今日，中国银行上海市分行在国家外汇管理局上海市分局指导下，依托跨境金融服务平台，率先为辖内 多家企业落地境内运费外汇支付便利化应用场景业务。这是该行持续深化金融科技应用，以数字化手段 破解传统境内运费外汇支付难题，优化贸易营商环境的又一生动实践。 多年来，中行上海市分行主动参与跨境金融服务平台创新应用场景试点推广，先后落地出口应收账款融 资、出口信保保单融资、新型离岸国际贸易业务背景核验等多个创新应用场景业务。下一步，将坚 守"金融为民"初心，以跨境金融服务平台为重要载体，不断优化服务模式、提升服务质效，为加快推进 上海国际金融中心建设、推动经济高质量发展和高水平对外开放贡献中行力量。 传统境内运费外汇支付存在流程繁琐、单证审核耗时较久等痛点，尤其影响货运代理等高频付汇企业的 资金周转效率。此次上线的境内运费外汇支付便利化应用场景，与税务局共享发票数据，为银企双方搭 建真实可信的海运费发票快速核验通道，有效防范重复付汇、超额付汇等风险。"这个应用场景支持批 量付汇业务办理，有效解决了境内运费外汇支付'流程繁、审核慢'的问题。通过科技赋能与数据共享， 以及丰富的航贸区块链场景应用，我行将为企业提供更加安全、便捷 ...

Core Insights - China Bank reported a stable performance in 2025 with operating income of 659.9 billion yuan, a year-on-year increase of 4.28%, and net profit after tax of 257.9 billion yuan, up 2.06% [1] - The cost-to-income ratio improved by 0.93 percentage points to 27.84%, indicating enhanced efficiency [1] - Non-interest income reached 219.2 billion yuan, growing by 19.2%, with its contribution exceeding 33%, marking a historical high [1] Non-Interest Income Growth - The significant increase in non-interest income reflects the bank's ability to transition towards a lighter operational model, driven by three main engines [2] - Wealth management capabilities were enhanced, with over 7,500 investment products available, leading to a 15% growth in personal investment assets and a 26.67% increase in agency fees [2] - The bank expanded its global custody capabilities, with a 21% growth in managed assets, contributing to a 7.74% rise in related fees [2] Comprehensive Financial Services - The bank improved its payment and settlement services, achieving double-digit growth in corporate clients and accounts, with international settlement volume increasing by 9.56% [3] - Domestic settlement fees grew by 7.2%, reinforcing the bank's competitive edge in international settlements [3] Credit Allocation and Support for the Real Economy - By the end of 2025, the bank's domestic RMB loans increased by 1.81 trillion yuan, a growth of 9.90%, with strategic emerging industry loans rising by 30.59% [4] - Green loan balances exceeded 4.96 trillion yuan, growing by 27.83%, accounting for over 20% of total loans [4] - The bank launched an action plan to support the AI industry, collaborating with 4,460 core enterprises and establishing a credit balance of 545.6 billion yuan [4] Technological Empowerment - The bank completed a significant system upgrade, enhancing its business responsiveness and operational capabilities [7] - AI technologies were integrated across various business scenarios, with over 400 intelligent assistants deployed [7] - The bank's technology loan balance surpassed 4.8 trillion yuan, representing over one-third of corporate loans, leading the industry [8] Globalization and International Development - The bank's overseas assets and pre-tax profit contributions reached 22.18% and 27.99%, respectively, indicating a shift from scale expansion to value creation [10] - The bank processed over 4.45 trillion USD in international settlements, with a 9.56% year-on-year increase, and cross-border RMB settlements reached 17.70 trillion yuan, up 9.43% [10] - The bank established itself as a leading global custodian, covering over 100 countries and maintaining the largest custody scale among Chinese banks [11]

