Group 1 - The core initiative of the "Loan Clarity Paper" was officially launched by the Bank of Communications Shenzhen Branch in August 2025, aiming to enhance financial transparency and support the optimization of the business environment in Shenzhen [1] - The "Loan Clarity Paper" categorizes all interest and fees incurred during the loan process, presenting a comprehensive total cost to enterprises, thereby safeguarding their right to know and promoting a customer-centric service philosophy [2] - This initiative serves as a decision-making tool for enterprises, allowing them to accurately understand the true cost of loans and choose the most suitable financing options, effectively addressing the issue of high financing costs [3] Group 2 - A recent case highlighted the effectiveness of the "Loan Clarity Paper," where a small enterprise discovered that many costs, such as insurance and mortgage registration fees, were covered by the bank, leading to a successful loan application without hidden fees [3] - The Bank of Communications Shenzhen Branch plans to continue promoting the "Loan Clarity Paper" to help enterprises reduce costs and improve efficiency, thereby injecting continuous financial support into the development of the real economy [3]

2025年中国国际服务贸易交易会金融服务专题展于9月10日至9月14日在北京首钢园举办。此次展会 以"数智驱动 开放共赢"为主题，全力打造全球金融创新产品和服务展示、重要政策和行业规则发布、 合作伙伴洽谈、前沿金融体验四大平台。 在服务实体经济方面，交通银行北京市分行充分发挥金融科技优势，推动信贷产品创新与服务升级，打 通金融惠企利民的"最后一公里"。面对科技型小微企业融资难融资慢痛点，该行综合运用大数据、隐私 计算、数据沙箱等技术，通过有效整合内外部多维数据源为企业精准画像、事先批量核算预授信额度， 实现主动送"贷"上门，确保金融活水快速精准滴灌至有需求的企业，有效提升金融服务的可得性和满意 度。在贷款提用环节，依托大模型、OCR相结合模式，实现贷款影像资料智能识别和信息比对，缩短 贷款提用环节耗时，切实提升企业融资效率。 在服务人民美好生活方面，交通银行北京市分行聚焦市民"衣食住行"等民生需求，不断丰富数字金融服 务场景、延伸金融服务触角、优化和重塑业务流程，使金融服务"触手可及"。该行深耕汽车金融场景， 将交银车贷产品无缝嵌入汽车厂商购车全流程，为客户提供方便快捷的线上车贷业务，并提供手机银行 +交行贷 ...

Core Viewpoint - The 2025 China International Service Trade Fair Financial Services Exhibition showcases the innovative practices of Bank of Communications in financial services, emphasizing its role in supporting the real economy and regional development [2]. Group 1: Financial Products and Services - Bank of Communications presented various innovative financial products such as "Jiao Yin Torch Loan," "Jiao Yin Venture Capital Loan," "Foreign Trade Quick Loan," and "Carbon Asset Pledge Financing" to demonstrate the synergy between financial services and the real economy [2]. - The "Jiao Yin Torch Loan" targets growing technology-based small and micro enterprises, utilizing a unique big data approval model to address their financing challenges [3]. - The "Jiao Yin Venture Capital Loan" employs a "loan + external direct investment" model to enhance financing channels for technology enterprises through partnerships with quality investment institutions [3]. Group 2: Cross-Border Financial Solutions - The bank established a cross-border financial zone titled "Jiao Lian World, Hui Tong Global," offering comprehensive financial support for enterprises looking to expand internationally or attract foreign investment through solutions like "Foreign Trade Quick Loan" and "E-commerce Pass" [3]. Group 3: Retail and Community Services - The retail business segment highlighted the "cross-province handling" of government services in the Beijing-Tianjin-Hebei region, allowing citizens to manage over 130 government services and access personal social security information seamlessly [3]. - The bank showcased a housing rental deposit management and rent supervision system, aimed at safeguarding the housing dreams of new citizens through a four-dimensional closed-loop management approach [4]. Group 4: Senior Economy and Consumer Services - The bank's senior economy segment focuses on providing a one-stop resource connection for the elderly, integrating pension accounts, retirement financial products, insurance, and trust services [4]. - The retail credit and credit card segment promotes various consumer-friendly products and activities, such as "Hui Min Loan" and "Jiao Yin Car Loan," to stimulate market consumption [4]. Group 5: Digital Currency Engagement - To enhance public engagement and awareness of digital currency, the bank organized interactive activities featuring aesthetically designed hardware wallets and continued popular activities from previous years, such as blind box promotions related to digital RMB [4].

