 （一） 3 四、重视股东回报，持续为股东创造长期价值 4 2 三、加强投资者关系管理，持续提升信息披露水平 ...

A 股简称：招商银行 A 股代码：600036 公告编号：2025-035 招商银行股份有限公司 董事会决议公告 三、审议通过了《关于不良资产处置的议案》。 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 2025 年 6 月 25 日以电子邮件方式 发出第十三届董事会第二次会议通知，于 6 月 27 日以书面传签方式召开会议。 会议应参会董事 13 名，实际参会董事 13 名。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。 会议审议通过了以下议案： 一、审议通过了《招商银行股份有限公司"提质增效重回报"行动方案》， 详见上海证券交易所网站（www.sse.com.cn）、香港交易及结算所有限公司网站 （www.hkex.com.hk）和本公司网站(www.cmbchina.com)。 同意：13 票 反对：0 票 弃权：0 票 二、审议通过了《关于与招联消费金融股份有限公司关联交易项目的议案》。 关联董事王良回避表决。 同意：12 票 反对：0 票 弃 ...

Regulatory Developments - Six departments, including the People's Bank of China, encourage financial institutions to increase loan support for eligible consumer industry entities [1] - The National Financial Supervision Administration issued the "Market Risk Management Measures for Commercial Banks," requiring banks to establish comprehensive stress testing procedures [1] - The "Implementation Plan for High-Quality Development of Inclusive Finance in Banking and Insurance" was released, focusing on enhancing inclusive credit systems and support for small and micro enterprises [1] Industry Insights - The four major state-owned banks have successfully completed a total of 520 billion yuan in capital increase through private placements, signaling stability in the banking sector [2] - Listed banks are experiencing a wave of capital increases, with significant shareholders increasing their stakes, indicating a potential revaluation of the banking sector [3] Mergers and Acquisitions - The Industrial and Commercial Bank of China has received approval to acquire Chongqing Bishan Rural Bank, marking the first instance of a state-owned bank participating in the "village-to-branch" reform [4] Corporate Actions - Ping An Life has increased its stake in China Merchants Bank to 15%, marking the third time it has done so this year, reflecting confidence in the bank's long-term investment value [5][6] - Luzhou Bank has paused its planned capital increase due to shareholder objections, with no new timeline for resuming the plan [6] - Suzhou Bank's major shareholder has completed an 856 million yuan stake increase [6] - China Great Wall Asset Management is transferring a 40.92% stake in Changjiang Huaxi Bank for a base price of 4.332 billion yuan, marking its exit after 11 years [6] Personnel Changes - Yang Jun has been appointed as a member of the Party Committee of the Bank of China [7] - Wang Dajun has been appointed as the Vice President of Agricultural Bank of China [8] - Qian Xi has been approved as the Chairman of Huaren Bank, which has total assets exceeding 430 billion yuan [9] - Zeng Xiaosong has been appointed as the President of Fudian Bank [10]

Core Viewpoint - The article discusses the recent actions taken by the Fuzhou Municipal Housing and Urban-Rural Development Bureau against China Merchants Bank Fuzhou Branch and AVIC Trust for their inadequate performance in ensuring the completion of housing projects, particularly in the context of the "guarantee delivery" initiative [2][4][5][7]. Group 1: China Merchants Bank Fuzhou Branch - The Fuzhou Municipal Housing Bureau issued a notice regarding the failure of China Merchants Bank Fuzhou Branch to fulfill its responsibilities in supervising pre-sale funds for the "Shimao Yunpu Mansion" project, which has not completed necessary work related to guaranteeing delivery [2][4]. - The bank was reported to have allowed the court to deduct 130 million yuan from the pre-sale funds supervision account shortly after the funds were deposited, despite prior warnings to avoid such actions [2][3]. - As a consequence of its actions, the bank has been suspended from engaging in new pre-sale fund supervision business in Fuzhou until it cooperates in completing the necessary follow-up work for the housing project [5][6]. Group 2: AVIC Trust - The Fuzhou Municipal Housing Bureau also issued a notice against AVIC Trust for its lack of action regarding the "Rongxin Jianglai" project, which has been delayed due to the trust's passive attitude towards financing efforts [7]. - AVIC Trust, holding a 60% stake in the project, has been criticized for its failure to engage in the "white list" financing process, which has negatively impacted the progress of the housing project and led to social unrest among homeowners [7]. - The Bureau emphasized that AVIC Trust's inaction contradicts the national policy aimed at ensuring housing delivery and maintaining social stability [7].

