Core Viewpoint - The establishment of a strong financial culture rooted in Chinese characteristics is essential for the development of a financial powerhouse, emphasizing the importance of integrating traditional culture into modern financial practices [1][2]. Financial Culture Development - The Qingdao Branch of Bank of Communications emphasizes the cultivation and promotion of Chinese financial culture as a key task, integrating it into all aspects of its operations [2][3]. - The bank's leadership prioritizes the establishment of a unified leadership structure to enhance compliance and governance, ensuring adherence to laws and regulations [2][3]. Compliance and Risk Management - The bank has made compliance culture a top priority, conducting extensive education and training on internal controls and compliance, fostering a culture of compliance among all employees [3][4]. - Regular analysis of typical cases and the creation of warning materials are employed to educate employees on correct operational and risk perspectives [4]. Innovation and Service Quality - The bank focuses on "guarding integrity while innovating," ensuring that financial services remain grounded in real economic needs while continuously innovating products and services [5][6]. - As of August, the bank's loans to technology enterprises reached 24.987 billion, with a year-to-date increase of 4.418 billion, reflecting a growth rate of 21.48% [6]. Green and Inclusive Finance - The bank actively supports green finance initiatives, with green loan balances exceeding 32 billion as of August, and is involved in projects that integrate clean energy with modern agriculture [7]. - The bank's inclusive finance strategy has resulted in a 27% increase in inclusive loans, demonstrating its commitment to supporting small and micro enterprises [8]. Rural and Elderly Financial Services - The bank has tailored its services to support rural revitalization, with agricultural loans increasing by over 10% year-to-date, significantly outpacing other loan categories [8]. - The bank has developed a comprehensive pension financial service system, opening 344,600 personal pension accounts and increasing loans to the elderly care industry by over 83% [12]. Digital Financial Services - The bank enhances customer experience through digital financial services, including the establishment of a comprehensive online platform for public services, facilitating over 80 self-service transactions [9]. - The bank has implemented a leading digital RMB payment system, expanding its application scenarios in the local economy [9]. Commitment to Social Responsibility - The bank adheres to the principle of "finance for the people," serving nearly 4.95 million citizens, which is about 50% of the local population, and has been recognized for its consumer rights protection efforts [11][13]. - The bank has introduced innovative services for flexible employment and retirement, receiving national recognition for its contributions to social security [12].

根据本次债券条件与条款，本行已行使其赎回权并于2025年11月18日完成赎回所有未偿付的本次债券。 截至本公告日，本次债券下不再含有未偿付余额。 本行已向香港联合交易所有限公司申请撤回本次债券上市。预期撤回本次债券上市将于2025年11月26日 营业时间结束时生效。 股票代码：601328 股票简称：交通银行 编号：临2025-072 交通银行股份有限公司 关于境外无固定期限资本债券赎回完成的公告 交通银行股份有限公司（以下简称"交通银行"或"本行"）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18日，本行在境外市场完成发行28亿美元无固定期限资本债券（以下简称"本次债券"），并 于2025年10月15日发布了《交通银行股份有限公司关于赎回境外无固定期限资本债券的公告》(编号： 临2025-066）。 特此公告 交通银行股份有限公司董事会 2025年11月18日 ...

Core Points - The company, Bank of Communications, issued $2.8 billion perpetual capital bonds in the overseas market on November 18, 2020 [1] - The company has exercised its redemption right and plans to redeem all outstanding bonds by November 18, 2025 [1] - As of the announcement date, there are no outstanding balances remaining for these bonds [1] - The company has applied to withdraw the listing of these bonds from the Hong Kong Stock Exchange, with the withdrawal expected to take effect at the end of business on November 26, 2025 [1]

Core Insights - The event titled "Integrating Industry and Finance to Build Foundations, AI Leading the Way in Beijing-Tianjin-Hebei" was held on November 18, focusing on the collaboration between funds and enterprises in the Beijing-Tianjin-Hebei region [1] Group 1: Financial Service Solutions - The Bank of Communications officially launched the "Beijing-Tianjin-Hebei Comprehensive Financial Service Plan," targeting key economic areas in the region [1] - The plan includes five sub-service solutions addressing major development areas: non-capital function relocation, "Group Chain Corridor" industrial collaboration, major project investment and financing, cross-border business facilitation, and integrated public service solutions [1][2] Group 2: Sub-Service Solutions - The non-capital function relocation service focuses on supporting enterprises in settling and operating smoothly, offering innovative products like seamless relocation services and "Salary Transfer" [1] - The "Group Chain Corridor" industrial collaboration service aims to create a full lifecycle financial support system for enterprises in the three regions through various loan products [1] - The major project investment and financing service accelerates project approvals and promotes the implementation of significant national projects in transportation integration and ecological protection [1] - The cross-border business facilitation service leverages the bank's offshore business capabilities to create efficient and secure cross-border payment channels [2] - The integrated public service solution explores new models of cooperation between banks and governments, enhancing financial services for new citizens and improving public welfare [2]

