银行/股份制银行Ⅱ 中信银行（601998.SH） 存贷增速提升，盈利韧性仍强 2025 年 05 月 01 日 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 相关研究报告 《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 中信银行 2025Q1 实现营收 517.70 亿元（YoY-3.72%），增速边际略有下降。其 中利息净收入同比增长 2.05%，增速较为平稳。2025Q1 净息差为 1.65%，同比 下降 5BP，较 2024 年全年下降 12BP，降幅相对可 ...

Core Points - The People's Bank of China and CITIC Bank organized a credit awareness event at Shangrao Vocational and Technical College to enhance students' understanding of credit [1] - The event included a lecture by credit experts explaining the importance of credit systems and the consequences of poor credit records, such as difficulties in obtaining loans and credit card rejections [2] - Students actively participated in a Q&A session, gaining a deeper understanding of credit knowledge and its relevance to their daily financial activities [2] - Promotional materials were provided to students, highlighting practical information on recognizing credit fraud and maintaining good credit habits [2] - The event received positive feedback from students and faculty, emphasizing the importance of credit management and the intention to check credit reports through official channels [2]

Investment Rating - The report maintains a "Recommendation" rating for CITIC Bank, with a target price of 8.23 CNY / 6.78 HKD [2][6]. Core Views - CITIC Bank's core revenue growth remains stable, with a balanced development strategy. The bank reported a revenue of 51.77 billion CNY in Q1 2025, a year-on-year decrease of 3.72%. However, operating profit increased by 4.22% to 22.805 billion CNY, and net profit attributable to shareholders rose by 1.66% to 19.509 billion CNY. The non-performing loan ratio remained stable at 1.16%, while the provision coverage ratio decreased by 2.3 percentage points to 207.1% [2][6]. Financial Performance Summary - **Revenue and Profitability**: In Q1 2025, CITIC Bank's core revenue showed a decline of 3.72% year-on-year, with net interest income and net fee income still achieving positive growth of 2.1% and 0.7%, respectively. The net profit growth of 1.66% indicates effective cost management, with business and management expenses down by 3.3% [6][7]. - **Loan and Deposit Growth**: The bank's interest-earning assets and loans grew by 8.2% and 5.1% year-on-year, respectively. The growth in corporate loans was particularly strong, with general corporate loans increasing by 10.6% [6][7]. - **Asset Quality**: The non-performing loan ratio remained stable at 1.16%, with improvements noted in corporate loans. However, retail loan quality faced some pressure, particularly in credit card loans [6][10]. - **Future Projections**: The report adjusts the revenue growth forecasts for 2025-2027 to 0.6%, 4.1%, and 5.7%, respectively, and net profit growth to 1.5%, 3.0%, and 5.0%. The target price reflects a price-to-book ratio of 0.62X for 2025E [6][7][8].

Group 1 - The fund name is "招商红利量化选股混合型证券投资基金" (招商红利量化选股混合) with A and C share classes [25][26] - The fund type is a mixed securities investment fund and operates as a contractual open-end fund [2][26] - The fund has a maximum fundraising limit of 3 billion RMB (excluding interest during the fundraising period) [3][30] Group 2 - The fundraising period is from May 14, 2025, to May 28, 2025, with the possibility of adjustments based on subscription conditions [2][33] - The fund is open to individual investors, institutional investors, qualified foreign investors, and other investors permitted by laws and regulations [6][32] - The minimum total fundraising amount is set at 200 million shares [29] Group 3 - The fund's A share class will charge subscription fees, while the C share class will not [36][37] - The initial subscription price for each fund share is set at 1.00 RMB [28][36] - Investors can subscribe multiple times during the fundraising period, with specific minimum amounts depending on the sales channel [5][42] Group 4 - The fund management company is 招商基金管理有限公司 (招商基金) and the custodian is 中信银行股份有限公司 (CITIC Bank) [1][2] - The fund will utilize a quantitative model for stock selection, which may involve risks related to model effectiveness and market conditions [10][11] - The fund's investment strategy includes a focus on stocks, with a target allocation of 60%-95% of its assets in stocks and depositary receipts [10]

