Core Viewpoint - Industrial and Commercial Bank of China (ICBC) has successfully issued its second tranche of perpetual capital bonds for 2025, with a total issuance size of RMB 40 billion, aimed at supplementing its other Tier 1 capital [1] Group 1: Bond Issuance Details - The bond issuance was approved by relevant regulatory authorities and completed on November 10, 2025 [1] - The bonds were recorded on November 6, 2025, with a fixed interest rate of 2.21% for the first five years, after which the rate will be adjusted every five years [1] - The issuer retains the conditional redemption right on each interest payment date starting from the fifth year [1] Group 2: Fund Utilization - The funds raised from this bond issuance will be used in accordance with applicable laws and regulatory approvals to enhance the bank's other Tier 1 capital [1]

证券代码：601398 证券简称：工商银行 公告编号：临 2025-043 号 中国工商银行股份有限公司 关于 2025 年无固定期限资本债券（第二期）（债券通） 发行完毕的公告 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。 经相关监管机构批准，中国工商银行股份有限公司（简称本行）2025 年无 固定期限资本债券（第二期）（债券通）（简称本期债券）已于近日在全国银行间 债券市场发行完毕。 本期债券于 2025 年 11 月 6 日簿记建档，并于 2025 年 11 月 10 日完成发行。 本期债券发行规模为人民币 400 亿元，前 5 年票面利率为 2.21%，每 5 年调整一 次，在第 5 年及之后的每个付息日附发行人有条件赎回权。 本期债券募集资金将依据适用法律和主管部门的批准，用于补充本行其他一 级资本。 1 特此公告。 中国工商银行股份有限公司董事会 二〇二五年十一月十日 ...

Core Viewpoint - Industrial and Commercial Bank of China (ICBC) has successfully issued its second phase of perpetual capital bonds for 2025, with a total issuance scale of RMB 40 billion, aimed at supplementing its other Tier 1 capital [1] Group 1: Bond Issuance Details - The bond was recorded on November 6, 2025, and the issuance was completed on November 10, 2025 [1] - The coupon rate for the first five years is set at 2.21%, with adjustments every five years thereafter [1] - The issuer retains a conditional redemption right on each interest payment date starting from the fifth year [1] Group 2: Fund Utilization - Proceeds from the bond issuance will be used to supplement ICBC's other Tier 1 capital, subject to applicable laws and regulatory approvals [1]

Core Viewpoint - The Industrial and Commercial Bank of China (ICBC) has successfully issued its second tranche of perpetual capital bonds for 2025, with a total scale of 40 billion yuan, aimed at supplementing other Tier 1 capital [1] Group 1: Bond Issuance Details - The bond issuance was completed in the interbank bond market after receiving regulatory approval [1] - The bonds were recorded on November 6 and completed issuance on November 10 [1] - The coupon rate for the first five years is set at 2.21%, with adjustments every five years thereafter [1] Group 2: Financial Implications - The funds raised from this bond issuance will be utilized to enhance the bank's other Tier 1 capital [1]

Group 1 - The Hong Kong stock market saw significant gains on November 10, with the Hang Seng Index rising by 1.55% to close at 26,649.06 points, the Hang Seng Tech Index increasing by 1.34% to 5,915.56 points, and the National Enterprises Index up by 1.90% to 9,443.24 points [1] - The Hang Seng Index opened at 26,319.40 points, fluctuated around this level in the morning, and surged in the afternoon, ultimately gaining 407.23 points with a total turnover exceeding 214.7 billion HKD [1] - The southbound trading under the Stock Connect saw a net inflow of over 6.6 billion HKD on the same day [1] Group 2 - Most sectors experienced upward movement, including biopharmaceuticals, technology, real estate, gold, banking, insurance, brokerage, and new consumption, while sectors like coal, lithium batteries, and building materials showed mixed results, and chips and electricity sectors mostly declined [1] - Notable individual stock performances included Pop Mart rising by 8.11%, China Resources Land increasing by 4.45%, BYD gaining 3.98%, and Ideal Auto up by 2.39%, while SMIC fell by 0.99% [1] - Among the top three stocks by trading volume, Tencent Holdings rose by 2.44% with a turnover exceeding 9.3 billion HKD, Alibaba increased by 2.06% also with over 9.3 billion HKD in turnover, and Xiaomi Group saw a slight increase of 0.28% with a turnover exceeding 6.9 billion HKD [2]

