Investment Rating - The report maintains a "Buy" rating for the company, suggesting a positive outlook for investment opportunities [5]. Core Views - The report highlights that the net interest margin has stabilized and increased, driven by contributions from the liability side, although non-interest income has negatively impacted net profit growth [3][7]. - The company is positioned as a key player in the Yangtze River Delta region, with steady revenue and profit growth, and a commitment to supporting the real economy through active loan allocations [5][7]. Financial Performance Summary - **Revenue and Profit Forecasts**: The company’s operating income for 2023 is projected at 240,219 million, with a slight decline expected in subsequent years. Net profit is forecasted to be 92,177 million in 2023, with a modest growth rate of 0.6% [3]. - **Net Interest Income**: In Q2, net interest income increased by 2.7% quarter-on-quarter, with the net interest margin rising by 3 basis points to 1.28% [4][13]. - **Loan and Deposit Trends**: The bank's loan issuance in Q2 was 645.1 billion, a significant decrease from the previous year. However, personal loans showed a notable increase, particularly in the second quarter [15][18]. - **Asset Quality**: The bank's non-performing loan ratio remained stable at 1.32%, with a provision coverage ratio increasing to 207.29% [23]. Asset and Liability Management - **Loan Structure**: The bank's loan structure has shifted, with a focus on infrastructure projects, which accounted for 43.5% of new loans in the first half of 2024. The proportion of personal loans has also increased [15][18]. - **Deposit Trends**: Total deposits decreased significantly, with a drop of 181.8 billion in Q2. However, savings deposits grew at a rate of 9.5% [16][20]. Non-Interest Income - **Non-Interest Income Decline**: The report notes a 16.9% year-on-year decline in non-interest income, primarily due to reduced income from agency services and investment banking [21][22]. Investment Recommendations - The report suggests that investors should actively monitor the company, given its strategic positioning and ongoing improvements in asset quality metrics [5][7].

Investment Rating - The report maintains an "Accumulate" rating for the company [1][7]. Core Views - The company announced a cash dividend of 0.182 CNY per share, totaling 13.516 billion CNY, with a dividend payout ratio of 32.36%, consistent with the previous year's payout [1][5]. - Revenue and net profit for the first half of 2024 decreased by 3.5% and 1.6% year-on-year, respectively, primarily due to a decline in non-interest income [1][4][5]. - The net interest income increased by 2.2% year-on-year, supported by steady asset growth and a recovery in interest margins [1][5]. - The company focused on stable asset expansion, with total assets growing by 2.6% year-on-year and loans increasing by 5.9% [2][5]. - The net interest margin for the first half of 2024 was 1.29%, showing a slight year-on-year decrease of 2 basis points but a quarter-on-quarter increase of 2 basis points [2][5]. - Asset quality remained stable, with a non-performing loan ratio of 1.32% at the end of the first half of 2024, unchanged from the previous quarter [2][6]. - The capital adequacy ratios at the end of the first half of 2024 were 10.30% for core Tier 1, 12.25% for Tier 1, and 16.34% for total capital [2][7]. - Earnings per share (EPS) for 2024 and 2025 are projected to be 1.25 CNY and 1.26 CNY, respectively, with a projected price-to-book (PB) ratio of 0.60 times by the end of 2024 [2][7].

股票代码：601328 股票简称：交通银行 编号：临2024-034 交通银行股份有限公司 境内优先股股息派发实施公告 交通银行股份有限公司（以下简称"交通银行"或"本公司"）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。 重要内容提示： 本公司网站（www.bankcomm.com）。 二、境内优先股股息派发实施方案 （一）发放金额。按照交行优 1 票面股息率 4.07%计算，每股发放现金股息 人民币 4.07 元（含税），合计派发人民币 1,831,500,000 元（含税）。 （二）发放对象。截至 2024 年 9 月 6 日上海证券交易所收市后，在中国证 券登记结算有限责任公司上海分公司登记在册的全体交行优 1 股东。 （三）扣税情况。每股税前发放现金股息人民币 4.07 元。根据国家税法的 有关规定： 1.对于持有交行优 1 的属于《中华人民共和国企业所得税法》规定的居民企 业股东（含机构投资者），其现金股息所得税（如适用）由其自行缴纳，每股实 际发放现金股息人民币 4.07 元。 2.其他交行优 1 股东现金股息所得税 ...

