中国银行公告，公司已向香港联合交易所有限公司申请可在其项下发行债券的400亿美元中期票据计划 自2025年8月25日起的12个月内仅以向专业投资者发行债务证券的方式上市。预计计划的上市将于2025 年8月26日起生效。 ...

中国银行：已申请400亿美元中期票据计划上市。 ...

於香港聯合交易所有限公司 上市之通告 中國銀行股份有限公司 董事會 中國，北京 2025年8月25日 於本公告日期，本行董事為葛海蛟、張輝、劉進、張勇*、黃秉華*、劉輝*、師永彥*、 樓小惠*、李子民*、讓•路易•埃克拉 # 、喬瓦尼•特里亞 # 、劉曉蕾 # 、張然 # 、高美懿 # 。 本公告僅供參考之用，並不構成收購、購買或認購證券的邀請或要約。根據計劃（定義如下）將 予發行的票據將不會根據1933年美國聯邦證券法（經修訂）登記。受制於某些例外情形，根據計 劃將予發行的票據有可能不得向位於美國境內的非美國人士提出要約出售或者進行出售。本公 告不得直接或間接於或向美國境內進行分發。 中國銀行股份有限公司 BANK OF CHINA LIMITED （於中華人民共和國註冊成立的股份有限公司） （「本行」） （股份代號：3988） 40,000,000,000美元 中期票據計劃 安排行和交易商 中國銀行 已向香港聯合交易所有限公司提出申請可在其項下發行債券的40,000,000,000美元 中期票據計劃（「計劃」）自2025年8月25日起計十二個月內僅以向專業投資者（定 義於《香港聯合交易所有限公司上市規則》 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Views of the Report - The current adjustment of credit bonds is mainly due to the hot equity market and the decline in the profit - making effect of pure bonds, which leads to the diversion of funds from the bond market. Risk preference may be the main driving factor for the recent trend of credit bonds, and the stock - watching and bond - trading pattern may continue in the short term. If the scale of fixed - income + wealth management continues to grow, it may support the demand for medium - to - high - grade, medium - and short - duration non - financial credit bonds, but it may be difficult to reverse the overall trend of credit bonds. It is recommended to shorten the duration, moderately sink the medium - and short - duration of urban investment bonds, mainly allocate medium - to - high - grade industrial bonds, and institutions with strong trading ability for bank Tier 2 and perpetual bonds can trade quickly in and out [2][11][17] 3. Summary According to the Directory 3.1本轮信用债调整或仍将持续？ - **1.1本轮信用债调整原因探析** - There is an obvious calendar effect. Around August, credit bonds are relatively weak. This is because around August, there are intensive policies for stable growth such as wide - fiscal and stable - real - estate. The concentrated issuance of government bonds disturbs the capital market, and the wide - credit guides the expectation to turn, which cools the bond market sentiment. Since July 2025, the hot equity market and the decline in the profit - making effect of pure bonds have led to the diversion of funds from the bond market, and credit bond yields have fluctuated upward [10][11] - **1.2每轮调整阶段信用债特征** - In the comparable historical adjustment stages from 2023 - 2025, in terms of the maximum callback amplitude, Tier 2 and perpetual bonds generally have a larger callback amplitude than other credit bonds, and medium - and short - duration bonds have a relatively large callback amplitude; in terms of the callback start time, Tier 2 and perpetual bonds, medium - and short - duration bonds, and high - grade bonds tend to start the callback first; in terms of the callback end time, Tier 2 and perpetual bonds end the callback first, and 7 - 10 - year bonds end the callback later [12][14] - **1.3信用债后续走势判断** - Risk preference may be the main driving factor for the recent trend of credit bonds. The dovish signal from Federal Reserve Chairman Powell and the increasing expectation of US interest rate cuts are beneficial to boosting risk preference. The equity market is expected to continue to have a significant impact on the bond market. If the scale of fixed - income + wealth management continues to grow, it may support the demand for medium - to - high - grade, medium - and short - duration non - financial credit bonds, but it may be difficult to reverse the overall trend of credit bonds. It is recommended to shorten the duration [15][17] 3.2信用债收益率全览 - Last week (August 18 - 22, 2025), the stock - bond seesaw effect continued. Credit bonds continued to weaken, performed worse than interest - rate bonds, and the spreads widened overall. Short - duration credit bond yields rose relatively