一、营收继续下降，净利润略有回升 2024 年末，光大银行总资产为 6.96 万亿元 ，同比增长 2.75% 。当年实现营业收入 1354.15 亿元 ， 同比下降 7.05% ，营业收入连续 3 年下降。 2024 年实现归母净利润 416.96 亿元 ，同比增长 2.22% ， 在 2023 年净利润下降后 2024 年实现回正，盈利能力有所巩固。 二、规模扩张不及利率下降，营业收入连年负增长 在总资产规模增长且贷款总额也增长（ 2024 年末光大银行贷款总额 3.93 万亿元 ，同比增长 3.88% ）的背景下，光大银行营业收入还连年下降。究其原因一方面是 净息差下降较快 ， 2024 年光大银行净 息差为 1.54% ，较 2023 年下降 20 个 BP ；另一方面手续费及佣金净收入也持续下降。 2024 年光大银行规模扩张带来的利息净收入增加 57.79 亿元，但利率下降带来的 利息净收入下降 了 165.93 亿元 ，规模扩张的增长效应远抵不住利率下降的负面影响，最终导致利息净收入下降 108.14 亿元，同比降低 10.06% 。 2024 年光大银行零售金融业务营业收入为 550.96 亿元 ...

Investment Rating - The investment rating for the company is maintained at "Accumulate" [4] Core Views - The dividend payout ratio has increased to 22.8%, up by 6.8 percentage points, with a cash distribution of 9 yuan per 10 shares, resulting in a dividend yield of 3.9% based on the closing price on April 9 [2] - The bank's total assets grew by 15.3% year-on-year, with loan growth at 17.8%, indicating a strong lending performance [2] - The net interest margin stands at 1.86%, a slight decrease of 2 basis points year-on-year, benefiting from lower funding costs [2] - Asset quality remains stable, with a non-performing loan ratio of 0.76% and a coverage ratio of 389.35% [3] - Profit forecasts have been adjusted downwards, with expected growth rates for net profit from 2025 to 2027 at 3.76%, 6.12%, and 6.91% respectively [3] Summary by Sections Financial Performance - For 2024, the operating income is projected at 66,631 million yuan, with a growth rate of 8.19% [4] - The net profit attributable to shareholders is expected to be 27,127 million yuan, reflecting a growth rate of 6.23% [4] - Earnings per share for 2024 is estimated at 3.95 yuan, with a price-to-earnings ratio of 5.91 [4] Asset Quality - The non-performing loan ratio is stable at 0.76%, with a focus on retail loans showing a slight increase in delinquency [3] - The bank has increased its efforts in asset write-offs, actively clearing problematic assets [3] Capital Adequacy - The core Tier 1 capital adequacy ratio is reported at 9.84%, an increase of 0.2% from the previous year [2] Future Outlook - The bank's loan growth is expected to continue, with total loans projected to reach 1,476,063 million yuan by the end of 2024 [4] - The bank's market capitalization is approximately 156.37 billion yuan, with a circulating A-share market value of about 154.49 billion yuan [4]

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" [6] Core Insights - The financial data for March 2025 shows an increase in new credit and social financing, primarily driven by government bond issuance and a significant rise in short-term loans to enterprises [2][3] - The structure of financing demand is characterized by strong corporate credit and weak retail demand, indicating a reliance on government leverage to support social financing [11] - The growth in M2 remains stable at 7%, while M1 shows slight improvement, suggesting a potential correlation with local government debt replacement [4] Summary by Sections Credit and Social Financing - In March, new credit reached 3.64 trillion yuan, a year-on-year increase of 550 billion yuan, with social financing increasing by 5.89 trillion yuan, up 1.05 trillion yuan year-on-year [2] - Short-term loans to enterprises increased by 460 billion yuan year-on-year, contributing 84% to the overall increase in new credit [2] - The growth in new medium to long-term loans for residents was 531 billion yuan, influenced by a recovering real estate market [3] Government Bonds and Social Financing - The acceleration in government bond issuance significantly supported social financing, with new government bonds increasing by 1.03 trillion yuan year-on-year [3] - By the end of March, the total social financing balance grew by 8.4% year-on-year, indicating that government leverage is a primary source of incremental demand in the economy [3] Monetary Supply - M2 growth remained steady at 7%, while M1 growth improved to 1.6%, potentially linked to local government debt replacement efforts [4] Banking Sector Outlook - The banking sector is expected to continue attracting incremental capital due to its high weight in broad indices, stable dividend yields, and relatively low valuations [12] - The report suggests focusing on specific banks such as China Merchants Bank, major state-owned banks, and Chengdu Bank for potential investment opportunities [12]

