Investment Rating - The investment rating for the company is "Buy-A" with a target price of 55 CNY, maintaining the rating [4][13]. Core Views - The company's Q1 2025 performance shows a reliance on scale expansion for growth, with a year-on-year revenue decline of 3.09% and a net profit increase of 2.08% [1][12]. - The bank's strong deposit base supports asset expansion, despite a narrowing net interest margin and slowing non-interest income growth [1][12]. - The outlook for 2025 suggests a modest revenue growth of 0.61% and a net profit growth of 1.24%, with expectations of a recovery in the capital market aiding performance [13]. Summary by Sections Financial Performance - In Q1 2025, the bank's average interest-earning assets increased by 8.7% year-on-year, with new interest-earning assets amounting to 176.6 billion CNY, a year-on-year increase of 8.4 billion CNY [1][18]. - The net interest margin for Q1 2025 was 1.91%, down 11 basis points year-on-year, primarily due to a decrease in asset yield [2][3]. Loan and Deposit Structure - New loans in Q1 were primarily driven by corporate lending, while retail lending showed weakness, particularly in credit card loans [2][12]. - The bank's interest-bearing liabilities grew by 8.6% year-on-year, with deposits increasing by 9.4%, significantly outpacing loan growth of 5.2% [2][12]. Non-Interest Income - Non-interest income from fees and commissions decreased by 2.51% year-on-year, with wealth management income growing by 10.45% [8][12]. - Other non-interest income faced pressure, declining by 22.2% year-on-year due to market rate fluctuations affecting bond and fund investments [9][12]. Asset Quality - The bank's non-performing loan ratio remained stable at 0.94%, with a slight increase in the attention ratio to 1.36% [9][10]. - The bank's provision coverage ratio is stable at around 410%, indicating strong risk absorption capacity [10][12]. Future Outlook - The bank is expected to face continued pressure on net interest margins due to weak effective financing demand, but its strong deposit advantage is anticipated to maintain a relatively high margin compared to peers [8][12]. - The report highlights the potential for recovery in non-interest income as market conditions improve, particularly in the capital markets [9][12].

[相关报告 Table_CompanyReport] 1.深耕零售"因您而变"，价值再造与日 俱新 2025-04-01 招商银行（ [Table_StockNameRptType] 600036） 公司点评 财富管理开局良好，其他非息拖累营收 [Table_Rank] 投资评级：买入（维持） 报告日期： 2025-05-02 | [Table_BaseData] 收盘价（元） | 40.74 | | --- | --- | | 近 12 个月最高/最低（元） | 46.10/29.93 | | 总股本（百万股） | 25,220 | | 流通股本（百万股） | 20,629 | | 流通股比例（%） | 81.80 | | 总市值（亿元） | 10,275 | | 流通市值（亿元） | 8,404 | [公司价格与沪深 Table_Chart] 300 走势比较 -24% -6% 13% 32% 50% 5/24 8/24 11/24 2/25 招商银行 沪深300 [Table_Author] 分析师：刘锦慧 执业证书号：S0010524110001 电话：18351883043 邮箱：liujinhui ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% within the next six months [29]. Core Views - The company's revenue and net profit growth rates have declined compared to 2024, with Q1 2025 showing revenue and net profit growth rates of -3.1% and -2.1%, respectively [3][8]. - The net interest income has turned positive with a growth rate of 1.9% in Q1 2025, benefiting from a narrowing decline in net interest margin [4]. - Wealth management fees have seen a double-digit growth of 10.5%, significantly narrowing the decline in total commission income [6]. - Asset quality remains stable, with a non-performing loan ratio of 0.94% as of Q1 2025, showing slight improvement [7]. Summary by Sections Financial Performance - Q1 2025 revenue and net profit growth rates are -3.1% and -2.1%, respectively, down 2.6 percentage points and 3.3 percentage points from 2024 [3]. - Non-interest income decreased by 22.2% year-on-year in Q1 2025, primarily due to rising interest rates affecting bond and fund investments [3]. Interest Income - Net interest income grew by 1.9% in Q1 2025, reversing the previous negative trend, attributed to a smaller decline in net interest margin, which was 1.91% [4]. - The yield on assets decreased by 44 basis points to 3.21%, while the cost of liabilities fell by 36 basis points to 1.39% [4]. Loan Growth - Total loans decreased by approximately 469 billion yuan year-on-year in Q1 2025, with retail loans down by about 479 billion yuan [5]. - The decline in retail loans reflects weak consumer credit demand, although mortgage loans increased by 288 billion yuan [5]. Wealth Management - Commission income from wealth management increased by 10.5%, contributing to a significant reduction in the overall decline of commission income, which was -2.5% [6]. Asset Quality - As of Q1 2025, the non-performing loan ratio improved to 0.94%, while the focus rate increased to 1.36% [7]. - The new non-performing loans generated in Q1 2025 amounted to 166.52 billion yuan, with retail loans showing an increase in non-performing loans [7]. Profit Forecast - Revenue growth is projected at 0.6%, 2.8%, and 5.3% for 2025, 2026, and 2027, respectively, while net profit growth is expected at 1.4%, 4.1%, and 5.2% [8].