Core Viewpoint - The banking industry is experiencing a wave of app closures, with many banks, including state-owned and city commercial banks, shutting down their independent apps, particularly in the credit card and direct banking sectors [2][3]. Group 1: App Closures and Mergers - Over 10 small and medium-sized banks have completed the shutdown of their credit card apps in 2024, with at least 6 more expected to follow by October 2025, integrating their functions into main mobile banking apps [3]. - China Bank has become the first state-owned bank to close its independent credit card app, "Bountiful Life," migrating all functions to the "Bank of China" app [2][3]. - The trend of closing direct banking apps began earlier, with at least 21 banks ceasing operations of their direct banking apps in 2023, reducing the number of such apps to less than one-tenth of their peak [3][8]. Group 2: Reasons for App Consolidation - The closure of multiple apps is driven by the need to reduce operational costs and improve user experience, as many independent apps have low user engagement and high maintenance costs [7][8]. - Regulatory pressures have accelerated the consolidation process, with financial authorities mandating banks to optimize or terminate apps that have low user activity and high compliance risks [8]. - The credit card industry is entering a contraction phase, with a decline in the number of credit cards issued and overall transaction activity, prompting banks to shut down underperforming apps [8]. Group 3: User Behavior and Market Trends - Users prefer a single app that offers comprehensive financial and lifestyle services, leading banks to recognize the importance of a unified digital experience [7][9]. - The banking sector is transitioning from a phase of aggressive app proliferation to a more rational approach, focusing on enhancing user engagement and operational efficiency [7][9]. - The decline in user engagement is evident, with only a few credit card service apps achieving over 10 million monthly active users, while many others struggle to maintain relevance [6][7].

Core Insights - The report highlights the significant growth and development of inclusive finance in China, particularly focusing on small and micro enterprises and rural areas, with a notable annual growth rate of over 20% in inclusive micro loans during the 14th Five-Year Plan period [1][2] - As of June 2025, the balance of inclusive micro loans reached 36 trillion yuan, which is 2.3 times that of the end of the 13th Five-Year Plan, with a decrease in interest rates by 2 percentage points [1][2] - The average interest rate for newly issued inclusive micro loans was 3.48% as of June 2025, reflecting a decrease of 66 basis points year-on-year [1][2] Group 1: Digital Empowerment - Digital technology has been a key driver for the development of inclusive finance, with banks utilizing big data and AI to enhance loan approval efficiency and reduce financing costs [2][7] - The market structure among banks is changing, with large commercial banks holding a 45.11% share of inclusive micro loans, while rural financial institutions have seen a decline in their market share [2][3] - The average growth rate of inclusive micro loans has been slowing down, with a decrease from 30.9% in 2020 to 12.3% by mid-2025 [2][3] Group 2: Performance of Listed Banks - Among listed banks, Agricultural Bank of China, Industrial and Commercial Bank of China, and Beijing Bank reported the highest growth rates in inclusive micro loans at 18.50%, 17.30%, and 17.27% respectively [3][4] - In contrast, some banks, including Shanghai Bank and Zhengzhou Bank, experienced negative growth rates of -3.97% and -2.06% [3][4] - The performance of different banks varies significantly, with state-owned banks generally showing stronger growth in inclusive micro loans compared to smaller banks [3][4] Group 3: Interest Rates and Risk Management - The interest rates for newly issued inclusive micro loans have decreased across various banks, with the highest rate at 4.20% and the lowest at 2.94% [7][8] - The gap in interest rates between large and small banks is narrowing, with some large banks' rates aligning closely with those of smaller banks [8][9] - The report emphasizes the importance of risk management in the inclusive finance sector, with several banks focusing on improving asset quality and managing non-performing loans [9][10]

Core Viewpoint - The 15th National Games serves as a platform for showcasing the vitality of the Guangdong-Hong Kong-Macao Greater Bay Area, with the Industrial and Commercial Bank of China (ICBC) Shenzhen Branch playing a pivotal role in providing comprehensive financial services to enhance the event and benefit the local community [1][2][5]. Group 1: Financial Services and Innovations - ICBC Shenzhen Branch has launched various themed financial products, including debit and credit cards, and digital RMB wallets, aimed at facilitating transactions for participants and attendees during the National Games [3][4]. - The themed debit card is available nationwide, targeting athletes, staff, volunteers, and spectators, and can be used across various consumption scenarios in the city [3]. - The digital RMB wallet supports contactless payments without the need for internet or power, enhancing convenience for users [3][4]. Group 2: Event Support and Community Engagement - ICBC Shenzhen Branch established a "Financial Services Command Center" to ensure efficient and secure financial services during the event, including cash supply and emergency response mechanisms [5][6]. - The bank set up ticket service counters in five branches, providing a dedicated space for ticket purchases and enhancing customer experience [6]. - Over 600 volunteers from ICBC Shenzhen Branch are providing various services around the event venues, showcasing community spirit and support [6]. Group 3: Economic Impact and Support for Local Businesses - The hosting of the National Games has stimulated growth in related industries such as culture, sports, and tourism, with ICBC Shenzhen Branch actively providing financial support to local enterprises [7][8]. - The bank has allocated over 3 billion yuan in credit to the sports industry in Shenzhen, with 1 billion yuan in preferential loans for small and micro enterprises [8]. - ICBC Shenzhen Branch is offering comprehensive financial services to over 100 key enterprises in the sports sector, promoting the development of cultural and creative industries [8]. Group 4: Regional Integration and Future Outlook - The National Games is a strategic opportunity for promoting regional collaboration and integration within the Greater Bay Area, with ICBC Shenzhen Branch facilitating cross-border financial services [9][10]. - The bank has deployed 540 foreign currency self-service devices in Shenzhen to enhance payment experiences for international visitors [9]. - ICBC Shenzhen Branch aims to continue innovating financial products and services to support the development of sports and regional cooperation in the future [10].

