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 ...

Investment Rating - The investment rating for the report on Industrial and Commercial Bank of China (ICBC) is "Buy" [6] Core Insights - The core revenue decline for ICBC in Q1 2025 has narrowed, with stable non-performing loan generation [1] - In Q1 2025, ICBC's revenue decreased by 3.2% year-on-year, a decline of 0.7 percentage points compared to 2024 annual results; profit fell by 4.0%, reversing from growth in 2024 [2][5] - The non-performing loan ratio at the end of Q1 2025 was 1.33%, down 1 basis point from the end of 2024, with a provision coverage ratio of 216%, up 1 percentage point from the end of 2024 [1][4] Summary by Sections Revenue and Profitability - Core revenue (net interest income + non-interest income) decreased by 2.5% year-on-year, showing a 1.1 percentage point improvement compared to 2024 [2] - The average net interest margin in Q1 2025 was 1.29%, down 8 basis points from Q4 2024, with the asset yield declining by 22 basis points to 2.78% [3] Asset Quality - The non-performing loan generation rate was stable at 0.43%, with the provision coverage ratio improving to 216% [4] Earnings Forecast and Valuation - The forecast for ICBC's net profit from 2025 to 2027 is a growth of 0.39%, 4.48%, and 5.50% respectively, with a target price of 8.15 CNY per share, indicating a potential upside of 16% [5]

Group 1 - The article provides an overview of the precious metals market as of May 5, 2025, specifically focusing on the account of the Industrial and Commercial Bank of China [1] Group 2 - The report highlights the current pricing trends and fluctuations in precious metals, indicating potential investment opportunities [1]

Core Insights - The Industrial and Commercial Bank of China (ICBC) Wuwei Branch has significantly increased its financial support for agriculture, achieving a net increase of 164 million yuan in inclusive loans and adding 151 new clients in Q1 2025, both setting historical records [1] Group 1: Financial Support Initiatives - ICBC Wuwei Branch has established agricultural service teams and a data-sharing mechanism with local agricultural authorities to create a differentiated service system tailored to local agricultural needs [1] - The "Planting e-loan" balance exceeded 146 million yuan, benefiting 162 new agricultural operators, while the "Breeding e-loan" provided an additional 20 million yuan in credit to 30 large-scale breeding enterprises [1] - To address the issue of insufficient collateral for agricultural operators, ICBC Wuwei Branch has innovated financial service models, collaborating with local agricultural guarantee companies to launch a "government-bank-guarantee" loan model [1] Group 2: Focus on Local Economic Development - ICBC Wuwei Branch is promoting a "one county, one feature" development model, enhancing the local economy by extending the agricultural product chain into multiple industries [2] - In Minqin County, known as the "Hometown of Honeydew Melons," the bank has innovated a "geographical indication + supply chain" credit model, with honeydew industry loans reaching 4.8 million yuan [2] - The bank has also provided 27.85 million yuan in loans to 32 major corn growers in Gulang County and 10 million yuan in special credit for the edible fungus industry in Tianzhu County [2] Group 3: Service Efficiency Improvements - To ensure timely loan disbursement for spring farming, ICBC Wuwei Branch has developed a dual-track service system combining online and offline services, optimizing credit approval processes to reduce unnecessary documentation [2] - Customers can apply for loans and check loan progress through mobile and online banking platforms, ensuring continuous financial service availability [2] Group 4: Future Focus - ICBC Wuwei Branch aims to continue focusing on food security and new rural revitalization initiatives, enhancing comprehensive services that combine financing and intelligence to support rural development [3]

转自：新华财经 在甘肃省定西市岷县，中药材不仅是千年传承的"济世良方"，更是乡村振兴的"致富密码"。近年来，工 商银行定西岷县支行扎根田间地头，以小微企业融资协调机制为核心，以"千企万户大走访"为抓手，执 普惠金融之笔，在千年药香沃土上书写了一幅"金融活水润药乡，产业兴旺富民生"的动人画卷。 普惠活水润沃土 金融良方助振兴 "我从事中药材种植行业有十几年了，资金周转困难是我们这个行业一直面临的难题，如今工商银行的 种植e贷就像及时雨！贷款方式灵活、很接地气，贷款期限能很好适配中药材种植周期，满足我们的资 金需求。"岷县某药材有限责任公司负责人说道。 在岷县"一村一品"示范镇寺沟镇和立林村，一片片长势喜人的猫尾草被村民从地里收割、分拣、装 袋．.....发往全国等地。当地因地制宜发展猫尾草产业，村里每户成立猫尾草种植专业合作社，通过推 行"合作社+基地+农户"的模式，把猫尾草种植业作为富民的特色产业。 "我们合作社有育苗基地60亩，发展社员种植猫尾草600多亩，每亩产值近8000元左右。"合作社负责人 介绍。自工商银行种植e贷上线以来，工商银行岷县支行聚焦特色农业板块，着力将当地资源优势、生 态优势、气候优势转 ...

