Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company's revenue growth turned positive in 2025, with a year-on-year increase of +0.01%, while the net profit attributable to shareholders grew by +1.2% [2][6] - Interest income increased by +2.0% for the year, with a notable acceleration in Q4, driven by a reduction in the decline of net interest margin [2][6] - Non-interest income decreased by -3.4% for the year, although fee income is expected to remain stable, and wealth management income is projected to grow due to market recovery [2][6] - Total assets grew by +7.6% year-on-year, with loans increasing by +5.4%, and a significant acceleration in Q4 [2][6] - The non-performing loan ratio remained stable at 0.94%, with a provision coverage ratio of 392%, indicating potential retail risk disturbances [2][6] Summary by Sections Revenue and Profitability - The company reported a revenue growth of +0.01% for the full year, with Q4 showing a growth of +1.6% after a -0.5% decline in the first three quarters [2][6] - The net profit attributable to shareholders increased by +1.2% for the year, with Q4 growth at +3.4% [2][6] - Interest income grew by +2.0% for the year, with Q4 growth accelerating to +2.9% [2][6] Asset Quality and Risk - The non-performing loan ratio was stable at 0.94% at year-end, with a provision coverage ratio of 392%, down by 14 percentage points [2][6] - Retail credit card overdue rates have decreased for three consecutive quarters, indicating stabilization in risk indicators [2][6] Growth and Scale - Total assets increased by +7.6% year-on-year, with loans growing by +5.4% [2][6] - Q4 saw a quarter-on-quarter loan growth of +1.7%, with expectations of early release of credit reserves for 2026 [2][6] Market Position and Valuation - The stock price has been affected by net outflows from bank index funds and real estate risk expectations, leading to a current A-share PB valuation of 0.88x for 2025 and 0.81x for 2026 [2][6] - The expected dividend yield for A-shares is projected to rise to 5.3% for 2025 and 5.4% for 2026, indicating clear dividend value [2][6]

核心观点 招商银行2025 年营收增速转正、利润小幅提速，略超预期。 信贷增长稳健，资产端定价仍承压，负债端成本优化托底息差，26年息差降幅或将小于25 年。财富管 理稳中向好，客群基础扎实牢固。资产质量方面，不良率稳定，拨备覆盖率有所下行，对公房地产和零 售贷款仍是主要压力点。"早暴露早出清"原则下对公房地产或将进一步出清风险。预计2026 年营收增 速继续改善，利润保持小个位数正增。招行5.5%左右股息率位于行业前列，无摊薄风险，维持买入评 级。 事件 1 月23 日，招商银行公布2025 业绩快报，2025 年实现营业收入3375.32 亿元，同比增长 0.01%（9M25：-0.51%）；实现归母净利润1501.81 亿元，同比增长1.21%（9M25：0.52%）。4Q25 不 良率0.94%，季度环比持平；4Q25 拨备覆盖率季度环比减少14.14pct至391.79%。 简评 1、招商银行2025 年营收增速转正、利润小幅提速，略超预期。2025 年招商银行实现营业收入3375.32 亿元，同比增长0.01%，增速较9M25 提升0.52pct 回正，较2024 年也已转正，略超预期。具体来看， ...

Core Viewpoints - The company's revenue growth has rebounded, with a 7.41% increase in Q1 2025, up 10.63 percentage points from the full year of 2024, driven by stable scale, recovering interest margins, and significant growth in non-interest income [2] - The net interest margin has improved, with a net interest margin of 1.41% in Q1 2025, up 2 basis points from the full year of 2024, and up 3 basis points from Q1 2024 [2] - The asset quality indicators remain stable, with a slight decrease in the non-performing loan ratio to 1.46%, down 1 basis point from the end of Q4 2024 [2] Revenue and Profitability - Q1 2025 operating income, pre-provision operating profit (PPOP), and net profit attributable to shareholders grew by 7.41%, 9.98%, and -5.13% year-on-year, respectively [1] - The growth rates for PPOP and net profit have increased by 15.37 percentage points and 4.72 percentage points compared to the full year of 2024 [1] Non-Interest Income and Asset Growth - Non-interest income saw a significant year-on-year increase of 43.79% in Q1 2025, with a growth rate improvement of 42.7 percentage points compared to the full year of 2024 [2] - Total assets grew by 0.72% year-on-year in Q1 2025, with loan growth at 0.48%, both showing a decline in growth rates compared to the full year of 2024 [3] Investment Recommendations - The company shows signs of revenue growth recovery, improving interest margins, and stable asset quality indicators, suggesting potential for valuation recovery if macroeconomic policies continue to support economic recovery [3]