Group 1 - Ping An Asset has increased its stake in China Merchants Bank H-shares to 14.07% [1]

据港交所文件，平安资产管理5月30日增持招商银行(03968.HK)，持股比例升至14.07%。 ...

港股收盘， 恒生指数收盘上涨1.53%， 恒生科技指数收涨1.08%。珠宝钟表、汽车、银行等板块领涨。 工商银行、 建设银行、 农业银行、 招商银行等银行股均涨近3%。 比亚迪股份在连续多日下跌后迎来 反弹，收涨4%。 中国光大控股涨15%。 ...

Group 1 - The core viewpoint of the news is the strong performance of bank stocks, particularly the Bank ETF Preferred (517900), which saw a significant increase of 1.75% as of 10:51 AM on June 3, reaching a new high since its listing [1] - Major bank stocks such as China Merchants Bank, Industrial Bank, and Agricultural Bank experienced notable gains, with increases of 1.82%, 5.08%, and 3.21% respectively [1] - The Bank ETF Preferred has seen continuous net inflows for seven days, accumulating over 31 million CNY as of May 30 [1] Group 2 - Analysis indicates that over the past decade, bank stocks have significantly outperformed the TMT sector due to low valuations and consistent dividend payouts, with a 61% increase in the bank index since the 2015 peak, despite a 19% decline in PE ratios [4] - The dividend yield for the bank index was reported at 7.3% as of the end of April, reflecting a strategy of selecting undervalued stocks in the AH market [5] - The TMT sector has seen a more substantial decline in valuations, with PE changes of approximately -40% to -80% across various sub-sectors, while bank stocks maintained higher dividend yields and profitability [4]

A股银行板块震荡走强，沪农商行触及涨停，再创逾3年新高，渝农商行涨超6%，兴业银行涨超2%，平 安银行、招商银行、中信银行跟涨。 ...

Summary of China Merchants Bank Conference Call Company Overview - **Company**: China Merchants Bank (招商银行) - **Industry**: Banking and Financial Services Key Points Financial Performance - **ROA and Profitability**: China Merchants Bank has a significantly higher Return on Assets (ROA) compared to peers, showcasing stronger profitability driven by net interest income and fee-based income, particularly in low-cost funding and wealth management [2][4][5] - **Wealth Management Recovery**: In Q1 2025, wealth management income turned positive with a growth of 10%, ending a three-year decline, indicating potential for future growth [2][8] - **Credit Quality Improvement**: The bank's asset quality is improving, with a notable decrease in non-performing loans (NPLs) and generation rates, particularly in real estate-related corporate loans [2][13][14] Competitive Advantages - **Interest Income and Fee Income**: The bank's core advantages lie in its net interest income and fee income, benefiting from low funding costs rather than high loan yields [5][10] - **Deposit and Settlement Strength**: China Merchants Bank has a strong position in corporate deposits and settlement deposits, supported by a robust product system that attracts numerous corporate clients [11][12] - **Wealth Management Leadership**: The bank's extensive retail customer base and steady growth in client numbers enhance its competitive edge in wealth management [8][9] Market Position and Valuation - **Valuation Recovery**: A clear trend of valuation recovery is expected from H2 2024 to early 2025, with the bank positioned as a core asset due to its high dividend yield [3][20] - **Dividend Potential**: The bank's dividend yield is approximately 4.4%-4.6%, with potential to increase the payout ratio to 40%-45% in the coming years, enhancing its attractiveness to long-term investors [17][18] Risk Management - **Real Estate Risk Mitigation**: The bank has effectively managed real estate risks, with the NPL ratio for real estate corporate loans reduced to around 0.96% and a high provision coverage ratio exceeding 400% [14][15] - **Credit Risk Trends**: Improvement in credit quality is noted, particularly in retail loans, with a decrease in overdue rates for credit cards since 2023 [13] Strategic Outlook - **Investment Logic**: The investment logic is based on strong capital, low funding costs leading to high interest margins, and competitive wealth management capabilities, with stable profit growth expected despite macroeconomic pressures [16][22] - **Dividend Strategy**: In 2025, the bank initiated a mid-term dividend strategy, splitting dividends into two parts, which stabilizes shareholder returns and enhances investment appeal [21] Future Growth Drivers - **Economic Recovery Potential**: In a better-than-expected economic scenario, growth may arise from increased retail loan demand, improved wealth management, and better asset quality [19] Changes in Investment Strategy - **Evolution of Investment Logic**: Over the past decade, the bank has maintained a strong governance structure and aligned with cyclical trends, transitioning into a dividend era from 2024, focusing on net interest margin valuation [20][22]

