中国银行股份有限公司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。 重要内容提示： 中国银行股份有限公司（简称"本行"）2019年第一次临时股东大会审议通过了《中国银行股份有限公司 境内非公开发行优先股方案》，授权董事会依照发行合同的约定，宣派和支付全部本次境内优先股股 息。本次第四期境内优先股（优先股代码：360035；优先股简称：中行优4）股息派发方案已经本行 2025年4月29日召开的董事会会议审议通过，董事会决议公告已刊登在上海证券交易所网站 （www.sse.com.cn）及本行网站（www.boc.cn）。 电话：（8610）66592638 地址：中国北京市西城区复兴门内大街1号中国银行总行大厦 邮编：100818 特此公告 中国银行股份有限公司董事会 ● 优先股代码：360035 ● 优先股简称：中行优4 ● 每股优先股派发现金股息人民币3.27元（税前） ● 最后交易日：2025年8月27日 ● 股权登记日：2025年8月28日 ● 除息日：2025年8月28日 ● 股息发放日：2025年8月29日 一、通过第四期 ...

Investment Rating - The report maintains a positive outlook on the banking sector, indicating a potential stabilization of ROE and a favorable investment environment for bank stocks [3][6]. Core Viewpoints - The banking sector is expected to enter a new cycle of stable ROE, with the average ROE projected to stabilize around 10% by the end of 2024, following a decline from over 20% in 2013 [3][7]. - The report emphasizes the importance of maintaining stable bank profits to support the economy and prevent systemic risks, highlighting that bank profits are crucial for fiscal support and capital replenishment [4][5]. - The report argues against the common misconception that declining ROE will continue indefinitely, attributing past declines to regulatory changes rather than a linear trend [3][7]. Summary by Sections Banking Sector Overview - The banking sector is described as the backbone of the economy, with profits primarily reinvested into the real economy through credit and capital replenishment [5][8]. - The report notes a decline in the core Tier 1 capital adequacy ratio for listed banks, indicating pressure on internal capital strength [11]. ROE Analysis - The report discusses the balance between profitability, risk, and capital in determining ROE, emphasizing the need for stable bank performance to support economic stability [5][6]. - It provides a detailed analysis of ROE trends, showing a decline from 20.7% in 2010 to an estimated 10% by 2024, influenced by regulatory changes and market conditions [7][31]. Profitability and Cost Management - The report highlights that banks have been managing profitability through cost control and provisioning strategies, with a shift from relying solely on provisions to maintaining revenue stability [6][14]. - It predicts a stabilization of net interest margins in the near term, with potential recovery in 2026 as deposit costs decrease [6][25]. Investment Opportunities - The report identifies specific banks with strong regional performance and stable profit growth as attractive investment opportunities, recommending banks like Chongqing Bank, Suzhou Bank, and Hangzhou Bank for their potential to recover to 1x PB [6][28]. - It also points out that the banking sector's current PE valuation is significantly undervalued compared to its ROE, suggesting a potential for valuation recovery [6][28]. Long-term Projections - The report estimates that to maintain a stable core Tier 1 capital adequacy ratio, banks need to sustain an ROE of approximately 10% over the next five years, with varying loan growth scenarios [18][22]. - It emphasizes that a slowdown in loan growth does not necessarily equate to lower ROE, as seen in comparisons with international banks [27][28].

Group 1 - The third "520" Anhui Cultural Tourism Consumption Season has officially launched in Huangshan, Anhui Province, focusing on international and cross-border tourism experiences [1] - The event features a "dual-module" consumption model emphasizing "internationalization, precision, and linkage," with special vouchers for inbound tourists available from August 22 to December 31 [1] - The event aims to enhance the inbound tourism experience by introducing innovative travel routes and a "precision service system" tailored for international visitors [5] Group 2 - Financial institutions and airlines have introduced convenient services for inbound tourism, including Air China's expansion of inbound flight routes and Bank of China's one-stop payment services for foreign visitors [3] - The province has seen a strong growth in inbound tourism, with a 73.7% year-on-year increase in inbound visitors and a 70.5% increase in international tourism revenue in the first half of the year [5]

