证券代码：601939 证券简称：建设银行 公告编号：2024-047 中国建设银行股份有限公司 关于召开 2024 年第二次临时股东大会的通知 本行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 年第二次临时股东大会 日期时间：2024 年 11 月 28 日 14:45 地点：北京市西城区金融大街 25 号 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：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 (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 网络投票起止时间：自 2024 年 11 月 28 日 (七) 涉及公开征集股东投票权 无 二、会议审议事项 | | | | 序号 | | | 议案名称 | 投票股东 类型 | | --- | ...

中国建设银行股份有限公司2024 年第二次临时股东大会会议资料 中国建设银行股份有限公司 2024 年第二次临时股东大会 会议资料 中国建设银行股份有限公司2024 年第二次临时股东大会会议资料 议案一： 中国建设银行股份有限公司董事会 二〇二四年十一月八日 1 中国建设银行股份有限公司2024 年第二次临时股东大会会议资料 2024 年第二次临时股东大会文件目录 审议事项 普通决议案 2 1. 关于本行 2024 年度中期利润分配方案的议案 2. 关于新增 2024 年度公益捐赠额度的议案 3. 关于提请股东大会授权董事会办理董事、监事及高级管理人员责 任险事宜的议案 4. 关于本行 2023 年度董事薪酬分配清算方案的议案 5. 关于本行 2023 年度监事薪酬分配清算方案的议案 关于本行 2024 年度中期利润分配方案的议案 各位股东： 根据经审阅的按照中国会计准则和国际财务报告准则编制的 2024 年上半年财务报告，2024 年上半年，集团口径下归属于本行股 东税后利润人民币 1,643.26 亿元，向全体普通股股东（于 2025 年 1 月 9 日收市后名列股东名册的股东）派发现金股息人民币 492 ...

Core Viewpoint - The 18th Shenzhen International Financial Expo showcases China Construction Bank Shenzhen Branch's commitment to innovation and support for the real economy, emphasizing the integration of financial technology and services to enhance productivity and meet national strategic goals [1][2]. Group 1: Financial Technology and Services - Shenzhen Construction Bank focuses on developing a comprehensive financial service system that includes technology finance, cross-border services, and wealth management, aiming to enhance service efficiency for various enterprise sizes [2][3]. - The bank has established a "Technology Financial Innovation Center" and specialized teams to promote high-quality development in technology finance, demonstrating its commitment to supporting local tech enterprises [2][3]. - The bank's digital platforms, such as the e-loan service, significantly reduce loan approval times, showcasing its innovative approach to serving small and medium-sized enterprises [2][3]. Group 2: Cross-Border and Integrated Services - Shenzhen Construction Bank offers integrated domestic and foreign currency services, supporting enterprises in cross-border operations, construction, and mergers [2][3]. - The bank has launched the "Dragon Enterprise Exchange" service brand, providing unique cross-border financial products tailored to different trade scenarios, enhancing its service offerings for foreign trade and investment [3][4]. Group 3: Inclusive Finance and Wealth Management - The bank has pioneered products like "Cloud Quick Loan" for small enterprises, addressing urgent funding needs with rapid processing times [5][6]. - Shenzhen Construction Bank has disbursed over 9.5 trillion yuan in inclusive finance loans, benefiting over 150,000 small enterprises and impacting 4.5 million jobs [5][6]. - The bank emphasizes wealth management services, focusing on retirement planning and comprehensive financial solutions, leveraging its diverse financial licenses [5][6]. Group 4: Commitment to National Development - Shenzhen Construction Bank has a long-standing tradition of supporting national construction projects, providing cost consulting services for major infrastructure developments [6][7]. - The bank's strategic initiatives align with national policies, aiming to foster high-quality financial services and contribute to the development of the Shenzhen Special Economic Zone [6][7].

