Investment Rating - The investment rating for the company is "Accumulate" with a target price of 7.64 CNY [21]. Core Insights - The company's revenue growth is being impacted by a decline in non-interest income, with a reported revenue of 200.93 billion CNY in Q1 2024, down 2.97% year-on-year [12]. - The net profit attributable to shareholders for Q1 2024 was 86.82 billion CNY, reflecting a decrease of 2.17% year-on-year [12]. - The bank's asset quality remains stable, with a non-performing loan ratio of 1.36% as of Q1 2024, showing a slight improvement from the previous year [4]. Financial Performance Summary - The company is projected to achieve revenues of 772.32 billion CNY, 787.28 billion CNY, and 811.35 billion CNY for the years 2024, 2025, and 2026 respectively, with year-on-year growth rates of 0.34%, 1.94%, and 3.06% [4][5]. - The net profit attributable to shareholders is expected to be 334.34 billion CNY, 342.44 billion CNY, and 354.68 billion CNY for the same years, with growth rates of 0.51%, 2.42%, and 3.58% respectively [4][5]. - The bank's net interest margin for Q1 2024 was reported at 1.57%, a decrease of 13 basis points compared to the previous year, primarily due to pressure on the asset side [3][4]. Asset Quality and Capital Adequacy - As of Q1 2024, the bank's provision coverage ratio was 238.17%, indicating a strong capacity to cover potential loan losses [4]. - The core Tier 1 capital adequacy ratio stood at 14.11%, providing sufficient capital support for future expansion [4].

Financial Performance - Operating income for Q1 2024 was RMB 200,928 million, a decrease of 2.97% compared to RMB 207,076 million in Q1 2023[6] - Net profit for Q1 2024 was RMB 86,907 million, down 2.51% from RMB 89,147 million in Q1 2023[6] - The net profit attributable to shareholders was RMB 86,817 million, a decrease of 2.17% from RMB 88,743 million in the same period last year[6] - The annualized weighted average return on equity decreased to 11.59%, down 1.27 percentage points from 12.86% in Q1 2023[6] - Net interest income is 149.73 billion yuan, a decrease of 2.19% year-on-year, with a net interest margin of 1.57%[39] - Net profit for the first quarter of 2024 was CNY 86.91 billion, a decrease of 2.51% year-on-year, with an annualized return on average assets of 0.89%[64] - The group's total profit before tax was RMB 102,307 million, down from RMB 104,705 million in the same period of 2023[74] - The group reported a basic and diluted earnings per share of RMB 0.35 for the three months ended March 31, 2024, unchanged from the same period in 2023[76] Asset and Liability Management - Total assets as of March 31, 2024, reached RMB 39,729,281 million, an increase of 3.66% from RMB 38,324,826 million at the end of 2023[6] - Total liabilities reached CNY 36.47 trillion, up by CNY 1.31 trillion, or 3.74% from the end of last year[62] - The balance of corporate housing rental loans was RMB 348,615 million, serving over 1,600 clients, with a specific focus on affordable rental housing projects[17] - The total amount of loans and advances issued reached RMB 25,030,899 million, an increase of 4.90% from RMB 23,861,600 million[18] - The bank's domestic loans and advances amounted to RMB 24,149,319 million, reflecting a growth of 4.97% from RMB 23,006,496 million[18] - The total loans and advances issued increased by RMB 1.17 trillion compared to the end of the previous year, reaching RMB 24,224,226 million[55] - The balance of green loans reached 4.45 trillion yuan, an increase of 14.56% compared to the end of the previous year[30] Cash Flow and Investment Activities - The net cash flow from operating activities was RMB 209,335 million, a significant decrease of 43.54% compared to RMB 370,787 million in Q1 2023[26] - The group's cash flow from operating activities totaled RMB 2,509,636 million, compared to RMB 2,790,346 million in the first quarter of 2023, indicating a decrease in cash inflow[53] - The net cash flow from operating activities for the group was RMB 209,335 million for the three months ended March 31, 2024, compared to RMB 370,787 million for the same period in 2023, representing a decrease of approximately 43.4%[90] - Cash inflow from investment activities totaled RMB 593,509 million for the three months ended March 31, 2024, up from RMB 336,348 million in the same period of 2023, indicating an increase of about 76.6%[91] - The net cash flow from investment activities was negative at RMB 135,041 million for the three months ended March 31, 2024, compared to negative RMB 268,382 million for the same period in 2023, showing an improvement of about 49.7%[91] Shareholder Information - As of March 31, 2024, the total number of ordinary shareholders is 306,551, with H-share shareholders at 38,449 and A-share shareholders at 268,102[27] - The top 10 ordinary shareholders hold a total of 142,590,494,651 shares, representing 57.03% of the total[27] - The group's equity attributable to shareholders totaled RMB 3,262,528 million as of March 31, 2024, compared to RMB 3,172,074 million at the end of 2023, reflecting an increase of 2.84%[47] Impairment and Non-Performing Loans - The bank's non-performing loans amount to 339.33 billion yuan, with a non-performing loan ratio of 1.36%, a decrease of 0.01 percentage points from the end of the previous year[36] - The non-performing loan ratio stood at 1.36%, a decrease of 0.01 percentage points from the end of the previous year, indicating stable asset quality[55] - Impairment losses totaled CNY 48.15 billion, with credit impairment losses at CNY 48.16 billion[66] - The group reported a credit impairment loss of RMB 48,157 million for the three months ended March 31, 2024, compared to RMB 51,577 million in the same period of 2023[82] Tax and Regulatory Compliance - The bank's income tax expense is 15.40 billion yuan, a decrease of 1.58 billion yuan year-on-year, with an effective tax rate of 15.05%[41] - The capital adequacy ratio was 19.34%, with a Tier 1 capital ratio of 15.04% and a core Tier 1 capital ratio of 14.11%, all meeting regulatory requirements[64] Digital Transformation and Customer Engagement - The bank is actively supporting the digital transformation and enhancing its digital supply capabilities to align with the construction of a digital China[14] - The number of online personal users reached 547 million, with 414 million personal customers in mobile banking[32] - Inclusive finance loan balance reached CNY 3.28 trillion, an increase of CNY 234.9 billion compared to the end of last year, with 3.41 million customers, up by 240,100[56] - Agricultural loan balance stood at CNY 4.21 trillion, increasing by CNY 387.6 billion from the end of last year, with "Yunong Tong" app registered users reaching 15.13 million, up by 1.46 million[56]

