(A joint stock company incorporated in the People's Republic of China with limited liability) （於中華人民共和國註冊成立的股份有限公司） (Stock code 股份代號：6818) 25 April 2025 Dear registered shareholder(s), Reminder letter regarding the Arrangement of Electronic Dissemination of Corporate Communications With reference to the notification letter dated 6 February 2024 titled "Arrangement of Electronic Dissemination of Corporate Communications", China Everbright Bank Company Limited (the "Company") is writing to inform you that the ...

Financial Performance - The total operating income for the year reached RMB 135.595 billion, with a net profit of RMB 41.911 billion, reflecting a solid financial performance [6]. - Operating income for the period was RMB 135.60 billion, a decrease of 6.96% compared to the previous year [39]. - Net profit attributable to shareholders was RMB 41.70 billion, a year-on-year increase of 2.22% [39]. - Net profit increased by 2.03% year-on-year to RMB 41.91 billion, with a pre-tax profit of RMB 51.47 billion, up by 3.45% [86][90]. - The company reported a significant reduction in the migration rate for attention loans, dropping by 11.11 percentage points to 15.30% [165]. Asset and Liability Management - The total assets of the bank amounted to RMB 6,959.021 billion, while total liabilities were RMB 6,368.790 billion, indicating a strong balance sheet [6]. - Total assets reached RMB 6.96 trillion, an increase of 2.75% compared to the end of the previous year [37]. - The total liabilities amounted to RMB 6,218,011 million in 2023, an increase from RMB 6,368,790 million in 2022, reflecting a strategic management of liabilities [44]. - The total liabilities of the group increased to RMB 6,368.79 billion, up by RMB 1,507.79 billion or 2.42%, mainly due to an increase in bonds payable [142]. Loan and Credit Quality - The non-performing loan ratio stood at 1.25%, with a loan provision coverage ratio of 180.59%, demonstrating effective risk management [6]. - Non-performing loans stood at RMB 49.25 billion, with a non-performing loan ratio of 1.25%, unchanged from the previous year [87]. - The company’s provisions for loan impairment increased to RMB 88.58 billion as of December 31, 2024, from RMB 85.37 billion in the previous year [180]. - The total amount of loans overdue for more than three years increased to RMB 5.28 billion, up from RMB 3.56 billion in the previous year [170]. Shareholder Returns - The board proposed a final dividend of RMB 0.85 per share, bringing the total dividend for the year to RMB 1.89 per share, reflecting a commitment to shareholder returns [3]. - The equity attributable to shareholders increased by RMB 353,090 million to RMB 587,700 million, primarily due to profit growth during the period [148]. Digital Transformation and Innovation - The bank is focused on digital transformation and enhancing service quality, aiming to improve operational efficiency and customer satisfaction [9]. - The bank emphasizes innovation in products, channels, and service models, transitioning from managing its own balance sheet to helping clients improve their financial statements [20]. - The bank aims to deepen digital transformation and optimize technology innovation mechanisms to enhance financial technology contributions [31]. Risk Management - The bank has outlined key risks and corresponding mitigation strategies in its management discussion, ensuring transparency and proactive governance [4]. - The bank will strengthen comprehensive risk management to prevent systemic risks and improve risk management capabilities [31]. - The bank is committed to risk management and compliance, with a focus on preventing new non-performing loans and managing financial risks in key sectors [76]. Market Expansion and Customer Engagement - The bank's total loan amount was RMB 3,933.902 billion, and the deposit balance reached RMB 4,035.687 billion, highlighting robust customer engagement [6]. - The bank's international expansion includes the opening of branches in Hong Kong, Seoul, Luxembourg, Sydney, and Melbourne, among others, in line with the "Belt and Road" initiative [21]. - The bank has established 1,321 branches domestically, achieving full coverage of provincial administrative regions and serving 150 major economic cities [21]. Social Responsibility and ESG - The bank has been recognized for its social responsibility efforts, receiving multiple awards, including the "2024 Financial High-Quality Development Case" from the People's Daily [24]. - The bank's ESG rating has steadily improved for two consecutive years, reflecting its commitment to social responsibility [28]. - The bank's commitment to social responsibility includes ongoing support for the "Mother Water Cellar" charity initiative [21]. Financial Technology and Services - The bank focuses on modern comprehensive financial services, including financial leasing, wealth management, consumer finance, and digital finance [21]. - The bank's wealth management and financial technology sectors have developed strong competitive advantages in the market [20]. - The digital financial services are being accelerated with a focus on online, mobile, and intelligent processes to enhance customer engagement and value [76].

