A 股简称：招商银行 A 股代码：600036 公告编号：2025-033 招商银行股份有限公司 董事会决议公告 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。 招商银行股份有限公司（简称本公司或招商银行）于 2025 年 6 月 20 日以电 子邮件方式发出第十三届董事会第一次会议通知，于 6 月 25 日以远程视频电话 会议方式召开会议。会议由缪建民董事长主持，应参会董事 13 名，实际参会董 事 13 名。本公司 6 名监事列席了会议。会议的召开符合《中华人民共和国公司 法》和《招商银行股份有限公司章程》等有关规定。 会议审议通过了以下议案： 一、审议通过了《关于选举招商银行第十三届董事会董事长的议案》，选 举缪建民先生为招商银行第十三届董事会董事长，任期自董事会审议通过之日起， 至第十三届董事会届满之日止。 同意：13 票 反对：0 票 弃权：0 票 二、审议通过了《关于选举招商银行第十三届董事会副董事长的议案》， 选举石岱女士、孙云飞先生为招商银行第十三届董事会副董事长。石岱女士、孙 云飞先生担任本公司副董事长的任职 ...

Core Viewpoint - The president of China Merchants Bank, Wang Liang, analyzed the challenges and opportunities facing the banking industry in the current low interest rate environment and shared the bank's transformation strategies and future development plans [1] Group 1: Industry Challenges - The banking industry is experiencing pressure on profitability due to the prevailing low interest and low spread environment [1] - There is a strong demand from entities such as real enterprises for reduced financing costs, making it difficult for banks to return net interest margins above 2% in the short term [1]

Core Viewpoint - The article highlights the efforts of China Merchants Bank's Hohhot branch in promoting financial literacy and risk awareness among the public through the "2025 Financial Knowledge Outreach" initiative, emphasizing a structured and localized approach to financial education [1][10]. Group 1: Target Audience and Strategies - The initiative focuses on two key demographics: the elderly and the youth, implementing tailored educational strategies to address their specific financial awareness gaps [2][4]. - For the elderly, the bank utilizes case studies and visual aids like animated videos to enhance understanding of common scams, such as telecom fraud and illegal fundraising [2]. - For the youth, the bank conducts specialized seminars on topics like prepaid traps and contract risks, aiming to improve their data security awareness and understanding of hidden risks in contracts [4]. Group 2: Community Engagement and Collaboration - The bank has formed a financial lecturer team to extend its outreach to enterprises and community settings, providing on-site financial education that meets diverse needs [5]. - In collaboration with local health services, the bank offers financial knowledge sessions that address personal finance protection and investment needs, ensuring a two-way empowerment of knowledge and demand [5]. - Community events, such as free services combined with financial education, are organized to make financial knowledge more accessible and relevant to residents [7]. Group 3: Future Plans and Impact - The Hohhot branch plans to continue refining its educational strategies by categorizing and targeting different groups, ensuring the sustainability and effectiveness of financial literacy initiatives [10]. - The bank aims to enhance public access to financial services and contribute to a safer and healthier financial ecosystem through ongoing education efforts [10].

香港交易所信息显示，摩根大通在招商银行的持股比例于06月19日从4.93%升至5.02%，平均股价为 52.3368港元。 ...

Group 1 - Insurance companies are increasingly engaging in shareholding activities, with Ping An Life having raised its stake in China Merchants Bank's H-shares to 15%, triggering Hong Kong's shareholding disclosure requirements [2][3][4] - This marks the third time within six months that Ping An Life has increased its holdings in China Merchants Bank, indicating a strong belief in the bank's long-term investment value [2][4] - As of now, 14 listed companies have been targeted by insurance companies for shareholding activities in 2025, with China Merchants Bank being the only bank to have been targeted three times [2][3] Group 2 - Ping An Life's total investment in China Merchants Bank's H-shares from January 10 to June 17 amounts to approximately 4.61 million shares, costing nearly 21.5 billion HKD [3] - The continuous increase in holdings by Ping An Life is attributed to its recognition of China Merchants Bank's stable operations and long-term growth potential, as the bank leads in profitability, asset quality, and dividend levels within the industry [4] - Analysts suggest that the frequent acquisitions by insurance companies in Hong Kong's state-owned banks are driven by factors such as dividend yield, tax advantages, and regulatory requirements [4] Group 3 - In addition to banks, insurance companies like Great Wall Life are also focusing on public utilities, having recently acquired a 5% stake in Qin Port Co., indicating a broader investment strategy [5][6] - Great Wall Life has also made significant investments in other sectors, including water and energy, reflecting a commitment to infrastructure and essential services [6] - The trend of insurance companies engaging in shareholding activities is driven by the need for stable cash returns and long-term equity investments, particularly in a low-interest-rate environment [7][8]

Core Viewpoint - The banking sector is experiencing significant investment interest, with multiple banks reaching historical highs and substantial inflows from institutional and foreign investors [1][3][5]. Group 1: Market Performance - Bank stocks, including major players like Shanghai Pudong Development Bank and Agricultural Bank of China, have been hitting historical highs [1]. - The Bank AH Preferred ETF (517900) saw a net inflow of 170 million yuan over the past ten trading days, indicating strong buying interest [1]. - The Bank AH Preferred ETF has grown by 246% in size year-to-date, leading among bank ETFs [3]. Group 2: Institutional Investment - Ping An Asset Management has increased its stake in China Merchants Bank H-shares for the third time this year, raising its holding from 14.87% to 15.01% [5]. - Other banks like Agricultural Bank of China and Postal Savings Bank have also received significant investments from insurance funds, indicating a trend of insurance companies favoring bank stocks [6]. - Southbound funds have shown a strong preference for bank stocks, with a net inflow of 1.05 billion yuan on June 20, leading all sectors [8]. Group 3: Valuation and Dividend Yield - H-shares of listed banks currently offer higher dividend yields compared to A-shares, with 14 banks showing H-share yields exceeding those of A-shares [10]. - The valuation of H-shares is generally lower than that of A-shares, presenting a "higher yield, lower valuation" scenario [10]. - The Bank AH Index, which selects cheaper stocks from the AH market, has outperformed other indices since its inception, with a cumulative increase of 93.92% [12].

