Investment Rating - The report maintains a "Buy" rating for CITIC Bank with a target price of 10.58 CNY and 9.70 HKD [2][9]. Core Insights - The revenue growth rate has turned upward, primarily due to improved core revenue capabilities, while asset quality remains stable [9]. - The bank's net profit attributable to shareholders is expected to grow by 3.0% in 2025, with a slight decrease in the non-performing loan ratio to 1.15% [2][9]. - Total assets have surpassed 10 trillion CNY, with a year-on-year growth of 6.3% [9]. Financial Performance Summary - For 2025, CITIC Bank anticipates total revenue of 212.475 billion CNY, reflecting a year-on-year decline of 0.5% [2][10]. - The net profit attributable to shareholders is projected at 70.618 billion CNY, with a growth rate of 3.0% [2][10]. - The bank's non-performing loan ratio is expected to slightly decrease to 1.15%, while the provision coverage ratio is projected to be stable at 203.6% [2][10]. Financial Metrics Overview - Key financial metrics for 2025 include: - Total revenue: 212,396 million CNY - Net profit: 70,657 million CNY - Earnings per share: 1.24 CNY - Price-to-earnings ratio: 6.11 [4][10]. - The bank's total assets are projected to reach 10,122.93 billion CNY by 2026, with a steady growth trajectory [16][20]. Asset Quality and Risk Management - The report indicates that the asset quality is improving, with a stable non-performing loan ratio and adequate provision coverage [9][10]. - The bank's risk management practices are highlighted as effective, contributing to the stability of its asset quality [9].

摩根大通发表报告指，中信银行2025年全年净利润按年增长3%，符合该行预期，但较市场预高出2%。 其中，第四季净利润按年增长3%，但营业利润增长9%，分别较该行和市场预期的第四季估计高出5%和 2%，带来惊喜。摩通预计中信银行2026年营收增速将转正，全年利润增长保持稳定，重申对其H股"增 持"评级，目标价8.85港元。目前中信银行H股交易于预测2026年于0.45倍市账率，对应9.1%的ROE以及 5.9%的股息率，估值仍处于相对吸引水平。 ...

Core Viewpoint - The 2025 China Enterprise ESG "Golden Responsibility Award" aims to recognize companies and institutions that have made significant contributions to ESG initiatives in China, reflecting a shift from voluntary practices to compliance requirements in ESG performance [1][12]. Group 1: ESG Development and Awards Overview - By 2025, China's ESG development has transitioned from "setting standards" to "strengthening regulations," with a comprehensive disclosure standard system being established [1][12]. - The award selection attracted over 5,000 companies, with results based on ESG performance, online voting, and professional evaluations [2][12]. Group 2: Award Categories and Winners - The award categories include Excellent Environmental Responsibility Award, Excellent Social Responsibility Award, Excellent Corporate Governance Responsibility Award, Excellent Responsibility Initiative Award, Excellent Sustainable Development Award, and various responsibility investment awards [1][12]. - Notable winners of the Excellent Environmental Responsibility Award include Great Wall Motors, Hikvision, and China Petroleum [7][24]. - The Excellent Social Responsibility Award was awarded to companies such as YF Communication, ZTE, and Ningde Times [7][24]. - Winners of the Excellent Corporate Governance Responsibility Award include China Petroleum, Hikvision, and WuXi AppTec [7][24]. - The Excellent Responsibility Initiative Award was given to companies like ZTE, Sunlight Power, and Industrial and Commercial Bank of China [7][24]. - The Excellent Sustainable Development Award included companies such as WanHua Chemical, China Bank, and China Petroleum [7][24]. Group 3: Responsibility Investment Awards - The Responsibility Investment Excellent Bank Award was given to institutions like CITIC Bank and Minsheng Bank [5][21]. - The Responsibility Investment Excellent Securities Company Award included firms such as Shenwan Hongyuan and CITIC Securities [5][22]. - The Responsibility Investment Excellent Insurance Company Award recognized companies like New China Life and AIA [5][26]. - The Responsibility Investment Excellent Fund Company Award included firms such as Xinhua Fund and Harvest Fund [5][27]. - The Responsibility Investment Excellent Asset Management Institution Award recognized institutions like Ping An Asset Management and Sunshine Asset Management [5][28]. Group 4: Call to Action and Future Directions - The award committee encourages more Chinese enterprises to integrate ESG principles into their operations and strategic planning, emphasizing the importance of balancing commercial and social values [10][29].

昨日(14日)收市后公布2025年初步业绩，去年第四季展现稳健趋势，收入同比转升8.6%，较第三季同比 降4.4%有显著改善，表现符合该行预期，胜于市场预期。由于拨备释放较少，信行末季盈利增幅落后 收入增幅，但保持健康，第四季利润同比增长2.8%，符大摩及市场预期。 智通财经APP获悉，摩根士丹利发布研报称，维持中信银行(00998)"增持"评级，目标价9.2港元，大摩 认为，中信银行第四季营收的强劲反弹，进一步印证在行业竞争趋理性下，中型银行有望交出更佳业 绩。 报告提到，末季中信银行资产负债表扩张势头强劲，第四季总资产同比增长2.4%，同比增幅达6.3%。 资产质量保持稳定，不良贷款率同比微降1个基点至1.15%，而拨备覆盖率同比大致持平于约204%。 ...

报告提到，末季中信银行资产负债表扩张势头强劲，第四季总资产按季增长2.4%，按年增幅达6.3%。 资产质量保持稳定，不良贷款率按季微降1个基点至1.15%，而拨备覆盖率按季大致持平于约204%。大 摩认为，中信银行第四季营收的强劲反弹，进一步印证在行业竞争趋理性下，中型银行有望交出更佳业 绩。因此，该行维持对中信银行H股"增持"评级，目标价9.2港元。 摩根士丹利发表研究报告指，中信银行公布2025年初步业绩，去年第四季展现稳健趋势，收入按年转升 8.6%，较第三季按年降4.4%有显著改善，表现符该行预期，但胜市场预期。由于拨备释放较少，信行 末季盈利增幅落后收入增幅，但保持健康，第四季利润按年增长2.8%，符大摩及市场预期。 ...

