招商银行(600036)_公司公告_招商银行：2025年半年度报告_公司公告

招商银行：2025年半年度报告（下载公告）
公告日期:2025-08-30
2025年半年度報告A股股票代碼： 600036招商銀行股份有限公司 2025A 10 3.111 3.217 3.322 3.428 3.532 3.632 3.733 3.837 3.943 3.1055 3.1160 3.1261 (ESG) 2025A / / 100%100% 2025A 1. 2. 2025829 3. 20252024 2025202612 4. 2025 20255.6.7. 2025A 1.1 1.1.1 China Merchants Bank Co., Ltd. 1.1.2 1.1.3 7088 1.1.4 7088518040+86 755 8319 8888+86 755 8319 5555 cmb@cmbchina.com www.cmbchina.com 95555-7+86 400 820 5555-7 1.1.5 831 1.1.6 A600036H03968 1360028 1.1.7 11701-12 鲗97927 1.1.8 2025A 1.1.9 A +86 4008 058 058H 183171712-1716 +852 2862 8555 1.1.10 ( www.cs.com.cn )( www.stcn.com )( www.cnstock.com ) ( www.sse.com.cn )( www.cmbchina.com ) ( www.hkex.com.hk ) ( www.cmbchina.com ) 1.2 19872002420069 AppApp 2025A 2.1 2025 1-6 20241-6(%) 2023 1-6 169,969172,945-1.72178,46088,95289,664-0.7990,87988,90689,641-0.8290,88475,40575,3790.0376,43774,93074,7430.2575,75274,81974,6240.2675,488134,461108,18024.2994,352 (1) 2.89 2.89–2.93 2.89 2.89–2.93 2.89 2.880.352.91 5.33 4.2924.243.74 (%) 1.21 1.320.111.45 (1) 13.85 15.441.5917.55 13.85 15.441.5917.55 13.83 15.411.5817.49 2025A 2025 20241231(%) 20231231 12,657,15112,152,0364.1611,028,483 (2) 7,116,6166,888,3153.316,508,865 7,050,2466,822,7053.346,447,286 66,37065,6101.1661,579 (3) 272,733270,3010.90269,53411,360,29110,918,5614.059,942,754 (2) 9,422,3799,096,5873.588,155,438 2,747,9532,772,365-0.882,644,685 2,422,2012,291,1885.722,015,837 2,060,4851,980,2514.051,829,612 2,191,7402,052,7836.771,665,3041,289,2331,226,0145.161,076,370 (1) 42.10 41.461.5436.711,374,5341,311,7424.791,181,487 1,264,0371,203,4945.031,057,754 1,036,5911,023,0481.32907,308 110,497108,2482.08123,7337,404,7036,885,7837.546,608,0211,357,8751,293,8014.951,144,901 1,264,0371,203,4945.031,057,754 1,036,5911,023,0481.32907,308 93,83890,3073.9187,1478,697,3768,227,3905.717,652,723 (1) 9(2)(3) (4) 1 20251-620241-6 (35)(36) – 2025A 2.2 (%) 2025 1-6 2024 1-6 20231-6 (1) 1.79 1.880.092.12(2) 1.88 2.000.122.23 62.41 60.392.0261.08 37.59 39.612.0238.92 (3) 30.11 29.740.3729.07 (1) = (2) = (3) = (%) 2025 20241231 20231231 0.93 0.950.020.95(1) 410.93 411.981.05437.70 (2) 3.83 3.920.094.14 20251-6 2024 1-6 20231-6 (3) 0.67 0.770.100.88 (1) = (2) = (3) ==+2 (%) 2025 20241231 20231231 14.00 14.860.8613.73 17.07 17.480.4116.01 18.56 19.050.4917.88 11.92%14.53%15.61% 2025A 2.3 (%) 2025 20241231 20231231 ≥25 59.25 59.6656.24 ≥25 133.91 124.4795.90 ≥100 209.22 227.29198.01 ≤10 2.02 2.062.10 12.85 12.1612.33 (1) (2) = (3) = (%) 20251-6 2024 20241-6 2023 1.63 1.391.671.21 40.06 35.0652.9734.95 122.71 79.04130.9174.09 104.50 60.9380.7055.33 2.4 20251-62025630 2025A 3.1 3.1.1 2025LPR 3.1.2 1,699.691.72%749.30 0.25%1,060.851.57%638.84 6.73%(ROAA)(ROAE)1.21%13.85%0.111.59 126,571.514.16%71,166.16 3.31%113,602.914.05%94,223.79 3.58% 663.707.600.93% 0.02410.93%1.053.83%0.09 2025A 3.2 3.2.1 889.060.82%15.19%0.72 20251-620241-6 106,085104,44937,60238,32826,28230,168(51,171)(51,438)(1,491)(1,507)(24,623)(26,928)(11)(8)(3,721)(3,400)(46)(23)88,90689,641(13,501)(14,262)75,40575,37974,93074,743 3.2.2 1,699.691.72%62.41% 37.59%2.02 2025A 3.2.3 1,770.145.84% 1,190.809.93%LPR 20251-6202420241-6 %%% 2,983,89843,4212.932,746,03993,2823.402,728,63147,3963.493,634,06973,5264.083,533,131161,7404.583,489,49581,7714.71337,4002,1331.27387,0175,5511.43401,4673,0471.53 6,955,367119,0803.456,666,187260,5733.916,619,593132,2144.02 26,974.96527.50 3.94%42,578.71663.303.14% 449.338.05% 2.89%25 84.149.19% 3.2.4 709.2915.10% 565.1915.04% 2025A 20251-6202420241-6 %%% 2,543,8867,8480.622,488,10220,7620.832,477,89511,1000.90 2,412,90124,8302.082,305,74556,5472.452,230,19028,2402.55 4,956,78732,6781.334,793,84777,3091.614,708,08539,3401.68 1,950,7927910.081,798,3283,9030.221,813,6662,6710.30 2,132,66923,0502.181,923,49149,6122.581,816,05624,5172.71 4,083,46123,8411.183,721,81953,5151.443,629,72227,1881.51 9,040,24856,5191.268,515,666130,8241.548,337,80766,5281.60 95.658.06% 29.2324.66% 3.2.5 1,060.851.57%20251-6202420241-6 %%% 6,955,367119,0803.456,666,187260,5733.916,619,593132,2144.023,134,60844,9332.892,757,15184,9243.082,659,30941,5853.14554,4524,5871.67580,9409,6981.67588,9474,9331.68714,1858,4142.38681,86319,0762.80622,1749,2652.99 11,358,612177,0143.1410,686,141374,2713.5010,490,023187,9973.60 2025A 20251-6202420241-6 %%% 9,040,24856,5191.268,515,666130,8241.548,337,80766,5281.601,157,0839,5651.67946,26419,6292.07948,68010,4042.21187,9542,9233.14252,4487,6563.03258,0433,8803.02190,4401,7081.81207,4534,4282.13230,5492,4952.1812,4042143.4812,8474573.5612,8762413.76 10,588,12970,9291.359,934,678162,9941.649,787,95583,5481.72 106,085211,277104,449 1.79 1.861.88 1.88 1.982.00 3.14%461.35% 371.79%91.88%12 20251-620241-6 5,943(19,077)(13,134)6,760(3,412)3,348 (303)(43)(346)1,057(1,908)(851) 13,457(24,440)(10,983) 4,233(14,242)(10,009)1,730(2,569)(839)(1,100)143(957) (357)(430)(787) (8)(19)(27) 4,498(17,117)(12,619) 8,959(7,323)1,636 2025A 20254-620251-3 %% 6,995,66458,9283.386,914,62260,1523.533,227,38122,9592.853,040,80421,9742.93 536,2092,2401.68572,8982,3471.66692,7343,8172.21735,8744,5972.53 11,451,98887,9443.0811,264,19889,0703.21 %% 9,085,05327,8351.238,994,94528,6841.291,208,4194,7621.581,105,1774,8031.76165,4731,3223.20210,6851,6013.08186,1868351.80194,7418731.8212,2481013.3112,5621133.65 10,657,37934,8551.3110,518,11036,0741.39 53,08952,996 1.771.82 1.861.91 20251.86%1.77%5 3.9.1 3.2.6 638.846.73% 376.021.89%127.97 11.89%54.536.91%72.21 16.37%76.023.27% 22.896.95%26.074.95%38.98 2.04%3.9.2 262.8212.88%218.9412.28% -48.19 14.5125.55% 77.5620.55% 2025A 254.560.62%39.85% 306.989.80%48.05% 77.3012.62%12.10% 20251-620241-6(%) 41,86742,552-1.61 12,79711,43711.89 5,4535,858-6.91 7,2218,634-16.37 7,6027,859-3.27 2,2892,460-6.95 2,6072,4844.95 3,8983,8202.04(4,265)(4,224)0.97 37,60238,328-1.8926,28230,168-12.88 21,89419,49912.28 (4,819)2,286 1,4511,949-25.55 7,7566,43420.55 63,88468,496-6.73 3.2.7 511.710.52%354.840.80% 156.870.11%30.11%0.37 20251-620241-6 35,48435,76915,68715,669 4,2644,473 11,42311,196 51,17151,438 2025A 3.2.8 246.238.56% 20251-620241-6 23,34125,433(415)(1,058) 1,4462,370 (326) 24,62326,928 233.41 20.9214.469.24 3.3 3.3.1 126,571.514.16% 202563020241231 %% 7,116,61656.236,888,31556.68 (1) (270,752)(2.14)(265,365)(2.18) 6,845,86454.096,622,95054.503,973,55131.393,705,91930.50568,5654.49583,2024.80934,4577.38896,7077.389,9540.089,9540.08 (2) 324,7602.57333,3042.74 12,657,151100.0012,152,036100.00 (1)(2) 2025A 3.3.1.1 71,166.163.31% 56.23%0.453.4 3.3.1.2 202563020241231 %% 21,3970.5432,5330.88660,81916.63617,01816.65 364,5419.17265,7177.17 8,4080.215960.02 287,8707.25350,7059.461,986,40349.991,920,46151.82 1,939,11748.801,848,16249.87 81,5922.05107,1052.89 6670.026530.02 (34,973)(0.88)(35,459)(0.96) 1,248,05031.411,082,57729.21 23,8340.6022,3150.6033,0480.8331,0150.84 3,973,551100.003,705,919100.00 49(f)202563020241231 2,837,9298,888(9,127)2,099,15211,269(11,526)2,357,72311,987(13,222)1,987,79521,002(19,934)16,587522(475)11,124262(123) 5,212,23921,397(22,824)4,098,07132,533(31,583) 2025A 6,608.19 19,864.03 12,480.50 238.34 2025 20241231 2,343,7262,026,230600,602572,863421,503394,704185,877202,659 3,551,7083,196,456 2025A (%) 202220,8902.502027/8/24–201915,8503.652029/5/21–201914,7903.742029/7/12–201914,2803.452029/9/20–202412,9602.002027/4/12–202212,7102.902032/8/19–202311,4702.872028/2/6–201610,9543.052026/8/25–202210,9302.822027/6/17–20249,8902.642031/1/8– 330.486.55%14 3.3.1.3 5.7999.54 3.3.2 113,602.914.05% 202563020241231 %% 9,422,37982.949,096,58783.311,118,0339.841,017,5069.32171,7521.51189,5111.74 122,1031.0799,0440.91162,0201.43221,5832.03364,0043.21294,3302.69 11,360,291100.0010,918,561100.00 2025A 94,223.793.58%82.94% 202563020241231 %% 2,747,95329.162,772,36530.47 2,422,20125.712,291,18825.19 5,170,15454.875,063,55355.66 2,060,48521.871,980,25121.77 2,191,74023.262,052,78322.57 4,252,22545.134,033,03444.34 9,422,379100.009,096,587100.00 49.72%0.62 51.32%0.58 47.77%0.55 3.3.3 12,892.335.16%6,562.67 3.50%369.7014.53% 2025A 3.4 3.4.1 202563020241231 %% 6,948,77997.646,733,62597.76101,4671.4389,0801.2917,4860.2516,8720.2520,0680.2823,0540.3328,8160.4025,6840.377,116,616100.006,888,315100.0066,3700.9365,6100.95 663.707.600.93%0.02 2025A 3.4.2 202563020241231 %% (1) %% (1) 3,089,69143.4228,6480.932,863,74041.5730,4751.06 1,328,63218.677,7730.591,178,41217.119,9000.84 867,03912.1913,7131.58852,11512.3713,8201.62 464,2616.521660.04430,2686.251670.04 (2) 429,7596.046,9961.63402,9455.846,5881.63(3) 348,7374.9090.00379,9505.52––3,678,18851.6837,7131.033,644,62552.9135,1350.96 843,64411.858,0500.95825,44311.986,5380.79 1,438,37920.216,6110.461,417,45020.586,8400.48 924,48912.9916,1551.75947,84313.7616,5601.75 416,2885.855,8651.41396,1615.754,1161.04 (4) 55,3880.781,0321.8657,7280.841,0811.87 7,116,616100.0066,3700.936,888,315100.0065,6100.95 (1)(2)(3)(4) 30,896.917.89%43.42% 286.4818.270.93%0.13 36,781.880.92%51.68% 377.1325.781.03%0.07 2025A 3.4.3 202563020241231 %% (1) %% (1) 3,089,69143.4228,6480.932,863,74041.5730,4751.06722,02310.153,1880.44669,6309.723,2500.49563,3917.921,1400.20542,0957.871,1910.22 388,2015.455630.15343,2564.984050.12311,5544.3814,7744.74318,5514.6215,7284.94250,2483.522,5001.00227,7113.312,4361.07227,6613.202140.09194,4922.827880.41 161,1962.265980.37135,0171.965420.40139,8601.963490.25140,2642.043690.26127,1441.791,3991.10107,9661.571,3711.2759,6280.84950.1651,9670.755501.06 37,9390.531970.5237,7790.551520.40 (2) 100,8461.423,6313.6095,0121.383,6933.89348,7374.9090.00379,9505.52––3,678,18851.6837,7131.033,644,62552.9135,1350.96 7,116,616100.0066,3700.936,888,315100.0065,6100.95 (1)(2) 7,220.237.82% 10.15%0.43 2025A 202563020241231 %% (1) %% (1) 2,798,72041.4124,3460.872,590,40939.5626,1321.01691,30810.233,1340.45641,4769.803,1940.50488,4097.231,0220.21465,1297.101,0710.23 308,9234.573220.10280,6754.293880.14280,3054.1512,7864.56286,3654.3713,5874.74245,0513.632,4961.02223,7393.422,4311.09214,8683.181630.08181,4272.777310.40 145,2062.154290.30122,3751.873740.31126,1481.871,3691.09106,7441.631,3401.26114,2171.69890.08112,3671.72870.0858,1310.86950.1650,4940.775501.09 33,9420.50850.2532,6580.50520.16 (2) 92,2121.352,3562.5586,9601.322,3272.68348,7375.1690.00379,3925.80––3,611,40853.4337,5681.043,577,91954.6434,9850.98 6,758,865100.0061,9230.926,547,720100.0061,1170.93 (1)(2) 2025A 3.4.4 202563020241231 %% (1) %% (1) (2) 990,96513.9317,8201.80982,38614.2618,1371.851,600,78522.4914,3370.901,544,72122.4213,7170.891,042,97814.664,7890.46998,75414.505,9180.591,330,30718.6911,4480.861,256,35518.249,4130.75171,4002.412,9331.71173,5692.523,0021.73763,01810.725,6400.74740,87210.765,6060.76762,13410.714,6100.60753,56410.944,9720.6682,7441.163460.4281,5751.183520.43372,2855.234,4471.19356,5195.184,4931.26 7,116,616100.0066,3700.936,888,315100.0065,6100.95 (1)(2) 3.4.5 202563020241231 %%%% 2,890,89240.6229,6111.022,800,22740.6426,9420.96962,20413.5215,1221.57872,49412.6717,1541.972,441,41634.3117,9840.742,381,10834.5717,9870.76473,3676.653,6440.77454,5366.603,5270.78348,7374.9090.00379,9505.52–– 7,116,616100.0066,3700.936,888,315100.0065,6100.95 3.24%10.28% 2.53%4.14% 2025A 3.4.6 2025 %% A24,999 1.820.35 B24,700 1.800.35 C22,090 1.610.31 D20,032 1.460.28 E13,941 1.010.20 F11,494 0.840.16 G10,915 0.790.15 H10,333 0.750.15 I10,272 0.750.14 J10,210 0.740.14 158,986 11.572.23 249.991.82%1,589.8611.57% 11.71%2.23% 3.4.7 202563020241231 %% 45,0760.6342,2280.61 27,3390.3825,2010.37 17,8420.2517,5170.25 6,8270.106,9290.1097,0841.3691,8751.337,116,616100.006,888,315100.00 970.8452.091.36% 0.0334.42%16.46%49.12% 1.28601.12 2025A 3.4.8 202563020241231 %% 26,1230.3724,8260.36 909,1090.138,0840.12 0.37% 0.01 3.4.9 5.051.373.68 54.76 3.4.10 20251-62024 270,301269,53423,34143,6085,51410,274(26,054)(53,154)(369) 272,733270,301 2,727.33 24.32410.93%1.053.83%0.09 9(c) 3.5 3.5.1 11.25%9.25% 8.25%4.375% 3.5.2 2025A 10% 10% 3.5.3 14.00%17.07% 18.56%0.860.410.49 2025 20241231(%) (1) 1,036,5911,023,0481.321,264,0371,203,4945.031,374,5341,311,7424.797,404,7036,885,7837.54 6,308,2295,973,2615.61 380,712196,76093.49 715,762715,762–7,404,7036,885,7837.54 14.00% 14.86%0.86 17.07% 17.48%0.41 18.56% 19.05%0.49 (2) 14,904,57714,218,7734.82 8.48% 8.46%0.02 (1) 2023111 (2) 2024=╱20252024 20248.35%8.46%8.27% 2025A 13.82%17.03% 18.55%1.020.500.62 2025 20241231(%) 921,977914,2750.841,135,8461,080,1445.161,237,1821,180,7864.786,669,0946,160,9778.25 5,667,4265,321,4536.50 341,301179,15790.50 660,367660,367–6,669,0946,160,9778.25 13.82% 14.84%1.02 17.03% 17.53%0.50 18.55% 19.17%0.62 11.92%14.53% 15.61%0.510.100.12 2025 20241231(%) 1,036,5911,023,0481.321,264,0371,203,4945.031,357,8751,293,8014.958,697,3768,227,3905.71 11.92% 12.43%0.51 14.53% 14.63%0.10 15.61% 15.73%0.12 2025A 11.58%14.27% 15.35%0.610.130.14 2025 20241231(%) 921,977914,2750.841,135,8461,080,1445.161,221,7731,162,4135.117,961,7617,503,2606.11 11.58% 12.19%0.61 14.27% 14.40%0.13 15.35% 15.49%0.14 3.5.4 2025630 1,333,4871,332,580 2,948,6822,948,682 4,635,3514,635,351 1,415,9491,415,949 2,428,4612,428,461 790,941790,941 5,712,8356,568,710 240,274285,67225,50829,723 19.37242.13 2025630 6,976– 655– 2025A 3.5.5 3,807.12 304.57 3.5.6 7,157.62 572.61 3.6 20251-620241-6 52,03696,19351,19895,94337,05770,32136,43372,035 (187)3,455 2,0104,967 88,906169,96989,641172,945 520.361.64%58.53% 1.42961.930.26%56.59%1.11 31.37%0.86 3.7 3.7.1 32,586.49 2025A 3.7.2 3.7.3 94.6737.38 3.7.4 1,344.61262.81 -1,743.911,193.69 -213.651,038.18 3.8 3.8.1 2.162.86%336.79 6.36% ROAAROAE1.21%13.85%167App ESG 2025A 3.8.2 6.56%23.72% 9.49% 25.28%78,5692,226.35 14.95%25.16% 3.8.3 202573 2.46 554.275,228.89 1,643.88 2,140.16 12.85%IPO (AUM)6,236.9316.51% 9,320.90 9.00%12.56%2.95 3.8.4 (AUM)16.03 7.39%40,166.244.99%36,114.08 0.94%55% 6.00% 2024 2025A 50,468.081.91%27,987.208.04%6,962.0517.91%4,147.14 12.90% 6,913.087.77% (FPA) 8.90%27.39%129.37%66,58514.95% 6,107.004.90%TREE1,132.679.17% 4,590.5914.80%4.45 24.14 3.8.5 AI+ 44.442.93%10,7829.13%AI 3862144,7964,007AppApp(MAU)1.21 App 94.26%84.33%0.456.92 213.0512.61% 70.92 15.28%AI 111+ AI 20228 2025A (GRS) 70.00% 15.97% 2,791.0547.96% AIAI CRMCRM7,000 GPTGPT 14.91 2380% 54.86 54.05% +AI+ 99.999% 6,314ITAI80% 65%AI AI 3.9 AI Agent 2025A 3.8.6 0.98%AI 100%AI 3.8.7 (AUM) 0.43 0.22 3.8.8 0.92%0.01 (GRS) 3.9 3.9.1 1.88%1.94%1213 101.86%1.91%5LPR 2025A 20255 3.9.2 638.846.73% 37.59%2.02376.02 1.89%58.86%262.8212.88% 3.2.6208.57 5.45% 127.97 11.89%45.9126.27% 32.0918.76%24.38 14.35%15.63 46.90%8.2366.94% 54.536.91% 26.074.95% 72.2116.37%76.023.27% 3.9.3 2025A 3,609.623.51% 1,943.1212.84%2,803.0560.604.15% 0.2285% 4.56%0.18 3.9.4 90,634.323.25%20242025 76,090.58 7.77%87.36%1.1243,777.36 4.78%50.26%0.77 3.9.5 67,588.653.22%57.28%0.2636,114.080.94%53.43%1.21 27,987.20 8.04%41.41%1.85 31,840.8410.60% 26.98%1.68 2025A 3.9.6 327.217.490.98% 0.0422.2232.92 107.3043.01197.692.60 2,617.0418.19422.63%2.60 3.87%0.100.67%0.07 318.46 146.21127.1930.91 14.15 3.9.7 3.9.3 2025630 %%% 2,798,72024,3460.8723,9230.8528,3861.01 348,73790.00200.01––3,611,40837,5681.0469,8671.9361,8871.71 841,7518,0500.964,7840.579,9561.18 1,423,8596,5220.4620,1571.4211,8410.83 1,340,66122,0181.6444,8983.3539,1042.92 924,37316,1531.7542,4794.6032,0113.46 416,2885,8651.412,4190.587,0931.70 5,13797819.04280.5598619.19 6,758,86561,9230.9293,8101.3990,2731.34 2025A 20241231 %%% 2,590,40926,1321.0118,5620.7224,3750.94 379,392––420.01––3,577,91934,9850.9863,8911.7962,2911.74 823,8936,5380.794,0380.498,0160.97 1,403,7556,7610.4817,9331.2811,3830.81 1,343,87020,6731.5441,8753.1241,8553.11 947,70916,5571.7539,5644.1736,6633.87 396,1614,1161.042,3110.585,1921.31 6,4011,01315.83450.701,03716.20 6,547,72061,1170.9382,4951.2686,6661.32 91.56%0.59 87.94%0.31 0.46%0.021.42% 0.140.83%0.02 38.39%1.24 2025A 220.1813.451.64% 0.103.35%0.232.92% 0.19 0.96%0.170.57% 0.081.18%0.21 3.9.8 56.52% RAROC23.53% 15.63 2025A 3.10 3.10.1 499.770.02%932.70 0.70%61.56%691.300.32% 74.12%241.403.52%25.88% 49.64%112.72 6.00%48.32%71.5916.48% (AUM) 2.162.86% 50563.237.57% (AUM)160,293.957.39%40,166.244.99% 48.92% 42,805.048.84%2,663.787.84% 918.36175.24% 851.60 32.77% 112.7243.83 26.2425.3715.561.72 3.9.2 6,107.004.90% 2025A TREE1,132.679.17% App 1,000182,7408.07% App 9,692.676,963.3220,209.608.54%306.124.96% 104.7116.23%3.9.7 161.53 1.75% AIAppApp3.10.3 2025A 36,114.080.94% 53.43%1.2126,870.35 2.16%39.76%0.41 273.881.02% 0.10214.150.80%0.10 14,238.591.43%8,417.51 2.17%4,162.885.08% 3.10.2 331.355.73%608.93 5.86%40.19%381.10 2.92%62.59%227.8317.61% 37.41%46.85% (FPA)64,544.92 3,954.69 37,811.301,972.51 26,733.621,982.18FPA 41.42%0.57 FPAFPA60,590.23 35,838.7924,751.44 2025A 336.796.36% 30.51 10,619.58 0.51%12,723.744.63%7,084 8,646.3911.66%4,320.796.09% +++ 6.61 3.28%9,931.218.33% 78,569 202.23 19.58%133.2412.12%1.28 10.34% 50,468.081.91%48,482.313.89% 51.33%0.801.31% 27,987.208.04% 41.41%1.8515,962.22 4.84%58.94%1.960.87% 0.14 20252024 2025A 11,769.386.11% 43.46%0.906,078.095.93% 22.44%0.516,955.05 11.65%25.69%0.77 2,278.57 17.37%8.41%0.64 6,913.08498.3224.70% 0.064,147.14473.7914.82% 0.643,738.7323.17 13.36%0.983.9.3 4.2.3 1+20+100 16.97 4.43%6,962.0517.91% 9,133.47 2.89%103.853,159.803.42%80 5,008.5410.58%6,62524.84%36,804 30.07% +++C 8,503.4510.34% 120100 2025A 1,300 1.41 171,67419.25% 82.05%13,636.074.86% 1,474.963,487.37 8.08% AI AI6.1345.853,334.5128.83%7,926.14 20.64% ++ 70.9215.28% 7.0539.00%1.60 7.68% SaaS 25.1313.76% 2,226.35 2024 2025A 2,742.95WIND2024A 1,384.5427.39% 129.37% A 4,590.5914.80% 2,283.3329.09% 6IPO25IPO2025 IPO 7,530.6693.47% 1.06% 1,929.394.41%14554.02 7.25% 4.45 0.51%2.460.40% 1.541.91%3,053.13 0.12%1,479.6613.53% 2025A 971.29 + AI80% 1.548,966.75 1.93% AAAETFETFETF 2,140.16 12.85% 1IPO1 1161.15315.15 24.145.60% 105.43% + R3 QDIIQFI 2025A 4.58 182.72% +66,58514.95%1,591.7625.16% AI 3.10.3 1431,80022,1785,1324,636 App App App8,363.67 2025A App App App3,708.52App App 98.87% 2093.52%99.76% AppAI AppApp 327.166.70% 97.14%0.31213.05 12.61%2.5815.18%113.48 3.80% 3.10.4 2002 15.34 2025A 20081991 4,896.042013 1,805.822015 1,271.142016 2,160.472017 3,394.76 2025A 3.10.5 193311.61 5,209.57524.84 30.37 2008180 3,289.60397.6928.39199341.29 896.20199.6213.71201955.56JPMorgan AssetManagement (Asia Pacific) Limited90%10% 253.63244.1313.64200213.155%45% 153.91105.657.8920205 87.3458%12.6542% 11.169.200.7120211 4.650.89-102.50 2025A 3.10.6 200328 50% 2,366.89170.753.082015100 50% 1,577.22241.6715.04 3.11 3.11.1 (GRS) 3.9.73.10.1 49(a) 2025A 3.11.2 2.5% 3.11.3 3.11.4 VaR 99%25010 PV011 101.67%1.65% 2025A (NII)(EVE)NIIEVE (VaR99%250105%10%15%DeltaGammaVega 20223 2025A 49(b) 3.11.5 3.11.6 5.5%4%49(c) 2025A 3.11.7 3.11.8 2025 3.11.9 IT 2025A 3.12 20255% AI FirstAIAI +AI+AIAI++ AI 2025A (ESG) (ESG) 4.1 ESG 4.2 4.2.1 ESG ESG2025 2025 4.2.2 2025 ESG 2025A (ESG) ESGESGESGESG ESG ESGESGESGESG ESG ESG2025ESG20242025 4.2.3 5,667.9912.55%9846.382.82% 128.080.46 363.0665.50%1,585.709.42% 137.6013.14% 7ESG 2123 78.89 2063.5695.09% 2025A (ESG) ESG241.11 191.66ESGA19ESG201.37 5.60 ESG18123.85ESG21ESGESGESG127.27 4.2.4 2025 54.86219.44 7,176.031.13E 3.45 9.74 991.25 18.34% 2025A (ESG) 5.13 2.32 14664.39 4.3 4.3.1 6,913.08 7.77%6,962.0517.91%3,159.809,133.47 2,665.74 10.59%219.90 1.93 926.86 1,818.23 425.96 243.84 4.3.2 2022 1.371,800K12131.15 2025 2025A (ESG) AIAI 724111 861.42 AppApp3,324.711,652.72 3,183.301,491.49 3.10.2 4.3.3 +95555 App 95555 27.57 99.17%100%App App 241.49 App 2025A (ESG) 4.3.4 2024 20252024 20256 4.3.5 95555Appapppersonalprivate@ cmbchina.com AppApp 2025A (ESG) 4.3.6 9.77 100% 2.87AI 2024 4.3.7 2025 2,478.40 4.3.8 953.03 ?2012 6.29288.79 35.08 2025A (ESG) 4.3.9 AIAI++AI 2025A (ESG) 2025 AI 4.4 20242024 20242025202420242025202420252024202420242025202420252024 202420242024 202420242024202520242025202420242025202420252024 202420242024 2025A (ESG) 2016 2025A 5.1 55631622 5438117117163021211 5.2 1202562520242024202420242024202420252025-20292025202413 2024 5.3 1965.12020.92028.6–– 2020.92028.6 1967.92024.82028.6–– 1965.82022.102028.6–– 1965.122019.82028.6300,000300,000 2022.62028.6 1971.82025.12028.6–– 1969.82025.32028.6–– 1967.72024.122028.6177,300177,300 2024.122028.6 1967.42018.111–– 1970.52018.111–– 1957.52019.81–– 1958.92021.82–– 1968.112021.82–– 1953.92024.112028.6–– 1968.22024.63–– 2025A 1976.82016.63–– 1954.122022.63–– 1963.122022.63–– 1970.102023.33158,400158,400 1972.82023.63197,700197,700 1972.32023.856,80056,800 1972.112023.112028.6230,000230,000 1969.52023.112028.6221,900221,900 2023.22028.62023.62028.6 1974.92025.52028.6264,400264,400 1968.92025.62028.6200,000200,000 1967.122024.122028.6204,300204,300 1964.102016.112025.2–– 1974.122022.102025.3–– 1972.122023.82025.5198,800198,800 2021.92025.5 1970.92022.62025.3–– 1955.92019.62025.6–– 1970.72021.122025.6169,550169,550 1971.102023.72025.862,00062,000 (1)(2)(3) (4) 143,300A169,550A165,000H4,550 A(5)(6)(7) 2025A 5.3.1 20251202522025320255202532025620255202552025620258 5.3.2 1.2. 