Core Insights - The 2024 performance report of 42 listed banks in A-shares shows a slight increase in operating income and net profit, indicating a recovery in revenue despite ongoing pressure on net interest margins [1][2][3] Financial Performance - Total operating income for the 42 listed banks reached 5.65 trillion yuan, a year-on-year increase of 0.08%, while net profit attributable to shareholders was 2.14 trillion yuan, up 2.35% [1][2] - 31 banks reported positive growth in both operating income and net profit, with 30 banks showing improved revenue growth compared to 2023 [2][3] - Notably, Nanjing Bank's revenue growth surged from 1.24% in 2023 to 11.32% in 2024 [2] Revenue Structure - The net interest margin continued to decline, with only two banks maintaining a margin above 2% [1][5] - Interest income for the listed banks collectively decreased by 2.1% to 4.16 trillion yuan, with 17 banks reporting positive growth [5][6] - Non-interest income saw a decline in fee and commission income by 9.38%, while investment income increased significantly by 20.32% to 512.8 billion yuan [7][8] Asset Growth - Total assets of the listed banks reached 302 trillion yuan, with major state-owned banks like ICBC, ABC, and CCB each surpassing 40 trillion yuan in assets [10][11] - ICBC's total assets were 48.82 trillion yuan, while ABC and CCB reported 43.24 trillion yuan and 40.57 trillion yuan, respectively [10] Loan and Deposit Trends - The total loan amount across the 42 banks reached 174 trillion yuan, with corporate loans showing robust growth [12] - Personal deposits increased across all listed banks, with 29 banks reporting growth exceeding 10% [13] - Agricultural Bank led in personal deposits with 18.7 trillion yuan, followed closely by ICBC with 18.54 trillion yuan [13]

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report indicates that the banking sector is experiencing a decline in interest margins, which is expected to continue impacting performance negatively. The overall economic environment remains challenging, with ongoing pressures on profitability and operational efficiency [6][15][17]. Summary by Sections 1. Overall Performance and Non-Interest Income - The banking sector's performance in Q1 2025 shows a decline in profitability compared to Q4 2024, with a year-on-year decrease in net profit attributable to shareholders. The decline is attributed to reduced interest margins and non-interest income pressures [6][15]. 2. Scale and Demand - There is a noticeable differentiation in demand across different banking segments, with larger banks showing more resilience compared to smaller banks. The overall growth in loan demand is expected to stabilize, but the performance of smaller banks may lag behind [6][15]. 3. Interest Margin Trends - Interest margins are projected to decline further in 2025 compared to 2024, with the report suggesting that the decline will be less severe than in the previous year. The report anticipates a gradual recovery in margins as market conditions stabilize [6][15]. 4. Non-Interest Income Recovery - Non-interest income is expected to rebound, although it remains under pressure due to market volatility. The report highlights the importance of maintaining a diversified income stream to mitigate risks associated with interest income fluctuations [6][15]. 5. Asset Quality Outlook - The asset quality of banks is expected to remain stable, but there are concerns regarding potential deterioration in credit quality due to economic uncertainties. The report emphasizes the need for banks to manage their credit risk effectively [6][15]. 6. Recommendations - The report suggests that banks should focus on optimizing their funding structures and improving operational efficiencies to counteract the pressures from declining interest margins. Continuous monitoring of market conditions is recommended to adapt strategies accordingly [6][15]. 7. Risk Factors - Key risk factors identified include macroeconomic fluctuations, significant competition in the banking sector, and potential regulatory changes that could impact profitability [6][15].

Group 1 - The article highlights the significant role of banks in supporting the tourism and cultural industries during the "May Day" holiday, with a focus on innovative financial products and services tailored to meet the needs of merchants and consumers [1][3] - An example of successful financial empowerment is seen in the An Dong Old Street, which has over 180 merchants, primarily small businesses, benefiting from personalized financial service solutions provided by local banks [2][4] - The article notes that during the holiday, domestic travel reached 314 million trips, a year-on-year increase of 6.4%, with total spending amounting to 180.27 billion yuan, reflecting a growth of 8.0% [3][4] Group 2 - The financial support for the cultural and tourism sectors includes increased financing supply, enriched credit products, and improved service environments, aimed at enhancing the development of the industry [4][5] - In Hunan Province, the People's Bank has utilized various monetary policy tools to provide low-cost funding to banks, promoting the benefits of policy dividends to more market participants in the tourism sector [5] - The article emphasizes the need for banks to innovate credit products and align with the financing needs of the tourism industry, which predominantly consists of light-asset small and micro enterprises [5]

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 ...

