东海证券研报指出，在2021年下半年以来的行业下行周期，招商银行息差与个人贷款风险压力随行业上 升。凭借杰出的稳健经营能力，公司主要经营指标仍然在行业下行期保持明显的领先优势。随着息差压 力放缓与中间业务收入稳步修复，公司经营压力有望缓解，风险出清有望进一步加快。公司ROE与股息 率均较高，兼备红利与价值双重属性。当前招商估值处于历史低位，股息率与ROE优势兼备，分别对应 红利与价值双重属性，关注业绩寻底阶段的布局机会。首次覆盖，给予"增持"评级。 ...

Group 1 - Ping An Asset Management Co., Ltd. increased its stake in China Merchants Bank (03968.HK) by acquiring 10.565 million shares at an average price of HKD 52.7146 per share, totaling approximately HKD 557 million [1] - Following the acquisition, Ping An Asset Management's total shareholding in China Merchants Bank rose to 1,110,512,000 shares, increasing its ownership percentage from 23.95% to 24.18% [1]

Core Viewpoint - The approval of two executives, Cui Jiakun and Wang Xinghai, marks the gradual formation of the executive matrix for China Merchants Bank (CMB) as it prepares for its future leadership structure by 2026 [2][4] Group 1: Executive Appointments - Cui Jiakun and Wang Xinghai have been approved as assistant general managers, continuing to serve as branch heads for Beijing and Shenzhen respectively [2][4] - The current executive lineup consists of one president and four vice presidents, along with two assistant general managers, indicating a structured leadership hierarchy [6] Group 2: Internal Promotion and Stability - The management team is characterized by a strong internal promotion system, with many executives having over 25 years of experience at CMB, ensuring stability and continuity in leadership [7] - The high loyalty and continuity among executives, many of whom have worked at CMB for nearly 30 years, contribute to the stability of the bank's strategy and culture [7] Group 3: Talent Development and Succession - CMB has established a robust internal talent development mechanism, promoting key branch leaders to senior management positions, which helps maintain a stable talent pipeline [7][8] - The bank's key branches, such as Beijing and Shenzhen, serve as important bases for talent cultivation, with significant asset scales of 584.77 billion yuan for Beijing branch, the largest among them [8] Group 4: Financial Synergy within the Group - Recent appointments of CMB executives to other financial institutions within the China Merchants Group reflect a strategic intent to enhance business collaboration and resource sharing across the financial sector [9]

Core Viewpoint - The approval of two executives, Cui Jiakun and Wang Xinghai, marks the gradual formation of the executive matrix for China Merchants Bank (CMB) as it prepares for 2026, emphasizing internal talent cultivation and stability in management [2][4][7]. Group 1: Executive Appointments - Cui Jiakun and Wang Xinghai have been approved as assistant general managers, continuing to serve as branch heads for Beijing and Shenzhen respectively, reflecting their long tenure of over 25 years at CMB [2][4]. - The current executive lineup consists of one president and four vice presidents, with two assistant general managers, indicating a structured hierarchy within the bank [6]. Group 2: Management Structure - The management team is characterized by a high degree of loyalty and continuity, with many executives having worked at CMB for nearly or over 30 years, ensuring strategic stability and cultural transmission [7]. - The internal promotion mechanism is evident, as key positions are filled by individuals with extensive experience across various core business departments, creating a robust talent pipeline [7][8]. Group 3: Talent Development and Strategy - The selection of executives from key branches like Beijing and Shenzhen aligns with CMB's tradition of nurturing senior management talent from its most important operational bases, enhancing the connection between these branches and headquarters [8]. - The movement of executives within the broader China Merchants Group indicates a strategic intent to strengthen financial collaboration and resource sharing across its financial institutions [9].

Group 1 - Ping An Asset Management Co., Ltd. increased its stake in China Merchants Bank (03968) by 10.565 million shares at a price of HKD 52.7146 per share, totaling approximately HKD 557 million [1] - After the increase, Ping An's total shareholding in China Merchants Bank reached approximately 1.111 billion shares, representing a holding percentage of 24.18% [1]

Group 1 - Ping An Asset Management Co., Ltd. increased its stake in China Merchants Bank (600036) by 10.565 million shares at a price of HKD 52.7146 per share, totaling approximately HKD 557 million [1] - After the increase, Ping An's total shareholding in China Merchants Bank reached approximately 1.111 billion shares, representing a holding percentage of 24.18% [1]

