净息差降幅收窄，存款成本改善。2024 年净息差较二季度末下降3bps 至1.51%，降幅边际收窄。活期存 款占比维持42.43%高位，存款付息率1.65%，同比下降12BPs。 盈利预测和投资评级：建设银行四季度单季营收净利同比增速较上年同期回暖，资产质量保持稳健，拨 备安全垫夯实，其他非息收入高增亮点突出，负债成本改善，息差企稳可期。首次覆盖，给予"买入"评 级。但同时需关注到2024 年末零售端消费贷和信用卡不良率较二季度末上升，反映居民消费信贷质量 压力仍存，需关注经济复苏节奏对银行资产质量的持续影响。我们预测2025-2027 年营收为7745.83 亿 元、8189.58 亿元、8749.92 亿元，同比增速为3.26%、5.73%、6.84%；归母净利润为3386.91 亿元、 3482.71 亿元、3598.82亿元，同比增速为0.93%、2.83%、3.33%，EPS 为1.33、1.36、1.41 元；P/E 为 6.73、6.54、6.32 倍，P/B 为0.66、0.61、0.57 倍。 风险提示：金融监管政策发生重大变化；房地产领域风险集中暴露；经济回暖过程中发生黑天鹅事件； 债券市 ...

Core Viewpoint - China Construction Bank reported a slight decline in operating revenue and profit for 2024, but net profit showed a modest increase, indicating stable asset quality and improved interest margins [1][2]. Financial Performance - The bank achieved operating revenue of 750.15 billion yuan, down 2.5% year-on-year, and operating profit of 384.27 billion yuan, down 1.3% year-on-year [1]. - Net profit attributable to shareholders was 335.58 billion yuan, reflecting a year-on-year growth of 0.88% [1][2]. - The non-performing loan (NPL) ratio decreased by 1 basis point to 1.34%, while the provision coverage ratio fell by 3.4 percentage points to 233.6% [1][4]. Quarterly Analysis - In Q4 2024, revenue showed a slight year-on-year decline of 0.1%, with net interest income increasing by 7.5% due to improved interest margins [2]. - The bank's interest margin rose by 4 basis points to 1.49%, primarily due to a reduction in funding costs [4]. - The structure of interest-earning assets was adjusted, with retail loan growth showing marginal improvement, while corporate loan growth slowed [3]. Asset Quality - The overall asset quality remained stable, with a decrease in the NPL ratio and a reduction in credit impairment losses by 11.8% year-on-year [2][4]. - The NPL ratio for corporate loans decreased by 4 basis points to 1.57%, while retail loans saw an increase in NPL ratio by 14 basis points to 0.97% [4]. Investment Outlook - The bank's interest margin recovery and improved credit structure suggest a positive outlook, with revenue growth forecasts adjusted to 0.3%, 4.2%, and 5.6% for 2025-2027 [5]. - The target price for the bank's stock is set at 10.13 yuan, with a projected price-to-book (PB) ratio of 0.75x for 2025 [5].

Group 1 - The company will hold its first extraordinary general meeting of shareholders on April 22, 2025 [1][3] - Voting will be conducted through the Shanghai Stock Exchange's online voting system, with specific time slots for trading and internet voting [1][3] - The meeting will take place at 14:45 on April 22, 2025, at a designated location in Beijing [3][7] Group 2 - The agenda includes various proposals for shareholder approval, including feasibility reports and stock issuance matters [4][10] - The meeting will allow both on-site and online voting, ensuring participation from shareholders [3][5] - Shareholders must register for the meeting and can delegate their voting rights to representatives [7][9]

