Core Viewpoint - China Bank reported a revenue of 659.9 billion yuan for 2025, marking a year-on-year growth of 4.28% [1] Financial Performance - Total assets reached 38.36 trillion yuan, an increase of 9.40% compared to the end of the previous year [1] - Net profit after tax was 257.9 billion yuan, with shareholder net profit after tax at 243 billion yuan, reflecting growth rates of 2.06% and 2.18% respectively [1] - The net interest margin stood at 1.26%, maintaining stability since the third quarter [1] - Return on assets (ROA) was 0.70%, and return on equity (ROE) was 8.94%, both within a reasonable range [1] - Cost-to-income ratio improved to 27.84%, a decrease of 0.93 percentage points year-on-year [1] Asset Quality - The bank optimized its credit management mechanism and strengthened risk prevention in key areas, effectively mitigating credit risks [1] - The non-performing loan ratio was 1.23%, down 0.02 percentage points from the beginning of the year [1] - Provision coverage ratio was 200.37%, and capital adequacy ratio was 18.85%, indicating sufficient risk coverage [1] Support for Modern Industry - As of the end of 2025, domestic manufacturing loans amounted to 3.50 trillion yuan, a growth of 17.18% year-on-year [2] - Long-term loans for manufacturing reached 1.50 trillion yuan, increasing by 15.28% [2] - Loans for strategic emerging industries totaled 3.23 trillion yuan, reflecting a growth of 30.59% [2] - The bank provided 4.82 trillion yuan in technology loans to 171,800 enterprises, with comprehensive services exceeding 890 billion yuan [2] - Green loan balance surpassed 4.96 trillion yuan, growing by 27.83% and accounting for over 20% of total loans [2] - Inclusive loans for small and micro enterprises exceeded 2.77 trillion yuan, a growth of 21.52% [2] Foreign Trade Support - The bank facilitated international settlements exceeding 4.45 trillion USD, with cross-border RMB settlements reaching 17.70 trillion yuan, both showing year-on-year growth of 9.56% and 9.43% respectively [3] - The cross-border e-commerce settlement business scaled up to 1.18 trillion yuan, marking a significant growth of 45.07% [3]

Report Industry Investment Rating - The report does not mention the industry investment rating [1] Core Viewpoints - Multiple regulatory indicators form the "fence" for banks' allocation behavior, and banks' "choices" within these fences determine their asset allocation structure [1][3][24] Summary by Relevant Catalog 1. Fence Within: How Regulatory Constraints Determine Banks' Bond Market Choices - **"Ballast Stone" Status of Bank Allocation in the Bond Market**: As the main bond allocators in the bond market, commercial banks' "ballast stone" status is rooted in three logics: scale dominance, counter - cyclical characteristics, and stability under regulatory constraints. As of the end of February 2026, commercial banks' bond allocation in the inter - bank market was 82.16 trillion yuan, ranking first among various institutions, mainly investing in interest - rate bonds. Their counter - cyclical allocation provides a buffer for the market, and regulatory constraints make them natural buyers of interest - rate bonds [2][17][18] - **Commercial Bank Regulation: Macro - Prudential + Micro - Constraints**: Understanding banks' bond allocation behavior requires understanding their regulatory constraints, including the Macro - Prudential Assessment System (MPA), interest - rate risk indicators (ΔEVE/NII), liquidity risk indicators (LCR/NSFR), and capital adequacy ratio. These indicators form the "fence" for banks' allocation behavior [3][24] 2. Central Bank MPA: From Broad Credit to Bond Allocation - **Overview of MPA Indicator System**: MPA reshapes banks' bond - allocation behavior in three dimensions: total amount, structure, and timing. In terms of total amount, the broad - credit growth constraint makes bond investment a "regulatory item" after loan issuance. Structurally, capital - adequacy pressure forces banks' self - operated funds to concentrate on interest - rate bonds with zero risk - weight. Temporally, liquidity assessment indicators create a rigid "quarter - end effect". Under these constraints, banks' self - operated bond - allocation behavior shows characteristics of "quota restricted by credit, concentration on interest - rate bonds, and rhythm restricted by quarter - ends" [4][29] - **Three Transmission Paths of MPA on Banks' Bond Allocation**: - **Broad - Credit Growth Constraint → Limited Bond Allocation Quota**: The upper limit of broad - credit growth locks the growth rate of bond investment, squeezing out bond allocation when loan growth is fast, especially at quarter - ends [32][33] - **Capital - Adequacy Constraint → Decreased Risk Appetite + Increased Supply of Capital Instruments**: To meet capital - adequacy requirements, banks issue secondary - capital bonds and perpetual bonds and increase the allocation of low - capital - occupancy interest - rate bonds while reducing high - capital - occupancy credit bonds. In a period of strict capital regulation, the spread between interest - rate bonds and credit bonds tends to widen [34] - **Liquidity Indicator Constraint → Quarter - End Fund Pulse + Solidified Maturity Preference**: LCR assessment tightens the quarter - end capital market and releases concentrated demand for interest - rate bonds. NSFR constraint restricts banks from lending to non - bank institutions at quarter - ends, inhibits excessive maturity mismatch, and solidifies banks' preference for short - term bonds or long - term interest - rate bonds [35] 3. Triple Constraints of the Banking Risk Supervision System under the Financial Regulatory System - **Capital - Adequacy Constraint: Risk Weights Guide Allocation**: Capital - adequacy ratio is the core regulatory indicator. Risk weights determine the capital occupancy of bonds, and banks prefer bonds with lower risk weights. The investment priority of bond types is: treasury bonds, policy - financial bonds > local - government bonds > general - credit bonds, commercial - financial bonds > secondary - capital bonds > perpetual bonds. When capital adequacy is under pressure, banks compress high - weight assets, and the regulatory rating affects business qualifications and asset structure. Capital - supplement pressure increases the supply of capital instruments [37][44][45] - **Liquidity Risk Indicators: LCR and NSFR's "Rigid Demand" for High - Liquidity Assets**: The core goal of liquidity - risk supervision is to guide banks to match the maturity structure of assets and liabilities. LCR and NSFR are the two pillars. Different bonds have different conversion rates in HQLA and RSF coefficients, which affect banks' bond - type preferences. The comprehensive impact includes a significant quarter - end effect, solidified maturity preference, and structural differentiation [47][51][57] - **Interest - Rate Risk Supervision Indicators: How ΔEVE and ΔNII Constrain Allocation Maturity**: ΔEVE measures the maximum loss of the net present value of banks' assets and liabilities under different interest - rate shocks, and ΔNII measures the impact of interest - rate changes on net interest income. These two indicators jointly restrict large domestic banks' long - bond allocation. Banks tend to "buy short and sell long" to control bond maturity [58][59][60]

