Investment Rating - The report assigns a "Buy" rating for the company [9] Core Insights - The company's revenue growth has improved, with a year-on-year increase of 2.6% in Q1 2025, which is an acceleration of 1.4 percentage points compared to 2024 [4] - The net profit attributable to shareholders decreased by 2.9% year-on-year in Q1 2025, primarily due to an increase in the effective tax rate to 20%, up by 3.5 percentage points [4] - Total assets grew by 6.9% year-on-year to 36 trillion yuan, with deposits increasing by 6.2% to 25.6 trillion yuan and loans rising by 8.3% to 22.6 trillion yuan [5] - The net interest margin decreased by 11 basis points to 1.29% in Q1 2025, influenced by a larger decline in asset yield compared to the improvement in liability costs [6] - Non-interest income saw a significant increase of 18.9% year-on-year, with other non-interest income rising by 37.3% [7] - Asset quality remained stable, with a non-performing loan ratio of 1.25% and a provision coverage ratio of 198% [8] - The forecast for net profit attributable to shareholders for 2025-2027 is 2404 billion, 2453 billion, and 2477 billion yuan respectively, with corresponding EPS of 0.82, 0.83, and 0.84 yuan [9] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 1649.3 billion yuan, with a year-on-year growth of 2.6% [3] - The net profit for Q1 2025 was 543.6 billion yuan, reflecting a decrease of 2.9% compared to the previous year [3] Revenue and Profitability - The effective tax rate increased to 20% in Q1 2025, impacting profit growth negatively [4] - The company’s total assets reached 36 trillion yuan, with a year-on-year growth of 6.9% [5] Loan and Deposit Growth - Deposits grew to 25.6 trillion yuan, marking a 6.2% increase, while loans reached 22.6 trillion yuan, up by 8.3% [5] Interest Margin and Non-Interest Income - The net interest margin decreased to 1.29%, with asset yield declining more than liability costs improved [6] - Non-interest income increased by 18.9%, with significant growth in other non-interest income [7] Asset Quality - The non-performing loan ratio remained stable at 1.25%, with a provision coverage ratio of 198% [8] Profit Forecast - Projected net profits for 2025-2027 are 2404 billion, 2453 billion, and 2477 billion yuan, with EPS estimates of 0.82, 0.83, and 0.84 yuan [9]

Investment Rating - The report assigns a "Buy" rating for the company [10] Core Views - The company's revenue growth has improved, with a year-on-year increase of 2.6% in Q1 2025, which is an acceleration of 1.4 percentage points compared to 2024 [4] - The net profit attributable to shareholders decreased by 2.9% year-on-year in Q1 2025, primarily due to an increase in the effective tax rate to 20%, up 3.5 percentage points [4] - The asset quality remains stable, with a non-performing loan ratio of 1.25% and a provision coverage ratio of 198% [8] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 6300.9 billion yuan and a net profit of 2378.4 billion yuan, with respective year-on-year growth rates of 1.2% and 2.6% [3] - For Q1 2025, the company reported a revenue of 1649.3 billion yuan and a net profit of 543.6 billion yuan, reflecting a year-on-year growth of 2.6% and a decline of 2.9% respectively [3] Asset and Liability Management - Total assets grew by 6.9% year-on-year to 36 trillion yuan, with deposits increasing by 6.2% to 25.6 trillion yuan and loans rising by 8.3% to 22.6 trillion yuan [5] - The company added 1.01 trillion yuan in new loans in Q1 2025, which is an increase of 0.09 trillion yuan compared to the same period last year [5] Income Sources - Non-interest income surged by 18.9% year-on-year in Q1 2025, with fee income growing by 2.1% [7] - Other non-interest income saw a significant increase of 37.3%, with foreign exchange net gains rising by 668.5% [7] Profitability Metrics - The net interest margin decreased by 11 basis points to 1.29% in Q1 2025, primarily due to a larger decline in asset yield compared to the improvement in liability costs [6] - The estimated asset yield fell by 0.3 percentage points to 3.1%, influenced by industry-wide loan rate declines [6] Future Earnings Forecast - The company is projected to achieve net profits of 2404 billion yuan, 2453 billion yuan, and 2477 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 0.82, 0.83, and 0.84 yuan [10]