Core Insights - The overall performance of A-share listed banks in Q1 shows positive growth in total assets, with a total exceeding 314 trillion yuan, but a slight decline in operating income and net profit compared to the previous year [1][7] - The six major state-owned banks maintain a solid asset base, while some regional banks exhibit more significant growth rates in key performance indicators [1][4] - The first quarter is expected to be the most challenging period for banks in terms of performance, but there is potential for improvement in subsequent quarters as pressure on net interest margins eases [1][6] Financial Performance - In Q1, 42 listed banks reported a total operating income of 1.45 trillion yuan, a year-on-year decline of 1.72%, and a total net profit attributable to shareholders of 563.98 billion yuan, down 1.20% year-on-year [1][2] - Among the listed banks, 26 experienced year-on-year revenue growth, with Changshu Bank being the only bank with double-digit growth at 10.04% [2] - The major state-owned banks showed mixed results, with two experiencing profit growth and four seeing declines in net profit [2][4] Asset and Liability Growth - Total assets and liabilities of listed banks achieved positive growth, with total assets exceeding 314 trillion yuan and total liabilities around 290 trillion yuan [7] - The six major state-owned banks collectively hold over 208 trillion yuan in assets, with Industrial and Commercial Bank of China leading at 51.55 trillion yuan [7] - Regional banks demonstrated strong growth, with Jiangsu Bank leading at a 21.52% year-on-year increase in total assets [7] Income Sources and Trends - Net interest income, a primary revenue source for banks, has declined, with 19 banks reporting a decrease in this area [5] - Non-interest income showed mixed results, with half of the banks reporting growth and the other half experiencing declines [5][6] - The decline in net interest income is attributed to factors such as delayed adjustments to the Loan Prime Rate (LPR) and a shift towards fixed-term deposits [5] Asset Quality - The asset quality of listed banks remains stable, with most banks reporting a decrease or stability in non-performing loan ratios compared to the end of the previous year [9]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年4月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國工商銀行股份有限公司 呈交日期: 2025年5月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01398 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 86,794,044,550 | RMB | | 1 RMB | | 86,794,044,550 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 86,794,044,550 | RMB | | 1 RMB | | 86,794,044,550 | | 2. 股份分類 | 普通股 | 股份 ...

Core Points - The Hong Kong 300 Value Index (HK300V) reported at 2722.69 points, showing a decline of 3.40% over the past month, an increase of 3.92% over the past three months, and a year-to-date increase of 2.89% [1] - The index consists of four sub-indices: Hong Kong 300 Growth Index, Hong Kong 300 Value Index, Hong Kong 300 Relative Growth Index, and Hong Kong 300 Relative Value Index, reflecting the performance of different style securities based on the Hong Kong 300 Index sample [1] - The index is based on a base date of December 31, 2004, with a base point of 1000.0 [1] Holdings Overview - The top ten holdings of the Hong Kong 300 Value Index include HSBC Holdings (11.28%), China Construction Bank (9.82%), China Mobile (7.91%), Industrial and Commercial Bank of China (7.3%), Bank of China (5.74%), Ping An Insurance (5.49%), CNOOC (4.72%), China Merchants Bank (3.08%), Agricultural Bank of China (2.3%), and Bank of China Hong Kong (2.15%) [1] - The index's holdings are entirely composed of stocks listed on the Hong Kong Stock Exchange, with a 100% allocation [1] Sector Allocation - The sector allocation of the index shows that Financials account for 58.82%, Communication Services for 11.80%, Energy for 10.52%, Real Estate for 8.18%, Industrials for 3.72%, Utilities for 2.52%, Materials for 1.58%, Consumer Staples for 1.33%, Health Care for 0.66%, Consumer Discretionary for 0.44%, and Information Technology for 0.44% [2] - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - The sample adjustment allows for a maximum of 20% change in the sample ratio between the Hong Kong 300 Value Index and the Hong Kong 300 Growth Index [2]

一季度，新疆金融运行交出亮眼成绩单。 3月末，全区社会融资规模存量为5.41万亿元，同比增长11.3%，高于全国平均水平2.9个百分点；人民 币各项贷款余额3.44万亿元，同比增长9.3%，高于全国平均水平1.9个百分点；人民币贷款增速位居全 国第6位，较上年末提升3位。 今年以来，中国人民银行新疆分行积极落实适度宽松的货币政策，引导金融机构加大融资规模，优化融 资结构，降低融资成本，有力支持了新疆经济稳定增长。 用足货币政策 融资总量提升 中央经济工作会议、全国金融系统工作会议均明确提出，2025年要实施适度宽松的货币政策。 "中国人民银行新疆分行积极引导金融机构加大工作力度，充分用好已推出的各项存量、增量金融政 策，为自治区经济发展提供有力的金融支持。"中国人民银行新疆分行货币政策处副处长李爱华说。 今年一季度，中国人民银行新疆分行召开新疆银行业金融机构主要负责人会议，解读适度宽松货币政策 的内涵和要求，引导辖内金融机构加大项目储备和信贷投放，特别是要做好一季度的信贷投放工作，为 全年金融总量合理增长打下坚实基础。 一季度，全区累计发放支农支小再贷款140亿元，同比多投放20亿元。截至3月末，全区支农支小 ...