Performance Summary - Industrial and Commercial Bank of China (01398.HK) reported Q1 revenue of 204.688 billion yuan, a decrease of 2.61% year-on-year, and a net profit of 84.156 billion yuan, down 3.99% [3] - China Construction Bank (00939.HK) had Q1 operating income of 185.99 billion yuan, down 4.76% year-on-year, with a net profit of 83.351 billion yuan, also down 3.99% [3] - Agricultural Bank of China (01288.HK) achieved Q1 revenue of 186.735 billion yuan, an increase of 0.32% year-on-year, and a net profit of 71.931 billion yuan, up 2.2% [3] - Bank of China (03988.HK) reported Q1 revenue of 164.911 billion yuan, an increase of 2.41% year-on-year, but a net profit of 58.644 billion yuan, down 2.22% [3] - Postal Savings Bank of China (01658.HK) had Q1 revenue of 89.406 billion yuan, a slight decrease of 0.1%, and a net profit of 25.246 billion yuan, down 2.62% [3] - China Merchants Bank (03968.HK) reported Q1 revenue of 83.731 billion yuan, down 3.11% year-on-year, with a net profit of 37.286 billion yuan, down 2.08% [3] - Bank of Communications (03328.HK) had Q1 net operating income of 66.44 billion yuan, down 1.13%, but a net profit of 25.372 billion yuan, up 1.54% [3] - HSBC Holdings (00005.HK) reported Q1 revenue of 17.649 billion USD, down 14.95%, and a post-tax profit of 7.57 billion USD, down 30.15% [3] - China People's Insurance Group (01339.HK) achieved Q1 revenue of 156.589 billion yuan, up 12.8%, and a net profit of 12.849 billion yuan, up 43.4% [3] - China Life Insurance (02628.HK) reported Q1 revenue of 110.177 billion yuan, down 8.9%, but a net profit of 28.802 billion yuan, up 39.5% [3] - New China Life Insurance (01336.HK) had Q1 revenue of 33.402 billion yuan, up 26.1%, and a net profit of 5.882 billion yuan, up 19% [3] - China National Petroleum Corporation (00857.HK) reported Q1 revenue of 753.108 billion yuan, down 7.3%, but a net profit of 46.809 billion yuan, up 2.3% [3] - CNOOC (00883.HK) had Q1 revenue of 106.854 billion yuan, down 4.1%, and a net profit of 36.563 billion yuan, down 7.9% [3] - Huadian International Power (01071.HK) reported Q1 revenue of 26.577 billion yuan, down 14.14%, but a net profit of 1.93 billion yuan, up 3.66% [3] - China International Marine Containers (01880.HK) had Q1 revenue of 16.746 billion yuan, down 10.96%, and a net profit of 1.938 billion yuan, down 15.98% [3] - Air China (00753.HK) reported Q1 revenue of 40.023 billion yuan, down 0.11%, with a net loss of 2.044 billion yuan, an increase of 22.07% [3] - CITIC Securities (06030.HK) achieved Q1 revenue of 17.761 billion yuan, up 29.13%, and a net profit of 6.545 billion yuan, up 32% [3] - China Galaxy Securities (06881.HK) reported Q1 revenue of approximately 7.558 billion yuan, up 4.77%, and a net profit of approximately 3.016 billion yuan, up 84.86% [3] - CITIC Construction Investment Securities (06066.HK) had Q1 operating income of 4.919 billion yuan, up 14.54%, and a net profit of 1.843 billion yuan, up 50.07% [3] - Huatai Securities (06886.HK) reported Q1 revenue of approximately 8.232 billion yuan, up 34.83%, and a net profit of approximately 3.642 billion yuan, up 58.97% [3] - China Railway Construction (01186.HK) had Q1 revenue of 256.762 billion yuan, down 6.61%, and a net profit of 5.151 billion yuan, down 