北京商报讯（记者 孟凡霞 实习记者 周义力）9月1日，招商银行召开2025年中期业绩发布会。谈及"反 内卷"，该行行长王良表示，当前根据中央会议要求，各行各业都在开展"反内卷"。本次"反内卷"主要 以法制化、市场化手段来进行，与上一轮的供给侧改革既有相似之处，也有不同之处。他认为，从银行 的角度分析，这将有助于使市场秩序形成良性循环，有利于企业健康地发展，有利于控制资产质量风 险。 王良坦言，过去银行业存在过度竞争与恶性竞争现象，尤其体现在贷款定价、存款价格以及债券投资费 率等方面，部分竞争行为未遵循风险定价原则，甚至不计成本，既推高了风险，也违背了商业可持续性 原则。作为行业参与者，招行坚决拥护相关部门提出的"反内卷"要求，认真贯彻落实行业自律组织的部 署和要求。王良强调，招行有自觉性和主动性贯彻落实好"反内卷"的要求。 ...

9月1日，招商银行副行长兼财务负责人、董事会秘书彭家文在举行的2025年中期业绩发布会上表示，当 前银行今年手续费及佣金收入总体承压，最大的压力来自于信用卡业务收入。 "信用卡收入与其交易相 关联。上半年招行信用卡的交易量实际上突破了2万亿，比去年下降8.3%，但信用卡交易的市场份额提 升了0.3个百分点。"彭家文介绍，信用卡的交易量下行与当前整个消费市场增速尚未恢复息息相关。这 带来招行信用卡收入负增长16%，而该行信用卡客户数在增加，这意味着每个客户的户均消费、笔均消 费金额有所下降，这是信用卡收入负增长的主要原因。招行信用卡收入占比较高，因此影响相对较大。 此外，彭家文介绍，招商银行财富管理收入三年以来首次实现增速转正，而且增速达到了11%以上。其 中，代销理财、代销信托、代销基金的收入增长均较快，成为今年上半年手续费及佣金收入的亮点。 （贝壳财经） ...

1.必须是从工农中建交 等18家银行,以及招联等5 家个人消费贷款发放机构获 得消费贷款。 消费贷的"国补"要来了。2025年9月1日至2026年8月31日期间，居民个人使用贷款经办机构发放的个人 消费贷款(不含信用卡业务)中实际用于消费，且贷款经办机构可通过贷款发放账户等识别借款人相关消 费交易信息的部分，可按规定享受贴息政策。那么，消费者怎么才能领到这份"贴息红包"？具体应该如 何操作？有哪些注意事项？ 从今年9月1日起一年内, 单笔5万元以下等日常小额消费, 单笔5万元及以上的家用汽车、养老生育、 教育培训、文化旅游、家居家装、电子产品和健 康医疗等重点领域消费,单笔5万元以上的消 费,以5万元为上限来计算贴息。一个贷款人在 同一家贷款机构最高可以享受贴息3000元。 贴息对象是居民个人消费贷款中实际用于消 费的部分，核心是要有真实的消费行为。 消费者怎么才能领到这份 " THE STO" ? 中信银行股份有限公司、中国光大银行股份 有限公司、华夏银行股份有限公司、中国民生银 行股份有限公司、招商银行股份有限公司、兴业 银行股份有限公司、广发银行股份有限公司、平 安银行股份有限公司、上海浦东发展银行股份 ...

Core Viewpoint - The key highlight from the mid-year performance meeting of China Merchants Bank is the significant growth in wealth management income, despite challenges in credit card revenue and other non-interest income sources [1] Group 1: Wealth Management and Income - The wealth management income has been identified as the biggest highlight for the first half of the year [1] - Credit card transaction volume exceeded 2 trillion yuan, but experienced a negative growth of 8.3% compared to last year [1] - The market share of credit card transactions increased by 0.3 percentage points [1] Group 2: Non-Interest Income Challenges - Other non-interest net income faced a decline of over 12% [1] - The decline in non-interest income is primarily attributed to financial market trading [1] - Although long and short-term interest rates decreased in the second quarter, short-term rates remain high [1]

Core Viewpoint - The risk situation of credit cards can serve as a leading indicator for changes in retail credit risk, with the current trend indicating a continued slight increase in retail credit risk in the near future, although the overall asset quality remains stable and controllable [1] Group 1: Credit Card Risk - The vice president of China Merchants Bank, Wang Ying, stated that the risk situation of credit cards is an important reference for retail credit risk changes [1] - Retail credit risk has shown a significant upward trend since last year, and the current risks are still being revealed [1] Group 2: Industry Perspective - From an industry perspective, there is no sign of a turning point in the upward trend of retail credit risk [1] - The bank anticipates that retail credit risk will continue to rise slightly in the near term [1] Group 3: Asset Quality - Despite the rising risks, the overall asset quality of the bank is described as stable and controllable [1]

Core Viewpoint - The management of China Merchants Bank expresses confidence in achieving a positive trend in fee income on a quarterly basis for the second half of the year [1] Group 1 - The bank's executives believe that the fee income will continue to improve in the upcoming quarters [1]

