Group 1 - The Yunnan Financial Regulatory Bureau has imposed a fine of 2.6 million yuan on China Merchants Bank Kunming Branch for various violations [1] - Violations include discrepancies in non现场监管统计数据, improper collection of entrusted payment fees, imprudent loan management, and inadequate risk management in non-standard investment activities [1] - Liu Daiyi, the head of the real estate team at the strategic customer department of China Merchants Bank Kunming Branch, received a warning for imprudent loan management [1]

在黄玉山先生的独立董事任职资格获得核准之前，李孟刚先生将依据相关法 律法规和《招商银行股份有限公司章程》的有关规定继续履行独立董事及董事会 专门委员会相关职责。 同意：15 票 反对：0 票 弃权：0 票 二、审议通过了《关于提名卢力平先生为独立董事的议案》，同意：由董事 会提名委员会提名卢力平先生为本公司第十二届董事会独立董事候选人，并提交 本公司股东大会审议。股东大会审议通过后，报国家金融监督管理总局进行独立 董事任职资格审核，任期自任职资格核准之日起，至第十二届董事会届满之日止。 在卢力平先生的独立董事任职资格获得核准之前，刘俏先生将依据相关法律 法规和《招商银行股份有限公司章程》的有关规定继续履行独立董事及董事会专 门委员会相关职责。 A 股简称：招商银行 A 股代码：600036 公告编号：2025-003 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 1 月 17 日以电 子邮件方式发出第十二届董事会第四十五次会议 ...

Investment Rating - The report maintains a "Strong Buy" rating for China Merchants Bank [5][11]. Core Views - The bank's revenue decline has narrowed, with a year-on-year revenue change of -0.5% and a net profit increase of +1.2% for 2024, indicating a recovery in profitability [2][11]. - The asset quality remains stable, with a non-performing loan ratio of 0.95% at year-end, and the bank is expected to benefit from improving credit costs and a supportive economic environment [2][3][11]. Summary by Sections Financial Performance - In 2024, China Merchants Bank achieved a revenue of 337.54 billion and a net profit of 148.39 billion, with respective year-on-year changes of -0.5% and +1.2% [1][12]. - The return on equity (ROE) was reported at 15.1%, down 1.7 percentage points year-on-year [1]. Revenue Composition - Net interest income decreased by 1.6% year-on-year, but the decline rate improved by 1.5 percentage points compared to previous quarters [2]. - Other non-interest income increased by 1.5% year-on-year, driven by improved market conditions and a recovery in wealth management fees [2][3]. Asset and Liability Management - Total assets grew by 10.2% year-on-year, with loans increasing by 5.8% and deposits rising by 11.5% [3][12]. - The bank's deposit growth outpaced loan growth, reflecting strong customer relationships and service capabilities [3]. Future Outlook - The bank is expected to see a gradual recovery in retail lending and a stabilization of its wealth management business, supported by favorable policies and market conditions [4][11]. - Projections indicate net profit growth of 3.4% and 5.8% for 2025 and 2026, respectively, with a corresponding book value per share (BVPS) of 48.82 and 55.33 yuan [11][12].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation of performance relative to the market [7]. Core Insights - The company reported a revenue of 337.5 billion yuan for 2024, a slight decrease of 0.5% year-on-year, while the net profit attributable to shareholders was 148.4 billion yuan, reflecting a growth of 1.2% year-on-year [4][7]. - The fourth quarter of 2024 saw a slight increase in the non-performing loan (NPL) ratio to 0.95%, with a decrease in the provision coverage ratio to 412% [4][7]. - The performance exceeded expectations, with asset quality remaining stable [7]. Financial Data and Profit Forecast - The total revenue for 2024 is projected at 337.5 billion yuan, with a year-on-year growth rate of -0.5%. The net profit for 2024 is expected to be 148.4 billion yuan, with a growth rate of 1.2% [5][10]. - The net interest income for 2024 is forecasted to be 211.3 billion yuan, down 1.6% from the previous year, while non-interest income is expected to grow by 1.5% to 126.3 billion yuan [10]. - The company anticipates a loan growth of 5.8% in 2024, with total loans reaching approximately 6.89 trillion yuan [8][10]. Key Performance Indicators - The company’s return on equity (ROE) for 2024 is projected to be 14.48%, with a net interest margin (NIM) of 1.98% [10]. - The provision coverage ratio is expected to be 411.98%, indicating a strong buffer against potential loan losses [10]. - The company’s dividend yield is projected at 4.9% for 2024, reflecting its commitment to returning value to shareholders [12].

