1、招商銀行 因您而變2021 年半年度報告股票代碼：600036招商銀行股份有限公司 2021 A 1 2 3 3 3 4 6 10 10 3.1 10 3.2 18 3.3 24 3.4 29 3.5 34 3.6 34 3.7 35 3.8 36 3.9 43 3.10 56 3.11 61 3.12 62 3.13 63 67 72 75 81 2021 A 21.2.2021 8 13 16 15 8 3.20214.5.6.7.2021 A 3/100%100%2021 A 4 1.1 1.1.1 China Merchants Bank Co.,Ltd.1.1.2 1.1.3 708
2、8 1.1.4 7088 518040+86 755 8319 8888+86 755 8319 5109 95555-7 400 820 5555-7+86 755 8307 73331.1.5 8 31 1.1.6 A 600036H 03968 1 360028 CMB 17USDPREF 046141.1.7 22230 8835 1.1.8 1.1.9 A H 18317 1712-1716 2021 A 5 1.1.10()()()()()(.hk)()1.2 1987 2002 4 2006 9 App App 1.0 2.0 3.0 3.0+3.02021 2021 1,000
3、 14 3 20 2021 500 162 27 2021 2021 2021 App 3 2021 A 6 2.1 2021 1-6 2020 1-6(%)2019 1-6 168,749 148,353 13.75 138,301 76,242 63,028 20.97 64,836 76,323 62,838 21.46 64,873 61,648 50,078 23.10 50,858 61,150 49,788 22.82 50,612 60,941 49,733 22.54 50,174 6,322 254,254-97.51(55,023)(1)2.35 1.97 19.29 2
4、.01 2.35 1.97 19.29 2.01 2.34 1.97 18.78 1.99 0.25 10.08-97.52(2.18)(%)1.42 1.290.13 1.45(1)18.06 16.941.12 19.47 18.06 16.941.12 19.47 18.00 16.921.08 19.30 2021 A 7 2021 6 30 2020 12 31(%)2019 12 31 8,885,886 8,361,448 6.27 7,417,240(2)5,382,998 5,029,128 7.04 4,490,650 5,328,456 4,975,513 7.09 4,
5、438,375 54,542 53,615 1.73 52,275(3)239,692 234,664 2.14 223,097 8,124,318 7,631,094 6.46 6,799,533(2)5,980,165 5,628,336 6.25 4,844,422 2,453,136 2,306,134 6.37 1,692,068 1,382,437 1,289,556 7.20 1,346,033 1,517,728 1,400,520 8.37 1,171,221 626,864 632,126-0.83 635,100 754,875 723,750 4.30 611,301(
6、1)26.60 25.36 4.89 22.89 856,780 821,290 4.32 715,925 636,399 610,092 4.31 550,339 5,350,441 4,964,542 7.77 4,606,786(1)9 2017 2020 7 19.75(2)2018 2018(3)11.10 9(a)(4)1 2021 1-6 23 250(62)211 209 2 2021 A 8 2.2(%)2021 1-6 2020 1-6 2019 1-6(1)2.41 2.42 0.01 2.58(2)2.49 2.50 0.01 2.70 58.87 61.25 2.38
7、 63.20 41.13 38.75 2.38 36.80(3)27.95 28.22 0.27 27.59(1)=(2)=(3)=(%)2021 6 30 2020 12 31 2019 12 31 1.01 1.07 0.06 1.16(1)439.46 437.68 1.78 426.78(2)4.45 4.67 0.22 4.97 2021 1-6 2020 1-6 2019 1-6(3)0.56 1.55 0.99 1.43(1)=(2)=(3)=100%=+2 3.2.8(%)2021 6 30 2020 12 31 2019 12 31 11.89 12.29 0.40 11.9
8、5 13.47 13.98 0.51 12.69 16.01 16.54 0.53 15.54 10.46%11.84%13.38%2021 A 9 2.3(%)2021 6 30 2020 12 31 2019 12 31 25 45.20 42.06 51.18 25 73.28 57.10 68.15 10 2.60 3.48 4.89 15.51 17.50 18.34(1)(2)=(3)=(%)2021 1-6 2020 1-6 2019 1-6 0.68 0.96 0.87 26.26 27.28 30.34 38.53 64.69 33.65 8.63 12.32 10.32=1