Investment Rating - The investment rating for the company is "Buy" with a target price of 9.75 CNY, indicating a potential upside of 21% from the current price of 8.06 CNY [1][4]. Core Insights - The company's revenue for the first three quarters of 2024 was approximately 569 billion CNY, with a year-over-year growth of 0.13% in net profit attributable to shareholders, indicating a recovery in profit growth [2][21]. - The non-performing loan ratio stood at 1.35%, with a non-performing loan coverage ratio of 237.0%, reflecting a stable asset quality [3][19]. - The net interest margin for the first three quarters of 2024 was 1.52%, showing a slight decline of 2 basis points compared to mid-2024, suggesting that pressure on interest margins may ease in the future [10][21]. Financial Performance Summary - Revenue for 2024 is projected to be 813.4 billion CNY, with a growth rate of 5.67% expected in 2024, followed by 7.04% in 2025 and 9.33% in 2026 [22]. - The net profit attributable to shareholders is forecasted to grow by 0.63% in 2024, 2.65% in 2025, and 4.54% in 2026, with corresponding earnings per share of 1.34 CNY, 1.37 CNY, and 1.44 CNY respectively [21][22]. - The bank's total assets reached 427,859 billion CNY by the end of 2024, with a significant increase in interest-earning assets [22]. Asset and Liability Management - As of the third quarter of 2024, the total interest-earning assets amounted to 401,076 billion CNY, reflecting a quarter-on-quarter increase of 1.6% [3][15]. - The total interest-bearing liabilities were 357,687 billion CNY, with a quarter-on-quarter increase of 1.9%, indicating a stable growth in liabilities [3][15]. Asset Quality and Provisioning - The non-performing loan balance was 346.9 billion CNY, maintaining a ratio of 1.35%, which is consistent with the previous quarter [19][20]. - The loan provision coverage ratio was reported at 237.0%, indicating a robust ability to cover potential loan losses [19][20]. Valuation and Forecast - The target price of 9.75 CNY corresponds to a price-to-book ratio of 0.72x for 2024, suggesting a favorable valuation compared to the current market price [4][21]. - The bank's return on average assets (ROAA) is projected to be 0.83% in 2024, with a return on average equity (ROAE) of 9.89% [22].

Investment Rating - Maintains a "Buy" rating for China Construction Bank (CCB) [4][6] Core Views - CCB's net interest margin (NIM) decline has narrowed, and profit growth has turned positive [1][4] - Revenue growth for 2024Q1-Q3 increased by 0.27pct compared to 2024H1, driven by improved non-interest income [2][6] - Other non-interest income reached 430.61 billion yuan, up 71.50% YoY, with a 15.74pct increase compared to 2024H1 [2][6] - Net profit growth turned positive, with contributions from scale expansion and provision replenishment [6] - Loan balance as of 2024Q3 was 25.70 trillion yuan, up 8.87% YoY, with significant growth in bill financing [6] - NIM for 2024Q1-Q3 was 1.52%, a 2bp decline from 2024H1, with narrowing decline due to improved liability costs [6] - Non-performing loan (NPL) ratio remained stable at 1.35%, with NPL balance at 3469.06 billion yuan, up 5.13% YoY [6] - Provision coverage ratio was 237.03%, and core tier 1 capital adequacy ratio improved to 14.10% [6] Financial Performance - 2024Q1-Q3 revenue was 5690.22 billion yuan, up 3.30% YoY, with net profit of 2557.76 billion yuan, up 0.13% YoY [6] - Contribution to net profit from interest-earning assets, NIM, other non-interest income, and provisions were +9.71%, -15.61%, +3.33%, and +3.20% respectively [6] - Forecasted revenue for 2024-2026 is 7566/7756/8053 billion yuan, with a 3-year CAGR of 1.52% [6] - Forecasted net profit for 2024-2026 is 3330/3389/3516 billion yuan, with a 3-year CAGR of 1.87% [6] Industry and Valuation - CCB operates in the banking sector, specifically large state-owned banks [4] - Current stock price is 8.08 yuan, with a total market capitalization of 77,516.75 million yuan [4] - EPS for 2024E is 1.30 yuan, with a PE ratio of 5.47 and PB ratio of 0.56 [7]

