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].

Core Viewpoint - CITIC Bank reported a net income from fees and commissions of 16.906 billion, showing a year-on-year growth of 3.38%, with positive factors supporting future growth [1] Group 1: Financial Performance - In the first half of the year, CITIC Bank's net income from fees and commissions included a 10.26 billion increase in custodial and other entrusted business commissions, a growth of 25.12% [3] - Agency business fees increased by 4.90 billion, reflecting an 18.81% growth [3] - Guarantee and consulting fees rose by 2.84 billion, marking an 11.35% increase [3] - Settlement and clearing fees grew by 2.11 billion, a 16.23% increase [3] - However, bank card fees decreased by 9.77 billion, a decline of 12.29% [3] Group 2: Market Outlook - The bank's president, Lu Wei, expressed confidence in the continued stable growth of net income from fees, supported by a recovering market and government policies aimed at boosting domestic demand and stabilizing the stock market [1][2] - The trend of declining deposit rates and the acceleration of deposit wealth management are expected to provide significant development potential for wealth management and agency sales businesses [1]

Investment Rating - The report maintains a "Buy" rating for CITIC Bank [1] Core Views - CITIC Bank's performance in the first half of 2025 shows a revenue of 105.8 billion yuan, a year-on-year decline of 3%, while the net profit attributable to shareholders is 36.5 billion yuan, reflecting a year-on-year growth of 2.8% [4][6] - The bank's asset quality remains stable, with a non-performing loan (NPL) ratio holding steady at 1.16% and a provision coverage ratio increasing by 0.4 percentage points to 208% [4][9] - The report highlights a gradual recovery in non-interest income, which decreased by 5% year-on-year in the first half of 2025, compared to a 14.4% decline in the first quarter [6][8] Financial Data and Profit Forecast - Total revenue projections for CITIC Bank are as follows: 2023: 205.9 billion yuan, 2024: 213.6 billion yuan, 2025E: 213.0 billion yuan, 2026E: 217.0 billion yuan, 2027E: 224.1 billion yuan [5] - The forecasted net profit attributable to shareholders for 2025 is 69.9 billion yuan, with a year-on-year growth rate of 1.98% [5] - The bank's return on equity (ROE) is projected to decline slightly from 10.80% in 2023 to 9.22% in 2025 [5] Key Performance Indicators - The bank's net interest margin (NIM) for the first half of 2025 is reported at 1.63%, a decrease of 14 basis points year-on-year [9][11] - The cost-to-income ratio improved to 26.91% in the first half of 2025, down from 27.33% in 2024 [13] - The bank's total loans reached 5.8 trillion yuan, with a year-on-year growth of 3.7% [13] Loan and Deposit Structure - In the first half of 2025, CITIC Bank's new loans exceeded 820 billion yuan, with over 90% of new corporate loans directed towards key sectors such as green finance and manufacturing [6][10] - Retail loans showed a recovery with a net increase of 44 million yuan in the second quarter of 2025 [6][10] - The total deposits of CITIC Bank reached 6.1 trillion yuan, reflecting a year-on-year increase of 10.7% [13]

5月8日，中信银行发布公告称，该行召开的董事会审议通过《关于申请设立金融资产投资公司的议 案》，该行拟以自有资金出资100亿元设立全资子公司信银金融资产投资有限公司（暂定名，将以有关 监管机构、市场监督管理部门核准的名称为准）。6月3日，该行公告披露，近日收到《国家金融监督管 理总局关于筹建信银金融资产投资有限公司的批复》，同意该行筹建信银金融资产投资有限公司。筹建 工作完成后，该行将按照有关规定和程序向国家金融监督管理总局提出开业申请。 北京商报讯（记者 宋亦桐）8月28日，中信银行召开2025年半年度业绩发布会，中信银行副行长谷凌云 表示，"金融资产投资公司（AIC）的设立为我行未来科技金融将注入新动力。" 谷凌云表示，具体来讲可以体现为两个有利，第一个有利于实现商业可持续闭环，通过AIC，中信银行 可以打造投贷联动新模式，培育投资收益新来源，实现风险收益新平衡。第二个有利于丰富科技金融生 态，通过AIC可以设立更广泛的基金和股权投资合作，深化跟各地方政府和产业龙头以及头部私募基金 的战略协作，推动科技金融生态建设再上新的台阶。 ...

