Core Viewpoint - The banking industry in China is transitioning from a phase of rapid growth to one focused on resilience and high-quality development, with a notable emphasis on value creation despite ongoing challenges in the economic environment [1][4]. Group 1: Operating Performance - The banking sector is experiencing a trend of "low interest rates, low spreads, low profitability, and high risks," with the net interest margin for commercial banks dropping to a historical low of 1.52% by the end of 2024 [2]. - Despite facing significant pressures, China Merchants Bank (CMB) reported a net interest margin of 1.98% and a year-on-year net profit growth of 1.22%, significantly outperforming industry averages [2]. - CMB's asset quality remains strong, with a non-performing loan ratio of 0.95%, well below the industry average of 1.5% [2]. Group 2: Retail Banking Strategy - CMB's retail banking strategy, established 20 years ago, continues to be a cornerstone of its operations, with over 200 million retail customers and total managed assets nearing 15 trillion yuan [3]. - The bank's retail financial products have seen substantial growth, with retail wealth management product balances increasing by 12.38% to 3.93 trillion yuan [3]. - CMB has introduced innovative products and services, such as the "TREE Long-term Profit Plan," which quickly raised over 6 billion yuan in just ten trading days [3]. Group 3: Long-term Strategy and Resilience - CMB's management emphasizes the importance of long-term value creation over short-term gains, with a focus on maintaining core competitive advantages through high-quality customer service and technological investment [5][12]. - The bank's strategic approach includes a commitment to "four transformations": internationalization, comprehensive services, differentiation, and digital intelligence [7][10]. - CMB aims to enhance its global service capabilities to support Chinese enterprises' international expansion while leveraging technology to improve operational efficiency and customer experience [8][10]. Group 4: Financial Health and Risk Management - CMB maintains a strong financial position with a non-performing loan ratio consistently below 1% and a provision coverage ratio exceeding 400% [11]. - The bank's ability to manage low-cost liabilities and maintain a high net interest margin supports its financial stability [11]. - CMB's focus on enhancing its operational capabilities, including risk management and strategic execution, positions it well to navigate the challenges of a low-interest-rate environment [11][12].

Core Insights - The core viewpoint of the articles is that China Merchants Bank (CMB) is leveraging artificial intelligence (AI) to enhance its operations and create a new growth trajectory, marking a significant shift in its technology strategy from "Digital CMB" to "Smart CMB" [1][2][3]. Group 1: AI Strategy and Implementation - CMB's AI strategy has been elevated, focusing on the integration of AI technologies, particularly large language models, into its operations [2][4]. - The bank has reported over 120 applications of large models across various sectors, achieving a total of 26 million hours of labor savings through intelligent applications [4]. - CMB's AI assistant, "AI Xiao Zhao," is the first in the banking industry to utilize large models, significantly improving efficiency in financial processes [4]. Group 2: Technological Advancements and Investments - CMB's technology investments reached 13.35 billion yuan in 2024, accounting for 4.37% of its operating income, with a workforce of 10,900 dedicated to research and development [3]. - The bank's historical technological innovations have positioned it among the top tier of global banks, particularly in cloud computing and mobile internet technologies [3][5]. - CMB has achieved a "cloud revolution" in computing power over three years, enhancing the efficiency and cost-effectiveness of its large model development [6][7]. Group 3: Competitive Landscape - The global banking sector is witnessing a race in AI adoption, with major international banks like JPMorgan Chase and DBS Bank also integrating AI into their operations [5]. - CMB's competitive edge lies in its integrated capabilities in computing power, algorithms, and data, supported by a vast customer base of over 200 million retail clients and 3 million corporate clients [6][7]. - The bank's strategy emphasizes a hybrid model of human and AI collaboration, ensuring a balance between speed and personalized service [8].

