Core Viewpoint - The financial performance of Bank of Communications for the year 2025 shows steady growth in assets, net profit, and revenue, alongside improvements in asset quality and a focus on supporting key economic regions and sectors [1][2]. Financial Performance - Total assets reached 15.55 trillion RMB, an increase of 4.35% from the previous year [1][2]. - Net profit attributable to shareholders was 95.622 billion RMB, a year-on-year growth of 2.18% [1][2]. - Operating income was 265.071 billion RMB, reflecting a 2.02% increase compared to the previous year [1][2]. - The non-performing loan ratio stood at 1.28%, down by 0.03 percentage points from the end of the previous year, with a provision coverage ratio of 208.38% [1][8]. Loan and Deposit Growth - The balance of domestic RMB loans reached 8.87 trillion RMB, growing by 7.88% year-on-year [1]. - The bank's focus on effective investment support led to significant growth in loans to the manufacturing sector and private enterprises, both exceeding the average loan growth rate [1]. - Customer deposits amounted to 9.31 trillion RMB, with a notable increase in various loan categories, including a 20.76% rise in inclusive small and micro loans [5]. Dividend Policy - The bank announced a cash dividend of 0.1684 RMB per share for the second half of the year, totaling 14.88 billion RMB, maintaining a dividend payout ratio of over 30% for 14 consecutive years [3][4]. Strategic Initiatives - The bank launched the "Sci-Tech Easy Loan" product line, focusing on emerging technology sectors, with a loan balance of 1.58 trillion RMB, up 10.73% [5]. - Green finance initiatives included the issuance of 30 billion RMB in green bonds, with a loan balance of 950.825 billion RMB, reflecting a 14.16% increase [5]. - Digital finance efforts led to a retail AUM of nearly 6 trillion RMB, growing by 8.91%, and the deployment of over 2,500 AI assistants [6]. International and Cross-Border Operations - The bank's cross-border financial services platform, "Bank of Communications Trade Finance," saw a 7.61% increase in cross-border business income [7]. - The financing balance for cross-border trade grew by 85.58%, with international settlement volume increasing by 14.55% [7]. Capital Strength - The bank completed a targeted issuance of 120 billion RMB to enhance its capital strength and risk resilience [4]. - It ranked 9th among the "Top 1000 Global Banks" in terms of Tier 1 capital since 2023, maintaining its status as a globally systemically important bank for three consecutive years [9].

Report Overview - The report is the Commodity Research Morning Report - Green Finance and New Energy by Guotai Junan Futures, dated March 30, 2026 [1] Industry and Product Ratings - Nickel: Inventory accumulation slows marginally, and the ore end supports the upward shift of pyrometallurgical costs [2][4] - Stainless steel: Demand and cost are in a game, and steel prices fluctuate [2][5] - Lithium carbonate: Ore - end situations are fermenting, and attention should be paid to the impact of market sentiment [2][14] - Industrial silicon: The upside space is limited [2][17] - Polysilicon: In a pattern of bottom - seeking through fluctuations [2][18] Core Views - Different commodities in the green finance and new energy fields have different market trends and influencing factors. For example, nickel is affected by ore - end cost and inventory, stainless steel by demand - cost game, lithium carbonate by ore - end situations and market sentiment, industrial silicon by limited upside space, and polysilicon by a bottom - seeking pattern [2] Summary by Commodity Nickel and Stainless Steel Fundamental Data - For nickel, the closing price of the main Shanghai nickel contract was 137,100 yuan, with a change compared to different time periods (e.g., +3,940 yuan compared to T - 5). The trading volume of the main Shanghai nickel contract was 316,027 lots, showing a decrease of 96,279 lots compared to T - 1. For stainless steel, the closing price of the main contract was 14,390 yuan, and the trading volume was 177,353 lots [5] News - Indonesia plans to adjust the benchmark price of nickel ore. The Solway Investment Group plans to restart its nickel mine in Guatemala. ESDM has relevant production quota information, and there are also events such as mine accidents and company sanctions in Indonesia [5][6][8][9] Inventory - On March 27, China's refined nickel social inventory increased by 1,690 tons to 86,077 tons. LME nickel