交通银行公告，本行在完成向特定对象发行14101057578股A股股票后，就变更注册资本事项向国家金 融监督管理总局提出了申请。近日，本行收到《国家金融监督管理总局关于交通银行变更注册资本的批 复》，国家金融监督管理总局同意本行注册资本增加14101057578元人民币，由74262726645元人民币变 更为88363784223元人民币。 ...

交通银行公告称，完成向特定对象发行141.01亿股A股股票后，申请变更注册资本。近日，收到国家金 融监督管理总局批复，同意注册资本增加141.01亿元，由742.63亿元变更为883.64亿元。该行已修订公 司章程相应条款，后续将办理注册资本变更登记等相关手续。 ...

国泰海通证券研报指出，交通银行2025Q1-3营收及净利润增速逐季提升，息差管控颇有成效，资产质 量稳中向好。上调目标价至8.58元，维持"增持"评级。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。随着 社会无风险利率不断降低，预计财富管理收入有望保持快速增长，为2026年营收贡献向上弹性。资产质 量稳中向好，25Q3末不良率、关注率分别较Q2 末下降2bp至1.26%、1.57%，拨备覆盖率持平于210%的 稳健水平。结构上，对公不良率较Q2下降6bp至1.24%进一步改善，但零售不良率较Q2上升8bp至 1.42%，居民还款意愿与能力仍有待修复。 ...

Report Summary 1. Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints - Among the bonds with discounted transactions, "25 Yungang Y4" had a large deviation in the valuation price. Among the bonds with rising net prices, "25 Datong C3" had a relatively high deviation in the valuation price. Among the Tier 2 and perpetual bonds with rising net prices, "22 Bank of Communications Tier 2 Capital Bond 02B" had a large deviation in the valuation price; among the commercial financial bonds with rising net prices, "25 Agricultural Bank of China TLAC Non - capital Bond 02C(BC)" had a relatively high deviation in the valuation price. Among the bonds with a transaction yield higher than 5%, real - estate bonds ranked high [2]. - The changes in the valuation yield of credit bonds were mainly distributed in the [-5,0) interval. The transaction terms of non - financial credit bonds were mainly distributed between 2 and 3 years, with the highest proportion of discounted transactions for varieties within 0.5 years. The transaction terms of Tier 2 and perpetual bonds were mainly distributed between 4 and 5 years, with the highest proportion of discounted transactions for varieties within 1 year. In terms of industries, bonds in the national defense and military industry had the largest average deviation in valuation prices [2]. 3. Summary by Relevant Charts Chart 1: Discounted Transaction Tracking - The table listed 30 bonds with large discounts, including "25 Yungang Y4", "25 Dongfang K1", etc., with information on the remaining term, valuation price deviation, valuation net price, valuation yield deviation, and transaction scale. The industries involved included transportation, non - financial finance, and urban investment [4]. Chart 2: Tracking of Bonds with Rising Net Prices - The table showed 43 bonds with large positive deviations, such as "25 Datong C3", "25 Raofa 02", etc. It provided details on the remaining term, valuation price deviation, valuation net price, valuation yield deviation, and transaction scale. The industries included non - financial finance, comprehensive, and public utilities [6]. Chart 3: Tracking of Tier 2 and Perpetual Bond Transactions - The table presented 40 Tier 2 and perpetual bonds, including "22 Bank of Communications Tier 2 Capital Bond 02B", "22 Industrial and Commercial Bank of China Tier 2 Capital Bond 04B", etc., with information on the remaining term, valuation price deviation, valuation net price, valuation yield deviation, bank classification, and transaction scale [7]. Chart 4: Tracking of Commercial Financial Bond Transactions - The table listed 29 commercial financial bonds, such as "25 Agricultural Bank of China TLAC Non - capital Bond 02C(BC)", "24 Agricultural Bank of China TLAC Non - capital Bond 01B(BC)", etc., providing details on the remaining term, valuation price deviation, valuation net price, valuation yield deviation, bank classification, and transaction scale [8]. Chart 5: Bonds with a Transaction Yield Higher than 5% - The table showed 20 bonds with a high - yield transaction, including "21 Vanke 06", "23 Vanke 01", etc., with information on the remaining term, valuation price deviation, valuation net price, valuation yield deviation, and transaction scale. The industries involved included real estate, steel, and non - financial finance [10]. Chart 6: Distribution of Valuation Deviations in Credit Bond Transactions on the Day - The chart showed the distribution of changes in the valuation yield of credit bonds on the day, with the intervals [-10,-5), [-5,0), (0,5], and (5,10], and the number of bonds and transaction scale in each interval [13]. Chart 7: Distribution of Transaction Terms of Non - financial Credit Bonds on the Day - The chart presented the distribution of transaction terms of non - financial credit bonds on the day, including intervals such as within 0.5 years, 0.5 - 1 year, etc., and the corresponding transaction scale [15]. Chart 8: Distribution of Transaction Terms of Tier 2 and Perpetual Bonds on the Day - The chart showed the distribution of transaction terms of Tier 2 and perpetual bonds on the day, including intervals such as within 1 year, 1 - 1.5 years, etc., and the corresponding transaction scale [18]. Chart 9: Discounted Transaction Ratio and Transaction Scale of Non - financial Credit Bonds in Each Industry - The chart displayed the average valuation price deviation and transaction scale of non - financial credit bonds in various industries, including petroleum and petrochemicals, real estate, etc. The national defense and military industry had the largest average valuation price deviation [20].

