来源：上海证券报·中国证券网 他们既是实验室里孜孜不倦的探索者，也是学术道路上执着前行的未来栋梁。对于在高校深造的博士研 究生而言，科研压力与生活节奏的双重挑战，是一场需要智慧与毅力的历练。"白天做实验，晚上写论 文，偶尔还要兼顾助教工作，每一天都过得充实而紧张。"一位某985高校理工科专业的博士研究生这样 描述他的日常。他们不仅承载着学术理想的追求，更在现实与未来之间不断寻找平衡。 近日，招商银行上海分行首次推出专为博士群体设计的"上海博士主题IC金卡"借记卡，这不仅是一张金 融服务卡，更是一份来自招行对博士人群的关心与致敬——致敬那些在科研与生活中坚持奋斗的人，致 敬他们始终如一的学术热情与追求。 据了解，在这张卡发行前期，招行上海分行经过了大量的调研，深入走访上海10余所高校的博士学生、 青年教师，以及医药、人工智能、金融机构等重点行业的博士人群，最终票选出一张大家喜爱的博士 卡。"这张卡更像是一个身份标识，让我们的努力被看见、被尊重。"一位参与调研的医学博士表示。 服务体验上，博士卡整合多项专属礼遇，涵盖费用减免、网点服务、财富管理、融资服务、专属权益 等，旨在为博士提供切实可行的支持，缓解他们在发展 ...

截至2025年6月底，该行零售不良贷款余额377.13亿元，较上年末增加25.78亿元；不良贷款率1.03%，较上年末上升0.07个百分点。 前段时间，招商银行客户权益下滑的消息传播甚广。 像是，招商银行金葵花用户需要验资2000万，才能进入成都天府机场贵宾厅，以及招商银行新更换的芯片版经典白信用卡要从原本"1万积分免年费"变为"1万积分18万元刚性消费免年费"等。 但该等权益的调整，尚未影响招商银行零售客户的拓展。 从招商银行最新的半年报看到，截至2025年末，招商银行零售客户2.16亿户（含借记卡和信用卡客户），较上年末增长2.86%，其中，金葵花及以上客户（指在该行月日均总资产在50万元及以 同时，招行私人银行客户（指在该行月日均全折人民币总资产在1000万元及以上的零售客户）共计18．27万户，较上年末增加1．36万户，增长8.07%。 作为"零售之王"，招商银行至少保证了中产及以上客户的持续增长。 只是整体看招商银行的零售贷款业务，仍显示出"乏力"的迹象。 一边是零售贷款占比的下滑。 截至2025年6月底，招商银行零售贷款余额3.61万亿元，较上年末增长0.94%，占该行贷款和垫款总额的53.43% ...

Core Viewpoint - China Merchants Bank emphasizes the importance of balancing long-term and short-term interests in banking operations, likening it to a marathon rather than a sprint [1] Financial Performance - In the first half of the year, China Merchants Bank achieved operating income of 169.97 billion yuan, a year-on-year decrease of 1.72% - The net profit attributable to shareholders was 74.93 billion yuan, reflecting a year-on-year increase of 0.25% - Compared to the first quarter of this year, the revenue decline has narrowed, and the net profit growth has turned positive [1] Personnel Changes - Key personnel changes include the retirement of the General Manager of the Supervision Department, Yao Runxi, and the proposed appointments of several executives to new roles within the bank [2] Talent Development Strategy - The bank's talent development strategy focuses on enhancing talent planning, improving organizational structure, and directing human resources towards frontline operations - As of June 30, 2025, the bank had a total of 118,068 employees, an increase of 867 from the previous year [3] Cost Management - The bank is committed to strengthening cost management and implementing long-term mechanisms for cost reduction and efficiency improvement - In the first half of the year, business and management expenses amounted to 51.17 billion yuan, a year-on-year decrease of 0.52% - Employee expenses were 35.48 billion yuan, down 0.80% year-on-year, while business expenses increased by 0.11% to 15.69 billion yuan [3] Future Outlook - The bank's president expresses confidence in achieving a gradual improvement in operations in the second half of the year - Emphasis will be placed on managing costs, enhancing non-interest income, and maintaining asset quality [4]

