申万宏源证券上海北京西路营业部·2025-06-23 02:20Core Viewpoint - The successful completion of the A-share issuance project by Bank of Communications, with a total fundraising amount of 120 billion yuan, aims to enhance its core Tier 1 capital adequacy ratio by approximately 1.25 percentage points [1][3][4]. Group 1: Company Overview - Bank of Communications is one of the oldest banks in China and ranks among the top six state-owned commercial banks, consistently making it to the Fortune Global 500 for 16 consecutive years [3]. - The bank focuses on building a world-class banking group with distinctive advantages, emphasizing comprehensive financial services, inclusive finance, green finance, and technology finance [3]. Group 2: Project Details - The A-share issuance project was led by Shenwan Hongyuan as the joint lead underwriter, which played a significant role in supporting the bank's capital strength and aligning with national strategies for financial services to the real economy [1][4]. - The project is part of a broader national policy initiative aimed at increasing financial resources, demonstrating Shenwan Hongyuan's commitment to serving the real economy and promoting high-quality development in China's financial sector [4]. Group 3: Strategic Collaboration - Shenwan Hongyuan plans to deepen its strategic cooperation with Bank of Communications, leveraging its core advantages in investment research, pricing, and sales to support the bank's role in national strategies and industrial upgrades [4].