股票代码：601939 股票简称：建设银行 公告编号：临 2025-013 中国建设银行股份有限公司 董事会会议决议公告 （2025 年 3 月 30 日） 向特定对象发行 A 股股票的条件。 本项议案将提交本行股东大会审议。 二、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 表决情况：同意 13 票，反对 0 票，弃权 0 票。 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。 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 2025 年 3 月 30 日在北京以现场会议方式召开。本 次会议通知以书面形式发出，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 13 名。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。 本次会议审议通过如下议案： 一、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 表决情况：同意 13 票，反对 0 票，弃权 0 票。 根据《中华人民共和国公司法》《 ...

2025 年 3 月 30 日 公司研究 盈利增长更进一步，"三大战略"稳步落实 ——建设银行（601939.SH）2024 年年报点评 买入（维持） 当前价：8.52 元 作者 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 事件： 3 月 28 日，建设银行发布 2024 年年报，全年公司实现营收 7502 亿，同比增速为 -2.5%，归母净利润 3356 亿，同比增速 0.9%。年化加权平均净资产收益率 （ROAE）10.69%，同比下降 0.9pct。 点评： 分析师：赵晨阳 执业证书编号：S0930524070005 010-57378030 zhaochenyang@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 2,500.11 | | 总市值(亿元)： | 21,300.94 | | 一年最低/最高(元)： | 6.35/8.92 | | 近 3 月换手率： | 100.00% | 股价相对走势 | 收益表现 | | | | --- | --- | --- | | % 1M 3 ...

核心观点： 风险提示：经济下行超预期；宏观政策力度不及预期；存款竞争加剧。 亮点：（1）负债成本改善，测算单季度息差回升。公司24 年净息差1.51%，较24Q1~3 收窄1bp，且根 据我们测算，公司测算24Q4 单季度息差1.49%，环比提升4bp，其中24Q4 测算生息资产收益率环比下 降9bp，预计主要受存量按揭下调、LPR 下调、化债、市场利率下行等多重因素影响，但负债成本改善 更多，24Q4 测算计息负债成本率下降14bp，预计主要受益于前期挂牌利率下调成效释放，以及各项自 律政策的落地，尤其24A 对公活期存款成本率和个人定期存款成本率较上半年分别压降9bp、8bp，成效 显著，带动全年息差边际企稳。（2）不良稳定，关注率改善，关注零售风险暴露。公司24Q4 末不良率 1.34%，环比回落1bp，保持稳健，其中，24 年末对公贷款不良率1.65%，较24Q2 末改善4bp，主要是传 统基建、房地产等行业不良率改善较多，制造业不良率有所上行；24 年末零售贷款不良率0.98%，较 24Q2 末上升14bp，消费贷和信用卡不良率上升较多。从各项前瞻性指标来看，24Q4 末关注率1.89%， 较24Q ...

Group 1 - The core point of the news is that China Construction Bank has applied for a patent related to a method for interest subsidy processing, which aims to enhance the efficiency and accuracy of interest subsidy calculations during the interest settlement period [1] - The patent application, titled "A Method, Device, Electronic Equipment, and Medium for Interest Subsidy Processing," was published under CN 119693108 A and was filed on November 2024 [1] - The method involves determining the interest subsidy amount based on the loan amount and subsidy method for each borrower during the interest settlement period, thereby reducing overdue subsidies and their impact on borrowers' credit ratings [1] Group 2 - China Construction Bank, established in 2004 and located in Beijing, primarily engages in monetary financial services [2] - The bank has a registered capital of approximately 25 billion RMB and a paid-in capital of about 19.42 billion RMB [2] - The bank has invested in 49 enterprises, participated in 5,000 bidding projects, and holds 1,873 trademark records and 5,000 patent records [2]

