Core Viewpoint - China Merchants Bank announced the full redemption of its domestic preferred shares "Zhaoyin You1" and the distribution of corresponding dividends, following approval from the National Financial Regulatory Administration [1] Group 1: Issuance and Approval - The bank issued 275 million domestic preferred shares in December 2017, raising a total of RMB 27.5 billion [1] - The issuance was approved by the bank's 2016 annual general meeting and subsequent shareholder meetings in 2017 and 2021 [1] Group 2: Redemption Details - The bank's executive director and president, Wang Liang, along with non-executive director Zhu Liwei, signed a decision to fully redeem the preferred shares and distribute dividends [1] - The bank has received a non-objection response from the National Financial Regulatory Administration regarding the redemption [1] - The planned full redemption date for the preferred shares is set for April 15, 2026 [1]

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. （H股股票代碼：03968） 關於贖回優先股的第一次提示性公告 招商銀行股份有限公司（「本公司」）於2017年12月非公開發行2.75億股境內優先股 （「本次優先股」），募集資金總額為人民幣275億元，優先股簡稱「招銀優1」，優先 股代碼360028。經本公司股東大會授權董事會及董事會轉授權的兩位董事批准， 並經國家金融監督管理總局答覆無異議，本公司擬於2026年4月15日贖回本次優 先股，現將有關贖回事宜提示如下： （於中華人民共和國註冊成立的股份有限公司） 本公司擬贖回本次優先股合計2.75億股，每股面值人民幣100元，總金額人民 幣275億元。 二、贖回價格 一、贖回規模 本次優先股的贖回價格為本次優先股的票面金額加當期應計股息。應計股息 的計算公式為：IA=B×i×t/365 本公司2016年度股東大會、2017 ...

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. 關於擬贖回優先股的公告 （於中華人民共和國註冊成立的股份有限公司） 招商銀行股份有限公司（「本公司」）於2017年12月非公開發行2.75億股境內優先股 （「本次優先股」），募集資金總額為人民幣275億元，優先股簡稱「招銀優1」，優先 股代碼360028。 （H股股票代碼：03968） 招商銀行股份有限公司董事會 2026年3月13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、鄧仁傑、江朝陽、朱立偉、黃堅及馬向輝；及本公司的 獨立非執行董事為田宏啟、李朝鮮、史永東、李健、黃玉山及盧力平。 本公司2016年度股東大會、2017年第一次A股類別股東會議及2017年第一次H股 類別股東會議審議通過了《關於本公司非公開發行境內優先股方案的議案》，本 公司2021年度股東大會審議 ...

Core Viewpoint - China Merchants Bank (600036.SH) announced the non-public issuance of 275 million RMB in preferred shares in December 2017, with plans to fully redeem these shares by April 15, 2026 [1] Group 1 - The company issued 275 million RMB worth of domestic preferred shares, referred to as "Zhaoyin Preferred 1," with the stock code 360028 [1] - The total amount raised from the issuance of these preferred shares was 27.5 billion RMB [1] - The company has received a no-objection response from the National Financial Regulatory Administration regarding the redemption of these preferred shares [1]

Core Viewpoint - China Merchants Bank plans to redeem 275 million shares of its domestic preferred stock "Zhaoyin Preferred 1" on April 15, 2026, totaling 27.5 billion yuan [1] Group 1 - The redemption price will be the face value plus accrued dividends during the holding period from December 18, 2025, to April 14, 2026 [1] - The redemption has been authorized by the company's relevant meetings and has received no objection from the National Financial Regulatory Administration [1]

Group 1 - The core issue of financing difficulties for small and micro enterprises has been exacerbated by the current economic situation, prompting efforts to find solutions [1] - China Merchants Bank's Qingdao branch has successfully implemented the first batch guarantee online financing business in collaboration with Qingdao High-tech Financing Guarantee Co., aiming to enhance inclusive financial services [1][2] - The new online loan batch guarantee model introduced by China Merchants Bank features no collateral, online application, and rapid disbursement, effectively addressing the financing challenges faced by small and micro enterprises [2] Group 2 - A special fund of nearly 300 million yuan has been established to meet the short-term and urgent funding needs of small and micro enterprises, providing tailored financing solutions [3] - This initiative not only alleviates financing pressure on enterprises but also promotes employment stability and industrial upgrading, contributing to high-quality regional economic development [3] - The collaboration reflects China Merchants Bank's commitment to serving the local real economy and aligns with national policies aimed at building a government financing guarantee system [4]

Group 1 - The event "Clear Financial Network, Protecting Safe Consumption" was successfully held in Nanchang, integrating traditional culture with financial education to enhance public financial literacy and risk prevention capabilities [1][9] - The event was guided by the Jiangxi Financial Regulatory Bureau and organized by the Jiangxi Banking Association, featuring a unique "cultural relics + finance + intangible heritage" promotional approach [1][9] - Over 42.95 million visitors browsed the exhibition, which included a giant display of the "Horseshoe Gold" theme and typical cases of illegal financial intermediaries, effectively expanding the event's reach and influence [3] Group 2 - The event featured a non-heritage opening ceremony with over 2,000 participants, including students from Jiangxi University of Finance and Economics, showcasing the blend of traditional culture and modern finance [5][9] - Participants engaged in an innovative "Walking Financial Classroom" experience, exploring three themed exhibition halls that connected ancient credit regulations with modern personal credit systems and financial principles [7][9] - Interactive quiz sessions were incorporated to enhance learning engagement, allowing participants to exchange completed quizzes for creative gifts, thereby increasing the effectiveness of financial education [7] Group 3 - The event served as an important practice for the Nanchang branch of China Merchants Bank to fulfill consumer rights protection responsibilities and innovate financial education models [9] - The bank plans to continue innovating financial education formats and expanding educational content to protect consumers' legal rights and contribute to a healthy local financial ecosystem [11]