1. Report Industry Investment Rating - Not provided in the document 2. Core Views of the Report - In Q4 2025, the bond market valuation recovered, and the net asset value of the bond funds in the whole market stopped falling and rebounded. However, the "asset shortage" pattern continued, the yield of credit bonds declined again, and the supply of desirable medium - to - high - yield assets shrank. Against this background, bond funds actively explored returns in terms of variety and duration in Q4, while remaining relatively cautious about credit downgrading [5]. - From the overall situation of bond fund heavy - holdings, the return range was further compressed, and institutions tended to adopt conservative strategies. The yields of the heavy - holding bond issuers were highly concentrated in the low - return range below 1.8%, and the scale of high - yield assets above 2.5% continued to shrink [5]. - For heavy - holding of urban investment bonds, the regional level showed a downward trend, with a preference for short - term durations. Zhejiang and Jiangsu were still the core heavy - holding regions, but the allocation intensity decreased. Institutions' preference for regions such as Sichuan, Shanghai, and Hunan increased. In terms of term distribution, the scale of each province was mainly concentrated around 1 - year, and as the term lengthened, the holding preference converged significantly towards strong provinces [5]. - For heavy - holding of financial bonds, bank Tier 2 and perpetual bonds dominated the allocation, and there was an obvious trend of variety downgrading. Financial bonds accounted for 72% of all heavy - holding credit bonds, with bank Tier 2 and perpetual bonds as the core varieties, and the allocation was relatively concentrated in the medium - to - high - yield range of 2.0% - 2.5%. In terms of term, a dumbbell - shaped allocation was preferred [5]. - For heavy - holding of industrial bonds, the allocation was concentrated in core industries, and institutions were more cautious about real - estate bonds. Non - bank finance and public utilities were the top two industries in terms of total market value of holdings, and were significantly increased in holdings compared with the previous period. Industries such as real estate, transportation, and coal were significantly reduced in holdings [5]. 3. Summary According to Relevant Catalogs 3.1 Bond Fund Heavy - Holding Overview 3.1.1 Overall Situation - As of the end of Q4 2025, there were 3,993 bond - type funds in the whole market, with a total scale of 11.10 trillion yuan, an increase of 0.36 trillion yuan compared with the end of the previous quarter. Bond - type funds were mainly medium - and long - term pure - bond funds, presenting a structure characterized by "dominated by medium - and long - term pure - bond funds and supplemented by hybrid bond funds" [11]. 3.1.2 Credit Bond Heavy - Holding from a Return Perspective - Most bond funds had a stable investment style and tended to adopt relatively conservative investment strategies. The yields of heavy - holding bond issuers were highly concentrated in the range below 1.8%. The supply of high - yield assets continued to shrink, and the high - yield assets above 2.5% further contracted compared with Q3 2025 [19]. - In Q4, the "asset shortage" continued, and the yields of credit bonds declined again. The concentration range of heavy - holding bond yields shifted downward. Compared with Q3, the balance of heavy - holding bonds with issuer yields below 1.8% increased significantly, while the holding balances of heavy - holding bonds in the ranges of 1.8 - 2.0%, 2.0 - 2.5%, and above 2.5% decreased to varying degrees [19]. 3.1.3 Types of Bond Fund Heavy - Holding Bonds and Their Performance in Different Dimensions - In Q4 2025, bond fund heavy - holding bonds generally showed a configuration trend of low - return concentration and high - return contraction. Financial bonds dominated with over 540 billion yuan, with bank Tier 2 and perpetual bonds as the core configuration. Industrial bonds tended to have medium - to - low returns, and urban investment bonds were concentrated in the 1.8% - 2.0% range [29]. - In terms of implicit rating distribution, financial and industrial bonds preferred high - rating issuers, while urban investment bonds showed an obvious downward trend. In Q4, incremental allocation was concentrated in high - rating bonds, and institutions were relatively cautious about credit downgrading [32]. 3.2 Characteristics of Urban Investment Bond Heavy - Holding 3.2.1 Regional and Hierarchical Characteristics of Heavy - Holding Urban Investment Bonds - In Q4 2025, the heavy - holding regions of urban investment bonds showed a certain downward trend, including prefecture - level cities in key provinces, district - level cities in non - key provinces, and park - level areas in municipalities. Zhejiang and Jiangsu were still the core heavy - holding regions, but the allocation intensity decreased. Institutions' preference for regions such as Sichuan, Shanghai, and Hunan increased [38]. 3.2.2 Term Characteristics of Heavy - Holding Urban Investment Bonds - Urban investment bonds generally preferred short - term durations. As the term lengthened, the holding preference converged significantly towards strong provinces. In Q4 2025, the term distribution of urban investment bond heavy - holdings was significantly differentiated, with the scale of each province mainly concentrated around 1 - year. The overall heavy - holding duration lengthened, but institutions were still cautious about ultra - long - term urban investment bonds [43]. 3.2.3 Analysis of the Top 20 Heavy - Holding Urban Investment Bond Issuers - The top 20 heavy - holding urban investment bond issuers in Q4 2025 were mainly medium - level prefecture - level platforms, with less obvious head - concentration characteristics. In Q4, the number of provincial - level platforms increased, and the degree of credit downgrading decreased. Some platforms were significantly reduced in holdings, while some provincial - level transportation platforms were increased in holdings [48]. 3.3 Overview of Financial Bond Heavy - Holding 3.3.1 Analysis of the Duration of Heavy - Holding Financial Bonds - Bank Tier 2 and perpetual bonds were mainly heavy - held by national and joint - stock banks, with a dumbbell - shaped term configuration preference. Compared with Q3, institutions' preference for state - owned banks and 3 - year terms increased significantly. The heavy - holding scale of Tier 2 and perpetual bonds increased, with state - owned banks showing obvious increases in holdings. Non - Tier 2 and perpetual bonds focused on 1 - year commercial financial bonds, and secondary - type bonds focused on 4 - year insurance bonds and 2 - 3 - year TLAC bonds [52]. 3.3.2 Analysis of the Top 20 Heavy - Holding Financial Bond Issuers - The top 20 heavy - holding bank Tier 2 and perpetual bond issuers were mainly state - owned banks, joint - stock banks, and relatively leading city commercial banks. State - owned banks generally increased their holdings, while joint - stock banks showed obvious differentiation. The yields of heavy - holding bonds generally declined rapidly, and there was significant differentiation in the remaining terms among issuers [61]. 3.4 Situation of Industrial Bond Heavy - Holding 3.4.1 Analysis of Heavy - Holding Industrial Bond Industries - Industrial bond allocation was still centered on industries with strong quasi - public attributes and industries with high financial relevance. Non - bank finance, public utilities, and transportation were the top three industries in terms of total market value of holdings. Non - bank finance and public utilities were significantly increased in holdings, while industries such as real estate, transportation, and coal were significantly reduced in holdings [71]. - Short - term duration varieties were still the main allocation. Most industries had a proportion of 0 - 2 - year terms exceeding 50%. Non - bank finance significantly lengthened the heavy - holding duration, while public utilities further increased the allocation of short - term duration bonds [72]. 3.4.2 Analysis of the Top 20 Heavy - Holding Industrial Bond Issuers - The top 20 heavy - holding industrial bond issuers were all central and local state - owned enterprises, mainly distributed in industries such as non - bank finance, public utilities, transportation, and coal. The allocation of industrial bond issuers was relatively concentrated. The average valuation yields of the top 20 heavy - holding industrial bond issuers generally declined, and there was significant differentiation in term changes among issuers [76]. 3.4.3 Analysis of the Top 10 Heavy - Holding Real - Estate Bond Issuers - State - owned and central - enterprise - affiliated real - estate bond issuers still occupied a core position. Some issuers were significantly increased in holdings, while some were significantly reduced in holdings. The real - estate bond allocation showed the characteristics of "medium - to - short - term duration + concentration on strong - credit issuers", and there was obvious differentiation in the return and duration strategies [79].

