Investment Rating - The report maintains an investment rating of "Outperform" for the banking sector [1]. Core Insights - The core viewpoint emphasizes a "pro-cyclical + high dividend" strategy, with policy measures driving valuation recovery in the sector. The average dividend yield for the sector is currently at 4.50%, which remains historically high compared to the risk-free rate represented by the 10-year government bond yield. This indicates a continued appeal for fixed-income-like investments. The report also highlights the potential for regional banks benefiting from economic recovery and policy effectiveness, with a focus on the expected improvements in the real estate and consumer sectors [3][17]. Summary by Sections Investment Rating - The banking sector is rated as "Outperform" [1]. Core Insights - The average dividend yield for the banking sector is 4.50%, which is historically high compared to the risk-free rate [3][17]. - The report suggests that regional banks with strong growth potential and benefiting from policy support should be closely monitored [3][17]. - The static price-to-book (PB) ratio for the sector is currently at 0.66, indicating a significant safety margin with an implied non-performing loan rate exceeding 15% [3][17]. Market Trends - In February 2025, the banking sector experienced a decline of 0.98%, underperforming the CSI 300 index by 2.89 percentage points, ranking 27th out of 30 sectors [21][27]. - The report notes that the average dividend yield of the six major state-owned banks in Hong Kong is 1.33 percentage points higher than that of A-shares, making them attractive to stable investment funds [4][9]. Individual Stock Recommendations - The report recommends focusing on regional banks such as Chengdu Bank and Changsha Bank, which are expected to benefit from their regional advantages and ongoing economic recovery. Chengdu Bank is projected to have earnings per share (EPS) growth of 13.1% to 15.1% from 2024 to 2026, with a corresponding PB ratio of 0.90x to 0.70x [50][54][56].

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. * 非執行董事 # 獨立非執行董事 （股份代號：03328） 公告 變更於香港接受法律程序文件及通知的授權代表 交通銀行股份有限公司（「本行」）謹此宣佈，朱斌先生（本行香港分行副行政總裁） 及范朝榮先生（本行香港分行副行政總裁）接替孟羽先生及張衛中先生獲委任為根 據香港聯合交易所有限公司證券上市規則第19A.13條及公司條例（香港法例第622 章）第16部規定，代表本行於香港接受法律程序文件及通知的授權代表，變更自 2025年3月3日起生效。於香港向本行送達法律程序文件及通知的地址為香港中環 畢打街二十號會德豐大廈一樓。 承董事會命 交通銀行股份有限公司 何兆斌 公司秘書 中國上海 2025年3月3日 於本公告發佈之日，本行董事為任德奇先生、張寶江先生、殷久勇先生、 周萬阜先生、李龍成先生*、汪林平先生*、常保升先生 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年2月28日 狀態: 新提交 | 2. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601328 | 說明 | A股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 39,250,864,015 | RMB | | | 1 RMB | | 39,250,864,015 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 39,250,864,015 | RMB | | | 1 RMB | | 39,250,864,015 | | 3. 股份分類 | 優先股 | 股份類別 | 其他類別 (請註明) | 於香港聯交所上市 (註1) | 否 | | ...

会议支持单位包括赛力斯、长安汽车、重庆建设工业。 根据议程，将举行交通银行百亿授信战略合作签约仪式、具身智能机器人专家委员会揭牌仪式、具身智 能机器人专家委员会委员聘书颁发仪式。 证券时报网讯，为更高质量的推进机器人与智能装备产业的发展，重庆市机器人与智能装备联合会于 2025年2月26日举办"2025具身智能机器人科技产业金融大会暨重庆市机器人与智能装备产业联合会年 会"。 ...

（中央纪委国家监委驻交通银行纪检监察组、浙江省纪委监委） 据中央纪委国家监委驻交通银行纪检监察组、浙江省纪委监委消息：交通银行浙江省分行原资深专家屠 粮钢涉嫌严重违纪违法，目前正接受中央纪委国家监委驻交通银行纪检监察组纪律审查和浙江省绍兴市 监察委员会监察调查。 ...

Group 1 - The core viewpoint of the article is that Bank of Communications has launched an online RMB options business to meet the demand for currency risk management from corporate clients, with the first successful transaction completed by a logistics company in Shenzhen [1] - The online RMB options business allows companies to lock in exchange rates, significantly reducing uncertainty in future payments and enabling them to focus on their core business [1] - The Shenzhen branch of Bank of Communications is committed to continuous innovation and the rollout of online products to efficiently meet the currency risk management needs of corporate clients [2] Group 2 - The logistics company, a medium-sized private enterprise engaged in import trade, faced exchange rate volatility risks due to long payment terms and increased U.S. tariffs [1] - The bank tailored a hedging product solution for the logistics company after understanding its business model and needs, enhancing operational efficiency and saving time and labor costs [1] - The successful online transaction marked a breakthrough for the bank's RMB options business and received high recognition from the client [1]

本次活动还巧妙地将金融安全知识融入其中，通过"猜灯谜、学金融知识"的趣味环节，将反假币、防范 非法集资、防范电信网络诈骗以及消费者权益保护等重要的金融知识和灯谜相结合，既增添了趣味性， 又有效提升了居民们的金融安全意识。现场欢声笑语不断，洋溢着浓厚的节日氛围。 交通银行深圳分行将始终秉承"以客户为中心"的服务理念，积极履行社会责任，致力于为社区居民提供 优质的金融服务，为构建和谐稳定的金融环境贡献力量。（CIS） 正月十五闹元宵，张灯结彩庆团圆。元宵佳节之际，为丰富群众文化生活，弘扬和传承优秀传统文化， 交通银行深圳分行联合深圳市沙河街道文化服务中心精心策划并成功举办了"灯彩佳话，欢度元宵"主题 活动，与社区居民一起欢度佳节，并将金融知识送到大家身边。 活动现场，工作人员热情指导社区居民制作走马灯灯笼。这一蕴含深厚历史文化底蕴的中国传统民间工 艺，以其独特的魅力和吉祥的寓意，吸引了众多居民参与。在大家的巧思与巧手下，一盏盏精美的走马 灯应运而生，这不仅增添了节日的喜庆氛围，更让居民们亲身体验到了传统文化的独特魅力。 ...

Group 1 - The "Ling Snake Painting Spring" illustration exhibition was successfully held by the Bank of Communications Shenzhen Branch in collaboration with local cultural and artistic organizations, showcasing vibrant illustrations that convey blessings and hopes for the Year of the Snake [1] - The exhibition featured a variety of colorful illustrations, reflecting the creativity and dedication of the illustrators, and immersing the audience in a fantastical artistic world [1] - The event attracted numerous visitors, who appreciated the cultural significance of such activities and expressed a desire for more similar events in the future, enhancing the cultural soft power and influence of the Guangming District [1] Group 2 - The Bank of Communications Shenzhen Branch will continue to uphold the service philosophy of finance for the people, actively participating in and supporting various cultural and artistic activities to enrich citizens' cultural experiences [2]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 交通銀行股份有限公司 呈交日期: 2025年2月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03328 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 35,011,862,630 | RMB | | 1 RMB | | 35,011,862,630 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 35,011,862,630 | RMB | | 1 RMB | | 35,011,862,630 | | 2. 股份分類 | 普通股 | ...