此乃要件 請即處理 如 閣下對本通函的任何部份或對應採取的行動存有任何疑問，應諮詢 閣下的持牌證券 商、銀行經理、律師、專業會計師或其他專業顧問。 如 閣下已出售或轉讓名下所有中國工商銀行股份有限公司的股份， 閣下應將本通函同 隨附之代表委任表格及回執立刻交予購買人或受讓人或經手買賣或轉讓的銀行、持牌證券 商或其他代理人以轉交給購買人或受讓人。 香港交易及結算所有限公司及香港聯合交易所有限公司對本通函的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不就因本通函全部或任何部份的內容所 產生或因倚賴該等內容而導致的任何損失承擔任何責任。 中國工商銀行股份有限公司 INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED （於中華人民共和國註冊成立的股份有限公司） 股份代號：1398 美元優先股股份代號：4620 2024 年第三次臨時股東大會通知 中國工商銀行股份有限公司謹訂於2024年11月28日（星期四）下午二時五十分假座中國北京 市西城區復興門內大街55號中國工商銀行總行舉行臨時股東大會，大會通知載於本通函的 第13頁至第14頁。 如 閣下欲委任代表 ...

2024 年第三次临时股东大会会议资料 中国工商银行股份有限公司 2024 年第三次临时股东大会会议资料 2024 年第三次临时股东大会会议资料 会议日程 现场会议召开时间：2024 年 11 月 28 日 14 时 50 分 现场会议召开地点：北京市西城区复兴门内大街 55 号中国工商银行股份 有限公司总行 网络投票：采用上海证券交易所网络投票系统，通过交易系统投票平台 的投票时间为股东大会召开当日的交易时间段，即 9:15-9:25、 9:30-11:30、13:00-15:00；通过互联网投票平台的投票时间为 股东大会召开当日的 9:15-15:00。 召集人：中国工商银行股份有限公司董事会 | 关于 | 2024 年度中期利润分配方案的议案 1 | | --- | --- | | | 关于选举李伟平先生为中国工商银行股份有限公司独立董事的议案 2 | | | 关于西安数据中心建设项目的议案 11 | | 关于 | 2025 年度集团金融债券发行计划的议案 12 | | 关于 | 2023 年度董事薪酬清算方案的议案 13 | | 关于 | 2023 年度监事薪酬清算方案的议案 16 | 2024 年第 ...

证券代码：601398 证券简称：工商银行 公告编号：临 2024-055 号 中国工商银行股份有限公司 关于召开 2024 年第三次临时股东大会的通知 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。 重要内容提示： 一、 召开会议的基本情况 （一） 股东大会类型和届次 2024 年第三次临时股东大会 召开的日期时间：2024 年 11 月 28 日 14 点 50 分 召开地点：北京市西城区复兴门内大街 55 号本行总行 （五） 网络投票的系统、起止日期和投票时间 网络投票系统：上海证券交易所股东大会网络投票系统 1 股东大会召开日期：2024年11月28日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 （二） 股东大会召集人：中国工商银行股份有限公司（简称本行）董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 （四） 现场会议召开的日期、时间和地点 网络投票起止时间：自 2024 年 11 月 28 日 至 2024 年 11 月 28 日 ...

