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。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：03328） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列交通銀行股份有限公司於上海證券交易所網站刊登的《交通銀行股份有限 公司2025年半年度報告》，謹供參閱。 承董事會命 交通銀行股份有限公司 何兆斌 公司秘書 中國上海 2025年8月29日 於本公告發佈之日，本行董事為任德奇先生、張寶江先生、殷久勇先生、 周萬阜先生、常保升先生*、廖宜建先生*、陳紹宗先生*、穆國新先生*、 艾棟先生*、羅小鵬先生*、石磊先生 # 、張向東先生 # 、李曉慧女士 # 、馬駿先生 # 、 王天澤先生 # 及肖偉先生 # 。 * 非執行董事 # 獨立非執行董事 公司代码：601328 公司简称：交通银行 交通银行股份有限公司 2025 年半年度报告 1 重要提示 一、本行董事会、监事会及董事、监事、高级管理人员保证半 ...

Core Viewpoint - Guotai Junan has demonstrated significant growth in its financial performance for the first half of 2025, with a notable increase in revenue and net profit, reflecting the successful integration and operational efficiency post-merger [1][3]. Business Performance Summary - The company achieved an operating revenue of 23.872 billion yuan, a year-on-year increase of 78% [1]. - The net profit attributable to shareholders reached 15.737 billion yuan, up 214% year-on-year [1]. - The non-recurring net profit attributable to shareholders was 7.279 billion yuan, growing by 60% [1]. Main Business Income Growth - Wealth management business generated 9.772 billion yuan in revenue, a 92% increase [3]. - Investment banking business revenue was 1.41 billion yuan, up 20% [3]. - Institutional and trading business revenue reached 6.861 billion yuan, a 56% increase [4]. - Investment management business revenue was 3.078 billion yuan, growing by 44% [4]. - Financing leasing business generated 2.109 billion yuan, with a profit margin of 42.66% [4]. Integration and Efficiency - The company has successfully completed its merger and is actively pursuing new strategies and cultural integration, enhancing operational efficiency [6]. - Key management and organizational restructuring have been implemented to support the integration process [6]. - The company has unified customer management standards and operational norms, facilitating a smoother transition post-merger [6]. Financial Contributions to Society - The company has established a significant presence in technology finance, with over 60 billion yuan in thematic funds and substantial investments in hard technology [8]. - In green finance, the company has maintained a leading position in carbon trading and green bond underwriting [8]. - The company has made strides in inclusive finance, significantly increasing its retail customer base to nearly 40 million [8]. - The pension finance segment has seen the management scale exceed 700 billion yuan [9]. - Digital finance initiatives include the establishment of a new asset management service platform [9].

Core Viewpoint - The report highlights the financial performance and strategic initiatives of the Bank of Communications for the first half of 2025, showcasing stable asset growth and a commitment to supporting the real economy through various financial services. Financial Performance - As of the end of the reporting period, the total assets of the group reached 15.44 trillion yuan, an increase of 3.59% compared to the end of the previous year [1] - The group achieved operating income of 133.368 billion yuan and a net profit attributable to shareholders of 46.016 billion yuan, representing year-on-year growth of 0.77% and 1.61% respectively [1] Support for the Real Economy - The group has focused on supporting national strategies and key sectors, with a customer loan balance of 9.00 trillion yuan, up 5.18% from the previous year [2] - Technology loans, inclusive small and micro loans, and loans for the elderly industry all grew at rates exceeding the average loan growth of the group [2] - The balance of technology loans surpassed 1.5 trillion yuan, with the number of supported enterprises increasing by 11.12% year-on-year [2] Green Finance Initiatives - The bank has integrated green development concepts into its business processes, establishing green finance centers in multiple branches [3] - The balance of energy-saving and carbon-reduction industry loans grew by 6.58% year-on-year, with a total issuance of green financial bonds reaching 145 billion yuan [3] Inclusive Finance Expansion - The balance of inclusive loans reached 852.401 billion yuan, reflecting a year-on-year increase of 12.96% [3] - The bank has enhanced its service model for small and micro enterprises and rural revitalization through digital means [3] Pension Finance Development - The bank aims to create a senior-friendly banking environment, with loans in the elderly industry increasing by 21.39% year-on-year [4] - The bank's pension fund management and related services have seen significant growth, positioning it among the industry leaders [4] Digital Finance Empowerment - A digital operation center has been established to enhance the bank's digital capabilities, with loans in the core digital economy exceeding 286 billion yuan [4] - Internet loans grew by 8.52% compared to the previous year [4] Capital Strengthening - The bank completed the issuance of approximately 14.1 billion shares, raising 120 billion yuan to strengthen its core capital [7] - The non-performing loan ratio stood at 1.28%, a decrease of 0.03 percentage points from the previous year [7] Strategic Focus for the Future - The management emphasizes the commitment to serving the real economy and maintaining financial stability, aiming to contribute to national economic development goals [8]

