Core Viewpoint - The Industrial and Commercial Bank of China (ICBC) Liuzhou Branch is actively supporting the high-quality development of the manufacturing industry in Guangxi by enhancing financial services and implementing targeted financial support measures [1][2][3] Group 1: Financial Support and Growth - As of the first quarter of 2025, the manufacturing loan balance of ICBC Liuzhou Branch reached 16.113 billion, an increase of 2.253 billion since the beginning of the year [1] - The bank has developed differentiated investment and financing plans based on the characteristics and resource endowments of Liuzhou's industries, aiming to direct credit funds towards the manufacturing sector [1] Group 2: Product Utilization and Demand Matching - ICBC Liuzhou Branch focuses on key industries, projects, and clients, utilizing a variety of financial products such as loans, bonds, and equity to meet the diverse financial needs of manufacturing enterprises [2] - The bank emphasizes support for small and medium-sized enterprises in high-end manufacturing and technology innovation, implementing policies for technology transformation and project financing [2] Group 3: Service Enhancement and Efficiency - A professional working group, including investment banking experts, has been established to create tailored service plans for different enterprises, enhancing communication and approval efficiency [3] - The bank plans to continue improving service quality and innovating financial products to provide comprehensive support for the high-quality development of Liuzhou's manufacturing sector [3]

股份代號: 1398 中國工商銀行股份有限公司 (於中華人民共和國註冊成立的股份有限公司) 年度報告 2024 公司簡介 中國工商銀行成立於1984年1月1日。2005 年10月28日，本行整體改制為股份有限公司。 2006年10月27日，本行成功在上交所和香港聯 交所同日掛牌上市。 戰略定位 以領軍銀行姿態當好服務實體經濟的主力軍、維護金融穩定的壓艙石、建設強大機構的 領頭雁、做專主責主業的標桿行。 戰略內涵 堅持黨建引領，推進智能化風控、現代化佈局、數字化動能、多元化結構、生態化基礎 等「五化」轉型。 使命 提供卓越金融服務 服務客戶 回報股東 成就員工 奉獻社會 價值觀 工於至誠 行以致遠 誠信 人本 穩健 創新 卓越 願景 全面建設具有中國特色的 世界一流現代金融企業， 成為基業長青的銀行 本行致力於建設中國特色世界一流現代金 融機構，擁有優質的客戶基礎、多元的業務結 構、強勁的創新能力和市場競爭力。本行將服務 作為立行之本，堅持以服務創造價值，向全球超 1,300萬對公客戶和7.66億個人客戶提供豐富的 金融產品和優質的金融服務，以自身高質量發展 服務經濟社會高質量發展。本行自覺將社會責任 融入發展 ...