Report Industry Investment Rating - The document does not mention the industry investment rating. Core Viewpoints - This week (20250818 - 20250822), there were no new secondary capital bonds issued in the inter - bank and exchange markets. As of August 22, 2025, the outstanding balance of secondary capital bonds reached 46,753.85 billion yuan, a decrease of 30.0 billion yuan from the previous weekend (20250815) [1]. - The total trading volume of secondary capital bonds this week was approximately 216.2 billion yuan, an increase of 54.5 billion yuan from last week. The top three trading volume bonds were 25 Industrial and Commercial Bank of China Secondary Capital Bond 02BC (11.698 billion yuan), 25 Industrial and Commercial Bank of China Secondary Capital Bond 01BC (11.037 billion yuan), and 25 Bank of China Secondary Capital Bond 01BC (10.012 billion yuan). In terms of the issuer's region, the top three in trading volume were Beijing, Shanghai, and Guangdong, with approximately 173.3 billion yuan, 15.3 billion yuan, and 6.7 billion yuan respectively. Regarding the yield to maturity, as of August 22, the yield to maturity of 5Y secondary capital bonds with ratings of AAA -, AA +, and AA increased by 6.73BP, 7.65BP, and 6.65BP respectively compared to last week; for 7Y secondary capital bonds, the corresponding increases were 7.07BP, 8.14BP, and 5.14BP; for 10Y secondary capital bonds, the increases were 6.69BP, 5.13BP, and 2.13BP [2]. - This week, the overall deviation of the weekly average trading price valuation of secondary capital bonds was not large. The proportion of discount transactions was less than that of premium transactions, but the discount amplitude was greater than the premium amplitude. Among the discount bonds, the top three discount rates were for 21 Changchun Development Rural Commercial Secondary (- 21.5075%), 21 Jiutai Rural Commercial Secondary (- 21.4869%), and 22 Great Wall Huaxi Secondary Capital Bond 01 (- 0.4696%). Among the premium bonds, the top four premium rates were for 24 Shanghai Pufa Bank Secondary Capital Bond 02B (0.4943%), 23 Hankou Bank Secondary Capital Bond 02 (0.4546%), 23 Postal Savings Bank of China Secondary Capital Bond 01 (0.4059%), and 21 China Construction Bank Secondary 02 (0.3893%) [3]. Summary by Relevant Catalogs Primary Market Issuance and Outstanding Balance - No new secondary capital bonds were issued in the inter - bank and exchange markets this week (20250818 - 20250822). As of August 22, 2025, the outstanding balance of secondary capital bonds was 46,753.85 billion yuan, down 30.0 billion yuan from the previous weekend (20250815) [1]. Secondary Market Trading - The total trading volume of secondary capital bonds this week was about 216.2 billion yuan, up 54.5 billion yuan from last week. The top three trading volume bonds were 25 Industrial and Commercial Bank of China Secondary Capital Bond 02BC, 25 Industrial and Commercial Bank of China Secondary Capital Bond 01BC, and 25 Bank of China Secondary Capital Bond 01BC. By issuer's region, Beijing, Shanghai, and Guangdong had the highest trading volumes [2]. - As of August 22, the yield to maturity of 5Y secondary capital bonds with ratings of AAA -, AA +, and AA increased by 6.73BP, 7.65BP, and 6.65BP respectively compared to last week; for 7Y, the increases were 7.07BP, 8.14BP, and 5.14BP; for 10Y, the increases were 6.69BP, 5.13BP, and 2.13BP [2]. Top Thirty Individual Bonds by Valuation Deviation - The overall valuation deviation of secondary capital bonds this week was not large. The proportion of discount transactions was less than that of premium transactions, but the discount amplitude was greater. The top three discount - rate bonds were 21 Changchun Development Rural Commercial Secondary, 21 Jiutai Rural Commercial Secondary, and 22 Great Wall Huaxi Secondary Capital Bond 01. The top four premium - rate bonds were 24 Shanghai Pufa Bank Secondary Capital Bond 02B, 23 Hankou Bank Secondary Capital Bond 02, 23 Postal Savings Bank of China Secondary Capital Bond 01, and 21 China Construction Bank Secondary 02 [3].

Group 1 - The Bank of China Ningbo Branch has successfully implemented a "non-landing foreign exchange purchase" business under the letter of credit, becoming the first financial institution in Ningbo to do so [1] - This initiative aligns with the "Guiding Opinions on Financial Support for the Construction of the Commodity Resource Allocation Hub in the China (Zhejiang) Pilot Free Trade Zone" issued by the People's Bank of China and seven other departments [1] - The successful implementation of this business has reduced financial costs for enterprises and allowed them to benefit from policy dividends [1] Group 2 - The Bank of China Ningbo Branch plans to continue leveraging its global advantages and comprehensive operational features to explore new business scenarios and enhance the convenience of cross-border RMB settlement [2] - The bank aims to support the new pattern of high-level opening up in Ningbo through financial means [2]

此次股息计息期间为2024年8月29日至2025年8月28日，最后交易日为8月27日，股权登记日与除息日均 为8月28日。境内居民企业股东股息所得税由其自行申报缴纳，实际派发金额为每股3.27元。该派息方 案已于2025年4月29日经中行董事会审议通过。（编辑 胡群） 经济观察网 中国银行（601988）将于2025年8月29日派发第四期境内优先股股息。本次派息以2025年8 月28日上海证券交易所收市后登记在册的股东为对象，每股派发现金股息3.27元（税前），合计派发金 额约8.829亿元。 ...

Core Viewpoint - The article emphasizes the increasing frequency of cross-border personal transactions and the associated challenges, highlighting the proactive measures taken by Yunnan Bank to enhance cross-border financial education and security for individuals involved in such activities [1][3]. Group 1: Cross-Border Financial Education Initiatives - Yunnan Bank is conducting various promotional activities focused on cross-border financial education, aiming to strengthen security measures for cross-border transactions [1][3]. - The bank's branches are actively engaging with local schools to disseminate knowledge about cross-border finance, including digital currency and study abroad financial services [3][4]. - Specific events, such as lectures and themed salons, are organized to address the financial safety of students and their families, particularly concerning cross-border consumption [3][4]. Group 2: Risk Awareness and Prevention - The bank is focusing on enhancing risk awareness among students by educating them on personal information security, account safety, and transfer precautions [3][4]. - Promotional materials and one-on-one consultations are provided at various branches to clarify risks associated with illegal cross-border remittances [4]. - The bank plans to continue innovating its promotional strategies and services to create a safer cross-border financial environment for all participants [4].