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company's performance shows signs of recovery with both revenue and net profit growth returning to positive territory in Q3 2024. For the first nine months of 2024, the company achieved operating revenue of 626.42 billion yuan, a year-on-year decline of 3.82%, while net profit attributable to shareholders reached 269.03 billion yuan, a slight increase of 0.13% year-on-year. The annualized average ROE stands at 9.77%, down 0.79 percentage points year-on-year. In Q3 2024, revenue and net profit grew by 1.05% and 3.82% year-on-year, respectively, indicating a positive trend [1][2][3]. Summary by Sections Financial Performance - For the first nine months of 2024, the company reported a net interest income of 476.73 billion yuan, a year-on-year decrease of 4.94%. In Q3 2024, the decline narrowed to 1.07% year-on-year, benefiting from optimized funding costs. The annualized net interest margin for the first nine months of 2024 is 1.43%, consistent with the first half of 2024. Total loans increased by 7.7% compared to the end of the previous year, with corporate loans being the main growth driver, rising by 8.43% [1][2]. Non-Interest Income - Non-interest income for the first nine months of 2024 was 149.69 billion yuan, a slight year-on-year decline of 0.03%. The decline in intermediary business income was 8.98%, while other non-interest income grew by 17.53% year-on-year, primarily driven by significant increases in fair value changes [2][3]. Asset Quality and Capital Adequacy - As of September 2024, the non-performing loan ratio was 1.35%, down 1 basis point from the end of the previous year. The provision coverage ratio increased to 220.3%, up 6.33 percentage points year-on-year, indicating improved asset quality and risk resilience. The core Tier 1 capital adequacy ratio stood at 13.95%, up 23 basis points from the end of the previous year, reflecting a strong capital position compared to peers [2][3]. Investment Outlook - The company is one of the major state-owned banks with leading scale and market share, demonstrating strong operational resilience. The report emphasizes steady credit expansion and structural transformation, with ongoing reforms enhancing high-quality development capabilities. The stable dividend yield suggests sustainable long-term shareholder returns. The projected BVPS for 2024-2026 is 10.31 yuan, 11.08 yuan, and 11.87 yuan, corresponding to current PB ratios of 0.60X, 0.56X, and 0.52X, respectively [3][4].

Investment Rating - The report maintains an "Increase" rating for the company [3] Core Views - The company achieved operating revenue of 626.42 billion yuan, a decrease of 3.82% year-on-year, and a net profit attributable to ordinary shareholders of 269.03 billion yuan, an increase of 0.13% year-on-year [4] - As of the end of September, the company's total assets reached 48.36 trillion yuan, up 8.71% year-on-year, with a non-performing loan ratio of 1.35%, remaining stable quarter-on-quarter [4] - The report indicates a slowdown in general loan issuance due to weak demand and a shift away from scale-oriented growth, although there was a significant increase in bill discounting [4][5] - Deposit growth has stabilized as the impact of "squeezing water" has diminished, with a notable increase in the proportion of fixed-term deposits [5] - The report highlights a significant improvement in interest rates, with a quarterly net interest margin of 1.43%, a year-on-year decrease of 15 basis points, but a quarter-on-quarter increase of 5 basis points [6] - Fee and commission income has continued to decline due to market factors, but a recovery is expected in the fourth quarter [7] - The non-performing loan rate remains stable, with a slight increase in the provision coverage ratio to 220.30% [7] Summary by Sections Financial Performance - The company reported a total operating revenue of 626.42 billion yuan, down 3.82% year-on-year, and a net profit of 269.03 billion yuan, up 0.13% year-on-year [4] - Total assets reached 48.36 trillion yuan, an increase of 8.71% year-on-year, with a non-performing loan ratio of 1.35% [4] Loan and Deposit Trends - General loan issuance has slowed significantly due to weak demand, while bill discounting has increased [4][5] - Deposit growth has stabilized, with the impact of "squeezing water" diminishing [5] Interest Margin and Income - The quarterly net interest margin was 1.43%, with a year-on-year decrease of 15 basis points but a quarter-on-quarter increase of 5 basis points [6] - Fee and commission income has declined but is expected to recover in the fourth quarter [7] Asset Quality - The non-performing loan rate remains stable at 1.35%, with a provision coverage ratio of 220.30% [7]