Core Insights - Guotai Junan reported significant growth in its financial performance for the first half of 2025, with operating revenue reaching 23.872 billion yuan, a year-on-year increase of 78%, and net profit attributable to shareholders at 15.737 billion yuan, up 214% [1][2] Business Performance - Wealth management revenue was 9.772 billion yuan, reflecting a 92% increase, with a total of 38.45 million personal accounts, a 4% growth from the previous year [2] - Investment banking revenue reached 1.41 billion yuan, a 20% increase, with the domestic main underwriting amounting to 708.182 billion yuan, up 19% [2] - Institutional and trading business generated 6.861 billion yuan in revenue, a 56% increase, with QFI stock trading volume reaching 5.07 trillion yuan, doubling year-on-year [3] - Investment management revenue was 3.078 billion yuan, a 44% increase, with significant growth in asset management scales across various funds [3] - Financing leasing business generated 2.109 billion yuan, with a profit margin of 42.66% and a non-performing asset ratio of 1.16%, down 0.01 percentage points from the previous year [3] Strategic Initiatives - The company is actively integrating its operations post-merger, focusing on business, management, and system platform integration to enhance efficiency and drive high-quality development [4] - Guotai Junan is implementing a new strategy and culture, restructuring its organization, and enhancing compliance and risk management [4] - The company is preparing for a legal entity switch and customer migration, laying a solid foundation for future operational integration [4] Financial Contributions to Society - Guotai Junan is committed to enhancing its role in economic development through various financial initiatives, including technology finance, green finance, inclusive finance, pension finance, and digital finance [6][7] - The company has established a significant fund matrix for technology innovation, participated in green bond issuance, and expanded its pension fund management scale to over 700 billion yuan [6][7]

Core Viewpoint - Guotai Junan (601211) reported significant growth in its 2025 semi-annual results, with operating income reaching 23.872 billion yuan, a year-on-year increase of 78%, and net profit attributable to shareholders rising by 214% to 15.737 billion yuan [1] Business Performance - Wealth management revenue grew to 9.772 billion yuan, up 92%, with a total of 38.45 million domestic personal accounts, a 4% increase from the previous year [2] - Investment banking revenue reached 1.41 billion yuan, a 20% increase, with domestic securities underwriting amounting to 708.182 billion yuan, also up 19% [2] - Institutional and trading business revenue increased to 6.861 billion yuan, a 56% rise, with QFI stock trading volume reaching 5.07 trillion yuan, doubling year-on-year [3] - Investment management revenue was 3.078 billion yuan, up 44%, with total assets under management for major funds showing significant growth [3] - Financing leasing revenue was 2.109 billion yuan, with a profit margin of 42.66% and a non-performing asset ratio of 1.16%, down 0.01 percentage points from the previous year [3] Integration and Strategy - The company completed its merger and is actively pursuing new strategies and cultural integration, enhancing operational efficiency and management systems [4] - The company has implemented a unified customer management standard and updated over 600 compliance and risk management regulations [4] - Preparations for legal entity transition and customer migration are underway, establishing a solid foundation for future integration [4] Financial Contributions - The company has established a "mother fund + industry fund" matrix for technology finance, with over 60 billion yuan allocated to hard technology investments [6] - In green finance, the company has maintained a leading position in carbon trading and green bond underwriting [6] - The company has made significant strides in inclusive finance, with nearly 40 million retail customers and a growing public fund scale [6] - Pension fund management has exceeded 700 billion yuan, with a leading position in personal pension product offerings [7] - The company is focused on digital finance, launching initiatives to create a new asset management service platform [7]

