Fund Overview - The fund is named "Jiao Yin Shi Luo De Rui An Mixed Securities Investment Fund" and is classified as a mixed securities investment fund [16] - The fund operates as a contractual open-end fund with an indefinite duration [16] Fund Categories - The fund offers two categories of shares: Class A and Class C. Class A shares charge subscription fees, while Class C shares do not charge subscription fees but deduct service fees from the fund's assets [2][17] - Each category has a separate fund code and net asset value calculation [2][17] Fund Subscription Details - The subscription period for the fund is from May 27, 2025, to June 20, 2025, with a maximum duration of three months [3][23] - The minimum subscription amount for direct sales institutions is 1 million RMB for the first subscription and 100,000 RMB for additional subscriptions. For online subscriptions, the minimum is 1 RMB [5][33] Fund Management and Custody - The fund is managed by Jiao Yin Shi Luo De Fund Management Co., Ltd., and the custodian is Shanghai Pudong Development Bank Co., Ltd. [1][58] Subscription Process - Investors must open a fund account with the management company before subscribing. Each investor can only have one fund account [4] - Subscription applications cannot be revoked once accepted by the registration institution [6] Fund Fees - The management fee is calculated at an annual rate of 1.20% based on the previous day's net asset value [12] - Subscription fees for Class A shares are calculated separately for each application, while Class C shares do not have upfront subscription fees [26] Fund Investment Scope - The fund can invest in various securities, including stocks, bonds, and asset-backed securities, and may also invest in stock index futures [9][11] - The fund is subject to various risks, including market risk, liquidity risk, and credit risk [9][10] Fund Registration and Verification - The fund must meet specific conditions, including a minimum of 200 investors and a total subscription amount of at least 200 million RMB, to become effective [53] - The management company will conduct verification and submit reports to the China Securities Regulatory Commission after the subscription period ends [53][54]

Group 1: Issuance Overview - The company plans to issue A-shares to specific investors, with a total fundraising target of up to RMB 120 billion, which will be used to supplement its core Tier 1 capital [2][3] - The issuance has been approved by the company's board and relevant regulatory bodies, including the China Securities Regulatory Commission (CSRC) [2][3] - The issuance price is set at RMB 8.51 per share, adjusted from an initial price of RMB 8.71 due to dividend distributions [4][5] Group 2: Subscription Details - The specific investors include the Ministry of Finance, China Tobacco, and Shuangwei Investment, with subscription amounts of RMB 1,124.20 billion, RMB 45.80 billion, and RMB 30 million respectively [3] - The shares subscribed by these entities will be subject to a five-year lock-up period, with the Ministry of Finance committing not to transfer its shares for 18 months post-issuance [6] Group 3: Shareholder Structure - Post-issuance, the Ministry of Finance will hold over 30% of the shares, making it the controlling shareholder of the company [6] - The company has outlined its profit distribution policy and plans for shareholder returns over the next three years [6] Group 4: Regulatory Compliance - The issuance complies with regulations set forth by the CSRC and other relevant authorities, ensuring that the transaction adheres to legal and procedural requirements [2][3] - The company has established measures to address potential dilution of immediate returns due to the increase in share capital from this issuance [6]

股票代码：601328 股票简称：交通银行 编号：临 2025-040 二、你公司本次发行应严格按照报送上海证券交易所的申报文件和发行方案 实施。 三、本批复自同意注册之日起 12 个月内有效。 四、自同意注册之日起至本次发行结束前，你公司如发生重大事项，应及时 报告上海证券交易所并按有关规定处理。" 本公司董事会将根据上述批复文件和相关法律法规的要求及公司股东大会 的授权，在规定期限内办理本次向特定对象发行A股股票的相关事宜，并及时履 行信息披露义务。敬请广大投资者注意投资风险。 特此公告 交通银行股份有限公司董事会 交通银行股份有限公司 关于向特定对象发行 A 股股票申请 获得中国证监会同意注册批复的公告 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。 本公司今日收到中国证券监督管理委员会出具的《关于同意交通银行股份有 限公司向特定对象发行股票注册的批复》（证监许可〔2025〕1081号），主要内容 如下： "一、同意你公司向特定对象发行股票的注册申请。 2025 年 5 ...

证券代码：601328 证券简称：交通银行 优先股代码：360021 优先股简称：交行优 1 交通银行股份有限公司 向特定对象发行 A 股股票 募集说明书 （注册稿） 联席保荐人（联席主承销商） 联席主承销商 二〇二五年五月 交通银行股份有限公司 向特定对象发行 A 股股票募集说明书 声 明 本行及全体董事、监事、高级管理人员承诺募集说明书及其他信息披露资料不存在 任何虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性及完整性承担相应的法 律责任。 本行负责人、主管会计工作负责人及会计机构负责人保证募集说明书中的财务会计 资料真实、准确、完整。 中国证监会、上海证券交易所及其他审批机关对本次发行所作的任何决定或意见， 均不表明其对申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对本行的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相 反的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，本行经营与收益的变化，由本行自行负 责。投资者自主判断本行的投资价值，自主作出投资决策，自行承担证券依法发行后因 本行经营与收益变化或者证券价格变动引致的投资风险。 1-1- ...

