Core Viewpoint - The legal opinion letter from Shanghai Jintiancheng Law Firm confirms the legality and validity of the procedures, qualifications, and voting results of the 2024 annual general meeting of shareholders of Bank of Communications Co., Ltd. [1][7] Group 1: Meeting Procedures - The annual general meeting was convened by the board of directors based on a resolution from the 23rd meeting of the 10th board held on April 29, 2025 [3] - The meeting notice and materials were published on June 5, 2025, on the Hong Kong Stock Exchange and on June 6, 2025, on the Shanghai Stock Exchange [2][3] - The meeting was held on June 27, 2025, at 13:30, with both on-site and online voting options available for A-share shareholders [3][4] Group 2: Qualifications of Participants - The meeting was convened by the board of directors, with 1,564 shareholders and representatives present, representing 66,706,336,835 shares, which is 75.6443% of the total voting shares [4][5] - Participants were required to present valid identification, and the qualifications of online voters were verified by the Shanghai Stock Exchange Information Network Co., Ltd. [4][5] Group 3: Voting Procedures and Results - Voting was conducted through a combination of on-site and online methods, with results counted by lawyers, supervisors, and shareholder representatives [6] - The following proposals were approved: 1. The 2024 Board of Directors Work Report 2. The 2024 Supervisory Board Work Report 3. The 2025 Fixed Asset Investment Plan 4. The Appointment of the 2025 Accounting Firm 5. The Amendment of the Articles of Association 6. The Proposal to Disband the Supervisory Board [6][7] - Proposals 5 and 6 were passed with more than two-thirds of the voting rights held by shareholders present at the meeting [6][7]

交通银行股份有限公司（以下简称"交通银行"或"本公司"）监事会及全体监事保证 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。 一、监事离任的基本情况 股票代码：601328 股票简称：交通银行 编号：临2025-050 交通银行股份有限公司 外部监事离任公告 本公司监事会收到外部监事陈汉文先生的辞任函。陈汉文先生因担任监事职 务将满六年，向本公司监事会提请辞去外部监事、监事会履职尽职监督委员会委 员、监事会财务与内控监督委员会主任委员职务。陈汉文先生的辞任自2025年6 月27日起生效。 | | | | 原定任期 | | 是否继续在 上市公司及 | 是否存在 未履行完 | | --- | --- | --- | --- | --- | --- | --- | | 姓名 | 离任职务 | 离任时间 | 到期日 | 离任原因 | | | | | | | | | 其控股子公 | 毕的公开 | | | 外部监事 | | | | 司任职 | 承诺 | | | 监事会履职尽职 | | | | | | | 陈汉文 | 监督委员会委 | 2025 年 6 月 | 20 ...

股票代码：601328 股票简称：交通银行 编号：临 2025-049 交通银行股份有限公司 2024年度股东大会决议公告 一、会议召开和出席情况 （一）召开的时间：2025 年 6 月 27 日 （二）召开的地点：上海市银城中路 188 号交银金融大厦 （三）出席会议的普通股股东及其持有股份情况： | 1.出席会议的股东和代理人人数 | 1,564 | | --- | --- | | 其中：A 股股东人数 | 1,557 | | 境外上市外资股股东人数（H 股） | 7 | | 2.出席会议的股东所持有表决权的股份总数（股） | 66,706,336,835 | | 其中：A 股股东持有股份总数 | 36,847,795,372 | | 境外上市外资股股东持有股份总数（H 股） | 29,858,541,463 | | 3.出席会议的股东所持有表决权股份数占本公司有表决权 | | | 股份总数的比例（%） | 75.6443 | | 其中：A 股股东持股占股份总数的比例（%） | 41.7850 | 1 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 ...

