格隆汇8月28日｜申万宏源研究指出，中信银行1H25实现营收1058亿元，同比下滑3%，实现归母净利 润365 亿元，同比增长2.8%。2Q25不良率季度环比持平1.16%，拨备覆盖率季度环比提升0.4pct至 208%。业绩及资产质量符合预期。盈利维持稳定正增，同时中期分红率继续稳步抬升，凸显价值属 性。资产质量更早确立改善拐点以及平稳且预期可持续的ROE表现，是现阶段中信银行值得估值修复的 核心，中报继续验证稳健基本面，但市场对此认识尚不充分。伴随分红率稳步抬升、叠加优于同业的盈 利稳定性表现，该行看好中信银行估值向上修复空间，维持"买入"评级。维持盈利增速预测，预计 2025-2027年归母净利润同比增速分别2%、3.3%、4.4%，当前股价对应2025年PB为0.6倍，维持"买 入"评级。 ...

8月28日，中信银行行长芦苇在该行2025年半年度业绩发布会上回答记者关于息差走势等提问时表示， 基于该行的分析观察，预计银行业净息差的下降速度将逐步放缓。芦苇表示，利率下行环境下，息差仍 有收窄压力。目前，资产价格仍在低位运行，存量高收益资产主要是前几年投放的，定价比较高，随着 这些贷款逐步到期置换，将继续带动银行资产收益率下行，导致息差仍有下行的压力。但"反内卷"政策 和息差中性货币政策，将推动银行业净息差逐步企稳。（中证金牛座） ...

Core Viewpoint - CITIC Bank has shifted its focus from "scale obsession" to a balanced growth strategy emphasizing both efficiency and quality, which underpins its financial performance [2][4]. Financial Performance - As of mid-2025, CITIC Bank's total assets reached 9.86 trillion yuan, a 3.42% increase from the end of the previous year [2]. - The net profit attributable to shareholders was 36.478 billion yuan, reflecting a year-on-year growth of 2.78% [2]. - Operating revenue slightly declined to 105.762 billion yuan, down 2.99% year-on-year [2]. - The net interest margin stood at 1.63%, a decrease of 14 basis points, yet it remains 21 basis points above the industry average [2]. - The non-performing loan ratio was stable at 1.16%, consistent with the previous year-end and first quarter [2]. Operational Strategy - The bank emphasizes a "steady, balanced, and sustainable" approach, showcasing resilience and the ability to withstand shocks [2]. - Profit growth is supported by cost control measures, with effective reductions in funding, operational, and risk costs [2][5]. Risk Management - CITIC Bank has maintained stable risk indicators, with a continuous decline in non-performing loan ratios over the past six years and an increase in the provision coverage ratio over the last four years [3][5]. - The bank prioritizes risk management as a core competency, ensuring that growth is achieved without compromising risk resilience [5]. Growth Quality - The bank has achieved reasonable and quality growth, with off-balance sheet financing growing faster than on-balance sheet assets [4]. - The growth in general loans outpaced total loan and asset growth, while deposit growth exceeded total liability growth [4]. Customer and Asset Structure - The bank's revenue contribution structure is balanced, with corporate, retail, and financial market businesses contributing 40%, 40%, and 20% respectively [6]. - The bank has increased its focus on retail loans and asset under management (AUM), achieving a strong position in the industry [6]. - The bank's loan distribution strategy emphasizes increasing loans to the real economy, with general loans making up 56.6% of total assets, a 1.3 percentage point increase from the previous year [6]. Future Outlook - For the second half of the year, CITIC Bank plans to enhance revenue generation through asset management, interest margin stability, and non-interest income growth [8]. - The bank aims to improve asset allocation, focusing on high-quality projects and optimizing its loan structure [8]. - Efforts will be made to increase non-interest income by promoting wealth management and financial market services [8].

Core Viewpoint - The current low interest rate environment continues, leading to a gradual recovery in the capital market and changes in residents' asset allocation behavior, including a shift from deposits to wealth management and insurance products, and a move towards diversified asset allocation strategies [1][2] Group 1: Strategic Focus of Citic Bank - Citic Bank aims to enhance its position as a leading wealth management bank through a strategy focused on "Five Leading" initiatives, emphasizing three core capabilities [1] - The bank plans to strengthen its asset organization capabilities driven by investment research, transitioning its wealth management products towards "fixed income +" strategies and enhancing its insurance offerings [1] - The bank will deepen its customer management system by integrating corporate business and expanding customer acquisition through various financial services [1] Group 2: Service Enhancement Initiatives - Citic Bank is enhancing its online and offline service capabilities, including the development of an intelligent wealth advisor tool and improving the professional service capabilities of its investment advisory team [2] - The bank is committed to a long-term value approach in retail banking, focusing on high-quality and high-value development in its wealth management services [2]

格隆汇8月28日｜浙商证券研报指出，25H1中信银行营收、归母净利润同比分别-3.0%、+2.8%，分别较 25Q1改善0.7pc、1.1pc；25Q2末中信银行不良率环比持平于1.16%，25Q2末中信银行拨备覆盖率环比持 平于208%。驱动因素来看，非息降幅收敛、减值支撑加大，对冲息差收窄影响。生成水平来看，25H1 不良+关注TTM生成率环比25Q1下降12bp，生成压力改善。展望未来，预计中信银行全年营收仍有负增 压力，利润有望继续保持正增。该行维持目标价9.31元/股，对应2025年PB估值0.71x，现价空间18%， 维持"买入"评级。 ...