Group 1 - BlackRock's stake in Industrial and Commercial Bank of China (ICBC) decreased from 5.05% to 4.92% as of April 21 [1]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 821.803 billion yuan, a decrease of 2.52% year-on-year, and a net profit attributable to shareholders of 365.863 billion yuan, an increase of 0.51% year-on-year. The total assets at year-end were 48.82 trillion yuan, an increase of 9.23% year-on-year, with a non-performing loan ratio of 1.34%, down 1 basis point quarter-on-quarter [4][5][8] Summary by Sections Financial Performance - The company achieved a net interest margin of 1.42%, a year-on-year decrease of 19 basis points, with the decline further narrowing [4][5] - The fourth quarter saw a net interest margin of 1.39%, a quarter-on-quarter decrease of 4 basis points and a year-on-year decrease of 5 basis points, indicating a narrowing decline compared to the previous quarter [5][8] Asset Quality - The non-performing loan ratio remained stable at 1.34%, with a coverage ratio of 214.91%, down 5.39 percentage points quarter-on-quarter. The overall asset quality is expected to remain stable despite individual loan pressures [5][8] Loan and Deposit Growth - The company experienced a slowdown in general loan growth due to weak demand and hidden debt replacement, while personal credit growth improved significantly compared to the previous year [5][8] - Deposit growth rebounded in Q4, reflecting the positive impact of fiscal efforts on money supply, with a focus on the macro policy's effect on the regularization of deposits [5][8] Fee and Commission Income - The decline in fee and commission income narrowed significantly in Q4, primarily due to improvements in wealth management and private banking businesses, as well as credit card and custody services [5][6][8] Profit Forecast and Valuation - The company forecasts revenues of 808.4 billion yuan for 2025, with a net profit of 369.5 billion yuan, reflecting a year-on-year growth of 0.98% [7][8] - The estimated price-to-earnings ratio for 2025 is 6.98 times, with a price-to-book ratio of 0.66 times based on the closing price on April 24 [7][8]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 821.803 billion yuan, a decrease of 2.52% year-on-year, and a net profit attributable to shareholders of 365.863 billion yuan, an increase of 0.51% year-on-year. The total assets at year-end were 48.82 trillion yuan, an increase of 9.23% year-on-year, with a non-performing loan ratio of 1.34%, down 1 basis point quarter-on-quarter [4][5] - The net interest margin for the year was 1.42%, a year-on-year decrease of 19 basis points, with the decline further narrowing [5][8] - The company is expected to maintain stable growth in asset scale due to increased government financing and a recovery in personal credit growth [5][8] Summary by Sections Financial Performance - The company achieved an operating income of 821.803 billion yuan, with a year-on-year decline of 2.52%. The net profit attributable to the parent company was 365.863 billion yuan, reflecting a slight increase of 0.51% year-on-year. The total assets reached 48.82 trillion yuan, marking a 9.23% increase year-on-year [4][5] - The non-performing loan ratio stood at 1.34%, a decrease of 1 basis point from the previous quarter, while the non-performing loan coverage ratio was 214.91%, down 5.39 percentage points quarter-on-quarter [4][8] Asset Quality - The overall asset quality remains stable, with the non-performing loan ratio at 1.34%. The company has a good customer base, which supports its asset quality. However, individual loan risks are rising due to increased pressure on household income and employment [5][8] - The company has been cautious in handling risks, and the overall asset quality is expected to remain stable despite individual loan disturbances [8] Profitability Forecast - The forecast for operating income for 2025-2027 is 808.4 billion yuan, 839.1 billion yuan, and 884.5 billion yuan, respectively. The net profit attributable to the parent company is projected to be 369.5 billion yuan, 376.7 billion yuan, and 384.7 billion yuan for the same period [7][8] - The estimated net interest margin for 2025 is 1.32%, with a slight decline expected in subsequent years [7][8] Market Position - The company is expected to benefit from a strong customer base and diversified business, allowing it to maintain stable operations in a challenging environment. The government's support for state-owned banks is likely to enhance market confidence [8]

Core Viewpoint - The successful collaboration between Industrial and Commercial Bank of China (ICBC) Shanghai Branch and China Export & Credit Insurance Corporation (Sinosure) for financing a 100 MW wind power project in Kazakhstan marks a significant step in promoting green finance and international capacity cooperation under the Belt and Road Initiative [1][2] Group 1: Project Overview - The 100 MW wind power project led by HuanTai Group aims to alleviate local electricity shortages in Kazakhstan and serves as a demonstration project for the green Belt and Road Initiative, included in the key project list for China-Kazakhstan capacity and investment cooperation [1] - HuanTai Group specializes in clean energy investments, construction, and operation, with Kazakhstan being its largest overseas investment destination [1] Group 2: Financing Model - The project utilizes a "China equipment export + local construction in Kazakhstan" model, with financing structured as export buyer's credit in RMB, which reduces exchange rate risks and optimizes financing costs [2] - This financing model supports private enterprises in effective overseas financing and promotes the export of Chinese wind power equipment and technology standards [2] Group 3: Collaborative Efforts - ICBC Shanghai Branch played a leading role in coordinating with Sinosure and domestic and international banks to establish a multi-party cooperation platform, creating a new paradigm for international syndicate cooperation [2] - The efficient syndicate loan arrangement received high recognition from the enterprise, providing a replicable financial solution for renewable energy companies to expand into international markets [2] Group 4: Future Directions - ICBC Shanghai Branch plans to continue focusing on key areas of the Belt and Road Initiative, expanding its portfolio of renewable energy projects and leveraging its advantages in international syndicate business and free trade zone accounting [2] - The bank aims to enhance its comprehensive service capabilities in green finance and accelerate the internationalization of the RMB, contributing to the construction of Shanghai as an international financial center [2]

