00998 CITIC BANK
- 4.520
- -0.020-0.44%
CITIC BANK News
Zhongtai Securities: Why were bank stocks the top gainer in Q2?
The marginal inflow of various funds and the rare outflow of institutional funds have driven banks to rank first in terms of rising stocks.
Zhejiang Shibao Purchases Wealth Management Product From CITIC Bank; Shenzhen Shares Fall 5%
Citi: The four major domestic banks prefer Industrial and Commercial Bank of China, followed by China Construction Bank, China Merchants Bank, Bank of Communications and Postal Savings Bank.
JPMorgan released a report stating that it remains bullish on the performance of Chinese banks in the second half of the year. The bank has raised its target price for China Construction Bank (03988) from HKD 4 to HKD 4.2, for Agricultural Bank of China (00939) from HKD 6.55 to HKD 6.7, for China Merchants Bank (03968) from HKD 44 to HKD 46, for China Citic Bank Corporation (00998) from HKD 4.4 to HKD 4.55, and for Postal Savings Bank of China (01658) from HKD 4.3 to HKD 4.6. JP Morgan continues to favor the four major Chinese banks with stable profitability and high yield, preferring them in the following order: Industrial and Commercial Bank of China (01398), Agricultural Bank of China (0.
Morgan Stanley: ICBC (01398) is the preferred among the four major domestic banks, followed by BOC (03988), CCB (00939), CMB (03968), BOComm (00998), and PSBC (01658) with target prices.
Goldman Sachs continues to favor the four major domestic banks that have stable profits and high yields, in order of preference: ICBC (01398), AgBank (01288), CCB (00939), and BOC (03988).
Zhongsheng hldg was granted a $0.35 billion regular loan.
Zhongsheng Hldg (00881) announced that on July 31, 2024, the company (as borrower) and Mitsubishi UFJ Bank, Mizuho Bank, Sumitomo Mitsui Banking Corporation, Hang Seng Bank Limited, Bank of East Asia, Limited, The Hongkong and Shanghai Banking Corporation Limited and China CITIC Bank Corporation (as lenders) entered into a financing agreement with a three-year term and a loan amount of USD 0.35 billion. The funds expected to be borrowed under the financing agreement will be used to repay the principal and interest of existing loans of the group.
3 Dividend Stocks On SEHK Yielding Up To 8.2%
China Feihe Subsidiary Avails of 500 Million Yuan Structured Deposit Product
China Feihe subsidiary subscribed to 0.5 billion yuan CITIC Bank financial products
China Feihe (06186) issued an announcement that on July 29, 2024, its wholly-owned subsidiary Heilongjiang Feihe used its idle funds to subscribe to the financial products of China Citic Bank Corporation with a total amount of RMB 0.5 billion. The company insists on ensuring the safety and liquidity of funds, meets the capital needs of the group's daily operations, dividends, and other funds after reasonable and effective operation of phased idle funds, and improves the company's fund income. Subscribing to the Citic Bank Wealth Full Yield No. 51 product has low risks but can achieve higher financial returns than the current savings or fixed deposits generally provided by Chinese commercial banks.
China Feihe Unit Buys 500 Million Yuan Structured Deposit Product
Banks stocks generally decline, CM Bank (03968) falls 4.35%, Guolian Securities points out that there may be increased pressure on bank interest spreads.
Bank stocks fell across the board, with CM Bank (03968) down 4.35%, CEB Bank (06818) down 2.89%, Minsheng Bank (01988) down 2.87%, and Bank of Communications (03328) and China Citic Bank Corporation (00998) following suit. On the news front, ICBC and ABC will adjust RMB deposit rates from July 25, with the largest reduction in the interest rate for fixed deposit of more than two years, which is 20 basis points. As of the time of publication, the official websites of BOC and CCB have not yet made adjustments, but they are expected to do so soon. According to the information on the ICBC website, the latest policy will be implemented from July 25.
