证 券 研 究 报 告 中信银行（601998）2025 年半年报点评 推荐（维持） 量价质均衡发展，息差环比降幅收窄 目标价：9.84 元/8.50 港元 事项： 8 月 27 日晚，中信银行披露 25 年半年报，1H25 实现营业收入 1057.6 亿元， 同比-2.99%；营业利润 466 亿元，同比增长 6.67%；归属于上市公司股东的净 利润 364.8 亿元，同比增长 2.78%。不良率环比持平于 1.16%，拨备覆盖率环 比略增 0.4pct 至 207.5%。 评论： 公司研究 全国性股份制银行Ⅲ 2025 年 08 月 28 日 当前价：8.02 元/6.86 港元 华创证券研究所 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 证券分析师：林宛慧 邮箱：linwanhui@hcyjs.com 执业编号：S0360524110001 公司基本数据 | 总股本(万股) | 5,564,516.23 | | --- ...

另一组数据变化也能看出中信银行的信贷结构进一步优化： 截至6月末，中信银行制造业中长期贷款余额3485.37亿元，较上年末增长15.94%；科技企业贷款余额 6606亿元，较上年末增长8%；普惠型小微企业贷款余额6306亿元，较上年末增加300多亿元。 记者在中信银行当日召开的2025年半年度业绩发布会上了解到，上半年，中信银行坚持以金融"五篇大 文章"为主线，持续加大对实体经济重点领域和薄弱环节的信贷投放力度，整体经营延续了向上、向好 的发展态势。 数据显示，截至6月末，中信银行实现归属于本行股东的净利润364.78亿元，同比增长2.78%；不良贷款 率1.16%，与上年末持平；拨备覆盖率207.53%，比上年末下降1.9个百分点。 "我们已经摒弃了规模情结，更专注于效益和质量并重的增长。"中信银行行长芦苇在发布会上表示，在 资产结构上，中信银行持续加大对实体经济的信贷投放力度，积极支持高成长性、高潜力的行业。 从信贷投放领域来看，中信银行在绿色金融方面表现突出。据介绍，通过深挖绿色低碳发展机遇，中信 银行持续支持重点领域和行业节能、降碳、减污、扩绿，积极搭建绿色示范、绿色专营、碳中和网点， 上线绿色低碳服 ...

Core Viewpoint - CITIC Bank has shifted its focus from scale to a balanced growth emphasizing efficiency and quality, as stated by the president Lu Wei during the 2025 semi-annual performance conference [1]. Financial Performance - In the first half of 2025, CITIC Bank reported operating income of 105.762 billion yuan, a year-on-year decrease of 2.99% [1]. - The net profit attributable to shareholders was 36.478 billion yuan, reflecting a year-on-year increase of 2.78% [1]. - As of the end of June, the total assets of CITIC Bank reached 985.8466 billion yuan, showing growth compared to the end of the previous year [1]. Personnel Changes - Recent personnel adjustments include the appointment of Jin Xinian as vice president and the concurrent appointment of Vice President Xie Zhibin as chairman of CITIC Baixin Bank [1]. - Other notable changes include the reassignment of several executives, such as Zeng Yufang, who will no longer serve as vice president of the Guangzhou branch but will take on the role of vice president of the credit card center [2]. - The bank has also approved the qualifications of several senior executives across various branches [3][4][5][6]. Organizational Structure - CITIC Bank has restructured its organizational framework, renaming the original International Business Department to "International Business Department (Cross-Border Financial Center)" [3]. - The bank's semi-annual report indicates a total of 1,477 operating outlets in 153 major cities in China, including 37 first-level branches and 1,315 sub-branches [7]. Employee Statistics - As of June 2025, CITIC Bank employed 65,248 staff, a reduction of 218 employees compared to the end of the previous year [8]. - The average salary per employee for the first half of 2025 was approximately 257,800 yuan, down from 268,900 yuan in the same period last year [9]. Cost Management - The bank's business and management expenses totaled 28.460 billion yuan, a decrease of 1.335 billion yuan or 4.48% year-on-year [9]. - The cost-to-income ratio improved to 26.91%, a decline of 0.42 percentage points compared to the previous year [9].

