Core Viewpoint - In the first half of 2025, A-share listed banks reported significant investment income growth, with non-interest income becoming a crucial revenue pillar amid weak credit demand [2][3]. Investment Income Performance - 42 listed banks achieved substantial investment income, with 13 banks exceeding 10 billion yuan in investment income [2]. - The Industrial and Commercial Bank of China (ICBC), China Construction Bank (CCB), Agricultural Bank of China (ABC), and China Merchants Bank (CMB) each reported over 20 billion yuan in investment income [2][3]. - CCB led with a remarkable 217.29% year-on-year increase in investment income, reaching 27.912 billion yuan [3][9]. Growth Rates - Several banks exhibited impressive growth rates, with CCB at 217.29%, followed by Changsha Bank at 118.82%, and Zhengzhou Bank at 111.10% [3]. - Other banks with notable growth include Qingdao Bank (93.93%) and Zijin Bank (95.41%) [3]. Contribution to Revenue - Investment income's contribution to total revenue varies significantly, with large state-owned banks focusing more on lending, while smaller banks rely heavily on investment income [6]. - For instance, investment income accounted for 39.14% of Shanghai Bank's revenue, while state-owned banks like ICBC and CCB had lower ratios below 10% [6]. Market Conditions and Strategies - The investment income surge is partly attributed to favorable conditions in the bond market last year, with banks capitalizing on market opportunities [4][10]. - Despite the current challenges in the bond market, banks like CCB have increased their holdings in government bonds and green bonds, reflecting a strategic shift [5][10]. Future Outlook - The sustainability of high investment income growth is under scrutiny, as banks may face challenges in maintaining high yields amid a potential "asset shortage" [7]. - Industry experts suggest that while the bond market may present opportunities, the overall investment landscape is becoming increasingly difficult [11].

Core Insights - The retail business has become a focal point for banks, with significant growth reported by the six major banks, while smaller banks show weaker performance in personal loans [1][4][5] - There is a divergence in opinions among banks regarding the risk trends in retail loans, with some believing the peak of bad loans has passed, while others see ongoing risk increases [1][2][7] Retail Business Performance - The six major banks have shown strong growth in retail business, with notable increases in personal consumption and operating loans, capturing a significant market share [1][4] - Specific growth figures include: - China Construction Bank's personal operating loans increased by 20.38% - Industrial and Commercial Bank of China’s personal consumption loans grew by 10.2% - Agricultural Bank of China’s personal operating loans rose by 17.2% [4] Divergence Among Banks - Smaller banks, including joint-stock and city commercial banks, have experienced sluggish growth in personal loans, with some reporting negative growth [1][5][6] - For instance, Ping An Bank's personal loan total decreased by 2.3%, while China Everbright Bank's retail loan growth was only 1.57% [5] Market Conditions and Future Outlook - The introduction of consumption loan subsidies is expected to create more variables in the retail market for the fourth quarter and next year [3] - Smaller banks are under pressure from larger banks and are focusing on improving their retail loan offerings, particularly in housing and consumption loans [3][8] Strategies for Growth - Major banks are expected to continue focusing on personal consumption and operating loans, leveraging central policies to support growth [8][9] - Smaller banks are looking to enhance their loan offerings by collaborating with local enterprises and improving loan approval processes to compete with larger banks [7][9]

Core Viewpoint - The 15th China-Northeast Asia Expo showcased the comprehensive business and global service advantages of the Bank of Communications Jilin Branch, emphasizing its commitment to high-quality financial services that empower stable development in foreign trade [1][2]. Group 1: Financial Services and Innovations - The Bank of Communications Jilin Branch has optimized cross-border service mechanisms to enhance trade finance efficiency, implementing measures such as simplified document review to provide efficient cross-border settlement services for foreign trade enterprises [1]. - The branch has launched a special action plan and promotional activities like "Jihui Chunfeng" to manage exchange rates effectively, introducing services such as "Exchange Rate Steward" and collaborating with local financing guarantee groups to reduce hedging costs for small and micro enterprises [1]. Group 2: Digital Financial Applications - The Bank of Communications Jilin Branch is actively utilizing digital tools to enhance service efficiency, focusing on the innovative application of the cross-border financial service platform by the State Administration of Foreign Exchange [2]. - The branch successfully implemented the first batch of bank-enterprise financing matching services in the province, supporting the launch of specialized services for the Jilin China-Europe Railway Express, thereby facilitating export financing through data-driven approaches [2].

