证券代码：601998 证券简称：中信银行 公告编号：临 2025-045 关于 2025 年二级资本债券（第一期）（债券通） 发行完毕的公告 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。 特此公告。 中信银行股份有限公司董事会 中信银行股份有限公司 2025 年 5 月 19 日 根据中国人民银行《准予行政许可决定书》（银许准予决字〔2025〕第 5 号）， 中信银行股份有限公司（以下简称"本行"）获准发行金融债券，2025 年金融债 券新增余额不超过 600 亿元，年末金融债券余额不超过 4,000 亿元。根据《国家 金融监督管理总局关于中信银行发行资本工具的批复》（金复〔2023〕467 号）， 本行获准发行不超过 1,200 亿元人民币的资本工具。 本行此次发行的 2025 年二级资本债券（第一期）（债券通）（以下简称"本 期债券"）已于 2025 年 5 月 15 日簿记建档，并于 2025 年 5 月 19 日在全国银行 间债券市场发行完毕。 本期债券发行规模为人民币 400 亿元，品种为 10 年期固定利率债券， ...

Core Points - The event aims to enhance financial security awareness among university students, addressing the rising threats of economic crimes such as telecom fraud, illegal campus loans, and counterfeit currency [3][4][6] - The initiative is a collaboration between CITIC Bank Guiyang Branch, local police, and universities, utilizing a "financial + legal" education approach to effectively disseminate knowledge on fraud prevention [3][6] Group 1: Event Overview - The event was held at Guizhou Normal University, focusing on themes of anti-counterfeiting, fraud prevention, and campus safety [1][3] - Activities included interactive sessions, case studies, and risk alerts to educate students on recognizing and responding to economic crimes [3][4] Group 2: Engagement and Participation - Over 200 students participated, with more than 150 informational materials distributed, and the event featured interactive quizzes and simulations [4] - Five "campus financial safety volunteers" were recruited to promote proactive knowledge sharing through online content creation [4] Group 3: Future Initiatives - CITIC Bank plans to deepen cooperation with law enforcement and educational institutions, implementing long-term mechanisms such as integrating financial knowledge into curricula and monitoring campus financial risks [6]

近段时间，金融板块整体表现亮眼，成为市场关注的焦点。 Wind 资讯数据显示，截至 5 月 15 日收盘，Wind 银行行业指数报 7072.61 点，创历史新高。 而前一日，银行、保险、券商等板块齐发力，带动上证指数站上 3400 点，提振了市场情绪。在此背景 下，金融板块后续配置价值如何，成为投资者的关注点。 在业内人士看来，中国人民银行降准降息、公募基金改革方案发布、险资权益投资力度持续加大等积极 因素叠加，有望为包括银行板块在内的金融板块带来增配机遇，推动更多资金流入。 华泰证券认为公募改革落地有望驱动银行板块估值。 智通财经APP获悉，证监会最近发布《推动公募基金高质量发展行动方案》，显著强化业绩比较基准约 束力，预计未来基金配置或向业绩基准靠拢。2025 年一季度主动权益深度欠配银行，较沪深 300 偏离 度近 10pct，改革驱动下或有较大增配空间。近期一揽子政策落地，驱动经济修复。华泰证券最新研报 认为，被动基金持续扩容，险资加速入市，增量资金持续流入可期，有望进一步支撑板块行情。个股关 注：1）2025 年一季度公募低配的股份行；2）稳健大行仍有配置价值；3）质优个股。 内银相关港股企业： ...

Investment Rating - The overall industry investment rating is "Positive" for state-owned banks, joint-stock banks, and regional banks [3][40]. Core Views - Incremental policies are stabilizing market expectations, enhancing the allocation value of the banking sector. The banking sector remains attractive as a dividend asset under a moderately loose monetary policy environment [5][36]. - Recommended stocks include: CITIC Bank (Increase), China Merchants Bank (Buy), Chongqing Bank (Increase), and Yunnan Rural Commercial Bank (Buy) [3][38]. Market Review - The Shanghai Composite Index and CSI 300 Index saw weekly changes of 1.92% and 2.00%, respectively. The Shenwan Banking Index increased by 3.88%, outperforming the CSI 300 by 1.88 percentage points, ranking 4th among Shenwan's primary industries [12][11]. - The performance of various banking sectors was as follows: state-owned banks increased by 1.75%, joint-stock banks by 5.33%, city commercial banks by 3.80%, and rural commercial banks by 3.47% [12][11]. Data Tracking - As of May 9, 2025, the banking sector's PB-LF valuation was 0.67 times, at the 74.10 percentile level over the past five years. The median dividend yield for individual stocks was 4.53%, exceeding the 10-year government bond yield by 2.90 percentage points [4][21]. - The total social financing stock was 424 trillion yuan, with a year-on-year increase of 8.70%. The loan and deposit balances of Chinese banks were 258.36 trillion yuan and 293.94 trillion yuan, respectively, with year-on-year increases of 7.73% and 7.99% [4][34]. Industry Dynamics - The People's Bank of China released the "2025 Q1 Monetary Policy Implementation Report," emphasizing the need for macroeconomic stability and the implementation of moderately loose monetary policies to support economic recovery [33][35]. - A comprehensive financial policy package was announced by the People's Bank of China, the Financial Regulatory Administration, and the Securities Regulatory Commission to stabilize the market and expectations, providing strong financial support for economic recovery [36][37].