Investment Rating - The report maintains an "Accumulate" rating for China Construction Bank [4][3] Core Views - The performance of China Construction Bank in Q3 2024 slightly exceeded expectations, with a positive growth rate in net profit for the quarter. However, the bank continues to face downward pressure on its interest margin, while asset quality remains stable [3][4] - The net profit growth forecast for China Construction Bank has been adjusted to 0.47% for 2024, 1.15% for 2025, and 2.78% for 2026, with corresponding EPS estimates of 1.34, 1.35, and 1.39 yuan respectively. The target price has been raised to 9.29 yuan, reflecting a 0.72 times PB for 2024 [3][4] Summary by Sections Financial Performance - In Q3 2024, the bank's revenue growth rate was -2.7% year-on-year, with net interest income declining by 7.3% due to slowing credit growth and narrowing interest margins. However, non-interest income saw a significant increase of 107.5%, primarily driven by foreign exchange business, which generated 4.51 billion yuan in Q3 [3][4] - The bank's Q3 2024 net profit growth rebounded to 3.8%, aided by a 24.5% reduction in impairment losses, resulting in a total of 21.9 billion yuan for the quarter [3][4] Asset and Liability Management - As of the end of Q3 2024, total assets grew by 8.1% year-on-year, with loans increasing by 9.0%. The bank added 307 billion yuan in loans during the quarter, with retail loans contributing 36.7 billion yuan [3][4] - Total liabilities increased by 8.2% year-on-year, while deposits grew by 2.5%. The net interest margin for the first three quarters of 2024 was 1.52%, a decrease of 2 basis points from the first half of the year [3][4] Asset Quality - The non-performing loan (NPL) ratio remained stable at 1.35% as of Q3 2024, with a provision coverage ratio of 237%, down by 1.7 percentage points from the previous quarter [3][4]

Investment Rating - The report assigns a "Buy" rating for the company, marking it as a first-time coverage recommendation [6][7]. Core Insights - The company reported a marginal improvement in revenue and net profit growth, with total operating income and net profit attributable to shareholders reaching 569.02 billion yuan and 255.78 billion yuan, respectively, reflecting year-on-year changes of -3.3% and 0.13% [4][11]. - The annualized weighted average ROE stands at 11.03%, down by 1.02 percentage points year-on-year, indicating a slight decline in profitability [4][11]. - The improvement in performance is attributed to contributions from non-interest income and the reversal of provisions [4][11]. - Credit impairment losses decreased by 11.95% year-on-year, with a significant drop of 24.47% in Q3 alone [4][11]. Revenue and Profitability - Interest income for the first three quarters was 440.82 billion yuan, down 5.89% year-on-year, while the net interest margin was 1.52%, a decrease of 0.23 percentage points year-on-year [4][13]. - The company maintained stable growth in loans and deposits, with total loans reaching 25.75 trillion yuan, a 7.92% increase from the beginning of the year [4][13]. - Non-interest income grew by 6.82% year-on-year, totaling 128.21 billion yuan, driven by significant increases in foreign exchange gains [5][21]. Asset Quality and Capital Strength - The non-performing loan ratio was 1.35%, a slight decrease from the beginning of the year, while the provision coverage ratio was 237.03% [5][27]. - Capital adequacy ratios improved, with the total capital adequacy ratio and core Tier 1 capital ratio at 19.35% and 14.1%, respectively, as of the end of September [5][27]. Investment Recommendations - The company is recognized for its comprehensive operational advantages, leading market share, and dividend yield compared to peers [6][32]. - The report forecasts BVPS for 2024-2026 at 12.82 yuan, 13.81 yuan, and 14.88 yuan, with corresponding PB ratios of 0.62X, 0.57X, and 0.53X [6][32].

Investment Rating - The investment rating for the company is "Recommended" [2][8][12] Core Views - The company's profitability has returned to positive year-on-year growth, with a slight improvement in revenue [5][8] - The overall asset quality remains stable, with a non-performing loan (NPL) ratio holding steady at 1.35% [8][10] - The company is focusing on long-term strategies in housing rental, inclusive finance, and financial technology, which are expected to enhance its transformation efforts [8][10] Financial Performance Summary - For the first three quarters of 2024, the company achieved operating income of 569 billion yuan, a year-on-year decrease of 3.3% [4][10] - The net profit attributable to shareholders was 255.8 billion yuan, reflecting a slight increase of 0.1% year-on-year [4][10] - The annualized return on equity (ROE) was reported at 11.03% [4][10] Revenue Breakdown - The net interest income decreased by 5.9% year-on-year, impacted by declining interest margins [5][10] - Non-interest income increased by 6.8% year-on-year, with significant contributions from foreign exchange gains [5][10] - The company’s total assets reached 40.9 trillion yuan, marking an 8.1% increase year-on-year [4][10] Asset Quality and Provisioning - The NPL ratio remained stable at 1.35%, indicating solid asset quality [8][10] - The provision coverage ratio decreased to 237%, but remains at a high level, ensuring adequate provisioning [8][10] Future Outlook - The company is expected to continue its stable growth trajectory, with projected earnings per share (EPS) of 1.32, 1.36, and 1.43 yuan for 2024, 2025, and 2026 respectively [8][10] - The price-to-book (P/B) ratios for the next three years are projected at 0.63x, 0.58x, and 0.54x [8][10]