slightly, with a maximum increase of no more than 8bp; among medium - and long - duration bonds, the 10 - year AAA - grade urban investment bond had the largest increase of 13bp. Urban investment bonds had the largest average increase in yields, and short - end industrial bonds were similar to urban investment bonds, while medium - and long - duration industrial bonds performed better than urban investment bonds. The 3 - year financial bonds performed the worst [22] 3.3一级市场 - **3.1发行量** - Last week, the issuance scale of credit bonds increased month - on - month but decreased year - on - year, and the net financing scale increased significantly both month - on - month and year - on - year, mainly driven by financial bonds. From August 18 - 22, the credit bond issuance scale was 401.875 billion yuan, an increase of 49.2 billion yuan month - on - month and a decrease of 30.1 billion yuan year - on - year. The net financing of credit bonds was 102.761 billion yuan [34] - **3.2发行成本** - The average issuance interest rate of credit bonds increased month - on - month. Last week, the average issuance interest rate of credit bonds was 2.21%, an increase of 1bp month - on - month. The average issuance interest rates of urban investment bonds and industrial bonds increased by 8bp and 2bp respectively month - on - month, while that of financial bonds decreased by 3bp month - on - month [41] - **3.3发行期限** - The average issuance term of credit bonds decreased month - on - month. Last week, the average issuance term of credit bonds was 3.15 years, a decrease of 0.27 years month - on - month. The average issuance terms of urban investment bonds, industrial bonds, and financial bonds decreased by 0.28, 0.05, and 0.6 years respectively month - on - month [43] - **3.4取消发行情况** - Last week, the number and scale of cancelled credit bond issuances decreased month - on - month but were still the fifth - highest since 2023. From August 18 - 22, 18 bonds were cancelled, a decrease of 1 bond month - on - month; the total scale of cancelled issuances was 15.275 billion yuan, a decrease of 0.745 billion yuan month - on - month [46] 3.4二级市场 - **4.1成交量** - Last week, the total trading volume of credit bonds was 1.2863 trillion yuan, an increase of 93 billion yuan month - on - month. Except for the bank Tier 2 and perpetual bonds and brokerage sub - bonds, the trading volume of other credit bond varieties decreased. In terms of remaining term, trading terms of different types of bonds shifted; in terms of implied rating, trading of different types of bonds also shifted [50][53][54] - **4.2成交流动性** - Last week, the turnover rates of urban investment bonds and financial bonds increased, while that of industrial bonds decreased. For urban investment bonds, except for the 7 - 10 - year and over - 10 - year bonds, the turnover rates of other terms increased; for industrial bonds, the turnover rates of all terms decreased; for financial bonds, except for the under - 1 - year bonds, the turnover rates of other terms increased [56] - **4.3利差跟踪** - Last week, most credit spreads of urban investment bonds widened. Except for the 1 - year AAA - grade and AA+ - grade bonds, the spreads of other terms and ratings widened. Most spreads of AAA - grade industrial bonds, except for the commercial trade industry, widened, and all spreads of AA - grade industrial bonds widened. Most spreads of bank Tier 2 and perpetual bonds widened. The spreads of brokerage sub - bonds and insurance sub - bonds widened across the board [60][68][70] 3.5周度热债一览 - The report selected the top 20 credit bonds in terms of liquidity scores for urban investment bonds, industrial bonds, and financial bonds respectively, providing reference for investors [75] 3.6信用评级调整回顾 - According to domestic rating agencies, there were no debt - rating adjustments last week [80]

