Core Insights - The article highlights the innovative financial services provided by CITIC Bank's Xinxiang branch to support the high-quality development of foreign trade enterprises in the region [1][2] - The collaboration with the State Administration of Foreign Exchange (SAFE) has enabled the bank to address key challenges faced by foreign trade companies, such as financing difficulties, slow settlement, and high exchange rate risks [1] Group 1: Financial Innovations - CITIC Bank Xinxiang branch has introduced new business models such as offshore service trade, export credit insurance financing, and free trade zone EFE accounts to meet the specific needs of enterprises [1] - The bank successfully facilitated efficient fund settlement for a local enterprise engaged in offshore trade, ensuring the effective operation of its offshore factory [1] Group 2: Support for SMEs - The bank, in collaboration with SAFE, launched a new export credit insurance financing service to alleviate the long payment terms and slow capital turnover faced by small and medium-sized foreign trade enterprises [1] - A new materials export company received financing support of 241,000 yuan based on its export credit insurance policy, showcasing the effectiveness of this financing model [1] Group 3: EFE Account Implementation - CITIC Bank Xinxiang branch opened an EFE account for a leading equipment manufacturing enterprise, enabling "two-way free flow" of cross-border funds [2] - The bank actively promoted the advantages of the EFE account and successfully assisted a subsidiary in Hainan to establish this account, enhancing the company's cross-border financial services [2] Group 4: Future Outlook - The bank plans to continue deepening its collaboration with SAFE to drive financial innovation and support the high-quality development of foreign trade enterprises in Xinxiang [2] - The focus will be on leveraging policy advantages to create a new inland open highland for foreign trade [2]

披露了个人贷款项目数据的上市股份行一季报里，个贷同比增速均低于各项贷款增速，成了一个很难忽略 的共性。 多家曾经高举零售大旗的股份行，一季度个贷余额不增反降。即便实现正增长，增幅也很有限。进一步拆解财 报，消费贷和信用卡等业务还未成规模回暖，成了个贷的主要拖累项。 个贷增长吃力，甚至下降 在一季报里详述个贷科目的上市股份行不多，比如浦发、华夏、光大、浙商等银行均未披露。在有据可查的招 行、中信、平安、兴业、民生等银行一季报里，一个集体特征浮出水面——个人贷款余额同比增速均低于同期 全行贷款增速。 各家银行在一季报里披露的数据不够详实。在有限的个贷结构数据维度里，我们可以合理推测，表现较为疲弱 的消费贷和信用卡是相关银行个贷不及全行贷款表现的拖累项。 什么意思？这些银行个贷"投不动了"，贷款整体的增长主要是靠对公拉动的。 先来看招行。截至一季度末，招行零售贷款为36585.78亿元，较上年末增加139.53亿元，增幅仅为0.38%。而 同期，招行全行的贷款和垫款总额为71254.79亿元，较上年末增长3.44%。 招行的说法是，一季度居民消费仍在逐步复苏，所以该行持稳健"审慎"原则，推动零售贷款平稳运行。 再来 ...

Core Viewpoint - The performance of A-share listed banks in 2024 shows a divergence among the top three joint-stock banks, with China Merchants Bank experiencing revenue decline while Industrial Bank and CITIC Bank achieved growth in both revenue and net profit [1][3][18]. Group 1: Financial Performance Comparison - China Merchants Bank reported an asset scale of 12.15 trillion with a growth rate of 10.19%, but its revenue decreased by 0.48% to 337.49 billion, and net profit increased by 1.22% to 148.39 billion [2][3]. - Industrial Bank's asset scale reached 10.51 trillion, with a growth rate of 3.44%, revenue of 212.23 billion (up 0.66%), and net profit of 77.21 billion (up 0.12%) [2][3]. - CITIC Bank's asset scale was 9.53 trillion, with a growth rate of 5.28%, revenue of 213.65 billion (up 3.76%), and net profit of 68.58 billion (up 2.33%) [2][3]. Group 2: Market Position and Strategy - The top three banks—China Merchants Bank, Industrial Bank, and CITIC Bank—are positioned as leaders in the joint-stock banking sector, each with unique strengths: China Merchants Bank excels in retail and wealth management, while Industrial Bank and CITIC Bank focus on corporate business and investment banking [1][3][29]. - The competitive landscape is shifting, with the top three banks solidifying their positions, while other banks like Pudong Development Bank and Minsheng Bank struggle with performance [1][32][39]. Group 3: Revenue and Profitability Trends - The net interest margin for China Merchants Bank decreased by 17 basis points to 1.98%, while Industrial Bank and CITIC Bank saw smaller declines of 11 and 1 basis points, respectively [10][28]. - Fee and commission income for China Merchants Bank fell significantly by 14.28% to 72.09 billion, while Industrial Bank and CITIC Bank experienced smaller declines of 13.18% and 3.96% [17][28]. Group 4: Business Structure and Risk Exposure - The shift in the banking sector shows that banks with a higher proportion of corporate loans, like Industrial Bank and CITIC Bank, are less affected by the downturn in retail banking, which has seen increased bad debts [24][25]. - China Merchants Bank's reliance on retail banking has led to greater exposure to risks, as evidenced by rising non-performing loans and declining loan yields [22][27]. Group 5: Future Outlook - The competition among the top three banks is expected to intensify, with each bank focusing on its core strengths while navigating the challenges posed by the economic environment [31][39]. - Despite current challenges, China Merchants Bank maintains a strong overall position due to its substantial asset base and superior key metrics compared to its peers [27][36].