Core Viewpoint - Citic Bank plans to sign an authorization management agreement with its controlling shareholder, Citic Group, to manage 60% of Huarong Financial Leasing's shares for three years, with an annual management fee of 5 million RMB [1] Company Summary - Huarong Financial Leasing, one of China's first financial leasing companies, has shown positive performance indicators, achieving revenue of 6.42 billion RMB and a net profit of 1.5 billion RMB in 2024, with a total asset scale of 158.915 billion RMB, reflecting a 13.83% increase from the previous year [2] - In the first half of 2025, Huarong Financial Leasing reported a net profit exceeding 900 million RMB and revenue over 3.6 billion RMB, marking year-on-year growth of 17.14% and 14.28% respectively [2] Industry Summary - The financial leasing industry has seen limited equity transfer activities this year, with only four companies experiencing changes in ownership as of August 26 [2] - Recent regulatory changes, including the revised "Management Measures for Financial Leasing Companies," require major shareholders to hold at least 51% of the total equity, up from the previous 30%, which may influence future equity adjustments in the industry [6]

Core Viewpoint - China CITIC Bank emphasizes a "steady, balanced, and sustainable" development approach, achieving positive results in a complex environment during the first half of the year, driven by three main aspects [1] Group 1: Performance Indicators - The bank reported positive growth in net profit, improved revenue margins, effective cost control, stable asset quality, and quality growth in scale [1] Group 2: Capability Insights - The development is supported by the bank's capability in managing volume and price balance, light capital development, comprehensive risk management, and customer operations [1] Group 3: Future Structure - Continuous optimization of asset, liability, and customer structures has led to a balanced revenue structure of 40% from retail, 40% from corporate, and 20% from financial market businesses, enhancing the bank's ability to withstand economic cycles [1]

Core Viewpoint - CITIC Bank emphasizes maintaining a balance between risk management and profit generation, highlighting that this approach is fundamental to its performance growth [1]. Financial Performance - For the first half of 2025, CITIC Bank reported a net profit attributable to shareholders of 36.478 billion yuan, an increase of 2.78% year-on-year [1]. - The bank's operating income was 105.762 billion yuan, reflecting a decrease of 2.99% compared to the previous year [1]. - As of the end of the reporting period, total assets reached 9,858.466 billion yuan, a growth of 3.42% from the end of the previous year [1]. - Total loans and advances amounted to 5,801.9 billion yuan, up 1.43% year-on-year [1]. - Customer deposits totaled 6,106.907 billion yuan, marking a 5.69% increase from the previous year [1]. Asset Quality - The non-performing loan (NPL) balance stood at 67.134 billion yuan, an increase of 649 million yuan or 0.98% from the previous year [1]. - The NPL ratio remained stable at 1.16%, unchanged from the end of the previous year [1]. - The provision coverage ratio was 207.53%, down by 1.90 percentage points from the end of the previous year, but up by 0.42 percentage points from the first quarter [1]. Strategic Focus for the Second Half - The bank plans to enhance asset allocation by increasing loan investments in key sectors while promoting personal loans and credit card business in retail [2]. - There will be a focus on refined liability management, aiming to increase the proportion of demand deposits and strengthen the bank's advantages in transaction settlement [2]. - The bank aims to grow non-interest income by collaborating with CITIC Financial Holdings' subsidiaries in wealth management and expanding its financial market trading operations [2].

