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].

Group 1 - The cross-border payment (CIPS) concept declined by 0.95%, ranking among the top declines in the concept sector as of April 17 [1][2] - Within the CIPS sector, notable declines were observed in companies such as Dongfang Tong, Qingdao Kingking, and Sifang Jingchuang, while companies like Shiji Information, AsiaInfo Security, and New Zhisoft saw increases of 10.03%, 2.69%, and 2.02% respectively [1][2][4] Group 2 - The CIPS sector experienced a net outflow of 765 million yuan, with 37 stocks seeing net outflows, and 9 stocks exceeding 50 million yuan in net outflows [2][3] - The largest net outflow was from Zhongyou Capital, which saw a net outflow of 210 million yuan, followed by Sifang Jingchuang and Qingdao Kingking with net outflows of 187 million yuan and 149 million yuan respectively [2][3] - On the other hand, the stocks with the highest net inflows included Shiji Information, China Merchants Bank, and Sichuan Changhong, with net inflows of 149 million yuan, 72 million yuan, and 68 million yuan respectively [2][4]

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].

"当时我完全被对方引导，说我在某平台开通了一项业务，会定期扣款，要根据他们的提示关闭。"回忆当天的遭遇，纪女士仍心有余悸。 深耕社区践初心 金融为民谱新篇 4月2日，民生银行贵阳山水黔城小微支行举办了一场客户活动，工作人员在活动期间看到纪女士频繁接听电话，神色紧张，并不时提到是否要下载某APP、如何操作等词语。支 行工作人员凭借敏锐的职业嗅觉和专业素养，第一时间察觉到了异常。当纪女士接听着电话向网点外走时，支行工作人员迅速跟上了解情况。在银行工作人员的介入后，对方迅 速挂断了电话，同时纪女士发现手机收到了多条验证码信息。工作人员细心地向纪女士讲解了类似电信诈骗的典型案例，分析对方可能是在向她进行电信诈骗，劝说她以后接到 类似电话千万不要轻易进行任何操作。最终，通过银行工作人员的快速反应和及时处置，成功帮助纪女士避免了经济损失。 用心服务 织密金融安全防护网 近日，贵阳市民纪女士拿着一面印有"快速反应挽损失、为民挽损好银行"的锦旗，走进民生银行贵阳分行山水黔城小微支行，向支行工作人员连声道谢。一周前，该行凭借敏锐 的风险预警机制和高效的应急处置，成功拦截一起电信诈骗案件，为她挽回了数万元经济损失。 "多亏你们专 ...

Core Insights - The private banking business of several listed banks is experiencing rapid growth, becoming a key driver for retail banking amidst pressure on net interest margins and slowing retail business growth [1][4] Group 1: Private Banking Performance - As of the end of 2024, major banks like ICBC, ABC, CCB, and BOC have over 100,000 private banking clients, with ICBC leading at 289,000 clients, a 9.9% increase year-on-year [2] - The total assets under management (AUM) for private banking at ICBC, ABC, and BOC have surpassed 3 trillion yuan, with ABC and BOC showing significant growth rates of 18.87% and 16.73% respectively [2][3] - CCB, Ping An Bank, and others have also achieved AUM in the trillion yuan range, with notable year-on-year growth [3] Group 2: Market Dynamics and Challenges - The private banking sector is characterized by weak cycles, low volatility, and high value, making it an important non-interest income growth point for banks [4] - Despite the growth, challenges such as product homogenization, uneven personnel quality, and intense competition are present [4][5] - The trend of narrowing net interest margins is expected to continue, and the effectiveness of private banking in boosting non-interest income remains to be seen [4] Group 3: Client Segmentation and Service Innovation - Different banks have varying thresholds for private banking clients, with ICBC requiring a minimum asset level of 10 million yuan [3] - The focus is shifting towards high-net-worth individuals, who have a stronger risk tolerance and more certain financial needs, making them a key target for wealth management [6] - Banks are increasingly integrating non-financial services such as legal, tax, and healthcare into their offerings to enhance the value provided to private banking clients [6][7]

一、收入利润双下降，归母净利润十年最低 民生 银行 2024 年末总资产达到 7.81 万亿元 ，同比增长 1.82% ；当年实现营业收入 1362.90 亿元 ，同比 下降 3.21% ，营收增速自 2021 年以来已经 连续 4 年下降 ；实现归母净 利润 322.96 亿元 ，同比下降 9.85% 。 2024 年归母净利润是其近十年来最低水平（较 2019 年 最高时的 538.19 亿元下降 39.99% ）。 二、净息差持续走低，资产经营效率欠佳 虽然净息差持续走低是近年来 商业银行 的共性，但民生银行净息差不仅持续走低且 在同 等规模中银行中偏低 。 2024 年民生银行净息差为 1.39% ，在 7 万以规模以上的商业银行中仅 高于 交通银行 的 1.27% 。而交通银行虽然净息差低，但 2024 年收入和利润均保持正增长。 | 银行 | | 2023 年 | 2024 年 | | | --- | --- | --- | --- | --- | | | 净息差 | 净利差 | 净息差 | 净利差 | | 工商银行 | 1.61% | 1. 41% | 1. 41% | 1. 23% | | 建 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 中國民生銀行股份有限公司 CHINA MINSHENG BANKING CORP., LTD. （在中華人民共和國註冊成立的股份有限公司） 承董事會命 中國民生銀行股份有限公司 董事長 高迎欣 中國，北京 2025年4月14日 於本公告日期，本行執行董事為高迎欣先生、王曉永先生及張俊潼先生；非執行 董事為劉永好先生、史玉柱先生、宋春風先生、趙鵬先生及梁鑫傑先生；獨立非 執行董事為曲新久先生、溫秋菊女士、宋煥政先生、楊志威先生、程鳳朝先生及 劉寒星先生。 （股份代號：01988） 董事會會議召開日期 中國民生銀行股份有限公司（「本行」）董事會（「董事會」）茲通告謹定於2025年4月 29日（星期二）舉行董事會會議，藉以（其中包括）審議及批准刊發本行及其附屬 公司截至2025年3月31日止三個月之第一季度業績公告。 ...