Investment Ratings - China Merchants Bank: BUY with a target price of HK$54.42 [5][6] - Agricultural Bank of China: BUY with a target price of HK$6.09 [7][8] - Postal Savings Bank of China: BUY with a target price of HK$6.35 [10][12] - Industrial and Commercial Bank of China: BUY with a target price of HK$7.15 [13][14] - China Construction Bank: BUY with a target price of HK$8.95 [15][16] - China Everbright Bank: BUY with a target price of HK$3.98 [18][19] - 3SBio Inc: BUY with a target price of HK$38.20 [20][21] - Longfor Group: HOLD with a target price of HK$9.52 [23][24][25] Core Insights - China Merchants Bank's attributable net profit increased by 2.7% YoY in 2Q25, recovering from a 2.1% decline in 1Q25, with outstanding asset quality but a drop in NIM [5][6] - Agricultural Bank of China's attributable net profit rose by 3.2% YoY in 2Q25, maintaining stable asset quality despite a slight decline in NIM [7][8] - Postal Savings Bank of China's net profit increased by 4.8% YoY in 2Q25, with strong asset quality and an attractive valuation [10][12] - Industrial and Commercial Bank of China's net profit grew by 1.4% YoY in 2Q25, showing improvement in asset quality and attractive valuation [13][14] - China Construction Bank's net profit increased by 1.6% YoY in 2Q25, with a decline in net interest income but solid asset quality [15][16] - China Everbright Bank's net profit rose by 0.8% YoY in 2Q25, with expectations of maintaining solid asset quality despite a declining NIM [18][19] - 3SBio Inc's revenue declined by 0.8% YoY in 1H25, but adjusted net profits increased by 2.1% YoY, with new product launches driving sales [20][21] - Longfor Group's revenue grew by 25.4% YoY in 1H25, but gross margin narrowed significantly, leading to a substantial decline in core net profit [23][24][25] Summary by Company China Merchants Bank - Attributable net profit increased 2.7% YoY in 2Q25 after a decline in 1Q25 [5][6] - Asset quality remains outstanding, but NIM dropped in 1H25 [5][6] - Target price revised to HK$54.42, maintaining BUY rating [5][6] Agricultural Bank of China - Attributable net profit increased 3.2% YoY in 2Q25 [7][8] - NIM was 1.32% in 1H25, down from 2024 [7][8] - Target price raised to HK$6.09, maintaining BUY rating [7][8] Postal Savings Bank of China - Attributable net profit increased 4.8% YoY in 2Q25 [10][12] - NIM reached 1.70% at end-June 2025 [10][12] - Target price revised to HK$6.35, maintaining BUY rating [10][12] Industrial and Commercial Bank of China - Attributable net profit increased 1.4% YoY in 2Q25 [13][14] - NIM reached 1.30% in 1H25 [13][14] - Target price raised to HK$7.15, maintaining BUY rating [13][14] China Construction Bank - Attributable net profit increased 1.6% YoY in 2Q25 [15][16] - Net interest income dropped 1.1% YoY in 2Q25 [15][16] - Target price raised to HK$8.95, maintaining BUY rating [15][16] China Everbright Bank - Attributable net profit increased 0.8% YoY in 2Q25 [18][19] - NIM expected to decline in 2025 [18][19] - Target price raised to HK$3.98, maintaining BUY rating [18][19] 3SBio Inc - Revenue declined by 0.8% YoY in 1H25 [20][21] - Adjusted net profits increased by 2.1% YoY [20][21] - Target price lifted to HK$38.20, reiterating BUY rating [20][21] Longfor Group - Revenue grew by 25.4% YoY in 1H25 [23][24][25] - Gross margin narrowed significantly, leading to a decline in core net profit [23][24][25] - Target price cut to HK$9.52, maintaining HOLD rating [23][24][25]

