Investment Rating - The report assigns a "Buy" rating for the company [11] Core Insights - The company has shown steady growth in scale and improvement in asset quality, with total assets increasing by 7.7% year-on-year to 42.8 trillion yuan [6] - The first quarter of 2025 saw a decline in operating income by 5.4% year-on-year, while net profit attributable to shareholders decreased by 3.99% [5] - The non-performing loan ratio decreased to 1.33%, and the provision coverage ratio increased to 236.8% [9][10] Financial Performance - For the first quarter of 2025, the company reported operating income of 190.07 billion yuan and net profit of 83.35 billion yuan [4] - The company’s total deposits grew by 3.6% to 30.4 trillion yuan, and total loans increased by 7.9% to 27 trillion yuan [6] - The estimated net interest margin for the first quarter of 2025 was 1.41%, reflecting a decrease of 10 basis points [7] Revenue and Profit Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 338.2 billion, 349.6 billion, and 359.1 billion yuan respectively, with corresponding EPS of 1.35, 1.40, and 1.44 yuan [11] - The projected P/B ratios for 2025-2027 are 0.66, 0.60, and 0.55 respectively [11] Asset Quality - The company’s core Tier 1 capital adequacy ratio is reported at 13.98%, with a total capital adequacy ratio of 19.15% [10]

Core Viewpoint - The recent approval of the regulations and action plan marks a new phase in the financial reform of Shanghai's Free Trade Zone, enhancing the development of free trade accounts and supporting the construction of an internationally influential financial center in Shanghai [1][9]. Group 1: Regulatory Developments - The Shanghai Municipal People's Congress approved the "Regulations on Promoting the Development of Free Trade Account Business in the China (Shanghai) Free Trade Pilot Zone," effective from May 1, 2025 [1]. - The "Action Plan for Further Enhancing the Convenience of Cross-Border Financial Services in Shanghai International Financial Center" was released simultaneously, complementing the new regulations [1]. Group 2: Historical Context and Innovations - The Free Trade (FT) account was introduced in 2014 to facilitate China's integration into global trade and economic rule-making [4]. - The FT account features a unique accounting system, integrated currency management, offshore pricing, and unified rules for domestic and foreign clients, revolutionizing the financial sector [4]. - China Construction Bank (CCB) Shanghai Branch was among the first to obtain FT business qualifications and has developed comprehensive financial services tailored to client needs [4]. Group 3: Expansion and Upgrades - Since 2019, the successful FT account model has been promoted in various regions, benefiting more enterprises [5]. - The recent regulations are a systematic summary of over ten years of FT account pilot experience, enhancing legislative support for financial innovation [5]. Group 4: Support for the Real Economy - The establishment of the Shanghai Global Financial Service Center in 2024 aims to provide a broader service platform for enterprises [6]. - CCB Shanghai Branch has participated in significant financing projects, including the refinancing of China's first domestically produced large cruise ship, enhancing its role in international markets [6]. Group 5: Addressing New Challenges - CCB Shanghai Branch is actively managing exchange rate risks for enterprises, providing diverse financial market tools to mitigate market volatility [8]. - The bank is optimizing international trade settlement services to address funding needs arising from tariff adjustments and supply chain changes [8]. Group 6: Future Directions - The release of the regulations and action plan provides new opportunities for the banking industry, with CCB Shanghai Branch focusing on customer-centric services and innovative financial solutions [9].

上 市 公 司 公 司 研 究 / 银行 2025 年 05 月 06 日 建设银行 (00939) —— ROE 稳居大行第一，夯实资本为做大做强更进一步 报告原因：首次覆盖 买入（首次评级） | 市场数据： | 2025 年 05 月 02 日 | | --- | --- | | 收盘价（港币） | 6.38 | | 恒生中国企业指数 | 8231.04 | | 52 周最高/最低（港币） | 7.02/5.14 | | H 股市值（亿港币） | 15,950.70 | | 流通 H 股（百万股） | 240,417.32 | | 汇率（人民币/港币） | 1.0774 | 资料来源：Bloomberg 证券分析师 郑庆明 A0230519090001 zhengqm@swsresearch.com 林颖颖 A0230522070004 linyy@swsresearch.com 冯思远 A0230522090005 fengsy@swsresearch.com 研究支持 一年内股价与基准指数对比走势： -9% 41% 91% HSCEI 建设银行 李禹昊 A0230123070008 liyh2@sws ...

