Investment Rating - The report maintains a positive outlook on the banking industry, indicating a transition towards stable profitability and high-quality development during the "15th Five-Year Plan" period, with a recommendation to focus on high-quality banks that are expected to recover towards a 1x price-to-book (PB) ratio [7]. Core Insights - The banking landscape has undergone significant changes during the "14th Five-Year Plan," characterized by a trend towards the dominance of larger banks, with listed banks outperforming non-listed banks in terms of total assets, loans, and net profits [6][19]. - The report highlights three major changes in the banking sector: 1. Increasing concentration among top banks, with listed banks showing superior performance compared to non-listed banks, reflected in a non-performing loan (NPL) ratio of approximately 1.2%, which is half that of non-listed banks [6][15]. 2. A shift in market share dynamics, with state-owned banks gaining dominance, while regional commercial banks are accelerating their growth, and shareholding and rural commercial banks are experiencing a decline [6][19]. 3. Niche operations are emerging as a new direction for smaller banks, with wealth management and investment banking becoming areas where leading shareholding banks are outperforming larger state-owned banks [6][19]. Summary by Sections 1. Dominance of Listed Banks - Listed banks have seen their market share in total assets and loans increase to 81.2% and 79.9%, respectively, as of Q3 2025, marking a recovery from declines during the previous "13th Five-Year Plan" [13][14]. - The net profit share of listed banks has risen to nearly 90%, indicating improved operational efficiency [13][14]. 2. Changing Landscape of Various Banks - State-owned banks have increased their market share in total assets and loans to 50.2% and 52.8%, respectively, during the "14th Five-Year Plan," reflecting their enhanced role as a stabilizing force in the economy [19][22]. - Regional commercial banks have improved their market positions, particularly in economically strong provinces, while shareholding and rural commercial banks have faced challenges, with market shares declining [19][22]. 3. Characteristics of Corporate and Retail Banking - The report notes a growing trend of strong corporate lending and weaker retail lending, which has become a key factor in the competitive dynamics among different types of banks [19][22]. 4. Establishment of a Differentiated Development Ecosystem - The report emphasizes the establishment of a "dislocated development and differentiated operation" ecosystem, where larger banks dominate in volume but face challenges in pricing, while smaller banks focus on flexible service offerings to differentiate themselves [6][19]. 5. Investment Analysis Recommendations - The report suggests focusing on two main investment themes for 2026: 1. Asset expansion, targeting quality regional commercial banks such as Chongqing Bank, Suzhou Bank, and Ningbo Bank [7]. 2. Real estate recovery, focusing on shareholding banks that are expected to recover sooner, such as Industrial Bank, Citic Bank, and China Merchants Bank [7].

Group 1 - The report highlights four key reasons supporting the optimistic outlook for bank valuation recovery: the end of capital outflows, historically low fund holdings in banks, high dividend yields, and stable performance expectations for 2026 [10][14][21] - The report emphasizes the strategy of "2026 bank α stronger than β," focusing on stock selection from the bottom up, as the significance of choosing quality stocks has increased in the current market environment [4][27] - The report identifies two major discrepancies in bank fundamentals: the relationship between interest rate cuts and profit declines, and the distinction between risk disposal and the burden on the banking system [27][54] Group 2 - The report indicates that since the second half of 2025, bank stocks have underperformed primarily due to capital market pressures, but the situation is expected to improve as capital outflows have ceased [8][13] - The report notes that the dividend yield for the banking sector has risen to 4.7%, making it attractive for long-term investors seeking stable returns in a low-interest-rate environment [17][21] - The report predicts that the net interest margin for listed banks will stabilize in 2026, with a year-on-year decline expected to narrow to single digits, benefiting from effective risk management [22][25][66] Group 3 - The report outlines two main investment themes for 2026: the asset expansion theme, focusing on banks with strong credit resources and revenue elasticity, particularly city commercial banks, and the real estate improvement theme, which anticipates a reversal of difficulties for joint-stock banks as real estate policies stabilize [32][37][44] - The report emphasizes the importance of banks that have effectively reduced real estate exposure and strengthened their fundamentals, as these banks are likely to benefit from easing pressure on credit costs and achieving stable profit growth [47][48] - The report suggests that banks with a strong ability to manage credit risk and those that have proactively reduced exposure to real estate will be better positioned to recover and outperform their peers [46][47]

