证券研究报告 交通银行 (3328 HK/601328 CH) 港股通 信贷投放提速，资产质量稳健 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 30 日│中国内地/中国香港 | 国有大型银行 | 公司 25Q1 归母净利润、营收、PPOP 同比+1.5%、-1.0%、-4.5%、增速较 24 年+0.6pct、-1.9pct、-4.6pct，关注点包括资产扩张提速、中收降幅收窄、 不良率环比下行。公司收入多元、经营稳健，维持 A/H 股增持/买入评级。 资产扩张提速，存款定期化延续 3 月末总资产、贷款、存款同比+7.4%、+8.7%、+4.8%，增速较 24 年末分 别+1.4pct、+1.2pct、+1.9pct。对公贷款支撑信贷扩张，Q1 净新增贷款 3630 亿元，其中对公/零售/票据分别占比 80%/10%/10%。公司加大服务实体经 济力度，3 月末长三角、粤港澳、京津冀三大区域贷款较 24 年末+4.5%， 增幅高于贷款整体（+4.2%）。存款增速上行，但延续定期化趋势，3 月末 存款活期率较 24 年末下降 1. ...

Core Viewpoint - The announcement from major Chinese banks regarding the abolition or non-establishment of supervisory boards indicates a significant transformation in the governance structure of the banking sector [1][3]. Group 1: Changes in Governance Structure - Major banks including Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, and Bank of Communications have announced the removal or non-establishment of supervisory boards [1]. - The new Company Law of the People's Republic of China, effective July 2024, allows companies to establish an audit committee within the board of directors, which can perform the functions of a supervisory board [1][3]. - The supervisory board, previously responsible for overseeing financial activities and ensuring compliance, is now optional, with the decision left to the shareholders' meeting [1][3]. Group 2: Implications for Leadership Roles - The cancellation of the supervisory board has led to vacancies in roles traditionally held by the supervisory board chair, often a deputy secretary of the party committee [3]. - Some banks have appointed dedicated deputy secretaries to focus on party-building work, indicating a shift in leadership structure [3]. - The recent resignation of Liu Jin from his position as Vice President of Bank of China, who will now serve as the party committee deputy secretary, reflects these changes [4]. Group 3: Industry Perspectives - There has been considerable discussion within the industry regarding the potential weakening of the supervisory board, with opinions suggesting that the dual system of independent directors and supervisory boards has led to overlapping responsibilities and increased personnel costs [3]. - The National Financial Supervision Administration has clarified that financial institutions can choose to establish an audit committee instead of a supervisory board, further emphasizing the shift in governance practices [3].

Core Viewpoint - Several major Chinese banks, including Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, and China Merchants Bank, have announced the decision to abolish their supervisory boards to optimize corporate governance and reduce management costs while enhancing decision-making efficiency and flexibility [1][3]. Group 1 - The board of directors of Industrial and Commercial Bank of China approved the amendment of its articles of association and the proposal to abolish the supervisory board, which will be submitted for shareholder approval and require approval from the National Financial Regulatory Administration [3]. - Other major banks, such as Agricultural Bank of China, Bank of China, and China Construction Bank, have also passed similar resolutions to abolish their supervisory boards, pending shareholder approval [3]. - China Merchants Bank has stated that the responsibilities of the supervisory board will be transferred to the audit committee of the board, and it will also appoint employee directors while revising relevant articles and internal rules [3]. Group 2 - In late 2024, the National Financial Regulatory Administration issued a notice allowing financial institutions to specify in their articles of association that the audit committee of the board can exercise the powers of the supervisory board, permitting the non-establishment of a supervisory board [3]. - Industry analysts believe that this move will help improve the governance structure of financial institutions by reducing management layers, lowering management costs, and increasing operational efficiency [3]. - The adjustments are expected to align the governance structure of banks more closely with market-oriented and modern requirements as the changes are implemented [3].

