中信银行股份有限公司（以下简称"本行"）董事会于 2025 年 4 月 8 日收 到本行非执行董事曹国强先生的辞呈。曹国强先生因退休原因，辞去其所担任的 本行非执行董事、董事会战略与可持续发展委员会委员职务。根据相关法律法规 和本行章程相关规定，曹国强先生的辞任自 2025 年 4 月 8 日起生效。 曹国强先生确认，其本人与本行董事会无不同意见，亦无任何与其辞任有关 的事项须提请本行股东注意。曹国强先生同时确认，其无任何针对本行的正在发 生或将要发生的诉讼和争议。 曹国强先生对在本行任职期间，本行股东、董事、监事、高级管理层和员工 给予的支持表示感谢。 证券代码：601998 证券简称：中信银行 公告编号：临2025-034 中信银行股份有限公司关于董事辞任的公告 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。 曹国强先生在本行任职20年，曾先后担任本行行长助理、副行长、监事长等 职务，2018年起担任本行非执行董事。任职期间，曹国强先生恪尽职守、勤勉尽 责，坚决贯彻落实国家重大决策部署和经济金融政策，深度参与了本行各项改革 ...

中信銀行股份有限公司（「本行」）第七屆董事會（「董事會」）成員如下： 執行董事 方合英 （董事長） 胡罡 非執行董事 黃芳 王彥康 獨立非執行董事 （在中華人民共和國註冊成立的股份有限公司） （股份代號：998） 董事名單及彼等角色及職能 - 1 - 董事會現有五個委員會。下表提供第七屆董事會成員所屬委員會的委員資料。 | | 戰略與 | 審計與關聯 | | | | | --- | --- | --- | --- | --- | --- | | | 可持續發展 | 交易控制 | 風險管理 | 提名與薪酬 | 消費者權益 | | 董事╱董事會委員會 | 委員會 | 委員會 | 委員會 | 委員會 | 保護委員會 | | 方合英 | | | | | | | （董事長，執行董事） | C | | | | | | 胡罡 | | | | | | | （執行董事） | | | M | | | | 黃芳 | | | | | | | （非執行董事） | | | | | C | | 王彥康 | | | | | | | （非執行董事） | | | | | M | | 廖子彬 | | | | | | | （獨立非執行董事） | | ...

FF301 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3月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中信銀行股份有限公司(「本行」) 呈交日期: 2025年4月7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) | 00998 | 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 | | | 14,882,162,977 | RMB | | | 1 RMB | | 14,882,162,977 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 14,882,162,977 | RMB | | | 1 RMB | | 14,882 ...

2025 年 04 月 02 日 公司研究 评级：买入(首次覆盖) 研究所： 证券分析师： 林加力 S0350524100005 linjl01@ghzq.com.cn 证券分析师： 徐凝碧 S0350524110001 xunb@ghzq.com.cn ——中信银行（601998）2024 年年报点评 最近一年走势 | 相对沪深 300 | 表现 | | 2025/04/01 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 中信银行 | 3.0% | 1.9% | 22.6% | | 沪深 300 | -0.1% | -1.2% | 8.1% | | 市场数据 | | | 2025/04/01 | | 当前价格（元） | | | 7.11 | | 周价格区间（元） 52 | | | 5.66-8.00 | | 总市值（百万） | | | 395,637.10 | | 流通市值（百万） | | | 289,824.92 | | 总股本（万股） | | 5,564,516.23 | | | 流通股本（万股） | | 4,076,299.93 | | 事件 ...

Group 1 - The core viewpoint of the article highlights that four listed banks are expected to maintain a dividend yield exceeding 5% for three consecutive years: Industrial Bank (601166), Zheshang Bank (601916), Citic Bank (601998), and Chongqing Rural Commercial Bank (601077) [1] - As of now, 1,225 A-share listed companies have announced cash dividend plans for three consecutive years, with 22 companies achieving a dividend yield above 5% for the years 2022, 2023, and 2024 [2] - High dividend yield is an important indicator for attracting long-term investors, and it is essential to consider the sustainability of the dividend yield over multiple years [5] Group 2 - The data indicates that the dividend yields for the mentioned banks are as follows: Industrial Bank at 6.4158% for 2023, Zheshang Bank at 6.5079%, Citic Bank at 6.1645%, and Chongqing Rural Commercial Bank at 7.0711% [4] - The report emphasizes that banks, due to their high leverage and externalities, have higher requirements for sustainable operations compared to other enterprises, necessitating profit retention to support economic growth and mitigate potential risks [5] - Future performance of banks may act as a catalyst for stock prices, requiring a comprehensive assessment of performance expectations, dividend yields, and valuation levels [5]