Core Viewpoint - China Bank aims to enhance its capital strength to better serve the real economy, with a focus on high-quality development and optimized credit allocation by 2026 [1][2]. Group 1: Capital and Credit Growth - In 2025, China Bank will complete its capital increase, which is essential for its high-quality development [1]. - The bank plans to maintain a stable and balanced growth in total credit, with domestic RMB loan growth expected to outperform the market [1]. - The RMB credit balance has shown strong growth in the first two months of the year, laying a solid foundation for annual credit issuance [1]. Group 2: Credit Structure Optimization - China Bank will optimize its credit structure by supporting domestic demand, boosting consumption, and facilitating effective investments, particularly in major national projects outlined in the 14th Five-Year Plan [1]. - The bank will steadily expand personal housing loans and non-housing consumer loans [1]. Group 3: Global Strategy and Service Enhancement - China Bank will enhance its global strategy by improving services for enterprises going abroad, focusing on sectors such as intelligent manufacturing, new energy, new materials, and biomedicine [2]. - The bank has proactively issued loans to small and micro enterprises and for equipment upgrades, leading the industry in these areas [2].

Core Viewpoint - The Bank of China emphasizes its commitment to high-quality development and service to the real economy, aiming to enhance its global and comprehensive advantages while contributing to the construction of a financial powerhouse in the upcoming "14th Five-Year Plan" period [1][6]. Financial Performance - The Bank reported a steady growth in total assets and liabilities, with increases of 9.40% and 9.47% respectively compared to the previous year [2][8]. - Operating income and net profit grew by 4.48% and 2.06% year-on-year, with an average return on total assets of 0.70% and a return on equity of 8.94% [2][8]. - The net interest margin stood at 1.26%, and the non-performing loan ratio decreased by 0.02 percentage points from the previous year [2][8]. Business Growth - The core business showed a dual increase in volume and quality, with total loans and advances exceeding 23.45 trillion yuan and bond investments reaching 9.25 trillion yuan [2][8]. - Deposits grew by 8.18% year-on-year, and the bank's global advantages were reinforced, with contributions from overseas branches maintaining high levels [2][8]. Support for the Real Economy - The bank has actively supported the real economy, with significant credit support for consumption and investment projects, including over 1,500 billion yuan for equipment renewal loans [3][9]. - Personal consumption loans increased by 1,139 billion yuan, and cross-border payment facilitation for foreign nationals improved significantly [3][9]. Technological and Green Finance Initiatives - The bank launched initiatives to support technological innovation, providing 4.82 trillion yuan in technology loans to 171,800 enterprises [4][10]. - Green loans grew by 27.83% year-on-year, positioning the bank as a leader in green finance [4][10]. Globalization and Risk Management - The bank's globalization strategy is a core focus, with overseas revenue and profit increasing by 12.06% and 6.91% respectively [5][11]. - A comprehensive risk management system has been established to effectively mitigate credit risks and enhance compliance management [5][12].

