2025年11月27日，交通银行（601328）发布公告称，根据《理财公司理财产品销售管理暂行办法》 中"理财公司与代理销售机构合作，理财公司与代理销售机构应当在代理销售合作协议签订10个工作日 内，至少通过本公司、代理销售机构的官方渠道予以公告。"的要求，特此公告：交通银行已与北银理 财有限责任公司签订理财产品代理销售协议，将依法合规代理销售北银理财有限责任公司依法发行的理 财产品。具体代销产品可通过交通银行门户网站www.bankcomm.com查询（查询路径：首页-个人业务- 投资服务-个金产品信息披露-代销产品-公募理财）。 ...

Core Viewpoint - The trend of large-denomination certificates of deposit (CDs) disappearing from the market is evident, with major banks removing long-term products to manage net interest margin pressures and adapt to changing monetary policies [1][2][3] Group 1: Market Changes - Major state-owned banks and national joint-stock banks have removed five-year large-denomination CDs from their offerings, with only short-term products available [1] - The availability of three-year large-denomination CDs is also tightening, with some banks halting new issuances [1][2] - The current offerings are primarily focused on one-year or shorter terms, with some banks only providing three-month or six-month products [2] Group 2: Reasons for Changes - The primary reason for banks discontinuing long-term large-denomination CDs is to alleviate the increasing pressure on net interest margins due to declining loan rates [2] - By reducing high-cost liabilities associated with long-term CDs, banks aim to optimize their liability structure and control overall funding costs [2][3] - This adjustment is seen as a proactive measure by banks in response to macroeconomic conditions and regulatory guidance [2] Group 3: Future Outlook - The role and form of large-denomination CDs are expected to undergo significant changes, with a shift towards shorter-term products becoming more common [3] - The interest rate advantage of large-denomination CDs is likely to diminish, aligning more closely with regular fixed-term deposits [3] - A long-term downward trend in deposit rates is anticipated, driven by monetary policy aimed at reducing financing costs for the real economy [3]

Core Viewpoint - On November 26, a block trade of 630,000 shares of Bank of Communications was executed at a price of 7.72 yuan, representing a premium of 0.78% over the closing price of 7.66 yuan for the day [1] Summary by Category Block Trade Details - The total transaction amount for the block trade was 4.8636 million yuan [1] - The buyer and seller for this transaction were both from CITIC Securities Co., Ltd., Beijing Zizhuyuan Road Securities Branch [1] - In the last three months, the stock has seen a total of 10 block trades, with a cumulative transaction amount of 135 million yuan [1] Stock Performance - The closing price of Bank of Communications on the day of the trade was 7.66 yuan, down 0.78% [1] - The daily turnover rate was 0.58%, with a total trading volume of 1.153 billion yuan [1] - There was a net outflow of 4.9728 million yuan in main funds for the day, while the stock has increased by 1.73% over the past five days, with a total net inflow of 390 million yuan [1] Margin Trading Data - The latest margin financing balance for the stock is 1.586 billion yuan, which has decreased by 27.8239 million yuan over the past five days, reflecting a decline of 1.72% [1]

Group 1 - The core point of the article is that Bank of Communications Co., Ltd. has obtained a patent for a mobile terminal password-free authentication method based on token hierarchical transformation, with the patent granted on January 2023 [1] - The patent is identified by the authorization announcement number CN 116233845 B [1] - Bank of Communications was established in 1987 and is located in Shanghai, primarily engaged in monetary financial services [1] Group 2 - The registered capital of Bank of Communications is approximately 74.26 billion RMB [1] - The bank has made investments in 170 enterprises and participated in 5,000 bidding projects [1] - The bank holds 453 trademark information records and 274 patent information records, along with 138 administrative licenses [1]

Group 1 - The core point of the news is that Bank of Communications executed a block trade of 630,000 shares on November 26, with a transaction value of 4.8636 million yuan, representing 0.42% of the total trading volume for the day [1][2] - The transaction price was 7.72 yuan, which is a premium of 0.78% compared to the market closing price of 7.66 yuan [1][2]