公司报告 | 季报点评 建设银行（601939） 证券研究报告 资负规模积极扩张，质量稳健 事件： 建设银行发布 2025 年一季度财报。公司实现营收约 1901 亿元， YoY-5.40%；归母净利润 834 亿元，YoY-3.99%；不良率 1.33%，拨 备覆盖率 237%。 点评： 2025 年一季度，建设银行营收 1901 亿元（YoY-5.40%），其中净利息 收入 1419 亿元（YoY-5.21%），占营收比重 74.7%；非息收入 481 亿 元，同比下降 5.96%。拨备前利润、归母净利润分别同比-5.81%、-3.99%。 非息收入方面。2025 年一季度，公司手续费及佣金收入 375 亿元，同比 -4.63%，较 2024 年末改善 4.72pct。另外，投资净收益依旧亮眼，一季 度营收 43 亿元，同比增长 145.83%。 2025 年一季度，建设银行净息差录得 1.41%，环比下行 10bp，同比 -16bp。结合 2024 年底公司生息资产收益率和计息负债成本率来看，因 2024 年 LPR 多次调整，新年存量贷款重定价可能是公司 2025 第一季度 净息差下行的主要原因。另外 ...

资产端： 2025 年一季度建设银行生息资产总计 41.93 万亿元，同比增长 7.8%。其中，信贷投放和金融投资依旧是企业规模增长的主要动能，2025 一季度分别同比增长 8.0%、14.4%，环比增长 4.5%、5.8%；另外同业 资产环比高增 17.4%。生息资产结构上，贷款、金融投资、同业及拆放、 存放央行分别较 2024 年末变动-0.58、+0.08、+0.41、+0.09pct。 公司报告 | 季报点评 建设银行（601939） 证券研究报告 资负规模积极扩张，质量稳健 事件： 建设银行发布 2025 年一季度财报。公司实现营收约 1901 亿元， YoY-5.40%；归母净利润 834 亿元，YoY-3.99%；不良率 1.33%，拨 备覆盖率 237%。 点评： 2025 年一季度，建设银行营收 1901 亿元（YoY-5.40%），其中净利息 收入 1419 亿元（YoY-5.21%），占营收比重 74.7%；非息收入 481 亿 元，同比下降 5.96%。拨备前利润、归母净利润分别同比-5.81%、-3.99%。 非息收入方面。2025 年一季度，公司手续费及佣金收入 375 亿元，同比 ...

上 市 公 司 ——业绩承压但负向边际有限，看好大行稳健股息优势 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 29 日 | | --- | --- | | 收盘价（元） | 9.36 | | 一年内最高/最低（元） | 9.47/6.97 | | 市净率 | 0.7 | | 股息率%（分红/股价） | 6.38 | | 流通 A 股市值（百万元） | 89,797 | | 上证指数/深证成指 | 3,286.65/9,849.80 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 12.92 | | 资产负债率% | 92.03 | | 总股本/流通 A 股(百万) | 250,011/9,594 | | 流通 B 股/H 股（百万） | -/240,417 | 一年内股价与大盘对比走势： 2025 年 04 月 30 日 建设银行 (601939) 04-29 05-29 06-29 07-29 08-29 09-29 10-29 11-29 12 ...

智通财经APP获悉，4月30日港股市场，北水成交净买入56.37亿港元，其中港股通(沪)成交净买入47.89 亿港元，港股通(深)成交净买入8.48亿港元。 北水净买入最多的个股是盈富基金(02800)、美团-W(03690)、建设银行(00939)。北水净卖出最多的个股 是工商银行(01398)、小鹏汽车-W(09868)、中国移动(00941)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 小米集团-W | 25.53亿 | 27.72亿 | 53.25亿 | | HK 01810 | | | -2.18 Z- | | 阿里巴巴-W | 12.46 亿 | 15.47 乙 | 27.93亿 | | HK 09988 | | | -3.011Z | | 中国银行 | 13.63 乙 | 12.43 亿 | 26.06亿 | | HK 03988 | | | +1.20 乙 | | 美团-W | 14.24 Z | 10.71亿 | 24.95亿 | | HK 03690 | | | +3.53 乙 | | 腾讯控 ...

