Group 1 - Ping An Asset Management has increased its stake in China Merchants Bank's H-shares from 17.97% to 18.04% as of October 21 [2]

Group 1 - Morgan Stanley increased its stake in China Merchants Bank (600036) H-shares from 4.94% to 5.00% as of October 20 [1] - The average purchase price for the shares was HKD 49.2685 [1]

Core Insights - The event "Autumn Wealth Festival" organized by China Merchants Bank Dongguan Branch aims to provide a comprehensive wealth management experience for clients in Dongguan [1][3] - The festival highlights three key features: customized products, international high-end salons, and AI-driven service upgrades to help clients seize investment opportunities [3][7] Group 1 - The "Wealth Carnival" interactive experience includes four themed booths, allowing citizens to engage in fun games while learning about the bank's wealth management services [5] - During the festival, the bank will focus on three main directions: product diversification, digital service enhancement, and professional strategies, launching 16 selected products and hosting 108 exclusive activities for clients [7] - The bank emphasizes its commitment to aligning client wealth needs with regional economic trends, aiming to transform wealth management from a product-oriented to a demand-oriented approach [7]

Core Viewpoint - The article highlights the declining performance of China Merchants Bank (招商银行), particularly in terms of revenue and profit growth, while contrasting it with the strong performance of Agricultural Bank of China (农业银行) in the A-share market. Group 1: Stock Performance - As of October 23, only two of the 42 A-share listed banks have a price-to-book ratio (PB) above 1, namely Agricultural Bank and China Merchants Bank [1] - Agricultural Bank leads the banking sector with a stock price increase of 56.35% year-to-date, while China Merchants Bank has only increased by 12.13%, ranking 22nd among its peers [1] Group 2: Financial Performance - In the first half of 2025, China Merchants Bank reported a revenue of 1699.69 billion yuan, a year-on-year decline of 1.72%, and a net profit of 749.30 billion yuan, with a slight increase of 0.25% [10] - The annualized return on equity (ROE) fell to 13.85% in the first half of 2025, down from over 15% in 2024 [3][10] - The bank's non-interest income decreased by 6.73% to 638.84 billion yuan, accounting for 37.59% of total revenue [10] Group 3: Loan and Asset Quality - As of mid-2025, the total real estate loans of China Merchants Bank reached 17499.33 billion yuan, with a notable increase in personal housing loans, while corporate real estate loans declined [13][14] - The bank's real estate non-performing loans decreased to 213.85 billion yuan, with the non-performing loan ratio for corporate real estate loans at 4.56% [13] Group 4: Regulatory Issues - China Merchants Bank has faced regulatory penalties totaling 22.06 million yuan in 2025, with the latest fine of 3 million yuan imposed for compliance failures [3]

Core Viewpoint - China Merchants Bank (CMB) is facing pressure on its performance, with interest income recovering in the first half of 2025, but non-interest net income declining by 6.73%, resulting in a mere 0.25% growth in net profit attributable to shareholders [1][10]. Financial Performance - In the first half of 2025, CMB reported operating income of 169.97 billion yuan, a year-on-year decline of 1.72%, and net profit attributable to shareholders of 74.93 billion yuan, growing only 0.25% [1][10]. - The annualized weighted return on equity (ROE) fell to 13.85% in the first half of 2025, down from over 15% in 2024 [3][10]. - Interest net income was 106.09 billion yuan, showing a year-on-year increase of 1.57%, while non-interest net income was 63.88 billion yuan, down 6.73% [10]. Non-Interest Income Breakdown - Within non-interest income, net commission and fee income was 37.60 billion yuan, down 1.89% year-on-year, with significant declines in credit card fees (down 16.37%) and asset management fees (down 6.91%) [11][12]. - Wealth management fees increased by 11.89% to 12.80 billion yuan, partially offsetting declines in other areas [11][12]. Regulatory Issues - CMB has faced regulatory fines totaling 22.06 million yuan in 2025, with the latest fine of 3 million yuan imposed on its Hangzhou branch for inadequate checks on loans [3][10]. Real Estate Loan Performance - As of mid-2025, CMB's total real estate loans amounted to 1.75 trillion yuan, with personal housing loans increasing by 20.93 billion yuan, while corporate real estate loans decreased by 6.99 billion yuan [13][14]. - The bank's real estate non-performing loans (NPLs) decreased to 21.39 billion yuan, with the NPL ratio for corporate real estate loans at 4.56% [13][14]. Market Position - As of October 23, 2023, CMB's stock price was 42.24 yuan per share, with a market capitalization of 1,058 billion yuan, reflecting a decline of 9.24% from recent highs [4].