Wuchan Zhongda Issues 2 Billion Yuan Medium-Term Bonds
Citic Sec: Banks sector is expected to continue to recover positions, recommending two main lines.
As of Q2 2024, banks accounted for 2.45% of the heavyweight stocks held by active funds, up 0.21pct from Q1 2024.
Shenzhen Expressway Sells 1.5 Billion Yuan of Commercial Paper
Bank stocks are rising collectively. Bank of Chongqing (01963) rose by 2.8%. Institutions point out that interest rate cuts are not bad for the mid-term fundamentals of banks.
Jinwu Finance News | Bank stocks rise collectively, cqrc bank (03618) up 3.63%, bank of chongqing (01963) up 2.8%, agricultural bank of china (01288) up 2.65%, postal savings bank of china (01658) up 2.19%, bank of communications (03328) up 2.12%, industrial and commercial bank of china (01398) up 2.1%, china citic bank corporation (00998) up 1.98%. GF Sec stated that in the short term, LPR cuts will reduce bank interest rate spreads. If the central bank hedges or the government launches fiscal stimulus, bond yield spreads may widen and interest rate pressure may be alleviated.
Lvji Tech: Shanghai Pudong Development Bank will grant 10 million yuan financing to Lvji International.
Lvji Tech (01745) announced that on June 20, 2024, its wholly-owned subsidiary, Lvji Tech Group Co., Ltd., and the Dongguan Branch of Industrial Bank Co., Ltd. signed a fixed asset loan agreement, with Industrial Bank granting a loan of 43 million yuan to Lvji Tech for the purpose of paying for the data collection expenses of the online electronic navigation intangible asset project purchased by Lvji Tech and Guangzhou Lvji Digital Technology Co., Ltd. On the same day, Lvji Digital, a wholly-owned subsidiary of Lvji Tech, and Industrial Bank also signed a fixed asset loan agreement, with Industrial Bank granting a loan of 43 million yuan to Lvji Digital for the purpose of paying for the expenses incurred by Lvji Tech and Lvji Digital.
GTJA Securities: Diluting the obsession with scale and embracing the new norm of social financing.
PBOC Governor Pan Gongsheng pointed out at the Lujiazui Forum that when the growth of monetary and credit has shifted from supply constraints to demand constraints, if the focus is still on the increase in quantity even in the presence of a "size bias", it obviously contradicts the laws of economic operation. It is expected that the motivation behind banks using bills to pledge loans will significantly weaken, and more attention will be paid to the adjustment of loan structure and improvement of business quality and efficiency. Both social financing and credit will enter a "new normal" of growth.
China Citic Bank Corporation (00998.HK) has completed the issuance of 40 billion yuan in financial bonds.
CITIC Bank Corporation (00998.HK) announced on July 12th that, according to People's Bank of China's "Decision on Granting Administrative Licensing" (Yin Xu Zhun Yu Jue Zi [2024] No. 6), CITIC Bank Corporation Limited (hereinafter referred to as "the Bank") was allowed to issue financial bonds. The new balance of financial bonds in 2024 shall not exceed 80 billion yuan, and the year-end balance of financial bonds shall not exceed 360 billion yuan. The financial bond issued by the Bank in 2024 (first phase) (hereinafter referred to as "this bond") has been registered on July 10th, 2024, and will be issued nationwide on July 12th, 2024.
GF Sec: A summary of the quota and usage of interbank certificates of deposit in the first half of 2024.
Under the policy guidance of idle funds pressure, it is unlikely that state-owned banks will update their filing quotas within the year. In history, only a few urban and rural commercial banks have updated their filing quotas due to the scale of their deposit certificates exceeding the filing quotas, and state-owned banks have no precedent yet.
Hang Seng Index Company: The Hang Seng Stock Connect State-Owned Enterprise Value Index has risen by more than 26% since the beginning of the year, significantly outperforming the market.
Heng Seng Index Company stated that state-owned enterprises have significantly outperformed in the Hong Kong stock market in recent years.
China CITIC Bank Lists $300 Million Bonds on Hong Kong Bourse
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