Core Insights - The six major state-owned banks in China reported a total operating income of approximately 2.73 trillion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 1.87% [3] - The net profit attributable to shareholders reached about 1.72 trillion yuan, with a year-on-year increase of 1.22% [3] - All six banks achieved positive year-on-year growth in both revenue and net profit, with significant contributions from the third quarter [4] Revenue and Profit Performance - The revenue growth rates for Bank of China and Industrial and Commercial Bank of China were 2.69% and 2.17%, respectively, while Agricultural Bank of China led in net profit growth at 3.03% [3] - Absolute profit figures for the banks included approximately 269.9 billion yuan for ICBC, 257.4 billion yuan for CCB, and 220.9 billion yuan for ABC [3] Interest Income and Net Interest Margin - Interest income continued to decline, with only the Bank of Communications showing a year-on-year increase of 1.46% in net interest income [6] - The net interest margin for most banks decreased, but the rate of decline has narrowed compared to earlier in the year, with declines ranging from 0.01 to 0.04 percentage points per quarter [6] Asset Growth and Quality - Total assets of the six banks approached 218 trillion yuan, with a growth of approximately 1.85% since mid-year [3] - The non-performing loan ratio improved for five banks compared to the end of last year, while one bank saw a slight increase [7] Market Capitalization - As of October 30, Agricultural Bank of China had a market capitalization of 2.74 trillion yuan, leading among the banks, while ICBC's market cap was 2.59 trillion yuan [8]

Core Points - The announcement from Bank of Communications indicates that Tang Shuo has been approved by the National Financial Regulatory Administration to serve as the bank's business director for corporate and institutional business [1] Summary by Category Company - Bank of Communications has received official approval for Tang Shuo's appointment as the business director for corporate and institutional business [1] Regulatory Approval - The approval was granted by the National Financial Regulatory Administration, confirming Tang Shuo's qualifications for the role [1]

Core Points - The announcement from Bank of Communications states that it has received approval from the National Financial Supervision Administration regarding the appointment of Mr. Tang Shuo as the business director for corporate and institutional business [2] Group 1 - Bank of Communications has officially announced the approval of Mr. Tang Shuo's qualifications as the business director for corporate and institutional business [2]

Group 1 - The core focus of the Bank of Communications is on advanced manufacturing and enterprises related to new productivity, utilizing technology finance and cultural finance as key strategies [1] - In the technology finance sector, the bank has launched the "Jiaoyin Torch Loan" product in collaboration with the Ministry of Industry and Information Technology, addressing the full lifecycle financing needs of technology enterprises, with its 2.0 version released at the Financial Street Forum [1] - The bank has established a cultural finance center in Beijing, leading related service efforts and launching dedicated cultural finance brands and products at the Financial Street Forum, aiming to reduce financing costs for Beijing enterprises and promote deep integration of the "Five Major Articles" with the real economy [1]

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之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就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。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：03328） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 公司秘書 中國上海 2025年10月31日 於本公告發佈之日，本行董事為任德奇先生、張寶江先生、殷久勇先生、 周萬阜先生、常保升先生*、廖宜建先生*、陳紹宗先生*、穆國新先生*、 艾棟先生*、石磊先生 # 、張向東先生 # 、李曉慧女士 # 、馬駿先生 # 、王天澤先生 # 及 肖偉先生 # 。 * 非執行董事 ＃ 獨立非執行董事 股票代码：601328 股票简称：交通银行 编号：临 2025-070 交通银行股份有限公司 关于高管任职资格获监管机构核准的公告 茲載列交通銀行股份有限公司於上海證券交易所網站刊登的《交通銀行股份有限 公司關於高管任職資格獲監管機構核准的公告》，謹供參閱。 承董事會命 交通銀行股份有限公司 何兆斌 唐朔先生的简历，详见本 ...

