1 | | 度手续费及佣金收入同比实现较好增长。展望全年，本行 | | --- | --- | | | 将继续积极拓宽中收来源，一方面深耕财富管理业务，以 | | | 客户为中心做好多品类资产配置；另一方面在国债代销、 | | | 非金融企业债券主承销、托管等新批业务持续发力，不断 | | | 开拓新的中收业务增长点。 | | | 3、贵行近年来保持较快的资产规模增速，资本有压力 | | | 吗？ | | | 答：截至今年一季度末，集团核心一级资本充足率 | | | 9.80%，一级资本充足率 11.62%，资本充足率 14.54%，各 | | | 项资本充足率指标均符合监管要求和集团资本规划管理目 | | | 标。近 50 亿元可转债顺利转股进一步增强了集团资本实力， | | | 为各项业务发展打下坚实基础。后续，本行将持续优化业务 | | | 结构，加强资本管理，不断提升资本使用效率和风险抵御能 | | | 力。 | | 关于本次活动是否 | 接待过程中，公司接待人员与投资者进行了充分的交流与 | | 涉及应披露重大信 | 沟通，严格按照有关制度规定，没有出现未公开重大信息 | | 息的说明 | 泄露等情 ...

Core Viewpoint - The company maintains strong profit growth and stable asset quality, with a recommendation to increase holdings based on positive financial performance and operational efficiency [1][4][5]. Financial Performance - In Q1 2025, the company's net profit attributable to shareholders and operating income increased by 17.3% and 2.2% year-on-year, respectively, consistent with preliminary performance reports [1]. - The annualized ROE and ROA improved by 0.64 percentage points and 0.02 percentage points to 20.60% and 1.11%, indicating robust profitability [1]. Credit and Asset Quality - As of the end of March, total assets, loans, and deposits grew by 15.9%, 14.3%, and 21.1% year-on-year, respectively, showing a strong lending environment [2]. - The non-performing loan ratio and provision coverage ratio remained stable at 0.76% and 530%, respectively, reflecting sound asset quality [4]. Non-Interest Income and Cost Management - Non-interest income decreased by 5.4% year-on-year, primarily due to a slowdown in other non-interest income, while fee-based income rose by 22.2%, accounting for 14.1% of total revenue [3]. - The cost-to-income ratio improved by 0.4 percentage points to 23.7%, indicating effective cost management [3]. Capital Adequacy and Valuation - As of March, the capital adequacy ratio and core tier 1 capital ratio were 14.05% and 9.01%, respectively, showing a slight increase from the end of 2024 [4]. - The company is projected to achieve net profits of 195 million, 227 million, and 264 million yuan for 2025-2027, with a target price of 17.66 yuan, reflecting a price-to-book ratio of 0.91 for 2025 [5].