与此同时，鉴于上年同期基数较低，报告预计，一季度我国GDP将同比增长5.2%左右，二季度我国 GDP将同比增长5.3%左右。上半年GDP增速将保持在5%以上，为全年5%左右增长目标的实现打牢基 础。 去年年底召开的中央经济工作会议和2025年政府工作报告，都将"大力提振消费、提高投资效益，全方 位扩大国内需求"作为今年重点工作之首。日前中共中央办公厅、国务院办公厅还印发了《提振消费专 项行动方案》，那么，二季度消费走势将如何？ 报告预计，二季度消费有望持续回升。具体来看，一是促消费政策将提振居民消费；二是资本市场向好 将带来一定财富效应，进而推动居民消费倾向回升；三是集团消费或将低位企稳。综合来看，政策加码 与信心恢复将共同推动消费回暖。 转自：新华财经 新华财经北京3月27日电（记者余蕊 翟卓）中国银行研究院27日发布《中国经济金融展望报告（2025年 第2季度）》，预计二季度我国GDP同比增长5.3%左右。内需对经济的拉动作用将进一步增强，市场供 求结构性矛盾将有所缓解。 报告预计，二季度，美国关税和投资政策的影响或进一步显现。国内方面，宏观政策将明显加力，《提 振消费专项行动方案》有望加快实施。同时，科 ...

近期，国家金融监督管理总局发布了科技企业并购贷款试点政策，聚焦科技企业融资堵点痛点，适度放 宽《商业银行并购贷款风险管理指引》部分条款，支持科技企业发展。对于"控股型"并购，试点将贷款 占企业并购交易额"不应高于60%"放宽至"不应高于80%"，贷款期限"一般不超过七年"放宽至"一般不超 过十年"。 转自：新华财经 近日，中国银行宁波市分行成功落地宁波市首单科技企业并购贷款试点业务，为某民营科技企业并购交 易提供并购贷款支持，并购贷款占比为并购交易价款的78.36%。这是自国家金融监督管理总局试点政 策发布后，宁波落地的首单业务，也是中国银行宁波市分行做实科技金融大文章的又一重要实践。 本笔交易并购方为高新技术企业、国家级专精特新"小巨人"、科创板上市企业。为扩大生产规模，企业 通过并购标的方100%股权实现资产收购，加大产业链整合和技术研发投入。科技企业并购贷款精准回 应了科技企业长期研发投入和产业链整合需求，是支持科技强国建设、培育新质生产力的重大举措。 编辑：穆皓 对此，中国银行宁波市分行积极响应，第一时间就重点科技企业进行需求排摸，了解企业潜在并购融资 需求。宁波作为长三角区域科创高地，民营科技企业众 ...

3月26日晚，中国银行公布2024年经营业绩。报告显示，2024年，中国银行（按集团口径）实现营业收 入6300.9亿元，同比增长1.16%；实现归属于母公司所有者的净利润2378.41亿元，同比增长2.56%，业 务规模平稳增加。 筑牢风险防控根基持续强化稳健经营能力 坚持服务高质量发展多措并举支持经济回升向好 中国银行落实国家宏观政策有力有效，信贷投放稳中提质，境内人民币贷款实现总量增长、结构优化。 深入落实扩内需战略，助推"两新"政策加力扩围，加快消费贷款线上化转型步伐。 在服务国家区域协调发展战略方面，中国银行信贷资源向重点地区持续倾斜。 在支持民营经济发展壮大方面，中国银行精准落实惠企助企政策，民营企业、制造业贷款余额分别较上 年末增长18.72%、16.6%。 中国银行行长张辉在2024年年度业绩发布会上表示，将坚持"两个毫不动摇"，秉持"一以贯之高度重 视、一如既往大力支持、一视同仁真诚对待"理念，持续为民营经济注入金融活水，为民营经济发展壮 大保驾护航。2月17日民营企业座谈会以来，中国银行已对座谈会参会企业和500强民企中泛科技客户开 展营销调研、邀约客户座谈、组织编写优秀服务案例等一系列营 ...

2025 年 03 月 27 日 中国银行 (601988) ——息差降幅趋缓，业绩平稳提速 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 03 月 26 日 | | --- | --- | | 收盘价（元） | 5.48 | | 一年内最高/最低（元） | 5.60/4.36 | | 市净率 | 0.7 | | 股息率%（分红/股价） | 6.52 | | 流通 A 股市值（百万元） | 1,154,995 | | 上证指数/深证成指 | 3,368.70/10,643.82 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2024 年 12 月 31 日 | | --- | --- | | 每股净资产（元） | 8.18 | | 资产负债率% | 91.58 | | 总股本/流通 A 股(百万) | 294,388/210,766 | | 流通 B 股/H 股（百万） | -/83,622 | 一年内股价与大盘对比走势： 03-26 04-26 05-26 06-26 07-26 08-26 09-26 10-26 11-26 12-26 01- ...