登录新浪财经APP 搜索【信披】查看更多考评等级 [重要提示] 1、泓德裕惠债券型证券投资基金（以下简称"本基金"）的募集已获中国证券监督管理委员会（以下简 称"中国证监会"）2025年3月14日证监许可[2025]490号文准予注册，中国证监会对本基金募集的注册并 不表明其对本基金的价值和收益做出实质性判断或保证，也不表明投资于本基金没有风险。中国证监会 不对基金的投资价值及市场前景等作出实质性判断或者保证。 2、本基金是契约型开放式证券投资基金。 3、本基金的管理人和登记机构为泓德基金管理有限公司（以下简称"本公司"），基金托管人为交通银 行股份有限公司。 4、本基金基金份额分为A类和C类不同的类别。A类基金份额是指投资者认购/申购时收取认购/申购费 用，而不从本类别基金资产中计提销售服务费的基金份额；C类基金份额是指投资者认购/申购时不收取 认购/申购费用，但从本类别基金资产中计提销售服务费的基金份额。本基金C类基金份额的销售服务费 年费率为0.30%。 5、本基金募集期为2025年6月3日至2025年6月23日，通过各基金销售机构网站/营业网点或按基金管理 人、销售机构提供的其他方式公开发售。基金管理 ...

Core Insights - The Chinese credit card industry is experiencing a significant decline, with the total number of issued cards reverting to levels seen at the end of 2019, marking a continuous decrease over nine consecutive quarters [1][12]. Group 1: Decline in Credit Card Issuance - As of the end of 2024, the number of active credit cards and combined credit and debit cards is projected to be 727 million, a decrease of 5.14% from the end of 2023, equating to a loss of 40 million cards [1]. - The total credit card issuance has dropped by 80 million cards compared to the fourth quarter of 2022, reflecting a persistent downward trend [1]. Group 2: Bank Responses to Declining Credit Card Business - Several banks, including the Bank of Communications, have begun shutting down credit card sub-centers, with 23 closures reported in 2024 alone [2]. - Many banks are integrating credit card operations into their retail banking divisions, moving away from dedicated credit card departments due to the declining business [4]. - A significant number of credit card products have been discontinued, with the Agricultural Bank of China ceasing the issuance of 80 credit card types in 2024 [5]. Group 3: Decrease in Credit Card Spending - Credit card transaction volumes have also seen a decline, with the Bank of Communications reporting a 12.81% drop in total spending from 2023 to 2024, amounting to a reduction of 360 billion yuan [7]. - Overall, major banks have reported decreases in credit card spending, with the Industrial and Commercial Bank of China, for example, seeing a 4.91% decline in transaction amounts [8]. Group 4: Factors Contributing to the Decline - Regulatory changes have led to a significant cleanup of dormant credit cards, with over 120 million cards removed from circulation by mid-2024 [12]. - The rise of third-party payment platforms like Alipay and WeChat Pay has diminished the market share of credit card transactions, which now account for only 35% of offline transactions [12]. - Economic factors, including stagnant income growth and rising unemployment among young people, have led to a more cautious approach to credit card usage [15]. Group 5: Future Outlook - The decline in credit card usage is seen not as a sign of industry failure but as a necessary transition towards more refined banking operations, emphasizing the need for banks to adapt to changing market conditions and consumer preferences [18].

Core Viewpoint - The organizational structure of Bank of Communications has undergone significant changes by the end of 2024, with adjustments in its departments and subsidiaries aimed at enhancing operational efficiency and management [1][2][3][4]. Group 1: Organizational Structure Changes - By the end of 2024, the Bank of Communications has a total of 39 primary departments, 9 secondary departments, and 13 tertiary departments, categorized into three main sectors: Financial Technology, Business Operations Management, and Comprehensive Management [1]. - The Financial Technology sector has been streamlined, merging the Financial Technology Innovation Research Institute with the Financial Technology Department, and eliminating the Digital Transformation Office [1]. - In the Business Operations Management sector, the Asset Custody Department has removed its secondary department, the Asset Custody Operations Center, and has added the Asset Custody Business Development Center [1][2]. - The Comprehensive Management sector has seen the addition of two new departmental-level institutions under the Audit Supervision Bureau, located in Xi'an and Nanjing [1][3]. Group 2: Departmental Breakdown - The Financial Technology Department includes the Financial Technology Department/Financial Technology Innovation Research Institute, Data Management and Application Department, Software Development Center, and various subordinate institutions [2]. - The Business Operations Management Department encompasses multiple divisions, including Corporate Institutional Business Department, International Business Department, Asset Custody Department, Investment Banking Department, and several others [2]. - The Comprehensive Management Department consists of various units such as Human Resources, Risk Management, and Audit Supervision Bureau, which has eight subordinate institutions across different cities [3]. Group 3: Workforce and Branch Network - As of the end of 2024, the Bank of Communications operates 38 provincial branches, 216 provincial-level branches, and 2,818 business outlets, along with 19 overseas branches in cities like Hong Kong, New York, and Tokyo [4]. - The total workforce of the Bank of Communications is 95,746 employees, with 89,301 working in domestic banking institutions and 2,623 in overseas branches [4]. - The gender distribution within the workforce shows that males account for 45.02% and females for 54.98% [4].

