Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The company's profitability remains robust, with significant loan growth and stable net interest margin. The ratio of overdue loans and loans under scrutiny has decreased quarter-on-quarter, leading to the maintenance of the "Outperform the Market" rating [3][4] Summary by Sections Financial Performance - In the first three quarters of 2024, the company's revenue growth rate was -1.39%, and the net profit attributable to the parent company grew by -0.69%. In Q3 2024, revenue increased by 3.3% year-on-year, and net profit increased by 1.2% year-on-year, showing improvement compared to Q2 2024 [3] - The net increase in loans for Q3 2024 was 174.4 billion, with retail loans increasing by 73.9 billion and corporate loans increasing by 82.2 billion. Year-on-year growth rates for retail and corporate loans were 8.2% and 6.5%, respectively [3] Asset Quality - The non-performing loan (NPL) ratio for Q3 2024 was 1.32%, remaining stable quarter-on-quarter. The provision coverage ratio was 203.87%, indicating sufficient risk coverage. The proportion of loans under scrutiny decreased by 8 basis points to 1.58%, and overdue loans decreased by 6 basis points to 1.39% [4] Net Interest Margin - The net interest margin for the first three quarters of 2024 was 1.28%, remaining stable. In Q3 2024, the net interest margin was 1.23%, a decrease of 2 basis points quarter-on-quarter. The yield on interest-earning assets decreased by 7 basis points, while the cost of interest-bearing liabilities decreased by 17 basis points, indicating a favorable trend in funding costs [4] Valuation and Forecast - The forecasted EPS for 2024-2026 is 1.1, 1.12, and 1.15 yuan, with net profit growth rates of -3.56%, 1.42%, and 2.81%, respectively. The reasonable value based on the DDM model is 9.2 yuan, and the PB-ROE model gives a 2024E PB valuation of 0.65 times, leading to a reasonable value range of 8.47-9.2 yuan [5][6]

近日，交通银行深圳分行成功举办了一场"历史印记海事探索之旅"客户亲子研学活动，走进香港大馆与 海事博物馆，为客户家庭带来了一次难忘的体验之旅。 活动当天，大家早早地集合签到，满怀期待地踏上了旅程。来到香港海事博物馆，孩子们仿佛进入到一 个充满奇幻的海洋世界，他们首先在"船影之源"展区追溯船舶的起源，领略了海洋文化的广博与深邃； 随后，在"风暴之眼"展览中，孩子们身临其境地感受到航海者面对风暴时的勇气与智慧，对航海精神有 了更深的理解；在"未来船舶"展区，孩子们对未来航海科技展开了无限遐想，更加激发了他们探索海洋 世界的热情。 午后，大家来到了香港大馆，在专业讲解员的带领下，共同探索香港历史文化。活动还安排了一场别开 生面的剧本情景体验——"大馆'入狱'体验"，让大家身临其境地感受到了历史的沉重与深刻。 此次活动不仅促进了亲子间的情感交流，也让孩子们在历史的回望与科技的展望中拓宽了视野，点燃了 探索未知的热情。 交通银行深圳分行将持续丰富客户活动形式，提供更加贴心、更有温度的服务。（CIS） ...

Group 1 - The core viewpoint of the articles is that the Bank of Communications Shenzhen Branch is actively enhancing financial services for individual businesses in response to national policies aimed at promoting their development [1][2] Group 2 - Credit support has been comprehensively upgraded, with the bank customizing special credit resources for individual businesses, optimizing approval mechanisms, and reducing average loan approval time to 3 days. The personal operating loan balance has reached nearly 40 billion yuan, with individual business loans exceeding 15 billion yuan [1] Group 3 - The bank has established a regular communication mechanism with various local government agencies to deepen cooperation with individual businesses, successfully hosting multiple business matching events during the "Individual Business Service Month," covering over 100 individual businesses [1] Group 4 - Payment and settlement services have been made more convenient and efficient, with the bank promoting simplified account opening services and optimizing account management processes. Additionally, 13 payment and settlement fees have been waived, resulting in a total fee reduction of over 17 million yuan, benefiting more than 300,000 individual businesses [1] Group 5 - The bank is actively promoting financial policies through various channels, tailoring promotional content to help individual businesses understand and apply financial products. This includes hosting lectures and distributing promotional materials to enhance financial literacy among individual businesses [2] Group 6 - The Bank of Communications Shenzhen Branch plans to continue increasing support for the real economy and individual businesses by innovating service models, reducing financing costs, promoting financial knowledge, and protecting consumer rights, contributing to the high-quality development of inclusive finance [2]