此次参展是交通银行厦门分行深化金融服务、助力企业"出海"的又一重要举措。未来，该行将依托 交通银行总行全球化服务网络与专业能力，持续整合金融资源，为企业提供"出海"全链条金融支持，助 力企业在国际市场稳健发展，为厦门经济贡献金融力量。 （数据来源：交通银行厦门分行） 第二十五届中国国际投资贸易洽谈会举办期间，2025中国（厦门）国际警安法务科技展暨"出海"法 商服务展于9月8日在厦门国际会展中心拉开帷幕。本次展会由厦门市人民政府、中安协主办，紧扣企 业"出海"这一核心需求，致力于打破"出海"全链条服务壁垒，联动多方优质资源。 作为助力企业海外发展的金融力量，交通银行厦门分行携专属"出海"金融解决方案精彩亮相，集中 展示了企业"出海"的金融解决方案，涵盖跨境结算、海外投融资、汇率避险等内容。现场通过一对一咨 询等形式，为企业解答"出海"中的资金流转、风险对冲等实际问题，助力企业在国际市场的探索中，提 前做好资金规划与风险防控。 展会现场，交通银行总行国际业务专家以《直击企业"出海"》为主题，带来了一场精彩的分享。宣 讲围绕交通银行完善的跨境金融服务体系、灵活多样的离在岸融资方案等核心内容，同时结合跨境融资 具体 ...

Core Insights - The article highlights the increasing pace of Chinese enterprises "going global" and the growing need for efficient, convenient, and secure cross-border financial services to support their international operations [1][2] Group 1: Company Overview - The company mentioned is a state-owned enterprise engaged in the supply chain business of coal, agricultural products, and precious metals, facing strict internal approval processes and high payment efficiency requirements [1] - The collaboration with the Bank of Communications' Henan branch has led to significant improvements in the company's cross-border remittance efficiency, saving considerable financial costs annually [2] Group 2: Financial Services Provided - The Bank of Communications has developed a comprehensive cross-border financial service system, including features like "Easy汇" for multi-channel support, batch remittance, real-time image transmission, and automatic routing selection, enhancing the security of customer funds [1] - The implementation of the CIPS standard sender and receiver has improved the efficiency of cross-border payments, addressing the company's pain points and ensuring smooth overseas operations [1] Group 3: Future Collaboration and Strategy - Since the partnership began, the company has completed cross-border remittances totaling $180 million, with plans for further collaboration in international letters of credit and derivative business [2] - The Bank of Communications aims to continue focusing on customer needs, enhancing financial technology innovation, and expanding cross-border financial product offerings, particularly in cross-border RMB services [2]

Core Insights - The state-owned large bank sector experienced a decline of 0.56% on September 8, with Bank of Communications leading the drop [1] - The Shanghai Composite Index closed at 3826.84, up 0.38%, while the Shenzhen Component Index closed at 12666.84, up 0.61% [1] Bank Performance Summary - Postal Savings Bank: Closed at 6.23, up 0.48%, with a trading volume of 1.44 million shares and a turnover of 900 million yuan [1] - Industrial and Commercial Bank: Closed at 7.40, down 0.54%, with a trading volume of 3.54 million shares and a turnover of 2.623 billion yuan [1] - Agricultural Bank: Closed at 7.26, down 0.55%, with a trading volume of 4.694 million shares and a turnover of 3.417 billion yuan [1] - China Construction Bank: Closed at 9.00, down 0.55%, with a trading volume of 1.026 million shares and a turnover of 925 million yuan [1] - Bank of China: Closed at 5.47, down 0.91%, with a trading volume of 3.264 million shares and a turnover of 1.792 billion yuan [1] - Bank of Communications: Closed at 7.17, down 1.24%, with a trading volume of 2.444 million shares and a turnover of 1.758 billion yuan [1] Fund Flow Analysis - The state-owned large bank sector saw a net outflow of 1.157 billion yuan from institutional investors, while retail investors had a net inflow of 660 million yuan [1] - The detailed fund flow for individual banks shows varying levels of net inflow and outflow among institutional, retail, and speculative investors [2]

Core Viewpoint - The Hong Kong Accounting and Financial Reporting Council has reprimanded Wang Tianze, an independent non-executive director of Bank of Communications, and imposed a fine of HKD 416,000 due to audit deficiencies during his tenure at Deloitte [2][3]. Group 1: Regulatory Actions - The Hong Kong Accounting and Financial Reporting Council found multiple deficiencies in the audits conducted by Deloitte and its two project partners for two former Hong Kong listed companies, resulting in fines exceeding HKD 1.9 million [3]. - Wang Tianze was the project partner for the audits of Tianhe Group for the years 2011, 2012, and 2013, where he failed to obtain sufficient appropriate audit evidence and lacked professional skepticism regarding significant misstatement risks related to revenue [3]. Group 2: Company Response - Bank of Communications stated that the regulatory body did not find any intentional, dishonest, or willful misconduct by Wang Tianze, and he has no record of disciplinary action, indicating that this incident will not affect his ability to serve as an independent non-executive director [3]. Group 3: Background Information - Wang Tianze has been serving as an independent director at Bank of Communications since October 2023 and has held various significant positions at Deloitte, including Chief Business Officer and Partner in Risk Consulting [4].