14.51% [3] - China Energy Engineering (03996.HK) reported Q1 revenue of 100.371 billion yuan, up 3.05%, and a net profit of 1.612 billion yuan, up 8.83% [3] - Times Electric (03898.HK) achieved Q1 revenue of 4.537 billion yuan, up 14.81%, and a net profit of 631 million yuan, up 13.42% [3] - Midea Group (00300.HK) reported Q1 revenue of 127.839 billion yuan, up 20.49%, and a net profit of 12.422 billion yuan, up 38.02% [3] - WH Group (00288.HK) had Q1 revenue of 6.554 billion USD, up 6.0%, and a profit of 364 million USD, up 20.9% [3] - Suncity Group (00880.HK) reported Q1 total revenue of 7.48 billion HKD, up 8.1%, and a net profit of 31 million HKD, turning profitable [3] - COSCO Shipping Ports (01199.HK) had Q1 revenue of 3.82 billion USD, up 14.7%, and a net profit of 839 million USD, up 33.5% [3] - Flat Glass Group (06865.HK) reported Q1 revenue of 4.079 billion yuan, down 28.76%, and a net profit of 106 million yuan, down 86.03% [3] - Zoomlion Heavy Industry (01157.HK) achieved Q1 revenue of 12.117 billion yuan, up 2.92%, and a net profit of 1.41 billion yuan, up 53.98% [3] - Ganfeng Lithium (01772.HK) reported Q1 revenue of approximately 3.772 billion yuan, down 25.43%, with a net loss of approximately 356 million yuan, narrowing by 18.93% [3] - Qingdao Port (06198.HK) had Q1 revenue of 4.807 billion yuan, up 8.51%, and a net profit of 1.402 billion yuan, up 6.51% [3] - China Shipbuilding Defense (00317.HK) reported Q1 revenue of approximately 3.641 billion yuan, up 29.73%, and a net profit of approximately 184 million yuan, up about 11 times [3] - Baiyunshan Pharmaceutical (00874.HK) had Q1 revenue of 22.473 billion yuan, down 2.06%, and a net profit of 1.821 billion yuan, down 6.99% [3] Investment Activities - New China Life Insurance (01336.HK) plans to invest no more than 10 billion yuan to subscribe to a private fund [4] - China Life Insurance (02628.HK) intends to invest 2 billion yuan to establish a partnership [4] Contract Signing - China Metallurgical Group (01618.HK) reported a new contract signing amount of 230.66 billion yuan in Q1, a decrease of 27.2% year-on-year, with overseas contracts amounting to 12.04 billion yuan, down 35.7% [5] Energy Production - Xin Tian Green Energy (00956.HK) completed power generation of 4.5442 million MWh in Q1, an increase of 10.37% year-on-year [6] - China Power (02380.HK) reported total electricity sales of 30.7477 million MWh in the first three months, up 2.59% year-on-year, with March sales of 10.9617 million MWh, up 3.95% [6] - Qingdao Port (06198.HK) achieved a total cargo throughput of 177 million tons in the first three months, up 2.9% year-on-year [6] Licensing Agreement - Fuhong Hanlin (02696.HK) entered into a licensing agreement with Sandoz AG for the commercialization of HLX13 in specified regions [6] Privatization Offer - Dingsheng Creation (00113.HK) received a privatization offer at a premium of approximately 50.63%, with a maximum cash consideration of about 1.0986 billion HKD [7] Share Buybacks - AIA Group (01299.HK) repurchased shares for 342.6 million HKD, buying back 6.2592 million shares at prices between 54.25 and 55.35 HKD [8] - J&T Express-W (01519.HK) repurchased shares for 9.2485 million HKD, buying back 1.54 million shares at prices between 5.98 and 6.03 HKD [8]