Financial Data and Key Indicators Changes - In the first three quarters, net income was over RMB 270 billion, up by 0.2% compared to the previous year, indicating a positive growth trend [5] - Operating income was RMB 599.1 billion, showing a decrease, while the non-performing loan (NPL) ratio was 1.35%, down by 1 basis point [5] - The capital adequacy ratio stood at 19.25%, and the provision coverage ratio was maintained above 200% [5] Business Line Data and Key Indicators Changes - Personal customers increased to 755 million, and corporate customers reached 13.5 million, with mobile banking monthly active users exceeding 200 million [6] - RMB loans increased by RMB 2.12 trillion, up by 10.2%, while corporate loans increased by RMB 1.43 trillion, up by 6% to 8% [39] - Inclusive loans amounted to RMB 2.81 trillion, with an increase of 26.3% year-on-year [65] Market Data and Key Indicators Changes - The total assets of the bank reached RMB 48.3 trillion, an increase of RMB 3.7 trillion [6] - Liabilities rose to RMB 44.4 trillion, up by RMB 3.5 trillion, with the deposit deviation recorded at the lowest level in the last five years [6] Company Strategy and Development Direction - The company is focusing on five transformations: intelligent risk control, modern layouts, digital drivers, diversified structure, and ecological foundation [4] - The strategy includes optimizing the asset mix and stabilizing net interest margin while adapting to the low interest rate environment [19] - The bank aims to strengthen asset quality management and enhance risk resilience capabilities [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of the economy and the real estate market, which is expected to create more business opportunities for banks [18] - The outlook for net interest margin remains cautious, with expectations of continued downward pressure [31] - Management emphasized the importance of adapting to new policies and maintaining a balance between income and expenses [19] Other Important Information - The bond market performed well, with trading income increasing by 2.5 times compared to the previous term [22] - The bank's fintech investments totaled RMB 27.2 billion, accounting for 3% of total operating income, indicating a strong focus on technology [101] Q&A Session Summary Question: Will the bank increase provisions in Q4? - Management indicated that provisions are determined by multiple factors, and future strategies will focus on balancing income and expenses while managing credit costs [10][11][13] Question: What is the outlook for non-interest income? - Non-interest income showed robust momentum in Q3, driven by better performance in capital markets and foreign exchange [14][15] Question: How will the recent monetary policy impact NIM? - The recent monetary policy is expected to have a small impact on Q4 interest income but a greater impact in 2025, with overall NIM expected to continue declining [29][31] Question: What is the trend of loan growth for the full year? - Loan growth is expected to be around 10%, slightly lower than the previous year, but still above the average for society [36][38] Question: How is the asset quality of real estate-related loans? - The bank's asset quality remains stable, with a slight decrease in the NPL ratio, and management is actively monitoring the real estate sector [43][46] Question: What measures are in place to control risks in personal loans? - The bank plans to strengthen personal loan growth while enhancing digital risk management capabilities [60][58] Question: What is the status of inclusive finance loans? - Inclusive loans have seen significant growth, with a focus on supporting small and medium-sized enterprises [65][66] Question: What is the outlook for bond investments? - The bond market is expected to experience increased fluctuations, but overall risks are still under control, with a focus on optimizing investment strategies [117][118]

Investment Rating - Maintains an "Overweight" rating for Industrial and Commercial Bank of China (ICBC) with a target price of 7.11 yuan, representing a 0.69x PB for 2024 [5] Core Views - ICBC's Q3 2024 performance exceeded expectations, with both revenue and net profit growth turning positive [3] - The net interest margin (NIM) showed signs of stabilization, and asset quality remained stable [3] - The bank's Q3 revenue growth was 1.1% YoY, a significant improvement from Q2's -8.7% [4] - Net interest income declined by 1.1%, but the decrease narrowed, while non-interest income surged by 50.1%, driven by investment gains [4] - Net profit growth for Q3 rebounded to 3.8%, supported by a lower effective tax rate [4] Financial Performance - Total assets grew by 8.7% YoY, with loans increasing by 9% YoY by the end of Q3 2024 [4] - New loans in Q3 amounted to 258.4 billion yuan, with retail loans increasing by 12.7 billion yuan and corporate loans decreasing by 8.9 billion yuan [4] - The NIM for the first three quarters of 2024 was 1.43%, unchanged from the first half, with stabilization attributed to declining liability costs [4] - The non-performing loan (NPL) ratio remained stable at 1.35%, while the provision coverage ratio increased to 220.3% [4] Earnings Forecast - Adjusted net profit growth forecasts for 2024-2026 are 0.57%, 1.54%, and 1.91%, respectively, with EPS estimates of 0.99, 1.00, and 1.02 yuan [4] - The bank's ROAE is expected to decline gradually from 10.7% in 2023 to 9.0% in 2026 [10] Valuation and Peer Comparison - ICBC's 2024E P/B ratio is 0.60x, lower than peers such as China Construction Bank (0.61x) and Agricultural Bank of China (0.63x) [13] - The bank's 2024E P/E ratio is 6.24x, slightly higher than some peers like Bank of Communications (6.08x) [13] Industry Context - The banking sector is expected to benefit from recent economic stabilization policies, which may alleviate credit risks and boost loan demand [4] - However, the NIM is still under pressure due to factors such as LPR cuts and adjustments to existing mortgage rates [4]

