经相关监管机构批准，中国工商银行股份有限公司（简称本行）2025 年二 级资本债券（第二期）（债券通）（简称本期债券）已于近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 500 亿元，品种为 10 年期固定利率债券，在第 5 年末附有条件的发行人赎回权，票面利率为 1.98%。 本期债券募集资金在扣除发行费用后，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。 中国工商银行股份有限公司 关于 2025 年二级资本债券（第二期）（债券通） 发行完毕的公告 中国工商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：601398 证券简称：工商银行 公告编号：临 2025-014 号 中国工商银行股份有限公司董事会 二〇二五年四月三十日 ...

中国工商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：601398 证券简称：工商银行 公告编号：临 2025-013 号 中国工商银行股份有限公司 关于独立非执行董事离任的公告 二〇二五年四月三十日 中国工商银行股份有限公司（简称本行）独立非执行董事胡祖六先生因任期 届满，自 2025 年 4 月 30 日起不再担任本行独立非执行董事职务，同时不再担任 董事会提名委员会主席、委员，以及战略委员会、审计委员会和薪酬委员会委员 职务。经胡祖六先生确认，其与本行董事会无不同意见，亦无任何与其离任有关 的事项需要通知本行股东和债权人。 胡祖六先生自加入本行董事会以来，恪尽职守，勤勉尽责，在本行公司治理、 战略规划、审计监督、风险管理等方面作出了重要贡献。本行董事会对胡祖六先 生在任期间对本行作出的贡献表示衷心的感谢。 特此公告。 中国工商银行股份有限公司董事会 ...

Group 1 - Southbound funds had a significant net purchase of 5.637 billion yuan today [1] - In the Hong Kong Stock Connect (Shanghai), the top net purchases were in the Yingfu Fund and China Construction Bank, with net purchases of 1.58 billion HKD and 0.521 billion HKD respectively [1] - Alibaba-W had the highest net sell amount at 0.301 billion HKD [1] Group 2 - In the Hong Kong Stock Connect (Shenzhen), Alibaba-W and Xiaomi Group-W had net purchases of 0.551 billion HKD and 0.481 billion HKD respectively [1] - Industrial and Commercial Bank of China had the highest net sell amount at 0.358 billion HKD [1]

智通财经4月30日电，香港交易所信息显示，贝莱德（BlackRock）在工商银行的持股比例于从4.93%升 至5.01%。 ...

香港交易所信息显示， 贝莱德（BlackRock）在 工商银行的持股比例于从4.93%升至5.01%。 ...

Investment Rating - The investment rating for the company is "Buy" for both A and H shares, maintaining the previous rating [9]. Core Views - The company reported a year-on-year decline in net profit and operating income of 4.0% and 3.2% respectively for Q1 2025, with annualized ROE and ROA decreasing by 1.00 percentage points and 0.09 percentage points to 9.06% and 0.68% respectively. Despite short-term pricing pressure, credit issuance remains stable, and asset quality is steady, reinforcing the company's leading position [2][3]. Summary by Sections Credit and Asset Quality - As of March 2025, total assets, loans, and deposits grew by 8.3%, 8.5%, and 4.0% respectively compared to the end of 2024. The company issued new loans totaling 1.31 trillion yuan, with corporate loans accounting for 85% and retail loans for 14% [3]. - The non-performing loan (NPL) ratio and provision coverage ratio stood at 1.33% and 216% respectively, showing stability compared to the end of 2024. The retail financial NPL ratio saw a slight increase, but the pace of growth has slowed [5]. Income and Expenses - Non-interest income decreased by 4.2% year-on-year in Q1 2025, primarily due to a slowdown in other non-interest income, which fell by 10.4% due to market fluctuations. Fee income accounted for 18.3% of total revenue, with the company focusing on growth in clearing, settlement, payment, and custody services [4]. - The cost-to-income ratio increased by 1.2 percentage points to 22.0%, maintaining a favorable level [4]. Profitability and Valuation - The company forecasts EPS for 2025, 2026, and 2027 to be 1.03, 1.06, and 1.10 yuan respectively, with a target price of 8.76 yuan for A shares and 6.71 HKD for H shares, reflecting a target PB of 0.80 and 0.57 respectively [6]. - The projected PB for 2025 is 0.66 for A shares and 0.46 for H shares, with the company expected to enjoy a valuation premium due to its leading position [6].