特此公告 交通银行股份有限公司 关于高管任职资格获监管机构核准的公告 股票代码：601328 股票简称：交通银行 编号：临 2025-070 交通银行股份有限公司（以下简称"交通银行"或"本行"）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。 本行今日收到《国家金融监督管理总局关于唐朔交通银行业务总监（公司与 机构业务）任职资格的批复》（金复〔2025〕618 号），唐朔先生任本行业务总监 （公司与机构业务）的任职资格获国家金融监督管理总局核准生效。 唐朔先生的简历，详见本行于 2025 年 8 月 29 日在上海证券交易所网站 （www.sse.com.cn）发布的《交通银行股份有限公司第十届董事会第二十四次会 议决议公告》（编号：临 2025-054）。 交通银行股份有限公司董事会 2025 年 10 月 31 日 ...

Core Insights - The state-owned large bank sector experienced a decline of 1.01% on October 31, with Postal Savings Bank leading the drop [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Bank Performance Summary - **Bank of Communications (601328)**: Closed at 7.18, up 1.27%, with a trading volume of 2.2054 million shares and a transaction value of 1.571 billion [1] - **Bank of China (601988)**: Closed at 5.61, down 0.71%, with a trading volume of 4.8845 million shares and a transaction value of 2.717 billion [1] - **Industrial and Commercial Bank of China (601398)**: Closed at 7.78, down 0.77%, with a trading volume of 3.6933 million shares and a transaction value of 2.862 billion [1] - **China Construction Bank (601939)**: Closed at 9.13, down 1.19%, with a trading volume of 1.3 million shares and a transaction value of 1.188 billion [1] - **Agricultural Bank of China (601288)**: Closed at 7.96, down 1.24%, with a trading volume of 3.8286 million shares and a transaction value of 3.036 billion [1] - **Postal Savings Bank (601658)**: Closed at 5.75, down 2.71%, with a trading volume of 2.3636 million shares and a transaction value of 1.361 billion [1] Capital Flow Analysis - The state-owned large bank sector saw a net outflow of 116 million in main funds, while retail funds experienced a net outflow of 8.1972 million [1] - **Bank of Communications**: Main funds net inflow of 224 million, retail funds net outflow of 63.839 million [2] - **Bank of China**: Main funds net outflow of 760.85 thousand, retail funds net outflow of 1.64165 million [2] - **China Construction Bank**: Main funds net outflow of 310.645 thousand, retail funds net inflow of 2.39997 million [2] - **Industrial and Commercial Bank of China**: Main funds net outflow of 519.931 thousand, retail funds net inflow of 1.39323 million [2] - **Postal Savings Bank**: Main funds net outflow of 893.268 thousand, retail funds net outflow of 1.0489 million [2] - **Agricultural Bank of China**: Main funds net outflow of 1.607 million, retail funds net inflow of 4.46154 million [2]

Core Insights - The six major state-owned banks in China reported growth in both operating income and net profit for the first three quarters of 2025, with total assets also showing steady growth [1][2][3] Group 1: Bank Performance - Industrial and Commercial Bank of China (ICBC) achieved operating income of 640.03 billion yuan, a year-on-year increase of 2.17%, and net profit of 269.91 billion yuan, up 0.33% [1] - Agricultural Bank of China (ABC) reported operating income of 550.88 billion yuan, a 1.97% increase, and net profit of 220.86 billion yuan, growing by 3.03% [1] - Bank of China (BOC) recorded operating income of 491.20 billion yuan, a 2.69% increase, and net profit of 177.66 billion yuan, up 1.08% [2] - China Construction Bank (CCB) posted operating income of 573.70 billion yuan, a 0.82% increase, and net profit of 257.36 billion yuan, growing by 0.62% [2] - Bank of Communications (BCOM) achieved operating income of 199.64 billion yuan, a 1.80% increase, and net profit of 69.99 billion yuan, up 1.90% [2] - Postal Savings Bank of China (PSBC) reported operating income of 265.08 billion yuan, a 1.82% increase, and net profit of 76.56 billion yuan, growing by 0.98% [3] Group 2: Asset and Loan Quality - ICBC's total assets reached 52.81 trillion yuan, an increase of 399.17 billion yuan or 8.18%, with a non-performing loan (NPL) ratio of 1.33%, down 0.01 percentage points [1] - ABC's total assets were 48.14 trillion yuan, up 489.73 billion yuan or 11.33%, with an NPL ratio of 1.27%, down 0.03 percentage points [1] - BOC's total assets amounted to 37.55 trillion yuan, increasing by 248.89 billion yuan or 7.10%, with an NPL ratio of 1.24%, down 0.01 percentage points [2] - CCB's total assets reached 45.37 trillion yuan, up 479.79 billion yuan or 11.83%, with an NPL ratio of 1.32%, down 0.02 percentage points [2] - BCOM's total assets were 15.50 trillion yuan, increasing by 59.91 billion yuan or 4.02%, with an NPL ratio of 1.26%, down 0.05 percentage points [2] - PSBC's total assets reached 18.61 trillion yuan, up 152.07 billion yuan or 8.90%, with an NPL ratio of 0.94%, up 0.04 percentage points [3] Group 3: Provision Coverage - ICBC's provision coverage ratio stood at 217.21%, an increase of 2.30 percentage points [1] - ABC's provision coverage ratio was 295.08%, down 4.53 percentage points [1] - BOC's provision coverage ratio was 196.60%, down 4.00 percentage points [2] - CCB's provision coverage ratio was 235.05%, up 1.45 percentage points [2] - BCOM's provision coverage ratio was 209.97%, an increase of 8.03 percentage points [2] - PSBC's provision coverage ratio was 240.21%, down 45.94 percentage points [3]

