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） 關於召開2025年第三季度業績說明會的公告 重要內容提示： 一、業績說明會類型 業績說明會通過網絡文字互動方式召開，本行將針對2025年第三季度業績和 經營等情況與投資者進行交流，並對投資者普遍關注的問題進行回答。 1 • 會議召開時間：2025年10月29日16:30-17:30 • 會議召開方式：網絡文字互動 • 參會網址：上證路演中心（ https://roadshow.sseinfo.com ） • 投資者可於2025年10月27日17:00前將相關問題通過電子郵件的形式發送至 本行郵箱 ir@bankofchina.com ，或在會議召開時提問。本行將於2025年第三 季度業績說明會（「業績說明會」）上對投資者普遍關注的問題進行回答。 二、業績說明 ...

Core Insights - The report from the Bank of China outlines the global asset allocation strategy for Q4 2025, emphasizing the contrasting trends of a "cold economy" and "hot assets" observed in the first three quarters of the year [1][10][12]. Market Performance Overview - The global economy has shown signs of weakness, while equity markets have performed strongly, particularly in China and Germany, with notable gains in the ChiNext Index, Hang Seng Tech Index, and DAX Index [1][10][20]. - The A-share market has entered a technical bull market, while Hong Kong stocks have consistently outperformed [1][10][23]. - In the bond market, U.S. Treasuries have shown strength, while Chinese bonds have exhibited a mixed performance, with long-term bonds declining and short-term bonds rising [1][36][39]. - The U.S. dollar has depreciated significantly, while the Chinese yuan has remained stable, with gold prices continuing to rise, reaching historical highs [1][10][54]. Economic Outlook - The global economic environment remains uncertain despite a loose monetary and fiscal policy backdrop. The Federal Reserve is expected to lower interest rates twice in Q4, while concerns about "stagflation" are rising due to the U.S. government's fiscal challenges [1][12][44]. - China's economy grew by 5.2% in the first three quarters, but the momentum from the "three drivers" is expected to slow down in Q4, although policy support remains strong [1][12][44]. Asset Class Perspectives - The report indicates a clear asset allocation strategy, favoring Chinese stocks (both A-shares and Hong Kong stocks), gold, and U.S. Treasuries, while suggesting a lower allocation to oil [2][36][57]. - The report highlights the importance of diversifying investments to mitigate risks associated with high valuations in popular assets, particularly in the AI sector [2][12][57]. Investment Recommendations - Q4 is identified as a window for increasing positions in high-dividend sectors and emerging technologies such as AI and robotics, while cautioning against zero allocation to Chinese equities and gold [2][12][57]. - The report suggests that investors with higher risk tolerance can increase their equity exposure to as much as 68% [2][12][57].

Core Insights - The report by the Bank of China outlines the global asset allocation strategy for personal finance in Q4 2025, focusing on economic and financial trends both domestically and internationally [1] Review Section - In Q3, the phenomenon of "cold economy, hot assets" persisted, with global equity markets benefiting from liquidity during the interest rate cut cycle and the evolution of AI narratives. The US tariff policy has become less impactful, leading to a bullish trend in the Chinese A-shares and Hong Kong stocks [2] - The global economic momentum remains weak, with a divergence in the US and China bond markets, where US bonds are performing better while Chinese bonds are weaker. The US dollar is experiencing weakness, while the Renminbi shows resilience and a steady increase. Gold has been on a significant upward trend, reaching historical highs, while commodity performance is mixed, with copper and aluminum strong and oil weak [2] Economic Outlook Section - In Q4, the global economy will continue to face uncertainties despite a loose monetary and fiscal environment. The Federal Reserve may continue to cut interest rates amid challenges related to employment and inflation, while the fiscal issues behind the US government shutdown raise concerns about stagflation. The European Central Bank is nearing the end of its rate cuts, with debt pressures in major economies acting as a barrier to growth [3] - China's economy achieved a cumulative year-on-year growth rate of 5.2% in the first three quarters, but the three main drivers of growth are under pressure. Policies will focus on implementation and detail, with the potential for support in response to unexpected events. Over the longer term, the "14th Five-Year Plan" will emphasize high-quality development, focusing on themes such as technological innovation, domestic demand, and investment in human capital [3] Major Asset Analysis Section - In Q4, both the US and China may experience synchronized liquidity easing. There are early signs of bubble formation in US AI capital investments, which should be approached with caution. A bullish atmosphere has formed in the Chinese equity market, entering a critical phase of a slow bull market, while Hong Kong stocks are expected to continue a volatile upward trend [4] - In the bond market, the upward trend in US bonds is likely to continue, while domestic easing policies support a bullish tail in the bond market, although the bond market remains weak due to the stock-bond seesaw effect. In foreign exchange, the US dollar is expected to remain weak, with fluctuations in non-US currencies, while the Renminbi may continue to rise steadily. Gold is in a major upward trend but may enter a consolidation phase after reaching a peak, and the commodity market is expected to maintain its mixed performance [4] Opportunities and Risks Section - In Q4, the market presents both opportunities and risks. Opportunities include the potential for a "long bull slow bull" in the Chinese stock market, making it a good time for "buying the dip" and "winter sowing" strategies, particularly in high-dividend sectors and mainstream strong sectors during pullbacks [5] - Risks include the recommendation against zero allocation in Chinese equity assets and gold, which could lead to missing historical strategic asset allocation opportunities and a lack of long-term growth momentum. Additionally, there is a short-term risk of chasing high-priced assets or sectors, particularly in gold and leading indices in A-shares and US stocks, which may affect investor confidence [5] Global Asset Allocation Strategy Overview - The report provides a detailed table of global asset allocation strategies, indicating varying degrees of allocation recommendations across different asset classes, including equities, bonds, commodities, and foreign exchange [6][7]