Core Viewpoint - The A-share market experienced a significant decline on June 27, 2025, with the banking sector, valued over 10 trillion yuan, facing a collective sell-off, leading to a drop of 2.69% in the banking index, closing at 4349.04 points [1] Group 1: Market Performance - The banking index closed at 4349.04 points, reflecting a decline of 2.69% [1] - The sell-off in the banking sector was characterized as a sudden adjustment that caught the market off guard [2] Group 2: Factors Influencing Decline - The "month-end effect" was identified as a contributing factor, with historical data showing poor performance of the banking sector at month-end, attributed to tightening liquidity and institutional settlements [2] - Reports of a large institution reallocating investments away from high-dividend stocks, including bank shares, towards growth-oriented stocks in the Sci-Tech Innovation Board were interpreted as a signal of potential outflows from the banking sector [3] Group 3: Broader Market Context - The decline in bank stocks was not isolated, as other dividend stocks like China Petroleum and Yangtze Power also experienced significant drops, raising concerns about the overcrowding in the banking sector [3] - Despite the adjustments, some analysts believe the decline is temporary, with trading congestion in bank stocks not reaching historical highs, and the fundamental support for bank stocks remaining intact [3][4] - The average dividend yield for A-share banks exceeds 4%, and for H-share banks, it exceeds 5%, indicating continued investment appeal in a low-interest-rate environment [4]

Market Overview - The banking sector experienced a significant decline, impacting the overall market performance, with the Shanghai Composite Index falling by 0.7% on June 27 [1][5]. - A total of 3,381 stocks rose, while 1,772 stocks fell, indicating a mixed market sentiment [2]. Banking Sector Performance - Major banks such as China Merchants Bank, Bank of China, and CITIC Bank saw declines ranging from 1.69% to 4.56% [5]. - The decline in bank stocks is attributed to a report from a large insurance institution indicating a shift in investment strategy, moving away from high-dividend bank stocks [5]. Trading Statistics - The total trading volume reached approximately 15,756.91 billion, with 5,420 total varieties traded [3]. - The number of stocks with a price increase of over 7% was 105, while 22 stocks experienced a decline of over 7% [3]. Sector Highlights - The non-ferrous metal sector saw a collective rise, with companies like Northern Copper and Jinhui Co. hitting the daily limit [4]. - The market's performance was notably affected by the sharp drop in bank stocks, which had previously been reaching new highs [4].

Group 1 - The funds of 130 million yuan for the "guarantee delivery" project were transferred within an hour of being deposited into the regulatory account, indicating a lack of effective oversight by the bank involved [1][2] - The Fuzhou Housing and Urban-Rural Development Bureau issued a notice regarding the failure of the Bank of China Fuzhou Branch to fulfill its responsibilities in supervising the pre-sale funds for the "guarantee delivery" project, which has led to unpaid construction costs and tax issues for homeowners [2][3] - The Bureau has suspended the Bank of China Fuzhou Branch from engaging in new pre-sale fund supervision business until it cooperates in completing the necessary follow-up work for the "guarantee delivery" project [3] Group 2 - The Fuzhou Housing and Urban-Rural Development Bureau also issued a notice regarding China Aviation Trust's lack of action on the "guarantee delivery" project, which has negatively impacted the progress of the project and caused social instability [4] - The Bureau emphasized the importance of the "guarantee delivery," "white list," and "de-stocking" initiatives as key terms in the real estate market over the past two years [5] - The Supreme People's Court, the Ministry of Housing and Urban-Rural Development, and the People's Bank of China have issued guidelines to ensure that pre-sale funds are used for project construction, preventing disruptions that could harm homeowners' rights [5]

