Core Insights - The 2025 Q1 Bloomberg China Bond Underwriting Rankings reveal significant trends in the bond market, highlighting the performance of various banks and securities firms in the issuance of bonds [2][3]. Group 1: Market Overview - The total issuance of Panda bonds in 2024 exceeded 208.25 billion RMB, while in Q1 2025, the issuance by foreign institutions in the domestic market reached 41.6 billion RMB, showing a decrease of 38.28% compared to the same period last year [4]. - The overall issuance of domestic credit bonds in Q1 2025 was approximately 3.77 trillion RMB, reflecting a decline of about 12.61% year-on-year [6]. - The issuance of interbank certificates of deposit increased to approximately 8.35 trillion RMB in Q1 2025, up 11.97% from the previous year [10]. Group 2: Rankings and Performance - In the Bloomberg Q1 2025 China Bond Rankings, the top three positions were held by Bank of China (5.918%), CITIC Bank (5.675%), and Industrial Bank (5.297%) [7]. - For corporate bonds, CITIC Securities (13.450%), CITIC Jiantou (9.988%), and former Guotai Junan Securities (8.053%) maintained their top three positions [7]. - In the offshore RMB bond rankings (excluding certificates of deposit), the top three were held by Amundi (12.248%), HSBC (7.117%), and Standard Chartered Bank (5.021%) [7]. Group 3: Local Government Bonds - The issuance of local government bonds in Q1 2025 was approximately 2.66 trillion RMB, a significant increase of about 78.26% year-on-year [12]. - The issuance included about 0.38 trillion RMB in general bonds and approximately 2.28 trillion RMB in special bonds, with debt resolution remaining a key focus [12]. Group 4: Offshore Bond Market - The issuance of offshore bonds (excluding certificates of deposit) by Chinese enterprises exceeded 401.4 billion RMB in Q1 2025, marking a year-on-year growth of approximately 35.36% [16]. - The issuance of "Kung Fu Bonds" surpassed 30 billion USD (approximately 219.2 billion RMB), showing a significant increase of over 122.20% compared to the previous year [16].

一、营收增速回正，整体业绩良好 2024 年末，中信银行总资产达到 9.53 万亿元 （接近十万亿大行规模），同比增长 5.30% 。 2024 年实现营业收入 2136.46 亿元 ，同比增长 3.76% ，增速在经历 2023 年 -2.60% 的负增 长后 回正 ，营业收入达到历史最高。当年实现净利润 694.68 亿元 ，同比增速为 2.07% ，增 速虽有放缓（同业共性）但继续保持正增长。 二、公司业务稳中有进 与 邮储银行 、 招商银行 和平安银行以零售业务为主不同， 中信银行是妥妥的以公司业 务为主的银行 。 2024 年末，中信银行 公司贷款 2.91 万亿元 ，占贷款总额的 50.84% ；公司存款 4.12 万亿 元 ，占全部存款的 71.24% 。 2024 年公司贷款实现营业收入 952.36 亿元 ，占当年营业收入的 44.60% （高于个人业务 40.10% 的占比）；实现利润总额 498.29 亿元 ，占当年利润总额的 61.60% 。 中信银行公司业务无论在贷款量、存款量，还是营业收入或利润方面均远超过其个人业 务。 此外，公司业务资产质量逐年好转。 公司业务不良贷款率由 20 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is revising the "Securities Investment Fund Custody Business Management Measures" to address industry issues and promote the standardized and professional development of the custody industry, thereby supporting the high-quality development of the capital market [1][2]. Group 1: Industry Issues - The current custody industry is highly concentrated, with national commercial banks and a few securities companies holding approximately 80% to 90% of public and private securities investment funds [2]. - Some institutions are engaging in activities outside the core business of "securities investment fund" custody, necessitating a clarification of business boundaries [3]. - Certain custody institutions are failing to fulfill their responsibilities adequately, as evidenced by private fund default incidents, highlighting the need for enhanced regulatory requirements [3]. - The existing market exit mechanism is inadequate, lacking clear standards for "non-business" activities, which leads to risks of unauthorized operations [4]. - The current regulations do not fully align with the needs of industry innovation, indicating a need for specific policies for specialized custody subsidiaries [5]. Group 2: Key Measures for Development - The revised measures will enhance entry thresholds by strengthening requirements for substantial operational capabilities and compliance risk management [6]. - There will be a focus on substantial operations and risk isolation, requiring applicants to commit to core responsibilities and ensuring the separation of fund assets from other custody assets [7]. - Custodians will be held accountable for verifying information provided by fund managers and must disclose risks adequately, with clear responsibilities for reporting and settlement [7]. - The exit mechanism will be improved by adding conditions for license cancellation, ensuring an orderly market mechanism [7]. - High-quality custody institutions will be allowed to establish wholly-owned subsidiaries dedicated to custody business, subject to relevant financial regulatory requirements [8]. Group 3: Industry Context and Growth - As of the end of the first quarter of this year, there are 73 institutions with custody qualifications, and the total assets under custody for public funds exceed 33 trillion yuan [9]. - The Industrial and Commercial Bank of China leads with a custody scale of 4.48 trillion yuan, holding a market share of 13.78% [9]. - The overall principle of the revision is to ensure stringent entry, focus on core business, enforce responsibilities, and promote innovation, aiming to enhance the custody industry's standardization and professionalism [9].