Summary of Key Points Core Viewpoint - The recent increase in the minimum purchase threshold for gold accumulation products by several banks, including China Bank, is a response to the soaring gold prices, which have risen over 30% since the beginning of the year, with international gold prices reaching historical highs of over $3,500 per ounce [1][3]. Group 1: Bank Adjustments - On April 22, China Bank raised the minimum purchase amount for gold accumulation products from 750 yuan to 850 yuan, marking the second increase in April [3]. - Other banks, such as Industrial and Commercial Bank of China and Everbright Bank, have also raised their minimum purchase thresholds for gold accumulation products, with some banks setting the threshold as high as 1,000 yuan [5][3]. - The adjustments are aimed at filtering clients with higher risk tolerance and investment experience while controlling the scale of personal gold accumulation business [5]. Group 2: Market Analysis - The surge in gold prices is attributed to a weaker dollar, uncertainties in trade policies, and hawkish comments from the Federal Reserve regarding stagflation risks [1][7]. - Analysts express concerns about potential short-term corrections in gold prices, as evidenced by a significant reduction in net long positions in gold futures, which dropped over 30% recently [7][8]. - Despite short-term volatility risks, analysts maintain a bullish long-term outlook on gold due to its strategic value as a safe-haven asset amid economic uncertainties [8].

资产规模是衡量银行实力的重要指标之一。同花顺iFinD数据显示，9家股份制银行在2024年均实现了资产总额的增长。其中，招商银行以12.15万亿元的资 产总额在2024年报中领先，相较于2023年报的11.03万亿元，增长了1.12万亿元，增幅达10.19%，展现出强大的综合实力和市场竞争力。兴业银行、中信银 行、浦发银行等也实现了资产规模的稳步扩张，资产总额分别为10.73万亿元、9.53万亿元和9.27万亿元，增幅分别为3.39%、5.31%和5.18%。 随着2024年报相继发布，A股上市的9家股份制银行的业绩情况也已揭晓。同花顺iFinD数据显示，2024年，A股上市股份制银行资产规模稳步扩张，"吸 金"能力不减， 2024年全年，9家银行合计共实现归母净利润5007.91亿元，平均"日赚"13.72亿。此外，在净息差集体承压的背景下，各银行纷纷拓展多元化 收入来源。 资产规模稳步扩张，营收净利表现分化 | | 2024年末资产合计(万亿元) | 较上年末变动幅度 | | --- | --- | --- | | 招商银行 | 12.15 | 10.19% | | 兴业银行 | 10.37 | 3.39 ...

Core Viewpoint - The Everbright Bank Hohhot Branch is committed to supporting the high-quality development of the private economy and small and medium-sized enterprises in Inner Mongolia by optimizing service plans, building cooperation platforms, and innovating service models to inject financial momentum into regional economic vitality [1][6]. Group 1: Service Initiatives - The bank has established a special task force to respond to the "Six Actions" initiative, creating a "Service for Private Enterprises" action plan that focuses on resource optimization and service goals [2]. - The new plan emphasizes four key areas: technological innovation, manufacturing strength, green transformation, and inclusive finance for small and micro enterprises, offering supply chain financing, investment banking services, bond investment services, and cross-border financial services [2]. Group 2: Collaborative Efforts - The bank has formed a comprehensive service system based on "policy guidance + resource allocation + performance incentives" to enhance enterprise support [3]. - A strategic cooperation agreement was signed with the Inner Mongolia Federation of Industry and Commerce, resulting in financing agreements worth 3.195 billion yuan with 16 private enterprises, and 239 million yuan in credit approvals for 57 participating companies [3]. - The bank organized a seminar to discuss the financing needs of 69 key private enterprises, inviting leading companies in new productivity sectors to understand their requirements [3]. Group 3: Regional and Local Support - The bank is actively promoting cross-provincial collaboration under the "Jing-Mong Cooperation" strategy, providing over 200 million yuan in credit support for local agricultural and ecological tourism industries [4]. - A special meeting was held to address investment needs from Beijing enterprises in clean energy and equipment manufacturing, establishing a cross-regional service mechanism [4]. - The bank conducted field research to address challenges faced by county-level enterprises, providing tailored financing solutions and issuing 1.28 billion yuan in loans to Hohhot enterprises in the first quarter [4]. Group 4: Financial Innovation and Support - The bank has significantly increased credit issuance, with a total of 10.69 billion yuan in loans to local enterprises in the first quarter of 2025, a 71% year-on-year increase, with over 40% of new loans going to private enterprises [5]. - Collaboration with Everbright Securities has facilitated IPO guidance for one company and stock repurchase loans for three companies, along with the successful issuance of 5.8 billion yuan in SCP for Yili Group [5]. - The bank has innovated its product offerings, including the first direct opening bank guarantee in Inner Mongolia and a financing solution that significantly reduced costs for a biotechnology company [5]. Group 5: Future Directions - The Everbright Bank Hohhot Branch aims to continue optimizing service models and deepening collaboration among government, banks, and enterprises to contribute to the high-quality economic development of Inner Mongolia [6].

