董事名單與其角色和職能 中國銀行股份有限公司董事會（「董事會」）成員載列如下： 董事長 張勇 張建剛 黃秉華 劉輝 師永彥 樓小惠 李子民 獨立非執行董事 廖長江 崔世平 讓•路易•埃克拉 喬瓦尼•特里亞 劉曉蕾 張然 1 董事會設立6個委員會。下表提供各董事會成員在這些委員會中所擔任的職位： 葛海蛟 副董事長、行長 張輝 非執行董事 | | 委員會 | | 企業文化與 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 戰略發展 | 消費者權益 | | 風險政策 | 人事和薪酬 | 關聯交易 | | 董事 | | 委員會 | 保護委員會 | 審計委員會 | 委員會 | 委員會 | 控制委員會 | | 葛海蛟 | | C | | | | | | | 張輝 | | M | | | | | | | 張勇 | | M | | M | C | | | | 張建剛 | | M | | M | | | | | 黃秉華 | | | C | | M | M | | | 劉輝 | | M | | | M | | M | | 師永彥 | | M | ...

证券代码：601988 证券简称：中国银行 公告编号：临 2025-028 中国银行股份有限公司 关于独立非执行董事张然女士任职的公告 中国银行股份有限公司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。 2024 年 12 月 20 日，中国银行股份有限公司（简称"本行"）2024 年第三次临时股东大会选举张然女士为本行独立非执行董事。本行已 收到国家金融监督管理总局核准张然女士独立董事任职资格的批复。 自 2025 年 4 月 3 日起，张然女士就任本行独立非执行董事，同时 担任本行董事会审计委员会委员、风险政策委员会委员、人事和薪酬 委员会委员。同日起，本行非执行董事楼小惠女士担任本行董事会审 计委员会委员。张然女士的董事任期为三年。本行董事会对张然女士 的加入表示欢迎。 张然女士的简历如下： 就本行董事所知及除上文所披露外，张然女士在过去三年没有在 其他上市公司中担任董事职务，与本行任何董事、高级管理人员、主 要或控股股东没有其他任何关系，也没有在本行或其附属公司中担任 其他任何职务，亦未于本行领取过任何薪酬。于本公告发布日 ...

中央纪委国家监委网站讯 据中央纪委国家监委驻中国银行纪检监察组、湖南省纪委监委消息：日前， 经中央纪委国家监委批准，中央纪委国家监委驻中国银行纪检监察组、湖南省永州市监委对中国银行湖 南省分行原首席业务经理黄志刚严重违纪违法问题进行了立案审查调查。 经查，黄志刚身为中管金融企业党员领导干部，丧失理想信念，背弃初心使命，长期留存、私自阅看有 严重政治问题的书籍，处心积虑对抗组织审查；特权思想严重，无视中央八项规定精神，长期违规收受 礼品礼金，公款旅游、公车私用，多次接受可能影响公正执行公务的宴请和打高尔夫球活动安排；利用 职权和职务影响在职工录用工作中为他人谋取人事利益，不如实报告个人有关事项；将应由本人支付的 费用交由他人支付，退休后违规兼职取酬；违规干预下级单位经营活动；违反生活纪律。贪欲膨胀，靠 贷吃贷，利用职务上的便利以及职权或地位形成的便利条件，为他人在获取银行贷款、提高贷款额度等 方面提供帮助，单独或伙同他人非法收受巨额财物。 黄志刚严重违反党的政治纪律、中央八项规定精神、组织纪律、廉洁纪律、工作纪律和生活纪律，构成 严重职务违法并涉嫌受贿犯罪，且在党的十八大、十九大特别是党的二十大后仍不收敛、不收 ...

Global Economic Overview - In Q1 2025, the global economy showed a simultaneous weakening in both supply and demand, with agricultural output growth slowing and service sector sentiment declining [1][4][6] - Consumer spending growth has slowed, private investment remains weak, and government spending is experiencing moderate growth, leading to an increased risk of global inflation rebound [1][4][6] - In Q2 2025, global economic downturn risks are expected to rise, with both demand and supply likely to face pressure [1][4][12] Major Economies Analysis - The US economy is facing weakening growth expectations and rising stagflation risks due to Trump's new policies, while Europe shows signs of recovery driven by fiscal policy, albeit with varying growth trajectories among countries [2][4][12] - Japan's economic outlook has improved, but external demand growth is uncertain; South Korea faces multiple challenges with heightened downside risks [2][4][12] - India's economic growth is rebounding, but potential impacts from tariff policies are concerning; Canada and Mexico are experiencing slowing growth due to tariff impacts [2][4][12] International Financial Markets - Cross-border capital flows remain low, with adjustments in securities investment flows; the currency market is tight, and liquidity varies across regions [2][4][12] - Global debt levels are rising, with policy factors continuing to influence the US and European bond markets; stock market fundamentals remain stable, but policy uncertainties are increasing market volatility [2][4][12] - Commodity prices are experiencing increased volatility, with a sustained upward trend in gold prices [2][4][12] Trade and Tariff Policies - Trump's tariff policies are beginning to impact global trade, with significant tariff increases on imports from China, Canada, and Mexico, leading to varied export performance among major economies [19][20][21] - The potential for a new round of global trade wars is increasing, with affected economies seeking to negotiate trade arrangements and implement countermeasures [19][20][21] - The global trade risk is accumulating as major economies engage in tariff policy battles, with Canada and the EU already announcing retaliatory tariffs against US goods [19][20][21]

