证券代码：601398 证券简称：工商银行 公告编号：临 2024-024 号 中国工商银行股份有限公司 中国工商银行股份有限公司（以下简称"本行"）近日已签署《国家集 成电路产业投资基金三期股份有限公司发起人协议》（以下简称"《发起人协 议》"），拟向国家集成电路产业投资基金三期股份有限公司（以下简称"基金"） 出资人民币 215 亿元（以下简称"本次投资"）。 一、本次投资概述 关于对外投资的公告 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。 重要内容提示： 近日，本行与中华人民共和国财政部等 19 家机构签署《发起人协议》，拟 向基金出资人民币 215 亿元，持股比例 6.25%，预计自基金注册成立之日起 10 年内实缴到位。 本次投资不属于本行重大资产重组事项，不构成本行的关联交易。 本次投资已经本行董事会于 2023 年 11 月 30 日审议通过。议案表决情况： 有效表决票 13 票，同意 13 票，反对 0 票，弃权 0 票。鉴于本行董事会审议通过 上述议案时，本次投资尚未完成协议签署，基金 ...

证券代码：601398 证券简称：工商银行 公告编号：临 2024-023 号 特此公告。 中国工商银行股份有限公司董事会 中国工商银行股份有限公司 关于在 200 亿美元全球中期票据发行计划下发行多系列 中期票据刊发发售通函及定价补充文件的公告 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。 中国工商银行股份有限公司（以下简称本行）香港分行、新加坡分行以及伦敦分 行在 200 亿美元全球中期票据发行计划（以下简称计划）下，已向香港联合交易所有 限公司（以下简称联交所）提交由香港分行发行的于 2027 年到期的 1,000,000,000 美 元浮动利率中期票据、新加坡分行发行的于 2027 年到期的 3,000,000,000 人民币利率 为 2.88%中期票据以及伦敦分行发行的于 2027 年到期的 300,000,000 欧元利率为 3.697% 中期票据（以下合称票据）的上市申请，票据已于 2024 年 5 月 24 日完成上市。根据 计划，票据仅供专业投资者1购买，详情请参考本行 2024 年 5 ...

证券代码：601398 证券简称：工商银行 公告编号：临 2024-021 号 中国工商银行股份有限公司 议案表决情况：有效表决票 11 票，同意 11 票，反对 0 票，弃权 0 票。 廖林先生因存在利害关系，回避表决。 董事会决议公告 决，其执行董事新的任期自股东大会审议表决通过之日起计算。廖林先生的简历 请见附件一。 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。 中国工商银行股份有限公司（以下简称本行）董事会于 2024 年 5 月 22 日在 北京市西城区复兴门内大街 55 号本行总行召开会议。会议应出席董事 12 名，亲 自出席 11 名，为廖林董事长、王景武董事、卢永真董事、冯卫东董事、曹利群 董事、陈怡芳董事、董阳董事、杨绍信董事、胡祖六董事、陈德霖董事和赫伯特 •沃特董事；委托出席 1 名，沈思董事委托杨绍信董事出席会议并代为行使表决 权。段红涛副行长列席会议。会议的召开符合法律法规、《中国工商银行股份有 限公司章程》（以下简称《公司章程》）以及《中国工商银行股份有限公司董事 会议事规则》 ...

证券代码：601398 证券简称：工商银行 公告编号：临 2024-022 号 中国工商银行股份有限公司 关于行长任职及董事提名的公告 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。 2024 年 5 月 22 日，中国工商银行股份有限公司（以下简称本行）董事会审 议通过了《关于聘任刘珺先生为中国工商银行股份有限公司行长的议案》。根据 有关规定，刘珺先生的行长任职自董事会审议通过后生效。 同时，董事会审议通过了《关于提名刘珺先生为中国工商银行股份有限公司 执行董事候选人的议案》。关于刘珺先生担任本行执行董事事宜，尚须提交股东 大会进行审议表决。董事会亦审议通过《关于选举刘珺先生为中国工商银行股份 有限公司副董事长的议案》，选举刘珺先生为本行副董事长，同时兼任本行授权 代表。上述任职自本行股东大会审议通过其担任本行执行董事后生效。刘珺先生 的简历请见附件。 根据《中国工商银行股份有限公司章程》，每位董事的任期为三年，而董事 可在任期届满时连选连任。本行董事的薪酬情况按照有关规定执行，相关薪酬清 算方案按有关程 ...

