2024 年 9 月 18 日 本行董事会对李民先生在任职期间为本行做出的贡献表示感谢。 特此公告。 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 关于李民副行长辞任的公告 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。 因工作调动，李民先生已向中国建设银行股份有限公司（以下简 称本行或建设银行）董事会提出辞呈，辞去本行副行长职务。 李民先生确认与本行董事会无不同意见，没有其他事项需要通知 本行股东，承诺将依法严守本行商业秘密。李民先生对本行董事、监 事及高级管理人员的支持和帮助表示真诚的感谢，并祝愿建设银行事 业蓬勃发展。 股票代码：601939 股票简称：建设银行 公告编号：临 2024-043 ...

公司报告 | 半年报点评 净利润边际改善，息差企稳，质量稳健 事件： 建设银行发布 24 年中财报。企业上半年实现营收 3859.65 亿元，YoY-3.57%， 归母净利润 1643.26 亿元，YoY-1.8%；不良率 1.35%，不良拨备覆盖率 238.8%。 点评摘要： 2024 上半年企业归母净利润较一季度边际改善。24H1 公司营收 3859.65 亿元， YoY-3.57%。归母净利润 1643.26 亿元，YoY-1.8%，同 比降幅较 24Q1 （-2.17%）小量改善。其中，24H1 利息净收入 2961 亿元，同比-5.17%；非息 收入 899 亿元，同比上升 2.08%。 资产收益端：2024 上半年，受宏观环境和政策影响，企业生息资产日平均收益率 下滑至 3.27%。贷款利息收入 YOY-5.17%，较 24 年初多占总利息收入 2.2pct。 负债成本端：成本控制初见成效，计息负债成本率较去年末小幅下调 3bp 至 1.92%。建设银行 24 上半年存款日均余额占计息负债 80.9%；存款平均成本率 1.72%，比年初下行 5bp。计息负债成本率 1.92%，较 23 年末下降 ...

股票代码：601939 股票简称：建设银行 公告编号：临 2024-042 中国建设银行股份有限公司 关于独立董事任职的公告 特此公告。 中国建设银行股份有限公司董事会 2024 年 9 月 11 日 2024 年 6 月 27 日，中国建设银行股份有限公司（以下简称"本 行"）2023 年度股东大会审议通过了关于选举林志军先生担任本行独 立董事的议案。国家金融监督管理总局现已核准林志军先生的任职资 格，林志军先生正式就任本行独立董事。 林志军先生的简历请参见本行于 2024 年 4 月 30 日刊载于上海证 券交易所网站（www.sse.com.cn）的《中国建设银行股份有限公司董 事会会议决议公告》（公告编号：临 2024-019）。 本行董事会对林志军先生的加入表示欢迎。 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。 ...

建设银行半年度答卷：以内涵式发展能力服务实体，核心经 营指标居前，中期分红 493 亿元 导语：以 9 月 9 日收盘价计算，建行的股息率约为 5.6%，对应 PB 为 0.59 倍。 作者：市值风云 App：beyond 随着宏观经济由注重增长速度，转向对于质量和效益的追求，银行业的高速扩张 也会随之落幕。与此同时，实体经济的产业转型与升级，同样需要高质量的金融 服务供给。 由此，银行业的经营虽然在速度上开始放缓，但依然有稳定、持续且巨大的需求 做支撑。 建设银行（601939.SH，0939.HK，建行），无论是在 2024 年半年报里，还是 行长张毅在业绩发布会上，都不忘强调：坚守主责主业，在"高质量供给"上下 功夫，切实当好服务实体经济的主力军。 如何锚定高质量发展和做优做强？如何为更可持续、更加安全的高质量发展筑牢 坚实基础？这些问题的答案，我们需要从建行发布的 2024 年半年报中去寻找。 一、服务实体，核心指标居前 今年上半年，建设银行营业收入 3860 亿元，净利润 1650 亿元，收入与盈利保 持稳健。截至 6 月末，建行资产总额 40.29 万亿元，较上年末增长 5%，表明建 行依旧保持着 ...

Investment Rating - The report maintains a "Recommended" rating for China Construction Bank (601939.SH) with a current stock price of 7.53 CNY [4][10]. Core Views - The report highlights that the narrowing decline in interest margins and overall stable asset quality are key factors for the bank's performance [8][12]. - The bank's half-year report for 2024 shows a revenue of 386 billion CNY, a year-on-year decrease of 3.6%, and a net profit attributable to shareholders of 164.3 billion CNY, down 1.8% year-on-year [12][18]. - The annualized weighted average ROE stands at 10.82% [12]. Summary by Relevant Sections Financial Performance - As of the end of the first half of 2024, total assets reached 40.3 trillion CNY, a year-on-year growth of 5.3%, with loans increasing by 10.0% and deposits by 3.8% [12][13]. - Net interest income decreased by 5.2% year-on-year, primarily due to a decline in interest margins, which narrowed to 1.54% [12][13]. - Non-interest income increased by 2.1% year-on-year, with significant growth in other non-interest income, which rose by 55.8% [12][13]. Asset Quality - The non-performing loan (NPL) ratio decreased to 1.35%, with a slight increase in retail loan NPLs to 0.84% [17][18]. - The bank's provision coverage ratio improved to 239% [17][18]. Future Outlook - The report projects EPS for 2024-2026 at 1.32, 1.36, and 1.43 CNY respectively, with corresponding year-on-year growth rates of -0.6%, 2.9%, and 5.2% [18][24]. - The bank's stock is currently trading at a price-to-book (P/B) ratio of 0.60x for 2024, indicating potential value [18][24].