点击小程序查看报告原文 Abstract 经济方面：2024年四季度，中国香港经济增长较三季度加快，GDP同比上升2.4%，环比增长0.8%。 2025年2月，香港财政司公布了2025/26年财政预算 案，总体支出增速较高。我们认为，香港的财政支出计划将在2025年及中期内支撑香港的经济发展。 内需方面，消费同比降幅 收 窄，投资增速转负。 2 024年四季度，私人消费开支同比下降0.2%，较2024年三季度降幅收窄1.1个百分点。中国香港本地消 费疲弱部分反映了居民消费模式的转变，更多转向外地消费。2024年四季度，中国香港本地固定资本形成总额同比下降0.9%，较2024年三季度回落6.6个 百分点，主要受到地产、制造业投资增速回落影响。 外需方面，货物贸易在高基数下回落，服务贸易增速继续回升。 2024年四季度中国香港货物出口同 比增长1.3%，较三季度增速回落2.7个百分点。2024年四季度，中国香港服务出口同比增长5.6%，较2024年三季度增速加快2.7个百分点，金融、旅游、运 输等服务增速均有回升。 就业方面，劳动力市场处于健康水平。2024年四季度，中国香港季调失业率为3.1%，较2024年三季 ...

2024 年末交通银行总资产达 到 14.90 万亿元 ，同比增长 5.98% ；当年实现营业收入 2598.26 亿元 ，同比增长 0.87% ；实现净利润 942.29 亿元 ，同比增长 1.05% 。 交通银行规模类指标均保持正增长（ 2022 年营业收入有重述，因此 2023 年保持正增长）。但纵向 看， 近五年来 2024 年交通银行主要规模类指标增速最低。 交通银行 2024 年主要规模类经营指标与其他五家大行对比如下表： 从收入结构看，利息净收入是交通银行营业收入的最主要构成部分。 2024 年利息净收入占其营业 收入的 65.36% （近五年来占比均超过 60% ） 。 净息差和净利差则持续走低。在主要依靠利息收入的背景下， 持续走势的净息差 / 净利差是交通 银行近年来业务增速乏力的主要顽疾。 与其他五大行相比，交通银行 2024 年规模类指标增速也相对较慢 。 总资产方面，交通银行 2024 年末总资产增速在 六大行 中仅略高于建行，与其他四家大行 8% 以上 的增速相比落后 2 个百分点以上。 营业收入方面，六大行中除已经连续 3 年营业收入负增长的工行和建行外，交通银行 2024 年营 ...

Investment Rating - The investment rating for Postal Savings Bank is "Buy" and is maintained [9]. Core Views - The bank's 2024 total revenue increased by 1.8% year-on-year, with a net profit attributable to shareholders rising by 0.2%. Interest income grew by 1.5%, while non-interest income saw a 3.2% increase. Investment income helped mitigate the decline in middle-income revenue [2][6]. - The bank's loan growth was 9.4% for the year, with retail products showing positive growth despite weak demand. Deposits increased by 9.5% [2][6]. - The net interest margin for the year was 1.87%, down 14 basis points year-on-year, while the deposit cost rate decreased by 9 basis points to 1.44%, expected to remain the lowest in the industry [2][6]. - The year-end non-performing loan ratio rose by 4 basis points to 0.90%, with a provision coverage ratio decreasing by 16 percentage points to 286% [2][6]. - The bank announced an active adjustment plan for savings agency fees, which is expected to effectively release future profits, estimating a reduction of 4.7% in pre-tax profit for 2025 due to a decrease in agency fee expenses by 4.5 billion yuan [2][6]. Summary by Sections Financial Performance - In 2024, the bank's total revenue was 348.8 billion yuan, with a net profit of 86.5 billion yuan. Interest income was 286.1 billion yuan, and non-interest income was 25.3 billion yuan [27]. - The bank's total loans grew to 8.7 trillion yuan, with retail loans showing a growth rate of 9.4% [27]. Asset Quality - The non-performing loan ratio at year-end was 0.90%, with a new generation rate of 0.84% for the year. The provision coverage ratio was 286% [2][6]. - The bank's asset quality indicators remained strong despite some fluctuations in retail risk pressures [2][6]. Fee Adjustment Impact - The active adjustment of savings agency fees is projected to save 11.5 billion yuan in 2024 and 4.5 billion yuan in 2025, enhancing pre-tax profit by 4.7% [21][22]. - The comprehensive savings agency fee rate is expected to decrease from 1.15% to 1.04% following the adjustments [21][22]. Investment Outlook - The bank is expected to maintain a stable dividend payout ratio of 30% for 2024, with a projected dividend yield of 5.0% for A-shares and 5.7% for H-shares [2][6]. - The current price-to-book (PB) ratio is estimated at 0.58x for A-shares and 0.51x for H-shares, indicating a low valuation with high dividend yield advantages [2][6].

全年建设银行营收、拨备前利润、归母净利润同比增速分别为-2.5%、-4%、0.9%，增速较1-3Q24分别提 升0.8、0.2、0.8pct。全年净利息收入、非息收入增速分别为-4.4%、5.1%，较前三季度分别变动 +1.5、-1.7pct。全年成本收入比、信用减值损失/营收分别为28.6%、6.3%，同比分别变动+1.3、-0.7pct。 拆分盈利增速结构：规模、拨备为主要贡献分项，拉动业绩增速15.5、4.9pct。从边际变化看，规模扩张提 速、息差负向拖累收窄为提振因素；非息收入增长放缓、拨备正向贡献减弱、营业费用贡献转负为主要拖 累因素。 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 点评： 营收负增幅度收窄，盈利增长提速 3月28日，建设银行发布202 ...