Core Viewpoint - The China Securities Index for Hong Kong Stock Connect Central Enterprises Dividend Index has shown a decline of 8.24% over the past month, while it has increased by 1.03% over the last three months and decreased by 3.14% year-to-date [1]. Group 1: Index Performance - The China Securities Index for Hong Kong Stock Connect Central Enterprises Dividend Index closed at 0.0 points with a trading volume of 0.0 billion yuan [1]. - The index was established on November 14, 2014, with a base point of 1000.0 points [1]. Group 2: Index Holdings - The top ten weighted stocks in the index include: COSCO Shipping Holdings (7.47%), Orient Overseas International (2.97%), CITIC Bank (2.9%), CNOOC (2.66%), China Shenhua Energy (2.57%), Bank of China (2.53%), PetroChina (2.52%), China National Freight (2.51%), China Unicom (2.46%), and China Everbright Bank (2.37%) [1]. - The index is exclusively composed of stocks listed on the Hong Kong Stock Exchange, with a 100% allocation [1]. Group 3: Industry Composition - The industry composition of the index holdings is as follows: Financials (31.92%), Industrials (29.67%), Energy (15.41%), Communication Services (10.98%), Real Estate (4.49%), Materials (4.29%), Healthcare (2.00%), and Utilities (1.24%) [2]. - The index samples are adjusted annually, with changes implemented on the next trading day following the second Friday of December [2]. Group 4: Fund Tracking - Public funds tracking the index include: Huaxia China Securities Index for Hong Kong Stock Connect Central Enterprises Dividend Link A, Huaxia China Securities Index for Hong Kong Stock Connect Central Enterprises Dividend Link C, and Huaxia China Securities Index for Hong Kong Stock Connect Central Enterprises Dividend ETF [2].

Core Viewpoint - The financial indicators and asset quality of the six disclosed banks are generally stable in the first quarter, with a positive outlook for the banking sector driven by increased market volatility and the sector's stable returns and index weight advantages [1][9]. Summary by Sections Financial Performance - Six listed banks have disclosed their Q1 2025 performance, showing overall stability but continued differentiation in earnings. For instance, Minsheng Bank reported a net interest margin improvement and a revenue increase of over 7% year-on-year, while Ping An, Chongqing Rural Commercial Bank, and Changshu Bank reported revenue changes of -13.05%, +1.35%, and +10.05% respectively [2]. - The divergence in earnings performance is attributed to the impact of last year's net interest margin decline and the effects of fair value changes in Q1 [2]. Credit Growth - The banks demonstrated strong expansion momentum, with Shanghai Pudong Development Bank's total loans increasing by 254.58 billion (5.02%) year-on-year, marking a recent quarterly high. Minsheng Bank also reported stable growth in deposits and loans, while Ping An Bank's loans grew by 1.1% [3]. - Overall, the credit growth and expansion are positive, aligning with marginal improvements in social financing growth, with significant focus on real credit issuance and investment in interest-bearing bonds [3]. Asset Quality - Asset quality remains stable, with non-performing loan ratios for Ping An, Chongqing Rural, and Changshu banks remaining flat or slightly improved. The provision coverage ratios for these banks are still at solid levels, indicating a cautious approach to provisioning [4]. - The banks are intensifying efforts to recognize and manage problem assets, particularly in retail lending, with future asset quality changes dependent on the recovery of household balance sheets [4]. Market Performance - The banking sector showed optimistic performance last week, with the A/H bank index rising by 4.23%, outperforming the broader market. Notable gainers included Chongqing Bank (8.8%) and Shanghai Pudong Development Bank (7.4%) [6]. - The influx of incremental funds into the banking sector is evident, with significant net inflows into stock ETFs and increased holdings by southbound funds in Hong Kong [7]. Investment Outlook - The banking sector is recommended for active allocation due to its defensive attributes and relative value, especially in the context of ongoing U.S.-China trade tensions. The sector is expected to maintain robust fundamentals compared to most industries [9]. - Specific stock recommendations focus on banks with stable profitability, attractive dividend yields, and potential for valuation recovery [9].

