Group 1 - The core viewpoint of the article is the renaming of the China Insurance Asset Management Association to the China Banking and Insurance Asset Management Association, indicating a broader coverage of the banking and insurance asset management industry [1] - The new association is described as a national, industry-specific, non-profit social organization formed voluntarily by the banking and insurance asset management sectors [1] - There were prior reports suggesting that the association would become a self-regulatory organization encompassing the entire banking and insurance asset management industry [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 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） 聯席全球協調人，聯席承銷商及聯席賬簿管理人 | 中國銀行 | 農銀國際 | 交通銀行 | 中信銀行 | | --- | --- | --- | --- | | 中國建設銀行 | 中信建投國際 | 花旗 | 招商銀行 | | 東方匯理銀行 | 阿聯酋國民銀行 | 國泰君安國際 | 華泰國際 | | 華夏銀行股份有限公司 | 中國工商銀行 | 瑞穗 | 法興企業和投資銀行 | 1 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。根據計劃將予發行的票 據（定義如下）將不會根據經修訂的1933年美國聯邦證券法登記。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在美國境內或向任何美國人士（如證券法S規例定義）或為美國人 士的利益提出要約出售或者進 ...

Core Viewpoint - Bank of China (03988.HK) announced the issuance of $500 million floating rate notes under its $40 billion medium-term note program, maturing in 2028, with plans for listing and trading on the Hong Kong Stock Exchange [1] Group 1 - The notes are issued by the Bank of China Dubai Branch [1] - The issuance is part of a broader $40 billion medium-term note program established by the Bank of China [1] - The notes are expected to be approved for listing and trading starting November 25, 2025 [1]

（「本行」） （股份代號：3988） 聯席全球協調人，聯席承銷商及聯席賬簿管理人 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） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 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。根據計劃將予發行的票 據（定義如下）將不會根據經修訂的1933年美國聯邦證券法登記。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在美國境內或向任何美國人士（如證券法S規例定義）或為美國人 士的利益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。 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迪拜分行（「發行人」） 在中國銀行股份有限公司建立的40,000,000,000美元 中期票據計劃（「計劃」）下發行 於2028年到期的500,000,000美元浮動利率票據（代號：40008） （「票據」） | 中國銀行 ...

Core Insights - The state-owned large bank sector experienced a decline of 0.76% on November 24, with China Bank leading the drop [1] - The Shanghai Composite Index closed at 3836.77, up 0.05%, while the Shenzhen Component Index closed at 12585.08, up 0.37% [1] Bank Performance - Postal Savings Bank closed at 5.79, down 0.34% with a trading volume of 2.19 million shares [1] - Agricultural Bank closed at 8.02, down 0.37% with a trading volume of 2.97 million shares [1] - Construction Bank closed at 9.75, down 0.41% with a trading volume of 1.29 million shares [1] - Industrial and Commercial Bank closed at 8.20, down 0.61% with a trading volume of 3.49 million shares [1] - Bank of Communications closed at 7.56, down 0.79% with a trading volume of 1.90 million shares [1] - China Bank closed at 6.17, down 1.91% with a trading volume of 6.20 million shares [1] Capital Flow Analysis - The state-owned large bank sector saw a net outflow of 47.67 million yuan from institutional investors and 23.99 million yuan from retail investors, while individual investors had a net inflow of 71.67 million yuan [1] - The capital flow for individual banks showed varied trends, with Bank of Communications having a net inflow of 72.53 million yuan from institutional investors, while China Bank had a net outflow of 49.25 million yuan [2] - Agricultural Bank experienced a net inflow of 54.10 million yuan from institutional investors, but a net outflow of 66.31 million yuan from retail investors [2]

Core Insights - China Bank has obtained a patent for a "Transaction Risk Control Method and Device," with the authorization announcement number CN 114943446 B, and the application date is May 2022 [1] Company Overview - China Bank, established in 1983 and located in Beijing, primarily engages in monetary financial services [1] - The registered capital of China Bank is approximately 29.44 billion RMB [1] - The company has made investments in 539 enterprises and participated in 5,000 bidding projects [1] - China Bank holds 1,472 trademark records and 5,000 patent records, along with 254 administrative licenses [1]

