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: 2024年10月31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: 2024年11月1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 | ...

2024 年 11 月 1 日 公司研究 盈利增速回正，资产质量稳健 ——工商银行（601398.SH）2024 年三季报点评 买入(维持) 当前价：6.04 元 分析师:王一峰 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 分析师:董文欣 执业证书编号：S0930521090001 010-57378035 dongwx@ebscn.com | --- | --- | --- | --- | |----------------|-------|--------|-------| | 96 | 1M | 3M | 1Y | | 相对 | 0.89 | -11.08 | 24.33 | | 绝对 | -2.27 | 2.72 | 33.29 | | 资料来源：Wind | | | | | --- | --- | |--------------------|-----------| | | | | 市场数据 | | | | | | 总股本(亿股) | 3,564.06 | | 总市值(亿元): | 21,526.94 | | 一年最低/最高(元): | 4 ...

公司报告 | 季报点评 息差企稳，盈利向上修复，拨备维持高位。 事件： 工商银行发布 24 年三季度财报。2024 年前三季度，企业实现营收约 6264 亿元，归母净利润 2690 亿元，YoY+0.13%；不良率 1.35%，不良拨备 覆盖率 220.3%。 净息差企稳。24Q1-3 企业净息差为 1.43%，与 2024 年中持平。结合今 年下半年的贷款利率和存款挂牌利率双向调整环境下，企业未来息差压力 可能有所减缓，营收能力也可能随之向好。 流动性覆盖水平稳步向上。据企业 2024 年数据显示，前三季度流动性覆 盖率分别为 126.6%、133.7%、138.2%，这表明工商银行对未来可能的 经营压力的递补能力进一步提升。 盈利能力韧性表现。24Q3 企业累计归母净利润同比为 0.13%，较一季度 和年中改善 2.91、2.02pct，释放积信号。 资产端：截止 24Q3 工商银行生息资产总计 468,890 亿元，较 24H1 上升 10,228 亿元（环比+ 2.2%）。从结构细分来看，贷款、金融投资、同业及 拆放、存放央行较 24H1 各项余额规模环比变动+0.9、+2.3、+16.2、 +3.3 ...

公 司 季 报 点 评 公 司 报 告 证 券 研 究 报 告 工商银行(601398.SH) 营收边际改善，负债成本下行推动息差企稳 | --- | --- | --- | |------------------------|----------|----------------------------------| | | | | | 主要数据 | | | | 行业 | | 银行 | | 公司网址 | | www.icbc.com.cn;www.icbc-ltd.com | | 大股东 / 持股 | | 中央汇金投资有限责任公司 /34.79% | | 实际控制人 | | | | 总股本 ( 百万股 ) | | 356,406 | | 流通 A 股 ( 百万股 | ) | 269,612 | | 流通 B/H 股 ( | 百万股 ) | 86,794 | | 总市值（亿元） | | 19,888 | | 流通 A 股市值 ( | 亿元 ) | 16,204 | | 每股净资产 ( 元 ) | | 10.04 | | 资产负债率 (%) | | 91.8 | | | | | | 行情走势图 | | | | ...

[Table_Title] 研究报告 Research Report 31 Oct 2024 中国银行行业 China (A-share) Banks 24Q3 工商银行业绩点评：负债端成本支撑净息差，其他净收入支撑营收 24Q3 ICBC Results: Lower Funding Costs Support NIM, Other NIR Support Revenue 周琦 Nicole Zhou, CFA nicole.q.zhou@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件 工商银行发布 2024 年三季报业绩。24Q3 营收和利润增速均转负为正，营收同比+1.1%，拨备前利润同比+1.7%，归 母净利润同比+3.8%。24Q1-3 营收同比-3.8%，拨备前利润同比-5.3%，归母净利润同比+0.1%。24Q1-3 的年化 ROA 同比-0.08pct 至 0.78%，年化 ROE 同比-0.79pct 至 9.77%。核心一 ...