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分內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 交通銀行股份有限公司 Bank of Communications Co., Ltd. （於中華人民共和國註冊成立的股份有限公司） （股份代號：03328） 2025年一季度業績公告 交通銀行股份有限公司（「本行」）董事會（「董事會」）欣然宣佈本行及其附屬公司 （「本集團」）截至2025年3月31日止三個月（「報告期」）的未經審計業績（「一季度業 績」）。本行董事會及其轄下的審計委員會已審閱並確認此一季度業績。本公告乃 根據《證券及期貨條例》（香港法例第571章）第XIVA部及香港聯合交易所有限公 司證券上市規則第13.09條而作出。 一、公司基本情況 股票簡稱 股票代號 上市交易所 A股 交通銀行 601328 上海證券交易所 H股 交通銀行 03328 香港聯合交易所有限公司 境內優先股 交行優1 360021 上海證券交易所 董事會秘書、公司秘書 | 姓名 | 何兆斌 | | --- | --- ...

Financial Performance - Net profit attributable to shareholders increased by 1.54% to RMB 25,372 million for Q1 2025, compared to RMB 24,988 million in Q1 2024[9] - Operating income for Q1 2025 was RMB 66,374 million, a slight decrease of 1.02% from RMB 67,059 million in Q1 2024[9] - Basic and diluted earnings per share remained stable at RMB 0.34 for both Q1 2025 and Q1 2024[9] - The annualized return on average equity decreased by 0.44 percentage points to 10.35% compared to 10.79% in the previous year[9] - The net profit attributable to shareholders for Q1 2025 was CNY 25.372 billion, representing a year-on-year growth of 1.54%[22] - The bank's net interest income for Q1 2025 was RMB 42,604 million, up from RMB 41,558 million in Q1 2024, indicating a growth of about 2.5%[44] - Net profit for Q1 2025 reached RMB 21,769 million, representing a 2.9% increase compared to RMB 21,160 million in Q1 2024[48] - Total comprehensive income for Q1 2025 was RMB 18,316 million, down 18.5% from RMB 22,551 million in Q1 2024[49] Assets and Liabilities - Total assets increased by 2.61% to RMB 15,288,895 million as of March 31, 2025, compared to RMB 14,900,717 million at the end of 2024[9] - Total liabilities increased by 2.67% to RMB 14,112,326 million from RMB 13,745,120 million at the end of 2024[9] - Shareholders' equity attributable to the parent company increased by 1.89% to RMB 1,165,925 million from RMB 1,144,306 million at the end of 2024[9] - The bank's total liabilities and equity reached RMB 15,288,895 million as of March 31, 2025, up from RMB 14,900,717 million at the end of 2024, indicating an overall growth of approximately 2.6%[39] Customer Loans and Deposits - Customer loans rose by 4.24% to RMB 8,918,134 million, up from RMB 8,555,122 million year-over-year[9] - Customer deposits grew by 3.39% to RMB 9,099,064 million, up from RMB 8,800,335 million year-over-year[9] - The total customer loans amounted to CNY 89,181.34 billion, an increase of CNY 3,630.12 billion, or 4.24% from the previous year[28] - The total customer deposits reached CNY 90,990.64 billion, up by CNY 2,987.29 billion, reflecting a growth of 3.39%[30] Cash Flow - Net cash flow from operating activities improved significantly to RMB 111,600 million, compared to a negative RMB 125,760 million in the same period last year[14] - Cash flow from operating activities generated RMB 111,600 million, a significant improvement from a cash outflow of RMB 125,760 million in Q1 2024[52] - The net cash flow from operating activities was 90,964, compared to a negative 150,319 in the previous period, indicating a significant improvement[55] - Total cash inflow from investment activities was 245,309, up from 222,191 in the previous period, reflecting a positive trend in investment recovery[55] Investment and Income - The commission and fee income for Q1 2025 was CNY 11.594 billion, a decrease of 2.40% year-on-year[25] - The bank's investment income for Q1 2025 was RMB 5,782 million, down from RMB 6,481 million in Q1 2024, a decrease of approximately 10.8%[44] - Investment income for Q1 2025 was RMB 4,429 million, down from RMB 5,075 million in Q1 2024[48] Capital and Regulatory Compliance - The capital adequacy ratio stood at 15.90%, with a Tier 1 capital ratio of 12.07% and a core Tier 1 capital ratio of 10.25%, all meeting regulatory requirements[57] - The group plans to raise up to CNY 120 billion through the issuance of A-shares to supplement its core tier one capital[36] Non-Performing Loans - The non-performing loan balance was CNY 115.451 billion, with a non-performing loan ratio of 1.30%, a decrease of 0.01 percentage points from the previous year[32]

Group 1 - The core viewpoint is that seven major banks in China have decided to abolish their supervisory boards, reflecting a significant transformation in the banking sector in response to regulatory changes [1][2] - The banks involved include Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, China Merchants Bank, and Huaxia Bank, all of which have passed resolutions to eliminate their supervisory boards [1] - The decision aligns with the revised Company Law of the People's Republic of China, effective July 2024, which allows companies to establish an audit committee within the board of directors to perform the functions of a supervisory board [2] Group 2 - The National Financial Regulatory Administration issued a notice in December 2024, indicating that financial institutions can set up an audit committee within the board to exercise the powers of a supervisory board, thereby eliminating the need for a supervisory board [2] - This regulatory change is expected to reduce management costs and enhance the flexibility and effectiveness of corporate governance in the banking sector [2]

智通财经4月29日电，交通银行第一季度净利润253.7亿元人民币，同比增长1.54%。 ...