人民网伦敦10月20日电（徐量）中国银行于20号在伦敦举办"人民币国际化路演（伦敦站）"活动,吸引了来自中国人民银行、英国政府机构、伦敦金融 城、国际金融同业、跨国企业及智库代表等近百位嘉宾出席，共同探讨人民币国际化进程与跨境金融合作新机遇。 中国银行伦敦分行行长方文建致欢迎辞。主办方供图 本次活动是中国银行2025年人民币国际化全球系列推广活动的重要一站，旨在进一步推动人民币在跨境贸易与国际投融资中的使用，深化中英及欧洲地 区金融合作。活动现场，与会代表围绕人民币在跨境支付清算、贸易结算、投融资服务、外汇交易与风险管理、债券融资等领域的应用展开深入交流，并分 享人民币市场发展趋势、金融基础设施合作与产品创新最新进展。 与会嘉宾围绕人民币国际化进程与跨境金融合作展开热烈讨论。主办方供图 活动当天还举行了"人民币产品与项目奖"颁奖仪式，对在跨境人民币业务创新、服务推广及市场培育方面表现突出的八家合作机构给予表彰，进一步凝 聚市场合力，推动构建开放协同的人民币生态圈。 据了解，作为中国现代金融业在国际金融中心设立的第一家分支机构，中国银行伦敦分行自2011年在伦敦启动建设离岸人民币市场以来，稳步推进人民 币相关业 ...

新华财经伊斯坦布尔10月21日电（记者许万虎）中国银行（土耳其）股份有限公司安卡拉分行20日开启 试营业。这是土耳其中行在该国设立的首家二级机构，标志着中土两国金融合作迈上新台阶。 具有国际竞争力的金融机构是金融强国建设战略不可或缺的关键要素，更是支撑金融体系稳健运行、推 动经济高质量发展的重要力量。 中国银行作为我国金融业国际化布局的关键支柱，近年来，在集团全球化发展进程中，积极践行国家战 略，其下的土耳其中国银行在动荡的新兴市场环境中稳健运营，展现出国有金融机构在"稳"与"进"方面 的积极探索。 国家战略的金融支点：全球化布局中的土耳其落子 土耳其作为连接欧亚的关键节点，其"中间走廊"计划与中国"一带一路"倡议高度契合，成为中资金融机 构重点布局的新兴市场。中国银行的海外拓展既是其自身发展的战略需要，也是服务"一带一路"倡议与 人民币国际化战略的关键环节。 中国银行有关负责人介绍，2018年，中国银行在伊斯坦布尔设立土耳其中国银行，初步构建起本土化服 务平台。随着安卡拉分行试营业，中行在土耳其形成"伊斯坦布尔+安卡拉"的双核心布局，进一步提升 了在土耳其的金融服务覆盖面，将有效助力两国在基础设施建设、工业 ...