Core Viewpoint - Citic Bank Chifeng Branch actively supports small and micro enterprises through various financing mechanisms, having issued 173 million yuan in inclusive loans to 122 enterprises by the end of July 2025 [1] Group 1: Financing Initiatives - The bank focuses on addressing the pain points of small and micro enterprises by enhancing product innovation and service optimization [1] - Utilizing the "CITIC e-loan" standardized system, the bank promotes online products like "Order e-loan" while expanding offline business [1] - A notable case involved a grain trading company that required financing during a peak stocking season; the bank quickly provided an 8.1 million yuan inclusive loan through the "Order e-loan" product, effectively addressing the financing challenges faced by small enterprises [1] Group 2: Loan Policies and Efficiency - The bank implements a no-repayment renewal policy for small and micro enterprises, ensuring seamless connection between loan issuance and repayment [1] - It has optimized the "online + offline" collaboration mechanism and special approval channels, significantly improving the efficiency of loan renewals [1] - This year, the bank has processed over 20 million yuan in no-repayment renewals for existing operating loan clients, benefiting 23 enterprises [1] Group 3: Future Plans - The bank plans to continue innovating its inclusive financial service model, aiming to create a financial ecosystem that is broader in coverage, lower in cost, superior in service, and controllable in risk [1]

Core Viewpoint - CITIC Bank reported a net profit of 36.478 billion yuan for the first half of 2025, reflecting a year-on-year growth of 2.78%, with a notable acceleration in growth during the second quarter, indicating an improvement in profitability momentum [1][10] Financial Performance - The bank's operating income for the first half of 2025 was 105.762 billion yuan, a decrease of 2.99% year-on-year, with net interest income at 71.201 billion yuan, down 1.94%, and non-interest income at 34.561 billion yuan, down 5.08% [1][10] - In Q2 2025, net profit grew by 4.11% year-on-year, with a decline in operating income narrowing to 2.28% [1][3] Revenue Drivers - Non-interest income saw a decline of 5.1% year-on-year, but improved significantly by 19.4% quarter-on-quarter in Q2, driven by a 6.18% increase in fee income [3][5] - The bank's net interest margin was 1.63%, down 0.14 percentage points year-on-year, while the net interest spread was 1.60%, down 0.11 percentage points [10][11] Asset and Liability Management - As of June 2025, CITIC Bank's total assets reached 9.86 trillion yuan, an increase of 325.7 billion yuan or 3.4% from the end of the previous year, with a focus on optimizing asset structure [5][7] - Total liabilities exceeded 9 trillion yuan, also growing by 3.4%, with customer deposits surpassing 6 trillion yuan, reflecting a 5.7% increase [7][10] Risk Management and Asset Quality - The non-performing loan balance was 67.134 billion yuan, with a non-performing loan ratio of 1.16%, stable compared to the previous year [12][15] - The bank has implemented measures to enhance risk control and improve asset quality, particularly in retail loans, with a focus on low-risk products and improved customer screening [15][16] Future Outlook - CITIC Bank's management expressed confidence in achieving better-than-average performance for the full year by focusing on asset allocation, interest margin stability, and growth in non-interest income [10][12]