Financial Performance - Net operating income for Q1 2025 was RMB 66,440 million, a decrease of 1.13% from RMB 67,201 million in Q1 2024[6] - Pre-tax profit increased by 0.67% to RMB 27,533 million, up from RMB 27,349 million[6] - Net profit attributable to shareholders rose by 1.54% to RMB 25,372 million, compared to RMB 24,988 million in the previous year[6] - Basic and diluted earnings per share remained stable at RMB 0.34[6] - The net profit for the three months ended March 31, 2025, was RMB 25,619 million, up from RMB 25,253 million in the same period of 2024[33] - The company reported a pre-tax profit of RMB 27,533 million for the three months ended March 31, 2025, slightly up from RMB 27,349 million in the same period of 2024[42] Assets and Liabilities - Total assets increased by 2.61% to RMB 15,288,895 million as of March 31, 2025, compared to RMB 14,900,717 million at the end of 2024[6] - Total liabilities increased by 2.67% to RMB 14,112,326 million from RMB 13,745,120 million[6] - The company’s total equity rose to RMB 1,176,569 million as of March 31, 2025, from RMB 1,155,597 million at the end of 2024, representing an increase of approximately 1.8%[40] Customer Loans and Deposits - Customer loans rose by 4.24% to RMB 8,918,134 million, up from RMB 8,555,122 million[6] - Customer deposits grew by 3.39% to RMB 9,099,064 million, compared to RMB 8,800,335 million[6] - Customer loan balance at the end of the reporting period was CNY 8,918.134 billion, up 4.24% from the end of the previous year[20] - Customer deposit balance increased to CNY 9,099.064 billion, reflecting a growth of 3.39% compared to the previous year-end[21] Income and Expenses - The net interest income for Q1 2025 was CNY 42.604 billion, an increase of 2.52% year-on-year, accounting for 64.12% of total operating income[15] - The group reported a decrease in commission and fee income to CNY 11.594 billion, down 2.40% year-on-year, primarily due to declines in custody and investment banking revenues[17] - The net fee and commission income for Q1 2025 was RMB 11,594 million, slightly down from RMB 11,879 million in Q1 2024[33] - The group’s business costs for Q1 2025 were CNY 20.178 billion, a decrease of 2.88% year-on-year[18] Asset Quality - The non-performing loan balance was CNY 115.451 billion, an increase of 3.38% from the previous year-end, with a non-performing loan ratio of 1.30%[23] - The company’s non-performing loans in corporate loans were RMB 82,469 million, with a ratio of 1.41%, down from 1.47% at the end of 2024[27] - The company’s total assets quality remained stable, with a decrease in both the NPL ratio and the ratio of loans under special attention compared to the end of the previous year[27] Cash Flow - Net cash flow from operating activities for the three months ended March 31, 2025, was RMB 111,600 million, a significant improvement from a net cash outflow of RMB 125,760 million in the same period of 2024[42] - The net cash flow from investing activities for the three months ended March 31, 2025, was a cash outflow of RMB 32,230 million, compared to an inflow of RMB 52,881 million in the same period of 2024[44] - The company issued bonds that generated cash inflow of RMB 8,436 million during the three months ended March 31, 2025, compared to RMB 5,380 million in the same period of 2024[44] Capital Adequacy - The group reported a capital adequacy ratio of 15.90% and a core tier 1 capital ratio of 10.25%, both meeting regulatory requirements[29] - The company plans to raise up to RMB 120 billion through a specific issuance of A-shares to strengthen its core tier 1 capital[28] Other Comprehensive Income - The other comprehensive income for Q1 2025 was a loss of RMB 3,681 million, compared to a gain of RMB 1,181 million in Q1 2024[36]

Core Insights - The financial industry is focusing on enhancing its "digital finance" capabilities, transitioning from "digitalization" to "intelligent digitalization" in 2024 [1] - Financial institutions are increasing their technology investments and talent reserves, emphasizing a more pragmatic approach to technology spending and its return on investment [2] Group 1: Technology Investment Trends - In 2024, the six major state-owned banks invested a total of 125.46 billion yuan in financial technology, a 2.15% increase from 2023, but the revenue share remains below 4% for most banks [2] - Postal Savings Bank saw the highest growth in technology investment, reaching 12.30 billion yuan, a 9.03% increase, accounting for 3.53% of its operating income [2] - Nearly half of the banks reported a slight decline in the proportion of technology investment relative to revenue, indicating a shift towards more efficient spending [2] Group 2: AI and Big Model Applications - The application of large models is becoming prominent across various business areas, with China Construction Bank launching 168 financial model applications in 2024 [3] - China Merchants Bank and CITIC Bank are also focusing on "AI + finance" strategies, with China Merchants Bank introducing the first open-source financial model with over 100 billion parameters [3] - Ping An has made digital transformation a priority for 2025, with significant expectations for AI technology applications, reporting 250,000 to 300,000 daily uses of large models internally [3] Group 3: Organizational Changes - Financial institutions are restructuring to better align with digital finance needs, with many forming dedicated committees for digital finance [5] - China Merchants Bank and others are enhancing their organizational culture to support cross-department collaboration and innovation [5] - Zhejiang Commercial Bank has established a financial technology research institute to explore new technologies like large models and quantum technology [5] Group 4: Infrastructure Development - The six major state-owned banks are significantly investing in computing power and cloud computing, with China Construction Bank's computing power reaching 507.72 PFlops, a 9.58% increase [6] - Postal Savings Bank is advancing its cloud-native platform, achieving a tenfold increase in processing efficiency for its core business systems [6] - Other banks, such as CITIC Bank and Shanghai Pudong Development Bank, are also making substantial investments in distributed core systems and data centers [6] Group 5: Strategic Recommendations - Large financial institutions are advised to balance investment and output, focusing on core technology development and infrastructure upgrades [7] - Smaller institutions should avoid "digital anxiety" and develop tailored digital transformation strategies based on their resources [7] - Emphasis on core technology innovation and creating a conducive environment for research and development is crucial for competitive advantage [7]

