Core Points - China Bank issued a 10-year fixed-rate subordinated capital bond with a total size of 60 billion RMB on September 17, 2020 [1] - The bank announced the completion of the bond issuance on September 21, 2020 [1] - The bond includes an issuer call option, allowing the bank to redeem the bond on the last day of the fifth interest period [1] - As of the announcement date, the bank has exercised its redemption right and fully redeemed the bond [1]

Core Points - The Bank of China issued a 10-year fixed-rate subordinated capital bond with a total scale of 60 billion RMB on September 17, 2020 [1] - The bond includes an issuer call option, allowing the issuer to redeem the bond on the last day of the fifth interest period [1] - As of the announcement date, the bank has exercised its redemption right and fully redeemed the bond [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，北京 2025年9月23日 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 贖回二級資本債券 2020年9月17日，本行發行了10年期固定利率規模為600億元人民幣的減記型二 級資本債券（「本期債券」），並於2020年9月21日發布了關於二級資本債券發行完 畢的公告。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個計息年度的最後一日（因遇休息日，資金兌付 順延至其後第一個工作日）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 董事會 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 ...

Core Points - The Shenzhen Financial Regulatory Bureau imposed a fine of 2.95 million yuan on the Shenzhen branch of the Bank of China due to inadequate management of loan, gold leasing, and bill business, as well as imprudent data management in reports [1][2] Group 1: Penalties and Violations - The Bank of China Shenzhen branch has been fined multiple times for various violations, including 12 infractions leading to a fine of 11.3 million yuan in August 2022 [2][3] - Specific penalties included warnings and fines for responsible individuals, with Huang Yicheng fined 60,000 yuan, Huang Jun fined 50,000 yuan, and others fined 50,000 yuan each [2][3] Group 2: Details of Violations - Violations included unauthorized handling of export double factoring, inadequate diligence in investment banking and trade financing, and non-compliance with internal procedures for factoring products [3] - Additional issues involved exceeding the total bank's control in factoring financing, insufficient risk management, discrepancies in regulatory statistical reports, and failure to implement risk prevention measures [3]

Group 1 - The core viewpoint of the news is that Bank of China successfully assisted the Shenzhen Municipal Government in issuing offshore RMB local government bonds, marking its fifth consecutive year in this role, highlighting its ongoing exploration and achievements in cross-border financial innovation and RMB internationalization [1][2] - The total amount of bonds issued was 4 billion RMB, with a 2-year bond size of 1.5 billion RMB at a coupon rate of 1.61%, a 5-year bond size of 1 billion RMB at a coupon rate of 1.80%, and a 10-year bond size of 1.5 billion RMB at a coupon rate of 2.08% [1] - The issuance attracted significant market interest, with a peak order book size of 18.67 billion RMB and a final subscription multiple of 4.7 times, reflecting international investors' strong confidence in RMB assets and Shenzhen's high-quality development prospects [1] Group 2 - The issuance introduced a new category of sustainable development bonds themed around the Greater Bay Area, with funds primarily allocated to clean transportation and water governance, showcasing the Shenzhen Municipal Government's forward-looking approach to financial innovation and social responsibility [1] - Bank of China has been deeply involved in the issuance of offshore RMB local government bonds for the Shenzhen Municipal Government over the past five years, serving as both the global coordinator and green advisor, earning high recognition for its professional capabilities and service efficiency [2] - Looking ahead, Bank of China aims to leverage its global advantages and comprehensive features to support high-level opening-up and high-quality collaborative development in the Guangdong-Hong Kong-Macao Greater Bay Area, contributing to the economic prosperity and social progress of both Shenzhen and Hong Kong [2]

Group 1 - As of June 2023, China's banking sector total assets reached nearly 470 trillion yuan, ranking first in the world, with stock and bond market sizes ranking second globally [1] - During the "14th Five-Year Plan" period, the average annual growth rate of loans to technology-based SMEs, inclusive finance for small and micro enterprises, and green loans exceeded 20% [2] - The banking and insurance sectors provided an additional 170 trillion yuan in funding to the real economy over the past five years, with the insurance industry paying out 9 trillion yuan, a 61.7% increase compared to the "13th Five-Year Plan" period [2] Group 2 - The banking and insurance sectors have shown improvement in key regulatory indicators such as non-performing loans, capital adequacy, and solvency, all remaining within a "healthy range" [3] - The total scale of capital and provisions to resist risks in the industry exceeded 50 trillion yuan, with a more than 40% increase in the disposal of non-performing assets compared to the "13th Five-Year Plan" [3] - The number of financing platforms decreased by over 60% and the scale of financial debt dropped by over 50% compared to the beginning of 2023 [3] Group 3 - Financial resources have been optimized to support high-quality economic development, with infrastructure loan balances reaching 54.5 trillion yuan, a 62% increase compared to the end of the "13th Five-Year Plan" [4] - The total financing through stock and bond markets reached 57.5 trillion yuan over the past five years, with the proportion of direct financing increasing by 2.8 percentage points to 31.6% [5] - The foreign exchange bureau has facilitated over 5.6 billion transactions related to cross-border e-commerce since the beginning of the "14th Five-Year Plan," enhancing the efficiency of trade foreign exchange receipts and payments [5]

2025年9月18日，陕西金融监管局发布批复称，《中国银行（601988）关于韩惠良中国银行陕西省分行 副行长任职资格的请示》（中银报〔2025〕346号）收悉。经审核，现批复如下： 三、中国银行陕西省分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。 一、核准韩惠良中国银行陕西省分行副行长的任职资格。 二、中国银行陕西省分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，并按要求及时报告到任情况。未在上述规定期限内到任的，本 批复文件失效，由决定机关办理行政许可注销手续。 ...