4月25日，中信银行主办的"科技大时代·投资新生态"私募股权生态伙伴论坛在北京召开。论坛汇聚 投资界和科技界专家代表，围绕科技变革与资本赋能展开深度探讨，共商科技成果转化与产业升级 的"破局之道"，为科技与金融的深度融合按下"加速键"。 会上，中信银行副行长贺劲松表示，中信银行聚焦"场景化"需求，破解科技企业融资痛点；打 造"生态化"体系，推进科技与金融深度融合；强化"数字化"赋能，构建智慧金融服务中枢，助力科技创 新实现"关键一跃"，推进科技金融建设迈入新阶段。 论坛上，中信银行正式发布"启航计划——科技成果转化赋能行动"（以下简称"启航计划"），以"6 维产品矩阵+5圈生态中枢+3核协同引擎"创新服务方案，搭建起覆盖科技成果转化全周期、贯通产业与 资本的综合金融服务体系，未来三年，计划助力10000家科技企业穿越"达尔文之海"。 据介绍，近年来中信银行在"投早、投小、投硬科技"领域精准发力。例如，推出科技成果转化贷， 助力初创期硬科技企业关键核心技术攻关，从"图纸"到"货架"，打通科技成果转化"最初一公里"，为新 质生产力培育提供强有力的金融支撑。"启航计划"的发布，更是标志着中信银行科技金融实现从重点业 ...

Investment Rating - The investment rating for CITIC Bank is "Buy" [5] Core Views - CITIC Bank's Q1 2025 report indicates accelerated asset expansion but a decline in net interest margin, with other non-interest income dragging down overall performance [1][2] - Revenue for Q1 2025 decreased by 3.7% year-on-year, while net profit attributable to shareholders grew by 1.7%, reflecting a slowdown compared to 2024 [2][5] - The bank's total assets increased by 8.7% year-on-year, with loans and bond investments also showing growth [2][3] Summary by Sections Performance Overview - Q1 2025 revenue was 51,770 million, down 3.7% year-on-year, while net profit was 19,509 million, up 1.7% [2][11] - The non-performing loan ratio remained stable at 1.16%, with a provision coverage ratio of 207%, down 2.3 percentage points from the end of 2024 [1][4] Revenue Growth - The decline in revenue growth was primarily due to a decrease in net interest margin and fluctuations in trading income, despite support from scale expansion and provisioning [2][3] - Total assets reached 9,855,268 million, with loans growing by 5.1% year-on-year [2][11] Net Interest Margin - The net interest margin for Q1 2025 was 1.61%, down 10 basis points from the previous quarter, with asset yield decreasing by 25 basis points to 3.31% [3][11] - The cost of liabilities decreased by 15 basis points to 1.74%, benefiting from adjustments in deposit rates [3] Asset Quality - The non-performing loan ratio was stable at 1.16%, with a slight increase in the attention loan ratio to 1.68% [4][11] - The true non-performing loan generation rate for Q1 2025 was 1.28%, up 2 basis points from the previous quarter [4] Profit Forecast and Valuation - Projected net profit growth for 2025-2027 is 0.6%, 3.0%, and 4.9%, respectively, with a target price of 9.31 per share, indicating a potential upside of 29% [5][12]

Investment Rating - The investment rating for CITIC Bank is "Buy" [5] Core Views - CITIC Bank's Q1 2025 report indicates accelerated asset expansion but a decline in net interest margin, with other non-interest income dragging down overall performance [1][2] - Revenue for Q1 2025 decreased by 3.7% year-on-year, while net profit attributable to shareholders grew by 1.7%, reflecting a slowdown compared to 2024 [2][5] - The bank's total assets increased by 8.7% year-on-year, with loans growing by 5.1% and bond investments by 9.4% [2][3] Summary by Sections Revenue Overview - CITIC Bank's Q1 2025 revenue decreased by 3.7% year-on-year, with a 7.5 percentage point decline in growth rate compared to 2024 [2] - The main drivers for revenue were asset expansion and provisioning support, while net interest margin decline and trading income volatility were significant detractors [2] - Non-interest income saw a 26.6% year-on-year decline, marking a 46.3 percentage point slowdown compared to the end of 2024 [2] Interest Margin - The net interest margin for Q1 2025 was 1.61%, down 10 basis points from the previous quarter, with asset yield decreasing by 25 basis points to 3.31% [3] - The cost of liabilities decreased by 15 basis points to 1.74%, primarily due to adjustments in deposit rates [3] Asset Quality - The non-performing loan ratio remained stable at 1.16% at the end of Q1 2025, while the attention loan ratio increased slightly to 1.68% [4] - The bank's provisioning coverage ratio was 207%, down 2.3 percentage points from the end of 2024 [4] Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 is expected to grow by 0.6%, 3.0%, and 4.9% respectively, with a target price of 9.31 CNY per share, indicating a potential upside of 29% from the current price [5]

