Group 1: Total Assets and Structure - The total assets of the 12 national joint-stock banks exceed 15 trillion yuan, with two banks surpassing 10 trillion yuan and five banks between 5 trillion and 10 trillion yuan [2][3] - China Merchants Bank leads with total assets of 12.15 trillion yuan, followed by Industrial Bank at 10.51 trillion yuan [2][3] - All banks showed positive growth in total assets compared to the end of 2023, with China Merchants Bank having the highest growth rate of 10.19% [2][3] - Loans constitute the majority of total assets, with CITIC Bank having the highest loan-to-asset ratio at 60.01% [2][3] Group 2: Liabilities and Structure - The ranking of total liabilities mirrors that of total assets, with deposits being the primary source of liabilities for the banks [4][5] - China Merchants Bank has the highest deposit-to-liability ratio at 83.31%, indicating strong deposit-raising capability [4][5] - Four banks, including Industrial Bank and Minsheng Bank, have deposit ratios below 60%, with Huaxia Bank having the lowest at 53.64% [4][5] Group 3: Operating Income and Structure - China Merchants Bank reported operating income of 337.49 billion yuan, the highest among the banks, surpassing even the state-owned Bank of Communications [7][8] - Six banks experienced negative growth in operating income, with Ping An Bank showing the largest decline at 10.93% [8][10] - Net interest income remains the primary source of revenue, with Hengfeng Bank having the highest proportion of net interest income to operating income at 80.55% [8][10] Group 4: Net Profit Analysis - China Merchants Bank achieved a net profit of 149.56 billion yuan, the largest among the banks, nearly double that of the second-ranked Industrial Bank [14][15] - Four banks, including Minsheng and Guangfa, reported negative growth in net profit, with Minsheng Bank experiencing the largest decline at 9.07% [15][17] Group 5: Net Interest Margin and Quality - All banks reported a net interest margin below 2%, with China Merchants Bank having the highest at 1.98% [18][19] - The non-performing loan ratio for China Merchants Bank is the lowest at 0.95%, while Bohai Bank has the highest at 1.76% [19][20] - Provision coverage ratio for China Merchants Bank is significantly higher at 411.98%, compared to the second-highest, Ping An Bank, at 250.71% [19][20]

Monetary Policy and Financial Stability - The People's Bank of China announced the creation of new structural monetary policy tools to stabilize the economy and financial markets, focusing on maintaining ample liquidity and supporting employment and growth in key areas [1] - The central bank is also exploring additional policy tools to enhance support for employment, enterprises, markets, and expectations, including promoting "two new" debt financing tools for private enterprises, which have issued 25.5 billion yuan [1] Banking Sector Adjustments - Several banks, including China Merchants Bank and others, are closing credit card centers and shifting to localized operations due to slowing retail business growth, with 23 credit card centers of China Merchants Bank approved for closure in 2024 [5] - The first batch of listed banks has announced the abolition of supervisory boards, with only Postal Savings Bank retaining the position of supervisor, following new regulations from the National Financial Supervision Administration [7][8] Financial Performance of Banks - Shanghai Pudong Development Bank reported a revenue of 45.922 billion yuan and a net profit of 17.598 billion yuan for Q1 2025, with total assets reaching 9.552 trillion yuan, showing positive growth in both revenue and profit [6] - Zhejiang Commercial Bank's total assets exceeded 3.4 trillion yuan, with a revenue of 17.105 billion yuan and a net profit of 5.949 billion yuan for Q1 2025, reflecting a strategic shift towards quality and service over mere scale [9] - Suzhou Bank reported a net profit growth of 10.16% year-on-year, with total assets surpassing 720 billion yuan and a non-performing loan ratio of 0.83% [11]

