证券简称：中国银行 证券代码：601988 中国银行股份有限公司 （注册地址：北京市西城区复兴门内大街 1 号） 中国银行股份有限公司向特定对象 发行A股股票募集说明书 （注册稿） 联席保荐机构（联席主承销商） 联席主承销商 二〇二五年五月 中国银行股份有限公司向特定对象发行 A 股股票 募集说明书 声 明 本行及全体董事、监事、高级管理人员承诺本募集说明书内容真实、准确、 完整，不存在虚假记载、误导性陈述或重大遗漏，按照诚信原则履行承诺，并承 担相应的法律责任。 本行负责人、主管会计工作负责人及会计机构负责人保证募集说明书中财务 会计资料真实、完整。 中国证券监督管理委员会、上海证券交易所对本次发行所作的任何决定或意 见，均不表明其对申请文件及所披露信息的真实性、准确性、完整性作出保证， 也不表明其对本行的盈利能力、投资价值或者对投资者的收益作出实质性判断或 保证。任何与之相反的声明均属虚假不实陈述。 重大事项提示 本行经营发展面临诸多风险。本行特别提请投资者注意，在作出投资决策之 前，务必认真阅读本募集说明书正文内容，并特别关注以下重要事项及本行风险： 一、关于本行本次向特定对象发行股票的情况 1、本行本 ...

Core Viewpoint - The conference emphasized the crucial role of financial institutions in climate investment and financing, highlighting the need for a robust framework to support green low-carbon development and the transition to a sustainable economy [1] Group 1: Top-Level Design - Strengthening top-level design is essential for establishing a solid foundation for climate investment and financing, which serves as a bridge between capital and the real economy [2] - The China Bank has implemented a three-tier structure involving the board, management, and professional teams to enhance green finance and climate governance [2] - A comprehensive "1+1+N" green finance policy system has been developed, with the 2024 revision of the "14th Five-Year Plan for Green Finance" aimed at optimizing measures and increasing quantitative targets [2] Group 2: Business Innovation - There is a need to diversify the product matrix to meet the varied and personalized demands of climate investment and financing projects [2] - The China Bank aims to become the preferred bank for green financial services, launching numerous green financial products covering deposits, loans, bonds, and comprehensive services [2] Group 3: Risk Management - Climate investment and financing involve complex risk factors, including environmental, policy, and technological risks, necessitating comprehensive risk assessment and dynamic monitoring [3] - The China Bank has integrated ESG risk into its overall risk management framework, applying environmental and social risk management requirements across various industries [3] - A full-process management system for risk identification, measurement, assessment, monitoring, reporting, control, and mitigation has been established to manage ESG risks effectively [3] Group 4: International Cooperation - Climate change is a global challenge that requires international collaboration, with climate investment and financing being a key area for financial cooperation [4] - The China Bank actively participates in international cooperation in climate investment and financing, contributing to the development of international standards and enhancing China's influence [4] - The bank has joined the Natural Capital Financial Disclosure Working Group and supported large-scale offshore wind power projects, showcasing its commitment to global climate initiatives [4] Group 5: Green Operations - Promoting green development is increasingly recognized as a necessity and responsibility for financial institutions [5] - The China Bank is exploring new methods for green development, achieving reductions in energy consumption and carbon emissions across its operations [5] - The bank is committed to deepening its exploration and practice in climate investment and financing, aiming to contribute to global green low-carbon development [5]

Core Viewpoint - The rapid development of artificial intelligence (AI) in China is significantly supported by financial services, which play a crucial role in fostering the growth of the AI industry and related companies [1][4]. Group 1: Financial Support for AI Companies - Financial institutions have been instrumental in the growth of AI companies like UBTECH, which has received extensive support from banks since its inception, including loans and customized financial services [2][3]. - UBTECH's R&D investment for 2024 is projected at 478 million yuan, accounting for 37% of its total revenue, highlighting the importance of sustained financial backing for technological innovation [2]. - China Bank has committed to providing comprehensive financial support of no less than 100 billion yuan to the AI industry over the next five years, aiming to optimize its service model [4]. Group 2: Challenges and Opportunities in Financing - AI companies face significant financing challenges due to their asset-light nature, necessitating the expansion of financing channels beyond traditional bank loans [5]. - A report indicates that global financing for the AI-generated content (AIGC) sector reached 343.4 billion yuan by October 2024, with China accounting for approximately 36.6 billion yuan, or 10.66% of the total [6]. - Recent policy announcements from Chinese financial authorities aim to enhance support for tech innovation and broaden financing avenues for AI companies [6][7]. Group 3: Future Prospects and Market Dynamics - The AI industry is expected to see substantial growth, with a focus on humanoid robots, which are anticipated to enter mass production by 2025 [9]. - Companies like Yujian Technology have successfully integrated financial services to support their international operations, indicating a growing demand for comprehensive financial solutions in the AI sector [9][10]. - The establishment of a "government power coupon + bank power loan" model by China Bank aims to further support the development of the AI industry chain [8].