证券研究报告 | 2024年10月31日 工商银行（601398.SH）2024 年三季报点评 优于大市 净息差趋稳，资产质量稳定 营收降幅收窄，归母净利润同比正增长。公司 2024 年前三季度实现营业收 入 6264 亿元，同比下降 3.8%，降幅较上半年收窄 2.2 个百分点；前三季度 实现归母净利润 2690 亿元，同比增长 0.1%，由负转正。前三季度加权平均 净资产收益率 9.8%，同比下降 0.8 个百分点。从业绩归因来看，仍然是净息 差拖累净利润增长。 资产规模稳健增长。2024 年三季度末总资产同比增长 8.7%至 48.4 万亿元， 规模增速从二季度开始较前期两位数的增速回落，增长更加稳健。其中贷款 总额同比增长 9.0%，存款同比增长 1.8%。公司三季度末核心一级资本充足 率 13.95%，较年初变化不大。 净息差同比下降，环比趋于稳定。公司披露的前三季度日均净息差 1.43%， 同比降低 24bps，较上半年持平。环比来看，三季度单季净息差 1.43%，较 二季度回升 5bps。考虑到近期存量按揭利率下调等影响，预计四季度净息差 仍有小幅下行压力，但从趋势上看下行压力较前期减小。 手续 ...

2024年三季度业绩已经挂网发布总体看今年以来面对低利率的经营环境工商银行加快推进风控智能化布局现代化动能数字化结构多元化基础生态化五化转型加快培育新动能打造财务收支新平衡前三季度全行经营保持稳健一是主要指标总体趋势向好 前三季度实现净利润2705亿元同比增长0.2%增幅较上半年由负转正营业收入5991亿元降幅较上半年收窄不良率1.35%较上年末下降1个BP资产质量进一步夯实资本充足率19.25%波被覆盖率稳定在200%以上风险比喻能力持续增强 二是资产负债表持续稳定扩张总资产48.3万亿元比上年末增加3.7万亿元其中客户贷款增加超2万亿元投资增加超1.4万亿元资产结构持续优化总负债44.4万亿元比上年末增加3.5万亿元其中客户存款增加超1万亿元存款偏离度为5年同期最低 稳定性明显上升三是高质量发展动能进一步增强GBC加客户生态和DSBC数字生态持续优化服务个人客户增至7.55亿户公司客户1315万户手机银行月活客户超过2亿户大中小微个协同的客户生态进一步夯实以上是工商银行3D注点要情况谢谢大家 下面我们将进入问答环节请各位投资者分析师提问在提问前请报出自己的机构和姓名谢谢请揭露第一个问题下面有请摩根士丹分析 ...