Core Viewpoint - China Construction Bank plans to hold its first extraordinary general meeting of shareholders in 2025, where several key proposals will be discussed, including financial bond issuance, profit distribution, and the election of new directors [1][3][10]. Proposal Summaries - **Proposal 1: Annual Financial Bond Issuance Plan** The bank proposes to issue financial bonds not exceeding 745 billion RMB in 2025, subject to regulatory approvals [1][2]. - **Proposal 2: 2024 Profit Distribution Plan** The bank plans to distribute a total cash dividend of 1,007.54 billion RMB for 2024, with a dividend payout ratio of 30%, translating to 0.403 RMB per share [3][4]. - **Proposal 3: Election of Non-Executive Director** Li Li is nominated to serve as a non-executive director for a term of three years, pending regulatory approval [5][6]. - **Proposal 4: Election of Independent Director** Zhang Weiguo is nominated as an independent director for a three-year term, also subject to regulatory approval [7][8]. - **Proposal 5: Conditions for Issuing A Shares to Specific Objects** The bank seeks to issue A shares to specific investors to support high-quality economic development and enhance capital structure [10][11]. - **Proposal 6: Specific A Share Issuance Plan** The bank plans to issue A shares at a price of 9.27 RMB per share, with a total issuance not exceeding 1,050 billion RMB [11][14]. - **Proposal 7: Feasibility Analysis Report** A report on the feasibility of the A share issuance is prepared to support the proposal [17][18]. - **Proposal 8: Dilution of Immediate Returns and Compensation Measures** The bank has prepared a report addressing the potential dilution of immediate returns from the A share issuance and related compensation measures [19][20]. - **Proposal 9: Future Shareholder Return Plan** A three-year shareholder return plan (2025-2027) is proposed to ensure reasonable and stable returns for shareholders [21][22]. - **Proposal 10: No Need for Previous Fund Usage Report** The bank states that there is no need to prepare a report on the usage of previously raised funds, as it has not raised funds through certain methods in the last five years [23][24]. - **Proposal 11: Signing of Subscription Agreement** The bank has signed a conditional subscription agreement with the Ministry of Finance for the A share issuance [25][26]. - **Proposal 12: Strategic Investment from the Ministry of Finance** The bank aims to introduce strategic investment from the Ministry of Finance through the A share issuance [21][22]. - **Proposal 13: Authorization for Board to Handle Issuance Matters** The bank seeks authorization for the board to manage all matters related to the A share issuance [22][23].

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： 一、召开会议的基本情况 (一) 股东大会类型和届次 2025 年第一次临时股东大会、2025 年第一次 A 股类别股东大会、2025 年 第一次 H 股类别股东大会 1 股东大会召开日期：2025年4月22日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合 的方式 (四) 现场会议召开的日期、时间和地点 证券代码：601939 证券简称：建设银行 公告编号：2025-021 日期时间：2025 年 4 月 22 日 14:45 中国建设银行股份有限公司 关于召开 2025 年第一次临时股东大会、 2025 年第一次 A 股类别股东大会、 2025 年第一次 H 股类别股东大会的通知 (五) 网络投票的系统、起止日期和投票时间 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及 ...

中国建设银行股份有限公司 2025 年第一次临时股东大会、2025 年第一次 A 股类别股东大会、2025 年第一次 H 股类别股东大会资料 中国建设银行股份有限公司 2025 年第一次临时股东大会、 2025 年第一次 A 股类别股东大会、 2025 年第一次 H 股类别股东大会 会议资料 中国建设银行股份有限公司董事会 二〇二五年四月三日 1 中国建设银行股份有限公司 2025 年第一次临时股东大会、2025 年第一次 A 股类别股东大会、2025 年第一次 H 股类别股东大会资料 2025 年第一次临时股东大会文件目录 审议事项 2 1. 关于集团金融债券年度发行计划的议案 2. 关于中国建设银行股份有限公司 2024 年度利润分配方案的议案 3. 关于选举李莉女士担任本行非执行董事的议案 4. 关于选举张为国先生担任本行独立董事的议案 5. 关于中国建设银行股份有限公司符合向特定对象发行 A 股股票条 件的议案 6. 关于中国建设银行股份有限公司向特定对象发行 A 股股票方案的 议案 7. 关于《中国建设银行股份有限公司向特定对象发行 A 股股票方案的 论证分析报告》的议案 8. 关于《中国建设银行股 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 10.13 CNY / 7.91 HKD [6][10]. Core Views - The bank's net interest margin has increased against the trend, and retail loan growth has shown marginal improvement. The bank reported a total operating income of 750.15 billion CNY for 2024, a year-on-year decrease of 2.5%, while net profit attributable to shareholders increased by 0.88% to 335.58 billion CNY [2][10]. - The asset quality remains stable, with a non-performing loan ratio decreasing by 1 basis point to 1.34%, and the provision coverage ratio declining by 3.4 percentage points to 233.6% [2][10]. Financial Performance Summary - **2024 Financial Indicators**: - Total operating income: 750,151 million CNY, down 2.54% year-on-year - Net profit attributable to shareholders: 335,577 million CNY, up 0.88% year-on-year - Earnings per share: 1.29 CNY - Price-to-earnings ratio: 6.82 [5][10]. - **Future Projections**: - Revenue growth forecast for 2025-2027 is adjusted to 0.3%, 4.2%, and 5.6% respectively, with net profit growth forecasted at 1.1%, 2.0%, and 3.8% [10][11]. Asset Quality and Loan Growth - The bank's asset quality is on an improving trend, with a non-performing loan ratio of 1.34% and a net generation rate of non-performing loans at 0.41% [10][11]. - Retail loan growth has improved marginally, with a year-on-year increase of 8.3% in Q4 2024, while corporate loan growth has slowed [10][11]. Interest Margin and Cost Management - The net interest margin increased by 4 basis points to 1.49% in Q4 2024, primarily due to a reduction in funding costs [10][11]. - The bank's cost of interest-bearing liabilities decreased by 14 basis points to 1.72% [10][11].