Core Viewpoint - The transformation journey of CITIC Bank's "new retail" model reflects the evolution of China's retail banking sector, shifting from linear growth based on business scale to a focus on deep customer value extraction [1][16]. Industry Overview - The retail banking sector in China is at a crossroads, facing declining growth rates and profitability amidst a complex market environment [1][2]. - Despite challenges such as low interest rates and high risks, retail banking remains a crucial stabilizing force for banks [1][2]. - The traditional growth model based on scale expansion is becoming less viable, prompting banks to explore new paths focused on wealth management and customer service [1][2][6]. Performance Metrics - In 2024, CITIC Bank's retail assets under management (AUM) grew by 10.62% to 4.69 trillion yuan, while retail loan balances increased by 3.43% to 2.36 trillion yuan [2][6]. - Comparatively, China Merchants Bank (CMB) reported a retail AUM growth of over 12% and a 6% increase in retail loan balances [2]. Strategic Initiatives - CITIC Bank's retail banking strategy emphasizes understanding and adapting to market cycles, with a focus on resilience and strategic adjustments [3][10]. - The bank aims to enhance its retail banking capabilities through systematic and structural improvements, contrasting with competitors that focus on rapid scale maximization [2][10]. Risk Management - In response to rising credit risks, CITIC Bank has implemented various risk management strategies, resulting in a retail loan non-performing ratio of 1.25% in 2024, with improvements in individual loan and credit card delinquency rates [9][10]. Digital Transformation - The bank has invested in digital tools to enhance customer engagement, achieving a 58.8% increase in customer interactions to 106 million in 2024 [13]. - CITIC Bank's digital initiatives include the development of an agile operational framework and the integration of AI capabilities to improve service efficiency [12][13][14]. Customer Engagement - The number of customers with three or more primary services at CITIC Bank reached 24.26 million, a nearly 20% increase year-on-year, highlighting the bank's focus on deepening customer relationships [7][10]. Long-term Vision - CITIC Bank's leadership emphasizes the importance of a strong retail banking foundation for achieving its goal of becoming a top-tier bank, with a commitment to wealth management as a core business axis [10][11].

Core Viewpoint - CITIC Bank reported a net operating income of 213.65 billion yuan for 2024, a year-on-year increase of 3.8%, and a net profit of 68.58 billion yuan, up 2.3% year-on-year, indicating stable growth amidst a challenging banking environment [1][2]. Financial Performance - As of the end of 2024, CITIC Bank's total assets exceeded 9.5 trillion yuan, reflecting a growth of 5.31% compared to the previous year [1]. - The bank achieved a net interest margin (NIM) of 1.77%, a year-on-year decrease of 1 basis point, but outperformed the market by 16 basis points, supporting revenue growth [3]. Revenue Drivers - The growth in profit was attributed to revenue growth driven by stable net interest margins and a dual boost from fee income and other non-interest income [2]. - CITIC Bank's proactive management of liability costs, particularly through the growth of transaction settlement business, has been a key factor in maintaining stable net interest margins [4]. Asset and Liability Management - The bank has improved its deposit structure, with the proportion of demand deposits reaching 52% in corporate deposits, which is 9 percentage points higher than the industry average [4]. - On the asset side, CITIC Bank's loan-to-asset ratio increased to 63.9%, with a significant rise in personal loans, indicating a focus on enhancing asset yield stability [5]. Asset Quality - CITIC Bank's non-performing loan (NPL) ratio decreased to 1.16%, the lowest in 11 years, with a provision coverage ratio of 209.43%, marking the best level in over a decade [7]. - The bank's asset quality improvement is attributed to a focus on corporate asset quality and a dual strategy of controlling new risks while cleaning up historical risks [8]. Retail Credit Risk Management - The bank has implemented stringent risk management measures for retail assets, including tightening credit card customer access and enhancing mortgage loan controls [9]. - Despite improvements in retail asset quality, the bank acknowledges that retail credit risks are rising, reflecting a broader industry trend [9].

