12月19日，"2025中国年度最佳雇主"颁奖典礼在海南三亚举行。招商银行（600036）再度脱颖而出，获 评"中国年度最佳雇主"第1名，同时斩获"最受女性关注雇主""最具社会责任雇主"等奖项，成为参评企 业中唯一获得3项大奖的机构。 本次评选由北京大学国家发展研究院院长、南南合作与发展学院院长黄益平，世界就业联盟主席史白 庭，北京大学国家发展研究院副院长、南南合作与发展学院副院长黄卓共同担任评委会主席，基于文 化、组织、成长、激励四个维度综合评价得出。 从改写行业规则的经典创新到引领未来的智能布局，招商银行通过技术赋能，持续激活员工队伍的创造 力，提升价值释放。 "中国年度最佳雇主"评选活动始于2005年，由智联招聘发起，北京大学社会调查研究中心和北京大学国 家发展研究院联合举办，现已成为中国人力资本领域的权威风向标。招商银行连续15年入围中国年度最 佳雇主10强，13年获评最佳雇主前3强，2024~2025年度蝉联榜首。作为中国雇主品牌标杆企业，招商 银行雇主品牌不仅获得员工的认同、人才的青睐，也收获了社会各界的长期关注与高度认可。 稳健经营，夯实人才发展强支撑 雇主的市场竞争力是员工职业安全感的核心保障 ...

Core Viewpoint - China Merchants Bank (CMB) is enhancing its technology finance services to support the high-quality development of technology enterprises, emphasizing the integration of technology innovation and financial services [1][2]. Group 1: Technology Finance Strategy - CMB has a long-standing commitment to integrating technology into financial services, having established its operational philosophy in the early 1990s [2]. - The bank serves over 2.2 billion retail customers and 3.5 million corporate clients, showcasing its extensive reach and experience in the technology sector [2]. - CMB's technology finance strategy focuses on long-term partnerships with technology enterprises, supporting their growth through various nurturing programs [2]. Group 2: Organizational Structure - CMB has developed a "1+20+100" organizational structure for technology finance, which includes one central committee, 20 key branches, and over 100 specialized branches [3]. - This structure aims to enhance service quality and efficiency for technology enterprises by concentrating resources in regions with a high concentration of tech companies [3]. Group 3: Comprehensive Service Solutions - CMB has launched a "4×3" matrix service solution to provide comprehensive financial support throughout the entire lifecycle of technology enterprises [4]. - The service covers four key areas: talent innovation, technology innovation, product innovation, and industry innovation, with tailored financial services for each stage [4]. - The bank collaborates with various stakeholders, including government departments and industry leaders, to create an ecosystem that supports the growth and development of technology enterprises [4].

Core Viewpoint - China Merchants Bank (CMB) is enhancing its technology finance services to support high-quality development of technology enterprises, aligning with national strategies for technological self-reliance and innovation-driven growth [1][3]. Group 1: Event Overview - CMB, in collaboration with Renmin University of China, hosted a conference titled "Integration of Technological Innovation and International Industrial Finance" in Shenzhen, part of the "2025 Shenzhen International Financial Conference" [1]. - The event featured discussions among scholars, financial institutions, and industry partners, focusing on the integration of production, learning, research, and finance [1]. Group 2: Strategic Direction - CMB has a long-standing commitment to technology, having established its operational philosophy of "service-oriented, expert-driven, and technology-led" since the early 1990s [2]. - The bank aims to provide comprehensive financial support to approximately 350,000 technology enterprises, reflecting its strategic focus on technology finance [3]. Group 3: Service Development - CMB launched the "Qianying Zhan Yi" innovative enterprise cultivation plan in 2010, collaborating with government and capital market entities to support over a thousand enterprises in going public [3]. - In 2023, CMB introduced a new technology finance service brand, offering five comprehensive financial service solutions tailored to the core needs of technology enterprises [3]. Group 4: Organizational Structure - Since 2022, CMB has been building a dedicated technology finance organizational structure, establishing a leadership group and pilot branches in major cities [4][5]. - The bank has formed a "1+20+100" organizational framework to enhance its technology finance capabilities, with a central committee, 20 key branches, and over 100 specialized branches [5]. Group 5: Specialized Mechanisms - CMB has implemented a "six specialized" work mechanism to focus resources on early-stage and growth-stage technology enterprises, ensuring targeted financial support [6]. Group 6: Comprehensive Service Solutions - CMB has developed a "4×3" matrix service model to provide full-cycle financial support for technology enterprises, covering talent cultivation, technology development, product innovation, and industrial upgrading [7][8]. - The bank collaborates with various stakeholders to create ecosystems that support each stage of the technology lifecycle, offering tailored financial services [8].