2025 年 3 月 27 日 公司研究 经营业绩稳中有进，资产质量保持稳健 ——中国银行（601988.SH）2024 年年报点评 增持（维持） 当前价：5.48 元 作者 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 分析师：董文欣 执业证书编号：S0930521090001 010-57378035 dongwx@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 2,943.88 | | 总市值(亿元)： | 16,132.45 | | 一年最低/最高(元)： | 4.05/5.6 | | 近 3 月换手率： | 8.72% | 股价相对走势 要点 事件： 3 月 26 日，中国银行发布 2024 年年度报告，全年实现营业收入 6301 亿，同比 增长 1.2%，归母净利润 2378 亿，同比增长 2.6%。加权平均净资产收益率 9.5%， 同比下降 0.62pct。 点评： 盈利增速较前三季度提升 2.1pct，经营业绩稳中有进。中行 2024 年营收、PPOP、 归母净利润同比增速分 ...

Investment Rating - The investment rating for the report on China Bank is "Buy" (maintained) [8] Core Views - The report highlights a recovery in profit growth for China Bank in 2024, with a year-on-year increase in net profit attributable to shareholders of 2.6% and a revenue growth of 1.2%. The improvement in asset quality and strong performance in overseas operations are also noted [1][2][5] Summary by Relevant Sections Performance Overview - In 2024, China Bank's net profit attributable to shareholders increased by 2.6% year-on-year, while revenue grew by 1.2%. The non-performing loan ratio at the end of 2024 was 1.25%, a decrease of 1 basis point from the end of Q3 2024, and the provision coverage ratio rose to 201%, an increase of 2 percentage points [1][2][4] Profit Growth Recovery - The bank's revenue growth of 1.2% in 2024 showed a slight slowdown compared to previous quarters, primarily due to a decline in net interest margin. However, net profit growth of 2.6% was supported by cost control and increased tax contributions. The net interest margin for Q4 2024 was 1.35%, up 2 basis points from the previous quarter [2][3] Asset Quality Improvement - The non-performing loan ratio improved slightly, with a decrease of 1 basis point in Q4 2024. The provision coverage ratio increased by 2 percentage points, indicating better asset quality overall. However, retail non-performing loans showed upward pressure, particularly in mortgages and business loans [4] Strong Overseas Business - China Bank's overseas operations showed robust performance, with a year-on-year growth of 9.2% in the scale of overseas institutions, outpacing domestic growth. The non-performing loan generation rate for overseas institutions decreased by 22 basis points to 0.65%, and the pre-tax ROA for overseas operations was 0.99%, higher than domestic operations [5] Earnings Forecast and Valuation - The forecast for net profit growth for China Bank from 2025 to 2027 is -0.46%, 0.79%, and 4.74%, respectively. The target price is set at 6.03 CNY per share, corresponding to a PB ratio of 0.69 for 2025. The current price is 5.48 CNY per share, indicating a potential upside of 10% [6][12]

Investment Rating - The report maintains a "Strong Buy" recommendation for the company [4]. Core Views - The company reported a significant increase in quarterly profits, with a year-on-year growth of 8.8% in net profit for Q4 2024, indicating a recovery from previous quarters [2]. - The company has shown steady asset growth, with interest-earning assets increasing by 8.1% year-on-year in 2024, and loans growing by 8.2% [2]. - The net interest margin remained stable, with a slight decrease to 1.40% for the year, but a projected recovery in Q4 2024 to 1.36% [2]. - Other non-interest income saw a substantial increase of 35% year-on-year, driven by trading gains and the realization of OCI investment income [2]. Summary by Sections 1. Performance - The company reported a total revenue of 630,090 million yuan for 2024, with a year-on-year growth of 1.16% [8]. - The net profit attributable to shareholders for 2024 was 237,841 million yuan, reflecting a growth of 2.56% [8]. - The report highlights a decline in the growth rate of operating income compared to previous quarters, but an overall recovery in net profit growth [1][2]. 2. Non-Interest Income - Non-interest income increased significantly, with a year-on-year growth of 35% in 2024, primarily from trading gains and OCI income realization [2][31]. - The report notes a strong performance in other non-interest income categories, contributing positively to overall profitability [2]. 3. Interest Margin and Asset Quality - The net interest margin for 2024 was reported at 1.40%, with a slight decrease from earlier quarters, but a projected recovery in Q4 [2][3]. - The company maintained a stable non-performing loan ratio of 1.25% at the end of Q4 2024, with improvements in certain sectors [3]. 4. Capital and Shareholder Returns - The company plans to distribute a total dividend of 0.24 yuan per share for 2024, maintaining a stable payout ratio of 30% [2]. - The report indicates that the recent capital injection from state-owned banks may dilute EPS but enhance long-term dividend sustainability [2].

