Group 1 - The core point of the article is the announcement of Mr. Cai Zhao's appointment as an executive director of Bank of China, effective December 3, 2025 [1] - Mr. Cai Zhao will also serve as a member of the bank's Strategic Development Committee and Risk Policy Committee [1]

董事名單與其角色和職能 中國銀行股份有限公司董事會（「董事會」）成員載列如下： 董事長 葛海蛟 副董事長 張輝 執行董事 劉進 蔡釗 附註： C 有關委員會的主席 獨立非執行董事 讓•路易•埃克拉 喬瓦尼•特里亞 劉曉蕾 張然 高美懿 胡展雲 1 董事會設立6個委員會。下表提供各董事會成員在這些委員會中所擔任的職位： | | 委員會 | | 可持續發展 與消費者 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 戰略發展 | 權益保護 | | 風險政策 | 提名和薪酬 | 關聯交易 | | 董事 | | 委員會 | 委員會 | 審計委員會 | 委員會 | 委員會 | 控制委員會 | | 葛海蛟 | | C | | | | | | | 張輝 | | M | | | | | | | 劉進 | | M | M | | | | | | 蔡釗 | | M | | | M | | | | 張勇 | | M | | M | C | | | | 黃秉華 | | | C | | M | M | | | 劉輝 | | M | | | M | | M ...

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的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對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。 蔡釗先生的簡歷請見本行2025年9月24日刊登在香港交易及結算所有限公司網站 ( www.hkexnews.hk )和本行網站( www.boc.cn )的董事會決議公告。 本行執行董事不在本行領取董事酬金，也不在本行附屬機構領取酬金，而是依據 其在本行的具體管理職位取得相應報酬，主要包括基本年薪、績效年薪、各項社 會保險和住房公積金的單位繳費等。本行執行董事的薪酬根據國家有關政策確 定。本行董事會提名和薪酬委員會負責審議每年的薪酬分配方案，經董事會審議 後，提交股東會批准。本行董事的具體薪酬可參考本行年度報告和有關公告。 就本行董事所知及除上文所披露外，蔡釗先生在過去三年沒有在其他上市公司中 擔任董事職務，與本行任何董事、高級管理人員、主要或控股股東沒有其他任何 關係，也沒有在本行或其附屬公司中擔任其他任何職務。於本公告發佈日期，蔡 釗先生不持有任何本行或其相聯法團股份之權益（按香港《證券及期貨條例》 ...

Investment Ratings - Banking: Overweight (Maintain) [1] - Securities: Market Weight (Maintain) [1] - Insurance: Overweight (Maintain) [1] Core Insights - The Financial Stability Board (FSB) released the 2025 Global Systemically Important Banks (G-SIBs) list, with the Industrial and Commercial Bank of China (ICBC) moving from the second group to the third group, marking a historic breakthrough for Chinese banks in global importance assessments [1][44] - The upward adjustment in ranking will subject ICBC to stricter capital regulatory requirements, with additional capital requirements increasing from 1.5% to 2% effective from 2027 [1][44] - The banking sector is expected to attract funds due to the ongoing low-interest-rate environment and the "asset shortage" issue, leading to sustained demand for high-dividend, low-valuation bank stocks [1][44] - The insurance sector is transitioning from reliance on sales expenses to refined management and cost control, with policies encouraging a return to the core of insurance protection and supporting increased equity investment by insurance funds [1][49] Summary by Sections Market Review - As of December 4, 2025, the banking, securities, and insurance indices experienced declines of -2.18%, -4.12%, and -2.74% respectively, while the CSI 300 index fell by -0.40% [10] - Xiamen Bank (+4.94%), CITIC Securities (+1.15%), and China Pacific Insurance (-0.96%) were the best performers among sub-sectors [10] Valuation Situation - As of December 4, 2025, the PB ratio for the banking sector was 0.77, with state-owned banks, joint-stock banks, city commercial banks, and rural commercial banks having PB ratios of 0.83, 0.62, 0.73, and 0.65 respectively [19] - The securities sector's PB ratio was 1.44, indicating potential for valuation recovery [22] Recent Market Indicators - The one-year Medium-term Lending Facility (MLF) rate was 2.0%, with the one-year and five-year Loan Prime Rates (LPR) at 3.0% and 3.50% respectively [27] - The average daily trading volume of A-shares was 17142.93 billion, showing a slight decrease of 0.65% [33] Industry News - The China Actuarial Society issued guidelines on the allocation of costs for life insurance products, aiming to clarify cost definitions and management [40][47] - The number of new A-share accounts opened in November 2025 was 2.38 million, a 3% increase from October, indicating a recovery in market sentiment [46] Company Announcements - New China Life announced a cash dividend of 0.67 yuan per share for the first half of 2025, totaling approximately 2.09 billion yuan [42] - Changsha Bank issued 60 billion yuan in secondary capital bonds, while Industrial Bank successfully issued 20 billion yuan in financial bonds [42]

