Core Viewpoint - The asset quality of the Bank of Communications continues to improve, with effective measures implemented for risk management and control [1] Group 1: Asset Quality Performance - As of the end of September, the group's non-performing loan balance was 114.6 billion yuan, a decrease of 0.5 billion yuan compared to the end of June [1] - The non-performing loan ratio stood at 1.26%, down 0.05 percentage points from the end of last year and down 0.02 percentage points from the end of June [1] - The group's provision coverage ratio was 209.97% at the end of September, an increase of 8.03 percentage points from the end of last year, indicating a reasonable and adequate provision level [1] Group 2: Risk Management Measures - The company has enhanced analysis and precise measures to improve the level of risk management, focusing on refining management mechanisms and optimizing asset quality forecasting and control [1] - There is a strong emphasis on risk prevention in key areas, with coordinated support for local debt reduction and platform transformation in key provinces [1] - The company is advancing the development of its real estate business while managing associated risks and has launched tools for credit sales and risk assessment for small enterprises to target high-risk products and customer segments [1]

Core Viewpoint - The performance meeting of Bank of Communications on November 7 highlighted the bank's strategies for managing net interest margin and optimizing liability structure, indicating a stabilization in net interest margin for the third quarter of 2025 [1] Group 1: Net Interest Margin Management - The bank reported that the net interest margin remained stable quarter-on-quarter, showing signs of stabilization [1] - The bank continues to enhance its market interest rate trend analysis, adjusting business structure and dynamically optimizing pricing strategies [1] - The market-oriented adjustment mechanism for deposit rates has played a continuous role in maintaining the stability of the net interest margin [1] Group 2: Liability Structure Optimization - The bank emphasizes the balance between funding sources and usage, focusing on enhancing the deposit customer base through targeted marketing strategies [1] - The bank is actively promoting consumption to strengthen low-cost fund retention [1] - The strategies include optimizing the asset-liability structure, refining pricing management, and improving the customer base [1]

Core Viewpoint - The investment income of the Bank of Communications in the third quarter of this year was significantly impacted by fluctuations in the bond market, with a reported investment income of 16.78 billion yuan, a year-on-year decrease of 18.16% [1] Group 1: Investment Strategy - The bank will continue to adhere to a prudent operating strategy in the current low interest rate environment [1] - There will be a focus on enhancing the assessment of economic and financial conditions to optimize both incremental and existing bond allocations [1] - The bank aims to achieve high-quality development of its financial market business through diversified investment strategies and flexible market operations [1]

Core Viewpoint - The forum highlighted the need for collaborative efforts to promote high-quality development of cross-border trade amidst rising unilateralism, protectionism, and geopolitical tensions affecting global trade costs and efficiency [1] Group 1: Industry Challenges and Opportunities - The global economic landscape is undergoing significant adjustments, with increased focus on stabilizing global supply chains and enhancing international trade competitiveness [1] - The potential of trade finance in ensuring the stability of supply chains and enhancing international trade competitiveness is emphasized [1] Group 2: Technological Innovations - New technologies such as big data, blockchain, and artificial intelligence are driving the digital transformation of trade finance services, including the implementation of electronic bills of lading and smart contracts [1] - The integration of various data resources around trade finance customers' needs is aimed at providing a comprehensive suite of financial services for cross-border transactions [2] Group 3: Collaborative Ecosystem Development - The establishment of a collaborative ecosystem involving insurance, logistics, and e-commerce platforms is crucial for creating an efficient support system that integrates financial support, customs facilitation, and risk management technologies [2]