9、00%=100%=100%=100%2.4 2021 1-6 2021 6 30 2021 A 10 3.1 2021 1,687.49 13.75%611.50 22.82%993.41 9.32%694.08 20.75%(ROAA)(ROAE)1.42%18.06%0.13 1.12 88,858.86 6.27%53,829.98 7.04%81,243.18 6.46%59,801.65 6.25%545.42 9.27 1.01%0.06 439.46%1.78 4.45%0.22 3.2 3.2.1 763.23 21.46%19.23%1.08 2021 1-6 2020 1-
10、6 99,341 90,873 8,468 52,254 42,269 9,985 17,154 15,211 1,943(47,168)(41,860)(5,308)(1,426)(1,304)(122)(41,895)(40,443)(1,452)15 15(2,033)(1,718)(315)81(190)271 76,323 62,838 13,485(14,675)(12,760)(1,915)61,648 50,078 11,570 61,150 49,788 11,362 2021 A 11 3.2.2 1,687.49 13.75%58.87%41.13%2.383.2.3 1
11、,592.43 3.62%1,225.373.52%2021 1-6 2020 2020 1-6%2,106,133 39,925 3.82 2,024,891 80,575 3.98 2,023,642 41,687 4.14 2,792,903 77,542 5.60 2,506,828 147,704 5.89 2,399,571 72,824 6.10 352,747 5,070 2.90 291,660 7,825 2.68 288,670 3,865 2.69 5,251,783 122,537 4.71 4,823,379 236,104 4.89 4,711,883 118,3
12、76 5.05 2021 18,845.04 491.54 5.26%30,404.54 677.77 4.50%268.00 7.17%3.37%15 60.12 8.31%1.83%14 2021 A 12 3.2.4 599.02 4.63%403.83 3.66%2021 1-6 2020 2020 1-6%2,360,015 10,587 0.90 1,964,687 17,052 0.87 1,834,517 7,931 0.87 1,448,335 18,982 2.64 1,496,594 42,746 2.86 1,530,528 21,555 2.83 3,808,350
13、29,569 1.57 3,461,281 59,798 1.73 3,365,045 29,486 1.76 1,438,987 2,477 0.35 1,261,244 4,377 0.35 1,201,383 2,091 0.35 620,847 8,337 2.71 654,057 19,077 2.92 679,709 10,339 3.06 2,059,834 10,814 1.06 1,915,301 23,454 1.22 1,881,092 12,430 1.33 5,868,184 40,383 1.39 5,376,582 83,252 1.55 5,246,137 41
14、,916 1.61 89.94 21.07%60.47 29.44%2021 A 13 3.2.5 993.419.32%2021 1-6 2020 2020 1-6%5,251,783 122,537 4.71 4,823,379 236,104 4.89 4,711,883 118,376 5.05 1,603,733 26,800 3.37 1,513,824 51,843 3.42 1,427,366 25,008 3.52 535,456 3,894 1.47 490,092 7,475 1.53 488,521 3,744 1.54 663,011 6,012 1.83 615,3
15、16 12,003 1.95 670,526 6,557 1.97 8,053,983 159,243 3.99 7,442,611 307,425 4.13 7,298,296 153,685 4.23%5,868,184 40,383 1.39 5,376,582 83,252 1.55 5,246,137 41,916 1.61 1,080,418 8,994 1.68 941,182 15,481 1.64 889,274 7,429 1.68 389,049 6,047 3.13 453,885 14,652 3.23 525,046 8,570 3.28 304,029 4,187
16、 2.78 282,976 8,413 2.97 302,886 4,583 3.04 14,370 291 4.08 14,582 596 4.09 15,528 314 4.07 7,656,050 59,902 1.58 7,069,207 122,394 1.73 6,978,871 62,812 1.81 99,341 185,031 90,873 2.41 2.40 2.42 2.49 2.49 2.50 3.99%24 1.58%23 2.41%2.49%1 2021 A 14 2021 1-62020 1-6 12,269(8,108)4,161 2,878(1,086)1,7
17、92 331(181)150(86)(459)(545)15,392(9,834)5,558 4,165(5,698)(1,533)1,571(6)1,565(2,138)(385)(2,523)3(399)(396)(24)1(23)3,577(6,487)(2,910)11,815(3,347)8,468 2021 A 15 2021 1-3 2021 4-6%5,213,564 60,863 4.73 5,289,582 61,674 4.68 1,592,140 13,299 3.39 1,615,199 13,501 3.35 537,166 1,942 1.47 533,765 1
