Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [5]. Core Insights - The company's H1 2024 performance shows a revenue of 1090.19 billion CNY, a year-on-year increase of 2.68%, while the net profit attributable to shareholders is 354.90 billion CNY, a decrease of 1.60% [2]. - The average return on equity stands at 10.83%, down by 1.49 percentage points year-on-year, reflecting stable operational efficiency and steady growth in business scale [2]. - The net interest margin for H1 2024 is reported at 1.77%, an increase of 7 basis points from the end of the previous year, indicating a recovery in interest margins [2][3]. - The company’s total loans and advances reached 5.59 trillion CNY, up 1.73% from the end of the previous year, with customer deposits totaling 5.51 trillion CNY, an increase of 2.16% [2]. Financial Performance Summary - For H1 2024, the company achieved a net interest income of 726.08 billion CNY, with a year-on-year increase of 0.82%, accounting for 66.8% of total revenue [2]. - Non-interest income was 360.32 billion CNY, reflecting a year-on-year growth of 10.26%, primarily driven by strong investment returns from bonds and bills [2]. - The company’s non-performing loan balance is 665.80 billion CNY, with a non-performing loan ratio of 1.19%, showing a slight increase of 1 basis point from the end of the previous year [2][3]. Future Projections - The report forecasts revenue growth rates of 3.30%, 4.86%, and 5.25% for the years 2024, 2025, and 2026, respectively [3]. - Net profit is expected to grow by 1.50%, 3.45%, and 3.99% over the same period [3]. - The book value per share (BVPS) is projected to be 15.60, 17.17, and 19.23 CNY for the years 2024, 2025, and 2026, respectively [3].

| 证券代码：601998 | 证券简称：中信银行 | 公告编号：临 | 2024-054 | | --- | --- | --- | --- | | 转债代码：113021 | 转债简称：中信转债 | | | 中信银行股份有限公司 关于可转债转股结果暨股份变动的公告 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。 重要内容提示： 二、中信转债本次转股情况 截至2024年9月30日，累计已有人民币27,773,688,000元中信转债转为本行A股普通 股，累计转股股数为4,553,013,961股，占中信转债转股前本行已发行普通股股份总额的 9.304246%。其中，自2024年7月1日至2024年9月30日期间，共有人民币180,434,000元 中信转债转为本行A股普通股，转股股数为31,270,946股。 截至2024年9月30日，尚未转股的中信转债金额为人民币12,226,312,000元，占中信 转债发行总量的比例为30.565780%。 三、股本变动情况 一、中信转债的发行上市概况 经中国证券监督管理委员会《关于核准 ...

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 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. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | ...