证券代码：601398 证券简称：工商银行 公告编号：临 2024-020 号 中国工商银行股份有限公司 关于 2024 年总损失吸收能力非资本债券（第一期） 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。 经相关监管机构批准，中国工商银行股份有限公司（以下简称本行）2024 年总损失吸收能力非资本债券（第一期）（以下简称本期债券）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 400 亿元，分为两个品种。其中，品种一为 4 年期固定利率品种，在第 3 年末附有条件的发行人赎回权，发行规模为人民币 300 亿元，票面利率为 2.25%；品种二为 6 年期固定利率品种，在第 5 年末附有 条件的发行人赎回权，发行规模为人民币 100 亿元，票面利率为 2.35%。 本期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 于提升本行总损失吸收能力。 特此公告。 中国工商银行股份有限公司董事会 二〇二四年五月十七日 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 6.67 CNY [19]. Core Insights - The company's revenue growth is marginally improving, primarily supported by non-interest income, with total revenue for Q1 2024 at 219.84 billion CNY, a year-on-year decrease of 3.41% [5][4]. - The net profit attributable to shareholders for Q1 2024 is 87.65 billion CNY, reflecting a year-on-year decline of 2.78% [5]. - The net interest margin for Q1 2024 is 1.48%, down 13 basis points from the previous year, indicating a slight narrowing of the margin due to asset-side pressures [16]. Financial Performance Summary - The company reported a total revenue of 875,734 million CNY in 2022, which decreased to 843,070 million CNY in 2023, with an estimated revenue of 838,948 million CNY for 2024 [21]. - The net profit attributable to shareholders was 361,132 million CNY in 2022, slightly increasing to 363,993 million CNY in 2023, with an estimated decline to 359,828 million CNY in 2024 [21]. - The earnings per share (EPS) for 2024 is projected to be 0.97 CNY, with a price-to-earnings (P/E) ratio of 5.55 [8]. Asset Quality and Capital Adequacy - The non-performing loan (NPL) ratio remains stable at 1.36% as of Q1 2024, with a non-performing loan balance of 370.89 billion CNY, an increase of 4.92% from the beginning of the year [17]. - The provision coverage ratio is 216.31%, indicating strong risk mitigation capabilities [17]. - The core Tier 1 capital adequacy ratio stands at 13.78%, suggesting ample capital to support future lending [17].

Investment Rating - The report maintains a rating of "Accumulate" for the company [9] Core Views - The company has shown a slight slowdown in credit growth, with total assets increasing by 13.24% year-on-year to 47.6 trillion yuan as of the end of Q1, driven primarily by rapid growth in repurchase agreements [1][11] - Asset quality remains robust, with a non-performing loan (NPL) ratio of 1.36%, unchanged from the previous quarter, and a provision coverage ratio of 216.31%, reflecting an increase in provisioning efforts [2][11] - The company is expected to experience further slowdown in scale growth under a more balanced credit orientation, with net interest margin (NIM) anticipated to narrow but at a slower rate due to improved liability costs [3][27] Summary by Sections Credit Growth and Structure - As of the end of Q1, total loans (excluding accrued interest) grew by 11.60% year-on-year to 27.37 trillion yuan, indicating a slight decrease in growth rate compared to the previous quarter [1] - New corporate loans, personal loans, and bill discounts showed mixed results, with corporate loans slightly decreasing and personal loans increasing, reflecting ongoing consumer and housing demand [1][32] Asset Quality - The NPL ratio remains stable at 1.36%, with a provision coverage ratio of 216.31%, indicating strong asset quality management [2][11] - The company recorded a provision for asset impairment losses of 600.75 billion yuan in Q1, a year-on-year decrease of 7.61%, but the decline rate has narrowed compared to the second half of 2023 [2] Profitability Forecast - The company’s revenue for 2024-2026 is projected to be 8325, 8552, and 8992 billion yuan, with corresponding growth rates of -1.25%, 2.72%, and 5.15% [3][14] - Net profit attributable to shareholders is expected to be 3648, 3727, and 3889 billion yuan for the same period, with growth rates of 0.22%, 2.17%, and 4.35% [3][14] Interest Margin and Cost Management - The NIM for Q1 was reported at 1.48%, with a year-on-year decline of 22 basis points, but the rate of decline has significantly narrowed compared to previous quarters [27] - The company has managed to maintain a low cost-to-income ratio of 20.78%, reflecting effective cost control measures [2]

