Core Viewpoint - China Bank (601988.SH) has fully redeemed its 30 billion RMB perpetual bonds issued on November 13, 2020, exercising its redemption right as stipulated in the bond's offering document [1] Group 1 - The bond issuance was for a total amount of 30 billion RMB [1] - The issuer has the right to redeem the bonds at the end of the fifth year, specifically on November 17, 2025 [1] - As of the announcement date, the bank has exercised its redemption right and fully redeemed the bonds [1]

证券代码：601988 证券简称：中国银行 公告编号：临 2025-082 中国银行股份有限公司 关于赎回减记型无固定期限资本债券的公告 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。 2020 年 11 月 13 日，中国银行股份有限公司（简称"本行"）发行了 规模为 300 亿元人民币的减记型无固定期限资本债券（简称"本期债券"）， 并于 2020 年 11 月 17 日发布了《中国银行股份有限公司关于减记型无固定 期限资本债券发行完毕的公告》（公告编号：临 2020-053）。根据本期债券 募集说明书相关条款的规定，本期债券设有发行人赎回权，发行人有权在 本期债券第五年末，即 2025 年 11 月 17 日赎回本期债券。 截至本公告日，本行已行使赎回权，全额赎回了本期债券。 特此公告 中国银行股份有限公司董事会 二〇二五年十一月十八日 ...

Core Viewpoint - China Bank issued a total of 30 billion RMB of non-fixed term capital bonds, which were fully redeemed by the bank as of the announcement date [1] Group 1 - On November 13, 2020, China Bank issued non-fixed term capital bonds amounting to 30 billion RMB [1] - The announcement regarding the completion of the bond issuance was made on November 17, 2020 [1] - The bonds include an issuer redemption right, allowing the bank to redeem the bonds at the end of the fifth year, specifically on November 17, 2025 [1]

Summary of Key Points from the Conference Call on China Banks Industry Overview - **Industry**: China Banks - **Key Focus**: The current state and future outlook of China's bond market and banking sector Core Insights and Arguments 1. **China Government Bond (CGB) Yields**: - CGB yields have fluctuated significantly, starting at 1.59% at the beginning of the year, peaking at 1.92% in late September, and stabilizing around 1.65% in Q2 [2][3] - The expert anticipates a range of 1.6-2.0% for the 10-year CGB yield in the foreseeable future, with a likelihood of a flattening yield curve [2][3] 2. **Market Expectations on Policy Rates**: - There is a low market expectation for future policy rate or reserve requirement ratio (RRR) cuts, with the current 7-day OMO rate at 1.40% [3][7] - The People's Bank of China (PBOC) has restarted CGB purchases to maintain liquidity and stabilize the bond market [3] 3. **LGFV Bond Credit Spread**: - The credit spread for Local Government Financing Vehicles (LGFVs) has tightened to 40-60 basis points for AAA-rated bonds [4] - The expert believes the risk of default is low due to government support, although some small LGFVs in economically weak regions may still face risks [4] 4. **Banking Sector Dynamics**: - Banks are expected to continue their bond allocation needs, with trading becoming increasingly important as the market remains range-bound [5][7] - The expert notes a potential increase in trading and investment gains for banks in 2026, driven by a low base in 2025 [7] 5. **Valuation and Risk Assessment**: - Price targets for H-share and A-share China banks are derived from a three-stage dividend discount model and P/B to ROE valuation methodology, respectively [8] - Major risks identified for China banks include asset quality deterioration, capital adequacy issues, and pressure on profitability from declining interest rates [9] Additional Important Insights - **Impact of VAT Reinstatement**: The expert noted that the impact of VAT reinstatement has been fully reflected in the yield difference between on-the-run and off-the-run bonds [2] - **Trading Strategies**: With the bond market expected to remain stable, banks are likely to focus on actively trading higher coupon rate bonds issued in previous years to realize mark-to-market gains [5] This summary encapsulates the key points discussed in the conference call regarding the current state and outlook of the China banking sector and bond market, highlighting both opportunities and risks for investors.

