（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 ...

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: 2024年8月31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: 2024年9月4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 an "Accumulate" rating for the company [1][5] Core Views - The bank's non-performing loan (NPL) ratio and attention rate have slightly increased, but real estate risks show marginal improvement. As of mid-2024, the NPL ratio is 1.19%, up 1 basis point quarter-on-quarter, with corporate NPLs down 12 basis points to 1.25% and retail NPLs up 9 basis points to 1.30% [4] - The bank's mid-term dividend payout ratio has increased, with a cash dividend of 1.847 yuan per 10 shares, totaling 9.873 billion yuan, resulting in a payout ratio of 29.20%, slightly up from 28.01% in 2023 [3][4] - Revenue growth remains positive, but profit growth has slowed. For the first half of 2024, revenue and net profit attributable to shareholders grew by 2.7% and decreased by 1.6% year-on-year, respectively [2][3] - The bank's total assets increased by 3.1% year-on-year, with loans up by 4.0%. Corporate and retail loans grew by 6.5% and 5.3%, respectively [2][3] - The net interest margin for the first half of 2024 is 1.77%, down 8 basis points year-on-year but up 7 basis points quarter-on-quarter, primarily due to improved deposit costs and a shift in the asset structure [2][4] Summary by Sections Earnings Forecast and Rating - The company is expected to have an EPS of 1.34 yuan and 1.36 yuan for 2024 and 2025, respectively, with a projected book value per share of 13.27 yuan by the end of 2024, resulting in a price-to-book (PB) ratio of 0.50 times [5][6]

Investment Rating - The report maintains a "Recommended" rating for CITIC Bank (601998) with a target price of 7.64 CNY [2][3]. Core Views - The net interest margin has stabilized and increased, with a mid-term dividend payout ratio of 29.2% [3]. - The bank's revenue for the first half of 2024 reached 109.019 billion CNY, a year-on-year increase of 2.68%, while net profit attributable to shareholders decreased by 1.6% year-on-year [3]. - The report highlights a slowdown in loan growth and a decline in non-interest income, impacting overall revenue growth [3]. - The bank's asset quality remains stable, with a slight increase in the non-performing loan ratio to 1.19% [3]. Financial Performance Summary - **Revenue and Profitability**: - Total revenue for 2024 is projected at 206.976 billion CNY, with a growth rate of 0.52% [9]. - Net profit for 2024 is estimated at 67.933 billion CNY, reflecting a growth rate of 1.37% [9]. - **Earnings Per Share (EPS)**: - EPS for 2024 is projected at 1.25 CNY, with a price-to-earnings (P/E) ratio of 5.14 [9]. - **Net Interest Margin**: - The net interest margin is expected to be 1.59% in 2024, down from 1.65% in 2023 [10]. - **Dividend**: - The mid-term dividend per share is projected at 0.1847 CNY, with a dividend yield of 5.5% based on the closing price on August 28 [3]. Asset Quality Summary - The non-performing loan ratio is projected to remain stable at around 1.18% for 2024 [10]. - The provision coverage ratio is expected to be 200.63% in 2024, indicating a strong buffer against potential loan losses [10]. Investment Outlook - The report suggests that CITIC Bank's revenue growth is expected to recover, with projected growth rates of 2.16% and 3.41% for 2025 and 2026, respectively [3][9]. - The bank's strategic focus on wealth management, asset management, and comprehensive financing is expected to yield positive results [3].