Financial Performance - The bank reported a total operating income of RMB 108.64 billion and a net profit of RMB 35.49 billion for the first half of 2024, representing a revenue growth rate of 2.60%[9]. - Operating income for the first half of 2024 reached RMB 108,640 million, a 2.60% increase from RMB 105,885 million in the same period of 2023[15]. - Total profit for the first half of 2024 was RMB 43,751 million, reflecting a growth of 3.27% compared to RMB 42,367 million in the first half of 2023[15]. - Net profit attributable to shareholders for the first half of 2024 was RMB 35,490 million, a decrease of 1.60% from RMB 36,067 million in the same period of 2023[15]. - The net cash flow from operating activities for the first half of 2024 was RMB (341,909) million, a significant decline compared to RMB (123,018) million in the first half of 2023, marking a 177.93% increase in outflow[15]. - Basic earnings per share for the first half of 2024 was RMB 0.66, down 5.71% from RMB 0.70 in the same period of 2023[15]. - Total assets of the bank reached RMB 9,104.62 billion, with an average return on total assets (ROAA) of 0.79% and an average return on equity (ROAE) of 10.83%[9]. - The average return on total assets (ROAA) for the first half of 2024 was 0.79%, a decrease of 0.06 percentage points from 0.85% in the first half of 2023[16]. - The average return on equity (ROAE) for the first half of 2024 was 10.83%, down 1.49 percentage points from 12.32% in the same period of 2023[16]. Asset Quality - The non-performing loan ratio stood at 1.19%, with a provision coverage ratio of 206.76% and a loan provision ratio of 2.46%[9]. - The non-performing loan ratio stood at 1.19%, slightly up from 1.18% as of December 31, 2023[21]. - The provision coverage ratio was 206.76%, down from 207.59% as of December 31, 2023[21]. - The non-performing loan balance was CNY 66.58 billion, an increase of CNY 1.78 billion or 2.75% year-on-year[36]. - The migration rate of normal loans to non-performing loans was 0.73%, a decrease of 0.90 percentage points compared to the end of the previous year[140]. - The group’s non-performing loans were mainly concentrated in the Bohai Rim, Western, and Pearl River Delta regions, accounting for 65.73% of total non-performing loans[128]. Customer Base and Deposits - The bank has a customer base of 141 million personal customers and 1.2136 million corporate customers, with online monthly active users totaling 38.6176 million[9]. - Customer deposits totaled 5,514,879 million, marking a 2.16% increase from December 31, 2023[19]. - The total amount of customer deposits (excluding accrued interest) was RMB 5,514.88 billion, an increase of RMB 1,166.96 billion, or 2.16%, compared to the end of the previous year[110]. - The average daily balance of personal deposits was CNY 1,323.99 billion, reflecting a year-on-year growth of 7.53%[171]. - The bank's personal deposit balance reached CNY 1,384.56 billion, an increase of CNY 79.61 billion, representing a growth of 6.10% compared to the end of the previous year[171]. Strategic Initiatives - The bank aims to implement a "Five Leading" banking strategy, focusing on wealth management, comprehensive financing, transaction settlement, foreign exchange services, and digital banking[8]. - The bank aims to enhance its financial services by implementing a differentiated service model targeting corporate and individual clients[30]. - The group is focusing on enhancing wealth management capabilities, aiming to become a leading wealth management bank[185]. - The company is implementing differentiated financial services for key customer segments, including retirement and overseas financial services[187]. - The company has developed a comprehensive financial service plan for high-end clients, integrating private banking and credit card services[189]. Risk Management - The bank has not identified any significant risks that could adversely affect its future development strategy and operational goals during the reporting period[5]. - The group has strengthened risk classification management and improved the risk classification system to reflect asset quality accurately[118]. - The group anticipates challenges from external environments and insufficient domestic demand, preparing for potential changes in loan quality[120]. - The group is actively managing risks associated with personal housing loans and local government debts, ensuring overall risk remains controllable[181][182]. Income Composition - Net interest income was CNY 72.61 billion, a year-on-year decrease of 0.82%[36]. - Non-interest income reached CNY 36.03 billion, a year-on-year increase of 10.26%[36]. - Non-interest income increased by RMB 3.35 billion, showing a growth of 10.26% year-on-year, contributing to 33.2% of total revenue[41]. - The group's income tax expense for the reporting period was CNY 7.88 billion, an increase of CNY 2.22 billion or 39.22% year-on-year, with an effective tax rate of 18.01%, up 4.65 percentage points from the previous year[79]. Capital and Liquidity - Core Tier 1 capital adequacy ratio was 9.43%, exceeding the regulatory minimum of 8.00%[23]. - The liquidity coverage ratio was 151.58%, well above the required minimum of 100%[23]. - The capital adequacy ratio as of June 30, 2024, was 13.69%, meeting regulatory requirements[153]. - The core tier 1 capital adequacy ratio improved to 9.43% from 8.99% at the end of 2023[155]. - The leverage ratio increased to 7.39% as of June 30, 2024, compared to 6.66% at the end of 2023[156]. Operational Efficiency - The cost-to-income ratio for the first half of 2024 was 27.46%, an increase of 0.82 percentage points from 26.64% in the first half of 2023[16]. - The group reported a total of RMB 30.96 billion in operating expenses, an increase of RMB 1.71 billion, or 5.85% year-on-year, with the cost-to-income ratio (excluding taxes and surcharges) rising to 27.46%, up 0.82 percentage points year-on-year[73]. Digital Transformation - The company is committed to building a leading digital bank by integrating technology and business operations[200]. - The company has established a digital operating platform for all customer segments, enhancing precision marketing and collaboration across channels[190]. - The company launched a standardized product management evaluation system for private banking, enhancing the integrated management of retail customer operations[190].

（於中華人民共和國註冊成立的股份有限公司） 股份代號：0998 年中期報告 2024 本中期報告由可循環再造紙印刷 地址 : 北京市朝陽區光華路10號院1號樓6-30層、32-42層 郵編 : 100020 投資者熱線 : +86-10-66638188 投資者電子信箱 : ir@citicbank.com 網址 : www.citicbank.com 中信銀行股份有限公司年中期報告 2024 重要提示 本行董事會、監事會及董事、監事、高級管理人員保證本行2024年半年度報告內容的真實、準確、完整，不存在虛假記 載、誤導性陳述或重大遺漏，並承擔個別和連帶的法律責任。 本行董事會會議於2024年8月28日審議通過了本行2024年半年度報告全文及摘要，會議應出席董事9名，實際出席董事9 名。本行監事和高級管理人員列席了本次會議。 中期利潤分配預案：本報告第三章「公司治理－ 2024年中期利潤分配」披露了經董事會審議通過的，擬提交臨時股東大會審 議的2024年中期普通股利潤分配方案，每10股派發現金股息1.847元人民幣（含稅），按截至2024年6月30日本行A股和H股總 股本數53,456,539,588股計算， ...