公 司 研 究 / 公 司 点 评 证 券 研 究 报 告 市场数据： 2024 年 08 月 28 日 收盘价（元） 7.94 一年内最高/最低（元） 8.06/5.50 市净率 0.6 息率（分红/股价） 4.72 流通 A 股市值（百万元） 311,652 上证指数/深证成指 2,837.43/8,078.82 注："息率"以最近一年已公布分红计算 基础数据: 2024 年 06 月 30 日 每股净资产（元） 12.56 资产负债率% 92.11 总股本/流通 A 股(百万) 74,263/39,251 流通 B 股/H 股（百万） -/35,012 报告原因：有业绩公布需要点评 一年内股价与大盘对比走势： 08-2809-2810-2811-2812-2801-2802-2803-2804-2805-2806-2807-2808-28 -20% 0% 20% 40% 交通银行 沪深300指数 (收益率) 证券分析师 郑庆明 A0230519090001 zhengqm@swsresearch.com 林颖颖 A0230522070004 linyy@swsresearch.com 冯思远 A0230 ...

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][5] Core Views - The company's revenue and net profit decreased year-on-year in the first half of the year, with revenue at 132.35 billion yuan (YoY, -3.51%) and net profit at 45.29 billion yuan (YoY, -1.63%) [3][5] - The annualized weighted average ROE for the first half was 9.29%, a decrease of 0.87 percentage points year-on-year [3] - The company’s total assets grew by 2.64% year-on-year to 14.18 trillion yuan, with loans increasing by 6.05% to 8.27 trillion yuan [3] - The net interest margin was reported at 1.29%, a slight decrease of 2 basis points year-on-year, indicating effective cost reduction on liabilities [3] - The overall asset quality remained stable, with a non-performing loan ratio of 1.32% and a provision coverage ratio of 204.82% [3] Financial Forecasts and Metrics - Revenue projections for 2024-2026 are 260.89 billion yuan, 267.53 billion yuan, and 277.95 billion yuan, respectively, with corresponding year-on-year growth rates of -3.3%, 2.5%, and 6.4% [3][6] - Net profit forecasts for the same period are 89.68 billion yuan, 91.89 billion yuan, and 97.74 billion yuan, with year-on-year growth rates of -3.3%, 2.5%, and 6.4% [3][6] - The diluted EPS for 2024-2026 is projected to be 1.11 yuan, 1.14 yuan, and 1.22 yuan, respectively [3][6] - The current PE ratios are 7.3, 7.1, and 6.6 for 2024-2026, while the PB ratios are 0.62, 0.58, and 0.55 [3][6]

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company [4]. Core Insights - The company reported a decline in revenue, PPOP, and net profit attributable to shareholders for the first half of 2024, with year-on-year changes of -3.5%, -6.3%, and -1.6% respectively. This represents a slowdown compared to the first quarter of 2024 [3]. - Key positive factors include growth in personal loans and a rebound in net interest margin, while challenges include a contraction in asset size and pressure on non-interest income [3]. Summary by Relevant Sections Financial Performance - For the first half of 2024, the company experienced a revenue decline of 3.5%, PPOP down 6.3%, and net profit down 1.6% compared to the previous year. The growth rates have decreased by 3.48 percentage points, 6.47 percentage points, and 3.07 percentage points respectively from the first quarter of 2024 [3]. - The company’s net interest margin improved to 1.29% in the first half of 2024, up 2 basis points from the first quarter of 2024 and 1 basis point from the full year of 2023 [3]. Loan and Deposit Growth - As of the end of the second quarter of 2024, total loans grew by 6.1% year-on-year, with retail loans increasing by 5.8%. The growth in personal loans was driven by consumer and business loans, while mortgage loans remained weak [3]. - The company’s deposits saw a year-on-year growth of 2.4% as of the end of the second quarter of 2024, with a significant reduction in deposits of 29.8 billion yuan in the second quarter due to manual interest adjustments [3]. Asset Quality - The non-performing loan (NPL) ratio remained stable at 1.32% as of the end of the second quarter of 2024, with a slight increase in personal loan NPLs by 8 basis points [3]. - The provision coverage ratio improved to 204.82%, up 7.8 percentage points from the previous quarter, indicating a stronger buffer against potential loan losses [3]. Profitability Forecast - The forecast for net profit growth for 2024 and 2025 is 0.1% and 2.0% respectively, with expected EPS of 1.15 and 1.17 yuan per share. The current stock price corresponds to a PE ratio of 6.91X for 2024 and 6.76X for 2025, and a PB ratio of 0.60X for 2024 and 0.57X for 2025 [3].

