Core Insights - The issuance of the world's first offshore bond under the Shanghai Free Trade Zone by Bank of Communications' Hong Kong branch marks a significant step in building an offshore financial system aligned with Shanghai's international financial center, aiding the internationalization of the Renminbi [1][2] - The bond features a coupon rate of 1.85% and a maturity of 3 years, receiving ratings of A2 from Moody's and A from Fitch, with custody provided by the Central National Debt Registration and Settlement Co., Ltd [1] - The successful issuance attracted high-quality foreign investors from regions including Hong Kong, the Middle East, and Central America, showcasing the bank's comprehensive financial service capabilities [1][2] Group 1 - The bond is the first public offering of an offshore bond under the Shanghai Free Trade Zone, adhering to the "two ends abroad" principle and international standards [2] - Bank of Communications has established itself as the only institution in the market that integrates six key roles: issuance, investment, underwriting, trust, clearing, and settlement for offshore bonds [2] - The bond is cleared by the Shanghai Free Trade Zone's designated clearing bank, which provides funding collection and interest payment services [3] Group 2 - The bond is registered and custodied within the Shanghai Free Trade Zone, leveraging efficient domestic financial infrastructure for integrated services [4] - The Free Trade Account (FT Account) plays a crucial role in providing cross-border settlement services, facilitating orderly capital flow between the Free Trade Zone and overseas [5] - The bond will be listed simultaneously on the Macau Financial Assets Exchange and the Luxembourg Stock Exchange, reflecting the bank's commitment to the dual circulation development strategy [6]

Core Insights - The issuance of the world's first offshore bond from the Shanghai Free Trade Zone by Bank of Communications Hong Kong branch with a coupon rate of 1.85% and a maturity of 3 years [1] - The bond has received ratings of A2 from Moody's and A from Fitch [1] - The bond will be listed on both the Macau Financial Assets Exchange (MOX) and the Luxembourg Stock Exchange (LuxSE) [1] Summary by Categories Issuance Details - The bond is issued through a public offering and has a coupon rate of 1.85% with a 3-year term [1] - The bond is managed by the Central National Debt Registration and Settlement Co., Ltd. [1] Ratings and Clearing - The bond has been rated A2 by Moody's and A by Fitch, indicating a strong credit quality [1] - The Shanghai Free Trade Zone branch of Bank of Communications serves as the designated clearing bank for the offshore bond [1] Listing Information - The bond will be simultaneously listed on the Macau Financial Assets Exchange (MOX) and the Luxembourg Stock Exchange (LuxSE) [1]

Group 1 - The main focus of the article is on the top 20 stocks that have seen significant inflows of capital as of August 4, with notable amounts listed for each company [1] - The leading stock with the highest inflow is Construction Industry, attracting 513 million yuan, followed closely by Great Wall Military Industry with 509 million yuan [1] - Other notable stocks include Shanhe Intelligent with 440 million yuan and Aerospace Electronics with 425 million yuan, indicating strong investor interest in these sectors [1] Group 2 - The total inflow amounts for the top 20 stocks range from 201 million yuan to 513 million yuan, showcasing a diverse range of investment opportunities [1] - Companies such as China Bank and Zhejiang University Network New both received inflows of 201 million yuan, highlighting their attractiveness to investors [1] - The data reflects a trend of capital moving into specific sectors, which may indicate investor confidence in those industries [1]

2025年8月4日，交通银行（601328）发布公告称，为进一步优化客户服务，提升跨境金融服务体验，交 通银行近期将推出万事达双币借记卡。万事达双币借记卡部分服务项目收费标准与标准借记卡不同，现 公布如下： 1.借记卡工本费：新发卡20元/卡；补换卡20元/卡。 2.境外ATM查询交易：0.54美元/笔。 3.境外ATM取现交易手续费：取现金额的1.8%+1美元/笔。 4.调阅签购单手续费：电子件25元/笔。 其他未列明的服务项目收费标准均按照标准借记卡相关规定执行，具体服务项目收费标准详见交通银行 官网"服务收费名录"专栏公示的《交通银行服务收费名录（2025年4月版）》第三部分"个金业务（一） 银行卡业务（借记卡）"相关内容。 上述服务项目调整之后，具体情况如下： | | | | | 适 | | --- | --- | --- | --- | --- | | 编码 | 服务项目 | 服务内容 | 收费标准 | 用 备注 | | | | | | 客 | | | | | | 户 | | | | | 1、标准卡：标准IC | | | | | | 卡、磁条卡新开卡5 | | | | | | | 借 | | | | ...

