Investment Rating - The investment rating for the company is "Outperform" (Maintain) [2] Core Views - The revenue decline has narrowed, and the certainty of mid-term dividends has increased [3] - The bank achieved a revenue of 69.8 billion yuan in the first half of 2024, a year-on-year decrease of 8.77%, but the decline is less than in the first quarter of 2024 [3] - The net interest margin decreased by 28 basis points to 1.54% year-on-year, primarily due to a significant drop in loan yields [3] - The bank's net profit attributable to shareholders was 24.5 billion yuan, showing a year-on-year increase of 1.72%, maintaining stable profitability [3] - The bank's profit forecast for 2024-2026 has been adjusted to 41.9 billion, 44.2 billion, and 46.4 billion yuan respectively, with year-on-year growth rates of 2.8%, 5.5%, and 4.9% [3] - The current stock price corresponds to a price-to-book ratio of 0.3 for 2024-2026, and the "Outperform" rating is maintained due to the narrowing revenue decline and stable asset quality [3] Summary by Sections Revenue and Profitability - In Q2 2024, the bank's revenue decreased by 7.93%, a smaller decline compared to Q1 2024, with net interest income and non-interest income changing by -12.48% and +3.35% respectively [3] - The bank's total assets grew at a marginally declining rate, with a focus on maintaining asset quality [5] Loan and Deposit Performance - As of the end of Q2 2024, corporate loan balances reached 2.27 trillion yuan, a year-on-year increase of 7.46%, outpacing the overall loan growth rate of 4.00% [4] - Retail loan demand remains weak, with a year-on-year decline of 1.69% as of Q2 2024 [4] - Total deposits were 3.92 trillion yuan, down 4.21% year-on-year, primarily due to negative growth in corporate deposits [4] Asset Quality - The non-performing loan ratio remained stable at 1.25% for three consecutive quarters, while the attention rate increased by 15 basis points to 1.99% [5] - The bank has increased its efforts in handling non-performing loans, maintaining overall asset quality stability [5] Dividends and Valuation - The bank announced a mid-term dividend on August 30, 2024, which is expected to enhance valuation recovery potential [5]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2][22]. Core Insights - The company's revenue decline has narrowed, with significant contributions from investment income. In the first half of 2024, the company achieved revenue of 69.8 billion yuan, a year-on-year decrease of 8.77%, which is an improvement compared to the first quarter of 2024. The net interest margin decreased by 28 basis points to 1.54% due to a significant drop in loan yield. The net profit attributable to shareholders for the first half of 2024 was 24.5 billion yuan, reflecting a year-on-year increase of 1.72%, indicating stable profitability [3][23]. - The company has a solid support for corporate loans, with a significant decrease in deposit costs. As of the end of Q2 2024, the corporate loan balance was 2.27 trillion yuan, a year-on-year increase of 7.46%, outpacing the overall loan growth rate of 4.00%. Retail loan demand remains weak, with a year-on-year decrease of 1.69% [4][24]. - Asset quality remains stable, with a non-performing loan ratio holding steady at 1.25% for three consecutive quarters. The coverage ratio for provisions decreased to 172.45% due to increased write-off efforts. The core tier one capital adequacy ratio has improved, and the announcement of a mid-term dividend is expected to enhance valuation recovery [5][25]. Summary by Sections Revenue and Profitability - The company reported a revenue of 69.8 billion yuan in H1 2024, down 8.77% year-on-year, with a net profit of 24.5 billion yuan, up 1.72% year-on-year. The profit forecast for 2024-2026 has been adjusted to 41.9 billion, 44.2 billion, and 46.4 billion yuan respectively, with year-on-year growth rates of 2.8%, 5.5%, and 4.9% [3][23][26]. Loan and Deposit Performance - Corporate loans showed a robust growth of 7.46% year-on-year, while retail loans declined by 1.69%. Total deposits reached 3.92 trillion yuan, down 4.21% year-on-year, primarily due to a decrease in corporate deposits [4][24]. Asset Quality - The non-performing loan ratio remained stable at 1.25%, with a slight increase in the attention ratio to 1.99%. The company has focused on managing non-performing loans, maintaining overall asset quality stability [5][25].