今天银行股微跌0.3%左右，但 邮储银行 一度下跌超3.5%，尾盘拉到跌2.5%附近，但还是排今天的倒数第二；年初至今的跌幅，也是所有银行股 里第三大的。 邮储的情况是比较有代表性的，因为这可能是全中国唯一一家，个人业务占比远超对公的大中型银行——截至24年末，其个贷不良占比超75%，对公不良 占比25%不到。 这更能反映出， 银行业24年的个人不良，应该说这轮是集体爆出来了。 在3月14日的推送（ 链接 ）里，我就提到过，当时市场对两点的炒作过热， 其一是对降准降息的预期，其二是对消费刺激政策 ，尤其是对消费信贷政策 的解读，下图，当时提到，监管消费信贷的政策，首先是"纾困"，解决居民部门资产负债表恶化的问题，其次才是所谓的刺激。 从这回银行披露出来的年报来看， 问题比想象的可能还严重一点。 市场还是在交易年报的数据，昨晚邮储公布了24年的年报，扣非后净利润增速是-0.68%，历史首次负增长，拨备覆盖率大降60%，跌破300% （我个人的标准是，300%是拨备覆盖率的及格线，400%以上是良好，500%以上是牛逼）。 不过，我看了一下，个人觉得年报里最让人诧异的，还是 个人不良贷款 的问题。 邮储总的不良率 ...

3月27日，中信银行2024年度业绩会在中信大厦举行。中信银行董事长方合英、拟任行长芦苇、董事 会秘书张青及数位副行长出席。 中信银行年报显示，2024年，该行实现营业收入2136.46亿元，同比增长3.76%；实现归母净利润685.76 亿元，同比增长2.33%。截至2024年末，该行资产总额较上年末增长5.31%至95327.22亿元，突破9.5万 亿大关。 "2024年，我们面对错综复杂的经营形势，实现了难中求成。"在会上，方合英用"韧性、稳定性"概括了去 年该行的发展亮点。 在会议交流环节，该行也就息差、零售风险、资产投向等市场热点问题展开讨论。 谈息差：连续三年跑赢大市 截至2024年末，中信银行净息差为 1.77%，较年初下降0.01 个百分点。 作为商业银行的核心盈利指标，近年来该行一直将净息差变动"跑赢大市、优于同业"作为重要目标。 芦苇向媒体表示，去年，中信银行营收增速和息差变动都位居同业前列，其中，净息差变动幅度已连续三 年跑赢大市。芦苇介绍，此成效得益于持续深化量价平衡战略，不走以价换量的路线，此外，该行以压降 负债成本为核心，辅之以资产结构优化，双向发力稳定息差。 数据显示，截至去年末 ...