Core Viewpoint - The Bank of Communications reported a net profit of RMB 46.016 billion for the first half of 2025, reflecting a year-on-year increase of 1.61% compared to RMB 45.287 billion in the same period of 2024 [1][4][10] Financial Summary - Net interest income for the first half of 2025 was RMB 85.247 billion, up 1.20% from RMB 84.234 billion in the first half of 2024 [3][4] - Total operating income reached RMB 133.368 billion, a slight increase of 0.77% from RMB 132.347 billion in the previous year [4][10] - The total assets of the group at the end of June 2025 amounted to RMB 15,435.405 billion, representing a 3.59% increase from RMB 14,900.717 billion at the end of June 2024 [3][10] - Customer loans reached RMB 8,998.499 billion, an increase of 5.18% from RMB 8,555.122 billion at the end of June 2024 [3][10] - Customer deposits totaled RMB 9,171.358 billion, up 4.22% from RMB 8,800.335 billion in the previous year [3][10] Profitability Metrics - The annualized return on average assets was 0.61%, down from 0.65% in the previous year [3][4] - The annualized weighted average return on equity was 9.16%, slightly down from 9.29% [3][4] - The net interest margin decreased to 1.21% from 1.29% year-on-year [3][4] Risk Management - The non-performing loan ratio was 1.28%, a decrease of 0.03 percentage points from the previous year [3][4] - The provision coverage ratio increased to 209.56%, up 7.62 percentage points from the previous year [3][4] Dividend Distribution - The bank proposed a cash dividend distribution of RMB 138.11 billion, amounting to RMB 1.56 per 10 shares, based on the total issued shares of 88.364 billion [1][4]

Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with total revenue reaching 4.705 billion yuan, a year-on-year growth of 64.79%, and net profit attributable to shareholders at 1.737 billion yuan, up 120.76% [1] - The company emphasizes its commitment to serving the real economy and enhancing its service capabilities through strategic focus areas including technology finance, green finance, inclusive finance, pension finance, and digital finance [1][4] Financial Performance - Total assets amounted to 175.088 billion yuan, reflecting a growth of 1.93% from the beginning of the year, while net assets attributable to shareholders increased by 3.10% to 40.415 billion yuan [1] - The bond underwriting scale reached a record high for the same period in nearly a decade, with 89 bonds underwritten, a 71.15% increase, and a total scale of 23.558 billion yuan, up 87.64% [3] Regional Development Strategy - The company is focused on deepening its strategy in Hubei, contributing to local economic development and the central region's rise, with two completed projects and one under review in Hubei during the reporting period [2] - Longjiang Securities has established five industry research teams to enhance its service capabilities and optimize regional collaboration mechanisms [2] Service Functionality - The company aims to enhance its core functions and competitiveness by focusing on four service areas: supporting the real economy, technological innovation, social wealth management, and major regional strategies [4] - It is actively involved in providing comprehensive lifecycle services for innovation and investment, collaborating with research institutions and enterprises [4] Investment and Asset Management - The company has successfully launched a 10 billion yuan humanoid robot and AI fund, as well as various innovative bond products, including green bonds and rural revitalization bonds [6] - The asset management subsidiary achieved a strategic breakthrough in ABS business in Hubei, marking the first green ABS project in the province [3] Shareholder Structure - In August, the company underwent a shareholding change, with Hubei Industrial Group becoming the largest shareholder, which is expected to enhance its operational capabilities in the context of Hubei's economic development [6]

Core Viewpoint - China International Capital Corporation (CICC) reported strong mid-year results for 2025, with significant growth in revenue and net profit, reflecting the company's commitment to high-quality development and its role in supporting China's economic recovery [1] Financial Performance - CICC achieved total revenue of RMB 12.83 billion, a year-on-year increase of 44% - The net profit attributable to shareholders reached RMB 4.33 billion, up 94% from the previous year - The weighted average return on equity (ROE) was 4.2% - As of June 30, 2025, total assets amounted to RMB 699.8 billion, with net assets attributable to shareholders at RMB 118.8 billion [1] Business Segments Investment Banking - CICC maintained a leading position in domestic and international equity business, completing major projects such as Ningde Times and Haitan Flavor Industry - The company ranked first in both global IPOs and Hong Kong IPOs for Chinese enterprises - In the bond financing and asset securitization sectors, CICC's underwriting scale increased year-on-year, ranking second among Chinese brokers for overseas bond underwriting [2] Fixed Income and Asset Management - CICC's bond underwriting and trading volumes remained market leaders despite pressures in the bond market - The asset management division reported a business scale of approximately RMB 586.7 billion, managing 848 products, with public fund management reaching RMB 220.2 billion, a 6.2% increase from the previous year [3] Private Equity and Wealth Management - The private equity business managed assets totaling RMB 489.8 billion, maintaining the top position among brokerages - Wealth management products and buyer advisory services reached historical highs, with total assets under management nearing RMB 400 billion [4] Strategic Initiatives Financial Innovation - CICC actively engaged in technology finance, establishing over 10 funds focused on technological innovation and directly investing in more than 70 projects [5] - The company played a significant role in the construction of a new ecosystem for the technology bond market, completing several innovative projects [6] International Expansion - CICC opened a licensed branch in Dubai, becoming the first Chinese brokerage in the Gulf region - The company facilitated foreign capital inflow of approximately RMB 130 billion and supported UAE businesses in expanding their operations in China [7] Future Outlook - CICC aims to strengthen its role as a bridge between the real economy and capital markets, focusing on high-quality development and expanding its international competitiveness [8]