Core Insights - Shenzhen is actively developing its AI and robotics industry with a clear roadmap, supported by financial institutions like China Bank Shenzhen Branch, which plans to provide at least 100 billion yuan in financial support for the AI industry chain over the next five years [1][12] - The AI industry in Shenzhen is characterized by a high density of companies, with over 2,600 AI firms and a significant number of unicorns, indicating a robust ecosystem for AI development [3][8] Financial Support and Innovation - China Bank Shenzhen Branch has served over 5,000 tech companies, providing nearly 200 billion yuan in tech finance loans, and has developed a new model of "AI empowering AI" to support various stages of AI enterprises [2][11] - The bank's support includes a range of financial products tailored for the AI industry, such as R&D loans, acquisition loans, and innovation bonds, aimed at fostering technological innovation [1][12] AI Infrastructure and Applications - Shenzhen is focusing on building AI infrastructure, with companies like Magpower and KunYun Information Technology leading in AI chip development and server power supply, respectively [4][3] - The city aims to integrate AI into various sectors, with applications in machine vision, intelligent voice, and natural language processing, showcasing a mature commercialization model [6][8] Strategic Partnerships and Growth - Companies like Beike Ruisheng and Yuntian Lifei have benefited from strategic partnerships and financial support from China Bank Shenzhen Branch, enabling them to expand their operations and innovate in AI applications [7][10] - The bank has played a crucial role in facilitating cross-border transactions and providing comprehensive financial services to support the global expansion of local companies [5][10] Future Goals and Market Potential - Shenzhen aims to have over 3,000 AI companies and more than 10 unicorns by 2026, with an annual growth rate of over 20% in the AI industry [8][12] - The focus is on leveraging AI advancements to create a larger ecosystem, enhancing the city's position as a leading AI hub [8][12]

Core Viewpoint - The establishment of the Guangdong Self-Discipline Mechanism's Dongguan Working Group aims to enhance cross-border financial services and support the high-quality economic development of Dongguan, a key foreign trade city and manufacturing base in China [1][2]. Group 1 - The Dongguan Working Group was officially established with the approval of the "Guidelines for the Work of the Dongguan Working Group of the Guangdong Self-Discipline Mechanism" and the signing of the self-discipline convention by member banks and enterprises [1][2]. - Over 120 representatives from various financial institutions, including the People's Bank of China and the State Administration of Foreign Exchange, attended the establishment meeting [1]. - The China Bank Dongguan Branch will lead the working group and commit to adhering to the self-discipline convention while promoting the development of cross-border RMB business [1][2]. Group 2 - The establishment of the working group is expected to consolidate financial strength in Dongguan, enhance cross-border financial service levels, and reinforce the city's outward economic advantages [2]. - Member units will implement self-discipline requirements under the Guangdong Self-Discipline Mechanism framework, strengthen business communication, and promote healthy competition [2]. - The working group aims to improve trade financing convenience and contribute positively to the high-quality economic development of Dongguan [2].

Core Viewpoint - Zhang Xiaodong, the Vice President of Bank of China, is expected to leave the bank after completing personnel appointments and related processes, marking a new chapter in his career [1] Group 1: Background Information - Zhang Xiaodong was born in 1972 and graduated from Nankai University in 2000, later obtaining a PhD in Management from Beijing Jiaotong University [2] - He has extensive experience in banking, having worked for many years at Industrial and Commercial Bank of China (ICBC), where he held various senior positions [2] - Zhang joined Bank of China in December 2022 and was appointed as Vice President in January 2023 after receiving approval from the China Banking and Insurance Regulatory Commission [2] Group 2: Responsibilities and Future Outlook - As the top-ranking Vice President at Bank of China, Zhang Xiaodong oversees the corporate banking sector [3] - During a performance briefing in early 2023, he indicated that the bank expects a steady increase in domestic RMB loan growth for 2025, with a focus on corporate loans and enhancing consumer loan contributions [3] - The bank aims to support key sectors such as technology finance, private enterprises, and manufacturing, while also addressing the financing needs of real estate companies and increasing second-hand housing loans [3]

Group 1 - The core viewpoint of the article is that several banks in China have announced a reduction in RMB deposit rates, following a trend initiated by major state-owned banks, which is linked to the recent decrease in the Loan Prime Rate (LPR) [1][4][5] Group 2 - On May 20, six state-owned banks and several others, including China Merchants Bank and China Everbright Bank, announced a reduction in RMB deposit rates, with the adjustment range being 5 to 25 basis points [1] - Following this, on May 21, seven additional banks, including Ping An Bank and CITIC Bank, also announced similar reductions, with the new rates for demand deposits set at 0.05% and various fixed-term deposit rates adjusted accordingly [1][2] - The new fixed-term deposit rates for three months, six months, one year, two years, three years, and five years are 0.7%, 0.95%, 1.15%, 1.20%, 1.30%, and 1.35% respectively [1] - The recent LPR adjustments include a decrease in the 5-year LPR to 3.5% and the 1-year LPR to 3%, both down by 0.1% from the previous month [4] - The reduction in deposit rates is expected to lead to an overall decrease in deposit rates by approximately 0.11 to 0.13 percentage points, which may help stabilize banks' net interest margins [4][5] - As of the first quarter of 2025, the net interest margin for commercial banks was reported at 1.43%, a decrease of 0.09 percentage points, marking a historical low [5]

