Investment Rating - The report maintains a "Buy" rating for several major Chinese banks, including China Construction Bank (CCB), China Merchants Bank (CMB), and Industrial and Commercial Bank of China (ICBC) [7][25]. Core Insights - Investors are currently underweight on Chinese banks due to a soft domestic economy and uncertainties related to trade conflicts, despite recognizing the strong performance of bank stocks [2][3]. - The report highlights the importance of dividend yields, with CCB and CMB being particularly attractive due to their relatively high yields and strong capital ratios [7][8]. - There is a growing interest in fintech, with investors focusing on regulatory changes and the relationship between fintech companies and traditional banks [6][4]. Summary by Sections Investor Sentiment - Approximately 50% of investors plan to hold their positions in Chinese banks, viewing them as a defensive play amid uncertainties, while the other half are considering taking profits or switching to other high-dividend sectors [2][3]. Recapitalization and Dividends - The recapitalization of large state-owned banks is seen as beneficial for both the banks and the government, providing sustainable support for the real economy and future dividend payouts [3]. - Concerns exist regarding the potential decline in interim dividends due to year-over-year profit declines observed in Q1 2025 for some banks [3]. Earnings and Asset Quality - The report anticipates a year-over-year decline in net profits for some large state-owned and joint-stock banks in H1 2025, which may impact dividend announcements [3]. - Asset quality remains a concern, particularly in the property and retail sectors, with a significant portion of risky debt identified in listed A-share companies [3]. NIM and Tariff Impact - The outlook for Net Interest Margin (NIM) is discussed, with a recent policy rate cut expected to have a mixed impact on banks' profitability [3]. - While banks have limited exposure to export-oriented businesses, indirect impacts from tariffs and macroeconomic slowdowns could be more significant [3]. Valuation and Performance - The report provides a valuation summary for various banks, indicating that CCB and CMB lead in dividend yield and capital ratios among their peers [7][8]. - Year-to-date performance shows that MSCI China banks have underperformed compared to the broader MSCI China index [9][10].

证券简称：中国银行 证券代码：601988 中国银行股份有限公司 （注册地址：北京市西城区复兴门内大街 1 号） 中国银行股份有限公司向特定对象 发行A股股票募集说明书 （注册稿） 联席保荐机构（联席主承销商） 联席主承销商 二〇二五年五月 中国银行股份有限公司向特定对象发行 A 股股票 募集说明书 声 明 本行及全体董事、监事、高级管理人员承诺本募集说明书内容真实、准确、 完整，不存在虚假记载、误导性陈述或重大遗漏，按照诚信原则履行承诺，并承 担相应的法律责任。 本行负责人、主管会计工作负责人及会计机构负责人保证募集说明书中财务 会计资料真实、完整。 中国证券监督管理委员会、上海证券交易所对本次发行所作的任何决定或意 见，均不表明其对申请文件及所披露信息的真实性、准确性、完整性作出保证， 也不表明其对本行的盈利能力、投资价值或者对投资者的收益作出实质性判断或 保证。任何与之相反的声明均属虚假不实陈述。 根据《中华人民共和国证券法》的规定，证券依法发行后，本行经营与收益 的变化，由本行自行负责。投资者自主判断本行的投资价值，自主作出投资决策， 自行承担证券依法发行后因本行经营与收益变化或者证券价格变动引致的投 ...

中国银行股份有限公司 关于向特定对象发行 A 股股票申请 获得中国证券监督管理委员会同意注册批复的公告 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。 中国银行股份有限公司（简称"本行"）已收到中国证券监督管 理委员会出具的《关于同意中国银行股份有限公司向特定对象发行 股票注册的批复》（证监许可〔2025〕1079 号），主要内容如下： 证券代码：601988 证券简称：中国银行 公告编号：临 2025-038 特此公告 中国银行股份有限公司董事会 二〇二五年五月二十三日 "一、同意你公司向特定对象发行股票的注册申请。 二、你公司本次发行应严格按照报送上海证券交易所的申报文 件和发行方案实施。 三、本批复自同意注册之日起 12 个月内有效。 四、自同意注册之日起至本次发行结束前，你公司如发生重大 事项，应及时报告上海证券交易所并按有关规定处理。" 本行董事会将根据上述批复文件和相关法律法规的要求及本行 股东大会的授权，在规定期限内办理本次向特定对象发行股票的相 关事宜，并及时履行信息披露义务。敬请投资者注意投资 ...