Financial Performance - The company's operating income for 2024 reached RMB 213,223 million, a 3.72% increase from RMB 205,570 million in 2023[40]. - Total profit for 2024 was RMB 80,863 million, reflecting a growth of 7.98% compared to RMB 74,887 million in 2023[40]. - Net profit attributable to shareholders was RMB 68,576 million, up 2.33% from RMB 67,016 million in 2023[40]. - The average return on total assets (ROAA) for 2024 was 0.75%, a slight decrease from 0.77% in 2023[42]. - The net interest margin stood at 1.77%, remaining stable year-on-year and outperforming the market for three consecutive years[22]. - The company's total assets as of December 31, 2024, amounted to RMB 9,532,722 million, a 5.31% increase from RMB 9,052,484 million in 2023[44]. - Customer deposits totaled RMB 5,778,231 million, representing a 7.04% increase from RMB 5,398,183 million in 2023[44]. - The liquidity coverage ratio was 218.13% in 2024, significantly higher than the regulatory requirement of 100%[49]. Dividend Distribution - The proposed cash dividend for the fiscal year 2024 is RMB 1.722 per 10 shares, totaling RMB 9.582 billion, alongside an interim dividend of RMB 9.873 billion, leading to a total annual cash dividend of RMB 19.455 billion[4]. - The bank aims to maintain its total dividend distribution amount unchanged, adjusting the per-share distribution ratio if there are changes in total share capital before the dividend record date[4]. - The bank plans to further increase its dividend payout ratio to reward investors for their trust and support[16]. Asset and Loan Management - The total amount of loans and advances reached RMB 57,201.28 billion, an increase of 4.03% year-over-year, with net loans accounting for 58.7% of total assets[114]. - The balance of loans to technology enterprises increased by nearly 20% year-on-year, reflecting the bank's focus on serving the real economy[17]. - The green credit balance surpassed RMB 600 billion, with a year-on-year growth of 31%[17]. - The non-performing loan ratio is projected to be 1.16% by the end of 2024, marking six consecutive years of decline[21]. - The provision coverage ratio increased to over 209%, the best level since 2013[21]. Strategic Vision and Market Position - The bank's strategic vision includes becoming a world-class bank by implementing a "Five Leading" strategy, focusing on wealth management, comprehensive financing, transaction settlement, foreign exchange services, and digital banking[9]. - The bank ranks 19th in the "Global Banking Brand Value 500" list published by Brand Finance in 2024, and its Tier 1 capital ranks 18th in the "World's 1000 Banks Ranking" by The Banker magazine[8]. - CITIC Bank was recognized as a "Market Influential Institution" and "Market Innovative Business Institution" by the National Interbank Funding Center in January 2024[34]. Risk Management and Compliance - The bank emphasizes risk management and has established a comprehensive risk management system to enhance risk control effectiveness[62]. - The bank's governance structure is designed to ensure effective management and compliance, enhancing operational efficiency and risk management capabilities[59]. Customer and Market Engagement - The bank served over 300,000 small and micro enterprises through its "CITIC Easy Loan" product, covering nearly 80% of the national economy[17]. - The retail customer base increased to 145 million, with retail managed assets steadily rising to 4.69 trillion yuan[19]. - The number of pension account users exceeded 5 million, leading the industry in pension fund custody scale[17]. Awards and Recognition - The company was recognized as a top performer in various awards, including the "Best Wealth Management Bank" and "Outstanding Financial Institution" in 2024[36][37]. - The bank received multiple awards from the Shanghai Commercial Paper Exchange, including "Outstanding Comprehensive Business Institution" and "Outstanding Discount Institution" in January 2024[34]. Financial Innovations and Projects - The company launched several new projects, including a privacy computing data integration project and a trust technology platform, which received accolades from the People's Bank of China[38]. - The bank is advancing digital transformation and has launched a domestic distributed core system, integrating technologies like AI, blockchain, and big data into its operations[62].

Core Viewpoint - The report outlines the management and compliance of related party transactions by CITIC Bank for the year 2024, emphasizing the importance of regulatory adherence and the establishment of a robust governance framework to mitigate risks associated with such transactions [1][2][3]. Related Party Transaction Management - The governance structure includes a multi-level management system involving the Related Party Transaction Control Committee, senior management, and various offices to ensure compliance and effective management of related party transactions [1][2]. - The board of directors holds ultimate responsibility for related party transaction management, with the audit committee overseeing the review and risk control processes [2][3]. Compliance and Regulatory Adherence - The bank has implemented a "1+3+N" management system to ensure comprehensive compliance with regulatory requirements, including the establishment of detailed management procedures and training sessions for staff [7][8]. - Regular training sessions have been conducted to enhance understanding of regulatory requirements and improve the execution of management systems [8]. Related Party Identification and Reporting - As of the reporting period, the bank identified 6,993 related legal entities and 9,185 related individuals, with a notable increase in the number of related legal entities compared to the previous year [14]. - The bank has reported a total of 11,947.50 billion yuan in related party transactions, ensuring all transactions adhered to the required approval and reporting processes [18]. Credit Transactions with Related Parties - The bank's credit transactions with related parties include significant amounts, such as 3,739.28 billion yuan with CITIC Group, all within the regulatory limits [15][17]. - The overall quality of credit transactions with related parties is reported as good, with minimal amounts classified as special mention or substandard [18]. Non-Credit Related Transactions - The bank has engaged in non-credit related transactions, with a total of 15,390.18 billion yuan reported for the year, all of which complied with the necessary approval and reporting procedures [19].