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company reported a revenue of 190.1 billion with a year-on-year decline of 5.4% and a net profit of 83.4 billion, also down 4% year-on-year [4]. - The annualized weighted average return on equity (ROAE) stands at 10.42%, a decrease of 1.2 percentage points compared to the previous year [4]. - The report highlights a steady growth in credit, particularly in key public sectors, with a loan growth rate of 8% year-on-year [6]. - The non-interest income growth has turned negative, accounting for over 25% of total revenue [10]. Summary by Sections Financial Performance - In Q1 2025, the company experienced a revenue decline of 5.4%, with net interest income and non-interest income decreasing by 5.2% and 6% respectively [5]. - The cost-to-income ratio and credit impairment losses as a percentage of revenue were 22.4% and 25.3%, reflecting an increase of 1 and 1.4 percentage points year-on-year [5]. Credit and Loan Growth - The company’s interest-earning assets and loans grew by 7.7% and 8% year-on-year, with significant increases in loans to strategic emerging industries and small micro-technology financial loans [6][7]. - The report notes a shift towards public loans, with retail loans following, and a continued optimization of the credit structure [7]. Deposit and Funding - The growth rate of deposits was 3.6%, with a notable trend towards term deposits, which accounted for 57% of total deposits by the end of Q1 2025 [8]. - The company’s interest-bearing liabilities and deposits increased by 8.3% and 3.6% year-on-year, respectively [8]. Asset Quality and Capital Adequacy - The non-performing loan (NPL) ratio decreased to a historical low of 1.33%, with a provision coverage ratio of 236.8% [11]. - The capital adequacy ratios were reported at 13.98% for core tier one capital, indicating a strong buffer for future growth [11]. Earnings Forecast and Valuation - The earnings per share (EPS) forecast for 2025 is adjusted to 1.29, with corresponding price-to-earnings (P/E) ratios of 7.23, 7.10, and 6.95 for 2025-2027 [12][13]. - The report emphasizes the company's strategic focus on housing rental, inclusive finance, and financial technology as key growth drivers [12].

Core Viewpoint - HSBC has lowered the target price for China Construction Bank's H-shares by 6% to HKD 8.4 while maintaining a "Buy" rating, citing attractive valuation despite lower earnings per share [1] Group 1: Target Price Adjustment - HSBC reduced the target price from HKD 8.9 to HKD 8.4, a decrease of 6% [1] - The bank maintains a "Buy" rating for the H-shares of China Construction Bank [1] Group 2: Earnings Forecast - The earnings per share forecast for 2025/26 has been cut by 3.8% and 6.2% respectively [1] - The first quarter of 2025 is expected to show a slight negative performance, with earnings per share projected to decline by 4% year-on-year to RMB 0.33, which is 24.9% lower than HSBC's and Bloomberg's consensus [1] Group 3: Financial Performance Indicators - Net interest income has decreased more than expected, down 4.8% from the previous quarter [1] - The net interest margin fell by 7 basis points quarter-on-quarter to 1.41% [1] - Despite the challenges, deposits and loans have shown strong growth, and asset quality indicators have improved [1]

股票代码：601939 股票简称：建设银行 登录新浪财经APP 搜索【信披】查看更多考评等级 中国建设银行股份有限公司（"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： ● 本行董事会、监事会及董事、监事、高级管理人员保证本季度报告内容的真实、准确、完整，不存在 虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 ● 本行法定代表人张金良、主管财会工作负责人张毅和财务会计部总经理刘方根保证本季度报告中财务 信息的真实、准确、完整。 ● 第一季度财务报表未经审计。 1主要财务数据 1.1主要会计数据和财务指标 本季度报告所载财务资料按照中国会计准则编制，除特别注明外，为本行及所属子公司（统称"本集 团"）数据，以人民币列示。 1.2非经常性损益 1. 已计提资产减值准备冲销、委托贷款手续费收入、他人委托投资的收益及受托经营取得的托管费收入 等属于本集团正常经营性项目产生的损益，因此不纳入非经常性损益的披露范围。 1.3主要会计数据、财务指标变动情况及原因 2 股东信息 2.1普通股股东总数及持股情况 ...