Investment Rating - The report maintains a positive outlook on the banking industry, indicating a transition towards stable profitability and high-quality development during the "15th Five-Year Plan" period, with a focus on quality banks recovering towards a 1x PB valuation [7]. Core Insights - The banking landscape has undergone significant changes during the "14th Five-Year Plan," characterized by a trend towards the dominance of listed banks over non-listed banks, with listed banks showing improved asset quality and profitability metrics [6][8]. - The report highlights three major shifts in the banking sector: the increasing dominance of state-owned banks, the rapid development of city commercial banks, and the ongoing decline in market share for joint-stock and rural commercial banks [6][8]. - The report emphasizes the importance of differentiated operations and regional focus for smaller banks to thrive in a competitive environment, suggesting that local banks should leverage their unique advantages to capture market potential [6][8]. Summary by Sections 1. Dominance of Listed Banks - Listed banks have seen a rise in market share for total assets, loans, and net profits, with total assets and loans reaching 81.2% and 79.9% respectively by Q3 2025, reflecting a recovery from previous declines during the "13th Five-Year Plan" [17][18]. - The net profit share of listed banks has increased to nearly 90%, indicating better operational efficiency compared to non-listed banks [17][18]. 2. Changing Landscape of Various Banks - State-owned banks have strengthened their market position, with total assets and loan market shares increasing to 50.2% and 52.8% respectively, while joint-stock banks have faced challenges, with their market shares declining [22][26]. - City commercial banks have benefited from regional development, with their market shares in total assets, loans, and net profits rising to 16.2%, 14.5%, and 12.1% respectively [22][24]. 3. Characteristics of Corporate and Retail Banking - The report notes a growing trend of strong corporate lending and weaker retail lending, which has become a key factor for the leading performance of state-owned and city commercial banks [6][22]. - The report also highlights the need for banks to balance pricing and efficiency, especially as large banks dominate key sectors while smaller banks focus on flexible service offerings [6][8]. 4. Establishment of a Differentiated Operating Ecosystem - The report discusses the establishment of a "dislocated development and differentiated operation" ecosystem, where large banks dominate in volume but face challenges in pricing, while smaller banks focus on niche markets [6][8]. - Wealth management and investment banking sectors are increasingly led by top joint-stock banks, which have surpassed state-owned banks in market share [6][8]. 5. Investment Analysis Recommendations - The report suggests focusing on two main investment themes for 2026: the expansion of asset portfolios in quality city commercial banks like Chongqing Bank, Suzhou Bank, and Ningbo Bank, and the recovery of joint-stock banks like Industrial Bank, CITIC Bank, and China Merchants Bank [7][8].

中信银行股份有限公司 2026年第一次临时股东会 会议资料 二〇二六年四月十日 1 文件目录 2026 年第一次临时股东会会议资料： 议案一：关于提请股东会延长对董事会及其获授权人士办理本次配股相关事 宜授权期限的议案 ................................................... 4 3 会 议 议 程 会议召开时间：2026年4月10日（星期五）9:30 会议召开地点：北京市朝阳区光华路10号院1号楼中信大厦8 层818会议室 2 召 集 人：中信银行股份有限公司董事会 会 议 日 程： 一、宣布会议开始 二、统计出席会议股东的人数及所持有表决权的股份总 数 三、董事会秘书宣示会议须知 四、推选计票人、监票人 五、审议议案、投票表决 六、休会（统计表决结果） 七、宣布表决结果 八、律师宣读法律意见书 九、宣布会议结束 以上，请审议。 4 议案一：关于提请股东会延长对董事会及其获授权人士办理 本次配股相关事宜授权期限的议案 各位股东： 根据本行 2025 年第一次临时股东大会、2025 年第一次 A 股类别股东会及 2025 年第一次 H 股类别股东会审议通过 的《关 ...

证券代码：601998 证券简称：中信银行 公告编号：临2026-006 中信银行股份有限公司 关于召开2026年第一次临时股东会的通知 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。 重要内容提示： 一、 召开会议的基本情况 (一) 股东会类型和届次 2026年第一次临时股东会（简称本次股东会） (二) 股东会召集人 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2026 年 4 月 10 日 9 点 30 分 召开地点：北京市朝阳区光华路 10 号院 1 号楼中信大厦 8 层 818 会议室 (五) 网络投票的系统、起止日期和投票时间 中信银行股份有限公司（简称本行）董事会 (三) 投票方式 本次股东会所采用的表决方式是现场投票和网络投票相结合的方式 网络投票系统：上海证券交易所股东会网络投票系统 1 网络投票起止时间：自2026 年 4 月 10 日 至2026 年 4 月 10 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15—9:25，9:30—1 ...

998 代表委任表格 適用於2026年4月10日舉行的中信銀行股份有限公司（「貴行」或「本行」） 2026年第一次臨時股東會 本人╱吾等 （附註1） 地址為 （附註2） 為貴行股本中每股面值人民幣1.00元之H股 股 （附註4和附註5） （附註3） 之登記持有人， 地址為 及╱或 地址為 為本人╱吾等的代表，代表本人╱吾等出席貴行訂於2026年4月10日（星期五）上午9時30分，假座中華人民共 和國北京市朝陽區光華路10號院1號樓中信大廈8層818會議室舉行的2026年第一次臨時股東會及其任何續會 （「2026年第一次臨時股東會」），並在2026年第一次臨時股東會上代表本人╱吾等投票及行使法律、法規及貴 行章程賦予代表的一切權利。 本人╱吾等希望本人╱吾等的代表按以下指示就將於2026年第一次臨時股東會上提呈的決議案投票。 | | 特別決議案 | | | | | | --- | --- | --- | --- | --- | --- | | 編號 | 非累積投票議案 | （附註6） 贊成 | （附註6） 反對 | 棄權 | （附註6） | | 1. | 關於提請股東會延長對董事會及其獲授權人士辦理本次配股 相 ...

