"眼下，所谓的接入大模型系统，大多是用于文本校对等领域。对于金融机构而言，单纯接入大模型或 搭建开源平台，并不产生实际业务价值，只有真正将大模型系统与业务场景深度融合，才能提升AI效 能。"北方地区某城商行科技部负责人告诉记者。 中国证券报记者调研发现，DeepSeek横空出世以来，多数银行及银行理财公司在尝试以较低的成本实 现大模型本地化部署。业内人士坦言，让大模型系统完成文本校对、合同质检等工作相对简单，但让其 解决复杂程度更高的业务问题则存在瓶颈，需深度依赖科技团队对业务逻辑的解构能力与领域知识沉 淀。 查阅上市银行2024年年报不难发现，多数银行并未强调单一大模型的应用成效。多位银行及银行理财公 司科技部负责人向记者表示，金融机构正在努力摆脱对单一大模型的依赖，将目光放在构建"自主平台 +场景深耕+生态共建"三位一体的AI赋能体系上。未来，行业金融科技的建设逻辑将向着轻平台、重应 用的模式转变，最终打造大模型应用市场，让用户选择不同大模型来满足自身需求。 银行启动"All in AI"战略 "AI正在重塑我们的思维和行为模式，也一定会重塑银行未来业态。要做好银行业务，就要充分用好人 工智能，为客户提供 ...

