摩根大通发表报告指，中信银行2025年全年净利润按年增长3%，符合该行预期，但较市场预高出2%。 其中，第四季净利润按年增长3%，但营业利润增长9%，分别较该行和市场预期的第四季估计高出5%和 2%，带来惊喜。摩通预计中信银行2026年营收增速将转正，全年利润增长保持稳定，重申对其H股"增 持"评级，目标价8.85港元。目前中信银行H股交易于预测2026年于0.45倍市账率，对应9.1%的ROE以及 5.9%的股息率，估值仍处于相对吸引水平。 ...

Core Viewpoint - The 2025 China Enterprise ESG "Golden Responsibility Award" aims to recognize companies and institutions that have made significant contributions to ESG initiatives in China, reflecting a shift from voluntary practices to compliance requirements in ESG performance [1][12]. Group 1: ESG Development and Awards Overview - By 2025, China's ESG development has transitioned from "setting standards" to "strengthening regulations," with a comprehensive disclosure standard system being established [1][12]. - The award selection attracted over 5,000 companies, with results based on ESG performance, online voting, and professional evaluations [2][12]. Group 2: Award Categories and Winners - The award categories include Excellent Environmental Responsibility Award, Excellent Social Responsibility Award, Excellent Corporate Governance Responsibility Award, Excellent Responsibility Initiative Award, Excellent Sustainable Development Award, and various responsibility investment awards [1][12]. - Notable winners of the Excellent Environmental Responsibility Award include Great Wall Motors, Hikvision, and China Petroleum [7][24]. - The Excellent Social Responsibility Award was awarded to companies such as YF Communication, ZTE, and Ningde Times [7][24]. - Winners of the Excellent Corporate Governance Responsibility Award include China Petroleum, Hikvision, and WuXi AppTec [7][24]. - The Excellent Responsibility Initiative Award was given to companies like ZTE, Sunlight Power, and Industrial and Commercial Bank of China [7][24]. - The Excellent Sustainable Development Award included companies such as WanHua Chemical, China Bank, and China Petroleum [7][24]. Group 3: Responsibility Investment Awards - The Responsibility Investment Excellent Bank Award was given to institutions like CITIC Bank and Minsheng Bank [5][21]. - The Responsibility Investment Excellent Securities Company Award included firms such as Shenwan Hongyuan and CITIC Securities [5][22]. - The Responsibility Investment Excellent Insurance Company Award recognized companies like New China Life and AIA [5][26]. - The Responsibility Investment Excellent Fund Company Award included firms such as Xinhua Fund and Harvest Fund [5][27]. - The Responsibility Investment Excellent Asset Management Institution Award recognized institutions like Ping An Asset Management and Sunshine Asset Management [5][28]. Group 4: Call to Action and Future Directions - The award committee encourages more Chinese enterprises to integrate ESG principles into their operations and strategic planning, emphasizing the importance of balancing commercial and social values [10][29].

昨日(14日)收市后公布2025年初步业绩，去年第四季展现稳健趋势，收入同比转升8.6%，较第三季同比 降4.4%有显著改善，表现符合该行预期，胜于市场预期。由于拨备释放较少，信行末季盈利增幅落后 收入增幅，但保持健康，第四季利润同比增长2.8%，符大摩及市场预期。 智通财经APP获悉，摩根士丹利发布研报称，维持中信银行(00998)"增持"评级，目标价9.2港元，大摩 认为，中信银行第四季营收的强劲反弹，进一步印证在行业竞争趋理性下，中型银行有望交出更佳业 绩。 报告提到，末季中信银行资产负债表扩张势头强劲，第四季总资产同比增长2.4%，同比增幅达6.3%。 资产质量保持稳定，不良贷款率同比微降1个基点至1.15%，而拨备覆盖率同比大致持平于约204%。 ...