中国银行股份有限公司 2026年第一次临时股东会会议资料 股票代码：601988 北京 二〇二六年四月二十二日 中国银行 2026 年第一次临时股东会会议资料 目 录 一、审议议案 普通决议案 | 1、选举葛海蛟先生连任本行执行董事 | 1 | | --- | --- | | 2、选举张勇先生连任本行非执行董事 | 3 | | 3、中国银行执行董事 2024 年度薪酬分配方案 | 4 | | 4、中国银行监事长 2024 年度薪酬分配方案 | 5 | 注：如无特别说明，本会议资料中的"本行"或"中国银行"指中国银行股份有限 公司。 中国银行 2026年第一次临时股东会会议资料 议案一 选举葛海蛟先生连任本行执行董事 各位股东： 本行董事长葛海蛟先生的董事任期将于 2026 年 4 月届满。根据本行公司章 程，董事任期三年，任期届满，可连选连任。 葛海蛟先生自 2023 年 4 月任本行董事长、执行董事、董事会战略发展委员 会主席及委员以来，根据本行适用的法律法规、公司章程相关规定，参与决策 提交董事会和专委会审议审批的重大事项，忠实勤勉、专业高效地履行了董事 职责。 经征询葛海蛟先生本人意愿，并经本行董事会审 ...

证券代码：601988 证券简称：中国银行 公告编号：临 2026-010 中国银行股份有限公司 关于召开2026年第一次临时股东会的通知 中国银行股份有限公司（简称"中国银行"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。 重要内容提示： (四) 现场会议召开的日期、时间和地点 召开的日期时间：2026 年 4 月 22 日 9 点 30 分 召开地点：中国北京市西城区复兴门内大街 1 号中国银行总行大厦 (五) 网络投票的系统、起止日期和投票时间。 股东会召开日期：2026年4月22日 本次股东会采用的网络投票系统：上海证券交易所股东会网络 投票系统 一、 召开会议的基本情况 (一) 股东会类型和届次 2026年第一次临时股东会 (二) 股东会召集人：董事会 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网 络投票相结合的方式 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2026 年 4 月 22 日 至2026 年 4 月 22 日 1 采用上海证券交易所网络投票系统，通过交易系 ...

证券代码：601988 证券简称：中国银行 公告编号：临 2026-006 中国银行股份有限公司董事会决议公告 一、中国银行 2025 年年度报告（含财务决算方案） 赞成：16 反对：0 弃权：0 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"）于 2026 年 3 月 30 日在北京 以现场表决方式召开董事会会议，会议通知于 2026 年 3 月 16 日通过书面 及电子邮件方式送达至本行所有董事。本次会议由董事长葛海蛟先生主 持，会议应出席董事 16 名，亲自出席董事 15 名。执行董事刘进先生因其 他重要公务未能亲自出席会议，委托执行董事蔡钊先生代为出席并表决。 高级管理层成员列席了会议。会议的召开符合《中华人民共和国公司法》 等有关法律、行政法规、部门规章、规范性文件和《中国银行股份有限公 司章程》（简称"《公司章程》"）的规定。出席会议的董事审议并以记 名方式投票表决通过了如下议案： 本行董事会审计委员会已审议通过中国银行 2025 年年度报告中的财 务报告，同意提 ...

证券代码：601988 证券简称：中国银行 公告编号：临 2026-007 中国银行股份有限公司 2025 年度利润分配方案公告 中国银行股份有限公司（简称"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。 重要内容提示： 每 10 股普通股派发 2025 年末期现金股利 1.169 元（税前）。 本次利润分配以实施权益分派股权登记日（预计为 2026 年 7 月 9 日）登记的总股本为基数。A 股股利预计将于 2026 年 7 月 10 日 支付，H 股股利预计将于 2026 年 8 月 19 日支付，具体日期将在权益 分派实施相关公告中明确。 本次利润分配方案尚需提交本行股东会审议批准。 本行不触及《上海证券交易所股票上市规则（2025 年 4 月修 订）》（简称"《股票上市规则》"）第 9.8.1 条第一款第（八）项 规定的可能被实施其他风险警示的情形。 经本行董事会审议通过，本行 2025 年度拟以实施权益分派股权 登记日登记的总股本为基数分配利润。本次利润分配方案如下： 提取法定盈余公积金 215.27 亿元人民币 ...

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中银国际证券股份有限公司、中信证券股份有限公司 关于中国银行股份有限公司 2025年度持续督导报告书 | 上市公司：中国银行股份有限公司（以下简称"中国银行"或"公司"） | | | --- | --- | | 保荐人名称：中银国际证券股份有限公司（以下简称"中银证券"）、中信证券股份有限公 | | | 司（以下简称"中信证券"，中银证券与中信证券合称"联席保荐人"） | | | 中银证券保荐代表人姓名：董雯丹 | 联系电话：010-66229051 | | 中银证券保荐代表人姓名：何舟 | 联系电话：010-66229242 | | 中信证券保荐代表人姓名：彭源 | 联系电话：010-60837686 | | 中信证券保荐代表人姓名：王琛 | 联系电话：010-60837674 | 经中国证券监督管理委员会（以下简称"中国证监会"）《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）， 并经上海证券交易所（以下简称"上交所"）同意，公司于 2025 年 6 月向特定 对象中华人民共和国财政部发行 27,824,620,573 股 A 股，每股发行价格为 5.93 ...