Core Insights - The closure of credit card branches by national commercial banks indicates a shift from extensive expansion to refined operations in the industry [1][2][3] - The trend of closing credit card centers is driven by risk control and cost optimization considerations, particularly in regions with economic slowdown and population outflow [2][3] - The transition to localized management of credit card operations is a strategic response to changing market dynamics and aims to enhance operational efficiency [4][5] Summary by Sections Industry Trends - Since April, national commercial banks have accelerated the closure of credit card branches, with notable closures by Bank of Communications, China Minsheng Bank, and Guangfa Bank [1][2] - A total of 28 credit card branches have been closed by these banks since 2025, with a focus on regions like Northeast and North China [2][3] Strategic Shifts - The shift from centralized management to localized operations is highlighted as a core strategy for 2024, allowing banks to leverage local resources and improve service efficiency [4][5] - The closure of redundant branches is seen as a necessary step to optimize resource allocation amid declining card issuance and consumption [3][5] Future Outlook - Experts suggest that banks should focus on digital transformation, risk management, and differentiated product offerings to adapt to the evolving market [6][7] - The move towards online credit card services is viewed as an inevitable trend, driven by the dominance of online scenarios and the advantages of lower costs [7]

Group 1 - Key Point 1: Important economic data and events are scheduled for the upcoming week, including the US April non-farm payrolls and China's April manufacturing PMI [1][2] - Key Point 2: Major companies are set to release earnings reports, including Meta, Microsoft, Apple, and Amazon [1][2][3] - Key Point 3: The Berkshire Hathaway annual shareholder meeting will take place from May 2 to 3 [3] Group 2 - Key Point 1: Various economic indicators will be released, such as the US ADP employment numbers and the Eurozone GDP growth rate [1][2] - Key Point 2: Central banks, including the Bank of Japan and the European Central Bank, will announce monetary policy decisions and economic outlooks [2][3] - Key Point 3: Several countries will observe public holidays, affecting stock market operations [2][3]

Group 1 - The Jinan Municipal Development and Reform Commission held a training session to accelerate the implementation of national financial support policies, focusing on industry policies, financial policies, venture capital fund policies, project approval, and credit support [1] - The government emphasizes financing support for small and micro enterprises, establishing a four-level financing coordination mechanism to extend loan renewals to all small and micro enterprises with genuine financing needs [1] - Financial regulatory authorities will address the pain points and challenges faced by small and micro enterprises in loan renewals by coordinating with relevant banks [1] Group 2 - There is a strong demand for technological transformation and upgrades among enterprises, with expectations for significant adjustments in re-loan policies for technological innovation and upgrades by 2025 [2] - Local governments and enterprises are encouraged to prepare projects in various sectors, particularly focusing on high-end, intelligent, and green equipment applications to leverage policy benefits [2] - Commercial banks face pressures from narrowing interest margins and local debt risks, which may constrain credit issuance [2] Group 3 - Equity financing support is crucial, especially for technology and emerging industry enterprises, with the establishment of a national venture capital guidance fund aimed at strengthening innovative enterprises [3] - The national venture capital guidance fund is expected to focus on cutting-edge strategic emerging industries such as AI, hydrogen energy storage, embodied intelligence, 6G, and quantum technology [3] - Local governments, outstanding enterprises, and venture capital fund managers are advised to seize opportunities for early action and positive engagement with relevant departments to achieve a win-win situation for fund implementation and enterprise financing [3]