Core Viewpoint - Insurance capital continues to increase holdings in bank stocks, particularly H-shares, indicating a trend of significant investment activity in the banking sector [1][5][6]. Group 1: Recent Transactions - On January 8 and 10, Ping An Life increased its holdings in Postal Savings Bank and China Merchants Bank H-shares, investing approximately HKD 0.33 billion and HKD 0.73 billion respectively [1][2]. - Following these transactions, Ping An Life holds nearly 1 billion shares of Postal Savings Bank H-shares and over 230 million shares of China Merchants Bank H-shares, with both exceeding 5% of the total H-share count, triggering the disclosure requirement [1][2][3]. - In the past month, Ping An Group and its subsidiary Ping An Life have invested at least HKD 5 billion in multiple H-share banks, including CCB, ICBC, Postal Savings, ABC, and China Merchants Bank [4]. Group 2: Market Trends and Analysis - The banking sector has seen a resurgence, with A-share banks rising over 42% last year, ranking first among 30 major sectors, and four banks experiencing gains exceeding 60% [4]. - The increase in insurance capital holdings is part of a broader trend of insurance companies responding to calls for long-term capital market participation, driven by new financial regulations and declining interest rates [6][7]. - The implementation of new accounting standards (IFRS 9) allows insurance companies to classify stocks with over 5% ownership as long-term equity investments, which aids in stabilizing financial reports and investment returns [7][8]. Group 3: Future Outlook - Analysts predict that the frequency of insurance capital acquisitions will remain high due to low interest rates and the influx of long-term capital into the market [9]. - Insurance investment officers express optimism regarding investment opportunities in Hong Kong stocks, citing significant valuation advantages and favorable market conditions [8].

Investment Rating - The report assigns a "Buy-A/Buy-H" rating for the company, with a current price of 39.85 CNY/39.90 HKD and a fair value of 55.63 CNY/55.70 HKD [3]. Core Insights - The report highlights that non-interest income growth and provisioning recovery are driving a rebound in Q4, with a year-on-year revenue growth of -0.47% for 2024, which is an improvement of 2.4 percentage points compared to the first three quarters of 2024 [8]. - The bank's total assets and loan amounts increased by 10.2% and 5.8% year-on-year, respectively, indicating accelerated scale expansion [8]. - Asset quality remains stable, with a non-performing loan (NPL) ratio of 0.95%, unchanged from the previous year, and a provisioning coverage ratio of 411.98%, although it has decreased from previous quarters [8]. - The report forecasts a net profit growth of 5.56% and 6.43% for 2025 and 2026, respectively, with earnings per share (EPS) projected at 6.03 CNY and 6.43 CNY [8]. Summary by Sections Financial Performance - In Q4 2024, the bank's revenue and net profit grew by 7.59% and 7.63% year-on-year, respectively, with significant contributions from non-interest income, which rose by 16.6% [8]. - The total liabilities and deposits increased by 9.8% and 11.5% year-on-year, respectively, with deposits accounting for 83.3% of total liabilities [8]. Asset Quality - The NPL ratio remained stable at 0.95%, with a total NPL amount increasing by 1.9 billion CNY in Q4 2024, while the cumulative NPL amount for the year increased by 3.6 billion CNY [8]. - The provisioning coverage ratio decreased by 20.17 percentage points from the previous quarter but remains at a high level, indicating sufficient risk coverage [8]. Profitability and Valuation - The report projects a price-to-earnings (P/E) ratio of 6.61X for 2024 and 6.20X for 2025, with a price-to-book (P/B) ratio of 0.89X and 0.81X for the same years [8]. - The bank's return on equity (ROE) remains high, supporting its ability to generate internal capital [8].

Investment Rating - The report maintains an "Overweight" rating for China Merchants Bank (CMB) [3][20] Core Views - CMB's revenue decline continues to narrow, with net profit growth turning positive in 2024 [5][9] - Net interest income increased by 2.1% quarter-over-quarter, with loan growth accelerating and interest margins remaining stable [11] - Asset quality remains robust, with a non-performing loan (NPL) ratio of 0.95% at the end of 2024 [18] - CMB's total assets exceeded 12 trillion yuan, with loan and asset growth rebounding, driven by retail lending recovery in Q4 [17] - Deposit growth was strong, laying a solid foundation for future business expansion [17] Revenue and Profit Analysis - CMB's cumulative revenue in 2024 decreased by 0.5% year-over-year (YoY), compared to a 2.9% decline in Q3 2024 [5][9] - Net profit grew by 1.2% YoY in 2024, reversing a 0.6% decline in Q3 2024 [5][9] - Net interest income declined by 1.6% YoY, but the decline narrowed compared to Q3 2024 [5][9] - Net non-interest income increased by 1.5% YoY, turning positive after a 2.6% decline in Q3 2024 [5][9] Asset and Liability Structure - Total assets grew by 10.2% YoY, with total loans increasing by 5.8% YoY [17] - Total liabilities grew by 9.8% YoY, with total deposits increasing by 11.5% YoY [17] - Loan growth was concentrated in Q1 and Q4, with retail lending expected to drive Q4 growth [17] - Deposit growth was strong, with 941.1 billion yuan in new deposits added in 2024, a significant increase from 2023 [17] Asset Quality and Risk Management - The NPL ratio remained low at 0.95%, with a slight increase of 1 basis point (bp) from Q3 2024 [18] - Provision coverage ratio stood at 411.98%, down 20.2% from Q3 2024, but still at a high level [18] - The loan-to-deposit ratio was 3.92%, down 35 bp from Q3 2024 [18] Valuation and Investment Recommendation - CMB's 2024E-2026E price-to-book (P/B) ratios are 0.99X, 0.86X, and 0.79X, respectively [20] - The 2024E-2026E price-to-earnings (P/E) ratios are 6.85X, 6.74X, and 6.64X, respectively [20] - CMB's strong retail and wealth management capabilities, along with its corporate culture and team, make it a valuable long-term holding [20] Profit Forecast - The report forecasts CMB's net profit attributable to shareholders to be 1,483 billion yuan, 1,506 billion yuan, and 1,530 billion yuan for 2024E-2026E, respectively [20]

