上 市 公 司 公 司 研 究 / 公 司 报 告 2025 年 07 月 31 日 中信银行 (00998) ——被低估的底部股份行，ROE 有望更早企稳 报告原因：首次覆盖 买入（首次评级） | 市场数据： | 2025 年 07 月 30 日 | | --- | --- | | 收盘价（港币） | 7.34 | | 恒生中国企业指数 | 9038.27 | | 52 周最高/最低（港币） | 8.12/4.26 | | H 股市值（亿港币） | 4,084.35 | | 流通 H 股（百万股） | 14,882.16 | | 汇率（人民币/港币） | 1.0988 | 一年内股价与基准指数对比走势： -7% 43% 93% 07/30 08/30 09/30 10/31 11/30 12/31 01/31 02/28 03/31 04/30 05/31 06/30 HSCEI 中信银行 资料来源：Bloomberg 证券分析师 郑庆明 A0230519090001 zhengqm@swsresearch.com 林颖颖 A0230522070004 linyy@swsresearch.com 冯思远 A ...

该行认为，内银H股股息回报达5厘以上具吸引力，并全线上调目标价，并将交通银行的投资评级由"中 性"升至"买入"，目标价由5.95港元升至8.6港元；并重申对工商银行、建设银行、中国银行和中信银行 的"买入"评级，工行目标价由5.98港元升至7.79港元，建行目标价由7.4港元升至10.2港元；将招行评级 由"买入"降至"中性"，基于估值较高及股息回报低于同业，将目标价由52港元升至56港元。 格隆汇7月30日｜瑞银发表报告，自2020年以来，高股息收益率和基本面透明度的提升推动了内银股的 行情。现在的关键议题是股息的可持续性，这取决于内银的盈利前景和资金流动。该行基本情景预测 是，中资银行将能够保持稳定的利润增长，并从2026年起恢复收入增长，同时维持平稳的拨备路径，并 对中资银行股息的可持续性以及进一步上涨持较乐观态度。 ...

自1998年获得美国使馆官方授权以来，中信银行在出国金融领域已深耕27年，累计服务出境人群超 2,400万人次，"要出国 找中信"的品牌形象早已深入人心。此次西班牙签证便捷通道的推出，是这一品 牌理念的最新实践。即日起至2025年12月31日，申请该便捷通道的达标客户，可享最高价值2,000元的 权益礼包，让优质服务与实际优惠形成叠加效应。 这场盛夏之约不仅是一次服务的启动，更是金融机构赋能美好生活的生动实践——当便捷、高效、优惠 的服务触手可及，环游世界的梦想，正变得更加真切。 BLS International是西班牙政府全球签证中心外包提供商。中信银行北京分行联合BLS International推出 西班牙签证便捷通道服务，首次实现官方授权上门服务，打破传统签证办理场地限制；客户可在北京就 近支行报名，参与指定网点专场活动，现场完成指纹采集与材料递交，人均3-5分钟，告别往返签证中 心排队之苦；达标客户可享受专属优惠，最高可全免费办理，在享受到优质服务的同时还能节省出行成 本。 除签证服务外，中信银行北京分行凭借金融力量构建跨境出行全链条支持体系。依托集团及总行综合金 融平台，其形成了涵盖签证办理、境 ...

