中国银行股份有限公司（简称"本行"）于 2023 年 6 月 30 日召开 的股东大会审议批准了本行发行不超过 4,500 亿元人民币或等值外币资 本工具的议案。经相关监管机构批准，本行于 2024 年 4 月 2 日在全国 银行间债券市场发行总额为 600 亿元人民币的二级资本债券（简称"本 期债券"），并于 2024 年 4 月 8 日发行完毕。 本期债券包括两个品种。品种一为 10 年期固定利率债券，发行规 模为 350 亿元人民币，票面利率为 2.62%，在第 5 年末附发行人赎回权； 品种二为 15 年期固定利率债券，发行规模为 250 亿元人民币，票面利 率为 2.71%，在第 10 年末附发行人赎回权。 本期债券募集的资金将依据适用法律和监管部门的批准，补充本行 的二级资本。 特此公告 中国银行股份有限公司董事会 证券代码：601988 证券简称：中国银行 公告编号：临 2024-020 中国银行股份有限公司 关于二级资本债券发行完毕的公告 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。 二○二四 ...

2024 年 2 月 26 日，中国银行股份有限公司（简称"本行"）董事 会批准聘任刘进先生为本行副行长。本行已收到国家金融监督管理总 局核准刘进先生任职资格的批复。自 2024 年 4 月 3 日起，刘进先生就 任本行副行长。 刘进先生的简历请见本行 2024 年 2 月 26 日刊登在上海证券交易 所网站（www.sse.com.cn）和本行网站（www.boc.cn）的《中国银行 股份有限公司董事会决议公告》。 特此公告 中国银行股份有限公司董事会 二〇二四年四月八日 证券代码：601988 证券简称：中国银行 公告编号：临 2024-019 中国银行股份有限公司 关于副行长刘进先生任职的公告 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。 ...

证券代码：601988 证券简称：中国银行 公告编号：临 2024-018 中国银行股份有限公司 关于执行董事张毅先生任职的公告 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。 就本行董事所知及除已披露外，张毅先生在过去三年没有在其证 券于中国内地、中国香港地区或海外证券市场上市的其他公众公司中 1 担任董事职务，与本行任何董事、高级管理人员、主要或控股股东没 有其他任何关系，也没有在本行或其附属公司中担任其他任何职务。 于本公告发布日期，张毅先生不持有任何本行或其相联法团股份之权 益（按香港《证券及期货条例》第 XV 部所指的定义）。 除上文所披露外，就张毅先生的委任而言，没有任何根据《香港 联合交易所有限公司证券上市规则》第 13.51(2)条(h)至(v)中要求而须 予披露的资料，亦没有任何须提请本行股东注意的事项。 特此公告 中国银行股份有限公司董事会 2024 年 2 月 26 日，中国银行股份有限公司（简称"本行"）2024 年第一次临时股东大会选举张毅先生为本行执行董事。本行已收到国 家金融监督管 ...

Investment Rating - The report suggests a cautious investment rating for the company, with a focus on maintaining attention due to its high dividend yield and low valuation [4][24]. Core Insights - The company's performance in 2023 was strong, with a year-on-year revenue growth of 3.7% and a net profit increase of 2.4% [4][9]. - The bank achieved a net fee income growth of 5.3%, driven by improvements in remittance, settlement, and custody services, despite a decline in agency services [4][17]. - Asset quality remained stable, with a non-performing loan ratio of 1.27% and a provision coverage ratio that increased year-on-year [4][22]. Summary by Sections Financial Performance - Total revenue for 2023 was 584,236 million, with a year-on-year growth of 3.7% [4]. - Net profit reached 231,904 million, reflecting a 2.4% increase compared to the previous year [4]. - Earnings per share (EPS) for 2023 was 0.76, with a projected EPS of 0.77 for 2024 [4]. Asset and Liability Management - Total assets increased by 13.7% year-on-year, with loans growing by 13.7% and deposits by 13.4% [4][11]. - The bank's loan-to-deposit ratio was stable, with a focus on corporate loans, which accounted for 91.6% of new loans [12][16]. - The proportion of corporate loans in total loans increased to 35.9%, while the share of real estate loans decreased to 7.4% [16][22]. Non-Interest Income - Non-interest income grew by 13.3% year-on-year, with net fee income contributing positively [4][18]. - The bank's net fee income was 78,865 million in 2023, with expectations for continued growth in the coming years [25]. Future Outlook - The forecast for net profit in 2024 and 2025 is adjusted to 2,319 million and 2,346 million, respectively [24]. - The bank is expected to maintain a strong capital position, with a core Tier 1 capital ratio that has improved [21].

