Group 1 - The 8th China International Import Expo is being held at the National Exhibition and Convention Center in Shanghai, with leaders from major banks in attendance [1] - Liu Jun, President of ICBC, emphasized that the current technological revolution led by artificial intelligence is reshaping the global economic landscape, and that monopolies are not a key term in this era [2] - Wang Zhiheng, President of Agricultural Bank of China, highlighted the importance of open cooperation in agriculture and proposed three suggestions to enhance international agricultural trade [3] Group 2 - Zhang Hui, President of Bank of China, stated that talent is the core key to globalization, and that financial support is essential for Chinese enterprises going global [4] - Zhang Baojiang, President of Bank of Communications, discussed the role of financial services in promoting cultural tourism and its importance in stabilizing economic growth [5]

Group 1 - The eighth Hongqiao International Economic Forum held multiple sub-forums focusing on financial support for global trade, supply chain stability, and cross-border trade development, highlighting the importance of financial cooperation in international markets [1][2][3] - China Bank and the Hong Kong Trade Development Council signed a strategic cooperation memorandum to assist enterprises in expanding into international markets [1] - The launch of the "Digital Trade" ecological alliance by the Bank of Communications aims to enhance cross-border trade quality [2] Group 2 - The Shanghai Futures Exchange revised its guidelines for using government bonds as margin, facilitating futures companies in managing collateral [7] - Shanghai banks are innovating in financial services, such as the launch of the "Xinyu" cross-border products by Shanghai Rural Commercial Bank to support enterprises in global markets [11] - The signing of a strategic cooperation framework agreement between Shanghai United Assets and Macau Financial Assets Exchange aims to enhance cross-border asset trading and technological collaboration [9] Group 3 - The China Export-Import Bank introduced a tailored financial service plan for the eighth China International Import Expo, focusing on providing efficient cross-border financial services [14] - The Shanghai Financial Regulatory Bureau reported a total asset balance of 28.59 trillion yuan in the banking sector as of September 2025, reflecting a year-on-year growth of 6.25% [30] - The Shanghai Stock Exchange successfully recorded the first cross-border share pledge registration, enhancing the efficiency of cross-border transactions [20]

Core Insights - The Bank of China Shanghai Branch has enhanced its cross-border financial services at the China International Import Expo (CIIE) by introducing a centralized tax refund point for immediate refunds, improving the shopping experience for foreign travelers [1][4]. Group 1: Tax Refund Services - The centralized tax refund point allows foreign travelers to enjoy a "buy and refund" service, with a minimum purchase requirement of 200 yuan for tax refunds, following a policy adjustment by six Chinese ministries [2][4]. - The Bank of China staff actively assist travelers in understanding the tax refund process, including the refund threshold and rates, ensuring a smooth experience [2][3]. Group 2: Customer Experience - The Bank of China has set up two centralized refund points at the expo, strategically located near areas with high foreign visitor traffic, enhancing accessibility [3]. - Travelers have expressed high satisfaction with the service, highlighting the professionalism and warmth of the staff, which contributes to a positive perception of the expo [2][3]. Group 3: Innovative Solutions - The introduction of an integrated tax refund POS machine at the expo streamlines the refund process, combining multiple steps into one, significantly reducing processing time [4]. - The Bank of China has implemented various innovations in tax refund services, including cross-regional recognition of immediate refunds and the establishment of refund points in hotels and supermarkets [4]. Group 4: Future Commitment - The Bank of China Shanghai Branch aims to continue providing high-quality services to foreign travelers, contributing to the promotion of high-level openness and inbound consumption [5].

