证券代码：601988 证券简称：中国银行 公告编号：临 2025-082 中国银行股份有限公司 关于赎回减记型无固定期限资本债券的公告 中国银行股份有限公司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。 2020 年 11 月 13 日，中国银行股份有限公司（简称"本行"）发行了 规模为 300 亿元人民币的减记型无固定期限资本债券（简称"本期债券"）， 并于 2020 年 11 月 17 日发布了《中国银行股份有限公司关于减记型无固定 期限资本债券发行完毕的公告》（公告编号：临 2020-053）。根据本期债券 募集说明书相关条款的规定，本期债券设有发行人赎回权，发行人有权在 本期债券第五年末，即 2025 年 11 月 17 日赎回本期债券。 截至本公告日，本行已行使赎回权，全额赎回了本期债券。 特此公告 中国银行股份有限公司董事会 二〇二五年十一月十八日 ...

Core Viewpoint - China Bank issued a total of 30 billion RMB of non-fixed term capital bonds, which were fully redeemed by the bank as of the announcement date [1] Group 1 - On November 13, 2020, China Bank issued non-fixed term capital bonds amounting to 30 billion RMB [1] - The announcement regarding the completion of the bond issuance was made on November 17, 2020 [1] - The bonds include an issuer redemption right, allowing the bank to redeem the bonds at the end of the fifth year, specifically on November 17, 2025 [1]

Summary of Key Points from the Conference Call on China Banks Industry Overview - **Industry**: China Banks - **Key Focus**: The current state and future outlook of China's bond market and banking sector Core Insights and Arguments 1. **China Government Bond (CGB) Yields**: - CGB yields have fluctuated significantly, starting at 1.59% at the beginning of the year, peaking at 1.92% in late September, and stabilizing around 1.65% in Q2 [2][3] - The expert anticipates a range of 1.6-2.0% for the 10-year CGB yield in the foreseeable future, with a likelihood of a flattening yield curve [2][3] 2. **Market Expectations on Policy Rates**: - There is a low market expectation for future policy rate or reserve requirement ratio (RRR) cuts, with the current 7-day OMO rate at 1.40% [3][7] - The People's Bank of China (PBOC) has restarted CGB purchases to maintain liquidity and stabilize the bond market [3] 3. **LGFV Bond Credit Spread**: - The credit spread for Local Government Financing Vehicles (LGFVs) has tightened to 40-60 basis points for AAA-rated bonds [4] - The expert believes the risk of default is low due to government support, although some small LGFVs in economically weak regions may still face risks [4] 4. **Banking Sector Dynamics**: - Banks are expected to continue their bond allocation needs, with trading becoming increasingly important as the market remains range-bound [5][7] - The expert notes a potential increase in trading and investment gains for banks in 2026, driven by a low base in 2025 [7] 5. **Valuation and Risk Assessment**: - Price targets for H-share and A-share China banks are derived from a three-stage dividend discount model and P/B to ROE valuation methodology, respectively [8] - Major risks identified for China banks include asset quality deterioration, capital adequacy issues, and pressure on profitability from declining interest rates [9] Additional Important Insights - **Impact of VAT Reinstatement**: The expert noted that the impact of VAT reinstatement has been fully reflected in the yield difference between on-the-run and off-the-run bonds [2] - **Trading Strategies**: With the bond market expected to remain stable, banks are likely to focus on actively trading higher coupon rate bonds issued in previous years to realize mark-to-market gains [5] This summary encapsulates the key points discussed in the conference call regarding the current state and outlook of the China banking sector and bond market, highlighting both opportunities and risks for investors.

Core Viewpoint - The Bank of China announced the issuance of 40 billion yuan of perpetual bonds with a redemption option, which has been fully redeemed as of the announcement date [1] Group 1 - The issuance date of the bonds was November 13, 2020 [1] - The bonds have a redemption right exercisable on November 17, 2025, which is the end of the fifth year [1] - The bank has exercised its redemption right and fully redeemed the bonds [1]

Core Points - China Bank issued a total of 30 billion RMB of non-fixed-term capital bonds on November 13, 2020 [1] - The bonds have a redemption option for the issuer, allowing redemption at the end of the fifth year, specifically on November 17, 2025 [1] - As of the announcement date, the bank has exercised its redemption right and fully redeemed the bonds [1]

贖回減記型無固定期限資本債券 於本公告日期，本行董事為葛海蛟、張輝、劉進、張勇*、黃秉華*、劉輝*、師永彥*、 樓小惠*、李子民*、讓•路易•埃克拉 # 、喬瓦尼•特里亞 # 、劉曉蕾 # 、張然 # 、高美懿 # 、胡展雲 # 。 2020年11月13日，本行發行了規模為300億元人民幣的減記型無固定期限資本債 券（「本期債券」），並於2020年11月17日發布了減記型無固定期限資本債券發行 完畢公告。根據本期債券募集說明書相關條款的規定，本期債券設有發行人贖回 權，發行人有權在本期債券第五年末，即2025年11月17日贖回本期債券。 截至本公告日，本行已行使贖回權，全額贖回了本期債券。 中國銀行股份有限公司 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的內容概不負責，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。 中國銀行股份有限公司 BANK OF CHINA LIMITED （於中華人民共和國註冊成立的股份有限公司） （「本行」） （股份代號：3988） 公告 董事會 中國，北京 2025年11月18 ...