证券研究报告 | 2025年04月30日 工商银行（601398.SH）2025 年一季报点评 优于大市 规模增长放缓，资产质量稳定 收入利润同比减少。公司 2025 年一季度实现营业收入 2128 亿元，同比下降 3.2%，降幅较去年年报扩大 0.7 个百分点。一季度实现归母净利润 842 亿元， 同比下降 4.0%，增速较去年年报回落 4.5 个百分点。2025 年一季度年化加 权平均 ROE9.1%，同比下降 1.0 个百分点。从归因分析来看，一季度主要是 规模增速放缓以及利率上升导致非息收入减少，拖累了营收增速，公司未通 过拨备释放平滑利润增长，拨备覆盖率基本稳定，利润则同比减少。 资产规模稳健增长。2025 年一季末总资产同比增长 8.3%至 51.5 万亿元，增 速较前期回落，增长更加稳健。其中存款同比增长 4.0%至 36.4 万亿元，贷 款总额同比增长 8.5%至 29.7 万亿元。从增量来看，一季度新增贷款 1.3 万 亿元，与去年同期基本相当。公司一季度末核心一级资本充足率 13.89%，一 级资本充足率 15.11%，资本充足率 19.15%。 净息差环比回落，同比降幅收窄。公司 202 ...

Investment Rating - The investment rating for the company is "Buy-A/Buy-H" with a current price of 7.27 CNY/5.48 HKD and a reasonable value of 7.29 CNY/5.50 HKD [2]. Core Views - The report highlights that the company has shown a year-on-year increase in both loans and deposits, with a narrowing decline in net fee income. The first quarter of 2025 saw a decrease in revenue, pre-provision operating profit (PPOP), and net profit attributable to shareholders by -3.2%, -3.6%, and -4.0% respectively compared to the previous year [6][8]. Summary by Sections Financial Performance - In Q1 2025, the company's revenue, PPOP, and net profit attributable to shareholders decreased by -3.2%, -3.6%, and -4.0% respectively, with changes from the previous year being -0.69 percentage points, +0.68 percentage points, and -4.50 percentage points [6][9]. - The total assets, loans, and deposits increased by 8.5%, 8.5%, and 4.0% year-on-year respectively, with a loan increment of 1.31 trillion CNY in Q1 2025, accounting for 57.3% of the total annual credit increment for 2024 [6][9]. Asset Quality - The non-performing loan (NPL) ratio at the end of Q1 2025 was 1.33%, a slight decrease from the end of the previous year. The provision coverage ratio improved to 215.70% [6][9]. Income Structure - The net interest margin (NIM) for Q1 2025 was 1.33%, down 9 basis points from the previous year, primarily due to the impact of LPR adjustments and market interest rates [6][9]. - The net fee income decreased by 1.18% year-on-year, but the decline was less severe compared to previous periods [6][9]. Profit Forecast and Investment Recommendation - The forecast for net profit growth for 2025 and 2026 is 0.84% and 2.08% respectively, with earnings per share (EPS) projected at 0.99 CNY and 1.01 CNY. The current stock price corresponds to a price-to-earnings (PE) ratio of 7.32X and 7.16X for 2025 and 2026 [6][9].

星矿数据显示，今日早盘主力资金净流入 计算机、 电子、 机械设备等板块，净流出 银行、 基础化 工、 医药等板块，其中计算机板块净流入超25亿元。个股方面， 常山北明涨停，主力资金净买入8.81 亿元位居首位， 贵州茅台、 川润股份、 探路者获主力资金净流入居前； 工商银行遭净卖出超4亿元， 比亚迪、 利欧股份、 农业银行主力资金净流出额居前。 ...

证券代码：601398 证券简称：工商银行 公告编号：临 2025-012 号 会议审议通过《关于 2025 年第一季度报告的议案》。 监事会审议认为，本行 2025 年第一季度报告的编制和审核程序符合有关法 律、行政法规和监管规定，报告内容真实、准确、完整地反映了本行实际情况。 议案表决情况：有效表决票 3 票，同意 3 票，反对 0 票，弃权 0 票。 特此公告。 中国工商银行股份有限公司监事会 二○二五年四月二十九日 中国工商银行股份有限公司 监事会决议公告 中国工商银行股份有限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。 中国工商银行股份有限公司（简称本行）监事会于 2025 年 4 月 16 日以书 面形式发出会议通知，于 2025 年 4 月 29 日在北京市西城区复兴门内大街 55 号 本行总行召开会议。会议应出席监事 3 名，亲自出席 3 名。鉴于本行监事长空 缺，监事会成员共同推举张杰监事主持会议。会议召开和议案审议程序符合有 关法律法规、《中国工商银行股份有限公司章程》及《中国工商银行股份有限公 司监事会 ...