Investment Rating - The report maintains a "Buy" rating for the banking sector [1] Core Insights - The proportion of bank stocks held by active equity funds increased to 4.88% in Q2 2025, marking a 1.13 percentage point increase from the previous quarter, driven by both volume and price increases [2][3] - The banking sector's performance outpaced the broader market, with A-share banks rising by 11.23% in Q2 2025, outperforming the CSI 300 and Wind All A indices by 10.7 and 8.25 percentage points respectively [2] - The report highlights a significant increase in holdings of joint-stock banks and quality regional banks, with notable increases in positions for institutions like China Merchants Bank, Minsheng Bank, and others [2][3] Summary by Sections Fund Holdings - In Q2 2025, the number of bank stocks held by active funds reached 4.88%, the second highest since Q1 2021 [2] - The total number of bank shares held by active funds increased by 6.64 billion shares, reaching 48.17 billion shares [2] - The market capitalization of index funds holding bank stocks rose by 27.7% to 133.385 billion yuan, with an increase of 16.3 billion shares [3] Sector Performance - The active fund's allocation to bank stocks saw a quarter-on-quarter increase, although the sector still has the largest allocation gap among 31 sectors, with a shortfall of 7.8% [3] - The report notes that while state-owned banks saw a slight decrease in allocation, joint-stock and regional banks experienced significant increases due to improved fundamentals and lower valuations [2][3] Investment Recommendations - The report suggests a diversified investment strategy focusing on state-owned banks and stable joint-stock banks, recommending specific banks such as China Merchants Bank and CITIC Bank for their long-term investment value [8] - It emphasizes the importance of banks with high dividend yields and strong asset quality, indicating that these banks still offer absolute returns [8] - The report also highlights the potential for banks with low valuations to improve their return on equity, suggesting a focus on banks like Pudong Development Bank [8] Key Company Forecasts - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for several banks, with recommendations for Ningbo Bank, Jiangsu Bank, and others based on their projected performance [9]

Group 1 - The company, Yunnan Luoping Zinc Electric Co., Ltd., has proposed to apply for a low-risk financing credit limit from CITIC Bank amounting to 200 million RMB [2] - The credit limit is intended to meet the company's daily operational and business development funding needs, with a one-year term [2] - The credit will be secured by the company's own funds and a single asset pool, with the financing products including bank acceptance bills and domestic and international letters of credit [2] Group 2 - The company's eighth board of directors held a temporary meeting on July 25, 2025, where the proposal for the financing credit limit was unanimously approved by all eight participating directors [6][8] - The meeting was conducted via telecommunication, and all procedural requirements were met according to the Company Law and the company's articles of association [6]

Group 1 - The core idea of the news is the collaboration between China CITIC Bank Hohhot Branch and McDonald's to create Inner Mongolia's first financial knowledge-themed restaurant, aiming to enhance public financial literacy through immersive educational experiences [1][2] - The restaurant features themed posters on topics like fraud prevention and personal information protection, using visual aids and risk tips to convey essential financial knowledge [1] - Interactive displays and custom financial knowledge placemats are designed to simplify complex financial concepts, promoting a learning experience while dining [1] Group 2 - China CITIC Bank Hohhot Branch has established a three-in-one educational system combining daily education, event linkage, and targeted services to enhance financial knowledge dissemination [2] - The bank conducts various activities such as "Financial Micro-Class" and "Little Bankers" series, utilizing real case studies and simulations to teach financial risk prevention techniques [2] - The bank aims to deepen innovative educational models and explore diverse cooperation scenarios to contribute to building a nationwide financial safety net and support high-quality economic development [2]

在本次反假宣传活动中，中信银行遵义新蒲支行创新采用"一看二摸三对照"的互动教学法，让8-12岁儿 童在游戏中掌握人民币防伪特征。通过"真币寻宝"游戏，引导孩子们分组寻找2015版各券别纸币的七处 防伪标识，观察毛泽东头像水印，用指尖感受国徽凹凸触感，在光线变换中捕捉光变油墨的炫彩效果。 为强化记忆，特别设置"小老师课堂"环节，邀请小朋友上台讲解防伪特征。活动现场，孩子们在惊叹声 中牢牢记住了"一转二摸三透光"的鉴伪口诀。这种沉浸式体验教学，让抽象的防伪知识变得生动可感， 真正实现了"教一个孩子，影响一个家庭"的宣传效果。 情景互动：揭秘"儿童专属"诈骗陷阱 针对小学生群体高发的诈骗风险，中信银行遵义新蒲支行结合真实案例展开科普。例如，电话手表骗 局，诈骗分子冒充父母朋友，以"紧急转账"为由诱导孩子透露支付密码；游戏充值陷阱，虚假"免费皮 肤"链接盗取家长银行卡信息；"明星粉丝群"骗局，假借偶像名义要求缴纳"入群费"。也通过情景模 拟，让孩子们学会了"三不"原则，不轻信陌生来电和网络信息、不透露个人信息和验证码、不转账给未 经核实的账户。 转自：新华财经 近日，为进一步提升青少年金融安全意识，增强儿童群体对人民 ...