Core Viewpoint - The core viewpoint is that technology finance will become a core business for Chinese banking, but it will not encompass all banking operations [1][2]. Group 1: Transformation in Banking - Traditional credit models are becoming less effective in the face of technology finance, which emphasizes potential growth, industry outlook, and technological advancement over past performance [2]. - The banking industry is undergoing a series of transformations across various dimensions, including organizational structure, risk control mechanisms, performance evaluation, and due diligence [2]. - The exploration of technology finance may ultimately reshape the entire credit management model in the banking sector, positioning banks as the largest funding source for technology enterprises [2]. Group 2: Credit Management Changes - The credit management model for technology finance will shift from focusing on past performance and collateral to evaluating future growth prospects, business models, technology pathways, customer needs, and market competitiveness [2][3]. - Different financial services will maintain distinct credit processes, and the technology finance credit management model will not replace other business credit management models [2]. Group 3: Funding Channels for Technology Enterprises - Banks provide funding support to technology enterprises through three main channels: 1. Debt instruments, focusing on loans and bond investments while ensuring risk control and protecting depositors' interests [3]. 2. Equity instruments, where large commercial banks utilize investment subsidiaries to offer integrated services, including direct equity investments [3]. 3. Strengthening ecological cooperation in technology finance, where banks collaborate with venture capital and industry funds to indirectly support financing for technology enterprises [3].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][5]. Core Insights - The report highlights that the company's foreign currency asset hedging has mitigated the decline in interest margins, while its asset quality continues to improve [2][5]. - In 2024, the company achieved a revenue of 630.09 billion yuan, a year-on-year growth of 1.16%, and a net profit attributable to shareholders of 237.84 billion yuan, reflecting a 2.56% increase [5][7]. - The non-performing loan ratio decreased to 1.25%, with a provision coverage ratio rising to 200.60%, indicating robust asset quality [5][7]. - The net interest margin for 2024 was reported at 1.40%, with a slight reduction of 1 basis point, showing signs of stabilization [7][8]. - The company plans to distribute a dividend of 0.24 yuan per share for 2024, representing a 2.54% increase from the previous year [5][9]. Financial Performance Summary - The company’s total assets reached 35.06 trillion yuan, growing by 8.11% year-on-year, while total loans amounted to 21.54 trillion yuan, up by 8.22% [5][8]. - Deposits totaled 24.20 trillion yuan, reflecting a year-on-year growth of 5.66% [5][8]. - The report forecasts revenues for 2025-2027 to be 625.51 billion, 650.33 billion, and 683.35 billion yuan, with corresponding growth rates of -0.73%, 3.97%, and 5.08% [8][17]. - The net profit attributable to shareholders is projected to be 238.85 billion, 243.84 billion, and 249.12 billion yuan for the same period, with growth rates of 0.42%, 2.09%, and 2.17% respectively [8][17]. Dividend Information - The company plans to maintain a dividend payout ratio of 30%, with a projected dividend yield of 4.34% based on the current share price [9][17].

Investment Rating - The report assigns a "Buy" rating to Bank of China (BOC), Postal Savings Bank of China (PSBC), and China Construction Bank (CCB) with target prices of Rmb 6.73/HK$ 5.00, Rmb 6.82/HK$ 5.59, and Rmb 11.14/HK$ 7.91 respectively [24][27][28] Core Insights - Four large state-owned banks in China announced a total capital raise of Rmb 520 billion, with Rmb 500 billion from the Ministry of Finance and Rmb 20 billion from other state-owned shareholders [1] - The capital injection will increase the average shareholding of the Ministry of Finance and Central Huijin Investment by 5 percentage points to 56% [1] - The capital replenishment is expected to be completed through A-share private placements by the end of 2025 [1] Summary by Sections Capital Raise Details - The capital raise will be evenly distributed among BOC and PSBC, with each bank raising approximately Rmb 120 billion [3] - The new shares will be issued at a price below 1x book value, representing a 16% premium over recent trading prices [3] - New shares as a percentage of outstanding shares post-recapitalization for BOC and PSBC will be 8% and 17% respectively [4] Capital Adequacy - The CET1 ratio for BOC and PSBC is projected to increase by 86 basis points and 151 basis points respectively [4] - The report indicates that to maintain dividend per share (DPS) at 2024 levels, dividend payout ratios would need to rise to 31-36% [5] Growth Projections - The announced capital raise, along with increased dividend payouts, would allow for a 7.9-9.3% growth in risk-weighted assets (RWA) assuming unchanged density [5] - The report anticipates a downward trend in RWA density, which would enable more asset growth without proportionally higher capital consumption [15] Comparative Analysis - The report notes that Agricultural Bank of China (ABC) and Industrial and Commercial Bank of China (ICBC) were excluded from the announced capital injections, with estimates suggesting they may require Rmb 150 billion each for capital support [18][19] - The average CET1 ratio increase for participating banks is expected to be 1.03 percentage points [21]