inventory decreased by 1,938 tons to 281,574 tons. SMM nickel - iron full - industry chain inventory decreased by 8% month - on - month to 121,000 metal tons [11] Trend Intensity - Nickel trend intensity: 0; Stainless steel trend intensity: 0 [12] Lithium Carbonate Fundamental Data - The closing price of the 2605 contract was 168,440 yuan, with corresponding changes in trading volume and open interest compared to different time periods. The price of battery - grade lithium carbonate was 158,000 yuan, showing price changes over different time intervals [14] News - Ford recalls 254,640 cars in the US. The escalation of the Middle East conflict leads to a shortage of natural gas supply in India, affecting the automotive industry [15][16] Trend Intensity - Lithium carbonate trend intensity: 1 [16] Industrial Silicon and Polysilicon Fundamental Data - The closing price of the Si2605 contract for industrial silicon was 8,625 yuan/ton, and for the PS2605 contract of polysilicon was 35,680 yuan/ton. There are corresponding data on trading volume, open interest, basis, price, and profit for both [18] News - Xinjiang holds a symposium on intellectual property protection in the photovoltaic industry, aiming to promote the in - depth integration of intellectual property protection and industrial innovation in the photovoltaic industry [18] Trend Intensity - Industrial silicon trend intensity: 0; Polysilicon trend intensity: - 1 [20]

Core Viewpoint - The performance meeting of Bank of Communications (601328) highlighted its commitment to national strategic guidance and its effective service to the real economy through targeted credit allocation and the promotion of five key financial areas: technology finance, green finance, inclusive finance, pension finance, and digital finance [1] Group 1: Financial Performance - As of the end of 2025, the total customer loans of Bank of Communications reached 9,123.57 billion yuan, an increase of 6.64% compared to the previous year, outpacing the growth rate of total assets [1] - Key sectors such as manufacturing, private loans, and green loans experienced growth rates higher than the average loan growth rate, demonstrating the bank's commitment to high-quality development [1] Group 2: Strategic Initiatives - The bank effectively leveraged its comprehensive and international advantages, with the contribution of overseas institutions and subsidiaries to the overall profit of the group steadily increasing, becoming a significant driver of profit growth [1] - As the only state-owned bank headquartered in Shanghai, Bank of Communications strengthened its role in supporting the construction of Shanghai's "five centers" and focused on cross-border finance, RMB internationalization, and free trade zone business [1] Group 3: Regional Development Support - In alignment with the Yangtze River Delta integration strategy, the bank played a pivotal role in efficiently allocating credit resources within the region, providing robust financial support for infrastructure connectivity, technological innovation, and industrial upgrading [1]

Core Viewpoint - The Bank of Communications (交通银行) has demonstrated stable and quality growth in its 2025 performance, achieving significant financial metrics and maintaining a strong commitment to serving the real economy [1][2]. Financial Performance - In 2025, the bank reported a net operating income of 265.6 billion yuan, a year-on-year increase of 2.05%, and a net profit attributable to shareholders of 95.62 billion yuan, up 2.18% [1]. - Total assets exceeded 15.5 trillion yuan, reflecting a growth of 4.35% compared to the previous year [1]. - The bank's total dividends over the past five years amounted to 123.87 billion yuan, with a dividend payout ratio maintained above 30% for 14 consecutive years [1]. Revenue Structure and Cost Management - Net interest income reached 173.08 billion yuan, growing by 1.91%, while net fee and commission income was 38.18 billion yuan, increasing by 3.44%, contributing to 14.38% of total operating income [2]. - Business and management expenses slightly decreased to 77.66 billion yuan, with a cost-to-income ratio of 29.30%, down by 0.60 percentage points [2]. Asset Quality and Risk Management - The non-performing loan (NPL) ratio stood at 1.28%, a decrease of 0.03 percentage points from the previous year, while the provision coverage ratio improved to 208.38%, up by 6.44 percentage points [2]. - The bank disposed of 73.84 billion yuan in