Core Viewpoint - The management of China Merchants Bank (CMB) expressed confidence in achieving steady progress and completing the annual budget goals despite recent challenges in the banking sector [2][4]. Group 1: Annual Performance Outlook - CMB's net profit growth turned positive in the first half of the year, with the second quarter performing better than the first, which faced significant pressure due to loan repricing [3][4]. - The bank aims to implement strategic development, enhance cost management, promote non-interest income, and strengthen asset quality to maintain a positive growth trajectory [4]. Group 2: Retail Business Strengths - CMB's retail business is supported by three key factors: technological capabilities, a dedicated workforce, and a customer-centric value system [5][6][7]. - Retail assets under management (AUM) reached 16.03 trillion yuan, with the highest growth in recent years, and retail wealth management income increased by 6% year-on-year [5]. Group 3: Balancing Short-term and Long-term Goals - The bank emphasizes the importance of balancing short-term performance with long-term sustainability, likening banking operations to a marathon rather than a sprint [8]. - CMB aims to solidify its foundational aspects, including customer base and management, while focusing on long-term strategic goals [8]. Group 4: Changes in Customer Risk Preferences - There has been a shift in retail customers' risk preferences, with a gradual improvement in their inclination towards equity assets, although a conservative approach remains predominant [9]. - CMB is committed to providing a stable and comprehensive wealth management experience to meet evolving customer needs [9]. Group 5: Return on Equity (ROE) Management - CMB has established a financial management system focused on ROE, which currently stands at 13.85%, significantly higher than the industry average of around 9% [10][11]. - The bank aims to balance profit growth, net asset accumulation, and dividends to maintain a competitive ROE and meet investor expectations [11][12]. Group 6: Internationalization Strategy - CMB is accelerating its internationalization efforts, recognizing it as a new growth point amid increasing global integration and domestic market saturation [13]. - The bank has already established a network of overseas branches and is enhancing the capabilities of its international operations [13].