Core Viewpoint - China Merchants Bank aims to maintain a return on equity (ROE) above 15%, although it acknowledges that this is contingent on external operating environment changes. The bank's ROE has recently fallen below this threshold due to industry pressures, but it remains confident in outperforming peer banks in this metric [1][3][4]. Financial Performance - For the year 2024, China Merchants Bank reported total operating income of 337.49 billion yuan, a year-on-year decrease of 0.48%. The net profit attributable to shareholders was 148.39 billion yuan, reflecting a year-on-year increase of 1.22%. As of the end of 2024, total assets reached 12.15 trillion yuan, marking a growth of 10.19% compared to the previous year [1]. Shareholder Returns - The bank plans to distribute a cash dividend of 2 yuan per share (before tax) to all shareholders, amounting to approximately 50.44 billion yuan in total dividends. The cash dividend payout ratio for 2024 is set at 35.32%, which is higher than the previous years' ratios of 33% in 2022 and 35.01% in 2023 [2]. ROE and Competitive Position - The bank's management expressed confidence in maintaining a leading ROE compared to peer banks, driven by its net interest margin and advantages in wealth management. Despite challenges from low interest rates and fees, the bank believes its competitive edge will help sustain its ROE [3][4]. Asset Quality Management - The bank emphasizes the importance of managing retail credit risk, focusing on optimizing risk management models and selecting high-quality customer segments. The management anticipates that as the economic situation improves, the quality of retail credit assets will stabilize [5]. Customer Growth Strategy - China Merchants Bank is focusing on expanding its customer base, particularly among university students and young clients, as well as enhancing services for families and cross-border clients. The retail customer base reached 210 million, while corporate clients numbered 3.1664 million, indicating solid growth [7]. Non-Interest Income - The bank aims to stabilize and recover its fee and commission income, which has faced pressure in recent years. The management noted that while there was negative growth in this area last year, the decline has been narrowing. They expect a recovery in non-interest income driven by favorable macroeconomic policies [8][9]. AI Investment - China Merchants Bank has significantly increased its investment in AI technologies, establishing an AI laboratory in 2017 and forming an "AI + Finance" working group in response to advancements in AI. The bank aims to become a leader in intelligent banking [10]. Capital Management and Dividends - The bank maintains a cautious approach to balancing capital adequacy and shareholder returns, emphasizing the importance of stable cash dividends for long-term value creation. The management is committed to ensuring that dividend policies do not fluctuate significantly year-on-year [11]. Market Value Management - The bank's management believes that effective operational management and enhanced profitability are crucial for market value management. They aim to strengthen their capabilities in profitability, risk management, and innovation to create value for stakeholders [12].

Investment Rating - The investment rating for the company is maintained at "Accumulate" [2][3]. Core Insights - The company announced a cash dividend of 2.00 CNY per share for the 2024 fiscal year, with a dividend payout ratio of approximately 35.32%, an increase of 0.3% compared to 2023. The current dividend yield is about 4.6% [2]. - Asset quality remains stable, with a non-performing loan ratio of 0.95% as of the end of 2024, unchanged from the previous year. The attention rate and overdue rate increased to 1.29% and 1.33%, respectively, up by 19 basis points and 7 basis points year-on-year. The provision coverage ratio is 411.98%, a decrease of 25.72 percentage points year-on-year [2]. - Retail customer numbers and Assets Under Management (AUM) continue to grow rapidly, with retail customer numbers reaching 210 million, a year-on-year increase of 6.6%. The total assets managed for retail customers amount to 14.9 trillion CNY, reflecting a year-on-year growth of 12.1% [2]. - The company’s earnings forecast indicates a revenue growth rate of 0.86% for 2025, 4.47% for 2026, and 2.79% for 2027. Net profit growth rates are projected at 2.91% for 2025, 4.15% for 2026, and 3.49% for 2027 [3]. Summary by Sections Financial Performance - For the fiscal year 2024, the company reported a total revenue of 337,488 million CNY, with a slight decline of 0.48% year-on-year. The net profit attributable to shareholders is projected at 148,391 million CNY, reflecting a growth of 1.22% [3]. - The company’s net interest income is expected to be 211,277 million CNY for 2024, with interest income of 374,271 million CNY and interest expenses of 162,994 million CNY [9]. Asset Quality - The non-performing loan ratio is stable at 0.95%, with a retail loan non-performing ratio of 0.96%, which has increased by 7 basis points since the beginning of the year [2]. Customer Growth - The retail customer base has reached 210 million, with AUM growing to 14.9 trillion CNY, indicating strong growth in retail financial services [2].