Core Insights - In 2024, CITIC Bank reported total assets exceeding 9.5 trillion yuan, with operating net income of 213.646 billion yuan and net profit attributable to shareholders of 68.576 billion yuan, showcasing strong financial performance despite a challenging economic environment [1][2]. Revenue and Profit Growth - CITIC Bank achieved a year-on-year increase in operating net income of 3.76% and a net profit growth of 2.33%, indicating a solid performance amidst a general slowdown in the banking sector [2]. - The bank maintained a balanced approach to growth, emphasizing "stable interest margins" and achieving the lowest net interest margin decline in five years, outperforming the market for three consecutive years [2]. Risk Management and Asset Quality - The bank's non-performing loan (NPL) ratio improved to 1.16%, a decrease of 0.02 percentage points from the beginning of the year, marking the best level in nearly a decade [3]. - The provision coverage ratio rose to 209.43%, an increase of 1.84 percentage points, representing the highest level in 11 years, reflecting enhanced risk management capabilities [3]. - CITIC Bank has implemented a comprehensive risk management strategy, focusing on both risk response and risk management to minimize value loss and enhance value creation [3]. Retail Risk Management - In anticipation of rising retail risk pressures in 2024, CITIC Bank has proactively strengthened its management mechanisms across various dimensions, including risk control and early intervention for non-performing assets [4]. - The bank's retail asset quality is showing signs of improvement, with expectations for continued stability in 2025 [4].

Investment Rating - The report maintains an "Accumulate" rating for CITIC Bank (601998.SH) with a current price of 7.25 CNY [1] Core Views - CITIC Bank's 2024 annual report shows a steady revenue growth of 3.8% year-on-year, with a net profit attributable to shareholders of 686 billion CNY, reflecting a 2.3% increase [4][5] - The bank's net interest income grew by 2.2%, while non-interest income increased by 7.4%, indicating a mixed performance in revenue sources [5][10] - The bank's asset quality remains stable, with a non-performing loan ratio of 1.16%, down 1 basis point from the previous quarter, and a provision coverage ratio above 200% [11][25] Summary by Sections Financial Performance - In 2024, CITIC Bank achieved operating income of 2136 billion CNY, with a weighted average return on equity of 9.79%, down 1.01 percentage points year-on-year [4][12] - The bank's total assets reached 9,532.72 billion CNY, with a year-on-year growth rate of 5.3% [27] Loan and Deposit Growth - By the end of 2024, the bank's interest-earning assets grew by 4.6% year-on-year, with a significant increase in loans and deposits [6][8] - The bank's loan balance increased by 4% year-on-year, with corporate loans growing by 7.8% and retail loans by 3.4% [6][7] Interest Margin and Non-Interest Income - The net interest margin for 2024 was reported at 1.77%, showing resilience compared to peers [9] - Non-interest income accounted for 31.3% of total revenue, with a notable increase in investment income [10][12] Asset Quality and Capital Adequacy - The bank's non-performing loan ratio decreased to 1.16%, and the provision coverage ratio was 209.4% [11][25] - Capital adequacy ratios showed mixed results, with the core tier one capital ratio at 9.72% [11][25] Earnings Forecast and Valuation - The report adjusts the EPS forecast for 2025-2026 to 1.25 CNY and 1.29 CNY, respectively, with a projected dividend payout ratio of over 30% for 2024 [12][27]

证券代码：601998 证券简称：中信银行 公告编号：临 2025-033 中信银行股份有限公司 关于 2025 年小型微型企业贷款专项金融债券（债券通） 发行完毕的公告 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。 根据中国人民银行《准予行政许可决定书》（银许准予决字〔2025〕第5号）， 中信银行股份有限公司（以下简称"本行"）获准发行金融债券，2025年金融债 券新增余额不超过600亿元，年末金融债券余额不超过4,000亿元。本行此次发行 的2025年小型微型企业贷款专项金融债券（债券通）（以下简称"本期债券"）已 于2025年3月26日簿记建档，并于2025年3月28日在全国银行间债券市场发行完毕。 本期债券发行规模为人民币300亿元，品种为3年期固定利率债券，票面利率 为1.92%。本期债券募集资金将专项用于发放小型微型企业贷款。 特此公告。 中信银行股份有限公司董事会 2025 年 3 月 28 日 ...