近日，第十八届深圳国际金融博览会在深圳会展中心盛大开幕。此次金博会不仅汇聚了众多金融机构的 创新成果，也成为普及金融知识、提升公众金融素养的重要平台。交通银行深圳分行在金博会现场开展 了一场以"警钟长鸣，持续推动打击治理洗钱违法犯罪"为主题的反洗钱宣传活动，吸引了超过200位现 场观众积极参与。 在金博会交通银行展馆内，工作人员通过设立反洗钱咨询台、摆放宣传展板、发放宣传资料等多种形 式，向现场观众普及了反洗钱的基本知识和重要意义，提醒大家时刻保持警惕，不给洗钱犯罪分子可乘 之机。 为了让观众更好地理解反洗钱的相关知识，交通银行深圳分行的工作人员通过讲述真实的洗钱犯罪案 例，让观众深刻认识到洗钱犯罪的危害。在互动环节，现场观众积极提问，工作人员耐心解答，大家在 轻松愉快的氛围中掌握了识别洗钱犯罪的方法和技巧。 下一步，交通银行深圳分行将继续积极履行社会责任，不断丰富宣传方式和内容，增强公众反洗钱意识 和风险防范能力，为构建和谐安全的金融环境贡献力量。（CIS） ...

Key Points Industry/Company Involved - **Company**: Bank of Communications (BoCom) - **Industry**: Banking Core Views and Arguments - **Overall Performance**: BoCom's overall performance improved in the third quarter of 2024, with net profit reaching 68.69 billion yuan, a decrease of 0.69% year-on-year. The decline in revenue was marginal, with net operating income decreasing by 1.37% year-on-year. - **Net Interest Margin**: The net interest margin remained stable at 1.28% year-on-year. - **Asset Quality**: The non-performing loan ratio was 1.32%, down 0.01 percentage points year-on-year. The provision coverage ratio was 203.87%, up 8.66 percentage points year-on-year. - **Business Growth**: The bank's business grew across various segments, including corporate banking, retail banking, and wealth management. - **Digital Transformation**: BoCom emphasized its focus on digital transformation, with significant growth in digital banking services and mobile app user numbers. Other Important Points - **Corporate Banking**: The bank's corporate deposit and loan balances reached 4.91 trillion yuan and 5.53 trillion yuan, respectively. The bank also saw growth in its investment banking and trade finance businesses. - **Retail Banking**: The bank's retail deposit and loan balances reached 3.65 trillion yuan and 2.63 trillion yuan, respectively. The bank experienced growth in its retail customer base and private banking business. - **Wealth Management**: The bank's retail AUM reached 5.38 trillion yuan, a year-on-year increase of 7.52%. The bank also saw growth in its wealth management business. - **Digital Banking**: The bank's mobile app user numbers reached 4.68 million, and its open banking API calls exceeded 5.4 billion. - **Strategic Initiatives**: The bank highlighted its focus on green finance, digital transformation, and serving the real economy.

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company's revenue for the first three quarters of 2024 decreased by 1.4% year-on-year, while net profit attributable to shareholders fell by 0.7%. However, the third quarter showed positive growth with revenue and net profit increasing by 3.3% and 1.2% respectively [2] - The bank's net interest income increased by 2.2% year-on-year, driven by accelerated loan growth, although the interest margin continued to narrow [2][3] - Fee income dropped by 14.0% year-on-year, primarily due to regulatory changes in the insurance and public fund sectors, as well as a decline in credit card commission and penalty income [2] - Investment-related income saw a significant decline of 13.2% year-on-year, but rebounded with a 42.1% increase in Q3 [2] - The bank's cost side showed a 7.3% decrease in impairment losses, with the overall credit cost slightly declining to 0.44% [2] Summary by Relevant Sections Revenue and Profitability - Total revenue for 2024 is projected at 256.8 billion, with net interest income expected to be 169.9 billion [6] - The net profit for 2024 is forecasted at 93.7 billion, translating to an EPS of 1.23 [6] Loan Growth and Asset Quality - Loan growth accelerated to 6.7% year-on-year, with corporate and retail loans growing by 6.5% and 8.2% respectively [3] - The non-performing loan (NPL) ratio remained stable at 1.32%, with a slight increase in retail NPLs [3] Financial Projections - The bank's total assets are expected to reach approximately 14.8 trillion by the end of 2024, with a projected net asset value per share of 13.16 [4][5] - The price-to-book (PB) ratio is estimated at 0.55 times based on the closing price on November 1, 2024 [4]