报告提到，末季中信银行资产负债表扩张势头强劲，第四季总资产按季增长2.4%，按年增幅达6.3%。 资产质量保持稳定，不良贷款率按季微降1个基点至1.15%，而拨备覆盖率按季大致持平于约204%。大 摩认为，中信银行第四季营收的强劲反弹，进一步印证在行业竞争趋理性下，中型银行有望交出更佳业 绩。因此，该行维持对中信银行H股"增持"评级，目标价9.2港元。 摩根士丹利发表研究报告指，中信银行公布2025年初步业绩，去年第四季展现稳健趋势，收入按年转升 8.6%，较第三季按年降4.4%有显著改善，表现符该行预期，但胜市场预期。由于拨备释放较少，信行 末季盈利增幅落后收入增幅，但保持健康，第四季利润按年增长2.8%，符大摩及市场预期。 ...

报告提到，末季中信银行资产负债表扩张势头强劲，第四季总资产同比增长2.4%，同比增幅达6.3%。 资产质量保持稳定，不良贷款率同比微降1个基点至1.15%，而拨备覆盖率同比大致持平于约204%。 昨日(14日)收市后公布2025年初步业绩，去年第四季展现稳健趋势，收入同比转升8.6%，较第三季同比 降4.4%有显著改善，表现符合该行预期，胜于市场预期。由于拨备释放较少，信行末季盈利增幅落后 收入增幅，但保持健康，第四季利润同比增长2.8%，符大摩及市场预期。 摩根士丹利发布研报称，维持中信银行（601998）(00998)"增持"评级，目标价9.2港元，大摩认为，中 信银行第四季营收的强劲反弹，进一步印证在行业竞争趋理性下，中型银行有望交出更佳业绩。 ...

2026 年 1 月 15 日 公司研究 净利润增速稳健，不良率稳中略降 ——中信银行（601998.SH）2025 年业绩快报点评 增持（维持） 当前价：7.60 元 作者 分析师：王一峰 执业证书编号：S0930519050002 010-50578031 wangyf@ebscn.com 分析师：董文欣 执业证书编号：S0930521090001 010-57378035 dongwx@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 556.45 | | 总市值(亿元)： | 4,229.03 | | 一年最低/最高(元)： | 6.11/8.69 | | 近 3 月换手率： | 15.02% | 股价相对走势 资料来源：Wind | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | -1.75 | 0.12 | -5.73 | | 绝对 | 2.43 | 3.06 | 18.39 | 资料来源：Wind 要点 事件： 不良贷款率较 3Q 末下降 1bp 至 1.15%，拨备 ...

事件： 点评： 营收降幅收窄，净利润增速稳于3%。公司2025 年营收、归母净利润同比增速分别为-0.5%、3%，其中 营收降幅较1-3Q25 收窄3pct，盈利增速较1-3Q25 持平；4Q25单季营收、盈利同比增速分别为8.6%、 2.8%，较上年同期分别变动+5.1、-4.6pct。 1 月14 日，中信银行发布2025 年业绩快报，实现营业收入2125 亿，同比下降0.5%，实现归母净利润 706.2 亿，同比增长3%。年化加权平均净资产收益率为9.39%，较上年同期下降0.4pct。 不良贷款率较3Q 末下降1bp 至1.15%，拨备覆盖率稳定在200%以上。2025 年末，中信银行不良贷款率 为1.15%，较3Q 末略降1bp。从前三季度情况看，截至25Q3末，对公不良率1.13%，较年中略降1bp；零 售不良率1.3%，较年中微升1bp，对公、零售不良率读数均保持平稳。截至2025 年末，拨备覆盖率较 3Q 末下降0.6pct至203.6%，拨贷比较3Q 末略降2bp 至2.34%。 风险提示：如果宏观经济超预期下行，可能增加大额风险暴露的潜在风险。 全年扩表速度保持平稳，信贷投放有望实现"开门 ...