一、延长存续期限方案 本产品存续期限由"自本资产管理合同变更生效日起存续期至2025年7月31日"延长为"自本资产管理合同 变更生效日起存续期至2025年12月31日"。 为更好地服务中信证券六个月滚动持有债券型集合资产管理计划（以下简称"本产品"）投资者，在切实 保护现有份额持有人利益的前提下，中信证券资产管理有限公司（以下简称"本公司"）根据《中华人民 共和国证券投资基金法》、《公开募集证券投资基金运作管理办法》等相关法律法规的规定及《中信证 券六个月滚动持有债券型集合资产管理计划资产管理合同》（以下简称"资产管理合同"）的约定，经与 托管人中信银行股份有限公司（以下简称"托管人"）协商一致，决定对本产品延长存续期限至2025年12 月31日，并对本产品的资产管理合同和《中信证券六个月滚动持有债券型集合资产管理计划招募说明 书》（以下简称"招募说明书"）进行相应修改。现将相关事宜公告如下： 本资产管理合同变更生效日特指根据《证券公司大集合资产管理业务适用〈关于规范金融机构资产管理 业务的指导意见〉操作指引》变更后的《中信证券六个月滚动持有债券型集合资产管理计划资产管理合 同》生效日，即2019年8月22日 ...

易方达增强回报债券A基金经理为王晓晨。 简历显示，王晓晨女士:中国国籍,经济学硕士。曾任易方达基金管理有限公司集中交易室债券交易员、债券交易主管、固定收益总部总经理助理、固定收益 基金投资部副总经理、易方达货币市场基金基金经理(自2013年4月22日至2014年11月21日)、易方达保证金收益货币市场基金基金经理(自2013年4月22日至 2014年11月21日)、易方达保本一号混合型证券投资基金基金经理(自2016年1月13日至2019年2月18日)。现任易方达基金管理有限公司固定收益投资部副总经 理、易方达增强回报债券型证券投资基金基金经理(自2011年8月15日起任职)、易方达投资级信用债债券型证券投资基金基金经理(自2013年9月10日起任 职)、易方达中债新综合债券指数发起式证券投资基金(LOF)基金经理(自2014年7月5日起至2022年5月17日)、易方达中债3-5年期国债指数证券投资基金基金 经理(自2017年2月15日起任职)、易方达中债7-10年期国开行债券指数证券投资基金基金经理(自2017年2月15日起任职)、易方达纯债债券型证券投资基金基 金经理(自2017年2月15日起任职)、易方 ...

Group 1 - The core viewpoint of the articles highlights the successful implementation of foreign currency direct lending by CITIC Bank's Guangzhou branch, which aligns with the "Nansha Financial 30 Measures" policy [1][2] - CITIC Bank Guangzhou branch established a dedicated service team to support the ship leasing business of CITIC Financial Leasing in Nansha, providing comprehensive assistance from policy interpretation to foreign exchange account setup [1] - The bank facilitated a direct loan of $8.9 million to the project company, addressing previous challenges such as complex processes and slow fund turnover, thereby enhancing funding efficiency and reducing financing costs [1] Group 2 - CITIC Bank Guangzhou branch aims to leverage the strategic positioning of the Nansha Free Trade Zone as a pilot for financial reform and opening up, focusing on collaborative efforts within CITIC Group and policy application [2] - The bank is committed to building a leading foreign exchange service bank and contributing to the development of the Nansha Free Trade Zone as a demonstration window for financial openness and innovation [2] - The initiative is expected to inject "CITIC strength" into the construction of the Guangdong-Hong Kong-Macao Greater Bay Area [2]