股票代码：601328 股票简称：交通银行 编号：临2024-030 交通银行股份有限公司 第十届董事会第十七次会议决议公告 交通银行股份有限公司（以下简称"交通银行"或"本公司"）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。 一、董事会会议召开情况 本公司第十届董事会第十七次会议于 2024 年 8 月 28 日以现场和视频相结合 的方式，在上海、香港和北京召开。本公司于 2024 年 8 月 14 日以书面方式向全 体董事和监事发出本次会议通知和文件。任德奇董事长主持会议。会议应到董事 18 名，亲自出席董事 18 名。全体监事及部分高管列席会议。本次会议的召开符 合《中华人民共和国公司法》等法律法规和《交通银行股份有限公司章程》的规 定。 二、董事会会议审议情况 （一）关于 2024 年半年度报告及业绩公告的决议 会议审议批准了《2024 年半年度报告及业绩公告》，同意按照有关监管规定 予以公开披露。 6 名独立董事发表如下独立意见：同意。 表决情况：同意 18 票，反对 0 票，弃权 0 票 该议案已经董事会审计委员会审 ...

Financial Performance - The net profit attributable to the parent company's shareholders for the first half of 2024 was CNY 45.287 billion, a decrease of 1.63% year-on-year [14]. - Total operating income for the same period was CNY 132.347 billion, down 3.51% compared to the previous year [14]. - The basic earnings per share for the first half of 2024 was CNY 0.56, a decrease of 1.75% year-on-year [15]. - The profit for the first half of 2024 was RMB 47,678 million, down 4.02% from RMB 49,674 million in the same period of 2023 [70]. - The company reported a net profit of 54.55 billion yuan from subsidiaries, accounting for 12.05% of the group's total net profit [98]. - The company's net profit for the reporting period was 21.46 billion yuan, reflecting a year-on-year growth of 7.20% [99]. - The company’s net profit of 1.505 billion yuan, a year-on-year decrease of 50.80%, primarily due to the absence of one-time gains from investment projects in the previous year [102]. Asset and Liability Management - Total assets at the end of June 2024 were CNY 14.178 trillion, an increase of 0.84% from the end of 2023 [11]. - Total liabilities at the end of the reporting period amounted to CNY 1,305.86 billion, an increase of CNY 97.60 billion or 0.75% compared to the end of the previous year [59]. - Customer deposits, the main source of funding, reached CNY 865.01 billion, up CNY 98.90 billion or 1.16% year-on-year, accounting for 66.24% of total liabilities [60]. - The total assets of the company reached RMB 14,177,914 million, with a net asset distribution across various regions including the Yangtze River Delta (25.84%) and the Pearl River Delta (8.67%) [187]. Loan and Deposit Growth - Customer loan balance reached CNY 8.267 trillion, an increase of CNY 310.649 billion or 3.90% from the end of the previous year [14]. - Customer deposit balance was CNY 8.651 trillion, up CNY 98.901 billion or 1.16% from the end of the previous year [14]. - The balance of personal public fund products sold reached CNY 220.06 billion, while personal insurance products sold amounted to CNY 315.66 billion [86]. - The balance of loans in the pension industry grew by 28.83% year-on-year, with the number of clients increasing by 17.02% [92]. Risk Management - The company has strengthened credit risk management, optimizing the credit asset structure and enhancing risk prevention in key areas such as real estate and local debt [123]. - The company has implemented a digital transformation in risk management, enhancing risk data management and monitoring capabilities [122]. - The overdue loan balance for corporate loans is 62.71 billion RMB, with an overdue loan rate of 1.15%, a decrease of 0.05 percentage points from the previous year [126]. - The overdue loan balance for personal loans is 56.80 billion RMB, with an overdue loan rate of 2.22%, an increase of 0.29 percentage points from the previous year [126]. Dividend and Shareholder Information - The bank reported a cash dividend of RMB 0.182 per share, totaling RMB 13.516 billion, based on 74.263 billion shares outstanding [4]. - The proposed cash dividend for the first half of 2024 is RMB 0.182 per share, totaling RMB 13.516 billion [178]. - The total number of ordinary shares at the end of the reporting period was 74,262,726,645, with A-shares accounting for 52.85% and H-shares for 47.15% [154]. - The total number of ordinary shareholders was 277,228, with 247,301 holding A-shares and 29,927 holding H-shares [156]. Business Strategy and Development - The bank aims to enhance its capabilities in customer operations, technology leadership, risk management, collaborative operations, and resource allocation [9]. - The bank focuses on four key business areas: inclusive finance, trade finance, technology finance, and wealth finance [9]. - The company plans to enhance its market expansion strategies and invest in new technologies to drive future growth [19]. - The company is actively pursuing new strategies for market expansion and product development, aligning with its long-term growth objectives [188]. Digital Transformation and Innovation - The bank emphasizes digital transformation and innovation to drive high-quality development [9]. - The company aims to enhance its digital transformation and improve service capabilities through data-driven strategies and AI applications [75]. - The monthly active users of the personal mobile banking app reached 45.2217 million, with a year-on-year growth of 4.96% [113]. - The company opened 5,215 API interfaces, with over 4.8 billion calls, and issued financing amounts of 135.034 billion yuan through open banking services, a year-on-year increase of 69.36% [115]. Green Finance Initiatives - The bank is committed to promoting green finance and has integrated it into its overall business strategy, emphasizing its importance in achieving national carbon neutrality goals [192]. - The bank's green loans reached CNY 10,870.998 billion, an increase of CNY 48.956 billion, representing a growth rate of 5.96% compared to the end of the previous year [196]. - The bank has established a matrix training system with "1 center + 2 bases + 6 regional training centers + 9 major business lines" to enhance training effectiveness [190]. - The bank has successfully launched the first transformation finance loan for the water transportation industry, demonstrating its commitment to innovative financial solutions [195].