2024年度现金分红总额前10名 2024年度股息率前10名 截至日期：4月29日21时 数据来源：Wind 高志刚 制表 郭晨凯 制图 ◎记者 高志刚 在新"国九条"等政策引导下，A股市场已形成常态化分红机制，2024年度现金分红规模再次创出历史新 高。 Wind数据显示，截至4月29日21时，共有5304家A股上市公司发布2024年年报，其中3600余家披露现金 分红方案，占已发布年报公司总数的近七成，年度现金分红合计金额高达2.3万亿元（含当年季报、半 年报、年报现金分红，下同），这一数字不仅刷新历史纪录，更实现连续三年站上2万亿元关口。 从企业类型看，央企、地方国企、民企"同台共舞"，通过提升分红金额和比例，积极回馈股东。大盘蓝 筹公司更是常年保持超百亿元分红，成为A股市场现金分红的"中流砥柱"。 | 公司简称 | 2024年度累计 分红总额(亿元) | 公司简称 | 2024年度 股息率(%) | | --- | --- | --- | --- | | 工商银行 | 1097.73 | 美盈衰 | 16.13 | | 中国移动 | 1007.89 | 东方雨虹 | 13.81 | | 建设银行 | ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The scale growth of FOF in Q1 2025 reached a high since 2022, with the new - issue scale rising to a level similar to that in Q1 2022. The number of FOF also increased, and the continuous operation scale turned positive. Bond - type FOF remained popular, and some products had significant net subscriptions. A few top - tier managers saw a substantial increase in scale, narrowing the scale gap among them [1][7]. - The China Merchants TREE Changying Plan offers a one - stop solution and service based on multi - asset allocation. The scale of the six products included in the plan increased by 19.515 billion yuan in Q1, exceeding the scale increase of all FOF in Q1 2025 [1][23]. - Most FOF achieved positive returns in Q1 2025, with a better winning rate than comparable fixed - income + or active equity products. As the position increased, the performance of FOF became more prominent, and large - scale balanced FOF generally performed strongly, often using multi - asset allocation strategies and investing in overseas bond assets [1][32]. - Top - tier managers generally attach importance to multi - asset allocation, with different investment directions. The overall characteristic of FOF in Q1 was the emphasis on mutual recognition funds and passive investment, and there was a preference for Hong Kong stock assets [1][42]. - The scale of personal pension funds increased in Q1 2025, with target - date pension funds being more popular. The scale of fixed - income + FOF and equity - type FOF increased significantly, and the 2050 series products were also favored [1]. 3. Summary According to the Directory 3.1 Scale Dimension: Scale Growth Reached a New High Since 2022 - FOF Classification: FOF funds are classified into four categories: bond - type FOF (X < 10%), fixed - income + FOF (10% <= X < 30%), balanced FOF (30% <= X < 60%), and equity - type FOF (X >= 60%) based on the post - penetration equity position. For pension target funds, classification is based on the holding period [5][7]. - Scale Review: In Q1 2025, the number of FOF increased to 511, 12 more than in Q4 2024. The new - issue scale was 14.151 billion yuan, close to that in Q1 2022. The continuous operation scale increased by 3.744 billion yuan, and the total scale increase in Q1 was 17.895 billion yuan, the highest since 2022 [7]. - New - Issue Representatives: Among fund companies, Fullgoal Fund's new - issue product, Fullgoal Yinghe Zhenxuan 3 - month Holding Period, had a new - issue scale of over 6 billion yuan. Among custodian banks, China Merchants Bank had a new - issue scale of over 8 billion yuan [9]. - Product New - Issue and Continuous Operation: Bond - type FOF remained popular, and some products had net subscriptions of over 6 billion yuan. New - issue products were mostly bond - type or fixed - income + type FOF [11]. - Fund Company Dimension: A few top - tier managers saw a significant increase in scale, mainly due to prominent new - issue scales or net subscriptions of their products. The scale gap among top - tier managers narrowed significantly [15]. 3.2 China Merchants TREE Changying Plan: Providing a One - Stop Solution and Service Based on Multi - Asset Allocation - Plan Introduction: It is a one - stop asset allocation solution jointly created by China Merchants Bank's wealth management team and public fund management institutions, featuring "good strategies, good products, and good services". It has clear return and drawdown targets for selected products [19][21]. - Product Situation: There are currently six products included in the four - tier plan. All products emphasize multi - asset allocation, and their scale increased by 19.515 billion yuan in Q1, exceeding the scale increase of all FOF in Q1 2025 [23]. - Heavy - Positioned Funds: The heavy - positioned funds of these products reflect their investment strategies. For example, Xingzheng Global Yingxin Multi - asset Allocation 3 - month Holding Period holds overseas funds for global allocation [27]. 3.3 Performance Dimension: High - performing FOF Generally Reflect the Characteristics of Multi - Asset Allocation - Market Environment: In Q1 2025, both the bond and equity markets fluctuated greatly, with the ChinaBond Composite Wealth Index falling by - 0.61% and the Wind All - A Index rising by 1.90% [32]. - FOF Performance: As the position increased, the performance of FOF became more prominent. The median return of equity - type FOF reached 2.47%, exceeding the performance of the Wind All - A Index. The winning rate of FOF was generally better than that of comparable indexes [32]. - High - performing FOF: Large - scale balanced FOF generally performed strongly, often using multi - asset allocation strategies and investing in overseas bond assets. High - performing bond - type and fixed - income + FOF generally held overseas bond assets, while high - performing equity - type FOF generally held ETFs [36][39]. 3.4 Investment Characteristics: Top - tier Managers Generally Attach Importance to Multi - Asset Allocation and Prefer Hong Kong Stock Funds and Mutual Recognition Funds - Top - tier Managers' Allocation: Top - tier managers generally attach importance to multi - asset allocation, with different investment directions. They pay attention to the allocation of QDII, mutual recognition, and commodity assets, among others [42]. - Market - wide Characteristics: In Q1 2025, FOF generally emphasized mutual recognition funds and passive investment. The average heavy - position ratio of mutual recognition funds increased significantly, and there was also a preference for commodity funds [46]. - Preference for Hong Kong Stock Assets: The heavy - position fund allocation in Q1 showed a preference for Hong Kong stock assets. Some mutual recognition funds had a heavy - position amount exceeding that of top - tier active equity funds [47]. 3.5 Personal Pension Funds: The Total Y - Share Amounted to 1.0204 Billion Yuan - Scale Change: In Q1 2025, the scale of personal pension funds was 1.0244 billion yuan, an increase of 137.7 million yuan compared to Q4 2024, maintaining a relatively high growth rate [1]. - Popular Products: Target - date pension funds were more popular, with a current scale of 607.6 million yuan. The scale of fixed - income + FOF and equity - type FOF increased significantly, and the 2050 series products were also favored [1].

A股上市银行2024年业绩全部揭晓。4月29日，随着西安银行、苏州农商行2024年年度报告的发布，42家A股上市银行2024年"成绩单"全部放榜。从业绩表现 来看，过去一年，42家上市银行合计实现归母净利润2.14万亿元，合计日赚约58.58亿元。其中，38家银行归母净利润实现增长。但"增利不增收"压力持续凸 显，10家银行营业收入出现负增长，同时，4家银行归母净利润缩水。 在2025年一季度，部分银行业绩降幅进一步扩大，例如，一季度，厦门银行实现营业收入12.14亿元，同比下降18.42%，归母净利6.45亿元，同比下降 14.21%。对此，厦门银行解释称，主要是受银行间市场资金面收紧、风险偏好提升、净息差同比收窄等因素影响。平安银行、贵阳银行营收净利"双降"趋势 持续。 两成"增利不增收" A股上市银行交出了2024年"成绩单"，过去一年，42家银行合计实现归母净利润超2.14万亿元，其中，38家银行归母净利润实现增长。 从净利润规模来看，中、农、工、建国有四大银行依旧霸榜，归母净利润均超过2000亿元，其中，工商银行、建设银行超3000亿元，工商银行继续蝉联最赚 钱商业银行。招商银行凭借1483.91亿 ...