Investment Rating - The report maintains a positive outlook on the banking sector, highlighting it as a low-volatility dividend play in a counter-cyclical environment and a strong performer in absolute returns during a pro-cyclical phase [6]. Core Insights - The first quarter of 2025 saw a decline in both revenue and net profit for listed banks, with revenue and net profit down 1.7% and 1.2% year-on-year, respectively. The main reasons for this decline were the expected decrease in interest margins and pressure from non-interest income [3][12]. - Loan growth has remained stable, with a year-on-year increase of 7.9% in the first quarter. Notably, banks in Jiangsu and Zhejiang, as well as Chengdu, continue to show strong economic performance, while Chongqing has emerged as a new growth area with loan growth exceeding 16% [3][4]. - The average net interest margin for listed banks was 1.54% in the first quarter, reflecting a slight quarter-on-quarter increase of 2 basis points, supported by a decrease in the cost of interest-bearing liabilities [4][12]. - The non-performing loan (NPL) ratio for listed banks decreased to 1.23%, with an estimated annualized NPL generation rate of approximately 0.63% [5][19]. - The report emphasizes the importance of focusing on high-dividend yield banks, particularly those with solid provisions and growth opportunities in favorable policy environments [6][19]. Summary by Sections Performance Overview - The first quarter of 2025 saw a significant impact from the decline in interest margins and non-interest income, leading to a negative growth in both revenue and profit for listed banks [10][12]. - The report indicates that the performance of state-owned banks was below expectations, while city and rural commercial banks generally met expectations [3][19]. Loan and Credit Analysis - Loan growth has been stable, with a year-on-year increase of 7.9% in the first quarter. The report highlights that the demand for loans from small and medium-sized enterprises has weakened, affecting the growth rates of rural commercial banks [3][4]. Interest Margin and Cost Analysis - The report notes that the average net interest margin for listed banks improved slightly, with a quarter-on-quarter increase attributed to a reduction in the cost of interest-bearing liabilities [4][12]. Asset Quality and Risk Management - The NPL ratio for listed banks decreased to 1.23%, with proactive measures taken to manage and dispose of non-performing assets [5][19]. - The report indicates that the retail sector is experiencing some risk exposure, but overall asset quality remains stable [5][19]. Investment Recommendations - The report recommends focusing on banks with high dividend yields and solid fundamentals, particularly those that are well-positioned to benefit from favorable policy changes [6][19].

4月29日，工商银行、农业银行、中国银行、建设银行、交通银行五大国有银行同日发布公 告，宣布同意撤销监事会并修改公司章程，招商银行、华夏银行两家股份制银行董事会决议 也审议通过了取消监事会相关议案。 除银行机构外，其他金融机构也开始行动。4月29日，中国人保发布关于修订公司章程的公 告。根据修订后的章程，中国人保不设监事会，相应职权由董事会审计委员会行使。此前， 日本财险（中国）已于4月20日宣布撤销公司监事职位，并明确由董事会下的审计与风险管 理委员会行使监事会职责。 撤销监事会是落实新修订《公司法》的具体实践，也是金融机构治理体系改革的重要路径， 有助于金融机构进一步优化公司治理结构、提升公司治理质效，助力行业治理体系构建新生 态与新图景。 七家银行宣布撤销监事会 招商银行提出设立职工董事 在国有银行方面，工商银行、农业银行、中国银行、建设银行、交通银行五家国有银行均于 4月29日发布公告，宣布撤销监事会。 工商银行董事会审议通过《中国工商银行股份有限公司章程（2025 年版）》及撤销监事会 相关事项的议案，尚需提交该行股东大会审议通过，并报送国家金融监督管理总局核准。 农业银行董事会审议通过不再设立监事 ...