Core Viewpoint - The Bank of Communications reported a stable and positive performance in the first half of 2025, with key operating indicators showing growth and improved asset quality, reflecting its commitment to shareholder returns and robust management [2][3][4]. Financial Performance - As of June 30, 2025, the total assets of the group reached 15.44 trillion yuan, an increase of 3.59% compared to the end of the previous year [2][3]. - The bank achieved operating income of 1333.68 billion yuan and a net profit attributable to shareholders of 460.16 billion yuan, representing year-on-year growth of 0.77% and 1.61%, respectively [2][3][4]. - The net interest income was 852.47 billion yuan, with a year-on-year increase of 1.20%, and the net interest margin remained at 1.21% [4]. Asset Quality and Risk Management - The non-performing loan ratio was 1.28%, a decrease of 0.03 percentage points from the end of the previous year, while the provision coverage ratio increased to 209.56%, up by 7.62 percentage points [5]. - The bank disposed of non-performing loans totaling 378.3 billion yuan, a year-on-year increase of 27.9%, with substantial recoveries indicating effective risk management [5]. Strategic Focus Areas - The bank is committed to enhancing its service to the real economy, with a customer loan balance of 9 trillion yuan, reflecting a growth of 5.18% year-on-year [4][7]. - The bank's focus on technology, green finance, inclusive finance, pension finance, and digital finance is evident, with significant growth in loans across these sectors [7][8][9]. Capital Management and Shareholder Returns - The bank successfully raised 120 billion yuan through the issuance of approximately 14.1 billion A-shares, enhancing its core tier one capital and risk resilience [6]. - The bank proposed a cash dividend of 1.563 yuan per 10 shares, totaling 13.811 billion yuan, which represents 30% of the net profit attributable to shareholders for the first half of 2025 [6]. Future Development Plans - The bank aims to align with national development strategies, focusing on enhancing capital efficiency, expanding green finance, and improving digital services [11][12]. - It plans to strengthen its customer base and risk management while maintaining its commitment to serving the real economy and contributing to national economic goals [12].

Investment Rating - The report maintains a "Buy" rating for the company [2][9]. Core Views - The company reported a revenue growth of +0.8% in the first half of the year, with a net profit growth of +1.6%, ranking among the top two state-owned banks in terms of net profit growth [2][6]. - The non-performing loan (NPL) ratio at the end of the first half was 1.28%, a decrease of 2 basis points from the previous quarter and 3 basis points from the beginning of the year, indicating a significant improvement in asset quality compared to peers [2][6]. - The provision coverage ratio increased by 9 percentage points to 210%, reaching a ten-year high, which supports the stability of net interest margin and profitability [2][6]. Summary by Sections Financial Performance - Revenue growth for the first half was +0.8%, with Q1 showing a decline of -1.0% and Q2 recovering to +2.6%. Net profit growth was +1.6%, with Q1 at +1.5% [2][6]. - The net interest margin decreased by 2 basis points to 1.21% in the first half, with a total decline of 6 basis points expected for the year, the smallest drop among state-owned banks [2][6]. Asset Quality - The NPL ratio at the end of the first half was 1.28%, down 2 basis points from the previous quarter and 3 basis points from the start of the year, showing the most significant decline among state-owned banks [2][6]. - The NPL net generation rate was 0.49%, down 4 basis points from the previous year, indicating a positive trend in asset quality [2][6]. Investment Valuation - The current valuation for the company's A-shares and H-shares is approximately 0.56x and 0.47x price-to-book (PB) ratio, respectively, indicating that the stock is significantly undervalued [2][6]. - The company ranks among the top five banks in terms of A-share index weight, with a low institutional allocation ratio, supporting the recommendation to maintain a "Buy" rating [2][6].

Core Viewpoint - The 15th Smart City and Intelligent Economy Expo showcases the latest achievements of the Bank of Communications in utilizing artificial intelligence and digitalization to enhance financial services and support the real economy [1] Group 1: Technological Innovations - The Bank of Communications' exhibition features cutting-edge technologies such as AI models and blockchain applications in finance, highlighting innovations in financial services [4] - The "Five Major Articles" section demonstrates how the bank leverages digitalization to empower regional economic development through proactive credit services and data-driven solutions [4] Group 2: Regional Economic Services - The bank has developed the "Shipping Butler" blockchain ecosystem to facilitate maritime trade by integrating customs, insurance, logistics, and tax data, enhancing service for clients in the shipping industry [5] - The "Ke Chuang Zhi Yi Loan" product targets technology-based small and micro enterprises, offering online, credit-based financing solutions that consider diverse factors beyond traditional collateral [5] - A new housing loan product, "Jin Hui Rental Loan," has been launched to assist new citizens and young people with rental housing needs in Ningbo [5] Group 3: Digital Currency Experience - The digital consumption experience area educates visitors about digital RMB, featuring engaging activities like "1 cent for ice cream" to promote understanding of digital currency and financial technology [5][6] - The expo includes a "Technology for the Disabled" experience center, where attendees can participate in charitable activities supporting social welfare initiatives [6]