Group 1 - The core observation is that major banks in China are shifting their large-denomination time deposit products towards shorter maturities, with longer-term options being removed from availability [1] - Industrial and Commercial Bank of China (ICBC) currently offers large-denomination time deposits with maturities of 1 month, 3 months, 6 months, 1 year, 2 years, and 3 years, with the 3-year deposit yielding 1.55% and both the 1-year and 2-year deposits yielding 1.20% [1] - Other banks such as Bank of China, China Construction Bank, Bank of Communications, and Postal Savings Bank exhibit similar trends, having removed 5-year deposit products from their offerings [1] Group 2 - Agricultural Bank of China does not list any 5-year large-denomination time deposit products in its catalog for the period from 2018 to 2025 [1]

Core Viewpoint - The major state-owned banks in China have completely stopped offering 5-year large denomination certificates of deposit (CDs), leading to a significant reduction in the availability of long-term deposit products in the market [1][2][6]. Group 1: Bank Actions - Six major state-owned banks, including Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, and Postal Savings Bank of China, have ceased the sale of 5-year large denomination CDs [1][2]. - The remaining available terms for large denomination CDs have shifted to shorter durations, with the longest being 3 years, which has a rate of 1.55% [2][6]. - The trend of discontinuing long-term deposit products is not limited to national banks; local commercial banks and private banks are also following suit, as seen with the announcements from banks in Inner Mongolia [10][11]. Group 2: Market Dynamics - The withdrawal of 5-year CDs is attributed to the current downward trend in interest rates, which discourages banks from offering higher rates for long-term deposits [10]. - There is a notable increase in the overall deposit scale due to high savings enthusiasm among residents, while the demand for loans remains weak, leading banks to be less inclined to attract long-term deposits [10]. - Many banks are also reducing deposit rates, with some institutions cutting rates by as much as 65 basis points, reflecting a broader strategy to optimize their liability structure under pressure from interest margins [10][11]. Group 3: Investor Sentiment - The reduction in long-term deposit products has created a dilemma for ordinary depositors, as they struggle to find stable investment options [11]. - A survey indicates a slight decline in the proportion of depositors preferring to save more, suggesting a shift in asset allocation strategies among investors in a low-interest-rate environment [11]. - Financial experts recommend that investors adjust their expectations for returns and consider diversifying their asset allocation to include cash management products, money market funds, and government bonds [11]. Group 4: Industry Implications - The decline of long-term deposit products is prompting banks to accelerate their transformation efforts, focusing on wealth management and custodial services to stabilize non-interest income [11]. - Banks are encouraged to enhance their strategies on both asset and liability sides to maintain net interest margins amidst changing market conditions [11].

Core Viewpoint - The article emphasizes the commitment of the Bank of Communications to integrate technology finance into its strategic core, responding to the call for high-level technological self-reliance and innovation in the financial sector [1][9]. Group 1: Strategic Initiatives - The Bank of Communications has signed a strategic cooperation agreement with the Ministry of Industry and Information Technology to establish the "Torch-Jiaoyin Joint Innovation Laboratory," focusing on data mining, credit product innovation, and financial scene construction [2]. - The "Five Ones" special action has been launched to enhance collaboration among government, banks, parks, and enterprises, promoting a virtuous cycle of technology, industry, and finance [2][3]. Group 2: Service System and Product Innovation - The bank has developed a comprehensive service system for technology finance, including various credit products tailored to different stages of technology enterprises, such as "Kechuang Talent Loan" and "Kechuang Fast Loan" [4]. - The total balance of technology loans has exceeded 1.5 trillion yuan, showcasing the bank's significant support for technology enterprises [4]. Group 3: Research and Development - The Bank of Communications has established a multi-level research system to support its technology finance initiatives, closely tracking macro policies and forming specialized credit strategies for key sectors like high-end manufacturing and artificial intelligence [5][6]. - The bank employs a "1+N" evaluation model to identify and support key enterprises within industry chains, enhancing its service capabilities [6]. Group 4: Regional Market Development - The bank actively collaborates with local governments and institutions to leverage public resources for supporting technology innovation, establishing a "government-bank-investment-school" collaborative mechanism [7]. - The number of technology-focused branches has steadily increased, with over 100 specialized institutions established across key regions, enhancing the bank's service network for technology innovation [8]. Group 5: Future Outlook - Looking ahead, the Bank of Communications aims to continue optimizing its credit strategies and financial products to foster new productive forces and contribute to building a strong financial nation [9].