光大银行（601818.SH）2024 年中报点评 中性 资产扩张放缓，投资收益增长较多 营收同比下降，净利润维持正增长。公司 2024 上半年实现营业收入 698 亿 元，同比下降 8.8%，降幅较一季度收窄 0.8 个百分点；上半年实现归母净利 润 245 亿元，同比增长 1.7%，增速较一季度回升 1.3 个百分点。上半年加权 平均净资产收益率 9.5%，同比下降 0.6 个百分点。从业绩归因来看，主要是 净息差拖累净利润增长，其他非息收入与信用减值损失支撑净利润增速。 资产扩张步伐放缓。2024 年二季度末总资产同比增长 0.6%至 6.8 万亿元， 资产增速持续降低，规模扩张更为谨慎。其中贷款总额同比增长 4.0%，存款 同比下降 5.7%。公司二季度末核心一级资本充足率 9.59%，较年初提高 0.41 个百分点。 净息差下降。公司披露的上半年日均净息差 1.54%，同比降低 28bps。贷款 收益率同比下降 51bps，生息资产收益率同比下降 32bps，预计主要受 LPR 下降以及存量房贷利率下调等因素影响；负债成本有所改善，但降幅明显低 于资产端，其中存款付息率同比下降 9bps，整体负债成 ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the analysis suggests a positive outlook on the company's performance and growth potential. Core Insights - The company reported a total operating income of 69.808 billion yuan, a year-over-year decrease of 8.77%, while net profit reached 24.610 billion yuan, reflecting a year-over-year increase of 1.61% [2] - The total assets of the company reached 6.8 trillion yuan, with a year-over-year growth of 0.57%, and total loans amounted to 3.9 trillion yuan, growing by 4.3% year-over-year [2] - Key areas such as technology, green finance, and inclusive finance saw significant loan growth rates of 31.36%, 28.57%, and 13.24% respectively [2] - The net interest margin for the first half of 2024 was 1.54%, down 20 basis points from the end of the previous year, primarily due to multiple LPR reductions [2] - The non-performing loan ratio remained stable at 1.25%, and the provision coverage ratio was 172.5% [3] - Core Tier 1 capital adequacy ratio improved to 9.59%, indicating a solid capital position [3] - The company is expected to see net profit growth rates of 8.86%, 9.74%, and -1.45% for the years 2024 to 2026 respectively [3] Summary by Sections Financial Performance - Operating income for 2024 is projected at 152.007 billion yuan, with a growth rate of 4.34% [4] - Net profit attributable to the parent company is expected to be 44.404 billion yuan in 2024, with a growth rate of 8.86% [4] - The company’s earnings per share (EPS) is projected to be 0.75 yuan in 2024 [4] Asset Quality - The company’s total loans are projected to reach 4.052 trillion yuan by 2024, with a growth rate of 7.00% [11] - The non-performing loan ratio is expected to remain stable, indicating effective risk management [3] Capital Adequacy - The capital adequacy ratios are projected to improve, with the total capital adequacy ratio expected to be 13.90% by 2026 [11] - The core Tier 1 capital adequacy ratio is expected to reach 9.91% by 2025, reflecting a strengthening capital base [11]

股票代码：601818 股票简称：光大银行 公告编号：临2024-049 中国光大银行股份有限公司 关联交易公告 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。 重要内容提示： 交易简要内容 中国光大银行股份有限公司（简称本行）拟为中国光大集团股 份公司（简称光大集团）核定人民币 130 亿元综合授信额度，期限 12 个月，信用方式。 本行拟为光大环保（中国）有限公司（简称光大环保）核定人 民币 5 亿元综合授信额度，期限 3 年，信用方式。 本行拟为华荃有限公司（简称华荃公司）核定 9,200 万美元 （约合人民币 6.56 亿元）承诺性双边定期贷款额度，期限 5 年，由 中国飞机租赁集团控股有限公司（简称中飞租）提供保证担保，并 有相关飞机资产抵押等风险缓释措施。 1 光大集团为本行控股股东，光大环保、华荃公司为光大集团间接 控制的法人，上述交易构成关联交易。 上述交易不构成重大资产重组。 本行与光大集团的关联交易已经本行董事会关联交易控制委员会 及独立董事专门会议审议通过并经本行董事会审议批准，不需要 经过本行股东大会或有 ...

关联交易公告 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。 股票代码：601818 股票简称：光大银行 公告编号：临2024-050 中国光大银行股份有限公司 重要内容提示： 交易简要内容 中国光大银行股份有限公司（简称本行）拟为中国五矿集团有 限公司（简称五矿集团）核定人民币 80 亿元综合授信额度，期限 36 个月，信用方式。 一、关联交易概述 本行拟为五矿集团核定人民币 80 亿元综合授信额度，期限 36 个月，信用方式，将超过本行最近一期经审计净资产绝对值的 0.5%。 1 本行独立董事李引泉先生兼任五矿集团外部董事，本次交易构成 关联交易。 本次交易不构成重大资产重组。 本次交易已经本行董事会关联交易控制委员会及独立董事专门会 议审议通过并经本行董事会审议批准，不需要经过本行股东大会 或有关部门批准。 本行过去12个月及拟与五矿集团发生关联交易人民币80亿元（已 披露的关联交易除外），将超过本行最近一期经审计净资产绝对 值的0.5%。 其他需要提醒投资者重点关注的风险事项：无。 根据《上海证券交易所股票上市规则》《上 ...