Investment Rating - The investment rating for the company is "Outperform the Market" [9][42]. Core Views - The company reported a year-on-year revenue decline of 3.57% and a net profit decline of 1.80% in the first half of 2024, with a marginally reduced profit decline of 1.4% in the second quarter [29]. - The company is optimizing its asset structure while maintaining a loan growth rate of over 10% year-on-year, with a significant reduction in interbank assets by 25% [29]. - The company has seen a stable non-performing loan generation situation, with a decrease in the proportion of attention loans [26]. Financial Performance Summary - The company’s net interest income growth rate is projected to be 1.69% in 2023, with a slight decline in non-interest income growth [30]. - The cost-to-income ratio is expected to be 27.29% in 2023, improving to 23.00% by 2026 [30]. - The company’s return on average assets (ROAA) is projected to be 0.90% in 2023, decreasing slightly in the following years [30]. Valuation Metrics - The company’s estimated EPS for 2024-2026 is projected to be 1.32, 1.39, and 1.45 yuan respectively, with a net profit growth rate of 0.75%, 5.25%, and 3.97% [42]. - The reasonable value range for the company is estimated between 7.21 and 8.27 yuan, corresponding to a PE ratio of 5.46-6.26 times for 2024 [42]. - The company’s price-to-book (PB) ratio for 2024E is estimated at 0.65 times, compared to a comparable company average of 0.57 times [42].

Investment Rating - The investment rating for the company is "Buy" [8] Core Views - The company reported a revenue of 385.965 billion yuan for H1 2024, a year-on-year decrease of 3.57%, with a net profit attributable to shareholders of 164.326 billion yuan, down 1.80% year-on-year [3][9] - The performance is relatively stable, with other non-interest income showing good results despite a decline in net interest income and commission income [9] - The bank's net interest income decreased by 5.17% year-on-year, primarily due to weak effective financing demand [9] - The bank's non-performing loan (NPL) ratio was 1.35% at the end of H1 2024, showing marginal improvement [9] Financial Performance Summary - For H1 2024, the company achieved a revenue of 385.965 billion yuan, down 3.57% year-on-year, and a net profit of 164.326 billion yuan, down 1.80% year-on-year [3][9] - The bank's net interest income and commission income decreased by 5.17% and 11.20% year-on-year, respectively [9] - The loan balance reached 25.39 trillion yuan, an increase of 10.03% year-on-year [9] - The average yield on loans and average cost of deposits were 3.55% and 1.72%, respectively, showing a decline compared to 2023 [9] Asset Quality and Risk - The NPL ratio was 1.35% at the end of H1 2024, with a slight increase in the NPL generation pressure [9] - The bank's provision coverage ratio was 238.75%, indicating a strong risk mitigation capability [9] Earnings Forecast - The company is expected to generate revenues of 762.7 billion yuan, 784.9 billion yuan, and 811.8 billion yuan for 2024, 2025, and 2026, respectively, with a three-year CAGR of 1.79% [9] - The net profit attributable to shareholders is projected to be 323.6 billion yuan, 333.7 billion yuan, and 347.5 billion yuan for the same years, with a three-year CAGR of 1.47% [9]