18、,952 1.47 637,653 2,883 1.83 688,090 3,129 1.82 7,980,523 78,987 4.01 8,126,636 80,256 3.96%5,861,988 20,075 1.39 5,874,312 20,308 1.39 1,071,427 4,433 1.68 1,089,310 4,561 1.68 346,065 2,692 3.15 431,561 3,355 3.12 308,182 2,117 2.79 299,922 2,070 2.77 14,978 146 3.95 13,769 145 4.22 7,602,640 29,4
19、63 1.57 7,708,874 30,439 1.58 49,524 49,817 2.44 2.38 2.52 2.46 2021 2.46%2.38%6 2021 A 16 3.2.6 694.0820.75%522.54 23.62%158.82 17.14%151.73 40.36%93.96 0.23%72.77 14.38%38.525.42%171.54 12.77%111.07 3.67%34.26 11.96%6.96 18.64 330.06 25.74%47.55%269.34 11.99%38.81%94.6831.88%13.64%2021 1-6 2020 1-
20、6(%)56,005 45,611 22.79 9,396 9,418-0.23 7,277 6,362 14.38 15,173 10,810 40.36 3,852 3,654 5.42 15,882 13,558 17.14 4,425 1,809 144.61(3,751)(3,342)12.24 52,254 42,269 23.62 17,154 15,211 12.77 696(1,168)11,107 11,530-3.67 1,925 1,789 7.60 3,426 3,060 11.96 69,408 57,480 20.75 2021 A 17 3.2.7 471.68
21、 12.68%13.57%15.19%27.95%0.27 28.25%0.39 2021 1-6 2020 1-6 31,327 27,583 4,938 4,812 10,903 9,465 47,168 41,860 3.2.8 418.953.59%2021 1-6 2020 1-6 14,457 36,211 9,092 1,178 4,419 672 13,662 1,923 265 459 41,895 40,443 144.57 274.38 2021 A 18 3.3 3.3.1 88,858.86 6.27%3.3.1 2021 6 30 2020 12 31%5,393,
22、079 60.69 5,038,883 60.26(1)(239,049)(2.69)(234,522)(2.80)5,154,030 58.00 4,804,361 57.46 2,185,272 24.59 2,130,889 25.48 573,887 6.46 546,416 6.53(2)710,732 8.00 616,516 7.37 9,954 0.11 9,954 0.12(3)252,011 2.84 253,312 3.04 8,885,886 100.00 8,361,448 100.00(1)11.109(a)(2)(3)3.3.1.1 53,829.98 7.04%
23、60.58%0.43 2021 A 19 3.3.1.2 2021 6 30 2020 12 31%31,690 1.46 47,272 2.24 474,776 21.94 495,723 23.50 176,182 8.14 177,760 8.43 134,506 6.22 175,303 8.31 164,088 7.58 142,660 6.76 1,069,978 49.45 1,034,269 49.02 962,064 44.46 911,409 43.20 139,172 6.43 148,386 7.03 606 0.03 592 0.03(31,864)(1.47)(26
24、,118)(1.24)558,550 25.81 510,307 24.19 7,031 0.33 7,139 0.34 21,896 1.01 14,922 0.71 2,163,921 100.00 2,109,632 100.00 2021 A 20 48(f)2021 6 30 2020 12 31 2,985,950 9,402(9,194)3,303,805 12,568(12,389)1,384,539 19,033(25,510)1,266,675 33,166(36,221)179,679 3,255(2,611)145,190 1,538(1,451)4,550,168 3
25、1,690(37,315)4,715,670 47,272(50,061)4,747.7610 10,699.7811 5,585.5012 70.3113 2021 A 21 2021 6 30 2020 12 31 1,057,733 943,029 383,116 347,814 148,574 167,553107,373 141,080 1,696,796 1,599,476(%)2016 12,243 3.05 2026/8/25 2018 7,600 4.73 2025/4/2 2012 6,342 4.06 2022/7/9 2013 5,530 4.43 2023/1/10