2025A 5.3.3 20207 202310 20188 20229 20169 20236 20198 5.4 2024 202562520242024 20241,391.4810%139.15 1.5%133.23 0.2220242.5% 0.56AH 2.000AH2024 2025 20252025 202520252025 35%20252025202612 2024 20242024 2025A 5.5 2025630118,068 50,57567,493 20,58452,8136,99017,26410,7821,0918,544 31,62975,46410,975 28,25715,12436,1785,33313,03316,6293,514 5,2215,456105304,25430-4030405,24940-5040501,06150-605060217601 5.6 708813,805,3366861878,480 108811,258,104 1088104519,34156414,30919986308,27430081289,27834234122,6873635168,7736-1076-1082178,9494641640,330881844,447 156131584,477655386,893255946116,699700064151,804 1171831,985 1722244,127451218,769 2025A 581330,1432016117578,8433164092,021183389,555 ?1735,8982003189,109123691,656 125054,370173544,371 34246,062 99992326,972 188101212,654 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14,555,265,54818.06H597,050–23,289,470,33713.04A–––31,574,729,1116.24A–––41,365,629,0025.41A94,509,653––51,258,542,3494.99A–––61,147,377,4154.55A––– 1,130,991,5374.48A–––8944,013,1713.74A–––9696,450,2142.76A–––10524,229,9722.08A––– (1) H (2) 10 (3) A (4) AAA0 2025A 7.3 7.3.1 China Merchants Union (BVI) LimitedBest Winner InvestmentLimited29.97% 13.04% 100% 1872 27.59% 13.04% 1.89% 100% 100%100% 4.99%1.53%4.55% 0.22% 100% Best WinnerInvestment Limited 招商局中国基金有限公司招商局实业发展（深圳）有限公司招商局轮船有限公司招商银行股份有限公司招商局集团有限公司 3.74% 深圳市楚源投资发展有限公司100% 100%招商局金融控股（香港）有限公司深圳市晏清投资发展有限公司50%100% China MerchantsUnion (BVI) Limited 招商局集团（香港）有限公司招商局金融控股有限公司 100% 2025A 7.3.2 5% 9.97% 6.24%19831022 161.91 100%201625110 7.3.3 1. 1.61% 2005128 72.74 2. 1.23% 1984416 115.75 7.4 2025A 7.5 7.5.1 201712222.75100 4.81%2018112 13600282.7527520221218 3.62% 7.5.2 (%) 1106,000,00038.55––– 23,000,0008.36–––320,000,0007.27––– 20,000,0007.27–––515,000,0005.45––– 15,000,0005.45––– 9,000,0003.27––– 8,700,0003.166,000,000–– 8,100,0002.958,000,000–– 7,500,0002.73––– (1)(2) 2 32 (3) 2025A 7.5.3 7.5.4 7.5.5 7.5.6 2237 20256306 2025A 8.1 86 8.2 87 8.3 238 2025A (2025)70023674_H04 20256302025116 2101 2025829 2025A 2025 20241231 14,42116,62215,6019,415 538,766557,443 185,079220,231 482,947408,955 270,360271,329 6,854,5916,632,54849(f)21,39732,5333,951,1273,673,040 10660,819617,018 112,006,3571,941,580 121,260,1171,092,127 1323,83422,315 33,04831,015 1,0121,117 119,289123,991 4,7393,825 11,99612,680 6,1536,406 9,9549,954 88,76483,67447,90757,258 12,657,15112,152,036 172,300189,934 745,599699,975 257,755235,376 99,27967,46149(f)22,82431,583 116,46584,042 9,509,5269,195,32938,80534,512 15,39311,7133,9164,19312,10712,778 18,09716,762 163,330222,921 1,1121,592183,783110,390 11,360,29110,918,561 2025A 2025 20241231 25,22025,220227,446180,44632(a)27,46827,468 32(b)199,978152,97865,42065,429 36,97043,257122,652122,652155,258154,932656,267634,07834(b)–50,440 1,289,2331,226,0147,6277,461 1,296,8601,233,475 12,657,15112,152,036 2025A 2025 20241231 14,05516,11915,4829,307 529,817555,154 124,723173,859 455,387376,530 265,785269,987 6,506,2156,300,68449(f)20,62631,8153,620,3873,389,906 10585,050546,965 111,957,8491,908,600 121,065,661922,824 1311,82711,517 88,95088,411 21,70622,954 4,7393,824 11,59612,237 5,2155,379 85,47280,03128,74541,576 11,799,72811,378,614 172,300189,934 727,556692,390 54,59946,741 61,45034,46949(f)21,54031,089 90,05253,887 9,148,2058,874,81734,83529,751 12,6239,6683,8634,15911,66812,294 17,95616,638 92,541156,146152,85483,546 10,602,04210,235,529 2025A 2025 20241231 25,22025,220227,446180,44632(a)27,46827,468 32(b)199,978152,97876,06776,076 29,61136,808122,652122,652142,486142,486574,204559,39734(b)–50,440 1,197,6861,143,085 11,799,72811,378,614 2025A 630620252024 177,014187,997 (70,929)(83,548) 106,085104,449 41,86742,552(4,265)(4,224) 37,60238,328 (4,819)2,286 21,89419,499 1,2173,5781,4511,949 7,7566,434 26,28230,168 169,969172,945(1,491)(1,507) (51,171)(51,438) (24,623)(26,928)(11)(8) (3,721)(3,400) (81,017)(83,281) 88,95289,664 (104)(42) 88,90689,641 (13,501)(14,262) 75,40575,379 74,93074,743 2.89 2.89 2025A 630620252024 75,40575,379 (8,033)9,238 (4,291)6,362 (2,337) (54) 1,081 (1,783)1,330 1,7341,651 1,7381,649 (4) (6,299)10,889 (6,287)10,809 (12) 69,10686,268 68,64385,552 2025A 630620252024 164,583174,640 (61,713)(72,887) 102,870101,753 34,67035,573(3,476)(3,572) 31,19432,001 (4,689)3,421 20,83718,134 1,1883,571 2,001 17,43923,900 151,503157,654(1,376)(1,414) (47,272)(47,739) (23,523)(24,772)(11)(8) (38)(32) (72,220)(73,965) 79,28383,689 (63)(31) 79,26383,670 (12,041)(12,863) 67,22270,807 2025A 630620252024 67,22270,807(7,430)7,777 (5,448)6,123 (2,365) (13) 1,072 (4) (7,197)7,797 60,02578,604 2025A 630620252024 46,08120,198 9,327– –11,114 54,999– 45,52810,678 325,792507,448 174,630199,466 74,56018,439 730,917767,343 –(2,352) (58,158)(57,003) (254,837)(270,755) (116,107)– (17,759)(153,643) –(38,125) (83,681)(71,817) (31,191)(30,085) (23,240)(24,265) (11,483)(11,118) (596,456)(659,163) 50(a)134,461108,180 1,172,192987,445 67,11261,357 6,8926,257 1,246,2251,055,137 (1,412,699)(1,091,323) (716)(261) (7,201)(18,575) (1,420,616)(1,110,159) (174,391)(55,022) 2025A 630620252024 50(e)35,66826,241 50(e)22,917142,353 50(e)16,40616,742 46,991– 50(e)9,9821,069 131,964186,405 50(e)(33,953)(24,133) 50(e)(90,190)(22,903) 50(e)(9,933)(40,952) 50(e)(2,205)(2,315) –(2,886) 50(e)–(93) 50(e)(297)(284) 50(e)(2,388)(2,493) 50(e)(14,363)(7,893) (153,329)(103,952) (21,365)82,453(311)1,27650(c)(61,606)136,887 756,527599,019 50(b)694,921735,906 2025A 630620252024 45,89520,175 25,694 –10,651 44,091– 35,03217,774 285,182464,872 159,974180,903 67,54415,997 663,412710,552 (71,886)(55,029) (237,553)(264,061) (104,226)– (17,759)(155,895) –(50,352) (74,985)(58,018) (26,316)(26,390) (21,943)(21,295) (11,892)(11,595) (566,560)(642,635) 50(a)96,85267,917 1,117,213910,447 61,24954,780 1,178,478965,238 (1,333,148)(1,009,572) (795)(1,537) (1,333,943)(1,011,109) (155,465)(45,871) 2025A 630620252024 50(e)25,14916,525 50(e)22,917142,353 50(e)10,0005,000 46,991– 105,057163,878 50(e)(23,549)(15,176) 50(e)(90,190)(22,903) 50(e)(7,870)(30,000) 50(e)(2,053)(2,130) 50(e)(1,163)(1,488) (124,825)(71,697) (19,768)92,181(847)1,56250(c)(79,228)115,789 715,995558,451 50(b)636,767674,240 2025A 20256306 20251125,22027,468152,97865,42943,257122,652154,932634,07850,4401,226,0147,4611,233,475 ––47,000(9)(6,287)–32622,189(50,440)63,21916663,385 –––––––74,930–74,93047575,405 ––––(6,287)––––(6,287)(12)(6,299) ––––(6,287)––74,930–68,64346369,106––47,000(9)–––––46,991–46,991 1. 32(b)––47,000(9)–––––46,991–46,991––––––326(52,741)(50,440)(52,415)(297)(52,712) 1. 34(b)––––––326(326)–––– 2. 202434(a)–––––––(50,440)(50,440)(50,440)(297)(50,737)3.–––––––(1,975)–(1,975)–(1,975) 202563025,22027,468199,97865,42036,970122,652155,258656,267–1,289,2337,6271,296,860 2025A 20246306 20241125,22027,468122,97865,43216,682108,737141,481568,37249,7341,076,3706,5212,8381,085,729 ––––10,790–(120)23,173(49,734)33,843291(2,838)31,296 –––––––74,743–74,7435439375,37933––––10,809––––10,809324810,889 ––––10,809––74,743–85,55257514186,268 –––––––––––(2,886)(2,886) 1. –––––––––––(2,886)(2,886) ––––––(120)(51,589)(49,734)(51,709)(284)(93)(52,086) 1. ––––––(120)120––––– 2. 2023–––––––(49,734)(49,734)(49,734)(284)–(50,018) 3. –––––––(1,975)–(1,975)––(1,975) 4. –––––––––––(93)(93) ––––(19)––19––––– ––––(19)––19––––– 202463025,22027,468122,97865,43227,472108,737141,361591,545–1,110,2136,812–1,117,025 2025A 20256306 20251125,22027,468152,97876,07636,808122,652142,486559,39750,4401,143,085 ––47,000(9)(7,197)––14,807(50,440)54,601 –––––––67,222–67,222 ––––(7,197)––––(7,197) ––––(7,197)––67,222–60,025––47,000(9)–––––46,991 1. 32(b)––47,000(9)–––––46,991–––––––(52,415)(50,440)(52,415) 1. 202434(a)–––––––(50,440)(50,440)(50,440)2.–––––––(1,975)–(1,975) 202563025,22027,468199,97876,06729,611122,652142,486574,204–1,197,686 2025A 20246306 20241125,22027,468122,97876,07914,725108,737129,085502,90249,7341,007,194 ––––7,797––19,098(49,734)26,895 –––––––70,807–70,80733––––7,797––––7,797 ––––7,797––70,807–78,604 –––––––(51,709)(49,734)(51,709) 1. 2023–––––––(49,734)(49,734)(49,734) 2. –––––––(1,975)–(1,975) 202463025,22027,468122,97876,07922,522108,737129,085522,000–1,034,089 2025A 202563061. ()()A200249H2006922()202563051 () 2. )) 2025 3. (a) 2025630202511630 (b) 20242024(c) 2024 2025A4. (a) 6%13%9% (b) 1%~7%(c) 3%~5%(d) (i) 2025630625%2024630 625%) (ii) 5. 2025 20241231 2025 20241231 471,281507,018470,939506,490 57,79330,33549,18628,574 9,46919,8139,46919,813 538,766557,443529,817555,154 1 2025630 5.5%4%202412316% 4%) 2025A6. 2025 20241231 2025 20241231 (a)185,288220,549125,403174,664(a)(b)(717)(830)(696)(823) 184,571219,719124,707173,841 185,079220,231124,723173,859 (a) 2025 20241231 2025 20241231 142,606176,929109,929160,149119,543166,97487,161150,32623,0639,95522,7689,823 42,68243,62015,47414,51541,96743,04215,17914,256 185,288220,549125,403174,664 (717)(830)(696)(823)(624)(776)(603)(769)(93)(54)(93)(54) 184,571219,719124,707173,841 (b) 2025202420252024 (104) (119) (9)–(8)– 6301231 2025A7. 2025 20241231 2025 20241231 (a)480,937406,817453,955375,205(a)(c)(1,366)(1,126)(1,428)(1,168) 479,571405,691452,527374,0373,3763,2642,8602,493 482,947408,955455,387376,530 (a) 2025 20241231 2025 20241231 382,055292,720387,684290,59534,45239,38026,27728,981347,603253,340361,407261,614 98,882114,09766,27184,61098,882114,09766,27184,610 480,937406,817453,955375,205 (1,366)(1,126)(1,428)(1,168)(299)(216)(295)(216)(1,067)(910)(1,133)(952) 479,571405,691452,527374,037 2025A7.(b) 2025 20241231 2025 20241231 107,538125,75698,568121,207 366,130264,359347,955237,566 5,90315,5766,00415,264 479,571405,691452,527374,037 (c) 2025202420252024 1,126 1,168 ––(2) 63012311,3661,1261,4281,168 8. 2025 20241231 2025 20241231 (a)271,107272,043266,536270,701(a)(d)(792)(746)(790)(745) 270,315271,297265,746269,956 270,360271,329265,785269,987 2025A8. (a) 2025 20241231 2025 20241231 268,328271,387264,618270,70127,15053,04826,92252,391241,178218,339237,696218,310 2,779 1,918–1,941 1,918– –– 271,107272,043266,536270,701 (792)(746)(790)(745)(173)(176)(172)(176)(619)(570)(618)(569) 270,315271,297265,746269,956 (b) 2025 20241231 2025 20241231 269,958271,297265,389269,956 – – 270,315271,297265,746269,956 2025A8. (c) 2025 20241231 2025 20241231 265,336257,549260,767256,2084,97913,7484,97913,748 270,315271,297265,746269,956 (d) 2025202420252024 6301231 2025A9.(a) 2025 20241231 2025 20241231 (i)6,500,5876,300,8636,143,1995,960,8919,68410,5657,9278,738 6,510,2716,311,4286,151,1265,969,629(i)(270,752)(265,365)(259,731)(254,949)(982)(982)(871)(840) (271,734)(266,347)(260,602)(255,789) 6,238,5376,045,0815,890,5245,713,840 (ii)550,282551,692549,983551,134 (iii)65,77235,77565,70835,710 6,854,5916,632,5486,506,2156,300,684 (i) 2025 20241231 2025 20241231 2,822,1582,656,2382,531,5502,382,9723,678,1883,644,6253,611,4083,577,919 – – – – 6,500,5876,300,8636,143,1995,960,891(270,752)(265,365)(259,731)(254,949) (149,301)(152,598)(145,453)(149,313) (64,734)(56,926)(60,923)(52,965) (56,717)(55,841)(53,355)(52,671) 6,229,8356,035,4985,883,4685,705,942 2025A9. (a)(ii) 2025 20241231 2025 20241231 265,998206,343265,699206,343284,284345,349284,284344,791 270,290280,588270,290280,472 13,99464,76113,99464,319 550,282551,692549,983551,134 (1,981)(4,936)(1,973)(4,936) (1,971)(4,515)(1,963)(4,515)(10)(421)(10)(421)–––– (iii) 2025 20241231 2025 20241231 1,5351,1591,4711,09464,21234,60164,21234,601 47,37115,44647,37115,446 16,84119,15516,84119,155 65,77235,77565,70835,710 2025A9. (b) (i) 202563020241231 %% 722,02323669,63023563,39118542,09519388,20113343,25612311,55410318,55111250,2488227,7118227,6617194,4927161,1965135,0175139,8605140,2645127,1444107,966459,628251,967237,939137,7791100,846495,0123 3,089,6911002,863,740100348,737100379,9501001,438,379391,417,45039924,48925947,84326843,64423825,44323416,28811396,1611055,388257,7282 3,678,1881003,644,625100 7,116,6161006,888,315100 2025A9.(b)(i) 202563020241231 %% 691,30825641,47625488,40917465,12918308,92311280,67511280,30510286,36511245,0519223,7399214,8688181,4277145,2065122,3755126,1485106,7444114,2174112,367458,131250,494233,942132,658192,212386,9603 2,798,7201002,590,409100348,737100379,3921001,423,859391,403,75539924,37326947,70926841,75123823,89323416,28811396,161115,13716,4011 3,611,4081003,577,919100 6,758,8651006,547,720100 2025A9.(b) (ii) 202563020241231 %% 990,96514982,386141,600,785221,544,721221,042,97815998,754151,330,307191,256,35518171,4002173,5693763,01811740,87211762,13411753,5641182,744181,5751372,2855356,5195 7,116,6161006,888,315100 202563020241231 %% 990,96515982,386151,606,572241,550,581241,042,97815998,754151,330,307201,256,35519171,4003173,5693763,01811740,87211762,13411753,5641291,491191,6391 6,758,8651006,547,720100 2025A 9.(b) (iii) 2025 20241231 2025 20241231 2,890,8922,800,2272,771,3722,680,612962,204872,494894,907808,8612,441,4162,381,1082,408,2452,346,976473,367454,536335,604331,879 6,767,8796,508,3656,410,1286,168,328348,737379,950348,737379,392 7,116,6166,888,3156,758,8656,547,720 (iv) 2025630 26,20916,0073,1122,35947,6872,9902,7488,0152,22615,97911,6957,0396,2841,65226,670 4,1821,5454315906,748 45,07627,33917,8426,82797,084 20241231 29,77715,1872,7411,42149,126 1,0792,5757,4182,96614,0388,5627,1906,8571,33123,9402,8102495011,2114,771 42,22825,20117,5176,92991,875 2025A9.(b) (iv) 2025630 26,09415,7813,0482,27247,195 2,3092,7347,3522,22614,62110,9616,9025,9711,65125,4851,0731,3561414022,972 40,43726,77316,5126,55190,273 20241231 29,44615,1812,6701,33148,628 1,0782,5736,4032,96413,018 8,2196,3076,5791,33022,435 1,2951361251,0292,585 40,03824,19715,7776,65486,666 2025 20241231 2025 20241231 10,1857,1709,9286,8343,1171,542 13,3028,7129,9346,861 2025A9.(b)(v) 2025630 6,183,585250,64166,3616,500,587 (149,301)(64,734)(56,717)(270,752) 6,034,284185,9079,6446,229,835 548,9551,327–550,282 (1,971)(10)–(1,981) 20241231 6,030,395204,85865,6106,300,863 (152,598)(56,926)(55,841)(265,365) 5,877,797147,9329,7696,035,498 550,0891,603–551,692 (4,515)(421)–(4,936) 2025A9.(b)(v) 2025630 5,845,166236,11961,9146,143,199 (145,453)(60,923)(53,355)(259,731) 5,699,713175,1968,5595,883,468 548,6561,327–549,983 (1,963)(10)–(1,973) 20241231 5,707,700192,07461,1175,960,891 (149,313)(52,965)(52,671)(254,949) 5,558,387139,1098,4465,705,942 549,5311,603–551,134 (4,515)(421)–(4,936) 2025A9.(c) 2025 152,59856,92655,841265,3654,004(3,958)(46)–(7,315)7,586(271)– (764)(6,756)7,520– 89811,00814,39026,296––(26,054)(26,054)––5,5145,514 (120)(72)(177)(369) 149,30164,73456,717270,752 2024 11165,86647,72953,210266,805 8,028(7,877)(151)–(6,417)6,817(400)–(1,688)(9,413)11,101–(13,314)19,62435,09041,400 ––(53,154)(53,154)––10,27410,27412346(129)40 1231152,59856,92655,841265,365 2025A9.(c) 2025 149,31352,96552,671254,949 3,642(3,598)(44)–(7,204)7,475(271)– (763)(6,751)7,514– 56310,85713,99725,417––(25,794)(25,794)––5,3825,382 (98)(25)(100)(223) 145,45360,92353,355259,731 2024 11162,65845,47350,542258,673 7,748(7,597)(151)– (6,264)6,664(400)– (1,688)(9,363)11,051–(13,248)17,76633,35137,869––(51,770)(51,770)––10,26110,26110722(213)(84) 1231149,31352,96552,671254,949 2025A9.(c) 2025202420252024 4,9362,7294,9362,729(2,955)2,208(2,963)2,207–(1)–– 63012311,9814,9361,9734,936 10. 2025 20241231 2025 20241231 (a)648,899603,353585,050546,874 (b)11,92013,665– 660,819617,018585,050546,965 2025A10.(a) 2025 20241231 2025 20241231 345,710243,906230,986140,440 188,93996,730184,40193,071 51,43145,4917,94211,293 40,00458,42015,30021,135 65,33643,26523,34314,941 345,710243,906230,986140,440 327,107222,192220,861126,124 12,57113,0797,8578,452 6,0328,6352,2685,864 16,0692,37912,328 1,314 –– 1,1481,026–– 1,279 –– 12,328 12,328 16,0692,37912,328 –– 13,209 12,328 2,3941,935–– 361,779246,285243,314140,574 2025A10.(a) 2025 20241231 2025 20241231 6,9118,1466,8198,019 1,3661,4431,0631,125 5,5456,7035,7566,894 6,9118,1466,8198,019 6,3906,5286,3896,528 –1,067 1,383 280,209348,922334,917398,281 3,4352,9521,9091,562 265,744342,925323,030394,657 2,2172,2251,4001,303 8,408 8,408 280,209348,922334,917398,281 –– 279,153347,871334,197397,482 287,120357,068341,736406,300 648,899603,353585,050546,874 2025A10. (b) 2025 20241231 2025 20241231 11,92013,665– –– 4,4688,820–– 7,4214,802– 11,92013,665– 11,74811,928–– 1,646–– – – 11. 2025 20241231 2025 20241231 (a)(b)2,021,3761,955,9201,972,8701,922,88620,10321,32819,67421,056 2,041,4791,977,2481,992,5441,943,942 (a)(b)(c)(34,973)(35,459)(34,551)(35,136)(149)(209)(144)(206) (35,122)(35,668)(34,695)(35,342) 2,006,3571,941,5801,957,8491,908,600 2025A11. (a) 2025 20241231 2025 20241231 1,939,1171,848,1621,890,7061,815,263 1,330,9161,240,8851,320,7201,232,230 492,641494,867491,167494,545 100,71899,34574,87683,484 14,84213,0653,9435,004 1,939,1171,848,1621,890,7061,815,263 1,804,1851,743,4271,799,8611,739,820 70,83468,30156,61457,550 64,09836,43434,23117,893 2,003,7651,960,3101,985,0151,934,176 82,259107,75882,164107,623 41,59549,04641,59549,046 31,83049,40331,83049,403 8,1678,6568,0728,521 82,259107,75882,164107,623 82,259107,75882,164107,623 2,021,3761,955,9201,972,8701,922,886 (34,973)(35,459)(34,551)(35,136) 12(9,391)(8,949)(9,340)(8,907) (423)(354)(158)(181) (25,159)(26,156)(25,053)(26,048) 1,986,4031,920,4611,938,3191,887,750 2025A11. (b) 2025630 1,994,3751,76125,2402,021,376 (9,391)(423)(25,159)(34,973) 1,984,9841,338811,986,403 20241231 1,927,8931,79026,2371,955,920 (8,949)(354)(26,156)(35,459) 1,918,9441,436811,920,461 2025A11.(b) 2025630 1,946,4091,33125,1301,972,870 (9,340)(158)(25,053)(34,551) 1,937,0691,173771,938,319 20241231 1,895,4051,35726,1241,922,886 (8,907)(181)(26,048)(35,136) 1,886,4981,176761,887,750 2025A11.(c) 2025 8,94935426,15635,459 –––– –––– –––– 44376(766)(247)––(232)(232)––55 (1)(7)(4)(12) 9,39142325,15934,973 2024 1113,19348625,71139,390 –––– (40)40–– –––– (4,209)(174)253(4,130) ––175175521724 12318,94935426,15635,459 2025A11.(c) 2025 8,90718126,04835,136 –––– –––– –––– 434(23)(768)(357)––(232)(232)––55 (1)––(1) 9,34015825,05334,551 2024 1113,17348625,57839,237 –––– (39)39–– –––– (4,233)(344)283(4,294) ––1751756–1218 12318,90718126,04835,136 2025A12. 2025 20241231 2025 20241231 (a)1,248,0501,082,5771,055,573915,07112,0679,55010,0887,753 1,260,1171,092,1271,065,661922,824 (b)(8,398)(8,620)(8,279)(8,519)(227)(227)(227)(227) (8,625)(8,847)(8,506)(8,746) (a) 2025 20241231 2025 20241231 1,248,0501,082,5771,055,573915,071 823,840688,572775,350630,436 52,06223,68528,81418,201 271,994230,694176,775150,143 100,154139,62674,634116,291 1,248,0501,082,5771,055,573915,071 906,450781,480873,231770,335 160,378127,56284,54351,794 181,222173,53597,79992,942 2025A12. (b) 2025202420252024 8,6206,8128,5196,688(168)1,730(190)1,758(54) (50) 63012318,3988,6208,2798,519 13. 2025 20241231 2025 20241231 2,5582,5962,5582,59621,27619,7199,2698,921 23,83422,31511,82711,517 14,02012,5653,1132,8129,5469,4288,4788,397 23,83422,31511,82711,517 2025630620241,4294 20256306 20247522 2025A14. 2025 20241231 2025 20241231 (a)––62,41363,413(b)20,76919,31020,12118,724(c)12,27911,7058,1848,042 33,04831,01590,71890,179––(1,768)(1,768) 33,04831,01588,95088,411 (a) 2025 20241231 32,08232,082 6,0006,000 1,4871,487 3,4883,488 5,0005,000 13,57614,576 62,41363,413(1,768)(1,768) 60,64561,645 2020227202231820231227202412920241220 1,0002005002001,00020202271,000 2025A14. (a) 2025630 (i)4,129100%(ii)18,000100%(iii)1,161100%(iv)1,31055%(v)5,55690%(vi)100100% (vii)500(vii) (i) () 199840520147501,0002015728 4002016120(ii) ()()2008110 2008420142,0006,000 202186,00012,000202496,000 18,000(iii) ()200893053.12% 20091152009116(iv) ()201263,567,567.57ING Asset Management B.V.21.60%201333.40%55.00% 201311282017126054951,310(v) ()20199812019111 2021920JP Morgan Asset Management (Asia Pacific) Limited()20222,66710%5,0005,556 90%10%(vi) ()201646020215 (ECB)2023650 (vii) ()202070820201018 87.3458%12.6542% 2025A14. (b) 2025 1,1032,6001,0984,801 2025117,02311,33295519,310 ––7676 612751351,398 ––(5)(5) ––(10)(10) 20256307,63512,0831,05120,769 2024 1,1032,6001,0274,730 2024114,61610,18490715,707 ––117117 2,4071,508(17)3,898 –(360)(70)(430) ––77 ––1111 202412317,02311,33295519,310 2025A14. (b) (i)2,80050.00%50.00%(ii)10,00050.00%50.00% (i) 50.00%(ii) () 20153350%2017126002,85915%35%50%201812 1,0003,86924.15% 25.85%50% 2021750% 2021101,3314,800 10,00020237 (i) 2025630 236,689219,61417,07529,8733089891,2972,6916612117,442109,8077,63514,9371184946121,346336 20241231 214,689199,90514,78449,5535584,3714,9291,596141(61)106,97699,9537,02324,7772222,1852,40779871(31) 2025A14.(b) (ii) 2025630 157,722133,55524,1677,8991,5041,5043,09652275 78,86166,77812,0833,9507517511,54826138 20241231 163,751141,08822,66317,3183,0163,0164,1705044081,87670,54411,3328,6591,5081,5082,08525220 (iii) 20256306 214–214 35–35 2024 (626)–(626) (17)–(17) 2025A14.(c) 2025 5,3223,7469,068 2025118,0393,66611,705 –640640 –(257)(257) 366282648 (224)(139)(363) –(24)(24) –(70)(70) 20256308,1814,09812,279 2024 5,3223,3878,709 2024116,9883,89510,883 –454454 –(7)(7) 1,351(165)1,186 (300)(242)(542) –(338)(338) –6969 202412318,0393,66611,705 2025A14.(c) 1,80024.8559%24.8559% 10%20215313,121 14.8559%24.8559% 2025630 416,223378,23337,9905,8602,123(518)1,60514,261269387102,19494,0138,1811,457494(128)3663,5456796 20241231 412,899375,52737,37212,7144,7819825,76315,4295211,009101,38093,3418,0393,1601,0962551,3513,835129251 20256306 1,368241,392 2748282 2024 (726)33(693) (177)12(165) 2025A15. 2025202420252024 3,4793,0971,8051,481(34) (54) –– 63012313,3913,4791,8361,805 2,3621,937 (21) (46) –– 63012312,3792,3621,008 63012311,0121,117 1,1171,160 (a) 202563020241231(b) 2025 20241231 2025 20241231 2025A16. 20251134,32419,1375,245119,6334,943183,282–43626,935927,46536–2–(1)37 (5)(274)–(10,788)(276)(11,343) (97)(51)(16)(414)(4)(582) 202563034,25819,2485,233115,3664,754178,85920251117,12115,6462,33518,1344,16557,401 7498781293,4771915,424 21–6–(6)21 (4)(274)–(3,190)(270)(3,738) (78)(43)(13)(63)(8)(205) 202563017,80916,2072,45718,3584,07258,903202511–––1,890–1,890–––(1,219)–(1,219)–––(4)–(4) 2025630–––667–667202563016,4493,0412,77696,341682119,289 20251117,2033,4912,91099,609778123,991 2025A16. 