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 ...

Group 1 - The core strategy of CITIC Bank focuses on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, which have created a differentiated competitive advantage [1] - As of the end of 2024, the balance of technology finance loans reached 564.4 billion yuan, a year-on-year increase of 19.3%, covering 89% of national specialized and innovative enterprises [1] - In the green finance sector, the balance of green loans exceeded 600.6 billion yuan, with a year-on-year growth of 31%, and the ESG rating improved to grade A [1] Group 2 - Inclusive finance loans are nearly 600 billion yuan, serving over 300,000 customers, with a stable non-performing loan ratio of around 1% [2] - The pension finance sector has seen significant progress, with pension fund custody exceeding 500 billion yuan and the number of pension account users reaching 5 million, a 60% increase since the beginning of the year [2] - Digital finance has supported the overall transformation, with key milestones achieved in the "Digital CITIC" initiative and upgrades to the core system [2]

Core Viewpoint - The article highlights the efforts of CITIC Bank Shanghai Branch in enhancing financing solutions for small and micro enterprises through a multi-dimensional system that integrates policy transmission, capacity building, and service upgrades [1][2][3]. Group 1: Mechanism Foundation - CITIC Bank Shanghai Branch has established a two-tier working team under the "Five Specialties and Five Strengthenings" framework to facilitate policy implementation [2]. - The bank conducts monthly specialized training and case sharing to convert regulatory policies into clear execution standards, creating a closed-loop management system [2]. - A dual-line operation strategy is employed to enhance service efficiency, including regular internal updates and external enterprise-bank connection activities [2]. Group 2: Innovative Solutions - A case study involving a photonics technology company illustrates the bank's approach to overcoming financing challenges through a specialized service team that assesses technology strength and market potential [3]. - The bank's focus extends beyond financial statements to include R&D investment, patent reserves, and market prospects, providing a new financing evaluation framework for technology-driven enterprises [3]. - CITIC Bank Shanghai Branch aims to implement financing coordination mechanisms aligned with national strategic directions to support innovation [3].

Core Viewpoint - CITIC Bank is advancing its artificial intelligence (AI) strategy, having deployed the DeepSeek R1 model in certain scenarios, achieving a 30% reduction in computing power usage. The bank aims for comprehensive business intelligence through vertical industry model development, particularly in investment research, trading, and risk control [1][2]. Group 1: AI Deployment and Strategy - CITIC Bank has implemented the DeepSeek R1 model in specific scenarios, resulting in a 30% savings in computing power [1]. - The bank has over 80 application scenarios in the exploration and development phase, with more than 40 already implemented and 16 actively in use, enhancing efficiency in customer interactions by over 50% in some cases [1]. - The bank's AI application development strategy will be officially released soon, focusing on making large model capabilities accessible and usable across various business scenarios [2]. Group 2: Technology Investment and Workforce - In 2024, CITIC Bank's investment in information technology reached 10.945 billion yuan, accounting for 5.12% of its operating income [2]. - The number of technology personnel at CITIC Bank increased by 3.66% year-on-year to 5,832, representing 8.91% of the total workforce [2]. - Over the past six years, the bank's cumulative technology investment has exceeded 50 billion yuan, ranking second among its peers in the joint-stock banking sector [2]. Group 3: Future Outlook - CITIC Bank is committed to a long-term investment strategy in technology, aiming to transition from partial to comprehensive digitalization [3]. - The bank believes that deep-level AI technology will accelerate the restructuring of the banking industry's ecosystem and value chain, bringing unprecedented changes and vitality to the sector [2].

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company's overall performance meets expectations, with slight adjustments to profit forecasts for 2025-2027, projecting net profits of 695/709/721 million yuan, representing growth rates of 1.4%/1.9%/1.8% [3] - The current stock price corresponds to a PE ratio of 6.2/6.1/6.0x and a PB ratio of 0.55/0.52/0.49x, with a dividend rate slightly increased, resulting in a current dividend yield close to 5% [3] Financial Performance Summary - In 2024, the company achieved operating revenue of 213.6 billion yuan, a year-on-year increase of 3.8%, and a net profit attributable to shareholders of 68.6 billion yuan, up 2.3% year-on-year [1][4] - The total assets grew by 5.3% year-on-year to 9.53 trillion yuan, with deposits increasing by 7.3% to 5.86 trillion yuan, and loans rising by 4.0% to 5.72 trillion yuan [1][4] - The average ROE for the year was 9.8%, a decrease of 1.0 percentage points year-on-year [1] Interest Margin and Income - The net interest income for the year was 146.7 billion yuan, reflecting a year-on-year growth of 2.2%, with an average net interest margin of 1.77%, down 1 basis point year-on-year [2] - Fee income decreased by 4.0% year-on-year, primarily due to declines in agency sales and credit card fees, while other non-interest income grew by 20% [2] Asset Quality - The non-performing loan generation rate for 2024 was 1.14%, a decrease of 2 basis points year-on-year, indicating stable asset quality [2] - The year-end non-performing loan ratio was 1.16%, down 1 basis point from the previous quarter and down 2 basis points from the beginning of the year [2]