21世纪经济报道记者 黄子潇 深圳报道 一个月前招行管理层的多项预测，兑现在了一季报之中。 4月29日收盘后，招商银行（600036.SH）发布2025年一季报，报告期内实现营业收入837.51亿元，同比 下降3.09%；净利润375.13亿元，同比下降2.08%，不良贷款率较上年末下降0.01个百分点至0.94%。 尽管招行一季度营收利润双降，但也出现了一些积极的变化——该行财富中收有所回暖，其中财富管理 手续费及佣金收入一项增速由负转正，同比增长10.45%。一个月前，招行管理层在2024年业绩会上曾 表示，手续费及佣金收入企稳回升是招行今年的目标。 同时，招行净息差虽环比下降3个基点至1.91%，但活期存款占比有所上升，这也是招行管理层曾提及 的"利好因素"。 Wind数据显示，年初至今，招商银行股价呈现震荡上行态势，累计涨幅为6.87%。4月29日收盘，招商 银行报收于42.0元，下跌0.83%。 净息差降至1.91%，活期存款占比提升 2025年一季度，招行净息差1.91%，同比下降11个基点，环比下降3个基点。 招行表示，受贷款市场报价利率(LPR)下调及存量房贷利率下调影响，叠加有效信贷需求不足 ...

北京商报讯（记者 宋亦桐）4月29日，招商银行发布2025年一季度报告，数据显示，2025年1—3月，该 行实现营业收入837.51亿元，同比下降3.09%；实现归属于该行股东的净利润372.86亿元，同比下降 2.08%；实现净利息收入529.96亿元，同比增长1.92%；实现非利息净收入307.55亿元，同比下降 10.64%。 截至一季度末，招商银行资产总额达125297.92亿元，较上年末增长3.11%；贷款和垫款总额71254.79亿 元，较上年末增长3.44%；负债总额112759.28亿元，较上年末增长3.27%；客户存款总额93194.62亿 元，较上年末增长2.45%。 净手续费及佣金收入方面，招商银行财富管理手续费及佣金收入67.83亿元，同比增长10.45%。其中， 代销理财、代销基金、代销信托计划等收入呈现增长，代销保险收入则下降，主要是受保险销量下降影 响。 资产质量方面，截至一季度末，招商银行不良贷款余额667.43亿元，较上年末增加11.33亿元；不良贷款 率0.94%，较上年末下降0.01个百分点；本集团拨备覆盖率410.03%，较上年末下降1.95个百分点；贷款 拨备率3.8 ...

1. 引言 1.1 披露依据 本报告根据国家金融监督管理总局令第4号《商业银行资本管理办法》及相 关规定编制并披露。 1.2 并表范围 CHINA MERCHANTS BANK CO., LTD. | 1. | 引言 3 | | --- | --- | | 1.1 | 披露依据 3 | | 1.2 | 并表范围 3 | | 1.3 | 披露声明 3 | | 2. | 释义 4 | | 3. | 风险管理、关键审慎监管指标和风险加权资产概览 5 | | 3.1 | KM1 监管并表关键审慎监管指标 5 | | 3.2 | OV1 风险加权资产概况 6 | | 4. | 宏观审慎监管措施 8 | | 4.1 | 8 | | 5. | 杠杆率 8 | | 5.1 | LR1 杠杆率监管项目与相关会计项目的差异 8 | | 5.2 | LR2 杠杆率 9 | | 6. | 流动性风险 10 | | 6.1 | LIQ1 流动性覆盖率 10 | 招商银行股份有限公司 2025 年第一季度第三支柱报告 根据《商业银行资本管理办法》相关规定，本集团资本监管指标计算范围 包括招商银行及其子公司。截至报告期末，本集团符合资本并 ...

A 股简称:招商银行 A 股代码:600036 公告编号:2025-019 招商银行股份有限公司 监事会决议公告 本公司监事会及全体监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 4 月 11 日以电 子邮件方式发出第十二届监事会第三十九次会议通知，于 4 月 29 日以书面传签 方式召开会议。会议应表决监事 8 名，实际表决监事 8 名，总有效表决票为 8 票。 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 2025 年第一季度报告，并出具如下意见： （一）本公司 2025 年第一季度报告的编制和审议程序符合有关法律法规、 《招商银行股份有限公司章程》和本公司相关内部管理制度的规定； （二）本公司 2025 年第一季度报告的内容与格式符合中国证券监督管理委 员会和证券交易所的相关规定，真实、准确、完整反映本公司报告期内的经营管 理情况和财务状况； （三）截至本意见出具前，未发现参与 2025 年第一季度 ...