Core Viewpoint - The recent trend of banks lowering interest rates on large-denomination certificates of deposit (CDs) reflects a strategy to optimize their liability structure and stabilize operations amid narrowing net interest margins [1][4]. Group 1: Interest Rate Adjustments - Many major state-owned banks have reduced their large-denomination CD rates below 2%, with rates for 1-month and 3-month CDs dropping to 0.9%, and longer-term rates for 6-month, 1-year, 2-year, and 3-year CDs falling to 1.1%, 1.2%, 1.2%, and 1.55% respectively [2]. - Smaller banks are also adjusting their rates, with some approaching the 1% mark; for instance, Zhongyuan Bank's 1-month and 3-month rates are at 1.4%, and the 1-year rate is at 1.7% [3]. Group 2: Factors Influencing Rate Changes - The decline in large-denomination CD rates is driven by three main factors: the transmission mechanism of policies, the increasing trend of fixed-term deposits, and the pressure on banks' net interest margins [3]. - The People's Bank of China has influenced market rates through measures like reserve requirement ratio cuts and reverse repo rate reductions, prompting banks to lower deposit rates to maintain net interest margin balance [3]. Group 3: Implications for the Banking Sector - The adjustment in large-denomination CD rates directly impacts banks' funding costs and profitability, allowing them to stabilize net interest margins while reducing funding costs for lending to the real economy [4]. - The decrease in deposit yields may lead to a shift in funds towards wealth management products, promoting diversification in asset allocation among residents and expanding the wealth management market [4]. Group 4: Strategic Recommendations for Banks - Banks are encouraged to innovate financial product offerings, optimize liability structures, accelerate digital transformation, and implement differentiated competition strategies to adapt to the low-interest-rate environment [5]. - The outlook suggests that large-denomination CD rates will likely remain low in the short term, with future adjustments expected to be gradual [5].

【深圳商报讯】（首席记者谢惠茜）就在今年首次LPR下调当天，六大国有银行也集体宣布下调存款利 率，这是国有大行今年首轮存款降息。其中，各家国有银行活期存款利率下调至0.05%，1年期整存整 取定期存款利率均跌破"1字头"，下调至0.95%。随后，多家股份行也纷纷"跟进"。 5月21日，截至记者发稿时，已有9家股份制银行跟进下调了存款挂牌利率。除了招商银行已于5月20日 下调之外，平安银行、中信银行、兴业银行、光大银行、浦发银行、民生银行、广发银行、华夏银行共 8家股份制银行均已于5月21日开始执行新的存款挂牌利率。 具体来看，上述8家股份制银行将1年、2年定期利率均调降了15个基点。其中，1年定期存款利率均下调 至1.15%；2年定期存款利率普遍下调至1.20%，民生银行下调至1.15%。3年、5年定期存款利率均下调 了25个基点，分别下调至1.30%、1.35%。 苏商银行特约研究员武泽伟接受记者采访时表示，此次国有大行和股份行集中下调存款利率是政策引导 与市场联动的结果。一方面，央行通过下调LPR，释放适度宽松的政策信号，要求通过利率自律机制引 导商业银行跟进；另一方面，银行主动调整负债成本以缓解净息差压 ...

转自：新华财经 5月21日，中国银行浙江省分行在嘉兴举行"智造价值・浙里共富"第五届中国银行浙江财富管理节暨"智 见未来"投资主题活动。活动以财富金融为核心，紧扣时代发展脉搏，直击当下热点问题，以实际行动 落实"以客户为中心为客户创造价值"理念，为市场"新周期"注入强劲信心。 此次活动不仅是一场投资策略盛宴，更是该行践行金融使命、服务"共同富裕示范区"建设的生动实践。 中国银行浙江省分行将持续依托财富管理节这一平台，不断深化客户服务，以专业金融力量助力客户实 现财富增值，全力推动区域经济高质量发展。 聚焦热点，深度剖析市场新趋势 活动现场，三位重磅嘉宾围绕财富管理核心议题展开深度分享，以多元视角为现场嘉宾带来一场知识盛 宴，助力投资者把握市场机遇。 经济领域权威专家马全胜聚焦当前关税环境，结合《中美日内瓦经贸会谈联合声明》相关内容，指出会 谈基本消除了国内对于关税问题的非理性担忧。美国超36万亿美元未偿公债、经济面临再通胀与衰退风 险等困境，让关税战难以为继。未来中美协议或呈现10%基准对等关税难取消，10%以上部分涉及非关 税壁垒、市场准入及安全考量的态势，帮助投资者洞察国际市场动向。 在国内大循环格局下， ...