Group 1 - The banking sector saw a rise of 2.09% on September 2, with China Merchants Bank leading the gains [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] - Key stocks in the banking sector showed varying performance, with China Merchants Bank closing at 43.44, up 3.48%, and CITIC Bank at 66.7, up 2.70% [1] Group 2 - The banking sector experienced a net inflow of 4.95 billion yuan from main funds, while retail investors saw a net outflow of 299.83 million yuan [1] - China Merchants Bank had a main fund net inflow of 198 million yuan, while retail investors contributed a net inflow of 50.89 million yuan [1] - Other banks like Ping An Bank and Huaxia Bank also showed significant fund flows, with Ping An Bank seeing a main fund net inflow of 22.3 million yuan [1]

格隆汇9月2日｜东莞证券研报指出，招商银行上半年实现营业收入1,699.69亿元，同比-1.72%；归母净 利润749.30亿元，同比+0.25%；Q2归母净利润增速由负转正，存款成本继续优化。拆分营收结构，招 商银行今年上半年实现净利息收入1,060.85亿元，同比+1.57%，延续2024Q4以来的增长态势。负债端， 受益于存款利率下调、监管部门严格限制手工补息等高息揽储行为、公司持续推动低成本核心存款的增 长，上半年存款成本率同比-34bp至1.26%，对净利息收益率产生一定正向效果。招商银行分红率维持 30%以上，并将于2025年进行中期分红，拟定比例为35%，高股息价值凸显。预计招商银行2025年每股 净资产为45.25元，当前股价对应PB是0.95倍。维持"买入"评级。 ...

Core Viewpoint - The company experienced significant operational pressure in Q1 due to loan repricing starting January 1, which further compressed interest margins, but showed improvement in Q2, with expectations for steady progress in the latter half of the year [2] Financial Performance - For the first half of 2025, the company reported operating income of 1699.7 billion yuan, a slight decrease of 1.72% year-on-year, and a net profit attributable to shareholders of 749.3 billion yuan, a marginal increase of 0.25% [2][4] - The company plans to initiate a mid-term cash dividend, with the distribution amounting to 35% of the net profit attributable to ordinary shareholders for the half-year, which is higher than peers [2][10] Asset and Loan Growth - As of June 30, total assets grew by 4.16% year-on-year to 12.66 trillion yuan, with loan and deposit balances increasing by 3.31% and 3.58% respectively [3] - Retail loans accounted for over 50% of the company's loan portfolio, with a retail loan balance of 36,781.88 billion yuan, reflecting a growth of 0.92% [7] Interest Margin and Cost Structure - The company's net interest margin and net interest yield were reported at 1.79% and 1.88%, respectively, both showing declines compared to the previous year [4] - Interest income decreased by 5.84% year-on-year, with loan interest income down by 9.93% [4] Asset Quality - As of June 30, the non-performing loan balance was 663.70 billion yuan, with a non-performing loan ratio of 0.93%, slightly down from the previous year [6] - The company maintains a high provision coverage ratio of 410.93%, indicating strong risk resilience [6] Retail Credit Risk - Retail credit risk has increased but remains manageable, with a retail non-performing loan ratio of 1.03%, up 0.07 percentage points from the previous year [7][8] - The company attributes the increase in retail credit risk to a broader industry trend, with expectations for a slight rise in risk levels in the near term [8] Strategic Focus - The company aims to enhance high-quality, low-cost liability growth and improve asset organization to stabilize interest margins [5] - The "anti-involution" trend in the banking sector is seen as beneficial for stabilizing loan pricing and controlling deposit costs, which could enhance asset quality [10]

Core Viewpoint - The report indicates that China Merchants Bank has shown improvement in profit growth and asset quality, leading to a recommendation for an "overweight" rating [1][6]. Financial Performance - In the first half of 2025, China Merchants Bank reported operating revenue of approximately 169.97 billion yuan, a year-on-year decrease of 1.72%, with the decline narrowing by 1.36 percentage points compared to the first quarter [3]. - The net profit attributable to shareholders increased by 0.25% year-on-year, marking a turnaround from previous declines [2][3]. - The bank's non-performing loan ratio stood at 0.93%, a decrease of 1 basis point from the previous quarter and 2 basis points from the end of 2024 [5]. Revenue Composition - Net interest income was 106.09 billion yuan, representing a year-on-year increase of 1.57%, accounting for 62.41% of total revenue [3]. - Non-interest income was 63.88 billion yuan, down 6.73% year-on-year, making up 37.59% of total revenue [3]. Asset Quality - The bank's provision coverage ratio was 410.93%, indicating a strong buffer against potential loan losses [5]. - The bank's asset and liability growth rates improved compared to the end of the first quarter, with total assets growing by 9.35% year-on-year [4][5]. Investment Outlook - The bank is expected to see net profit growth of 0.80%, 3.93%, and 4.42% for the years 2025 to 2027, respectively [6]. - The bank's first implementation of a mid-term dividend in 2025 is noted as a positive development [6].