Investment Rating - The report maintains a "Buy" rating for the company, with EPS forecasts for 2024-26 at 1.34, 1.36, and 1.4 yuan respectively [6] Core Views - The company is steadily advancing its three major strategies: "housing rental," "inclusive finance," and "fintech," aiming to create a "second growth curve" [6] - Revenue and profitability are growing steadily, with strong credit demand and favorable development in housing rental, green finance, and inclusive agriculture [6] - The company's PB valuations for 2024-26 are 0.59x, 0.55x, and 0.51x, with PE valuations at 5.62x, 5.52x, and 5.37x respectively [6] Financial Performance - Net interest income for 2022A was 643,669 million yuan, declining to 617,233 million yuan in 2023A, and is expected to further decrease to 578,076 million yuan in 2024E [2] - Non-interest income increased from 140,091 million yuan in 2022A to 152,503 million yuan in 2023A, with further growth expected to 169,317 million yuan in 2024E [2] - Net profit attributable to the parent company grew from 324,727 million yuan in 2022A to 332,653 million yuan in 2023A, with a slight increase to 334,839 million yuan projected for 2024E [2] Asset Quality - The non-performing loan (NPL) ratio decreased from 1.38% in 2022A to 1.37% in 2023A, with further improvement expected to 1.27% in 2024E [3] - The provision coverage ratio remained stable at around 240%, with 241.5% in 2022A and 239.9% in 2023A [3] - The capital adequacy ratio was 18.42% in 2022A, slightly decreasing to 17.95% in 2023A, and is expected to decline further to 17.10% in 2024E [3] Profitability Metrics - ROAA (Return on Average Assets) decreased from 1.00% in 2022A to 0.91% in 2023A, with a further decline to 0.83% expected in 2024E [1] - ROAE (Return on Average Equity) declined from 12.48% in 2022A to 11.74% in 2023A, with a projected decrease to 10.92% in 2024E [1] - EPS (Earnings Per Share) increased slightly from 1.30 yuan in 2022A to 1.33 yuan in 2023A, with a forecast of 1.34 yuan for 2024E [3] Interest Rate Trends - The net interest margin (NIM) decreased from 2.03% in 2022A to 1.72% in 2023A, with a further decline to 1.44% expected in 2024E [1] - The loan yield dropped from 4.24% in 2022A to 3.91% in 2023A, with a projected decrease to 3.60% in 2024E [1] - The cost of interest-bearing liabilities decreased from 1.86% in 2022A to 1.97% in 2023A, with a slight decline to 1.96% expected in 2024E [1] Credit Growth and Structure - Total assets grew from 34,600,711 million yuan in 2022A to 38,324,826 million yuan in 2023A, with further growth expected to 42,445,444 million yuan in 2024E [2] - Loans and advances increased from 21,148,135 million yuan in 2022A to 23,810,982 million yuan in 2023A, with a forecast of 26,549,245 million yuan in 2024E [2] - The proportion of loans in interest-bearing assets increased to 64% in 2Q24, up 0.1 percentage points from the previous quarter [19] Deposit Trends - Total deposits grew from 24,621,243 million yuan in 2022A to 27,223,304 million yuan in 2023A, with further growth expected to 29,945,634 million yuan in 2024E [2] - The proportion of time deposits increased to 57% in 2Q24, up 1.8 percentage points from the previous quarter, indicating a continued trend of deposit termization [19] Non-Interest Income - Non-interest income accounted for 23% of total revenue in 1H24, with a year-on-year growth of 2.1% [31] - Fee and commission income decreased by 11% year-on-year in 1H24, primarily due to declining rates in insurance and fund industries [31] - Other non-interest income increased by 56% year-on-year in 1H24, driven by favorable factors such as declining bond market interest rates [31]

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 6.98 for H-shares and RMB 9.53 for A-shares [24][36]. Core Views - The company has shown a decline in net profit, operating income, and pre-provision operating profit for the first half of the year, with year-on-year changes of -1.8%, -3.6%, and -4.0% respectively [24]. - The annualized ROE and ROA for the first half of the year are 10.82% and 0.84%, reflecting a decrease of -1.13 percentage points and -0.08 percentage points year-on-year [24]. - The company declared an interim dividend of RMB 0.197 per share (before tax), with a payout ratio of 29.97% and an annualized dividend yield of 5.23% [24]. - The forecasted EPS for 2024-2026 is RMB 1.31, 1.33, and 1.38 respectively, with a projected BVPS of RMB 12.71 for 2024 [24]. - The company is expected to maintain a valuation premium due to the ongoing promotion of its "new finance" strategy, with target PB ratios of 0.75 for A-shares and 0.50 for H-shares [24]. Financial Performance Summary - For the first half of the year, total assets, loans, and deposits grew by 5.3%, 10.0%, and 3.9% respectively, compared to the previous quarter [25]. - The net interest margin for the first half of the year was 1.54%, down by 3 basis points from the first quarter of 2024 [25]. - Non-interest income increased by 2.1% year-on-year, while fee income decreased by 11.2% [26]. - The non-performing loan ratio and provision coverage ratio were 1.35% and 239% respectively, showing slight improvements [27]. Valuation Metrics - The company’s PE ratio is projected to be 5.74 for 2024, while the PB ratio is expected to be 0.59 [28]. - The dividend yield is forecasted to be 5.24% for 2024 [28]. - The core tier one capital adequacy ratio is expected to be 13.37% for 2024 [28].

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產生或因依賴該 等內容而引致的任何損失承擔任何責任。 中國建設銀行股份有限公司 CHINA CONSTRUCTION BANK CORPORATION （於中華人民共和國註冊成立的股份有限公司） （股份代號： 939） 截至 2024 年 6 月 30 日止六個月中期業績公告 中國建設銀行股份有限公司（"本行"）董事會欣然宣佈，本行及所屬子公司（"本集 團"）截至2024年6月30日止六個月，根據適用的《香港聯合交易所有限公司證券上市規 則》披露要求及《國際會計準則第34號—中期財務報告》編製的未經審核綜合中期業 績。本行董事會審計委員會及外部審計師已審閱此中期業績。 中國建設銀行股份有限公司 董事会 2024年8月30日 於本公告日期，本行的執行董事為張金良先生、張毅先生和紀志宏先生，本行的非執行 董事為田博先生、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。 重要提示 ...