服務大眾 共享美好 中國建設銀行股份有限公司 2023年度報告 地址及郵編 中國北京市西城區金融大街25號 100033 可 循 環 再 造 紙 張 印 刷 中國建設銀行股份有限公司 (於中華人民共和國註冊成立的股份有限公司) 股份代號 : 939（H股普通股） 601939（A股普通股） 360030（境內優先股） 2023 年度報告 中國建設銀行股份有限公司 重要提示 本行董事會、監事會及董事、監事、高級管理人員保證本年度報告內容的真實、準確、完整，不存在虛假 記載、誤導性陳述或重大遺漏，並承擔個別和連帶的法律責任。 本行於2024年3月28日召開董事會會議，審議通過了本年度報告及其業績公告。本行12名董事出席董事會會 議。因公務原因，紀志宏先生委託張金良先生出席並表決。 本行董事會建議向全體股東派發2023年度現金股息，每股人民幣0.400元（含稅）。 本集團2023年度按照中國會計準則編製的財務報告經安永華明會計師事務所（特殊普通合夥）審計，按照國際 財務報告準則編製的財務報告經安永會計師事務所審計，審計師均出具無保留意見的審計報告。 本行董事長、執行董事張金良、獨立非執行董事鍾嘉年和獨立非執行董事威 ...