Core Viewpoint - The Bank of Communications is actively participating in the construction of the Shanghai shipping trade digital platform, collaborating with various stakeholders to innovate cross-border financial services and support the stability of supply chains [1] Group 1: Cross-Border Financial Services - The bank aims to integrate shipping, trade, and financial data resources to provide e-commerce companies with secure, efficient, and convenient one-stop financial services for cross-border settlement, financing, and risk management [1] - This initiative is designed to contribute to the stability and smooth operation of global supply chains [1] Group 2: Digital Empowerment - The bank is leveraging blockchain and artificial intelligence technologies to quickly respond to customer needs, enabling instant cross-border remittances [1] - The focus is on addressing the financing challenges faced by small and micro enterprises, particularly in terms of accessibility and cost [1] Group 3: Ecosystem Collaboration - The bank is collaborating with insurance, logistics, and e-commerce platforms to create a synergistic ecosystem that integrates financial support, customs facilitation, and risk prevention technologies [1] - This collaborative approach aims to form an efficient and coordinated support system for cross-border trade [1]

Core Viewpoint - The forum emphasizes the significant potential of trade finance in ensuring the stability of global supply chains and enhancing international trade competitiveness amidst the restructuring of global industrial chains and supply chains [1][4]. Group 1: Trade Finance Development - Trade finance is seen as crucial for supporting high-quality development in cross-border trade, with a focus on collaboration to ensure the smooth operation of global supply chains [4]. - The integration of new technologies such as big data, blockchain, and artificial intelligence is driving the digital and intelligent transformation of trade finance services [1][5]. Group 2: Digitalization and Innovation - The bank is actively participating in the construction of a digital platform for trade finance in Shanghai, collaborating with various stakeholders to create an efficient and secure trade finance service ecosystem [4][5]. - The launch of the "Jiaoyin Trade Finance" product at the China International Import Expo represents a significant achievement in building a digital financial service system [5]. Group 3: Collaborative Ecosystem - The bank aims to provide a one-stop financial service for e-commerce enterprises by integrating shipping, trade, and financial data resources, thereby contributing to the stability of global supply chains [5]. - There is a focus on building a collaborative ecosystem that combines financial support, customs facilitation, and risk prevention technologies to enhance efficiency [5].

Core Insights - The company reported a revenue growth of 1.8% for the first three quarters of 2025, with a net profit growth of 1.9% [1] - Asset quality indicators have improved, with a non-performing loan (NPL) ratio of 1.26% at the end of Q3, down 5 basis points from the beginning of the year [4] Performance Summary - Revenue Growth: Interest income increased by 1.5% and non-interest income by 2.4%, indicating a recovery in fee-based income [2] - Profitability: Pre-tax profit grew by 3.2% due to a reduction in credit impairment provisions [2] - Asset Growth: Total assets grew by 4.0% and loans by 6.0% compared to the beginning of the year, driven by corporate lending [2] Interest Margin Analysis - Net interest margin for the first three quarters was 1.20%, with a slight decline of 1 basis point from the first half of the year [3] - The cost of interest-bearing liabilities improved, with a decrease of 6 basis points compared to the first half of the year [3] Asset Quality Overview - The NPL ratio improved to 1.26%, with a coverage ratio of 210%, marking a significant increase from earlier in the year [4] - Corporate loan quality remained stable, while retail loan NPLs increased, particularly in mortgages and small business loans [4] Investment Recommendation - The company’s stock is currently undervalued, with a price-to-book (PB) ratio of approximately 0.55x for A-shares and 0.48x for H-shares, the lowest among major banks [4] - The expected dividend yield is 4.6% for A-shares and 5.3% for H-shares, supporting a "buy" recommendation based on valuation recovery and stable dividends [4]