Core Points - The announcement pertains to the redemption of a $2.8 billion perpetual capital bond by the issuer, Bank of Communications Co., Ltd [1] - The redemption will be completed on November 18, 2025, and the bond will be canceled thereafter [1] - The issuer has applied to withdraw the bond from listing on the Hong Kong Stock Exchange, with the withdrawal expected to take effect at the end of business on November 26, 2025 [1] Summary by Sections - **Bond Issuance and Redemption** The issuer exercised its redemption rights and will complete the redemption of the entire bond on November 18, 2025 [1] - **Bond Cancellation** Following the redemption, the bond will be canceled, and there will be no outstanding balance remaining [1] - **Withdrawal from Listing** The issuer has requested the withdrawal of the bond from the Hong Kong Stock Exchange, effective November 26, 2025 [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之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就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。 本公告僅供參考，並不構成收購、購買或認購證券的邀請或要約。 承董事會命 交通銀行股份有限公司 何兆斌 公司秘書 （於中華人民共和國註冊成立的股份有限公司） （股份代號：03328） 2,800,000,000美元無固定期限資本債券贖回完成公告 （上市代號：40475） 茲提述交通銀行股份有限公司（「發行人」）於2020 年 1 1 月 1 8 日發佈的關於 2,800,000,000美元無固定期限資本債券（本「債券」）發行及上市之公告，以及2025 年10月15日發佈的關於本債券贖回通知之公告（合稱「該等公告」）。本公告中所使 用的未作定義之大寫簡稱均適用其在該等公告中的含義。 根據本債券條件與條款，發行人已行使其贖回權並於2025年11月18日完成贖回全 部本債券。 贖回完成後，本債券已被註銷。截至本公告之日，本債券不再含有發行的未償付 餘額。 發行人已向香港聯合交易所有限公司申請撤回本債券上市。預期 ...

根据本次债券条件与条款，本行已行使其赎回权并于2025年11月18日完成赎 回所有未偿付的本次债券。截至本公告日，本次债券下不再含有未偿付余额。 本行已向香港联合交易所有限公司申请撤回本次债券上市。预期撤回本次债 券上市将于 2025 年 11 月 26 日营业时间结束时生效。 特此公告 交通银行股份有限公司董事会 股票代码：601328 股票简称：交通银行 编号：临 2025-072 交通银行股份有限公司 关于境外无固定期限资本债券赎回完成的公告 交通银行股份有限公司（以下简称"交通银行"或"本行"）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18日，本行在境外市场完成发行28亿美元无固定期限资本债券 （以下简称"本次债券"），并于2025年10月15日发布了《交通银行股份有限公 司关于赎回境外无固定期限资本债券的公告》(编号：临2025-066）。 2025 年 11 月 18 日 ...