2025 年 5 月 1 日 公司研究 存款定期化边际改善，财富管理收入转暖 ——招商银行（600036.SH）2025 年一季报点评 买入（维持） 当前价：40.74 元 作者 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 分析师：董文欣 执业证书编号：S0930521090001 010-57378035 dongwx@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 252.20 | | 总市值(亿元)： | 10,274.57 | | 一年最低/最高(元)： | 29.93/46.1 | | 近 3 月换手率： | 28.98% | 股价相对走势 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | -2.89 | 1.44 | 21.28 | | 绝对 | -5.89 | 0.22 | 25.89 | | 资料来源：Wind | | | | 要点 事件： 招商银行发布 2025 年一季度报告，报告期内 ...

招商银行（600036） 证券研究报告 事件： 4 月 29 日，招商银行发布 2025 年一季度报告。2025Q1 公司实现营收 838 亿元，YoY-3.09%；归母净利润 373 亿元，YoY-2.08%；年化 ROE 同比下降 1.95pct 至 14.13%。 点评： 公司报告 | 季报点评 净息差保持韧性，资产质量稳健 信贷增长放缓，净息差韧性较强。2025Q1 净利息收入同比增长 1.9%， 而 2024 年同比增长-1.6%，净利息收入回归正增轨道。 规模方面，2025Q1 末总资产同比增长 8.8%，其中贷款总额、金融投资 分别同比增长 4.5%、20.2%，信贷需求疲弱下公司加大债券配置力度。 净息差方面，2025Q1 净息差为 1.91%，较 2024Q4 仅下降 3bp，韧性 较强。资产端，2025Q1 生息资产收益率环比下降 12bp 至 3.21%，LPR 和存量房贷利率下调，叠加有效需求不足导致的贷款利率自发式下行，贷 款收益持续承压。负债端，2025Q1 计息负债成本率环比下降 11bp 至 1.39%。我们认为，存款挂牌利率下调红利加速释放，负债成本压力缓解 是支撑净息差的核 ...

招商银行(600036) 报告日期：2025 年 04 月 30 日 核心营收改善 ——招商银行 2025 年一季报点评 投资要点 招商银行核心营收改善，息差降幅收窄，不良生成稳定。 数据概览 25Q1 营收同比负增 3.1%，增速较 24A 放缓 2.6pc；25Q1 归母净利润同比负增 2.1%，增速较 24A 放缓 3.3pc。25Q1 末不良率环比下降 2bp 至 0.94%；25Q1 末拨 备覆盖率环比下降 2pc 至 410%。 核心营收改善 招行 25Q1 利润表现略低于市场预期，25Q1 招商银行营收同比负增 3.1%，增速 较 24A 放缓 2.6pc；归母净利润同比负增 2.1%，增速较 24A 放缓 3.3pc。招行业 绩放缓主要受其他非息收入波动影响。 扣除其他非息影响，招商银行核心营收环比改善：①利息净收入表现好于预期， 25Q1 利息净收入增速转正（同比增长 2%）。招行利息净收入增速改善，主要得 益于息差同比降幅收窄，25Q1 息差同比降幅为 11bp，降幅较 24A 收窄 6bp。② 中收降幅收窄，其中财富管理中收恢复正增，25Q1 财富管理手续费收入同比增 长 10%，主要得 ...

