事件：8/29，招商银行披露2025年半年报，公司1H25实现营收1699.7亿元，同比-1.7%，降幅较1Q25收窄1.4pct；实现归母净利润749.3亿元，同比+0.3%，增速较1Q25 +2.3pct。1H2 利息收入增长稳健，非息收入降幅收窄：1）以量补价，利息收入维持正增。1H25公司净利息收入1060.9亿元，同比+1.6%，维持稳健增长。其中规模、净息差影响变化不大，规模扩张贡献业 贷款规模增长稳健，服务实体经济质效提升：1H25末贷款余额71166亿元，同比+5.5%，增速较2024年末的5.8%略降。1）对公端增长提速。1H25对公贷款同比+11.5%至30897亿元，增速较 负债成本优化提速，息差降幅收窄：1H25净息差1.88%，同比-12bp，降幅较2024年的-17bp收窄。分资负两端看：1）资产收益率压力持续。受lpr利率和存量房贷利率调降，贷款需求偏弱综 对公资产质量优化，零售不良波动：公司1H25末贷款不良率0.93%，较1Q25末-1bp。对公端不良率较上年末-13bp至0.93%，主要得益于房地产业、租赁和商务服务业不良率较上年末-20bp、 投资建议：招商银行持续深化大 ...

事件：8/29，招商银行披露2025 年半年报，公司1H25 实现营收1699.7亿元，同比-1.7%，降幅较1Q25 收窄1.4pct；实现归母净利润749.3 亿元，同比+0.3%，增速较1Q25 +2.3pct。1H25 净息差1.63%，同 比-12bp，降幅较2024 年的-17bp 收窄。1H25 末不良率0.93%，环比1Q25 末-1bp。 利息收入增长稳健，非息收入降幅收窄：1）以量补价，利息收入维持正增。1H25 公司净利息收入 1060.9 亿元，同比+1.6%，维持稳健增长。其中规模、净息差影响变化不大，规模扩张贡献业绩 9.4pct，较1Q25+0.1pct；息差拖累影响业绩-7.8pct，较1Q25 -0.5pct。2）中收降幅收窄。公司1H25 净手 续费及佣金收入376.0 亿元，同比-1.9%，降幅较1Q25收窄0.6pct，分项目看：公司代销理财/基金/信托/ 证券交易收入分别同比+26.3%/+14.4%/+47.0%/ +66.9%，驱动公司财富管理中收同比+11.9%至128.0 亿 元；资管中收受资本市场和管理规模波动影响同比-6.9%；银行卡、结算与清算手续费中收 ...

Core Viewpoint - China Merchants Bank (CMB) has achieved a significant milestone by surpassing 16 trillion yuan in retail AUM, becoming the first joint-stock commercial bank in China to reach this level, reflecting its accelerated growth in wealth management [1][2][3] Group 1: AUM Growth - CMB's retail AUM has accelerated, reaching the third 5 trillion yuan milestone in just over 3 years, compared to 9 years for the first and 5 years for the second [2][3] - As of the end of 2024, CMB's retail AUM is reported at 14.93 trillion yuan, with significant increases from 12.12 trillion yuan in 2022 and 13.32 trillion yuan in 2023, indicating a strong growth trend [2][3] Group 2: Product and Service Innovation - CMB has established a comprehensive asset allocation service system called "TREE," catering to diverse client needs and achieving over 10 million clients served [4][6] - The bank's product lines include seven categories: wealth management, funds, insurance, private equity, overseas investments, gold, and deposits, with less than 30% of retail AUM in deposits, showcasing a strong focus on diversified financial products [4][6] Group 3: Client Engagement and Technology - CMB serves over 200 million individual clients, enhancing its service offerings to meet diverse financial needs, including retirement planning and cross-border investments [6][7] - The bank has upgraded its AI wealth assistant "AI Xiao Zhao" to provide comprehensive service throughout the client lifecycle, integrating personalized investment advice and asset management [7] Group 4: Partnership and Ecosystem Development - CMB has collaborated with over 160 partners to build a robust wealth management ecosystem, emphasizing cooperation and shared growth [9] - The bank's leadership highlights the importance of collaboration in expanding its wealth management capabilities and enhancing service offerings [9]