大家早上好！这里是今天的早报，每天早上，我都会在这里跟你聊聊昨夜今晨发生了哪些大事儿。本栏目由虎嗅出品。 热点追踪 【辽宁辽阳火灾事故饭店经营者已被控制，善后处置全面展开】 据新华网，记者29日从辽宁省辽阳市委宣传部获悉，辽宁辽阳市白塔区一饭店发生火灾，共造成22人死亡、3人受伤。目前善后处置工作已全面展开， 饭店经营负责人已被警方控制，起火原因正在调查中。 事故发生后，辽宁省、辽阳市有关负责人在现场组织成立灭火搜救、伤员救治、善后处置等工作组，出动22辆消防车、85名消防员迅速扑灭现场明 火，争分夺秒开展搜救，及时疏散周边群众，调派省市专家全力救治伤员。 目前，现场救援工作已结束，伤者生命体征平稳。相关后续工作仍在进行中。 【山西省海归商会发布声明：要求董明珠道歉】 据新浪财经，4月27日，山西省海外回国年轻一代企业家商会（山西省海归商会）发布声明。声明称，针对董明珠近期所发表的"绝不用海归派，海归 派里有间谍"的言论，提出严正抗议，并敦促董明珠纠正错误认知，共同维护开放包容的人才发展环境。 声明称，董明珠将毫无根据的"间谍"猜测强加于整个海归群体，既缺乏数据支撑，更暴露对海外热情学子的偏见。"我们作为热情 ...

Core Viewpoint - Major state-owned banks in China, including Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, and Bank of Communications, along with two joint-stock banks, China Merchants Bank and Huaxia Bank, announced the decision to abolish their supervisory boards, transitioning oversight responsibilities to the audit committees of their boards of directors [1][4][7][10][13][15]. Group 1: Announcement Details - The boards of directors of the major banks have approved the proposals to abolish the supervisory boards and will submit these proposals to the shareholders' meetings for approval [1][4][7][10][13]. - China Merchants Bank will not establish a supervisory board and will have its audit committee assume the supervisory responsibilities, with the current supervisory board not being re-elected after its term ends [13][15]. - Huaxia Bank's board has also approved the proposal to abolish its supervisory board, and related governance structures will be terminated following the official dissolution of the supervisory board [15][16]. Group 2: Regulatory Context - The new revised Company Law of the People's Republic of China, effective July 2024, allows companies to set up audit committees within their boards to perform the functions of supervisory boards, eliminating the need for a supervisory board [17]. - The National Financial Regulatory Administration issued a notice to align governance regulations with the new Company Law, promoting the optimization of governance structures in financial institutions [17][18]. - The notice emphasizes the importance of communication with stakeholders during the transition and aims to enhance governance efficiency and effectiveness [17][18].

记者了解到，监事会撤销后，可以按照公司章程规定，在董事会中设置由董事组成的审计委员会，行使 公司法和监管制度规定的监事会职权。 每经记者 张寿林 每经编辑 张益铭 4月29日晚间，工商银行、农业银行、建设银行、中国银行和交通银行等多家银行宣布撤销监事会。 4月29日晚间，工商银行、农业银行、建设银行、中国银行和交通银行等多家国有大行发布董事会决议 公告称，将修改公司章程，撤销或不再设立监事会，相关议案尚需提交各家银行股东大会审议通过，并 报国家金融监督管理总局。 此外，招商银行也于晚间公告称，根据公司法和证监会、国家金融监管总局关于不设置监事会的有关规 定，该行董事会已审议通过《关于不再设置监事会的议案》，由董事会审计委员会承接法律法规规定的 监事会职权，在董事会设置职工董事，并相应修订公司章程。该决议事项尚需提交股东大会审议。 2024年12月17日，国家金融监督管理总局发布《关于公司治理监管规定与公司法衔接有关事项的通知》 （下称《通知》），明确指出：金融机构可以按照公司章程规定，在董事会中设置由董事组成的审计委 员会，行使公司法和监管制度规定的监事会职权，不设监事会或者监事。 追溯来看，国有银行不设监事 ...

Core Viewpoint - Seven banks in China, including five state-owned banks and two joint-stock banks, announced on the same day that they will no longer establish supervisory boards, aligning with the new Company Law that allows for the establishment of audit committees within the board of directors to perform the functions of supervisory boards [2][15]. Group 1: State-Owned Banks - Industrial and Commercial Bank of China approved the amendment to its articles of association to abolish the supervisory board [3]. - Agricultural Bank of China also passed the resolution to no longer establish a supervisory board [5]. - Bank of China submitted a proposal to the shareholders' meeting to abolish its supervisory board [7]. - China Construction Bank approved the resolution regarding the abolition of the supervisory board and its office [8]. - Bank of Communications passed the proposal to no longer establish a supervisory board [11]. - The proposals from these five banks will be submitted for shareholder approval and subsequently reported to the financial regulatory authority for approval [12]. Group 2: Joint-Stock Banks - China Merchants Bank approved the resolution to abolish the supervisory board, transferring its functions to the audit committee of the board of directors, and will not re-elect the supervisory board after the current term ends [13]. - Huaxia Bank's board approved the resolution to abolish its supervisory board, and related governance systems will be terminated after the supervisory board is officially dissolved [14]. Group 3: Regulatory Context - The revised Company Law, effective July 2024, allows companies to set up audit committees within the board to perform the functions of supervisory boards, thus eliminating the need for supervisory boards [15]. - The financial regulatory authority issued a notice in December 2024, clarifying that financial institutions can choose to maintain supervisory boards or transfer their functions to audit committees based on their actual circumstances [15]. - The changes are expected to reduce management costs and enhance governance flexibility and effectiveness [15].