股票代码：601328 股票简称：交通银行 编号：临2024-033 经国家金融监督管理总局和中国人民银行批准，本公司近日在全国银行间债 券市场发行"交通银行股份有限公司2024年第一期无固定期限资本债券（债券通）" （以下简称"本次债券"）。本次债券于2024年8月26日簿记建档，2024年8月28 日完成发行，发行规模人民币400亿元，前5年票面利率2.30%，每5年调整一次， 在第5年及之后的每个付息日附发行人有条件赎回权。 本次债券募集资金在扣除发行费用后，将依据适用法律和主管部门的批准用 于补充本公司其他一级资本，支持业务稳健发展。 特此公告 交通银行股份有限公司董事会 2024 年 8 月 28 日 交通银行股份有限公司 关于成功发行无固定期限资本债券的公告 交通银行股份有限公司（以下简称"交通银行"或"本公司"）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。 本公司2022年度股东大会审议批准了2024年底前发行不超过人民币400亿元 或等值外币的无固定期限资本债券的议案。 ...

股票代码：601328 股票简称：交通银行 编号：临2024-032 交通银行股份有限公司 第十届监事会第十次会议决议公告 交通银行股份有限公司（以下简称"交通银行"或"本公司"）监事会及全体监事保证 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。 一、监事会会议召开情况 交通银行股份有限公司第十届监事会第十次会议于2024年8月28日上午以现 场和视频会议相结合的方式，在上海、北京、贵阳、新加坡召开。本公司于2024 年8月14日向全体监事发出本次会议通知。会议由徐吉明监事长主持，会议应到9 人，实到9人。部分高管和部门负责人列席会议。本次会议的召开符合《中华人 民共和国公司法》和《交通银行股份有限公司章程》的有关规定。 二、监事会会议审议情况 （一）关于2024年半年度报告及业绩公告的决议 会议审议通过了关于2024年半年度报告及业绩公告的议案，会议认为本公司 2024年半年度报告的编制和审核程序符合法律、行政法规和监管规定，报告的内 容真实、准确、完整地反映本公司的实际情况，同意按照有关监管规定予以公开 披露。 表决情况：同意9票，反对0票，弃权 ...