於香港聯合交易所有限公司 上市之通告 中 國 銀 行 股 份 有 限 公 司 香 港 分 行（「 發 行 人 」） 在中國銀行股份有限公司建立的 40,000,000,000 美 元 中 期 票 據 計 劃（「 計 劃 」）下 發 行 於 2028 年到期的 300,000,000 美元浮動利率票據 （代號： 40024 ） 於 2027 年到期的 1,500,000,000 港 幣 2.85 釐利率票據 （代號： 40025 ） （ 統 稱 為「 票 據 」） 中國銀行股份有限公司 BANK OF CHINA LIMITED 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，概不對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。 本公告僅供參考之用，並不構成收購、購買或認購證券的邀請或要約。根據計劃將予發行的票 據（定義如下）將不會根據經修訂的1933年美國聯邦證券法登記。受制於某些例外情形，根據計 劃將予發行的票據有可能不得在美國境內或向任何美國人士（如證券法S規例定義）或為美國人 士的利益提出要約出售 ...

从"四大行"到茅台、五粮液，A股大手笔分红来了。 12月11日，中国银行、建设银行迎来现金红利发放日。另外，工商银行、农业银行、贵州茅台、五粮液 等大手笔分红在即。 据统计，截至12月11日，今年以来，A股上市公司合计分红金额已超过去年全年，再创历史新高。 政策面上，监管部门持续督促和引导上市公司强化回报投资者的意识，更加积极开展现金分红等。市场 人士认为，后续现金分红预期将进一步强化。 "四大行"红包雨来了 12月11日，中国银行、建设银行迎来现金红利发放日。 招商证券预计，今年底和明年初是中期分红派发高峰期，投资者在分红股权登记之前买入对应股票可获 得半年度分红，届时可能会出现部分银行标的中期分红抢筹行情，红利类投资者可以积极关注。 更多大手笔分红在途 除银行股外，还有更多大手笔分红在途。 贵州茅台12月10日晚公告，公司2025年中期利润分配方案已获股东大会通过，将以总股本12.52亿股为 基数，每股派发23.957元现金红利（含税），共计派发300.01亿元（含税）。股权登记日为2025年12月 18日，除权（息）日和现金红利发放日均为2025年12月19日。 五粮液同日公告称，公司召开第七届董事会2 ...

Group 1 - A total of 3,762 A-share listed companies in China have distributed dividends amounting to 2.46 trillion yuan this year, setting a new historical record [1] - 36 companies have announced real-time dividend distributions, with a total proposed dividend amount of 151.8 billion yuan, indicating that the total annual dividend is expected to exceed 2.6 trillion yuan for the first time [1] - Major companies such as China Mobile and Industrial and Commercial Bank of China have distributed over 50 billion yuan in mid-term dividends, while several others, including China Construction Bank and Kweichow Moutai, have distributed over 30 billion yuan [1] Group 2 - The Hong Kong Dividend Low Volatility ETF (520550) has announced a dividend of 0.04 yuan per ten shares, with a distribution ratio of 0.32%, marking its eighth dividend distribution since inception [2] - The China Securities Dividend Quality ETF (159209) has a distribution ratio of 0.26% for its sixth dividend distribution, with both ETFs having a dividend rights registration date of December 12 [1][2] - Recent data shows that the Hong Kong Dividend Low Volatility ETF has seen a net subscription of 119 million yuan in the last ten days and 186 million yuan in the last twenty days, while the China Securities Dividend Quality ETF has experienced a net inflow of 64 million yuan in the last twenty days [2] Group 3 - Huachuang Securities anticipates a rebound in industry rotation strength, with a shift from technology to dividend and anti-involution assets, indicating a recovery in rotation intensity to the 52nd percentile since 2021 [3] - The Producer Price Index (PPI) has shown a narrowing of inflation levels from -3.6% to -2.1% in October, suggesting that cyclical assets with high weight in dividend stocks may benefit from this trend [3] - Recent policies have focused on capital market and consumption, with an emphasis on domestic demand and new industries, indicating a favorable environment for dividend sectors as traditional investment windows for insurance funds approach [3]

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].

真 / 知 / 引 / 导 / 生 / 活 | 大连新闻传媒集团记者邵海峰 | 近日，浦发银行首家足球生态主题支行——大连梭鱼湾支行正式开门迎客，这也是大连首家足球生态主题银行，标志着大连，这座有着浓厚足球和体育氛 围的城市，正以"金融+体育"的深度融合模式，奏响体育经济高质量发展和城市文体旅融合的新乐章。 金融力量，如涓涓细流渗透到体育产业的每一个脉络，成为撬动城市消费升级、提升城市品牌影响力的新引擎。 媒集团记者邵海峰 摄 梭鱼湾足球场中超比赛场景。大连新闻传 $$\Leftrightarrow\exists i,j,l$$ 让"足球城"金字招牌 愈发闪亮 足球是大连鲜明的城市标签。 "足球是镌刻在大连这座城市基因里的荣耀，支持大连足球就是支持城市的未来。"我市一位金融业人士表示。 浦发银行首家足球生态主题支行——大连梭鱼湾支行的正式营业，是浦发银行大连分行深化"金融+体育"战略的关键举措。该支行不仅承接了原大连甘井 子浦发村镇银行的全部业务，更力求打破传统银行服务边界，打造集金融服务、球迷体验、产业链支持于一体的特色服务体系。 浦发银行大连分行与大连英博足球俱乐部的战略合作正在持续深化。双方将共同推出联 ...