Core Insights - Construction Bank reported a total asset of over 40 trillion yuan and a net profit of 336.28 billion yuan for 2024, with a net interest margin of 1.51%, maintaining a leading position among peers [1][5] - The bank's personal loans and inclusive finance loans have shown significant growth, with personal consumption loans increasing by 25.21% and personal business loans by 31.41% [1][5] - The bank plans to adapt to a low-interest-rate environment by enhancing retail credit, high-value deposits, and non-interest income while deepening cost control [1][6] Personal Loan Performance - As of the end of 2024, the domestic personal loan and advance balance reached 8.87 trillion yuan, a year-on-year increase of 196.54 billion yuan, representing a growth rate of 2.27% [2] - The personal housing loan balance decreased to 6.19 trillion yuan, down by 198.67 billion yuan, a decline of 3.11% due to market conditions [2] - The bank's daily acceptance of personal housing loans increased significantly in Q4, with a month-on-month rise of 73% and a year-on-year rise of 35% [2] Asset Quality - As of the end of 2024, the non-performing loan balance was 344.69 billion yuan, an increase of 19.43 billion yuan, with a non-performing loan ratio of 1.34%, down by 0.03 percentage points [4] - The non-performing rate for personal housing loans was 0.63%, indicating manageable risk levels compared to peers [4] - The bank is implementing measures to alleviate repayment pressure for clients facing income fluctuations [4] Retail Banking Strategy - The bank's retail banking strategy, termed "New Retail 2.0," has shown initial success, with personal consumption loans reaching 527.90 billion yuan and personal business loans at 1.02 trillion yuan [5][6] - The bank became the first in the country to have credit card loans exceed 1 trillion yuan, driven by enhanced online and offline product offerings [6] - The bank aims to further increase the proportion of retail credit in 2025, focusing on stable growth in entity loans and core deposits [6][7] Future Outlook - The bank plans to leverage supportive policies in the real estate market to strengthen its personal housing loan offerings and expand consumer finance activities [7] - The overall strategy includes optimizing asset and liability structures, maintaining a leading net interest margin, and enhancing non-interest income [6][7]

Core Viewpoint - The company reported a stable financial performance for 2024, with a net profit of RMB 336.28 billion, reflecting a growth of 1.15% year-on-year, and plans to distribute a total cash dividend of RMB 1,007.54 billion for the year [18][24][28]. Company Overview - China Construction Bank Corporation is a leading large commercial bank in China, headquartered in Beijing, with a market capitalization of approximately USD 212.43 billion as of the end of 2024, ranking sixth among global listed banks [2]. - The bank serves 771 million individual customers and 11.68 million corporate clients, with a total of 376,847 employees and 14,750 branches [2]. Financial Performance - The total assets of the group reached RMB 40.57 trillion, an increase of 5.86% year-on-year, while net loans and advances amounted to RMB 25.04 trillion, growing by 8.48% [4][18]. - The bank's total liabilities were RMB 37.23 trillion, up 5.90% from the previous year, with customer deposits reaching RMB 28.71 trillion, an increase of 3.83% [18]. - The average return on assets was 0.85%, and the weighted average return on equity was 10.69% [18]. Dividend Distribution - The board proposed a final cash dividend of RMB 0.206 per share (including tax), totaling approximately RMB 515.02 billion, in addition to an interim cash dividend of RMB 0.197 per share distributed earlier [24][28]. - The total cash dividend for the year amounts to RMB 0.403 per share, with a total distribution of approximately RMB 1,007.54 billion [24][28]. Economic Context - The global economic growth momentum was weak in 2024, with China's GDP growing by 5% year-on-year, supported by proactive fiscal and monetary policies [3]. - The domestic financial market remained stable, with a reasonable growth in total financing and a decline in loan interest rates [3]. Future Outlook - The bank aims to enhance its service capabilities and risk management while focusing on high-quality development and expanding its customer base in key sectors [20][21]. - The bank plans to continue its stable cash dividend policy and improve investor relations to enhance market confidence [57][63].

Core Viewpoint - China Construction Bank (CCB) reported a net profit of 336.28 billion yuan for 2024, reflecting a year-on-year growth of 1.15% despite a decline in total operating income [1][3]. Financial Performance - CCB achieved total operating income of 750.15 billion yuan in 2024, down 2.54% from 769.74 billion yuan in 2023 [3]. - The bank's net interest income decreased by 4.43% to 589.88 billion yuan, while net fee and commission income fell by 9.35% to 104.93 billion yuan [3]. - Other non-interest income saw a significant increase of 50.56%, reaching 55.34 billion yuan [3]. - The bank's net profit attributable to shareholders was 335.58 billion yuan, a slight increase of 0.88% compared to the previous year [3]. Dividend Policy - CCB's board proposed a final cash dividend of 0.206 yuan per share, leading to a total cash dividend of 0.403 yuan per share for the year, amounting to 100.75 billion yuan, with a payout ratio of 30% [1]. Asset and Liability Management - As of the end of 2024, CCB's total assets reached 40.57 trillion yuan, an increase of 5.86% [2]. - The bank's total liabilities were 37.23 trillion yuan, reflecting a growth of 5.90% [2]. - CCB's net loans and advances amounted to 25.04 trillion yuan, with an increase of 8.48% [2]. Risk Management - CCB reported a non-performing loan (NPL) ratio of 1.34%, a decrease of 0.03 percentage points from the previous year, indicating improved asset quality [2]. - The bank's provision coverage ratio stood at 233.60%, demonstrating strong risk mitigation capabilities [2]. Strategic Focus - CCB emphasized its commitment to supporting the real economy and enhancing comprehensive management to create greater value for shareholders [1]. - The bank's loans to private enterprises reached 5.99 trillion yuan, up 11.01%, with significant increases in loans to the manufacturing sector and strategic emerging industries [3].