non-performing loans, marking a 10.75% increase year-on-year [2]. - The core Tier 1 capital adequacy ratio was 11.43%, up by 1.19 percentage points, indicating strengthened capital position [2]. Commitment to Real Economy - The bank focused on serving the real economy, emphasizing five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, with total customer loans reaching 9.12 trillion yuan, a growth of 6.64% [3]. - Key sectors such as manufacturing, private loans, and green loans saw growth rates exceeding the average loan growth, showcasing the bank's commitment to high-quality development [3]. Strategic Focus and Regional Development - As the only state-owned bank headquartered in Shanghai, the bank is enhancing its competitive advantage by supporting Shanghai's development as a financial hub [4]. - The bank is actively contributing to the integration of the Yangtze River Delta region by efficiently allocating credit resources to support infrastructure, technological innovation, and industrial upgrades [4]. Digital Transformation - The bank is advancing its digital transformation, leveraging technology to enhance business operations, reduce costs, improve efficiency, and manage risks [5]. - Retail banking services, including mobile and online banking, have been optimized to enhance customer experience, while corporate digital financial services have seen significant improvements in automation and intelligence [5][6]. Future Outlook - For 2026, the bank plans to continue its focus on the five key areas, strengthen its Shanghai operations, and advance digital transformation while effectively managing financial risks [7]. - The bank aims to increase support for national strategic initiatives and optimize its liability structure to maintain a low-cost funding advantage [7].

Core Insights - China Bank is actively integrating its financial services into the national strategy, focusing on high-quality development that addresses multiple missions such as supporting the real economy, promoting technological self-reliance, facilitating green transformation, enhancing public welfare, and ensuring safety [2][18] Group 1: Technology Finance - China Bank aims to be a "full-cycle companion" for technology enterprises, providing support from early-stage financing to later-stage growth, exemplified by its involvement with the domestic GPU company, Moore Threads, which saw a stock price increase of 468.78% on its debut [3] - The bank has established a "five-in-one" strategic action framework to enhance its technology finance services, focusing on national strategic priorities and creating a seamless service system [4] - China Bank has launched the "Zhongyin Ketech Full-Cycle Customer Cultivation Plan," allocating 60 billion yuan for hard technology projects, aiming to provide integrated financial services throughout the enterprise growth cycle [4] Group 2: Green Finance - China Bank has deeply integrated green development concepts into its operations, with a commitment to supporting low-carbon transitions in key industries [5][6] - The bank has underwritten over 1.4 trillion yuan in domestic green bonds and over 130 billion USD in international green bonds during the 14th Five-Year Plan period [6] - China Bank has implemented innovative financing models, such as supporting a waste recycling project in Wuxi with a loan of 120 million yuan, demonstrating its commitment to turning waste into resources [6] Group 3: Inclusive Finance - Inclusive finance is a priority for China Bank, focusing on bridging the gap for underserved populations, particularly in rural areas [9] - The bank introduced the "Kunyux Red Date Planting Loan" to facilitate financing for local farmers, resulting in 880,000 yuan in loans for 13 farmers within three months [10] - The bank has developed a digital system, "Chain Jietong," to streamline loan applications, significantly reducing processing time and enhancing accessibility for clients [11][12] Group 4: Pension Finance - China Bank has established a comprehensive personal pension service system, serving over 10 million clients and offering more than 270 investment products [13] - The bank is transitioning from a product-oriented approach to a demand-oriented strategy, focusing on holistic financial planning for retirement [15] - The launch of the "Zhongyin Silver Age" pension finance brand aims to provide a range of services that enhance the quality of life for elderly clients [15] Group 5: Digital Finance - China Bank is advancing its digital finance capabilities, moving from basic online services to a more intelligent and integrated digital infrastructure [16] - The bank has built a data lake with over 29 petabytes of storage and developed various technology platforms to support its digital transformation [16] - Digital finance initiatives have improved service efficiency and enhanced security measures, ensuring compliance and risk management in financial technology [17]

