Core Viewpoint - The article discusses the competitive dynamics between China Merchants Bank (CMB) and Ant Group in the fund distribution market, highlighting how Ant has surpassed CMB in various metrics and the strategies each company employs to maintain or enhance their market positions [5][10][11]. Group 1: Market Position and Performance - As of mid-2024, Ant Group has significantly outperformed CMB in fund distribution, with Ant's equity fund holdings at 8,229 billion yuan compared to CMB's 4,920 billion yuan, marking a 40% lower performance for CMB [11][14]. - CMB has historically been a leader in fund distribution but is now facing the risk of being left behind as Ant Group continues to grow its market share [10][11]. - The shift in market dynamics is attributed to Ant's larger user base and more aggressive online strategies, which have allowed it to capture a significant portion of the fund distribution market [22][48]. Group 2: Competitive Strategies - CMB has relied on its strong retail banking presence and high-net-worth clientele, but it has struggled to adapt to the rapid changes in the fund distribution landscape [22][49]. - Ant Group has leveraged its vast user base on Alipay, with over 1 billion total users and 3 billion daily active users, to enhance its fund distribution capabilities [22][48]. - CMB's strategy includes focusing on high-net-worth clients and enhancing its wealth management services, while Ant is expanding its offerings in index funds and flexible investment products [46][47]. Group 3: Challenges and Responses - CMB is facing challenges due to a decline in wealth management income and increased competition from Ant, which has led to a strategic reassessment within CMB [29][30]. - The recent regulatory changes that lower fund sales fees pose additional challenges for CMB, which relies on its high-cost sales model [49]. - CMB is attempting to strengthen its asset allocation capabilities and improve customer experience through enhanced advisory services and product offerings [37][39]. Group 4: Future Outlook - The competition between CMB and Ant Group is expected to solidify, with CMB focusing on high-net-worth clients and complex financial products, while Ant continues to dominate the mass market with its online services [50][51]. - The article suggests that CMB must leverage its strengths in personalized service and high-net-worth client management to maintain its market position amidst increasing pressure from Ant [49][50].

Core Viewpoint - The recent fluctuations in the banking sector are primarily driven by short-term arbitrage fund withdrawals and an increase in market risk appetite, rather than the fundamental performance of banks [1][2][3] Group 1: Market Trends - Since July 11, the banking sector index has shown a downward trend, with an overall decline exceeding 14% after a brief rebound in early August [1] - The current market environment has led active funds to favor technology and growth sectors, resulting in a shift away from banking stocks [1][2] - The recent adjustments in the banking sector are compounded by high dividend payouts in July, leading to profit-taking by investors [2][3] Group 2: Investment Sentiment - Despite recent underperformance, banking stocks remain attractive to long-term investors such as insurance funds and social security funds, supported by favorable policies encouraging institutional investment [3][4] - Data shows that insurance funds are significant shareholders in over 700 stocks, with several banking stocks among their top holdings [3] Group 3: Long-term Outlook - Analysts believe that the long-term valuation recovery of banking stocks is not a short-term phenomenon but will be supported by ongoing transformations in the banking sector's operating models [6][7] - The banking sector is transitioning towards a more quality-focused approach, enhancing capital efficiency and increasing non-interest income, which is expected to bolster the attractiveness of banking stocks [6][7] - The potential for increased investment from insurance funds is significant, as regulatory changes may lead to a higher allocation of new premiums into the A-share market [7]

本报（chinatimes.net.cn）记者张玫 北京报道 近日，招商基金完成了一场备受业内关注的高层权力交接，总经理钟文岳开始代任董事长。然而，这位 在招商体系内成长起来的老将，正面临一个严峻的局面。 行业狂飙之际，公司规模逆势缩水，明星基金经理相继出走；更引人深思的是，即便背靠"零售之王"招 商银行，其渠道红利也似乎难以转化为自家的业绩优势。钟文岳面临的，是一场关乎独立发展的艰难大 考。 一人"肩挑三职" 招商基金日前发布高级管理人员变更公告，王小青因工作安排自9月24日起离任董事长，不再转任公司 其他岗位，由公司总经理钟文岳代任董事长一职。 与以往招商银行副行长直接兼任不同，此次王小青离任后，招商基金没有立即宣布新的董事长继任人 选，而是采取了由总经理钟文岳代任的方式。这一安排使得钟文岳成为招商基金罕见的同时肩挑党委书 记、总经理和董事长三职的"掌门人"。 钟文岳是招商体系内成长起来的老将。公开履历显示，其职业生涯始于1992年，曾在中农信福建集团、 申银万国证券、招商银行等机构工作。2015年6月，钟文岳加入招商基金，曾任公司党委副书记、常务 副总经理、财务负责人等职务。在招商基金工作八年后，202 ...

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） 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 招商銀行股份有限公司董事會 2025年9月29日 1 本报告中的财务数据均为中国会计准则数据，货币币种为人民币。 1 於本公告日期，本公司的執行董事為王良及鍾德勝；本公司的股東董事（非執行 董事）為繆建民、石岱、孫雲飛、朱立偉及黃堅；及本公司的獨立非執行董事為 李孟剛、劉俏、田宏啟、李朝鮮、史永東及李健。 2 3 3 包括招商永隆银行、招银国际、招银金租、招商基金、招银理财、招银欧洲和招商信诺资管等。 2 包括本公司香港分行、招商永隆银行和招银国际等。 4 7 5 6 ...