Investment Rating - The report assigns a "Buy" rating for the banking sector, indicating an expectation that stock prices will outperform the market by more than 10% over the next 12 months [40]. Core Insights - The growth of M2 is primarily driven by government and corporate leverage, with government leverage's contribution increasing from 23.9% in 2015 to 45.5% in 2025, while corporate leverage is expected to contribute 63.6% to M2 growth in 2025 [5][14]. - The report highlights a divergence between the social financing (社融) and M2 growth rates, indicating a liquidity accumulation in the financial system when the demand for financing from the real economy is insufficient, which can lead to a decline in bond yields [5][19]. - The expected social financing-M2 differential for 2026 is projected to be 0.56%, with a quarter-on-quarter increase of 33 basis points [32]. Summary by Sections M2 and Liquidity Analysis - M2 includes cash, personal deposits, corporate deposits, non-bank deposits, and deposits from non-deposit financial institutions. The main contributors to M2 growth are government and corporate leverage [5][13]. - The report discusses the relationship between the social financing-M2 differential and bond market performance, noting a shift in correlation since the second half of 2022 [5][19]. Social Financing Projections - For 2026, the report forecasts a total of 16.3 trillion yuan in new loans under the social financing framework, with a growth rate of 8.11% [32][34]. - The report anticipates that the net issuance of government bonds will reach 14.8 trillion yuan in 2026, with a focus on maintaining a proactive fiscal policy [34]. M2 Growth Forecast - The M2 growth rate for 2026 is projected at 7.55%, influenced by factors such as net fiscal deposits, the strengthening of the equity market, and cross-border capital flows [32][36].

12月4日，第十九届上海金融服务实体经济洽谈会闭幕大会在沪举行，交通银行副行长杨涛作为联合会理事长单位代表出席会议，并与相关金融基础设施 负责人共同启动"全球金融机构走进中国金融市场"系列活动。 交行将切实践行国有大行责任担当，充分发挥上海主场优势，凝聚各方金融力量，为高质量推进上海国际金融中心建设作出更大贡献。 杨涛出席并发表讲话 杨涛表示，交行与广大金融机构深入学习贯彻党的二十届四中全会精神和习近平总书记考察上海重要讲话精神，认真做好金融"五篇大文章"，持续推动各 类金融服务资源下沉产业末梢：贯彻落实党中央战略部署，加力服务上海现代化产业体系建设；大力支持联合会发挥作用，扎实推进普惠金融顾问制度走 深走实；紧密围绕实体企业关切，持续推动科技金融服务创新，为上海"五个中心"建设作出新的更大贡献。 交行会同上海市相关政府部门及主要金融机构，积极支持金洽会"园区行"活动，协同推广普惠金融顾问制度，并推动本行科技金融服务对接各类科创企 业。同时，携手中国外汇交易中心、上海证券交易所、上海期货交易所、中国金融期货交易所、上海黄金交易所、上海清算所共同打造"全球金融机构走 进中国金融市场"系列活动，合力推广各类互联互 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price raised to 8.58 CNY from the current price of 7.45 CNY [2][6]. Core Insights - The company's revenue and net profit growth rates have been improving quarter by quarter, indicating effective control over interest margins and stable asset quality [2][12]. - The report highlights a focus on high-quality development, prioritizing stable interest margins over mere scale expansion, with core indicators showing continuous improvement after a three-year effort to enhance asset quality [12]. Financial Summary - Revenue for 2023 is projected at 257,595 million CNY, with a slight increase of 0.3% year-on-year. The net profit attributable to shareholders is expected to be 92,728 million CNY, reflecting a 0.7% increase [4]. - For 2025, revenue is estimated to reach 263,638 million CNY, with a growth rate of 1.5%, while net profit is projected at 95,696 million CNY, marking a 2.3% increase [4][13]. - The net interest margin is expected to decrease by 8 basis points to 1.20% year-on-year, with pressures on further declines anticipated but limited downward space [12][13]. Asset Quality - As of Q3 2025, the non-performing loan (NPL) ratio is reported at 1.26%, down 2 basis points from Q2, indicating an improvement in asset quality [12]. - The report notes that the corporate NPL ratio has improved to 1.24%, while the retail NPL ratio has slightly increased to 1.42%, suggesting ongoing challenges in consumer repayment capabilities [12].

