Core Viewpoint - The recent leadership changes at China Merchants Bank (CMB) reflect a strategic shift in its retail banking operations, particularly in the credit card and wealth management sectors, amidst a challenging market environment for credit card businesses [1][15]. Leadership Changes - CMB announced the approval of the qualifications for two new assistant presidents, Cui Jiakun and Wang Xinghai, who will also serve as heads of the Beijing and Shenzhen branches respectively, resulting in a new executive structure of "one president, four vice presidents, and two assistant presidents" [1][15]. - Liu Jialong, the former general manager of the credit card center, will transition to a consultant role after years of leadership in the credit card sector [3][17]. - Li Mingdong, previously the general manager of the wealth platform department, is set to take over as the new general manager of the credit card center [5][19]. - Lu Xiaorong, the general manager of the retail financial headquarters, will also assume the role of general manager of the wealth platform department [7][21]. Credit Card Business Performance - As of mid-2025, CMB's credit card center reported total assets of 878.48 billion yuan, with 96.93 million active cards and 69.63 million active cardholders [8][22]. - The credit card transaction volume for the first half of 2025 was 2,020.96 billion yuan, showing a year-on-year decline of 8.54%, with interest income down by 4.96% and non-interest income down by 16.23% [9][23]. - The bank's market share in credit cards increased by 0.3 percentage points despite the overall decline in transaction volume, attributed to the slow recovery of the consumer market [9][23]. Wealth Management Growth - CMB's wealth management business has emerged as a new growth driver, with fee and commission income reaching 20.67 billion yuan in the first nine months of 2025, marking an 18.76% year-on-year increase [9][23]. - The total assets under management (AUM) for retail clients reached 16,597.523 billion yuan by the end of Q3 2025, reflecting an increase of 1,670.809 billion yuan or 11.19% from the previous year [10][24]. Branch Leadership Adjustments - Recent adjustments in branch leadership include Liu Wenjuan being promoted to assistant president of the Nanjing branch, and He Junqian's qualification as deputy president of the Wuhan branch being approved [11][27]. - He Fei, the former deputy general manager of the corporate finance headquarters, has been reassigned to the Shijiazhuang branch as party secretary and is expected to become the branch president [14][28].

Group 1 - The core viewpoint emphasizes the importance of the Guangdong-Hong Kong-Macao Greater Bay Area as a strategic platform for China's high-level opening-up and the dual circulation development model, positioning it as a key hub for connecting domestic and international markets [1] - China Merchants Bank (CMB) is deeply integrated into the national opening-up strategy and the overall layout of the Greater Bay Area, leveraging its location advantages to participate in cross-border financial mechanisms [1] - CMB has established a mature professional service capability and custody service system since its proactive layout in global custody business in 2006, supporting Chinese institutions in their global expansion [1] Group 2 - CMB aims to become the preferred global custodian bank by enhancing its professional, technological, and service capabilities, with a global custody network covering over 100 major financial markets [2] - Hong Kong serves as a core hub for CMB's global custody business, providing diversified services and maintaining advantages in public fund custody [2] - The establishment of CMB's global custody center in Singapore further strengthens its capabilities and supports Chinese institutions in expanding their global market presence [2] Group 3 - CMB is committed to enhancing its global custody services through technological empowerment, developing a global custody system that offers comprehensive online, automated, and intelligent operations [3] - The bank focuses on providing tailored global custody services for Chinese institutions, integrating various financial resources to create value for clients [3] - CMB's global custody business covers all types of asset management institutions, offering both basic and value-added services [3] Group 4 - As China's financial market opens further, the strategic position of the Greater Bay Area will be further highlighted, with CMB continuing to enhance its global custody service system to contribute to the high-level opening of China's finance [4]

Core Viewpoint - China Merchants Bank (CMB) has announced support for binding its Visa credit card to Apple Pay, enhancing the payment experience for cardholders both domestically and internationally [1] Group 1: Payment Functionality - CMB credit cardholders can use Apple Pay for payments at various locations, including physical stores, mobile apps, and online websites, facilitating convenient transactions for Chinese travelers abroad [1] - The payment process is simplified, requiring only two button presses on the iPhone or Apple Watch for in-store payments, ensuring a contactless experience [1] - Online payments can be made quickly without the need to create accounts or repeatedly enter personal information [1] Group 2: Security and Privacy - Apple Pay emphasizes security and privacy, with actual card numbers not stored on devices or Apple servers; instead, a unique Device Account Number is generated and securely stored [2] - The secure element chip is designed specifically for safe storage of payment information, adhering to industry standards [2] Group 3: Easy Setup - Adding the CMB Visa credit card to Apple Pay is straightforward, requiring users to open the Wallet app on their iPhone and follow prompts to add the card [3] Group 4: Instant Use for International Payments - CMB has introduced a feature allowing cardholders to apply for a Visa international credit card through the mobile app, enabling immediate activation and use with Apple Pay while traveling [5] Group 5: Rewards and Benefits - Cardholders retain the same rewards and benefits as with the physical card, plus exclusive offers for using Apple Pay, including 1% cashback on overseas transactions [6] - Additional benefits include a currency exchange subsidy and various promotions for travel and international living scenarios [6]