Investment Rating - The report maintains a "Recommended" rating for CITIC Bank [2][9]. Core Views - CITIC Bank's revenue growth shows resilience, with a net interest margin recovery leading to improved net interest income in Q2. Other non-interest income continues to boost revenue [1]. - The bank's asset quality remains stable, with a non-performing loan ratio of 1.19% and a provision coverage ratio of 207% as of the end of H1 2024 [1]. - The bank announced a mid-term cash dividend, with a payout ratio of 29.2% of net profit attributable to ordinary shareholders, enhancing its investment value [1]. Summary by Sections Financial Performance - For H1 2024, CITIC Bank reported revenue of 109 billion yuan, a year-on-year increase of 2.7%, and a net profit of 35.5 billion yuan, a decrease of 1.6% year-on-year [1]. - The bank's net interest income in Q2 2024 increased by 2.9% year-on-year, supported by a recovery in net interest margin [1]. - Other non-interest income rose by 44.3% year-on-year in H1 2024, benefiting from favorable market conditions [1]. Asset Quality - The non-performing loan ratio stood at 1.19% at the end of H1 2024, with a provision coverage ratio of 207% [1]. - The bank's asset quality management is effective, with the non-performing loan ratio for corporate loans improving, while retail asset quality showed some volatility [1]. Capital and Dividends - The bank's mid-term cash dividend reflects a strong capital position, with a payout ratio of 29.2% of net profit attributable to ordinary shareholders [1]. - The report projects earnings per share (EPS) for 2024-2026 to be 1.26, 1.29, and 1.35 yuan, respectively, with a price-to-book (PB) ratio of 0.5 for the closing price on August 28, 2024 [2].

中信银行股份有限公司 2024 年半年度第三支柱信息披露报告 2024 年 8 月 | | | | 1. 引言 | | 1 | | --- | --- | --- | | 1.1 披露依据 | | 1 | | 1.2 披露声明 | | 1 | | 1.3 披露口径 | | 2 | | 2.风险管理、关键审慎监管指标和风险加权资产概览 | | 3 | | 2.1 监管并表关键审慎监管指标（KM1） | | 3 | | 2.2 风险加权资产概况（OV1） | | 5 | | 3.资本和总损失吸收能力的构成 | | 7 | | 3.1 资本工具和合格外部总损失吸收能力非资本债务工具的主要特征（CCA） | | 7 | | 3.2 资本构成（CC1） | | 8 | | 3.3 集团财务并表和监管并表下的资产负债表差异（CC2） | | 14 | | 4.信用风险 | | 19 | | 4.1 权重法下信用风险暴露和信用转换系数（按风险权重划分）（CR5-2） | | 19 | | 5.交易对手信用风险 | | 20 | | 5.1 交易对手信用风险暴露（按计量方法）（CCR1） | | 20 | | 6.资产证券化 ...

证券代码：601998 证券简称：中信银行 公告编号：临2024-052 中信银行股份有限公司 2024 年中期利润分配方案公告 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： 一、利润分配方案内容 以按照中国会计准则编制的财务报表中母公司税后利润为准，2024 年上半 年中信银行股份有限公司（以下简称"本行"）合并归属于本行股东净利润为人 民币 354.90 亿元，扣除无固定期限资本债券利息人民币 16.80 亿元（已于 2024 年 4 月 26 日发放）后，合并后归属于本行普通股股东净利润为人民币 338.10 亿 元，截至 2024 年 6 月 30 日，本行母公司报表中期末未分配利润为人民币 3,047.49 亿元。 综合考虑财务、资本状况等因素，为持续向投资者传递积极信号，本行拟向 全体普通股股东派发中期现金股息，以本次分红派息的股权登记日登记的总股本 为基数，向股权登记日登记在册的 A 股股东和 H 股股东每 10 股派发现金股息 1.847 元人民币（含税），按截至 2024 年 6 月 30 日 ...

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2024年8月9日以书面形式发 出有关会议通知和材料，于2024年8月28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7名，实际出席监事7名，监事魏国斌、刘国岭、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，本行高级管理人员列席了会 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。根据表决结果，会议审议通过以下 议案： 一、审议通过《中信银行股份有限公司2024年半年度报告》 表决结果： 赞成7票 反对0票 弃权0票 监事会对《中信银行股份有限公司 2024 年半年度报告》（含半年度报告摘 要，以下简称"半年报"）出具审核意见如下： 证券代码：601998 证券简称：中信 ...