Core Viewpoint - The article emphasizes the importance of consumer spending as a key driver of economic growth in China, highlighting the various government policies aimed at boosting consumption and the role of financial institutions like Bank of Communications in supporting these initiatives through retail credit services [1][2][3]. Group 1: Government Policies and Economic Context - The Chinese government has prioritized boosting consumption and expanding domestic demand in its economic strategy, with significant policies introduced since March 2023 [1][2]. - The retail credit sector is identified as a crucial component in driving consumption recovery, with various financial support measures implemented by the government [1][3]. - Data indicates that consumer spending has consistently contributed to economic growth, with a projected retail sales total of 48.8 trillion yuan in 2024, reflecting a 3.5% increase from the previous year [2]. Group 2: Bank of Communications' Strategic Response - Bank of Communications has launched initiatives to align with national policies, including the "Support for Boosting Consumption Special Action Plan" to enhance retail credit offerings [2][4]. - The bank is focusing on integrating supply and demand through improved institutional frameworks and leveraging financial technology to reshape its product offerings and service models [1][4]. - The bank's retail credit services are evolving from traditional lending to a more ecosystem-oriented approach, emphasizing customer-centric solutions [3][4]. Group 3: Product Innovations and Service Models - The "Jiaoyin Huidai" personal loan brand was introduced to provide integrated services for both consumer and business loans, addressing diverse customer needs [5][6]. - The bank's service model emphasizes a one-stop solution for various loan products, enhancing customer experience through digital platforms and streamlined processes [6][7]. - Innovations in product design focus on specific consumer scenarios, such as housing, travel, and small business financing, to better meet market demands [6][7]. Group 4: Digital Transformation and Risk Management - The bank is actively pursuing digital transformation to enhance operational efficiency and customer service, utilizing advanced technologies like AI for risk management and service delivery [8][10]. - A comprehensive digital platform has been established to support flexible product customization and rapid response to market changes [10][11]. - The bank is implementing a robust risk management framework that incorporates data analytics and AI to improve risk identification and mitigation strategies [9][16]. Group 5: Future Strategies and Market Expansion - The bank aims to expand its customer base by focusing on new consumer segments, such as new citizens and entrepreneurs, through tailored financial products [14][15]. - Continuous improvement in talent development and risk management practices is emphasized to ensure sustainable growth and high asset quality [14][16]. - The bank's strategic focus includes enhancing service quality in emerging consumption areas and leveraging government policies to drive financial support for key sectors [15][16].

Core Viewpoint - State-owned banks are currently undergoing a systematic valuation repair process, with recent mid-term dividends accelerating the revaluation [1] Group 1: Valuation and Dividend Insights - Bank of Communications has the lowest PB valuation among state-owned banks in A-shares and the highest expected dividend yield for 2025, indicating potential for valuation recovery and elasticity [1] - The retail asset quality in the banking sector is under pressure, with Bank of Communications experiencing a quarter-on-quarter increase in retail loan non-performing loan (NPL) ratio, consistent with industry trends [1] Group 2: Financial Performance Metrics - The net interest margin (NIM) for the first three quarters of this year is 1.20%, with the cumulative decline since 2023 being the lowest among state-owned banks at only 8 basis points [1] - Given the current absolute value of NIM being the lowest among state-owned banks and the historically high cost of liabilities, there is significant room for improvement in future liability costs, which is expected to support NIM stabilization and drive ROE towards the average of state-owned banks [1] Group 3: Investment Recommendation - The company is optimistic about the driving force of allocation pushing for valuation recovery and maintains a "buy" rating [1]

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The state-owned banks are undergoing a systematic valuation repair process, with the company currently having the lowest PB valuation among state-owned banks in A-shares, at 0.59x, which is a 26% discount compared to the average of the other five major state-owned banks [11][17] - The expected dividend yield for 2025 is the highest among state-owned banks at 4.3%, indicating significant valuation repair potential and elasticity [11][17] - Recent improvements in the company's fundamentals have not been fully priced in, with net interest margins stabilizing and asset quality indicators showing continuous improvement [11][17] Summary by Sections Valuation and Dividend Yield - The company is trading at a PB valuation of 0.59x, which is 26% lower than the average of other major state-owned banks and 17% lower than three other banks that have completed fiscal injections this year [11][17] - The expected ROE for 2025 is 8% lower than the average of three other state-owned banks, suggesting that the current valuation discount is unreasonable [11][17] - The A/H share price difference is the lowest among major banks, with H shares trading at a 12% discount, significantly lower than the average of 24% for other state-owned banks [11][17] Fundamental Improvements - Since the asset quality improvement campaign began at the end of 2019, risk indicators have shown continuous improvement, with the non-performing loan ratio decreasing by 5 basis points to 1.26% as of Q3 2025, marking a cumulative decline of 42 basis points from the peak in 2020 [11][17] - The company's provision coverage ratio reached a ten-year high of 210% as of Q3 2025, indicating enhanced risk absorption capacity [11][17] - The net interest margin has shown the best performance among state-owned banks since 2024, supporting positive growth in net interest income [11][17] Market Performance and Future Outlook - The company's stock price has declined by 9% since July 10, 2025, the largest drop among state-owned banks, primarily due to trading factors [11][17] - The current stock price is 12% lower than the price at which fiscal injections were made this year, the highest discount among four state-owned banks [11][17] - The recent acceleration of mid-term dividends among state-owned banks is expected to attract dividend-focused investors, with the company's A-share index weight at 0.78%, ranking fifth among bank stocks [11][17]