Core Viewpoint - The 2025 World Artificial Intelligence Conference and the High-Level Meeting on Global Governance of Artificial Intelligence opened in Shanghai, showcasing the role of Bank of Communications in utilizing AI and digital technologies to support the real economy and contribute to Shanghai's development as a global financial center [1] Group 1: Exhibition Highlights - The Bank of Communications' exhibition featured unique areas such as the "Five Major Articles of Finance," Shanghai's main stage, digital employees, and cloud banking, allowing visitors to experience new banking service models through immersive interactions [3] - Cutting-edge technologies like generative models and blockchain were presented, demonstrating innovations in the financial sector that enhance service accessibility, convenience, and security [3] - The "Five Major Articles of Finance" area illustrated the bank's innovative practices in empowering national strategies and facilitating the construction of Shanghai's five centers [4] Group 2: Technological Innovations - The bank has developed a smart shipping trade blockchain ecosystem that integrates customs, insurance, logistics, and tax data, creating multiple AI application scenarios for financing and trade [4] - A dedicated brand "Jiao Zheng Tong" was launched to streamline government services across various sectors, promoting the integration of smart finance and digital governance [4] - The digital employee and cloud banking sections showcased innovations in remote financial services, utilizing audio-visual and AI technologies to enhance service delivery and customer experience [4] Group 3: Forum and Collaboration - The bank will host a forum titled "Intelligent Drive, Co-creation and Win-win: AI + Finance Empowering High-Quality Development," in collaboration with China UnionPay, Fudan University, and the Shanghai Financial Technology Industry Alliance [5] - The forum aims to discuss how the financial industry can leverage AI technology to improve efficiency and support industrial innovation, featuring expert speeches and the launch of new smart products [5] - The event will also include signing agreements for cooperation in national AI application pilot bases and financial large model initiatives [5]

Core Insights - The article highlights the growing popularity of Hainan as a summer tourist destination, driven by unique attractions and promotional activities by Bank of Communications [1] - The bank is actively collaborating with local tourism units to enhance tourism promotion and provide tailored financial services to support the high-quality development of the tourism industry [1] Group 1: Tourism Promotion - The "Heartfelt Journey" campaign launched by Bank of Communications in partnership with Xinhua News has garnered significant attention from netizens and customers [1] - The campaign includes a series of promotional activities during the Consumer Expo, focusing on Hainan's duty-free shopping, main commercial areas, and local dining experiences [1] Group 2: Financial Services and Discounts - Bank of Communications Hainan Branch has upgraded various discount activities, such as the "Summer You Most Benefit" campaign, offering significant savings for credit card holders at over 1,200 dining establishments [2] - The bank's promotional activities include a "Hainan Safe Travel" initiative, providing discounts for consumers until December 31, 2025, aimed at enhancing the integration of financial services with tourism [2] Group 3: Future Plans - The bank plans to continue innovating financial products, distributing tourism consumption vouchers, and promoting unique travel routes to create a more inclusive and sustainable tourism financial service ecosystem [2]

Core Viewpoint - The China Communications Industry Association announced the Financial Digital Transformation Capability Assessment Model (FDMM) results, with Bank of Communications receiving the highest level certification for its digital technology application capabilities, marking it as an industry leader in digital transformation [1][3]. Group 1: Digital Transformation Strategy - The company emphasizes digital transformation as a strategic priority to meet high-quality development requirements, increasing investment in technology and fostering core technological innovation [3]. - A "1+1+N" artificial intelligence framework has been established, featuring a heterogeneous computing cluster based on domestic GPU servers and a financial model algorithm matrix worth hundreds of billions [3]. Group 2: Financial Services Innovation - The company leverages "data elements + digital technology" to enhance business value and improve service quality for the real economy, introducing innovative financial services like "proactive credit" for small and micro enterprises [3]. - Standardized products such as online mortgage loans and various credit products have been developed, alongside the "Jiaoyin Hangmaotong" platform for online cross-border settlement and foreign trade financing [3]. Group 3: Risk Management - The company has implemented AI technology across all risk management areas, creating a comprehensive digital risk management system that transitions from traditional methods to intelligent control, ensuring the protection of customer assets [3].

