Investment Rating - The investment rating for the company is "Accumulate" (maintained) [4] Core Views - The company's profitability has improved, with a narrowing decline in non-interest income. For the first half of 2025, the company's operating revenue decreased by 3.0% year-on-year, while the net profit attributable to shareholders increased by 1.1 percentage points to 2.8% [6] - The company is experiencing rapid asset expansion, with total assets growing significantly, primarily due to an increase in financial investments, which now account for 28.1% of total assets. Loan growth remains stable, although the growth rate is slowing [7] - The company's operational stability has strengthened, with an increase in the mid-term dividend payout ratio. The mid-term dividend payout ratio rose to 30.7%, an increase of 1.5 percentage points compared to the same period last year [8] Financial Performance Summary - For the first half of 2025, the company's net interest income decreased by 1.9% year-on-year, primarily due to a decline in interest margins. The net interest margin for the first half was 1.63%, down 14 basis points year-on-year [11] - The company has seen a 3.4% year-on-year increase in net fee income, driven by its focus on wealth management and comprehensive financing services [11] - The company's total assets grew by 8.3% year-on-year, with loans increasing by 10.5% year-on-year, while the personal loan growth rate slowed to 0.9% [12] - The non-performing loan ratio remained stable at 1.16%, with a provision coverage ratio of 207.53%, indicating a solid asset quality [12] Earnings Forecast - The forecast for net profit attributable to shareholders for 2025 is 70,267 million yuan, with a growth rate of 2.5%. The expected earnings per share (EPS) for 2025 is 1.28 yuan [9][13] - The projected price-to-book (PB) ratios for 2025, 2026, and 2027 are 0.50, 0.46, and 0.42, respectively [9][13]

"中信银行近年来持续打造领先的财富管理银行、综合融资银行，预计这两个长期策略将在这一轮回暖 中体现出价值。"芦苇表示，该行有信心保持手续费净收入继续稳定增长。 根据中信银行半年报，今年上半年，该行手续费及佣金净收入中，托管及其他受托业务佣金同比增加 10.26亿元，增长25.12%；代理业务手续费同比增加4.90亿元，增长18.81%；担保及咨询手续费同比增 加2.84亿元，增长11.35%；结算与清算手续费同比增加2.11亿元，增长16.23%；银行卡手续费同比减少 9.77亿元，下降12.29%。 编辑 陈莉 校对 王心 新京报贝壳财经讯（记者姜樊）8月28日，中信银行召开2025年半年度业绩发布会。会上，中信银行行 长芦苇介绍，上半年该行实现手续费及佣金净收入169.06亿，同比增长了3.38%。 展望后市，芦苇表示，手续费及佣金收入的增长仍然具有积极因素支撑。市场逐步回暖，国家扩内需促 消费、稳股市这些政策都为手续费及佣金净收入拓展提供了有力的支撑。尤其是随着资本市场的持续提 振、存款利率连续下行、存款理财化的趋势加速，理财和代销业务发展潜力巨大。 芦苇指出，各行各业按照中央的要求，针对反内卷工作陆续 ...