20241133,02617,3384,842104,8035,210165,219 92,5292029,73228532,5751,41346402–(29)1,832 (237)(839)(37)(16,074)(530)(17,717) 11363181,17271,373 2024123134,32419,1375,245119,6334,943183,28220241115,98414,5822,11216,8154,27053,763 1,4801,8122406,68945310,674 (245)46––(46)(245) (186)(838)(32)(5,501)(523)(7,080) 88441513111289 2024123117,12115,6462,33518,1344,16557,40120241120––1,159–1,179 –––791–791 (20)––(74)–(94) –––14–14 20241231–––1,890–1,8902024123117,2033,4912,91099,609778123,991 20241117,0222,7562,73086,829940110,277 2025A16. 20251131,02916,8994,8494,78957,566 –412292506 (31)–2–(29) (5)(274)–(276)(555)–3––3 202563030,99317,0404,8534,60557,49120251114,57213,9572,0384,04534,6126597651191831,726 (6)–––(6) (4)(274)–(271)(549)–2––2 202563015,22114,4502,1573,95735,785202563015,7722,5902,69664821,706 20251116,4572,9422,81174422,954 20241129,60915,2544,4755,02154,359 92,42422762,7111,41045403(32)1,826 –(825)(31)(476)(1,332) 11––2 2024123131,02916,8994,8494,78957,56620241113,51813,2101,8454,12532,698 1,3061,5252224393,492 (252)46–(46)(252) –(824)(29)(473)(1,326) 2024123114,57213,9572,0384,04534,6122024123116,4572,9422,81174422,954 20241116,0912,0442,63089621,661 2025A 16. (a) 202563020241231(b) 202563020241231 11,36611,988 9,78810,327 8,6238,677 8,1128,178 7,2277,634 26,34929,074 71,46575,878 17. 2025 20241231 2025 20241231 3,8253,9803,8243,980 1,995 1,994(3)(2,150)(2)(2,150) 63012314,7393,8254,7393,824 2025A18. 20251125,269131125,2931,522––1,522(1,836)––(1,836) (27)––(27) 202563024,928131124,95220251112,6008512,613 1,906211,909(1,565)––(1,565) (1)––(1) 202563012,94010612,956202563011,9883511,996 20251112,6695612,680 20241125,044101125,065 4,4237–4,430(4,222)(4)–(4,226) 24––24 2024123125,269131125,29320241112,3998312,410 3,919423,925(3,759)(4)–(3,763) 41––41 2024123112,6008512,6132024123112,6695612,680 20241112,6452812,655 2025A18. 20251123,8166423,8261,428––1,428(1,777)––(1,777) 202563023,4676423,47720251111,5842311,589 1,8001–1,801(1,509)––(1,509) 202563011,8753311,881202563011,5923111,596 20251112,2324112,237 20241123,6434423,651 4,3295–4,334(4,156)(3)–(4,159) 2024123123,8166423,82620241111,5894211,595 3,708213,711(3,713)(4)–(3,717) 2024123111,5842311,5892024123112,2324112,237 20241112,054–212,056 2025A19. 2025115,94710,7531,24617,946 5636–92–(22)–(22) (7)(3)(37)(47) 20256305,99610,7641,20917,9692025111,7379,04172011,498 9121421326–(21)–(21) (5)(4)(20)(29) 20256301,8239,23072111,774202511–42–42 2025630–42–4220256304,1731,4924886,153 2025114,2101,6705266,406 2024116,00210,5771,20317,782 –194–194 (61)(22)–(83)644353 202412315,94710,7531,24617,9462024111,5578,41865310,628 18263644862 (2)(20)–(22) –72330 202412311,7379,04172011,49820241159––59 –42–42 (59)––(59) 20241231–42–42202412314,2101,6705266,406 2024114,3862,1595507,095 2025A 19. 2025115,7639,81615,579 562177–(19)(19)–(1)(1) 20256305,8199,81715,6362025111,6768,52410,200 89151240–(18)(18)–(1)(1) 20256301,7658,65610,42120256304,0541,1615,215 2025114,0871,2925,379 2024115,7639,75115,514 –7777–(14)(14)–22 202412315,7639,81615,5792024111,4988,0319,529 178504682 –(14)(14)–33 202412311,6768,52410,200202412314,0871,2925,379 2024114,2651,7205,985 2025A20. 20241231 2025 (i)10,177––10,177(ii)355–– (iii)1–– 10,533––10,533 (579)––(579) 9,954––9,954 (i) 200893053.12%12,898 6,85110,17714(a)(ii) 2013112855.00%752 41476935514(a)(iii) 201541()100% 21. 2025 20241231 2025 20241231 88,76483,67485,47280,031(1,112)(1,592)–– 87,65282,08285,47280,031 2025A 21. (a) 202563020241231 303,22175,568294,87673,469 1,389233 66016584520911,9612,99012,6563,16394,94222,48792,69522,081 410,789101,211402,46199,155 (25,730)(6,415)(32,611)(8,153) (3,172)(793)(9,597)(2,399)(11,880)(2,970)(12,575)(3,142)(21,167)(3,381)(22,188)(3,379) (61,949)(13,559)(76,971)(17,073) 2025A21.(a) 2025 20241231 101,21199,155(12,447)(15,481) 88,76483,674 (13,559)(17,073)12,44715,481 (1,112)(1,592) 202563020241231 293,69673,424286,16871,54211,6682,91712,2943,07479,40719,85277,32919,332 384,77196,193375,79193,948 (25,040)(6,259)(31,979)(7,994) (2,363)(591)(8,735)(2,184)(11,596)(2,899)(12,237)(3,059)(3,892)(972)(2,720)(680) (42,891)(10,721)(55,671)(13,917) 2025A21.(a) 2025 20241231 96,19393,948(10,721)(13,917) 85,47280,031 (10,721)(13,917)10,72113,917 –– (b) 20251173,469(7,920)(2,190)18,72382,0822,122(784)1,6033613,302 –2,296–(17)2,279 (23)(6)(41)59(11) 202563075,568(6,414)(628)19,12687,652 2025A21. (b) 20241174,251(2,232)(363)17,29488,950 (808)1,004(1,828)1,468(164) –(6,704)–4(6,700)26121(43)(4) 2024123173,469(7,920)(2,190)18,72382,082 20251171,542(7,994)(2,184)18,66780,0311,882(788)1,5932382,925 –2,523–(7)2,516 202563073,424(6,259)(591)18,89885,472 20241172,607(2,475)(308)17,35387,177 (1,065)1,010(1,876)1,311(620) –(6,529)–3(6,526) 2024123171,542(7,994)(2,184)18,66780,031 1 25%202425%) 2025A22. 20256306 11630 6(b),7(c),8(d)2,702182––(9)2,8759(c)270,30123,3415,514(26,054)(369)272,733 11(c)35,459(247)5(232)(12)34,973 12(b)8,620(168)––(54)8,398 1,890––(1,219)(4)667 42––––42 579––––57912811–(2)–1377,4026915(21)(16)7,449 327,12323,1885,534(27,528)(464)327,853 2024 6(b),7(c),8(d)1,3311,371–––2,702 9(c)269,53443,60810,274(53,154)39270,301 11(c)39,390(4,130)175–2435,459 12(b)6,8121,730––788,620 161,179791–(94)141,890 195942–(59)–42 20579––––579 13910–(19)(2)1287,29644119(351)(3)7,402 326,31943,86310,468(53,677)150327,123 2025A 22. 20256306 11630 6(b),7(c),8(d)2,736188––(10)2,9149(c)259,88522,4545,382(25,794)(223)261,704 11(c)35,136(357)5(232)(1)34,551 12(b)8,519(190)––(50)8,279 1,768––––1,7688311–(2)–926,699(3)15(21)–6,690 314,82622,1035,402(26,049)(284)315,998 2024 6(b),7(c),8(d)1,3211,414––12,736 9(c)261,40240,07610,261(51,770)(84)259,885 11(c)39,237(4,294)175–1835,136 12(b)6,6881,758––738,519 141,768––––1,768 109(3)–(19)(4)836,55554319(418)–6,699 317,08039,49410,455(52,207)4314,826 2025A23. 2025 20241231 2025 20241231 (a)744,834699,306726,864691,832 745,599699,975727,556692,390 (a) 2025 20241231 2025 20241231 740,564697,014724,217689,69913,13237,74411,32834,470727,432659,270712,889655,229 4,2702,2922,6472,1333,1881,1571,537 1,0821,1351,1101,149 744,834699,306726,864691,832 2025A24. 2025 20241231 2025 20241231 (a)256,905234,45354,31346,466 257,755235,37654,59946,741 (a) 2025 20241231 2025 20241231 173,380153,83727,75328,558171,877150,56227,75328,5581,5033,275–– 83,52580,61626,56017,90883,31080,39726,34517,689 256,905234,45354,31346,466 2025A25. 2025 20241231 2025 20241231 (a)56,43429,14655,73628,757 (b)42,84538,3155,7145,712 99,27967,46161,45034,469 (a) 2025 20241231 2025 20241231 55,73628,75755,73628,757 –– 56,43429,14655,73628,757 (b) 2025 20241231 2025 20241231 36,37732,489–– 36,37732,489–– 6,4685,8265,7145,712 5,5905,5675,7145,712 –– 42,84538,3155,7145,712 202563020241231 2025630620241231 2025A 26. 2025 20241231 2025 20241231 (a)(b)116,29483,74790,03153,787 116,46584,04290,05253,887 (a) 2025 20241231 2025 20241231 101,39660,18288,50150,657 95,93356,94188,50150,657 5,4633,241–– 14,89823,5651,5303,130 10,77711,7591,0021,837 4,12111,806 1,293 116,29483,74790,03153,787 (b) 2025 20241231 2025 20241231 115,29383,74789,03053,78772,07257,32667,78746,78726,4868,53020,4964,00012,86311,128 –3,8726,763 3,000 1,001–1,001– 116,29483,74790,03153,787 2025A27. 2025 20241231 2025 20241231 (a)9,422,3799,096,5879,063,4328,778,25087,14798,74284,77396,567 9,509,5269,195,3299,148,2058,874,817 (a) 2025 20241231 2025 20241231 5,170,1545,063,5535,046,8084,952,448 2,747,9532,772,3652,678,7342,709,727 2,422,2012,291,1882,368,0742,242,721 4,252,2254,033,0344,016,6243,825,802 2,060,4851,980,2511,990,1401,919,259 2,191,7402,052,7832,026,4841,906,543 9,422,3799,096,5879,063,4328,778,250 28. 2025 20241231 2025 20241231 9,9945,6807,7044,1534,0983,9633,7633,6501,3012,0701,1561,865 15,39311,71312,6239,668 2025A 29. 2025 20241231 2025 20241231 16,14714,71216,06314,6401,9502,0501,8931,998 18,09716,76217,95616,638 2025 20241231 2025 20241231 14,30912,56014,26112,492 1,4111,3381,3791,335 16,14714,71216,06314,640 30. 2025 20241231 2025 20241231 (a)91,08085,00340,08838,22422,45589,18622,45589,18648,48547,39429,55928,2301,3101,338 163,330222,92192,541156,146 2025A 30.(a) (%) 602021911.253002,195–(2)(39)–2,154362022322.004002,938––(68)(2,870)–3620225112.655,0005,000–––(5,000)–362022912.4010,0009,999––––9,9993620233272.775,0004,999––––4,999362023613SOFR+654002,927––(53)–2,8743620243222.355,0004,999––––4,9993620247105.224002,955––(60)–2,8953620247155.783002,212–(2)(40)–2,1703620252251.905,000–5,000(1)––4,999362025651.665,000–5,000(1)––4,999 38,22410,000(6)(260)(7,870)40,088 SOFR 202563032220241231364 2025A30. (a) (%) 1202019733.63100716––(3)–71312020207144.252,0001,995–5––2,0006020208121.888005,748–2(24)–5,72612020208122.754002,860–1(11)–2,850602021242.004002,873–1(12)–2,8621202021242.884002,855–2(12)–2,8456020213242.0020143––––1436020219161.753002,151–2(10)–2,1436020221216SOFR+140100719––(3)–7162420232173.50500500–––(500)–242023531SOFR+10075539–––(539)–362023613SOFR+105103739––(2)–7371820237103.05700700–––(700)–242023816SOFR+95100719––(3)–716602023818SOFR+13050358––(1)–357362023823SOFR+1003002,152–1(8)–2,145242023825SOFR+95100718––(2)–71636202311162.802,5002,496–1––2,49736202311273.35350349––––3493620231130SOFR+11050359––(1)–3583620231252.904,0003,994–1––3,995362024352.453,0002,995–1––2,996362024312SOFR+10540288––(2)–286362024327SOFR+10067481––(2)–479122024416SOFR+6420144–––(144)–122024422SOFR+6530216–––(216)–3620245232.202,5002,495–1––2,49636202464SOFR+765003,588–2(16)–3,57436202487SOFR+762571,849––(8)–1,841362024108SOFR+7630216––(1)–2154820241025SOFR+63.930216––(1)–2151220241120SOFR+4550359––(1)–3581220241127SOFR+49100719––(3)–7161220241217SOFR+4930216––(1)–2153620255221.752,000–2,000(4)––1,99660202565SOFR+80400–2,875(4)(12)–2,85936202565SOFR+68300–2,156(3)(9)–2,144 47,4657,0319(148)(2,099)52,258 2025630 1,932446202412311,533236 2025A 30. (a) (%) 2420244293.15720719––––719362024626SOFR+65100728––(13)–715 1,447––(13)–1,434 31. A20,629H4,591 25,220 AH 20241231202563025,22025,220 2025A32.(a) (%) (i)201712223.6210027527,468(ii) 27527,468 2025112025630 (i)2017122227527,468––27527,468 27527,468––27527,468 (i) 2017122227,500 100275,000,0004.81%16.68%20221218 3.62% (ii) (1) 5.125% A 5.125% (2) A() 27,468(b) (%) (i)2020793.9510050049,989(ii)20211273.6910043042,989(iii)20231213.4110030030,000(iv)20241152.4210030030,000(v)20254292.1310020020,000(vi)20255292.0510027027,000 2,000199,978 2025A32.(b) 2025112025630 (i)20207950049,989––50049,989(ii)202112743042,989––43042,989(iii)202312130030,000––30030,000(iv)202411530030,000––30030,000(v)2025429––20020,00020020,000(vi)2025529––27027,00027027,000 1,530152,97847047,0002,000199,978 (i) 2020792020 50,0001005(ii) 20211272021 43,0001005(iii) 20231212023 30,0001005(iv) 20241152024 30,0001005(v) 20254292025 20,0001005(vi) 20255292025 27,0001005 (1)(2) 2025A32. (c) 202563020241231 1,289,2331,226,014 1,061,7871,045,568 227,446180,446 1,9755,581 1,9755,581 (1,975)(5,581) –– 7,6277,461 7,6277,461 33. 20256306 6,0181,812–(78)1,7341,734––7,752 5,9161,817–(79)1,7381,738––7,654 102(5)–1(4)(4)––98 37,239(3,354)(7,036)2,357(8,033)(8,021)(12)–29,218 19,0971,161(7,043)1,591(4,291)(4,281)(10)–14,816 10,849(3,121)–784(2,337)(2,337)––8,512 56157(18)44––60 4,816(1,783)––(1,783)(1,781)(2)–3,035 2,421374––374374––2,795 43,257(1,542)(7,036)2,279(6,299)(6,287)(12)–36,970 2025A33. 2024 3,0913,125–(202)2,9232,923–46,018 3,0093,101–(198)2,9032,903–45,916 8224–(4)2020––102 13,59137,554(7,298)(6,486)23,77023,648122–37,239 2,74729,208(7,295)(5,490)16,42316,35073–19,097 7,8494,004–(1,004)3,0003,000––10,849 92(41)(3)8(36)(36)––56 2,9341,931––1,9311,88249–4,816 (31)2,452––2,4522,452––2,421 16,68240,679(7,298)(6,688)26,69326,571122443,257 2025A33. 20256306 3,362311–(78)233–3,595 3,362311–(78)233–3,595 33,446(3,070)(6,954)2,594(7,430)–26,016 20,608(300)(6,961)1,813(5,448)–15,160 10,034(3,153)–788(2,365)–7,669 4227(7)22–26 438(4)––(4)–434 2,362365––365–2,727 36,808(2,759)(6,954)2,516(7,197)–29,611 2025A33. 2024 2,866631–(157)474223,362 2,866631–(157)474223,362 11,85935,113(7,170)(6,356)21,587–33,446 4,56228,562(7,167)(5,349)16,046–20,608 7,0044,040–(1,010)3,030–10,034 11(7)(3)3(7)–4 36078––78–438 (78)2,440––2,440–2,362 14,72535,744(7,170)(6,513)22,0612236,808 2025A34.(a) 2025 20241231 20242.00050,440–20231.972–49,734 (b) 2025 20241231 –13,915 13,451 20242.000–50,440 77,806 2024202532520256252024 35. 63066306 2025202420252024 119,080132,214111,999124,008 43,42147,39637,32640,405 73,52681,77172,55780,613 2,1333,0472,1162,9904,5874,9334,5644,9101,3221,251 5,6786,1915,2405,0531,4141,8231,3581,78744,93341,58540,75338,370 16,13314,00612,71411,658 28,80027,57928,03926,712 177,014187,997164,583174,640 202563064,240 202463064,652 2025A36. 63066306 2025202420252024 56,51966,52852,40861,5181,7082,4951,7062,4934,1974,0614,0503,7184,0044,708 1,0091,3641,635 1,3132,9233,8801,6522,612 70,92983,54861,71372,887 37. 63066306 2025202420252024 12,79711,43711,69210,9515,4535,858 7,2218,6347,1868,6007,6027,8597,5667,8212,2892,4602,0232,1882,6072,4842,5612,4383,8983,8203,6383,556 41,86742,55234,67035,573 38. 63066306 2025202420252024 (5,426)2,567(5,326)3,795 (232) (328) (49) (46) (4,819)2,286(4,689)3,421 2025A 39. 63066306 2025202420252024 11,4058,33810,4156,707 1,2173,5781,1883,571 7,0435,5826,9615,496 1,6991,5502,1692,192 21,89419,49920,83718,134 40. 63066306 2025202420252024 –6,9186,139 7,7566,434 2025A41. 63066306 2025202420252024 35,48435,76931,40031,940 27,33028,38223,86825,156 5,1434,5144,7694,177 3,0112,8732,7632,607 1,9471,9391,7261,706 1,9091,9811,8011,871 11,42311,19612,03911,768 51,17151,43847,27247,739 42. 63066306 2025202420252024 23,34125,43322,45423,210 26,29625,70525,41723,482 (2,955)(272)(2,963)(272) (415)(1,058)(547)(1,147) (247)(2,005)(357)(2,122) (168) (190) 1,4462,3701,4312,393 (326)(3)(222) 24,62326,92823,52324,772 2025A43. 63066306 2025202420252024 3,4773,234–– –– 3,7213,400 44.(a) 63066306 2025202420252024 16,80315,27914,96613,760 15,60814,49514,43013,310 1,008 (3,302)(1,017)(2,925)(897) 13,50114,26212,04112,863 2025A44. (b) 63066306 2025202420252024 88,90689,64179,26383,67025%2024630 625%)22,22722,41019,81620,917 3,2091,8382,422 (10,768)(9,392)(9,703)(8,405) (700)(111)–– (494)(518)(494)(494) –– 13,50114,26212,04112,863 (i)(ii) 20255282024202511 2025A45. 20102025630620246306 6306 20252024 74,93074,743(1,975)(1,975)72,95572,768 (111)(119)72,84472,649 25,22025,220 2.89 2.89 2.89 2.88 1,053,678942,846(%) 13.85 15.44 (%) 13.83 15.41 2017202020256 20256306202463061,975202463061,975 20256306202463062025630620246306 2025A46. 202563062024630610% 2025A46. (a) 6306 20252024202520242025202420252024 19,61414,22155,27960,63931,19229,589106,085104,44920,00923,77915,4589,689(35,467)(33,468)–– 39,62338,00070,73770,328(4,275)(3,879)106,085104,4497,8617,75624,52124,9315,2205,64137,60238,32822,83726,279 2,5103,20526,28230,168––––1,6721,5501,6721,550 70,32172,03596,19395,9433,4554,967169,969172,945 (4,164)(3,951)(1,156)(1,084)(188)(200)(5,508)(5,235) (681)(755)(1,120)(1,116)(108)(110)(1,909)(1,981) (10,795)(11,671)(13,742)(14,693)(97)(572)(24,634)(26,936) (17,604)(19,212)(28,125)(27,848)(3,237)(2,069)(48,966)(49,129) (33,244)(35,589)(44,143)(44,741)(3,630)(2,951)(81,017)(83,281)(20)(13)(14)(4)(12)(6)(46)(23) 37,05736,43352,03651,198(187)2,01088,90689,641 7,58017,5651,063 8,68418,580 2025 20241231 2025 20241231 2025 20241231 2025 20241231 7,567,8967,103,0513,626,0763,564,8041,355,6401,383,48012,549,61212,051,335––––33,04831,01533,04831,0156,451,8876,268,0914,364,0104,118,838412,386452,08511,228,28310,839,014 2025A46.(b) 2025 2024 169,969172,945–– 169,969172,945 88,90689,641–– 88,90689,641 202563020241231 12,549,61212,051,3359,9549,954 88,76483,6748,3336,547 12,657,15112,152,036 11,228,28310,839,01415,39311,7131,1121,592115,50366,242 11,360,29110,918,561 (c) 2025A46.(c) ––––––––– 2025 20241231 2025 20241231 2025 20241231 2025 2024 2025 2024 5,858,7505,620,7924,770,5234,616,71662,48461,28764,41975,34737,41438,9371,580,5851,521,9031,573,3221,503,1095,3095,46923,14222,50611,16112,6781,034,7531,002,6901,026,907988,7803,6343,84517,50816,0609,9599,1171,306,1241,234,9911,299,1901,225,2183,5933,95718,04817,3775,8778,163171,775173,447170,933171,9671,3031,3573,2363,1891,3051,577755,835733,700751,743725,4103,0873,19510,0009,8155,1035,573760,853751,874757,346744,5612,6272,73410,1189,9244,3515,043229,603236,567237,352244,455 2,1542,1121,3051,377958,873876,072772,975698,345104,340107,34321,34416,61512,4317,176 12,657,15112,152,03611,360,29110,918,561187,046189,933169,969172,94588,90689,641 2025A47.(a) 2025630 338,8821,927285341,094 29,112783329,898 309,7701,144282311,196367,2141,248–368,462566,8573,06912569,938187,610984102188,696 150,5241750,532 1137,08698395138,1641,666,49328,255291,694,77794,7149482095,682 3,221,77036,4314483,258,649 20241231 326,6541,983582329,219 33,10975429334,156 293,5451,229289295,063 304,7251,249–305,974 581,1763,054360584,590 162,15941596162,670 145,0393145,043 1117,12041295117,627 1,588,13732,39951,620,541 96,5257082097,253 3,059,37639,8081,0633,100,247 2025A47.(a) 202563022,6462024123120,13917,8322024123118,230327,98420241231267,605 2025630 336,2481,188285337,721 28,14444328,191 308,1041,144282309,530365,6951,248–366,943566,7173,06912569,798166,81882096167,734 142,168–142,169 1124,65082095125,5651,663,49828,246291,691,773 94,7149482095,682 3,193,69035,5194423,229,651 20241231 324,0281,243582325,853 32,2131429332,520 291,8151,229289293,333 303,3721,250–304,622 581,0083,054360584,422 141,58641095142,091 135,425––35,425 1106,16141095106,666 1,587,97032,38941,620,363 96,5237082097,251 3,034,48739,0541,0613,074,602 2025A47.(a) 202563021,12820241231 18,78717,8322024123118,230327,98320241231267,605 20256305,271,281202412315,385,015 2025 20241231 2025 20241231 997,142846,851957,931808,801 202411 20144 (b) 2025 20241231 2025 20241231 47(e)(c) 2025630 2,078202412312,024 2025A 47.(d) 2025 20241231 2025 20241231 32,67230,80732,67230,807 (e) 2025 20241231 2025 20241231 23,86114,321––50,86537,503–– 74,72651,824–– 2025A48.(a) 2025 20241231 2025 20241231 259,518245,897259,424245,804(259,518)(245,897)(259,424)(245,804) (b) 2,280,129202412312,298,27836,0942024123152,344 (c) 2025 20241231 2025 20241231 214,016189,647–– 2025A49.(a) 2025A49.(a) (i) (ii) iii)iii (iii) ? (PD)12? (LGD)? (EAD) 2025A49. (a)(iv) 20256305%0.5% 202563010%10%20256302.8%202412312.6%)10%10%4.7%20241231 4.6%) (v) (vi) 47(a)202563015,579,8822024123114,922,47014,767,6602024123114,199,153(vii) 2023 202563026,1232024123124,826 (viii) 202563066,3702024123165,61061,9232024123161,117 2025A49.(a)(ix) 47(a)29 2025630 538,543––538,543––––185,28071185,288(712)(4)(1)(717)480,937––480,937(1,366)––(1,366)270,967–140271,107(652)–(140)(792) 1,247,838941181,248,050(7,170)(10)(1,218)(8,398) 20241231 557,166––557,166––––220,537111220,549(818)(1)(11)(830)406,817––406,817(1,126)––(1,126)271,903–140272,043(606)–(140)(746) 1,082,1862091821,082,577(7,339)(21)(1,260)(8,620) 2025A49.(a)(ix) 47(a)29 2025630 529,594––529,594––––125,39571125,403(691)(4)(1)(696)453,955––453,955(1,428)––(1,428)266,396–140266,536(650)–(140)(790) 1,055,378771181,055,573(7,051)(10)(1,218)(8,279) 20241231 554,877––554,877––––174,652111174,664(811)(1)(11)(823)375,205––375,205(1,168)––(1,168)270,561–140270,701(605)–(140)(745) 914,81277182915,071(7,248)(11)(1,260)(8,519) 2025A49.(b) (i) (1) 2025A49. (b)(i)(2) (NII)(EVE) 2025A49.(b)(i) (3) 2025630 1155 552,964528,568–––24,396934,457640,786272,11521,54214–(i)6,845,8642,996,9633,219,593570,39658,912–3,940,503474,288534,0391,415,7611,431,84684,569(ii)383,363––––383,363 12,657,1514,640,6054,025,7472,007,6991,490,772492,328 1,289,7851,096,867179,76712,764387–9,422,3796,424,8811,658,2181,306,07931,0682,133 122,103–5,698––116,40512,1071,0822,7907,2251,010–162,02064,05045,93746,6505,383–(ii)351,8972–3,108–348,787 11,360,2917,586,8821,892,4101,375,82637,848467,325 1,296,860(2,946,277)2,133,337631,8731,452,92425,003 2025A 49.(b) (i)(3) 20241231 1155 573,788547,644–––26,144896,707678,771193,83424,08913–(i)6,622,9502,921,7303,085,793553,74761,680– 3,674,904487,488510,4121,287,8201,309,21879,966(ii)383,687––––383,687 12,152,0364,635,6333,790,0391,865,6561,370,911489,797 1,207,0171,008,346187,09011,192389– 9,096,5876,367,7261,418,4271,285,12922,6962,609 99,044–5,691––93,353 12,7781,0552,8557,7051,163–221,583115,23254,62744,3307,394–(ii)281,5524–3,033–278,515 10,918,5617,492,3631,668,6901,351,38931,642374,477 1,233,475(2,856,730)2,121,349514,2671,339,269115,320 2025A49. (b) (i)(3) 2025630 1155 543,649519,631–––24,018842,980581,762253,9917,227––(i)6,499,1342,786,5463,109,144553,92749,517–3,611,395455,656460,5351,279,0931,368,93747,174(ii)302,570––––302,570 11,799,7284,343,5953,823,6701,840,2471,418,454373,762 1,042,960924,930116,4921,538––9,063,4326,155,1911,580,8181,296,35831,065– 82,990–5,698––77,29211,6689872,6107,085986–92,10235,11629,38427,602––(ii)308,890––––308,890 10,602,0427,116,2241,735,0021,332,58332,051386,182 1,197,686(2,772,629)2,088,668507,6641,386,403(12,420) 2025A49. (b)(i) (3) 20241231 1155 570,996545,397–––25,599817,834631,407170,05516,372––(i)6,292,7712,709,1212,994,337539,05350,260– 3,393,118462,578451,6811,173,5191,260,62344,717(ii)303,895––––303,895 11,378,6144,348,5033,616,0731,728,9441,310,883374,211 981,596855,289124,7691,538–– 8,778,2506,119,7671,359,6741,276,11322,696– 65,558–5,691––59,867 12,2949602,6427,5571,135–155,64094,85136,12524,664––(ii)242,191––––242,191 10,235,5297,070,8671,528,9011,309,87223,831302,058 1,143,085(2,722,364)2,087,172419,0721,287,05272,153 (i) 3202563020241231(ii)(4) 202563020241231 202563020241231 25252525 (5,025)5,025(4,713)4,713 (12,176)12,431(10,793)10,931 2025A49. (b)(ii) (1) (VaR (2) (c) 2025A49.