Group 1 - The central bank's gold price for RMB accounts is 791.56, with a bank buying price of 791.31, reflecting an increase of 12.30 yuan [2] - The central bank's silver price for RMB accounts is 7.668, with a bank buying price of 7.658, showing an increase of 0.047 yuan [2] - The platinum price for RMB accounts is 228.42, with a bank buying price of 226.86, indicating an increase of 0.50 yuan [2] Group 2 - The gold selling price from banks is 791.81, while the selling price for silver is 7.678 [2] - The selling price for platinum is 229.98, and the selling price for palladium is 232.69, with an increase of 0.84 yuan [2]

Core Points - The company Ninebot Limited will hold its 2024 Annual General Meeting (AGM) on May 9, 2025 [1][5] - The voting rights for special voting shares will be equal to those of ordinary shares [1][8] - The record date for shareholders to participate in the AGM is set for May 6, 2025 [1][6] Voting Process - Voting will be conducted through the Shanghai Stock Exchange's online voting system [4][11] - Voting will be available from 9:15 AM to 3:00 PM on May 9, 2025, with specific time slots for different voting methods [4][11] - Shareholders must provide voting instructions to the custodian to exercise their voting rights [2][3] Shareholder Rights - The company has a dual-class share structure, with Class B shares having five times the voting power of Class A shares [8] - Major shareholders control 59.24% of the voting rights [8] - Certain shareholders must abstain from voting on related party transactions [9] Agenda Items - Key agenda items for the AGM include amendments to the company’s articles of association, changes to voting rights, and the appointment of independent directors [9][10] - Specific resolutions will require separate voting for minority investors [10]

Core Viewpoint - The Industrial and Commercial Bank of China (ICBC) Liuzhou Branch is actively enhancing its inclusive finance services, focusing on small and micro enterprises, rural revitalization, and optimizing financial product offerings to improve accessibility and satisfaction levels in financial services [1][2][3] Group 1: Inclusive Finance Development - As of March 2025, the inclusive finance loan balance at ICBC Liuzhou Branch reached 6.736 billion yuan, an increase of 747 million yuan since the beginning of the year [1] - The branch has focused on the financing needs of small and micro enterprises, utilizing regional e-loan products to expand financing channels [1] - The branch has established a professional team to engage with local businesses, providing tailored financial products and services [1] Group 2: Support for Rural Revitalization - The branch has developed specialized financing plans for local characteristic industries, enhancing marketing services and creating a supportive ecosystem for small and micro enterprises [2] - As of March 2025, the agricultural loan balance reached 6.951 billion yuan, with a growth rate of 37%, and inclusive agricultural loans growing over 50% [2] - The focus is on key local industries such as eucalyptus, kumquat, pig farming, and river snail powder, with efforts to optimize financial service models [2] Group 3: Enhancing Operational Capabilities - ICBC Liuzhou Branch has implemented a three-tiered coordination mechanism to support small and micro enterprise financing, ensuring effective policy implementation [3] - The branch is conducting thorough research to develop a "one outlet, one positioning" strategy, enhancing the operational capabilities of its branches [3] - Training programs are in place to empower staff, ensuring they are equipped to meet the financing needs of clients effectively [3]

香港交易所信息显示， 贝莱德在 工商银行的持股比例于04月10日从4.86%升至5.04%。 ...