Investment Rating - The report maintains a "Recommended" investment rating for Beijing Bank (stock code: 601169) [1] Core Insights - Beijing Bank shows marginal improvement in revenue growth, with a year-on-year increase of 4.81% in 2024, recovering from previous quarters. The net profit attributable to shareholders increased by 0.81% year-on-year [4] - The bank's net interest income also improved, with a year-on-year growth of 4.81% for the full year and 4.29% in Q4 2024, driven by an increase in net interest income and growth in non-interest income [4] - The bank's asset quality remains stable, with a non-performing loan ratio of 1.31% and a provision coverage ratio of 208.75% as of the end of 2024 [4] Summary by Sections Revenue and Profitability - In 2024, Beijing Bank's revenue reached 69.92 billion yuan, with a growth rate of 4.81%. The net profit attributable to shareholders was 25.83 billion yuan, reflecting a growth rate of 0.81% [44] - The bank's return on equity (ROE) was 8.65%, a decrease of 0.67 percentage points year-on-year [4] Loan and Deposit Growth - Total loans increased by 9.65% year-on-year, with corporate loans growing by 14.43% and technology finance loans surging by 40.52% [4] - Total deposits grew by 18.21% year-on-year, with corporate and personal deposits increasing by 12.68% and 19.69%, respectively [4] Non-Interest Income - Non-interest income rose by 10.06% year-on-year, with a significant increase of 15.29% in Q4 2024, primarily driven by growth in investment income and other non-interest income [4] - The bank's retail assets under management (AUM) grew by 17.25% year-on-year, and the scale of wealth management products increased by 39.4% [4] Capital Adequacy and Risk Management - The core tier one capital adequacy ratio stood at 8.95%, down 0.26 percentage points year-on-year [4] - The bank has increased its provision for credit losses, with a credit cost of 0.87% in 2024, reflecting a proactive approach to risk management [4] Future Outlook - The bank aims to deepen its digital transformation and enhance its retail financial services, with projected BVPS of 13.64 yuan, 14.60 yuan, and 15.60 yuan for 2025, 2026, and 2027, respectively [44]

每日晨报 2025 年 4 月 21 日 银河观点集萃 责任编辑 周颖 ☎：010-80927635 网:zhouying_yj@chinastock.com.cn 分析师登记编码：S0130511090001 要闻 ● 宏观:稳就业、稳外贸、扩内需、稳预期 -- 4 月政治局会议前瞻。4 月政治 局会议召开在即,面对更加复杂严峻的外部环境,市场对于新一轮增量政策抱 有期待。我们认为,政策发力方向或体现为"三稳一扩"——稳就业、稳外贸、 扩内需、稳预期。其一，美国大肆加征关税将直接影响外向型企业的订单和利 润及上下游的劳动力市场,因此稳就业、稳外贸是短期政策的核心关切。其二, 由于外部冲击超出预期,为了达成经济社会发展目标尤其是充分就业目标,扩 内需、促消费等逆周期政策有望在中央经济工作会议和政府工作报告的基础上 进一步加码,增量财政政策或有一定指引,货币配合财政发力也势在必行。其 三,外部环境动荡的大背景下,国内社会预期稳定更加重要,资本市场是阵地 最前线,房地产市场是堡垒基本盘,稳住楼市股市相关政策也值得期待。 宏观:离降准降息还有多远？可能在美联储再次开启降息进一步确认之后落 ● 地,大概率在5月或6月 ...

—— 2024 年年报及 2025 年一季报业绩点评 维持 程培 孟熙 | 市场数据 | 2025-04-18 | | --- | --- | | 股票代码 | 300003.SZ | | A 股收盘价(元) | 10.87 | | 上证指数 | 3276.73 | | 总股本(万股) | 188061.11 | | 实际流通 A 股(万股) | 161609.84 | | 流通 A 股市值(亿元) | 175.67 | ⚫ ⚫ ⚫ ⚫ · 医药行业 ⚫⚫ 公司点评报告 · 医药行业 E券|CGS 附录: 公司财务预测表 | 资产负债表(百万元) | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 流动资产 | 8436.28 | 10340.26 | 11453.76 | 12768.24 | | 现金 | 3718.02 | 5383.28 | 6291.37 | 7448.06 | | 应收账款 | 1530.66 | 1639.89 | 1720.60 | 1795.56 | | 其它应收款 | 114.40 | 12 ...