(c) 2025630 11331155 552,964552,96472,2143183701,650––478,412–934,457941,11367,176446,127128,940275,72923,12615––6,845,8647,875,54137,076469,139513,3732,177,1972,342,9972,305,196–30,5633,919,1064,602,3824,179272,863169,856584,0141,741,7001,800,83428,86076 660,819694,1754,179167,07143,438192,670176,318105,4735,026– 1,986,4032,387,402–39,53156,008200,856964,8091,126,131–67 1,248,0501,496,971–66,26170,410190,488600,573569,230–9 23,83423,834––––––23,834–100,913100,91323,24614,73415,28319,7125,93483216,7214,451 12,353,30414,072,913203,8911,203,181827,8223,058,3024,113,7574,106,877523,99335,090 1,289,7851,302,678681,563239,214143,120182,21650,1796,386––9,422,3799,616,6944,833,933752,652877,2221,719,8721,398,69034,325–– 99,27999,35339,4318,6031,63012,6382,41234,639–– 12,10713,140–4286582,8727,8531,329––162,020186,579–12,97037,79067,57662,7085,535––243,721244,01766,39084,74815,06646,95030,573290–– 11,229,29111,462,4615,621,3171,098,6151,075,4862,032,1241,552,41582,504–– –1,883,4731,883,473––––––– 2025A49.(c) 20241231 11331155 573,788573,78846,957381361,925––524,732–896,707904,32847,430479,793152,137197,58127,37413––6,622,9507,670,66137,161583,775555,3131,963,0412,235,1952,265,613–30,5633,642,3714,273,7594,956272,560163,542555,6531,597,1271,653,02926,82072 617,018638,1454,956225,77645,894124,509156,71975,7864,505– 1,920,4612,324,329–25,00167,717219,327895,2381,116,976–70 1,082,5771,288,970–21,78349,931211,817545,170460,267–2 22,31522,315––––––22,315– 102,337102,33733,46112,44214,32821,1905,06351110,6814,661 11,838,15313,524,873169,9651,348,608885,4562,739,3903,864,7593,919,166562,23335,296 1,207,0171,220,980656,335150,888152,614206,02947,5567,558–– 9,096,5879,321,1484,793,218686,784958,0601,470,3461,387,31825,422–– 67,46167,51016,8866,2471,3427,5264,99830,511–– 12,77813,793–4516142,9088,2991,521––221,583228,531–26,99073,01863,67457,1357,714––181,168181,16843,75533,78321,97448,33433,017305–– 10,786,59411,033,1305,510,194905,1431,207,6221,798,8171,538,32373,031–– –1,783,2111,783,211––––––– 2025A49.(c) 2025630 11331155 543,649543,64963,2423183701,650––478,069–842,980846,91138,459430,161113,618257,1437,530–––6,499,1347,494,540–444,875497,9832,088,0282,198,6092,236,132–28,9133,590,7694,266,738–289,693151,750502,3701,574,4151,735,07213,36276 585,050618,291–195,37846,684175,176123,24176,2771,535– 1,938,3192,337,663–38,46353,340185,733937,8331,122,227–67 1,055,5731,298,957–55,85251,726141,461513,341536,568–9 11,82711,827––––––11,827–82,21682,21621,3479,29212,95417,3452503016,6024,396 11,558,74813,234,054123,0481,174,339776,6752,866,5363,780,8043,971,234508,03333,385 1,042,9601,044,776667,306178,83979,627117,4181,586–––9,063,4329,253,1684,694,300693,208804,4711,639,9751,387,31033,904–– 61,45061,46437,9067,8951,63012,6381,395–––11,66812,667–3786132,6857,6951,296––92,10294,291–8,67924,03333,08528,494–––208,619208,61959,83974,43912,92438,40923,008––– 10,480,23110,674,9855,459,351963,438923,2981,844,2101,449,48835,200–– –1,859,5071,859,507––––––– 2025A49.(c) 20241231 11331155 570,996570,99644,693381361,925––524,204–817,834821,60625,140468,432138,501172,45117,082–––6,292,7717,303,084–568,695536,2881,884,8262,084,6232,199,638–29,0143,361,3033,987,667–266,545154,140490,8501,461,0361,601,94513,07972 546,965567,192–225,68859,508113,289116,35550,7901,562– 1,887,7502,290,618–24,60465,150208,729880,4191,111,646–70 915,0711,118,340–16,25329,482168,832464,262439,509–2 11,51711,517––––––11,517–86,77586,77532,2768,29711,80018,8743143110,5724,611 11,129,67912,770,128102,1091,312,007840,8652,568,9263,563,0553,801,614547,85533,697 981,596983,223652,221107,92896,163125,3731,538––– 8,778,2508,998,5904,669,023630,719889,6501,408,1271,376,40324,668–– 34,46934,51815,5626,1981,3427,5263,890––– 12,29413,275–4105572,6878,1381,483––155,640157,860–23,18369,21939,87425,584–––149,663149,66338,12527,53918,27740,28225,440––– 10,111,91210,337,1295,374,931795,9771,075,2081,623,8691,440,99326,151–– –1,762,4541,762,454––––––– 2025A49.(d) (e) 2025630 2025A49.(e) 202411 2014418 20239 202563020241231 14.00% 14.86% 17.07% 17.48% 18.56% 19.05% 1,049,8991,036,39213,30813,3441,036,5911,023,048 227,446180,4461,264,0371,203,494 110,497108,2481,374,5341,311,742 7,404,7036,885,783 2025A 49. (f) 2025630 331155 321,6401,391,7871,086,7341,7632,801,9248,804(9,042) 321,0291,391,7521,086,7341,7632,801,2788,804(9,040) 61135––646–(2) 1,154,7691,115,19263,7427,3392,341,04211,745(13,087) 64,44747,2821,2721,564114,565459(883) 829,803796,54542,4545,7751,674,5778,707(9,937) 537194––731–– 259,982271,17120,016–551,1692,579(2,267) 7,0499,132406–16,587522(475) 9824,20036–5,21876(1) 8374,201––5,038–(45) 5,23026870–5,568446(421) –463300–763–(8) ––2,4179733,390–(15) ––2,4179733,390–(15) –10,9105,771–16,681242(135) –10,9105,771–16,681242(135) 1,60311,00019,52930532,43783(70) 1,60311,00019,52930532,43783(70) –178––1781– –178––1781– 1,485,0612,538,1991,178,59910,3805,212,23921,397(22,824) 2025A49.(f) 20241231 331155 295,444931,606847,7721,2902,076,11211,136(11,478) 290,990931,524847,7721,2902,071,57611,035(11,478) 4,45482––4,536101– 944,726947,91783,6761,7221,978,04120,926(19,773) 44,47921,0931,37228067,224588(579) 664,671740,33867,3771,4421,473,82817,734(16,958) 18387––405–– 235,558186,09914,927–436,5842,604(2,236) 4,7676,0902303711,124262(123) 8052,769–373,611131– 8052,769––3,574–(21) 3,157351––3,508131(100) –201230–431–(2) ––500–500–(15) ––500–500–(15) 1,2001,9406,614–9,75476(161) 1,2001,9406,614–9,75476(161) 2,11010,3849,53333022,357128(33) 2,11010,3849,53333022,357128(33) ––183–1835– ––183–1835– 1,248,2471,897,937948,5083,3794,098,07132,533(31,583) 2025A49.(f) 2025630 331155 321,4851,389,9761,086,5621,7632,799,7868,779(9,034) 321,0291,389,9651,086,5621,7632,799,3198,779(9,033) 45611––467–(1) 1,044,1731,068,43855,4427,3392,175,39211,320(12,044) 61,45144,2251,2661,564108,506403(778) 725,070755,72834,1605,7751,520,7338,353(9,015) 537194––731–– 257,115268,29120,016–545,4222,564(2,251) 6,4828,413370–15,265490(447) 6263,841––4,46744– 6263,841––4,467–(18) 5,23026870–5,568446(421) –463300–763–(8) ––2,4179733,390–(15) ––2,4179733,390–(15) 8875,7093,142–9,73836– 8875,7093,142–9,73836– –178––1781– –178––1781– 1,373,0272,472,7141,147,93310,0755,003,74920,626(21,540) 2025A49.(f) 20241231 331155 295,068931,606845,8391,2902,073,80311,128(11,462) 290,990931,524845,8391,2902,069,64311,031(11,462) 4,07882––4,16097– 911,557941,21875,7821,7221,930,27920,518(19,505) 42,67219,6581,37228063,982524(527) 634,582735,17659,4831,4421,430,68317,401(16,753) 18387––405–– 234,285185,99714,927–435,2092,593(2,225) 4,0196,084230–10,333155(107) 4312,766––3,19724– 4312,766––3,197–(5) 3,157351––3,508131(100) –201230–431–(2) ––500–500–(15) ––500–500–(15) 1,9665,712281–7,9599– 1,9665,712281–7,9599– ––183–1835– ––183–1835– 1,212,6101,884,620922,8153,0124,023,05731,815(31,089) 202563062024 2025A49.(f) 202563020241231 7,2154,2543,2802,353 10,4956,607 20241120144 (g)(i) ??? 2025A49. (g)(ii) 2025630 27,951617,7463,202648,89922,602560,7671,681585,050 13,964338,544113352,6219,554227,929322237,805 12,328––12,32812,328––12,328 1,6269382,1854,749720–1,1891,909 33266,165694266,892–323,030–323,030 –3,496–3,496–1,400–1,400 –8,6032108,813–8,4081708,578 17111,749–11,920–––– 17111,749–11,920–––––21,397–21,397–20,626–20,626 –64,2121,56065,772–64,2121,49665,708 260,369999,748–1,260,117143,270922,391–1,065,661 –284,284265,998550,282–284,284265,699549,983 14,2881,8707,67623,8343,3491,8706,60811,827 302,7792,001,006278,4362,582,221169,2211,854,150275,4842,298,855 55,736698–56,43455,736––55,736 55,736––55,73655,736––55,736 –698–698–––– 5,57035,6541,62142,8455,714––5,714 5,57020–5,5905,714––5,714 –35,6341,62137,255–––––22,824–22,824–21,540–21,540 61,30659,1761,621122,10361,45021,540–82,990 2025A49. (g)(ii) 20241231 15,699584,3373,317603,35312,137533,1541,583546,874 14,204237,508340252,05211,204136,598657148,459 134––134134––134 1,36031,8993,262799–7631,562 1343,079871343,951–394,657–394,657 –3,134–3,134–1,303–1,303 –613207820–596163759 1,64612,019–13,665–91–91 1,64612,019–13,665–91–91 –32,533–32,533–31,815–31,815 –34,6011,17435,775–34,6011,10935,710 230,469861,658–1,092,127131,367791,457–922,824 –345,349206,343551,692–344,791206,343551,134 12,8731,9037,53922,3153,1211,8706,52611,517 260,6871,872,400218,3732,351,460146,6251,737,779215,5612,099,965 28,757389–29,14628,757––28,757 28,757––28,75728,757––28,757 –389–389–––– 5,56731,5921,15638,3155,712––5,712 5,567––5,5675,712––5,712 –31,5921,15632,748–––– –31,583–31,583–31,089–31,089 34,32463,5641,15699,04434,46931,089–65,558 202563062024 2025A49.(g)(ii)(1) (2) (Black-Scholes) 2025A49.(g) (ii) (3) 2025630 1,113 6,555 1,560 265,998 1,621 2025A 49.(g)(ii) (3) 20241231 1,022 67 6,450 1,174 206,343 1,119 516 264 340 807 64 163 44 1,156 2025A49.(g)(ii) (3) 2025113,3171,174206,3437,539218,373 1535––158 ––(331)196(135)102485293,751–294,338 (164)(102)(233,768)–(234,034) (190)–––(190) (16)(2)3(59)(74) 20256303,2021,560265,9987,676278,436 69(22)––47 2024114,1603,729120,7627,338135,989 (531)(84)––(615) ––252297549 72–485,550–485,622 (179)(2,472)(400,221)(104)(402,976) (214)–––(214) 91–818 202412313,3171,174206,3437,539218,373 (434)(104)––(538) 2025A49.(g) (ii)(3) 20252024 1,1561,825 (235) (170)(455)(12) 63012311,6211,156 (235) 2025111,5831,109206,3436,526215,561 1062––108 ––(331)82(249)1485293,427–293,913 (9)(100)(233,740)–(233,849) 20256301,6811,496265,6996,608275,484 11(23)––(12) 2025A49.(g) (ii) (3) 2024111,2093,647120,7626,521132,139 114(70)––44 ––252109361 264–485,550–485,814 (4)(2,468)(400,221)(104)(402,797) 202412311,5831,109206,3436,526215,561 175(85)––90 202563062024202563062024 (iii) (1) 2025A49.(g)(iii) (1) 2025630 1,986,4032,101,31466,1131,977,65057,551 20241231 1,920,4612,066,24471,4291,913,89380,922 (2) 2025630 91,08090,834–90,834– 20241231 85,00384,438–84,438– 2025A50. (a) 63066306 2025202420252024 75,40575,37967,22270,807 23,34125,43322,45423,210 1,2931,5031,0801,570 5,5085,2351,7641,738 1,9091,9811,8011,871 (505)(45)(9)(5) 3,679(5,511)4,567(6,983) (21,564)(18,904)(20,507)(17,539) (44,933)(41,585)(40,753)(38,370) 2,9233,8801,6522,612 (66)(124)(73)(109) (3,302)(1,017)(2,925)(897) (364,175)(298,526)(328,630)(277,768) 454,011359,311388,376306,743 134,461108,18096,85267,917 (b) 3 2025630202463020256302024630 72,21477,77363,24176,914132,712116,579104,15983,648127,281118,538114,45996,065270,739307,022266,398305,61891,975115,99488,510111,995 694,921735,906636,767674,240 2025A50. (c) 63066306 2025202420252024 14,42114,83614,05514,514(16,622)(14,931)(16,119)(14,499)680,500721,070622,712659,726(739,905)(584,088)(699,876)(543,952) (61,606)136,887(79,228)115,789 (d) 20246306(e) 20251189,18647,39490,5701,3382635,78212,778277,074 22,91735,66816,406––9,982–84,973 (90,190)(33,953)(9,933)––(14,363)(2,205)(150,644) –––(2,388)(297)––(2,685) ––––––1,3201,320 –––2,360––2142,574 ––––50,737––50,737 542183––––563 ––104––945–1,049 –––––8,028–8,028 –(642)(480)––(12)–(1,134) 202563022,45548,48596,6701,31050,46640,36212,107271,855 2025A 50. (e) 20241121,44334,340124,3721,8142632,61612,675227,286 142,35326,24116,742––1,069–186,405 (22,903)(24,133)(40,952)––(7,893)(2,315)(98,196) –––(2,493)(377)––(2,870) ––––––2,5302,530 –––2,407––2412,648 ––––50,111––50,111 1,2142527––––1,473 –177––(285)–(207) –248680––39–967 2024630142,10736,949100,9261,72849,76025,54613,131370,147 20251189,18628,23043,9365062612,294174,178 22,91725,14910,000–––58,066 (90,190)(23,549)(7,870)––(2,053)(123,662) –––(1,163)––(1,163) –––––1,2231,223 –––1,096–2041,300 ––––50,440–50,440 54220(6)–––556 ––107–––107 –(291)(365)–––(656) 202563022,45529,55945,80243950,46611,668160,389 2025A 50.(e) 20241121,44317,72173,1341,0932612,039125,456 142,35316,5255,000–––163,878 (22,903)(15,176)(30,000)––(2,130)(70,209) –––(1,488)––(1,488) –––––2,4092,409 –––1,157–2241,381 ––––49,734–49,734 1,214242(1)–––1,455 –177–––78 –(140)319–––179 2024630142,10719,17348,52976249,76012,542272,873 51. 14,6212024630610,148 2025A51. 2024630620256305,274202412315,274 2025630620246 2025A52.(a)(i) 16,900 7,559,427,37529.97% (i,vi) – 17,000 3,289,470,33713.04%(ii)– 1,258,542,3494.99%– 944,013,1713.74%– 7,778 1,147,377,4154.55%– Best Winner Investment Ltd.1386,924,0631.53%––– China Merchants Union (BVI) Limited0.06477,903,5001.89%––– 1055,196,5400.22%– 11,000 2,515,193,0349.97%(iii)– 16,191 1,574,729,1116.24%– 3,191 696,450,2142.76%– 52103,552,6160.41%– 1,399 75,617,3400.30%– 50054,721,9300.22%– 29910,121,8230.04%– 7,274 406,670,4181.61%(iv)– 16,166 201,089,7380.80%– 2025A52. (a) (i) 21,749 310,125,8221.23%(v)– 11,575 310,125,8221.23%–4,129 ––100.00%18,000 ––100.00%1,161 ––100.00%1,310 ––55.00%5,556 ––90.00% ––100.00% ––14 (vii) (i) ()202563029.97%2024123129.97%)(ii) ()202563013.04%20241231 13.04%) (iii) ()20256309.97%202412319.97%)(iv) ()20256301.61%202412311.61%)(v) ()20256301.23%202412311.23%)(vi) 2025A52.(a) (i) 202563020241231 16,900,000,00016,900,000,00017,000,000,00017,000,000,000600,000,000600,000,000600,000,000600,000,0007,778,000,0007,778,000,000Best Winner Investment Ltd. China Merchants Union (BVI) Limited60,00060,00010,000,00010,000,00011,000,000,00011,000,000,00016,191,351,30016,191,351,3003,191,200,0003,191,200,00052,000,00052,000,0001,398,941,0001,398,941,000500,000,000500,000,000299,020,000299,020,0007,274,023,8307,274,023,83016,165,711,42516,165,711,42521,749,175,73721,749,175,73711,575,299,44511,575,299,4454,129,000,0004,129,000,00018,000,000,00018,000,000,0001,160,950,5751,160,950,5751,310,000,0001,310,000,0005,555,555,5555,555,555,555100,000,000100,000,000500,000,000500,000,000 (b) 2025A 52. (c)(i) 202563020241231 (%)(%) 66,3850.9358,8430.85 2,8570.077,5800.21 43,6605.8636,1095.16 78,5060.8375,0280.82 1711.411861.46 9,1432.688,7482.66 1,0150.281,0040.33 6,6823.547,4894.60 5260.095990.10 6306 20252024 (%)(%) 1,1280.641,1000.59 (690)0.97 (656)0.79 2370.632820.74 (385)0.75 (379)0.74 620.24 730.23 2025A52.(c) (ii) 5% 202563020241231 (%)(%) 4000.08–– 52,0190.7346,9290.68 4,3200.112500.01 1,6530.224,4390.63 25,3200.2724,7180.27 60.05 130.10 12,7703.7412,9793.94 4,4981.224,3491.42 1,0000.531,0000.61 4,4660.785,3980.92 6306 20252024 (%)(%) 8270.477470.40 (105)0.15 (220)0.26 1130.301130.29 (1)– ––3691.402120.70 2025A52.(c) (iii) 202563020241231 (%)(%) 1–8,8050.13 1–1– 13,3290.1414,3620.16 ––6– ––3– 6306 20252024 (%)(%) ––2160.11 (217)0.31 (81)0.10 50.01 (4)0.01 (1,493)2.92(1,424)2.77 130.05 –– 2025A52. (c) (iv) 202563020241231 (%)(%) 11,3002.3512,8003.15 6,2730.096,4590.09 8840.121,0550.15 1,4340.026580.01 2–2– 6306 20252024 (%)(%) 3070.174090.22 (15)0.02 (20)0.02 7291.941,3163.43 (16)0.03 (173)0.34 130.05 1– 2025A 52.(d)(i) 202563020241231 (%)(%) 55,8710.8352,3930.80 2,6530.077,3970.22 43,6606.0136,1095.22 75,3720.8372,0130.82 1711.471861.51 9,0472.688,7482.68 1,0150.281,0040.33 6,6823.987,4895.27 5260.095990.10 6306 20252024 (%)(%) 8780.531,0080.58 (682)1.11 (597)0.82 2330.752760.86 (373)0.79 (348)0.73 270.15 (1)– 2025A52. (d) (ii) 5% 202563020241231 (%)(%) 49,0510.7343,8270.67 4,3200.122500.01 1,6530.234,4390.64 25,0630.2824,4120.28 60.05 130.11 12,7703.7812,9793.98 4,4981.234,3491.43 1,0000.601,0000.70 4,4660.785,3980.92 6306 20252024 (%)(%) 7250.446630.38 (105)0.17 (198)0.27 1120.361130.35 (1)– –– 2025A52.(d)(iii) 202563020241231 (%)(%) 1–8,6050.13 1–1– 13,3290.1514,3620.16 ––6– ––3– 6306 20252024 (%)(%) ––2160.12 (217)0.35 (81)0.11 1– 20.01 (1,473)3.12(1,413)2.96 90.05 –– 2025A52. (d) (iv) 202563020241231 (%)(%) 10,0002.2012,0003.20 6,2730.096,4590.10 8840.121,0550.15 1,2620.014890.01 2–2– 6306 20252024 (%)(%) 2920.184000.23 (15)0.02 (17)0.02 5771.851,2083.77 (16)0.03 (173)0.36 130.07 1– 2025A52.(e) 202563020241231 (%)(%) 6440.515,5853.20 32,7937.2226,8487.16 14,5800.2315,9840.24 1,9440.051,5260.04 5,1660.716,5520.94 2640.49–– 8,7830.108,1000.09 6306 20252024 (%)(%) 7060.436760.39 (61)0.10 (63)0.09 2870.922940.92(2,123)4.49(2,131)4.464542.602671.12 53. (a) 20191244002024 2025A54. (a) 202563020241231 2025630 8,40149,770–58,17158,171 1707,598–7,7687,7681,06080549,57951,44451,444259,545––259,545259,545 741––741741 269,91758,17349,579377,669377,669 20241231 59669,168–69,76469,764 16312,942–13,10513,1051,7551,81843,91147,48447,484334,929––334,929334,929 432––432432 337,87583,92843,911465,714465,714 2025A 54.(b) 20256302,459,303202412312,470,334 20256301,331,6812024 12311,320,359 2025630266,10720241231299,261 20256301,3612024123118,397 20256302,755202412312,703 20256307,347202412319,022202563064,675202463064,588 202563063,122202463063,6852025630633620246306246 202511202563091,78420246306161,997 2025A55. 12023 6306 20252024 (35)(36) – 56. 202573202539515,000 202579202077950,0002020 57. 2025A 1. 190,6352925,7492a122,6152b155,2582c647,876333,5154–51,049,8996–79,95381,92391,320106011–12–13–145215–16–17–18–19– 15% –21–22–23–24–2513,308261,036,591 2025A1. 27227,44628227,44629–30–31227,44632–33–34–35–36–37–38–39227,446401,264,03741–42–43110,49744110,49745–46TLAC –47–47aTLAC –48–48aTLAC –49–50–51110,497521,374,534537,404,7035414.00%5517.07%5618.56% 573.25%58 2.50%59 0.00%60 0.75% 619.00% 2025A 1. 625.00% 636.00% 648.00%6545,45065aTLAC –6629,3816786,306 70171,49271110,497 2025620144 13.82%17.03%18.55%1,237,1826,669,09420256 11.92%14.53%15.61%1,357,8758,697,37620256 11.58%14.27%15.35%1,221,7737,961,761 2025A1. 14,42114,42115,60115,601538,766538,766185,079169,810482,947482,947270,360266,7486,854,5916,878,45921,39721,3773,951,1273,870,778 660,819609,849 2,006,3571,993,906 1,260,1171,259,952 23,8347,071 33,04829,6801,0121,123119,289119,804 4,7394,73911,99611,867 6,1536,110 4,1734,127 9,9549,95388,76488,64947,90746,64112,657,15112,577,473 172,300172,300745,599745,599257,755271,152 99,27943,38322,82422,764116,46594,4579,509,5269,509,539 38,80538,27115,39314,859 3,9163,08112,10711,91918,09718,097163,330161,896 1,1121,022 –– 6060 183,783184,46611,360,29111,292,805 2025A 1. 25,22025,220227,446227,446 27,46827,468 199,978199,978 65,42065,415 36,97033,515122,652122,615155,258155,258656,267647,876 –– 1,289,2331,277,345 7,6277,323 7,6277,323 ––1,296,8601,284,66812,657,15112,577,473 2025A 1. 2600036396836002820280232128047242380033242480070242580008242580015 3a TLAC 70,22831,67327,46849,98942,98930,00030,00020,00027,000 820,6294,59127,50050,00043,00030,00030,00020,00027,000 10200232720069222017121320207920211272023121202411120254292025529 2025A 1. 600036396836002820280232128047242380033242480070242580008242580015 3.62%3.95%3.69%3.41%2.42%2.13%2.05% 2025A 1. 600036396836002820280232128047242380033242480070242580008242580015 2017 A (1) (2) (1) (2) (1) (2) (1) (2) (1) (2) (1) (2) 2025A 1. 600036396836002820280232128047242380033242480070242580008242580015 33a 2025A2. 20256302025331 12,657,15112,529,792 (79,678)(77,865) –– 25,68318,300 2,314,4542,196,744 –– (83)(3,825) –– –– –– (13,308)(13,169) 14,904,57714,650,332 2025A2. 20256302025331 12,605,67912,480,569 (316,414)(316,708) (13,308)(13,169) 12,275,95712,150,692 6,1637,912 39,49034,009 –– –– –– 1,4091,661 (2)(2) 47,06043,580 266,748258,961 –– –– 267,106259,316 10,253,3679,992,738 (7,922,102)(7,780,160) (16,811)(15,834) 2,314,4542,196,744 1,264,0371,222,698 14,904,57714,650,332 8.48% 8.35% 24aa 8.48% 8.35% 4.00% 4.00% 0.375% 0.375% 127,253158,97827a266,748258,96128a14,765,08214,550,34928ab14,765,08214,550,34929b 8.56% 8.40% 29ac 8.56% 8.40% 2025A 3. 2025 159.83%5.85 2025184.00%2025 12,551,631 24,441,517394,5273992,50049,62543,449,017344,90254,747,4651,672,15862,598,054641,52772,138,2151,019,435811,19611,19692,188102,534,514737,40511620,214620,21412––131,914,300117,19114116,340116,340153,850,214122,706 163,045,324 17128,042126,519181,057,270700,42619620,011619,682 201,805,3231,446,627 212,551,631221,598,69723(%)159.83% 1) 912) 2025A4. 2025 136.71%2.93 2025630 <66-12≥1 1,277,355–––1,277,355 1,277,355–––1,277,355 ––––– 2,524,7772,184,89343,5459,9004,338,960 1,013,3158,5531,444980973,127 1,511,4622,176,34042,1018,9203,365,833 2,935,2002,649,965193,854288,6732,898,928 2,644,643–––1,322,321 290,5572,649,965193,854288,6731,576,607 ––––– 4,201226,26883,501187,692200,463 28,979 4,201226,26883,501158,713200,463148,715,706 413,846 52,2148,67343–30,955 148,8432,795,5611,631,1804,164,4765,439,101 –260,042––39,006 69778,005189,38336,520249,756 –1,496,0171,288,5882,495,7403,483,41121 35%–66,26051,164151,355157,093 –30,24130,1791,371,2661,193,43223 35%––––– 148,774231,256123,030260,950473,496 ––––– 2025A4. 2025630 <66-12≥1 58,269107,73333,32179,116252,856 15,60413,264 612520 30,1901,211 6,2736,273 42,665107,73333,32148,314231,588 6,239,278238,432 336,375,190 34(%)136.71% 2025331 <66-12≥1 11,235,852–––1,235,85221,235,852–––1,235,8523–––––42,480,8432,180,70922,7552,8084,269,59551,012,6415,220363749968,06261,468,2022,175,48922,3922,0593,301,53373,016,3112,684,881193,841269,7072,876,22082,607,800–––1,303,9009408,5112,684,881193,841269,7071,572,32010–––––113,539188,19567,806141,365144,3901230,877133,539188,19567,806110,488144,390148,526,057 2025A4. 2025331 <66-12≥1 15406,0251645,5789,76641–27,95717147,1652,741,5821,595,0364,137,5945,384,75718 –242,373––36,356 467755,035150,89744,795234,525 –1,486,8031,324,1082,453,6653,460,73121 35%–89,34142,846151,702164,70022 –29,68429,8241,364,6251,187,36023 35%––––– 146,698227,68790,207274,509465,78525–––––2633,968134,43058,279122,145322,92427 8,1646,939 78766929 34,4793,60230 6,5426,54231 25,804134,43058,27986,879305,172325,960,480231,295 336,372,958 34(%)133.78% 1)2) 3) 30 因您而變
附件： ↘公告原文阅读