报告提到，末季中信银行资产负债表扩张势头强劲，第四季总资产同比增长2.4%，同比增幅达6.3%。 资产质量保持稳定，不良贷款率同比微降1个基点至1.15%，而拨备覆盖率同比大致持平于约204%。 昨日(14日)收市后公布2025年初步业绩，去年第四季展现稳健趋势，收入同比转升8.6%，较第三季同比 降4.4%有显著改善，表现符合该行预期，胜于市场预期。由于拨备释放较少，信行末季盈利增幅落后 收入增幅，但保持健康，第四季利润同比增长2.8%，符大摩及市场预期。 摩根士丹利发布研报称，维持中信银行（601998）(00998)"增持"评级，目标价9.2港元，大摩认为，中 信银行第四季营收的强劲反弹，进一步印证在行业竞争趋理性下，中型银行有望交出更佳业绩。 ...

1月15日金融一线消息，Visa今日宣布支持中国持卡人 ApplePay绑卡。Visa将与Apple一起，支持中国持 卡人将Visa卡绑定至ApplePay，并在境外的线下商户、移动app或线上网站等多种场景进行支付。目 前，全球79%的线下交易来自"一拍即付"。 Visa中国区总裁尹小龙表示："全球数字支付飞速发展的同时，消费者对基于手机的、互联互通的移动 支付方式的需求也与日俱增。一直以来，Visa致力于为中国持卡人提供多元的支付选择，让他们无论身 处何地，都能安心自在地畅享支付之旅。此次，Visa秉持着对中国市场和持卡人长期不变的承诺，在数 据安全与支付安全领域加大投入，推出支付标记化服务并率先实现其在跨境场景的应用。我们很高兴与 Apple及金融机构携手，率先为中国持卡人带来更安全、更便捷的移动支付新体验。" 首批支持的发卡银行包括：中国工商银行、中国银行、中国农业银行、交通银行、招商银行、中信银 行、平安银行及兴业银行。Visa和Apple正在与包括上海浦东发展银行、中国建设银行、中国民生银 行、中国光大银行在内的更多银行伙伴紧密合作，相关功能将于未来陆续上线。 责任编辑：王馨茹 Visa中国区总裁 ...

2026 年 1 月 15 日 公司研究 净利润增速稳健，不良率稳中略降 ——中信银行（601998.SH）2025 年业绩快报点评 增持（维持） 当前价：7.60 元 作者 分析师：王一峰 执业证书编号：S0930519050002 010-50578031 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) | 556.45 | | 总市值(亿元)： | 4,229.03 | | 一年最低/最高(元)： | 6.11/8.69 | | 近 3 月换手率： | 15.02% | 股价相对走势 资料来源：Wind | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | -1.75 | 0.12 | -5.73 | | 绝对 | 2.43 | 3.06 | 18.39 | 资料来源：Wind 要点 事件： 不良贷款率较 3Q 末下降 1bp 至 1.15%，拨备 ...

事件： 点评： 营收降幅收窄，净利润增速稳于3%。公司2025 年营收、归母净利润同比增速分别为-0.5%、3%，其中 营收降幅较1-3Q25 收窄3pct，盈利增速较1-3Q25 持平；4Q25单季营收、盈利同比增速分别为8.6%、 2.8%，较上年同期分别变动+5.1、-4.6pct。 1 月14 日，中信银行发布2025 年业绩快报，实现营业收入2125 亿，同比下降0.5%，实现归母净利润 706.2 亿，同比增长3%。年化加权平均净资产收益率为9.39%，较上年同期下降0.4pct。 不良贷款率较3Q 末下降1bp 至1.15%，拨备覆盖率稳定在200%以上。2025 年末，中信银行不良贷款率 为1.15%，较3Q 末略降1bp。从前三季度情况看，截至25Q3末，对公不良率1.13%，较年中略降1bp；零 售不良率1.3%，较年中微升1bp，对公、零售不良率读数均保持平稳。截至2025 年末，拨备覆盖率较 3Q 末下降0.6pct至203.6%，拨贷比较3Q 末略降2bp 至2.34%。 风险提示：如果宏观经济超预期下行，可能增加大额风险暴露的潜在风险。 全年扩表速度保持平稳，信贷投放有望实现"开门 ...

Core Insights - The article discusses the performance forecasts and reports of 11 companies that released their earnings reports as of January 15, 2025, highlighting the accuracy of earnings quick reports compared to forecasts [1] Group 1: Revenue Performance - The highest revenue among the companies reporting was achieved by CITIC Bank, with a revenue of 212.475 billion yuan, showing a year-on-year decline of 0.55% [1] - Following CITIC Bank, Shanghai Pudong Development Bank and Yangtze Power reported revenues of 173.964 billion yuan and 85.882 billion yuan, respectively [1] - Seven companies reported a year-on-year increase in revenue, with CITIC Securities leading at 74.830 billion yuan, marking a growth of 28.75% [1][2] Group 2: Profit Performance - All companies that released earnings quick reports reported profits, with five companies achieving net profits exceeding 10 billion yuan [1] - CITIC Bank reported the highest net profit of 70.618 billion yuan, reflecting a year-on-year increase of 2.98% [1] - The largest increase in net profit was reported by Quanyuan Quanyuan, with a net profit of 0.15 billion yuan, showing a remarkable growth of 147.89% [1][2]