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]

Summary of Conference Call Records Company and Industry - The conference call primarily discusses the banking industry, specifically focusing on 招商银行 (China Merchants Bank) and its strategic directions for 2025. Key Points and Arguments Macroeconomic Environment - The macroeconomic policies, including fiscal and monetary policies, are expected to be more proactive in 2025 compared to 2024, which may lead to stronger economic recovery and stimulus effects [1][2] - The bank anticipates a slight increase in loan growth compared to the overall social financing growth, maintaining a balance between aggressive and conservative strategies [2][3] Retail Banking Focus - The bank continues to prioritize retail banking, with expectations for retail loans, particularly mortgages and credit cards, to show recovery and growth in 2025 [5][6] - The bank's strategy includes capturing market opportunities arising from government stimulus policies, especially in consumption and real estate [2][4] Asset Quality and Risk Management - The bank has observed an increase in the attention rate of retail loans, which is a common trend across the industry, influenced by regulatory changes and internal risk assessment standards [31][32] - The bank maintains a robust asset quality management strategy, with a focus on high-quality clients and a proactive approach to risk assessment [33][34] Credit Card and Mortgage Business - The credit card business is showing signs of recovery, with transaction volumes increasing compared to previous years, particularly in auto financing [9][10] - The mortgage business is expected to perform better than the industry average, with a focus on first and second-tier cities [7][8] Wealth Management and Fee Income - Wealth management fee income is under pressure but is expected to stabilize as the capital market improves [17][19] - The bank is focusing on enhancing its wealth management capabilities and product offerings to meet changing customer preferences [24][25] Interest Rate and Deposit Management - The bank is experiencing a decline in deposit costs, aligning with industry trends, and is managing its deposit structure to maintain competitive interest margins [14][15] - The bank's net interest margin is projected to remain under pressure due to ongoing interest rate cuts, but it aims to maintain a favorable position compared to peers [45][46] Future Outlook - The bank is optimistic about the potential for growth in 2025, driven by strategic initiatives in retail banking, asset quality management, and wealth management [48] - The bank plans to continue its focus on high-quality customer segments and adapt to market changes to sustain its competitive edge [39][40] Dividend Policy - The bank has a strong commitment to maintaining a stable dividend payout, with a target cash dividend rate of around 30% to ensure shareholder returns [39][40] Other Important Content - The bank's approach to insurance products is evolving, with a focus on long-term growth potential in the insurance asset class [24][25] - The bank is actively monitoring the real estate sector's performance and adjusting its risk management strategies accordingly [35][36] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting the bank's focus on retail banking, asset quality, and proactive management in a changing economic landscape.

招商银行股份有限公司 董事会决议公告 招商银行股份有限公司（简称本公司）于 2024 年 12 月 27 日以 电子邮件方式发出第十二届董事会第四十四次会议通知，于 12 月 30 日以书面传签方式召开会议。会议应参会董事 14 名，实际参会董事 14 名。会议的召开符合《中华人民共和国公司法》和《招商银行股份 有限公司章程》等有关规定。 会议审议通过了以下议案： 一、审议通过了《关于 2024 年经营绩效考核的议案》。 A 股简称：招商银行 A 股代码：600036 公告编号：2024-055 同意：14 票 反对：0 票 弃权：0 票 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。 同意：14 票 反对：0 票 弃权：0 票 特此公告。 招商银行股份有限公司董事会 2024 年 12 月 30 日 本公司董事会薪酬与考核委员会已审议通过本议案，并同意将其 提交本公司董事会审议。 二、审议通过了《关于不良资产处置的议案》。 ...

A 股简称：招商银行 A 股代码：600036 公告编号：2024-054 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2024年12月 26日以电子邮件方式发出第十二届董事会第四十三次会议通知，于12 月27日以远程视频电话会议方式召开会议。会议由缪建民董事长主持， 应参会董事14名，实际参会董事14名。本公司8名监事列席了会议。会 议的召开符合《中华人民共和国公司法》和《招商银行股份有限公司 章程》等有关规定。 同意：14票 反对：0票 弃权：0票 二、审议通过了《关于聘任徐明杰先生为招商银行副行长的议 案》，同意聘任徐明杰先生为招商银行副行长，任期自国家金融监督 管理总局核准其副行长任职资格之日起，至第十二届董事会届满之日 止。 同意：14票 反对：0票 弃权：0票 1 本公司董事会提名委员会已审议通过上述第一项和第二项议案， 并同意将其提交本公司董事会审议。 三、审议通过了《关于招商银行副行长辞任的议案》，同意钟德 胜先生因工作原因 ...