Investment Rating - The report indicates a cautious outlook for the banking sector, with expectations of continued narrowing of interest margin declines due to improved cost management on the liability side [5]. Core Insights - The overall revenue and profit growth rates for listed banks in Q1 2025 were -1.7% and -1.2%, respectively, showing a widening decline compared to 2024 [4]. - Net interest income decreased by 1.7% year-on-year, influenced by factors such as loan repricing and lower new loan rates, but the decline in interest margins is expected to continue to narrow [4][5]. - The overall asset quality remains stable, with a non-performing loan ratio of 1.23% and a provision coverage ratio of 238% [4]. Summary by Sections 1. Performance Overview - Listed banks' overall revenue and profit growth rates for Q1 2025 were -1.7% and -1.2%, respectively, with declines expanding by 1.8 percentage points and 3.5 percentage points compared to 2024 [4]. - The net interest income saw a year-on-year decline of 1.7%, attributed to factors like loan repricing and intensified competition [4]. 2. Revenue Breakdown - Fee and commission income for listed banks decreased by 0.7% year-on-year, with the decline rate narrowing by 8.7 percentage points compared to 2024 [4]. - Other non-interest income fell by 3.2% year-on-year, primarily due to significant fluctuations in the bond market affecting fair value changes [4]. 3. Asset Quality - The non-performing loan ratio stood at 1.23%, slightly down by 1 basis point from the end of Q4 2024, while the provision coverage ratio was 238%, showing a slight decrease of 2 percentage points from the previous year [4]. 4. Future Outlook - The narrowing trend in interest margin declines is expected to continue, supported by improved management of liability costs and stable asset quality [5]. - The report anticipates that the overall profit growth for the year will maintain a trend of quarterly improvement [5].

截至4月30日，市场融资余额合计1.78万亿元，较前一交易日减少156.33亿元，其中，沪市融资余额 9022.97亿元，较前一交易日减少81.79亿元；深市融资余额8683.58亿元，较前一交易日减少72.87亿元； 北交所融资余额50.37亿元，较前一交易日减少1.68亿元。 证券时报·数据宝统计显示，具体到个股，4月30日共有1130只股获融资净买入，净买入金额在千万元以 上的有203只，其中26只融资净买入额超5000万元。江淮汽车融资净买入额居首，当日净买入2.46亿 元，其次是招商银行、华夏银行，融资净买入金额分别为2.09亿元、1.83亿元，融资净买入金额居前的 还有博创科技、利欧股份、闽东电力等。 分行业统计，获融资客净买入超5000万元个股中，汽车、电力设备、银行等行业最为集中，分别有6 只、4只、3只个股上榜。板块分布上，大手笔净买入个股中，主板有20只，创业板有3只，科创板有3 只。 融资客大手笔净买入个股中，从最新融资余额占流通市值比例看，算术平均值为4.34%，融资余额占比 最高的是优刻得，该股最新融资余额8.53亿元，占流通市值的比例为9.44%，融资余额占比较高的还有 祥鑫科技、 ...

Group 1 - The annual performance reports for 2024 of 12 national joint-stock commercial banks in China have been fully disclosed, with China Merchants Bank achieving the highest net profit of 148.39 billion yuan [1] - Industrial Bank and CITIC Bank ranked second and third with net profits of 77.21 billion yuan and 68.58 billion yuan respectively [1][2] Group 2 - In terms of net profit growth, Shanghai Pudong Development Bank led with a year-on-year increase of 23.31% [2][3] - Hengfeng Bank and Huaxia Bank followed with growth rates of 5.99% and 4.98% respectively [2][4] Group 3 - Despite the significant growth in net profit, Shanghai Pudong Development Bank has experienced a decline in operating income for four consecutive years, with a decrease from 196.38 billion yuan in 2020 to 170.75 billion yuan in 2024 [3] - The operating income changes for Shanghai Pudong Development Bank from 2020 to 2024 were -2.99%, -2.75%, -1.24%, -8.05%, and -1.55% respectively [3]

中国经济网北京5月6日讯目前，我国12家全国性股份制商业银行2024年度业绩报告已全部披露完毕。从 不良贷款率表现来看，截至2024年末，渤海银行不良贷款率1.76%，在股份行中最高。华夏银行 （600015）、广发银行的不良贷款率分别为1.60%、1.53%，排在第二、三名，均较2023年末上升一个 名次。招商银行（600036）的不良贷款率最低，为0.95%。 截至2024年末，渤海银行、华夏银行、广发银行、恒丰银行、民生银行（600016）、浙商银行 （601916）、浦发银行（600000）、中信银行（601998）的不良贷款率均较2023年末有所下降，其中恒 丰银行下降0.23个百分点，降幅居首。光大银行（601818）、兴业银行（601166）、平安银行 （000001）、招商银行的不良贷款率与2023年末持平。 银行名称 2024年末不良贷款率 2023年末不良贷款率 2024年末较2023年末变动 | 渤海银行 | 1.76% | 1.78% | 下降0.02个百分点 | | --- | --- | --- | --- | | 华夏银行 | 1.60% | 1.67% | 下降0.07个百分点 ...