998 2026年第一次臨時股東會回執 致：中信銀行股份有限公司（「貴行」或「本行」） 本人╱吾等 （附註1） 地址為 （附註2） 為貴行股本中每股面值人民幣1.00元之H股 股 （附註3） 之登記持有人， 茲通知貴行，本人╱吾等擬出席或委派代表以本人╱吾等名義出席貴行於2026年4月10日（星 期五）上午9時30分假座中華人民共和國（「中國」）北京市朝陽區光華路10號院1號樓中信大廈8 層818會議室舉行的2026年第一次臨時股東會（「2026年第一次臨時股東會」）。 簽名： 日期： 1. 請用正楷填上登記在本行股東名冊上之股東全名。 2. 請用正楷填上登記在本行股東名冊上之股東地址。 3. 請填上以 閣下名義登記的股份數目。 4. 請將此回執在填妥及簽署後於2026年4月9日（星期四）或以前送達本行於香港之H股股份過戶登記處香港 中央證券登記有限公司位於香港灣仔皇后大道東183號合和中心17M樓的辦事處。 5. 本行註冊地址為中國北京市朝陽區光華路10號院1號樓6-30層、32-42層，郵編：100020（聯繫人：鄧智 涵、趙媛；電話：(8610) 6663 8188；傳真：(8610) 6555 925 ...

998 2026年第一次臨時股東會通告 茲通告，中信銀行股份有限公司（「本行」）將於2026年4月10日（星期五）上午9時30分假座 中華人民共和國（「中國」）北京市朝陽區光華路10號院1號樓中信大廈8層818會議室舉行 2026年第一次臨時股東會（「2026年第一次臨時股東會」），以考慮並酌情通過下列決議 案： 特別決議案 非累積投票議案 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 A股及H股持有人在投票方面當作相同類別股東。H股持有人須注意，本行將於2026年4月2 日（星期四）至2026年4月10日（星期五）（包括首尾兩天）暫停辦理H股股份登記手續。凡於 2026年4月10日（星期五）名列本行股東名冊之股東均有權出席2026年第一次臨時股東會並於 會上投票。欲出席2026年第一次臨時股東會而尚未登記過戶文件的本行H股持有人，須最遲 於2026年4月1日（星期三）下午4時30分前將過戶文件連同有關股票交回本行於香港之H股股 份過戶登記處香港中 ...

此乃要件 請即處理 閣下如對本通函或應採取的行動有任何疑問，應諮詢閣下的股票經紀或其他註冊證券商、銀行經 理、律師、專業會計師或其他專業顧問。 閣下如已將名下之中信銀行股份有限公司股份全部售出或轉讓，應立即將本通函交予買主或承讓 人，或經手買賣或轉讓的銀行、股票經紀或其他代理商，以便轉交買主或承讓人。 香港交易及結算所有限公司及香港聯合交易所有限公司對本通函的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本通函全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 998 延長對董事會及其獲授權人士辦理配股相關事宜授權期限 及 2026年第一次臨時股東會通告 2026年第一次臨時股東會謹訂於2026年4月10日（星期五）上午9時30分，假座中國北京市朝陽區光 華路10號院1號樓中信大廈8層818會議室舉行。2026年第一次臨時股東會通告隨附於本通函並已於 2026 年 3 月 1 7 日（ 星 期 二 ）登 載 於 香 港 聯 交 所 披 露 易 網 站 (www.hkexnews.hk) 及本行網站 (www.citicbank.com)。 擬親身或委任代表出席是 ...

证券研究报告 | 行业深度报告 2026 年 03 月 15 日 信贷亮点不断，银行股有望反弹 ——金融风向标 2026-W10 总量研究/银行 ❑ 外部不确定性加剧，本周 A 股持续下跌，而银行板块防御价值显现。信贷增 速企稳+净息差收敛放缓+不良资产产生放缓，银行的基本面预计将会改善， 叠加 AI 叙事逻辑松动，风险偏好降温，银行板块有望迎来一轮反弹。 ❑ 【周观察·动向】 监管动态：央行发布 2026 年 2 月金融统计数据报告。行业动态：招商银行发布 赎回优先股的公告，拟于 4 月 15 日赎回 275 亿优先股，下周中信和平安银行拟 发布 2025 年度报告。市场动态：万得全 A 指数下跌 0.48%，申万银行板块上 涨 1.39%。 ❑ 【周综述·数据】 公开市场操作与资金利率：本周央行净回笼 0.1 万亿，质押式回购利率全线走 高；Shibor 各期限品种均小幅下行。银行资负跟踪：资产端，国债收益率走势 分化，1Y 期限收益率小幅下行，3Y、5Y、10Y 及 30Y 各期限收益率较上期上 行。3 月大行票据转贴现累计净买入规模同比少增，1M、3M 和半年票据利率分 别为 1.6%、1.48%、1 ...