Investment Rating - The report has lowered the average 2025 net profit growth forecast for covered banks to -5%, reflecting a decrease of 1 percentage point from previous estimates [15]. Core Insights - Negative net profit growth in 1Q25 for large SOE banks and CMB has led to stock price declines, prompting a reassessment of profit forecasts and target prices [1]. - Despite negative net profit growth, banks may still attract long-term funds due to limited downside on dividend yields compared to government bond yields [2][3]. - The report emphasizes the increasing importance of net profit growth in 1Q25, as investors have heightened expectations for shareholder returns following two years of excess returns [3][4]. - The report indicates that banks are facing challenges in achieving positive net profit growth in 2025 due to lower-than-expected net interest income (NII) and loan growth [11][15]. Summary by Sections Net Profit Growth - The average net profit growth forecast for covered banks is now -5% for 2025, with small banks BONB and BONJ expected to achieve 7% growth [15]. - Most banks are still releasing provisions, but not sufficiently to drive positive profit growth, and the potential for further provision releases is limited [5][15]. Dividend Payout Ratios - Banks may need to increase their dividend payout ratios to maintain stable dividends per share (DPS) amidst negative EPS growth [22][30]. - The report suggests that banks have the capacity to increase dividends, but their willingness remains uncertain [22][26]. Loan Growth and NIM - Loan growth for major banks is projected to be lower than previously expected, with NIM also declining more than anticipated [11][13]. - The report notes that while credit growth is expected to accelerate, overall loan demand remains weak due to external factors such as tariffs [13][40]. Fee Income and Consumer Finance - Some banks have reported better-than-expected growth in fee income, driven by bancassurance and fund sales [33]. - A potential recovery in consumer finance is anticipated in the second half of 2025, influenced by low base effects and banks seeking new business opportunities [31][34]. Stock Selection and Recommendations - Among large and medium-sized banks, CMB is viewed as having the least EPS dilution and the lowest required increase in dividend payout ratio, making it more capable of maintaining stable DPS [41]. - BONB is favored for its high growth potential relative to larger banks, while BONJ is rated Neutral due to ongoing convertible bond conversion processes [41].

Group 1 - The establishment of the Shandong Enterprise Annuity Development Alliance aims to enhance the quality of enterprise annuities and promote collaboration among government, enterprises, and financial institutions [1] - Starting from January 1, 2025, the scope of talent annuities in Shandong will expand from seven pilot cities to the entire province, covering high-tech industries and startups, thus optimizing the talent ecosystem and enhancing employee pension security [1] - Shandong Bank actively supports the policy by integrating industry resources through mechanisms like the "Annuity Alliance" to improve annuity services [1] Group 2 - Shandong Bank has developed a comprehensive approach to pension finance, covering enterprise annuities, personal pensions, and pension service finance, serving nearly 1,000 enterprises and 245,000 individuals in the province [2] - As one of the first commercial banks approved to offer personal pension services, Shandong Bank has provided personal pension account services to over 769,000 individuals by the end of March [2] - The bank has launched the "Zhongyin Silver Age" pension service brand, offering comprehensive solutions for clients throughout their retirement lifecycle [2] Group 3 - Shandong Bank focuses on supporting the province's strategy for high-level talent in key industries such as artificial intelligence and renewable energy by introducing a "Talent Exclusive Annuity Plan" [3] - The bank aims to enhance the long-term compensation attractiveness for high-level talents through a combination of enterprise contribution incentives and personal tax benefits [3] - Moving forward, Shandong Bank will strengthen cooperation with the Shandong Human Resources and Social Security Department and other alliance members to optimize the enterprise annuity service system and innovate pension products [3]

5月6日，上海黄金交易所网站发布通知：经中国银行股份有限公司申请，上海黄金交易所同意即日起终 止其代理上海黄金交易所北京分行指定仓库。 ...