Core Insights - The article emphasizes the commitment of the Bank of China to enhance financial support for technological innovation during the 14th Five-Year Plan period, aiming to foster new momentum and advantages in the economy [1] Group 1: Financial Support for Technology Innovation - As of September 2025, the Bank of China's technology loan balance reached 4.7 trillion yuan, with 166,000 credit accounts established, and a cumulative supply of comprehensive services exceeding 830 billion yuan [1] - The establishment of a multi-level organizational system for technology finance, including a central technology finance center and 317 specialized outlets, aims to respond quickly to market demands [2] Group 2: Focus on Emerging Industries - The Bank of China has launched an action plan to support the development of the artificial intelligence industry chain, collaborating with over 2,300 core enterprises in this sector and providing a credit balance of approximately 410 billion yuan [2] - The introduction of the "bond-loan linkage" model and the "Zhongyin Sci-Tech Computing Loan" service in major innovation hubs like Beijing, Shanghai, and Shenzhen has facilitated connections with 773 supply-demand enterprises in the computing sector [2] Group 3: Product and Service Innovation - The Bank of China has innovated financial products to meet the diverse needs of technology enterprises, achieving multiple market firsts, including the launch of a stock repurchase loan policy and the issuance of 200 billion yuan in technology innovation bonds [3] - The "Innovation Credit Loan" has been developed to assess enterprise credit levels and growth potential, enhancing the credit service experience for small and micro technology enterprises [3] Group 4: Building a Financial Ecosystem - The "Zhongyin Sci-Tech Ecological Partner Program" aims to create a collaborative platform for technology innovation, injecting "patient capital" into the primary market for technology [4] - The establishment of 16 AIC equity investment funds, with a total subscription of 11.76 billion yuan, has facilitated investments in sectors such as commercial aerospace and artificial intelligence [4] - The Bank of China plans to continue enhancing its financial services for technology innovation, utilizing various financial tools to support major national technology tasks and small and medium-sized technology enterprises [4]

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].

Core Viewpoint - The recent announcements from major state-owned banks regarding capital replenishment reflect a broader trend of capital enhancement among these institutions, with China Construction Bank (CCB) completing a significant issuance of A-shares to increase its registered capital [1][7]. Group 1: Capital Increase Details - China Construction Bank announced on December 9 that it completed the issuance of approximately 11.589 billion A-shares, raising its registered capital from RMB 2500.11 billion to RMB 2616.00 billion [1][4][7]. - The issuance was approved by the National Financial Regulatory Administration, allowing CCB to increase its registered capital by RMB 115.89 billion [4][7]. Group 2: Context of Capital Replenishment - The capital increase is part of a collective effort by major state-owned banks to enhance their capital bases, as highlighted in the government's work report which proposed issuing special government bonds worth RMB 500 billion to support these banks [7][15]. - In March, four major banks, including CCB, announced plans to issue A-shares to raise a total of RMB 4.1 trillion, with CCB aiming to raise up to RMB 1650 billion [7][15]. Group 3: Implications for Capital Adequacy - The capital increase is expected to directly improve the core Tier 1 capital adequacy ratio of CCB and other banks, which is crucial for risk management and supporting the real economy [7][16]. - While the increase in share capital may dilute earnings per share in the short term, it is anticipated to enhance the banks' competitive edge and long-term return expectations for investors [8][16].

12月8日，工商银行与农业银行同步发布2025年中期分红派息实施公告显示，两家国有大行将在12月15 日完成现金红利发放，合计向A股股东派发约762亿元现金股息。 此前，中国银行、建设银行已率先发布中期分红实施方案。其中，中国银行每股派发现金红利0.1094 元，A股派发现金红利261.02亿元。建设银行每股派发现金红利0.1858元，A股派发现金股息约39.36亿 元。 （文章来源：21世纪经济报道） 银行又要撒"红包"了。 21世纪经济报道记者梳理，截至目前，今年共有32家上市银行宣布（拟）实施中期分红（或三季度分 红），数量较2024年多8家，其中9家银行为首次计划实施；目前已有26家银行宣布具体的利润分配方 案，平均分红率为24.9%，合计分红金额2645.66亿元，较去年增长2.55%。 四大行中期分红即将落地。 ...

声扬集团此前发布2025年中期业绩，收入951.6万港元，同比增加17.41%；股东应占溢利215.4万港元， 上年同期股东应占亏损1532.4万港元，同比扭亏为盈；每股基本盈利0.35港仙。 智通财经APP获悉，香港联交所最新资料显示，12月9日，声扬集团(08163)股东将股票由大华继显(香 港)转入中国银行(香港)，转仓市值565.40万港元，占比5.76%。 ...