Investment Rating - The investment rating for the company is "Strong Buy" (maintained) [1][19]. Core Views - The company's revenue has shown improvement, with a return to profitability. The net profit attributable to shareholders for 2024 increased by 1.22% year-on-year, while the operating revenue experienced a slight decline of 0.47% year-on-year. The growth in total assets was 10.2% year-on-year, with loans and deposits increasing by 5.83% and 11.5%, respectively [3][9]. Summary by Sections Financial Performance - For 2024, the company's operating revenue is projected at 334,977 million, with a slight year-on-year increase of 0.6% expected for 2025 and 5.2% for 2026. The net profit attributable to shareholders is expected to reach 153,216 million in 2024, with growth rates of 4.5% and 5.2% for the following years [6][17]. - The return on equity (ROE) is projected to decline from 15.8% in 2024 to 14.7% in 2026, while the price-to-earnings (P/E) ratio is expected to decrease from 6.6x in 2024 to 5.8x in 2026 [6][17]. Asset Quality - The non-performing loan (NPL) ratio is expected to stabilize around 0.94% for 2025 and 2026, with the provision coverage ratio decreasing from 408% in 2024 to 372% in 2026. The absolute level of provisions remains high, indicating solid risk mitigation capabilities [16][17]. Growth and Expansion - The company maintains a stable growth trajectory, with total assets expected to grow from 12,011,887 million in 2024 to 14,244,373 million by 2026. Customer deposits are projected to increase from 8,982,143 million in 2024 to 10,671,684 million in 2026 [16][17]. Market Position - The company is expected to maintain a competitive advantage in the retail sector, particularly in wealth management, despite short-term pressures. The long-term value remains promising, with a focus on the recovery of consumer demand [14][19].

Revenue and Profit - Revenue in 2024 was RMB 3,375.37 billion, a decrease of 0.47% compared to 2023[3][7] - Net profit attributable to shareholders in 2024 was RMB 1,483.91 billion, an increase of 1.22% compared to 2023[3][7] - Basic earnings per share for 2024 were RMB 5.66, an increase of 0.53% compared to 2023[3] Assets and Liabilities - Total assets as of December 31, 2024, were RMB 12,152.00 billion, an increase of 10.19% compared to the end of 2023[3][7] - Total liabilities as of December 31, 2024, were RMB 10,918.53 billion, an increase of 9.81% compared to the end of 2023[3][7] Loan and Deposit Performance - Customer deposits totaled RMB 9,096.59 billion as of December 31, 2024, an increase of 11.54% compared to the end of 2023[3][7] - Total loans and advances were RMB 6,888.32 billion as of December 31, 2024, an increase of 5.83% compared to the end of 2023[3][7] Loan Quality and Provisions - Non-performing loan ratio remained stable at 0.95% as of December 31, 2024[5][7] - Provision coverage ratio decreased by 25.72 percentage points to 411.98% as of December 31, 2024[5][7] - Loan provision ratio decreased by 0.22 percentage points to 3.92% as of December 31, 2024[5][7]

Core Viewpoint - The announcement from the company indicates a projected operating income of 337.54 billion yuan for 2024, reflecting a slight decrease in profit margins and a modest increase in net profit attributed to shareholders [1] Financial Performance - The net profit attributable to shareholders is reported at 148.39 billion yuan, showing a growth of 1.22% compared to the previous year [1] - The loan-to-deposit ratio stands at 0.95% as of December 31, 2024, remaining stable compared to the end of the previous year [1] Risk Management - The provision coverage ratio is reported at 411.98%, which is a decrease of 25.72 percentage points from the end of the previous year [1] - The non-performing loan ratio is at 3.92%, showing a slight decrease of 0.22 percentage points from the end of the previous year [1]