Core Viewpoint - The launch of the "Jiaoyin Hangmao Tong" platform by Bank of Communications during the China International Import Expo signifies a major breakthrough in cross-border financial digital transformation, aimed at supporting high-quality development of cross-border trade and injecting new momentum into stabilizing foreign trade [1] Group 1: Cross-Border Trade Performance - China's foreign trade has shown resilience with a total import and export value of 33.61 trillion yuan in the first three quarters, reflecting a year-on-year growth of 4% and marking eight consecutive quarters of growth [1] - Trade with Belt and Road countries increased by 6.2%, with new export drivers such as "new three samples" emerging [1] - Small and micro enterprises, which account for 87.6% of foreign trade entities, have a pressing demand for convenient financial services due to challenges like exchange rate fluctuations and financing difficulties [1] Group 2: "Jiaoyin Hangmao Tong" Platform Features - The platform aims to provide a one-stop cross-border financial service by integrating information flow, logistics flow, and capital flow, focusing on three main goals: service convenience, scenario integration, and ecosystem co-construction [2] - Key functionalities include: - **Intelligent Settlement**: Optimizes settlement processes through digital means for efficient cross-border fund handling [2] - **Exchange Rate Management**: Offers professional exchange rate analysis and risk hedging strategies to mitigate exchange rate volatility [3] - **Rapid Financing**: Introduces digital credit products to simplify financing processes, particularly for small and micro enterprises [4] - **Information Analysis**: Integrates multi-channel information resources to provide precise market dynamics and policy interpretations [4] Group 3: Ecosystem and Collaborative Innovation - The platform is designed as an open cross-border service ecosystem, embedding financial services into every aspect of foreign trade operations, enhancing operational efficiency and capital flow [5] - It offers innovative solutions for various scenarios, including: - **Cross-Border E-Commerce**: Provides integrated services for e-commerce merchants, covering everything from store setup to payment and settlement [6] - **Financing for Small Enterprises**: Establishes accounts receivable pools for small sellers, utilizing data verification to address financing challenges [7] - **Daily Foreign Trade Operations**: Introduces smart value-added services such as automatic order reminders and real-time tracking of cross-border payments [8] Group 4: Future Outlook and Strategic Goals - The platform has already covered over 20,000 clients, with cumulative cross-border transaction volume exceeding 500 billion yuan [9] - Bank of Communications aims to further embed the platform into key national industrial chains, including manufacturing, cross-border medical supply chains, cultural tourism, and technology exports, to support the development of a higher-level open economy [9] - The bank emphasizes the integration of technology and finance to enhance cross-border service systems and collaborate with various partners to create a new ecosystem for cross-border financial services [9]

Core Insights - The recent evaluation results of information disclosure for listed companies in Shanghai, Shenzhen, and Beijing have been released, indicating a focus on transparency and compliance in the market [1] Group 1: Evaluation Results - A total of 89 listed companies in the Shanghai jurisdiction received an A rating for their information disclosure, including 44 from the Shanghai main board, 4 from the Shenzhen main board, 12 from the ChiNext board, 25 from the Sci-Tech Innovation board, and 4 from the Beijing Stock Exchange [1] - Among these, 44 companies have received an A rating for three consecutive years, while 17 companies have achieved this for five consecutive years [1] Group 2: Notable Companies - Bank of Communications (601328) has been recognized for receiving an A rating for information disclosure from the Shanghai Stock Exchange for five consecutive years [1]

Core Insights - The eighth China International Import Expo (CIIE) opened on November 5, showcasing the participation of Bank of Communications (BoCom) for the eighth consecutive year, emphasizing its commitment to high-quality development through the integration of finance, technology, and scenarios [1][2] Group 1: Financial Services and Innovations - BoCom will present a range of financial services and products during the expo, including the launch of the "JiaoYin HangMao Tong," a one-stop cross-border financial service platform aimed at foreign trade enterprises [2] - The bank will unveil upgraded versions of its mobile applications, "BoCom APP 10.0" and "MaiDan Ba APP 10.0," enhancing user experience and service offerings [2] - The bank's exhibition will feature immersive interactive experiences that demonstrate how financial technology can empower smart travel and enrich the "finance + culture and tourism" service model [1] Group 2: Support for Trade and Economic Development - BoCom is set to host the Hongqiao International Economic Forum, focusing on financial support for high-quality development in cross-border trade [2] - The bank has formed the "CIIE BoCom Trading Group" to facilitate trade connections, leveraging its domestic and international branch network to invite clients to the expo and enhance procurement opportunities [2] - The bank's initiatives aim to boost consumer enthusiasm and enrich the service content of "finance + culture and tourism," contributing to the overall vitality of the expo [1][2] Group 3: Community Engagement and Volunteerism - BoCom has organized a youth volunteer team to provide support for the expo, including welcoming and guiding ambassadors and ensuring logistical arrangements [2]