转自：新华财经 4月28日，中国银行武汉经济技术开发区支行成功承接湖北鼎龙控股股份有限公司4.8亿元的可转债募集 资金，为其潜江项目在关键发展期注入一剂"强心剂"。 "此笔资金落地中行，不仅是双方携手六载奋进征程里的又一抹绚丽华彩，更是银企妙笔共绘产业锦卷 的鲜活映照。"中国银行武汉经济技术开发区支行负责人表示，六年来，开发区支行凭借全生命周期管 理模式和定制化产品服务，陪伴鼎龙集团攀高争先，持续赋能企业高质量发展。 据了解，鼎龙集团作为国内半导体材料领域的领军先锋，旗下4家子公司荣膺国家级专精特新"小巨 人"称号。2019年，中国银行湖北省分行前瞻性地将鼎龙集团纳入"科技金融"重点服务名录，开发区支 行迅速响应，组建了专项服务精英团队。2020年，开发区支行深入鼎龙集团调研，精准把握企业研发周 期长、资金需求大、子公司分布广的痛点，为企业量身定制了覆盖全国的综合授信方案。2022年，开发 区支行仅用一周时间便为集团下属4家子公司投放4000万元流贷，并给予集团9亿元综合授信，稳稳筑牢 企业"生命线"。 在金融赋能的旅程中，开发区支行不仅为鼎龙集团提供了2.8亿元专项贷款用于半导体材料研发与先进 设备采购，更 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年4月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國銀行股份有限公司(「本公司」) 呈交日期: 2025年5月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03988 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 83,622,276,395 | RMB | 1 | RMB | | 83,622,276,395 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 83,622,276,395 | RMB | | 1 RMB | | 83,622,276,395 | | 2. 股份分類 | ...

2020 年 4 月 28 日，中国银行股份有限公司（简称"本行"）发行了 规模为人民币 400 亿元的减记型无固定期限资本债券（简称"本期债券"）， 并于 2020 年 4 月 30 日发布了《中国银行股份有限公司关于减记型无固 定期限资本债券发行完毕的公告》（公告编号：临 2020-019）。根据本期 债券募集说明书相关条款的规定，本期债券设有发行人赎回权，发行人 有权在本期债券第五年末，即 2025 年 4 月 30 日赎回本期债券。 截至本公告日，经国家金融监督管理总局认可，本行已行使赎回权， 全额赎回了本期债券。 特此公告 中国银行股份有限公司董事会 二〇二五年五月六日 证券代码：601988 证券简称：中国银行 公告编号：临 2025-036 中国银行股份有限公司 关于赎回减记型无固定期限资本债券的公告 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。 ...

和达科技公告，公司近日收到中国银行嘉兴市分行出具的《贷款承诺函》，承诺为公司提供不超过3600 万元的贷款资金专项用于股票回购。该贷款期限不超过3年，回购价格不超过19.68元/股，回购金额不 低于2000万元且不超过4000万元。该贷款将为公司回购股份提供融资支持，具体贷款事宜以双方签订的 贷款合同为准。 ...

从中证香港300价值指数持仓样本的行业来看，金融占比58.82%、通信服务占比11.80%、能源占比 10.52%、房地产占比8.18%、工业占比3.72%、公用事业占比2.52%、原材料占比1.58%、主要消费占比 1.33%、医药卫生占比0.66%、可选消费占比0.44%、信息技术占比0.44%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。中证香港300价值指数和中证香港300成长指数每次调整的样本比例一般不超过20%。定期调整 设置缓冲区，Z值在对应指数的样本空间中，排名在80名之前的新样本优先进入；排名120名之前的老 样本优先保留。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一 个定期调整日前，权重因子一般固定不变。遇临时调整时，当中证香港300指数调整样本时，指数样本 随之进行相应调整。当样本退市时，将其从指数样本中剔除。样本公司发生收购、合并、分拆等情形的 处理，参照计算与维护细则处理。 金融界5月6日消息，上证指数高开高走，中证香港300价值指数 (HK300V，H11172)报2722.69点。 数据统 ...