Core Points - The Shanghai Composite Index decreased by 0.33%, while the Shanghai Central Enterprises 50 Index fell by 0.72%, closing at 1806.12 points with a trading volume of 93.634 billion yuan [1] - The Shanghai Central Enterprises 50 Index has increased by 2.24% over the past month, 6.69% over the past three months, and 2.24% year-to-date [1] - The index is composed of the top 50 listed companies controlled by the State-owned Assets Supervision and Administration Commission and the Ministry of Finance, based on average market capitalization and trading volume over the past year [1] Index Composition - The top ten weighted companies in the Shanghai Central Enterprises 50 Index are: China Merchants Bank (11.04%), Yangtze Power (7.04%), CITIC Securities (5.83%), Industrial and Commercial Bank of China (5.26%), Bank of Communications (4.15%), Agricultural Bank of China (3.94%), SMIC (3.63%), Beijing-Shanghai High-Speed Railway (3.29%), China Shenhua Energy (2.55%), and China State Construction Engineering (2.42%) [1] - The index is fully represented by companies listed on the Shanghai Stock Exchange [1] Industry Breakdown - The industry composition of the index includes: Finance (41.47%), Industry (22.86%), Public Utilities (10.67%), Energy (7.50%), Communication Services (6.37%), Information Technology (5.14%), Materials (3.42%), Consumer Discretionary (1.37%), and Real Estate (1.19%) [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - New samples are prioritized for inclusion if they rank within the top 40, while existing samples ranked within the top 60 are generally retained [2]

Group 1: Digital Currency Development - Digital RMB has developed applications across various sectors including retail, dining, education, and public services, forming a replicable model for online and offline use [1][7] - As of April 2025, the cumulative transaction amount of digital RMB in pilot areas reached 10.8 trillion yuan, with 2.1 billion personal wallets opened through the digital RMB app [1][7] Group 2: Supply Chain Finance and Smart Contracts - Agricultural Bank of China has integrated digital RMB smart contracts into the supply chain of Luzhou Laojiao, enabling precise control of loan funds for 2,259 downstream distributors, resulting in 2.418 billion yuan in loans [2] - Smart contracts are effectively addressing financing challenges for small and micro enterprises, enhancing fund management efficiency and reducing compliance costs [2] Group 3: Prepaid Consumption Management - Postal Savings Bank has utilized smart contract technology to address the issue of "easy recharge, difficult refund" in prepaid consumption, covering over 700 merchants and preventing consumer losses [3] - Agricultural Bank has established a regulatory system for prepaid funds, incorporating over 4,000 merchants and 1.5 billion yuan into its network, ensuring consumer protection [3] Group 4: Inclusive Finance Innovations - CITIC Bank is exploring digital RMB loan services, launching products like "信保贷" and "政采e贷" to support small and micro enterprises [4] - Postal Savings Bank has created a payment loop from planting to retail in agricultural scenarios, demonstrating the practical application of digital RMB in rural finance [4] Group 5: Cross-Border Payment Enhancements - The "Currency Bridge" project aims to improve cross-border payment efficiency and reduce costs, with 35 banks from four jurisdictions participating in real transactions [8][9] - The platform can process cross-border payments in 6 to 9 seconds, significantly cutting costs compared to traditional methods [9] Group 6: Expanding Digital RMB Usage - Didi Group has integrated digital RMB into its services, allowing users to pay for bike rentals and freight services in over 250 cities [5][6] - Tencent is enhancing the digital RMB experience for foreign visitors in China, enabling them to use digital RMB in various scenarios through WeChat [10]