Group 1 - The six major state-owned banks in China reported a total operating revenue of 910.18 billion yuan and a net profit attributable to shareholders of 344.42 billion yuan in the first quarter, averaging about 3.8 billion yuan in daily profit [1] - Among the banks, Industrial and Commercial Bank of China (ICBC) led with an operating revenue of 212.77 billion yuan, followed by China Construction Bank (CCB) with 190.07 billion yuan, Agricultural Bank of China (ABC) with 186.67 billion yuan, and Bank of China (BOC) with 164.93 billion yuan [1] - The net profit for ICBC and CCB exceeded 80 billion yuan, with ICBC at 84.16 billion yuan and CCB at 83.35 billion yuan, while ABC and BOC reported net profits of 71.93 billion yuan and 54.36 billion yuan, respectively [1] Group 2 - The net interest margin for the six major banks narrowed in the first quarter, with ICBC at 1.33%, CCB at 1.41%, ABC at 1.34%, BOC at 1.29%, Bank of Communications (BoCom) at 1.23%, and Postal Savings Bank of China (PSBC) at 1.71%, showing declines of 15, 16, 10, 15, 4, and 21 basis points respectively [2] - Asset quality improved for ICBC, CCB, ABC, and BoCom, with non-performing loan (NPL) ratios of 1.33%, 1.33%, 1.28%, and 1.30% respectively; BOC's NPL ratio remained stable at 1.25%, while PSBC's NPL ratio increased slightly to 0.91% [2]

股票代码：601328 股票简称：交通银行 编号：临2025-035 交通银行股份有限公司 第十届监事会第十四次会议决议公告 交通银行股份有限公司（以下简称"交通银行"或"本公司"）监事会及全体监事保证 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。 一、监事会会议召开情况 交通银行股份有限公司第十届监事会第十四次会议于2025年4月29日以现场 和视频会议相结合的方式，在上海、北京、南京、新加坡召开。本公司于2025 年4月15日向全体监事发出本次会议通知。由于监事长空缺，半数以上监事共同 推举林至红监事召集并主持会议。会议应到7人，实到6人，关兴社监事书面委托 林至红监事出席会议并行使表决权。部分高管和部门负责人列席会议。本次会议 的召开符合《中华人民共和国公司法》和《交通银行股份有限公司章程》的有关 规定。 二、监事会会议审议情况 （一）关于2025年第一季度报告及业绩公告的决议 会议审议通过了关于2025年第一季度报告及业绩公告的议案，会议认为本公 司2025年第一季度报告的编制和审核程序符合法律、行政法规和监管规定，报告 的内容真实、准确、完 ...

股票代码：601328 股票简称：交通银行 编号：临 2025-034 交通银行股份有限公司 第十届董事会第二十三次会议决议公告 交通银行股份有限公司（以下简称"交通银行"或"本公司"）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。 一、董事会会议召开情况 本公司第十届董事会第二十三次会议于 2025 年 4 月 29 日以现场和视频相结 合的方式，在上海、北京和青岛召开。本公司于 2025 年 4 月 15 日以书面方式向 全体董事和监事发出本次会议通知。任德奇董事长主持会议。出席会议应到董事 18 名，亲自出席董事 18 名。部分监事及高管列席会议。本次会议的召开符合《中 华人民共和国公司法》等法律法规和《交通银行股份有限公司章程》的规定。 二、董事会会议审议情况 （一）关于 2025 年第一季度报告及业绩公告的决议 会议审议批准了《2025 年第一季度报告及业绩公告》，同意按照有关监管 规定予以公开披露。 6 名独立董事发表如下独立意见：同意。 表决情况：同意 18 票，反对 0 票，弃权 0 票 该议案已经董事会审计委员会 ...