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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].