Core Insights - The article highlights the proactive financial support provided by CITIC Bank Chengdu Branch to specialized and innovative enterprises in Sichuan, showcasing its commitment to serving the real economy [2][4][10] Group 1: Financial Support Initiatives - CITIC Bank Chengdu Branch customized a credit product called "Ke Chuang e Loan" to assist a specialized traditional Chinese medicine company facing procurement cost challenges, successfully disbursing 3 million yuan within a week [2] - The bank facilitated the issuance of a project payment guarantee for Sichuan Wo Fei Chang Kong Technology Development Co., enabling the company to register its new production base [2][4] - A specialized service team was formed to address the wage payment needs of migrant workers, providing personalized financial solutions and facilitating the opening of dedicated salary accounts [4] Group 2: Financial Performance - As of the end of 2024, CITIC Bank Chengdu Branch reported a deposit balance exceeding 150.7 billion yuan, an increase of 11.8 billion yuan since the beginning of the year, and a loan balance of 177.2 billion yuan, up by 7.4 billion yuan [2][4] - The bank's general corporate loan balance reached 81.1 billion yuan, with a year-on-year increase of 4.2 billion yuan, while loans to strategic emerging industries exceeded 18.4 billion yuan, growing by 3.5 billion yuan [4][6] Group 3: Focus Areas in Financial Services - The bank is actively promoting technology finance, green finance, inclusive finance, pension finance, and digital finance, aligning with national financial work conference directives [4][6][10] - In technology finance, the bank achieved a loan balance of 13.2 billion yuan, with a growth of 4 billion yuan, and reached a 95% touch rate for national specialized "little giant" enterprises [6] - Green finance initiatives led to a loan balance surpassing 17.2 billion yuan, with an increase of over 3.3 billion yuan, and the bank underwrote green bonds worth 1 billion yuan, capturing over 9% market share [6][7] Group 4: Digital Transformation and Innovation - The launch of the "Tian Yuan Treasury" system aims to enhance enterprise financial management and facilitate digital transformation, with over 100 enterprise representatives participating in the launch event [8][9] - The bank's digital finance initiatives include the development of the "Jijinbao" product for housing fund management and integration with migrant worker wage payment regulatory platforms [7][9] Group 5: Future Outlook - CITIC Bank Chengdu Branch plans to continue its commitment to serving the real economy, focusing on high-quality development and deepening reforms in line with the "14th Five-Year Plan" [10]

证券代码：601998 证券简称：中信银行 公告编号：临2025-040 中信银行股份有限公司监事会会议决议公告 本行监事会及全体监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。 中信银行股份有限公司（以下简称"本行"）于2025年4月9日以书面形式发 出会议通知和材料，于2025年4月29日在北京市朝阳区光华路10号院1号楼中信大 厦以现场会议形式完成一次监事会会议召开并形成决议。本次会议应出席监事6 名，实际出席监事6名，监事魏国斌、李蓉、程普升、张纯现场参加了会议，监 事孙祁祥、曾玉芳通过视频参加了会议。经全体监事一致推举，由魏国斌监事主 持会议。会议的召开符合《中华人民共和国公司法》等有关法律、行政法规、部 门规章、规范性文件和《中信银行股份有限公司章程》以及相关议事规则的规定。 根据表决情况，会议审议通过以下议案： 审议通过《中信银行股份有限公司2025年第一季度报告》 表决结果： 赞成6票 反对0票 弃权0票 监事会经审核认为，《中信银行股份有限公司2025年第一季度报告》的编制 和审议程序符合有关法律、行政法规和监管规定，报告内容真 ...

证券代码：601998 证券简称：中信银行 公告编号：临2025-039 中信银行股份有限公司董事会会议决议公告 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。 中信银行股份有限公司（以下简称"本行"）于2025年4月15日以书面形式 发出有关会议通知和材料，于2025年4月29日在北京市朝阳区光华路10号院1号楼 中信大厦以现场会议形式完成一次董事会会议召开并形成决议。本次会议应出席 董事8名，实际出席董事8名，其中，周伯文独立董事因公务委托廖子彬独立董事 代为出席并表决，黄芳、廖子彬、王化成等3名董事以视频方式参加会议。本次 会议由方合英董事长主持，本行监事和高级管理人员列席了会议。会议的召开符 合《中华人民共和国公司法》等有关法律、行政法规、部门规章、规范性文件和 《中信银行股份有限公司章程》的规定。根据表决结果，会议审议通过了以下议 案： 一、审议通过《中信银行股份有限公司2025年第一季度报告》 二、审议通过《中信银行股份有限公司2025年一季度第三支柱信息披露报告》 表决结果：赞成8票 反对0票 弃权0票 三、审议通 ...