银行｜ 国有大型银行Ⅱ 资产质量平稳，负债管控有效 | --- | --- | --- | --- | --- | |---------------------------|------------------------|-----------------|---------|----------| | -3% 2023-04 | 2023-07 | 2023-10 | 2024-01 | 2024-04 | | % | | 1M | 3M | 12M | | 建设银行 | | 6.59 | 10.14 | 25.50 | | 国有大型银行 Ⅱ | | 6.94 | 14.38 | 24.93 | | | | | | | | 刘敏 执业证书编号 | | :S0530520010001 | 分析师 | | | 洪欣佼 | liumin83@hnchasing.com | | | 研究助理 | | hongxinjiao@hnchasing.com | | | | | 净息差承压，负债成本管控优异。2023年净息差同比收窄 31bp 至 1.7%， 仍为同业领先水平。净息差下滑主要受生息资产收益率同比下滑 21 ...

Core Viewpoint - China Construction Bank (CCB) has faced significant scrutiny for omitting details of substantial penalties in its 2023 annual report, despite having received three fines totaling over 90 million yuan from regulatory authorities during the year [1][5][10] Group 1: Penalties and Regulatory Issues - CCB's 2023 annual report claims no criminal investigations or major administrative penalties were imposed, which contradicts the reality of three fines issued by the National Financial Regulatory Administration totaling approximately 90 million yuan [2][5] - The first penalty, issued on February 17, 2023, amounted to 73.42 million yuan for 38 violations, including issues related to corporate governance and internal controls [2][5] - The second penalty, issued on November 22, 2023, totaled approximately 20.42 million yuan for 18 violations, including inadequate monitoring of fund usage and internal control failures [3][5] - The third penalty, issued on December 27, 2023, was for 1.7 million yuan due to deficiencies in internal auditing and management of overseas institutions [5][6] Group 2: Real Estate Loan Issues - CCB has been actively pursuing liquidation of several real estate companies due to high non-performing loans in its real estate portfolio, with significant amounts involved, such as 1.46 billion yuan from Shimao Group and 2.53 billion yuan from Dexin China [8][10] - As of the end of 2023, CCB's non-performing loans in the real estate sector reached 48.16 billion yuan, a year-on-year increase of 14.55 billion yuan, representing a 43.3% rise [10] - The non-performing loan ratio for real estate loans stood at 5.64%, the highest among the six major banks, indicating a growing risk in this sector [10] Group 3: Information Disclosure and Accountability - CCB's annual report emphasizes the responsibility of its board and management for the accuracy and completeness of the report, raising questions about the omission of significant penalty information [6][7] - The report highlights awards received by CCB while neglecting to mention the penalties, suggesting a potential double standard in information disclosure practices [7][8]

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之內容概不負責，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產生或因依 賴該等內容而引致之任何損失承擔任何責任。 939 中國建設銀行股份有限公司 董事會 2024年4月17日 於本公告日期，本行的執行董事為張金良先生和紀志宏先生，本行的非執行董事 為邵敏女士、田博先生、夏陽先生、劉芳女士和李璐女士，本行的獨立非執行董 事為鍾嘉年先生、格雷姆•惠勒先生、米歇爾•馬德蘭先生、威廉•科恩先生、 梁錦松先生和詹誠信勛爵。 公告 董事會會議通告 中國建設銀行股份有限公司（「本行」）董事會（「董事會」）謹此宣佈，本行董事會將 於2024年4月29日舉行會議，以審議及批准本行截至2024年3月31日止三個月的業 績及其他事宜。 特此公告。 ...

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：601939 股票简称：建设银行 公告编号：临 2024-018 中国建设银行股份有限公司 董事会会议决议公告 （2024 年 4 月 15 日） 1 中国建设银行股份有限公司（以下简称"本行"）董事会会议（以 下简称"本次会议"）于2024年4月15日在北京以现场会议方式召开。 本行于 2024 年 4 月 9 日以书面形式发出本次会议通知。本次会议由 张金良董事长主持，应出席董事 13 名，实际亲自出席董事 11 名，格 雷姆•惠勒董事委托米歇尔•马德兰董事代为出席并表决，梁锦松董事 委托米歇尔•马德兰董事代为出席并表决。本次会议的召开符合《中 华人民共和国公司法》《中国建设银行股份有限公司章程》（以下简 称"《公司章程》"）等规定。 本次会议审议通过《关于聘任李建江先生担任本行副行长的议 案》。 表决情况：同意 13 票，反对 0 票，弃权 0 票。 本项议案已经本行董事会提名与薪酬委员会审核通过。 独立董事认为李建江先生符合相关法律法规和《公司章程》规定 的高级管 ...

