董事會 茲通告中國銀行股份有限公司（「本行」）謹訂於2025年11月27日（星期四）上午9時 30分（將於上午8時30分開始辦理登記手續）假座中國北京市西城區復興門內大街1 號中國銀行總行大廈舉行2025年第四次臨時股東會（「臨時股東會」），以考慮及批 准下列各項決議案。除文義另有所指外，本通告專有詞彙與本行日期為2025年11 月7日的通函（「通函」，當中包括本通告）所定義者具有相同涵義。 普通決議案 1、 中國銀行2025年中期利潤分配方案 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 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） （股份代號：3988） 2025年第四次臨時股東會通告 # 獨立非執行董事 1 附註： 本行將於2025年12月4日（星期四）至2025年12月10日（星期三）（首尾兩天包括在內）暫停 辦理H股股份過戶登記手續，以確定有權收取中期普 ...

Core Viewpoint - The Bank of China, in collaboration with the China International Import Expo Bureau, has launched a cross-border e-commerce zone during the 8th China International Import Expo, aiming to create a comprehensive service ecosystem for cross-border payments, supply chains, and e-commerce [1] Group 1: Cross-Border E-Commerce Zone - The cross-border e-commerce zone integrates leading players in cross-border payments, supply chains, and e-commerce, providing a one-stop service from cross-border settlement to policy consultation [1] - The Bank of China Shanghai Branch focuses on "ecological integrity" and "service precision," inviting major domestic e-commerce platforms and retail brands to participate [1] - A dedicated service area has been established to promote the Bank of China's global cross-border e-commerce service brand "BOC Cross-Border E-Commerce" and its financial products [1] Group 2: Financial Services and Collaborations - The "BOC Cross-Border E-Commerce" service includes sub-products such as "Three-Way Connection," "Cross-Border Connection," "E-Commerce Connection," and "Overseas Connection," facilitating seamless integration with domestic and foreign payment institutions and cross-border e-commerce platforms [1] - The Shanghai Branch has partnered with seven domestic and foreign payment institutions and cross-border e-commerce platforms, providing comprehensive, one-stop, and intelligent digital financial services to small and micro cross-border e-commerce enterprises and individuals [1] - The Bank of China aims to enhance its cross-border e-commerce financial services and integrate them with Shanghai's "Silk Road E-Commerce" pilot zone, contributing to the city's development as a global cross-border e-commerce hub [2]

Core Insights - China Bank, in collaboration with China UnionPay, launched an innovative tax refund product for outbound tourists at the 8th China International Import Expo, aimed at enhancing consumer experience and facilitating quick refunds [2] - The new tax refund product integrates "immediate purchase and refund" and "port tax refund" services, allowing foreign tourists to use various international cards for a streamlined refund process [2] - The product creates a complete service loop from "inbound consumption" to "outbound tax refund," receiving positive feedback during its pilot phase for its safety and efficiency [2] Company Developments - China Bank has obtained tax refund agency permissions in 19 provinces and cities, including Beijing, Shanghai, Sichuan, and Shaanxi [3] - The bank has introduced several pioneering tax refund services in Shanghai this year, including the first centralized refund points and immediate refund services at hotels and supermarkets [3] - These initiatives are designed to provide greater convenience for foreign tourists and contribute to Shanghai's development as an international consumption center [3]

Core Viewpoint - The issuance of Macao currency by the Bank of China marks a significant milestone in the financial sovereignty of Macao, reflecting the integration of Chinese and Western cultures and the economic development of Macao over the past 30 years [1][2][9]. Historical Context - The first batch of Macao currency was issued by the Bank of China on October 16, 1995, during the final years of Portuguese administration, symbolizing a shift in financial authority [2]. - The issuance broke the monopoly held by a Portuguese bank for nearly 90 years, enhancing the voice of Chinese finance in Macao's financial system [2]. - The design of the currency incorporated advanced anti-counterfeiting technology and rich cultural elements, signifying a transition in Macao's identity [2]. Cultural Representation - Over the past 30 years, the Bank of China has issued six denominations and three series of Macao currency, along with 16 commemorative notes reflecting various themes [3][4]. - The design of the currency serves as a cultural encyclopedia, showcasing Macao's heritage through iconic landmarks and cultural symbols [3][5]. - Commemorative notes have highlighted significant events, such as the Beijing Olympics and the 20th anniversary of Macao's return, emphasizing cultural integration [4][5]. Economic Impact - The issuance of Macao currency has had profound implications for the region's economic and social development, providing financial stability during critical transitions [8]. - The Bank of China's role in issuing currency has strengthened Macao's financial system and enhanced its international credibility, especially during financial crises [8]. - The currency serves as a medium for cultural exchange and national identity reinforcement among Macao residents [8]. Future Outlook - The Bank of China's Macao currency is expected to play an increasingly important role in regional financial cooperation as the Greater Bay Area initiative and the internationalization of the Renminbi progress [9]. - The currency is seen as a "business card" for Macao, continuing to narrate the story of Macao's development alongside the motherland [9].

