A 股简称：招商银行 A 股代码：600036 公告编号：2025-056 招商银行股份有限公司（简称本公司或招商银行）收到《国家金融 监督管理总局关于邓仁杰招商银行董事任职资格的批复》（金复〔2025〕 623号）。根据上述批复，邓仁杰先生招商银行董事的任职资格已获得核 准。 邓仁杰先生担任本公司股东董事（非执行董事）的任期自核准日2025 年10月30日起生效，至本公司第十三届董事会届满之日止。邓仁杰先生 的简历及相关信息请参阅刊登在上海证券交易所网站（www.sse.com.cn） 和本公司网站（www.cmbchina.com）的本公司2024年度股东大会文件。 特此公告。 招商银行股份有限公司董事会 2025 年 11 月 4 日 招商银行股份有限公司 关于董事任职资格核准的公告 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。 ...

Core Viewpoint - The banking sector in China continues to experience upward momentum, with several banks showing significant stock price increases. Group 1: Stock Performance - China Merchants Bank (03968.HK) increased by 2.88%, reaching HKD 51.15 [1] - Chongqing Bank (01963.HK) rose by 2.85%, trading at HKD 8.29 [1] - CITIC Bank (00998.HK) saw a 2.6% increase, priced at HKD 7.51 [1] - Minsheng Bank (01988.HK) grew by 2.46%, with a stock price of HKD 4.16 [1] - Huishang Bank (03698.HK) climbed by 2.29%, now at HKD 3.57 [1]

Core Viewpoint - Bank of China International reports that China Merchants Bank (03968) experienced a 1% year-on-year growth in net profit attributable to shareholders for Q3 2025, a slowdown from the 2.7% growth in Q2 2025 [1] Group 1: Financial Performance - The bank's asset quality remained excellent in Q3 2025, with net interest margin stabilizing [1] - The projected Return on Average Equity (ROAE) for China Merchants Bank in 2025 is expected to reach 13.2%, the highest among peers [1] Group 2: Stock Valuation - Bank of China International raised the H-share target price for China Merchants Bank from HKD 54.42 to HKD 56.85, which corresponds to a forecasted price-to-book ratio of 1.15 times for this year [1] - The rating for China Merchants Bank is maintained at "Buy" [1]

Core Viewpoint - Bank of China International reports that China Merchants Bank (600036)(03968) experienced a 1% year-on-year growth in net profit attributable to shareholders for Q3 2025, a slowdown from 2.7% in Q2 2025 [1] Group 1: Financial Performance - The bank's asset quality remained excellent in Q3 2025, with net interest margin stabilizing [1] - The projected Return on Average Equity (ROAE) for China Merchants Bank in 2025 is expected to reach 13.2%, the highest among peers [1] Group 2: Stock Valuation - Bank of China International raised the H-share target price for China Merchants Bank from HKD 54.42 to HKD 56.85, equivalent to a forecasted price-to-book ratio of 1.15 times for this year [1] - The bank maintains a "Buy" rating on the stock [1]

Group 1 - The core viewpoint of the news highlights the strong performance of the banking sector, with significant increases in stock prices and positive market sentiment towards bank ETFs [1][3][4] - As of November 4, 2025, the China Securities Bank Index rose by 2.09%, with notable increases in individual bank stocks such as Xiamen Bank (up 4.79%) and Industrial Bank (up 3.26%) [1] - The banking ETF leader (512820) also saw a rise of 2.08%, with a recent price of 1.47 yuan, and a one-month cumulative increase of 5.72%, ranking second among comparable funds [1] Group 2 - The total assets of the banking and insurance sectors in mainland China have exceeded 500 trillion yuan, with an average annual growth of 9% over the past five years, solidifying China's position as the largest credit market and the second-largest insurance market [3] - Insurance capital is increasingly allocating to bank stocks, reflecting a long-term preference for high dividend and low valuation targets, with bank stocks being recognized for their stable dividends and anti-cyclical properties [3] - According to Morgan Stanley, the third-quarter revenue and net profit growth for domestic banks is expected to be faster than the first half of the year, with Agricultural Bank of China leading the profit growth among state-owned banks [4] Group 3 - The report indicates that the banking sector is viewed positively due to expected inflows of long-term capital, public fund reforms, and passive index expansions, which could accelerate the revaluation of bank stocks [4] - The insurance funds' heavy investment in bank stocks, particularly in state-owned banks, demonstrates confidence in their stability and consistent performance in a low-interest-rate environment [3][4]