Market Overview - The US dollar index closed at 97.72, down by 0.92% [1] - The euro to US dollar exchange rate closed at 1.1718, up by 0.97% [1] - The British pound to US dollar exchange rate closed at 1.3525, up by 0.84% [1] - The US dollar to Japanese yen exchange rate closed at 146.94, down by 0.96% [1] - The Australian dollar to US dollar exchange rate closed at 0.6490, up by 1.09% [1] - The US dollar to Mexican peso exchange rate closed at 18.5840, down by 0.92% [1] Important Events - Federal Reserve Chairman Jerome Powell delivered a speech at the Jackson Hole Global Central Bank Annual Meeting [2]

Summary of Conference Call on China Banks Equities Industry Overview - The focus is on the banking sector in mainland China, specifically the performance of covered banks in 2Q25 compared to 1Q25 [2][5][6]. Key Points and Arguments 1. **Net Profit Growth Expectations**: - Net profit growth for 2Q25 is expected to improve compared to 1Q25, driven by smaller-than-expected net interest margin (NIM) compression, stable credit costs, and effective cost control [2][5]. - Investment gains, operating expense control, and fee income growth are key contributors to this expected improvement [2][5]. 2. **Investment Thesis**: - Preference for brokers and insurers over banks among mainland China financials, with specific interest in HKEX and BOCHK among Hong Kong financials [2][5]. - Southbound inflow is anticipated to support share prices for banks and non-bank financials [2]. 3. **NIM Trends**: - NIM compression is expected to slow in 2Q25 due to ongoing deposit repricing and recent deposit rate cuts [5][17]. - The sector NIM decline narrowed in 2Q25 compared to 1Q25 [16]. 4. **Fee Income Growth**: - Fee income growth is projected to improve in 2Q25, supported by resilient corporate business and wealth-related fees [5][10]. - Banks with significant exposure to consumption and credit card businesses may face challenges [5]. 5. **Investment Gains**: - Investment gains are expected to improve in 2Q25, with banks likely to book mark-to-market gains due to falling rates [5][17]. - In 2024, investment gains accounted for 3-16% of revenue for covered banks [17]. 6. **Cost Control Measures**: - Mixed outlook on cost control, with banks expected to cut variable pay and administrative fees due to revenue pressures [5]. - CMB and CEB have outperformed peers in cost management from 2021 to 2024 [5]. 7. **Loan Growth Outlook**: - Overall loan demand remains weak, particularly in corporate and retail segments [5][25]. - Selected banks are de-risking consumption loan portfolios, with state-owned banks expected to outperform joint-stock banks [5]. 8. **Asset Quality**: - Mixed outlook on asset quality, with stable non-performing loan (NPL) ratios for corporate loans but potential increases for retail consumption loans [5][21]. - Some banks may accelerate the disposal or write-off of bad debts, improving NPL coverage ratios [5]. 9. **Market Sentiment**: - Household willingness to spend and invest has decreased in 2Q25, impacting overall credit demand [14]. Additional Important Insights - The report emphasizes the differentiation in profit growth among banks, driven by various factors including investment gains and fee income [5]. - The anticipated EPS dilution impact from capital injection is expected to manifest in 3Q25 [2]. - The conference highlights the importance of monitoring macroeconomic conditions and regulatory changes that could impact the banking sector [2][5]. This summary encapsulates the key insights and trends discussed in the conference call regarding the banking sector in mainland China, providing a comprehensive overview of expected performance and strategic preferences.

Summary of Key Points from the Equity Research Report on China Banks Industry Overview - The report focuses on the **China banking sector**, particularly regional banks and city commercial banks, highlighting their performance and potential for growth amid economic conditions in China [3][9]. Core Insights and Arguments - **Sector Performance**: The China banking index increased by **3.9%** over the past 60 trading days, while the CSI 300 index rose by **7.4%** during the same period, driven by ample liquidity and positive economic releases for 1H25 [3]. - **Market Reaction**: The underperformance of the banking sector is attributed to investor concerns regarding the impact of the interest discount policy on banks' net interest margins (NIM). However, the report argues that the market has overreacted, as the policy aims to balance banks' interests with the financing costs of the real economy [3]. - **Focus on High-Quality Banks**: The report emphasizes a focus on high-quality city commercial banks, particularly those with lower exposure to property loans and stable NIM due to lending practices [3][4]. - **Preferred Stocks**: The report identifies **Bank of Hangzhou (BoHZ)**, **Bank of Chengdu (BoCD)**, and **Bank of Jiangsu (BoJS)** as preferred stocks, all rated as Buy, due to their strong asset quality, local economic conditions, and potential for high returns [3][6][9]. Financial Performance Expectations - **Earnings Growth**: The report anticipates marginally better earnings for 2Q25, with expectations of a recovery in non-interest income and stabilization of NIM due to falling liability costs [4]. - **NIM Stabilization**: It is expected that the NIM of top city commercial banks will stabilize in 2H25, supported by a decrease in liability costs and a net increase in mortgage loans in certain regions [4]. - **Credit Demand**: Weaker credit demand is anticipated compared to 1H, but city commercial banks with strong regional presence are expected to outperform their peers in loan growth [4]. Adjustments to Estimates - **Net Interest Income**: Estimates for net interest income have been raised due to expected stabilization of NIM in 2H25 [5]. - **Non-Interest Income**: Estimates for non-interest income have been lowered due to anticipated declines in investment gains amid weaker bond market performance [5]. - **Operating Expenses**: Operating expense estimates have been reduced due to the implementation of AI to enhance efficiency [5]. Regional Economic Strength - **Economic Conditions**: The report highlights the strong economic conditions in **Jiangsu**, **Zhejiang**, and **Sichuan** provinces, which are expected to support the growth of regional banks [23][24][25]. - **Infrastructure Investment**: Jiangsu is noted for its leading position in infrastructure investment and a robust pipeline of large projects, which will benefit local banks [24]. Risks and Valuation - **Key Risks**: The report outlines potential risks including slower-than-expected economic recovery, higher non-performing loan ratios, and adverse impacts from macroeconomic conditions [19][20]. - **Valuation Models**: The report employs the Gordon growth model with trading discounts to derive target prices for the banks covered, indicating significant upside potential for several banks [19][20]. Conclusion - The report concludes with a positive outlook for high-quality city commercial banks in China, emphasizing their potential for excess returns driven by regional economic strength and favorable lending conditions [3][9].

