国泰海通证券股份有限公司 关于《交通银行股份有限公司收购报告书》 之 2025 年半年度持续督导意见 国泰海通证券股份有限公司（以下简称"国泰海通"、"财务顾问"）作为财 务顾问，对于中华人民共和国财政部（以下简称"财政部"、"收购人"）收购交 通银行股份有限公司（以下简称"交通银行"、"上市公司"）事项依照《上市公 司收购管理办法》第六十九条、第七十一条、《上市公司并购重组财务顾问业务 管理办法》第三十一条等有关规定，持续督导期从交通银行公告收购报告书至收 购完成后的 12 个月止（即从 2025 年 3 月 31 日至收购完成后的 12 个月止）。 2025 年 8 月 29 日，交通银行披露了 2025 年半年度报告。结合上述 2025 年 半年度报告及日常沟通，国泰海通出具了 2025 年半年度（从 2025 年 3 月 31 日 至 2025 年 6 月 30 日，以下简称"本持续督导期"）的持续督导意见（以下简称 "本意见"）。本意见所依据的文件、书面资料等由收购人与交通银行提供，收购 人与交通银行保证对其真实性、准确性和完整性承担全部及连带责任。本财务顾 问对所发表意见的真实性、准确性和完整性负 ...

Core Viewpoint - The article highlights the growing popularity and innovative applications of digital RMB at the financial services exhibition, showcasing various engaging activities and promotions to encourage consumer adoption [1][3][7]. Group 1: Digital RMB Experience - The exhibition features an immersive 1,000 square meter area dedicated to digital RMB, allowing visitors to experience its payment convenience through various interactive setups [1]. - Banks are using promotional activities, such as one yuan coffee and blind box draws, to attract consumers to use digital RMB [3]. - A variety of engaging activities, including dart throwing and roulette, are incorporated by financial institutions to enhance the consumer experience with digital RMB [3]. Group 2: Collaborative Initiatives - Beijing Bank collaborates with cultural and culinary enterprises to create an immersive marketplace called "Digital Currency Kaleidoscope," offering activities like "Beijing" themed challenges and chances to win digital currency consumption red envelopes [3][5]. - The partnership between Hanglv Zongheng and Bank of Communications introduces a digital RMB red envelope activity, allowing users to redeem it for discounts on international flight tickets and other services [7]. Group 3: Technological Innovations - The Industrial and Commercial Bank of China (ICBC) and Meituan have developed a digital RMB prepaid card, addressing issues related to prepaid fund inquiries and refunds, ensuring payment security [7]. - ICBC has integrated digital RMB hard wallet acceptance across all 29 subway lines in Beijing, enhancing the convenience of public transport payments [7]. - Tencent is exploring cross-border payment scenarios for digital RMB, having completed "barcode interconnection" verification, allowing users to make payments in various environments using digital RMB [7].

Core Viewpoint - The event held on September 9, organized by the People's Bank of China Fujian Branch and Xiamen Branch, aimed to promote the development of cross-border RMB business and strengthen cooperation between banks and enterprises, marking the 15th anniversary of cross-border RMB policies in Fujian [1][3]. Group 1: Business Development and Performance - The cross-border RMB business of the Xiamen Branch of the Bank of Communications has shown a positive trend, with a total cross-border RMB payment amount increasing by 66.5% in 2024 compared to the previous year, and the payment amount under goods trade increasing by 20.21% year-on-year [1]. - As of August 2025, the proportion of cross-border RMB settlements under goods trade increased by 2.76 percentage points compared to the end of the previous year [1]. Group 2: Service Innovation and Client Support - The bank focuses on "customer needs" and "strategic orientation," enhancing services through a dual-track system of "experts + teams" to support the establishment of "first-time clients" for cross-border RMB [2]. - The bank has developed an online product matrix covering cross-border payments and trade financing, leveraging a multilateral central bank digital currency bridge to address traditional cross-border payment challenges such as speed, cost, and complexity [2]. - A comprehensive financial service agreement was signed with Xiamen Jiaseng Supply Chain Co., Ltd., providing tailored services in international financial settlement, exchange rate risk management, and digital finance to reduce transaction costs and enhance fund management efficiency [2]. Group 3: Future Directions and Strategic Goals - The successful signing of the cross-border RMB financial service agreement reflects the Xiamen Branch's commitment to supporting enterprises in cross-border development in alignment with national policies [3]. - The bank plans to continue following policy guidance, deepen product innovation, and enhance cooperation with enterprises to improve cross-border financial service levels and contribute to the high-quality development of local cross-border finance and the internationalization of RMB [3].

