Core Viewpoint - The Industrial and Commercial Bank of China (ICBC) has announced the issuance of multiple series of medium-term notes under its $20 billion global medium-term note program, aimed at professional investors [1][2]. Group 1: Issuance Details - ICBC's Hong Kong branch has issued $1 billion floating rate medium-term notes maturing in 2029 [2] - The Luxembourg branch has issued €500 million medium-term notes with a fixed interest rate of 2.750%, also maturing in 2029 [2] - The London branch has issued £250 million medium-term notes with a fixed interest rate of 4.500%, maturing in 2029 [2] Group 2: Listing Information - The notes are set to be listed on the Hong Kong Stock Exchange and are intended for professional investors as defined by the relevant regulations [2] - Each series of notes is also intended to be listed on the official list of the Luxembourg Stock Exchange and traded on its Euro MTF market [3] - Additionally, the notes are expected to be approved for trading on the International Securities Market of the London Stock Exchange [3]

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report provides a comprehensive analysis of 219 regional banks in Shandong Province, highlighting their asset structure, profitability, and asset quality compared to listed banks [6][21] - The asset growth rate of major city commercial banks in Shandong is 13.5%, which is lower than the 14.2% growth rate of listed city commercial banks [26] - The report indicates that the loan-to-asset ratio for city commercial banks is 54.9%, while for rural commercial banks it is 51.6%, both showing a slight year-on-year decline [31] - The profitability metrics reveal that the return on assets (ROA) for city commercial banks in Shandong is 50 basis points lower than that of listed city commercial banks, and the return on equity (ROE) is 3.09 percentage points lower [6][31] - The asset quality of regional banks in Shandong is weaker than that of listed banks, with non-performing loan ratios higher by 21 basis points for city commercial banks and 72 basis points for rural commercial banks [6][31] Summary by Sections 1. Economic Structure of Shandong Province - Shandong Province is implementing initiatives to enhance its economic development, focusing on green and high-quality growth [13] 2. Overview of Regional Banks in Shandong - Shandong has 219 commercial banks, including 14 city commercial banks, 91 village banks, and 110 rural commercial banks [21] - The report notes that the majority of these banks were established between 2011 and 2015, with 125 banks founded during this period [21] 3. Asset and Liability Structure - The asset growth of major banks has remained stable since 2017, with city commercial banks showing a growth rate of 13.5% in the first half of 2025 [26] - The report highlights that the loan structure is predominantly corporate loans, with city and rural commercial banks having corporate loan ratios of 72.7% and 64.2%, respectively [32] 4. Profitability and Asset Quality - The report indicates that the profitability of Shandong's regional banks is lower than that of listed banks, with city commercial banks' ROA at 0.66% and ROE at 9.43% [6][31] - The non-performing loan ratio for city commercial banks is reported at 1.21%, which is higher than the average for listed banks [31] 5. Capital Adequacy - The capital adequacy ratios for city and rural commercial banks in Shandong are reported to be 13.4% and 13.8%, respectively, indicating a sufficient safety margin [6][31]

国家知识产权局信息显示，中国工商银行股份有限公司取得一项名为"策略模型的处理方法、装置及计 算机可读存储介质"的专利，授权公告号CN115269973B，申请日期为2022年7月。 天眼查资料显示，中国工商银行股份有限公司，成立于1985年，位于北京市，是一家以从事货币金融服 务为主的企业。企业注册资本35640625.7089万人民币。通过天眼查大数据分析，中国工商银行股份有 限公司共对外投资了28家企业，参与招投标项目10982次，财产线索方面有商标信息969条，专利信息 5000条，此外企业还拥有行政许可79个。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 ...

Investment Rating - The report maintains a positive outlook on the banking industry, indicating a transition towards stable profitability and high-quality development during the "15th Five-Year Plan" period, with a recommendation to focus on high-quality banks that are expected to recover towards a 1x price-to-book (PB) ratio [7]. Core Insights - The banking landscape has undergone significant changes during the "14th Five-Year Plan," characterized by a trend towards the dominance of larger banks, with listed banks outperforming non-listed banks in terms of total assets, loans, and net profits [6][19]. - The report highlights three major changes in the banking sector: 1. Increasing concentration among top banks, with listed banks showing superior performance compared to non-listed banks, reflected in a non-performing loan (NPL) ratio of approximately 1.2%, which is half that of non-listed banks [6][15]. 2. A shift in market share dynamics, with state-owned banks gaining dominance, while regional commercial banks are accelerating their growth, and shareholding and rural commercial banks are experiencing a decline [6][19]. 3. Niche operations are emerging as a new direction for smaller banks, with wealth management and investment banking becoming areas where leading shareholding banks are outperforming larger state-owned banks [6][19]. Summary by Sections 1. Dominance of Listed Banks - Listed banks have seen their market share in total assets and loans increase to 81.2% and 79.9%, respectively, as of Q3 2025, marking a recovery from declines during the previous "13th Five-Year Plan" [13][14]. - The net profit share of listed banks has risen to nearly 90%, indicating improved operational efficiency [13][14]. 2. Changing Landscape of Various Banks - State-owned banks have increased their market share in total assets and loans to 50.2% and 52.8%, respectively, during the "14th Five-Year Plan," reflecting their enhanced role as a stabilizing force in the economy [19][22]. - Regional commercial banks have improved their market positions, particularly in economically strong provinces, while shareholding and rural commercial banks have faced challenges, with market shares declining [19][22]. 3. Characteristics of Corporate and Retail Banking - The report notes a growing trend of strong corporate lending and weaker retail lending, which has become a key factor in the competitive dynamics among different types of banks [19][22]. 4. Establishment of a Differentiated Development Ecosystem - The report emphasizes the establishment of a "dislocated development and differentiated operation" ecosystem, where larger banks dominate in volume but face challenges in pricing, while smaller banks focus on flexible service offerings to differentiate themselves [6][19]. 5. Investment Analysis Recommendations - The report suggests focusing on two main investment themes for 2026: 1. Asset expansion, targeting quality regional commercial banks such as Chongqing Bank, Suzhou Bank, and Ningbo Bank [7]. 2. Real estate recovery, focusing on shareholding banks that are expected to recover sooner, such as Industrial Bank, Citic Bank, and China Merchants Bank [7].