Financial Performance - Operating income for Q3 2024 was RMB 205,923 million, a year-on-year increase of 1.05%[3] - Net profit attributable to shareholders of the parent company for Q3 2024 was RMB 98,558 million, up 3.82% year-on-year[3] - Net profit for the first three quarters of 2024 reached 270.475 billion yuan, a year-on-year increase of 0.20%[15] - Net profit attributable to the parent company's shareholders for the first nine months of 2024 was RMB 269,025 million, slightly higher than RMB 268,673 million in the same period of 2023[24] - Net profit for the first nine months of 2024 was RMB 270,475 million, slightly up from RMB 269,929 million in the same period of 2023[31] - Net profit for the first nine months of 2024 was RMB 251,449 million, compared to RMB 252,360 million in the same period of 2023[34] - Net profit for the first nine months of 2024 was RMB 251,449 million, slightly down from RMB 252,360 million in the same period of 2023[39] Assets and Liabilities - Total assets as of September 30, 2024, reached RMB 48,357,755 million, an 8.19% increase from the end of 2023[5] - Total assets at the end of the reporting period were 48,357.755 billion yuan, an increase of 8.19% compared to the end of the previous year[16] - Total assets increased to RMB 48.357755 trillion as of September 30, 2024, up from RMB 44.697079 trillion at the end of 2023[22] - Total assets increased to RMB 46,387,600 million as of September 30, 2024, up from RMB 42,892,234 million at the end of 2023[32] - Total liabilities were 44,435.477 billion yuan, an increase of 8.59% compared to the end of the previous year[17] - Total liabilities rose to RMB 42,677,131 million, up from RMB 39,304,461 million at the end of 2023[33] Cash Flow - Net cash flow from operating activities for the first nine months of 2024 was RMB 1,077,248 million, a decrease of 43.57% compared to the same period in 2023[7] - Net cash flow from operating activities decreased to RMB 1,077,248 million in the first nine months of 2024, compared to RMB 1,909,119 million in the same period of 2023[28] - Net cash flow from operating activities decreased to RMB 759,718 million in the first nine months of 2024, compared to RMB 1,835,240 million in the same period of 2023[36] - Net cash flow from investing activities was negative at RMB 1,129,281 million in the first nine months of 2024, compared to negative RMB 695,857 million in the same period of 2023[29] - Net cash flow from investing activities was negative at RMB 1,109,358 million in the first nine months of 2024, compared to negative RMB 670,022 million in the same period of 2023[37] - Net cash flow from financing activities increased to RMB 339,970 million in the first nine months of 2024, compared to RMB 134,063 million in the same period of 2023[30] - Net cash flow from financing activities increased to RMB 368,496 million in the first nine months of 2024, compared to RMB 143,378 million in the same period of 2023[38] Earnings and Dividends - Basic earnings per share for Q3 2024 were RMB 0.25, a 4.17% increase year-on-year[3] - Basic earnings per share for the first nine months of 2024 were RMB 0.72, consistent with the same period of 2023[27] - Distributed cash dividends of RMB 3.064 per 10 shares for 2023, totaling approximately RMB 109.203 billion[20] - Proposed interim cash dividend of RMB 1.434 per 10 shares for 2024, subject to shareholder approval[20] - Distributed RMB 2.94 billion in dividends for "ICBC You 2" at a coupon rate of 4.2% on September 24, 2024[21] - Distributed USD 115.36 million in dividends for overseas USD preferred shares at a rate of 3.58% on September 23, 2024[21] Capital and Risk Management - Core tier 1 capital adequacy ratio was 13.95%, tier 1 capital adequacy ratio was 15.23%, and capital adequacy ratio was 19.25%, all meeting regulatory requirements[17] - Issued RMB 50 billion perpetual capital bonds in July 2024 to supplement Tier 1 capital[18] - Issued RMB 50 billion and RMB 40 billion Tier 2 capital bonds in August and October 2024 respectively to supplement Tier 2 capital[18] - Redeemed RMB 80 billion perpetual capital bonds issued in 2019 at par value in July 2024[18] - Core Tier 1 Capital increased to RMB 3,564,519 million as of September 30, 2024, up from RMB 3,477,144 million in June 2024[42] - Total Risk-Weighted Assets reached RMB 25,546,153 million as of September 30, 2024, compared to RMB 25,123,488 million in June 2024[42] - Core Tier 1 Capital Adequacy Ratio stood at 13.95% as of September 30, 2024, slightly higher than 13.84% in June 2024[42] - Leverage Ratio decreased to 7.71% as of September 30, 2024, from 7.80% in June 2024[42] - Liquidity Coverage Ratio improved to 138.20% as of September 30, 2024, up from 133.65% in June 2024[42] - Net Stable Funding Ratio increased to 129.66% as of September 30, 2024, compared to 128.26% in June 2024[42] - Credit Risk Exposure (excluding counterparty credit risk) was RMB 23,185,527 million as of September 30, 2024, up from RMB 22,654,841 million in June 2024[43] - Market Risk Exposure decreased to RMB 477,675 million as of September 30, 2024, from RMB 585,696 million in June 2024[43] - Operational Risk Exposure remained stable at RMB 1,882,951 million as of September 30, 2024, unchanged from June 2024[43] - Adjusted On- and Off-Balance Sheet Assets totaled RMB 50,447,695 million as of September 30, 2024, up from RMB 49,146,136 million in June 2024[45] - Adjusted on-balance sheet assets (excluding derivatives and securities financing transactions) increased to RMB 47,546,724 million as of September 30, 2024, up from RMB 46,611,944 million as of June 30, 2024[46] - Derivatives asset balance rose to RMB 454,258 million as of September 30, 2024, compared to RMB 407,038 million as of June 30, 2024[46] - Securities financing transactions asset balance increased to RMB 1,281,171 million as of September 30, 2024, up from RMB 926,243 million as of June 30, 2024[46] - Adjusted off-balance sheet items decreased slightly to RMB 2,080,986 million as of September 30, 2024, from RMB 2,102,671 million as of June 30, 2024[47] - Tier 