Group 1 - China Construction Bank has applied for a patent titled "Method and Device for Sending Transaction Impact Reports" with publication number CN 119741123 A, filed on December 2024 [1] - The patent aims to improve operational efficiency by preventing the repeated sending of transaction impact reports, which is based on historical transaction data [1] - The method includes comparing current transaction impact reports with previously sent reports to determine if they are duplicates, and if not, checks if they are subject to any business rules before sending [1] Group 2 - China Construction Bank was established in 2004 and is primarily engaged in monetary financial services, with a registered capital of approximately 25 billion RMB [2] - The bank has made investments in 49 companies and participated in around 5000 bidding projects, holding 1873 trademark records and 5000 patent records [2] - Additionally, the bank possesses 147 administrative licenses [2]

Group 1 - China Construction Bank Corporation has applied for a patent titled "A Payment System Switching Method and Device," with publication number CN 119741008 A, and the application date is November 2024 [1] - The patent describes a method that allows for the switching of payment systems without affecting real-time transactions, enhancing the real-time nature and security of transaction requests during the switching process [1] - The method involves routing multiple non-accounting requests to original and target transaction components, and upon meeting certain performance evaluation thresholds, it facilitates the smooth transition between these components [1] Group 2 - China Construction Bank Corporation was established in 2004 and is located in Beijing, primarily engaged in monetary financial services [2] - The company has a registered capital of approximately 25 billion RMB and a paid-in capital of about 19.42 billion RMB [2] - The bank has made investments in 49 enterprises, participated in 5,000 bidding projects, and holds 1,873 trademark records and 5,000 patent records, along with 147 administrative licenses [2]

金融界2025年4月2日消息，国家知识产权局信息显示，中国建设银行股份有限公司申请一项名为"对账 数据处理方法、装置、电子设备及存储介质"的专利，公开号CN 119740038 A，申请日期为2024年11 月。 来源：金融界 专利摘要显示，本申请提供一种对账数据处理方法、装置、电子设备及存储介质，涉及对账数据处理技 术领域，方法包括：响应于接收到的交易流水数据，获取交易流水数据的交易流水信息，依据交易流水 信息确定交易流水数据的对账类别及对账标识信息；基于对账类别调用对应的目标对账模板，基于交易 流水数据及目标对账模板生成交易流水数据的对账信息，并将交易流水数据的对账信息写入对账类别对 应的对账信息表，对账信息表包括具有相同对账类别的不同对账信息；响应于对账数据发送指令，从所 有对账信息表中获取具有相同对账标识信息的对账信息，将获取到的所有对账信息发送至当前对账标识 信息所对应的目标对账平台。本申请有效提高了对账数据的处理效率。 天眼查资料显示，中国建设银行股份有限公司，成立于2004年，位于北京市，是一家以从事货币金融服 务为主的企业。企业注册资本25001097.7486万人民币，实缴资本1942302 ...