Investment Rating - The investment rating for the company is "Buy-A/Buy-H" [1] Core Views - The report emphasizes that the investment logic for bank stocks will shift from dividend logic to recovery logic by 2025, with companies like China Merchants Bank (CMB) being sensitive to economic recovery [13][36] - The report highlights several key factors driving the positive outlook for CMB, including a rebound in consumer demand, improved deposit dynamics, a favorable capital market environment, and resilient non-interest income [14][37][201] Summary by Sections Introduction - The report discusses the significant changes in the domestic and international policy and economic environment since Q3 2024, indicating a positive shift in policy direction and the potential for economic recovery [36][171] Value Banking: Profitability Across Cycles - CMB has maintained a leading position in return on equity (ROE) among peers, benefiting from a strong retail banking focus and effective risk management [72][117] - The bank's low-cost funding and high-quality non-interest income contribute to its robust profitability [72][117] Economic Recovery and CMB's Potential for Excess Returns - The report anticipates a recovery in retail demand and credit growth as economic policies take effect, particularly in key regions like the Yangtze River Delta and the Pearl River Delta [37][173] - CMB's deposit structure is expected to improve, with a projected increase in the proportion of demand deposits, positively impacting net interest margins [14][195] - The capital market is expected to recover, leading to a rebound in wealth management income, which is a significant contributor to CMB's revenue [201][202] Profit Forecast and Investment Recommendations - The report forecasts a net profit growth of 0.32% and 1.95% for 2024 and 2025, respectively, with earnings per share (EPS) projected at 5.65 and 5.76 CNY [231] - The report maintains a target price of 55.63 CNY for A-shares and 54.91 HKD for H-shares, suggesting a favorable valuation compared to current market prices [231][232]

A 股简称：招商银行 A 股代码：600036 公告编号：2024-053 招商银行股份有限公司 关于首席信息官任职资格核准的公告 特此公告。 招商银行股份有限公司董事会 2024 年 12 月 11 日 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）收到《国家金融 监督管理总局关于周天虹招商银行首席信息官任职资格的批复》（金复 〔2024〕805号）。根据上述批复，周天虹先生招商银行首席信息官的任 职资格已获得核准。 周天虹先生担任本公司首席信息官的任期自核准日2024年12月5日 起生效，至本公司第十二届董事会届满之日止。周天虹先生的简历及相 关信息请参阅本公司刊登在上海证券交易所网站（www.sse.com.cn）和 本公司网站（www.cmbchina.com）的日期为2024年6月19日的董事会决议 公告。 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% in the next six months [2][94]. Core Insights - The retail financial business shows resilience, with retail loans growing at a rate comparable to total loan growth, and the proportion of retail loans remaining stable. Small and micro loans have seen rapid growth, increasing their share of retail loans [1][19]. - Retail deposits have surpassed retail loans, leading to a positive internal net interest income, which supports the interest income from retail financial services. However, net fee income has experienced negative growth [1][27]. - The asset quality of retail loans has shown some volatility, with rising attention and overdue rates, while corporate loan non-performing rates continue to decline [1][54]. - The bank's deposit liquidity ratio remains high compared to listed banks, and it maintains a significant cost advantage in deposits [1][73]. - The bank's strong capital position supports stable future asset expansion, and the resilience of its retail financial business is expected to stabilize fee income as wealth management sales recover [1][79]. Summary by Sections Retail Financial Business Resilience - Retail loan growth is stable, with retail loans accounting for 52.5% of total loans as of June 2024, while corporate loans account for 41.1% [19][20]. - The proportion of small and micro loans has increased by 5.1 percentage points since 2020, while the overall pricing of retail loans is below the average of listed banks, with a narrowing gap of 50 basis points [21][23]. - Retail financial business revenue contribution remains high, with revenues of 194.3 billion yuan in 2023 and 95.9 billion yuan in the first half of 2024, showing a year-on-year growth of 1.5% and a decline of 3% respectively [27][45]. Asset Quality and Provisions - Retail loan non-performing rates have fluctuated, but corporate loan non-performing rates have shown a steady decline. The overall non-performing rate remains stable [54][63]. - The bank's provision coverage ratio is at 432.15%, indicating a strong buffer against potential loan losses [70][72]. Deposit Liquidity and Cost Advantage - The bank's deposit liquidity ratio exceeds 50%, with retail deposits growing at a rate of 8.9% in the first half of 2024, outpacing total deposit growth [73][74]. - The average cost of retail deposits is 1.51%, while corporate deposits are at 1.68%, reflecting effective cost management [74][75]. Capital Strength and Future Outlook - As of June 2024, the bank's core tier one capital adequacy ratio stands at 13.86%, providing a solid foundation for future asset expansion [79][80]. - The bank's earnings forecast for 2024-2026 indicates a revenue growth rate of -3.33%, 5.2%, and 4.67%, with net profit growth rates of 1.35%, 5.85%, and 5.54% respectively [88][89].

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文件的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本文件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. 獨立非執行董事 李孟剛 劉俏 田宏啟 李朝鮮 史永東 李健 （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） 董事名單與其角色和職能 招商銀行股份有限公司董事會（「董事會」）成員茲載列如下： 非執行董事 繆建民（董事長） 石岱 孫雲飛 張健 陳冬 執行董事 王良（行長兼首席執行官） 朱江濤（副行長） 鍾德勝（副行長和首席風險官） 1 董事會設立六個專門委員會。下表提供各董事會成員在該等委員會中所擔任的職 位： | 委員會 | | | | | | 關聯交易 | | --- | --- | --- | --- | --- | --- | --- | | | 戰略與可 持續發展 | 提名 | 薪酬 與考核 | 風險與 資本管理 | 審計 | 管理與 消費者 | | | 委員會 | 委員會 | 委員會 | ...