招商银行副行长王颖在该行2025年中期业绩说明会上表示，外部市场一直在变化，招行零售业务一直在 第三方支付崛起、降费让利、消费降级、房地产市场调整等挑战中持续成长，反映到经营结果上，就是 每个季度都会存在的压力，包括支付中收、财富中收、净息差、风险指标等等，招行并没有因此放弃哪 一个板块，而是在顺境的时候就抓住机遇，在逆境的时候就苦练内功。"零售是一个体系，哪一个条件 都非常重要，包括每一个层级的客群，包括每一个板块，从信用卡到个贷到财富、到支付到私行，我们 一直保持战略的坚定和战术的清醒，不断的反躬自省。" ...

Financial Data and Key Indicator Changes - The bank achieved a net operating income of RMB 169.9 billion, a year-on-year decrease of 1.73% [5] - Net profit attributable to shareholders was RMB 74.9 billion, reflecting a year-on-year increase of 0.25% [5] - Return on average assets (ROAA) and return on average equity (ROAAE) were 1.21% and 13.85% respectively, maintaining industry-leading levels [6] - Net interest margin (NIM) was 1.88%, a decrease of 12 basis points year-on-year [6] - Non-interest income was RMB 63.8 billion, a year-on-year decrease of 6.77% [6] Business Line Data and Key Indicator Changes - Retail loans accounted for 51.68% of total loans, a decrease of 1.23 percentage points [10] - Net operating income from retail business accounted for 56.6% of total, representing a year-on-year increase of 1.12 percentage points [11] - Wealth management fee and commission income increased by 11.89% year-on-year, reversing a downward trend since 2022 [6] Market Data and Key Indicator Changes - Total assets amounted to RMB 12.66 trillion, an increase of 4.16% [7] - Total loans and advances reached RMB 7.12 trillion, up by 3.31% [8] - Total deposits from customers were RMB 9.42 trillion, an increase of 3.58% [9] Company Strategy and Development Direction - The bank will continue to advance its value creation strategy, focusing on quality, profitability, and scale [31] - Emphasis will be placed on enhancing asset and liability management and optimizing resource allocation [32] - The bank aims to strengthen its retail finance position and expand its wealth management business [32][33] Management's Comments on Operating Environment and Future Outlook - The management acknowledged challenges such as low interest rates and intensified competition but expressed confidence in achieving steady progress in the second half of the year [40] - The bank plans to balance business development across different lines and improve wealth and fee-based income [40] - Management highlighted the importance of technology and AI in enhancing operational efficiency and customer service [46][48] Other Important Information - The bank's capital adequacy ratios showed slight declines, with CET1 CAR at 14%, Tier 1 CAR at 17%, and total CAR at 18.56% [11] - The non-performing loan (NPL) ratio was 0.93%, a decrease of 0.02 percentage points [12] Q&A Session Summary Question: Can CMB continue its positive growth trend in the second half? - Management expressed confidence in maintaining steady progress and achieving budget goals despite challenges in the first quarter [39] Question: How will CMB carry out its retail strategy amidst challenges? - Management emphasized focusing on deposit and settlement services, enhancing technology integration, and applying AI to improve efficiency in retail banking [44][46] Question: What is the outlook for NIM and funding costs? - Management noted that while NIM is under pressure, it remains higher than the industry average, and efforts will be made to manage funding costs effectively [56][58] Question: How does the anti-evolution policy impact the bank's operations? - Management indicated that the anti-evolution policy aims to stabilize competition and improve asset quality, which is beneficial for the bank's sustainable development [74][75] Question: What opportunities exist in corporate finance amidst market recovery? - Management highlighted the bank's strong customer base and unique financing perspectives, indicating potential growth in M&A and restructuring opportunities [78][80]