证券简称：中国银行 证券代码：601988 中国银行股份有限公司 （注册地址：北京市西城区复兴门内大街 1 号） 中国银行股份有限公司向特定对象 发行A股股票募集说明书 （注册稿） 联席保荐机构（联席主承销商） 联席主承销商 二〇二五年五月 中国银行股份有限公司向特定对象发行 A 股股票 募集说明书 声 明 本行及全体董事、监事、高级管理人员承诺本募集说明书内容真实、准确、 完整，不存在虚假记载、误导性陈述或重大遗漏，按照诚信原则履行承诺，并承 担相应的法律责任。 本行负责人、主管会计工作负责人及会计机构负责人保证募集说明书中财务 会计资料真实、完整。 中国证券监督管理委员会、上海证券交易所对本次发行所作的任何决定或意 见，均不表明其对申请文件及所披露信息的真实性、准确性、完整性作出保证， 也不表明其对本行的盈利能力、投资价值或者对投资者的收益作出实质性判断或 保证。任何与之相反的声明均属虚假不实陈述。 重大事项提示 本行经营发展面临诸多风险。本行特别提请投资者注意，在作出投资决策之 前，务必认真阅读本募集说明书正文内容，并特别关注以下重要事项及本行风险： 一、关于本行本次向特定对象发行股票的情况 1、本行本 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 转自：新华财经 5月22日，以"碳路绿融·聚势破局：气候投融资赋能新质生产力"为主题的2025第四届气候投融资国际研 讨会在北京举行。中国银行党委委员、副行长武剑在会议演讲中表示，近年来，光伏、风电、储能、新 能源汽车等绿色产业蓬勃发展，持续助力我国碳中和进程，金融机构作为经济的血脉，在气候投融资工 作中扮演着举足轻重的角色，有力推动了绿色低碳高质量发展，他以《汇聚全球金融力量 推进能源低 碳转型》为题，从顶层设计、业务创新、风险管理、国际合作、绿色运营五方面进行了观点阐述。 武剑认为，首先要强化顶层设计，筑牢发展根基。他表示，气候投融资不仅是应对气候变化行动的关键 支撑，更是连接资金与实体经济的桥梁，需要金融机构自上而下强有力的组织规划和制度保障。中国银 行坚持董事会、管理层、专业团队的三层架构，持续提升绿色金融及气候治理的水平。与此同时，不断 完善"1+1+N"绿色金融政策体系，2024年全面修订了《中国银行"十四五"绿色金融规划》，提升原有量 化指标的目标值，优化相关的工作措施，制定了绿色金融行动方案。已形成涵盖加强考核激励、优化经 济资本成本管理、差异 ...

5月22日，以"智联万物 端启未来"为主题的2025全球人工智能终端展暨第六届深圳国际人工智能展在深 圳开幕。中国银行深圳市分行举办"中银科创+"人工智能生态交流活动，发布《中国银行深圳市分行支 持人工智能产业链发展行动方案》，未来五年计划为人工智能全产业链各类主体累计提供综合金融支持 不少于1000亿元，并介绍了人工智能产业研发贷、并购贷、算力贷、A+跃升贷、科创债等一系列支持 科技创新产品。 当下各大城市的AI产业发展路径，将不仅是寻找"下一家DeepSeek"，而是更要充分发挥中国这轮大模型 发展上所形成的领先优势。 AI潮涌下，深圳正以清晰的路线图发力AI和机器人产业，而以中国银行（601988）深圳市分行为代表 的金融机构，也正合力托举AI产业链竞逐未来。 以深圳为例，在AI基础层研发创新上，深圳AI企业正探索国产芯片架构新路线、整合算力资源等，筑 牢AI新基建；在AI商业化探索上，深圳这座以制造业闻名的城市，正借AI大模型之势，在科技创新应 用领域多点开花，发力AI新应用；在AI场景训练上，深圳誓要以整座城市为容器，迎接AI应用的春 天，让更多人享受AI新场景。 在深圳AI产业"兵分三路"发展同时 ...