外需环比下滑,期待新一轮增量政策 宏观周报（4 月 14-18 日） 2025 年 4 月 20 日 分析师 张迪 ☎： 010-8092-7737 网: zhangdi_yj@chinastock.com.cn 分析师登记编码：S0130524060001 詹璐 ☎：0755-8345-3719 z: zhanlu @chinastock.com.cn 分析师登记编码：S0130522110001 聂天奇 ☎： 010-8092-7737 @: nietianqi_yj @chinastock.com.cn 分析师登记编码：S0130524090001 吕雷 ☎：010-8092-7780 ☑: lvlei_yj@chinastock.com.cn 分析师登记编码：S0130524080002 赵红蕾 ☎：010-8092-7606 网: zhaohonglei_yj@chinastock.com.cn 分析师登记编码：S0130524060005 于金潼 ☎：186-5320-7096 中国银河证券|CGS 网: yujintong_yj@chinastock.com.cn 分析师登记编码：S013052 ...

固收研究报告 证券 CGS 地产销售同比回落,生产端 一级市场发行情况:利率债发行方面,本周发行规模整体回升,发行国债 4350 亿元、地方债 2006.2 亿元，同业存单 7099.5 亿元，国债、地方债、存单发行 规模较上周分别变化 1078.4 亿元、-13.2 亿元、812.2 亿元;按新增专项债和 新增一般债额度分别为 4.4 万亿元和 0.8 万亿元计算,本周地方债整体发行进 度达到 26.1%,新增专项债和新增一般债发行进度分别为 24.2%、36.8%。 二级市场利率表现:截至 4/20,本周 10Y-1Y 期限利差较上周回落 3.97BP, 国债收益率曲线较上周整体走平;1Y 国债收益率较上周上行 3.22BP 收于 1.43%, 10Y 国债收益率较上周下行 0.75BP 收于 1.65%。 公开市场操作及下周重要数据:本周央行通过公开市场操作净投放 2338 亿 元;截止 4/20,下周地方政府债发行规模为 1812.37 亿元,逆回购到期 8080 亿元;下周主要关注将公布的贷款市场报价利率(LPR)与 3 月服务贸易差 额。 分析师 经济数据与利率市场表现追踪（2025/4/14-2 ...

Investment Rating - The report assigns a neutral investment rating to the company, indicating a performance expectation within a range of -5% to 5% relative to the benchmark index [12]. Core Insights - The company is projected to experience significant revenue growth, with estimated revenues increasing from 4,837.84 million yuan in 2024 to 8,688.17 million yuan by 2027, reflecting a compound annual growth rate (CAGR) of approximately 19.52% [6][8]. - The net profit attributable to the parent company is expected to rise from 181.96 million yuan in 2024 to 760.20 million yuan in 2027, showcasing a robust growth trajectory with a profit growth rate of 50.64% in 2027 [6][8]. - The gross margin is anticipated to improve from 13.83% in 2024 to 18.71% in 2027, indicating enhanced operational efficiency [6][8]. Financial Forecast Summary Income Statement - Revenue is forecasted to grow from 4,837.84 million yuan in 2024 to 8,688.17 million yuan in 2027, with a revenue growth rate of 26.99% in 2025 [6][8]. - The operating profit is projected to increase significantly, reaching 881.27 million yuan by 2027, with a notable recovery from a decline of 38.19% in 2024 to an increase of 82.80% in 2025 [8]. - The net profit margin is expected to rise from 3.76% in 2024 to 8.75% in 2027, reflecting improved profitability [8]. Balance Sheet - Total assets are expected to grow from 9,413.50 million yuan in 2024 to 12,927.81 million yuan in 2027, indicating a healthy expansion of the company's asset base [7]. - The company's total liabilities are projected to increase from 4,920.06 million yuan in 2024 to 7,296.35 million yuan in 2027, with a stable debt management strategy [7]. Cash Flow Statement - The operating cash flow is forecasted to turn positive by 2025, reaching 67.12 million yuan, after a negative cash flow of -380.04 million yuan in 2024 [7]. - The net cash increase is expected to stabilize, with a projected decrease of -256.37 million yuan by 2027, indicating improved cash management [7].

外需环比下滑,期待新一轮增量政策 宏观周报（4 月 14-18 日） 2025 年 4 月 20 日 分析师 张迪 ☎： 010-8092-7737 网: zhangdi_yj@chinastock.com.cn 分析师登记编码：S0130524060001 詹璐 ☎：0755-8345-3719 z: zhanlu @chinastock.com.cn 分析师登记编码：S0130522110001 聂天奇 ☎： 010-8092-7737 @: nietianqi_yj @chinastock.com.cn 分析师登记编码：S0130524090001 吕雷 ☎：010-8092-7780 ☑: lvlei_yj@chinastock.com.cn 分析师登记编码：S0130524080002 赵红蕾 ☎：010-8092-7606 网: zhaohonglei_yj@chinastock.com.cn 分析师登记编码：S0130524060005 于金潼 ☎：186-5320-7096 网: yujintong_yj@chinastock.com.cn 分析师登记编码：S0130524080003 研究助 ...