Core Viewpoint - CITIC Bank reported a positive performance for 2024, with revenue and net profit showing growth despite previous challenges [1] Financial Performance - In 2024, CITIC Bank achieved operating revenue of 213.646 billion yuan, an increase of 3.76% year-on-year [1] - The net profit attributable to shareholders reached 68.576 billion yuan, reflecting a year-on-year growth of 2.33% [1] Asset Quality Outlook - The asset quality management of CITIC Bank is strong, with stable non-performing loan and provision indicators [2] - The bank's retail asset quality is considered to be at a relatively good level compared to peers, despite an industry-wide trend of rising retail risks [2] - Measures taken since 2019 include tightening credit card approvals and focusing on mortgage and secured loans [2] Net Interest Margin Trends - As of the end of 2024, CITIC Bank's net interest margin stood at 1.77%, remaining stable year-on-year and outperforming the market for three consecutive years [3] - The bank anticipates significant downward pressure on net interest margins in 2025 due to a declining interest rate environment and adjustments in loan pricing [3] Dividend Policy - CITIC Bank aims to maintain a cash dividend payout ratio of over 30% from 2024 to 2026 [4][5] - The total cash dividend is projected to increase from 11.7 billion yuan in 2019 to 19.46 billion yuan in 2024, with the payout ratio rising from 25% to 30.5% of net profit [5]

Core Insights - The core viewpoint of the articles highlights the steady growth and structural optimization of CITIC Bank's RMB loan portfolio in 2024, with a significant focus on technology enterprises and green finance initiatives [1][2] Group 1: Loan Growth and Structure - CITIC Bank's total RMB loan volume is expected to grow steadily in 2024, with a year-on-year increase of 19.34% in loans to technology enterprises, reaching a balance of 564.37 billion yuan [1] - The bank's green credit scale has surpassed 600 billion yuan, reflecting a growth of 30.84% in this area [2] - Loans in strategic emerging industries, medium to long-term manufacturing, and inclusive small and micro enterprises have also seen increases of 21.07%, 16.26%, and 10.04% respectively [2] Group 2: Strategic Focus and Future Plans - CITIC Bank is integrating its management with national strategies, expanding its services to technology enterprises, and has established technology finance centers in 21 key branches [1] - The bank plans to increase its credit issuance by 5.9% in 2025, with a target of adding 330 billion yuan in new loans [2] - In response to the backdrop of boosting consumption, CITIC Bank aims to enhance its digital risk control capabilities to empower the development of consumer finance [2]

21世纪经济报道记者 郭聪聪 北京报道 3 月 27 日，中信银行于北京举办 2024 年度业绩发布会。中信银行董事长方合英在业绩会上表示，中信 银行经营业绩在2024年实现"双增双优双稳"。 非利息净收入也表现突出，实现 669.67 亿元，较上年增长 7.39%，连续 5 年保持正增长，非息占比持 续提升，同比提高 1.05 个百分点，占比达 31.34%。 中信银行董事长方合英在业绩会上表示，中信银行2024年核心指标表现亮眼，净息差连续3年跑赢大 市，非息收入连续 5 年正增长，净利润连续3年增长，分红水平 5年内稳步提高；同时从结构上看，中 信银行"三驾齐驱" 格局更加成型，整体来看表现出较强的韧性与稳定性。 不良与拨备指标实现"双稳" 中信银行在资产质量管控方面同样成果显著，不良与拨备指标实现 "双稳"显示出其质量管控能力。 截至报告期末，中信银行不良贷款余额为 664.85 亿元，较上年末增加 16.85 亿元，增幅 2.60%；不良贷 款率为 1.16%，相比上年末下降0.02 个百分点，已实现连续六年下降。与此同时，拨备覆盖率较上年末 提升 1.84 个百分点，达 209.43%，连续四年呈 ...

第一是2024年整体资产质量总体不错，这是2025年的基础，其中有三个特点，一是关键指标均正向变 动，目前同业不良率和拨备覆盖率均正向变动的比较少；二是指标变动跑赢大市；三是整体指标趋势向 好，不良率连续6年下降，达到2014年以来最好水平，拨备覆盖率连续4年上升，新发生不良连续4年下 降。 第二是中信银行稳健的经营理念和风险文化。"近几年来在风险领域，中信银行一直秉承着安全和稳 定、稳健、审慎、可持续发展的经营理念。我们不以风险下沉来换取短期的收益，也不以损害风险抵御 能力来放弃利润。全行上下已经形成了敬畏风险、审慎经营的风险文化。我们认为经营理念和风险文化 是一个银行的灵魂和价值观，它决定着银行的经营风格和风险偏好，也决定着一个银行资产质量的长期 趋势。"胡罡说。 信心来源三是中信银行的资产结构还在持续的优化过程中。对公贷款占比为58.7%，零售贷款占比为 41.3%；二是对公贷款结构向长三角、珠三角、京津冀、成渝等区域集中；另外，零售贷款结构改善， 去年住房贷款按揭增量排整个市场第一位。个贷信用贷款，高收入也就是年收入15万元以上客群占比， 占比达到56%，比年初提升14个百分点，信用卡优质客群占比48 ...