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Galaxy Securities' semi-annual performance interpretation of listed banks: marginal improvement in profit growth, continuing bullish on sector dividend value.
Revenue continues to decline, with marginal improvement in net income growth.
China Construction Bank Corporation (00939.HK): Lin Zhijun officially appointed as an independent non-executive director.
On September 11th, GE Longhui reports that China Construction Bank Corporation (00939.HK) announced that on June 27, 2024, the bank's 2023 shareholders' meeting approved the election of Mr. Lin Zhijun as an independent non-executive director of the bank. The China Banking and Insurance Regulatory Commission has approved Mr. Lin Zhijun's qualification for the position, and Mr. Lin Zhijun has officially assumed the role of an independent non-executive director of the bank.
China Construction Bank Corporation (601939.SH): In July, it has completed the payment of 1.075 billion yuan for the first phase of subscription funds from the National Fund.
On September 10, China Construction Bank Corporation (601939.SH) stated on the interactive platform that the specific actual payment arrangement for the third phase of the National Large Fund will depend on the progress of the investment, the actual funding needs, and the annual budget arrangements. The fund company will issue a notice to the bank and other investors synchronously to fully pay the subscription money, which is not strictly an equal payment every year. In July 2024, the bank has completed the payment of the initial subscription money of 1.075 billion yuan for the third phase of the National Large Fund, as detailed in the bank's semi-annual report for 2024, under the sections 'Other equity and equity participation situations' and 'Subsequent events after balance sheet date'.
A-share midday review: The Shanghai Composite Index and the Shenzhen Component Index hit a new low in the correction, with the banking sector picking up and high-level stocks continuing to decline.
The major indexes of A-shares continued to adjust this morning, with both the Shanghai Composite Index and the Shenzhen Component Index hitting new lows in the adjustment. Internet e-commerce concept stocks rose against the market trend, while banks sector rebounded and high-priced stocks continued to decline.
Deutsche Bank: The pricing of loans in the banking industry in China is becoming more rational, so there is no need to overly worry about net interest margin pressure.
Morgan Stanley pointed out that although the LPR reduction may put pressure on the interest income of the banking industry in China, at the same time, the interest cost paid by banks to depositors is also decreasing, which helps to alleviate the pressure on net interest margin. Morgan Stanley expects that the banking industry will outperform the large cap market in the next 12 months.
China Construction Bank Corporation Shanghai Branch Zhou Jie: Integrated operation of commercial investment banking, all-round service for the development of science and technology innovation | Direct hit on the 2024 Pujiang Forum.
①At the 2024 Pujiang Innovation Forum, a series of specialized forums were held around the topic of technology finance. ②ICBC Shanghai Branch has already established a complete financial solution from 0 to 100 for technology finance services, which can provide services for the entire growth cycle of scientific and technological innovation enterprises.
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