2025年半年度報告A股股票代碼：

600036招商銀行股份有限公司

2025A

10 3.111 3.217 3.322 3.428 3.532 3.632 3.733 3.837 3.943 3.1055 3.1160 3.1261 (ESG)

2025A

/ /

100%100%

2025A

2. 2025829

3. 20252024

2025202612

4. 2025

20255.6.7.

2025A

1.1

1.1.1

China Merchants Bank Co., Ltd.

1.1.2

1.1.3 7088

1.1.4

7088518040+86 755 8319 8888+86 755 8319 5555

cmb@cmbchina.com

www.cmbchina.com

95555-7+86 400 820 5555-7

1.1.5 831

1.1.6

A600036H03968

1360028

1.1.7

11701-12

鲗97927

1.1.8

2025A

1.1.9 A

+86 4008 058 058H

183171712-1716

+852 2862 8555

1.1.10

( www.cs.com.cn )( www.stcn.com )( www.cnstock.com ) ( www.sse.com.cn )( www.cmbchina.com )

( www.hkex.com.hk ) ( www.cmbchina.com )

1.2

19872002420069

AppApp

2025A

2.1

2025

1-6

20241-6(%)

2023

1-6

169,969172,945-1.72178,46088,95289,664-0.7990,87988,90689,641-0.8290,88475,40575,3790.0376,43774,93074,7430.2575,75274,81974,6240.2675,488134,461108,18024.2994,352

(1)

2.89

2.89–2.93

2.89

2.89–2.93

2.89

2.880.352.91

5.33

4.2924.243.74

(%)

1.21

1.320.111.45

(1)

13.85

15.441.5917.55

13.85

15.441.5917.55

13.83

15.411.5817.49

2025A

2025

20241231(%)

20231231

12,657,15112,152,0364.1611,028,483

(2)

7,116,6166,888,3153.316,508,865

7,050,2466,822,7053.346,447,286

66,37065,6101.1661,579

(3)

272,733270,3010.90269,53411,360,29110,918,5614.059,942,754

(2)

9,422,3799,096,5873.588,155,438

2,747,9532,772,365-0.882,644,685

2,422,2012,291,1885.722,015,837

2,060,4851,980,2514.051,829,612

2,191,7402,052,7836.771,665,3041,289,2331,226,0145.161,076,370

(1)

42.10

41.461.5436.711,374,5341,311,7424.791,181,487

1,264,0371,203,4945.031,057,754

1,036,5911,023,0481.32907,308

110,497108,2482.08123,7337,404,7036,885,7837.546,608,0211,357,8751,293,8014.951,144,901

1,264,0371,203,4945.031,057,754

1,036,5911,023,0481.32907,308

93,83890,3073.9187,1478,697,3768,227,3905.717,652,723

(1) 9(2)(3)

(4) 1

20251-620241-6

(35)(36)

–

2025A

2.2

(%)

2025

1-6

2024

1-6

20231-6

(1)

1.79

1.880.092.12(2)

1.88

2.000.122.23

62.41

60.392.0261.08

37.59

39.612.0238.92

(3)

30.11

29.740.3729.07

(1) =

(2) =

(3) =

(%)

2025

20241231

20231231

0.93

0.950.020.95(1)

410.93

411.981.05437.70

(2)

3.83

3.920.094.14

20251-6

2024

1-6

20231-6

(3)

0.67

0.770.100.88

(1) =

(2) =

(3) ==+2

(%)

2025

20241231

20231231

14.00

14.860.8613.73

17.07

17.480.4116.01

18.56

19.050.4917.88

11.92%14.53%15.61%

2025A

2.3

(%)

2025

20241231

20231231

≥25

59.25

59.6656.24

≥25

133.91

124.4795.90

≥100

209.22

227.29198.01

≤10

2.02

2.062.10

12.85

12.1612.33

(1)

(2) =

(3) =

(%)

20251-6

2024

20241-6

2023

1.63

1.391.671.21

40.06

35.0652.9734.95

122.71

79.04130.9174.09

104.50

60.9380.7055.33

2.4

20251-62025630

2025A

3.1

3.1.1

2025LPR

3.1.2

1,699.691.72%749.30

0.25%1,060.851.57%638.84

6.73%(ROAA)(ROAE)1.21%13.85%0.111.59

126,571.514.16%71,166.16

3.31%113,602.914.05%94,223.79

3.58%

663.707.600.93%

0.02410.93%1.053.83%0.09

2025A

3.2

3.2.1

889.060.82%15.19%0.72

20251-620241-6

106,085104,44937,60238,32826,28230,168(51,171)(51,438)(1,491)(1,507)(24,623)(26,928)(11)(8)(3,721)(3,400)(46)(23)88,90689,641(13,501)(14,262)75,40575,37974,93074,743

3.2.2

1,699.691.72%62.41%

37.59%2.02

2025A

3.2.3

1,770.145.84%

1,190.809.93%LPR

20251-6202420241-6

%%%

2,983,89843,4212.932,746,03993,2823.402,728,63147,3963.493,634,06973,5264.083,533,131161,7404.583,489,49581,7714.71337,4002,1331.27387,0175,5511.43401,4673,0471.53

6,955,367119,0803.456,666,187260,5733.916,619,593132,2144.02

26,974.96527.50

3.94%42,578.71663.303.14%

449.338.05%

2.89%25

84.149.19%

3.2.4

709.2915.10%

565.1915.04%

2025A

20251-6202420241-6

%%%

2,543,8867,8480.622,488,10220,7620.832,477,89511,1000.90

2,412,90124,8302.082,305,74556,5472.452,230,19028,2402.55

4,956,78732,6781.334,793,84777,3091.614,708,08539,3401.68

1,950,7927910.081,798,3283,9030.221,813,6662,6710.30

2,132,66923,0502.181,923,49149,6122.581,816,05624,5172.71

4,083,46123,8411.183,721,81953,5151.443,629,72227,1881.51

9,040,24856,5191.268,515,666130,8241.548,337,80766,5281.60

95.658.06%

29.2324.66%

3.2.5

1,060.851.57%20251-6202420241-6

%%%

6,955,367119,0803.456,666,187260,5733.916,619,593132,2144.023,134,60844,9332.892,757,15184,9243.082,659,30941,5853.14554,4524,5871.67580,9409,6981.67588,9474,9331.68714,1858,4142.38681,86319,0762.80622,1749,2652.99

11,358,612177,0143.1410,686,141374,2713.5010,490,023187,9973.60

2025A

20251-6202420241-6

%%%

9,040,24856,5191.268,515,666130,8241.548,337,80766,5281.601,157,0839,5651.67946,26419,6292.07948,68010,4042.21187,9542,9233.14252,4487,6563.03258,0433,8803.02190,4401,7081.81207,4534,4282.13230,5492,4952.1812,4042143.4812,8474573.5612,8762413.76

10,588,12970,9291.359,934,678162,9941.649,787,95583,5481.72

106,085211,277104,449

1.79

1.861.88

1.88

1.982.00

3.14%461.35%

371.79%91.88%12

20251-620241-6

5,943(19,077)(13,134)6,760(3,412)3,348

(303)(43)(346)1,057(1,908)(851)

13,457(24,440)(10,983)

4,233(14,242)(10,009)1,730(2,569)(839)(1,100)143(957)

(357)(430)(787)

(8)(19)(27)

4,498(17,117)(12,619)

8,959(7,323)1,636

2025A

20254-620251-3

6,995,66458,9283.386,914,62260,1523.533,227,38122,9592.853,040,80421,9742.93

536,2092,2401.68572,8982,3471.66692,7343,8172.21735,8744,5972.53

11,451,98887,9443.0811,264,19889,0703.21

9,085,05327,8351.238,994,94528,6841.291,208,4194,7621.581,105,1774,8031.76165,4731,3223.20210,6851,6013.08186,1868351.80194,7418731.8212,2481013.3112,5621133.65

10,657,37934,8551.3110,518,11036,0741.39

53,08952,996

1.771.82

1.861.91

20251.86%1.77%5

3.9.1

3.2.6

638.846.73%

376.021.89%127.97

11.89%54.536.91%72.21

16.37%76.023.27%

22.896.95%26.074.95%38.98

2.04%3.9.2

262.8212.88%218.9412.28%

-48.19

14.5125.55%

77.5620.55%

2025A

254.560.62%39.85%

306.989.80%48.05%

77.3012.62%12.10%

20251-620241-6(%)

41,86742,552-1.61

12,79711,43711.89

5,4535,858-6.91

7,2218,634-16.37

7,6027,859-3.27

2,2892,460-6.95

2,6072,4844.95

3,8983,8202.04(4,265)(4,224)0.97

37,60238,328-1.8926,28230,168-12.88

21,89419,49912.28

(4,819)2,286

1,4511,949-25.55

7,7566,43420.55

63,88468,496-6.73

3.2.7

511.710.52%354.840.80%

156.870.11%30.11%0.37

20251-620241-6

35,48435,76915,68715,669

4,2644,473

11,42311,196

51,17151,438

2025A

3.2.8

246.238.56%

20251-620241-6

23,34125,433(415)(1,058)

1,4462,370

(326)

24,62326,928

233.41

20.9214.469.24

3.3

3.3.1

126,571.514.16%

202563020241231

7,116,61656.236,888,31556.68

(1)

(270,752)(2.14)(265,365)(2.18)

6,845,86454.096,622,95054.503,973,55131.393,705,91930.50568,5654.49583,2024.80934,4577.38896,7077.389,9540.089,9540.08

(2)

324,7602.57333,3042.74

12,657,151100.0012,152,036100.00

(1)(2)

2025A

3.3.1.1

71,166.163.31%

56.23%0.453.4

3.3.1.2

202563020241231

21,3970.5432,5330.88660,81916.63617,01816.65

364,5419.17265,7177.17

8,4080.215960.02

287,8707.25350,7059.461,986,40349.991,920,46151.82

1,939,11748.801,848,16249.87

81,5922.05107,1052.89

6670.026530.02

(34,973)(0.88)(35,459)(0.96)

1,248,05031.411,082,57729.21

23,8340.6022,3150.6033,0480.8331,0150.84

3,973,551100.003,705,919100.00

49(f)202563020241231

2,837,9298,888(9,127)2,099,15211,269(11,526)2,357,72311,987(13,222)1,987,79521,002(19,934)16,587522(475)11,124262(123)

5,212,23921,397(22,824)4,098,07132,533(31,583)

2025A

6,608.19

19,864.03

12,480.50

238.34

2025

20241231

2,343,7262,026,230600,602572,863421,503394,704185,877202,659

3,551,7083,196,456

2025A

(%)

202220,8902.502027/8/24–201915,8503.652029/5/21–201914,7903.742029/7/12–201914,2803.452029/9/20–202412,9602.002027/4/12–202212,7102.902032/8/19–202311,4702.872028/2/6–201610,9543.052026/8/25–202210,9302.822027/6/17–20249,8902.642031/1/8–

330.486.55%14

3.3.1.3

5.7999.54

3.3.2

113,602.914.05%

202563020241231

9,422,37982.949,096,58783.311,118,0339.841,017,5069.32171,7521.51189,5111.74

122,1031.0799,0440.91162,0201.43221,5832.03364,0043.21294,3302.69

11,360,291100.0010,918,561100.00

2025A

94,223.793.58%82.94%

202563020241231

2,747,95329.162,772,36530.47

2,422,20125.712,291,18825.19

5,170,15454.875,063,55355.66

2,060,48521.871,980,25121.77

2,191,74023.262,052,78322.57

4,252,22545.134,033,03444.34

9,422,379100.009,096,587100.00

49.72%0.62

51.32%0.58

47.77%0.55

3.3.3

12,892.335.16%6,562.67

3.50%369.7014.53%

2025A

3.4

3.4.1

202563020241231

6,948,77997.646,733,62597.76101,4671.4389,0801.2917,4860.2516,8720.2520,0680.2823,0540.3328,8160.4025,6840.377,116,616100.006,888,315100.0066,3700.9365,6100.95

663.707.600.93%0.02

2025A

3.4.2

202563020241231

(1)

3,089,69143.4228,6480.932,863,74041.5730,4751.06

1,328,63218.677,7730.591,178,41217.119,9000.84

867,03912.1913,7131.58852,11512.3713,8201.62

464,2616.521660.04430,2686.251670.04

(2)

429,7596.046,9961.63402,9455.846,5881.63(3)

348,7374.9090.00379,9505.52––3,678,18851.6837,7131.033,644,62552.9135,1350.96

843,64411.858,0500.95825,44311.986,5380.79

1,438,37920.216,6110.461,417,45020.586,8400.48

924,48912.9916,1551.75947,84313.7616,5601.75

416,2885.855,8651.41396,1615.754,1161.04

(4)

55,3880.781,0321.8657,7280.841,0811.87

7,116,616100.0066,3700.936,888,315100.0065,6100.95

(1)(2)(3)(4)

30,896.917.89%43.42%

286.4818.270.93%0.13

36,781.880.92%51.68%

377.1325.781.03%0.07

2025A

3.4.3

202563020241231

(1)

3,089,69143.4228,6480.932,863,74041.5730,4751.06722,02310.153,1880.44669,6309.723,2500.49563,3917.921,1400.20542,0957.871,1910.22

388,2015.455630.15343,2564.984050.12311,5544.3814,7744.74318,5514.6215,7284.94250,2483.522,5001.00227,7113.312,4361.07227,6613.202140.09194,4922.827880.41

161,1962.265980.37135,0171.965420.40139,8601.963490.25140,2642.043690.26127,1441.791,3991.10107,9661.571,3711.2759,6280.84950.1651,9670.755501.06

37,9390.531970.5237,7790.551520.40

(2)

100,8461.423,6313.6095,0121.383,6933.89348,7374.9090.00379,9505.52––3,678,18851.6837,7131.033,644,62552.9135,1350.96

7,116,616100.0066,3700.936,888,315100.0065,6100.95

(1)(2)

7,220.237.82%

10.15%0.43

2025A

202563020241231

(1)

2,798,72041.4124,3460.872,590,40939.5626,1321.01691,30810.233,1340.45641,4769.803,1940.50488,4097.231,0220.21465,1297.101,0710.23

308,9234.573220.10280,6754.293880.14280,3054.1512,7864.56286,3654.3713,5874.74245,0513.632,4961.02223,7393.422,4311.09214,8683.181630.08181,4272.777310.40

145,2062.154290.30122,3751.873740.31126,1481.871,3691.09106,7441.631,3401.26114,2171.69890.08112,3671.72870.0858,1310.86950.1650,4940.775501.09

33,9420.50850.2532,6580.50520.16

(2)

92,2121.352,3562.5586,9601.322,3272.68348,7375.1690.00379,3925.80––3,611,40853.4337,5681.043,577,91954.6434,9850.98

6,758,865100.0061,9230.926,547,720100.0061,1170.93

(1)(2)

2025A

3.4.4

202563020241231

(1)

(2)

990,96513.9317,8201.80982,38614.2618,1371.851,600,78522.4914,3370.901,544,72122.4213,7170.891,042,97814.664,7890.46998,75414.505,9180.591,330,30718.6911,4480.861,256,35518.249,4130.75171,4002.412,9331.71173,5692.523,0021.73763,01810.725,6400.74740,87210.765,6060.76762,13410.714,6100.60753,56410.944,9720.6682,7441.163460.4281,5751.183520.43372,2855.234,4471.19356,5195.184,4931.26

7,116,616100.0066,3700.936,888,315100.0065,6100.95

(1)(2)

3.4.5

202563020241231

%%%%

2,890,89240.6229,6111.022,800,22740.6426,9420.96962,20413.5215,1221.57872,49412.6717,1541.972,441,41634.3117,9840.742,381,10834.5717,9870.76473,3676.653,6440.77454,5366.603,5270.78348,7374.9090.00379,9505.52––

7,116,616100.0066,3700.936,888,315100.0065,6100.95

3.24%10.28%

2.53%4.14%

2025A

3.4.6

2025

A24,999

1.820.35

B24,700

1.800.35

C22,090

1.610.31

D20,032

1.460.28

E13,941

1.010.20

F11,494

0.840.16

G10,915

0.790.15

H10,333

0.750.15

I10,272

0.750.14

J10,210

0.740.14

158,986

11.572.23

249.991.82%1,589.8611.57%

11.71%2.23%

3.4.7

202563020241231

45,0760.6342,2280.61

27,3390.3825,2010.37

17,8420.2517,5170.25

6,8270.106,9290.1097,0841.3691,8751.337,116,616100.006,888,315100.00

970.8452.091.36%

0.0334.42%16.46%49.12%

1.28601.12

2025A

3.4.8

202563020241231

26,1230.3724,8260.36 909,1090.138,0840.12

0.37%

0.01

3.4.9

5.051.373.68

54.76

3.4.10

20251-62024

270,301269,53423,34143,6085,51410,274(26,054)(53,154)(369)

272,733270,301

2,727.33

24.32410.93%1.053.83%0.09

9(c)

3.5

3.5.1

11.25%9.25%

8.25%4.375%

3.5.2

2025A

10%

3.5.3

14.00%17.07%

18.56%0.860.410.49

2025

20241231(%)

(1)

1,036,5911,023,0481.321,264,0371,203,4945.031,374,5341,311,7424.797,404,7036,885,7837.54

6,308,2295,973,2615.61

380,712196,76093.49

715,762715,762–7,404,7036,885,7837.54

14.00%

14.86%0.86

17.07%

17.48%0.41

18.56%

19.05%0.49

(2)

14,904,57714,218,7734.82

8.48%

8.46%0.02

(1) 2023111

(2) 2024=╱20252024

20248.35%8.46%8.27%

2025A

13.82%17.03%

18.55%1.020.500.62

2025

20241231(%)

921,977914,2750.841,135,8461,080,1445.161,237,1821,180,7864.786,669,0946,160,9778.25

5,667,4265,321,4536.50

341,301179,15790.50

660,367660,367–6,669,0946,160,9778.25

13.82%

14.84%1.02

17.03%

17.53%0.50

18.55%

19.17%0.62

11.92%14.53%

15.61%0.510.100.12

2025

20241231(%)

1,036,5911,023,0481.321,264,0371,203,4945.031,357,8751,293,8014.958,697,3768,227,3905.71

11.92%

12.43%0.51

14.53%

14.63%0.10

15.61%

15.73%0.12

2025A

11.58%14.27%

15.35%0.610.130.14

2025

20241231(%)

921,977914,2750.841,135,8461,080,1445.161,221,7731,162,4135.117,961,7617,503,2606.11

11.58%

12.19%0.61

14.27%

14.40%0.13

15.35%

15.49%0.14

3.5.4

2025630

1,333,4871,332,580

2,948,6822,948,682

4,635,3514,635,351

1,415,9491,415,949

2,428,4612,428,461

790,941790,941

5,712,8356,568,710

240,274285,67225,50829,723

19.37242.13

2025630

6,976–

655–

2025A

3.5.5

3,807.12

304.57

3.5.6

7,157.62

572.61

3.6

20251-620241-6

52,03696,19351,19895,94337,05770,32136,43372,035

(187)3,455

2,0104,967

88,906169,96989,641172,945

520.361.64%58.53%

1.42961.930.26%56.59%1.11

31.37%0.86

3.7

3.7.1

32,586.49

2025A

3.7.2

3.7.3

94.6737.38

3.7.4

1,344.61262.81

-1,743.911,193.69

-213.651,038.18

3.8

3.8.1

2.162.86%336.79

6.36%

ROAAROAE1.21%13.85%167App

ESG

2025A

3.8.2

6.56%23.72%

9.49%

25.28%78,5692,226.35

14.95%25.16%

3.8.3

202573

2.46

554.275,228.89

1,643.88

2,140.16

12.85%IPO

(AUM)6,236.9316.51%

9,320.90

9.00%12.56%2.95

3.8.4

(AUM)16.03

7.39%40,166.244.99%36,114.08

0.94%55%

6.00%

2024

2025A

50,468.081.91%27,987.208.04%6,962.0517.91%4,147.14

12.90%

6,913.087.77%

(FPA)

8.90%27.39%129.37%66,58514.95%

6,107.004.90%TREE1,132.679.17%

4,590.5914.80%4.45

24.14

3.8.5

AI+

44.442.93%10,7829.13%AI

3862144,7964,007AppApp(MAU)1.21

App

94.26%84.33%0.456.92

213.0512.61%

70.92

15.28%AI

111+

20228

2025A

(GRS)

70.00%

15.97%

2,791.0547.96%

AIAI

CRMCRM7,000

GPTGPT

14.91

2380%

54.86

54.05%

+AI+

99.999%

6,314ITAI80%

65%AI

3.9

Agent

2025A

3.8.6

0.98%AI

100%AI

3.8.7

(AUM)

0.43

0.22

3.8.8

0.92%0.01

(GRS)

3.9

3.9.1

1.88%1.94%1213

101.86%1.91%5LPR

2025A

20255

3.9.2

638.846.73%

37.59%2.02376.02

1.89%58.86%262.8212.88%

3.2.6208.57

5.45%

127.97

11.89%45.9126.27%

32.0918.76%24.38

14.35%15.63

46.90%8.2366.94%

54.536.91%

26.074.95%

72.2116.37%76.023.27%

3.9.3

2025A

3,609.623.51%

1,943.1212.84%2,803.0560.604.15%

0.2285%

4.56%0.18

3.9.4

90,634.323.25%20242025

76,090.58

7.77%87.36%1.1243,777.36

4.78%50.26%0.77

3.9.5

67,588.653.22%57.28%0.2636,114.080.94%53.43%1.21

27,987.20

8.04%41.41%1.85

31,840.8410.60%

26.98%1.68

2025A

3.9.6

327.217.490.98%

0.0422.2232.92

107.3043.01197.692.60

2,617.0418.19422.63%2.60

3.87%0.100.67%0.07

318.46

146.21127.1930.91

14.15

3.9.7

3.9.3

2025630

%%%

2,798,72024,3460.8723,9230.8528,3861.01

348,73790.00200.01––3,611,40837,5681.0469,8671.9361,8871.71

841,7518,0500.964,7840.579,9561.18

1,423,8596,5220.4620,1571.4211,8410.83

1,340,66122,0181.6444,8983.3539,1042.92

924,37316,1531.7542,4794.6032,0113.46

416,2885,8651.412,4190.587,0931.70

5,13797819.04280.5598619.19

6,758,86561,9230.9293,8101.3990,2731.34

2025A

20241231

%%%

2,590,40926,1321.0118,5620.7224,3750.94

379,392––420.01––3,577,91934,9850.9863,8911.7962,2911.74 823,8936,5380.794,0380.498,0160.97 1,403,7556,7610.4817,9331.2811,3830.81 1,343,87020,6731.5441,8753.1241,8553.11 947,70916,5571.7539,5644.1736,6633.87 396,1614,1161.042,3110.585,1921.31

6,4011,01315.83450.701,03716.20

6,547,72061,1170.9382,4951.2686,6661.32

91.56%0.59

87.94%0.31

0.46%0.021.42%

0.140.83%0.02

38.39%1.24

2025A

220.1813.451.64%

0.103.35%0.232.92%

0.19

0.96%0.170.57%

0.081.18%0.21

3.9.8

56.52%

RAROC23.53%

15.63

2025A

3.10

3.10.1

499.770.02%932.70

0.70%61.56%691.300.32%

74.12%241.403.52%25.88%

49.64%112.72

6.00%48.32%71.5916.48%

(AUM)

2.162.86%

50563.237.57%

(AUM)160,293.957.39%40,166.244.99%

48.92%

42,805.048.84%2,663.787.84%

918.36175.24%

851.60

32.77%

112.7243.83

26.2425.3715.561.72

3.9.2

6,107.004.90%

2025A

TREE1,132.679.17%

App

1,000182,7408.07%

App

9,692.676,963.3220,209.608.54%306.124.96%

104.7116.23%3.9.7

161.53

1.75%

AIAppApp3.10.3

2025A

36,114.080.94%

53.43%1.2126,870.35

2.16%39.76%0.41

273.881.02%

0.10214.150.80%0.10

14,238.591.43%8,417.51

2.17%4,162.885.08%

3.10.2

331.355.73%608.93

5.86%40.19%381.10

2.92%62.59%227.8317.61%

37.41%46.85%

(FPA)64,544.92

3,954.69

37,811.301,972.51

26,733.621,982.18FPA

41.42%0.57

FPAFPA60,590.23

35,838.7924,751.44

2025A

336.796.36%

30.51

10,619.58

0.51%12,723.744.63%7,084

8,646.3911.66%4,320.796.09%

+++

6.61

3.28%9,931.218.33%

78,569

202.23

19.58%133.2412.12%1.28

10.34%

50,468.081.91%48,482.313.89%

51.33%0.801.31%

27,987.208.04%

41.41%1.8515,962.22

4.84%58.94%1.960.87%

0.14

20252024

2025A

11,769.386.11%

43.46%0.906,078.095.93%

22.44%0.516,955.05

11.65%25.69%0.77

2,278.57

17.37%8.41%0.64

6,913.08498.3224.70%

0.064,147.14473.7914.82%

0.643,738.7323.17

13.36%0.983.9.3

4.2.3

1+20+100

16.97

4.43%6,962.0517.91%

9,133.47

2.89%103.853,159.803.42%80

5,008.5410.58%6,62524.84%36,804

30.07%

+++C

8,503.4510.34%

120100

2025A

1,300

1.41

171,67419.25%

82.05%13,636.074.86%

1,474.963,487.37

8.08%

AI6.1345.853,334.5128.83%7,926.14

20.64%

70.9215.28%

7.0539.00%1.60

7.68%

SaaS

25.1313.76%

2,226.35

2024

2025A

2,742.95WIND2024A

1,384.5427.39%

129.37%

4,590.5914.80%

2,283.3329.09%

6IPO25IPO2025

IPO

7,530.6693.47%

1.06%

1,929.394.41%14554.02

7.25%

4.45

0.51%2.460.40%

1.541.91%3,053.13

0.12%1,479.6613.53%

2025A

971.29

AI80%

1.548,966.75

1.93%

AAAETFETFETF

2,140.16

12.85%

1IPO1

1161.15315.15

24.145.60%

105.43%

QDIIQFI

2025A

4.58

182.72%

+66,58514.95%1,591.7625.16%

3.10.3

1431,80022,1785,1324,636

App

App8,363.67

2025A

App

App3,708.52App

App

98.87%

2093.52%99.76%

AppAI

AppApp

327.166.70%

97.14%0.31213.05

12.61%2.5815.18%113.48

3.80%

3.10.4

2002

15.34

2025A

20081991

4,896.042013

1,805.822015

1,271.142016

2,160.472017

3,394.76

2025A

3.10.5

193311.61

5,209.57524.84

30.37

2008180

3,289.60397.6928.39199341.29

896.20199.6213.71201955.56JPMorgan AssetManagement (Asia Pacific) Limited90%10%

253.63244.1313.64200213.155%45%

153.91105.657.8920205

87.3458%12.6542%

11.169.200.7120211

4.650.89-102.50

2025A

3.10.6

200328

50%

2,366.89170.753.082015100

50%

1,577.22241.6715.04

3.11

3.11.1

(GRS)

3.9.73.10.1

49(a)

2025A

3.11.2

2.5%

3.11.3

3.11.4

VaR

99%25010

PV011

101.67%1.65%

2025A

(NII)(EVE)NIIEVE

(VaR99%250105%10%15%DeltaGammaVega

20223

2025A

49(b)

3.11.5

3.11.6

5.5%4%49(c)

2025A

3.11.7

3.11.8

2025

3.11.9

2025A

3.12

20255%

AI FirstAIAI

+AI+AIAI++

2025A

(ESG)

4.1

ESG

4.2

4.2.1

ESG

ESG2025

2025

4.2.2

2025

ESG

2025A

(ESG)

ESGESGESGESG

ESG

ESGESGESGESG

ESG

ESG2025ESG20242025

4.2.3

5,667.9912.55%9846.382.82%

128.080.46

363.0665.50%1,585.709.42%

137.6013.14%

7ESG

2123

78.89

2063.5695.09%

2025A

(ESG)

ESG241.11

191.66ESGA19ESG201.37

5.60

ESG18123.85ESG21ESGESGESG127.27

4.2.4

2025

54.86219.44

7,176.031.13E

3.45

9.74

991.25

18.34%

2025A

(ESG)

5.13

2.32

14664.39

4.3

4.3.1

6,913.08

7.77%6,962.0517.91%3,159.809,133.47

2,665.74

10.59%219.90

1.93

926.86

1,818.23

425.96

243.84

4.3.2

2022

1.371,800K12131.15

2025

2025A

(ESG)

AIAI

724111

861.42

AppApp3,324.711,652.72

3,183.301,491.49

3.10.2

4.3.3

+95555

App

95555

27.57

99.17%100%App

App

241.49

App

2025A

(ESG)

4.3.4

2024

20252024

20256

4.3.5

95555Appapppersonalprivate@ cmbchina.com

AppApp

2025A

(ESG)

4.3.6

9.77

100%

2.87AI

2024

4.3.7

2025

2,478.40

4.3.8

953.03

?2012

6.29288.79

35.08

2025A

(ESG)

4.3.9

AIAI++AI

2025A

(ESG)

2025

4.4

20242024

20242025202420242025202420252024202420242025202420252024

202420242024

202420242024202520242025202420242025202420252024

202420242024

2025A

(ESG)

2016

2025A

5.1

55631622

5438117117163021211

5.2

1202562520242024202420242024202420252025-20292025202413

2024

5.3

1965.12020.92028.6––

2020.92028.6 1967.92024.82028.6––

1965.82022.102028.6–– 1965.122019.82028.6300,000300,000

2022.62028.6

1971.82025.12028.6–– 1969.82025.32028.6––

1967.72024.122028.6177,300177,300

2024.122028.6

1967.42018.111–– 1970.52018.111––

1957.52019.81––

1958.92021.82––

1968.112021.82–– 1953.92024.112028.6––

1968.22024.63––

2025A

1976.82016.63––

1954.122022.63–– 1963.122022.63–– 1970.102023.33158,400158,400 1972.82023.63197,700197,700

1972.32023.856,80056,800 1972.112023.112028.6230,000230,000

1969.52023.112028.6221,900221,900

2023.22028.62023.62028.6

1974.92025.52028.6264,400264,400

1968.92025.62028.6200,000200,000

1967.122024.122028.6204,300204,300 1964.102016.112025.2–– 1974.122022.102025.3––

1972.122023.82025.5198,800198,800

2021.92025.5 1970.92022.62025.3––

1955.92019.62025.6–– 1970.72021.122025.6169,550169,550

1971.102023.72025.862,00062,000

(1)(2)(3)

(4) 143,300A169,550A165,000H4,550

A(5)(6)(7)

2025A

5.3.1

20251202522025320255202532025620255202552025620258

5.3.2

1.2.