Group 1 - The People's Bank of China Shanghai Headquarters has officially released the "Implementation Measures for the Upgrade of Free Trade Account Functions in the Shanghai Free Trade Pilot Zone" to enhance the level of cross-border trade and investment liberalization and facilitation [1] - The measures are a significant initiative to optimize and upgrade the functions of free trade accounts, supporting the construction of Shanghai as an international financial and trade center [1] - The Bank of China Shanghai Branch has actively promoted the new policy, facilitating multiple businesses for five companies, including Syngenta Group and Jaguar Land Rover, across various industries such as agriculture, semiconductors, petrochemicals, automotive, and commodities [1] Group 2 - The Bank of China Shanghai Branch is the first bank to pass the acceptance of the accounting unit and continues to innovate in financial services under the free trade account framework [2] - The bank aims to enhance its financial services for both inbound and outbound activities, leveraging its global and comprehensive advantages [2] - The bank will continue to participate deeply in the institutional opening-up exploration of the Shanghai Free Trade Zone, using financial power to promote the establishment of high-standard economic and trade rules [2]

Group 1 - The Xiamen Financial Regulatory Bureau approved Liu Jiangnan's appointment as the president of the Xiamen branch of the Bank of China [1] - The approval requires Liu Jiangnan to comply with relevant regulatory provisions and to report his appointment status within three months [1] - The Bank of China is responsible for ensuring that Liu Jiangnan continues to learn and understand economic and financial laws and regulations, and to maintain a strong awareness of risk compliance [1]

Core Insights - The Bank of China Dubai Branch successfully issued a 3-year $500 million SOFR floating rate bond, which is listed on the Nasdaq Dubai, with all proceeds allocated for infrastructure and energy cooperation in the UAE [1][3] - This bond issuance set a record for the smallest issuance spread for a 3-year dollar bond by a Chinese bank, highlighting the international market's strong recognition of the Bank of China's credit strength and financing capabilities [1] Group 1 - The issuance reflects the influence of Chinese financial institutions in the international capital market and underscores Dubai's status as a Middle Eastern international financial center [3] - The CEO of Nasdaq Dubai emphasized the trust in the Bank of China as a long-term partner and congratulated the successful listing of the bond, indicating Dubai's role as a strategic hub connecting China to global capital markets [3] Group 2 - Since its establishment in 2015, the Bank of China Dubai Branch has leveraged the global layout advantages of the Bank of China to deepen its engagement in the Middle East market [3] - The branch actively promotes connectivity between the UAE and international capital markets, attracting international investors to regional quality assets and expanding cross-border investment and financing cooperation channels [3]

Core Viewpoint - The article emphasizes the importance of openness as a defining characteristic of Chinese modernization, highlighting the role of China Bank in supporting the new development pattern through enhanced financial services and international engagement [1]. Group 1: Financial Supply and Trade Dynamics - During the "14th Five-Year Plan" period, China's foreign trade has not only expanded in scale but also strengthened in structure, accelerating the construction of a trade power [2]. - China Bank focuses on facilitating domestic and international dual circulation, improving the quality and efficiency of cross-border financial supply, and creating diverse platforms for domestic and foreign enterprises to share market opportunities [2]. - As of the end of Q3 2025, China Bank's domestic institutions processed over $3.3 trillion in international settlements and 13.2 trillion yuan in cross-border RMB settlements, maintaining the leading market share in the industry [2]. Group 2: Enhancing RMB Internationalization - China Bank has established a cross-border RMB usage network in 58 countries and regions, serving as a RMB clearing bank in 16 countries, maintaining a leading position in cross-border RMB settlement and offshore RMB bond businesses [3]. - The bank supports foreign institutional investors entering China's capital market through various channels, enhancing RMB settlement in commodities, panda bonds, and international syndicated loans, with continuous growth in cross-border RMB settlement volumes [3]. - The bank has published the "RMB Internationalization White Paper" and indices for thirteen consecutive years, hosting forums in major financial centers to promote RMB internationalization [3]. Group 3: Service Quality and Global Integration - China Bank has established branches in 45 countries involved in the Belt and Road Initiative, following up on over 1,300 corporate credit projects and providing more than $400 billion in credit support to enhance connectivity and improve livelihoods [4]. - The bank promotes the "Invest in China" brand by offering comprehensive financial services for key foreign investment projects and facilitating policies for foreign enterprises investing domestically [4]. - China Bank has built over a thousand cross-border cash pools for multinational corporations, leading the market in client numbers and transaction volumes, and has optimized its global service support mechanism for seamless financial service experiences [4]. Group 4: Future Outlook - Looking ahead to the "15th Five-Year Plan," China Bank aims to leverage both international and domestic markets and resources, enhancing its global, comprehensive, digital, and professional financial service capabilities to facilitate trade and investment [4].