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 国家知识产权局信息显示，中国工商银行股份有限公司取得一项名为"文本内容的发布方法、装置、电 子设备及存储介质"的专利，授权公告号CN116486486B，申请日期为2023年4月。 天眼查资料显示，中国工商银行股份有限公司，成立于1985年，位于北京市，是一家以从事货币金融服 务为主的企业。企业注册资本35640625.7089万人民币。通过天眼查大数据分析，中国工商银行股份有 限公司共对外投资了28家企业，参与招投标项目10981次，财产线索方面有商标信息969条，专利信息 5000条，此外企业还拥有行政许可79个。 ...

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 国家知识产权局信息显示，中国工商银行股份有限公司取得一项名为"语音的识别方法、装置、处理器 以及电子设备"的专利，授权公告号CN116486793B，申请日期为2023年4月。 天眼查资料显示，中国工商银行股份有限公司，成立于1985年，位于北京市，是一家以从事货币金融服 务为主的企业。企业注册资本35640625.7089万人民币。通过天眼查大数据分析，中国工商银行股份有 限公司共对外投资了28家企业，参与招投标项目10981次，财产线索方面有商标信息969条，专利信息 5000条，此外企业还拥有行政许可79个。 ...

证券代码：601398 证券简称：工商银行 公告编号：临 2026-006 号 中国工商银行股份有限公司 关于在 200 亿美元全球中期票据发行计划下发行多系列 中期票据刊发发售通函及定价补充文件的公告 中国工商银行股份有限公司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。 中国工商银行股份有限公司（简称本行）香港分行、卢森堡分行以及伦敦分行 在 200 亿美元全球中期票据发行计划（简称计划）下，已向香港联合交易所有限公 司（简称联交所）提交由香港分行发行的于 2029 年到期的 1,000,000,000 美元浮动 利率中期票据、卢森堡分行发行的于 2029 年到期的 500,000,000 欧元利率为 2.750% 中期票据以及伦敦分行发行的于 2029 年到期的 250,000,000 英镑利率为 4.500%中期 票据（合称票据）的上市申请，票据已于 2026 年 3 月 17 日完成上市。根据计划， 票据仅供专业投资者 1购买，详情请参考本行 2026 年 3 月 17 日刊载于联交所"披露 易"网站（www.hkexn ...

3月17日金融一线消息，工商银行今日发布公告称，工商银行香港分行、卢森堡分行以及伦敦分行在200 亿美元全球中期票据发行计划（简称计划）下，已向香港联合交易所有限公司（简称联交所）提交由香 港分行发行的于2029年到期的1，000，000，000美元浮动利率中期票据、卢森堡分行发行的于2029年到 期的500，000，000欧元利率为2.750%中期票据以及伦敦分行发行的于2029年到期的250，000，000英 镑利率为4.500%中期票据（合称票据）的上市申请，票据已于2026年3月17日完成上市。 此外，上述每一系列票据还有意获准在卢森堡证券交易所（简称卢森堡交易所）的官方名单上市并在卢 森堡交易所的 Euro MTF 市场进行交易；以及获准在伦敦证券交易所（简称伦敦交易所）的国际证券市 场进行交易（合称其他交易所）。票据在其他交易所的上市及获准交易（如适用）预计将于2026年3月 17日或之后生效。 责任编辑：曹睿潼 3月17日金融一线消息，工商银行今日发布公告称，工商银行香港分行、卢森堡分行以及伦敦分行在200 亿美元全球中期票据发行计划（简称计划）下，已向香港联合交易所有限公司（简称联交所）提交由 ...

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公告之內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任 何責任。 董事會會議召開日期 中國工商銀行股份有限公司（「本行」）董事會（「董事會」）宣佈，本行將於2026年3月27 日（星期五）舉行董事會會議，以批准本行截至2025年12月31日止財務年度的年度業 績，以及本行股息派發等事宜。 中國工商銀行股份有限公司 董事會 中國，北京 2026年3月17日 於本公告刊發日期，董事會成員包括執行董事廖林先生、劉珺先生、段紅濤先生和王景武先生；非執行董事曹利 群女士、董陽先生和鐘蔓桃女士；獨立非執行董事陳德霖先生、赫伯特•沃特先生、莫里•洪恩先生、陳關亭先生、 李偉平先生和李金鴻先生。 中國工商銀行股份有限公司 INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED （於中華人民共和國註冊成立的股份有限公司） 股份代號：1398 ...

工商银行公告称，香港分行、卢森堡分行、伦敦分行在200亿美元全球中期票据发行计划下，向联交所 提交多系列中期票据上市申请，包括1亿美元浮动利率、5亿欧元利率2.750%、2500万英镑利率4.500% 的2029年到期票据，已于3月17日完成上市。上述票据还有意获准在卢森堡交易所和伦敦交易所交易， 预计3月17日或之后生效。 ...