中访网数据 中信银行股份有限公司于2026年1月14日发布了2025年度业绩快报。报告显示，2025年度， 该行实现营业总收入2,124.75亿元，较上年微降0.55%；实现归属于本行股东的净利润706.18亿元，同比 增长2.98%，盈利能力保持稳健。资产规模方面，截至2025年末，中信银行总资产达101,316.58亿元， 较上年末增长6.28%，首次突破10万亿元大关；归属于本行普通股股东的所有者权益为7,238.61亿元， 增长5.78%。资产质量保持稳定，不良贷款率为1.15%，较上年末下降0.01个百分点；拨备覆盖率为 203.61%，较上年末下降5.82个百分点。公告指出，面对复杂环境，该行坚持服务实体经济，战略转型 取得积极进展。本次披露数据为初步核算的集团口径数据，未经审计，最终数据以年度报告为准。 ...

Core Viewpoint - In 2025, CITIC Bank reported a net profit of 70.618 billion RMB, reflecting a year-on-year growth of 2.98%, despite a slight decline in total operating revenue by 0.55% to 212.475 billion RMB [3]. Financial Data and Indicators - Basic earnings per share and weighted average return on equity are calculated according to the relevant regulations [2]. - The bank issued dividends of 1.428 billion RMB for preferred shares in October 2025, which impacted the earnings per share and return on equity calculations [2]. - The issuance of perpetual bonds in April 2025 resulted in interest payments totaling 2.406 billion RMB, also affecting the financial metrics [2]. - A convertible bond issued in 2019 matured in March 2025, converting approximately 39.943 billion RMB into common shares, with a total of 6.710 billion shares converted [2]. Operating Performance and Financial Condition - CITIC Bank's total assets reached 10,131.658 billion RMB by the end of 2025, marking a growth of 6.28% from the previous year [3]. - The equity attributable to ordinary shareholders increased by 5.78% to 723.861 billion RMB [3]. - The non-performing loan ratio was reported at 1.15%, a slight decrease of 0.01 percentage points from the previous year [3]. - The provision coverage ratio stood at 203.61%, down by 5.82 percentage points compared to the end of the previous year [3].

Major Events - Longi Technology (09611) plans to globally offer 52.2591 million H-shares from January 14 to January 19 [1] - CK Life Sciences (00013) announced the results of the SACHI III study published in The Lancet [1] - Dongyang Sunshine Pharmaceutical (06887) launched an AI-driven R&D platform targeting the PROTAC mechanism, continuing to deepen its AI strategic layout [1] - Dongyao Pharmaceutical-B (01875) received a cash offer from WuXi AppTec (02268) at a premium of approximately 99%, with resumption of trading on January 15 [1] - Valiant Pharmaceuticals-B (09887) received Fast Track designation from the US FDA for its bispecific antibody, Opalizumab (LBL-024) [1] - Xunqi (03317) entered into a strategic cooperation framework agreement with Jinyong Investment to support digital transformation in investment research, trading, and risk management [1] Operating Performance - CITIC Securities (06030) reported a net profit attributable to shareholders of 30.051 billion yuan for 2025, an increase of 38.46% year-on-year [1] - CITIC Bank (00998) reported a net profit attributable to shareholders of 70.618 billion yuan for 2025, a year-on-year increase of 2.98% [1] - China General Nuclear Power New Energy (01811) completed a cumulative power generation of 19,000 GWh in 2025, a decrease of 0.8% year-on-year [1] - Yuexiu Property (00123) reported a cumulative contract sales amount of approximately 106.21 billion yuan for 2025 [1] - WuXi AppTec (02268) issued a profit warning, expecting a net profit growth of over 38% year-on-year for 2025 [1] - Jinyu Group (02009) issued a profit warning, anticipating a net loss attributable to shareholders of 900 million to 1.2 billion yuan for 2025 [1] - Saijing Technology (00580) issued a profit alert, expecting a net profit increase of approximately 30.0% for 2025 [1] - Beijing Beichen Industrial Co., Ltd. (00588) issued a profit warning, expecting a net loss attributable to shareholders of 2.696 billion to 3.38 billion yuan for 2025 [1]