Investment Rating - The report maintains a "Buy" rating for several companies including Tencent, Xiaomi, PDD, JD, NetEase, YMM, TAL, TCOM, BYD, AMEC, Concordia, GDS, and Kuaishou [1][5][8][9][10][12]. Core Insights - The report emphasizes a shift in focus from AI infrastructure to AI applications, highlighting key stock ideas around the secular AI theme [1]. - It identifies five overarching themes and stock preferences, advocating a dual-pronged approach focusing on domestic policy beneficiaries and defensive games with solid global footprints [1]. - The report outlines expected sales volume growth for BYD, projecting 5.5 million units in 2025, a 29% year-over-year increase, with a stable market share of 35% in China's NEV sales [5]. - The report anticipates a recovery in Japan's tech sector around July-September, driven by a cyclical upturn and AI impact, with key stock recommendations including Murata Mfg, TDK, and Renesas [5]. - In the India QSR sector, the report expects a recovery in demand trends in the first half of FY26, with Domino's projected to outperform with 10% year-over-year LFL sales growth [5]. - AMEC is highlighted for its new product developments and increased R&D spending, with a positive outlook for growth [5]. Summary by Relevant Sections China Internet - The report discusses key investor focuses and debates following the China Internet results season, emphasizing stock ideas related to AI applications [1]. Japan Tech - The report notes early signs of recovery in Japan's tech sector, with a focus on production increases in edge AI devices expected around July-September [5]. BYD - BYD is projected to achieve a sales volume of 5.5 million units in 2025, with improvements in gross and net margins due to cost reduction efforts [5]. India QSR - The report anticipates a sluggish demand trend in Q4 FY25 but expects a recovery in the first half of FY26, with specific growth projections for Domino's and other QSR players [5]. AMEC - AMEC's recent product announcements and R&D advancements are expected to drive solid growth, with a target price set at Rmb275 [5]. Concordia Financial - Concordia Financial aims for a 9% ROE by FY3/28, reflecting a significant increase in net profits [9]. GDS Holdings - GDS's public REIT offering has been approved, with a projected distribution yield of 5.5% for 2025 [9]. Kuaishou - Kuaishou's advertising strategy focuses on content consumption ads and AI benefits, with confidence in achieving solid targets for 2025 despite a slowdown in Q1 [9].

Core Viewpoint - The Bank of China Ningbo Branch emphasizes a people-centered development approach, focusing on "people's livelihood" and enhancing the sense of happiness and gain among the public through warm financial services [1] Group 1: Customer Service Initiatives - The Ningbo Cixi Branch received praise for providing efficient "cross-ocean" service to a customer in Canada who needed to make a large remittance, overcoming online channel limitations by opening a "green channel" for the transaction [2] - The Ningbo Branch's operating department was awarded a banner for patiently assisting a customer with a complex inheritance process, successfully completing the task in five hours, which had been a challenge at other banks [3] - The Ningbo Fenghua Daqiao Sub-branch extended its services to local flower farmers, providing on-site banking assistance and educating them on financial safety and fraud prevention [3] Group 2: Commitment to Community Needs - The Bank of China Ningbo Branch is committed to addressing urgent community financial needs, continuously responding to public demands with a service-first approach, and deepening the implementation of the "financial for the people" service philosophy [4]

Core Viewpoint - The Inner Mongolia Water Resources Department and the Bank of China Inner Mongolia Branch signed a strategic cooperation agreement to enhance financial support for the water-saving industry, aiming to improve water resource utilization and stimulate the internal dynamics of the water-saving market [1][2]. Group 1: Financial Support and Initiatives - The Bank of China will provide an indicative financing support of no less than 10 billion yuan for key areas in the water-saving industry, along with preferential interest rates for strategic emerging industries, green loans, high-end manufacturing, rural revitalization, and infrastructure construction [1][2]. - The implementation plan includes flexible repayment arrangements based on the operational cycle of water-saving projects to alleviate repayment pressure [1][2]. - The plan aims to establish a regular project docking mechanism and a project database for the water-saving industry, serving key enterprises in this sector [2]. Group 2: Risk Management and Collaboration - A risk prevention mechanism will be established to avoid debt default risks, involving various levels of water administrative departments and the Bank of China [2]. - The cooperation is expected to optimize credit resource allocation and innovate financial products for water conservancy, providing strong financial support for high-quality water conservancy development in Inner Mongolia [2][3]. - The agreement marks the first guiding document for financial support of the water-saving industry in Inner Mongolia, paving the way for deeper cooperation and tangible benefits for enterprises and water users [2].