Guoxin Securities publica relatório de investigação do China Merchants Bank: fundo de desempenho claro, alvo de alta qualidade com equilíbrio entre ataque e defesa

每经AI快讯，国信证券3月29日发布研报称，给予招商银行（600036.SH，最新价：39.44元）"优于大市"评级。
A Every Daily AI News, Guosen Securities published a research report on March 29, giving China Merchants Bank (600036.SH, latest price: 39.44 RMB) an “outperform” rating.
评级理由主要包括：1）业绩底部明确，营收扭转了过去两年同比下降态势；
The reasons for the rating mainly include: 1) Clear bottom performance, revenue reversed the decline trend of the past two years compared to the same period;
2）四季度净息差环比企稳回升，规模扩张稳健；
2) In the fourth quarter, the net interest margin stabilized and rebounded quarter-on-quarter, with steady scale expansion;
3）公司客群优质，大财富管理业务收入恢复高增；
3) The company has a high-quality customer base, and the income from wealth management business has resumed high growth;
4）2025年大财富管理业务收入440.1亿元，同比增长16.9%，占营收的13.04%；
4) In 2025, the income from wealth management business will reach 44.01 billion RMB, a year-on-year increase of 16.9%, accounting for 13.04% of revenue;
5）资产质量稳健，小微零售业务阶段性承压。
5) Asset quality is stable, but the small and micro retail business is under temporary pressure.
风险提示：宏观经济复苏不及预期会拖累公司净息差和资产质量。
Risk reminder: A slower-than-expected macroeconomic recovery could drag down the company’s net interest margin and asset quality.

每经头条（nbdtoutiao）——美伊战争，“石油美元黄昏”！
Every Daily Headline (nbdtoutiao) - US-Iran War, “The Twilight of Petrodollars”!
美国无力保护海湾国家，石油贸易加速去美元，英国财政部前大臣：投靠美国再也无法换取安全保障！
The US is unable to protect Gulf countries, oil trade accelerates de-dollarization, former UK Treasury Secretary: Relying on the US can no longer guarantee security!

（记者 张喜威）
(Reporter Zhang Xiwei)

免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。
Disclaimer: The content and data of this article are for reference only and do not constitute investment advice. Please verify before use.
据此操作，风险自担。
Acting on this is at your own risk.

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