Group 1 - The eighth China International Import Expo is gaining momentum, with various financial institutions launching innovative financial products to support enterprises in global operations [1] - Bank of China introduced the "Global Payroll" product to address the complexities and inefficiencies in cross-border payroll for enterprises, providing a comprehensive service system from payroll to usage [1][3] - The product aims to reduce time and cost in cross-border payroll management, allowing enterprises to focus on core business expansion [3] Group 2 - China Pacific Insurance provided an insurance solution for the expo, with a total coverage amount of 1.28 trillion yuan, benefiting organizers, exhibitors, buyers, and supply chain service providers [5] - The company developed a "technology output + local service" solution to address challenges faced by the new energy vehicle sector in international markets [5] - Pacific Insurance aims to enhance the convenience of insurance for domestic vehicles abroad by leveraging online services and collaborating with local partners to mitigate risks [7]

Core Insights - The eighth China International Import Expo Trade and Investment Matchmaking Conference was successfully held in Shanghai, co-hosted by the Bank of China, the China International Import Expo Bureau, and the National Exhibition and Convention Center (Shanghai) [1] - The event attracted over 5,000 enterprises and investment promotion agencies from 57 countries and regions, resulting in more than 300 cooperation intentions [1] - The total intended cooperation amount exceeded 10.3 billion USD [1]

Core Points - China Bank's stock price increased by 0.53% to 5.64 CNY as of November 7, 2025, with a market capitalization of 181.73 billion CNY, ranking 4th among state-owned banks and 5th in the A-share market [1] - The bank proposed a cash dividend of 0.1094 CNY per share for the first half of 2025, subject to shareholder approval [1][3] - A special shareholders' meeting is scheduled for November 27, 2025, to discuss the profit distribution plan, with A-share registration deadline on November 21, 2025 [2][3] Company Announcements - China Bank's board has approved the proposal for a cash dividend, which will be paid in CNY, with H-share shareholders having the option to receive payment in either CNY or equivalent HKD [1][3] - The upcoming shareholders' meeting will utilize both in-person and online voting methods, ensuring participation from small investors [2]

Core Viewpoint - The China International Import Expo (CIIE) showcased the launch of the "Bank of China Silver Economy" brand, highlighting the bank's commitment to supporting the national pension system and the silver economy development [1][3] Group 1: Brand Launch and Vision - The "Bank of China Silver Economy" brand was officially unveiled on October 29, emphasizing the bank's dedication to serving the elderly population and the silver economy [1] - The brand represents a systematic and branded approach to pension finance, integrating the bank's century-long legacy with a commitment to the silver economy [1][3] Group 2: Product Offerings - The brand includes a rich and clear structure, targeting individual clients with the "Age Joyful Series," which focuses on wealth preservation and inheritance, and a comprehensive service ecosystem for the elderly [2] - For industry partners, the "Yiyang Tongxin Series" offers pension management, diversified financing solutions, and integrated solutions to address challenges in the pension industry [2] Group 3: Activities and Initiatives - During the CIIE, the bank held various activities to explain the brand's philosophy, including discussions on how financial technology enhances pension asset management and service experiences [2] - The bank's commitment to building a silver economy ecosystem was demonstrated through the establishment of partnerships with leading health and wellness institutions [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Report's Core View - This is a weekly data tracking report on secondary capital bonds from November 3, 2025, to November 7, 2025, covering primary market issuance, secondary market trading, and valuation deviation of individual bonds [1][2][3] 3. Summary by Relevant Catalogs Primary Market Issuance - Two secondary capital bonds were newly issued in the inter - bank and exchange markets, with a total issuance scale of 15 billion yuan. The issuance term is 10 years, the issuers are subsidiaries of central enterprises and local state - owned enterprises, the issuer ratings are AAA, and the issuer regions are Guangdong and Shandong provinces [1][6] Secondary Market Trading - **Trading Volume**: The weekly trading volume of secondary capital bonds was approximately 186 billion yuan, a decrease of 13.8 billion yuan compared to the previous week. The top three bonds in terms of trading volume were 25 Agricultural Bank of China Secondary Capital Bond 03A(BC) (16.084 billion yuan), 25 Agricultural Bank of China Secondary Capital Bond 03B(BC) (10.937 billion yuan), and 25 Industrial and Commercial Bank of China Secondary Capital Bond 01BC (5.996 billion yuan). By issuer region, the top three in trading volume were Beijing (about 140.8 billion yuan), Shanghai (about 11.6 billion yuan), and Fujian (about 8.6 billion yuan) [2] - **Yield to Maturity**: As of November 7, for 5Y secondary capital bonds, the yield - to - maturity changes of ratings AAA-, AA+, and AA compared to the previous week were 4.16BP, 3.24BP, and 3.24BP respectively; for 7Y bonds, they were 1.30BP, - 0.08BP, and - 0.08BP respectively; for 10Y bonds, they were 0.64BP, 0.64BP, and 0.64BP respectively [2][11] Valuation Deviation of Top 30 Individual Bonds - **Discount Bonds**: The top three discount bonds were 21 Jiutai Rural Commercial Secondary (-48.9752%), 22 Jiangshan Rural Commercial Bank Secondary Capital Bond 01 (-0.4149%), and 24 Longwan Rural Commercial Bank Secondary Capital Bond 01 (-0.3907%). The Zhongzheng implied ratings were mainly AA+, AA-, and A+, and the regional distribution was mostly in Tianjin, Guangdong, and Shanghai [3][14] - **Premium Bonds**: The top three premium bonds were 24 Qingdao Bank Secondary Capital Bond 01 (0.5969%), 23 Chouzhou Commercial Bank Secondary Capital Bond 01 (0.5512%), and 25 Jinshang Bank Secondary Capital Bond 01 (0.4984%). The Zhongzheng implied ratings were mainly AAA-, AA+, and AA, and the regional distribution was mostly in Beijing, Shanghai, and Guangdong [3][15]