Group 1: Annual Performance Outlook - The company believes it can achieve steady progress and meet the budget goals set at the beginning of the year, with a positive outlook for the second half of the year [6][4] - The first quarter faced significant pressure due to loan repricing starting January 1, leading to a decline in net interest margin, but the second quarter showed improvement [6][4] - The company plans to focus on strategic development, cost management, non-interest income growth, and asset quality control to maintain a positive trajectory [6][4] Group 2: Retail Business Strengths - The retail business is supported by three key factors: technological capabilities, a dedicated workforce, and a customer-centric value system [5][7] - Retail assets under management (AUM) reached 16.03 trillion yuan, with the highest growth in recent years, and retail wealth management income increased by 6% year-on-year [7][5] Group 3: Balancing Short-term and Long-term Goals - The company emphasizes that banking is a marathon, not a sprint, and must focus on long-term sustainability rather than short-term gains [11][12] - It aims to strengthen foundational aspects such as customer base, workforce, management, and business to ensure long-term success [11][12] Group 4: Changes in Customer Risk Preferences - There has been a shift in retail customers' risk preferences, with a gradual improvement in their willingness to engage in riskier investments [12][5] - The company aims to adapt to market trends and customer needs to provide a comprehensive wealth management experience [12][5] Group 5: Return on Equity (ROE) Management - The company's ROE is currently at 13.85%, significantly higher than the industry average of around 9%, and it aims to maintain this leading position [13][14] - Future ROE levels will depend on the recovery of profitability, net asset growth, and dividend policies [14][13] Group 6: Internationalization Strategy - The company is accelerating its internationalization efforts, recognizing it as a new growth point amid increasing global integration [15][16] - It has established a network of overseas branches and is enhancing the capabilities of its international operations [16][15]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 招商銀行股份有限公司 CHINA MERCHANTS BANK CO., LTD. （於中華人民共和國註冊成立的股份有限公司） （H股股票代碼：03968） 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 招商銀行股份有限公司董事會 2025年8月29日 於本公告日期，本公司的執行董事為王良及鍾德勝；本公司的股東董事（非執行 董事）為繆建民、石岱、孫雲飛、朱立偉及黃堅；及本公司的獨立非執行董事為 李孟剛、劉俏、田宏啟、李朝鮮、史永東及李健。 A 股股票代碼：600036 招商銀行股份有限公司 2025年半年度報告 招商银行股份有限公司 2025年半年度报告（A股） 目录 1 目录 2 释义 2 重大风险提示 2 备查文件目录 3 重要提示 4 第一章 公司基本情况 6 第二章 会计数据和财务指标摘要 10 第三章 管理层讨论与分析 10 3.1 总体经营情况分析 ...

Core Insights - Shenzhen has transformed from a small border town into a modern international city, showcasing remarkable development achievements [1] - As of now, Shenzhen has 424 listed companies, with total assets exceeding 40 trillion yuan and a net asset of nearly 6 trillion yuan [2] - The report titled "A-share New Seven Ships" identifies Shenzhen's companies as key players in China's innovation and value re-evaluation, comparable to the US tech giants [2][3] Company Performance - Shenzhen's listed companies have a total market capitalization of 11 trillion yuan, reflecting an 18.38% increase this year [8] - Among the "A-share New Seven Ships," three companies from Shenzhen—China Ping An, China Merchants Bank, and Mindray Medical—are highlighted for their innovation and market value [2][3] - China Ping An and China Merchants Bank have market capitalizations exceeding 1 trillion yuan, with respective increases of 14.05% and 19.09% this year [8] Innovation and R&D - Shenzhen leads in patent and trademark registrations, with a high-value invention patent ownership rate of 110 per 10,000 people, significantly above the national average [4] - The R&D personnel and investment in key Shenzhen companies are on the rise, with Mindray Medical's R&D investment surpassing 4 billion yuan [6][7] - China Ping An has established five major laboratories and nine databases to enhance its digital operations and management [5] Brand Value - Shenzhen accounts for 249 out of the top 3000 companies in brand value, with a total brand value of 5.13 trillion yuan [9] - China Ping An's brand value is 316 billion yuan, while China Merchants Bank's is 150 billion yuan, both ranking in the top 100 of China's listed companies [11] - Mindray Medical leads the pharmaceutical sector with a brand value of 279 billion yuan [11]