Core Viewpoint - As of May 30, 2025, China Merchants Bank (600036) closed at 43.43 yuan, down 1.41% from the previous week, with a total market capitalization of 1,095.298 billion yuan, ranking 1st among joint-stock banks and 10th among all A-shares [1][5]. Company Announcements - The 52nd meeting of the 12th Board of Directors was held on May 28, 2025, where several resolutions were passed, including the candidate list for the 13th Board of Directors, which includes 8 shareholder directors, 3 executive directors, and 6 independent directors [1]. - The meeting also approved amendments to the company's articles of association, which will be submitted for review at the 2024 annual general meeting [1][2]. - The Supervisory Board held its 40th meeting on the same day, passing two resolutions regarding the amendments and the performance compensation clawback for 2024 [2]. Upcoming Shareholder Meeting - The 2024 Annual General Meeting is scheduled for June 25, 2025, where various proposals will be discussed, including the Board of Directors' work report, financial reports, profit distribution plans, and the election of the 13th Board of Directors [3][5]. - The meeting will utilize both on-site and online voting, with the record date set for June 18, 2025 [3]. Financial Performance - In 2024, China Merchants Bank reported total assets of 12.15 trillion yuan, a 10.19% increase from the previous year, with a net profit of 148.391 billion yuan, reflecting a 1.22% year-on-year growth [4][5]. - The bank maintained a non-performing loan ratio of 0.95% and a provision coverage ratio of 411.98% [4].

Core Viewpoint - The notice outlines the details for the 2024 Annual General Meeting (AGM) of China Merchants Bank, scheduled for June 25, 2025, including voting procedures and important dates [1]. Meeting Basic Information - The AGM will be held on June 25, 2025, at 9:30 AM in Shenzhen, Guangdong Province [1]. - The voting will be conducted through a combination of on-site and online methods, with online voting available only for A-share shareholders [1]. - The record date for shareholders is June 18, 2025 [1]. Voting Procedures - A-share shareholders can vote via the Shanghai Stock Exchange's online voting system, with specific time slots for voting on the day of the meeting [1]. - Shareholders holding multiple accounts can aggregate their voting rights across all accounts [2][3]. - Votes cast through different methods will be counted based on the first submission [3]. Meeting Attendance - A-share shareholders registered by the close of trading on the record date are eligible to attend the AGM [4]. - Both natural and legal person shareholders can appoint proxies to attend and vote on their behalf [4][5]. Registration Method - A-share shareholders must register to attend the meeting between June 20 and June 23, 2025 [4]. - Required documents for registration vary based on whether the shareholder is a natural person or a legal entity [5][6]. Other Matters - Shareholders are responsible for their own travel and accommodation expenses related to attending the meeting [8]. - Contact information for inquiries and pre-registration is provided, including a dedicated email and phone number [7].

关于无固定期限资本债券发行完毕的公告 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。 A 股简称：招商银行 A 股代码：600036 公告编号：2025-029 招商银行股份有限公司 本期债券募集的资金将依据适用法律和监管部门的批准，补充本公 司的其他一级资本。 特此公告。 招商银行股份有限公司董事会 2025 年 5 月 30 日 经国家金融监督管理总局批准，招商银行股份有限公司（简称本公 司）近日在全国银行间债券市场发行了"2025年招商银行股份有限公司 无固定期限资本债券（第二期）（债券通）"（简称本期债券）。 本期债券于2025年5月27日簿记建档，并于2025年5月29日完成发行。 本期债券发行规模为人民币270亿元，前5年票面利率为2.05%，每5年调 整一次，在第5年及之后的每个付息日附发行人有条件赎回权。 ...

㊃⓮ 埴偉ấ㚱旸℔⎠ CHINA MERCHANTS BANK CO., LTD. 撞 二○二四年度股东大会文件 （股票代码 ：A股600036 H股03968） 文件目录 二○二四年度股东大会议案 普通决议案（非累积投票议案） | 1.2024年度董事会工作报告 | 1 | | --- | --- | | 2.2024年度监事会工作报告 | 8 | | 3.2024年度报告（含经审计之财务报告） | 15 | | 4.2024年度财务决算报告 | 16 | | 5.2024年度利润分配方案（包括宣派末期股息） | 21 | | 6.关于2025年度中期利润分配计划的议案 | 24 | | 7.2025-2029年资本管理规划 | 25 | | 8.关于聘请2025年度会计师事务所的议案 | 32 | | 9.2024年度关联交易情况报告 | 34 | | 10.关于选举招商银行第十三届董事会股东董事和执行董事的 | | | 议案 | 44 | | 11.关于不再设置监事会的议案 | 50 | | 特别决议案（非累积投票议案） | | | 12.关于修订《招商银行股份有限公司章程》的议案 | 51 | | 普 ...