Core Insights - The collaboration between China UnionPay and Bank of China aims to enhance the payment environment for foreign visitors in China through an innovative tax refund service [1][2] - The new tax refund product integrates "immediate purchase and refund" and "port tax refund" services, creating a comprehensive service loop from "inbound consumption" to "outbound tax refund" [1][2] Group 1 - China UnionPay's Chairman emphasized the company's commitment to optimizing the payment environment for foreign visitors as part of the national open strategy [1] - The new tax refund service significantly improves the refund process and reduces processing time, responding to national policies aimed at boosting consumption [1][2] - The product allows foreign tourists to use various international bank cards, including UnionPay, Visa, Mastercard, JCB, and Diners Club, at designated refund service points [1] Group 2 - The integrated service provided through specialized POS machines allows for pre-authorization guarantees and tax refund settlements, greatly shortening the traditional refund time [2] - China UnionPay has established a global payment network covering 183 countries and regions, supporting international trade and cultural exchanges [2] - Future plans include deepening strategic cooperation with partners like Bank of China to enhance cross-border payment services and ensure the effective implementation of innovative services nationwide [2]

Core Viewpoint - The article highlights the efforts of the Bank of China Foshan Branch to promote financial literacy and risk prevention among the elderly through various community outreach activities and services aimed at enhancing their awareness of financial scams and investment knowledge [1][9]. Group 1: In-Branch Education - The Foshan Branch utilizes its 86 branches to promote financial education, featuring electronic displays, posters, and educational videos to create a strong awareness atmosphere [2]. - Monthly events like "President Reception Day" are organized to distribute educational materials and conduct live presentations, focusing on investment appropriateness and common scams targeting the elderly [2][6]. Group 2: Community Outreach - The bank participated in a "Respect for the Elderly Month" event, setting up booths to educate seniors about various financial scams and prevention techniques, thereby enhancing their fraud awareness [3][6]. - At the Foshan Senior University, the bank engaged in a themed event to disseminate knowledge on fraud prevention and rational investment, providing seniors with essential financial education [3][5]. Group 3: Home Services - The bank has implemented home service initiatives to assist elderly clients who are unable to visit branches, such as activating social security cards at their homes, demonstrating a commitment to personalized service [9]. - The Foshan Branch has conducted over 100 home service visits this year, reflecting its dedication to meeting the needs of the elderly population [9]. Group 4: Continuous Commitment - The bank aims to continuously enhance its financial services for the elderly by innovating service formats, expanding service content, and strengthening financial education efforts [9].

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Chinese Banking Sector (H-share banks) - **Period**: 3Q25 results and 9M25 performance Earnings Review - **Net Profit Growth**: Increased from +0.4% YoY in 1H25 to +0.5% in 9M25, with all big six state banks reporting positive YoY growth [1][11] - **Core Earnings Growth**: Slowed from +1.6% YoY in 1H to +0.8% by 9M25 [1] - **Performance Comparison**: H-share bank sector rose 19.9% YTD, underperforming MSCI China and HSI by 16ppt and 9ppt, respectively [1][11] - **Dividend Yield**: Sector's dividend yield at 5.3% is considered unattractive [1][11] - **Stock Recommendations**: Downgraded CCB-H/ABC-H from Buy to Neutral; upgraded BoComm-H from Underperform to Neutral; ICBC is the top pick among large banks [1][11] Loan Growth and Deposit Trends - **Loan Growth**: Average loan growth decelerated from 6.8%/6.9% YoY in FY24/1H25 to 6.3% in 9M25; big six state banks led with 7.5-10.0% YoY growth [2] - **Small Banks**: Experienced loan size contraction of 0.3-1.4% QoQ, raising concerns [2] - **Deposit Growth**: Seasonally low at 0.2% QoQ in 3Q, but YoY growth at 6.8% exceeded loan growth [2] Net Interest Margin (NIM) - **NIM Trends**: Average NIM edged down 1bp QoQ to 1.42% in 3Q; some banks reported NIM increases due to reduced funding costs [3] - **Future Outlook**: Potential stabilization of margins expected if no further policy rate cuts occur [3] Non-Interest Income - **Fee Income Growth**: Improved from +3.3% YoY in 1H to +4.8% in 9M25, attributed to a lower base and strong capital markets [4] - **Trading Gains**: Weakened from 29% YoY in 1H25 to 16% in 9M25, with some banks experiencing significant QoQ drops [4] Credit Quality and Provisions - **NPL Ratio**: Stable at 1.22% QoQ/YTD; average credit cost fell 5bp YoY to 67bp in 9M25 [5] - **Provisions**: Total provisions rose by +0.5% YoY in 9M, down from +3.5% in 1H [5] - **Coverage Ratios**: NPL and loan reserve coverage edged down QoQ to 232% and 2.75%, respectively [5] Valuation and Market Performance - **Valuation Metrics**: H-share banks currently trade at 0.55x P/B, 3.5x P/PPOP, and 6.0x P/E; dividend yield has declined from nearly 10% in Jan-2024 to 5.3% [11][21][23] - **Market Performance**: H-share banks underperformed the MSCI China index YTD; A-H share premium narrowed from 34% to 21% [31][11] Conclusion - The Chinese banking sector is showing mixed signals with modest profit growth and declining loan growth. While larger banks provide some stability, the overall market performance and valuation metrics suggest caution for investors. The focus remains on key players like ICBC, with recommendations adjusted based on recent performance.