2025A

5.3.3

20207

202310

20188

20229

20169

20236

20198

5.4

2024

202562520242024

20241,391.4810%139.15

1.5%133.23

0.2220242.5%

0.56AH

2.000AH2024

2025

20252025

202520252025

35%20252025202612

2024

20242024

2025A

5.5

2025630118,068

50,57567,493

20,58452,8136,99017,26410,7821,0918,544

31,62975,46410,975

28,25715,12436,1785,33313,03316,6293,514

5,2215,456105304,25430-4030405,24940-5040501,06150-605060217601

5.6

708813,805,3366861878,480

108811,258,104

1088104519,34156414,30919986308,27430081289,27834234122,6873635168,7736-1076-1082178,9494641640,330881844,447

156131584,477655386,893255946116,699700064151,804

1171831,985

1722244,127451218,769

2025A

581330,1432016117578,8433164092,021183389,555

?1735,8982003189,109123691,656

125054,370173544,371

34246,062

99992326,972

188101212,654

111148107,4563949108,84116942117,3019653111,826

2652351,02011246,737

48859146,48392443,979

173160,8318851144,76921838,45815580,505

92340,116

136-51940,295

1835,089

1381417,946791112,382

8311121,69218/F, 535 Madison Avenue, New York, U.S.A146,8801 Raffles Place, Tower2, #32-61, Singapore125,200

3331–20 Boulevard Royal, L-2449, Luxembourg115,91718/F, 20 Fenchurch Street, London, UK114,996L39, GPT, 1 Farrer Place, Sydney, NSW116,293

1,95311,799,728

2025A

6.1

6.2

6.3

6.4

6.4.1

6.4.2

1,310.24

1.94%

2025A

6.4.3

14A

55%45%

2022122820231120251231

202320242025151822

14.075%

20221228

5.34

6.5

30820.72

6.6

6.7

202573

202558202573

2025A

6.8

6.9

6.10

20242025

20252024

6.11

2024

6.12

2025

2025829

6.13

2025A

7.1

202412312025630

(%)(%)

1 .–––––2 .25,219,845,601100.00–25,219,845,601100.00

(1) A20,628,944,42981.80–20,628,944,42981.80

(2) –––––

(3) H4,590,901,17218.20–4,590,901,17218.20

(4) –––––3 .25,219,845,601100.00–25,219,845,601100.00

410,379A383,571H26,808

7.2

(%)

14,555,265,54818.06H597,050–23,289,470,33713.04A–––31,574,729,1116.24A–––41,365,629,0025.41A94,509,653––51,258,542,3494.99A–––61,147,377,4154.55A–––

1,130,991,5374.48A–––8944,013,1713.74A–––9696,450,2142.76A–––10524,229,9722.08A–––

(1) H

(2) 10

(3) A

(4) AAA0

2025A

7.3

7.3.1

China Merchants Union (BVI) LimitedBest Winner InvestmentLimited29.97%

13.04%

100%

1872

27.59%

13.04%

1.89%

100%

100%100%

4.99%1.53%4.55%

0.22%

100%

Best WinnerInvestment Limited

招商局中国基金

有限公司招商局实业发展（深圳）有限公司

招商局轮船有限公司

招商银行股份有限公司

招商局集团有限公司

3.74%

深圳市楚源投资发展有限公司100%

100%招商局金融控股（香港）有限公司深圳市晏清投资发展有限公司50%100%

China MerchantsUnion (BVI) Limited

招商局集团

（香港）有限公司

招商局金融控股有限公司

100%

2025A

7.3.2

9.97%

6.24%19831022

161.91

100%201625110

7.3.3

1.61%

2005128

72.74

2. 1.23%

1984416

115.75

7.4

2025A

7.5

7.5.1

201712222.75100

4.81%2018112

13600282.7527520221218

3.62%

7.5.2

(%)

1106,000,00038.55–––

23,000,0008.36–––320,000,0007.27–––

20,000,0007.27–––515,000,0005.45–––

15,000,0005.45–––

9,000,0003.27–––

8,700,0003.166,000,000––

8,100,0002.958,000,000––

7,500,0002.73–––

(1)(2)

2 32

(3)

2025A

7.5.3

7.5.4

7.5.5

7.5.6

2237

20256306

2025A

8.1 86

8.2 87

8.3 238

2025A

(2025)70023674_H04

20256302025116

2101

2025829

2025A

2025

20241231

14,42116,62215,6019,415

538,766557,443

185,079220,231

482,947408,955

270,360271,329

6,854,5916,632,54849(f)21,39732,5333,951,1273,673,040 10660,819617,018 112,006,3571,941,580 121,260,1171,092,127 1323,83422,315

33,04831,015

1,0121,117

119,289123,991

4,7393,825

11,99612,680

6,1536,406

9,9549,954

88,76483,67447,90757,258

12,657,15112,152,036

172,300189,934

745,599699,975

257,755235,376

99,27967,46149(f)22,82431,583

116,46584,042

9,509,5269,195,32938,80534,512

15,39311,7133,9164,19312,10712,778

18,09716,762

163,330222,921

1,1121,592183,783110,390

11,360,29110,918,561

2025A

2025

20241231

25,22025,220227,446180,44632(a)27,46827,468 32(b)199,978152,97865,42065,429

36,97043,257122,652122,652155,258154,932656,267634,07834(b)–50,440

1,289,2331,226,0147,6277,461

1,296,8601,233,475

12,657,15112,152,036

2025A

2025

20241231

14,05516,11915,4829,307

529,817555,154

124,723173,859

455,387376,530

265,785269,987

6,506,2156,300,68449(f)20,62631,8153,620,3873,389,906 10585,050546,965 111,957,8491,908,600 121,065,661922,824 1311,82711,517

88,95088,411

21,70622,954

4,7393,824

11,59612,237

5,2155,379

85,47280,03128,74541,576

11,799,72811,378,614

172,300189,934

727,556692,390

54,59946,741

61,45034,46949(f)21,54031,089

90,05253,887

9,148,2058,874,81734,83529,751

12,6239,6683,8634,15911,66812,294

17,95616,638

92,541156,146152,85483,546

10,602,04210,235,529

2025A

2025

20241231

25,22025,220227,446180,44632(a)27,46827,468 32(b)199,978152,97876,06776,076

29,61136,808122,652122,652142,486142,486574,204559,39734(b)–50,440

1,197,6861,143,085

11,799,72811,378,614

2025A

630620252024

177,014187,997

(70,929)(83,548)

106,085104,449

41,86742,552(4,265)(4,224)

37,60238,328

(4,819)2,286

21,89419,499

1,2173,5781,4511,949

7,7566,434

26,28230,168

169,969172,945(1,491)(1,507)

(51,171)(51,438)

(24,623)(26,928)(11)(8)

(3,721)(3,400)

(81,017)(83,281)

88,95289,664

(104)(42)

88,90689,641

(13,501)(14,262)

75,40575,379

74,93074,743

2.89

2025A

630620252024

75,40575,379

(8,033)9,238

(4,291)6,362

(2,337)

(54)

1,081

(1,783)1,330

1,7341,651

1,7381,649

(4)

(6,299)10,889

(6,287)10,809

(12)

69,10686,268

68,64385,552

2025A

630620252024

164,583174,640

(61,713)(72,887)

102,870101,753

34,67035,573(3,476)(3,572)

31,19432,001

(4,689)3,421

20,83718,134

1,1883,571

2,001

17,43923,900

151,503157,654(1,376)(1,414)

(47,272)(47,739)

(23,523)(24,772)(11)(8)

(38)(32)

(72,220)(73,965)

79,28383,689

(63)(31)

79,26383,670

(12,041)(12,863)

67,22270,807

2025A

630620252024

67,22270,807(7,430)7,777

(5,448)6,123

(2,365)

(13)

1,072

(4)

(7,197)7,797

60,02578,604

2025A

630620252024

46,08120,198

9,327–

–11,114

54,999–

45,52810,678

325,792507,448

174,630199,466

74,56018,439

730,917767,343

–(2,352)

(58,158)(57,003)

(254,837)(270,755)

(116,107)–

(17,759)(153,643)

–(38,125)

(83,681)(71,817)

(31,191)(30,085)

(23,240)(24,265)

(11,483)(11,118)

(596,456)(659,163)

50(a)134,461108,180

1,172,192987,445

67,11261,357

6,8926,257

1,246,2251,055,137

(1,412,699)(1,091,323)

(716)(261)

(7,201)(18,575)

(1,420,616)(1,110,159)

(174,391)(55,022)

2025A

630620252024

50(e)35,66826,241 50(e)22,917142,353 50(e)16,40616,742

46,991– 50(e)9,9821,069

131,964186,405 50(e)(33,953)(24,133) 50(e)(90,190)(22,903) 50(e)(9,933)(40,952) 50(e)(2,205)(2,315)

–(2,886) 50(e)–(93) 50(e)(297)(284) 50(e)(2,388)(2,493) 50(e)(14,363)(7,893)

(153,329)(103,952)

(21,365)82,453(311)1,27650(c)(61,606)136,887

756,527599,019

50(b)694,921735,906

2025A

630620252024

45,89520,175

25,694

–10,651

44,091–

35,03217,774

285,182464,872

159,974180,903

67,54415,997

663,412710,552

(71,886)(55,029)

(237,553)(264,061)

(104,226)–

(17,759)(155,895)

–(50,352)

(74,985)(58,018)

(26,316)(26,390)

(21,943)(21,295)

(11,892)(11,595)

(566,560)(642,635)

50(a)96,85267,917

1,117,213910,447

61,24954,780

1,178,478965,238

(1,333,148)(1,009,572)

(795)(1,537)

(1,333,943)(1,011,109)

(155,465)(45,871)

2025A

630620252024

50(e)25,14916,525 50(e)22,917142,353 50(e)10,0005,000

46,991–

105,057163,878 50(e)(23,549)(15,176) 50(e)(90,190)(22,903) 50(e)(7,870)(30,000) 50(e)(2,053)(2,130) 50(e)(1,163)(1,488)

(124,825)(71,697)

(19,768)92,181(847)1,56250(c)(79,228)115,789

715,995558,451

50(b)636,767674,240

2025A

20256306

20251125,22027,468152,97865,42943,257122,652154,932634,07850,4401,226,0147,4611,233,475

––47,000(9)(6,287)–32622,189(50,440)63,21916663,385

–––––––74,930–74,93047575,405

––––(6,287)––––(6,287)(12)(6,299)

––––(6,287)––74,930–68,64346369,106––47,000(9)–––––46,991–46,991 1. 32(b)––47,000(9)–––––46,991–46,991––––––326(52,741)(50,440)(52,415)(297)(52,712) 1. 34(b)––––––326(326)–––– 2. 202434(a)–––––––(50,440)(50,440)(50,440)(297)(50,737)3.–––––––(1,975)–(1,975)–(1,975)

202563025,22027,468199,97865,42036,970122,652155,258656,267–1,289,2337,6271,296,860

2025A

20246306

20241125,22027,468122,97865,43216,682108,737141,481568,37249,7341,076,3706,5212,8381,085,729

––––10,790–(120)23,173(49,734)33,843291(2,838)31,296

–––––––74,743–74,7435439375,37933––––10,809––––10,809324810,889

––––10,809––74,743–85,55257514186,268

–––––––––––(2,886)(2,886) 1. –––––––––––(2,886)(2,886)

––––––(120)(51,589)(49,734)(51,709)(284)(93)(52,086) 1. ––––––(120)120––––– 2. 2023–––––––(49,734)(49,734)(49,734)(284)–(50,018) 3. –––––––(1,975)–(1,975)––(1,975) 4. –––––––––––(93)(93)

––––(19)––19––––– ––––(19)––19–––––

202463025,22027,468122,97865,43227,472108,737141,361591,545–1,110,2136,812–1,117,025

2025A

20256306

20251125,22027,468152,97876,07636,808122,652142,486559,39750,4401,143,085

––47,000(9)(7,197)––14,807(50,440)54,601

–––––––67,222–67,222

––––(7,197)––––(7,197)

––––(7,197)––67,222–60,025––47,000(9)–––––46,991 1. 32(b)––47,000(9)–––––46,991–––––––(52,415)(50,440)(52,415) 1. 202434(a)–––––––(50,440)(50,440)(50,440)2.–––––––(1,975)–(1,975)

202563025,22027,468199,97876,06729,611122,652142,486574,204–1,197,686

2025A

20246306

20241125,22027,468122,97876,07914,725108,737129,085502,90249,7341,007,194

––––7,797––19,098(49,734)26,895

–––––––70,807–70,80733––––7,797––––7,797

––––7,797––70,807–78,604

–––––––(51,709)(49,734)(51,709) 1. 2023–––––––(49,734)(49,734)(49,734) 2. –––––––(1,975)–(1,975)

202463025,22027,468122,97876,07922,522108,737129,085522,000–1,034,089

2025A

202563061.

()()A200249H2006922()202563051

()

))

2025

(a)

2025630202511630

(b)

20242024(c)

2024

2025A4.

(a)

6%13%9%

(b)

1%~7%(c)

3%~5%(d)

(i) 2025630625%2024630

625%)

(ii)

2025

20241231

2025

20241231

471,281507,018470,939506,490

57,79330,33549,18628,574

9,46919,8139,46919,813

538,766557,443529,817555,154

1 2025630

5.5%4%202412316%

4%)

2025A6.

2025

20241231

2025

20241231

(a)185,288220,549125,403174,664(a)(b)(717)(830)(696)(823)

184,571219,719124,707173,841

185,079220,231124,723173,859

(a)

2025

20241231

2025

20241231

142,606176,929109,929160,149119,543166,97487,161150,32623,0639,95522,7689,823

42,68243,62015,47414,51541,96743,04215,17914,256

185,288220,549125,403174,664

(717)(830)(696)(823)(624)(776)(603)(769)(93)(54)(93)(54)

184,571219,719124,707173,841

(b)

2025202420252024

(104)

(119)

(9)–(8)–

6301231

2025A7.

2025

20241231

2025

20241231

(a)480,937406,817453,955375,205(a)(c)(1,366)(1,126)(1,428)(1,168)

479,571405,691452,527374,0373,3763,2642,8602,493

482,947408,955455,387376,530

(a)

2025

20241231

2025

20241231

382,055292,720387,684290,59534,45239,38026,27728,981347,603253,340361,407261,614

98,882114,09766,27184,61098,882114,09766,27184,610

480,937406,817453,955375,205

(1,366)(1,126)(1,428)(1,168)(299)(216)(295)(216)(1,067)(910)(1,133)(952)

479,571405,691452,527374,037

2025A7.(b)

2025

20241231

2025

20241231

107,538125,75698,568121,207

366,130264,359347,955237,566

5,90315,5766,00415,264

479,571405,691452,527374,037

(c)

2025202420252024

1,126

1,168

––(2)

63012311,3661,1261,4281,168

2025

20241231

2025

20241231

(a)271,107272,043266,536270,701(a)(d)(792)(746)(790)(745)

270,315271,297265,746269,956

270,360271,329265,785269,987

2025A8.

(a)

2025

20241231

2025

20241231

268,328271,387264,618270,70127,15053,04826,92252,391241,178218,339237,696218,310

2,779

1,918–1,941

1,918–

––

271,107272,043266,536270,701

(792)(746)(790)(745)(173)(176)(172)(176)(619)(570)(618)(569)

270,315271,297265,746269,956

(b)

2025

20241231

2025

20241231

269,958271,297265,389269,956

–

270,315271,297265,746269,956

2025A8.

(c)

2025

20241231

2025

20241231

265,336257,549260,767256,2084,97913,7484,97913,748

270,315271,297265,746269,956

(d)

2025202420252024

6301231

2025A9.(a)

2025

20241231

2025

20241231

(i)6,500,5876,300,8636,143,1995,960,8919,68410,5657,9278,738

6,510,2716,311,4286,151,1265,969,629(i)(270,752)(265,365)(259,731)(254,949)(982)(982)(871)(840)

(271,734)(266,347)(260,602)(255,789)

6,238,5376,045,0815,890,5245,713,840 (ii)550,282551,692549,983551,134 (iii)65,77235,77565,70835,710

6,854,5916,632,5486,506,2156,300,684

(i)

2025

20241231

2025

20241231

2,822,1582,656,2382,531,5502,382,9723,678,1883,644,6253,611,4083,577,919

–

6,500,5876,300,8636,143,1995,960,891(270,752)(265,365)(259,731)(254,949)

(149,301)(152,598)(145,453)(149,313)

(64,734)(56,926)(60,923)(52,965)

(56,717)(55,841)(53,355)(52,671)

6,229,8356,035,4985,883,4685,705,942

2025A9.

(a)(ii)

2025

20241231

2025

20241231

265,998206,343265,699206,343284,284345,349284,284344,791

270,290280,588270,290280,472

13,99464,76113,99464,319

550,282551,692549,983551,134

(1,981)(4,936)(1,973)(4,936)

(1,971)(4,515)(1,963)(4,515)(10)(421)(10)(421)––––

(iii)

2025

20241231

2025

20241231

1,5351,1591,4711,09464,21234,60164,21234,601

47,37115,44647,37115,446

16,84119,15516,84119,155

65,77235,77565,70835,710

2025A9.

(b)

(i)

202563020241231

722,02323669,63023563,39118542,09519388,20113343,25612311,55410318,55111250,2488227,7118227,6617194,4927161,1965135,0175139,8605140,2645127,1444107,966459,628251,967237,939137,7791100,846495,0123

3,089,6911002,863,740100348,737100379,9501001,438,379391,417,45039924,48925947,84326843,64423825,44323416,28811396,1611055,388257,7282

3,678,1881003,644,625100

7,116,6161006,888,315100

2025A9.(b)(i)

202563020241231

691,30825641,47625488,40917465,12918308,92311280,67511280,30510286,36511245,0519223,7399214,8688181,4277145,2065122,3755126,1485106,7444114,2174112,367458,131250,494233,942132,658192,212386,9603

2,798,7201002,590,409100348,737100379,3921001,423,859391,403,75539924,37326947,70926841,75123823,89323416,28811396,161115,13716,4011

3,611,4081003,577,919100

6,758,8651006,547,720100

2025A9.(b)

(ii)

202563020241231

990,96514982,386141,600,785221,544,721221,042,97815998,754151,330,307191,256,35518171,4002173,5693763,01811740,87211762,13411753,5641182,744181,5751372,2855356,5195

7,116,6161006,888,315100

202563020241231

990,96515982,386151,606,572241,550,581241,042,97815998,754151,330,307201,256,35519171,4003173,5693763,01811740,87211762,13411753,5641291,491191,6391

6,758,8651006,547,720100

2025A

9.(b)

(iii)

2025

20241231

2025

20241231

2,890,8922,800,2272,771,3722,680,612962,204872,494894,907808,8612,441,4162,381,1082,408,2452,346,976473,367454,536335,604331,879

6,767,8796,508,3656,410,1286,168,328348,737379,950348,737379,392

7,116,6166,888,3156,758,8656,547,720

(iv)

2025630

26,20916,0073,1122,35947,6872,9902,7488,0152,22615,97911,6957,0396,2841,65226,670

4,1821,5454315906,748

45,07627,33917,8426,82797,084

20241231

29,77715,1872,7411,42149,126

1,0792,5757,4182,96614,0388,5627,1906,8571,33123,9402,8102495011,2114,771

42,22825,20117,5176,92991,875

2025A9.(b)

(iv)

2025630

26,09415,7813,0482,27247,195

2,3092,7347,3522,22614,62110,9616,9025,9711,65125,4851,0731,3561414022,972

40,43726,77316,5126,55190,273

20241231

29,44615,1812,6701,33148,628

1,0782,5736,4032,96413,018

8,2196,3076,5791,33022,435

1,2951361251,0292,585

40,03824,19715,7776,65486,666

2025

20241231

2025

20241231

10,1857,1709,9286,8343,1171,542

13,3028,7129,9346,861

2025A9.(b)(v)

2025630

6,183,585250,64166,3616,500,587

(149,301)(64,734)(56,717)(270,752)

6,034,284185,9079,6446,229,835

548,9551,327–550,282

(1,971)(10)–(1,981)

20241231

6,030,395204,85865,6106,300,863

(152,598)(56,926)(55,841)(265,365)

5,877,797147,9329,7696,035,498

550,0891,603–551,692 (4,515)(421)–(4,936)

2025A9.(b)(v)

2025630

5,845,166236,11961,9146,143,199

(145,453)(60,923)(53,355)(259,731)

5,699,713175,1968,5595,883,468

548,6561,327–549,983

(1,963)(10)–(1,973)

20241231

5,707,700192,07461,1175,960,891

(149,313)(52,965)(52,671)(254,949)

5,558,387139,1098,4465,705,942

549,5311,603–551,134 (4,515)(421)–(4,936)

2025A9.(c)

2025

152,59856,92655,841265,3654,004(3,958)(46)–(7,315)7,586(271)–

(764)(6,756)7,520–

89811,00814,39026,296––(26,054)(26,054)––5,5145,514

(120)(72)(177)(369)

149,30164,73456,717270,752

2024

11165,86647,72953,210266,805

8,028(7,877)(151)–(6,417)6,817(400)–(1,688)(9,413)11,101–(13,314)19,62435,09041,400

––(53,154)(53,154)––10,27410,27412346(129)40

1231152,59856,92655,841265,365

2025A9.(c)

2025

149,31352,96552,671254,949

3,642(3,598)(44)–(7,204)7,475(271)–

(763)(6,751)7,514–

56310,85713,99725,417––(25,794)(25,794)––5,3825,382

(98)(25)(100)(223)

145,45360,92353,355259,731

2024

11162,65845,47350,542258,673

7,748(7,597)(151)–

(6,264)6,664(400)–

(1,688)(9,363)11,051–(13,248)17,76633,35137,869––(51,770)(51,770)––10,26110,26110722(213)(84)

1231149,31352,96552,671254,949

2025A9.(c)

2025202420252024

4,9362,7294,9362,729(2,955)2,208(2,963)2,207–(1)––

63012311,9814,9361,9734,936

10.

2025

20241231

2025

20241231

(a)648,899603,353585,050546,874

(b)11,92013,665–

660,819617,018585,050546,965

2025A10.(a)

2025

20241231

2025

20241231

345,710243,906230,986140,440

188,93996,730184,40193,071

51,43145,4917,94211,293

40,00458,42015,30021,135

65,33643,26523,34314,941

345,710243,906230,986140,440

327,107222,192220,861126,124

12,57113,0797,8578,452

6,0328,6352,2685,864

16,0692,37912,328

1,314

––

1,1481,026––

1,279

––

12,328

16,0692,37912,328

––

13,209

12,328

2,3941,935––

361,779246,285243,314140,574

2025A10.(a)

2025

20241231

2025

20241231

6,9118,1466,8198,019

1,3661,4431,0631,125

5,5456,7035,7566,894

6,9118,1466,8198,019

6,3906,5286,3896,528

–1,067

1,383

280,209348,922334,917398,281

3,4352,9521,9091,562

265,744342,925323,030394,657

2,2172,2251,4001,303

8,408

280,209348,922334,917398,281

––

279,153347,871334,197397,482

287,120357,068341,736406,300

648,899603,353585,050546,874

2025A10.

(b)

2025

20241231

2025

20241231

11,92013,665–

––

4,4688,820––

7,4214,802–

11,92013,665–

11,74811,928––

1,646––

–

11.

2025

20241231

2025

20241231

(a)(b)2,021,3761,955,9201,972,8701,922,88620,10321,32819,67421,056

2,041,4791,977,2481,992,5441,943,942 (a)(b)(c)(34,973)(35,459)(34,551)(35,136)(149)(209)(144)(206)

(35,122)(35,668)(34,695)(35,342)

2,006,3571,941,5801,957,8491,908,600

2025A11.

(a)

2025

20241231

2025

20241231

1,939,1171,848,1621,890,7061,815,263

1,330,9161,240,8851,320,7201,232,230

492,641494,867491,167494,545

100,71899,34574,87683,484

14,84213,0653,9435,004

1,939,1171,848,1621,890,7061,815,263

1,804,1851,743,4271,799,8611,739,820

70,83468,30156,61457,550

64,09836,43434,23117,893

2,003,7651,960,3101,985,0151,934,176

82,259107,75882,164107,623

41,59549,04641,59549,046

31,83049,40331,83049,403

8,1678,6568,0728,521

82,259107,75882,164107,623

2,021,3761,955,9201,972,8701,922,886

(34,973)(35,459)(34,551)(35,136) 12(9,391)(8,949)(9,340)(8,907)

(423)(354)(158)(181)

(25,159)(26,156)(25,053)(26,048)

1,986,4031,920,4611,938,3191,887,750

2025A11.

(b)

2025630

1,994,3751,76125,2402,021,376

(9,391)(423)(25,159)(34,973)

1,984,9841,338811,986,403

20241231

1,927,8931,79026,2371,955,920

(8,949)(354)(26,156)(35,459)

1,918,9441,436811,920,461

2025A11.(b)

2025630

1,946,4091,33125,1301,972,870

(9,340)(158)(25,053)(34,551)

1,937,0691,173771,938,319

20241231

1,895,4051,35726,1241,922,886

(8,907)(181)(26,048)(35,136)

1,886,4981,176761,887,750

2025A11.(c)

2025

8,94935426,15635,459

––––

44376(766)(247)––(232)(232)––55

(1)(7)(4)(12)

9,39142325,15934,973

2024

1113,19348625,71139,390 –––– (40)40–– ––––

(4,209)(174)253(4,130)

––175175521724

12318,94935426,15635,459

2025A11.(c)

2025

8,90718126,04835,136

––––

434(23)(768)(357)––(232)(232)––55

(1)––(1)

9,34015825,05334,551

2024

1113,17348625,57839,237 –––– (39)39–– ––––

(4,233)(344)283(4,294)

––1751756–1218

12318,90718126,04835,136

2025A12.

2025

20241231

2025

20241231

(a)1,248,0501,082,5771,055,573915,07112,0679,55010,0887,753

1,260,1171,092,1271,065,661922,824

(b)(8,398)(8,620)(8,279)(8,519)(227)(227)(227)(227)

(8,625)(8,847)(8,506)(8,746)

(a)

2025

20241231

2025

20241231

1,248,0501,082,5771,055,573915,071

823,840688,572775,350630,436

52,06223,68528,81418,201

271,994230,694176,775150,143

100,154139,62674,634116,291

1,248,0501,082,5771,055,573915,071

906,450781,480873,231770,335

160,378127,56284,54351,794

181,222173,53597,79992,942

2025A12.

(b)

2025202420252024

8,6206,8128,5196,688(168)1,730(190)1,758(54)

(50)

63012318,3988,6208,2798,519

13.

2025

20241231

2025

20241231

2,5582,5962,5582,59621,27619,7199,2698,921

23,83422,31511,82711,517

14,02012,5653,1132,8129,5469,4288,4788,397

23,83422,31511,82711,517

2025630620241,4294

20256306

20247522

2025A14.

2025

20241231

2025

20241231

(a)––62,41363,413(b)20,76919,31020,12118,724(c)12,27911,7058,1848,042

33,04831,01590,71890,179––(1,768)(1,768)

33,04831,01588,95088,411

(a)

2025

20241231

32,08232,082

6,0006,000

1,4871,487

3,4883,488

5,0005,000

13,57614,576

62,41363,413(1,768)(1,768)

60,64561,645

2020227202231820231227202412920241220

1,0002005002001,00020202271,000

2025A14.

(a)

2025630

(i)4,129100%(ii)18,000100%(iii)1,161100%(iv)1,31055%(v)5,55690%(vi)100100%

(vii)500(vii)

(i) ()

199840520147501,0002015728

4002016120(ii) ()()2008110

2008420142,0006,000

202186,00012,000202496,000

18,000(iii) ()200893053.12%

20091152009116(iv) ()201263,567,567.57ING Asset Management

B.V.21.60%201333.40%55.00%

201311282017126054951,310(v) ()20199812019111

2021920JP Morgan Asset Management (Asia Pacific) Limited()20222,66710%5,0005,556

90%10%(vi) ()201646020215

(ECB)2023650

(vii) ()202070820201018

87.3458%12.6542%

2025A14.

(b)

2025

1,1032,6001,0984,801

2025117,02311,33295519,310

––7676

612751351,398

––(5)(5)

––(10)(10)

20256307,63512,0831,05120,769

2024

1,1032,6001,0274,730

2024114,61610,18490715,707 ––117117 2,4071,508(17)3,898 –(360)(70)(430) ––77 ––1111

202412317,02311,33295519,310

2025A14.