Core Viewpoint - The financial sector in Tibet has significantly contributed to the region's economic development and stability, aligning with national strategies and local needs, while focusing on high-quality growth and ecological protection [2][6]. Group 1: Economic Growth and Financial Support - Tibet's GDP reached 138.27 billion yuan in the first half of 2025, with a year-on-year growth of 7.2%, and is projected to reach 276.5 billion yuan in 2024, marking a 155-fold increase since 1965 [2]. - Agricultural Bank of China (601288.SH) has provided a total of 717.4 billion yuan in loans to local entities over 30 years, supporting major infrastructure projects like the Sichuan-Tibet Railway [3]. - China Bank (601988.SH) has established 33 branches in Tibet, with deposits exceeding 55 billion yuan and loans surpassing 75 billion yuan, playing a crucial role in the region's financial landscape [3]. Group 2: Inclusive Financial Services - The Agricultural Development Bank of China has issued 126.4 billion yuan in loans over 13 years, covering over 90% of counties in Tibet, significantly contributing to rural revitalization [4]. - China Life Insurance (601628.SH) has launched 28 inclusive insurance products, covering over 1.51 million people, and aims to build a multi-layered protection network in Tibet [5]. Group 3: Environmental and Innovative Financial Solutions - Industrial and Commercial Bank of China (601398.SH) has issued 18.07 billion yuan in green loans since the 14th Five-Year Plan, with a balance of 22.48 billion yuan, reflecting a growth rate of over 20% [5]. - China Life Property & Casualty Insurance has introduced insurance for ancient trees, providing 1 million yuan in risk coverage for five ancient trees in Tibet, marking the region's first such insurance [5]. Group 4: Policy and Strategic Initiatives - The Tibet Financial Regulatory Bureau has implemented the "Financial Strong Border and Enriching People Three-Year Action Plan (2025-2027)" to enhance financial services in border areas, aiming for 70% coverage of township financial institutions by 2027 [6][7]. - The Postal Savings Bank (601658.SH) plans to provide at least 200 billion yuan in financing over the next five years, focusing on various integration initiatives to support Tibet's economic development [8][9].

Core Insights - The article emphasizes the significant role of finance in supporting China's green development and the transition from merely supporting green projects to transforming high-carbon industries into low-carbon ones, aligning with the "dual carbon" goals [1][2][6] Group 1: Financial Support for Transition - The recent "Guiding Opinions on Financial Support for New Industrialization" outlines a framework for banks to support high-carbon industries in adopting green technologies and capacity replacement policies [1][2] - Financial services are expanding from supporting renewable energy projects to facilitating the green upgrade of high-carbon sectors such as steel, cement, and chemicals [2][4] - The transition finance model is complex, requiring rigorous technical assessments and innovative mechanisms to ensure funds are directed towards effective emission reduction projects [3][5] Group 2: Case Studies and Innovations - Guangfa Bank has developed a tailored green finance service for a leading glass manufacturer, addressing its high energy consumption and carbon emissions through innovative financing solutions [3] - The bank's approach includes a "transformation recognition + bill financing + dynamic interest rate" mechanism, linking emission reduction targets to financing costs, thus incentivizing companies to actively pursue green transitions [3][5] - Similarly, Bank of Communications has initiated a methanol dual-fuel ship financing project, marking a significant step in supporting the maritime industry's green transformation [4][5] Group 3: Challenges and Considerations - Transition finance faces challenges such as the economic return on investments in traditional industries, which may not be sufficient to encourage deep green transformations [7][8] - The complexity of identifying and managing the transition paths for high-carbon industries poses additional risks for financial institutions [5][7] - There is a need for financial institutions to establish clear standards and mechanisms to mitigate risks associated with high-carbon asset transitions and ensure effective use of funds [6][9]

Core Points - China Bank has approved the distribution of cash dividends for its fourth tranche of domestic preferred shares, with a dividend of RMB 3.27 per share before tax [1][3] - The total cash dividend distribution amounts to RMB 882.9 million before tax, based on the issuance of 270 million preferred shares [1][3] - The dividend payment will be directly distributed to the preferred shareholders by the bank [1] Summary by Sections Dividend Distribution Plan - The board of directors has authorized the payment of dividends according to the issuance contract [1] - The cash dividend per preferred share is set at RMB 3.27 before tax [1][3] - The total cash dividend to be distributed is RMB 882.9 million before tax [1] Important Dates - Last trading day: August 27, 2025 [3] - Share registration date: August 28, 2025 [3] - Ex-dividend date: August 28, 2025 [3] - Dividend payment date: August 29, 2025 [3]