Core Viewpoint - Huatai Securities reported a strong performance in the first half of 2025, with operating income of 16.219 billion yuan, a year-on-year increase of 31%, and net profit attributable to shareholders of 7.549 billion yuan, up 42% [1] Group 1: Financial Performance - The company announced an interim dividend of 1.5 yuan per 10 shares, continuing to create shareholder value [1] - The overall performance reflects the company's ability to seize market opportunities, maintaining its leading position in profitability and asset scale [1] Group 2: Support for Innovation and Sustainability - Huatai Securities focuses on supporting technology innovation, healthcare, and green sustainability, maintaining a leading position in underwriting and M&A services [2] - In the first half of 2025, the company underwrote 14 equity offerings with a total amount of 49 billion yuan, a significant year-on-year increase [2] - The company also underwrote 108 technology innovation bonds totaling 37.1 billion yuan and 27 green bonds totaling 6.9 billion yuan [2] Group 3: Private Equity and Asset Management - The private equity investment and asset management business focuses on strategic emerging industries, providing full lifecycle services to support enterprise growth [3] - As of mid-2025, the company managed 32 private equity funds and implemented 15 investment projects during the reporting period [3] - The company ranked first in the industry for the issuance of public REITs, totaling 4.7 billion yuan, and for local government bond bidding with an actual bid amount of 12.8 billion yuan [3] Group 4: Global Service Network - Huatai Securities enhances cross-border service capabilities to support the globalization of Chinese enterprises [4] - The company obtained new qualifications for its subsidiaries in Singapore and the U.S. to facilitate cross-border business [4] - In the Hong Kong market, the company ranked second in IPO sponsorship projects, completing 9 projects [4] Group 5: AI and Digital Transformation - The company is actively exploring AI to reshape business models and service scenarios, focusing on intelligent investment research, advisory, and operations [5] - The transition to a digital transformation phase aims to enhance internal efficiency and optimize external services [5] - The company is advancing its AI applications to improve employee capabilities and organizational efficiency [5] Group 6: Commitment to National Strategy and Innovation - Huatai Securities is committed to driving technological finance and building a bridge between global capital and Chinese technological innovation [6] - The company aims to serve national strategies and support industrial innovation amid global market uncertainties [6]

Core Viewpoint - Agricultural Bank of China (ABC) has demonstrated stable growth in its financial performance, with a focus on supporting the real economy and rural development, while maintaining strong asset quality and capital adequacy ratios [9][10][20]. Financial Performance - As of June 30, 2025, ABC's total assets reached RMB 46,855.88 billion, an increase of 8.4% from the previous year [14]. - The net profit for the first half of 2025 was RMB 139.94 billion, reflecting a year-on-year growth of 2.5% [10][14]. - The bank's net interest income decreased by 2.9% to RMB 282.47 billion, while net fee and commission income increased by 10.1% to RMB 51.44 billion [14]. - The non-performing loan (NPL) ratio improved to 1.28%, down by 0.02 percentage points from the end of the previous year [10][14]. Capital and Asset Quality - ABC's capital adequacy ratio stood at 17.45%, with a core tier one capital ratio of 11.11% as of June 30, 2025 [10][14]. - The bank's provision coverage ratio was 295%, indicating a strong buffer against potential loan losses [10][14]. Loan and Deposit Growth - Total loans and advances reached RMB 26,729.06 billion, with a net increase of RMB 17,869.88 billion, representing a growth of 7.5% [15]. - Customer deposits increased by RMB 15,951.29 billion, growing by 5.3% [15]. Support for Rural Development - ABC has focused on enhancing financial services for rural areas, with county loans increasing by RMB 9,164 billion, maintaining a balance of over RMB 10 trillion [11]. - Loans related to food security and important agricultural products reached RMB 1.24 trillion, growing at a rate of 23.7% [11]. Digital and Green Finance Initiatives - The bank has made significant strides in digital finance, with mobile banking active users reaching 263 million [12]. - Green loan balances increased to RMB 5.72 trillion, with a growth of 7,288 billion [12]. Shareholder Returns - The board proposed a cash dividend of RMB 1.255 per share for the 2024 fiscal year, totaling RMB 439.23 billion [1][2].