Investment Rating - The investment rating for the company is maintained at "Accumulate" [2][3]. Core Views - The company has announced a cash dividend of 2.00 CNY per share for the year 2024, with a dividend payout ratio of approximately 35.32%, an increase of 0.3% compared to 2023. The current stock price corresponds to a dividend yield of about 4.6% [2]. - The asset quality remains stable, with a non-performing loan ratio of 0.95% as of the end of 2024, unchanged from the previous year. The attention rate and overdue rate have increased to 1.29% and 1.33%, respectively, up by 19 basis points and 7 basis points from the end of the previous year [2]. - Retail customer numbers and AUM (Assets Under Management) continue to grow rapidly, with retail customer numbers reaching 210 million, a year-on-year increase of 6.6%. The total assets managed for retail customers amount to 14.9 trillion CNY, reflecting a year-on-year growth of 12.1% [2]. - The company’s strong capital position and deposit cost advantages are expected to support stable performance, while the retail financial business shows resilience. The gradual recovery in wealth management-related business sales is anticipated to stabilize net income from fees in the retail segment [2][3]. Financial Forecasts - The projected revenue for 2024 is 337,488 million CNY, with a growth rate of -0.48%. For 2025, the revenue is expected to increase to 340,398 million CNY, reflecting a growth rate of 0.86%, and further growth to 355,627 million CNY in 2026, with a growth rate of 4.47% [3]. - The net profit forecast for 2024 is 148,391 million CNY, with a growth rate of 1.22%. The net profit is expected to reach 152,710 million CNY in 2025, growing by 2.91%, and 159,053 million CNY in 2026, with a growth rate of 4.15% [3]. - The estimated price-to-book (PB) ratios for 2025, 2026, and 2027 are projected to be 0.99, 0.89, and 0.84, respectively, based on the closing price of 43.26 CNY per share on March 27 [2][3].

Group 1 - Jibite plans to distribute a cash dividend of 35 yuan per 10 shares to all shareholders, with a total cash dividend amounting to 718 million yuan for 2024, representing 75.94% of the net profit attributable to shareholders [1] - Other companies such as Supor, Xinhua Insurance, Jiangsu Boyun, Industrial Bank, and Haier Smart Home also announced substantial dividend plans, with Supor proposing a cash dividend of 28.1 yuan per 10 shares [1] - As of March 27, 510 listed companies in A-shares announced a total cash dividend of 595.12 billion yuan for 2024 [1] Group 2 - China Merchants Bank leads with a cash dividend of 50.44 billion yuan, proposing a cash dividend of 2.00 yuan per share, maintaining a high dividend payout ratio of 35.32% [2] - The three major telecom operators plan a total dividend of approximately 60 billion yuan, with China Mobile proposing a cash dividend of about 49.44 billion yuan [2] - State-owned enterprises are recognized as the main force in cash dividends, showing strong performance in dividend scale, payout ratio, and sustainability [2] Group 3 - Leading private enterprises like CATL and BYD have shown impressive dividend performance, with CATL planning a cash dividend of 45.53 yuan per 10 shares, totaling approximately 19.976 billion yuan [3] - BYD announced a cash dividend of 39.74 yuan per 10 shares, with a total cash dividend amounting to about 12.077 billion yuan [4] - High dividend-paying companies typically exhibit strong cash flow, a strong awareness of shareholder returns, and stable profitability [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% within the next six months [23]. Core Views - The company's performance continues to improve, with revenue growth and profit growth both increasing in Q4 2024 compared to Q3 2024 [2][3]. - In Q4 2024, revenue growth was 7.5%, a 10 percentage point increase from Q3, driven by a rapid decline in interest rates, increased fair value of bond investments, and improved non-interest income growth [3]. - The net profit attributable to the parent company grew by 7.6% in Q4 2024, up 6.8 percentage points from Q3, primarily due to significant revenue improvements [3]. - The net interest margin (NIM) for Q4 2024 was 1.94%, with a year-on-year decline of 10 basis points, but the decline rate has been narrowing [4]. - The company experienced a narrowing decline in net fee income, with a decrease of 14.3% in Q4 2024, which is an improvement of 2.6 percentage points from Q3 [5]. - The company’s retail loan non-performing ratio was 0.96% at the end of 2024, reflecting a slight increase, while the corporate loan non-performing ratio improved to 0.94% [5]. - The dividend payout ratio for 2024 was 35.32%, a slight increase from 2023 [6]. Financial Summary - Revenue projections for 2025-2027 are estimated at 346.5 billion, 356.5 billion, and 375.8 billion respectively, with corresponding growth rates of 2.7%, 2.9%, and 5.4% [7]. - The net profit attributable to the parent company is forecasted to be 154.1 billion, 160.5 billion, and 169.0 billion for the same years, with growth rates of 3.9%, 4.1%, and 5.3% respectively [7]. - As of March 27, 2025, the closing price was 43.26 yuan, with a total market capitalization of approximately 892.41 billion yuan [8].