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） 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 招商銀行股份有限公司董事會 2025年9月29日 於本公告日期，本公司的執行董事為王良及鍾德勝；本公司的股東董事（非執行 董事）為繆建民、石岱、孫雲飛、朱立偉及黃堅；及本公司的獨立非執行董事為 李孟剛、劉俏、田宏啟、李朝鮮、史永東及李健。 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 9 月 27 日以电 子邮件方式发出第十三届董事会第五次会议通知，于 9 月 29 日以书面传签方式 召开会议。会议应参会董事 13 ...

1 本报告中的财务数据均为中国会计准则数据，货币币种为人民币。 1 2 2 包括本公司香港分行、招商永隆银行和招银国际等。 4 3 3 包括招商永隆银行、招银国际、招银金租、招商基金、招银理财、招银欧洲和招商信诺资管等。 5 7 6 ...

A 股简称：招商银行 A 股代码：600036 公告编号：2025-048 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 9 月 27 日以电 子邮件方式发出第十三届董事会第五次会议通知，于 9 月 29 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《招商银行境外机构管理规定》。 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 招商银行股份有限公司 董事会决议公告 同意：13 票 反对：0 票 弃权：0 票 二、审议通过了《招商银行集团合规政策（第二版）》。 同意：13 票 反对：0 票 弃权：0 票 三、审议通过了《"提质增效重回报"行动方案执行 ...

Core Points - The article primarily discusses various credit card offerings from a bank, highlighting promotional benefits for new customers and existing cardholders [5][7][9]. Group 1: New Customer Promotions - New customers can choose from multiple welcome gifts upon meeting certain criteria, including discounts on train tickets and ride-hailing services, as well as various branded merchandise [5][6][8]. - Specific promotional items include travel luggage, video streaming memberships, and household goods, indicating a focus on lifestyle enhancement [6][8]. Group 2: Co-branded Credit Cards - The article features co-branded credit cards, such as those with Starbucks and Pokémon, which offer unique rewards tailored to fans of these brands [7][8]. - These cards provide exclusive benefits, such as free coffee and themed merchandise, appealing to niche markets [7][8]. Group 3: Existing Cardholder Benefits - Existing cardholders are encouraged to refer new customers, with both parties receiving rewards upon successful sign-up and usage [12]. - Special promotions for existing cardholders include dining discounts and the ability to redeem points for various gifts, enhancing customer loyalty [11].

投资教育润无声 理性观念入心田 转自：新华财经 金秋九月，内蒙古呼和浩特第三届社区邻里节温情启幕，招商银行呼和浩特分行联合信用卡中心精心策划了一场别开生面的金融知识宣传活动，通过"答题 赢果蔬"趣味互动、特色文艺表演等多元形式，将惠民服务、投资教育、风险警示与诚信文化送到居民身边，让"服务为民"的初心融入邻里烟火。 惠民服务暖人心 适老关怀更贴心 活动现场特别开辟了"平安邻里角"，工作人员耐心指导老年群体使用手机银行的长辈版功能，手把手教授字体放大、语音辅助等贴心设置。同时，还推广 了"五险一金"一站式查询服务，让市民足不出户即可通过招商银行App便捷查询社保、公积金等民生信息。 这种"趣味答题+生活奖品"的创新形式，让原本严肃的金融知识变得生动有趣。活动现场，老人们专注思考的神情、年轻人抢答成功的喜悦、孩子们帮长辈 核对答案的温馨场景，构成了一幅"学知识、领果蔬、话家常"的生动画面。"以前总觉得金融知识离咱们老百姓很远，今天边挑菜边答题，很快就记住了不 轻信陌生链接、存款保险保本金这些实用知识"居民李女士高兴地说。 诚信文化传四方金融为民显担当 活动特别邀请了二人转表演团队，通过传统艺术形式生动演绎诚信文化 ...

Monetary Policy Operations - The People's Bank of China conducted a 7-day reverse repurchase operation amounting to 181.7 billion yuan at an interest rate of 1.40%, unchanged from previous operations [1] - The overnight and 7-day Shanghai Interbank Offered Rate (Shibor) slightly decreased, while the 14-day Shibor fell by over 10 basis points [1][2] Shibor Rates - As of September 28, the overnight Shibor decreased by 0.70 basis points to 1.3140%, the 7-day Shibor fell by 0.40 basis points to 1.4970%, and the 14-day Shibor dropped by 10.90 basis points to 1.5370% [2] Interbank Repo Market - In the interbank pledged repo market, the 7-day rates increased while the 14-day rates significantly decreased. The weighted average rates for DR001 and R001 fell by 0.6 basis points and 1.2 basis points, respectively, while DR007 and R007 rates rose by 2.4 basis points and 8.4 basis points [4] Market Conditions - On September 28, due to a holiday adjustment, most non-bank institutions were absent, leading to a relaxed funding environment. Overnight repo rates were around 1.45%, while rates for credit and certificates of deposit were between 1.90% and 1.95% [8] - A total of 44 interbank certificates of deposit were issued, with an actual issuance volume of 107.74 billion yuan [8] Secondary Market Activity - Trading sentiment in the secondary market was relatively quiet due to the holiday adjustment, with prices remaining stable compared to the previous trading day. The 1-month national bank stock ended at 1.66%, unchanged from the previous day [9]