Core Viewpoint - The article emphasizes that China's financial industry is advancing towards high-quality development, with a focus on serving the modernization of the country. The strategic deployment of the "Five Major Articles" aims to better align financial resources with national goals, and the Bank of Communications (交通银行) is actively fulfilling this mission through innovation and service to the real economy [1][2]. Group 1: Implementation of National Strategy - The Bank of Communications prioritizes serving the real economy and aligns its development with national strategies, focusing on financial supply-side structural reforms to enhance service quality [2]. - The bank has established a comprehensive technology-driven financial service system to support the "Five Major Articles," creating a virtuous cycle of "technology + industry + finance" [2][3]. Group 2: Collaborative Ecosystem - The bank has built a collaborative mechanism involving government, banks, parks, and enterprises to support high-tech parks and innovation incubators, enhancing the synergy for financial services [3]. - It has launched a full-cycle technology financial service system, integrating various financial products to address the financing challenges faced by technology enterprises [3]. Group 3: Regional Development and Trade Finance - The Bank of Communications leverages its unique position as the only state-owned bank headquartered in Shanghai to contribute to the city's development as a global financial center [4]. - The bank has introduced innovative cross-border trade finance solutions, such as "交银航贸通," to enhance the efficiency of international trade and support small and micro foreign trade enterprises [4][5]. Group 4: Digital Transformation and Financial Solutions - The bank is transforming its financial services from simple financing to comprehensive intelligent solutions, addressing complex financial needs through digitalization [7]. - It has developed a systematic financial solution covering supply chains and has implemented a digital treasury management system to enhance corporate financial governance [7][8]. Group 5: Social Responsibility and Public Welfare - The Bank of Communications integrates financial services into social governance, focusing on improving public welfare and enhancing the accessibility of medical services through innovative solutions [9]. - It has launched a digital platform for comprehensive fund supervision, ensuring precise control and monitoring of funds across various sectors [9]. Group 6: Future Development Strategy - The bank aims to continue its high-quality development by reinforcing its strategic focus, deepening digital transformation, and fostering collaborative financial ecosystems [10]. - It remains committed to serving the real economy and contributing to the modernization of China, reflecting its responsibility and commitment to the times [10].

普惠，照见金融向善的初心。 金融向善，方能致远。全国第十二届残疾人运动会暨第九届特殊奥林匹克运动会（以下简称 "2025年全 国残特奥会"）于2025年12月在广东、香港、澳门三地启幕，一曲"一国两制"下区域协同发展的华美乐 章将在粤港澳大湾区奏响。 乐章恢弘，金融何为？作为2025年全国残特奥会银行官方合作伙伴，交通银行（601328）躬身入局，通 过"产品+科技"双轮驱动，助力残疾人事业发展，推动粤港澳大湾区协同共进，以切实行动践行了金融 向善的深刻内涵。 多元产品，助力残障群体解锁更多可能 2025年10月，在2025年全国残特奥会交通银行金融服务发布会上，《交通银行助残共富综合金融服务方 案》发布。交通银行推出无障碍服务、普惠金融、跨境金融、数字人民币钱包等多方位、多层次的专属 助残金融服务，为残疾人群体及助残机构带来更多务实的金融保障。 以普惠金融为例，该行聚焦残障群体对美好生活的追求与干事创业的需求，设计了一系列专属产品，力 求做到精准触达、有效赋能，助力残障群体解锁更多人生可能。 在跨境金融服务方面，深度契合残特奥会需求，推出外汇便利化服务专属方案，针对赛事相关机构、个 人用汇开辟"绿色通道"， ...

