Core Viewpoint - China Construction Bank (00939.HK) announced the resignation of its Chief Financial Officer, Sheng Liurong, due to age reasons, effective March 31, 2026 [1] Group 1 - Sheng Liurong submitted his resignation to the board of directors [1] - The resignation is attributed to age-related factors [1] - The effective date of the resignation is set for March 31, 2026 [1]

中国建设银行股份有限公司 关于生柳荣首席财务官辞任的公告 本行董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 股票代码：601939 股票简称：建设银行 公告编号：2026-012 规；加强战略研究与政策协调，推动集团规划落地实施；优化子公司 经营管理，推动集团一体化发展；加强信息披露，做好投资者关系维 护等方面做出重要贡献。 本行董事会对生柳荣先生的重要贡献给予高度评价并深表感谢。 特此公告。 中国建设银行股份有限公司董事会 2026 年 3 月 31 日 中国建设银行股份有限公司（以下简称本行或建设银行）董事会 收到生柳荣先生辞呈。因年龄原因，生柳荣先生提请辞去本行首席财 务官职务。生柳荣先生的辞任自 2026 年 3 月 31 日起生效，具体情况 如下： | 姓名 | 辞任职务 | | 辞任时间 | | | 原定任期 | 辞任原因 | 是否继续在本 行及其控股子 | 具体职务 | 是否存在 未履行完 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

Core Viewpoint - The announcement from China Construction Bank regarding the resignation of its Chief Financial Officer, Sheng Liurong, due to age-related reasons, effective March 31, 2026, highlights a significant leadership transition within the bank [1] Group 1: Resignation Details - Sheng Liurong has requested to resign from the position of Chief Financial Officer due to age reasons, with the resignation effective from March 31, 2026 [1] - After his resignation, Sheng Liurong will not hold any positions within the bank or its subsidiaries and has no outstanding public commitments [1] - The board of directors has expressed high appreciation and gratitude for Sheng Liurong's contributions to the bank [1]

Core Viewpoint - China Construction Bank (601939.SH) announced the resignation of its Chief Financial Officer, Sheng Liuyong, due to age reasons, effective March 31, 2026 [1] Group 1 - Sheng Liuyong submitted his resignation to the board of directors [1] - The resignation is attributed to age considerations [1] - The effective date of the resignation is set for March 31, 2026 [1]

Core Viewpoint - China Construction Bank (00939) announced the resignation of its Chief Financial Officer, Sheng Liuyong, due to age reasons, effective March 31, 2026 [1] Group 1 - Sheng Liuyong's resignation is attributed to age considerations [1] - The resignation will take effect on March 31, 2026 [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依 賴該等內容而引致之任何損失承擔任何責任。 本行董事會對生柳榮先生的重要貢獻給予高度評價並深表感謝。 特此公告。 中國建設銀行股份有限公司 00939 關於生柳榮首席財務官辭任的公告 中國建設銀行股份有限公司（「本行」或「建設銀行」）董事會收到生柳榮先生辭呈。 因年齡原因，生柳榮先生提請辭去本行首席財務官職務。生柳榮先生的辭任自 2026年3月31日起生效，具體情況如下： | | | | | | 是否繼續 | 是否存在 | | --- | --- | --- | --- | --- | --- | --- | | | | | | 在本行 | | 未履行 | | | | | 原定任期 | | 及其控股 具體職務 | 完畢的 | | 姓名 | 辭任職務 | 辭任時間 | 到期日 | 辭任原因 | 子公司任職 （如適用） | 公開承諾 | | 生柳榮 | 首席財務官 | 2026年3月 | – | 年齡原因 否 | – | 否 | | | | 31日 ...

Core Insights - The China Construction Bank's Lishi branch was fined 600,000 yuan due to inadequate pre-loan investigations and post-loan management [1] - Key personnel at the bank faced penalties, including a 10-year ban from the banking industry for the branch manager and fines for other responsible individuals [1] Group 1: Penalties and Actions - The Lishi branch of China Construction Bank was fined 600,000 yuan for failing to conduct thorough pre-loan investigations and for poor post-loan management [1] - Niu Run Gui, the then branch manager, received a 10-year ban from the banking industry for similar failures in loan management [1] - Fan Xiao Ying, another branch manager, was warned and fined 60,000 yuan for her role in the inadequate pre-loan investigation [1] - Li Jin Ping, a client manager, was also warned for his involvement in the same violations and faced penalties [1]