Core Viewpoint - Recent complaints from users on the Black Cat Complaints platform indicate that China Merchants Bank is charging interest on credit card revolving usage without proper notification, leading to demands for refunds of these charges [2][4]. Group 1: User Complaints - Multiple users have reported that China Merchants Bank has been charging revolving interest fees on credit cards without informing them, with one user claiming a charge of 63,133.42 yuan over several years [4]. - Another user highlighted that they have been charged over 30,000 yuan in additional fees during their six years of using a China Merchants Bank credit card [4]. Group 2: Financial Details - A user reported a credit card limit of 48,000 yuan, which has accrued over 36,000 yuan in interest fees, including more than 20,000 yuan in interest and penalties [4]. - The minimum repayment amount, which is the least that must be paid by the due date, can lead to significant interest costs, as it does not allow for an interest-free period and incurs daily interest from the date of transaction [5]. Group 3: Interest Rate Information - The daily interest rate for minimum repayments is 0.05%, translating to an annualized rate of approximately 18.25%, which can result in high actual borrowing costs [5].

Summary of China Merchants Bank (3968.HK) Conference Call Company Overview - **Company**: China Merchants Bank (CMB) - **Ticker**: 3968.HK - **Market Cap**: HK$1.3 trillion / $159.9 billion - **Current Price**: HK$49.62 - **12m Price Target**: HK$53.44 - **Upside Potential**: 7.7% [1] Financial Performance - **2025 Preliminary Results**: Revenue of Rmb 338 billion and net profit of Rmb 150 billion, with 4Q25 net profit at Rmb 36 billion [1] - **Growth Forecasts**: - 2025 net profit growth of 1% and 3% for 4Q25, aligning with forecasts for the Big Four banks [1] - 2026 revenue and net profit forecasts of Rmb 355 billion and Rmb 163 billion, representing YoY growth of 7% and 8%, respectively, compared to the Big Four average of 5% and 3% [1][18] - **Dividend Yield**: CMB offers a high dividend yield of 5.2% for A shares and 4.4% for H shares, compared to the Big Four average of 4.2% and 5.3% for 2025E [1][14] Key Growth Drivers 1. **Net Interest Income (NII)**: Projected at Rmb 230 billion for 2026, with a YoY growth of 6.5% [19] - Expected Net Interest Margin (NIM) of 1.71% for 2026E [19] - Anticipated growth in interest-earning assets at 8.0% YoY [19] 2. **Fee Income**: Estimated at Rmb 81 billion for 2026, with a growth of 8.8% YoY, driven by capital market-related businesses [25][23] 3. **Bond Investment Income**: Forecasted at Rmb 32 billion for 2026, growing modestly by 5% YoY [28] Risk Factors - **Credit Costs**: CMB's profit growth is expected to outperform the Big Four banks due to lower credit costs [33] - **Property Loan Risks**: Concerns regarding property credit risk exposure, particularly following liquidity stress in Vanke [42] - Current property loan NPL ratio at 4.24%, with sufficient provisions in place [44] - **Retail Loan Risks**: Anticipated upward trend in retail loan NPLs, but with a potential deceleration in growth due to short maturities [54] Valuation and Recommendations - **Rating**: Maintain Buy rating with slightly revised target prices of Rmb 54.71 for A shares and HK$ 53.44 for H shares [1][61] - **Key Risks**: Include potential declines in NIM, asset quality deterioration, and management changes [62] Conclusion CMB is positioned for growth with strong revenue and profit forecasts, supported by a robust dividend yield and effective management of credit risks. The upcoming 2025 annual report will be critical in assessing the bank's performance and addressing investor concerns regarding property and retail loan exposures.

高盛发表内银股报告，对该行研究覆盖内银股2025年至2027年净息差预测平均上调1个基点；手续费收 入预测上调1%；贷款增长预测下调0.2个百分点，信用成本基本预测维持不变。相关调整导致拨备前利 润及税后净利润预测分别为下调0.3%及上调0.5%。该行维持对覆盖股份目标估值倍数不变，目标价平 均下调0.3%，意味在港上市内银股仍有2%上行空间。 个股方面，该行建议招商银行，因最受益消费金融复苏，且资产质素较佳、资本与拨备充足，预期盈利 增长将快于大型银行，并具股息提升空间。该行亦建议宁波银行，因其房地产风险敞口极低、不良贷款 生成率持续改善且风险吸收能力充足，可在审慎增提拨备的同时实现优质盈利增长。在大型银行中，该 行更青睐已完成资本补充的建设银行及中国银行。 ...