Core Viewpoint - Several banks have adjusted consumer loan interest rates, ceasing discounts below 3%, while simultaneously offering promotional rates for credit card cash installment services, indicating a shift in strategy towards more refined customer management in credit card operations [1][5]. Group 1: Credit Card Cash Installment Promotions - Banks like China Merchants Bank and Bank of Communications are offering significant discounts on cash installment rates, with annualized rates as low as 2.76% and 5.49% for specific terms [2][3]. - Credit card cash installment services allow banks to provide cash credit directly to customers' designated accounts, with flexible repayment options and generally do not occupy credit card limits [3][4]. Group 2: Market Trends and Regulatory Environment - The People's Bank of China has emphasized the need for financial institutions to support consumer loans, which may lead to increased competition in the retail loan market [5][6]. - The credit card market is transitioning from a phase of broad expansion to one of meticulous management, with a decline in the issuance of new cards due to market saturation and stricter regulations [6][7]. Group 3: Industry Challenges and Future Outlook - The proportion of credit card loans in retail lending has decreased from 13.09% in 2022 to 12.54% in 2024, while personal business and consumer loans have seen an increase [6][7]. - Industry experts suggest that the focus should shift towards retaining valuable customers and leveraging technology and risk management to ensure sustainable growth in the credit card sector [7].

Core Viewpoint - The meeting agenda for CITIC Bank's annual shareholder meeting includes the review of the 2024 annual report, profit distribution plan, fixed asset investment budget for 2025, and various reports from the board and supervisory committee, indicating a focus on financial performance and strategic planning for future growth [1][2][3]. Profit Distribution Plan - The proposed profit distribution plan for 2024 includes a 10% allocation of net profit to statutory surplus reserves amounting to RMB 6.637 billion, and a general risk reserve of RMB 6.065 billion, with no allocation to discretionary reserves [3][4]. - The total cash dividend proposed is RMB 9.582 billion, distributing RMB 1.722 per share to A and H shareholders, which represents 30.50% of the net profit attributable to ordinary shareholders [3][4]. Fixed Asset Investment Budget - The fixed asset investment budget for 2025 is set at RMB 2.446 billion, with RMB 0.250 billion allocated for general fixed assets and RMB 2.196 billion for special fixed assets [6]. Board and Supervisory Reports - The board's 2024 work report highlights a 3.76% increase in operating income and a decrease in non-performing loan ratio to 1.16%, indicating improved financial health [12][14]. - The supervisory committee's report emphasizes the importance of supporting national strategies and enhancing financial services to the real economy, with a focus on risk management and compliance [21][23]. Auditor Appointment - The board recommends the reappointment of KPMG Huazhen as the domestic auditor and KPMG as the international auditor for 2025, with audit fees remaining at RMB 7.19 million [10][11]. Strategic Development - The bank's strategic plan for 2024-2026 aims to enhance its position as a leading financial institution, focusing on wealth management, comprehensive financing, and digital banking [14][20].

证券代码：601998 证券简称：中信银行 公告编号：临2025-044 中信银行股份有限公司 关于召开2024年年度股东大会、2025 年第二次 A 股类 别股东会及 2025 年第二次 H 股类别股东会的通知 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。 重要内容提示： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024年年度股东大会、2025 年第二次 A 股类别股东会及 2025 年第二次 H 股类别股东会（合称"本次股东大会"） (二) 股东大会召集人 中信银行股份有限公司（简称"本行"）董事会 (三) 投票方式 本次股东大会所采用的表决方式是现场投票和网络投票相结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 6 月 20 日 9 点 30 分 1 股东大会召开日期：2025年6月20日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 召开地点：北京市朝阳区光华路 10 号院 1 号楼中信大厦 8 层 818 会议室 (五) 网络投票的系统、起止日期 ...