耘臅⥈═걾뀔劻㙨䒩ꓭ⚃䭦缩鱂둛 ——⪢槊㝕稝鰑☋ꏕ翞⽟間㷌 2025 䌑 04 劓 20 傽 呦䖦間掾 瞬汻煝疵 · ⪢槊㝕稝鰑☋ꏕ翞⽟間㷌 ⮕卥䉞 匤鱪 (010-8092-7696 *yangchao_yj@chinastock.com.cn ⮕卥䉞溫駘罒焺S0130522030004 潸⪸煝疵 2025-04-08╚㎼曬䌐⬮㕈ꓭ埭疿⮃┿䳀䮵䉗㐙⟥䖦 2025-04-08寤ꓭ⪝䉗㑏㴼澚㝃 2025-04-06艧 2025 䌑◝㳌䍳䫌鰑㺥労♈⛓⡽ ⟶㜩⯒漥⯈⩽楓 2025-04-03㸉瞏⪸瓭⬐⮄䉗㐙ꏕ翞뀔劻 2025-04-032025 䌑◝㳌䍳 A 艧䫌鰑㺥労낊呬⮘ 䰄㐭銝ꏕ翞 2025-03-23艧䉗㐙 2025 䌑♨匡鉿䝠䬏闌 2025-03-23╅ⶬ锟訒呦䖦⢏駦劔〘◲ 2025-03-20耘臅⥈ 3 劓駖䛉⚷駖掾駬耘臅⥈䭶┬ 罥銩⭀ꅌꨴ3 劓⬑駖㠁✇ꓨ㗛鰑分㴼⚃ꆒꀀ 2025-03-17վ䳀䮵巆鰆┺뀉鉿Ⲙ做呿տ闌騣巆鰆愗 ⲇꓤ侒䭰䑜䫌鰑做⻔ 2025-03-10╚㎼艧䉗⺉◜⛓⡽婞䛨撬ꓨ卐 2025-03-05㸉 A 艧䉗㐙䫌鰑溸⼅獏2025 䌑侓䍠 䈰✑䫟⼴ꓤ侒〘◲ꓨ锢⟥⺵ 2025-02-21ⷂ⻔ ...

Key Points - The report highlights that China's GDP for Q1 2025 reached 318,758 billion yuan, with a year-on-year growth of 5.4% and a quarter-on-quarter increase of 1.2%. The industrial sector grew by 6.3%, significantly contributing to GDP growth, while the information transmission, software, and IT services sectors saw a remarkable growth of 10.3% [2][4][12] - The report indicates that the real estate market is showing signs of recovery, with new residential sales area declining by only 3.0% year-on-year in the first three months of 2025, a smaller drop compared to previous months. The sales value also decreased by 2.1% year-on-year, reflecting a narrowing decline [5][10] - The report notes that the U.S. retail sales in March increased by 1.4%, marking the largest growth since January 2023, while initial jobless claims were at 215,000, indicating a tight labor market. However, concerns about future economic growth persist due to rising costs and policy uncertainties [15][16] - The Hong Kong stock market showed mixed performance, with the Hang Seng Index rising by 2.30% during the week, while the technology index fell by 0.27%. The financial, materials, and comprehensive sectors led the gains, with increases of 4.39%, 4.34%, and 4.07% respectively [16][19] - The report suggests that the current valuation of the Hong Kong stock market is at a historically low level, with the Hang Seng Index's PE and PB ratios at 9.6 times and 1.02 times, respectively. This indicates potential investment value, particularly in sectors with lower trade dependency and higher dividend yields, such as finance, energy, and utilities [29][38][49]

策略研究 · 周度报告 A 股震荡蓄势,聚焦业绩线索 核心观点: 分析师 杨超 ☎：010-8092-7696 网: yangchao_yj@chinastock.com.cn 分析师登记编码：S0130522030004 研究助理:王雪莹 相关研究 2025-04-08, 中国版平准基金横空出世提振市场信 心 2025-04-08, 汇金入市,坚定看多 2025-04-03，"对等关税"冲击市场配置预期 2025-04-03, 港股 2025 年二季度投资展望: 从估值 修复到盈利兑现 2025-04-02，2025年二季度 A 股投资展望：风格切 换,均衡配置 2025-03-22，港股市场 2025 年以来行情拆解 2025-03-21，"东升西落"核心假设有哪些? 2025-03-17, 消费潜力释放指引投资方向 -- 《提振 消费专项行动方案》解读 2025-03-09，中国股市叙事：估值正悄然重构 2025-03-05,对A 股市场投资的启示:2025年政府 工作报告释放哪些重要信号? 2025-02-21，南向资金与国际资金结构同频还是分 肢3 2025-02-19，DeepSeek 冲击波：A ...