Core Viewpoint - The current capital market is experiencing a phenomenon of deposit outflow, leading to increased pressure on demand deposits growth for China Merchants Bank (CMB) [1] Financial Performance - In the first half of 2025, CMB reported operating income of 169.97 billion yuan, a year-on-year decrease of 1.72%, while net profit attributable to shareholders was 74.93 billion yuan, a slight increase of 0.25% [1] - CMB's daily earnings for the first half of 2025 averaged approximately 409 million yuan [1] - The bank's net interest income for the first half of 2025 was 106.09 billion yuan, up 1.57% year-on-year, with a net interest margin of 1.88%, down 12 basis points year-on-year [4] Deposit and Loan Trends - As of June 30, 2025, CMB's average daily balance of demand deposits was 4.38 trillion yuan, a year-on-year increase of 4.78%, accounting for 50.26% of total customer deposits [5] - The average cost of customer deposits was 1.26%, down 28 basis points from the end of the previous year [4] - Retail loans amounted to 3.61 trillion yuan, a slight increase of 0.94%, representing 53.43% of total loans, down 1.21 percentage points from the end of the previous year [7] Non-Interest Income - CMB's non-interest income for the first half of 2025 was 63.88 billion yuan, a decrease of 6.73% year-on-year, with net fee and commission income at 37.60 billion yuan, down 1.89% [6] - Wealth management fee and commission income saw a notable increase of 11.89% year-on-year, marking the first positive growth in three years [6] Retail Banking Strategy - CMB's retail banking business contributes over 55% to both revenue and profit, with a total retail customer base of 216 million, up 2.86% from the end of the previous year [7] - The bank's management emphasized a commitment to maintaining a strong retail strategy while being cautious in tactical execution amid rising risks in the retail credit sector [8][9]

Core Viewpoint - China Merchants Bank (招商银行) is implementing a personal consumption loan interest subsidy policy to reduce consumer credit costs and stimulate consumption potential from September 1, 2025, to August 31, 2026 [1] Group 1: Subsidy Scope - The subsidy applies to personal consumption loans issued by China Merchants Bank, excluding credit card transactions, that are used for consumption and can be identified through the borrower's bank account [2] - The subsidy covers consumption amounts below 50,000 yuan and specific categories of consumption above this threshold, including household vehicles, education, and healthcare [2] Group 2: Subsidy Calculation Rules - The annual subsidy rate is set at 1% of the eligible loan principal, capped at 50% of the loan contract interest rate [3] - Each borrower can receive a maximum subsidy of 3,000 yuan, corresponding to a total eligible consumption amount of 300,000 yuan [3] - For loans below 50,000 yuan, the maximum subsidy is 1,000 yuan, linked to a total eligible consumption of 100,000 yuan [3] Group 3: Subsidy Application Process - Borrowers must sign a supplementary agreement to apply for the subsidy, either at the time of loan application or after loan disbursement [4] - The bank will automatically identify eligible transactions for subsidy; if not identifiable, borrowers can apply through offline channels by providing proof of consumption [5] Group 4: Subsidy Disbursement - The subsidy amount will be deducted directly from the loan interest during the loan settlement process, based on the agreed subsidy rate and limits [7] Group 5: Additional Information - Customers can check their subsidy amounts through the bank's app and will be notified via SMS or app notifications [8] - The bank does not charge any service fees for the subsidy process and warns against fraudulent activities related to loan applications [8][9]