Core Viewpoint - The Bank of Communications announced adjustments to its debit card fee structure and will soon launch a Mastercard dual-currency debit card, with different service fee standards compared to standard debit cards [1] Fee Structure Summary - New card issuance fee: 20 yuan per card [1] - Card replacement fee: 20 yuan per card [1] - Overseas ATM inquiry transaction fee: 0.54 USD per transaction [1] - Overseas ATM cash withdrawal transaction fee: 1.8% of the withdrawal amount plus 1 USD per transaction [1] - Retrieval of transaction slip fee (electronic): 25 yuan per transaction [1] - The adjusted service fee standards will take effect on November 4, 2025 [1]

格隆汇8月4日｜交通银行今日宣布调整部分借记卡收费标准，将于近期推出万事达双币借记卡。万事达 双币借记卡部分服务项目收费标准与标准借记卡不同，现公布如下：借记卡工本费：新发卡20元/卡； 补换卡20元/卡。境外ATM查询交易：0.54美元/笔。境外ATM取现交易手续费：取现金额的1.8%+1美元/ 笔。调阅签购单手续费：电子件25元/笔。调整后的服务项目收费标准拟于2025年11月4日起执行。 ...

Core Viewpoint - The article emphasizes that banks in China have evolved beyond traditional banking functions, forming banking groups with multiple subsidiaries and licenses, engaging in various financial services such as leasing, wealth management, and insurance [2]. Group 1: Overview of Major State-Owned Commercial Banks - The total assets, operating income, and net profit of the five major state-owned commercial banks (ICBC, CCB, ABC, BOC, and BOCOM) show a high proportion of their overall scale is derived from their banking operations, with ICBC, CCB, and ABC having a bank content ratio above 90% [2]. - BOC has the lowest bank content ratio among the five, at less than 85% [2]. Group 2: Subsidiaries of Industrial and Commercial Bank of China (ICBC) - ICBC has several major subsidiaries, including ICBC AXA Life Insurance, ICBC Credit Suisse Asset Management, ICBC Financial Leasing, ICBC Financial Asset Investment, and ICBC Wealth Management [3][4]. - As of the end of 2024, ICBC AXA Life Insurance had total assets of 349.54 billion and a net profit of 1.02 billion [6]. - ICBC Credit Suisse managed over 2 trillion in assets and achieved a net profit of 2.11 billion [7]. - ICBC Financial Leasing reported total assets of 417.46 billion and a net profit of 2.48 billion [9]. - ICBC Financial Asset Investment had total assets of 183.86 billion and a net profit of 4.80 billion [11]. - ICBC Wealth Management had total assets of 22.18 billion and a net profit of 1.42 billion [12]. Group 3: Subsidiaries of China Construction Bank (CCB) - CCB's major subsidiaries include CCB Life Insurance, CCB Trust, CCB International, CCB Fund Management, and CCB Financial Leasing [13][14]. - CCB Life Insurance had total assets of 321.28 billion and a net profit of 0.32 billion [15]. - CCB Trust reported total assets of 45.97 billion and a net profit of 0.54 billion [18]. - CCB International had total assets of 72.89 billion and a net profit of 0.01 billion [20]. - CCB Fund Management had total assets of 118.05 billion and a net profit of 0.84 billion [23]. - CCB Financial Leasing reported total assets of 182.15 billion and a net profit of 2.68 billion [24]. Group 4: Subsidiaries of Agricultural Bank of China (ABC) - ABC's major subsidiaries include ABC Life Insurance, ABC Fund Management, ABC International, ABC Financial Leasing, and ABC Wealth Management [34][35]. - ABC Life Insurance had total assets of 213.49 billion and a net profit of 0.88 billion [36]. - ABC Fund Management reported total assets of 4.85 billion and a net profit of 0.25 billion [39]. - ABC International had total assets of 485.33 billion HKD and a net profit of 0.87 billion HKD [41]. - ABC Financial Leasing had total assets of 1111.86 billion and a net profit of 0.78 billion [42]. - ABC Wealth Management had total assets of 228.66 billion and a net profit of 1.96 billion [44]. Group 5: Subsidiaries of Bank of China (BOC) - BOC's major subsidiaries include BOC Investment, BOC Insurance, BOC Aviation, BOC International, and BOC Fund Management [45][46]. - BOC Investment had total assets of 1334.59 billion HKD and a net profit of 1.01 billion HKD [48]. - BOC Insurance reported total assets of 96.75 billion HKD and a net profit of 0.42 billion HKD [49]. - BOC Aviation had total assets of 250.53 billion USD and a net profit of 0.92 billion USD [51]. - BOC International had total assets of 715.48 billion HKD and a net profit of 1.39 billion HKD [53]. - BOC Fund Management had total assets of 64.82 billion and a net profit of 0.79 billion [56]. Group 6: Subsidiaries of Bank of Communications (BOCOM) - BOCOM's major subsidiaries include BOCOM International, BOCOM Life Insurance, BOCOM Insurance, BOCOM Trust, and BOCOM Fund Management [69][70]. - BOCOM International had total assets of 145.15 billion HKD and a net profit of -1.23 billion HKD [71]. - BOCOM Life Insurance reported total assets of 1638.91 billion and a net profit of 1.02 billion [74]. - BOCOM Insurance had total assets of 9.93 billion HKD and a net profit of 0.07 billion HKD [76]. - BOCOM Trust reported total assets of 195.22 billion and a net profit of 0.79 billion [78]. - BOCOM Fund Management had total assets of 83.84 billion and a net profit of 0.88 billion [80].