Core Viewpoint - The focus of the Bank of Communications Shanxi Branch is on enhancing financial services, emphasizing consumer rights protection and financial education promotion [1] Group 1: Consumer Rights Protection - The Vice President of the Bank of Communications Shanxi Branch, Qiu Jun, highlighted the importance of protecting consumer rights for improving financial service quality and customer trust [1] Group 2: Financial Education and Awareness - The Bank of Communications Shanxi Branch launched the "Golden Journey Shanxi, Heartfelt Protection" initiative, which combines the unique cultural and tourism features of 11 cities in Shanxi with financial risk warnings, providing tourists with a dual experience of "travel + financial safety" [1] - The bank has made significant efforts in financial education promotion through diverse online and offline campaigns, aiming to enhance public financial literacy and prevent financial risks, thereby fulfilling its mission of "finance for the people" [1]

公司报告 | 季报点评 营收和利润均边际改善，息差企稳 事件： 交通银行发布 24 年三季度财报。24 年前三季度，企业实现营收约 1961.23 亿元，归母净利润 686.9 亿元，YoY-0.69%；不良率 1.32%，不良拨备 覆盖率 203.9%。 点评摘要： 营收和利润均边际改善。2024 年前三季度，交通银行营收同比下降1.39%， 边际降幅较 24H1 收窄 2.12 个百分点。其中，利息净收入为 1267.96 亿 元，同比增长 2.15%；非息净收入为 693.27 亿元，同比下降 7.27%，环 比降幅收窄 4.88 个百分点。在营收结构方面，利息净收入占比回升至 64.7%，较年中增加 1 个百分点。拨备前利润和净利润基本跟随营收走势， PPOP 24Q3 降幅收窄 2.81 个百分点。企业归母净利润边际向好，24H1 和 24Q3 同比增速分别为-1.63%和-0.69%，降幅收窄 0.94 个百分点 净息差体现较强韧性。受央行下调 LPR 及房贷利率政策影响，加之宏观经 济因素作用，2024 年前三季度交通银行净息差微降至 1.28%，较 24H1 下降 1 个基点。在今年下半年贷款 ...

黄红元先生担任本公司副行长期间，恪尽职守、勤勉敬业，贯彻落实国家经 济金融政策，执行董事会的决策部署，推进十四五规划与战略实施，在本公司服 务实体经济、提升综合竞争力、实现高质量发展等方面做出了重要贡献。董事会 谨此向黄先生表示衷心感谢！ 特此公告 股票代码：601328 股票简称：交通银行 编号：临 2024-044 交通银行股份有限公司 高管辞任公告 交通银行股份有限公司（以下简称"交通银行"或"本公司"）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。 黄红元先生因年龄原因，已向本公司董事会提交书面报告，辞去本公司副行 长职务，辞任自2024年11月5日生效。黄先生已确认与本公司董事会和高管层没 有任何意见分歧，同时也没有任何与辞任有关而需要通知本公司股东和债权人的 事项。 2024 年 11 月 5 日 交通银行股份有限公司董事会 ...

Core Viewpoint - The recent financial knowledge promotion and anti-money laundering activity conducted by the Bank of Communications Shenzhen Branch aimed to educate young children about financial safety and the importance of keeping money secure [1][2] Group 1: Event Overview - The event took place at the Donghai Experimental Primary School Affiliated Kindergarten in Shenzhen, focusing on the theme "putting money in a safe place" [1] - Bank staff used engaging methods, including storytelling, to explain the origins, types, and identification of currency, making complex financial concepts accessible to children [1] Group 2: Educational Approach - The activity included role-playing, where children acted as bank staff to learn how to identify suspicious financial activities such as "large cash withdrawals" and "frequent small deposits" [1] - The use of fairy tales helped children understand the importance of staying alert to financial temptations and protecting themselves from money laundering activities [1] Group 3: Community Impact - The event received high praise from teachers and parents, highlighting its effectiveness in imparting financial knowledge in a fun and relaxed environment [1] - The Bank of Communications Shenzhen Branch plans to continue its commitment to social responsibility by organizing more diverse financial literacy activities to enhance public financial awareness and contribute to a safe financial environment [2]