招商银行：自5月8日起 黄金账户活期及黄金账户定投按金额认购的起点由800元调整为1000元 金十数据4月30日讯，招商银行晚间发布关于调整黄金账户认购起点金额及风险提示的通告，自北京时 间2025年5月8日9：10起，黄金账户活期及黄金账户定投按金额认购的起点由800元调整为1000元。调整 前已设置成功的定投计划（含普通定投与智能定投）将继续执行，不受影响。调整后新发起的定投计划 金额须满足我行最新起点要求。 ...

A 股简称：招商银行 A 股代码：600036 公告编号：2025-021 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（第一期）（债券通）"（简称本期债券）。 本期债券于2025年4月25日簿记建档，并于2025年4月29日完成发行。 本期债券发行规模为人民币200亿元，前5年票面利率为2.13%，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。 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 4 月 30 日 招商银行股份有限公司 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。 ...

Investment Rating - The report maintains a "Recommended" rating for China Merchants Bank (招商银行) with a target price of 52.9 CNY [2][9]. Core Views - The bank's customer base is solid, and the decline in net interest margin has narrowed quarter-on-quarter. The first quarter of 2025 saw a revenue of 83.751 billion CNY, a year-on-year decrease of 3.09%, and a net profit attributable to shareholders of 37.286 billion CNY, down 2.08% year-on-year [2][9]. - The bank's non-performing loan ratio stands at 0.94%, with a provision coverage ratio of 410.03% [2][9]. - The report highlights a significant improvement in net interest income, which turned positive after five consecutive quarters of decline, driven by asset growth [8][9]. Financial Performance Summary - **Revenue and Profit**: In Q1 2025, the bank's revenue was 83.751 billion CNY, down 3.09% year-on-year, while net profit was 37.286 billion CNY, down 2.08% year-on-year [2][9]. - **Net Interest Income**: The net interest income increased by 1.92% year-on-year, supported by a growth in average daily interest-earning assets by 8.7% year-on-year [8][9]. - **Non-Interest Income**: Non-interest income decreased by 10.64% year-on-year, with wealth management fees showing a positive growth of 10.45% [8][9]. Asset and Liability Management - **Asset Growth**: Total assets grew by 3.11% to 12.53 trillion CNY, with loans and advances increasing by 3.44% to 7.13 trillion CNY [8][9]. - **Liability Management**: Total liabilities increased by 3.27%, with customer deposits growing by 2.45% to 9.32 trillion CNY [8][9]. - **Deposit Structure**: The proportion of demand deposits is 51.80%, slightly down from the end of the previous year, indicating a trend towards term deposits [8][9]. Risk and Quality Indicators - **Asset Quality**: The non-performing loan ratio is stable at 0.94%, with a slight increase in non-performing loans by 11.33 billion CNY year-to-date [8][9]. - **Forward-Looking Indicators**: The report notes an increase in the attention loan ratio to 1.36% and overdue loan ratio to 1.38% [8][9]. Long-term Outlook - The report anticipates that despite some challenges in non-interest income, revenue growth will remain resilient, with a long-term positive outlook for the bank's fundamentals and strategic execution [9]. - The projected net profit growth rates for 2025, 2026, and 2027 are adjusted to 0.7%, 3.7%, and 4.9% respectively [9].