Key Points Industry/Company Involved - **Company**: Bank of Communications (BoCom) - **Industry**: Banking Core Views and Arguments - **Overall Performance**: BoCom's overall performance improved in the third quarter of 2024, with net profit reaching 68.69 billion yuan, a decrease of 0.69% year-on-year. The decline in revenue was marginal, with net operating income decreasing by 1.37% year-on-year. - **Net Interest Margin**: The net interest margin remained stable at 1.28% year-on-year. - **Asset Quality**: The non-performing loan ratio was 1.32%, down 0.01 percentage points year-on-year. The provision coverage ratio was 203.87%, up 8.66 percentage points year-on-year. - **Business Growth**: The bank's business grew across various segments, including corporate banking, retail banking, and wealth management. - **Digital Transformation**: BoCom emphasized its focus on digital transformation, with significant growth in digital banking services and mobile app user numbers. Other Important Points - **Corporate Banking**: The bank's corporate deposit and loan balances reached 4.91 trillion yuan and 5.53 trillion yuan, respectively. The bank also saw growth in its investment banking and trade finance businesses. - **Retail Banking**: The bank's retail deposit and loan balances reached 3.65 trillion yuan and 2.63 trillion yuan, respectively. The bank experienced growth in its retail customer base and private banking business. - **Wealth Management**: The bank's retail AUM reached 5.38 trillion yuan, a year-on-year increase of 7.52%. The bank also saw growth in its wealth management business. - **Digital Banking**: The bank's mobile app user numbers reached 4.68 million, and its open banking API calls exceeded 5.4 billion. - **Strategic Initiatives**: The bank highlighted its focus on green finance, digital transformation, and serving the real economy.

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company's revenue for the first three quarters of 2024 decreased by 1.4% year-on-year, while net profit attributable to shareholders fell by 0.7%. However, the third quarter showed positive growth with revenue and net profit increasing by 3.3% and 1.2% respectively [2] - The bank's net interest income increased by 2.2% year-on-year, driven by accelerated loan growth, although the interest margin continued to narrow [2][3] - Fee income dropped by 14.0% year-on-year, primarily due to regulatory changes in the insurance and public fund sectors, as well as a decline in credit card commission and penalty income [2] - Investment-related income saw a significant decline of 13.2% year-on-year, but rebounded with a 42.1% increase in Q3 [2] - The bank's cost side showed a 7.3% decrease in impairment losses, with the overall credit cost slightly declining to 0.44% [2] Summary by Relevant Sections Revenue and Profitability - Total revenue for 2024 is projected at 256.8 billion, with net interest income expected to be 169.9 billion [6] - The net profit for 2024 is forecasted at 93.7 billion, translating to an EPS of 1.23 [6] Loan Growth and Asset Quality - Loan growth accelerated to 6.7% year-on-year, with corporate and retail loans growing by 6.5% and 8.2% respectively [3] - The non-performing loan (NPL) ratio remained stable at 1.32%, with a slight increase in retail NPLs [3] Financial Projections - The bank's total assets are expected to reach approximately 14.8 trillion by the end of 2024, with a projected net asset value per share of 13.16 [4][5] - The price-to-book (PB) ratio is estimated at 0.55 times based on the closing price on November 1, 2024 [4]

Core Viewpoint - The focus of the Bank of Communications Shanxi Branch is on enhancing financial services, emphasizing consumer rights protection and financial education promotion [1] Group 1: Consumer Rights Protection - The Vice President of the Bank of Communications Shanxi Branch, Qiu Jun, highlighted the importance of protecting consumer rights for improving financial service quality and customer trust [1] Group 2: Financial Education and Awareness - The Bank of Communications Shanxi Branch launched the "Golden Journey Shanxi, Heartfelt Protection" initiative, which combines the unique cultural and tourism features of 11 cities in Shanxi with financial risk warnings, providing tourists with a dual experience of "travel + financial safety" [1] - The bank has made significant efforts in financial education promotion through diverse online and offline campaigns, aiming to enhance public financial literacy and prevent financial risks, thereby fulfilling its mission of "finance for the people" [1]

公司报告 | 季报点评 营收和利润均边际改善，息差企稳 事件： 交通银行发布 24 年三季度财报。24 年前三季度，企业实现营收约 1961.23 亿元，归母净利润 686.9 亿元，YoY-0.69%；不良率 1.32%，不良拨备 覆盖率 203.9%。 点评摘要： 营收和利润均边际改善。2024 年前三季度，交通银行营收同比下降1.39%， 边际降幅较 24H1 收窄 2.12 个百分点。其中，利息净收入为 1267.96 亿 元，同比增长 2.15%；非息净收入为 693.27 亿元，同比下降 7.27%，环 比降幅收窄 4.88 个百分点。在营收结构方面，利息净收入占比回升至 64.7%，较年中增加 1 个百分点。拨备前利润和净利润基本跟随营收走势， PPOP 24Q3 降幅收窄 2.81 个百分点。企业归母净利润边际向好，24H1 和 24Q3 同比增速分别为-1.63%和-0.69%，降幅收窄 0.94 个百分点 净息差体现较强韧性。受央行下调 LPR 及房贷利率政策影响，加之宏观经 济因素作用，2024 年前三季度交通银行净息差微降至 1.28%，较 24H1 下降 1 个基点。在今年下半年贷款 ...

