证券代码：601939 证券简称：建设银行 公告编号：2025-064 中国建设银行股份有限公司 关于召开2025年第二次临时股东会会议的通知 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) 股东会会议类型和届次 2025年第二次临时股东会会议 日期时间：2025 年 11 月 27 日 14:50 地点：北京市西城区金融大街 25 号 (五) 网络投票的系统、起止日期和投票时间 股东会会议召开日期：2025年11月27日 本次股东会会议采用的网络投票系统：上海证券交易所股东会网络投票系统 (二) 股东会会议召集人：董事会 (三) 投票方式：本次股东会会议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 网络投票系统：上海证券交易所股东会网络投票系统 (一) 本次股东会会议审议议案及投票股东类型 网络投票起止时间：自2025 年 11 月 27 日 至2025 年 11 月 27 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本通告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本通告全部或任何部分內容而產生或因依 賴該等內容而引致之任何損失承擔任何責任。 2025年第二次臨時股東會會議通告 茲通告中國建設銀行股份有限公司（「本行」）謹訂於2025年11月27日14:50於北京市 西城區金融大街25號舉行2025年第二次臨時股東會會議，以審議並酌情通過下列 決議案： 作為普通決議案 1. 2025年中期利潤分配方案 作為特別決議案 2. 發行資本工具和總損失吸收能力非資本債務工具 上述議案的詳情載於本行日期為2025年11月7日的有關召開2025年第二次臨時股東 會會議的通函。除另有指明外，通函已界定詞語與本通告中具有相同涵義。 00939 中國建設銀行股份有限公司 董事會 2025年11月7日 於本通告日期，本行的執行董事為張金良先生、張毅先生和紀志宏先生，本行的 非執行董事為辛曉岱女士、劉芳女士、李璐女士、李莉女士和竇洪權先生，本行 的獨立非執行董事為威廉•科恩先生、梁錦松先生、詹誠信勛爵、林志軍先生和張 為國先生。 - 1 - 附註： - 2 - 1 ...

此乃要件 請即處理 閣下如對本通函任何方面或應採取之行動有任何疑問，應諮詢 閣下之股票經紀或其他註冊證 券商、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已將名下之中國建設銀行股份有限公司股份全部售出或轉讓，應立即將本通函連同隨附 的代理人委任表格及回執交予買主或承讓人，或經手買賣或轉讓之銀行、股票經紀或其他代理 商，以便轉交買主或承讓人。 香港交易及結算所有限公司及香港聯合交易所有限公司對本通函的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本通函全部或任何部分內容而產生或因依 賴該等內容而引致之任何損失承擔任何責任。 00939 2025年中期利潤分配方案 | 釋義 | 1 | | --- | --- | | 董事會函件 | 2 | | 緒言 | 2 | | 2025年中期利潤分配方案 | 3 | | 發行資本工具和總損失吸收能力非資本債務工具 | 4 | | 2025年第二次臨時股東會會議 | 5 | | 2025年第二次臨時股東會會議的表決方式 | 5 | | 推薦意見 | 6 | | 2025年第二次臨時股東會會議通告 | 7 | 釋 義 發行資本工具和總損失吸收能力 ...

Industry Investment Rating - The investment rating for the banking sector is "Outperform" [1] Core Insights - The proportion of corporate loans has increased, while retail demand recovery is being monitored. As of mid-2025, the proportion of corporate loans among listed banks rose by 1.65 percentage points from the end of 2024 to 60.2%. The manufacturing sector's loans accounted for 18.5% of corporate loans, reflecting a recovery in the operations of manufacturing enterprises [3][12] - The flexibility in bond allocation has increased, with bond trading helping to stabilize market fluctuations. In the first half of 2025, listed banks saw a significant decline in other comprehensive income and fair value changes due to interest rate fluctuations. Some banks, primarily state-owned, increased bond trading to enhance investment returns and stabilize net profit growth [3][6] - Asset quality pressure is manageable, with a focus on risks in the retail sector. The overall asset quality remains stable, with the non-performing loan (NPL) ratio for A-share listed banks holding steady at 1.15% as of Q3 2025. However, the average NPL ratio for retail loans increased by 15 basis points to 1.58% compared to the end of 2024 [3][6] Summary by Sections Corporate Loan Structure - The overall asset structure of listed banks shows an increase in loan allocation, with the loan proportion rising by 0.1 percentage points from the end of 2024. State-owned banks increased interbank asset allocation, while small and medium-sized banks focused more on loan issuance [12][19] - Corporate loans remain the primary focus of credit allocation, with corporate loans accounting for 91.1% of all new loans in the first nine months of 2025. Short-term corporate loans made up 33.7% of new corporate loans [17][18] Bond Investment Preferences - The preference for flexible bond allocation has increased, with banks primarily investing in government bonds and central bank bills. The proportion of OCI accounts has risen, indicating a shift towards more flexible investment strategies [6][3] Asset Quality and Risk Monitoring - The asset quality of the banking sector is stable, with a non-performing loan ratio of 1.15% as of Q3 2025. The retail loan sector has shown slight increases in NPL ratios, necessitating ongoing monitoring of risks in this area [3][6]