Core Viewpoint - CITIC Bank reported a steady growth in net profit and maintained a focus on quality and efficiency in its operations, while continuing to implement its strategic initiatives in financial services [1][2][3]. Financial Performance - In the first half of 2025, CITIC Bank achieved a net profit attributable to shareholders of 36.478 billion yuan, an increase of 2.78% year-on-year [2]. - The bank's operating income was 105.762 billion yuan, a decrease of 2.99% compared to the previous year [2]. - The total assets reached 9858.466 billion yuan, growing by 3.42% from the end of the previous year [2]. - The total loans and advances amounted to 5801.9 billion yuan, up by 1.43% year-on-year [2]. - Customer deposits totaled 6106.907 billion yuan, reflecting a growth of 5.69% [2]. Asset Quality - The non-performing loan balance was 67.134 billion yuan, an increase of 0.98% from the end of the previous year [2]. - The non-performing loan ratio remained stable at 1.16% [2]. - The provision coverage ratio was 207.53%, down by 1.90 percentage points from the end of the previous year [2]. Credit Structure Optimization - CITIC Bank focused on aligning its credit structure with national strategies, increasing lending to key sectors such as green finance, manufacturing, and small and micro enterprises [3]. - The loan balances for green finance, manufacturing, private economy, strategic emerging industries, and inclusive small and micro enterprises grew by 16.79%, 15.94%, 6.08%, 5.57%, and 5.13% respectively [3]. Strategic Initiatives - The bank emphasized the implementation of its "Five Major Financial Articles" strategy, enhancing its organizational structure and product offerings in technology finance, green finance, inclusive finance, pension finance, and digital finance [4]. - The balance of loans for technology enterprises increased by 8.14%, while green credit surpassed 700 billion yuan with a growth of 16.79% [4]. - The bank's retail management assets reached 4.99 trillion yuan, growing by 6.52% year-on-year [5]. Future Outlook - The bank's president expressed confidence in achieving good operational results in the second half of the year, supported by favorable policy conditions [6].

Core Viewpoint - CITIC Bank reported a steady growth in net profit and maintained a stable asset quality while focusing on quality and efficiency in its operations [2][3][5] Financial Performance - In the first half of 2025, CITIC Bank achieved a net profit of 36.478 billion yuan, an increase of 2.78% year-on-year [2] - Operating revenue was 105.762 billion yuan, a decrease of 2.99% year-on-year [2] - Total assets reached 9858.466 billion yuan, growing by 3.42% from the end of the previous year [2] - The total loan and advance amount was 5801.9 billion yuan, up by 1.43% [2] - Customer deposits totaled 6106.907 billion yuan, increasing by 5.69% [2] Asset Quality - The non-performing loan balance was 67.134 billion yuan, an increase of 649 million yuan or 0.98% from the previous year [2] - The non-performing loan ratio remained stable at 1.16% [2] - The provision coverage ratio was 207.53%, down by 1.90 percentage points from the end of the previous year [2] Credit Structure Optimization - CITIC Bank focused on aligning credit structure adjustments with national strategies, increasing lending to key sectors [3] - The loan balances for green credit, manufacturing mid-to-long term, private economy, strategic emerging industries, and inclusive small and micro enterprises were 701.415 billion yuan, 348.537 billion yuan, 1429.220 billion yuan, 679.836 billion yuan, and 630.610 billion yuan, with growth rates of 16.79%, 15.94%, 6.08%, 5.57%, and 5.13% respectively [3] Financial Initiatives - CITIC Bank emphasized the implementation of the "Five Major Financial Articles" as a primary task, enhancing monitoring mechanisms and assessment systems [4] - The bank expanded its technology finance branches to 21 and introduced innovative products like technology achievement transformation loans [4] - Green finance initiatives led to a 16.79% increase in green credit, surpassing 700 billion yuan [4] - Inclusive finance and pension finance also saw significant growth, with pension financial custody exceeding 530 billion yuan [4] Strategic Development - CITIC Bank is committed to building a value bank, balancing short-term performance with long-term capability development [5] - The retail management asset balance reached 4.99 trillion yuan, growing by 6.52% [5] - The comprehensive financing balance was 14.78 trillion yuan, an increase of 3.43% [5] - The bank is advancing its digital transformation strategy, integrating information, data, and intelligence [5] Future Outlook - The bank's leadership expressed confidence in achieving good operational results in the second half of the year, supported by favorable policy conditions [6]

