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].

证券之星消息，10月21日股份制银行板块较上一交易日上涨0.33%，招商银行领涨。当日上证指数报收于3916.33，上涨1.36%。深证成指报收于 13077.32，上涨2.06%。股份制银行板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 相关ETF A50ETF (产品代码: 159601) ★ 跟踪：MSCI中国A50互联互通人民币指数 | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600036 | 指商银行 | 41.98 | 1.35% | 75.99万 | 31.84亿 | | 661698 | 中信银行 | 7.75 | 0.52% | 51.96万 | 4.01亿 | | 600015 | 华夏银行 | 6.86 | 0.29% | 80.06万 | 5.48 Z | | 000001 | 平安银行 | 11.43 | 0.09% | 76.12万 | 8.70亿 | | 60000 ...

Core Insights - The article emphasizes the critical role of fintech in supporting technological development, highlighting the proactive measures taken by China Merchants Bank's Nanjing branch to promote innovation and facilitate a "technology-industry-finance" cycle [1][11] Innovation-Driven Initiatives - The Nanjing branch has introduced the "Talent Loan for Innovation," a specialized online credit product aimed at supporting technology-driven small and medium enterprises, providing up to 5 million yuan in unsecured loans [2][3] - A specific case is mentioned where a chip research institute received a 2 million yuan loan within one working day, showcasing the efficiency and responsiveness of the bank's services [2][3] Policy Response - The article discusses the relaxation of merger loan regulations by the National Financial Regulatory Administration, allowing banks to provide up to 80% of the funding for controlling mergers, up from 60% [4][5] - China Merchants Bank has actively trained its branches to implement these new policies, ensuring compliance and risk management while facilitating mergers for technology companies [4][5][6] Institutional Leadership - The Nanjing branch has established a "six specialized mechanisms" to enhance its fintech services, focusing on increasing dedicated personnel and resources to better serve technology enterprises [7][9] - The branch has been recognized as an excellent fintech branch for two consecutive years, reflecting its commitment to supporting technological innovation [7] Service Optimization - The Nanjing branch has launched the "Innovation Loan" product, which has provided nearly 900 million yuan in credit to over 100 technology enterprises as of June [10] - Collaborations with data platforms have improved service accuracy, and the bank has implemented advanced risk monitoring systems to prevent misuse of funds [10]

Group 1 - BlackRock's stake in China Merchants Bank's H-shares decreased from 5.04% to 4.92% as of October 15 [1]

Core Viewpoint - Goldman Sachs reports that the A-shares and H-shares of Chinese banks have recorded absolute returns of 12% and 21% year-to-date, respectively, driven by improvements in the banks' fundamentals rather than a shift in investor preference for dividend returns [1] Group 1: Industry Outlook - The outlook for the mainland banking sector remains cautiously optimistic, with a focus on banks that can reduce the impact of bond investments on earnings and capital volatility while maintaining credit growth and adequate provisioning and capital [1] - The large state-owned banks and China Merchants Bank (600036) (03968) are expected to achieve a more sustainable recovery in net interest margins compared to their peers, indicating greater potential for shareholder returns [1] Group 2: Financial Projections - Goldman Sachs has slightly adjusted its forecasts for the banks' pre-provision operating profit and net profit for 2025 to 2027, reflecting improved prospects for fee income growth, weakened credit demand, declining investment income contributions, and increased provisions [1] - The target price for covered H-shares of Chinese banks has been reduced by 1% to 9%, with a preference for China Merchants Bank, which receives a "Buy" rating, and its target price adjusted from HKD 53.34 to HKD 52.98 [1] - "Buy" ratings are also given to Postal Savings Bank (601658) (01658), Bank of China (601988) (03988), and China Construction Bank (601939) (00939) H-shares [1]

高盛轻微调整所评级的银行2025至2027年拨备前经营利润及净利润预测，以反映手续费收入增长前景改 善、信贷需求转弱、投资收入贡献下跌及拨备增加等影响，所覆盖内银H股目标价下调1%至9%，当中 较偏好招行，给予"买入"评级，目标价由53.34港元下调至52.98港元，并对招行、邮储银行(01658)、中 国银行(03988)及建设银行(00939)H股同予"买入"评级。 展望第三季业绩，该行对内地银行业维持审慎乐观看法，在选股上会更关注专注于在净息差恢复过程中 能减低债券投资对盈利及资本波动影响、适当维持信贷增长、保持拨备及资本充足的银行。高盛认为大 型国有银行及招商银行(03968)相比其他同业更能实现可持续的净息差恢复，因此具有更大股东回报潜 力。 智通财经APP获悉，高盛发布研报称，该行所评级的内银A股及H股年初至今分别录得12%及21%%市值 加权绝对回报，相信并不是投资者倾向追求股息回报的行业配置需求，而是主要来自于各银行基本面改 善的推动，包括资产质量趋向稳定，以及净息差跌幅收窄。 ...

Group 1 - Goldman Sachs reported that the A-shares and H-shares of Chinese banks have recorded absolute returns of 12% and 21% year-to-date, respectively, driven by improvements in the banks' fundamentals rather than a shift in investor preference for dividend returns [1] - The outlook for the third quarter remains cautiously optimistic, with a focus on banks that can reduce the impact of bond investments on earnings and capital volatility while maintaining credit growth and adequate provisioning [1] - Goldman Sachs has slightly adjusted its forecasts for the banks' pre-provision operating profit and net profit for 2025 to 2027, reflecting improved prospects for fee income growth, weakened credit demand, declining investment income contributions, and increased provisions [1] Group 2 - Target prices for covered H-shares of Chinese banks have been lowered by 1% to 9%, with a preference for China Merchants Bank, which has been given a "Buy" rating, along with Postal Savings Bank, Bank of China, and China Construction Bank H-shares also receiving "Buy" ratings [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。 董事會會議召開日期 招商銀行股份有限公司（「本公司」）董事會（「董事會」）茲通告謹定於2025年10月 29日（星期三）舉行董事會會議，藉以審議及批准刊發本公司截至2025年9月30日 止之第三季度業績公告。 招商銀行股份有限公司董事會 2025年10月17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、孫雲飛、朱立偉及黃堅；及本公司的獨立非執行董事為 李孟剛、劉俏、田宏啟、李朝鮮、史永東及李健。 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) ...

Core Viewpoint - China Merchants Bank (03968.HK) has announced that its board of directors will hold a meeting on October 29, 2025, to review and approve the release of the company's third-quarter performance announcement for the period ending September 30, 2025 [1] Group 1 - The board meeting is scheduled for October 29, 2025 [1] - The purpose of the meeting is to review and approve the third-quarter performance announcement [1] - The performance announcement will cover the period ending September 30, 2025 [1]