Core Points - The company will hold a performance briefing for the third quarter of 2025 to provide investors with insights into its financial results and operational status [3][6] - The briefing will take place on October 31, 2025, from 9:30 AM to 11:00 AM Beijing time, and will be conducted via an online audio conference [5][6] - Investors can submit questions via email to the company’s designated email address before the deadline of October 31, 2025, at 10:30 AM Beijing time [2][7] Meeting Details - The performance briefing will be attended by the company's Vice President, financial officer, and independent non-executive directors [4] - The company will provide a platform for investors to ask questions during the briefing [7] - Recordings of the briefing will be available on the company's website under the "Investor Relations" section after the event [7]

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. （於中華人民共和國註冊成立的股份有限公司） （H股股票代碼：03968） 關於召開2025年第三季度業績說明會的公告 招商銀行股份有限公司（「本公司」）擬於2025年10月29日（星期三）晚在香港交易 及結算所有限公司網站( www.hkex.com.hk )披露本公司2025年第三季度業績。為 了便於廣大投資者更全面深入地了解本公司2025年第三季度業績和經營情況，本 公司擬於北京時間2025年10月31日（星期五）上午9:30-11:00通過網絡音頻會議 方式召開業績說明會，就投資者普遍關注的問題與投資者進行交流。本公司副行 長、財務負責人兼董事會秘書彭家文先生，獨立非執行董事及總行有關部門負責 人等將參加業績說明會。 投資者可於北京時間2025年10月31日（星期五）上午9:30-11:00通過以下方式參加 業績說 ...

A 股简称：招商银行 A 股代码：600036 公告编号：2025-049 招商银行股份有限公司 关于召开2025年第三季度业绩说明会的公告 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。 重要内容提示： 中文音频会议直播链接： https://webcasting.bizconf.cn/live/watch/o0pnzy3l 英文音频会议直播链接： https://webcasting.bizconf.cn/live/watch/o117e33o 投资者可将相关问题通过电子邮件方式发送至招商银行股份有限公司（简称本公 司 ） 2025 年 第 三 季 度 业 绩 说 明 会 （ 简 称 业 绩 说 明 会 ） 问 题 收 集 邮 箱 ： query@cmbchina.com。邮件收取截止时间为北京时间2025年10月31日（星期五） 上午10:30。本公司将于业绩说明会上对投资者普遍关注的问题进行回答。 一、业绩说明会类型 为了便于广大投资者更全面深入地了解本公司2025年第三季度业绩和经营情况， 本公司拟通过网络音频会议方 ...

招商银行10月21日大宗交易平台共发生4笔成交，合计成交量123.00万股，成交金额5163.54万元。成交 价格均为41.98元。 进一步统计，近3个月内该股累计发生16笔大宗交易，合计成交金额为52.93亿元。 10月21日招商银行大宗交易一览 | 成交量 | 成交金 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | 额（万 | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） | 元） | （元） | | | | | 36.00 | 1511.28 | 41.98 | 0.00 | 兴业证券股份有限公司 | 中国国际金融股份有限公司北 | | | | | | 上海锦康路证券营业部 | 京建国门外大街证券营业部 | | 34.00 | 1427.32 | 41.98 | 0.00 | 广发证券股份有限公司 广州环市东路证券营业 | 中信证券股份有限公司总部 (非营业场所) | | | | | | 部 | | | 34.00 | 1427.32 | 41.98 | 0.00 | 广发证券股份有限公司 | 中信 ...

Summary of Key Points Core Viewpoint - On October 21, China Merchants Bank's stock closed at 41.98 yuan, with a rise of 1.35%, and recorded four block trades totaling 1.23 million shares and a transaction amount of 51.6354 million yuan [1][2]. Trading Activity - The first block trade occurred at a price of 41.98 yuan for 360,000 shares, amounting to 15.1128 million yuan, with a premium rate of 0.00% [1]. - The second block trade also priced at 41.98 yuan involved 340,000 shares, totaling 14.2732 million yuan, with a premium rate of 0.00% [1]. - The third block trade was for 190,000 shares at the same price, resulting in a transaction amount of 7.9762 million yuan, maintaining a premium rate of 0.00% [1]. - The fourth block trade matched the previous prices and involved another 340,000 shares, amounting to 14.2732 million yuan, with a premium rate of 0.00% [2]. Recent Trading Trends - Over the past three months, China Merchants Bank has seen a total of 16 block trades, with a cumulative transaction amount of 5.293 billion yuan [2]. - In the last five trading days, the stock has increased by 1.75%, while the main capital has experienced a net outflow of 973 million yuan [2].