南财智讯11月18日电，三棵树公告，公司拟与中国银行股份有限公司滁州分行签署《最高额保证合 同》，为全资子公司安徽三棵树涂料有限公司提供最高债权限额人民币1.20亿元的连带责任保证担保。 本次担保事项在公司2025年度预计担保额度内，无需另行提交董事会或股东大会审议。担保范围包括主 债权本金、利息、违约金、实现债权的费用等，保证期间为各笔债务履行期限届满之日起三年。 ...

Core Insights - China Bank has released an upgraded version of the "Personal Pension Asset Allocation Plan (2025 Edition)" focusing on customer needs in pension planning and investment [1] Group 1: Service Enhancements - The upgraded plan features a more diversified allocation strategy tailored to different risk preferences and age stages of customers [1] - The product selection has been expanded, incorporating offerings from well-known institutions like ICBC Wealth Management, thereby enriching customer choices [1] - The guidance provided in the plan is clearer and more practical, with updated product lists and data, aimed at making professional financial solutions understandable and usable for customers [1] Group 2: Market Position - As one of the first pilot banks for the personal pension system, China Bank has over 260 personal pension products available as of September 2025, covering savings deposits, wealth management products, public funds, and commercial pension insurance [1] - The quantity and variety of products offered by China Bank continue to lead the market [1]

Group 1: Event Overview - The 15th National Games, a large-scale comprehensive event, is jointly hosted by Guangdong, Hong Kong, and Macau for the first time, showcasing regional collaboration and cultural integration [1][2] - The event enhances the synergy of the Greater Bay Area, transitioning from "hard connectivity" to "soft connectivity" and "heart connectivity" [1] Group 2: Financial Services and Innovations - Financial institutions from the three regions have collaborated to provide seamless financial services for participants and spectators, including optimized cross-border payment solutions [2] - The Bank of China Macau branch led the issuance of 2.5 billion RMB offshore local government bonds to support the event, with 1.5 billion RMB specifically allocated for the Games and related infrastructure [3] Group 3: Economic Impact and Consumer Behavior - The "ticket root economy" has emerged, allowing event tickets to be used for various tourism and cultural experiences, driving consumer spending [4][5] - Banks are leveraging the event to extend financial services across various sectors, including dining, travel, and retail, with promotional activities to stimulate consumption [6] Group 4: Merchandise and Consumer Trends - The event's mascots have gained significant popularity, leading to a surge in sales of related merchandise, with total sales reaching 680 million RMB by November 15 [7][8] - The event has significantly boosted tourism and retail activity in the Greater Bay Area, with increased searches for transportation, accommodation, and attractions [8]

Core Insights - The China International Import Expo (CIIE) has introduced a cross-border e-commerce zone, aiming to enhance global trade and support Shanghai's development as an international trade center [1][2] Group 1: Cross-Border E-Commerce Zone - The cross-border e-commerce zone is designed to integrate various services, addressing the growing demand for comprehensive financial and industrial support in the cross-border e-commerce sector [2] - The zone features a 40-square-meter service area by the Bank of China, showcasing its core capabilities in cross-border finance and promoting its global service brand "Bank of China Cross-Border E-Commerce" [2][3] - The "Bank of China Cross-Border E-Commerce" product line includes sub-products like "Three-Way Pass," "Cross-Border Pass," "E-Commerce Pass," and "Overseas Pass," tailored for the characteristics of small, high-frequency transactions [2] Group 2: Integrated Services and Support - The zone provides a one-stop service ecosystem for global exhibitors, particularly small and medium-sized enterprises, offering comprehensive support from cross-border settlement to policy consultation [3] - Collaboration with customs and tax authorities in the zone aims to facilitate customs processes and provide precise policy guidance, enabling smaller enterprises to enter the Chinese market more easily [3] - The Shanghai branch of the Bank of China is leveraging its local service and global network to transform the zone's experiences into ongoing support for Shanghai's trade center development [4] Group 3: Future Developments - The Shanghai branch has established partnerships with seven domestic and international payment institutions and cross-border e-commerce platforms, enhancing its ability to meet the needs of the cross-border e-commerce ecosystem [4] - Future plans include deepening collaboration with payment institutions and e-commerce platforms to further integrate cross-border financial services with Shanghai's "Silk Road E-Commerce" initiative [4]