Summary of Key Points from the Conference Call Industry Overview - **Industry**: China Financials, specifically focusing on manufacturing and infrastructure investments in China [1][5][7] Core Insights and Arguments - **Manufacturing FAI Growth**: There has been a notable slowdown in manufacturing Fixed Asset Investment (FAI) growth, dropping to 2.7% year-over-year (yoy) from 4.0% yoy in the previous month, indicating steady progress on capital expenditure (capex) slowdown [7] - **Liability Growth**: Total liability growth for industrial firms moderated to 5.0% yoy, while manufacturing firms saw a slight increase to 5.9% yoy. This moderation is expected to lead to more rational capacity expansion [2][7] - **Revenue Decline**: Manufacturing revenue declined by 4.3% yoy, attributed to lower production levels due to overcapacity control efforts. The Value-Added Industrial (VAI) growth also slowed to 4.9% yoy from 6.5% yoy in September [3][10] - **Profit Growth**: Manufacturing profit growth moderated to 7.7% yoy from 9.9% yoy in September, influenced by higher financing costs and lower production [10] Future Outlook - **Infrastructure Investment**: A potential increase in infrastructure investments, supported by a new RMB 500 billion fund from the China Development Bank, is expected to bolster demand in 2026 and aid in the digestion of overcapacity risks [8][3] - **Sector Performance**: 77.1% of sectors experienced a slowdown in capex in October 2025 compared to the first half of 2025, while 39.3% of sectors showed profit improvement [9][7] Additional Important Information - **PPI Trends**: The Producer Price Index (PPI) rebounded month-over-month for the first time since December 2024, with the year-over-year decline narrowing to 2.1% [7] - **Investment Sentiment**: The overall sentiment towards the China Financials sector remains attractive, with ongoing efforts in financial tightening contributing to anti-involution measures [5][4] This summary encapsulates the critical insights from the conference call, highlighting the current state and future expectations of the manufacturing and financial sectors in China.

Group 1 - Recent months have seen a trend of banks, including small and medium-sized banks as well as major state-owned banks, reducing their 5-year fixed deposit and large certificate of deposit products, with small banks leading the way with cuts of up to 80 basis points [1][2] - The current round of deposit rate cuts is primarily a decentralized adjustment by small banks and does not yet reflect a comprehensive reduction led by major state-owned banks [2] - The People's Bank of China (PBOC) is expected to lower interest rates in January to support the 2026 growth target, with indications that deposit rates may decrease before the Loan Prime Rate (LPR) [5][6] Group 2 - As deposit rates decline, some funds are likely to shift from low-yield deposits to equity markets, indicating a potential change in investment behavior [7] - The government is showing unprecedented support for the stock market, with the approval of the first batch of seven dual-innovation artificial intelligence ETFs set to launch on November 28 [8] - The reduction in deposit rates, with current rates at 0.95% for 1-year and 1.05% for 2-year deposits, is expected to encourage residents to invest in the stock market and index funds [10] Group 3 - The dual inflow of resident and institutional funds into the market signifies a significant shift in investment patterns, moving away from traditional bank deposits and real estate towards equity markets [11]

Core Points - The Financial Stability Board (FSB) released the 2025 Global Systemically Important Banks (G-SIBs) list, maintaining the number of Chinese banks at five, with the Industrial and Commercial Bank of China (ICBC) moving up to the third group, marking it as the first Chinese bank in this category [1][4][3] - The other four Chinese banks, namely Agricultural Bank of China, Bank of China, and China Construction Bank, remain in the second group, while Bank of Communications stays in the first group [4][5] Group Summaries - **G-SIB Group Rankings**: The 2025 G-SIB list includes five groups, with ICBC in the third group, requiring an additional capital requirement increase from 1.5% to 2.0%. The fourth group remains occupied by JPMorgan Chase, while the second group includes nine institutions, and the first group consists of 15 banks [4][5][12] - **Score Changes**: ICBC's score increased significantly by 33 points to 332, while Bank of China rose by 32 points to 314, Agricultural Bank by 15 points to 272, Construction Bank by 10 points to 259, and Bank of Communications by 9 points to 138 [8][10] - **Impact of Exchange Rates**: Analysts noted that exchange rate factors may have influenced the scoring of Chinese G-SIBs, with potential implications for their 2026 ratings. The historical context suggests that exchange rates have previously alleviated pressure on scores [10][7] - **TLAC Bond Issuance**: To meet the total loss-absorbing capacity (TLAC) requirements, major state-owned banks have been actively issuing TLAC bonds. For instance, Agricultural Bank issued TLAC bonds worth 20 billion yuan, and Bank of Communications issued bonds worth 30 billion yuan [13][12]

