Core Points - The case involves Luo Jinhui, former Vice President of the Asset Management Business Center at CITIC Bank, who was sentenced to 12 years and 9 months in prison for bribery, along with a fine of 2 million RMB [1][3] - The court found that from 2014 to 2020, Luo utilized his positions at various banks to facilitate financing and stock transactions for companies and individuals, receiving bribes totaling over 44.37 million RMB [1][3] Summary by Sections - **Bribery Conviction**: Luo Jinhui was convicted of bribery with a particularly large amount involved, leading to a significant prison sentence and financial penalties [3] - **Details of the Offense**: The investigation revealed that Luo exploited his roles at China Industrial Bank, Bank of Communications, and CITIC Bank to provide illegal assistance in financial transactions, accumulating substantial illicit gains [1][3] - **Court's Ruling**: The court acknowledged Luo's confession and cooperation during the investigation, which contributed to a lighter sentence despite the severity of the crime [3]

交通银行股份有限公司章程 （2025 年 12 月修订） | 4 | . | | --- | --- | | . | 1 - | | . | | | 第一章 | 总则 | | --- | --- | | 第二章 | 经营宗旨和范围… | | 第三章 | 股份和注册资本 | | 第四章 | 减资和购回股份………………………………………………………………………………… 11 | | 第五章 | 购买本行股份的财务资助. | | 第六章 | 股票和股东名册 | | 第七章 | 股东的权利和义务…………………………………………………………………………………………………………………………………………………………………………………………… 19 | | 第八章 | 党组织（ 党委 ） | | 第九章 | 股东会 . | | 第十章 | 类别股东表决的特别程序 | | | 第十一章 董事会………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 46 | | 第一节 | 董事. | | ...

股票代码：601328 股票简称：交通银行 编号：临 2025-076 特此公告 交通银行股份有限公司董事会 交通银行股份有限公司 关于变更注册资本的公告 2025 年 12 月 11 日 本行在完成向特定对象发行14,101,057,578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》 （金复〔2025〕703号），国家金融监督管理总局同意本行注册资本增加 14,101,057,578元人民币，由74,262,726,645元人民币变更为88,363,784,223 元人民币。本行根据批复修订了公司章程相应条款，修订后的《公司章程》全文 请参见上海证券交易所网站（www.sse.com.cn）和本行网站（www.bankcomm.com）。 本行随后将办理注册资本变更登记等相关手续。 交通银行股份有限公司（以下简称"交通银行"或"本行"）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。 ...

Group 1 - Tang Shuo, the business director of the Bank of Communications, has been appointed as a member of the Party Committee of the China Construction Bank [1][11] - Xu Jiming is no longer the deputy secretary of the Party Committee of the Bank of Communications, with adjustments in his roles [3][13] - Wang Guan, the general manager of the personal financial business department, is set to become the new president of the Beijing branch [5][15] Group 2 - As of June 2025, the Bank of Communications has an Asset Under Management (AUM) of 57,925.53 billion yuan, a year-on-year increase of 5.52% [16] - The number of retail customers in domestic banking institutions reached 202 million, growing by 1.30% compared to the previous year [16] - The personal loan balance stood at 28,460.27 billion yuan, reflecting a year-on-year growth of 3.40% [16] Group 3 - Zhang Wei has been appointed as the head of the Audit Supervision Bureau of the Bank of Communications [7][18] - The Audit Supervision Bureau has a two-tier audit supervision system with 1,344 audit personnel, accounting for 1.51% of the total staff [18] - Yu Sang, the general manager of the Asset Protection Department, has been appointed as the deputy secretary of the Party Committee of the Jiao Yin International Trust [8][19] Group 4 - As of June 2025, Jiao Yin International Trust has total assets of 21.122 billion yuan and net assets of 17.249 billion yuan [10][20] - The trust's managed asset scale reached 644.4 billion yuan, with a year-on-year growth of 7.05% [10][20] - The net profit for the first half of the year was 398 million yuan, a decrease of 10.16% compared to the same period last year [10][20]

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 ...