Core Points - As of November 7, 2025, Bank of Communications (601328) closed at 7.31 CNY, up 1.81% from the previous week's 7.18 CNY [1] - The bank's total market capitalization is 645.939 billion CNY, ranking 6th among state-owned large banks and 21st among 5,166 A-shares [1] - On November 4, 2025, two block trades occurred, with a total transaction amount of 20.0269 million CNY [1][3] Company Announcements - As of October 31, 2025, the bank's legal/registered capital remains unchanged, with H-shares totaling 35,011,862,630 shares and A-shares totaling 53,351,921,593 shares, both with a par value of 1 CNY [1][3] - The total number of issued shares remains unchanged, and there are no treasury shares [1] - The total legal/registered capital at the end of the month is 133.363784223 billion CNY [1]

Core Insights - The Bank of Communications launched the upgraded versions of its apps, focusing on wealth management and customer service enhancements [1] - The new features include zero-fee cross-border payments and AI-driven travel planning tools, aiming to improve user experience and meet customer needs [1] Group 1: App Features - The Bank of Communications App 10.0 emphasizes wealth management services, offering features like intelligent services, asset planning, and retirement calculations [1] - The "Cross-Border Payment Pass" feature allows for zero-fee remittances from mainland China to Hong Kong with instant transfers in RMB and HKD [1] - The upgraded "Buy Now, Pay Later" app integrates discounts, installment options, and personalized services into daily consumption scenarios [1] Group 2: Strategic Focus - The launch aligns with the theme "Understanding Wealth, Enjoying Life," focusing on inclusive, intelligent, and user-friendly financial services [1] - The bank aims to deepen its engagement in wealth management and lifestyle services through digital transformation [1]

Core Viewpoint - The establishment of the "Credit Rights Protection Station" by the Bank of Communications in Hebei Province marks a significant step in enhancing credit services and safeguarding customer financial rights [1][3] Group 1: Service Offerings - The "Credit Rights Protection Station" will provide a one-stop service focusing on core customer needs, including credit knowledge dissemination, query process guidance, dispute handling consultation, and rights protection assistance [3] - The service will integrate offline and online channels to better manage customers' financial credit and effectively address the "last mile" of credit services [3] Group 2: Future Plans - The Bank of Communications Hebei Province branch plans to form a professional service team to regularly conduct credit promotion and consultation services [3] - The bank aims to incorporate credit rights protection into the entire process of daily business operations to enhance customer financial service experience and contribute to a healthy financial ecosystem [3]

Core Viewpoint - The performance of Bank of Communications in the first three quarters of 2023 shows a positive trend in non-interest income, with a notable increase in commission and fee income, indicating a recovery in the capital market and strong performance in wealth management [1][2] Group 1: Financial Performance - In the first three quarters, the bank achieved net commission and fee income of 29.398 billion yuan, a year-on-year increase of 0.15%, with an improvement of 2.73 percentage points compared to the first half of the year [1] - Other non-interest income reached 19.639 billion yuan, with a year-on-year growth of 25.4%, driven by a significant increase in wealth management services [1] - Investment income and fair value changes totaled 20.363 billion yuan, a decrease of 13.55% compared to the same period last year, primarily due to a decline in bond and interest rate derivative valuations [1] Group 2: Strategic Focus - The bank plans to consolidate its growth momentum in commission and fee income by expanding capital market-related businesses, enhancing payment and settlement services, and leveraging its international and comprehensive operational advantages [2] - The bank will focus on key areas such as manufacturing, inclusive finance, green development, technological innovation, and rural revitalization, aligning with national economic development directions and policy guidance [2] - The bank aims to enhance its financial supply capacity and explore potential business opportunities by utilizing structural monetary policy tools and new policy measures, particularly in small and micro enterprises, private enterprises, and new real estate development models [2]

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].