证券研究报告 2024 年 09 月 20 日 湘财证券研究所 公司研究 中信银行（601998.SH） 战略路径清晰，经营保持稳健 核心要点： 公司特色：股东实力雄厚，战略路径清晰 公司评级：增持（首次覆盖） % 1 个月 3 个月 12 个月 相对收益 -5.36 4.25 22.37 绝对收益 -9.83 -5.61 8.11 注：相对收益与沪深 300 相比 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 中信银行背靠中信集团，集团"金融+实业"多元布局，具有业务协同优 势。中信银行从对公业务起家，逐步走向零售业务与对公业务并行发展， 再到对公、零售、金融市场业务"三驾齐驱"。中信银行在 2024 年开启的 新三年规划中提出实施"五个领先"银行战略，致力于打造差异化的中信 金融服务模式。 业务发展：打造"五个领先"银行，提升价值创造能力 财富管理方面，中信银行通过全量客户数字化经营平台，加强了客户、产 品与各渠道之间的精准适配和协同效能，构建覆盖客户全生命周期的专业 服务。2021 年以来，中信银行财富管理业务规模实现稳健增长。截至 2024 年中期末，零售管理资产规模达到达 4.42 万亿 ...

董事会同意聘任谷凌云先生为本行副行长，自监管机构核准其副行长任职资 格之日起正式就任。本行独立董事廖子彬、周伯文、王化成、宋芳秀关于该议案 的独立意见请见附件1。谷凌云先生简历请见附件2。 董事会提名与薪酬委员会全体委员已审议通过上述议案，并同意将其提交董 事会审议。 证券代码：601998 证券简称：中信银行 公告编号：临2024-053 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2024年9月12日以书面形式 发出有关会议通知和材料，于2024年9月19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9名，实际出席董事9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、王彦康、廖子彬、王化成、宋芳秀等5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、 ...

（根据录音整理） 会议时间：2024 年 3 月 22 日 9:30-11:30 会议形式：现场会议+网络视频直播 行内参会人员：方合英董事长、刘成行长、胡罡副行长、吕天 贵副行长、陆金根业务总监、张青董事会秘书、 相关部门及子公司负责人 外部参会人员：投资者、分析师、新闻媒体记者、社会公众 记录人：中信银行董事会办公室投资者关系管理团队 前瞻性陈述的风险提示：本报告中涉及的未来计划、发展战略 等前瞻性陈述不构成本行对投资者的实质承诺，投资者及相关 人士均应当对此保持足够的风险认识，并且应当理解计划、预 测与承诺之间的差异。 【提问 1】广发证券王先爽：感谢管理层给我第一个提问 机会，这个问题是提给董事长的，我记得去年贵行业绩发布会 口号是"越向前，越精彩"，今年的业绩也在一定程度上兑现 了您的指引，想问下董事长，过去一年您觉得贵行经营上最大 的亮点是什么？今年业绩发布会口号变成了"新征程，信未 来"，我们也看到贵行发布了新三年发展规划，想问下您对未 来中信银行的发展有哪些新思考？在这种新环境下，贵行有 哪些新策略和新打法来应对？谢谢！ 1 方合英董事长：谢谢你的持续关注，也谢谢你的问题。先 回答前半个问题， ...

（根据录音整理） 会议时间：2024 年 8 月 29 日 9:30-11:20 会议形式：现场会议+网络视频直播 行内参会人员：刘成行长、胡罡副行长、吕天贵副行长、陆 金根业务总监、张青董事会秘书、相关部门 及子公司负责人 外部参会人员：投资者、分析师、新闻媒体记者、社会公众 记录人：中信银行董事会办公室投资者关系管理团队 前瞻性陈述的风险提示：本报告中涉及的未来计划、发展战 略等前瞻性陈述不构成本行对投资者的实质承诺，投资者及 相关人士均应当对此保持足够的风险认识，并且应当理解计 划、预测与承诺之间的差异。 第二是稳健性。当前银行业面临的风险在加大，不确定性在 增强，这就需要更好地处理规模和质量、风险和收益、短期和长 期的关系。要善于在这个过程中去把握周期、认识周期，最后能 够实现驾驭周期、穿越周期。只有这样既稳又健，稳中求进，最 后才能够真正穿越周期。 【提问 1】瑞银证券颜湄之：我想问一个相对综合一点的问 题。首先，祝贺中信银行在非常复杂的环境下，取得了比较好的 业绩，特别是贵行上半年营收实现正增长，息差也持续改善。我 想问一下，综合来看，上半年的业绩比较明显的亮点有哪些？给 我们稍微解释一下背后的思 ...

[Table_MainInfo] 公司研究/金融/银行 证券研究报告 中信银行（601998）公司半年报点评 2024 年 09 月 11 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |------------------------------------------------------|----------------------| | 股票数据 | | | [ 0 Table_StockInfo 9 月 10 日收盘价（元） ] | 5.88 | | 52 周股价波动（元） 股本结构 | 5.17-8.00 | | [ 总股本（ Table_CapitalInfo 百万股） ] | 53457 | | 流通 A 股（百万股） | 38574 | | B 股 /H 股（百万股） 相关研究 | 0/14882 | | [Table_ReportInfo] 《中信银行 2023 | 年年报点评：盈利能力 | | 稳健，资产质量稳中向好》 | 2024.03.25 | | 《中信银行 2023 年三季报点评： | ROA 和 | | ROE 同比提升》 2 ...