Core Insights - The Bank of Communications launched the upgraded versions of its apps, focusing on wealth management and customer service enhancements [1] - The new features include zero-fee cross-border payments and AI-driven travel planning tools, aiming to improve user experience and meet customer needs [1] Group 1: App Features - The Bank of Communications App 10.0 emphasizes wealth management services, offering features like intelligent services, asset planning, and retirement calculations [1] - The "Cross-Border Payment Pass" feature allows for zero-fee remittances from mainland China to Hong Kong with instant transfers in RMB and HKD [1] - The upgraded "Buy Now, Pay Later" app integrates discounts, installment options, and personalized services into daily consumption scenarios [1] Group 2: Strategic Focus - The launch aligns with the theme "Understanding Wealth, Enjoying Life," focusing on inclusive, intelligent, and user-friendly financial services [1] - The bank aims to deepen its engagement in wealth management and lifestyle services through digital transformation [1]

Core Viewpoint - The establishment of the "Credit Rights Protection Station" by the Bank of Communications in Hebei Province marks a significant step in enhancing credit services and safeguarding customer financial rights [1][3] Group 1: Service Offerings - The "Credit Rights Protection Station" will provide a one-stop service focusing on core customer needs, including credit knowledge dissemination, query process guidance, dispute handling consultation, and rights protection assistance [3] - The service will integrate offline and online channels to better manage customers' financial credit and effectively address the "last mile" of credit services [3] Group 2: Future Plans - The Bank of Communications Hebei Province branch plans to form a professional service team to regularly conduct credit promotion and consultation services [3] - The bank aims to incorporate credit rights protection into the entire process of daily business operations to enhance customer financial service experience and contribute to a healthy financial ecosystem [3]

Core Viewpoint - The performance of Bank of Communications in the first three quarters of 2023 shows a positive trend in non-interest income, with a notable increase in commission and fee income, indicating a recovery in the capital market and strong performance in wealth management [1][2] Group 1: Financial Performance - In the first three quarters, the bank achieved net commission and fee income of 29.398 billion yuan, a year-on-year increase of 0.15%, with an improvement of 2.73 percentage points compared to the first half of the year [1] - Other non-interest income reached 19.639 billion yuan, with a year-on-year growth of 25.4%, driven by a significant increase in wealth management services [1] - Investment income and fair value changes totaled 20.363 billion yuan, a decrease of 13.55% compared to the same period last year, primarily due to a decline in bond and interest rate derivative valuations [1] Group 2: Strategic Focus - The bank plans to consolidate its growth momentum in commission and fee income by expanding capital market-related businesses, enhancing payment and settlement services, and leveraging its international and comprehensive operational advantages [2] - The bank will focus on key areas such as manufacturing, inclusive finance, green development, technological innovation, and rural revitalization, aligning with national economic development directions and policy guidance [2] - The bank aims to enhance its financial supply capacity and explore potential business opportunities by utilizing structural monetary policy tools and new policy measures, particularly in small and micro enterprises, private enterprises, and new real estate development models [2]

Core Viewpoint - The asset quality of the Bank of Communications continues to improve, with effective measures implemented for risk management and control [1] Group 1: Asset Quality Performance - As of the end of September, the group's non-performing loan balance was 114.6 billion yuan, a decrease of 0.5 billion yuan compared to the end of June [1] - The non-performing loan ratio stood at 1.26%, down 0.05 percentage points from the end of last year and down 0.02 percentage points from the end of June [1] - The group's provision coverage ratio was 209.97% at the end of September, an increase of 8.03 percentage points from the end of last year, indicating a reasonable and adequate provision level [1] Group 2: Risk Management Measures - The company has enhanced analysis and precise measures to improve the level of risk management, focusing on refining management mechanisms and optimizing asset quality forecasting and control [1] - There is a strong emphasis on risk prevention in key areas, with coordinated support for local debt reduction and platform transformation in key provinces [1] - The company is advancing the development of its real estate business while managing associated risks and has launched tools for credit sales and risk assessment for small enterprises to target high-risk products and customer segments [1]

Core Viewpoint - The performance meeting of Bank of Communications on November 7 highlighted the bank's strategies for managing net interest margin and optimizing liability structure, indicating a stabilization in net interest margin for the third quarter of 2025 [1] Group 1: Net Interest Margin Management - The bank reported that the net interest margin remained stable quarter-on-quarter, showing signs of stabilization [1] - The bank continues to enhance its market interest rate trend analysis, adjusting business structure and dynamically optimizing pricing strategies [1] - The market-oriented adjustment mechanism for deposit rates has played a continuous role in maintaining the stability of the net interest margin [1] Group 2: Liability Structure Optimization - The bank emphasizes the balance between funding sources and usage, focusing on enhancing the deposit customer base through targeted marketing strategies [1] - The bank is actively promoting consumption to strengthen low-cost fund retention [1] - The strategies include optimizing the asset-liability structure, refining pricing management, and improving the customer base [1]

Core Viewpoint - The investment income of the Bank of Communications in the third quarter of this year was significantly impacted by fluctuations in the bond market, with a reported investment income of 16.78 billion yuan, a year-on-year decrease of 18.16% [1] Group 1: Investment Strategy - The bank will continue to adhere to a prudent operating strategy in the current low interest rate environment [1] - There will be a focus on enhancing the assessment of economic and financial conditions to optimize both incremental and existing bond allocations [1] - The bank aims to achieve high-quality development of its financial market business through diversified investment strategies and flexible market operations [1]

