Group 1 - Ping An Asset Management Co., Ltd. increased its stake in China Merchants Bank (600036) by 10.565 million shares at a price of HKD 52.7146 per share, totaling approximately HKD 557 million [1] - After the increase, Ping An's total shareholding in China Merchants Bank reached approximately 1.111 billion shares, representing a holding percentage of 24.18% [1]

Investment Rating - The report gives an "Accumulate" rating for the company, marking its first coverage [1]. Core Views - The company is navigating through a bottoming phase in performance, showcasing both dividend and value attributes [3]. - The bank's operating metrics remain significantly ahead of industry peers despite the ongoing industry downturn, with expectations for easing operational pressures as net interest margin (NIM) pressure subsides and non-interest income stabilizes [3]. Summary by Sections Scale - The growth momentum is shifting towards new areas as the banking sector transitions to a phase of high-quality development, with a fundamental change in the drivers of scale expansion [9]. - The bank's loan growth is slightly lower than asset growth, with a focus on optimizing retail and corporate loan ratios to balance growth and risk [10]. Net Interest Margin - The bank maintains a solid absolute advantage in net interest margin, with downward pressure easing [17]. - Despite facing challenges from asymmetric interest rate cuts, the bank's NIM remains significantly higher than the industry average due to its strong low-cost funding capabilities [19]. Asset Quality - The bank's asset quality management is prudent, providing a relative advantage in the current credit cycle [25]. - The bank has effectively managed its exposure to real estate risks and is expected to see a slowdown in retail risk increases following strategic adjustments [28]. Non-Interest Income - The darkest period for non-interest income has passed, with wealth management showing leading recovery potential [39]. - As macroeconomic expectations stabilize, the bank's wealth management business is anticipated to regain its role as a core driver of profitability [41]. Shareholder Returns - The bank's dividend payout ratio is among the highest in the industry, reflecting its strong capital management and ability to balance risk and shareholder returns [44]. - The bank's robust provisioning allows it to maintain high dividends without compromising on risk management [46]. Investment Recommendations - Projected revenues for 2025-2027 are estimated at 338 billion, 350 billion, and 371 billion yuan, with corresponding growth rates of 0.15%, 3.52%, and 5.95% [53]. - The bank's current valuation is at a historical low, with strong dividend yield and ROE, indicating a dual attribute of dividend and value, making it an attractive investment opportunity during this performance bottoming phase [53].

| 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03968 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 4,590,901,172 | RMB | | 1 RMB | | 4,590,901,172 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 4,590,901,172 | RMB | | 1 RMB | | 4,590,901,172 | 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27,5 ...

随着电商行业全面合规纳税政策落地，地处中国叠石桥国际家纺城的招商银行南通叠石桥支行，近期迎 来对公账户开立业务高峰。 作为标准零售专业网点，叠石桥支行迅速调整服务模式、优化人员配置，应对对公开户业务高峰。一方 面，优化岗位分工与流程节点，对公客户经理专注做好事前审核、风险排查与上门尽调，提前梳理商户 资料中的关键信息，减少临柜处理时间；另一方面，推行"错峰衔接"服务机制，运营柜员白天高效兼顾 零售客户接待与对公资料受理，利用业务间隙完成资料初步分类与系统信息预录入，确保每一笔业务衔 接顺畅、高效推进。同时，网点还开通商户服务绿色通道，根据需求灵活调配人力，确保服务不脱节、 业务不积压。 据悉，截至当前，招商银行南通分行叠石桥支行已累计为百余户家纺商户完成对公账户开立，助力商户 顺利实现合规转型。招商银行南通分行表示，将始终秉持"因您而变"的核心理念，以流程优化提效、以 专业服务暖心，为区域电商行业合规化发展注入金融动能。（来源：招商银行南通分行） （注：此文属于央广网登载的商业信息，文章内容不代表本网观点，仅供参考） 电商税政策明确，电商经营者需凭市场主体登记办理税务登记，而对公账户作为税款缴纳、资金结算的 ...

12月31日金融一线消息，国家金融监督管理总局洛阳监管分局行政处罚信息公示显示，招商银行股份有 限公司洛阳分行因贷后管理不尽职被罚款30万元，杨林硕（时任招商银行股份有限公司洛阳分行公司金 融客户二部总经理助理、副总经理）被给予警告。 | | 招商银 行股份 | 洛金罚决 | | 罚款 | | | --- | --- | --- | --- | --- | --- | | 2 | 有限公 | 字 | | 30 | | | | | (2025) | | | | | | 司洛阳 | 39号 | | 万元 | | | | 分行 | | | | | | | 杨林颂 | | | | | | | (时任 | | | | | | | 招商银 | | | | | | | 行股份 | | | | | | | 有限公 | | 贷后管理不尽职 | | 洛阳美部 | | | | | | | 监管分局 | | | 司洛阳 | 洛金罚决 | | | | | | 分行公 | 字 | | | | | 3 | | | | 营告 | | | | 司等部 | (2025) | | | | | | 客户二 | 40号 | | | | | | 部总经 ...