Group 1 - The China International Fair for Trade in Services (CIFTIS) financial services exhibition opened in Beijing, showcasing the Bank of Communications' innovative practices in financial services for the real economy and regional economic development [1] - The Bank of Communications presented various financial products, including "Jiao Yin Torch Loan," which utilizes a big data approval model to address financing challenges for technology-oriented small and micro enterprises [1] - The "Jiao Yin Venture Capital Loan" employs a "loan + external direct investment" model to broaden financing channels for technology companies through partnerships with quality investment institutions in Beijing [1] Group 2 - The bank's "Jiao Yin Park Loan" effectively meets the full-cycle financing needs of park enterprises by integrating various financial services, supporting the growth of technology-oriented companies [1] - The cross-border financial zone "Jiao Lian World, Hui Tong Global" offers comprehensive financial support for enterprises looking to expand internationally and attract foreign investment [1] - The bank focuses on enhancing financial services in key areas such as domestic demand, digital governance, and the silver economy, aligning its capabilities with national needs and public interests [2] Group 3 - The retail business showcased the "cross-province handling" of government services in the Beijing-Tianjin-Hebei region, allowing users to manage over 130 government matters and access various services remotely [2] - The bank has developed a housing rental deposit management and rent supervision system to protect the housing dreams of new citizens through a four-dimensional closed-loop management approach [2] - The silver economy segment integrates various services for the elderly, providing a one-stop resource connection for pension accounts, retirement financial products, and insurance [2] Group 4 - To enhance audience engagement and awareness of digital currency, the bank organized interactive activities featuring hardware wallets and cultural-themed designs [3] - The bank continued popular activities from previous years, such as blind box promotions related to digital currency, offering attendees the chance to win themed merchandise [3] - The exhibition will also host various promotional and educational events, including lectures on fund management and anti-fraud measures [3]

Group 1 - The core initiative of the "Loan Clarity Paper" was officially launched by the Bank of Communications Shenzhen Branch in August 2025, aiming to enhance financial transparency and support the optimization of the business environment in Shenzhen [1] - The "Loan Clarity Paper" categorizes all interest and fees incurred during the loan process, presenting a comprehensive total cost to enterprises, thereby safeguarding their right to know and promoting a customer-centric service philosophy [2] - This initiative serves as a decision-making tool for enterprises, allowing them to accurately understand the true cost of loans and choose the most suitable financing options, effectively addressing the issue of high financing costs [3] Group 2 - A recent case highlighted the effectiveness of the "Loan Clarity Paper," where a small enterprise discovered that many costs, such as insurance and mortgage registration fees, were covered by the bank, leading to a successful loan application without hidden fees [3] - The Bank of Communications Shenzhen Branch plans to continue promoting the "Loan Clarity Paper" to help enterprises reduce costs and improve efficiency, thereby injecting continuous financial support into the development of the real economy [3]

2025年中国国际服务贸易交易会金融服务专题展于9月10日至9月14日在北京首钢园举办。此次展会 以"数智驱动 开放共赢"为主题，全力打造全球金融创新产品和服务展示、重要政策和行业规则发布、 合作伙伴洽谈、前沿金融体验四大平台。 在服务实体经济方面，交通银行北京市分行充分发挥金融科技优势，推动信贷产品创新与服务升级，打 通金融惠企利民的"最后一公里"。面对科技型小微企业融资难融资慢痛点，该行综合运用大数据、隐私 计算、数据沙箱等技术，通过有效整合内外部多维数据源为企业精准画像、事先批量核算预授信额度， 实现主动送"贷"上门，确保金融活水快速精准滴灌至有需求的企业，有效提升金融服务的可得性和满意 度。在贷款提用环节，依托大模型、OCR相结合模式，实现贷款影像资料智能识别和信息比对，缩短 贷款提用环节耗时，切实提升企业融资效率。 在服务人民美好生活方面，交通银行北京市分行聚焦市民"衣食住行"等民生需求，不断丰富数字金融服 务场景、延伸金融服务触角、优化和重塑业务流程，使金融服务"触手可及"。该行深耕汽车金融场景， 将交银车贷产品无缝嵌入汽车厂商购车全流程，为客户提供方便快捷的线上车贷业务，并提供手机银行 +交行贷 ...

Core Viewpoint - The 2025 China International Service Trade Fair Financial Services Exhibition showcases the innovative practices of Bank of Communications in financial services, emphasizing its role in supporting the real economy and regional development [2]. Group 1: Financial Products and Services - Bank of Communications presented various innovative financial products such as "Jiao Yin Torch Loan," "Jiao Yin Venture Capital Loan," "Foreign Trade Quick Loan," and "Carbon Asset Pledge Financing" to demonstrate the synergy between financial services and the real economy [2]. - The "Jiao Yin Torch Loan" targets growing technology-based small and micro enterprises, utilizing a unique big data approval model to address their financing challenges [3]. - The "Jiao Yin Venture Capital Loan" employs a "loan + external direct investment" model to enhance financing channels for technology enterprises through partnerships with quality investment institutions [3]. Group 2: Cross-Border Financial Solutions - The bank established a cross-border financial zone titled "Jiao Lian World, Hui Tong Global," offering comprehensive financial support for enterprises looking to expand internationally or attract foreign investment through solutions like "Foreign Trade Quick Loan" and "E-commerce Pass" [3]. Group 3: Retail and Community Services - The retail business segment highlighted the "cross-province handling" of government services in the Beijing-Tianjin-Hebei region, allowing citizens to manage over 130 government services and access personal social security information seamlessly [3]. - The bank showcased a housing rental deposit management and rent supervision system, aimed at safeguarding the housing dreams of new citizens through a four-dimensional closed-loop management approach [4]. Group 4: Senior Economy and Consumer Services - The bank's senior economy segment focuses on providing a one-stop resource connection for the elderly, integrating pension accounts, retirement financial products, insurance, and trust services [4]. - The retail credit and credit card segment promotes various consumer-friendly products and activities, such as "Hui Min Loan" and "Jiao Yin Car Loan," to stimulate market consumption [4]. Group 5: Digital Currency Engagement - To enhance public engagement and awareness of digital currency, the bank organized interactive activities featuring aesthetically designed hardware wallets and continued popular activities from previous years, such as blind box promotions related to digital RMB [4].

