Core Points - The state-owned large bank sector increased by 1.07% on November 3, with China Construction Bank leading the gains [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Summary by Category Stock Performance - China Construction Bank (CCB) closed at 9.34, up 2.30% with a trading volume of 1.3427 million shares and a transaction value of 12.46 billion [1] - Industrial and Commercial Bank of China (ICBC) closed at 7.90, up 1.54% with a trading volume of 3.4207 million shares and a transaction value of 26.97 billion [1] - Bank of Communications closed at 7.27, up 1.25% with a trading volume of 2.1259 million shares and a transaction value of 15.42 billion [1] - Bank of China closed at 5.68, up 1.25% with a trading volume of 4.0745 million shares and a transaction value of 23.11 billion [1] - Agricultural Bank of China closed at 8.01, up 0.63% with a trading volume of 2.7184 million shares and a transaction value of 21.75 billion [1] - Postal Savings Bank of China closed at 5.78, up 0.52% with a trading volume of 1.8886 million shares and a transaction value of 10.90 billion [1] Capital Flow - The state-owned large bank sector saw a net inflow of 475 million from institutional investors, while retail investors experienced a net outflow of 95.019 million [1] - The capital flow for individual banks showed varying trends, with Bank of Communications having a net inflow of 136 million from institutional investors but a net outflow of 70.078 million from retail investors [2] - ICBC had a net inflow of 127 million from institutional investors, with a significant net outflow of 108 million from retail investors [2] - Bank of China recorded a net inflow of 95.788 million from institutional investors, while also facing a net outflow of 85.952 million from retail investors [2] - CCB had a net inflow of 81.513 million from institutional investors but a net outflow of 64.651 million from retail investors [2] - Agricultural Bank of China saw a net inflow of 63.865 million from institutional investors, with a net outflow of 116 million from retail investors [2] - Postal Savings Bank of China experienced a net outflow of 29.609 million from institutional investors, but a net inflow of 17.222 million from retail investors [2]

致：香港交易及結算所有限公司 公司名稱: 交通銀行股份有限公司 呈交日期: 2025年11月3日 FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03328 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 35,011,862,630 | RMB | | 1 RMB | | 35,011,862,630 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 35,011,862,630 | RMB | | 1 RMB | | 35,011,862,630 | | 2. 股份分類 | 普通股 ...

Core Insights - The recent disclosure evaluation results for listed banks in China for the 2024-2025 period show that all listed banks received ratings of B or above, with 22 banks rated A, indicating a strong performance in information disclosure [1] Summary by Category Overall Ratings - All listed banks achieved a rating of B or higher, with 22 banks rated A, reflecting consistent performance compared to the previous year [1] - Only six banks experienced rating changes, with five banks improving their ratings and one bank, Shanghai Bank, experiencing a downgrade [1] Banks with Rating Changes - The following banks improved their ratings: - Zhangjiagang Bank - Hangzhou Bank - Huaxia Bank - Everbright Bank - Zhejiang Commercial Bank [1] - Shanghai Bank was the only bank to see a downgrade in its rating [1] Detailed Ratings - A selection of banks and their ratings includes: - Ping An Bank: A - Ningbo Bank: A - Agricultural Bank of China: A - Industrial and Commercial Bank of China: A - Shanghai Bank: B (downgraded) [2]

交通银行上季业绩稳固，收益率达4.6%属国有行中最高。交行首三季度净利润同比增长1.9%至700亿元 人民币，增速较上半年升1.6%加快。核心盈利同比增长0.9%，扭转上半年降1%势头。首三季交行年化 ROE同比下滑0.7个百分点至8.2%。核心一级资本充足率按季微降5个基点至11.37%。报告提及，交行股 价在过去六个月显著跑输同业，部分受稀释效应影响。随着股价表现疲软，其股息收益率已更具吸引 力，且三季度业绩显示经营趋势稳健。 MACD金叉信号形成，这些股涨势不错！ 美银证券发布研报称，对交通银行(03328)2025至27年盈利预测上调1%至4%，H股目标价由6.3港元升至 6.55港元，H股评级由跑输大市上调至中性。交通银行(601328.SH)A股目标价由7.58元人民币升至7.91元 人民币，评级由"中性"升至"买入"。 ...