Core Viewpoint - CITIC Bank reported a significant decline in non-interest income for the first half of the year, attributing this to high base effects from the previous year and challenges in the bond market [1][2] Group 1: Financial Performance - CITIC Bank achieved non-interest income of 17.66 billion yuan in the first half of the year, a year-on-year decrease of approximately 12% [1] - The decline in non-interest income was more pronounced compared to the first quarter, indicating ongoing pressures in the banking sector [1] Group 2: Market Outlook - The bank's vice president, Xie Zhibin, anticipates a moderately accommodative monetary policy environment for the second half of the year, with the central bank having implemented 12 reserve requirement ratio cuts and 9 policy interest rate reductions since 2020 [1] - Interest rates are expected to remain on a downward trend in the medium to long term, although the space for further declines is limited due to the stabilization of domestic and international economic cycles [1] Group 3: Investment Strategies - CITIC Bank has outlined three key investment strategies for navigating the current market conditions: 1. Dynamic optimization of asset structure, maintaining a high interest rate risk exposure in government bonds while managing portfolio size and cycles according to market conditions [1] 2. Enhancing transaction efficiency by actively engaging in trading flows and exploring structural opportunities, particularly in derivative business [2] 3. Implementing precise risk hedging strategies to dynamically manage interest rate risks and respond to market fluctuations [2]

Core Viewpoint - CITIC Bank's performance in the first half of 2025 reflects the effectiveness of its "Five Leading" banking strategy, with a focus on light capital transformation and stable growth in fee income despite industry challenges [1] Group 1: Financial Performance - In the first half of the year, CITIC Bank achieved fee income growth characterized by "multiple points of effort and structural optimization," with all major product categories showing positive growth except for credit card business, which was impacted by a decline in overall market transaction volume [1] - The credit card business generated revenue of 5.33 billion yuan, maintaining the second position among comparable peers, despite a year-on-year decline in income due to decreased transaction volume [1] Group 2: Strategic Initiatives - The stable growth in fee income is attributed to three core capabilities: leveraging CITIC Group's collaborative advantages to build a "commercial bank and investment bank collaborative ecosystem," enhancing comprehensive financing service capabilities; deepening large custody scenarios; and expanding wealth management services through group collaboration [1] - The bank anticipates multiple supporting factors for fee income growth in the second half of the year, including national policies aimed at expanding domestic demand, promoting consumption, and stabilizing the stock market, which are expected to boost capital markets and accelerate the trend of "deposit wealth management" due to declining deposit rates [1] Group 3: Long-term Strategy - CITIC Bank has been continuously developing itself into a leading wealth management bank and comprehensive financing bank, with these long-term strategies expected to demonstrate their value during the current market recovery [1] - The bank expresses confidence in maintaining stable fee income growth, supported by its asset organization capabilities driven by investment research and the collaborative advantages of the group [1]

其次是反内卷政策和息差中性货币政策将推动银行业净息差逐步趋稳。一方面今年以来，反内卷政策逐步出台，有利于规范行业有序竞争，引导银行业把握好金融支持实体经济和保持自身健康发 芦苇表示，中信银行将继续按照年初确定的结构为王的思路，全力优化资产负债结构，加快结算能力建设，坚持稳息差经营主题，保持在该领域的相对优势。一是继续全力支持信贷投放，力争票 责任编辑：张文 8月28日金融一线消息，中信银行今日召开2025年半年度业绩发布会。行长芦苇表示，过去三年中信银行净息差连续跑赢大市，展现出稳息差的坚决执行力。芦苇介绍，在资产端中信银行通过大 谈及后续息差走势，芦苇认为，银行业净息差下降速度有可能逐步放缓。 首先是利率下行环境下，息差仍有收窄压力。目前资产价格仍在低位运行，随着存量高收益资产逐步到期，将继续带动银行资产收益率下行，导致息差仍有下行的压力。 ...

中信银行副行长胡罡8月28日在中信银行2025年半年度业绩发布会上表示，相较于上一轮供给侧改革， 本轮"反内卷"呈现三个方面的不同。一是目标不同，本次主要是聚焦提质，而非单纯限产；二是涉及行 业不同，不仅涉及传统行业，还涉及部分新兴行业；三是手段不同，本次主要是靠行业自律加市场化出 清。胡罡表示，整体看，本次"反内卷"措施将推动相关行业走向高质量发展，给行业生态带来重大变化 和深远影响。（上证报） ...

Core Viewpoint - CITIC Bank's president predicts that the decline in the banking industry's net interest margin (NIM) will gradually slow down, despite ongoing pressures from a low-interest-rate environment [1]. Group 1: Industry Insights - The banking industry is experiencing downward pressure on net interest margins due to the expiration of high-yield assets and low asset prices [1]. - Government policies aimed at regulating orderly competition in the banking sector are expected to help banks leverage financial support for the real economy while maintaining healthy development [1]. - The central bank's symmetric interest rate cuts are enhancing the transmission effect of monetary policy, which will help banks reduce liability costs further [1]. Group 2: Company Strategy - CITIC Bank aims to optimize its asset-liability structure and enhance settlement capabilities while maintaining a stable NIM [1]. - The bank plans to support credit issuance actively, aiming to keep the bill discounting scale low to improve NIM throughout the year [1]. - CITIC Bank will adhere to a balanced development principle for deposits, optimizing the deposit structure while controlling resource-based deposit scales [1]. Group 3: Financial Performance - In the first half of the year, CITIC Bank's net interest margin was 1.63%, a year-on-year decrease of 14 basis points, with a 2 basis point decline from the first quarter, indicating a slowing rate of decline [2].