Investment Rating - The report maintains an "Accumulate/Buy" rating for the company’s A/H shares [1][5][7] Core Views - The company's core profitability is steadily recovering, with a year-on-year increase in net profit, revenue, and pre-provision operating profit of 1.9%, 1.8%, and 0.7% respectively for the first nine months of 2025 [1] - The asset quality indicators remain robust, with a declining non-performing loan ratio and stable capital adequacy ratios, indicating a positive trend in asset quality [4] Summary by Sections Financial Performance - For the first nine months of 2025, the annualized ROA and ROE were 0.62% and 8.48%, showing slight declines of 0.02 percentage points and 0.58 percentage points year-on-year [1] - The net interest margin for the first nine months of 2025 was 1.20%, a decrease of 1 basis point from the first half of 2025, but the decline in the cost of liabilities is narrowing [2] Revenue and Income - Net interest income increased by 1.5% year-on-year for the first nine months of 2025, while net fee and commission income turned positive with a growth of 0.2% [3] - Other non-interest income showed resilience with a year-on-year increase of 4.1%, driven by favorable performance in wealth management-related income [3] Asset Quality and Capital - The non-performing loan ratio at the end of Q3 2025 was 1.26%, with a provision coverage ratio of 210%, indicating a marginal decline in non-performing loans [4] - The core Tier 1 capital adequacy ratio was 11.37%, reflecting a slight decrease but still maintaining a relatively ample level of capital [4] Valuation and Forecast - The report forecasts net profits of 956 billion, 982 billion, and 1,016 billion RMB for 2025, 2026, and 2027 respectively, with a target price of 8.76 RMB for A shares and 9.23 HKD for H shares in 2026 [5][11]

| 主要会计数据 | 2025 年 | 同比增减 | 2025 年 | ロ | | --- | --- | --- | --- | --- | | | 7至9月 | (%) | 1至9月 | | | 营业收入 | 66.277 | 3.92 | 199. 645 | | | 净利润(归属于母公司股 东) | 23,978 | 2. 46 | 69.994 | | | 扣除非经常性损益的净利 润(归属于母公司股东) | 23.670 | 2. 70 | 69.572 | | 资料来源：截取自交通银行2025年第三季度报告，单位为人民币百万元 10月30日晚间，交通银行发布2025年第三季度报告。 数据显示，今年第三季度，交通银行单季度经营表现稳健向好，整体盈利动能保持充足。7-9月，交行共实现营业收入662.77 亿元，同比增长3.92%；实现归 母净利润239.78 亿元，同比增长2.46%。 | 今年以来，交行盈利保持韧性、营收稳中向好。2025年前三季度共实现营业收入1,996.45亿元，同比增长1.80%；实现归母净利润699.94亿元，同比增长 | | --- | | 1.90%。 | 净息差站稳脚跟 ...