


Group 1 - The core viewpoint of the article highlights the rapid growth of retail AUM (Assets Under Management) at China Merchants Bank, exceeding 16 trillion yuan, with a significant increase in retail customer assets and a strong performance in the stock market [2] - As of the end of 2024, the number of retail customers at China Merchants Bank reached 210 million, representing a year-on-year growth of 6.6%, while the total assets managed for retail customers grew by 12.1% to 14.9 trillion yuan [2] - The bank's retail AUM has seen a historical high in growth, with the time taken to reach successive milestones of 5 trillion yuan decreasing from 9 years to just over 3 years [2] Group 2 - China Merchants Bank announced a cash dividend of 2.000 yuan per share to all A-share shareholders, totaling approximately 504.40 billion yuan, with a cash dividend of 412.58 billion yuan for A-shares [3] - The dividend policy reflects the bank's consistent high payout ratio, with an estimated dividend yield of about 5.7% based on a hypothetical share price of 35 yuan [3] - The bank's board has approved a mid-term profit distribution plan for 2025, marking the first time it will conduct a mid-term dividend, with a proposed payout ratio of 35% of the profit attributable to ordinary shareholders [3]