01398 ICBC
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ICBC News
A new round of interest rate cuts for deposits is about to end its first month: small and medium-sized banks continue to follow suit, and some banks have made a second adjustment within the month. Is there still room for further cuts?
① In the context of market interest rate decline, banks are facing continuous pressure to narrow their net interest margin. Some banks have directly lowered deposit interest rates, while others have adjusted them in a phased manner. ② The phenomenon of inverted deposit interest rates is the result of the combined effects of macroeconomic conditions, bank operational strategies, policy guidance, and market expectations.
Northbound water movements | Net sales of 0.083 billion shares by CSPC Pharma (01093), with an increase of 0.4 billion shares in Semiconductor Manufacturing International Corporation (00981) being sold.
On August 22, in the Hong Kong stock market, the net selling of Mainland institutional investors was 8.3 hundred million Hong Kong dollars, of which the net buying of Shenzhen Connect was 1.565 hundred million Hong Kong dollars, and the net selling of Shanghai Connect was 1.648 hundred million Hong Kong dollars.
What is the reason for the year-on-year decrease in net profit of some private banks? The Financial Regulatory Bureau responded.
Liao Yuanyuan said that the net income growth rate of private banks has experienced negative growth. Mainly because these banks have significantly increased their provisions compared to the same period last year, which directly affects the current profits and leads to a temporary decline in net income of private banks.
HK stocks fluctuate | Agricultural Bank of China (01288) fell more than 3%, leading the decline in China mainland banking. Goldman Sachs states that the per-share dividend of China mainland banking may be lower than expected, and net interest margin still
China mainland banking fell today. As of press time, Agricultural Bank of China (01288) fell by 2.77% to HKD 3.51; Bank of China (03988) fell by 1.68% to HKD 3.52; Industrial and Commercial Bank of China (01398) fell by 1.28% to HKD 4.64; and China Construction Bank Corporation (00939) fell by 1.05% to HKD 5.64.
Haige Communications Issues 1 Billion Yuan Medium-Term Bonds
Who is buying banks according to Xingye Securities?
The banking sector has performed well this year, as of August 19th, the Shenwan Bank Index has increased by 19.08%, ranking first among all 31 first-tier industries, with returns exceeding second place by 10%. Among them, the stock prices of the five major banks, including ICBC and China Construction Bank, have set new highs.
Industrial and Commercial Bank of China (01398.HK) plans to hold a board of directors meeting on August 30th to approve the mid-year performance.
Industrial and Commercial Bank of China (01398.HK) announced that the board of directors will hold a meeting on Friday, August 30, 2024 to approve the mid-term performance for the six months ending June 30, 2024, as well as matters such as dividend distribution of the bank.
Date of Board Meeting
Industrial and Commercial Bank of China is the top player in A-share market cap, with gains seen in both the CSI Banks ETF and the CSI Banks ETF Preferred. The E Fund CSI Banks ETF has attracted over 0.75 billion in investment this year.
Industrial and commercial bank of China reached a new high, with its shares rising more than 1.5% this morning in the A-share market. Its stock price also hit a historic high, reaching a market cap of 2.27 trillion yuan, surpassing China Mobile and becoming the new market leader in A-share market cap. The bank index has risen 27% YTD, ranking first among industry indices. As of noon on August 20th, the banks with the biggest YTD gains in the bank sector are Bank of Nanjing and Bank of Communications, with cumulative gains of 47.69% and 45.45% respectively. Among the four major banks, the Industrial and Commercial Bank of China has risen 40.28% YTD, the Agricultural Bank of China has risen 42.57% YTD, the Bank of China has risen 30.74% YTD, and the China Construction Bank has risen YTD.
Bank stocks are being bought out! The six major banks have all reached historic highs, with ICBC becoming the new leader of A-shares.
Is the financial aspect the main cause?