Group 1 - The article emphasizes the importance of MACD golden cross signals, indicating potential upward trends in certain stocks [1][2] - It highlights the role of Jin Qilin analysts in providing authoritative, professional, timely, and comprehensive research reports to help investors identify potential thematic opportunities [1][2] Group 2 - The content is a reprint from a cooperative media source, and it does not imply endorsement or verification of the views expressed [1][2] - The article serves as a reference for investors, indicating that the information provided should not be considered as investment advice [1][2]

Market Performance - On January 14, the market experienced fluctuations with the three major indices showing mixed results. The Shanghai Composite Index reached a ten-year high during the day [2] - By the end of the trading session, the Shanghai Composite Index fell by 0.31%, while the Shenzhen Component Index rose by 0.56% and the ChiNext Index increased by 0.82% [2] - The total trading volume in the Shanghai and Shenzhen markets approached 40 trillion yuan, an increase of nearly 300 billion yuan compared to the previous day, setting a new historical record [2] Trading Volume Records - The A-share market has been consistently breaking historical records in recent days. On January 12, the trading volume reached 3.64 trillion yuan, surpassing the previous high from October 8, 2024 [2] - On January 13, this record was broken again with a trading volume of 3.69 trillion yuan, and on January 14, it further increased to 3.98 trillion yuan [2] - From January 12 to January 14, the cumulative trading volume exceeded 10 trillion yuan [2] Large Sell Orders - Notably, during the closing auction on January 14, several heavyweight stocks experienced significant sell orders. For instance, China Merchants Bank had a sell order amount exceeding 6.5 billion yuan [2] - Other companies such as Zijin Mining, Yangtze Power, China Aluminum, SAIC Motor, Industrial Bank, China Duty Free, Ping An Insurance, Hengrui Medicine, and Kweichow Moutai also had sell orders exceeding 1 billion yuan each [2]

Core Viewpoint - The trend of mid-term dividends among A-share listed banks is expanding, with more banks announcing dividend plans, supported by policy guidance and stable operations [2][4][6]. Group 1: Dividend Announcements - Postal Savings Bank has completed its mid-term dividend distribution, with a payout of 0.1230 yuan per share, totaling 12.33 billion yuan [8]. - Jiangsu Bank plans to distribute a mid-term cash dividend of 3.309 yuan per 10 shares, amounting to 6.072 billion yuan, on January 14, 2026 [1][8]. - China Merchants Bank will distribute a cash dividend of 10.13 yuan per 10 shares, totaling approximately 25.548 billion yuan, on January 16, 2026, marking its first mid-term dividend since listing [3][8]. Group 2: Overall Dividend Trends - As of January 12, 2026, over half of the 42 A-share listed banks have implemented mid-term dividends for the 2025 fiscal year, with 30 banks disclosing plans that exceed a total dividend scale of 290 billion yuan [6][8]. - The six major state-owned banks are the main contributors to this mid-term dividend trend, with a total payout of 204.657 billion yuan, maintaining a dividend payout ratio of around 30% of net profit [7][8]. Group 3: Policy Influence - Recent policies have encouraged listed banks to optimize their dividend strategies, including simplifying mid-term dividend procedures and promoting more frequent distributions [3][4]. - The new "National Nine Articles" emphasizes increasing incentives for high-quality dividend-paying companies, aiming to enhance the stability and predictability of dividends [4]. Group 4: Market Implications - The proliferation of mid-term dividends is expected to boost investor confidence in bank stocks and foster a long-term value investment mindset [4][9]. - Analysts suggest that the current low-interest-rate environment combined with frequent dividends enhances the attractiveness of bank stocks, leading to increased interest from long-term investors [9].