Core Viewpoint - The banking sector is experiencing a positive trend, with significant inflows into the bank ETF (512800) and a collective rise in A-share bank stocks, indicating a potential shift in market sentiment towards value sectors like banking [1][3]. Group 1: Market Performance - The bank ETF (512800) saw an increase of 1.22%, surpassing the 60-day moving average and approaching the six-month line [1]. - A total of 42 bank stocks in A-shares rose collectively, with five leading stocks, including China Merchants Bank and Postal Savings Bank, gaining over 2% [1]. - The bank ETF recorded a net inflow of 678 million yuan, reversing a previous trend of outflows [3]. Group 2: Institutional Investment - Insurance companies have been actively purchasing bank stocks, with six insurers entering the top ten shareholders of six A-share listed banks in Q3 [3]. - There is an expectation of increased demand for dividend allocation as the insurance sector enters a favorable phase [3]. Group 3: Investment Tools - The bank ETF (512800) passively tracks the CSI Bank Index, which includes 42 listed banks in A-shares, making it an efficient investment tool for tracking the banking sector [3]. - The latest scale of the bank ETF exceeds 19.4 billion yuan, with an average daily trading volume of over 800 million yuan, making it the largest and most liquid among ten bank ETFs in A-shares [3].

Core Viewpoint - China Merchants Bank announced the resignation of Chief Risk Officer Zhong Desheng due to work reasons, effective October 31, 2025, while he will continue to serve in other roles within the bank and its subsidiaries [1] Group 1 - The board of directors has approved the appointment of current Vice President Xu Mingjie as the new Chief Risk Officer, effective upon approval of his qualifications by the National Financial Supervision Administration [1] - Xu Mingjie has been with China Merchants Bank since September 1995 and has held various positions, including Assistant General Manager of the Corporate Financial Products Department, General Manager of the Credit Execution Department, and General Manager of the Risk Management Department [1] - Xu Mingjie has served as Vice President of the bank since June 2025 [1]

Core Viewpoint - The Ministry of Finance and the State Taxation Administration of China announced a new tax policy regarding gold transactions, which includes exemptions from value-added tax (VAT) for certain transactions involving standard gold [1] Group 1: Tax Policy Changes - Members or clients trading standard gold through the Shanghai Gold Exchange and Shanghai Futures Exchange can enjoy VAT exemptions when selling standard gold [1] - The policy distinguishes between transactions that involve physical delivery and those that do not, with VAT exemptions applicable to transactions without physical delivery [1] - For transactions involving physical delivery, different tax policies apply based on the intended use of the purchased standard gold [1] Group 2: Implementation and Impact - Following the new policy, as of November 3, 2023, the price of physical gold bars displayed on the mobile banking app of China Merchants Bank includes tax, and the VAT is automatically processed by the system [1] - Customers do not need to bear additional tax costs during the trading process, but for physical gold buyback transactions, the tax will be calculated based on the real-time gold price at the time of pickup, in accordance with exchange regulations [1]

| 3. 股份分類 | 優先股 | 股份類別 | 其他類別 (請註明) | 於香港聯交所上市 (註1) | 否 | | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 360028 | 說明 | 於上交所上市之人⺠幣27,500,000,000元的非累積境內優先股（「境內優先股」） | | | | 2. 股份分類 | 普通股 | 股份類別 A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600036 | 說明 | 於上海證券交易所 （「上交所」）上市之A股 | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | 20,628,944,429 | RMB | | 1 RMB | | 20,628,944,429 | | 增加 / 減少 (-) | | | 0 | | RMB | | 0 | | 本月底結存 | | 20,628,944,429 | RMB ...

Group 1 - Citigroup's stake in China Merchants Bank's H-shares increased from 4.96% to 5.04% as of October 27 [1]