Summary of the Conference Call on China Banks Industry Overview - The conference call focused on the **China banking sector** and provided insights into the performance and outlook for various banks in the region, particularly in the context of macroeconomic challenges expected in the second half of 2025 [2][5][9]. Core Insights and Arguments 1. **Performance Metrics**: Since July 2025, MSCI China banks and CSI 300 banks have underperformed MSCI China and CSI 300 by 11 percentage points and 10 percentage points, respectively [2][9]. 2. **Revenue and Profit Growth**: Despite a challenging macro environment, banks' revenues and profit growth are expected to improve sequentially in 2H25, driven by stabilization in Net Interest Margin (NIM) and a moderate recovery in fee income, particularly from wealth management [2][5][12]. 3. **Dividend Yields**: The average forecasted dividend yield for A-share banks is approximately 4.3%, significantly higher than the 3-year deposit yield, 10-year China Government Bonds (CGB), and 3-month Wealth Management Products (WMP) yields [5][12]. 4. **Investment Preferences**: There is a preference for banks with strong deposit franchises, with **China Merchants Bank (CMB-A)** being highlighted as a top pick due to its decent dividend yield and higher earnings sensitivity to capital markets [2][5][11]. 5. **Rating Changes**: - **Bank of Communications (BoCom)** was upgraded from Neutral to Overweight due to its higher revenue contribution from capital-market related fees and resilient NIM [5][41]. - **Ping An Bank** was upgraded to Neutral as its retail business restructuring is nearing completion, and it has a high NPL coverage ratio [5][57]. - **Agricultural Bank of China (ABC)** was downgraded to Neutral due to its low dividend yield and potential capital raising in 2026 [5][67]. Additional Important Insights 1. **NIM Stabilization**: The stabilization of NIM is expected as the rate cut cycle nears its end, with one or two more rate cuts anticipated in 2H25 or 2026 [5][12]. 2. **Asset Quality Concerns**: The Non-Performing Loan (NPL) formation ratio may increase due to declining macro growth, but impairment charges are expected to remain stable due to improved bad debt recovery efforts [5][12]. 3. **Market Sentiment**: The overall macro outlook does not support a large-scale rotation into growth stocks, maintaining demand for yield stocks [5][12]. 4. **Potential Upside**: Analysis suggests a potential share price upside of 10-20% for A and H share banks in the next six months, contingent on improvements in the earnings outlook [10][12]. 5. **Seasonality Effects**: Historically, banks' share prices have underperformed in July and August, but this trend is expected to fade as banks have started distributing interim dividends since 2024 [12][18]. Conclusion The conference call provided a comprehensive outlook on the China banking sector, emphasizing the resilience of banks amidst macroeconomic challenges, the attractiveness of dividend yields, and strategic investment recommendations. The insights suggest a cautiously optimistic view on the sector's performance in the latter half of 2025, with specific banks positioned favorably for growth.

Trading Information Summary - On August 22, 2025, Bank of China (601988) closed at 5.7 yuan, down 0.18%, with a turnover rate of 0.16% and a trading volume of 3.2935 million shares, amounting to a total transaction value of 1.871 billion yuan [1]. - The fund flow on the same day indicated a net outflow of 79.3875 million yuan from institutional investors, accounting for 4.24% of the total transaction value, while retail investors saw a net inflow of 146 million yuan, representing 7.82% of the total transaction value [1][3]. Company Announcement Summary - Bank of China announced the distribution of the fourth phase of domestic preferred stock dividends, with a cash dividend of 3.27 yuan per share (pre-tax). The last trading day is set for August 27, 2025, with the record date and ex-dividend date on August 28, 2025, and the dividend payment date on August 29, 2025 [1]. - The total cash dividend distribution amounts to approximately 882.9 million yuan (pre-tax), based on the issuance of 270 million shares at a dividend rate of 3.27% [1].

Core Viewpoint - China Bank's stock price increased by 4.59% this week, closing at 5.7 yuan, with a total market capitalization of 183.66 billion yuan, ranking 4th among state-owned large banks and 6th among all A-shares [1] Company Announcements - China Bank announced the distribution of cash dividends for its fourth tranche of domestic preferred shares, with a pre-tax cash dividend of 3.27 yuan per share [1] - The last trading day for the preferred shares is August 27, 2025, with the record date and ex-dividend date set for August 28, 2025, and the dividend payment date on August 29, 2025 [1] - The total cash dividend distribution amounts to approximately 882.9 million yuan (pre-tax), based on a total issuance of 270 million shares [1]