Investment Rating - The report gives an "Accumulate" rating for the company, marking its first coverage [1]. Core Views - The company is navigating through a bottoming phase in performance, showcasing both dividend and value attributes [3]. - The bank's operating metrics remain significantly ahead of industry peers despite the ongoing industry downturn, with expectations for easing operational pressures as net interest margin (NIM) pressure subsides and non-interest income stabilizes [3]. Summary by Sections Scale - The growth momentum is shifting towards new areas as the banking sector transitions to a phase of high-quality development, with a fundamental change in the drivers of scale expansion [9]. - The bank's loan growth is slightly lower than asset growth, with a focus on optimizing retail and corporate loan ratios to balance growth and risk [10]. Net Interest Margin - The bank maintains a solid absolute advantage in net interest margin, with downward pressure easing [17]. - Despite facing challenges from asymmetric interest rate cuts, the bank's NIM remains significantly higher than the industry average due to its strong low-cost funding capabilities [19]. Asset Quality - The bank's asset quality management is prudent, providing a relative advantage in the current credit cycle [25]. - The bank has effectively managed its exposure to real estate risks and is expected to see a slowdown in retail risk increases following strategic adjustments [28]. Non-Interest Income - The darkest period for non-interest income has passed, with wealth management showing leading recovery potential [39]. - As macroeconomic expectations stabilize, the bank's wealth management business is anticipated to regain its role as a core driver of profitability [41]. Shareholder Returns - The bank's dividend payout ratio is among the highest in the industry, reflecting its strong capital management and ability to balance risk and shareholder returns [44]. - The bank's robust provisioning allows it to maintain high dividends without compromising on risk management [46]. Investment Recommendations - Projected revenues for 2025-2027 are estimated at 338 billion, 350 billion, and 371 billion yuan, with corresponding growth rates of 0.15%, 3.52%, and 5.95% [53]. - The bank's current valuation is at a historical low, with strong dividend yield and ROE, indicating a dual attribute of dividend and value, making it an attractive investment opportunity during this performance bottoming phase [53].

| 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03968 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 4,590,901,172 | RMB | | 1 RMB | | 4,590,901,172 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 4,590,901,172 | RMB | | 1 RMB | | 4,590,901,172 | 第 1 頁 共 11 頁 v 1.1.1 | 3. 股份分類 | 優先股 | 股份類別 | 其他類別 (請註明) 否 | 於香港聯交所上市 (註1) | | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 360028 | 說明 | 於上交所上市之人⺠幣27,5 ...

随着电商行业全面合规纳税政策落地，地处中国叠石桥国际家纺城的招商银行南通叠石桥支行，近期迎 来对公账户开立业务高峰。 作为标准零售专业网点，叠石桥支行迅速调整服务模式、优化人员配置，应对对公开户业务高峰。一方 面，优化岗位分工与流程节点，对公客户经理专注做好事前审核、风险排查与上门尽调，提前梳理商户 资料中的关键信息，减少临柜处理时间；另一方面，推行"错峰衔接"服务机制，运营柜员白天高效兼顾 零售客户接待与对公资料受理，利用业务间隙完成资料初步分类与系统信息预录入，确保每一笔业务衔 接顺畅、高效推进。同时，网点还开通商户服务绿色通道，根据需求灵活调配人力，确保服务不脱节、 业务不积压。 据悉，截至当前，招商银行南通分行叠石桥支行已累计为百余户家纺商户完成对公账户开立，助力商户 顺利实现合规转型。招商银行南通分行表示，将始终秉持"因您而变"的核心理念，以流程优化提效、以 专业服务暖心，为区域电商行业合规化发展注入金融动能。（来源：招商银行南通分行） （注：此文属于央广网登载的商业信息，文章内容不代表本网观点，仅供参考） 电商税政策明确，电商经营者需凭市场主体登记办理税务登记，而对公账户作为税款缴纳、资金结算的 ...

12月31日金融一线消息，国家金融监督管理总局洛阳监管分局行政处罚信息公示显示，招商银行股份有 限公司洛阳分行因贷后管理不尽职被罚款30万元，杨林硕（时任招商银行股份有限公司洛阳分行公司金 融客户二部总经理助理、副总经理）被给予警告。 | | 招商银 行股份 | 洛金罚决 | | 罚款 | | | --- | --- | --- | --- | --- | --- | | 2 | 有限公 | 字 | | 30 | | | | | (2025) | | | | | | 司洛阳 | 39号 | | 万元 | | | | 分行 | | | | | | | 杨林颂 | | | | | | | (时任 | | | | | | | 招商银 | | | | | | | 行股份 | | | | | | | 有限公 | | 贷后管理不尽职 | | 洛阳美部 | | | | | | | 监管分局 | | | 司洛阳 | 洛金罚决 | | | | | | 分行公 | 字 | | | | | 3 | | | | 营告 | | | | 司等部 | (2025) | | | | | | 客户二 | 40号 | | | | | | 部总经 ...