上海市锦天城律师事务所 关于 交通银行股份有限公司 2024 年度股东大会的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于交通银行股份有限公司 2024 年度股东大会的法律意见书 致：交通银行股份有限公司 交通银行股份有限公司（以下简称"公司"）2024 年度股东大会于 2025 年 6 月 27 日（星期五）13 时 30 分在上海市银城中路 188 号交银金融大厦召开。上 海市锦天城律师事务所（以下简称"本所"）经公司聘请，委派包智渊律师、叶 沛瑶律师（以下简称"本所律师"）出席本次会议，根据《中华人民共和国公司 法》（以下简称"《公司法》"）、《上市公司股东会规则》（以下简称"《股 东会规则》"）等法律法规、其他规范性文件以及《交通银行股份有限公司章程》 （以下简称"《公司章程》"）的规定，就本次股东大会的召集和召开程序、召 集人及出席会议人员的资格、会议的表决程序和表决结果等出具本法律意见书。 为出具本法律意见书， ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report China's personal pension system has been fully implemented for half a year, and pension wealth - management products are rising rapidly in the multi - level pension system with low - risk and stable returns as core advantages, showing investment potential of "seeking progress while maintaining stability and promising future" [1]. 3. Summary According to Related Catalogs 3.1 China's Personal Pension System's Full - scale Implementation and Global Insights 3.1.1 China's Pension System: From "Multi - level" to "Multi - pillar" China's pension system is structured around the internationally - recognized "three - pillar" framework. By the end of 2024, the total scale of China's multi - level pension security system was about 18.8 trillion yuan, a 12.77% increase from the previous year. The first pillar (social security fund + basic pension) accounted for about 63.9% (about 12 trillion yuan), the second pillar 35.8%, and the third pillar about 0.3%, showing the characteristics of "dominated by basic security and the supplementary level awaiting breakthrough" [2][11]. 3.1.2 Full - scale Implementation of Personal Pension The personal pension system was fully implemented in December 2024, with core breakthroughs in national coverage, diversified product systems, and flexible services and withdrawals. By the end of May 2025, the number of account - opening exceeded 72 million, and the number of products increased to 1,031, but the phenomenon of "hot account - opening and cold deposit" was prominent [15][16]. 3.1.3 International Comparison of Personal Pension Systems The core of the US personal pension system is the Individual Retirement Account (IRAs), with an asset scale of about 17 trillion US dollars by the end of 2024. The UK's personal pension started in 1986, and by the end of 2021, its scale was about 470 billion pounds. Japan's personal pension system consists of iDeCo and NISA. Different countries have different tax mechanisms, access conditions, annual payment limits, investment ranges, and withdrawal conditions [17][21][22]. 3.2 Domestic Personal Pension Product Hierarchical Competition and Global Experience 3.2.1 Formation of the Domestic Personal Pension Product Hierarchical Competition Pattern As of the end of May 2025, savings, insurance, wealth - management, and fund products accounted for 45%, 23%, 3%, and 29% respectively in terms of product quantity. The market is dominated by leading institutions, and small and medium - sized institutions seek breakthroughs through characteristic products [33]. 3.2.1.1 Savings Products with Stable Returns As of June 4, 2025, joint - stock banks were the main issuers of savings products, accounting for 58% of the total product quantity. The interest rate of long - term savings products was generally about 0.6 percentage points higher than that of short - term products [40]. 3.2.1.2 Insurance Products: Coexistence of Guaranteed Stability and Return Elasticity As of the end of May 2025, there were 233 insurance products. The market was dominated by leading institutions, and professional pension insurance companies performed prominently. Some products of National Pension Insurance had a settlement interest rate of over 4% in 2024 [45]. 3.2.1.3 Steady Development of Wealth - management Products As of the end of May 2025, there were 35 wealth - management products, mainly from large bank - affiliated wealth - management subsidiaries. The average one - year return rate as of June 6, 2025, was 2.7%, and the average annualized return rate since establishment was 3.1% [54][58]. 3.2.1.4 New Index Products in the Fund Category, with Leading Funds Dominating the Market Pattern As of the end of May 2025, there were 297 fund products. R3 (medium - risk) products dominated, and pension target FOF accounted for the main proportion. Index funds were included in the product catalog in December 2024, and leading institutions dominated the market [61]. 3.2.2 Higher Allocation Ratio of Equity Assets in Developed Countries' Personal Pensions The US IRA's asset allocation has shifted from deposits to equity assets. The UK's Vanguard target funds had an average annualized return rate of about 7.3% (target risk funds) and 7.8% (target date funds) from 2012 - 2024. Japan's iDeco has increased foreign stock allocation, and NISA has a higher risk preference. Compared with developed countries, domestic personal pension products have a lower allocation ratio of equity assets and relatively lower returns [73][79][81]. 3.3 Pension Wealth - management Products Promising in the Future 3.3.1 Overview of Pension Wealth - management Products As of the end of May 2025, 10 out of 11 approved wealth - management companies had issued 51 pension wealth - management products. The market was dominated by state - owned large banks and leading wealth - management companies. There were 271 pension target funds with a management scale of about 60 billion yuan at the end of 2024, and 1,018 annuity pension products with a management scale of about 2.3 trillion yuan at the end of 2024 [87][91][93]. 3.3.2 Structure of Pension Wealth - management Products As of the end of May 2025, pension wealth - management products were mainly fixed - income, with R2 - level (low - medium risk) products accounting for 96.1%. They had lower management and custody fees compared to pension target funds [98][100]. 3.3.3 Bond - based Asset Allocation in Pension Wealth - management As of Q1 2025, pension wealth - management products mainly allocated fixed - income assets (75.3%), with bonds and non - standard debt assets as the main components. Pension target funds highly relied on public funds, and annuity pension products were mainly allocated to fixed - income assets [101].