26、2018 5,430 4.98 2025/1/12 2019 4,820 3.68 2026/2/26 2014 4,780 5.67 2024/4/8 2012 4,690 4.29 2022/9/17 2012 4,630 4.44 2022/4/23 2016 4,490 3.80 2036/1/25 218.96 46.74%14 3.3.1.3 5.7999.54 2021 A 22 3.3.2 81,243.18 6.46%3.3.2 2021 6 30 2020 12 31%6,018,945 74.09 5,664,135 74.22(1)1,058,259 13.03 1,0
27、09,846 13.23 304,116 3.74 331,622 4.35 109,988 1.35 110,412 1.45 428,718 5.28 346,141 4.54(2)204,292 2.51 168,938 2.21 8,124,318 100.00 7,631,094 100.00(1)(2)2021 A 23 59,801.65 6.25%73.61%2021 6 30 2020 12 31%2,453,136 41.02 2,306,134 40.98 1,382,437 23.12 1,289,556 22.91 3,835,573 64.14 3,595,690
28、63.89 1,517,728 25.38 1,400,520 24.88 626,864 10.48 632,126 11.23 2,144,592 35.86 2,032,646 36.11 5,980,165 100.00 5,628,336 100.00 64.74%4.74 61.97%5.21 69.86%4.013.3.3 7,548.75 4.30%3,988.25 7.71%96.43 29.47%2021 A 24 3.4 3.4.1 2021 6 30 2020 12 31%5,290,801 98.29 4,934,797 98.12 37,655 0.70 40,71
29、6 0.81 16,443 0.31 14,760 0.29 22,840 0.42 22,000 0.44 15,259 0.28 16,855 0.34 5,382,998 100.00 5,029,128 100.00 54,542 1.01 53,615 1.07 545.42 9.27 1.01%0.06 376.55 30.610.70%0.113.4.2 2021 6 30 2020 12 31%(1)%(1)2,091,932 38.86 32,910 1.57 2,017,232 40.11 31,858 1.58 750,545 13.94 20,352 2.71 744,
30、220 14.80 22,333 3.00 787,803 14.64 8,511 1.08 702,892 13.98 5,412 0.77 214,799 3.99 731 0.34 212,786 4.23 1,010 0.47(2)338,785 6.29 3,316 0.98 357,334 7.10 3,103 0.87(3)426,076 7.92 330,736 6.58 2,864,990 53.22 21,632 0.76 2,681,160 53.31 21,757 0.81 541,023 10.05 2,788 0.52 475,728 9.46 3,026 0.64
31、 1,330,036 24.71 3,323 0.25 1,274,815 25.35 3,759 0.29 796,985 14.81 12,586 1.58 746,687 14.85 12,424 1.66(4)196,946 3.65 2,935 1.49 183,930 3.65 2,548 1.39 5,382,998 100.00 54,542 1.01 5,029,128 100.00 53,615 1.07(1)(2)(3)(4)2021 A 25 28,649.90 6.86%216.32 1.25 0.76%0.05 125.86 1.62 1.58%0.08 20,91
32、9.32 3.70%14.64%0.66 329.10 10.52 1.57%0.013.4.3 2021 6 30 2020 12 31%(1)%(1)2,091,932 38.86 32,910 1.57 2,017,232 40.11 31,858 1.58 427,559 7.94 3,269 0.76 412,424 8.20 3,489 0.85 404,464 7.51 4,328 1.07 390,792 7.77 1,190 0.30 294,454 5.47 9,079 3.08 283,135 5.63 10,057 3.55 177,969 3.31 879 0.49
33、170,413 3.39 842 0.49 169,062 3.14 6,027 3.56 155,028 3.08 6,227 4.02 144,966 2.69 5,735 3.96 149,775 2.98 6,361 4.25 108,653 2.02 90 0.08 114,294 2.27 239 0.21 117,435 2.18 681 0.58 103,619 2.06 890 0.86 71,988 1.34 715 0.99 64,135 1.28 824 1.28 67,228 1.25 242 0.36 55,294 1.10 145 0.26 35,305 0.66