Investment Rating - The investment rating for the company is "Recommended" [1] Core Views - The company achieved an operating income of 761 billion RMB in 2025, representing a year-on-year growth of 1.9%, and a net profit attributable to shareholders of 338.9 billion RMB, with a growth of 1.0% [4] - The annualized weighted average ROE stands at 10.0% [4] - Total assets grew by 12.5% year-on-year, with loans and deposits increasing by 7.5% and 7.6% respectively [4] - The company declared a cash dividend of 3.887 RMB per 10 shares, accounting for 30% of the net profit attributable to shareholders [4] Financial Performance Summary - The company's net interest income decreased by 2.9% year-on-year, while non-interest income saw a significant increase of 17.5% [7] - The net interest margin for the year was 1.34%, down 17 basis points year-on-year [7] - The non-performing loan (NPL) ratio at the end of the year was 1.31%, showing a slight decrease [8] - The provision coverage ratio was 233%, indicating a solid buffer against potential loan losses [8] Future Projections - The company is projected to have an EPS of 1.33, 1.38, and 1.44 RMB for the years 2026, 2027, and 2028 respectively, with corresponding profit growth rates of 3.0%, 3.2%, and 4.2% [7][10] - The price-to-earnings (P/E) ratio is expected to decline from 7.34 in 2025 to 6.63 by 2028 [6] - The price-to-book (P/B) ratio is projected to decrease from 0.72 in 2025 to 0.59 by 2028 [6] Investment Recommendation - The company is recognized as a high-quality state-owned bank, with a focus on long-term strategies in housing rental, inclusive finance, and financial technology [8] - The report suggests that despite ongoing pressure on net interest margins, the company's long-term profitability is expected to recover with a moderate economic rebound, maintaining the "Recommended" rating [8]

Core Viewpoint - The six major state-owned commercial banks in China reported strong financial performance for the year 2025, with total operating income exceeding 35,482 billion yuan and net profit surpassing 14,200 billion yuan, indicating robust growth and stability in the banking sector [1][2]. Group 1: Financial Performance - All six banks achieved growth in both operating income and net profit for 2025, which has enabled them to maintain a high dividend payout ratio [2]. - The Industrial and Commercial Bank of China (ICBC) reported a stock price increase of 14.6% in A-shares and 20.7% in H-shares, along with a cash dividend of 1,105.93 billion yuan [4]. Group 2: Wealth Management and Consumer Services - Banks are focusing on innovating wealth management services to enhance residents' income and asset allocation [6]. - The Agricultural Bank of China emphasized leveraging its comprehensive operations to offer diverse financial products that meet clients' customized needs [8]. Group 3: Consumer Spending Initiatives - Several banks have prioritized boosting consumption and expanding domestic demand in 2025, enhancing financial services to support consumer spending [9]. - The Bank of China plans to inject over 20,000 billion yuan in credit to key consumption sectors, with subsidies and fee reductions benefiting over 100 million people [9]. - The China Construction Bank reported a personal consumption loan balance of 6,832 billion yuan, with a net increase of 1,552 billion yuan, and has provided 220 billion yuan in government consumption subsidies, stimulating 1,800 billion yuan in consumer spending [11].

Core Insights - The company achieved a slight increase in revenue and profit for 2025, with operating income reaching 761 billion yuan, a year-on-year growth of 1.9%, and net profit attributable to shareholders at 338.9 billion yuan, up 1.0% [1] - The company's average return on equity (ROE) for 2025 was 10.0%, a decrease of 0.7 percentage points year-on-year, primarily due to a decline in net interest margin [1] Financial Performance - The total assets of the company at the end of 2025 amounted to 45.63 trillion yuan, reflecting a growth of 12.5% compared to the previous year [1] - Total loans increased by 7.5% to 27.72 trillion yuan, while deposits grew by 7.4% to 30.84 trillion yuan [1] - The core Tier 1 capital adequacy ratio stood at 14.63%, indicating a solid capital position, with a stable dividend payout ratio of 30% for the year [1] Interest Margin and Non-Interest Income - The average net interest margin for 2025 was reported at 1.34%, a year-on-year decline of 17 basis points, influenced by lower LPR and market interest rates [2] - The yield on interest-earning assets decreased by 48 basis points to 2.70%, with loan yields dropping by 59 basis points to 2.84% [2] - Non-interest income saw significant growth, with net fee income reaching 110.3 billion yuan, up 5.1%, and other non-interest income increasing by 49.5% to 78 billion yuan, driven by bond investment gains [2] Asset Quality - The non-performing loan ratio at the end of 2025 was 1.31%, a slight decrease of 0.03 percentage points from the beginning of the year [2] - The coverage ratio for provisions was 233%, showing a stable asset quality overall [2] Investment Outlook - The company’s fundamentals are considered stable, with slight adjustments made to profit forecasts for 2026-2027, projecting net profits of 347.4 billion yuan and 361.4 billion yuan respectively [3] - The estimated diluted EPS for the next three years is projected to be 1.31, 1.36, and 1.42 yuan, with corresponding PE ratios of 7.3, 7.0, and 6.7 times [3]