每经编辑 杜宇 3月27日深夜，黄金持续上涨，伦敦金现刷新历史新高至3059.63美元/盎司，纽约黄金也一度涨至3071.30美元/盎司，创下新高。 3月28日，国际金价再次冲高。伦敦金现突破3070美元/盎司关口，再创新高。 截至发稿，伦敦金报3079.25美元/盎司，涨幅达0.74%。纽约黄金报3120.13美元/盎司，涨幅达0.95%。 随着金价的持续上涨，日前多家银行对积存金产品的起购金额进行了上调。 3月26日，建设银行发布公告称，自3月31日9:10起该行个人黄金积存业务定期积存起点金额（包括日均积存及自选日积存）由700元上调至800元。 3月28日，国内黄金首饰价格也进一步上涨，最高已突破930元/克。周生生足金首饰价格涨至934元/克，周大福、六福等足金首饰价格涨至932元/克，老凤祥 足金首饰价格涨至929元/克。 多家银行对积存金产品的起购金额进行了上调 图片来源：建设银行官网 3月21日，招商银行发布公告称，自3月27日起，黄金账户活期买入起点及黄金账户定投起点由700元/克调整为750元/克。这是招商银行年内第二次上调积存 金起投点，此前该行在2月宣布将积存金起点从650元/克上调为 ...

经济观察报记者老盈盈2020年，招商银行（600036）(600036.SH/03968.HK)提出打造大财富管理价值循 环链，志在用全新的模式，将客户资金端和融资端需求更有效地连接起来，同时也希望让招行变得相对 更弱周期和轻资本。 从近几年该行的业绩报告来看，2022年至2024年，招商银行非利息净收入在营业收入中的占比分别为 36.7%、36.7%、37.4%，占比基本企稳并小幅提升，但与大财富管理密切相关的净手续费及佣金收入在 营业收入的占比却连续下跌。2022年至2024年，净手续费及佣金收入在营业收入中的占比分别为 27.34%、24.80%、21.36%。 非利息净收入一般由净手续费及佣金收入和其他净收入组成。2024年，招商银行实现非利息净收入 1262.11亿元，同比增长1.41%，其中净手续费及佣金收入720.94亿元，同比下降14.28%。 3月27日，招商银行管理层在2024年度业绩说明会上表示，在信贷需求不足，居民投资、消费需求疲软 的背景下，净手续费及佣金收入也因此受到影响。在2024年的非利息净收入中，其他净收入由于2024年 债券市场利率下行，产生了可观的收益，同时也为整个非利息 ...

2025年3月27日，招商银行（600036）发布公告称，根据2025年清明节、国际复活节期间国内外金融市 场假期安排，现将招商银行部分个人贵金属及个人外汇交易业务的交易时间通告如下。 一、2025年清明节假期 1、个人黄金账户业务 2025年4月3日（周四）24:00闭市，2025年4月7日（周一）09:00开市。 2、招行金生利业务 2025年4月4日（周五）起停止办理购买、赎回及提金操作，2025年4月7日（周一）恢复服务。 3、实物金目标攒 2025年4月4日（周五）起停止办理定投、购买、赎回及提金操作，2025年4月7日（周一）恢复服务。设 置目标攒计划不受假期影响。 2025年4月18日（周五）15:30起停止办理购买、赎回及提金操作，2025年4月21日（周一）恢复服务。 5、个人实盘纸黄金白银、个人纸贵金属双向交易(双向纸黄金白银)业务 2025年4月5日（周六）05:00闭市，2025年4月7日（周一）08:00开市。（已停止新开仓，仅限持仓客户 的平仓交易） 6、保值看涨金业务 2025年4月4日（周五）起停止办理赎回及提金操作，2025年4月7日（周一）恢复服务。 二、2025年国际复活 ...