Core Viewpoint - China Construction Bank (CCB) reported its 2024 annual performance, highlighting a focus on high-quality development and stable financial performance amid a low-interest-rate environment [1] Financial Performance - Total assets reached RMB 40.57 trillion, an increase of 5.86% year-on-year - Net loans and advances amounted to RMB 25.04 trillion, up by 8.48% - Total liabilities were RMB 37.23 trillion, growing by 5.90% - Customer deposits stood at RMB 28.71 trillion, with a growth of 3.83% - Net profit for the year was RMB 336.28 billion, reflecting a 1.15% increase [2] Dividend Policy - The board proposed a final cash dividend of RMB 0.206 per share, with a total annual dividend of RMB 1,007.54 billion, representing 30% of the net profit attributable to shareholders [3] Support for the Real Economy - CCB supported key sectors and regions, with loans to private enterprises reaching RMB 5.99 trillion, an increase of 11.01% - Loans to the manufacturing sector totaled RMB 3.04 trillion, up by 12.25% - Agricultural loans amounted to RMB 3.33 trillion, growing by 8.16% [4] Policy Implementation - CCB implemented a series of policies to support real estate financing and reduce residents' financing costs - Trade financing volume reached RMB 2.15 trillion, with cross-border RMB settlements exceeding RMB 5 trillion [5] Technological and Green Finance Initiatives - Loans related to technology industries exceeded RMB 3.50 trillion, with green loans reaching RMB 4.70 trillion, a growth of 20.99% - CCB participated in the issuance of 112 green and sustainable development bonds, totaling RMB 186.39 billion [7] Inclusive Finance and Pension Services - Inclusive finance loans totaled RMB 3.41 trillion, serving 3.36 million customers - The pension asset management scale surpassed RMB 620 billion, with initiatives to enhance pension services [8] Risk Management and Governance - CCB focused on enhancing its risk management framework and governance structure to ensure sustainable growth and compliance - The bank aims to maintain a proactive and intelligent risk management system [9][10]

939 2024年度業績公告 中國建設銀行股份有限公司（「本行」）董事會謹此宣佈本行及所屬子公司（「本集 團」）截至2024年12月31日止年度，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理事會頒佈的國際財務報告準則編製的已審核業 績。本行董事會審計委員會已審閱2024年度業績，外部審計師已出具無保留意見 的審計報告。 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 董事會 2025年3月28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、 詹誠信勛爵和林志軍先生。 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 ...

Core Points - Construction Bank reported a revenue of 750.15 billion yuan for 2024, a decrease of 2.54% year-on-year, while net profit attributable to shareholders was 328.47 billion yuan, an increase of 0.28% [1][2] Financial Performance - The net interest income for 2024 was 589.88 billion yuan, down 4.43%, with a net interest margin of 1.51%, a decline of 0.19 percentage points from the end of 2023 [2] - Non-interest income reached 160.27 billion yuan [2] Asset Quality and Growth - Total assets exceeded 40 trillion yuan, reaching 40.57 trillion yuan by the end of 2024 [2] - The non-performing loan ratio improved to 1.34% [2] - Total loans amounted to 25.04 trillion yuan, an increase of 8.48% year-on-year [2] Sector-Specific Developments - In technology finance, the bank's loans to technology-related industries exceeded 4.70 trillion yuan, with a year-on-year increase of 20% in green loans, totaling 4.70 trillion yuan [2] - Inclusive finance loans reached 3.41 trillion yuan, up 12.01%, with 3.36 million clients, an increase of 185,100 clients [2] Customer Base - The bank served 11.68 million corporate clients and 771 million individual clients, emphasizing stable operations and high-quality development [2]