Investment Rating - The investment rating for the company is "Buy (Maintain)" [4] Core Views - The company's net profit growth has turned positive, with a reduction in the drag from net interest margin [6] - The company reported a revenue of 626.422 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 3.82% [6] - The net profit attributable to shareholders for the same period was 269.025 billion yuan, showing a slight increase of 0.13% year-on-year [6] Summary by Relevant Sections Financial Performance - For Q1-Q3 2024, the company's interest income and other non-interest income showed marginal improvement, with interest net income down by 4.94% and other non-interest income up by 17.53% year-on-year [6] - The net interest margin for Q1-Q3 2024 was 1.43%, remaining stable compared to H1 2024 [6] - The company’s loan balance reached 28.10 trillion yuan, an increase of 8.97% year-on-year, with a notable increase in bill discounting [6] Asset Quality and Capital Strength - The non-performing loan ratio stood at 1.35%, unchanged from H1 2024, with a non-performing loan balance of 379.955 billion yuan, up 7.99% year-on-year [6] - The provision coverage ratio was 220.30%, indicating strong risk mitigation capabilities [6] - The core Tier 1 capital adequacy ratio was 13.95%, reflecting a slight increase from H1 2024 [6] Future Projections - Revenue projections for 2024-2026 are 826.2 billion yuan, 849.5 billion yuan, and 876.1 billion yuan, with year-on-year growth rates of -2.01%, +2.82%, and +3.13% respectively [6] - Net profit projections for the same period are 363.2 billion yuan, 369.1 billion yuan, and 379.3 billion yuan, with growth rates of -0.23%, +1.64%, and +2.77% respectively [6]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2024年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國工商銀行股份有限公司 呈交日期: 2024年11月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01398 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 86,794,044,550 | RMB | | | 1 RMB | | 86,794,044,550 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 86,794,044,550 | RMB | | | 1 RMB | | 86,794,044,550 | ...

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Insights - The company has shown resilience with a return to profit growth, despite a slight decline in revenue. The net profit for the first three quarters of 2024 was CNY 269 billion, reflecting a year-on-year increase of 0.1% [4][5]. - The revenue for the first three quarters was CNY 626.4 billion, down 3.8% year-on-year, but the decline in revenue growth has narrowed compared to the first half of 2024 [5]. - The bank's asset quality remains stable, with a non-performing loan ratio holding steady at 1.35% as of the end of Q3 2024 [13]. Financial Performance Summary - For the first three quarters of 2024, the company's operating income, pre-provision operating profit (PPOP), and net profit growth rates were -3.8%, -5.3%, and 0.1%, respectively, showing improvements from the first half of 2024 [5]. - The net interest income decreased by 4.9% year-on-year, but the decline was less severe than in the first half of 2024 [5]. - Non-interest income remained stable, with a slight year-on-year increase in net other non-interest income by 17.5% [12]. Asset Quality and Capital Adequacy - The company reported a non-performing loan balance of CNY 378 billion, with a slight increase of CNY 2.6 billion during the quarter [13]. - The provision coverage ratio improved slightly to 220.3% as of Q3 2024, indicating a strong buffer against potential loan losses [13]. - The capital adequacy ratios are robust, with a core tier 1 capital ratio of 13.95% and a total capital adequacy ratio of 19.25% [13][23]. Earnings Forecast and Valuation - The earnings per share (EPS) forecast for 2024-2026 is CNY 1.02, CNY 1.05, and CNY 1.08, respectively, with the current stock price reflecting a price-to-book (PB) ratio of 0.59, 0.55, and 0.51 for the respective years [14]. - The company plans to distribute a dividend of CNY 1.434 per 10 shares, totaling CNY 51.1 billion, which represents a 30% payout ratio, enhancing investment stability [14].