Core Viewpoint - Bank of China established its first overseas branch in Luxembourg in 1979, marking a significant achievement of China's reform and opening-up policy [1] Group 1: Historical Development - In 1991, Bank of China obtained its first subsidiary license in Europe, leading to the establishment of Bank of China (Luxembourg) Limited [1] - In 2022, the bank was renamed Bank of China (Europe) Limited, becoming the European regional headquarters and an important support for global development [1] Group 2: Services and Future Outlook - Bank of China (Europe) is committed to providing high-quality financial services such as project financing, syndicate loans, trade financing, bond underwriting, and fund management for Chinese and European corporate clients [1] - The bank plans to enhance its comprehensive platform to offer more diversified and comprehensive financial services to overseas clients [1] - The focus will be on commercial banking, with cross-border services as the engine, and new business expansion directions including light capital operations in financial markets, financial institutions, custody, bond underwriting, and asset management [1]

Core Viewpoint - Morgan Stanley believes that domestic bank stocks will present good investment opportunities in the fourth quarter and the first quarter of next year after experiencing seasonal adjustments in the third quarter [1] Group 1: Market Conditions - The Chinese financial system is undergoing an unprecedented change, achieving a "natural cycle bottom" without large-scale stimulus or further monetary easing [3] - The current credit growth is more aligned with economic growth, with social financing growth slowing to 8.7% and loan growth to 6.4% as of September 2025, which stabilizes bank asset returns [4][6] - M1 and corporate current deposit growth have accelerated since early 2025, indicating improved corporate liquidity and confidence, suggesting that risks are easing [6][8] Group 2: Industry Transition - The banking sector is transitioning from a risk control model to a development model, with high-risk asset ratios expected to decline from 9.2% in 2024 to around 3% in the coming years, significantly reducing risk premiums for financial stocks [11][13] - The demand for credit is expected to grow steadily at 5-6% annually, slightly above the projected nominal GDP growth of about 4%, supporting reasonable asset returns and stable net interest margins for banks [13] Group 3: Investment Drivers - Four key factors are expected to support bank stock performance in the fourth quarter: - Dividend-driven capital inflow as banks typically pay mid-term dividends at the end of December and early January, attracting strong demand from institutional investors [14] - Improvement in bank fundamentals, with expected mild pressure on net interest margins and a rebound in fee income due to active capital markets [15] - Supportive policies, including a newly introduced 500 billion RMB structural financial policy tool aimed at supplementing project capital and supporting credit demand without pressuring loan yields [15] - A stable interest rate environment, with minimal adjustments to the loan market quotation rate (LPR) in 2025, which alleviates concerns about sustained pressure on interest spreads [17] Group 4: Investment Opportunities - Banks exhibiting superior profit rebound potential and robust dividend capabilities in the current environment are seen as quality choices to capture opportunities in this "new era" [20]

Summary of Key Points from the Conference Call Industry Overview - **Industry**: China Banks - **Investor Sentiment**: There is decent investor interest in China banks amid market consolidation, with approximately 80% of institutions met being long-only funds [2][3] Core Insights and Arguments - **Sector Rotation**: Investors are more focused on sector rotation rather than fundamentals, with potential buying flows expected from insurers. The sustainability of dividend payouts (DPS) is a key concern [2][3] - **Dividend Yield**: A 6% dividend yield in the H-share banks universe is viewed as a good entry point for investors [2] - **Macro Trends**: Overall sentiment is stabilizing, with less concern about the property downturn and local government financing vehicle (LGFV) debt risk. The upcoming 4th Plenary Session and interest rate outlook are frequently discussed, although policy expectations remain low [3] - **Positive Upside Cases**: Investors are looking for potential upside cases, including government initiatives to combat economic stagnation, migration of retail deposits to stock markets, and positive wealth effects from strong stock markets [3] Bank-Specific Insights - **Fundamentals**: Investors are less bearish on banks following asymmetric rate cuts in May, which positively impacted net interest margins (NIM). Concerns over asset quality related to developer loans and LGFV debt have eased [4] - **China Merchants Bank (CMB)**: Investor opinions are divided; some are optimistic about the rebound of retail deposit CASA ratios, while others are concerned about earnings growth being on par with state-owned enterprises (SOEs) and the lack of an increase in payout ratios [4] - **Preferred Banks**: Analysts remain constructive on defensive names, expecting SOE banks to report positive year-over-year growth in revenue and earnings in Q3. Preferred banks include CITIC-H, CCB-H, BOC-H, and ICBC-H [5] Risks Identified - **Asset Quality**: Deterioration in asset quality remains a significant risk, influenced by a soft macro environment and domestic property market activity [8] - **Capital Adequacy**: Risks related to capital adequacy and potential dilution from refinancing are highlighted [8] - **Interest Rate Pressure**: Downside risks in interest rates could pressure bank profitability [8] Additional Important Points - **Investor Focus**: There is a notable shift in investor focus towards defensive names due to ongoing macro uncertainties and trade tensions [5] - **Market Dynamics**: The report indicates that the market is currently in a phase where banks are being evaluated based on their dividend yields and potential for growth, rather than solely on traditional financial metrics [4][5] This summary encapsulates the key points discussed in the conference call regarding the China banking sector, highlighting investor sentiment, macroeconomic factors, bank-specific insights, and identified risks.