瑞财经 吴文婷12月29日，招商银行发布董事会决议公告，审议通过了《关于提名王小青先生为非执行 董事的议案》，同意提名王小青为公司第十三届董事会非执行董事候选人，并提交公司股东会审议。 股东会审议通过后，王小青的董事任职资格需报国家金融监督管理总局进行审核，任期自公司收到国家 金融监督管理总局任职资格批复之日起，至第十三届董事会届满之日止。 值得关注的是，今年8月4日，招商银行发布公告称，公司董事会收到公司副行长王小青的辞任函。王小 青因工作原因，向公司董事会提请辞去副行长职务。王小青的辞任自当日起生效。 其曾任中国人保资产管理有限公司风险管理部副总经理、组合管理部副总经理、组合管理部总经理、总 裁助理、副总裁兼财务负责人，招商基金管理有限公司总经理、董事长，招商银行行长助理兼深圳分行 行长，招商银行副行长，曾兼任招商信诺人寿保险有限公司董事长，兼任招商信诺资产管理有限公司董 事长。 | 姓名 | 离任职务 | 离任时间 | 原定任期 | 离任原因 | 是否继续在 本公司及其控股 | 是否存在 未履行完毕 | | --- | --- | --- | --- | --- | --- | --- | | | | ...

2025年12月30日，招商银行（600036）发布公告称，依据《关于机场贵宾厅易登机服务使用规则调整的 通告》相关内容，招商银行将于2026年1月1日对您的易登机积分进行部分清零。此次清零的积分为2023 年12月31日（含）之前累积且未使用的部分。同时，2024年1月1日（含）之后发放的积分，按自然月计 算有效期，有效期为12个月，失效后逐月清零。 感谢您对招商银行一如既往的支持！ 如需查询借记卡的易登机积分余额和积分规则，请登录招商银行App搜索"高端权益"进入"无忧出行， 贵宾登机"模块在"我的权益卡片"中查阅，或致电95555通过人工服务咨询。 由此给您带来不便，敬请谅解。 ...

Core Insights - China Merchants Bank (CMB) is transitioning from its well-known retail banking image to a focus on technology finance, marking a significant evolution in its business structure and reflecting the value redefinition of commercial banks in supporting the real economy and technological innovation [1][2] Group 1: Strategic Developments - CMB has made substantial investments in technology finance, achieving milestones such as the launch of the "4×3" comprehensive service plan and the establishment of AIC Investment [1][3] - As of November, CMB's technology enterprise service customer count exceeded 350,000, with a structured organization framework of "1+20+100" for technology finance [1][3] Group 2: Long-term Commitment - The "Thousand Eagles Wings" program, initiated over a decade ago, has supported numerous high-growth technology enterprises, helping over a thousand companies successfully enter the capital market [2] - CMB emphasizes a long-term approach to banking, positioning itself as a trusted financial advisor for technology enterprises [2] Group 3: Service Innovation - In 2023, CMB launched the "Five Major Scenarios of Technology Finance" service brand, addressing the financing, capital management, and talent retention needs of technology enterprises [3] - The bank's "Science and Technology Loan" product has provided over 81 billion yuan in credit support to more than 5,800 technology enterprises, focusing on high-growth potential firms [7][8] Group 4: Ecosystem Collaboration - CMB's technology finance ecosystem operates on three levels: capital, innovation, and industry, providing comprehensive services through platforms like AIC Investment and CMB International [4][5] - The bank has collaborated with high-tech parks and leading enterprises to enhance service offerings, including venture capital and public offerings [6] Group 5: Organizational Structure - CMB has established a "1+20+100" organizational structure for technology finance, with a central committee overseeing strategy and 100 specialized branches dedicated to serving technology enterprises [9][10] - The bank has implemented a "six specialized" work mechanism to strengthen policy support and resource allocation for technology enterprises [10]

Core Viewpoint - China Merchants Bank has received approval for the appointment of two new assistant presidents, Cui Jiakun and Wang Xinghai, effective from December 29, 2025 [1] Group 1: Appointments - Cui Jiakun, born in December 1974, has been appointed as an assistant president of China Merchants Bank, with a background in economics from Nanjing Agricultural University and an MBA from CEIBS [1] - Wang Xinghai, born in November 1976, has also been appointed as an assistant president of China Merchants Bank, holding a bachelor's degree in international business management from Capital University of Economics and Business [1] Group 2: Career Background - Cui Jiakun joined China Merchants Bank in June 2000 and has held various positions including vice president of the Shanghai branch, president of the Suzhou branch, and president of the Guangzhou branch [1] - Wang Xinghai joined China Merchants Bank in July 1999 and has served as vice president of the Beijing branch, general manager of the Institutional Client Department and Pension Financial Department at the headquarters, and president of the Shenzhen branch [1]

招商银行（600036）(03968)发布公告，招商银行股份有限公司(本公司)董事会收到本公司非执行董事孙 云飞先生的辞任函。孙云飞先生因年龄原因，向本公司董事会请辞非执行董事、董事会战略与可持续发 展委员会委员职务。孙云飞先生的辞任自2025年12月30日起生效。 ...