I. 法定/註冊股本變動 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4月30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5月6日 | 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 | 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 | | 2. 股份分類 | 普通股 | 股份類別 | A ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 7.00, maintaining the previous rating of "Buy" [20][8]. Core Views - The company's performance is stable, with solid asset quality and a significant increase in loans, particularly in corporate lending, leading to an improved deposit structure [8][9]. - The report indicates a projected net profit growth rate of 0.43% for 2024, with EPS estimates of 0.98 for 2023 and 0.99 for 2024 [8][11]. - The bank's net interest margin has shown signs of recovery, and the overall asset quality remains robust, with a non-performing loan ratio of 1.36% [11][9]. Summary by Sections Financial Performance - The bank's operating income for 2023 is projected at 843,070 million, a decrease of 3.73% from the previous year [11]. - The net profit attributable to the parent company is expected to be 363,993 million in 2023, reflecting a growth of 0.79% [11]. - The bank's total assets are forecasted to reach 44,697,079 million by the end of 2023, with a loan balance of 26,086,482 million [11]. Profitability Metrics - The return on equity (ROE) is projected to decline to 10.67% in 2023, with a further decrease expected in subsequent years [11]. - The net interest margin is expected to stabilize around 1.60% for 2024, indicating a slight recovery from previous declines [11]. Asset Quality - The non-performing loan balance is anticipated to rise to 353,502 million by the end of 2023, with a non-performing loan ratio of 1.36% [11]. - The provision coverage ratio is projected to be 214% in 2023, indicating a strong buffer against potential loan losses [11]. Market Position - The company is recognized as one of the largest commercial banks in China, with a diverse business structure and a strong customer base [9]. - The bank continues to focus on serving the real economy and managing risks effectively, aiming for sustainable growth [9].

Investment Rating - The investment rating for the company is "Avoid" with an expectation that the stock price will underperform the market by more than 10% within the next six months [14]. Core Views - The company's revenue is under pressure, leading to a decline in profitability, with a year-on-year decrease of 2.8% in net profit attributable to shareholders for Q1 2024, compared to a 1% growth rate for the entire year of 2023 [5]. - The bank's net interest income and fee income have decreased by 4.2% and 2.8% year-on-year, respectively, due to the overall decline in loan rates and ongoing fee reduction policies [5]. - The bank's cost control remains strong, with business management expenses increasing only by 0.6% year-on-year, while impairment provisions have decreased by 7.6% year-on-year, alleviating some pressure on profitability [5]. - The non-performing loan (NPL) ratio remains stable at 1.36%, with a slight year-on-year decrease of 2 basis points [6]. - The bank's capital adequacy ratio has improved, with the core Tier 1 capital adequacy ratio rising by 6 basis points to 13.78% [8]. - The bank's dividend policy for the first half of 2024 will be based on the financial report, with a proposed cash dividend not exceeding 30% of the after-tax profit attributable to shareholders [8]. Summary by Sections Financial Performance - For Q1 2024, the bank reported operating income of 219.8 billion yuan, a year-on-year decline of 3.4% [18]. - The net profit attributable to shareholders for Q1 2024 was 87.7 billion yuan, down 2.8% year-on-year [18]. - The total assets reached 47.6 trillion yuan, reflecting a growth of 6.49% compared to the beginning of the year [18]. Asset Quality - The NPL ratio is stable at 1.36%, with the provision coverage ratio increasing to 216% [6][8]. - The bank's total loans increased by 4.92% year-on-year, while total deposits grew by 4.52% [20]. Capital Adequacy - The core Tier 1 capital adequacy ratio improved to 13.78%, benefiting from the implementation of capital management measures [8]. - The bank's capital structure remains robust, with a focus on maintaining a strong dividend payout ratio [8]. Future Outlook - The bank is expected to maintain stable earnings growth, with projected EPS for 2024-2026 at 1.03, 1.07, and 1.12 yuan, respectively [23]. - The bank's price-to-book ratio is projected to be 0.52x, 0.49x, and 0.46x for the years 2024-2026 [23].