证券代码：601988 证券简称：中国银行 公告编号：临 2024-017 中国银行股份有限公司 关于非执行董事楼小惠女士任职的公告 除上文所披露外，就楼小惠女士的委任而言，没有任何根据《香 港联合交易所有限公司证券上市规则》第 13.51(2)条(h)至(v)中要求而 须予披露的资料，亦没有任何须提请本行股东注意的事项。 特此公告 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。 2024 年 2 月 26 日，中国银行股份有限公司（简称"本行"）2024 年第一次临时股东大会选举楼小惠女士为本行非执行董事。本行已收 到国家金融监督管理总局核准楼小惠女士任职资格的批复。 自 2024 年 4 月 1 日起，楼小惠女士就任本行非执行董事，同时担 任本行董事会战略发展委员会委员、关联交易控制委员会委员。楼小 惠女士担任本行非执行董事的任期为三年。本行董事会对楼小惠女士 的加入表示欢迎。 楼小惠女士的简历请见本行 2024 年 1 月 26 日刊登在上海证券交 易所网站( www.sse.com.cn )和本行网站( ...

董事名單與其角色和職能 中國銀行股份有限公司董事會（「董事會」）成員載列如下： 董事長 葛海蛟 副董事長、行長 獨立非執行董事 林景臻 非執行董事 張勇 張建剛 黃秉華 劉輝 師永彥 樓小惠 廖長江 崔世平 讓‧路易‧埃克拉 鄂維南 喬瓦尼‧特里亞 劉曉蕾 劉金 執行董事、副行長 1 董事會設立6個委員會。下表提供各董事會成員在這些委員會中所擔任的職位： | | 委員會 | | 企業文化與 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 戰略發展 | 消費者權益 | | 風險政策 | 人事和薪酬 | 關聯交易 | | 董事 | | 委員會 | 保護委員會 | 審計委員會 | 委員會 | 委員會 | 控制委員會 | | 葛海蛟 | | C | | | | | | | 劉金 | | M | | | | | | | 林景臻 | | | M | | M | | | | 張勇 | | M | | M | C | | | | 張建剛 | | M | | M | | | | | 黃秉華 | | | C | | M | M | | | 劉輝 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company's revenue for 2023 increased by 6.41% year-on-year, while net profit attributable to shareholders grew by 2.38%, showing a steady quarterly improvement. The company faces relatively small pressure on interest margins, and non-interest income has shown positive growth. The dividend payout ratio remains stable at 30%, leading to the maintenance of the "Outperform the Market" rating [18][37]. Financial Performance - The asset yield for the year remained stable at around 3.5%, an increase compared to 2022. Despite rising costs on the liability side, the company capitalized on the Federal Reserve's interest rate hikes, improving foreign currency spreads [4]. - Both asset and loan growth rates improved quarter-on-quarter. In personal loans, non-housing consumer loan balances grew by nearly 45%, contributing significantly to personal loan growth. The increase in corporate loans was mainly seen in infrastructure and manufacturing sectors [5]. - The company reported a cost-to-income ratio of 28.50%, a decrease of 0.42 percentage points year-on-year, indicating improved operational efficiency [37]. Income and Profitability - The company’s net interest income and non-interest income growth rates have shown positive trends, with net interest income growth at 1.52% and non-interest income growth at 0.51% for 2023 [9][26]. - The forecast for earnings per share (EPS) for 2024-2026 is projected at 0.75, 0.79, and 0.82 yuan, with net profit growth rates of 1.12%, 3.84%, and 4.15% respectively [19]. Valuation - Based on the Dividend Discount Model (DDM), the fair value is estimated at 5.43 yuan, while the Price-to-Book (PB) ratio for 2024E is projected at 0.54 times, leading to a fair value range of 5.26 to 5.43 yuan. This corresponds to a 2024 PE ratio of 6.97 to 7.19 times, compared to a peer average PE of 5.19 times [19][21].