Core Insights - China Bank's overseas institutions have shown steady financial growth, with total assets reaching $1.15 trillion by the end of 2024, representing 22.48% of the group's total assets, an increase of 0.17 percentage points from the previous year [1] - The pre-tax profit from overseas institutions amounted to $11.106 billion, contributing 26.72% to the group, which is an increase of 4.08 percentage points year-on-year [1] - The trend of Chinese enterprises "going global" has strengthened, increasing the demand for related financial services, providing a favorable growth outlook for China Bank's overseas business [1] Business Strategy - China Bank plans to expand its global advantages by consolidating and expanding its traditional cross-border business, focusing on areas such as foreign exchange settlement, international settlement, and trade financing [2] - The bank aims to enhance its service in emerging business areas, actively supporting new foreign trade formats like cross-border e-commerce and overseas warehouses, thereby increasing its market share in comprehensive financial services [2] - In terms of regional strategy, China Bank will optimize its regional layout, particularly strengthening its position in Hong Kong and Macau, and promoting the transformation of Bank of China Hong Kong from a city bank to a regional bank [2] Future Outlook - Looking ahead to 2025, China Bank intends to leverage the favorable environment of relatively high overseas interest rates to maintain significant contributions from its overseas business and further enhance its global operational advantages [2]

Core Viewpoint - China Bank's overdue loan growth has shown signs of moderation since the second half of 2024, with overall non-performing loan (NPL) generation remaining stable, although certain sectors are under pressure [2][3]. Group 1: Non-Performing Loans and Asset Quality - As of the end of 2024, China Bank's NPL ratio stands at 1.25%, a decrease of 0.02 percentage points from the previous year, while the provision coverage ratio has increased by 8.94 percentage points to 200.60% [2]. - The real estate sector continues to be the largest contributor to new domestic NPLs, but the risk is gradually being cleared, showing a year-on-year decline [2]. - Personal business loans and mortgage loans have seen a year-on-year increase in new NPLs, indicating ongoing asset quality pressure [2][3]. Group 2: Risk Management and Future Outlook - Looking ahead to 2025, the primary risk management pressures for China Bank are expected to stem from the ongoing adjustment in the real estate market and structural employment issues [2][3]. - The bank plans to enhance credit risk management across all dimensions and cycles, focusing on proactive risk management and intelligent transformation [4]. - China Bank aims to adhere to the "four early" principles to strengthen risk foresight and management, while also addressing the challenges posed by the diversification and small-scale nature of non-performing assets [4].

Core Viewpoint - China Bank reported a net profit of 252.72 billion yuan for 2024, with a year-on-year growth of 2.6%, and plans to distribute over 70 billion yuan in dividends [3][14]. Financial Performance - Revenue for 2024 reached 632.77 billion yuan, reflecting a 1.4% increase year-on-year [3]. - Non-interest income rose to 181.16 billion yuan, a 15.87% increase, with the proportion of non-interest income in total revenue increasing from 25.1% to 28.8% [8]. - Investment income surged by 64.7% to 41.453 billion yuan, while precious metals sales increased by 40.6% to 20.115 billion yuan [10][8]. Asset and Loan Growth - Total assets reached 35.06 trillion yuan, an 8.1% increase year-on-year, with total loans at 21.1 trillion yuan and deposits at 24.2 trillion yuan [4]. - Corporate loans grew by 10.7%, with significant increases in green loans (31.51%) and loans to private enterprises (18.72%) [4]. - Personal loans increased by 3.3%, but their proportion of total loans decreased to 31.6% [5]. Employee and Compensation - The total number of employees reached 312,800, an increase of 5,826 from the previous year, with total compensation expenses of 77.546 billion yuan, resulting in an average salary of approximately 248,000 yuan [11] [3]. Risk Management - The non-performing loan (NPL) ratio slightly decreased to 1.25%, while the provision coverage ratio increased to 200.6% [12]. - The NPL ratio for corporate loans was 1.26%, and for personal loans, it was 0.97% [12]. Dividend Distribution - The proposed total dividend for 2024 is 71.36 billion yuan, which is about 30% of the net profit attributable to shareholders [14].