Investment Rating - Maintain "Buy" rating with a target price of 7.92 RMB [1] Core Views - Revenue growth turned positive, with a year-on-year increase of 0.1% in net profit attributable to shareholders, reaching 255.8 billion RMB [1] - Net interest income declined by 5.9%, while non-interest income grew by 6.8% [1] - The company's scale expansion accelerated, with a year-on-year growth of 8.7% in interest-bearing assets and 8.9% in loans [1] - Non-performing loan ratio remained low at 1.35%, with a provision coverage ratio of 237% [3] - Capital adequacy ratios improved, with core tier 1 capital adequacy ratio reaching 14.1% [4] Financial Performance - Revenue for the first three quarters was 569 billion RMB, a year-on-year decrease of 3.3% [1] - Net profit attributable to shareholders was 255.8 billion RMB, a year-on-year increase of 0.1% [1] - Annualized ROAE was 11.03%, down 1 percentage point year-on-year [1] - Net interest margin (NIM) was 1.52%, narrowing by 2 basis points compared to the first half of the year [2] - Non-interest income accounted for 22.5% of total revenue, with a growth rate of 6.8% [3] Asset Quality - Non-performing loan ratio remained stable at 1.35% [3] - Provision coverage ratio was 237%, down 1.7 percentage points from the previous quarter [3] - Credit impairment losses accounted for 12% of revenue, down 3.5 percentage points year-on-year [3] Capital Adequacy - Core tier 1 capital adequacy ratio increased by 9 basis points to 14.1% [4] - Tier 1 capital adequacy ratio and total capital adequacy ratio were 15% and 19.4%, respectively [4] - The company issued 50 billion RMB in subordinated bonds and 50 billion RMB in TLAC non-capital bonds to optimize capital structure [4] Loan and Deposit Structure - Corporate loans increased by 10.4% year-to-date, while retail loans grew by 1.4% [1] - Loans to technology enterprises, strategic emerging industries, and green loans increased by 13.5%, 22%, and 18%, respectively [1] - Deposits grew by 2.3% year-on-year, with time deposits accounting for 57% of total deposits [1] Profit Distribution - The company announced a mid-term dividend of 49.3 billion RMB, with a dividend payout ratio of around 30% [4] - A-share dividend yield was 5.05%, while H-share dividend yield was 7.34% [4] Strategic Focus - The company is advancing its "housing rental," "inclusive finance," and "financial technology" strategies [5] - Focus on optimizing asset and liability structure, with a steady increase in credit demand expected as the economy recovers [5]

中新社北京10月30日电 (记者 王恩博)随着中国密集出台金融支持房地产政策，市场正出现积极迹象。 中国建设银行住房金融与个人信贷部负责人30日透露，近期该行个人住房贷款受理投放环比回升。 9月24日，国务院新闻办公室举行发布会，公布了引导银行降低存量房贷利率、统一房贷最低首付比例 等多项房地产金融新政，被视作推动市场止跌回稳的重磅措施。 上述负责人在30日举行的建行2024年第三季度业绩说明会上表示，建行此前发布公告，于10月25日对符 合条件的存量房贷利率进行批量调整。经测算，符合本次调整条件的贷款超过1200万笔，利率下调幅度 与同业基本一致，利率调整后将有效减轻相关房贷客户的还贷压力。 这位负责人在回答中新社记者提问时称，9月24日国务院新闻办公室发布会后，9月24日至9月30日，建 行个人住房贷款提前还款规模较8月同期环比下降19%；10月1日至10月27日，个人住房贷款提前还款规 模较9月同期减少3%，长期趋势仍待进一步观察。 此外，9月第四周，建行个人住房贷款日均受理量环比第三周提升6.17%；10月国庆节后三周，个人住 房贷款日均受理量进一步提升，较9月第四周提升48.13%。 另据当天公布的 ...