Core Insights - The China Bank held a promotional event during the 8th China International Import Expo, focusing on global cash management to enhance high-level opening-up through financial innovation [1] - The "Comprehensive Financial Management Service Plan" was introduced as a significant innovation in global cash management, addressing key pain points for enterprises in areas such as global account management and risk hedging [2] - China Bank's Shanghai branch is a key player in cross-border financial services, providing comprehensive support for multinational companies and enhancing their operational efficiency [3] Group 1: Financial Innovation and Services - The "Comprehensive Financial Management Service Plan" includes non-financial services and financial services, transitioning from information-based to intelligent and ecosystem-aggregated solutions [2] - China Bank has achieved full coverage of global cash management services for state-owned enterprises going abroad and serves over 60% of private enterprises in the top 500 [2] Group 2: Cross-Border Financial Services - The Shanghai branch has established the first onshore global treasury center for a state-owned enterprise, enabling effective management of global funds [3] - A shared funding pool was innovatively created, allowing efficient management of funds for overseas member companies, leveraging the benefits of free trade zone policies [3] Group 3: Policy Alignment and Innovation - The Shanghai branch has closely followed policy trends, successfully implementing integrated currency funding pool services in collaboration with major enterprises [4] - Customized integrated currency funding pool service plans have been developed for various market entities, enhancing cross-border fund management efficiency [4] - The branch aims to support the construction of the Shanghai International Financial Center and contribute to high-level opening-up through innovative cash management services [4]

Core Insights - The China Bank is enhancing its global cash management services to support high-level opening-up during the 8th China International Import Expo [1] - The "Comprehensive Financial Management Service Plan" launched by China Bank represents a significant innovation in global cash management, addressing key pain points for enterprises [2] - China Bank's Shanghai branch is a key player in cross-border financial services, providing comprehensive support for multinational companies [3] - The bank is actively innovating cash management services in line with policy trends, particularly in integrated currency pool services [4] Group 1 - The "Comprehensive Financial Management Service Plan" includes non-financial services and financial services, transitioning from information-based to intelligent and ecosystem-based solutions [2] - China Bank has achieved full coverage of global cash management services for state-owned enterprises going abroad and serves over 60% of the top 500 private enterprises [2] - The bank has established over a thousand cross-border cash pools, becoming a preferred partner for global financial management [2] Group 2 - China Bank's Shanghai branch has developed a global financial management center for a state-owned enterprise, enhancing visibility and control over global funds [3] - The bank has created a shared funding pool centered in Hong Kong, facilitating efficient management of funds for overseas member companies [3] - Customized cash management services are being developed for foreign enterprises, significantly improving the efficiency of fund collection processes [3] Group 3 - China Bank is a pioneer in implementing integrated currency pool services, collaborating with major corporations to launch innovative cash management solutions [4] - The bank is responding quickly to the needs of various market entities, including foreign multinational corporations and private enterprises, by offering tailored integrated currency pool services [4] - The Shanghai International Financial Center's action plan aims to enhance cross-border financial service convenience, which China Bank is actively implementing [4]