1. Report Industry Investment Rating No information provided in the report. 2. Core View of the Report - This week (20260323 - 20260327), 28 new green bonds were issued in the inter - bank and exchange markets, with a total issuance scale of about 1.7916 billion yuan, an increase of 78.7 million yuan from last week. The issuance is mainly in the medium - short term of less than 5 years, with issuers including local state - owned enterprises, central enterprise subsidiaries, and private enterprises. The bond types include ultra - short - term financing bills, private placement corporate bonds, enterprise ABS, credit ABS, and medium - term notes [1]. - This week, the total weekly trading volume of green bonds was 7.24 billion yuan, an increase of 200 million yuan from last week. Non - financial corporate credit bonds, financial institution bonds, and interest - rate bonds had the top three trading volumes. Green bonds with a term of less than 3Y had the highest trading volume, accounting for about 80.76%. The industries with the top three trading volumes were finance, public utilities, and transportation equipment. Geographically, Beijing, Guangdong, and Hubei had the top three trading volumes [2]. - This week, the overall deviation of the weekly average trading price valuation of green bonds was not large. The discount trading amplitude was greater than the premium trading, but the discount trading proportion was less than the premium trading [3]. 3. Summary by Relevant Catalogs 3.1 Primary Market Issuance - **Issuance Quantity and Scale**: 28 new green bonds were issued, with a total issuance scale of about 1.7916 billion yuan, an increase of 78.7 million yuan from last week [1]. - **Issuance Term**: Mainly medium - short - term of less than 5 years [1]. - **Issuer Nature**: Local state - owned enterprises, central enterprise subsidiaries, and private enterprises [1]. - **Subject Rating**: Mainly AAA and AA+ levels [1]. - **Issuer Region**: Anhui, Beijing, Guangdong, Guangxi, Shanghai, Yunnan, Tianjin, Jiangsu, Shandong, Zhejiang, Sichuan [1]. - **Bond Types**: Ultra - short - term financing bills, private placement corporate bonds, enterprise ABS, credit ABS, and medium - term notes [1]. 3.2 Secondary Market Trading - **Total Trading Volume**: The total weekly trading volume was 7.24 billion yuan, an increase of 200 million yuan from last week [2]. - **By Bond Type**: Non - financial corporate credit bonds, financial institution bonds, and interest - rate bonds had the top three trading volumes, which were 3.55 billion yuan, 2.44 billion yuan, and 810 million yuan respectively [2]. - **By Issuance Term**: Green bonds with a term of less than 3Y had the highest trading volume, accounting for about 80.76% [2]. - **By Issuer Industry**: The industries with the top three trading volumes were finance, public utilities, and transportation equipment, with trading volumes of 2.75 billion yuan, 1.39 billion yuan, and 300 million yuan respectively [2]. - **By Issuer Region**: Beijing, Guangdong, and Hubei had the top three trading volumes, which were 2.22 billion yuan, 1.12 billion yuan, and 520 million yuan respectively [2]. 3.3 Valuation Deviation of the Top 30 Individual Bonds - **Discount Bonds**: The top three discount bonds were 25 Guohong G1 (- 0.8265%), 25 Shuineng G1 (- 0.6501%), and 22 Dazu State - owned Assets Green Bond (- 0.5838%). The subject industries were mainly public utilities, real estate, and transportation equipment. The bonds were mainly rated AA+, AA, and AAA+ by ChinaBond, and were mostly distributed in Guangdong, Beijing, and Jiangsu [3]. - **Premium Bonds**: The top three premium bonds were 26 Yinbao Group PPN001 (Carbon - neutral Bond) (0.5856%), 25 Puyang G2 (0.5158%), and 26 Kunshan Water Affairs MTN001 (Sustainable - linked) (0.1728%). The subject industries were mainly comprehensive, public utilities, and finance. The bonds were mainly rated AAA, AA+, and AA by ChinaBond, and were mostly distributed in Guangdong, Shandong, and Zhejiang [3].