智通财经APP获悉，美银证券发布研报称，对交通银行(03328)2025至27年盈利预测上调1%至4%，H股 目标价由6.3港元升至6.55港元，H股评级由跑输大市上调至中性。交通银行(601328.SH)A股目标价由 7.58元人民币升至7.91元人民币，评级由"中性"升至"买入"。 交通银行上季业绩稳固，收益率达4.6%属国有行中最高。交行首三季度净利润同比增长1.9%至700亿元 人民币，增速较上半年升1.6%加快。核心盈利同比增长0.9%，扭转上半年降1%势头。首三季交行年化 ROE同比下滑0.7个百分点至8.2%。核心一级资本充足率按季微降5个基点至11.37%。报告提及，交行股 价在过去六个月显著跑输同业，部分受稀释效应影响。随着股价表现疲软，其股息收益率已更具吸引 力，且三季度业绩显示经营趋势稳健。 ...

Regulatory Dynamics - Five banks were fined a total of over 200 million yuan for various violations, with China Bank fined 97.9 million yuan for issues in governance and loan management [1] - The Central Bank's Zhejiang branch imposed fines exceeding 16 million yuan on six banks, affecting 25 responsible individuals, with penalties ranging from 7,500 to 100,000 yuan [1] Insurance Industry - The total fines in the insurance industry exceeded 300 million yuan in the first three quarters of 2025, marking a year-on-year increase of 9.64%, with 86 individuals banned from the industry [2] - In Q3 2025, the insurance sector saw 632 penalties totaling 134 million yuan, with a significant rise in the number of penalties and institutions involved compared to the previous year [2] Industry Dynamics - The six major state-owned banks reported their Q3 results, with Industrial and Commercial Bank of China achieving a revenue of 610.97 billion yuan, a year-on-year increase of 1.98% [2] - Agricultural Bank of China reported a revenue of 550.77 billion yuan, up 1.87%, while Bank of China and China Construction Bank also showed modest growth in revenue and net profit [2] Corporate Developments - China Pacific Insurance reported a net profit of 45.7 billion yuan in the first three quarters of 2025, reflecting a year-on-year growth of 19.3% [9] - The appointment of Zhao Guid as vice president of Industrial and Commercial Bank of China was announced, highlighting his extensive experience in digital transformation and financial technology [6] - Yibin Bank announced a change in leadership, appointing Guo Hua as the new president after the resignation of Jiang Lin [7] - China Life and New China Life reported significant net profit growth rates of 91.5% and 88.2% respectively in Q3 2025, driven by substantial investment income [5]

Core Viewpoint - The Bank of Communications has demonstrated a stable and improving operational performance in 2023, with a focus on serving the real economy and maintaining financial stability, as evidenced by its growth in total assets and key financial metrics [1][2]. Financial Performance - As of the end of Q3 2023, the total assets of the Bank of Communications reached 15.50 trillion yuan, an increase of 4.02% compared to the end of the previous year [1]. - The bank achieved a net operating income of 200.06 billion yuan, reflecting a year-on-year growth of 1.86%, with net interest income and net fee and commission income increasing by 1.46% and 0.15%, respectively [2]. - The net profit attributable to shareholders was 69.99 billion yuan, up 1.90% year-on-year, with growth rates for net revenue and net profit improving compared to the first half of the year [2]. Focus on Real Economy - The bank has emphasized its role as a major player in supporting the real economy, with a customer loan balance of 9.07 trillion yuan, which is a 6.04% increase from the previous year [3]. - Significant growth was noted in various sectors, including technology finance, digital finance, and pension finance, with respective loan balances increasing by 41.75% and 18.29% year-on-year [3]. Strategic Initiatives in Shanghai - The Bank of Communications is actively involved in the development of Shanghai's "Five Centers," enhancing its technological financial capabilities and expanding its market presence [4]. - The bank has established partnerships with 65 municipal and 191 district-level major projects in Shanghai, facilitating substantial cross-border financial transactions [4]. Digital Transformation - The bank is accelerating its digital transformation, enhancing its digital infrastructure and security measures, and increasing the application of artificial intelligence in various operational areas [5]. - Monthly active users for the bank's mobile banking and payment applications reached 53.06 million and 25.93 million, respectively, indicating strong engagement [5]. Risk Management - The bank maintains a prudent approach to risk management, with a non-performing loan ratio of 1.26%, down 0.05 percentage points from the previous year, and a provision coverage ratio of 209.97%, up 8.03 percentage points [6]. - The bank disposed of non-performing loans amounting to 55.74 billion yuan, marking a year-on-year increase of 28.12% [6].