Core Insights - CITIC Bank reported a slight increase in revenue and net profit for 2024, with revenue growing by 3.76% and net profit by 2.33%, but these growth rates are at near historical lows [2][3] - The bank's net interest income increased by only 2.19%, and its net interest margin has declined for four consecutive years, reaching 1.77% [6][10] - Non-interest income accounted for 31.3% of total income, but fee income fell by 3.96%, indicating reliance on volatile investment income which grew by 13.3% [10][11] Group 1: Traditional Business Pressure - CITIC Bank's net profit growth has significantly slowed compared to previous years, with a drop from 7.91% in 2023 to 2.33% in 2024 [2][3] - The bank's net interest margin has consistently decreased from 2.26% in 2020 to 1.77% in 2024, ranking fourth among joint-stock banks [6][9] - The bank's interest income was reported at 146.68 billion yuan, with a slight increase attributed to a 4.03% growth in loan volume [10][11] Group 2: Investment as a Key Revenue Driver - To counteract the pressure on net interest margin, CITIC Bank increased its financial investment ratio from 23.5% in 2020 to 27.8% in 2024, with investment income now making up 49% of non-interest income [11][13] - Investment net income reached 29.27 billion yuan, a year-on-year increase of 13.3%, but cash flow from investment activities was negative at -29.53 billion yuan, indicating higher expenditures than returns [13][14] - The bank's reliance on investment income has led to increased volatility in earnings, with fair value changes showing a significant increase of 629.94% [13][14] Group 3: Accumulating Non-Performing Loan Risks - As of the end of 2024, CITIC Bank's non-performing loan balance rose to 66.485 billion yuan, an increase of 2.6% year-on-year [16][17] - The proportion of special mention loans increased to 1.64%, indicating potential risk accumulation [16][17] - The bank's real estate loan non-performing rate was reported at 2.21%, exceeding the industry average, with real estate loans making up 9.81% of total loans [17][18]

Group 1: Total Assets and Structure - The total assets of the 12 national joint-stock banks exceed 15 trillion yuan, with two banks surpassing 10 trillion yuan and five banks between 5 trillion and 10 trillion yuan [2][3] - China Merchants Bank leads with total assets of 12.15 trillion yuan, followed by Industrial Bank at 10.51 trillion yuan [2][3] - All banks showed positive growth in total assets compared to the end of 2023, with China Merchants Bank having the highest growth rate of 10.19% [2][3] - Loans constitute the majority of total assets, with CITIC Bank having the highest loan-to-asset ratio at 60.01% [2][3] Group 2: Liabilities and Structure - The ranking of total liabilities mirrors that of total assets, with deposits being the primary source of liabilities for the banks [4][5] - China Merchants Bank has the highest deposit-to-liability ratio at 83.31%, indicating strong deposit-raising capability [4][5] - Four banks, including Industrial Bank and Minsheng Bank, have deposit ratios below 60%, with Huaxia Bank having the lowest at 53.64% [4][5] Group 3: Operating Income and Structure - China Merchants Bank reported operating income of 337.49 billion yuan, the highest among the banks, surpassing even the state-owned Bank of Communications [7][8] - Six banks experienced negative growth in operating income, with Ping An Bank showing the largest decline at 10.93% [8][10] - Net interest income remains the primary source of revenue, with Hengfeng Bank having the highest proportion of net interest income to operating income at 80.55% [8][10] Group 4: Net Profit Analysis - China Merchants Bank achieved a net profit of 149.56 billion yuan, the largest among the banks, nearly double that of the second-ranked Industrial Bank [14][15] - Four banks, including Minsheng and Guangfa, reported negative growth in net profit, with Minsheng Bank experiencing the largest decline at 9.07% [15][17] Group 5: Net Interest Margin and Quality - All banks reported a net interest margin below 2%, with China Merchants Bank having the highest at 1.98% [18][19] - The non-performing loan ratio for China Merchants Bank is the lowest at 0.95%, while Bohai Bank has the highest at 1.76% [19][20] - Provision coverage ratio for China Merchants Bank is significantly higher at 411.98%, compared to the second-highest, Ping An Bank, at 250.71% [19][20]