Financial Performance - Operating revenue for the first half of 2024 was RMB 69,808 million, a decrease of 8.77% compared to RMB 76,520 million in the same period of 2023[8]. - Net profit for the first half of 2024 reached RMB 24,610 million, reflecting a year-on-year increase of 1.61% from RMB 24,219 million in 2023[8]. - Total assets as of June 30, 2024, amounted to RMB 6,796,694 million, representing a 0.35% increase from RMB 6,772,796 million at the end of 2023[8]. - The basic earnings per share for the first half of 2024 was RMB 0.37, a decrease of 2.63% compared to RMB 0.38 in the same period of 2023[8]. - The total equity attributable to shareholders increased to RMB 568,391 million, a rise of 2.90% from RMB 552,391 million at the end of 2023[8]. - The net profit for the period was RMB 24,610 million, reflecting a year-on-year increase of 1.61%[29]. - The total comprehensive income for the group was RMB 28,917 million for the first half of 2024, an increase of 5.0% from RMB 27,530 million in the same period of 2023[194]. - The bank's total liabilities and shareholders' equity amounted to RMB 570,865 million as of June 30, 2024, compared to RMB 554,785 million at the end of 2023, indicating an increase of 2.0%[190]. Risk Management - The non-performing loan ratio remained stable at 1.25% as of June 30, 2024, unchanged from the end of 2023[10]. - The bank emphasizes the importance of credit risk management, implementing a unified credit management system and optimizing asset portfolio structure to mitigate risks[112]. - The bank maintains a prudent liquidity risk management strategy, ensuring sufficient liquidity levels and conducting regular stress tests[113]. - The bank has established a comprehensive market risk management system to monitor and control interest rate, exchange rate, and commodity risks[113]. - The bank's large exposure limits are maintained within regulatory requirements, ensuring effective management of client concentration risks[114]. - The bank's country risk exposure is rated above investment grade, with provisions meeting regulatory requirements[114]. - The bank has implemented measures to enhance operational risk management, including dynamic monitoring and historical loss data analysis[115]. Capital and Equity - The capital adequacy ratio as of June 30, 2024, was 9.59%, up from 9.18% at the end of 2023[15]. - The capital adequacy ratio improved to 13.87%, an increase of 0.37 percentage points from the end of the previous year[28]. - The bank's capital reserve as of June 30, 2024, was RMB 74,473 million, up from RMB 58,434 million a year earlier, reflecting a significant increase of 27.4%[199]. - The general risk reserve increased to RMB 86,310 million as of June 30, 2024, compared to RMB 81,554 million in the previous year, indicating a rise of 5.5%[199]. - The bank's retained earnings as of June 30, 2024, were RMB 210,828 million, an increase from RMB 189,422 million as of June 30, 2023, showing an increase of 11.3%[199]. Loans and Advances - The total loan amount reached CNY 3.89 trillion, an increase of 2.81% compared to the end of the previous year[20]. - Retail loan scale (excluding credit cards) was CNY 1.11 trillion, growing by 2.50% year-on-year[20]. - The balance of loans to technology enterprises reached CNY 351.06 billion, an increase of CNY 83.81 billion, representing a growth of 31.36% compared to the end of the previous year[25]. - The balance of green loans was CNY 403.41 billion, up by CNY 89.64 billion, reflecting a growth of 28.57% year-on-year[25]. - The balance of inclusive finance loans stood at CNY 429.33 billion, increasing by CNY 50.20 billion, which is a growth of 13.24% from the previous year[25]. - The total loans and advances amounted to RMB 3,893.444 billion, increasing by RMB 106.490 billion, or 2.81% year-on-year[28]. - The loan balance in the Yangtze River Delta region reached RMB 954,346 million, accounting for 24.51% of total loans as of June 30, 2024, up from 23.86% in December 2023[58]. Digital Transformation and Innovation - The company aims to enhance its wealth management services and digital transformation to better serve the economy and society[22]. - The bank is focusing on digital transformation to enhance business development, emphasizing the integration of technology and finance[26]. - The bank is focusing on digital transformation and enhancing service capabilities through automation and digital technologies[87]. - The company launched a digital comprehensive service platform for financial institutions, focusing on GMV and enhancing service capabilities for nearly 4,000 industry clients[103]. - The bank's digital financial services have expanded to cover 30 provincial regions for personal social security payment services, enhancing accessibility for minority communities[100]. Shareholder Information - The company distributed a cash dividend of 1.73 yuan per 10 shares, totaling 10.222 billion yuan[135]. - The company’s total share capital remained at 59,085,551,061 shares as of June 30, 2024[137]. - The number of shareholders at the end of the reporting period was 180,011 for A shares and 825 for H shares[138]. - The largest shareholder, Everbright Group, directly and indirectly holds 47.30% of the bank's shares, with its controlling shareholder, Central Huijin Investment, holding 63.16%[141]. - The company has conducted 19 related party transactions with approximately 885.18 billion yuan in total during the reporting period[143]. Customer and Market Engagement - The company conducted 23,500 financial education activities, a year-on-year increase of 49.55%, reaching 238 million consumers, up 89.93%[125]. - The number of personal pension customers increased by 69.48% compared to the previous year[20]. - The total number of clients reached 991,400, with a total FPA of RMB 5.09 trillion[81]. - The number of mobile banking registered users increased by 3.26% to 63.9335 million, with monthly active users growing by 9.08% to 22.6226 million[99]. Compliance and Governance - The board of directors held 6 meetings during the reporting period, reviewing 66 proposals and listening to 34 reports, demonstrating effective decision-making[166]. - The supervisory board held 5 meetings during the reporting period, reviewing 17 proposals and listening to 46 reports[172]. - The company published 52 A-share announcements and 76 H-share announcements, ensuring compliance with information disclosure rules[177]. - The independent directors provided constructive and professional opinions on matters involving minority shareholders' interests[171].