Investment Rating - The report maintains an "Increase" rating for the company [2] Core Views - The report highlights that China Bank's revenue growth of 6.4% in 2023 outperformed expectations, driven by a significant increase in non-interest income, which rose by 24% year-on-year [2][4] - The bank's net profit for 2023 was 231.9 billion yuan, reflecting a 2.4% year-on-year increase, supported by a positive contribution from provisions [2][4] - The report notes a stable dividend payout ratio of approximately 30% for the year [2] Summary by Sections Financial Performance - In 2023, China Bank achieved total revenue of 622.9 billion yuan, a 6.4% increase from the previous year, while net profit reached 231.9 billion yuan, up 2.4% [4][11] - Non-interest income significantly contributed to revenue growth, accounting for a 5.2 percentage point increase in overall revenue growth [2][4] - The bank's net interest income grew by 1.6% year-on-year, despite a widening decline in interest margins [2][4] Loan and Deposit Trends - The bank's loan growth accelerated, with a year-on-year increase of 13.7% in Q4 2023, primarily driven by government-related loans and infrastructure projects [2][4] - Total loans exceeded 19.9 trillion yuan in 2023, with a notable increase in corporate loans [4][11] - Deposit costs rose, contributing to a decline in net interest margin, which fell by 16 basis points to 1.59% in 2023 [2][4] Risk Indicators - The non-performing loan (NPL) ratio remained stable at 1.27% in Q4 2023, with a provision coverage ratio of 192% [2][4] - The report indicates fluctuations in early warning indicators for asset quality, influenced by real estate sector risks and new financial asset classification regulations [2][4] Future Outlook - The report projects modest revenue growth of 1.3% for 2024, with net profit expected to reach 234.7 billion yuan, reflecting a 1.2% increase [4][11] - The bank's return on equity (ROE) is forecasted to decline slightly to 9.5% in 2024 [4][11] - The report emphasizes the importance of maintaining asset quality and managing interest rate risks in the coming years [2][4]

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company's revenue for 2023 was 622.9 billion yuan, representing a year-on-year increase of 6.41%, while the net profit attributable to shareholders was 231.9 billion yuan, up 2.38% year-on-year [2] - The total assets at the end of 2023 reached 32.43 trillion yuan, a growth of 12.25% from the beginning of the year, with a loan balance of 19.91 trillion yuan, increasing by 13.71% [2] - Non-interest income saw a significant increase of 23.98% year-on-year, contributing greatly to revenue growth [2] - The asset quality remained stable, with a non-performing loan ratio of 1.27%, down 0.05 percentage points from the beginning of the year [2] Financial Performance Summary - Revenue for 2023 was 622.9 billion yuan, with a year-on-year growth of 6.4% [3] - Net profit for 2023 was 231.9 billion yuan, with a year-on-year growth of 2.0% [3] - The diluted EPS for 2023 was 0.74 yuan, with projections for 2024, 2025, and 2026 being 0.76, 0.78, and 0.81 yuan respectively [3] - The average ROE for 2023 was 11.5%, a decrease of 0.5 percentage points year-on-year [3] - The total assets for 2023 were 32.43 trillion yuan, with a year-on-year increase of 12.2% [3] Future Earnings Forecast - The forecasted net profit for 2024, 2025, and 2026 is 236.8 billion, 242.8 billion, and 250.7 billion yuan respectively, with corresponding year-on-year growth rates of 2.1%, 2.6%, and 3.2% [2][3] - The projected PE ratios for 2024, 2025, and 2026 are 5.2, 5.1, and 4.9 times respectively, while the PB ratios are 0.49, 0.46, and 0.43 times [2][3]

Investment Rating - The report maintains a rating of "Accumulate" for the company [13]. Core Views - The company achieved an operating income of 622.9 billion, a year-on-year increase of 6.4%, and a net profit attributable to shareholders of 231.9 billion, up 2.4% year-on-year [3][15]. - The bank's loan growth was robust, with new loans amounting to 2.4 trillion, an increase of 0.6 trillion year-on-year, primarily supported by corporate loans [5]. - Non-interest income saw significant growth of 24% year-on-year, contributing to the overall revenue increase [28]. - The bank's capital adequacy ratios showed a stable upward trend, with the core tier one capital ratio at 11.63% [7][29]. Summary by Sections Financial Performance - The bank's total assets and liabilities structure indicates a strong performance, with a net interest margin of 1.59%, down 5 basis points from the previous quarter and 16 basis points year-on-year [27]. - The bank's non-performing loan ratio remained stable at 1.27%, indicating solid asset quality [18][22]. Loan and Deposit Growth - The bank's new loan issuance in 2023 was 2.4 trillion, with corporate loans contributing significantly, while retail loans saw a decrease [5]. - The bank's deposit growth was also robust, with a year-on-year increase of 13% in interest-bearing liabilities [27]. Capital Adequacy and Risk Management - The bank's capital adequacy ratios improved, with the total capital adequacy ratio at 17.74% and the tier one capital ratio at 13.83% [7][37]. - The bank's provisioning coverage ratio was 191.7%, reflecting a conservative approach to risk management [22][37]. Earnings Forecast and Valuation - The report adjusts the EPS forecast for 2024 to 0.80, reflecting a slight decrease, while the 2026 EPS forecast is set at 0.86 [29]. - The current stock price corresponds to a price-to-book ratio of 0.54, indicating potential for value appreciation [29].