Core Viewpoint - Zhang Xiaodong, the Vice President of Bank of China, is expected to leave the bank after completing personnel appointments and related processes, marking a new chapter in his career [1] Group 1: Background Information - Zhang Xiaodong was born in 1972 and graduated from Nankai University in 2000, later obtaining a PhD in Management from Beijing Jiaotong University [2] - He has extensive experience in banking, having worked for many years at Industrial and Commercial Bank of China (ICBC), where he held various senior positions [2] - Zhang joined Bank of China in December 2022 and was appointed as Vice President in January 2023 after receiving approval from the China Banking and Insurance Regulatory Commission [2] Group 2: Responsibilities and Future Outlook - As the top-ranking Vice President at Bank of China, Zhang Xiaodong oversees the corporate banking sector [3] - During a performance briefing in early 2023, he indicated that the bank expects a steady increase in domestic RMB loan growth for 2025, with a focus on corporate loans and enhancing consumer loan contributions [3] - The bank aims to support key sectors such as technology finance, private enterprises, and manufacturing, while also addressing the financing needs of real estate companies and increasing second-hand housing loans [3]

转自：新华财经 5月21日，中国银行浙江省分行在嘉兴举行"智造价值・浙里共富"第五届中国银行浙江财富管理节暨"智 见未来"投资主题活动。活动以财富金融为核心，紧扣时代发展脉搏，直击当下热点问题，以实际行动 落实"以客户为中心为客户创造价值"理念，为市场"新周期"注入强劲信心。 此次活动不仅是一场投资策略盛宴，更是该行践行金融使命、服务"共同富裕示范区"建设的生动实践。 中国银行浙江省分行将持续依托财富管理节这一平台，不断深化客户服务，以专业金融力量助力客户实 现财富增值，全力推动区域经济高质量发展。 聚焦热点，深度剖析市场新趋势 活动现场，三位重磅嘉宾围绕财富管理核心议题展开深度分享，以多元视角为现场嘉宾带来一场知识盛 宴，助力投资者把握市场机遇。 经济领域权威专家马全胜聚焦当前关税环境，结合《中美日内瓦经贸会谈联合声明》相关内容，指出会 谈基本消除了国内对于关税问题的非理性担忧。美国超36万亿美元未偿公债、经济面临再通胀与衰退风 险等困境，让关税战难以为继。未来中美协议或呈现10%基准对等关税难取消，10%以上部分涉及非关 税壁垒、市场准入及安全考量的态势，帮助投资者洞察国际市场动向。 在国内大循环格局下， ...

Group 1 - The forum emphasized the importance of accelerating the development of domestic and international dual circulation, with a focus on enhancing cross-border payment and clearing systems for the renminbi as a crucial infrastructure and driving force [1] - Significant achievements in the development of renminbi cross-border payment and clearing have been made, including the establishment of the China International Payment System (CIPS) and increased cooperation with SWIFT [1] - The emergence of new business models in the cross-border payment and clearing sector, particularly the development of stablecoins linked to fiat currencies, is highlighted as a response to the limitations of traditional payment systems [2] Group 2 - The rise of stablecoins, particularly those pegged to the US dollar, necessitates attention from other countries due to their potential impact on monetary systems [2] - The need for new technologies to enhance the efficiency and reduce costs of currency operations is emphasized, alongside the importance of stringent risk control measures [2] - The suggestion is made for the domestic industry and academia to pay greater attention to the development of stablecoins and to further promote the digital renminbi [2] Group 3 - Current challenges in financial technology development in China include issues such as redundant construction, data silos, and security risks, which hinder high-quality growth [3] - The proposal to build centralized digital infrastructure based on the digital renminbi model aims to address these challenges by enabling comprehensive transaction data collection and precise tracking [3] - Potential breakthroughs in identity management through digital IDs could lead to significant changes in digital currency, digital assets, digital finance, and the digital society [3]

Group 1 - The core viewpoint emphasizes the importance of technology finance as a key strategy for the Bank of China Shanghai Branch, focusing on supporting Shanghai's technology innovation industries and achieving a loan balance for technology enterprises exceeding 100 billion yuan by the end of March this year [1] - The Bank of China Shanghai Branch has developed targeted and diversified financial products and services to meet the differentiated financing needs of startups and growth-stage enterprises [1] - The bank has implemented an innovative scoring model based on multiple dimensions such as R&D investment and talent structure to expedite credit approval and disbursement for technology enterprises [1] Group 2 - The Bank of China has established a comprehensive support service system for the artificial intelligence sector, covering chip development, algorithm optimization, and application scenarios, contributing to the high-quality development of China's AI industry [2] - The bank has adopted a "financing + intelligence" service system, providing nearly 50 million USD in equity financing and a range of services including fund settlement and cross-border investment for a leading smart driving chip enterprise [2] - The Bank of China Shanghai Branch aims to continue supporting national strategies and building a comprehensive technology finance service system to foster new productive forces and contribute to Shanghai's goal of becoming a globally influential technology innovation hub [2]