Core Insights - The Jiangsu International Textile and Apparel Supply Chain Expo showcases innovative industrial achievements, including garments that can withstand extreme weather, self-regulate temperature, and provide skincare benefits, indicating a significant transformation in the textile and apparel industry [1] Group 1: Functional Fabrics and Market Trends - Functional fabrics are gaining attention, with companies like Daitex Textile presenting ultra-lightweight materials that have been adopted by major brands such as Fila [2] - The "Fish Scale" fabric by Suzhou Feihe Textile, weighing only 20 to 30 grams, offers waterproof capabilities and rapid sweat evaporation, reflecting a shift towards lightweight and multifunctional materials, priced 20%-30% higher than traditional fabrics [2] - The outdoor apparel market in China has approximately 540 million participants, with over 65% of consumers integrating outdoor clothing into daily wear, indicating a trend towards functional everyday apparel [2] Group 2: Industry Development and Collaboration - Changshu City has launched a three-year action plan to develop the outdoor sports industry, aiming to establish itself as a leading outdoor sports destination by 2027, with a target industry scale exceeding 100 billion yuan [3] - The establishment of the Yangtze River Delta Sports Advanced Manufacturing Alliance aims to enhance collaboration among industry, academia, and research to drive innovation in outdoor apparel fabrics [3] Group 3: Design and Cultural Integration - The collaboration between Taihu Snow Silk and Suzhou Museum to create a silk blanket inspired by classical Chinese paintings exemplifies the integration of cultural aesthetics into modern products, attracting a younger and more diverse customer base [4] - Companies are increasingly partnering with architects and artists to infuse cultural narratives into their brand stories, enhancing their market appeal [4] Group 4: Smart Manufacturing and AI Integration - The focus of smart manufacturing has shifted towards AI-driven supply chain management, with companies like Jiangsu Huayi integrating traditional dyeing techniques with AI for improved efficiency and reduced energy consumption [5] - The adoption of AI technologies has led to significant improvements in production processes, such as a 62% reduction in sample development costs and a 40% decrease in new product development cycles [5] - Jiangsu's textile industry is witnessing a rise in automation, with 15% of large enterprises achieving significant levels of CNC technology adoption, enhancing overall productivity [5] Group 5: Financial Support for Industry Upgrades - Financial institutions like Bank of China Jiangsu Branch are providing comprehensive financial support to apparel supply chain companies, addressing cash flow challenges and facilitating industry upgrades [6] - The integration of AI across the product lifecycle is becoming essential for companies to meet the fast-changing and personalized demands of consumers [6]

Core Viewpoint - The article emphasizes the importance of building a strong technological nation in China, with Guangdong province playing a crucial role in fostering technological innovation and financial support for early-stage enterprises [1] Group 1: Financial Support for Innovation - Guangdong Bank has focused on technology finance as a key area for high-quality development, addressing the financing challenges faced by innovative enterprises, particularly in their early stages [1][3] - The bank has developed a comprehensive financial service system that covers the entire lifecycle of technology enterprises, from initial funding to growth and maturity [4][6] Group 2: Innovative Financial Products - Guangdong Bank has introduced various innovative financial products tailored to the needs of early-stage technology companies, such as "Tech Innovation Loans" and "Knowledge Benefit Loans," which allow for rapid digital processing of applications [4][7] - The bank has also launched the "Mid-Stage Loan" to support technology transfer during critical phases, utilizing contracts and intellectual property as collateral [5] Group 3: Ecosystem Collaboration - The development of a high-quality technology finance ecosystem requires collaboration among government, research institutions, industry players, and financial entities [8][9] - Guangdong Bank has established strategic partnerships with various governmental departments and industry leaders to create a collaborative ecosystem that integrates technology, industry, and finance [9][10] Group 4: Lifecycle Financial Services - The bank has structured its services to adapt dynamically to the different stages of a technology enterprise's development, ensuring comprehensive support from research and development to market entry [6][7] - A multi-tiered service organization has been established to provide direct support to technology enterprises across the province [6] Group 5: Integrated Financing Solutions - Guangdong Bank is exploring integrated financing solutions that combine equity investment, bank credit, and guarantee financing to support technology enterprises facing short-term liquidity challenges [10] - The bank's innovative approach aims to provide a seamless support system for early-stage technology companies, enhancing their growth potential [10]