Core Viewpoint - China Bank has demonstrated a stable and progressive performance in the past year, achieving a balance of growth and quality in a low-interest-rate environment [1] Financial Performance - In 2025, China Bank reported total operating income of 659.9 billion yuan, a year-on-year increase of 4.28%, leading among the four major banks [2] - The bank achieved a net profit after tax of 257.9 billion yuan, with shareholder profit reaching 243 billion yuan, reflecting growth rates of 2.06% and 2.18% respectively [2] - The average return on total assets (ROA) and return on equity (ROE) remained within a reasonable range, with a dividend payout ratio maintained at a high level of 30% [2] - The total assets of China Bank reached 38.36 trillion yuan, growing by 9.4% compared to the previous year [4] Revenue and Profitability - Non-interest income reached 219.2 billion yuan, growing by 19.21% year-on-year and accounting for 33.21% of total operating income, an increase of 4.16 percentage points [5][6] - The net interest margin (NIM) was stable at 1.26%, providing crucial support for revenue growth [8] - The bank's non-performing loan ratio was 1.23%, a decrease of 0.02 percentage points year-on-year, indicating improved asset quality [5] Globalization and International Business - China Bank's overseas assets exceeded 1.27 trillion USD, with a growth rate of 10.18%, marking a four-year high [10] - The bank served approximately 28,000 Chinese enterprises "going global" and over 330,000 foreign enterprises in China, with a service coverage rate exceeding 90% for Fortune 500 foreign companies [11] - The bank has established itself as a leading player in cross-border financial services, handling about 25% of cross-border settlements [12] Technological Financial Services - By the end of 2025, the balance of technology loans surpassed 4.8 trillion yuan, representing over 30% of corporate loans, positioning the bank as a leader in the industry [15] - The bank has developed a comprehensive service system for technology enterprises, with a stable non-performing loan rate in the technology loan segment [16] Strategic Outlook - For 2026, China Bank aims to enhance its support for new productive forces, maintain high levels of overseas profit contributions, and effectively manage risks while promoting stable profit growth [17]