Group 1 - The core viewpoint of the articles highlights Yunnan's initiatives to boost tourism and cultural consumption during the summer season, aiming to revitalize the market with various policies and promotional activities [1][2]. Group 2 - Yunnan has launched the "Cool Travel in Yunnan" campaign, offering free admission to 126 A-level tourist attractions for high school graduates, with plans to expand the scope and duration of free entry [2]. - The province has introduced high-value annual passes and travel packages across 62 scenic spots, catering to diverse visitor needs [2]. - Yunnan Airport Group has partnered with nine airlines to offer new travel products, including rights cards for students and seniors, enhancing travel options for summer tourists [2]. - Over 3,100 cultural events will be organized this summer, including community cultural activities and heritage experiences, allowing visitors to engage deeply with local culture [2]. - Yunnan aims to develop a benchmark city for nighttime cultural tourism, enhancing night-time consumption through various entertainment and shopping initiatives [2]. - The province is focusing on upgrading inbound tourism by improving marketing efforts and expanding night-time consumption offerings, as well as enhancing tax refund services for international visitors [2][3]. Group 3 - From January to May this year, Yunnan received 317 million visitors, a year-on-year increase of 11.0%, with total tourism expenditure reaching 560.95 billion yuan, up 10.9% [3]. - The province welcomed 3.63 million inbound tourists, with overnight international visitors numbering 2.12 million, reflecting a significant year-on-year growth of 97.9% [3].

Core Points - Shantou City has introduced three facilitation measures: "One Book", "One Card", and "One Window" to enhance the efficiency and experience of foreign workers in the city [1] - The measures aim to optimize the business environment and attract more international talent for innovation and entrepreneurship [1] Group 1 - The "One Book" manual and "One Window" service provide foreign talent with clear policy requirements and streamlined processes [1] - The city is deepening reforms in foreign work management services, establishing a "one-stop" service system for foreign talent, and creating a dedicated service area for foreign professionals [1] - The integration of work permits and residence permits into a single application process has reduced approval steps by 67% [1] Group 2 - The electronic social security card enables services such as work permit information queries, QR code verification, and notifications [2] - The newly issued "Convenience Handbook" integrates standards from various departments to create a comprehensive service system covering work, life, and security [2] - Shantou City plans to expand policy outreach and ensure effective implementation of efficient service measures to enhance the business environment [2]

Core Insights - The annual report of China Merchants Bank (CMB) for 2024 reveals a mixed performance with a slight net profit increase of 1.22% and a first-ever revenue decline, indicating significant challenges in the retail banking sector [1][3] - The bank's high human resource costs and reliance on elite talent have led to a paradox where high salaries do not correlate with growth, exposing vulnerabilities in its operational model [3][4] Group 1: Financial Performance - CMB's revenue from retail banking experienced a negative growth of 4.8%, marking a significant shift from the previous decade's 25% compound annual growth rate [3][5] - The human cost per employee reached 581,000 yuan, with labor costs now accounting for 38.7% of revenue, an increase of 6.3 percentage points since 2020 [3][4] Group 2: Market Dynamics - The wealth management segment has seen a 32% reduction in fund distribution scale, and the growth rate of private banking clients' assets under management has dropped to single digits, reflecting a shift in client priorities from yield chasing to capital preservation [3][5] - Credit card circulation has decreased by 5.6%, and installment income has fallen by 12.4%, indicating a fundamental restructuring of consumer spending patterns [4][5] Group 3: Strategic Challenges - CMB's strategic missteps over the past five years have resulted in a lack of innovation and a rigid organizational structure, hindering its ability to adapt to digital transformation [7][8] - The bank's technology investment ratio stands at 3.5%, lower than competitors, highlighting a lag in adopting digital banking solutions [7][8] Group 4: Proposed Solutions - CMB needs to redefine its wealth management approach by transitioning from a sales-driven model to a fiduciary service model, akin to UBS's "wealth manager" strategy [8][9] - The bank should develop an industrial digital finance ecosystem by collaborating with leading companies in the new energy sector to create a supply chain finance and carbon account system [9][10] - Organizational restructuring is essential, including the potential spin-off of fintech subsidiaries and the introduction of project-based assessments to foster innovation [10][11] Group 5: Industry Implications - The challenges faced by CMB reflect broader issues within the Chinese banking industry, necessitating a reevaluation of value propositions and operational models in response to narrowing interest margins and technological disruptions [11][12] - Future winners in the banking sector may focus on risk management, data services, and cross-border integration, moving away from traditional profit models [11][12]