（股份代號：03328） 臨時股東大會通告 茲通告交通銀行股份有限公司（「本行」）將於2025年9月25日（星期四）上午九時 三十分假座中華人民共和國（「中國」）上海市銀城中路188號交銀金融大廈舉行臨時股 東大會（「臨時股東大會」），藉以處理下列事項： 普通決議案（非累積投票議案） – 1 – 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。 （於中華人民共和國註冊成立的股份有限公司） 1. 審議及酌情批准重選本行執行董事及非執行董事： 1.01 審議及酌情批准重選任德奇先生為本行執行董事。 1.02 審議及酌情批准重選張寶江先生為本行執行董事。 1.03 審議及酌情批准重選殷久勇先生為本行執行董事。 1.04 審議及酌情批准重選周萬阜先生為本行執行董事。 1.05 審議及酌情批准重選常保升先生為本行非執行董事。 1.06 審議及酌情批准重選廖宜建先生為本行非執行董事。 1.07 審議及酌情批准重選陳紹宗先生為本行非執行董事。 特別決議案（非累積投票 ...

（於中華人民共和國註冊成立的股份有限公司） （股份代號：03328） 擬於二零二五年九月二十五日（星期四）舉行之臨時股東大會之代表委任表格 | 本人╱吾等持有的全部H股股份 | | --- | | 中質押H股股份數目 | | 本人╱吾等持有的全部H股股份 | | 中質押H股股份所佔比例 | 本人╱吾等 （附註1） ， ， 地址為 ， 為交通銀行股份有限公司（「本行」或「貴行」）股本中每股面值人民幣1.00元之H股 股 登記持有人，茲委任臨時股東大會主席 （附註3） 或 ， 地址為 ， 為本人╱吾等之代表，代表本人╱吾等出席貴行將於二零二五年九月二十五日（星期四）上午九時三十分假座中華人民共和國（「中 國」）上海市銀城中路188號交銀金融大廈舉行之臨時股東大會（「臨時股東大會」）及其任何續會，以審議並酌情通過召開臨時股東大 會通告所載之決議案，並代表本人╱吾等以本人╱吾等之名義依照下列指示 （附註4） 就該等決議案投票。 | | 普通決議案 | （附註4） 贊成 | （附註4） 反對 | （附註4） 棄權 | | --- | --- | --- | --- | --- | | | （非累積投票議案） | | | ...

閣下如對本通函任何方面或應採取之行動有任何疑問，應諮詢 閣下之股票經紀或其他持牌證券商、銀行 經理、律師、專業會計師或其他專業顧問。 閣下如已將名下之交通銀行股份有限公司的全部股份出售或轉讓，應立即將本通函連同隨附之代表委任表 格送交買主或承讓人，或經手買賣或轉讓之銀行、持牌證券商或其他代理，以便轉交買主或承讓人。 此乃要件 請即處理 （於中華人民共和國註冊成立的股份有限公司） （股份代號：03328） 建議委任及重選董事 建議修訂議事規則 及 臨時股東大會通告 本行謹訂於2025年9月25日（星期四）上午九時三十分假座中國上海市銀城中路188號交銀金融大廈舉行臨 時股東大會，臨時股東大會通告載於本通函的第72頁至第75頁。 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通函之內容概不負責，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通函全部或任何部份內容而產生或因依賴該等內容而引致之任何 損失承擔任何責任。 | 釋義 1 | | | | --- | --- | --- | | 董事會函件 3 | | | | 1. 序言 3 | | | | 2. 建議委任及重選董事 4 | | | | 3 ...

Core Insights - The private banking business of major state-owned banks in China has experienced rapid growth in the first half of the year, with a total client base of 864,000, reflecting a net increase of approximately 83,400 clients and a growth rate of 11% compared to the beginning of the year [1] Group 1: Bank-Specific Data - Agricultural Bank of China has 279,000 private banking clients and manages assets totaling 3.5 trillion yuan, continuously expanding its product offerings and optimizing the full-service experience [1] - Bank of China has 216,900 private banking clients with financial assets amounting to 3.4 trillion yuan, having established 205 private banking centers domestically to provide customized services [1] - China Construction Bank has 265,500 private banking clients with financial assets reaching 3.18 trillion yuan, focusing on wealth planning and family wealth services [1] - Bank of Communications has 102,600 private banking clients, marking a historic milestone, with managed assets of 138.89 billion yuan, reflecting a growth of 7.20% from the previous year [1] - Industrial and Commercial Bank of China has not disclosed detailed private banking data but has integrated group resources to enhance services for entrepreneurs, establishing over 3,300 "entrepreneur service stations" [1][2] Group 2: Market Trends and Analysis - The private banking sector is witnessing a growing demand for wealth management, prompting banks to enhance their service systems through product innovation and service upgrades to attract high-net-worth clients [3] - Postal Savings Bank is accelerating its private banking business, reporting a client base of 6.441 million, with a 10.97% increase, and 41,400 clients meeting the asset threshold of 6 million yuan, reflecting a growth of 21.28% [3] - China Construction Bank led in new private banking client additions in the first half of the year with 34,000 new clients, followed by Agricultural Bank, Bank of China, and Bank of Communications with 23,000, 18,000, and 8,400 new clients respectively [3]