Core Insights - The performance of China's six major state-owned banks showed steady growth in the first three quarters, with total operating income reaching 2.72 trillion yuan, a year-on-year increase of 1.87%, and net profit attributable to shareholders reaching 1.07 trillion yuan, up 1.22% year-on-year [2][3] Financial Performance - All six major state-owned banks achieved year-on-year revenue growth in the first three quarters, with China Bank leading at a 2.69% increase, while the other five banks had growth rates between 0.82% and 2.17% [3][5] - The net profit growth rate for these banks turned positive in the third quarter, with Industrial and Commercial Bank of China (ICBC) reporting a single-quarter profit of 101.8 billion yuan, marking the first time it exceeded 100 billion yuan in a single quarter [3][4] - The net interest income for most banks declined year-on-year, but the rate of decline narrowed compared to the first half of the year, with only the Bank of Communications reporting an increase of 1.46% [6][8] Non-Interest Income - All six banks reported year-on-year growth in net fee and commission income, with Agricultural Bank of China leading at a 13.34% increase, and Postal Savings Bank of China also showing strong performance with an 11.48% increase [7][8] - The improvement in non-interest income is attributed to a recovery in capital markets and increased wealth management income [7][8] Asset Quality - Five out of six major state-owned banks reported a decrease in non-performing loan (NPL) ratios compared to the end of the previous year, indicating overall stable asset quality [9][11] - Postal Savings Bank was the only bank to see an increase in its NPL ratio, which rose to 0.94%, still the lowest among the six banks [9][11] Provision Coverage - The provision coverage ratio, a key indicator of risk resilience, showed that only China Bank fell below 200%, with a ratio of 196.60%, while Agricultural Bank had the highest at 295.08% [10][11] Inclusive Finance Initiatives - The banks reported significant growth in inclusive finance loans, with notable increases in loans for small and micro enterprises and pension management [12][13] - The banks are also advancing in technology and green finance, with substantial growth in technology loans and green loan balances [12][13]

Core Points - The former Vice President of Bank of Communications, Hou Weidong, is under investigation for serious violations of discipline and law, five years after his retirement [1][2] - Hou Weidong was the first Chief Information Officer (CIO) in China's banking industry and held significant positions in both technology and business operations during his tenure [2][3] Group 1: Background and Career - Hou Weidong worked at the Industrial and Commercial Bank of China before joining Bank of Communications, where he held various roles, including Vice President and CIO [2] - He served as Vice President of Bank of Communications for over nine years and was also the CIO for six years during that time [2][3] - His career highlights include leading the launch of major technological systems that transformed banking operations from distributed to centralized processing [3] Group 2: Institutional Response - Following the announcement of Hou Weidong's investigation, the Bank of Communications' Party Committee held a meeting to express support for the central government's decision and to cooperate fully with the investigation [4] - The committee emphasized the importance of ongoing discipline and warning education to mitigate the negative impact of Hou's case and to strengthen anti-corruption efforts [4] - Leadership within the bank is urged to maintain strict adherence to political discipline and regulations, promoting a healthy political environment [4]

Core Insights - In October 2025, the number of existing property mortgage applications in Hong Kong increased to 6,662, up by 491 applications (8%) from September, while the number of pre-sale mortgage applications dropped to 599, a decrease of 599 applications (44%) from the previous month [1] - Year-on-year comparison shows that existing property mortgage applications rose by 2,729 applications (69.4%) compared to October 2024, while pre-sale mortgage applications increased by 51 applications (9.3%) [1] - For the first ten months of 2025, existing property mortgage applications totaled 54,228, an increase of 10,988 applications (25.4%) from the same period in 2024, and pre-sale mortgage applications reached 6,041, up by 2,435 applications (67.5%) [1] Market Share Analysis - In the existing property mortgage market, Bank of China (Hong Kong) leads with a market share of 32.2%, followed by HSBC at 19.3%, Hang Seng Bank at 15.8%, Standard Chartered Bank at 7%, and Bank of East Asia at 6.2% [2] - For pre-sale mortgages, HSBC ranks first with a market share of 23.9%, followed by Bank of China (Hong Kong) at 20.2%, Hang Seng Bank at 14.4%, and China Communications Bank at 10.5% [2] - The market share of the four major banks in existing property mortgages slightly decreased from 74.7% to 74.3% in October 2025 [2]