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産生或因倚賴該等內容而引致之任何損失承擔任何責 任。 本公告僅供參考，並不構成收購、購買或認購證券的邀請或要約。 本公告並不構成或組成在美國提呈發售或招攬購買或認購任何證券的建議。證券並無亦不會根據一九三三年美國證 券法 ( 包括其修訂 ) (「 證券法 」) 或美國任何州或其他司法權區的任何證券監管機構登記。證券依據證券法項下 S 規 例於美國境外提呈發售或出售，如未登記或獲豁免遵守證券法的登記規定，不得在美國境內提呈發售或出售。證券 將不會於美國或提呈發售受限制或被禁止的任何其他司法權區進行公開發售。 於香港聯合交易所有限公司上市的通告 中國光大銀行股份有限公司香港分行 (「發行人」) 中國光大銀行股份有限公司（「本公司」） China Everbright Bank Company Limited （於中華人民共和國註冊成立的股份有限公司） (股份代號: 6818) 根據本公司 6,000,000,000 美元中期票據計劃（「該計劃」） 發行 202 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The report highlights that the company's net profit attributable to shareholders increased by 1.9% year-on-year in the first three quarters of 2024, with a quarterly increase of 2.3% in Q3 2024. The company's asset quality remains stable, and core capital has been further solidified, supporting its service to the real economy [4][5] - The report maintains the "Outperform the Market" rating based on a reasonable value range of 3.84 to 4.47 yuan per share, with projected EPS for 2024-2026 at 0.67, 0.68, and 0.69 yuan respectively [5][6] Summary by Sections Financial Performance - In Q3 2024, the company's revenue decreased by 8.7% year-on-year, while the net profit attributable to shareholders increased by 2.3%. For the first three quarters of 2024, revenue decreased by 8.8% year-on-year, and net profit increased by 1.9% [4] - The company reported a non-performing loan ratio of 1.25% in Q3 2024, remaining stable compared to the previous quarter, with a provision coverage ratio of 170.73% [4][5] Loan Growth and Capital Adequacy - The total loan amount reached approximately 3.9 trillion yuan, reflecting a year-on-year growth of 3.62%. The company has increased its lending to key areas, with significant growth in technology finance, green finance, and inclusive finance [5] - The core Tier 1 capital adequacy ratio, Tier 1 capital adequacy ratio, and total capital adequacy ratio were reported at 9.67%, 11.83%, and 13.89% respectively, showing slight increases from the previous quarter [4] Valuation and Earnings Forecast - The report forecasts a net profit growth rate of 0.23%, 1.23%, and 1.50% for 2024, 2025, and 2026 respectively, with a projected PE ratio for 2024 ranging from 5.70 to 6.64 times [5][6] - The DDM model indicates a reasonable value of 3.84 yuan per share, while the PB-ROE model suggests a 2024E PB valuation of 0.51 times, with a comparable company PB of 0.56 times [5][6]

China Everbright Bank Company Limited 6818 董事名單與其角色和職能 中國光大銀行股份有限公司（「本公司」）董事會（「董事會」）成員載列如下： 董事長，非執行董事 - 1 - 下表提供各董事會成員在董事會委員會中所擔任職務之信息。 | | | | | | | | 社會責任、 普惠金融 發展和 | | --- | --- | --- | --- | --- | --- | --- | --- | | 董事╱ 董事會委員會 | 戰略委員會 | 風險管理 委員會 | 審計委員會 | 提名委員會 | 薪酬委員會 | 關聯交易 控制委員會 | 消費者權益 保護委員會 | | 吳利軍 | C | | | M | | | | | 崔勇 | M | | | | | | | | 郝成 | M | M | | | | | C | | 齊曄 | | | | | | | M | | 楊兵兵 | | M | | | | | | | 曲亮 | | | | | | | M | | 姚威 | | | M | | | | M | | 朱文輝 | M | | M | | | | | | 張銘文 | | M ...

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: 中國光大銀行股份有限公司（於中華人民共和國註冊成立的股份有限公司） 呈交日期: 2024年11月4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) | 06818 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 12,678,735,500 | RMB | | 1 RMB | | 12,678,735,500 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 12,678,735,500 | RMB | | 1 RMB | | 12,678,735,500 ...

