来源：智通财经网 香港联交所最新资料显示，11月26日，Ping An Asset Management Co., Ltd.增持招商银行(03968)770.4万 股，每股作价52.6215港元，总金额约为4.05亿港元。增持后最新持股数目约为9.7亿股，最新持股比例 为21.13%。 ...

香港联交所最新资料显示，11月26日，Ping An Asset Management Co.,Ltd.增持招商银行（600036） (03968)770.4万股，每股作价52.6215港元，总金额约为4.05亿港元。增持后最新持股数目约为9.7亿股， 最新持股比例为21.13%。 ...

智通财经APP获悉，香港联交所最新资料显示，11月26日，Ping An Asset Management Co., Ltd.增持招商 银行(03968)770.4万股，每股作价52.6215港元，总金额约为4.05亿港元。增持后最新持股数目约为9.7亿 股，最新持股比例为21.13%。 ...

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27,500,000,000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 | | 20,628,94 ...

Group 1 - The third Jinan Science and Technology Finance Forum was successfully held, focusing on the theme "Technological Innovation and Financial Support" with participation from over 60 representatives of technology companies [1][4] - The event featured the launch of the China Merchants Bank's technology finance brand and a series of product presentations aimed at providing comprehensive financial support for technological innovation [3] - The bank's comprehensive service plan is designed to support the entire lifecycle of technology innovation, enhancing service scenarios and expanding the service ecosystem [3] Group 2 - The forum included discussions on how companies can navigate macroeconomic uncertainties and identify growth opportunities within existing resources [3] - The "Five-Dimensional Big Data Evaluation Model" was introduced to convert technology reports into financial statements recognized by financial institutions, covering the entire financial service system for technology companies [3] - The event emphasized the importance of a full-chain service system to empower companies in leveraging capital market forces for high-quality development [3][4]

Summary of China Merchants Bank Conference Call Company Overview - **Company**: China Merchants Bank (招商银行) - **Date of Call**: Q3 2025 Key Points Industry and Financial Performance - **Net Interest Margin**: Q3 net interest margin was 1.83%, a decrease of 3 basis points quarter-on-quarter, but the year-on-year decline is narrowing. The bank expects improvement in net interest margin if no further rate cuts occur [2][3][4] - **Loan and Deposit Growth**: Total loans grew by 3.6% and total deposits by 4.6% in the first three quarters. Demand for credit remains weak, particularly in retail loans due to real estate market adjustments and sluggish offline consumption [2][4] - **Wealth Management Growth**: Wealth management income increased by 19% year-on-year, with significant growth in sales of trust products (47%) and funds (39%). Retail AUM reached 16.6 trillion, an 11% increase from the previous year [3][8] Risk Management and Asset Quality - **Mortgage Loan Quality**: As of Q3, mortgage loans accounted for approximately 22%-23% of total loans, with a scale of about 1.4 trillion. The non-performing loan (NPL) ratio is 0.45%, with a focus rate of 1.49% and overdue rate of 0.83% [2][5][6] - **Risk Management Measures**: The bank employs strict customer admission criteria and ongoing monitoring of collateral. Loans overdue by more than 60 days are classified as non-performing, and the bank closely monitors market price trends to adjust risk control strategies [6][7] Investment Strategy - **Bond Investment**: The bank has increased its bond investment, which now constitutes nearly 30% of total assets. The strategy includes maintaining a high proportion of debt investments and a neutral stance on interest rates [3][10] - **Cost Management**: Management expenses totaled 75 billion, with a cost-to-income ratio of 29.85%. The bank is focused on cost reduction through refined management and strategic investments in fintech and AI [11][12] Future Outlook - **Economic Policy and Budgeting**: The bank anticipates a positive economic policy environment in the new five-year plan, which will influence budgeting for the upcoming year [2][4] - **Dividend Policy**: The bank aims to maintain a cash dividend payout ratio above 30%, with a current target of 35%. Future adjustments will depend on overall profitability [14][15] Additional Insights - **Market Trends**: There is a shift in customer wealth management preferences towards equity-related products, driven by market conditions. The bank expects this trend to continue if capital market reforms deepen and market conditions stabilize [8][13] - **Floating Profit Realization**: The bank has seen a decrease in other comprehensive income due to the realization of floating profits, with future realizations dependent on market conditions [9] This summary encapsulates the key insights from the conference call, highlighting the financial performance, risk management strategies, investment approaches, and future outlook of China Merchants Bank.