华夏银行股份有限公司 2024 年年度股东大会会议文件 二〇二五年五月十三日 文件目录 华夏银行股份有限公司 2024 年年度股东大会会议议程......................... -01- 华夏银行股份有限公司 2024 年年度股东大会会议须知......................... -03- 审议事项： | 1．华夏银行董事会 2024 年度工作报告 -06- | | --- | | 2．华夏银行监事会 2024 年度工作报告 -16- | | 3．华夏银行 年度财务决算报告 -25- 2024 | | 4．华夏银行 2024 年度利润分配预案 -30- | | 5．华夏银行 2025 年度财务预算报告 -32- | | 6．关于聘请 2025 年度会计师事务所及其报酬的议案 -38- | | 7．华夏银行 年度关联交易管理制度执行情况及关联交易情况报告.. 2024 | | -43- | | 8．关于申请关联方日常关联交易额度的议案 -56- | | 9．关于华夏银行贷款减免审批权限的议案 -94- | | 10．关于撤销华夏银行监事会的议案 -97- | | 11．关于修订《华夏 ...

Core Viewpoint - The performance of listed banks in the first quarter of 2025 shows significant divergence, with many large and medium-sized banks experiencing declines in both revenue and net profit, while some smaller banks report stable growth [2][5][6]. Group 1: Performance Trends - A total of 42 listed banks have reported their Q1 2025 results, with 16 banks showing negative revenue growth and 12 banks experiencing a decline in net profit. Among these, 10 banks reported declines in both metrics [5]. - Notably, large state-owned banks and joint-stock banks have seen a slowdown in profitability indicators, with three major state-owned banks among those with declining revenue and net profit [5][6]. - In contrast, some city and rural commercial banks have achieved significant growth in net profit, with banks like Hangzhou Bank and Qilu Bank reporting increases of 17.30% and 16.47%, respectively [6]. Group 2: Income Composition and Variability - The divergence in performance is primarily attributed to differences in net interest income and significant fluctuations in non-interest income. Over 60% of listed banks reported negative year-on-year growth in net interest income [8]. - Among state-owned banks, five reported declines in net interest income ranging from 2.74% to 5.21%, while some smaller banks like Chongqing Bank and Jiangsu Bank saw increases of 28.08% and 21.94%, respectively [9]. - Non-interest income also showed a stark contrast, with 21 banks reporting negative growth in fee and commission income, while some smaller banks experienced increases ranging from 135.53% to 495.23% [9]. Group 3: Net Interest Margin Trends - The overall net interest margin (NIM) for commercial banks continues to face pressure, with only Minsheng Bank reporting a year-on-year increase of 3 basis points to 1.41% [10]. - The largest declines in NIM were observed in Zhangjiagang Bank, which saw a drop of 32 basis points to 1.43%. State-owned banks like Postal Savings Bank and Construction Bank also reported declines [10]. - Many banks indicated that the NIM will continue to be influenced by factors such as LPR adjustments and the repricing of existing loans, although the rate of decline is expected to slow compared to 2024 [10][11]. Group 4: Loan Growth and Deposit Stability - Listed banks have increased loan disbursements while maintaining stable deposit growth. For instance, city commercial banks like Ningbo Bank reported a deposit growth of 18.95% compared to the beginning of the year [12]. - Several banks have improved their deposit costs, with Shanghai Bank reporting a decrease in interest rates for both corporate and personal deposits [12]. - Banks are focusing on enhancing control over liabilities and optimizing asset structures, with an emphasis on increasing low-cost deposits and reducing high-cost liabilities [12][13]. Group 5: Focus on Key Sectors - Banks are intensifying their loan support in key sectors such as technology, green finance, and inclusive finance, with significant growth in these areas. For example, green loans and technology loans at Postal Savings Bank increased by 6.01% and 9.90%, respectively [13]. - The strategy of "volume compensating for price" is being employed to mitigate the impact of declining NIM, with banks like Industrial Bank emphasizing support for green and technology sectors [13].