行业研究 银行 2025 年 03 月 16 日 华创证券研究所 证 券 研 究 报 告 银行业周报（20250310-20250316） 推荐（维持） 提振消费促进需求回暖，资产质量趋稳 证券分析师：贾靖 邮箱：jiajing@hcyjs.com 执业编号：S0360523040004 证券分析师：徐康 电话：021-20572556 邮箱：xukang@hcyjs.com 执业编号：S0360518060005 联系人：林宛慧 邮箱：linwanhui@hcyjs.com 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 42 | 0.01 | | 总市值(亿元) | 114,991.99 | 13.04 | | 流通市值(亿元) | 78,973.67 | 11.41 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 5.0% | 17.3% | 17.7% | | 相对表现 | 2.8% | 15.6% | 24.4% | -12% 3% 19% 34% 24/03 2 ...

银行业正加大力度转让个人不良贷款。 据银登中心，3月11日，平安银行公告称，拟通过银登中心开展个人不良贷款（信用卡透支）转让业务未偿本息总额约1.19亿元，转让起始价700万元。未 偿本金总额中含信用卡年费、刷卡手续费、取现手续费等相关费用。 这只是近期频繁的个人不良贷款转让业务中的一笔。澎湃新闻据银登中心披露的公告不完全统计，仅2025年2月27日-3月11日，便有平安银行、建设银行、 中信银行等多家银行总行及分支机构转让个人不良贷款项目。扣除重新挂牌的项目后，涉及未偿本息总额约112.13亿元，其中因信用卡透支而产生的个人 不良贷款约18.6亿元，因个人消费及经营性贷款所产生的不良贷款约93.22亿元。 这一转让数额已高于去年整个一季度的数据，且因信用卡透支所产生的不良贷款资产包大幅增加。银登中心发布的《2024 年一季度不良贷款转让试点业务 统计》披露，2024年一季度，银登中心批量个人业务不良贷款包括个人消费贷款30.3亿元，个人经营类贷款7.5亿元，信用卡透支5.3亿元，合计43.1亿元。 对此，招联首席研究员、上海金融与发展实验室副主任董希淼对澎湃新闻分析称，不良贷款转让金额增多、速度加快主要是因 ...

聊聊投早、投小、投科技。 报道 I 投资界PEdaily 2 0 24年12月1 0 - 11日，由中共重庆市委金融委员会办公室指导，清科创业、投资界主 办，重庆渝富控股集团联合主办的"第二十四届中国股权投资年度大会"走进西部金融中 心重庆。作为股权投资行业晴雨表，本次大会将以"万象耕新"为主题，回顾行业风云， 重塑格局策略，探索价值发现，持续为中国股权投资行业注入力量。 本场 《新阶段下的投早、投小、投科技》 圆桌讨论，由元禾原点管理合伙人 费建江 主 持，对话嘉宾为： 中信银行投资银行部/科技金融中心总经理助理 傅月云 天创资本管理合伙人 洪雷 英诺天使基金创始合伙人 李竹 元璟资本管理合伙人 刘毅然 联想集团副总裁、联想创投合伙人 王光熙 联想之星总裁、主管合伙人 王明耀 泰达科投合伙人 张鹏 以下为对话实录， 经投资界（ID:peda il y 2 0 1 2）编辑： 费建江： 请每个人先自我介绍。从傅月云总开始。 傅月云： 中信银行一直非常重视科技金融，2022年挂牌成立科技金融中心，与投资银行 部合署办公。在科技金融的体制机制建设上，以及对于投早、投小、投硬科技的金融服 务上，中信银行一直都保持前 ...