黄红元先生担任本公司副行长期间，恪尽职守、勤勉敬业，贯彻落实国家经 济金融政策，执行董事会的决策部署，推进十四五规划与战略实施，在本公司服 务实体经济、提升综合竞争力、实现高质量发展等方面做出了重要贡献。董事会 谨此向黄先生表示衷心感谢！ 特此公告 股票代码：601328 股票简称：交通银行 编号：临 2024-044 交通银行股份有限公司 高管辞任公告 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。 黄红元先生因年龄原因，已向本公司董事会提交书面报告，辞去本公司副行 长职务，辞任自2024年11月5日生效。黄先生已确认与本公司董事会和高管层没 有任何意见分歧，同时也没有任何与辞任有关而需要通知本公司股东和债权人的 事项。 2024 年 11 月 5 日 交通银行股份有限公司董事会 ...

Core Viewpoint - The recent financial knowledge promotion and anti-money laundering activity conducted by the Bank of Communications Shenzhen Branch aimed to educate young children about financial safety and the importance of keeping money secure [1][2] Group 1: Event Overview - The event took place at the Donghai Experimental Primary School Affiliated Kindergarten in Shenzhen, focusing on the theme "putting money in a safe place" [1] - Bank staff used engaging methods, including storytelling, to explain the origins, types, and identification of currency, making complex financial concepts accessible to children [1] Group 2: Educational Approach - The activity included role-playing, where children acted as bank staff to learn how to identify suspicious financial activities such as "large cash withdrawals" and "frequent small deposits" [1] - The use of fairy tales helped children understand the importance of staying alert to financial temptations and protecting themselves from money laundering activities [1] Group 3: Community Impact - The event received high praise from teachers and parents, highlighting its effectiveness in imparting financial knowledge in a fun and relaxed environment [1] - The Bank of Communications Shenzhen Branch plans to continue its commitment to social responsibility by organizing more diverse financial literacy activities to enhance public financial awareness and contribute to a safe financial environment [2]

Policy and Initiative - The Shenzhen Branch of Bank of Communications has established a "Special Task Force for Supporting Small and Micro Enterprises Financing Coordination Mechanism" to enhance financial support for small and micro enterprises [1] - The initiative aligns with the national policy to alleviate financing difficulties for small and micro enterprises, as part of broader efforts to support economic recovery and development [1] Implementation and Collaboration - On October 30, the Shenzhen Branch of Bank of Communications, in collaboration with the Longgang District Development and Reform Bureau, provided the first loan under the small and micro enterprise financing coordination mechanism to a small business in Pinghu Subdistrict, Longgang District [1] - The bank is actively engaging with local governments, development and reform bureaus, and subdistrict offices to promote small and micro enterprise financing services in industrial parks and commercial districts [1] Future Plans - The Shenzhen Branch of Bank of Communications plans to continue implementing the small and micro enterprise financing coordination mechanism by conducting extensive outreach activities, such as the "Thousand Enterprises and Ten Thousand Households Visit" campaign [1] - The bank will offer a range of measures, including interest rate discounts, fee reductions, green channels, and loan quotas, to support the healthy development of local small and micro enterprises and better serve the real economy [1]

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。 股票代码：601328 股票简称：交通银行 编号：临 2024-043 交通银行股份有限公司 关于召开 2024 年三季度业绩说明会的公告 重要内容提示 本公司已于 2024 年 10 月 30 日（星期三）在上海证券交易所网站 （www.sse.com.cn）和本公司网站（www.bankcomm.com）披露 2024 年第三季度 报告。为便于广大投资者更全面深入了解本公司 2024 年前三季度经营情况，本 公司拟于 2024 年 11 月 12 日下午 15:00-16:00 召开业绩说明会，就投资者普遍 关注的问题进行交流。 一、业绩说明会类型 本次业绩说明会通过网络互动方式召开。 二、业绩说明会有关安排 （一）会议召开时间：2024 年 11 月 12 日（星期二）15:00-16:00。 （二）本公司出席人员：副行长周万阜先生和董事会秘书何兆斌先生。 1 会议召开时间：2024 年 11 月 12 日（星期二）15: ...

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 ——交通银行 2024 年三季报点评 [table_Authors] 刘源(分析师) 021-38677818 liuyuan023804@gtjas.com 登记编号 S0880521060001 本报告导读： 交通银行 24Q3 营收及净利润增速小幅超出预期，息差管控颇有成效，资产质量稳 中向好。上调目标价至 8.4 元，维持增持评级。 投资要点： [Table_Summary] 投资建议：2024 年以来交通银行强调高质量发展，重"量"更重"质"。 相较规模扩张更关注息差平稳，同时资产质量在经历了三年"资产 质量攻坚战"、"资产质量巩固年"后进入"贷投后管理年"，核心指 标持续向好。根据三季报表现及降息后未来存贷款重定价情况，调 整公司 2024-2026 年净利润增速预测为 0.4%、0.5%、2.2%，对应 BVPS 为 12.97(-0.11)、13.93(+0.03)、14.74(-0.03)元/股。考虑到一揽 子稳经济政策密集出台，利好银行风险缓释和信贷需求恢复，推动 板块估值回升，上调目标价至 8.4 元，对应 2024 年 0 ...

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: 2024年10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: 2024年11月1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 | 第 2 頁 共 11 頁 v ...