Core Points - The establishment of the "Police-Bank e-Link Service Area" at the Bank of Communications in Xidan marks the first initiative in Beijing allowing residents to handle public security administrative matters, such as applying for ID card replacements and electronic residence permits, directly at a bank [1][3] Group 1: Service Features - The "Police-Bank e-Link Service Area" integrates two main functions: extending convenient services and conducting anti-fraud publicity [3] - A dedicated staff member from the Xicheng Public Security Bureau will be present during banking hours to assist residents with ten online application services related to ID cards, residence permits, and criminal record certificates [5][7] - The initiative aims to promote "contactless acceptance, non-face-to-face approval, and zero movement" for various public security services, enhancing convenience for residents [5][7] Group 2: Service Offerings - The services available include: 1. Full online processing for lost ID card replacement for local residents 2. Full online processing for damaged ID card replacement for local residents 3. Full online processing for temporary ID card applications for local residents 4. Full online processing for temporary ID card applications for non-local residents 5. Full online processing for electronic residence permit applications for non-local residents 6. Full online processing for residence permit endorsements for non-local residents 7. Full online processing for address changes on residence permits for non-local residents 8. Full online processing for border management area pass applications 9. Full online processing for criminal record certificate applications [7][8]

Industry Investment Rating - The investment rating for the banking sector is "Outperform" [1] Core Insights - The proportion of corporate loans has increased, while retail demand recovery is being monitored. As of mid-2025, the proportion of corporate loans among listed banks rose by 1.65 percentage points from the end of 2024 to 60.2%. The manufacturing sector's loans accounted for 18.5% of corporate loans, reflecting a recovery in the operations of manufacturing enterprises [3][12] - The flexibility in bond allocation has increased, with bond trading helping to stabilize market fluctuations. In the first half of 2025, listed banks saw a significant decline in other comprehensive income and fair value changes due to interest rate fluctuations. Some banks, primarily state-owned, increased bond trading to enhance investment returns and stabilize net profit growth [3][6] - Asset quality pressure is manageable, with a focus on risks in the retail sector. The overall asset quality remains stable, with the non-performing loan (NPL) ratio for A-share listed banks holding steady at 1.15% as of Q3 2025. However, the average NPL ratio for retail loans increased by 15 basis points to 1.58% compared to the end of 2024 [3][6] Summary by Sections Corporate Loan Structure - The overall asset structure of listed banks shows an increase in loan allocation, with the loan proportion rising by 0.1 percentage points from the end of 2024. State-owned banks increased interbank asset allocation, while small and medium-sized banks focused more on loan issuance [12][19] - Corporate loans remain the primary focus of credit allocation, with corporate loans accounting for 91.1% of all new loans in the first nine months of 2025. Short-term corporate loans made up 33.7% of new corporate loans [17][18] Bond Investment Preferences - The preference for flexible bond allocation has increased, with banks primarily investing in government bonds and central bank bills. The proportion of OCI accounts has risen, indicating a shift towards more flexible investment strategies [6][3] Asset Quality and Risk Monitoring - The asset quality of the banking sector is stable, with a non-performing loan ratio of 1.15% as of Q3 2025. The retail loan sector has shown slight increases in NPL ratios, necessitating ongoing monitoring of risks in this area [3][6]

大力发展科技金融、绿色金融、普惠金融、养老金融、数字金融。 ——摘自"十五五"规划建议 在安徽合肥桃花科创产业园，麟图科技（安徽）有限公司新落成的研发中心里，工程师正对自主研 发的人工智能（AI）视觉检测设备进行最后调试。设备发出微弱的嗡鸣声，高分辨率工业相机捕捉着 传送带上玻璃基板的每一处细节。 "就像给生产线装上了'慧眼'，能在一秒钟内检测出微米级的划痕或杂质。"麟图科技创始人魏京京 指着屏幕上的实时成像图说。 致力于将AI技术用于工业质检，麟图科技的检测系统应用于多家科技公司的生产线。在一家手机 厂商的玻璃盖板生产线上，AI视觉检测系统能识别人眼难以察觉的0.02毫米崩边，每年可节约返工成本 超千万元。 麟图科技是一家科技型小微企业，拥有国内外专利34项、软件著作权48项。 2024年，企业布局合肥时，却因轻资产运营模式遇到融资难题。"我们的厂房、设备大多是租赁 的。"魏京京介绍，传统银行授信注重固定资产抵押，算法专利、软件著作权等无形资产难以估值。"比 如，我们投入千万元研发的系统平台，在财务报表上只体现为几十万元的研发费用。2024年底，我们获 得了一笔重要订单，但采购原材料的资金缺口让生产进度承压 ...

Core Viewpoint - The forum highlighted the need for collaborative efforts to promote high-quality development of cross-border trade amidst rising unilateralism, protectionism, and geopolitical tensions affecting global trade costs and efficiency [1] Group 1: Industry Challenges and Opportunities - The global economic landscape is undergoing significant adjustments, with increased focus on stabilizing global supply chains and enhancing international trade competitiveness [1] - The potential of trade finance in ensuring the stability of supply chains and enhancing international trade competitiveness is emphasized [1] Group 2: Technological Innovations - New technologies such as big data, blockchain, and artificial intelligence are driving the digital transformation of trade finance services, including the implementation of electronic bills of lading and smart contracts [1] - The integration of various data resources around trade finance customers' needs is aimed at providing a comprehensive suite of financial services for cross-border transactions [2] Group 3: Collaborative Ecosystem Development - The establishment of a collaborative ecosystem involving insurance, logistics, and e-commerce platforms is crucial for creating an efficient support system that integrates financial support, customs facilitation, and risk management technologies [2]