Investment Rating - The report maintains a "Recommendation" rating for the company [1] Core Views - The company achieved an operating income of 658.3 billion RMB in 2025, a year-on-year increase of 4.5%, and a net profit attributable to shareholders of 243.0 billion RMB, up 2.2% year-on-year [3][6] - Total assets grew by 9.4% year-on-year, with total loans increasing by 8.7% and deposits by 8.3% [3][6] - The bank's net interest margin (NIM) was 1.26%, with a slight year-on-year decline of 14 basis points, but the decline has narrowed compared to previous quarters [6][7] - The non-performing loan (NPL) ratio remained stable at 1.23%, with a coverage ratio of 200%, indicating a solid risk management framework [7] Summary by Sections Financial Performance - The company reported a total operating income of 658.3 billion RMB for 2025, reflecting a 4.5% increase year-on-year [3][8] - The net profit attributable to shareholders was 243.0 billion RMB, marking a 2.2% increase year-on-year [3][8] - The total asset size reached 38.36 trillion RMB, with a year-on-year growth of 9.4% [8][9] Income Breakdown - Interest income decreased by 1.8% year-on-year, while non-interest income saw a significant increase of 20.1% [6][8] - The growth in non-interest income was driven by a 29.5% increase in other non-interest income [6][8] Asset Quality - The NPL ratio was reported at 1.23%, with a slight decrease from the previous quarter [7][8] - The coverage ratio for provisions stood at 200%, indicating a robust ability to cover potential losses [7][8] Future Projections - The report projects earnings per share (EPS) for 2026 to be 0.78 RMB, with a growth rate of 3.1% [6][9] - The bank's total loans are expected to grow to 25.33 trillion RMB by 2026, reflecting an 8.0% growth rate [9][10]

格隆汇3月30日丨中国银行(601988.SH)发布2025年年报显示，公司全年实现营业收入6583.10亿元，同比 增长4.48%；归母净利润2430.21亿元，同比增长2.18%；扣非归母净利润2429.12亿元，同比增长 2.59%。对全体股东10派1.169元。 ...