Financial Data and Key Indicators Changes - The bank achieved a net operating income of RMB 169.9 billion, a year-on-year decrease of 1.73% [6] - Net profit attributable to shareholders was RMB 74.9 billion, reflecting a year-on-year increase of 0.25% [6] - Return on average assets (ROAA) and return on average equity (ROAAE) were 1.21% and 13.85% respectively, maintaining industry-leading levels [7] - Net interest margin (NIM) was 1.88%, a decrease of 12 basis points year-on-year [7] - Non-interest income was RMB 63.8 billion, a year-on-year decrease of 6.77% [7] - Cost-to-income ratio remained stable at 30.11% [8] Business Line Data and Key Indicators Changes - Retail loans accounted for 51.68% of total loans, a decrease of 1.23 percentage points [12] - Net operating income from retail business accounted for 56.6% of total, representing a year-on-year increase of 1.12 percentage points [13] - Wealth management fee and commission income increased by 11.89% year-on-year, reversing a downward trend since 2022 [7] - The balance of retail wealth management products (WMP) increased by 8.84% [25] Market Data and Key Indicators Changes - Total assets amounted to RMB 12.66 trillion, an increase of 4.16% [8] - Total loans and advances reached RMB 7.12 trillion, up by 3.31% [9] - Total deposits from customers were RMB 9.42 trillion, an increase of 3.58% [11] - The number of retail customers increased by 2.86% to 216 million [16] Company Strategy and Development Direction - The bank aims to enhance refined management practices and optimize customer base [35] - Focus on differentiated development to expand core competitive advantages, particularly in retail finance [36] - Plans to enhance global and integrated operation capabilities, particularly in overseas markets [38] - Emphasis on innovation-driven growth and digital transformation, leveraging AI technology [39] Management Comments on Operating Environment and Future Outlook - The banking industry faces challenges such as low interest rates and intensified competition, but China's economy shows signs of recovery [35] - Management expressed confidence in achieving steady progress in the second half of the year despite external pressures [44] - The bank will continue to balance business development across different lines and improve cost control [44] Other Important Information - The bank's capital adequacy ratio experienced a slight decline, with CET1 CAR at 14% [13] - Non-performing loan (NPL) ratio was 0.93%, a decrease of 0.02 percentage points [14] - The bank's overseas institutions saw total assets increase by 6.56% [28] Q&A Session All Questions and Answers Question: Can CMB continue to have a positive growth trend in the second half? - Management indicated that while the first quarter faced significant pressure, the second quarter showed improvement, and they expect steady progress in the second half [44] Question: How will CMB carry out its retail strategy amidst challenges? - Management highlighted three major areas of focus: enhancing settlement and clearing services, integrating AI into retail banking, and optimizing team structures to improve efficiency [48][50] Question: How will the bank manage NIM in the current interest rate environment? - Management noted that while they face pressure on NIM, they maintain a leading position in the industry and are focused on managing costs and optimizing asset allocation [60][62] Question: What are the implications of the anti-evolution policy for the bank? - Management explained that the anti-evolution policy aims to stabilize competition and improve asset quality, which they believe will benefit the bank's operations [81]

Financial Data and Key Indicators Changes - The bank achieved a net operating income of RMB 169.9 billion, a year-on-year decrease of 1.73% [6] - Net profit attributable to shareholders was RMB 74.9 billion, reflecting a year-on-year increase of 0.25% [6] - Return on average assets (ROAA) and return on average equity (ROAAE) were 1.21% and 13.85% respectively, maintaining industry-leading levels [7] - Net interest margin (NIM) was 1.88%, a decrease of 12 basis points year-on-year [7] - Non-interest income was RMB 63.8 billion, a year-on-year decrease of 6.77% [7] - Cost-to-income ratio remained stable at 30.11% [8] Business Line Data and Key Indicators Changes - Retail loans accounted for 51.68% of total loans, a decrease of 1.23 percentage points [12] - Net operating income from retail business accounted for 56.6% of total, representing a year-on-year increase of 1.12 percentage points [13] - Wealth management fee and commission income increased by 11.89% year-on-year, reversing a downward trend since 2022 [7] - The balance of retail wealth management products (WMP) increased by 8.84% [25] Market Data and Key Indicators Changes - Total assets amounted to RMB 12.66 trillion, an increase of 4.16% [8] - Total loans and advances reached RMB 7.12 trillion, up by 3.31% [9] - Total deposits from customers were RMB 9.42 trillion, an increase of 3.58% [11] - The number of retail customers increased by 2.86%, totaling 216 million [16] Company Strategy and Development Direction - The bank aims to advance its value creation strategy, focusing on quality, profitability, and scale [5] - Plans to enhance refined management practices and optimize customer base [35] - Emphasis on differentiated development in retail finance and wealth management [36] - Focus on global and integrated operations, particularly in overseas markets [38] Management Comments on Operating Environment and Future Outlook - The banking industry faces challenges such as low interest rates and intensified competition, but China's economy shows signs of recovery [35] - Management expressed confidence in achieving steady progress in the second half of the year despite external pressures [44] - The bank will continue to implement strategies to manage costs and improve non-interest income [44] Other Important Information - The bank's capital adequacy ratio experienced a slight decline, with CET1 CAR at 14% [13] - Non-performing loan (NPL) ratio was 0.93%, a decrease of 0.02 percentage points [14] - The bank is enhancing its digital transformation and technology capabilities, implementing AI across various business areas [32] Q&A Session Summary Question: Can CMB continue its positive growth trend in the second half? - Management believes that despite pressures in the first quarter, the second quarter showed improvement and expects steady progress in the second half [44] Question: How will CMB carry out its retail strategy amidst challenges? - Management highlighted a focus on deposit and settlement services, technology integration, and AI application to enhance retail banking [48][49] Question: How will the anti-evolution policy affect CMB's NIM and asset quality? - Management indicated that the anti-evolution policy aims to stabilize competition and improve asset quality, which could benefit the bank's NIM [79] Question: What opportunities does the recovery in the capital market present for corporate finance? - Management noted that CMB has a strong customer base and unique financing perspectives, positioning it well to capitalize on opportunities in corporate finance [81]