Group 1 - The A-share private placement market has significantly rebounded this year, with 74 listed companies completing private placement projects and raising a total of 659 billion yuan, far exceeding the same period last year [1] - Among the 74 companies, 38 raised over 1 billion yuan, accounting for 51% of the total [1] - Key industries involved in private placements include capital goods, technology hardware and equipment, automotive, and banking [1] Group 2 - Major banks such as Bank of China, Postal Savings Bank of China, Bank of Communications, and China Construction Bank have led in private placement scale, collectively raising 520 billion yuan [1] - The funds raised by these banks are primarily used to increase core tier one capital, driven by the need for capital support in business expansion and risk management [1] - The active participation of banks in private placements indicates a strengthening support of the capital market for the real economy [1] Group 3 - There are numerous cases of listed companies using private placements for asset acquisitions, such as AVIC Chengfei's private placement of approximately 20.86 million shares, raising 17.44 billion yuan for acquiring 100% equity of AVIC Chengfei [1] - Another example is Seres Group, which raised approximately 8.16 billion yuan through private placement for purchasing a super factory in Chongqing and supplementing operational funds [1] Group 4 - In 2024, 132 listed companies completed private placements, raising a total of 206.65 billion yuan, indicating that the total amount raised this year has far exceeded the entire amount raised last year [2] - The recovery of the private placement market is believed to be related to policy support and the urgent need for funding to support R&D and capacity expansion amid industrial upgrades [2] - The market's ample liquidity has created a favorable funding environment for private placements, with a trend of larger financing projects and more flexible pricing observed this year [2]

Core Viewpoint - The article emphasizes the role of financial institutions, particularly the Bank of Communications, in supporting the real economy and maintaining financial stability, highlighting the launch of the "Yun Tong" brand service and the "Yun Tong Wan Li Xing" series of activities aimed at enhancing financial services for enterprises [1][3]. Group 1: Brand Development and Activities - The "Yun Tong" brand has undergone a rapid development phase following its upgrade at the 2024 China International Import Expo, focusing on providing customized and intelligent financial solutions to support industrial transformation and new productivity [3]. - The "Yun Tong Wan Li Xing" series of activities aims to convert brand strength into actionable support for enterprises, facilitating financial resource circulation and addressing the last mile of financial service delivery [3][10]. Group 2: Treasury Management Services - The Bank of Communications has launched the "Yun Tong Treasury" brand service, which offers financial management and intelligent financial services to state-owned enterprises and large corporations, aligning with the national treasury system development goals [6][7]. - The "1+3+N" intelligent treasury service model includes a comprehensive financial service plan, three system service platforms, and a variety of product combinations tailored to different stages and needs of treasury management [7]. Group 3: Cross-Border Financial Services - In the context of China's high-level opening-up and the Belt and Road Initiative, the Bank of Communications provides a comprehensive suite of cross-border financial services, including trade finance, cross-border financing, and currency risk management, to support enterprises going global [9]. - The bank has established 24 overseas branches covering 131 countries and regions, facilitating efficient cross-border payment and settlement services through a robust global network [9]. Group 4: Strategic Goals - Positioned at a historical juncture with the conclusion of the 14th Five-Year Plan, the Bank of Communications aims to leverage the "Yun Tong" brand to enhance financial service innovation and empower the real economy, contributing to national strategies and the sustainable development of Chinese enterprises [10].