Regulatory Developments - Six departments, including the People's Bank of China, encourage financial institutions to increase loan support for eligible consumer industry entities [1] - The National Financial Supervision Administration issued the "Market Risk Management Measures for Commercial Banks," requiring banks to establish comprehensive stress testing procedures [1] - The "Implementation Plan for High-Quality Development of Inclusive Finance in Banking and Insurance" was released, focusing on enhancing inclusive credit systems and support for small and micro enterprises [1] Industry Insights - The four major state-owned banks have successfully completed a total of 520 billion yuan in capital increase through private placements, signaling stability in the banking sector [2] - Listed banks are experiencing a wave of capital increases, with significant shareholders increasing their stakes, indicating a potential revaluation of the banking sector [3] Mergers and Acquisitions - The Industrial and Commercial Bank of China has received approval to acquire Chongqing Bishan Rural Bank, marking the first instance of a state-owned bank participating in the "village-to-branch" reform [4] Corporate Actions - Ping An Life has increased its stake in China Merchants Bank to 15%, marking the third time it has done so this year, reflecting confidence in the bank's long-term investment value [5][6] - Luzhou Bank has paused its planned capital increase due to shareholder objections, with no new timeline for resuming the plan [6] - Suzhou Bank's major shareholder has completed an 856 million yuan stake increase [6] - China Great Wall Asset Management is transferring a 40.92% stake in Changjiang Huaxi Bank for a base price of 4.332 billion yuan, marking its exit after 11 years [6] Personnel Changes - Yang Jun has been appointed as a member of the Party Committee of the Bank of China [7] - Wang Dajun has been appointed as the Vice President of Agricultural Bank of China [8] - Qian Xi has been approved as the Chairman of Huaren Bank, which has total assets exceeding 430 billion yuan [9] - Zeng Xiaosong has been appointed as the President of Fudian Bank [10]

Core Viewpoint - The A-share market experienced a significant decline on June 27, 2025, with the banking sector, valued over 10 trillion yuan, facing a collective sell-off, leading to a drop of 2.69% in the banking index, closing at 4349.04 points [1] Group 1: Market Performance - The banking index closed at 4349.04 points, reflecting a decline of 2.69% [1] - The sell-off in the banking sector was characterized as a sudden adjustment that caught the market off guard [2] Group 2: Factors Influencing Decline - The "month-end effect" was identified as a contributing factor, with historical data showing poor performance of the banking sector at month-end, attributed to tightening liquidity and institutional settlements [2] - Reports of a large institution reallocating investments away from high-dividend stocks, including bank shares, towards growth-oriented stocks in the Sci-Tech Innovation Board were interpreted as a signal of potential outflows from the banking sector [3] Group 3: Broader Market Context - The decline in bank stocks was not isolated, as other dividend stocks like China Petroleum and Yangtze Power also experienced significant drops, raising concerns about the overcrowding in the banking sector [3] - Despite the adjustments, some analysts believe the decline is temporary, with trading congestion in bank stocks not reaching historical highs, and the fundamental support for bank stocks remaining intact [3][4] - The average dividend yield for A-share banks exceeds 4%, and for H-share banks, it exceeds 5%, indicating continued investment appeal in a low-interest-rate environment [4]