Core Insights - The foreign exchange business reform has been positively received by commercial banks and the public, with 26 banks participating as of September 2025, covering various types of banks across the country [1][2] Group 1: Reform Implementation and Participation - As of September 2025, 26 banks are involved in the foreign exchange business reform, including 5 large banks, 9 joint-stock banks, 4 city commercial banks, and 8 foreign banks [1] - The newly added banks in the third quarter include Industrial and Commercial Bank of China, Deutsche Bank, Mizuho Bank, and Mitsubishi UFJ Financial Group [2] Group 2: Benefits of the Reform - The reform has reduced the burden on enterprises, allowing them to handle foreign exchange transactions more efficiently, with some businesses experiencing a significant reduction in processing time from days to minutes [3] - Banks have improved their customer identification and service capabilities, leading to a reduction in average processing time for transactions by over 50% [3] - The reform has enhanced regulatory quality, with banks establishing risk monitoring systems to better track cross-border transactions and identify abnormal activities early [3] Group 3: Future Directions - The State Administration of Foreign Exchange plans to further enhance the foreign exchange management system, focusing on convenience, openness, security, and intelligence [4] - Future efforts will include expanding the coverage of the reform to benefit more enterprises and integrating various facilitation policies [4] - The application of new technologies such as artificial intelligence and big data will be encouraged to improve efficiency in foreign exchange services [4]

Core Insights - The 19th Golden Fair's "Park Tour" event in Huangpu's Wuliqiao Street aims to deliver financial services directly to enterprises, marking the conclusion of this year's series of activities [1] - The event highlights the importance of the Golden Fair as a platform for financial services to support the real economy in Shanghai, aligning with Huangpu District's goals of optimizing the business environment and promoting high-quality development [1] Group 1 - The event focused on addressing the financial needs of small and micro enterprises, which remain largely untapped, with discussions on optimizing financial costs for companies like Shanghai KooBan Biotechnology Co., Ltd. and Shanghai Wind Leader New Energy Co., Ltd. [1] - Financial consultants from various institutions provided insights on supporting small and micro enterprises through comprehensive financial solutions, including debt financing and policy-backed guarantees [2] - The Golden Fair has evolved its format to enhance the connection between financial institutions and real enterprises, emphasizing the commitment of Shanghai's financial sector to serve the real economy [2]

Core Viewpoint - The meeting between Henan provincial leaders and the chairman of Bank of Communications emphasizes the importance of leveraging the bank's strengths for comprehensive financial cooperation in various sectors, including transportation infrastructure and rural revitalization [1] Group 1: Financial Cooperation - Henan provincial leaders expressed the hope that Bank of Communications will utilize its advantages as a large state-owned bank to engage in all-round financial cooperation [1] - The focus areas for cooperation include the construction of comprehensive transportation hubs, building a modern industrial system, and promoting rural revitalization [1] Group 2: Financial Ecosystem - The provincial government aims to continuously support the development of banks in Henan and optimize the financial ecosystem [1] - There is a commitment to creating a favorable business environment to enhance the accessibility and coverage of inclusive financial services [1]

Group 1 - The fund is named E Fund ChiNext 50 Exchange-Traded Open-Ended Index Fund Linked Fund, with A class code 026095 and C class code 026096 [20] - The fund is a contractual open-ended index fund and linked fund, with an indefinite duration [20] - The fund aims to closely track the performance benchmark, minimizing tracking deviation and tracking error [21] Group 2 - The initial fundraising cap for the fund is set at 8 billion RMB, excluding interest accrued during the fundraising period [2] - If the total valid subscription amount exceeds 8 billion RMB, the fund manager will implement a proportionate confirmation method to control the scale [2][3] - The calculation method for the proportionate confirmation on the last day is provided, ensuring that the total valid subscription amount is managed effectively [3] Group 3 - The fund will be publicly offered from December 1, 2025, to December 26, 2025, with the possibility of adjusting the fundraising period based on subscription conditions [4][23] - The minimum subscription amount for individual investors through non-direct sales institutions is set at 1 RMB, while the minimum for direct subscriptions is 50,000 RMB [5][6] Group 4 - The fund's investment target is to invest at least 90% of its net asset value in the target ETF [15] - The fund will not open conversion services between different share classes initially, but may do so in the future [2] Group 5 - The fund's underlying index is the ChiNext 50 Index, which consists of the top 50 stocks based on average daily trading volume over the last six months [9][10] - The index is calculated using a weighted method, ensuring real-time updates based on stock prices and weights [12]

Group 1 - The core viewpoint of the article is the collaboration between Bank of Communications Hainan Branch and Hainan Tropical Ocean University, focusing on financial support for educational and technological development [1][3] Group 2 - The agreement aims to leverage the bank's financial and digital service advantages to provide comprehensive financial support to the university [3] - The collaboration will emphasize the construction of a smart campus, integrating education, technology, and talent development [3] - Both parties will deepen cooperation in areas such as campus payment systems, financial support for marine industry innovation, and talent cultivation [3]