Core Viewpoint - CITIC Bank demonstrated strong profit resilience in the first half of 2025, achieving a net profit of 36.478 billion yuan, a year-on-year increase of 2.78%, despite a 2.99% decline in operating income to 105.762 billion yuan, maintaining a revenue scale of over 100 billion yuan in a complex external environment [1][2] Financial Performance - The bank's total assets reached 9.858466 trillion yuan, a growth of 3.42% compared to the end of the previous year, with total loans and advances amounting to 5.8019 trillion yuan, up 1.43%, and total customer deposits at 6.106907 trillion yuan, increasing by 5.69% [2] - The non-performing loan (NPL) ratio remained stable at 1.16%, with a provision coverage ratio of 207.53%, indicating strong risk resistance capabilities [1] - The bank plans to increase its 2025 interim dividend payout ratio to 30.7%, distributing 1.88 yuan per share (before tax), enhancing investor return expectations [2] Interest Margin and Income Structure - The net interest margin narrowed to 1.63%, down 14 basis points from 1.77% in the same period of 2024, reflecting the challenges faced by the banking sector due to declining asset yields and rigid liability costs [3] - Interest income decreased by 1.94% to 71.201 billion yuan, despite a 6.78% increase in the average balance of interest-earning assets [3] - Non-interest income fell by 5.08% to 34.561 billion yuan, primarily due to a decline in investment income, although fee and commission income increased by 3.38% [4] Retail Banking Growth - Retail banking emerged as a new growth engine, with pre-tax profit soaring by 109.2% to 5.595 billion yuan, significantly outpacing the overall pre-tax profit growth of the bank [5][6] - Wealth management business showed robust performance, with retail wealth management product balances reaching 1.45 trillion yuan, a 4.11% increase, and private banking assets averaging 1.28 trillion yuan, up 9.33% [6][7] Governance and Strategic Direction - The bank underwent significant personnel adjustments in its board and senior management, maintaining stability at the chairman level while introducing new management talent to navigate complex market conditions [8][9] - The bank is focusing on a "five leading" strategy, emphasizing wealth management, comprehensive financing, transaction settlement, foreign exchange services, and digital banking [8][10] - The increase in interim dividend payout reflects the bank's financial health and long-term confidence, aligning with the trend of banks focusing on customer lifecycle understanding and capital efficiency [10]

从季度走势看，二季度归属于该行股东的净利润同比增长4.11%，增幅较一季度提升2.45个百分点；经 营收入同比下降2.29%，降幅较一季度收窄1.36个百分点，趋势向好。 资产质量总体稳定，风险抵御能力较强。截至报告期末，集团不良贷款余额671.34亿元，比上年末增加 6.49亿元，增长0.98%；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1.90个 百分点，较一季度末上升0.42个百分点。 中信银行（601998）(00998)绩后涨超3%，截至发稿，涨3.64%，报7.11港元，成交额1.53亿港元。 消息面上，8月27日，中信银行发布截至2025年6月30日止六个月业绩，集团实现归属于该行股东的净利 润364.78亿元，同比增长2.78%；经营收入1054.26亿元，同比下降2.96%；其中实现利息净收入712.01亿 元，同比下降1.94%，实现非利息净收入342.25亿元，同比下降5.01%。基本每股收益0.62元。拟每10股 派发现金股息1.88元人民币(含税)。 ...

智通财经APP获悉，中信银行(00998)绩后涨超3%，截至发稿，涨3.64%，报7.11港元，成交额1.53亿港 元。 资产质量总体稳定，风险抵御能力较强。截至报告期末，集团不良贷款余额671.34亿元，比上年末增加 6.49亿元，增长0.98%；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1.90个 百分点，较一季度末上升0.42个百分点。 消息面上，8月27日，中信银行发布截至2025年6月30日止六个月业绩，集团实现归属于该行股东的净利 润364.78亿元，同比增长2.78%；经营收入1054.26亿元，同比下降2.96%；其中实现利息净收入712.01亿 元，同比下降1.94%，实现非利息净收入342.25亿元，同比下降5.01%。基本每股收益0.62元。拟每10股 派发现金股息1.88元人民币(含税)。 从季度走势看，二季度归属于该行股东的净利润同比增长4.11%，增幅较一季度提升2.45个百分点；经 营收入同比下降2.29%，降幅较一季度收窄1.36个百分点，趋势向好。 ...