证券代码： 601998 证券简称：中信银行 公告编号：临 2025-041 中信银行股份有限公司 关于变更保荐代表人的公告 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。 中国国际金融股份有限公司（以下简称"中金公司"）为中信银行股份有限 公司（以下简称"本行"）向原 A 股股东配售股份项目（以下简称"本次项目"） 的联席保荐机构。中金公司原委派艾雨先生、周银斌先生担任本次项目的保荐 代表人。 近日，本行收到中金公司通知，艾雨先生、周银斌先生因工作变动，不再 担任本次项目的保荐代表人。为保证本次项目工作的顺利推进，中金公司现委 派李义刚先生、周玉女士（简历见附件）接替艾雨先生、周银斌先生担任本次 项目的保荐代表人，本行本次项目的保荐代表人变更为李义刚先生、周玉女士。 2025 年 5 月 6 日 1 附件： 1、李义刚先生简历 李义刚，男，保荐代表人，现任中金公司投资银行部副总经理，曾担任合 肥晶合集成电路股份有限公司 A 股 IPO 项目的保荐代表人，曾参与多个保荐类 业务项目，在保荐业务执业过程中严格遵守《证券发行上市保荐 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年4月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中信銀行股份有限公司(「本行」) 呈交日期: 2025年5月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00998 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 14,882,162,977 | RMB | | 1 RMB | | 14,882,162,977 | | 增加 / 減少 (-) | | | | 0 | | RMB | | 0 | | 本月底結存 | | | 14,882,162,977 | RMB | | 1 RMB | | 14,882,162,977 | | 2. 股份 ...

Investment Rating - The report maintains a rating of "Buy" for CITIC Bank (601998.SH) [1] Core Views - CITIC Bank's Q1 2025 report shows a revenue of 51.77 billion, a year-on-year decrease of 3.7%, and a net profit attributable to shareholders of 19.51 billion, a year-on-year increase of 1.7% [3][4] - The bank's annualized weighted average return on equity (ROE) for Q1 2025 is 11.42%, down 1.15 percentage points year-on-year [3] Summary by Sections Financial Performance - Revenue, PPOP, and net profit growth rates for Q1 2025 are -3.7%, -3.9%, and 1.7% respectively, showing a decline compared to 2024 [4] - Net interest income and non-interest income growth rates are 2.1% and -14.4% respectively, with significant declines from 2024 [4] Asset Quality - The non-performing loan (NPL) ratio remains stable at 1.16%, with a provision coverage ratio of 207.1% [9][10] - The bank's NPL balance is 67.85 billion, an increase of 1.36 billion from the beginning of the year [9] Capital Adequacy - As of Q1 2025, the core tier 1 capital ratio, tier 1 capital ratio, and total capital ratio are 9.45%, 10.9%, and 12.9% respectively, all showing a decline from the end of the previous year [10][30] Earnings Forecast and Valuation - The report forecasts EPS for 2025-2027 to be 1.25, 1.29, and 1.33 respectively, with current stock price corresponding to PB valuations of 0.54, 0.51, and 0.47 times [10][11]

Core Viewpoint - Citic Bank has announced an increase in the single transaction limit for mobile flash payments from 20,000 RMB to 50,000 RMB, aligning with national policies to boost consumption and enhance product competitiveness [1][2]. Group 1: Payment Limit Adjustments - The adjustment of the single transaction limit for mobile flash payments will take effect from June 21, 2025, with a daily cumulative limit of 50,000 RMB per card [2]. - Other banks have also raised their quick payment limits, with some reaching as high as 200,000 RMB for single transactions [3]. Group 2: Reasons for Increasing Payment Limits - Banks are increasing payment limits to support national consumption promotion policies and to meet diverse consumer needs for larger transactions [4]. - The enhancement of risk control capabilities through digital technology allows banks to raise limits while managing potential risks effectively [4]. Group 3: Broader Consumer Support Initiatives - Postal Savings Bank has launched a comprehensive action plan to boost consumption, focusing on increasing financial service supply and enhancing consumer confidence [5]. - Bank of Communications has also introduced a plan to strengthen support for consumption, targeting various consumer scenarios and enhancing financial services for key sectors [6]. Group 4: Additional Measures to Promote Consumption - Banks are encouraged to implement various promotional measures, such as discounts and lotteries, to stimulate consumer spending [7]. - Collaborations with government and e-commerce platforms are suggested to enhance consumer engagement and support [7].

投资评级：买入（维持） | 日期 | 2025/4/30 | | --- | --- | | 当前股价(元) | 7.21 | | 一年最高最低(元) | 7.66/5.66 | | 总市值(亿元) | 4,012.02 | | 流通市值(亿元) | 2,939.01 | | 总股本(亿股) | 556.45 | | 流通股本(亿股) | 407.63 | | 近 3 个月换手率(%) | 13.56 | 股价走势图 -16% -8% 0% 8% 16% 24% 2024-05 2024-09 2025-01 中信银行 沪深300 数据来源：聚源 银行/股份制银行Ⅱ 相关研究报告 中信银行（601998.SH） 存贷增速提升，盈利韧性仍强 《息差表现跑赢同业，分红比例继续 提升—中信银行 2024 年报点评》 -2025.3.27 2025 年 05 月 01 日 中信银行近年资产质量稳健，2025Q1 末不良率边际持平为 1.16%。2025Q1 末拨 备覆盖率为 207.11%，较 2024 年末下降 2.32pct。此外，核心/一级/资本充足率分 别为 9.45%/10.90%/12.90%，资本"弹药 ...