Core Viewpoint - The issuance of TLAC bonds by state-owned banks aims to enhance their loss absorption capacity and maintain financial stability, attracting diverse investors and achieving oversubscription [1][7]. Group 1: TLAC Bond Issuance - State-owned banks have issued a total of 1,700 billion TLAC bonds, with Agricultural Bank issuing 200 billion and other banks contributing to the total [1][2]. - The issuance of TLAC bonds is a response to the global systemically important banks' requirements for loss absorption capacity [4][5]. - The issuance of TLAC bonds is crucial for meeting the regulatory requirements set for 2025 and 2028, with specific risk-weighted ratios mandated [4][6]. Group 2: Investor Interest and Market Response - TLAC bonds have attracted significant investor interest due to their low credit risk and favorable trading characteristics, leading to oversubscription [7][9]. - The first TLAC bond issuance by Agricultural Bank included a mechanism for oversubscription, which was fully utilized [7]. - The second issuance by the Bank of Communications featured both fixed and floating rate bonds, marking an innovative practice in the commercial banking sector [8][9]. Group 3: Financial Stability and Risk Management - The issuance of TLAC bonds is seen as a pathway to bridge the TLAC gap for global systemically important banks, thereby enhancing their capital strength and risk management capabilities [5][6]. - The floating rate TLAC bonds are expected to provide effective tools for investors to hedge against interest rate risks, contributing to better asset-liability management for banks [9][10].

Core Viewpoint - The issuance of the world's first offshore bond under the Shanghai Free Trade Zone by Bank of Communications marks a significant step in developing an offshore financial system aligned with Shanghai's international financial center, contributing to the internationalization of the Renminbi [2][3]. Group 1: Issuance Details - Bank of Communications Hong Kong branch successfully issued the first offshore bond under the Shanghai Free Trade Zone with a coupon rate of 1.85% and a maturity of 3 years, receiving ratings of A2 from Moody's and A from Fitch [2]. - The issuance was conducted in compliance with the People's Bank of China's policy on developing offshore bonds, following international standards and principles [2]. - The bond attracted high-quality foreign investors from regions including Hong Kong, the Middle East, and Central America, showcasing effective collaboration across multiple locations such as Shanghai, Hong Kong, Macau, and Luxembourg [2]. Group 2: Role of FT Accounts - The Free Trade Account (FT Account) played a crucial role in this issuance, leveraging its "first-line liberalization" policy to provide safe and convenient cross-border settlement services for foreign investors [2]. - This facilitated the orderly and free flow of funds between the Shanghai Free Trade Zone and overseas [2]. Group 3: Market Position and Future Implications - The successful issuance positions Bank of Communications as the only institution in the market that integrates six key functions: issuance, investment, underwriting, trust, clearing, and settlement of offshore bonds [3]. - This development is expected to further promote the high-quality growth of offshore bond business in the Shanghai Free Trade Zone [3].

Group 1 - The core point of the article is that Bank of Communications' Hong Kong branch has issued the world's first offshore bond under the Shanghai Free Trade Zone, with a coupon rate of 1.85% and a maturity of 3 years [1] Group 2 - The bond is managed by the China Central Depository & Clearing Co., Ltd. [1]