中国光大银行股份有限公司（简称本行）于近日收到《国家金融 监督管理总局关于张铭文光大银行董事任职资格的批复》（金复〔2024〕 692 号），国家金融监督管理总局已于 2024 年 10 月 28 日核准张铭文 先生本行董事的任职资格。 张铭文先生简要情况详见本行于 2024 年 7 月 12 日刊登在上海证 券交易所网站（www.sse.com.cn）及本行网站（www.cebbank.com） 的《中国光大银行股份有限公司 2024 年第二次临时股东大会会议文 件》。 特此公告。 中国光大银行股份有限公司董事会 股票代码：601818 股票简称：光大银行 公告编号：临 2024-065 中国光大银行股份有限公司 关于董事任职资格核准的公告 本行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。 2024 年 11 月 4 日 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has shown stable growth in performance, with a slight increase in net profit despite a decline in revenue [1][2] - Asset quality remains robust, with a non-performing loan ratio of 1.25% and a provision coverage ratio of 171% [3] - Short-term revenue pressures are noted due to declining interest margins and poor performance in fee-based income, but long-term prospects are optimistic due to expected recovery in retail demand and wealth management [4] Financial Performance - For the first three quarters of 2024, the company reported revenue of 102.4 billion yuan, a year-on-year decrease of 8.8%, while net profit attributable to shareholders was 38.4 billion yuan, an increase of 1.9% [1][2] - Net interest income decreased by 11.0% year-on-year, but the decline rate has narrowed, indicating improved cost control and deposit structure optimization [2] - Fee and commission income saw a significant decline of 20.6% year-on-year, primarily due to reduced credit card transaction volumes [2] Asset Quality - As of the end of Q3 2024, the non-performing loan balance decreased by 250 million yuan, maintaining a stable non-performing loan ratio [3] - The company recognized credit impairment losses of 24.6 billion yuan in the first three quarters, which is 10.9 billion yuan less than the previous year [3] Asset and Liability Management - Total assets reached 6.9 trillion yuan, with total loans at 3.9 trillion yuan, reflecting a year-on-year growth of 0.7% and 3.6% respectively [4] - Total deposits increased significantly by 101.6 billion yuan in Q3 2024, despite a year-on-year decline of 1.6% [4]

Investment Rating - The investment rating for the company is "Neutral" [2][6]. Core Views - The company's net profit attributable to shareholders for the first three quarters of 2024 was CNY 38.4 billion, representing a year-on-year growth of 1.9%, indicating stable growth despite a decline in operating income [1]. - The total assets of the company grew by 0.7% year-on-year to CNY 6.9 trillion, reflecting a cautious expansion strategy [1]. - The net interest margin for the first three quarters of 2024 was 1.47%, down 25 basis points year-on-year, primarily due to a decrease in LPR and weak credit demand [1]. - Non-interest income showed a significant increase of 26.8% year-on-year, reaching CNY 14.6 billion, driven by higher investment income and fair value changes [1]. - The company maintained a stable non-performing loan ratio of 1.25% as of the end of the third quarter, with a provision coverage ratio of 171%, down 10 percentage points from the end of the previous year [1]. Summary by Relevant Sections Financial Performance - The company achieved operating income of CNY 102.4 billion in the first three quarters of 2024, a decrease of 8.8% year-on-year, with net interest income at CNY 72.6 billion, down 11.0% [1][3]. - The weighted average ROE for the first three quarters was 9.7%, a decline of 0.6 percentage points year-on-year [1]. Asset Quality - The non-performing loan balance increased by CNY 1 billion to CNY 48.5 billion by the end of the third quarter, with the non-performing loan ratio stable at 1.25% [1][4]. Profitability Forecast - The company is expected to achieve net profits of CNY 40.9 billion, CNY 41.4 billion, and CNY 42.6 billion for 2024, 2025, and 2026 respectively, with growth rates of 0.3%, 1.1%, and 2.9% [1][3].