Performance Summary - The company achieved operating income of RMB 25.97 billion, a year-on-year increase of 1.92%, and a net profit of RMB 5.50 billion, up 4.61% year-on-year [2][4] - Total assets reached RMB 1.93 trillion, an increase of 4.91%, maintaining a "double increase" trend in revenue and net profit [2][4] - Non-performing loan balance decreased to RMB 15.92 billion, down RMB 0.56 billion from the previous year, with a non-performing loan ratio of 1.66%, a decrease of 0.1 percentage points [2][5] Strategic Focus - The company is committed to serving the real economy and has implemented the "Nine-Five-Three-One" development strategy, focusing on high-quality development and reform [3][15] - Emphasis on technology finance, green finance, inclusive finance, pension finance, and digital finance as key areas for supporting the real economy [7][9] Financial Highlights - Technology finance loans increased by 52.20%, with a total balance of RMB 71.68 billion, and the issuance of RMB 5 billion in technology innovation bonds [5][7] - Green loans grew by 36.77%, reaching a balance of RMB 59.34 billion, with recognition as a leading institution in green finance [8] - The company’s bond underwriting amount totaled RMB 214.90 billion, a year-on-year increase of 26.60%, and international settlement exceeded USD 100 billion, up 48% [2][4] Risk Management and Asset Quality - The company has strengthened risk management, with a non-performing loan coverage ratio of 162.16%, an increase of 6.97% [5] - Continuous improvement in asset quality, with all indicators meeting regulatory requirements [5] Future Outlook - The company plans to deepen reforms and transition towards a mechanism-driven management approach, ensuring the effective implementation of the "Nine-Five-Three-One" strategy [6][15] - Focus on enhancing financial services for the real economy while maintaining a balance between stable operations and sustainable development [6][15]

Core Insights - Construction Bank reported a total operating income of 761.05 billion yuan for 2025, with a growth rate of 1.88%, and a net profit of 339.79 billion yuan, increasing by 1.04% [1] - The total assets of the group reached 45.63 trillion yuan, marking a 12.47% increase, with loans and financial investments accounting for nearly 90% of the total [1] - The bank's non-performing loan ratio remained stable at 1.31%, with a provision coverage ratio of 233.15%, indicating strong risk mitigation capabilities [1] Financial Performance - The net loan and advance amount was 26.93 trillion yuan, reflecting a growth of 7.53%, while financial investments reached 12.90 trillion yuan, up by 20.72% [1] - Total liabilities amounted to 41.95 trillion yuan, increasing by 12.68%, with deposits reaching 30.84 trillion yuan, a growth of 7.39% [1] - Key performance indicators include an average return on assets of 0.79%, a weighted average return on equity of 10.04%, and a capital adequacy ratio of 19.69% [1] Credit Resource Allocation - The bank actively supports economic recovery by enhancing credit resources across various sectors, with personal consumption loans increasing by 29.41% and private sector loans reaching 6.72 trillion yuan, up by 12.17% [2] - The "Good Construction and Smart Manufacturing" service plan has led to a loan balance of 3.52 trillion yuan directed towards the manufacturing sector [2] - Financing support for the digital supply chain totaled 1.32 trillion yuan, with a focus on regional coordinated development [2] Technological and Green Finance Initiatives - The bank has advanced its capabilities in technology finance, with a technology loan balance of 5.25 trillion yuan and the issuance of 719.84 billion yuan in technology innovation bonds [3] - Green loans reached 6.00 trillion yuan, with a diversified service system for green finance maintaining an MSCI ESG rating of AAA [3] - Inclusive finance initiatives have supported 3.69 million small and micro enterprises, with a loan balance of 3.83 trillion yuan [3] Corporate and Personal Financial Services - The bank has established a differentiated customer management model, serving 12.73 million corporate clients and managing over 23 trillion yuan in personal financial assets [4] - Non-cash payment transactions in corporate services grew by 13.97% year-on-year [4] - The asset management business scale reached 6.94 trillion yuan, with significant growth in direct financing services and wealth management [4] Integration and International Business - The bank has enhanced its integrated operations, with a 85.85% increase in non-financial corporate bond underwriting and a 24.01% rise in merger loan balances [4] - International business credit balance reached 1.45 trillion yuan, with cross-border RMB settlement volume at 6.50 trillion yuan [4] - The overseas institutions achieved a net profit of 12.04 billion yuan, while integrated subsidiaries reported a net profit of 9.45 billion yuan [4]

Core Insights - Construction Bank reported a total operating income of 761.05 billion yuan for 2025, with a growth rate of 1.88%, and a net profit of 339.79 billion yuan, increasing by 1.04% [1] - The total assets of the group reached 45.63 trillion yuan, marking a growth of 12.47%, with loans and financial investments accounting for nearly 90% [1] - The bank maintained a stable asset quality with a non-performing loan ratio of 1.31% and a provision coverage ratio of 233.15% [1] Financial Performance - The net loan and advance amount was 26.93 trillion yuan, reflecting a growth of 7.53%, while financial investments totaled 12.90 trillion yuan, increasing by 20.72% [1] - Total liabilities amounted to 41.95 trillion yuan, with a growth of 12.68%, and deposits reached 30.84 trillion yuan, up by 7.39% [1] - Key performance indicators included an average return on assets of 0.79%, a weighted average return on equity of 10.04%, and a capital adequacy ratio of 19.69% [1] Credit Resource Allocation - The bank actively supported economic recovery by enhancing credit resources, with personal consumption loans increasing by 29.41% and private sector loans reaching 6.72 trillion yuan, up by 12.17% [2] - The loan balance directed towards the manufacturing sector was 3.52 trillion yuan, and the digital supply chain provided financing support of 1.32 trillion yuan [2] Systematic Capability Development - The bank's technology finance initiatives included a loan balance of 5.25 trillion yuan and the underwriting of technology innovation bonds totaling 71.98 billion yuan [3] - Green finance services expanded, with green loan balances reaching 6.00 trillion yuan, and the bank maintained an MSCI ESG rating of AAA [3] - Inclusive finance efforts resulted in 3.83 trillion yuan in loans to small and micro enterprises, with agricultural loans totaling 3.71 trillion yuan [3] Corporate and Personal Financial Services - The bank established a differentiated customer management model, serving 12.73 million corporate clients and managing over 23 trillion yuan in personal financial assets [4] - Non-cash payment transactions in corporate services grew by 13.97% [4] - The asset management business scale reached 6.94 trillion yuan, with a significant increase in bond underwriting and merger loan balances [4]

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 而產生或因依賴該等內容而引致的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：6099） 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條規則作出。 茲載列招商證券股份有限公司在上海證券交易所網站刊登之《招商證券股份有限公司2025 年年度報告》，僅供參閱。 承董事會命 招商證券股份有限公司 霍達 董事長 中國深圳，2026年3月27日 於本公告日期，本公司執行董事為霍達先生及朱江濤先生；本公司非執行董事為羅 立女士、劉振華先生、李德林先生、李曉霏先生、黃堅先生、張銘文先生及丁璐莎 女士；本公司獨立非執行董事為葉熒志先生、張瑞君女士、陳欣女士、曹嘯先生及 豐金華先生；以及本公司職工代表董事為馬小利先生。 企业文化共识 【使命】 服务国家科技自立自强 助力社会财富保值增值 【愿景】 打造中国领先投资银行 【核心价值观】 家国情怀 时代担当 励新图强 敦行致远 ...