2025年11月18日，四川金融监管局发布批复称，《中国银行（601988）关于曾滔高级管理人员任职资格 许可的请示》（中银报〔2025〕412号）收悉。经审查，现批复如下： 一、核准曾滔中国银行股份有限公司四川省分行副行长的任职资格。 二、中国银行应要求上述核准任职资格人员严格遵守金融监管总局有关监管规定，自中国银行政许可决 定作出之日起3个月内到任，并将其任职文件及时抄送四川金融监管局。未在上述规定期限内到任的， 本批复文件失效，由四川金融监管局办理行政许可注销手续。 三、中国银行应督促上述核准任职资格人员持续学习和掌握经济金融相关法律法规，牢固树立风险合规 意识，熟悉任职岗位职责，忠实勤勉履职。 未尽事项按金融监管总局有关规定办理。 ...

Investment Rating - The report assigns a "Buy" rating to several banks, including ICBC-H, CCB-H, and BOC-H, based on their above-peer dividend yield and attractive valuations [11]. Core Insights - The net interest margin (NIM) is expected to diverge between large banks and regional banks, with regional banks likely to perform better due to higher risk appetite and benefits from time-deposit rate cuts [2]. - Policy-financing instruments are anticipated to support loan growth into 1Q26E, potentially driving new loans of RMB2.5 trillion to RMB5 trillion [3]. - Overall asset quality remains stable, but there is increasing pressure on developer loans and non-mortgage retail loans, with manageable credit risk in mortgage loans [4][7]. - Fee income is improving due to strong agency and custodian fees, although a potential fee rate cut in mutual funds could impact future income [8]. - Big banks maintain flattish earnings growth guidance for 2025E, while regional banks like BOCD and BONJ expect around 5% to 8% earnings growth [9][10]. Summary by Sections Net Interest Margin (NIM) - NIM pressure is expected to moderate into 4Q25E, with large banks anticipating continued year-on-year compression in 2026E [2]. Loan Growth - The distribution of RMB500 billion in policy-financing instruments is expected to enhance loan growth, particularly for banks with higher exposure to infrastructure [3]. Asset Quality - Asset quality is stable overall, but there are rising pressures in developer loans and non-mortgage retail loans, with manageable risks in mortgage loans [4][7]. Fee Income - Fee income has improved, driven by strong performance in asset management, though future fee income may be affected by rate cuts [8]. Earnings Growth - Big banks expect flattish earnings growth in 2025E, while regional banks forecast modest growth, with specific banks like PAB expecting a return to positive year-on-year growth in 2026E [9][10]. Valuation and Equity Raising - The market is focused on potential equity raising, particularly for regional banks trading below 1x book value, which could open financing opportunities for others [10].

11月4日，景瑞控股公布，该集团于2025年10月的合约签约销售额(连合营企业及联营企业的销售额)约 为人民币0.87亿元，同比减少65.2%；合同销售面积约为5,135平方米，合同销售均价约人民币16,943元 ╱平方米。 截至2025年10月31日止十个月，该集团累计合约签约销售额(连合营企业及联营企业的销售额)约为人民 币8.27亿元，同比减少51.81%；合同销售面积约为54,550平方米，合同销售均价约人民币15,160元╱平 方米。 智通财经APP获悉，香港联交所最新资料显示，11月21日，景瑞控股(01862)股东将股票由中国银行(香 港)转入耀才证券，转仓市值108.32万港元，占比5.03%。 ...

截至2025年10月31日止十个月，该集团累计合约签约销售额(连合营企业及联营企业的销售额)约为人民 币8.27亿元，同比减少51.81%；合同销售面积约为54,550平方米，合同销售均价约人民币15,160元╱平 方米。 11月4日，景瑞控股公布，该集团于2025年10月的合约签约销售额(连合营企业及联营企业的销售额)约 为人民币0.87亿元，同比减少65.2%；合同销售面积约为5,135平方米，合同销售均价约人民币16,943元 ╱平方米。 香港联交所最新资料显示，11月21日，景瑞控股(01862)股东将股票由中国银行(香港)转入耀才证券，转 仓市值108.32万港元，占比5.03%。 ...