3月27日，中信银行2024年度业绩会在中信大厦举行。中信银行董事长方合英、拟任行长芦苇、董事 会秘书张青及数位副行长出席。 中信银行年报显示，2024年，该行实现营业收入2136.46亿元，同比增长3.76%；实现归母净利润685.76 亿元，同比增长2.33%。截至2024年末，该行资产总额较上年末增长5.31%至95327.22亿元，突破9.5万 亿大关。 "2024年，我们面对错综复杂的经营形势，实现了难中求成。"在会上，方合英用"韧性、稳定性"概括了去 年该行的发展亮点。 在会议交流环节，该行也就息差、零售风险、资产投向等市场热点问题展开讨论。 谈息差：连续三年跑赢大市 截至2024年末，中信银行净息差为 1.77%，较年初下降0.01 个百分点。 作为商业银行的核心盈利指标，近年来该行一直将净息差变动"跑赢大市、优于同业"作为重要目标。 芦苇向媒体表示，去年，中信银行营收增速和息差变动都位居同业前列，其中，净息差变动幅度已连续三 年跑赢大市。芦苇介绍，此成效得益于持续深化量价平衡战略，不走以价换量的路线，此外，该行以压降 负债成本为核心，辅之以资产结构优化，双向发力稳定息差。 数据显示，截至去年末 ...

Core Viewpoint - The article provides a detailed analysis of China Merchants Bank's 2024 annual report, highlighting the bank's performance in revenue, expenses, asset quality, and capital adequacy, while also noting challenges in net interest margin and fee income [3][21][23]. Revenue Analysis - The total operating income for 2024 was 337.49 billion, a year-on-year decrease of 0.48% [8]. - Net interest income was 211.28 billion, down 1.58% year-on-year, while fee income fell by 14.28% [8]. - Other non-interest income increased by 34.13% to 54.12 billion, indicating a strong performance in this segment [8]. Expense Analysis - Total expenses and other expenditures decreased by 2.76%, which was better than the analyst's expectation of a decline between 3.16% and 4.81% [4]. - Credit impairment losses for the year were 39.98 billion, slightly below the expected range of 40.3 billion to 42.3 billion [4]. Shareholder Analysis - The top ten shareholders saw a reduction in holdings by the Shanghai Stock Connect, which decreased by 54 million shares, maintaining a 5.04% stake [6]. - The number of shareholders dropped significantly from 522,100 to 459,200, indicating a 12% decline in retail investors [6]. Asset Analysis - Total assets reached 12,152.036 billion, growing by 10.19% year-on-year, with total loans amounting to 6,632.548 billion, a growth rate of 6.07% [14]. - The bank's retail loans maintained a 6% year-on-year growth despite a general slowdown in retail credit demand [14]. Non-Performing Loan Analysis - Non-performing loans increased to 65.61 billion, with a non-performing loan ratio of 0.95%, reflecting a slight increase from the previous quarter [17]. - The migration rate of normal loans rose to 1.39%, indicating ongoing pressure on asset quality [17]. Capital Adequacy Analysis - The core Tier 1 capital adequacy ratio improved to 14.86%, up from 14.73% in the previous quarter, primarily due to regulatory changes [19]. Summary of Key Issues - The bank faces challenges with the asset quality of retail loans, which has shown signs of deterioration [21]. - The net interest margin continues to be under pressure due to declining asset yields and weak credit demand [23].

平安银行继将主管零售的总行行长助理张朝晖调任深圳分行兼任分行行长，将原深圳分行行长王军晋升 总行党委委员、行长助理并分管零售业务后，其管理层岗位变动继续。 日前，平安银行董事会审议通过了聘任方蔚豪为其副行长的议案，其任职待国家金融监督管理总局核准。 也就是说，随着王军和方蔚豪的到任，平安银行的管理班子将扩容为一董（董事长谢永林）、一正（行长 冀光恒）、三副（副行长兼首席财务官项有志、副行长杨志群、拟任副行长方蔚豪）、一行助（王军）、 一董秘（周强）。 王军和方蔚豪均为70后。在平安银行进一步深化零售金融改革的战略攻坚期，吸纳"青壮派"有着强化管理 梯队建设、推进干部队伍年轻化的长期考虑。 两名70后干部先后调任总行管理层 官方简历显示：方蔚豪1973年出生，中共党员，北京理工大学机械工程及自动化专业本科，中欧国际工 商学院工商管理硕士研究生，西安交通大学应用经济学博士研究生。 他于2012年8月加入中国平安，先后曾任平安国际融资租赁有限公司董事长兼CEO，中国平安财产保险股 份有限公司副董事长、董事，平安医疗健康管理股份有限公司董事长兼CEO，平安健康医疗科技有限公司 董事会主席兼CEO，平安信托有限责任公司 ...