会议召开时间：2025年6月20日（星期五）9:30 2 会议召开地点：北京市朝阳区光华路10号院1号楼中信大厦8 层818会议室 召 集 人：中信银行股份有限公司董事会 会 议 日 程： 一、宣布会议开始 二、统计出席会议股东的人数及所持有表决权的股份总 数 三、董事会秘书宣示会议须知 四、推选计票人、监票人 五、审议议案、投票表决 六、休会（统计表决结果） 七、宣布表决结果 八、律师宣读法律意见书 九、宣布会议结束 文件目录 2024年年度股东大会会议资料： 中信银行股份有限公司 2024年年度股东大会 2025年第二次A股类别股东会 2025年第二次H股类别股东会 会议资料 二〇二五年六月二十日 会 议 议 程 | 议案一：关于《中信银行股份有限公司 年年度报告》的议案 2024 5 | | --- | | 议案二：关于中信银行股份有限公司 2024 年度决算报告的议案 6 | | 议案三：关于《中信银行股份有限公司 年度利润分配方案》的议案 2024 ...7 | | 议案四：关于《中信银行股份有限公司 2025 年固定资产投资预算方案》的议 | | 案 10 | | 议案五：关于无需编制前次募集资金 ...

Core Insights - The report maintains a positive outlook on bank sector investments, emphasizing the stability and dividend attributes of bank stocks, with an average dividend yield exceeding 4.3% [6][16] - The banking sector is expected to benefit from structural changes in the economy, leading to improved return on equity (ROE) and overall performance [7][10] Dimension One: Stability and Dividend Attributes of Bank Stocks - The core revenue growth of banks showed marginal improvement in Q1 2025, with a projected stable annual performance despite a slowdown in revenue and profit growth [10][11] - The average dividend payout ratio for listed banks increased to 26.1%, with an average dividend yield of over 4.3%, indicating strong dividend sustainability [16] - Major banks have received capital injections, enhancing asset quality and stabilizing market expectations, with non-performing loan ratios remaining steady at 1.16% [10][11] Dimension Two: Public Fund Reform and Increased Bank Allocations - The recent public fund reforms are expected to increase allocations to the banking sector, with potential incremental capital of approximately 222.7 billion yuan if funds align with industry benchmarks [10][12] Dimension Three: Influx of Long-term Capital - The acceleration of long-term capital inflows, particularly from insurance funds, is anticipated to provide additional support to bank stocks, with 14 cases of insurance fund acquisitions in 2025 [10][12] Dimension Four: Structural Economic Transformation and ROE Improvement - The banking sector's ROE is projected to stabilize between 8-9%, with potential for upward movement if economic conditions improve and structural transformations accelerate [7][10] Investment Recommendations - Emphasis on bank sector allocation, particularly focusing on state-owned banks and quality regional banks with strong provisioning coverage [7][10] - The report suggests a diversified investment strategy, highlighting the importance of dividend strategies and the potential for valuation improvements in selected banks [7][10]

Core Viewpoint - The recent competition among banks in credit card cash installment services has intensified, following a previous price war in consumer loans, with banks offering significant discounts to attract high-quality customers [1][4][6]. Group 1: Credit Card Cash Installment Promotions - Several banks, including China Merchants Bank and CITIC Bank, have launched promotional activities for credit card cash installments, offering discounts such as 1.7-fold and 1.9-fold for 12-month installments, with annualized rates as low as 2.76% and 3.09% respectively [1][4]. - The discounts are primarily targeted at high-quality customers, as the eligibility criteria are stringent, indicating a shift towards prioritizing customer quality over quantity [1][6]. Group 2: Market Dynamics and Regulatory Environment - The shift to credit card cash installments is a strategic response to tightened regulations on consumer loans, with banks aiming to attract customers from the consumer loan segment by offering lower rates [4][5]. - The People's Bank of China has emphasized the importance of supporting consumer finance, which aligns with banks' current strategies to enhance their retail loan portfolios [5][6]. Group 3: Customer Experience and Limitations - Customers have reported that the promotional offers are not universally available, with many being limited to existing users or those with a history of cash installments, reflecting a more selective approach by banks [8][9]. - The overall credit card issuance has seen a decline, with a reduction of 40 million cards in 2024 compared to the previous year, indicating a challenging environment for credit card businesses [9].