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。 一、董事会会议召开情况 根据《交通银行股份有限公司章程》第158条和第161条的规定，经任德奇董事长提议，本行第十一届董 事会第三次会议（临时会议）以书面传签方式召开。本行于2025年11月24日以专人送达或电子邮件的方 式，向全体董事发出本次会议通知和文件。本次会议应参加表决董事15名，截至2025年12月1日，共收 回有效表决票15份。根据表决结果，参加表决人数符合《中华人民共和国公司法》和《交通银行股份有 限公司章程》的规定。 二、董事会会议审议情况 （一）关于聘任张薇女士为审计监督局局长的决议 会议同意聘任张薇女士为本行审计监督局局长，任职自董事会审议通过之日起生效。 表决情况：同意15票，反对0票，弃权0票 张薇女士简历请见附件。 （二）关于修订《交通银行股份有限公司市场风险管理办法》的决议 会议审议批准《关于修订〈交通银行股份有限公司市场风险管理办法〉的议案》。 特此公告 交通银行股份有限公司董事会 2025年12月1日 ...

面对重大绿色基建项目，该行提供全周期、多维度金融支持。例如，针对山东港口青岛港自动化码头这 一"双五星"项目，该行通过系统直连"港易付"供应链平台，已累计为上百家上下游中小企业提供约7亿 元信贷支持。同时，批复200亿元预授信额度，并协同集团内机构提供融资租赁、跨境直贷等服务，有 力推动了绿色智慧港口的建设与运营。 为破解绿色项目"前期投入大、回收周期长"的普遍难题，该行积极探索"表内+表外""商行+投行"的综合 服务模式。成功落地青岛首单碳减排可持续挂钩债券、全国消费行业首单"绿色+两新+科创"债券，并 通过创新保理服务精准支持全国家电拆解企业，有效拓宽了绿色产业的融资渠道。 交通银行青岛分行深耕青岛，以创新驱动绿色金融发展，精准对接国家战略与区域需求。截至2025年9 月末，该行绿色信贷余额已超355亿元，同比增长12.56%，占本外币贷款比重超过21%，展现了在服务 绿色低碳高质量发展方面的显著成效。 在支持企业绿色转型方面，该行创新运用动态授信模式，为中铝青岛轻金属有限公司提供了关键金融支 持。通过5000万元敞口授信及"短贷+银承"的组合方案，有效满足了企业转型初期的高频资金需求。伴 随企业成功实现 ...

Monthly Performance - The banking sector increased by 2.99% from November 1 to November 28, 2025, outperforming the CSI 300 index by 5.4 percentage points, ranking second among 31 Shenwan first-level industries [1][6] - Institutional investors increased their holdings in bank stocks due to a stable improvement in fundamentals, shareholder buybacks, and expectations of valuation recovery [1][6] Valuation Trends - State-owned banks saw a significant increase in valuation, with their PB ratio rising from approximately 0.76X at the beginning of the month to 0.78X by the end, while the PB ratios for joint-stock banks and city commercial banks remained stable at 0.67X and 0.60X, respectively [1][9] - As of November 28, the overall PE ratio for the banking sector was 6.53 times, with a historical percentile of 56.18%, and the PB ratio was 0.56 times, with a historical percentile of 32.25% [21] Individual Bank Performance - Notable gainers included Bank of China (8.20%), China Everbright Bank (8.08%), China Construction Bank (5.81%), and Nanjing Bank (5.13%), while Qingdao Bank and rural commercial banks experienced significant declines [1][12] - The performance of banks with improved earnings and mid-term dividend payouts led to notable increases in their stock prices [1][12] Market Environment - The 10-year government bond yield rose from around 1.80% in early November to 1.84% by the end of the month, while the 1-year bond yield remained stable at approximately 1.40% [16] - The trading volume in the banking sector increased by 13.07% year-on-year, accounting for 1.65% of the total trading volume in the AB share market, although it decreased by 0.18 percentage points compared to the previous month [19] Social Financing and Credit Trends - In October, the social financing growth rate fell to 8.5%, with new social financing of 816.1 billion yuan, a year-on-year decrease of 5.959 billion yuan [25] - The decline in credit supply was attributed to a shift in government bond issuance timing and a decrease in demand for consumer loans [25]

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12月1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 2025-074 交通银行股份有限公司 第十一届董事会第三次会议决议公告 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 公司第十一屆董事會第三次會議決議公告》，謹供參閱。 承董事會命 交通銀行股份有限公司 何兆斌 张薇女士简历请见附件。 1 （二 ...