Group 1 - The report indicates a recovery in the issuance of equity public funds, with a new issuance of 269.56 million shares, an increase of 17.32% compared to the previous period [2][10][11] - Southbound capital continues to show net inflows, with a total of 290.55 billion yuan, although this is a decrease of 26.37% from the previous period [5][39] - The overall funding supply for the period was 292 billion yuan, while the funding demand reached 4,513 billion yuan, resulting in a net outflow of 4,221 billion yuan [2][9] Group 2 - The equity financing scale significantly increased to 4,307.79 billion yuan, primarily due to large-scale issuances by major banks such as Bank of China, Bank of Communications, and Postal Savings Bank, which raised 1,650 billion, 1,200 billion, and 1,300 billion yuan respectively [3][30] - The net reduction in industrial capital was 85.75 billion yuan, indicating continued selling pressure from major shareholders [3][32] - The lock-up release value for this period was 1,078.21 billion yuan, a substantial increase of 162.85% compared to the previous period, with expectations of 1,335.32 billion yuan in the next two weeks [4][35]

Core Viewpoint - Consumption acts as a "stabilizer" for economic operations and a "barometer" for market prosperity, while finance invigorates market vitality and supports consumption upgrades [2] Group 1: Financial Products and Services - The Bank of Communications Guangdong Branch has launched a series of consumer loan products, including "惠民消费贷" (惠民 Loan), "汽车贷" (Auto Loan), "装修贷" (Renovation Loan), and others, aimed at enhancing consumer flexibility in financial arrangements [5][6] - The "商圈惠贷" (Business Circle Loan) product is designed specifically for wholesale market merchants, allowing for a credit limit of up to 5 million yuan based on daily business transactions [8] - The bank emphasizes digital transformation, offering online applications and instant approvals for loans, thereby improving service efficiency and customer experience [9] Group 2: Consumer Empowerment and Market Activation - The bank's initiatives align with national policies aimed at boosting consumption, including measures to support personal consumption loans and enhance the financial capabilities of small and micro enterprises [7][10] - The bank integrates local cultural elements into its financial offerings, creating unique cultural tourism experiences and food discount activities to stimulate local consumption [6] - The bank's approach includes a focus on the needs of the working class, providing targeted loan products to facilitate consumption upgrades [10] Group 3: Future Outlook - The Bank of Communications Guangdong Branch plans to continue leveraging government policies to enhance consumer finance offerings, aiming to provide more flexible and affordable financial products for the public [10]

Core Insights - The banking industry is facing challenges in balancing profitability and customer satisfaction due to shrinking net interest margins, prompting a shift towards increasing fee-based income from intermediary services [1][4][6] Group 1: Fee Adjustments and Revenue Generation - Several banks, including both small and large institutions, have recently announced new or adjusted service fees, such as charging for credit reports and ATM withdrawals [2][3] - The adjustments in service fees are primarily aimed at enhancing intermediary business income to counteract the pressure from declining net interest margins [5][6] - Regulatory data indicates that the net interest margin for commercial banks fell to 1.43% in Q1 2025, marking a historical low, while non-performing loan rates increased, further squeezing traditional interest income [4] Group 2: Compliance and Customer Relations - Banks are required to comply with the "Commercial Bank Service Price Management Measures," ensuring that any new or adjusted fees are properly registered and publicly announced [7] - The importance of service fees has grown among consumers, influencing their choice of banking services, which may lead to a shift towards providers offering better value [7][8] - The introduction of new fees is seen as a necessary measure to cover operational costs and improve service quality, but it also raises the challenge of managing customer experience effectively [6][8]