市值破1.2万亿的招商银行股价站上2025年以来的新高。如何处理好股东回报、市值管理和风险控制等 难题？6月25日，在招商银行2024年度股东大会上，关于银行的宏观风险管理成为热点话题。记者注意 到，有股东代表提出，招商银行上市以来，有两次股价及市值的大幅下跌，第一次在2007-2008年期 间，受到2008年全球金融危机的影响，招行市值下跌了76%。第二次是2021-2022年末，市值下跌了 53%。回顾招行发展史，结合这两次市值大幅下跌的市场波动，值得管理层汲取的主要经验和教训是什 么？未来如何更好避免能否避免上述市值大幅下跌的情景？ 值得一提的是，早在2021年，王良曾和同事联合撰写《商业银行资产负债实践管理》。该书是在学习借 鉴国际先进商业银行资产负债管理理论和实践的基础上，对中国商业银行多年资产负债管理实践的总 结，也是对资产负债管理理论的探索。 该书提到，全球银行业成功的原因多种多样，但是导致失败的关键一点就是"风险管理的失控"。 回应"宏观风险管理"之问，王良认为，银行业是经营风险的行业，所以风险如影随形。中国银行业这些 年也在积极化解、处置中小银行风险。这反映出我国处置风险更加主动、更加积极， ...

Group 1 - The announcement is regarding the convening of a communication-based meeting for the holders of the Huaxia Zhuo Xiang Bond Fund to discuss two proposals: the continuous operation of the fund and the modification of the income distribution principles [1][35]. - The meeting will take place via communication methods, with voting from July 2, 2025, to July 28, 2025, and the counting of votes on July 29, 2025 [2][3]. - The record date for rights is set for July 1, 2025, allowing all registered fund holders to participate in the voting [3][4]. Group 2 - Proposal one involves the continuous operation of the Huaxia Zhuo Xiang Bond Fund, which has seen its net asset value fall below 50 million yuan for 60 consecutive working days as of March 4, 2025 [35][38]. - Proposal two seeks to amend the income distribution principles of the fund to enhance its market competitiveness and better meet investor needs [35][41]. - The fund management company will be authorized to handle specific matters related to the continuous operation and the implementation of the revised income distribution principles [35][38]. Group 3 - Fund holders can authorize representatives to vote on their behalf, with specific requirements for documentation depending on whether the holder is an individual or an institution [8][9]. - The voting process will be supervised by designated personnel and notarized to ensure transparency [24]. - The effectiveness of the voting will depend on the participation of at least half of the total fund shares held by attendees [27][28].

Core Viewpoint - The article emphasizes the importance of boosting consumption and investment efficiency to expand domestic demand, with a focus on various consumer segments and financial support initiatives by China Merchants Bank's Guangzhou branch [2]. Group 1: Consumer Support Initiatives - China Merchants Bank Guangzhou branch is enhancing personal consumption loan products to meet the needs of consumers, particularly in large purchases like automobiles and home appliances [3]. - The "Lightning Loan" product offers features such as instant approval and flexible repayment, aimed at reducing financing costs for consumers [3]. - The bank is actively promoting the "Lightning Loan·Renewal Plan" to support appliance replacement and home upgrades, alongside various consumer discounts and payment incentives [3]. Group 2: Support for Small and Micro Enterprises - The bank is increasing its services to small and micro enterprises, providing financing solutions through a comprehensive supply chain financial service system [4]. - Products like "Zhaolian Yidai" and "Jingxiao Yidai" are designed to support upstream and downstream enterprises, enhancing their access to financing [4]. - The bank is leveraging data-driven financing solutions to address the challenges faced by small and micro enterprises in securing funds [4]. Group 3: Elderly Financial Services - The bank is developing a pension financial brand to cater to the aging population, focusing on high-quality service paths for elderly clients [5]. - It offers a full-process service for the third pillar of personal pension systems, with a notable number of clients and contributions in the region [5]. - The bank has completed the renovation of 77 branches to improve accessibility for elderly customers, including home service mechanisms for those with mobility issues [5]. Group 4: Future Directions - The bank plans to continue enhancing inclusive financial services to support consumer upgrades, small enterprise growth, and the well-being of new urban residents [6].