Core Viewpoint - The launch of the "Cross-Border Payment Link" marks a significant advancement in facilitating cross-border remittances from mainland China to Hong Kong, allowing for real-time transactions and enhanced user convenience [1][2]. Group 1: Service Features - The "Cross-Border Payment Link" allows users to complete remittances using mobile phone numbers or bank account information, eliminating the need for physical visits to bank branches and paperwork [2]. - Customers can choose to remit funds in either Renminbi or Hong Kong dollars, providing flexibility in currency selection [2]. - The service enhances transaction transparency through real-time tracking, reducing uncertainties associated with traditional cross-border remittance processes [2]. Group 2: Implementation and Support - The People's Bank of China and the Hong Kong Monetary Authority collaborated to establish connectivity between the mainland online payment interbank clearing system and Hong Kong's fast payment system [1]. - China Merchants Bank (CMB) was one of the first banks to pilot this service, receiving professional guidance from the Shenzhen branch of the People's Bank of China during the implementation process [1]. - CMB aims to innovate and enhance cross-border financial services, having already introduced various services such as cross-border wealth management and study abroad remittance [2].

Market Overview - The Shanghai Composite Index fell by 0.07% on June 20, with nine industries rising, led by transportation and food & beverage, which increased by 0.88% and 0.73% respectively [1] - The banking sector ranked third in terms of daily gains, rising by 0.69% [1] Capital Flow - The main capital outflow from the two markets totaled 21.812 billion yuan, with 10 industries experiencing net inflows [1] - The banking sector saw a net inflow of 1.940 billion yuan, the highest among all industries, while the food & beverage sector followed with a net inflow of 1.356 billion yuan [1] Banking Sector Performance - In the banking sector, 40 out of 42 stocks rose, with only one stock declining [2] - The top three banks by net inflow were China Merchants Bank (2.25 billion yuan), Industrial and Commercial Bank of China (2.16 billion yuan), and Ping An Bank (2.13 billion yuan) [2] - The banks with the highest net outflows included Chengdu Bank (34.93 million yuan), Changshu Bank (25.44 million yuan), and Shanghai Rural Commercial Bank (14.34 million yuan) [2] Individual Bank Performance - The following banks had notable performance: - China Merchants Bank: +0.79%, turnover rate 0.22%, net inflow 225.28 million yuan [3] - Industrial and Commercial Bank of China: +0.96%, turnover rate 0.12%, net inflow 216.41 million yuan [3] - Ping An Bank: +1.20%, turnover rate 0.67%, net inflow 212.65 million yuan [3] - Agricultural Bank of China: +0.52%, turnover rate 0.10%, net inflow 147.39 million yuan [3] - Chengdu Bank had a net outflow of 34.93 million yuan, while Changshu Bank and Shanghai Rural Commercial Bank had net outflows of 25.44 million yuan and 14.34 million yuan respectively [3]

Group 1 - The People's Bank of China has announced the first batch of mainland institutions participating in the cross-border payment system, which includes major banks such as Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, and China Merchants Bank [1] - Hong Kong institutions participating in the cross-border payment system include Bank of China (Hong Kong), Bank of East Asia, China Construction Bank (Asia), Hang Seng Bank, HSBC, and ICBC (Asia) [1] - The participation range will be gradually expanded in the future, indicating a potential increase in cross-border payment capabilities [1]

Core Insights - The event "Industry-Finance Intelligent Chain: Capital Solutions" hosted by China Merchants Bank in Changsha highlighted the integration of financial services to support high-quality economic development [1][8] - Over 600 attendees participated in person, with more than 3000 joining online, indicating strong interest in the topics discussed [1] Group 1: Event Highlights - Keynote speakers included senior officials from China Merchants Bank and prominent economists discussing topics such as expanding domestic demand and economic structural adjustments [3] - A roundtable forum featured representatives from various funds discussing the challenges and opportunities in capital empowering new productive forces [3][4] Group 2: Financial Services and Innovations - The launch of the "Industry-Finance Link" digital招商 system aims to connect financial resources with regional development needs, enhancing local economic growth [4] - China Merchants Bank introduced a comprehensive service plan for industrial funds, focusing on a "fund + park + industry" integrated service model to meet client needs [4] Group 3: Networking and Collaboration - The event facilitated nearly 200 rounds of discussions between over 200 investment institutions, promoting efficient matching of state-owned capital and market-oriented managers [5] - A specialized session for technology project roadshows showcased successful technology transfer companies, attracting hundreds of investment institutions [6] Group 4: Overall Impact - The event served as a platform for industry insights and collaboration, fostering partnerships among government, academia, and investment experts to drive economic development [8]