Core Viewpoint - The era of easy profits in retail banking is over, as evidenced by the recent financial reports from listed banks for 2024, showing a decline in retail business performance across most institutions, with only China Merchants Bank reporting a slight increase in revenue [4][5]. Revenue and Profit Summary - China Merchants Bank reported retail revenue of 196.83 billion yuan, a year-on-year increase of 1.29%, while other banks experienced declines, with the largest drop being 45.04% for Bohai Bank [5][6]. - In terms of profit, all banks that disclosed data saw a decrease, with China Merchants Bank's profit declining by 9.28%, and Bohai Bank reporting a loss of 2.79 billion yuan [5][6]. Non-Performing Loan (NPL) Ratio Summary - The retail loan NPL ratio increased for most banks, with only Industrial Bank and Zhejiang Commercial Bank showing a decrease. Bohai Bank's NPL ratio surged to 4.15%, marking a significant increase of 1.9 percentage points [2][11]. - The rise in NPL ratios is attributed to external economic pressures, including declining household income and rising unemployment, impacting repayment capabilities [11][12]. Retail AUM Performance - China Merchants Bank led in retail Assets Under Management (AUM) with nearly 15 trillion yuan, significantly outpacing its competitors, and recorded an AUM growth rate of 12.05% [7][8]. - Other banks, such as CITIC Bank, also showed strong AUM growth, reaching 4.69 trillion yuan with a 10.62% increase [8]. Strategic Directions - Banks are shifting their retail strategies, focusing on deepening existing customer relationships rather than solely acquiring new clients. For instance, Industrial Bank emphasizes maximizing the value of existing customers, while others like Ping An Bank are undergoing a challenging retail transformation [15][16]. - The emphasis on wealth management and the transition from traditional deposit-taking to higher-value products is evident, with non-deposit AUM ratios being significantly higher in joint-stock banks compared to state-owned banks [9][10].

Core Viewpoint - The report highlights the changes in average employee salaries and executive compensation across major Chinese banks for 2024, indicating a mixed trend with state-owned banks generally experiencing salary increases while some joint-stock banks face declines in average salaries and executive pay [3][5][8]. Salary Trends - Among the 14 listed banks, state-owned banks saw an average salary increase of 3.1%, while joint-stock banks experienced an average decrease of 2.67% in employee salaries [3][5]. - The highest average salary among state-owned banks was reported by the Agricultural Bank at 36 million yuan, with a year-on-year increase of 7.2% [5]. - In contrast, the Shanghai Pudong Development Bank reported the largest decline in average salary, down 15% to 42.23 million yuan [6][7]. Executive Compensation - Executive compensation across the 14 banks generally decreased, with seven banks reporting a decline in total executive pay, the most significant drop being 52.17% at China Everbright Bank [4][8]. - Only the Industrial and Commercial Bank of China reported an increase in executive compensation, rising by 5.82% to 12.97 million yuan [8]. - The average salary for chairpersons of state-owned banks was 917,000 yuan, with the highest being 944,600 yuan at the Bank of Communications [9]. Employee Numbers - The total number of employees in state-owned banks remained stable, with a slight increase of 0.4% to approximately 1.85 million, while joint-stock banks saw a minor increase of 0.3% [10]. - The Agricultural Bank had the largest workforce among state-owned banks, employing 454,700 individuals [10].

Market Overview - The Shanghai Composite Index rose by 0.45% on April 11, with 16 out of 28 sectors experiencing gains, led by the electronics and automotive sectors, which increased by 3.77% and 2.20% respectively [1] - The banking sector also saw a modest increase of 0.27% [1] - Conversely, the agriculture, forestry, animal husbandry, and fishery sector, along with coal, faced declines of 3.18% and 1.18% respectively [1] Capital Flow - The net inflow of capital in the two markets was 1.109 billion yuan, with 11 sectors receiving net inflows [1] - The electronics sector led the net inflow with 9.831 billion yuan, while the banking sector followed with a net inflow of 1.043 billion yuan [1] - A total of 20 sectors experienced net outflows, with the agriculture, forestry, animal husbandry, and fishery sector seeing the largest outflow of 2.815 billion yuan [1] Banking Sector Performance - The banking sector had 42 listed companies, with 13 stocks rising and 26 falling on the day [2] - The top three banks by net inflow were Agricultural Bank of China with 393 million yuan, followed by China Merchants Bank and Industrial and Commercial Bank of China with 193 million yuan and 170 million yuan respectively [2] - Notable outflows were seen in Shanghai Pudong Development Bank, Jiangsu Bank, and Changshu Bank, with outflows of 105 million yuan, 58.03 million yuan, and 41.29 million yuan respectively [2] Individual Bank Performance - Agricultural Bank of China rose by 0.98%, China Merchants Bank by 1.00%, and Industrial and Commercial Bank of China by 0.74% [2] - The highest turnover rates were observed in Minsheng Bank at 0.63% and China Construction Bank at 1.19% [2] - Several banks, including Shanghai Bank and Jiangsu Bank, experienced declines, with Shanghai Bank falling by 1.77% and Jiangsu Bank by 1.26% [3]