Core Insights - The article highlights the customized cross-border financial services provided by China Merchants Bank's Nantong branch to the emerging e-commerce company Nantong ML Crystal Co., Ltd, facilitating its international operations and addressing challenges faced during its startup phase [1][2]. Group 1: Company Overview - Nantong ML Crystal Co., Ltd was established on February 14, 2025, with a registered capital of 50,000 RMB, focusing on the export of crystal products [2]. - The company targets the global crystal product market, utilizing overseas platforms like Douyin for its core operations [2]. Group 2: Financial Services Provided - China Merchants Bank's Nantong branch developed a comprehensive foreign exchange financial service plan tailored to the company's needs, covering aspects such as the establishment of a combined domestic and foreign currency account and guidance on cross-border e-commerce policies [2][3]. - The bank's services include a streamlined process where the company only needs to "visit the bank once, fill out one form, and automatically open the corresponding currency for incoming foreign funds," significantly reducing operational costs and improving efficiency [3]. Group 3: Operational Efficiency - The company successfully upgraded to a combined domestic and foreign currency account, allowing for RMB and USD transactions in a single account, which greatly simplified its financial management processes [3]. - The bank provided targeted business guidance and policy interpretation, ensuring compliance and efficiency in each transaction, and enabling the company to conduct online self-service foreign exchange operations [3]. Group 4: Future Prospects - The success of Nantong ML Crystal's international expansion reflects the vast market potential in the cross-border e-commerce sector and highlights the financial needs of small and micro enterprises in their globalization efforts [4]. - China Merchants Bank's Nantong branch aims to continue enhancing its services in the cross-border e-commerce sector, exploring new opportunities in the digital era to support more quality Chinese products in the global market [4].

Group 1 - Citigroup's stake in China Merchants Bank's H-shares increased from 4.99% to 5.21% as of November 21 [1]

Group 1 - Wang Ying has been appointed as the new chairman of China Merchants Fund, effective from November 27, 2025, succeeding Wang Xiaoqing, who has held the position for five years [1][2] - Wang Ying has over 28 years of experience at China Merchants Bank, where she has held various senior positions, including vice president [1] - The major shareholders of China Merchants Fund are China Merchants Bank and China Merchants Securities, holding 55% and 45% of the shares, respectively [1] Group 2 - During Wang Xiaoqing's tenure as chairman, China Merchants Fund's public and non-public asset management scale doubled, maintaining a position within the top ten in the industry [2] - Recent leadership changes have also occurred at Bosera Fund, another company under the China Merchants Group, with both the chairman and general manager positions being filled internally [3] - As of November 27, 2023, China Merchants Fund and Bosera Fund have asset management scales of approximately 956.4 billion and 1,192.7 billion, respectively, ranking 12th and 8th in the public fund sector [3]

Group 1 - The core idea of the articles emphasizes the importance of safeguarding the financial security of the elderly as a practical implementation of serving the public [2] - The Guangzhou branch of China Merchants Bank collaborates with local communities and merchants to organize a financial education campaign titled "Prevent Fraud and Protect Your Wallet" [2][3] - The campaign aims to transform professional financial knowledge into accessible services for the elderly, ensuring that the initiative's warmth permeates every interaction [2] Group 2 - The bank focuses on common financial scenarios faced by the elderly, designing 16 practical quiz questions to address their everyday concerns and enhance their understanding of fraud prevention [3] - The event features a comprehensive community market, integrating financial fraud awareness booths with services like traditional Chinese medicine consultations and fire safety education [4] - Participants can collect stamps on their cards by engaging in various activities, which can be exchanged for gifts, reflecting the success of the initiative in serving the community [4] Group 3 - The conclusion of the event marks a new beginning for ongoing community service, with the bank committed to being a trusted guardian of financial security for the elderly [4] - The bank plans to continue organizing a series of community outreach activities, delivering effective financial knowledge and services to more neighborhoods [4]