Summary of Key Takeaways from China Banks 3Q25 Earnings Review Industry Overview - The report covers the performance of six large state-owned banks in China for the third quarter of 2025 (3Q25), including ICBC, CCB, ABC, BOC, BoCom, and PSBC. Core Insights and Arguments 1. **NIM (Net Interest Margin) Trends** - NIM decline continued to narrow, with an average NIM of 1.27%, which was +1 basis point (bp) above Goldman Sachs estimates due to slower declines in asset yields and greater savings in deposit costs [2][1] - Large banks are better positioned for sustainable NIM stabilization, driven by their ability to manage funding costs effectively [2][1] 2. **Loan Growth Dynamics** - Average loan growth for large banks in 3Q25 was 8.6% year-over-year (yoy), a slight decrease from 9.0% in 2Q25, primarily due to weak retail and corporate loan demand [12][1] - PSBC and ABC exhibited relatively faster loan growth at 10.0% and 9.3% yoy, respectively, raising questions about the sustainability of this growth [14][1] 3. **Non-Interest Income Performance** - Non-interest income grew by 15% yoy, with fee income increasing by 10% driven by strong agency sales, outperforming expectations [17][1] - Investment income also saw a significant increase of 39% yoy, attributed to the sale of high-yield bonds despite rising bond yields [17][1] 4. **Asset Quality and NPL (Non-Performing Loan) Trends** - NPL formation rate decreased to an average of 0.4%, reflecting a decline in existing risks, although PSBC and BoCom saw increases in their NPL formation rates [24][1] - A reduction in provisions across large banks led to a decline in NPL coverage ratios, with PSBC's coverage ratio dropping sharply by 20 percentage points (ppts) qoq [25][1] 5. **Capital Performance Variability** - Capital performance varied among banks, with four of the six large banks achieving a sequential increase in their CET-1 (Common Equity Tier 1) ratios, averaging a 5 bp increase [34][1] - ICBC and BoCom experienced declines in their CET-1 ratios, raising concerns about their capital consumption rates [35][1] 6. **Revised Earnings Estimates** - Following the 3Q25 results, Goldman Sachs adjusted its 2025-2027E PPOP (Pre-Provision Operating Profit) and NPAT (Net Profit After Tax) estimates for the six large banks by +1% on average, while maintaining target prices for A/H shares unchanged [43][1] Additional Important Insights - The report highlights the potential impact of the People's Bank of China (PBOC) resuming government bond trading, which could enhance liquidity and positively affect banks' investment income [18][1] - Concerns were raised regarding PSBC's operating expenses outpacing revenue growth, which could lead to adjustments in its deposit agency fee rates to protect profitability [6][1] - The report emphasizes the importance of monitoring retail loan quality, particularly mortgages, in light of ongoing challenges in the property sector [26][1]