34、 1,050 2.97 40,676 0.81 783 1.92(2)72,849 1.35 815 1.12 77,647 1.54 811 1.04 426,076 7.92 330,736 6.58 2,864,990 53.22 21,632 0.76 2,681,160 53.31 21,757 0.81 5,382,998 100.00 54,542 1.01 5,029,128 100.00 53,615 1.07(1)(2)2021 A 26 3.4.4 2021 6 30 2020 12 31%(1)%(1)(2)894,583 16.62 17,735 1.98 858,1
35、97 17.06 17,325 2.02 1,146,547 21.30 6,689 0.58 1,037,683 20.63 7,634 0.74 686,663 12.76 7,836 1.14 633,008 12.59 6,942 1.10 937,629 17.41 6,529 0.70 882,726 17.56 6,555 0.74 180,975 3.36 3,562 1.97 166,632 3.31 3,772 2.26 542,009 10.07 5,843 1.08 510,537 10.15 4,247 0.83 561,839 10.44 3,935 0.70 51
36、2,103 10.18 4,640 0.91 107,223 1.99 390 0.36 129,020 2.57 342 0.27 325,530 6.05 2,023 0.62 299,222 5.95 2,158 0.72 5,382,998 100.00 54,542 1.01 5,029,128 100.00 53,615 1.07(1)(2)0.253.4.5 2021 6 30 2020 12 31%1,864,395 34.62 18,945 1.02 1,758,502 34.97 18,725 1.06 738,330 13.72 17,835 2.42 696,634 1
37、3.85 16,201 2.33 2,026,608 37.65 12,921 0.64 1,914,658 38.07 13,544 0.71 327,589 6.09 4,841 1.48 328,598 6.53 5,145 1.57 426,076 7.92 330,736 6.58 5,382,998 100.00 54,542 1.01 5,029,128 100.00 53,615 1.07 4.95%5.99%6.02%0.09 2021 A 27 3.4.6 2021 6 30%A 19,959 2.33 0.37B 18,118 2.11 0.34C 14,150 1.65
38、 0.26D 12,000 1.40 0.22E 10,305 1.20 0.19F 10,000 1.17 0.19G 9,136 1.07 0.17H 8,925 1.04 0.17I 8,752 1.02 0.16J 8,418 0.99 0.15 119,763 13.98 2.22 199.59 2.33%1,197.63 13.98%14.71%2.22%3.4.7 2021 6 30 2020 12 31%3 13,409 0.25 15,584 0.313 1 19,547 0.36 20,112 0.401 3 16,747 0.31 15,473 0.313 5,139 0
39、.10 5,399 0.10 54,842 1.02 56,568 1.12 5,382,998 100.00 5,029,128 100.00 548.42 17.26 1.02%0.10 30.45%26.66%42.89%901.32 2021 A 28 3.4.8 2021 6 30 2020 12 31%20,797 0.39 24,878 0.49 90 13,858 0.26 15,169 0.30 0.39%0.103.4.9 6.67 0.87 5.80 19.523.4.10 2021 1-6 2020 234,664 223,097 14,457 46,882(141)(
40、186)5,485 8,781(14,789)(43,734)16(176)239,692 234,664 2,396.9250.28 439.46%1.78 4.45%0.22 2021 A 29 3.5 3.5.1 8%6%5%2.5%0%0%10.5%8.5%7.5%3.5.2 1 2 3 10%4 10%5 2021 A 30 3.5.3 11.89%13.47%16.01%0.40 0.51 0.533.9 2021 6 30 2020 12 31(%)(1)636,399 610,092 4.31 720,453 694,184 3.78 856,780 821,290 4.32
41、4,588,660 4,298,888 6.74 4,024,988 3,731,603 7.86 71,982 75,595-4.78 491,690 491,690 5,350,441 4,964,542 7.77 11.89%12.29%0.40 13.47%13.98%0.51 16.01%16.54%0.53(2)10,076,553 9,395,026 7.25 7.15%7.39%0.24(1)2012 6 7 95%90%80%2021(2)2015 2 12 2021 202020207.40%7.39%7.26%2021 A 31 11.40%13.07%15.73%0.4
42、1 0.55 0.562021 6 30 2020 12 31(%)555,611 532,209 4.40 636,846 613,444 3.81 766,194 734,022 4.38 4,102,294 3,848,927 6.58 3,592,783 3,336,234 7.69 59,353 62,535-5.09 450,158 450,158 4,872,328 4,505,299 8.15 11.40%11.81%0.41 13.07%13.62%0.55 15.73%16.29%0.56 10.46%11.84%13.38%0.22 0.32 0.412021 6 30