Core Viewpoint - The financial industry continues to showcase high salaries, with 15 out of 16 banks reporting executives earning over one million yuan annually, despite some banks advocating for cost-cutting measures [1][4][6]. Salary Overview - Among the 16 banks analyzed, only Hengfeng Bank did not report any executives earning over one million yuan, with the highest salary being 647,300 yuan for its chairman [4][6]. - The highest-paid executive is Ji Guangheng, the president of Ping An Bank, with a salary of 4.1587 million yuan, followed closely by the chairman, Xie Yonglin, at 4.0129 million yuan [4][6]. Performance vs. Compensation - Notably, Ping An Bank and Minsheng Bank, which have reported poor performance with revenue declines of 10.93% and 9.85% respectively, still have some of the highest executive salaries in the industry [7][8]. - The disparity between high executive salaries and poor bank performance has led to a reluctance among executives to discuss their compensation publicly [2][4]. Executive Salary Changes - Among the 16 banks, 12 disclosed chairman salaries, with 10 experiencing increases, while 13 disclosed president salaries, with 10 seeing decreases [10][14]. - The trend indicates that while chairman salaries are generally rising, president salaries are declining, reflecting a broader trend of cost-cutting in the banking sector [12][14]. Average Employee Salary - The average salary for employees across the 16 banks is approximately 300,000 yuan, with Citic Bank leading at 606,200 yuan per employee, while the lowest is at 296,100 yuan for Bank of Communications [18][19]. - Overall, 9 banks reported an increase in average employee salaries, while 7 reported a decrease, indicating a general trend of "more increases than decreases" compared to the previous year [19].

Core Viewpoint - The total cash dividends proposed by major listed banks in China for 2024 exceed 560 billion yuan, marking an increase of over 10 billion yuan year-on-year, with state-owned banks dominating the distribution [1][3]. Group 1: Dividend Distribution - The six major state-owned banks plan to distribute over 420 billion yuan in cash dividends, with all having a dividend payout ratio of 30% or higher [1][3]. - Among the listed banks, China Merchants Bank leads with a cash dividend payout ratio of 35.32%, while Ping An Bank's ratio is below 30% at 28.32% [1][3][4]. - The total cash dividends for the six major banks include: Industrial and Commercial Bank of China (1,097.73 billion yuan), China Construction Bank (1,007.54 billion yuan), Agricultural Bank of China (846.61 billion yuan), Bank of China (713.60 billion yuan), China Merchants Bank (504.40 billion yuan), and Bank of Communications (281.46 billion yuan) [2][3]. Group 2: Changes in Dividend Amounts - Ping An Bank, Minsheng Bank, and Zheshang Bank have seen declines in their proposed dividend amounts, with decreases of 15.44%, 11.11%, and 4.88% respectively [2][6]. - The dividend payout ratio for Ping An Bank decreased from 30% in 2023 to 28.32% in 2024, attributed to the need for internal capital accumulation and regulatory compliance [6][9]. Group 3: Future Dividend Plans - China Merchants Bank plans to implement a mid-term dividend distribution for the first time in 2025, with a proposed payout ratio of 35% [5]. - Other banks, such as Industrial Bank and CITIC Bank, have also set ambitious dividend plans, with CITIC Bank aiming for a payout ratio of over 30% from 2024 to 2026 [5][12]. Group 4: Stock Dividend Yields - As of April 16, 2024, Ping An Bank has the highest dividend yield among the listed banks at 5.53%, followed by Zheshang Bank at 5.23% and Industrial Bank at 5.02% [8][9]. - The dividend yields for the six major state-owned banks are all above 4%, indicating strong investment value despite the overall low price-to-book ratios in the banking sector [7][11]. Group 5: Market Context and Valuation Plans - Many banks are currently trading below their book value, prompting over 20 banks to release valuation enhancement plans to improve their investment appeal [11][12]. - The valuation enhancement plans include commitments to maintain or increase dividend payouts, with banks like Bank of Communications and Ping An Bank outlining specific future dividend strategies [12][13].

Core Viewpoint - The recent surge in gold prices has reached historical highs, prompting banks to adjust their gold account minimum investment amounts and raising concerns among investors about market volatility [2][4][14]. Gold Price Surge - On April 16, gold prices exceeded $3,300 per ounce in London and COMEX futures, while Shanghai's spot gold reached 782 RMB per gram, marking a new high [2][9]. - The increase in gold prices has led to a rise in offline gold jewelry prices, with several domestic jewelry brands reporting prices over 1,000 RMB per gram for pure gold [2][12]. Bank Adjustments - Several banks, including China Merchants Bank, have raised the minimum investment amount for gold accounts, with the threshold increasing from 750 RMB to 800 RMB [4][5]. - Other banks, such as Everbright Bank and Bank of China, have also adjusted their minimum purchase amounts for gold accumulation products, reflecting the broader trend in the banking sector [6][9]. Market Volatility - The fluctuations in gold prices are attributed to various factors, including macroeconomic conditions, monetary policy changes, and geopolitical events [4][14]. - Analysts suggest that the recent volatility was exacerbated by unexpected policy announcements, leading to significant market reactions and liquidity demands [14][15]. Future Outlook - Analysts predict that gold prices may continue to rise, with potential increases of 10% to 16% in the near term due to ongoing demand for safe-haven assets and central bank gold reserves [15]. - The market is closely monitoring the impact of U.S. economic indicators and Federal Reserve policies, which could further influence gold price movements [14][15].