Group 1 - The new tax policy on gold, effective from November 1, 2025, has caused significant changes in the gold market, affecting both banking operations and gold jewelry prices [1] - Banks have adjusted their gold accumulation services, with some halting the withdrawal of physical gold bars, while account-based services remain largely unaffected [3] - Despite the temporary suspension of certain services, demand for physical gold bars remains high, leading to rapid sales on banking apps [3] Group 2 - Individuals selling used gold jewelry are generally exempt from value-added tax, but frequent and large-scale sales may be classified as business activities, incurring a 3% tax [4] - Retail prices for gold jewelry are expected to rise due to the new regulations, with brands like Chow Tai Fook and Lao Feng Xiang already increasing prices [4] - The new tax policy will reduce input tax deductions for non-investment gold jewelry companies, potentially increasing their costs [5] Group 3 - Consumers are advised to purchase gold bars from Shanghai Gold Exchange member units to avoid the impacts of the new policy, as these transactions are less affected and offer more transparent pricing [7] - For gold jewelry purchases, consumers should compare price increases across brands to avoid overpaying due to policy-induced price hikes [7] - Individuals should be cautious when selling large amounts of used gold jewelry to assess potential tax risks [7]

Core Insights - The article highlights the significant growth and innovation in the railway logistics sector, particularly through the West Land-Sea New Corridor, which has seen a 63.2% year-on-year increase in container shipments, surpassing 1.2 million TEUs in 2023 [2][6]. Group 1: Industry Growth and Opportunities - The opening of the West Land-Sea New Corridor has created more development opportunities for railway freight logistics companies, facilitating smoother operations and increased cargo movement [2][3]. - The financial strain on logistics companies due to traditional funding methods has been alleviated by new financial products introduced by China Construction Bank and China Railway Group, aimed at reducing logistics costs [3][5]. Group 2: Financial Innovations - The introduction of innovative financial products such as "Railway Freight Loan," "Letter of Credit Settlement," and "Railway Document Financing" has provided comprehensive financial services to the railway freight ecosystem, promoting cost reduction and efficiency [3][5]. - The integration of AI technology with logistics and finance has transformed historical data into valuable resources for companies, enabling better credit ratings and lower financing costs [5][6]. Group 3: Impact on Logistics Companies - Companies like Jicheng Logistics have benefited from these financial innovations, receiving credit lines that allow them to pay railway freight without the burden of upfront costs, thus improving cash flow and operational confidence [5][7]. - Over 150 small and micro enterprises in the railway logistics industry have received inclusive credit support, saving over 400 million yuan in logistics costs [6].

Core Insights - Southbound funds increased their holdings in China Construction Bank (00939.HK) by 48.891 million shares on November 6, 2025, marking a continuous increase over the past five trading days with a total net increase of 167 million shares [1] - Over the last 20 trading days, there have been 16 days of net increases in holdings, totaling 217 million shares [1] - As of now, southbound funds hold 33.489 billion shares of China Construction Bank, accounting for 13.92% of the company's total issued ordinary shares [1] Summary by Category Trading Activity - On November 6, 2025, total shares held reached 33.489 billion, with a change of 48.891 million shares, reflecting a 0.15% increase [2] - On November 5, 2025, total shares held were 33.440 billion, with a change of 29.889 million shares, reflecting a 0.09% increase [2] - On November 4, 2025, total shares held were 33.410 billion, with a change of 77.554 million shares, reflecting a 0.23% increase [2] - On November 3, 2025, total shares held were 33.332 billion, with a change of 586,700 shares, reflecting no significant change [2] - On October 31, 2025, total shares held were 33.332 billion, with a change of 10.034 million shares, reflecting a 0.03% increase [2] Company Overview - China Construction Bank is a commercial bank with main business segments including corporate banking, personal banking, and fund operations [2]