August LPR quote remaining unchanged meets market expectations. Industry experts predict that the main policy interest rate in the fourth quarter may be cut again, which will guide LPR to adjust accordingly.
Last month, the two LPR quotes for different maturity varieties were just lowered by 10 basis points respectively. In addition, the main policy interest rate of the central bank before this quote (7-day reverse repo rate) remained stable. Therefore, the unchanged LPR quotes for the two maturities in August are in line with market expectations.
Express News | Shanghai-Listed Shares of China's "Big Four" State Banks Hit Record Highs
Banks' giants have reached a new high in history! In recent days, northbound funds have been significantly buying up, and the active capital trend has been reviewed. These directions are also receiving hot money for increased positions.
Recently, bank stocks have shown strong performance, especially large-cap giants, with frequent stock price activity. Among them, Industrial and Commercial Bank of China, Construction Bank of China, and Bank of China hit a historic high today. Northbound funds have recently focused on adding holdings in the banking sector, with nearly 90% of bank stocks receiving shareholding in the past five days, and eight individual stocks having a net purchase amount greater than 0.1 billion yuan. In addition to the banking sector, Northbound funds have recently also focused on adding holdings in the electrical utilities, insurance, and securities sectors, while margin financing funds have favored the consumer electronics and chemical pharmaceuticals sectors in recent days.
Banks are intensively launching deposit benefits campaigns, and the effort to attract deposits is increasing. Can the idea of "high interest to attract deposits" be continued?
- With the further reduction of deposit interest rates and the emergence of deposit migration phenomenon, many banks have launched a series of deposit-related welfare activities to attract and stabilize deposits. - Experts believe that attracting deposits with welfare and gifts still has the suspicion of "high-interest deposits", which will inevitably increase the liabilities cost of some banks. Therefore, banks need to closely follow the pain points of customer preferences to improve the quality of financial services.
Hong Kong stocks surged, with CM Bank (03968) up nearly 4%, leading the way in China mainland banking. High dividends still remain the long-term investment logic in the sector.
China mainland banking stocks rose in early trading. As of press time, cm bank (03968) rose 3.4% to HKD 33.45; industrial and commercial bank of china (01398) rose 1.56% to HKD 4.56; postal savings bank of china (01658) rose 1.44% to HKD 4.22; china construction bank corporation (00939) rose 1.09% to HKD 5.57.
As of the end of the second quarter, the total assets of domestic and foreign currency of China's banking and financial institutions amounted to 43.31 trillion yuan, a year-on-year increase of 6.6%.
On August 9th, the China Banking and Insurance Regulatory Commission released the main regulatory indicators data for the banking and insurance industry in the second quarter of 2024.
Industrial and Commercial Bank of China (01398.HK): The China Banking and Insurance Regulatory Commission approves the appointment of Mori Ihuman as an independent non-executive director.
Industrial and Commercial Bank of China (01398.HK) announced on August 8th that the China Banking and Insurance Regulatory Commission has approved Mo Lahoon's eligibility as an independent non-executive director in accordance with relevant regulations. Mo Lahoon's appointment as an independent non-executive director is now effective.
Northbound capital's transaction trends: a net sell of 6.087 billion yuan. Domestic investors once again sold Hong Kong ETFs ahead of the earnings season, while actively buying China Mobile (00941) with a transaction amount exceeding 0.5 billion yuan.
On August 8th, the Hong Kong stock market saw a net sell-off of 6.087 billion Hong Kong dollars by Northern bound funds, with 2.275 billion Hong Kong dollars from the Shanghai-Hong Kong Stock Connect and 3.812 billion Hong Kong dollars from the Shenzhen-Hong Kong Stock Connect.
Express News | Icbc - Considered and Approved Appointments of Duan Hongtao Concurrently as Board Secretary and Concurrently as Company Secretary
Express News | Icbc - Board of Directors Decided to Engage Ernst & Young Hua Ming Llp as Domestic External Auditor of Bank for 2024
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