Investment Rating - The report maintains an "Accumulate" rating for the company [6] Core Views - The company achieved a revenue of 439 million RMB in H1 2025, representing a year-on-year growth of 11.33%, with a net profit attributable to shareholders of 30 million RMB, compared to 11 million RMB in the same period of 2024 [1][4] - In Q2 2025, the company reported a revenue of 232 million RMB, a year-on-year increase of 16.32%, and a net profit of 15 million RMB, recovering from a loss of 2 million RMB in Q2 2024 [1] - The company is focusing on enhancing product development and has successfully implemented several core business system projects in hospitals, contributing to improved operational quality [1][3] Summary by Sections Financial Performance - The gross margin for H1 2025 was 43.98%, an increase of 4.77 percentage points year-on-year [2] - The company's revenue from the medical insurance sector was 238 million RMB, up 2.63% year-on-year, with a gross margin of 48.12%, an increase of 4.54 percentage points [2] - The digital government revenue reached 147 million RMB, growing by 6.94% year-on-year, with a gross margin of 37.89%, up 6.86 percentage points [2] - The smart city revenue surged by 409.88% year-on-year to 52 million RMB, although the gross margin slightly decreased by 1.15 percentage points [2] Business Strategy - The company is deepening its focus on the "application + technology" data business layout, particularly in public data for governance and healthcare [3] - It has developed a comprehensive platform for data governance and synchronization, supporting various sectors including healthcare and smart cities [3] - The company is actively promoting AI product implementation in the medical insurance sector, with its services covering over 2,800 hospitals across 26 provinces [3] Profit Forecast and Valuation - The report maintains profit forecasts, expecting net profits of 105 million RMB, 141 million RMB, and 180 million RMB for 2025, 2026, and 2027 respectively [4] - The target price for the company is set at 25.90 RMB, based on a 75 times PE ratio for 2026, reflecting the broad commercial potential of its medical insurance data [4][8]

Group 1 - The core viewpoint emphasizes the importance of financial services in supporting the real economy and innovation, particularly for technology-driven small and medium-sized enterprises (SMEs) [2][4] - The company has introduced a specialized financial service plan called "Technology Pass" to address the financing difficulties faced by technology SMEs, focusing on a tailored evaluation system for their unique needs [2][3] - The collaboration with Xiangxin Co., a technology enterprise, highlights the shift from traditional collateral-based financing to more innovative solutions like intellectual property pledge financing [3] Group 2 - The "Credit + Medical" innovation model has been developed to alleviate medical access issues, allowing patients to utilize credit for immediate medical expenses, significantly reducing payment processing time [5] - The "Bailu Consumption Loan" product has been created to meet the financial needs of new citizens in various life stages, facilitating purchases and services such as home decoration and education [5] - The company is actively constructing a rural revitalization financial service system, offering tailored loans for local agricultural products to enhance the economic vitality of rural areas [6][7] Group 3 - The company has streamlined cross-border RMB business processes, enhancing efficiency for enterprises engaged in international trade and financing [8] - A specific case involving a private commodity trading company illustrates the successful implementation of a batch payment function, significantly simplifying the payment process for RMB foreign debts [8] - The overall strategy focuses on providing precise financial support to key sectors and weak links in the economy, contributing to high-quality development [8]

Core Insights - The integration of financial services with elderly care is becoming a strategic choice to address societal changes and support national development, particularly in Shanghai, which has a high aging population [1][3] - The focus is on creating a multi-layered and diversified elderly care ecosystem that meets the specific needs of the elderly population, including health, nutrition, housing, transportation, leisure, and education [3][6] Financial Services and Elderly Care Integration - The financial services sector is innovating to deeply integrate with elderly care services, addressing the needs of the elderly in areas such as medical assistance, home care, and health management [1][3] - A notable initiative is the "Assisted Medical Appointment Payment Subsidy" program, which allows elderly clients to receive comprehensive medical assistance through a dedicated app, enhancing their healthcare experience [3][4] Multi-Party Collaboration in Elderly Ecosystem - The construction of an elderly care ecosystem involves collaboration among various stakeholders, including financial institutions, service providers, and community organizations [6][8] - Partnerships with meal service providers and travel agencies are being established to offer discounts and specialized services for the elderly, enhancing their quality of life [6][7] Financial Support for Elderly Services - The introduction of the "Elderly Batch Loan" aims to provide financial support to private elderly care institutions, addressing their challenges related to asset-light operations and lack of collateral [8][9] - The bank is committed to building a comprehensive elderly financial service system that includes pension finance, elderly wealth management, and consumer finance tailored for the elderly [10] Commitment to Elderly Welfare - The bank emphasizes its dedication to creating a friendly banking environment for the elderly, focusing on product accessibility, service quality, and community engagement [8][10] - The goal is to ensure that the financial services provided resonate with the needs of the elderly population, contributing to a society where the elderly can live with dignity and security [10]