一、同意交通银行股份有限公司辽源支行升格为交通银行股份有限公司辽源分行，营业场所为吉林省辽 源市龙山区西宁大路463号。 四、交通银行应自本行政许可决定作出之日起6个月内完成变更并向吉林金融监管局及辽源金融监管分 局报告。未在规定期限内完成变更的，本批复文件失效，由吉林金融监管局办理行政许可注销手续。 2025年12月4日，吉林金融监管局发布批复称，《交通银行吉林省分行关于辽源支行升格为分行的请 示》（交银吉〔2025〕75号）收悉。经审核，现批复如下： 二、该辽源支行升格后业务范围为：经银行保险监督管理机构或其他有行政许可权的机构批准并经上级 机构授权办理的业务。 三、交通银行应自收到本行政许可决定之日起10个工作日内持相关手续到吉林金融监管局换领金融许可 证，并及时到市场监督管理部门办理变更登记手续。 ...

当前，数字经济与实体经济深度融合，产业加速转型升级，企业财资管理面临深刻变革。近年来，国家 政策层面强化对企业财资管理能力的指导与要求。国务院国资委明确推动中央企业加快司库体系建设， 实现资金等金融资源的集约、高效和安全管理。同时，培育新质生产力、提升产业链供应链韧性等战略 导向，亦对企业优化金融资源配置、强化财务管控提出了更高标准。在此进程中，金融服务的赋能作用 日益凸显。 基于对国资监管及市场趋势的深刻洞察，交通银行（简称"交行"）持续深化并完善"蕴通司库"品牌服务 方案。通过"1+3+N"智慧司库服务体系，交行致力于为企业提供场景适配、灵活扩展的综合财资解决方 案，赋能企业提升资金效率、降低财务成本、增强风险韧性，从而为实体经济的高质量发展注入金融动 能。 "N"代表N种产品灵活组合。其中涵盖账户管理、支付结算、资金集中、票据及金融资产管理、全球现 金管理等司库领域重点产品，满足企业多样化需求。例如，支付结算产品提供便捷、高效的资金收付渠 道，资金集中产品助力企业实现资金集中归集与高效调配，票据及金融资产管理产品提供全方位票据管 理和金融资产配置服务，全球现金管理产品为跨国企业提供全球资金可视可控服务等 ...

Core Viewpoint - The article emphasizes the deep integration of digital economy and real economy, highlighting the transformation and upgrading of industries, and the evolving requirements for corporate financial management driven by national policies [1] Group 1: Financial Management Transformation - The State-owned Assets Supervision and Administration Commission (SASAC) is promoting the construction of treasury systems in central enterprises to achieve centralized, efficient, and secure management of financial resources [1] - Financial services are increasingly recognized for their empowering role in enhancing corporate financial management capabilities and optimizing resource allocation [1] Group 2: "Yun Tong Treasury" Service Solution - "Yun Tong Treasury" is a financial management and digital financial service solution tailored for central state-owned enterprises and large and medium-sized corporate groups, integrating the bank's expertise and practical experience [2] - The "1+3+N" smart treasury service system includes one comprehensive financial service solution, three system service platforms, and a variety of product combinations, aligning with SASAC's requirements for centralized, digitalized, and intelligent treasury systems [2] Group 3: Components of the "1+3+N" System - The "1" represents a one-stop, global, comprehensive financial service solution, providing differentiated treasury services for large corporate groups and SMEs based on their specific needs [2] - The "3" includes three major system platforms: a robust local deployment treasury management system for large enterprises, a cloud-based treasury fund management system for medium-sized enterprises, and a financial company treasury management system for well-known corporate groups [3] - The "N" signifies a flexible combination of various products, including account management, payment settlement, fund concentration, and global cash management, catering to diverse corporate needs [3] Group 4: Tailored Services for Different Enterprises - For large and medium-sized enterprises, the bank offers customized deep services, providing full-process treasury construction support from needs assessment to implementation [4] - For local state-owned enterprises and emerging companies, the bank provides lightweight, ready-to-use cross-bank fund management services to address the challenges of managing multiple banks [5] - For group financial companies, the bank focuses on enhancing financial tools to support strategic implementation, optimizing financial resource allocation, and meeting digital regulatory requirements [6]