Group 1 - The article highlights a successful interception of a new type of online loan fraud by the Bank of Communications, preventing a customer from losing 40,000 yuan [1][2] - The customer, Mr. Zhu, was misled by a fraudulent loan app that promised an 80,000 yuan credit limit, but required a 40,000 yuan "unfreeze fee" to access the funds [1][2] - The bank staff utilized a comprehensive anti-fraud training mechanism and a standard procedure of "check, verify, inquire" to identify and stop the fraudulent transaction [2] Group 2 - The Bank of Communications has strengthened its anti-fraud processes in Anhui Province, successfully protecting 3,120 individuals and intercepting 14.658 million yuan in fraudulent funds this year [2] - The bank advises customers that legitimate financial institutions will never request upfront fees such as "unfreeze fees" or "guarantee fees" [2] - Customers are encouraged to verify any suspicious loan requests through official channels or by contacting the bank directly [2]

【深圳商报讯】（首席记者谢惠茜）就在今年首次LPR下调当天，六大国有银行也集体宣布下调存款利 率，这是国有大行今年首轮存款降息。其中，各家国有银行活期存款利率下调至0.05%，1年期整存整 取定期存款利率均跌破"1字头"，下调至0.95%。随后，多家股份行也纷纷"跟进"。 5月21日，截至记者发稿时，已有9家股份制银行跟进下调了存款挂牌利率。除了招商银行已于5月20日 下调之外，平安银行、中信银行、兴业银行、光大银行、浦发银行、民生银行、广发银行、华夏银行共 8家股份制银行均已于5月21日开始执行新的存款挂牌利率。 具体来看，上述8家股份制银行将1年、2年定期利率均调降了15个基点。其中，1年定期存款利率均下调 至1.15%；2年定期存款利率普遍下调至1.20%，民生银行下调至1.15%。3年、5年定期存款利率均下调 了25个基点，分别下调至1.30%、1.35%。 苏商银行特约研究员武泽伟接受记者采访时表示，此次国有大行和股份行集中下调存款利率是政策引导 与市场联动的结果。一方面，央行通过下调LPR，释放适度宽松的政策信号，要求通过利率自律机制引 导商业银行跟进；另一方面，银行主动调整负债成本以缓解净息差压 ...

Core Viewpoint - The retail banking sector is facing significant challenges with increasing personal non-performing loans (NPLs) and a declining recovery rate, indicating a tough operating environment for banks [1][3][12]. Group 1: Personal Loan Market Trends - The scale of personal NPL batch transfers reached 370.4 billion yuan in Q1 2025, a significant drop from 715.4 billion yuan in Q4 2024, but a 7.6-fold increase year-on-year compared to 43 billion yuan in Q1 2024 [4]. - The discount rate for personal NPLs fell to 4.1% in Q1 2025, down from 4.8% in the previous quarter and 4.6% year-on-year, while the average principal recovery rate also hit a near two-year low of 6.9% [6][7]. - Personal consumption loans accounted for 72.4% of the NPLs, with credit card overdrafts at 14% and personal business loans at 13.5% [8]. Group 2: Factors Influencing NPLs - The increase in personal NPL transfers is attributed to three main factors: expansion of institutions allowed to conduct batch transfers, a shift in strategy from collection to batch transfer for efficiency, and worsening credit conditions for borrowers during economic downturns [5]. - The longer the overdue period, the lower the recovery rates and higher the discount rates, confirming the trend that personal bad debts are becoming less valuable [11]. Group 3: Bank Performance and Strategies - Many banks reported a decline in personal loan balances in Q1 2025, with notable examples including Ping An Bank and Industrial Bank, which saw reductions of 2.2% and 1.31% respectively [16][17]. - Banks are adopting a cautious approach to retail lending, with several institutions reporting personal loan growth rates below overall loan growth rates, indicating a shift towards more conservative lending practices [15]. - For instance, China Merchants Bank reported a retail NPL ratio of 1.01%, up from 0.98% at the end of the previous year, highlighting the ongoing challenges in managing retail loan quality [13].