(b)

(i)2,80050.00%50.00%(ii)10,00050.00%50.00%

(i) 50.00%(ii) ()

20153350%2017126002,85915%35%50%201812

1,0003,86924.15%

25.85%50%

2021750%

2021101,3314,800

10,00020237

(i)

2025630

236,689219,61417,07529,8733089891,2972,6916612117,442109,8077,63514,9371184946121,346336

20241231

214,689199,90514,78449,5535584,3714,9291,596141(61)106,97699,9537,02324,7772222,1852,40779871(31)

2025A14.(b)

(ii)

2025630

157,722133,55524,1677,8991,5041,5043,09652275

78,86166,77812,0833,9507517511,54826138

20241231

163,751141,08822,66317,3183,0163,0164,1705044081,87670,54411,3328,6591,5081,5082,08525220

(iii)

20256306

214–214

35–35

2024

(626)–(626)

(17)–(17)

2025A14.(c)

2025

5,3223,7469,068 2025118,0393,66611,705

–640640

–(257)(257)

366282648

(224)(139)(363)

–(24)(24)

–(70)(70)

20256308,1814,09812,279

2024

5,3223,3878,709 2024116,9883,89510,883 –454454 –(7)(7) 1,351(165)1,186 (300)(242)(542) –(338)(338) –6969

202412318,0393,66611,705

2025A14.(c)

1,80024.8559%24.8559%

10%20215313,121

14.8559%24.8559%

2025630

416,223378,23337,9905,8602,123(518)1,60514,261269387102,19494,0138,1811,457494(128)3663,5456796

20241231

412,899375,52737,37212,7144,7819825,76315,4295211,009101,38093,3418,0393,1601,0962551,3513,835129251

20256306

1,368241,392

2748282

2024

(726)33(693)

(177)12(165)

2025A15.

2025202420252024

3,4793,0971,8051,481(34)

(54)

––

63012313,3913,4791,8361,805

2,3621,937

(21)

(46)

––

63012312,3792,3621,008

63012311,0121,117

1,1171,160

(a) 202563020241231(b)

2025

20241231

2025

20241231

2025A16.

20251134,32419,1375,245119,6334,943183,282–43626,935927,46536–2–(1)37

(5)(274)–(10,788)(276)(11,343)

(97)(51)(16)(414)(4)(582)

202563034,25819,2485,233115,3664,754178,85920251117,12115,6462,33518,1344,16557,401

7498781293,4771915,424

21–6–(6)21

(4)(274)–(3,190)(270)(3,738)

(78)(43)(13)(63)(8)(205)

202563017,80916,2072,45718,3584,07258,903202511–––1,890–1,890–––(1,219)–(1,219)–––(4)–(4)

2025630–––667–667202563016,4493,0412,77696,341682119,289

20251117,2033,4912,91099,609778123,991

2025A16.

20241133,02617,3384,842104,8035,210165,219

92,5292029,73228532,5751,41346402–(29)1,832

(237)(839)(37)(16,074)(530)(17,717)

11363181,17271,373

2024123134,32419,1375,245119,6334,943183,28220241115,98414,5822,11216,8154,27053,763

1,4801,8122406,68945310,674

(245)46––(46)(245)

(186)(838)(32)(5,501)(523)(7,080)

88441513111289

2024123117,12115,6462,33518,1344,16557,40120241120––1,159–1,179

–––791–791

(20)––(74)–(94)

–––14–14

20241231–––1,890–1,8902024123117,2033,4912,91099,609778123,991

20241117,0222,7562,73086,829940110,277

2025A16.

20251131,02916,8994,8494,78957,566

–412292506

(31)–2–(29)

(5)(274)–(276)(555)–3––3

202563030,99317,0404,8534,60557,49120251114,57213,9572,0384,04534,6126597651191831,726

(6)–––(6)

(4)(274)–(271)(549)–2––2

202563015,22114,4502,1573,95735,785202563015,7722,5902,69664821,706

20251116,4572,9422,81174422,954

20241129,60915,2544,4755,02154,359

92,42422762,7111,41045403(32)1,826

–(825)(31)(476)(1,332)

11––2

2024123131,02916,8994,8494,78957,56620241113,51813,2101,8454,12532,698

1,3061,5252224393,492

(252)46–(46)(252)

–(824)(29)(473)(1,326)

2024123114,57213,9572,0384,04534,6122024123116,4572,9422,81174422,954

20241116,0912,0442,63089621,661

2025A

16.

(a) 202563020241231(b)

202563020241231

11,36611,988

9,78810,327

8,6238,677

8,1128,178

7,2277,634

26,34929,074

71,46575,878

17.

2025

20241231

2025

20241231

3,8253,9803,8243,980

1,995

1,994(3)(2,150)(2)(2,150)

63012314,7393,8254,7393,824

2025A18.

20251125,269131125,2931,522––1,522(1,836)––(1,836)

(27)––(27)

202563024,928131124,95220251112,6008512,613

1,906211,909(1,565)––(1,565)

(1)––(1)

202563012,94010612,956202563011,9883511,996

20251112,6695612,680

20241125,044101125,065

4,4237–4,430(4,222)(4)–(4,226)

24––24

2024123125,269131125,29320241112,3998312,410

3,919423,925(3,759)(4)–(3,763)

41––41

2024123112,6008512,6132024123112,6695612,680

20241112,6452812,655

2025A18.

20251123,8166423,8261,428––1,428(1,777)––(1,777)

202563023,4676423,47720251111,5842311,589

1,8001–1,801(1,509)––(1,509)

202563011,8753311,881202563011,5923111,596

20251112,2324112,237

20241123,6434423,651

4,3295–4,334(4,156)(3)–(4,159)

2024123123,8166423,82620241111,5894211,595

3,708213,711(3,713)(4)–(3,717)

2024123111,5842311,5892024123112,2324112,237

20241112,054–212,056

2025A19.

2025115,94710,7531,24617,946

5636–92–(22)–(22)

(7)(3)(37)(47)

20256305,99610,7641,20917,9692025111,7379,04172011,498

9121421326–(21)–(21)

(5)(4)(20)(29)

20256301,8239,23072111,774202511–42–42

2025630–42–4220256304,1731,4924886,153

2025114,2101,6705266,406

2024116,00210,5771,20317,782

–194–194

(61)(22)–(83)644353

202412315,94710,7531,24617,9462024111,5578,41865310,628

18263644862

(2)(20)–(22)

–72330

202412311,7379,04172011,49820241159––59

–42–42

(59)––(59)

20241231–42–42202412314,2101,6705266,406

2024114,3862,1595507,095

2025A

19.

2025115,7639,81615,579

562177–(19)(19)–(1)(1)

20256305,8199,81715,6362025111,6768,52410,200

89151240–(18)(18)–(1)(1)

20256301,7658,65610,42120256304,0541,1615,215

2025114,0871,2925,379

2024115,7639,75115,514

–7777–(14)(14)–22

202412315,7639,81615,5792024111,4988,0319,529

178504682

–(14)(14)–33

202412311,6768,52410,200202412314,0871,2925,379

2024114,2651,7205,985

2025A20.

20241231

2025

(i)10,177––10,177(ii)355––

(iii)1––

10,533––10,533

(579)––(579)

9,954––9,954

(i) 200893053.12%12,898

6,85110,17714(a)(ii) 2013112855.00%752

41476935514(a)(iii) 201541()100%

21.

2025

20241231

2025

20241231

88,76483,67485,47280,031(1,112)(1,592)––

87,65282,08285,47280,031

2025A

21.

(a)

202563020241231

303,22175,568294,87673,469

1,389233

66016584520911,9612,99012,6563,16394,94222,48792,69522,081

410,789101,211402,46199,155

(25,730)(6,415)(32,611)(8,153)

(3,172)(793)(9,597)(2,399)(11,880)(2,970)(12,575)(3,142)(21,167)(3,381)(22,188)(3,379)

(61,949)(13,559)(76,971)(17,073)

2025A21.(a)

2025

20241231

101,21199,155(12,447)(15,481)

88,76483,674

(13,559)(17,073)12,44715,481

(1,112)(1,592)

202563020241231

293,69673,424286,16871,54211,6682,91712,2943,07479,40719,85277,32919,332

384,77196,193375,79193,948

(25,040)(6,259)(31,979)(7,994)

(2,363)(591)(8,735)(2,184)(11,596)(2,899)(12,237)(3,059)(3,892)(972)(2,720)(680)

(42,891)(10,721)(55,671)(13,917)

2025A21.(a)

2025

20241231

96,19393,948(10,721)(13,917)

85,47280,031

(10,721)(13,917)10,72113,917

––

(b)

20251173,469(7,920)(2,190)18,72382,0822,122(784)1,6033613,302

–2,296–(17)2,279

(23)(6)(41)59(11)

202563075,568(6,414)(628)19,12687,652

2025A21.

(b)

20241174,251(2,232)(363)17,29488,950

(808)1,004(1,828)1,468(164)

–(6,704)–4(6,700)26121(43)(4)

2024123173,469(7,920)(2,190)18,72382,082

20251171,542(7,994)(2,184)18,66780,0311,882(788)1,5932382,925

–2,523–(7)2,516

202563073,424(6,259)(591)18,89885,472

20241172,607(2,475)(308)17,35387,177

(1,065)1,010(1,876)1,311(620)

–(6,529)–3(6,526)

2024123171,542(7,994)(2,184)18,66780,031

1 25%202425%)

2025A22.

20256306

11630

6(b),7(c),8(d)2,702182––(9)2,8759(c)270,30123,3415,514(26,054)(369)272,733 11(c)35,459(247)5(232)(12)34,973

12(b)8,620(168)––(54)8,398

1,890––(1,219)(4)667

42––––42

579––––57912811–(2)–1377,4026915(21)(16)7,449

327,12323,1885,534(27,528)(464)327,853

2024

6(b),7(c),8(d)1,3311,371–––2,702

9(c)269,53443,60810,274(53,154)39270,301 11(c)39,390(4,130)175–2435,459

12(b)6,8121,730––788,620

161,179791–(94)141,890

195942–(59)–42

20579––––579

13910–(19)(2)1287,29644119(351)(3)7,402

326,31943,86310,468(53,677)150327,123

2025A

22.

20256306

11630

6(b),7(c),8(d)2,736188––(10)2,9149(c)259,88522,4545,382(25,794)(223)261,704 11(c)35,136(357)5(232)(1)34,551

12(b)8,519(190)––(50)8,279

1,768––––1,7688311–(2)–926,699(3)15(21)–6,690

314,82622,1035,402(26,049)(284)315,998

2024

6(b),7(c),8(d)1,3211,414––12,736

9(c)261,40240,07610,261(51,770)(84)259,885 11(c)39,237(4,294)175–1835,136

12(b)6,6881,758––738,519

141,768––––1,768

109(3)–(19)(4)836,55554319(418)–6,699

317,08039,49410,455(52,207)4314,826

2025A23.

2025

20241231

2025

20241231

(a)744,834699,306726,864691,832

745,599699,975727,556692,390

(a)

2025

20241231

2025

20241231

740,564697,014724,217689,69913,13237,74411,32834,470727,432659,270712,889655,229

4,2702,2922,6472,1333,1881,1571,537

1,0821,1351,1101,149

744,834699,306726,864691,832

2025A24.

2025

20241231

2025

20241231

(a)256,905234,45354,31346,466

257,755235,37654,59946,741

(a)

2025

20241231

2025

20241231

173,380153,83727,75328,558171,877150,56227,75328,5581,5033,275––

83,52580,61626,56017,90883,31080,39726,34517,689

256,905234,45354,31346,466

2025A25.

2025

20241231

2025

20241231

(a)56,43429,14655,73628,757

(b)42,84538,3155,7145,712

99,27967,46161,45034,469

(a)

2025

20241231

2025

20241231

55,73628,75755,73628,757

––

56,43429,14655,73628,757

(b)

2025

20241231

2025

20241231

36,37732,489––

6,4685,8265,7145,712

5,5905,5675,7145,712

––

42,84538,3155,7145,712

202563020241231

2025630620241231

2025A

26.

2025

20241231

2025

20241231

(a)(b)116,29483,74790,03153,787

116,46584,04290,05253,887

(a)

2025

20241231

2025

20241231

101,39660,18288,50150,657

95,93356,94188,50150,657

5,4633,241––

14,89823,5651,5303,130

10,77711,7591,0021,837

4,12111,806

1,293

116,29483,74790,03153,787

(b)

2025

20241231

2025

20241231

115,29383,74789,03053,78772,07257,32667,78746,78726,4868,53020,4964,00012,86311,128

–3,8726,763

3,000

1,001–1,001–

116,29483,74790,03153,787

2025A27.

2025

20241231

2025

20241231

(a)9,422,3799,096,5879,063,4328,778,25087,14798,74284,77396,567

9,509,5269,195,3299,148,2058,874,817

(a)

2025

20241231

2025

20241231

5,170,1545,063,5535,046,8084,952,448

2,747,9532,772,3652,678,7342,709,727

2,422,2012,291,1882,368,0742,242,721

4,252,2254,033,0344,016,6243,825,802

2,060,4851,980,2511,990,1401,919,259

2,191,7402,052,7832,026,4841,906,543

9,422,3799,096,5879,063,4328,778,250

28.

2025

20241231

2025

20241231

9,9945,6807,7044,1534,0983,9633,7633,6501,3012,0701,1561,865

15,39311,71312,6239,668

2025A

29.

2025

20241231

2025

20241231

16,14714,71216,06314,6401,9502,0501,8931,998

18,09716,76217,95616,638

2025

20241231

2025

20241231

14,30912,56014,26112,492

1,4111,3381,3791,335

16,14714,71216,06314,640

30.

2025

20241231

2025

20241231

(a)91,08085,00340,08838,22422,45589,18622,45589,18648,48547,39429,55928,2301,3101,338

163,330222,92192,541156,146

2025A

30.(a)

(%)

602021911.253002,195–(2)(39)–2,154362022322.004002,938––(68)(2,870)–3620225112.655,0005,000–––(5,000)–362022912.4010,0009,999––––9,9993620233272.775,0004,999––––4,999362023613SOFR+654002,927––(53)–2,8743620243222.355,0004,999––––4,9993620247105.224002,955––(60)–2,8953620247155.783002,212–(2)(40)–2,1703620252251.905,000–5,000(1)––4,999362025651.665,000–5,000(1)––4,999

38,22410,000(6)(260)(7,870)40,088

SOFR

202563032220241231364

2025A30.

(a)

(%)

1202019733.63100716––(3)–71312020207144.252,0001,995–5––2,0006020208121.888005,748–2(24)–5,72612020208122.754002,860–1(11)–2,850602021242.004002,873–1(12)–2,8621202021242.884002,855–2(12)–2,8456020213242.0020143––––1436020219161.753002,151–2(10)–2,1436020221216SOFR+140100719––(3)–7162420232173.50500500–––(500)–242023531SOFR+10075539–––(539)–362023613SOFR+105103739––(2)–7371820237103.05700700–––(700)–242023816SOFR+95100719––(3)–716602023818SOFR+13050358––(1)–357362023823SOFR+1003002,152–1(8)–2,145242023825SOFR+95100718––(2)–71636202311162.802,5002,496–1––2,49736202311273.35350349––––3493620231130SOFR+11050359––(1)–3583620231252.904,0003,994–1––3,995362024352.453,0002,995–1––2,996362024312SOFR+10540288––(2)–286362024327SOFR+10067481––(2)–479122024416SOFR+6420144–––(144)–122024422SOFR+6530216–––(216)–3620245232.202,5002,495–1––2,49636202464SOFR+765003,588–2(16)–3,57436202487SOFR+762571,849––(8)–1,841362024108SOFR+7630216––(1)–2154820241025SOFR+63.930216––(1)–2151220241120SOFR+4550359––(1)–3581220241127SOFR+49100719––(3)–7161220241217SOFR+4930216––(1)–2153620255221.752,000–2,000(4)––1,99660202565SOFR+80400–2,875(4)(12)–2,85936202565SOFR+68300–2,156(3)(9)–2,144

47,4657,0319(148)(2,099)52,258

2025630

1,932446202412311,533236

2025A

30.

(a)

(%)

2420244293.15720719––––719362024626SOFR+65100728––(13)–715

1,447––(13)–1,434

31.

A20,629H4,591

25,220

20241231202563025,22025,220

2025A32.(a)

(%)

(i)201712223.6210027527,468(ii)

27527,468

2025112025630

(i)2017122227527,468––27527,468

27527,468––27527,468

(i) 2017122227,500

100275,000,0004.81%16.68%20221218

3.62%

(ii)

(1) 5.125%

5.125%

(2)

A()

27,468(b)

(%)

(i)2020793.9510050049,989(ii)20211273.6910043042,989(iii)20231213.4110030030,000(iv)20241152.4210030030,000(v)20254292.1310020020,000(vi)20255292.0510027027,000

2,000199,978

2025A32.(b)

2025112025630

(i)20207950049,989––50049,989(ii)202112743042,989––43042,989(iii)202312130030,000––30030,000(iv)202411530030,000––30030,000(v)2025429––20020,00020020,000(vi)2025529––27027,00027027,000

1,530152,97847047,0002,000199,978

(i) 2020792020

50,0001005(ii) 20211272021

43,0001005(iii) 20231212023

30,0001005(iv) 20241152024

30,0001005(v) 20254292025

20,0001005(vi) 20255292025

27,0001005

(1)(2)

2025A32.

(c)

202563020241231

1,289,2331,226,014

1,061,7871,045,568

227,446180,446

1,9755,581

(1,975)(5,581)

––

7,6277,461

33.

20256306

6,0181,812–(78)1,7341,734––7,752

5,9161,817–(79)1,7381,738––7,654

102(5)–1(4)(4)––98

37,239(3,354)(7,036)2,357(8,033)(8,021)(12)–29,218

19,0971,161(7,043)1,591(4,291)(4,281)(10)–14,816

10,849(3,121)–784(2,337)(2,337)––8,512

56157(18)44––60

4,816(1,783)––(1,783)(1,781)(2)–3,035

2,421374––374374––2,795

43,257(1,542)(7,036)2,279(6,299)(6,287)(12)–36,970

2025A33.

2024

3,0913,125–(202)2,9232,923–46,018

3,0093,101–(198)2,9032,903–45,916

8224–(4)2020––102

13,59137,554(7,298)(6,486)23,77023,648122–37,239

2,74729,208(7,295)(5,490)16,42316,35073–19,097

7,8494,004–(1,004)3,0003,000––10,849

92(41)(3)8(36)(36)––56 2,9341,931––1,9311,88249–4,816

(31)2,452––2,4522,452––2,421

16,68240,679(7,298)(6,688)26,69326,571122443,257

2025A33.

20256306

3,362311–(78)233–3,595

33,446(3,070)(6,954)2,594(7,430)–26,016

20,608(300)(6,961)1,813(5,448)–15,160

10,034(3,153)–788(2,365)–7,669

4227(7)22–26

438(4)––(4)–434

2,362365––365–2,727

36,808(2,759)(6,954)2,516(7,197)–29,611

2025A33.

2024

2,866631–(157)474223,362

11,85935,113(7,170)(6,356)21,587–33,446

4,56228,562(7,167)(5,349)16,046–20,608

7,0044,040–(1,010)3,030–10,034 11(7)(3)3(7)–4 36078––78–438

(78)2,440––2,440–2,362

14,72535,744(7,170)(6,513)22,0612236,808

2025A34.(a)

2025

20241231

20242.00050,440–20231.972–49,734

(b)

2025

20241231

–13,915

13,451 20242.000–50,440

77,806

2024202532520256252024

35.

63066306

2025202420252024

119,080132,214111,999124,008

43,42147,39637,32640,405

73,52681,77172,55780,613

2,1333,0472,1162,9904,5874,9334,5644,9101,3221,251

5,6786,1915,2405,0531,4141,8231,3581,78744,93341,58540,75338,370

16,13314,00612,71411,658

28,80027,57928,03926,712

177,014187,997164,583174,640

202563064,240

202463064,652

2025A36.

63066306

2025202420252024

56,51966,52852,40861,5181,7082,4951,7062,4934,1974,0614,0503,7184,0044,708

1,0091,3641,635

1,3132,9233,8801,6522,612

70,92983,54861,71372,887

37.

63066306

2025202420252024

12,79711,43711,69210,9515,4535,858

7,2218,6347,1868,6007,6027,8597,5667,8212,2892,4602,0232,1882,6072,4842,5612,4383,8983,8203,6383,556

41,86742,55234,67035,573

38.

63066306

2025202420252024

(5,426)2,567(5,326)3,795

(232)

(328)

(49)

(46)

(4,819)2,286(4,689)3,421

2025A

39.

63066306

2025202420252024

11,4058,33810,4156,707

1,2173,5781,1883,571

7,0435,5826,9615,496

1,6991,5502,1692,192

21,89419,49920,83718,134

40.

63066306

2025202420252024

–6,9186,139

7,7566,434

2025A41.

63066306

2025202420252024

35,48435,76931,40031,940

27,33028,38223,86825,156

5,1434,5144,7694,177

3,0112,8732,7632,607

1,9471,9391,7261,706

1,9091,9811,8011,871

11,42311,19612,03911,768

51,17151,43847,27247,739

42.

63066306

2025202420252024

23,34125,43322,45423,210

26,29625,70525,41723,482

(2,955)(272)(2,963)(272)

(415)(1,058)(547)(1,147)

(247)(2,005)(357)(2,122)

(168)

(190)

1,4462,3701,4312,393

(326)(3)(222)

24,62326,92823,52324,772

2025A43.

63066306

2025202420252024

3,4773,234––

––

3,7213,400

44.(a)

63066306

2025202420252024

16,80315,27914,96613,760

15,60814,49514,43013,310

1,008

(3,302)(1,017)(2,925)(897)

13,50114,26212,04112,863

2025A44.

(b)

63066306

2025202420252024

88,90689,64179,26383,67025%2024630 625%)22,22722,41019,81620,917

3,2091,8382,422

(10,768)(9,392)(9,703)(8,405)

(700)(111)––

(494)(518)(494)(494)

––

13,50114,26212,04112,863

(i)(ii) 20255282024202511

2025A45.

20102025630620246306

6306

20252024

74,93074,743(1,975)(1,975)72,95572,768

(111)(119)72,84472,649

25,22025,220

2.89

2.88

1,053,678942,846(%)

13.85

15.44

(%)

13.83

15.41

2017202020256

20256306202463061,975202463061,975

20256306202463062025630620246306

2025A46.

202563062024630610%

2025A46.

(a)

6306

20252024202520242025202420252024

19,61414,22155,27960,63931,19229,589106,085104,44920,00923,77915,4589,689(35,467)(33,468)––

39,62338,00070,73770,328(4,275)(3,879)106,085104,4497,8617,75624,52124,9315,2205,64137,60238,32822,83726,279

2,5103,20526,28230,168––––1,6721,5501,6721,550

70,32172,03596,19395,9433,4554,967169,969172,945

(4,164)(3,951)(1,156)(1,084)(188)(200)(5,508)(5,235)

(681)(755)(1,120)(1,116)(108)(110)(1,909)(1,981)

(10,795)(11,671)(13,742)(14,693)(97)(572)(24,634)(26,936)

(17,604)(19,212)(28,125)(27,848)(3,237)(2,069)(48,966)(49,129)

(33,244)(35,589)(44,143)(44,741)(3,630)(2,951)(81,017)(83,281)(20)(13)(14)(4)(12)(6)(46)(23)

37,05736,43352,03651,198(187)2,01088,90689,641

7,58017,5651,063

8,68418,580

2025

20241231

2025

20241231

2025

20241231

2025

20241231

7,567,8967,103,0513,626,0763,564,8041,355,6401,383,48012,549,61212,051,335––––33,04831,01533,04831,0156,451,8876,268,0914,364,0104,118,838412,386452,08511,228,28310,839,014

2025A46.(b)

2025

2024

169,969172,945––

169,969172,945

88,90689,641––

88,90689,641

202563020241231

12,549,61212,051,3359,9549,954

88,76483,6748,3336,547

12,657,15112,152,036

11,228,28310,839,01415,39311,7131,1121,592115,50366,242

11,360,29110,918,561

(c)

2025A46.(c)

–––––––––

2025

20241231

2025

20241231

2025

20241231

2025

2024

2025

2024

5,858,7505,620,7924,770,5234,616,71662,48461,28764,41975,34737,41438,9371,580,5851,521,9031,573,3221,503,1095,3095,46923,14222,50611,16112,6781,034,7531,002,6901,026,907988,7803,6343,84517,50816,0609,9599,1171,306,1241,234,9911,299,1901,225,2183,5933,95718,04817,3775,8778,163171,775173,447170,933171,9671,3031,3573,2363,1891,3051,577755,835733,700751,743725,4103,0873,19510,0009,8155,1035,573760,853751,874757,346744,5612,6272,73410,1189,9244,3515,043229,603236,567237,352244,455

2,1542,1121,3051,377958,873876,072772,975698,345104,340107,34321,34416,61512,4317,176

12,657,15112,152,03611,360,29110,918,561187,046189,933169,969172,94588,90689,641

2025A47.(a)

2025630

338,8821,927285341,094

29,112783329,898

309,7701,144282311,196367,2141,248–368,462566,8573,06912569,938187,610984102188,696 150,5241750,532 1137,08698395138,1641,666,49328,255291,694,77794,7149482095,682

3,221,77036,4314483,258,649

20241231

326,6541,983582329,219 33,10975429334,156 293,5451,229289295,063

304,7251,249–305,974

581,1763,054360584,590

162,15941596162,670 145,0393145,043 1117,12041295117,627

1,588,13732,39951,620,541

96,5257082097,253

3,059,37639,8081,0633,100,247

2025A47.(a)

202563022,6462024123120,13917,8322024123118,230327,98420241231267,605

2025630

336,2481,188285337,721

28,14444328,191

308,1041,144282309,530365,6951,248–366,943566,7173,06912569,798166,81882096167,734 142,168–142,169 1124,65082095125,5651,663,49828,246291,691,773

94,7149482095,682

3,193,69035,5194423,229,651

20241231

324,0281,243582325,853 32,2131429332,520 291,8151,229289293,333

303,3721,250–304,622

581,0083,054360584,422

141,58641095142,091 135,425––35,425 1106,16141095106,666

1,587,97032,38941,620,363

96,5237082097,251

3,034,48739,0541,0613,074,602

2025A47.(a)

202563021,12820241231

18,78717,8322024123118,230327,98320241231267,605

20256305,271,281202412315,385,015

2025

20241231

2025

20241231

997,142846,851957,931808,801

202411

20144

(b)

2025

20241231

2025

20241231

47(e)(c)

2025630

2,078202412312,024

2025A

47.(d)

2025

20241231

2025

20241231

32,67230,80732,67230,807

(e)

2025

20241231

2025

20241231

23,86114,321––50,86537,503––

74,72651,824––

2025A48.(a)

2025

20241231

2025

20241231

259,518245,897259,424245,804(259,518)(245,897)(259,424)(245,804)

(b)

2,280,129202412312,298,27836,0942024123152,344

(c)

2025

20241231

2025

20241231

214,016189,647––

2025A49.(a)

(i)

(ii)

iii)iii

(iii)

? (PD)12? (LGD)? (EAD)

2025A49.

(a)(iv)

20256305%0.5%

202563010%10%20256302.8%202412312.6%)10%10%4.7%20241231

4.6%)

(v)

(vi)

47(a)202563015,579,8822024123114,922,47014,767,6602024123114,199,153(vii)

2023

202563026,1232024123124,826

(viii)

202563066,3702024123165,61061,9232024123161,117

2025A49.(a)(ix)

47(a)29

2025630

538,543––538,543––––185,28071185,288(712)(4)(1)(717)480,937––480,937(1,366)––(1,366)270,967–140271,107(652)–(140)(792)

1,247,838941181,248,050(7,170)(10)(1,218)(8,398)

20241231

557,166––557,166––––220,537111220,549(818)(1)(11)(830)406,817––406,817(1,126)––(1,126)271,903–140272,043(606)–(140)(746) 1,082,1862091821,082,577(7,339)(21)(1,260)(8,620)

2025A49.(a)(ix)

47(a)29

2025630

529,594––529,594––––125,39571125,403(691)(4)(1)(696)453,955––453,955(1,428)––(1,428)266,396–140266,536(650)–(140)(790)

1,055,378771181,055,573(7,051)(10)(1,218)(8,279)

20241231

554,877––554,877––––174,652111174,664(811)(1)(11)(823)375,205––375,205(1,168)––(1,168)270,561–140270,701(605)–(140)(745) 914,81277182915,071(7,248)(11)(1,260)(8,519)

2025A49.(b)

(i)

(1)

2025A49.

(b)(i)(2)

(NII)(EVE)

2025A49.(b)(i)

(3)

2025630

1155

552,964528,568–––24,396934,457640,786272,11521,54214–(i)6,845,8642,996,9633,219,593570,39658,912–3,940,503474,288534,0391,415,7611,431,84684,569(ii)383,363––––383,363

12,657,1514,640,6054,025,7472,007,6991,490,772492,328

1,289,7851,096,867179,76712,764387–9,422,3796,424,8811,658,2181,306,07931,0682,133

122,103–5,698––116,40512,1071,0822,7907,2251,010–162,02064,05045,93746,6505,383–(ii)351,8972–3,108–348,787

11,360,2917,586,8821,892,4101,375,82637,848467,325

1,296,860(2,946,277)2,133,337631,8731,452,92425,003

2025A

49.(b)

(i)(3)

20241231

1155

573,788547,644–––26,144896,707678,771193,83424,08913–(i)6,622,9502,921,7303,085,793553,74761,680–

3,674,904487,488510,4121,287,8201,309,21879,966(ii)383,687––––383,687

12,152,0364,635,6333,790,0391,865,6561,370,911489,797 1,207,0171,008,346187,09011,192389–

9,096,5876,367,7261,418,4271,285,12922,6962,609

99,044–5,691––93,353

12,7781,0552,8557,7051,163–221,583115,23254,62744,3307,394–(ii)281,5524–3,033–278,515

10,918,5617,492,3631,668,6901,351,38931,642374,477

1,233,475(2,856,730)2,121,349514,2671,339,269115,320

2025A49.