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company reported a revenue of 66.6 billion yuan in 2024, representing a year-on-year growth of 8.19%, and a net profit attributable to shareholders of 27.1 billion yuan, up 6.23% year-on-year. The bank's non-performing loan ratio at the end of Q4 2024 was 0.76%, with a provision coverage ratio of 389.35%, showing a stable asset quality [1][2][4][12]. Performance Summary 1. **Financial Performance**: - The net interest income grew by 17.32% year-on-year, with the net interest margin at 1.86%, a slight increase from the previous quarter. The decline in interest margin was only 2 basis points year-on-year, a significant improvement compared to a 14 basis points decline in the previous year [2][3]. - The bank's fee and commission income decreased by 19.28% year-on-year, but the decline rate has narrowed compared to previous quarters [3]. - Other non-interest income fell by 6.22% year-on-year, primarily due to market fluctuations affecting the fair value of derivative financial instruments [3]. 2. **Asset Quality**: - The non-performing loan ratio remained stable at 0.76% at the end of Q4 2024. The bank's ability to cover risks is reflected in a provision coverage ratio of 389.35% [4][9]. - The bank actively managed its non-performing loans, disposing of 14.2 billion yuan in 2024, which is an increase of 5.8 billion yuan year-on-year [9]. 3. **Asset and Liability Management**: - Total assets and loans reached 3.13 trillion yuan and 1.48 trillion yuan respectively, with year-on-year growth rates of 15.25% and 17.83% [10]. - The total deposits increased by 17.24% year-on-year, with a significant portion of deposits being time deposits, which accounted for 82.6% of the total deposit growth [10]. 4. **Profit Centers**: - The bank's subsidiaries, including leasing and consumer finance, showed significant growth, with total assets of 136.5 billion yuan and 60.1 billion yuan respectively, reflecting a year-on-year increase of 15.8% and 31.7% [11][12]. - The bank's wealth management strategy continued to progress, with personal customer financial assets reaching 1.13 trillion yuan, a year-on-year increase of 14.3% [12]. 5. **Future Outlook**: - The bank is expected to maintain a stable asset quality and continue to grow its net interest income, with a focus on expanding its retail and corporate loan portfolios [12].

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company reported a revenue of 66.6 billion yuan in 2024, representing a year-on-year growth of 8.19%, and a net profit attributable to shareholders of 27.1 billion yuan, up 6.23% year-on-year. The bank's non-performing loan ratio at the end of Q4 2024 was 0.76%, with a provision coverage ratio of 389.35%, showing a stable asset quality [1][4][12]. Performance Summary 1. **Financial Performance**: - The bank's net interest income grew by 17.32% year-on-year, with a net interest margin of 1.86%. The growth in revenue was primarily driven by a reduction in the decline of interest margins and a smaller decrease in non-interest income [2][3]. - Non-interest income from fees and commissions decreased by 19.28% year-on-year, but the decline rate has narrowed compared to previous quarters [3][12]. 2. **Asset Quality**: - The non-performing loan ratio remained stable at 0.76%, with a provision coverage ratio of 389.35%. The bank has actively managed its non-performing loans, disposing of 14.2 billion yuan in 2024, which is an increase of 5.8 billion yuan year-on-year [4][9][12]. 3. **Asset and Liability Management**: - Total assets and loans reached 3.13 trillion yuan and 1.48 trillion yuan respectively, with year-on-year growth rates of 15.25% and 17.83%. The bank's deposits also increased significantly, with a total deposit amount of 1.84 trillion yuan, up 17.24% year-on-year [10][12]. 4. **Profit Center Performance**: - The bank's subsidiaries, including leasing and consumer finance, showed significant growth, with total assets of 136.5 billion yuan and 60.1 billion yuan respectively, reflecting year-on-year increases of 15.8% and 31.7% [11][12]. 5. **Wealth Management**: - The bank's wealth management strategy has been effective, with personal financial assets reaching 1.13 trillion yuan, an increase of 141.2 billion yuan year-on-year [12].