43、2020 12 31(%)636,399 610,092 4.31 720,453 694,184 3.78 814,179 787,438 3.40 6,086,169 5,710,544 6.58 10.46%10.68%0.22 11.84%12.16%0.32 13.38%13.79%0.41 2012 6 7 2021 A 32 9.91%11.35%12.90%0.21 0.32 0.412021 6 30 2020 12 31(%)555,611 532,209 4.40 636,846 613,444 3.81 723,592 700,171 3.35 5,609,011 5,
44、258,694 6.66 9.91%10.12%0.21 11.35%11.67%0.32 12.90%13.31%0.41 3.5.4 2021 6 30 1,555,616 1,555,616 2,046,104 2,046,104 3,652,684 3,652,684 1,323,013 1,323,013 1,747,609 1,747,609 582,062 582,062 2,998,284 3,438,889 144,012 148,724 12,337 13,974 27.95 349.40 2021 6 30 15,179 167 2021 A 33 2021 6 30 1
45、37,648 115,826 675,017 55,833 8,958 96,914 2,081 3.5.5 719.82 57.5937.9319.66 250 99%102021 6 30 1 594 5372 823 6773 370 3614 521 493 3.5.6 393.354,916.90 2021 A 34 3.6 2021 1-6 2020 1-6 40,580 90,213 33,878 78,779 31,979 69,896 26,268 62,936 3,764 8,640 2,692 6,638 76,323 168,749 62,838 148,353 405
46、.80 19.78%53.17%902.13 14.51%53.46%28.77%0.4845 3.7 3.7.1 21,372.0946 3.7.2 3.7.3 9,755 122,537(122,211)10,081 21,346 26,800(23,945)24,201 5,062 9,906(9,359)5,609(892)(219)48(1,063)35,271 159,024(155,467)38,828 2021 6 30 38,828 1,063 13,755 1,597 2021 A 35 3.7.4 63.22 2,479.32-419.20 1,374.24 782.00
47、2,530.473.8 2018 3.03.0 1.1.65(AUM)10+App 1.58 App 1.17 App 50 21.77 1.83 9.18%98.22%150.36%81.05%3.01IPO54.77%32,713.1517.80%55(MAU)AUM App1 1,563.92 29.17%97.62%App6.12 26.85%84.19%44 241 AUM REITs 9 7 7 2 1 2021 2021 A 36 2.M+App App MAU 1.05 19 MAU App 3,075 1,800 66 44 22 1,734(CBS)57.73%25.93%
48、2.92 1.47 31,932 183.64%342.963.500 47 OKR 100 3.9 1.2021 2.49%1 2.54%3 2(LPR)2021 A 37 2.694.08 20.75%41.13%2.38 522.54 23.62%75.29%1.75 171.5412.77%206.12 33.60%67.19 39.75%55.59 32.51%45.28 23.85%228.74 32.56%7.57 66.39%1.75 19.86%348.60 37.60%28.57 29.80%93.96 0.23%72.77 14.38%3.57,417.48 3,338.
49、21 6.17%M24 50,352.63 3,247.44 6.89%38,338.24 2,331.72 6.48%65.45%4.59 2,626.4043.854.57%0.37 2 3 4 2021 A 38 4.2021 50,584.33 6.93%28,225.25 1,785.72 6.75%18,161.11 571.60 3.25%62.02 32.09%55,751.83667.2213.12%6.19 2,343.72 4.79%21 2020 2021 1,795.88 2021270.16 154.065.232.42 46.90 0.95%0.34 65.61
50、13.88 25.31 15.54 141.50 17.48 2,332.44 50.28 444.11%0.60 4.61%0.21 0.59%1.073.2.8 221.75 100.57 65.84 48.57 6.775 1,000+2021 A 39 6.2021 6 30%1,816,111 30,948 1.70 8,861 0.49 25,485 1.40 419,797 10 2,822,525 21,571 0.76 25,998 0.92 27,670 0.98 539,420 2,776 0.51 890 0.16 2,769 0.51 1,319,570 3,288