Core Viewpoint - CITIC Bank's management characterized the bank's performance in the first half of 2025 as "steady progress amidst challenges," emphasizing its consistent profit growth since its listing [2][5]. Financial Performance - In the first half of 2025, CITIC Bank reported operating income of 105.76 billion yuan, a year-on-year decrease of 2.99%, while net profit attributable to shareholders was 36.48 billion yuan, reflecting a year-on-year increase of 2.78% [4][5]. - As of the end of June, the bank's non-performing loan ratio stood at 1.16%, unchanged from the end of the previous year, and total assets grew by 3.42% to 9.86 trillion yuan [4][5]. Strategic Focus for H2 2025 - The bank plans to enhance revenue generation by focusing on three areas: asset allocation, liability management, and non-interest income growth [5][6]. - Emphasis will be placed on increasing loan disbursements in key sectors and improving the quality of asset management [5][6]. - The bank aims to stabilize net interest margins through effective management of demand deposits and retail business [6][8]. Non-Interest Income Growth - CITIC Bank is focusing on wealth management and capital market activities to boost non-interest income, with securities investment income contributing significantly [7][10]. - The bank's wealth management assets under management (AUM) reached 4.99 trillion yuan, a 6.52% increase from the previous year [10]. Response to "Anti-Overcompetition" Policy - The management highlighted the importance of the "anti-overcompetition" policy in promoting sustainable development in the banking sector, which is expected to enhance the quality of loans and intermediary services [8][9]. - The bank is adapting its strategies to align with national policies aimed at restructuring supply-side dynamics and regulating market competition [8][9]. Technology Finance Initiatives - CITIC Bank has established a financial asset investment company to enhance its technology finance capabilities, with a focus on creating a sustainable investment model [12][13]. - As of June, the bank's technology loans exceeded 1 trillion yuan, with significant investments in over 1,100 technology enterprises [13].

Core Viewpoint - CITIC Bank's asset quality remains stable, with a focus on risk management in retail business, indicating a positive trend for future non-performing loans [1][3]. Financial Performance - For the first half of 2025, CITIC Bank reported a net profit of 36.478 billion yuan, a year-on-year increase of 2.78%, while operating income decreased by 2.99% to 105.762 billion yuan [1][2]. Risk Management - The bank has intensified risk control in retail business, with a focus on improving product and customer structures, leading to a decrease in future non-performing loan indicators [3]. - As of the reporting period, CITIC Bank's non-performing loan balance was 67.134 billion yuan, an increase of 0.98% year-on-year, with a non-performing loan ratio of 1.16%, unchanged from the end of the previous year [3]. Strategic Focus - CITIC Bank has shifted its focus from scale to quality and efficiency, emphasizing the "retail first" strategy and aiming for reasonable and quality growth [2]. - The bank plans to enhance its return on equity (ROE) stability and improve investor returns in the second half of the year [2]. Interest Margin Outlook - The bank's net interest margin for the first half of the year was 1.63%, down 14 basis points year-on-year, but showed improvement in the second quarter compared to the first [4]. - The "anti-involution" policy is expected to stabilize the banking sector's net interest margin, with ongoing pressure from declining asset prices [4]. Industry Trends - The retail asset quality risk has increased across the banking industry, with major banks experiencing rising non-performing loan ratios despite expanding retail portfolios [3]. - The "anti-involution" measures are anticipated to drive high-quality development in related industries, impacting the overall industry ecosystem [5].

Group 1 - The core idea of the news is that CITIC Bank's "Cross-Border Flash Loan" service effectively addresses the financing challenges faced by small and micro foreign trade enterprises, providing them with a strong financial boost for international market expansion [1][2][3] Group 2 - The "Cross-Border Flash Loan" service was launched in May 2025 and has disbursed over 40 million yuan, showcasing its success in meeting the urgent financing needs of small and micro enterprises in Shandong [1][2] - This service offers an online, pure credit model with loan amounts up to 7 million yuan, catering to short-term funding needs such as procurement, logistics, and settlement, while allowing flexible repayment options [2][3] - CITIC Bank employs advanced technologies like big data and artificial intelligence to streamline the credit assessment and loan approval process, significantly reducing the time required for businesses to secure financing [2][3] Group 3 - The initiative reflects CITIC Bank's commitment to innovation and its determination to leverage digital solutions to overcome financing barriers for small and micro enterprises [3] - The bank aims to enhance its financial products and services, including the "Cross-Border Flash Loan," to support the high-quality development of foreign trade in Shandong and contribute to regional economic growth [4]