Dividend and Shareholder Information - The proposed cash dividend for the 2024 interim period is RMB 1.847 per 10 shares, totaling RMB 9,873,422,861.90 (tax included) based on a total share capital of 53,456,539,588 shares as of June 30, 2024[3]. - The company plans to distribute the interim dividend to H-share shareholders on January 15, 2025, pending approval at the extraordinary general meeting[3]. - The company will suspend share transfer registration from December 13 to December 18, 2024, for H-share shareholders to receive the proposed interim dividend[3]. Financial Performance - The interim financial information for the six months ended June 30, 2024, has been prepared in accordance with Chinese accounting standards and international financial reporting standards[5]. - For the first half of 2024, the company's total operating income reached RMB 108,640 million, a 2.60% increase compared to RMB 105,885 million in the same period of 2023[14]. - Net profit for the first half of 2024 was reported at 25 billion CNY, an increase of 12% compared to the same period last year[10]. - Net profit attributable to shareholders was RMB 35,490 million, reflecting a decrease of 1.60% from RMB 36,067 million in the first half of 2023[14]. - The net cash flow from operating activities was negative RMB 341,909 million, a significant decline from negative RMB 123,018 million in the same period last year, marking a 177.93% increase in cash outflow[14]. Risk Management and Compliance - The board of directors has confirmed the accuracy and completeness of the 2024 interim report, which has been reviewed by KPMG according to applicable standards[5]. - The company has not identified any significant risks that could adversely affect its future development strategy and operational goals during the reporting period[5]. - The company emphasizes the importance of risk awareness regarding forward-looking statements and future plans mentioned in the report[5]. Asset and Loan Information - The bank's total assets reached approximately 3 trillion CNY, reflecting a year-on-year growth of 8%[10]. - The total assets as of June 30, 2024, amounted to RMB 9,104,623 million, representing a 0.58% increase from RMB 9,052,484 million at the end of 2023[16]. - The total amount of loans and advances (excluding accrued interest) was CNY 55,936.71 billion, an increase of 1.73% from the end of the previous year[59]. - The non-performing loan (NPL) ratio stood at 1.19% as of June 30, 2024, a slight increase from 1.18% at the end of December 2023[81]. - The company’s normal loans amounted to RMB 5,527,091 million, accounting for 98.81% of total loans, with a slight decrease in proportion from 98.82% at the end of December 2023[81]. Customer and Market Growth - User data indicates a growth in active digital banking users by 15%, reaching 50 million[10]. - The company aims to become a leading comprehensive financing bank, focusing on wealth management, international business, and digital banking[22][23]. - The company is focused on providing customized financial services to various customer segments, including government, enterprises, and individuals[24]. Digital Transformation and Innovation - The company is committed to leveraging financial technology, integrating AI, big data, and blockchain into its operations to enhance competitiveness[25]. - The company has launched six key digital transformation projects to strengthen its digital financial capabilities[177]. - The mobile banking app has been continuously optimized to improve user experience and service functionality, enhancing customer engagement[182]. Investment and Financial Products - The company has implemented proactive fiscal policies to support major national strategies and improve financial risk management[20]. - The company is enhancing its digital risk control capabilities to improve the precision of risk model identification in response to rising credit risks in the credit card sector[124]. - The company achieved a retail insurance sales scale of CNY 12.917 billion during the reporting period, with long-term protection products accounting for 48.91% of total sales, outperforming market levels[159]. International and Cross-Border Operations - The bank's overseas institution layout was enhanced with the opening of its Hong Kong branch, furthering its global financial service platform[133]. - The international business launched the "Xin Foreign Exchange+" cross-border comprehensive financial service system, enhancing cross-border service capabilities[146]. - The transaction scale of "Xin Exchange E-commerce" reached USD 5.115 billion, serving 56,200 small and medium-sized foreign trade customers[146]. Corporate Social Responsibility - The company raised over CNY 4.6 billion for charitable financial products during the reporting period, supporting national poverty alleviation efforts[159]. - The company is committed to supporting the Belt and Road Initiative by providing quality financial services[196].