Investment Rating - The report maintains an "Outperform" rating for the banking sector, consistent with the previous rating [6]. Core Insights - The impact of the current "anti-involution" trend on credit is expected to be small overall, but slightly greater than the effects observed during the supply-side reform period from 2015 to 2017 [11][12]. - Credit management is a crucial tool for banks in responding to supply-side reforms, primarily through reducing credit exposure to overcapacity industries and refining client lists to limit loan amounts [12][13]. - The report suggests that the current banking environment is facing a credit slowdown, which may amplify the impact of "anti-involution" on credit growth [13]. Summary by Sections Investment Suggestions - The report recommends focusing on banks such as Xiamen Bank, Chongqing Bank, Yucheng Rural Commercial Bank, Shanghai Bank, and Shanghai Agricultural Bank, as well as major state-owned banks [2][57]. Historical Context and Data Analysis - During the supply-side reform period, the year-on-year growth rates of RMB credit were 14%, 13.5%, and 13.5% from 2015 to 2017, with social financing growth rates of 12.5%, 12.6%, and 14.8% respectively, indicating limited impact on credit pulses [12][13]. - The analysis shows that the impact of supply-side reform on credit was less than 1%, with a more significant effect on joint-stock banks compared to state-owned banks [18][22]. Credit Management and Asset Quality - Credit management during the supply-side reform led to a notable increase in non-performing loan (NPL) ratios in overcapacity industries, with a significant rise in overall NPL ratios for listed banks in the second half of 2016 [13][32]. - The report indicates that the "anti-involution" trend may lead to a similar, albeit slightly larger, impact on credit quality compared to the previous reforms, particularly affecting private enterprises more than state-owned ones [11][45]. Industry Trends and Projections - The report highlights that the proportion of private enterprises in the affected industries has increased compared to the supply-side reform period, suggesting that credit control measures may disproportionately impact these firms [45]. - It notes that the current banking sector is experiencing a degree of asset scarcity, which could further exacerbate the effects of credit management policies [45][46].

Core Viewpoint - The issuance of the "Bank of Communications Co., Ltd. 2025 Second Phase Total Loss Absorption Capacity Non-Capital Bonds" marks a significant step in expanding the bank's capital-raising capabilities and enhancing market liquidity through innovative financial instruments [3][4]. Group 1: Bond Issuance Details - The total scale of the bond issuance is RMB 30 billion, consisting of two varieties with a maturity of 3+1 years [3]. - The first variety is a 4-year fixed-rate bond with an issuance scale of RMB 25 billion and a coupon rate of 1.78%, featuring a conditional issuer redemption right at the end of the third year [3]. - The second variety is a 4-year floating-rate bond with an issuance scale of RMB 5 billion, an initial coupon rate of 1.82%, linked to the 60-day average of the 7-day interbank deposit pledged repo rate (DR007), also with a conditional issuer redemption right at the end of the third year [3]. Group 2: Innovation and Market Response - The issuance includes the first floating-rate TLAC bond by a commercial bank, reflecting the bank's proactive response to regulatory guidance and its commitment to developing a multi-tiered bond market [3]. - The diverse investor base for the floating-rate TLAC bond includes state-owned banks, joint-stock banks, funds, securities, and insurance institutions, indicating a broadening of the investor group [3]. Group 3: Expert Insights - Experts highlight that floating-rate TLAC bonds differ from traditional fixed-rate TLAC bonds by having a coupon rate that adjusts based on market benchmarks, which helps investors manage risks associated with long-term interest rate fluctuations [4]. - The floating-rate bonds are seen as having stronger risk resistance during periods of rising market interest rates, thus reducing market value volatility for investors [4]. - The funds raised from this bond issuance will be used to enhance the bank's total loss absorption capacity, demonstrating the bank's commitment to regulatory compliance and risk management [4].

股票代码：601328 股票简称：交通银行 编号：临 2025-051 交通银行股份有限公司 关于 2025 年第二期总损失吸收能力非资本债券 （债券通）发行完毕的公告 经相关监管机构批准，本公司在全国银行间债券市场公开发行"交通银行股 份有限公司2025年第二期总损失吸收能力非资本债券（债券通）"（以下简称"本 期债券"），并于2025年7月23日发行完毕。 本期债券发行总规模为人民币300亿元，分为两个品种，其中品种一为4年期 固定利率债券，发行规模为250亿元，票面利率为1.78%，在第3年末附有条件的 发行人赎回权；品种二为4年期浮动利率债券，发行规模为50亿元，首个利率重 置期票面利率为1.82%，固定利差0.24%，在第3年末附有条件的发行人赎回权。 本期债券募集资金在扣除发行费用后，将依据适用法律和主管部门的批准用 于提升本公司总损失吸收能力。 交通银行股份有限公司（以下简称"交通银行"或"本公司"）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。 特此公告 交通银行股份有限公司董事会 2025 年 7 月 23 日 ...