1 capital net amount grew to RMB 3,889,547 million as of September 30, 2024, compared to RMB 3,832,172 million as of June 30, 2024[47] - Leverage ratio improved to 7.71% as of September 30, 2024, from 7.80% as of June 30, 2024[47] - High-quality liquid assets (HQLA) stood at RMB 8,724,549 million as of September 30, 2024[48] - Total expected cash outflows amounted to RMB 10,025,512 million as of September 30, 2024[49] - Total expected cash inflows were RMB 3,710,684 million as of September 30, 2024[49] - Liquidity coverage ratio (LCR) was 138.20% as of September 30, 2024[49] Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period was 680,869, with 106,165 H-share holders and 574,704 A-share holders[8] - Central Huijin Investment Limited remains the largest shareholder with a 34.79% stake in A-shares[9] - The Ministry of Finance of the People's Republic of China holds a 31.14% stake in A-shares[9] - Hong Kong Securities Clearing (Nominees) Limited holds a 24.18% stake in H-shares[9] Loan and Deposit Information - Customer loans and advances totaled 28,095.905 billion yuan, an increase of 7.70% compared to the end of the previous year[16] - Customer deposits were 34,592.836 billion yuan, an increase of 3.20% compared to the end of the previous year[17] - Customer deposits grew to RMB 34.592836 trillion as of September 30, 2024, compared to RMB 33.521174 trillion at the end of 2023[23] - Customer loans and advances grew to RMB 26,553,691 million, compared to RMB 24,618,384 million at the end of 2023[32] - Customer deposits increased to RMB 33,648,919 million, up from RMB 32,621,398 million at the end of 2023[33] Income and Expenses - Interest income was 476.732 billion yuan, a decrease of 4.94% year-on-year[15] - Non-interest income was 149.690 billion yuan, a slight decrease of 0.03% year-on-year[15] - Net interest income for the first nine months of 2024 was RMB 476,732 million, compared to RMB 501,526 million in the same period of 2023[24] - Net fee and commission income for the first nine months of 2024 was RMB 90,323 million, a decrease from RMB 99,231 million in the same period of 2023[24] - Investment income for the first nine months of 2024 was RMB 31,086 million, compared to RMB 37,611 million in the same period of 2023[24] - Other comprehensive income for the first nine months of 2024 was RMB 25,496 million, compared to RMB 10,526 million in the same period of 2023[25] - Total comprehensive income for the first nine months of 2024 was RMB 295,971 million, up from RMB 280,455 million in the same period of 2023[25] - Operating expenses for the first nine months of 2024 were RMB 318,931 million, slightly lower than RMB 338,065 million in the same period of 2023[24] - Credit impairment losses for the first nine months of 2024 were RMB 128,945 million, a decrease from RMB 147,575 million in the same period of 2023[24] - Foreign exchange and exchange rate product net loss for the first nine months of 2024 was RMB 4,692 million, compared to a loss of RMB 7,573 million in the same period of 2023[24] - Credit impairment losses decreased to RMB 126,358 million in the first nine months of 2024, compared to RMB 145,849 million in the same period of 2023[39] - Interest and commission income received in cash was RMB 949,847 million in the first nine months of 2024, slightly down from RMB 951,383 million in the same period of 2023[28] - Payments for interest and commissions in cash increased to RMB 555,634 million in the first nine months of 2024, compared to RMB 480,415 million in the same period of 2023[28] - Interest and commission income from customers remained stable at RMB 897,456 million in the first nine months of 2024, compared to RMB 898,126 million in the same period of 2023[36] Asset Quality - Non-performing loan balance was 377.955 billion yuan, with a non-performing loan ratio of 1.35%, down 0.01 percentage points[17] - Provision coverage ratio was 220.30%, an increase of 6.33 percentage points[17] Bond Issuance and Redemption - Issued RMB 50 billion perpetual capital bonds in July 2024 to supplement Tier 1 capital[18] - Issued RMB 50 billion and RMB 40 billion Tier 2 capital bonds in August and October 2024 respectively to supplement Tier 2 capital[18] - Redeemed RMB 80 billion perpetual capital bonds issued in 2019 at par value in July 2024[18] - Reset the coupon rate of "ICBC You 2" to 3.02% starting from September 24, 2024[19] - Issued debt securities rose to RMB 1,800,490 million, compared to RMB 1,250,598 million at the end of 2023[33] - The company issued debt securities worth RMB 1,479,150 million in the first nine months of 2024, up from RMB 967,743 million in the same period of 2023[38] Liquidity and Cash Management - Cash and cash equivalents at the end of the period were RMB 3,034,512 million, a decrease from RMB 3,311,553 million at the end of the same period in 2023[30] - The company's cash and cash equivalents at the end of September 2024 stood at RMB 2,621,146 million, down from RMB 2,877,077 million at the end of September 2023[38] - Net cash received from customer deposits was RMB 1,108,167 million in the first nine months of 2024, compared to RMB 3,972,512 million in the same period of 2023[28] - Net cash used in client loans and advances was RMB 2,077,370 million in the first nine months of 2024, compared to RMB 2,543,836 million in the same period of 2023[28] - Net cash received from issuance of debt securities was RMB 1,502,253 million in the first nine months of 2024, up from RMB 981,768 million in the same period of 2023[30] - The company's total cash inflow from operating activities was RMB 3,878,060 million in the first nine months of 2024, down from RMB 5,739,319 million in the same period of 2023[36] - The company's total cash outflow from operating activities was RMB 3,118,342 million in the first nine months of 2024, down from RMB 3,904,079 million in the same period of 2023[36] Financial Investments - Financial investments measured at fair value through profit or loss increased to RMB 12,394,374 million, up from RMB 11,011,574 million at the end of 2023[32]