Investment Rating - The report indicates a positive outlook for the banking industry, with overall revenue and net profit growth rates turning positive in the first half of 2025, at 1.0% and 0.8% respectively, showing improvements from the previous quarter [4]. Core Insights - The banking sector's net interest margin for the first half of 2025 is reported at 1.42%, a decrease of 10 basis points compared to the previous year, but the decline is narrowing due to improved cost management on the liability side [5]. - Non-interest income, particularly from fees and commissions, has increased by 3.1% year-on-year, driven by a recovery in wealth management and a more active market environment [5]. - The asset quality remains stable, with a non-performing loan ratio of 1.23% and a provision coverage ratio of 239%, indicating a solid credit environment [5]. Summary by Sections Financial Performance Overview - The overall revenue and net profit growth for listed banks in the first half of 2025 were 1.0% and 0.8%, respectively, with both metrics showing improvement from the first quarter [4][22]. - The total assets of listed banks reached 321.3 trillion yuan, growing by 6.35% year-to-date, with loans and advances totaling 179.4 trillion yuan, accounting for 55.84% of total assets [21][24]. Income Sources - Net interest income decreased by 1.3% year-on-year, but the decline rate has slowed, reflecting better management of funding costs [5]. - Fee and commission income grew by 3.1% year-on-year, benefiting from a recovering market and the gradual impact of regulatory changes [5]. - Other non-interest income saw a significant increase of 10.7%, primarily due to favorable market conditions in the bond market [5]. Asset Quality and Management - The non-performing loan ratio remained stable at 1.23%, with a provision coverage ratio of 239%, indicating a robust asset quality [5]. - The credit cost for the first half of 2025 was 0.81%, a decrease of 5 basis points year-on-year, suggesting manageable credit risks [5]. Loan Growth and Composition - Loan growth was primarily driven by corporate lending, with significant contributions from infrastructure and manufacturing sectors [20]. - Personal loan growth was weaker, with a year-on-year increase of only 3.6%, reflecting a cautious approach to consumer lending amid rising risks [20]. Investment and Market Conditions - The investment asset proportion decreased to 34% as banks adjusted their strategies in response to market volatility [20]. - The overall yield on bonds fluctuated significantly, prompting banks to engage in tactical trading to enhance returns [20].

Core Viewpoint - The Xinjiang Financial Regulatory Bureau has approved the appointment of Zeng Liang as the Vice President of the Bank of Communications Xinjiang Branch, emphasizing compliance with regulatory requirements and ongoing professional development [1] Group 1 - The approval of Zeng Liang's appointment is officially documented in the communication from the Xinjiang Financial Regulatory Bureau [1] - The Bank of Communications is required to ensure that Zeng Liang assumes his position within three months of the approval, or the approval will become invalid [1] - The bank must encourage Zeng Liang to continuously learn and understand relevant economic and financial laws and regulations, and to maintain a strong awareness of risk compliance [1]

Core Viewpoint - The recent announcements of interim dividend plans by A-share listed banks highlight a trend towards increased shareholder returns, with a total proposed dividend amount exceeding 200 billion yuan from major state-owned banks and several joint-stock banks [1][4]. Group 1: State-Owned Banks - Six major state-owned banks have announced their interim dividend plans for 2025, with a total proposed dividend amount exceeding 200 billion yuan [1]. - Industrial and Commercial Bank of China leads with a proposed dividend of 1.414 yuan per 10 shares, totaling 503.96 billion yuan [1]. - Other state-owned banks, including Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, and Postal Savings Bank, have proposed dividends of 418.23 billion yuan, 352.50 billion yuan, 486.05 billion yuan, 138.11 billion yuan, and 147.72 billion yuan respectively [1]. Group 2: Joint-Stock Banks - Several joint-stock banks, including China Merchants Bank, CITIC Bank, Minsheng Bank, Ping An Bank, and Huaxia Bank, have confirmed their interim dividend plans for 2025 [1][2]. - China Merchants Bank announced its first interim profit distribution plan since its listing, with a cash dividend amounting to 35% of its net profit attributable to ordinary shareholders for the first half of 2025 [1][2]. - CITIC Bank plans to increase its interim dividend payout ratio to 30.7%, enhancing investor return expectations [2]. Group 3: New Participants in Interim Dividends - New entrants to the interim dividend group include Ningbo Bank, Changsha Bank, Su Nong Bank, and Jiangyin Bank, indicating a growing trend among listed banks to adopt interim dividends [2][4]. - Su Nong Bank announced its first interim dividend plan, proposing a cash dividend of 0.9 yuan per 10 shares, totaling 1.82 billion yuan [2][3]. Group 4: Overall Market Trends - A total of 23 A-share listed banks implemented interim dividends in 2024, distributing over 250 billion yuan, with the number of banks participating expected to increase in 2025 [4]. - The push for interim dividends is seen as a response to regulatory guidance aimed at enhancing shareholder returns and stabilizing market expectations [5].