Group 1: Event Overview - The 15th National Games officially commenced on November 9, marking the first time the event is co-hosted by Guangdong, Hong Kong, and Macau, featuring a large scale and diverse participation [1] - Financial institutions have mobilized to support the event, with the People's Bank of China Guangdong Branch leading efforts to implement financial services aimed at enhancing the sports industry [1] Group 2: Green Financing Initiatives - The construction of renovated sports venues in Guangzhou, including the Tianhe Sports Center, was supported by over 100 million yuan in funding from China Construction Bank [2] - A total of 700 billion yuan in credit support has been provided for infrastructure projects related to the National Games, with nearly 200 billion yuan allocated to green infrastructure projects [2] Group 3: Payment Experience Enhancements - The Bank of China Guangdong Branch has upgraded services allowing Hong Kong and Macau residents to open mainland accounts remotely, enhancing accessibility for event participants [3] - A comprehensive payment settlement system has been established, featuring ATMs, currency exchange machines, and POS systems to cater to diverse payment needs for attendees [3] Group 4: Digital Currency Innovations - Agricultural Bank of China has introduced digital RMB self-service devices at event dining locations, allowing for quick and interactive payment experiences [4] - Consumers can purchase tickets for the National Games using digital RMB through the Industrial and Commercial Bank of China's online platform [4] Group 5: Security Financing Support - China Bank provided critical financial support to security service providers for the event, facilitating quick loan approvals and efficient payroll solutions [5] - Agricultural Bank of China offered 1.21 million yuan in funding to a sports development company, aiding in the construction of a new multi-sport facility [6] Group 6: Consumer Market Activation - The Industrial and Commercial Bank of China launched a commemorative credit card for the National Games, offering discounts on tickets and at various merchants [7] - Over 200 billion yuan has been financed for sports-related enterprises, with more than 1 billion yuan allocated for promotional activities to stimulate consumer spending [7]

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (71.56%), Gree Power (69.48%), and COSCO Shipping Energy (68.98%) [1] - The companies with the largest increase in holdings over the last five trading days include CNOOC (+27.13 billion), Xiaomi Group (+25.79 billion), and Southern Hengtai Technology (+22.70 billion) [1] - The companies with the largest decrease in holdings over the last five trading days include SMIC (-22.26 billion), Hua Hong Semiconductor (-10.25 billion), and Alibaba Group (-9.05 billion) [2] Hong Kong Stock Connect Holding Ratios - China Telecom (00728): 99.31 billion shares, 71.56% holding ratio [1] - Gree Power (01330): 2.81 billion shares, 69.48% holding ratio [1] - COSCO Shipping Energy (01138): 8.94 billion shares, 68.98% holding ratio [1] - Other notable companies include China Shenhua (67.68%) and Southern Hengtai Technology (61.58%) [1] Recent Increases in Holdings - CNOOC (00883): +27.13 billion, +12.81 million shares [1] - Xiaomi Group (01810): +25.79 billion, +6.11 million shares [1] - Southern Hengtai Technology (03033): +22.70 billion, +39.66 million shares [1] - Other companies with significant increases include China Mobile (+12.47 billion) and Industrial and Commercial Bank (+11.24 billion) [1] Recent Decreases in Holdings - SMIC (00981): -22.26 billion, -2.95 million shares [2] - Hua Hong Semiconductor (01347): -10.25 billion, -1.29 million shares [2] - Alibaba Group (09988): -9.05 billion, -0.57 million shares [2] - Other companies with notable decreases include Sunny Optical (-5.81 billion) and Jiangxi Copper (-5.34 billion) [2]