交易简要内容 股票代码：601818 股票简称：光大银行 公告编号：临2024-051 中国光大银行股份有限公司 关联交易公告 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。 重要内容提示： 中国光大银行股份有限公司（简称本行）拟为中国中信金融资 产管理股份有限公司（简称中信金融资产）核定人民币 220 亿元综 合授信额度，期限 1 年，信用方式。 一、关联交易概述 本行拟为中信金融资产核定人民币 220 亿元综合授信额度，期 1 中信金融资产持有本行7.08%股份，并派出1名董事，为本行主要 股东，本次交易构成关联交易。 本次交易不构成重大资产重组。 本次交易已经本行董事会关联交易控制委员会及独立董事专门会 议审议通过并经本行董事会审议批准，不需要经过本行股东大会 或有关部门批准。 本行过去12个月及拟与中信金融资产发生关联交易人民币220亿 元（已披露的关联交易除外），将超过本行最近一期经审计净资 产绝对值的0.5%。 其他需要提醒投资者重点关注的风险事项：无。 限 1 年，信用方式，将超过本行最近一期经审计净资产绝对值的 ...

股票代码：601818 股票简称：光大银行 公告编号：临 2024-048 中国光大银行股份有限公司 第九届监事会第十五次会议决议公告 本行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。 本次会议由李银中监事主持，审议并通过以下议案： 二、关于制定《中国光大银行股份有限公司 2024 年恢复计划》 和《中国光大银行股份有限公司 2024 年处置计划建议》的议案 表决情况：有效表决票 7 票，同意 7 票，反对 0 票，弃权 0 票。 特此公告。 一、关于 2024 年半年报及摘要（A 股）、中期报告及业绩公告 （H 股）的议案 表决情况：有效表决票 7 票，同意 7 票，反对 0 票，弃权 0 票。 监事会出具以下审核意见： （一）报告的编制和审议程序符合法律法规、监管规定、《公司 章程》和内部管理制度的各项要求。 （二）报告的内容和格式符合法律法规和监管规定，所包含的信 息真实反映了本行 2024 年上半年的经营管理和财务状况等事项。 （三）未发现参与 2024 年半年报编制和审议的人员有违反保密 规定的行为。 1 中国光大银行股 ...

关于拟实施 2024 年度中期分红的自愿性公告 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。 为贯彻落实监管政策导向，使投资者及时分享发展红利，进一步 提升投资者获得感，在符合有关法律法规和公司章程规定的情况下， 中国光大银行股份有限公司（简称本行）拟适时开展 2024 年度中期 分红。本行后续将根据公司章程相关规定制定具体的中期分红方案， 履行公司治理程序后实施。 股票代码：601818 股票简称：光大银行 公告编号：临 2024-052 中国光大银行股份有限公司 特此公告。 中国光大银行股份有限公司董事会 2024 年 8 月 30 日 中期分红方案的具体内容及审议情况届时以本行公告为准。敬请 广大投资者注意投资风险。 ...