Core Viewpoint - Goldman Sachs reports that Bank of China (601988)(03988) announced a pre-provision profit and net profit after tax for Q4 2025 of RMB 98 billion and RMB 68.3 billion respectively, representing a year-on-year growth of 8% and 5%, which is higher than the bank's expectations [1] Group 1 - Bank of China's Q4 net interest margin improved by 2 basis points quarter-on-quarter to 1.24% [1] - Loan growth for the bank was reported at 9%, with net interest income increasing by 2% year-on-year [1] - The dividend payout ratio remains at 30%, but due to capital replenishment, earnings per share were diluted, leading to a year-on-year decrease of 7% in dividends per share [1] Group 2 - Investors are expected to focus on the outlook for net interest margin in 2026, bond investment strategies, and prospects for investment income [1] - There is interest in the quality of assets and the potential for increasing the dividend payout ratio to enhance shareholder returns [1] - The contribution of international business to the group's net interest margin and fee income is also a point of consideration [1]

2026 年 3 月 31 日 公司研究 营收增速领跑大行，境外盈利占比提升 ——中国银行（601988.SH）2025 年年报点评 增持（维持） 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) | 3,222.12 | | 总市值(亿元)： | 18,269.44 | | 一年最低/最高(元)： | 5.03/6.27 | | 近 3 月换手率： | 13.42% | 股价相对走势 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | 12.03 | 3.00 | -7.42 | | 绝对 | 7.39 | -0.18 | 7.31 | | 资料来源：Wind | | | | 要点 事件： 中国银行发布 2025 年年度报告，全年实现营业收入 6583 亿，同比增长 4.5%， 归母净利润 2430 亿，同比增长 2.2%。加权平均净资产收益率 8.94%，同比下降 0.56pct。 ...

智通财经APP获悉，高盛发布研报称，中国银行(03988)公布2025年第四季度拨备前利润及税后净利分别 为980亿元人民币及683亿元人民币，同比增长8%及5%，较该行预期为高。高盛维持中行"买入"评级， 目标价4.95港元。 该行指出，中行第四季度净息差按季改善2个基点至1.24%，贷款增长9%，净利息收入同比增长2%。高 盛表示，股息派息比率维持在30%，但由于资本补充导致每股盈利摊薄，每股股息同比下降7%。该行 预计投资者将关注2026年净息差前景、债券投资策略及投资收入前景、资产质素前景、提高派息比率以 改善股东回报的可能性，以及国际业务对集团净息差及手续费收入的贡献前景。 ...

证券研究报告 中国银行 (601988 CH/3988 HK) 港股通 息差企稳带动业绩向好 华泰研究 年报点评 2026 年 3 月 31 日│中国内地/中国香港 国有大型银行 中国银行 2025 年归母净利润、营业收入、PPOP 分别同比+2.18%、+4.48%、 +2.04%，增速较 1-9 月+1.10pct、+1.79pct、+2.24pct。2025 年拟每股派 息 0.2263 元，年度现金分红比例为 30%（2024 年：30%），A 股股息率 为 3.99%，H 股股息率为 5.26%（2026/3/30）公司息差边际企稳，其他非 息高增驱动非息增长提速。公司资产质量稳健，不良边际下行。公司践行大 行使命责任，持续优化全球业务布局，维持 A/H 股增持/买入评级。 规模持续增长，息差边际企稳 25 年末总资产、总贷款、总存款同比+9.4%、+8.6%、+8.2%，增速较 9 月 末分别-0.8pct、-0.3pct、-0.1pct。2025 年末对公/零售/票据分别占比 70.7%/29.1%/0.2%。25 年末存款活期率较 25H1 末下降 2.6pct 至 38.6%。 25 年净息 ...