Core Viewpoint - The Bank of China announced the issuance of 40 billion yuan of perpetual bonds with a redemption option, which has been fully redeemed as of the announcement date [1] Group 1 - The issuance date of the bonds was November 13, 2020 [1] - The bonds have a redemption right exercisable on November 17, 2025, which is the end of the fifth year [1] - The bank has exercised its redemption right and fully redeemed the bonds [1]

Core Points - China Bank issued a total of 30 billion RMB of non-fixed-term capital bonds on November 13, 2020 [1] - The bonds have a redemption option for the issuer, allowing redemption at the end of the fifth year, specifically on November 17, 2025 [1] - As of the announcement date, the bank has exercised its redemption right and fully redeemed the bonds [1]

贖回減記型無固定期限資本債券 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 # 、胡展雲 # 。 2020年11月13日，本行發行了規模為300億元人民幣的減記型無固定期限資本債 券（「本期債券」），並於2020年11月17日發布了減記型無固定期限資本債券發行 完畢公告。根據本期債券募集說明書相關條款的規定，本期債券設有發行人贖回 權，發行人有權在本期債券第五年末，即2025年11月17日贖回本期債券。 截至本公告日，本行已行使贖回權，全額贖回了本期債券。 中國銀行股份有限公司 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的內容概不負責，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） 公告 董事會 中國，北京 2025年11月18 ...

Core Insights - China Bank has released an upgraded version of the "Personal Pension Asset Allocation Plan (2025 Edition)" focusing on customer needs in pension planning and investment [1] Group 1: Service Enhancements - The upgraded plan features a more diversified allocation strategy tailored to different risk preferences and age stages of customers [1] - The product selection has been expanded, incorporating offerings from well-known institutions like ICBC Wealth Management, thereby enriching customer choices [1] - The guidance provided in the plan is clearer and more practical, with updated product lists and data, aimed at making professional financial solutions understandable and usable for customers [1] Group 2: Market Position - As one of the first pilot banks for the personal pension system, China Bank has over 260 personal pension products available as of September 2025, covering savings deposits, wealth management products, public funds, and commercial pension insurance [1] - The quantity and variety of products offered by China Bank continue to lead the market [1]

Core Insights - Jinan is striving to become a significant hub for the integrated circuit (IC) industry in China, supported by the "Strong Provincial Capital" strategy in Shandong [1][3] - The China Bank Shandong Branch is innovating financial service models to support the IC industry chain, providing differentiated and complementary financial support tailored to various stages and types of enterprises [1][3] Group 1: Financial Support for R&D - The IC industry relies heavily on semiconductor materials such as high-purity silicon wafers and specialty gases, which are crucial for chip performance and yield [1] - A growing private enterprise in Jinan, focused on producing lithium niobate crystals, received a credit approval of 12 million yuan to convert orders into production funds, facilitating rapid scale production [1] Group 2: Financial Assistance for Packaging and Testing - Advanced packaging and testing are vital for enhancing chip performance and driving technological innovation in the semiconductor sector [2] - A key high-tech enterprise in Jinan, specializing in IC packaging and testing, was granted a project loan of 100 million yuan to alleviate funding pressures and accelerate technology iteration and capacity expansion [2] - The China Bank Shandong Branch provided a comprehensive suite of financial services, including corporate account settlement and cross-border financial facilitation, to support the enterprise's growth [2] Group 3: Empowering Testing Capabilities - The storage chip testing industry is rapidly growing, necessitating high precision and speed in testing equipment [2] - A high-tech enterprise in Jinan focusing on high-performance semiconductor storage products received a comprehensive credit approval of 12 million yuan to support ongoing R&D efforts [2] Group 4: Future Outlook - The China Bank Shandong Branch aims to deepen its involvement in key industrial chains in Shandong, providing robust financial support to enhance technological self-reliance and innovation [3]

Group 1 - Bond traders are awaiting the release of key economic data that will strengthen market expectations for the Federal Reserve's future interest rate cuts [2] - U.S. Treasury prices have seen their largest increase since 2020, driven by rate cut expectations [2] - The end of the U.S. government shutdown will lead to the release of delayed economic reports, including September employment data [2] Group 2 - During the government shutdown, the absence of official data made it difficult to assess economic trends, although private sector data indicated weakness [2] - The Federal Reserve has lowered the benchmark interest rate twice in September and October, ending a nine-month period of holding rates steady [2] - There is a risk of stronger-than-expected official data, which could lead policymakers to maintain interest rates at the December meeting [2] Group 3 - China’s two-year government bond yield is at 1.43%, while the ten-year yield is at 1.81% [7] - The U.S. two-year government bond yield has risen by 4 basis points to 3.62%, and the ten-year yield has increased by 3 basis points to 4.14% [7] Group 4 - Huaxia Happiness has received a notice regarding a pre-restructuring application from creditor Longcheng Construction, with significant uncertainty about the court's acceptance of the application [3] - Taihe Group announced a loan extension with Tianjin Bank, providing a guarantee for its subsidiary's obligations, with a maximum guarantee amount of 239 million yuan [3] - Poly Development has updated the status of its 15 billion yuan public bond project to "submitted for registration" [3]