Core Insights - The issuance of offshore RMB local government bonds by the Bank of China in Hong Kong aims to fund qualified green, blue projects, and major infrastructure projects in Nansha District, Guangzhou [1][2] - The bond issuance scale is RMB 7.5 billion, with different maturities and interest rates, indicating strong investor interest with an order book peak of RMB 20 billion and a subscription multiple of 2.7 times [1] Group 1 - The Bank of China served as the joint global coordinator, joint lead underwriter, and settlement agent for the bond issuance, providing comprehensive services including underwriting, cross-border clearing, and market research [1] - The bonds consist of three tranches: a 3-year green bond of RMB 3.5 billion at 1.72%, a 5-year Nansha-themed bond of RMB 2.5 billion at 1.80%, and a 10-year blue bond of RMB 1.5 billion at 2.09% [1] - The issuance is part of Guangdong Province's strategy to enhance cooperation within the Guangdong-Hong Kong-Macao Greater Bay Area and support the internationalization of the RMB [2] Group 2 - Guangdong Province is the first in China to issue local government bonds in both Hong Kong and Macau, aiming to attract international investors and enhance cross-border financial cooperation [2] - The Bank of China has facilitated the issuance of RMB 10 billion in offshore local government bonds for Guangdong Province this year, reinforcing financial market connectivity in the Greater Bay Area [2]

Summary of Conference Call on Chinese Banks Industry Overview - The conference call focuses on the Chinese banking sector, particularly the performance and outlook of A/H-share listed banks, with a specific emphasis on China Merchants Bank (CMB) [1][2]. Key Points and Arguments Market Performance - A/H-share listed bank stocks have recorded market-cap-weighted absolute returns of 12%/21% year-to-date, attributed to improving fundamentals rather than sector allocation demand [1]. - The stabilization of asset quality and a narrowing decline in Net Interest Margins (NIMs) are significant factors driving this performance [1]. NIM and Loan Demand - The decline in NIM has narrowed in 3Q25, with expectations for continued narrowing into 1H26 due to ongoing deposit re-pricing [5]. - The large state-owned enterprises (SOE) banks and CMB are expected to have a sustainable NIM recovery, providing greater potential for shareholder returns [2]. - Loan demand is anticipated to weaken due to the "anti-involution" trend in the industrial sector, which will slow corporate loan demand [5][18]. Investment Income - Investment income is likely to be a negative contributor to bank revenue in 3Q25, particularly affecting small and medium-sized banks (SMBs) [5][27]. - The average year-over-year growth of bond investment income for covered banks is forecasted to be -7% in 3Q25 [36]. Fee Income - Fee income is expected to improve despite weak consumer credit demand, driven by growth in sales of financial products through banking channels [39]. - The sustained decline in deposit costs is creating opportunities for growth in wealth management products, insurance, and funds [40]. Asset Quality - Overall asset quality in the Chinese banking industry has not shown significant deterioration, with banks increasing provisions to bolster risk-resistance reserves [45]. - The NPL (Non-Performing Loan) coverage ratio has been on an upward trend, indicating that provisions are greater than new NPLs [45]. Additional Important Insights - CMB is favored for investment with a 12-month target price of Rmb54.24/HK$52.98, representing potential upside of 31%/10% [2]. - The average NIM for covered banks is expected to stabilize at 1.32% in 2026, largely unchanged from previous forecasts [17]. - The average loan growth forecast for covered banks in 2025 and 2026 is 9%, adjusted down from previous estimates [24]. Conclusion - The Chinese banking sector is navigating challenges such as narrowing NIMs and weakening loan demand, but there are positive indicators in fee income growth and asset quality stability. CMB stands out as a strong investment opportunity amidst these dynamics.