Core Insights - The mobile banking app has become a core platform for commercial banks to serve users, optimize experiences, and enhance competitiveness in the context of national digital transformation and financial technology innovation [1] - The integration of AI technology, refined operational strategies, and diversified user demands are reshaping the market landscape and value of mobile banking apps [1] User Flow and Behavior - The user flow of mobile banking apps in China is stabilizing between 650 million to 700 million from 2023 to 2025, indicating a saturated market [2] - The decline in user engagement is evident, with average daily usage time dropping from 4.93 minutes to 2.70 minutes and daily usage frequency decreasing from 4.54 times to 2.86 times [4] Operational Strategies - Refined operations are crucial for banks to break through in a saturated market, focusing on precise user insights and intelligent technology applications [6][7] - AI technology is enhancing refined operations by upgrading interaction experiences, strengthening risk control, expanding diverse scenarios, and improving data operations [9] Rankings and Performance - The top three banks by average monthly active users (MAU) are Agricultural Bank of China (24 million), Industrial and Commercial Bank of China (18.9 million), and China Construction Bank (10.6 million) [11][15] - Among joint-stock commercial banks, China Merchants Bank leads with over 7 million MAU, while other banks like Ping An Bank and CITIC Bank follow closely [16][17] - City commercial banks show strong performance, with Jiangsu Bank leading at 349.6 thousand MAU, and several banks achieving significant growth rates [19][20] Case Studies of Successful Apps - Agricultural Bank of China is integrating financial services with daily life scenarios, achieving a 4.8% growth in MAU [28][29] - China Merchants Bank continues to innovate its app to meet customer needs and leverage AI technology [31] - Beijing Bank is focusing on a digital transformation strategy that combines technology, scenarios, and services [35]

Core Viewpoint - Shenzhen Construction Bank (Shenzhen Bank) has developed a series of innovative financial services tailored for technology enterprises, demonstrating a successful model for financial support in the context of high-quality development driven by technological innovation [2][9]. Group 1: Service Innovation - Shenzhen Bank has created a "heat map" tool to enhance service coverage for over 34,000 technology enterprises in Shenzhen, addressing the challenge of information asymmetry and enabling precise identification and management of service targets [2][8]. - As of September, Shenzhen Bank has provided financing services to over 20,000 technology enterprises, achieving a coverage rate of 80% for specialized and innovative "little giant" enterprises and 60% for national high-tech enterprises [2][8]. - The bank's technology loan balance exceeds 250 billion yuan, with a year-to-date increase of over 50 billion yuan, showcasing its strong service capabilities [2]. Group 2: Differentiated Services - Shenzhen Bank offers differentiated financial services based on the lifecycle needs of enterprises, including a digital financing platform for small and micro technology enterprises that assesses innovation capabilities [3][4]. - The bank has launched specialized online loan products such as "Small Micro Technology e-loan" and "Angel Loan," focusing on technology innovation rather than traditional financial metrics [4]. Group 3: Comprehensive Financial Solutions - For growing medium and large technology enterprises, Shenzhen Bank provides integrated services that address capital needs during business expansion and capital management [5]. - The bank has established a collaborative mechanism to support enterprises in their capital operations, including long-term loans and fundraising management for IPOs [5]. Group 4: Cross-Border Financial Services - Shenzhen Bank has introduced a "one-point access, multi-chain collaboration" service model to meet the increasing demand for cross-border financial services among technology enterprises [6][8]. - The bank collaborates with its international branches to provide comprehensive services, including domestic financing, cross-border financial support, and IPO sponsorship [6]. Group 5: Ecosystem Building - Shenzhen Bank's innovation in technology finance is supported by a robust collaborative mechanism that integrates resources and business operations across domestic and international branches [8]. - The bank has formed specialized teams to provide tailored financial services that align with the unique characteristics of high-growth, high-risk, and asset-light technology enterprises [8][9].

Core Viewpoint - China Construction Bank (CCB) is enhancing its global financial service capabilities during the China International Import Expo (CIIE), leveraging advanced technologies to provide comprehensive financial services to support the real economy and high-quality development [1][5]. Group 1: Service Innovations - CCB's Hongqiao Exhibition Branch is recognized as the "Most Beautiful Service Window" at the first CIIE, showcasing its commitment to innovative and efficient banking services [1]. - The branch offers a wide range of banking services, including both domestic and foreign currency transactions, ensuring that all customer financial needs are met efficiently [2]. - A new "self-service cash exchange machine" has been introduced to enhance customer experience by facilitating easy cash transactions [2]. Group 2: Professional Support Team - CCB has assembled a team of over 50 young employees with expertise in cross-border financial services to provide on-site support during the CIIE [2]. - This team is trained to assist exhibitors with financial policy explanations, product promotions, and various banking services, ensuring a seamless experience for participants [2]. Group 3: Digital Innovations - The introduction of the AI-powered humanoid robot GR2 at the branch aims to enhance customer interaction through intelligent Q&A and reception services [3]. - CCB is optimizing its service processes by integrating online and offline channels, improving customer service efficiency and experience [3]. Group 4: New Financial Products - CCB plans to launch a new comprehensive financial service product for enterprises engaged in cross-border trade and overseas investment during a special event on November 7 [4]. - The event will facilitate discussions on financial collaboration and opportunities for Chinese enterprises going global, highlighting the bank's commitment to supporting internationalization [4]. Group 5: Global Financial Service Center - CCB has established the "CCB Shanghai Global Financial Service Center" to serve as a hub for cross-border financial services, enhancing its global service network [5]. - The center aims to integrate domestic and international resources to provide tailored financial solutions for enterprises at different stages of development [5].