Core Viewpoint - High-quality development is the primary task for building a modern socialist country, with the development of new quality productivity being essential for achieving strategic advantages in major power competition [2] Group 1: Financial Support for New Quality Productivity - As of September 2025, the balance of technology loans from the Bank of China reached approximately 4.7 trillion yuan, with over 160,000 credit accounts [2] - The domestic RMB loans increased by 1.67 trillion yuan, a growth of 9.15% compared to the beginning of the year [2] - Loans for strategic emerging industries reached 3.12 trillion yuan, growing by 26.29% from the end of the previous year [2] Group 2: Transformation of Traditional Industries - The Bank of China is focusing on financial services to support the modernization of traditional industries, facilitating their transformation towards intelligence, greenness, and integration [3] - In Hebei, the Bank provided 110 million yuan in credit to a food company, increasing its production capacity by nearly three times [3] - In Jiangsu, a loan of 350 million yuan was issued to a gear manufacturing company to support its production project [3] - In Tianjin, the Bank supported the Tianjin Port Group with 15 billion yuan in traditional bank credit and financial leasing [3] Group 3: Green and Digital Transformation - As of October 2025, the balance of clean energy loans reached 1.353 trillion yuan, an increase of 38.97% from the end of the previous year [4] - The balance of loans in the industrial internet sector grew by 46.49% since the beginning of the year [4] - The balance of domestic manufacturing loans reached 3.34 trillion yuan, growing by 12.10% from the end of the previous year [4] Group 4: Support for Emerging Industries - The strategic emerging industries' value added has increased from 7.6% to over 13% of GDP over the past decade [5] - The Bank of China is focusing on 66 national strategic emerging industry clusters, directing financial resources towards early, small, long-term, and hard technology investments [5] - The Bank has provided comprehensive services for the domestic large cruise ship project and supported the overseas sales of domestic aircraft [5][6] Group 5: Future Industry Development - The Bank of China is proactively laying out services for future industries, focusing on key areas such as quantum computing, humanoid robots, and hydrogen energy [7] - The Bank has established a financial support plan for the artificial intelligence industry chain, with over 2,300 partner firms and a credit balance exceeding 400 billion yuan [6] Group 6: Financial Ecosystem and Structural Reform - The Bank is implementing a financial supply-side structural reform to enhance the adaptability of traditional banking products to new innovation demands [8] - As of September 2025, the cumulative supply of comprehensive financial services for technology reached over 830 billion yuan [9] - The balance of green loans exceeded 4.66 trillion yuan, growing by 20.11% year-on-year [9] Group 7: Commitment to Future Development - The Bank of China aims to continue deepening financial supply-side structural reforms to inject more financial resources into the real economy [10]

Core Viewpoint - The Anhui branch of Bank of China is enhancing financial support for foreign trade enterprises in the region, leveraging its global and comprehensive advantages to facilitate international market expansion and alleviate financial pressures on local businesses [1][2][3]. Group 1: Financial Support for Export Enterprises - Anhui Bank focuses on the core needs of regional foreign trade enterprises, providing customized financial solutions to address development challenges [2][3]. - A case study of a pharmaceutical company in Bozhou illustrates the effectiveness of Anhui Bank's services, which helped the company overcome cash flow issues through the "Export Financing" product, enabling faster fund recovery [2][3]. - The bank's approach includes a combination of financing and intelligence, ensuring efficient business implementation [3]. Group 2: Collaboration and Global Expansion - Anhui Bank collaborates with overseas branches to create tailored financial solutions for companies expanding internationally, such as a well-known automotive company that has established a presence in over 100 countries [4]. - The bank has successfully facilitated short-term working capital loans for this automotive company, ensuring smooth operations in foreign markets [4]. - In 2024, Anhui's complete vehicle exports are expected to rank first in the country, reflecting the bank's commitment to aligning financial resources with local economic development [4]. Group 3: Promoting Investment and Trade - Anhui Bank actively supports the province's high-level opening-up initiatives, participating in investment promotion activities and serving as a key financial partner in international trade events [5]. - The bank plays a crucial role in connecting overseas capital with the local economy, enhancing the province's attractiveness for foreign investment [5]. Group 4: Risk Management and Training - The bank addresses the challenges of international market expansion by providing training on complex export credit processes, helping companies manage operational pressures [6][7]. - Anhui Bank has established a dedicated service team to offer comprehensive support throughout the export process, ensuring efficient handling of documentation and financing needs [7]. - In the first half of the year, the bank provided over 300 million yuan in export trade financing to support companies in their international ventures [7]. Group 5: Innovation in Cross-Border Finance - Anhui Bank has successfully implemented innovative cross-border financing solutions, such as the first local foreign debt registration trial, marking a significant advancement in financing convenience [8]. - The bank's collaboration with international branches has led to the issuance of overseas loans for local projects, showcasing its innovative capabilities in cross-border finance [8]. - Moving forward, Anhui Bank aims to continue innovating financial products and expanding global cooperation platforms to support the high-quality development of foreign trade enterprises [8].