证券研究报告 | 公司点评 | 国有大型银行Ⅱ 工商银行(601398) 报告日期：2025 年 05 月 05 日 核心营收改善 ——工商银行 2025 年一季报点评 投资要点 ❑ 工商银行 25Q1 核心营收降幅收窄，不良生成平稳。 ❑ 数据概览 工商银行 2025Q1 营收同比下降 3.2%，降幅较 24A 扩大 0.7pc；利润同比下降 4.0%，较 24A 由增转减。2025Q1 末不良率 1.33%，较 24A 末下降 1bp；2025Q1 末拨备覆盖率 216%，较 24A 末上升 1pc。 ❑ 核心营收改善 工商银行 2025Q1 营收同比下降 3.2%，降幅较 24A 扩大 0.7pc；利润同比下降 4.0%，较 24A 由增转减。其中，核心营收（中收+利息净收入）同比下降 2.5%， 降幅较 24A 改善 1.1pc，边际改善。驱动因素来看，主要得益于息差拖累改善， 中收增速修复。①息差，25Q1 日均息差环比 24A 下降 9bp，同比 24Q1 下降 15bp，同比降幅较24A收敛4bp；②中收，25Q1中收同比微降1.2%，降幅较24A 的 8.3%显著收敛。 ❑ 息差边际下行 预计 ...

Investment Rating - The report assigns a "Buy" rating for the company [4][11]. Core Insights - The company reported a decline in revenue and net profit for Q1 2025, with revenue at 2127.7 billion yuan, down 3.22% year-on-year, and net profit at 841.6 billion yuan, down 3.99% year-on-year [4][5]. - The company's total assets grew by 8.3% year-on-year to 51.5 trillion yuan, with deposits increasing by 4% to 36.4 trillion yuan and loans rising by 8.5% to 29.7 trillion yuan [6]. - The net interest margin decreased by 9 basis points to 1.33%, primarily due to a larger decline in asset yield compared to the improvement in liability costs [7]. - Non-interest income fell by 4.2% year-on-year, attributed to increased fair value losses due to rising market interest rates [8]. - The non-performing loan ratio improved to 1.33%, with a provision coverage ratio of 215.7%, indicating continued asset quality improvement [9][10]. - The forecast for net profit from 2025 to 2027 is 3644 billion yuan, 3757 billion yuan, and 3884 billion yuan respectively, with corresponding EPS of 1.02, 1.05, and 1.09 yuan [11][13]. Summary by Sections Financial Performance - For Q1 2025, the company reported a revenue of 2127.7 billion yuan, a decrease of 3.22% year-on-year, and a net profit of 841.6 billion yuan, down 3.99% year-on-year [4][5]. - The total assets reached 51.5 trillion yuan, with a year-on-year growth of 8.3% [6]. Asset Quality - The non-performing loan ratio was 1.33%, with a provision coverage ratio of 215.7%, showing improvement in asset quality [9][10]. Profitability Forecast - The projected net profits for 2025, 2026, and 2027 are 3644 billion yuan, 3757 billion yuan, and 3884 billion yuan respectively, with EPS estimates of 1.02, 1.05, and 1.09 yuan [11][13].

分析师：董文欣 2025 年 5 月 1 日 公司研究 经营稳中有进，资产质量稳健 ——工商银行（601398.SH）2025 年一季报点评 买入（维持） 当前价：7.01 元 作者 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 执业证书编号：S0930521090001 010-57378035 dongwx@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 3,564.06 | | 总市值(亿元)： | 24,984.08 | | 一年最低/最高(元)： | 4.98/7.34 | | 近 3 月换手率： | 13.26% | 股价相对走势 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | 4.74 | 4.00 | 34.16 | | 绝对 | 1.74 | 2.79 | 38.77 | | 资料来源：Wind | | | | 要点 事件： 工商银行发布 2025 年一季度报告，报告期内实现营业收入 ...

公司报告 | 季报点评 4 月 29 日，工商银行发布 2025 年一季度报告。2025Q1 公司实现营收 2128 亿元，YoY-3.22%；归母净利润 842 亿元，YoY-3.99%；年化 ROE 同比下降 1.00pct 至 9.06%。 点评： 营收和利润进一步下滑。2025Q1 公司营收、归母净利润分别同比增长 -3.22%、-3.99%，分别较 2024 年下降 0.7pct、4.5pct。业绩归因来看， 净息差下行和其他非息负增拖累营收表现，规模扩张和拨备释放提振业绩。 持续发挥头雁作用，息差下行压力仍存。2025Q1 净利息收入同比增长 -2.9%，而 2024 年同比增长-2.7%，降幅进一步扩大。 规模方面，2025Q1 末总资产同比增长 8.3%，其中贷款总额、金融投资 分别同比增长 8.5%、23.6%，信贷前置发力和增配债券带动资产规模扩 张。信贷投向上，一季度对公贷款、零售贷款分别新增 1.11 万亿、1820 亿，分别贡献贷款增量的 84.8%、13.9%，对公端仍是信贷扩张的主要抓 手。此外，2025Q1 末存款总额同比增长 4.0%，远低于 8.6%的总负债增 速，预计受一 ...

盧永真先生 馮衛東先生 曹利群女士 陳怡芳女士 董陽先生 鐘蔓桃女士 中國工商銀行股份有限公司 INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED （於中華人民共和國註冊成立的股份有限公司） 股份代號：1398 美元優先股股份代號：4620 董事會成員名單與其角色及職能 中國工商銀行股份有限公司董事會（「董事會」）成員載列如下： 執行董事 廖林先生 （董事長） 劉珺先生 （副董事長、行長） 王景武先生 （副行長） 非執行董事 獨立非執行董事 陳德霖先生 赫伯特•沃特先生 莫里•洪恩先生 陳關亭先生 李偉平先生 1 董事會已成立八個委員會。下表提供各董事會成員所屬委員會的成員資料。 | | | 社會責任 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 董事╱ 董事會 | 戰略 | 與消費者 權益保護 | 審計 | 風險管理 | 提名 | 薪酬 | 關聯交易 控制 | 美國區域 機構風險 | | 委員會 | 委員會 | 委員會 | 委員會 | 委員會 | 委員會 | 委員會 ...