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company's revenue decline has stabilized, and profit continues to grow steadily. For the first three quarters of 2024, the company achieved revenue of 102.4 billion yuan (YoY -8.76%), with net profit attributable to shareholders of 38.4 billion yuan (YoY +1.92%) [3] - The bank's asset quality remains robust, with a non-performing loan ratio steady at 1.25% and a provision coverage ratio of 170.73% [5] - The bank's capital structure is optimized, and its asset quality is stable, supporting its strategic transformation and business expansion [3][5] Summary by Sections Financial Performance - In Q3 2024, the bank's net interest income was 24.5 billion yuan (YoY -8.84%), while non-interest income was 8.1 billion yuan (YoY -8.41%). The decline in net interest income has narrowed compared to Q2 [3] - The bank's total assets at the end of Q3 2024 reached 38,972 billion yuan, reflecting a growth of 2.91% since the beginning of the year [4] Asset Quality - The non-performing loan ratio remained stable at 1.25%, and the provision coverage ratio slightly decreased but remains at a relatively sufficient level [5] - The bank's credit impairment losses for Q3 were 4.345 billion yuan (YoY -51.26%), which continues to support profit [5] Future Outlook - The bank is expected to maintain a steady growth trajectory, with projected net profits for 2024-2026 of 41.9 billion, 44.2 billion, and 46.4 billion yuan, respectively, indicating YoY growth of 2.8%, 5.5%, and 4.9% [3] - The current stock price corresponds to a price-to-book ratio (PB) of 0.3 for 2024-2026, suggesting potential for appreciation [3]

Investment Rating - The report assigns a 2024E P/B of 0.4x and a 2024E P/E of 5.0x for the company, with a TTM dividend yield of 5.1% [1][5]. Core Insights - The company reported a revenue decline of 8.7% YoY in Q3 2024, with profit before provision down 11.7% YoY, while net profit attributable to the parent increased by 2.3% YoY [1][5]. - For the first three quarters of 2024, revenue decreased by 8.8% YoY, profit before provision fell by 10.9% YoY, and net profit attributable to the parent rose by 1.9% YoY [1][5]. - The annualized ROE for the first three quarters of 2024 decreased by 0.57 percentage points to 9.66%, while the CET1 capital ratio increased by 0.56 percentage points to 9.67% YoY [1][5]. Summary by Sections Revenue and Profitability - Q3 2024 net interest income decreased by 11.0% YoY, with a slight improvement from Q2 2024's decline of 12.1% [2]. - The estimated net interest margin for Q3 2024 was 1.49%, up 4 basis points QoQ, while the yield on interest-bearing assets decreased by 5 basis points to 3.54% [2]. - The cost of interest-bearing liabilities decreased by 9 basis points to 2.18% [2]. Loan and Deposit Growth - Loan growth compared to the end of 2023 was 2.91%, which is lower than the 5.29% growth rate from the same period last year [2]. - Deposits decreased by 1.79% compared to the end of 2023, contrasting with a 4.29% growth rate from the previous year [2]. Asset Quality - The non-performing loan (NPL) ratio remained stable at 1.25%, while the provision coverage ratio decreased to 170.73%, down 1.72 percentage points [3]. - Net fee and commission income for the first three quarters of 2024 fell by 20.6% YoY, with fee income down 19.2% and fee expenses down 7.7% [3]. Cost Management - The cost-to-income ratio for the first three quarters of 2024 was 27.6%, an increase of 1.4 percentage points YoY [3].

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The revenue decline has stabilized, and profit continues to grow steadily. For the first three quarters of 2024, the company achieved revenue of 102.4 billion yuan (YoY -8.76%), with net profit attributable to shareholders of 38.4 billion yuan (YoY +1.92%) [3][4] - The asset quality remains robust, with a non-performing loan ratio holding steady at 1.25% and a provision coverage ratio of 170.73% [5][6] - The company is expected to maintain a stable profit growth trajectory, with projected net profits of 41.9 billion yuan, 44.2 billion yuan, and 46.4 billion yuan for 2024, 2025, and 2026 respectively [3][6] Summary by Sections Financial Performance - In Q3 2024, net interest income was 24.5 billion yuan (YoY -8.84%), while non-interest income was 8.1 billion yuan (YoY -8.41%). The decline in net interest income has narrowed compared to Q2 [3][4] - The total loan principal at the end of Q3 2024 was 38,972 billion yuan, reflecting a growth of 2.91% since the beginning of the year [4] - The company’s total revenue for 2024 is projected to be 146.5 billion yuan, with a slight increase expected in subsequent years [6] Asset Quality - The non-performing loan ratio remained stable at 1.25%, indicating a solid asset quality. The provision coverage ratio is at a relatively sufficient level of 170.73% [5][6] - The company reported a credit impairment loss of 4.345 billion yuan in Q3, which is a significant decrease of 51.26% YoY, contributing positively to profits [5] Market Position and Outlook - The company is expected to benefit from an improved deposit structure and a potential recovery in agency sales as market conditions stabilize [3][4] - The projected price-to-book ratios for 2024-2026 are 0.3, indicating a favorable valuation relative to its earnings growth [3][6]