一、关于 2024 年第三季度报告的议案 证券代码：601398 证券简称：工商银行 公告编号：临 2024-053 号 中国工商银行股份有限公司 董事会决议公告 中国工商银行股份有限公司董事会及全体董事保证本公告内容不存在任何虚 假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法 律责任。 中国工商银行股份有限公司（简称本行）董事会于 2024 年 10 月 30 日在北 京市西城区复兴门内大街 55 号本行总行召开会议。会议应出席董事 14 名，亲自 出席 13 名，委托出席 1 名，廖林董事长因其他公务安排，书面委托刘珺副董事 长出席会议并代为行使表决权。高级管理层成员及监事会成员列席会议。会议的 召开符合法律法规、《中国工商银行股份有限公司章程》（简称《公司章程》） 以及《中国工商银行股份有限公司董事会议事规则》（简称《董事会议事规则》） 的规定。 会议由刘珺副董事长主持召开。出席会议的董事审议通过了以下议案： 议案表决情况：有效表决票 14 票，同意 14 票，反对 0 票，弃权 0 票。 本议案已经本行董事会审计委员会审议通过，全体成员同意提交董事会审 议。 关 于 2024 ...

监事会决议公告 中国工商银行股份有限公司监事会及全体监事保证本公告内容不存在任何虚 假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法 律责任。 中国工商银行股份有限公司（简称本行）监事会于 2024 年 10 月 17 日以书 面形式发出会议通知，于 2024 年 10 月 30 日在北京市西城区复兴门内大街 55 号本行总行召开会议。会议应出席监事 3 名，亲自出席 3 名。鉴于本行监事长 空缺，监事会成员共同推举张杰监事主持会议。会议召开和议案审议程序符合 有关法律法规、《中国工商银行股份有限公司章程》及《中国工商银行股份有限 公司监事会议事规则》等规定。 会议审议通过以下议案： 一、关于 2024 年第三季度报告的议案 监事会审议认为，本行 2024 年第三季度报告的编制和审核程序符合有关法 律、行政法规和监管规定，报告内容真实、准确、完整地反映了本行实际情况。 议案表决情况：有效表决票 3 票，同意 3 票，反对 0 票，弃权 0 票。 二、关于 2023 年度监事薪酬清算方案的议案 证券代码：601398 证券简称：工商银行 公告编号：临 2024-054 号 中国工商银行股 ...