A 股简称：招商银行 A 股代码：600036 公告编号：2025-018 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 4 月 11 日以电 子邮件方式发出第十二届董事会第四十九次会议通知，于 4 月 29 日以书面传签 方式召开会议。会议应参会董事 14 名，实际参会董事 14 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、审议通过了本公司 2025 年第一季度报告。 同意：14 票 反对：0 票 弃权：0 票 本公司董事会审计委员会已审议通过上述议案，并同意将其提交本公司董事 会审议。 二、审议通过了《2025 年第一季度第三支柱报告》。 同意：14 票 反对：0 票 弃权：0 票 本公司2025年第一季度报告和2025年第一季度第三支柱报告详见上海证券 交 易 所 网 站 （ www.sse.com.cn ）、 香 港 交 易 及 结 算 所 有 ...

Financial Performance - Net profit attributable to shareholders decreased by 2.08% to RMB 37,286 million for Q1 2025, down from RMB 38,077 million in Q1 2024[4] - Operating income for Q1 2025 was RMB 83,751 million, representing a decline of 3.09% from RMB 86,417 million in the same period last year[4] - Basic and diluted earnings per share for ordinary shareholders were both RMB 1.48, a decrease of 1.99% from RMB 1.51 in Q1 2024[4] - The annualized return on average equity for ordinary shareholders decreased by 1.95 percentage points to 14.13% compared to 16.08% in the previous year[4] - The company's equity attributable to ordinary shareholders increased by 1.65% to RMB 1,246,207 million from RMB 1,226,014 million at the end of 2024[4] - The company's average return on total assets (ROAA) was 1.21%, down 0.14 percentage points year-on-year[14] - The average return on equity (ROAE) was 14.13%, a decrease of 1.95 percentage points year-on-year[14] - The total comprehensive income for Q1 2025 was RMB 15,796 million, down from RMB 38,893 million in Q1 2024, representing a decline of 59.5%[62] Asset and Liability Management - Total assets increased by 3.11% to RMB 12,529,792 million as of March 31, 2025, compared to RMB 12,152,036 million at the end of 2024[4] - As of March 31, 2025, total liabilities amounted to RMB 11,275,928 million, an increase from RMB 10,918,561 million as of December 31, 2024, representing a growth of approximately 3.3%[53] - The bank's total liabilities increased by RMB 357,367 million from December 31, 2024, to March 31, 2025, primarily driven by an increase in customer deposits and borrowings[56] - The total amount of qualified high-quality liquid assets was RMB 2,386,393 million, with a net cash outflow of RMB 1,451,642 million[72] Cash Flow Analysis - Net cash flow from operating activities significantly improved to RMB 95,026 million, compared to a negative RMB 1,208 million in Q1 2024[4][7] - The net cash flow from investing activities for Q1 2025 was a net outflow of RMB 199,933 million, compared to a net inflow of RMB 1,119 million in Q1 2024[65] - The net cash flow from financing activities for Q1 2025 was a net outflow of RMB 48,655 million, contrasting with a net inflow of RMB 129,954 million in Q1 2024[65] - The cash flow from financing activities in Q1 2025 showed a net outflow of RMB 55,604 million, compared to a net inflow of RMB 133,765 million in Q1 2024[68] Loan and Deposit Performance - Total loans and advances were 7,125.479 billion yuan, up 3.44% from the previous year-end[16] - Customer deposits totaled RMB 9,319.462 billion, up 2.45% year-on-year, with retail customer deposits increasing by 3.51%[26] - The net increase in customer deposits for Q1 2025 was RMB 222,875 million, compared to RMB 284,662 million in Q1 2024, indicating a decrease of 21.7%[64] - The company's overdue loan balance was RMB 98.325 billion, an increase of RMB 6.450 billion, with an overdue loan ratio of 1.38%, up 0.05 percentage points[31] Risk Management and Non-Performing Loans - The company's provision coverage ratio was 410.03%, down 1.95 percentage points from the previous year-end[16] - The company's non-performing loan balance was 66.743 billion yuan, with a non-performing loan ratio of 0.94%, a decrease of 0.01 percentage points year-on-year[16] - The company generated new non-performing loans of RMB 16.652 billion during the reporting period, an increase of RMB 0.387 billion year-on-year, with an annualized NPL generation rate of 1.00%, down 0.03 percentage points[37] - The company’s loan loss provision balance was RMB 263.063 billion, an increase of RMB 3.178 billion, with a provision coverage ratio of 420.54%, down 4.69 percentage points[38] Strategic Initiatives - The company aims to balance quality, efficiency, and scale in its strategic goal of becoming a "value bank"[14] - The company plans to enhance support for "white list" projects in real estate financing, focusing on risk management and compliance[29] - The company has implemented a dynamic rebalancing strategy focusing on industry, region, and customer groups to optimize asset allocation and enhance risk management[39] - The company plans to enhance its market expansion strategies and invest in new technologies to drive future growth[61]