| 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 600036 | 招商银行 | -2.58 | 0.93 | -203476.81 | | 601169 | 北京银行 | -2.71 | 2.18 | -92629.68 | | 601166 | 兴业银行 | -2.38 | 0.61 | -51513.60 | | 600000 | 浦发银行 | -2.85 | 0.41 | -31061.75 | | 600015 | 华夏银行 | -2.81 | 0.99 | -27174.30 | | 601288 | 农业银行 | -1.71 | 0.12 | -24314.35 | | 601658 | 邮储银行 | -1.68 | 0.32 | -19835.95 | | 000001 | 平安银行 | -0.96 | 0.66 | -18038.37 | | 601398 | 工商银行 | -1.54 | 0.14 | -15404.23 | | 601988 | 中国银行 | -1.44 | 0 ...

在沪深北交易所午间出手降温后， A股多只权重股尾盘竞价再现巨额压单！ 1月14日，A股继续高开高走，但是午后风云突变，三大股指出现过山车走势，沪指翻绿，与此同时A股 成交额急剧扩大，仅155分钟成交额便突破3万亿大关，截至收盘，沪指跌0.31%，深成指涨0.56%，创 业板指涨0.82%。沪深京三市全市场成交额39868亿元，较上日成交额放量2880亿元。 板块题材上，医疗服务、AI应用板块题材成为资金进攻的核心方向，其中AI应用概念爆发，二十余只 成分股涨停，利欧股份9天6板，省广集团4连板，新华网、人民网、三江购物3连板，壹网壹创3天2板。 此前遭到资金爆炒的商业航天概念局部活跃，海格通信3连板创新高，大唐电信、佳缘科技等涨停。 值得注意的是，尾盘集合竞价上证50和沪深300多只权重股再次出现巨额压单，其中招商银行卖一位置 出现164万手（1.64亿股）压单，以招商银行40.07元/股的收盘价计算，压单金额超65亿元，而招商银行 全天成交也不过78亿元。 | | 600036 招商银行 | | | | --- | --- | --- | --- | | 委比 | -98.78% 委差 | | -163 / ...

格隆汇1月14日｜中金公司研报指出，2023年11月起，招商银行A股股息率反超四大行，H股股息率则持 续低于四大行，可能是差异化的投资者结构带来的定价不充分。低利率时代，该行认为，招行业务成长 性外，同时具备高分红能力，A股则显著低估，主要来自：1）多元的业务结构带来的营收稳定性；2） 低负债成本、优质的客群结构、专业的风控能力带来的更稳健、可预期的信用成本。因此，在"低利率 叙事"延续、传统高股息标的股息率快速下降的背景下，认为招行的高分红属性有望被A股投资者逐步 认可，静态测算A股股息率下降至四大行的水平，对应股价约25%的涨幅。维持盈利预测不变，维持 A、H股目标价58.35元、60.49港元不变。维持"跑赢行业"评级。 ...

Core Insights - The "2026 Corporate Compensation Health Benefits Forum" was successfully held in Shenzhen, focusing on global health benefit trends, domestic policy responses, and corporate health solutions [1][4] - The forum highlighted the importance of employee health for organizational resilience and sustainable development, aligning with national strategies to prioritize health [1][2] Group 1: Company Strategies - Cigna's Asia Pacific CEO Robert Peat emphasized the introduction of the Cigna Care 2.0 program to optimize healthcare resource utilization and enhance service quality amid medical inflation challenges [3] - Cigna aims to establish a strong brand reputation in health services, focusing on integrating quality medical resources, innovating health management solutions, and building a professional health management team [2][3] Group 2: Industry Trends - The white paper "2025 China Corporate Health Benefits White Paper" was launched, analyzing the latest trends and practices in corporate health benefits, proposing comprehensive solutions centered around group insurance [4] - The evolution of corporate health insurance in China has transitioned through four stages, with current challenges including cost control and personalized solutions [3] Group 3: Health Needs and Innovations - Trends in employee health needs include younger onset of diseases, changes in workplace illness patterns, and the prevalence of nodules, indicating a shift in health management focus [5] - The forum incorporated interactive technology experiences, showcasing innovations in health services, such as video consultations and AI assessments, reflecting Shenzhen's technological advancements [5][6] Group 4: Financial Services Integration - China Merchants Bank provides a comprehensive financial service system for enterprises, including payroll, employee benefits, and human resource management, aimed at improving efficiency and reducing digital transformation costs [2][6] - The collaboration between Cigna and China Merchants Bank aims to empower enterprises and safeguard talent, contributing to the stable development of the real economy [6]