此次参展是交通银行厦门分行深化金融服务、助力企业"出海"的又一重要举措。未来，该行将依托 交通银行总行全球化服务网络与专业能力，持续整合金融资源，为企业提供"出海"全链条金融支持，助 力企业在国际市场稳健发展，为厦门经济贡献金融力量。 （数据来源：交通银行厦门分行） 第二十五届中国国际投资贸易洽谈会举办期间，2025中国（厦门）国际警安法务科技展暨"出海"法 商服务展于9月8日在厦门国际会展中心拉开帷幕。本次展会由厦门市人民政府、中安协主办，紧扣企 业"出海"这一核心需求，致力于打破"出海"全链条服务壁垒，联动多方优质资源。 作为助力企业海外发展的金融力量，交通银行厦门分行携专属"出海"金融解决方案精彩亮相，集中 展示了企业"出海"的金融解决方案，涵盖跨境结算、海外投融资、汇率避险等内容。现场通过一对一咨 询等形式，为企业解答"出海"中的资金流转、风险对冲等实际问题，助力企业在国际市场的探索中，提 前做好资金规划与风险防控。 展会现场，交通银行总行国际业务专家以《直击企业"出海"》为主题，带来了一场精彩的分享。宣 讲围绕交通银行完善的跨境金融服务体系、灵活多样的离在岸融资方案等核心内容，同时结合跨境融资 具体 ...

Core Insights - The article highlights the increasing pace of Chinese enterprises "going global" and the growing need for efficient, convenient, and secure cross-border financial services to support their international operations [1][2] Group 1: Company Overview - The company mentioned is a state-owned enterprise engaged in the supply chain business of coal, agricultural products, and precious metals, facing strict internal approval processes and high payment efficiency requirements [1] - The collaboration with the Bank of Communications' Henan branch has led to significant improvements in the company's cross-border remittance efficiency, saving considerable financial costs annually [2] Group 2: Financial Services Provided - The Bank of Communications has developed a comprehensive cross-border financial service system, including features like "Easy汇" for multi-channel support, batch remittance, real-time image transmission, and automatic routing selection, enhancing the security of customer funds [1] - The implementation of the CIPS standard sender and receiver has improved the efficiency of cross-border payments, addressing the company's pain points and ensuring smooth overseas operations [1] Group 3: Future Collaboration and Strategy - Since the partnership began, the company has completed cross-border remittances totaling $180 million, with plans for further collaboration in international letters of credit and derivative business [2] - The Bank of Communications aims to continue focusing on customer needs, enhancing financial technology innovation, and expanding cross-border financial product offerings, particularly in cross-border RMB services [2]

Core Insights - The state-owned large bank sector experienced a decline of 0.56% on September 8, with Bank of Communications leading the drop [1] - The Shanghai Composite Index closed at 3826.84, up 0.38%, while the Shenzhen Component Index closed at 12666.84, up 0.61% [1] Bank Performance Summary - Postal Savings Bank: Closed at 6.23, up 0.48%, with a trading volume of 1.44 million shares and a turnover of 900 million yuan [1] - Industrial and Commercial Bank: Closed at 7.40, down 0.54%, with a trading volume of 3.54 million shares and a turnover of 2.623 billion yuan [1] - Agricultural Bank: Closed at 7.26, down 0.55%, with a trading volume of 4.694 million shares and a turnover of 3.417 billion yuan [1] - China Construction Bank: Closed at 9.00, down 0.55%, with a trading volume of 1.026 million shares and a turnover of 925 million yuan [1] - Bank of China: Closed at 5.47, down 0.91%, with a trading volume of 3.264 million shares and a turnover of 1.792 billion yuan [1] - Bank of Communications: Closed at 7.17, down 1.24%, with a trading volume of 2.444 million shares and a turnover of 1.758 billion yuan [1] Fund Flow Analysis - The state-owned large bank sector saw a net outflow of 1.157 billion yuan from institutional investors, while retail investors had a net inflow of 660 million yuan [1] - The detailed fund flow for individual banks shows varying levels of net inflow and outflow among institutional, retail, and speculative investors [2]