中国建设银行股份有限公司（以下简称"本行"）于 2023 年 10 月 11 日发布了《中国建设银行股份有限公司关于控股股东增持本行 股份的公告》。依据该公告，本行股东中央汇金投资有限责任公司（以 下简称"汇金公司"）于 2023 年 10 月 11 日通过上海证券交易所交 易系统增持了本行股份，并在该次增持之日起 6 个月内，以自身名义 继续在二级市场增持本行股份。 日前，本行接汇金公司通知，截至 2024 年 4 月 10 日，汇金公司 通过上海证券交易所交易系统累计增持本行 A 股股份 71,450,968 股， 约占本行总股本的 0.03%；汇金公司共持有本行股份 142,857,887,595 股（其中 A 股 267,392,944 股，H 股 142,590,494,651 股），约占本行 总股本的 57.14%。汇金公司将继续支持本行长期稳健发展。 股票代码：601939 股票简称：建设银行 公告编号：临 2024-017 中国建设银行股份有限公司 关于汇金公司增持本行股份计划实施情况 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、 ...

北京市君合律师事务所 关于中央汇金投资有限责任公司 北京市建国门北大街 8 号华润大厦 20 层 邮编：100005 电话：(86-10) 8519-1300 传真：(86-10) 8519-1350 本专项核查意见仅供本次增持之目的使用，不得用作任何其他目的。本所同 意公司将本专项核查意见作为其实施本次增持的必备文件之一，随其他材料一起 提交上海证券交易所予以公告，并依法对本专项核查意见承担相应的法律责任。 本所同意公司在其为实施本次增持所制作的相关文件中依法引用本专项核查意 见的相关内容，但该引用不应采取任何可能导致对本所意见的理解出现偏差的方 式进行，否则本所有权对上述相关文件的相应内容进行再次审阅并确认。 增持中国建设银行股份有限公司股份的 专项核查意见 致：中央汇金投资有限责任公司 北京市君合律师事务所（以下简称"本所"）是在北京市司法局注册的律师 事务所，具有从事法律业务的资格。本所接受中央汇金投资有限责任公司（以下 简称"汇金公司"或"公司"）的委托，就其于 2023 年 10 月 11 日起 6 个月内 增持中国建设银行股份有限公司（以下简称"建设银行"）股份（以下简称"本 次增持"）的实施情 ...

中国建设银行股份有限公司2024 年第一次临时股东大会会议资料 二〇二四年四月九日 1 中国建设银行股份有限公司2024 年第一次临时股东大会会议资料 2024 年第一次临时股东大会文件目录 审议事项 特别决议案 2 1. 关于集团金融债券年度发行计划的议案 2. 关于资本工具计划发行额度的议案 3. 关于总损失吸收能力非资本债券发行额度的议案 中国建设银行股份有限公司 2024 年第一次临时股东大会 会议资料 中国建设银行股份有限公司董事会 中国建设银行股份有限公司2024 年第一次临时股东大会会议资料 议案一： 关于集团金融债券年度发行计划的议案 各位股东： 为拓宽本集团资金来源，增强资本实力，提高服务实体经济和防 范化解金融风险能力，支持各项业务稳健发展，现就本集团发行金融 债券事宜提出如下议案： 1. 同意本集团在符合相关法律法规、监管规则和本集团证券上市 地上市规则的前提下，2024 年于境内外市场发行金融债券不超过 3,860 亿元人民币等值。 2. 本次金融债券年度发行计划额度的有效期起始日为股东大会 审议批准本发行计划后一日，终止日原则上为 2024 年 12 月 31 日， 若在有效期内上述 ...