据国家金融监督管理总局河北监管局的批复文件显示，承德金融监管分局核准刘东中国银行承德分行行 长的任职资格。 图来源：国家金融监督管理总局网站 截 ...

Summary of the Conference Call on China Banks Industry Overview - The focus is on the **China banking sector**, particularly the performance and outlook of state-owned enterprises (SOEs) and joint-stock banks (JSBs) [10][11][12]. Key Points and Arguments 1. Positive Financial Trends - **2Q25 Results**: Revenue, pre-provision operating profit (PPoP), and net profits turned positive at **2%**, **3%**, and **3%** respectively, compared to negative figures in **1Q25** [10]. - **Fee Income Growth**: Non-interest income (NII) was a significant driver, with fee income increasing by **6% year-on-year** in **2Q25** [10]. 2. Performance Comparison - **SOE vs. JSB**: SOE banks outperformed JSBs with a revenue growth of **5% year-on-year** compared to flat growth for JSBs. SOE banks reported a **14%** increase in fee income [10]. - **Profit Growth**: All six SOE banks reported positive profit growth averaging **2%**, while JSBs showed divergence with some banks reporting negative growth [10]. 3. Dividend Yield and Market Positioning - **Attractive Dividend Yields**: The dividend yield of CSI 300 Banks is **4.3%**, outperforming the **10Y CGB yield** of approximately **1.8%** [10]. - **Potential Inflows**: A shift of **5 percentage points** of household assets from deposits to equities could lead to an inflow of approximately **Rmb 14 trillion**, representing about **15%** of the A-share tradable market [10]. 4. Individual Bank Performance - **CCB**: Reported the best quality print in **2Q25** with revenue and PPoP growth of **11%** and **14% year-on-year** respectively [10]. - **BOC**: Identified as a buying opportunity due to improving overseas asset quality and a muted impact from potential Fed rate cuts [10]. - **CMB**: Expected to benefit from improving retail sentiment, with a higher dividend yield than SOE banks [10]. 5. Valuation and Ratings - **Valuation Summary**: The report includes a detailed valuation summary of H-share and A-share banks, highlighting price-to-earnings (P/E) and price-to-book (P/B) ratios, along with dividend yields and return on equity (ROE) estimates for various banks [11][14]. 6. Regulatory Environment - **"China Value-Up" Initiatives**: Government initiatives aimed at enhancing investor returns and improving the quality of listed companies are expected to support the banking sector [25]. 7. Market Dynamics - **Asset Allocation Trends**: There is an expectation of continued household asset allocation into equities, particularly yield stocks, driven by improving yields in the equity market [27][30]. 8. Risks and Considerations - **Asset Quality Risks**: Ongoing assessments of property-related risks, local government financing vehicle (LGFV) risks, and overall debt risk in China are crucial for understanding the banking sector's stability [5]. Additional Important Insights - **Increasing Southbound Ownership**: H-share banks are seeing an increase in Southbound ownership, which provides solid support to share prices [48]. - **Dividend Spread Analysis**: The report discusses the potential upside in share prices if the dividend spread increases to **200 basis points** [53]. This summary encapsulates the key insights from the conference call regarding the performance, outlook, and strategic positioning of the China banking sector, highlighting both opportunities and risks.

Core Insights - The "14th Five-Year Plan" period has seen significant achievements in China's financial sector, with total banking assets reaching nearly 470 trillion yuan, ranking first globally, and stock and bond market sizes ranking second globally [2][3] Financial Sector Achievements - As of June, China's banking and insurance sector assets exceeded 500 trillion yuan, with an average annual growth of 9% over the past five years [3] - The financial system has become more robust, with 143 Chinese banks listed among the global top 1000, and 6 out of the top 10 banks being Chinese [3] - The financial governance system has been modernized, enhancing the quality, efficiency, and inclusiveness of financial services [2][3] Capital Market Developments - The capital market has seen steady growth in both quantity and quality, with a well-structured regulatory framework established [4] - The A-share market's total market value surpassed 100 trillion yuan for the first time in August [4] - The introduction of various innovative financial products has enriched the bond market [4] Regulatory Environment - The China Securities Regulatory Commission (CSRC) has intensified its enforcement actions, issuing 2,214 administrative penalties during the "14th Five-Year Plan" period, with fines totaling 41.4 billion yuan, marking increases of 58% and 30% respectively compared to the previous five-year period [5] Foreign Exchange Reserves and Market - China's foreign exchange reserves have remained stable above 3 trillion USD, with recent figures exceeding 3.2 trillion USD [6] - The cross-border payment and settlement network has been established, enhancing the efficiency of cross-border transactions [2][6] - The foreign exchange market has expanded significantly, with a trading volume of 41 trillion USD in 2024, a 37% increase from 2020 [6] Future Directions - The focus will be on enhancing the efficiency of trade foreign exchange receipts, facilitating cross-border investment and financing, and improving banks' foreign exchange service capabilities [7] - The aim is to create a market-oriented, law-based, and internationalized foreign exchange business environment [7]