(b)

(i)(3)

2025630

1155

543,649519,631–––24,018842,980581,762253,9917,227––(i)6,499,1342,786,5463,109,144553,92749,517–3,611,395455,656460,5351,279,0931,368,93747,174(ii)302,570––––302,570

11,799,7284,343,5953,823,6701,840,2471,418,454373,762

1,042,960924,930116,4921,538––9,063,4326,155,1911,580,8181,296,35831,065–

82,990–5,698––77,29211,6689872,6107,085986–92,10235,11629,38427,602––(ii)308,890––––308,890

10,602,0427,116,2241,735,0021,332,58332,051386,182

1,197,686(2,772,629)2,088,668507,6641,386,403(12,420)

2025A49.

(b)(i)

(3)

20241231

1155

570,996545,397–––25,599817,834631,407170,05516,372––(i)6,292,7712,709,1212,994,337539,05350,260–

3,393,118462,578451,6811,173,5191,260,62344,717(ii)303,895––––303,895

11,378,6144,348,5033,616,0731,728,9441,310,883374,211 981,596855,289124,7691,538––

8,778,2506,119,7671,359,6741,276,11322,696–

65,558–5,691––59,867

12,2949602,6427,5571,135–155,64094,85136,12524,664––(ii)242,191––––242,191

10,235,5297,070,8671,528,9011,309,87223,831302,058

1,143,085(2,722,364)2,087,172419,0721,287,05272,153

(i) 3202563020241231(ii)(4)

202563020241231

25252525

(5,025)5,025(4,713)4,713

(12,176)12,431(10,793)10,931

2025A49.

(b)(ii)

(1)

(VaR

(2)

(c)

2025A49.(c)

2025630

11331155

552,964552,96472,2143183701,650––478,412–934,457941,11367,176446,127128,940275,72923,12615––6,845,8647,875,54137,076469,139513,3732,177,1972,342,9972,305,196–30,5633,919,1064,602,3824,179272,863169,856584,0141,741,7001,800,83428,86076

660,819694,1754,179167,07143,438192,670176,318105,4735,026–

1,986,4032,387,402–39,53156,008200,856964,8091,126,131–67

1,248,0501,496,971–66,26170,410190,488600,573569,230–9

23,83423,834––––––23,834–100,913100,91323,24614,73415,28319,7125,93483216,7214,451

12,353,30414,072,913203,8911,203,181827,8223,058,3024,113,7574,106,877523,99335,090

1,289,7851,302,678681,563239,214143,120182,21650,1796,386––9,422,3799,616,6944,833,933752,652877,2221,719,8721,398,69034,325––

99,27999,35339,4318,6031,63012,6382,41234,639––

12,10713,140–4286582,8727,8531,329––162,020186,579–12,97037,79067,57662,7085,535––243,721244,01766,39084,74815,06646,95030,573290––

11,229,29111,462,4615,621,3171,098,6151,075,4862,032,1241,552,41582,504––

–1,883,4731,883,473–––––––

2025A49.(c)

20241231

11331155

573,788573,78846,957381361,925––524,732–896,707904,32847,430479,793152,137197,58127,37413––6,622,9507,670,66137,161583,775555,3131,963,0412,235,1952,265,613–30,5633,642,3714,273,7594,956272,560163,542555,6531,597,1271,653,02926,82072

617,018638,1454,956225,77645,894124,509156,71975,7864,505–

1,920,4612,324,329–25,00167,717219,327895,2381,116,976–70

1,082,5771,288,970–21,78349,931211,817545,170460,267–2

22,31522,315––––––22,315–

102,337102,33733,46112,44214,32821,1905,06351110,6814,661

11,838,15313,524,873169,9651,348,608885,4562,739,3903,864,7593,919,166562,23335,296 1,207,0171,220,980656,335150,888152,614206,02947,5567,558––

9,096,5879,321,1484,793,218686,784958,0601,470,3461,387,31825,422–– 67,46167,51016,8866,2471,3427,5264,99830,511––

12,77813,793–4516142,9088,2991,521––221,583228,531–26,99073,01863,67457,1357,714––181,168181,16843,75533,78321,97448,33433,017305––

10,786,59411,033,1305,510,194905,1431,207,6221,798,8171,538,32373,031––

–1,783,2111,783,211–––––––

2025A49.(c)

2025630

11331155

543,649543,64963,2423183701,650––478,069–842,980846,91138,459430,161113,618257,1437,530–––6,499,1347,494,540–444,875497,9832,088,0282,198,6092,236,132–28,9133,590,7694,266,738–289,693151,750502,3701,574,4151,735,07213,36276

585,050618,291–195,37846,684175,176123,24176,2771,535–

1,938,3192,337,663–38,46353,340185,733937,8331,122,227–67

1,055,5731,298,957–55,85251,726141,461513,341536,568–9

11,82711,827––––––11,827–82,21682,21621,3479,29212,95417,3452503016,6024,396

11,558,74813,234,054123,0481,174,339776,6752,866,5363,780,8043,971,234508,03333,385

1,042,9601,044,776667,306178,83979,627117,4181,586–––9,063,4329,253,1684,694,300693,208804,4711,639,9751,387,31033,904––

61,45061,46437,9067,8951,63012,6381,395–––11,66812,667–3786132,6857,6951,296––92,10294,291–8,67924,03333,08528,494–––208,619208,61959,83974,43912,92438,40923,008–––

10,480,23110,674,9855,459,351963,438923,2981,844,2101,449,48835,200––

–1,859,5071,859,507–––––––

2025A49.(c)

20241231

11331155

570,996570,99644,693381361,925––524,204–817,834821,60625,140468,432138,501172,45117,082–––6,292,7717,303,084–568,695536,2881,884,8262,084,6232,199,638–29,0143,361,3033,987,667–266,545154,140490,8501,461,0361,601,94513,07972

546,965567,192–225,68859,508113,289116,35550,7901,562–

1,887,7502,290,618–24,60465,150208,729880,4191,111,646–70

915,0711,118,340–16,25329,482168,832464,262439,509–2

11,51711,517––––––11,517–86,77586,77532,2768,29711,80018,8743143110,5724,611

11,129,67912,770,128102,1091,312,007840,8652,568,9263,563,0553,801,614547,85533,697 981,596983,223652,221107,92896,163125,3731,538–––

8,778,2508,998,5904,669,023630,719889,6501,408,1271,376,40324,668–– 34,46934,51815,5626,1981,3427,5263,890–––

12,29413,275–4105572,6878,1381,483––155,640157,860–23,18369,21939,87425,584–––149,663149,66338,12527,53918,27740,28225,440–––

10,111,91210,337,1295,374,931795,9771,075,2081,623,8691,440,99326,151––

–1,762,4541,762,454–––––––

2025A49.(d)

(e)

2025630

2025A49.(e)

202411

2014418

20239

202563020241231

14.00%

14.86%

17.07%

17.48%

18.56%

19.05%

1,049,8991,036,39213,30813,3441,036,5911,023,048

227,446180,4461,264,0371,203,494

110,497108,2481,374,5341,311,742

7,404,7036,885,783

2025A

49.

(f)

2025630

331155

321,6401,391,7871,086,7341,7632,801,9248,804(9,042)

321,0291,391,7521,086,7341,7632,801,2788,804(9,040)

61135––646–(2)

1,154,7691,115,19263,7427,3392,341,04211,745(13,087)

64,44747,2821,2721,564114,565459(883)

829,803796,54542,4545,7751,674,5778,707(9,937)

537194––731––

259,982271,17120,016–551,1692,579(2,267)

7,0499,132406–16,587522(475)

9824,20036–5,21876(1)

8374,201––5,038–(45)

5,23026870–5,568446(421)

–463300–763–(8)

––2,4179733,390–(15)

–10,9105,771–16,681242(135)

1,60311,00019,52930532,43783(70)

–178––1781–

1,485,0612,538,1991,178,59910,3805,212,23921,397(22,824)

2025A49.(f)

20241231

331155

295,444931,606847,7721,2902,076,11211,136(11,478) 290,990931,524847,7721,2902,071,57611,035(11,478) 4,45482––4,536101–

944,726947,91783,6761,7221,978,04120,926(19,773) 44,47921,0931,37228067,224588(579) 664,671740,33867,3771,4421,473,82817,734(16,958) 18387––405–– 235,558186,09914,927–436,5842,604(2,236)

4,7676,0902303711,124262(123) 8052,769–373,611131– 8052,769––3,574–(21) 3,157351––3,508131(100) –201230–431–(2)

––500–500–(15) ––500–500–(15) 1,2001,9406,614–9,75476(161) 1,2001,9406,614–9,75476(161)

2,11010,3849,53333022,357128(33) 2,11010,3849,53333022,357128(33)

––183–1835– ––183–1835–

1,248,2471,897,937948,5083,3794,098,07132,533(31,583)

2025A49.(f)

2025630

331155

321,4851,389,9761,086,5621,7632,799,7868,779(9,034)

321,0291,389,9651,086,5621,7632,799,3198,779(9,033)

45611––467–(1)

1,044,1731,068,43855,4427,3392,175,39211,320(12,044)

61,45144,2251,2661,564108,506403(778)

725,070755,72834,1605,7751,520,7338,353(9,015)

537194––731––

257,115268,29120,016–545,4222,564(2,251)

6,4828,413370–15,265490(447)

6263,841––4,46744–

6263,841––4,467–(18)

5,23026870–5,568446(421)

–463300–763–(8)

––2,4179733,390–(15)

8875,7093,142–9,73836–

–178––1781–

1,373,0272,472,7141,147,93310,0755,003,74920,626(21,540)

2025A49.(f)

20241231

331155

295,068931,606845,8391,2902,073,80311,128(11,462) 290,990931,524845,8391,2902,069,64311,031(11,462) 4,07882––4,16097–

911,557941,21875,7821,7221,930,27920,518(19,505) 42,67219,6581,37228063,982524(527) 634,582735,17659,4831,4421,430,68317,401(16,753) 18387––405–– 234,285185,99714,927–435,2092,593(2,225)

4,0196,084230–10,333155(107) 4312,766––3,19724– 4312,766––3,197–(5) 3,157351––3,508131(100) –201230–431–(2)

––500–500–(15) ––500–500–(15)

1,9665,712281–7,9599– 1,9665,712281–7,9599–

––183–1835– ––183–1835–

1,212,6101,884,620922,8153,0124,023,05731,815(31,089)

202563062024

2025A49.(f)

202563020241231

7,2154,2543,2802,353

10,4956,607

20241120144

(g)(i)

???

2025A49.

(g)(ii)

2025630

27,951617,7463,202648,89922,602560,7671,681585,050

13,964338,544113352,6219,554227,929322237,805

12,328––12,32812,328––12,328

1,6269382,1854,749720–1,1891,909

33266,165694266,892–323,030–323,030

–3,496–3,496–1,400–1,400

–8,6032108,813–8,4081708,578

17111,749–11,920––––

17111,749–11,920–––––21,397–21,397–20,626–20,626

–64,2121,56065,772–64,2121,49665,708

260,369999,748–1,260,117143,270922,391–1,065,661

–284,284265,998550,282–284,284265,699549,983

14,2881,8707,67623,8343,3491,8706,60811,827

302,7792,001,006278,4362,582,221169,2211,854,150275,4842,298,855

55,736698–56,43455,736––55,736

55,736––55,73655,736––55,736

–698–698––––

5,57035,6541,62142,8455,714––5,714

5,57020–5,5905,714––5,714

–35,6341,62137,255–––––22,824–22,824–21,540–21,540

61,30659,1761,621122,10361,45021,540–82,990

2025A49.

(g)(ii)

20241231

15,699584,3373,317603,35312,137533,1541,583546,874 14,204237,508340252,05211,204136,598657148,459 134––134134––134 1,36031,8993,262799–7631,562 1343,079871343,951–394,657–394,657 –3,134–3,134–1,303–1,303 –613207820–596163759 1,64612,019–13,665–91–91 1,64612,019–13,665–91–91

–32,533–32,533–31,815–31,815 –34,6011,17435,775–34,6011,10935,710 230,469861,658–1,092,127131,367791,457–922,824 –345,349206,343551,692–344,791206,343551,134 12,8731,9037,53922,3153,1211,8706,52611,517

260,6871,872,400218,3732,351,460146,6251,737,779215,5612,099,965

28,757389–29,14628,757––28,757 28,757––28,75728,757––28,757 –389–389–––– 5,56731,5921,15638,3155,712––5,712 5,567––5,5675,712––5,712 –31,5921,15632,748––––

–31,583–31,583–31,089–31,089

34,32463,5641,15699,04434,46931,089–65,558

202563062024

2025A49.(g)(ii)(1)

(2)

(Black-Scholes)

2025A49.(g)

(ii)

(3)

2025630

1,113

6,555

1,560

265,998

1,621

2025A

49.(g)(ii)

(3)

20241231

1,022 67 6,450 1,174 206,343

1,119 516 264 340 807 64 163 44 1,156

2025A49.(g)(ii)

(3)

2025113,3171,174206,3437,539218,373

1535––158

––(331)196(135)102485293,751–294,338

(164)(102)(233,768)–(234,034)

(190)–––(190)

(16)(2)3(59)(74)

20256303,2021,560265,9987,676278,436

69(22)––47

2024114,1603,729120,7627,338135,989 (531)(84)––(615) ––252297549

72–485,550–485,622

(179)(2,472)(400,221)(104)(402,976)

(214)–––(214)

91–818

202412313,3171,174206,3437,539218,373

(434)(104)––(538)

2025A49.(g)

(ii)(3)

20252024

1,1561,825

(235)

(170)(455)(12)

63012311,6211,156

(235)

2025111,5831,109206,3436,526215,561

1062––108

––(331)82(249)1485293,427–293,913

(9)(100)(233,740)–(233,849)

20256301,6811,496265,6996,608275,484

11(23)––(12)

2025A49.(g)

(ii)

(3)

2024111,2093,647120,7626,521132,139

114(70)––44 ––252109361

264–485,550–485,814

(4)(2,468)(400,221)(104)(402,797)

202412311,5831,109206,3436,526215,561

175(85)––90

202563062024202563062024

(iii)

(1)

2025A49.(g)(iii)

(1)

2025630

1,986,4032,101,31466,1131,977,65057,551

20241231

1,920,4612,066,24471,4291,913,89380,922

(2)

2025630

91,08090,834–90,834–

20241231

85,00384,438–84,438–

2025A50.

(a)

63066306

2025202420252024

75,40575,37967,22270,807

23,34125,43322,45423,210

1,2931,5031,0801,570

5,5085,2351,7641,738

1,9091,9811,8011,871

(505)(45)(9)(5)

3,679(5,511)4,567(6,983)

(21,564)(18,904)(20,507)(17,539)

(44,933)(41,585)(40,753)(38,370)

2,9233,8801,6522,612

(66)(124)(73)(109)

(3,302)(1,017)(2,925)(897)

(364,175)(298,526)(328,630)(277,768)

454,011359,311388,376306,743

134,461108,18096,85267,917

(b) 3

2025630202463020256302024630

72,21477,77363,24176,914132,712116,579104,15983,648127,281118,538114,45996,065270,739307,022266,398305,61891,975115,99488,510111,995

694,921735,906636,767674,240

2025A50.

(c)

63066306

2025202420252024

14,42114,83614,05514,514(16,622)(14,931)(16,119)(14,499)680,500721,070622,712659,726(739,905)(584,088)(699,876)(543,952)

(61,606)136,887(79,228)115,789

(d)

20246306(e)

20251189,18647,39490,5701,3382635,78212,778277,074

22,91735,66816,406––9,982–84,973

(90,190)(33,953)(9,933)––(14,363)(2,205)(150,644)

–––(2,388)(297)––(2,685)

––––––1,3201,320

–––2,360––2142,574

––––50,737––50,737

542183––––563

––104––945–1,049

–––––8,028–8,028

–(642)(480)––(12)–(1,134)

202563022,45548,48596,6701,31050,46640,36212,107271,855

2025A

50.

(e)

20241121,44334,340124,3721,8142632,61612,675227,286 142,35326,24116,742––1,069–186,405 (22,903)(24,133)(40,952)––(7,893)(2,315)(98,196) –––(2,493)(377)––(2,870) ––––––2,5302,530 –––2,407––2412,648 ––––50,111––50,111 1,2142527––––1,473 –177––(285)–(207) –248680––39–967

2024630142,10736,949100,9261,72849,76025,54613,131370,147

20251189,18628,23043,9365062612,294174,178

22,91725,14910,000–––58,066

(90,190)(23,549)(7,870)––(2,053)(123,662)

–––(1,163)––(1,163)

–––––1,2231,223

–––1,096–2041,300

––––50,440–50,440

54220(6)–––556

––107–––107

–(291)(365)–––(656)

202563022,45529,55945,80243950,46611,668160,389

2025A

50.(e)

20241121,44317,72173,1341,0932612,039125,456 142,35316,5255,000–––163,878 (22,903)(15,176)(30,000)––(2,130)(70,209) –––(1,488)––(1,488) –––––2,4092,409 –––1,157–2241,381 ––––49,734–49,734 1,214242(1)–––1,455 –177–––78 –(140)319–––179

2024630142,10719,17348,52976249,76012,542272,873

51.

14,6212024630610,148

2025A51.

2024630620256305,274202412315,274

2025630620246

2025A52.(a)(i)

16,900

7,559,427,37529.97%

(i,vi)

–

17,000

3,289,470,33713.04%(ii)–

1,258,542,3494.99%–

944,013,1713.74%–

7,778

1,147,377,4154.55%– Best Winner Investment Ltd.1386,924,0631.53%––– China Merchants Union (BVI) Limited0.06477,903,5001.89%–––

1055,196,5400.22%–

11,000

2,515,193,0349.97%(iii)–

16,191

1,574,729,1116.24%–

3,191

696,450,2142.76%– 52103,552,6160.41%–

1,399

75,617,3400.30%– 50054,721,9300.22%– 29910,121,8230.04%–

7,274

406,670,4181.61%(iv)–

16,166

201,089,7380.80%–

2025A52.

(a)

(i)

21,749

310,125,8221.23%(v)–

11,575

310,125,8221.23%–4,129

––100.00%18,000

––100.00%1,161

––100.00%1,310

––55.00%5,556

––90.00%

––100.00%

––14

(vii)

(i) ()202563029.97%2024123129.97%)(ii) ()202563013.04%20241231

13.04%)

(iii) ()20256309.97%202412319.97%)(iv) ()20256301.61%202412311.61%)(v) ()20256301.23%202412311.23%)(vi)

2025A52.(a)

(i)

202563020241231

16,900,000,00016,900,000,00017,000,000,00017,000,000,000600,000,000600,000,000600,000,000600,000,0007,778,000,0007,778,000,000Best Winner Investment Ltd.

China Merchants Union (BVI) Limited60,00060,00010,000,00010,000,00011,000,000,00011,000,000,00016,191,351,30016,191,351,3003,191,200,0003,191,200,00052,000,00052,000,0001,398,941,0001,398,941,000500,000,000500,000,000299,020,000299,020,0007,274,023,8307,274,023,83016,165,711,42516,165,711,42521,749,175,73721,749,175,73711,575,299,44511,575,299,4454,129,000,0004,129,000,00018,000,000,00018,000,000,0001,160,950,5751,160,950,5751,310,000,0001,310,000,0005,555,555,5555,555,555,555100,000,000100,000,000500,000,000500,000,000

(b)

2025A

52.

(c)(i)

202563020241231

(%)(%)

66,3850.9358,8430.85

2,8570.077,5800.21

43,6605.8636,1095.16

78,5060.8375,0280.82

1711.411861.46

9,1432.688,7482.66

1,0150.281,0040.33

6,6823.547,4894.60

5260.095990.10

6306

20252024

(%)(%)

1,1280.641,1000.59

(690)0.97

(656)0.79

2370.632820.74

(385)0.75

(379)0.74

620.24

730.23

2025A52.(c)

(ii) 5%

202563020241231

(%)(%)

4000.08––

52,0190.7346,9290.68

4,3200.112500.01

1,6530.224,4390.63

25,3200.2724,7180.27

60.05

130.10

12,7703.7412,9793.94

4,4981.224,3491.42

1,0000.531,0000.61

4,4660.785,3980.92

6306

20252024

(%)(%)

8270.477470.40

(105)0.15

(220)0.26

1130.301130.29

(1)–

––3691.402120.70

2025A52.(c)

(iii)

202563020241231

(%)(%)

1–8,8050.13

1–1–

13,3290.1414,3620.16

––6–

––3–

6306

20252024

(%)(%)

––2160.11

(217)0.31

(81)0.10

50.01

(4)0.01

(1,493)2.92(1,424)2.77

130.05

––

2025A52.

(c)

(iv)

202563020241231

(%)(%)

11,3002.3512,8003.15

6,2730.096,4590.09

8840.121,0550.15

1,4340.026580.01

2–2–

6306

20252024

(%)(%)

3070.174090.22

(15)0.02

(20)0.02

7291.941,3163.43

(16)0.03

(173)0.34

130.05

1–

2025A

52.(d)(i)

202563020241231

(%)(%)

55,8710.8352,3930.80

2,6530.077,3970.22

43,6606.0136,1095.22

75,3720.8372,0130.82

1711.471861.51

9,0472.688,7482.68

1,0150.281,0040.33

6,6823.987,4895.27

5260.095990.10

6306

20252024

(%)(%)

8780.531,0080.58

(682)1.11

(597)0.82

2330.752760.86

(373)0.79

(348)0.73

270.15

(1)–

2025A52.

(d)

(ii) 5%

202563020241231

(%)(%)

49,0510.7343,8270.67

4,3200.122500.01

1,6530.234,4390.64

25,0630.2824,4120.28

60.05

130.11

12,7703.7812,9793.98

4,4981.234,3491.43

1,0000.601,0000.70

4,4660.785,3980.92

6306

20252024

(%)(%)

7250.446630.38

(105)0.17

(198)0.27

1120.361130.35

(1)–

––

2025A52.(d)(iii)

202563020241231

(%)(%)

1–8,6050.13

1–1–

13,3290.1514,3620.16

––6–

––3–

6306

20252024

(%)(%)

––2160.12

(217)0.35

(81)0.11

1–

20.01

(1,473)3.12(1,413)2.96

90.05

––

2025A52.

(d)

(iv)

202563020241231

(%)(%)

10,0002.2012,0003.20

6,2730.096,4590.10

8840.121,0550.15

1,2620.014890.01

2–2–

6306

20252024

(%)(%)

2920.184000.23

(15)0.02

(17)0.02

5771.851,2083.77

(16)0.03

(173)0.36

130.07

1–

2025A52.(e)

202563020241231

(%)(%)

6440.515,5853.20

32,7937.2226,8487.16

14,5800.2315,9840.24

1,9440.051,5260.04

5,1660.716,5520.94

2640.49––

8,7830.108,1000.09

6306

20252024

(%)(%)

7060.436760.39

(61)0.10

(63)0.09

2870.922940.92(2,123)4.49(2,131)4.464542.602671.12

53.

(a)

20191244002024

2025A54.

(a)

202563020241231

2025630

8,40149,770–58,17158,171

1707,598–7,7687,7681,06080549,57951,44451,444259,545––259,545259,545

741––741741

269,91758,17349,579377,669377,669

20241231

59669,168–69,76469,764

16312,942–13,10513,1051,7551,81843,91147,48447,484334,929––334,929334,929

432––432432

337,87583,92843,911465,714465,714

2025A

54.(b)

20256302,459,303202412312,470,334

20256301,331,6812024

12311,320,359

2025630266,10720241231299,261

20256301,3612024123118,397

20256302,755202412312,703

20256307,347202412319,022202563064,675202463064,588

202563063,122202463063,6852025630633620246306246

202511202563091,78420246306161,997

2025A55.

12023

6306

20252024

(35)(36)

–

56.

202573202539515,000

202579202077950,0002020

57.

2025A

190,6352925,7492a122,6152b155,2582c647,876333,5154–51,049,8996–79,95381,92391,320106011–12–13–145215–16–17–18–19–

15%

–21–22–23–24–2513,308261,036,591

2025A1.

27227,44628227,44629–30–31227,44632–33–34–35–36–37–38–39227,446401,264,03741–42–43110,49744110,49745–46TLAC

–47–47aTLAC

–48–48aTLAC

–49–50–51110,497521,374,534537,404,7035414.00%5517.07%5618.56%

573.25%58 2.50%59 0.00%60 0.75%

619.00%

2025A

625.00%

636.00%

648.00%6545,45065aTLAC

–6629,3816786,306

70171,49271110,497

2025620144

13.82%17.03%18.55%1,237,1826,669,09420256

11.92%14.53%15.61%1,357,8758,697,37620256

11.58%14.27%15.35%1,221,7737,961,761

2025A1.

14,42114,42115,60115,601538,766538,766185,079169,810482,947482,947270,360266,7486,854,5916,878,45921,39721,3773,951,1273,870,778 660,819609,849 2,006,3571,993,906 1,260,1171,259,952

23,8347,071

33,04829,6801,0121,123119,289119,804

4,7394,73911,99611,867

6,1536,110 4,1734,127

9,9549,95388,76488,64947,90746,64112,657,15112,577,473

172,300172,300745,599745,599257,755271,152

99,27943,38322,82422,764116,46594,4579,509,5269,509,539

38,80538,27115,39314,859

3,9163,08112,10711,91918,09718,097163,330161,896

1,1121,022 –– 6060

183,783184,46611,360,29111,292,805

2025A

25,22025,220227,446227,446 27,46827,468 199,978199,978

65,42065,415

36,97033,515122,652122,615155,258155,258656,267647,876 ––

1,289,2331,277,345

7,6277,323 7,6277,323

––1,296,8601,284,66812,657,15112,577,473

2025A

2600036396836002820280232128047242380033242480070242580008242580015

TLAC

70,22831,67327,46849,98942,98930,00030,00020,00027,000

820,6294,59127,50050,00043,00030,00030,00020,00027,000

10200232720069222017121320207920211272023121202411120254292025529

2025A

600036396836002820280232128047242380033242480070242580008242580015

3.62%3.95%3.69%3.41%2.42%2.13%2.05%

2025A

600036396836002820280232128047242380033242480070242580008242580015

2017

(1)

(2)

(1)

(2)

(1)

(2)

(1)

(2)

(1)

(2)

(1)

(2)

2025A

600036396836002820280232128047242380033242480070242580008242580015

33a

2025A2.

20256302025331

12,657,15112,529,792

(79,678)(77,865)

––

25,68318,300

2,314,4542,196,744

––

(83)(3,825)

––

(13,308)(13,169)

14,904,57714,650,332

2025A2.

20256302025331

12,605,67912,480,569

(316,414)(316,708)

(13,308)(13,169)

12,275,95712,150,692

6,1637,912

39,49034,009

––

1,4091,661

(2)(2)

47,06043,580

266,748258,961

––

267,106259,316

10,253,3679,992,738

(7,922,102)(7,780,160)

(16,811)(15,834)

2,314,4542,196,744

1,264,0371,222,698

14,904,57714,650,332

8.48%

8.35%

24aa

8.48%

8.35%

4.00%

0.375%

127,253158,97827a266,748258,96128a14,765,08214,550,34928ab14,765,08214,550,34929b

8.56%

8.40%

29ac

8.56%

8.40%

2025A

2025

159.83%5.85

2025184.00%2025

12,551,631

24,441,517394,5273992,50049,62543,449,017344,90254,747,4651,672,15862,598,054641,52772,138,2151,019,435811,19611,19692,188102,534,514737,40511620,214620,21412––131,914,300117,19114116,340116,340153,850,214122,706

163,045,324

17128,042126,519181,057,270700,42619620,011619,682

201,805,3231,446,627

212,551,631221,598,69723(%)159.83%

1) 912)

2025A4.

2025

136.71%2.93

2025630

<66-12≥1

1,277,355–––1,277,355

–––––

2,524,7772,184,89343,5459,9004,338,960

1,013,3158,5531,444980973,127

1,511,4622,176,34042,1018,9203,365,833

2,935,2002,649,965193,854288,6732,898,928

2,644,643–––1,322,321

290,5572,649,965193,854288,6731,576,607

–––––

4,201226,26883,501187,692200,463

28,979

4,201226,26883,501158,713200,463148,715,706

413,846

52,2148,67343–30,955

148,8432,795,5611,631,1804,164,4765,439,101

–260,042––39,006

69778,005189,38336,520249,756

–1,496,0171,288,5882,495,7403,483,41121 35%–66,26051,164151,355157,093

–30,24130,1791,371,2661,193,43223 35%–––––

148,774231,256123,030260,950473,496

–––––

2025A4.

2025630

<66-12≥1

58,269107,73333,32179,116252,856

15,60413,264

612520

30,1901,211

6,2736,273

42,665107,73333,32148,314231,588

6,239,278238,432

336,375,190

34(%)136.71%

2025331

<66-12≥1

11,235,852–––1,235,85221,235,852–––1,235,8523–––––42,480,8432,180,70922,7552,8084,269,59551,012,6415,220363749968,06261,468,2022,175,48922,3922,0593,301,53373,016,3112,684,881193,841269,7072,876,22082,607,800–––1,303,9009408,5112,684,881193,841269,7071,572,32010–––––113,539188,19567,806141,365144,3901230,877133,539188,19567,806110,488144,390148,526,057

2025A4.

2025331

<66-12≥1

15406,0251645,5789,76641–27,95717147,1652,741,5821,595,0364,137,5945,384,75718 –242,373––36,356

467755,035150,89744,795234,525

–1,486,8031,324,1082,453,6653,460,73121 35%–89,34142,846151,702164,70022 –29,68429,8241,364,6251,187,36023 35%–––––

146,698227,68790,207274,509465,78525–––––2633,968134,43058,279122,145322,92427 8,1646,939

78766929 34,4793,60230 6,5426,54231 25,804134,43058,27986,879305,172325,960,480231,295

336,372,958

34(%)133.78%

1)2)

3) 30

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