本报讯 记者左希报道 8月29日，交通银行发布2025年半年度经营业绩。截至报告期末，交通银行资 产总额达到15.44万亿元，较上年末增长3.59%。报告期内，实现营业收入1333.68亿元、归属于母公司 股东净利润460.16亿元，同比分别增长0.77%、1.61%。 责任编辑：杨喜亭 截至报告期末，交通银行不良贷款率1.28%，较上年末下降0.03个百分点；拨备覆盖率209.56%，较 上年末上升7.62个百分点。报告期内，累计处置不良贷款378.3亿元，同比增加27.9%，其中实质性清收 203.7亿元，同比增加54.3%。 截至报告期末，交通银行客户贷款余额9.00万亿元，较上年末增长5.18%。科技贷款、普惠小微贷 款、养老产业贷款增幅均高于该行贷款平均增幅。 报告期内，交通银行发挥上海主场创新策源和辐射带动作用，服务和支持上海"五个中心"建设。金 融要素市场创新业务先行先试，实现债券"南向通"一级交易商、做市商、托管清算银行角色的全覆盖。 落地总行自贸区分账核算单元项下首笔上海黄金交易所国际板自营交易，成为全市场首批为保险资金投 资黄金提供服务的银行之一。在上海市成功上线国家医保局医保码一码付业务 ...

Core Viewpoint - The report highlights the financial performance and strategic direction of Bank of Communications, emphasizing its commitment to supporting the real economy and enhancing financial services through digital transformation and targeted financial products [2][3]. Financial Performance - As of June 2025, the total assets of Bank of Communications reached 15.44 trillion yuan, an increase of 3.59% compared to the end of the previous year [2]. - The bank achieved an operating income of 133.368 billion yuan and a net profit of 46.016 billion yuan in the first half of the year, representing year-on-year growth of 0.77% and 1.61%, respectively [2]. - The customer loan balance reached 9 trillion yuan, growing by 5.18% from the end of the previous year [2]. Strategic Focus - The bank's president outlined five key strategic directions: 1. Implementing the central financial work conference's directives, focusing on technology finance, green finance, inclusive finance, pension finance, and digital finance [3]. 2. Leveraging its Shanghai headquarters to enhance technology finance capabilities and support the construction of five centers in Shanghai [3]. 3. Deepening digital transformation and embedding financial services into digital scenarios [3]. 4. Enhancing customer base through a "strong, stable, large, and expanding small" strategy [3]. 5. Strengthening risk management and compliance to adapt to external uncertainties [3]. Digital Transformation - The establishment of a digital operation center aims to create a smart-driven financial business operation system, enhancing collaboration between online and offline services [2]. - By the end of June, the bank's loans to core industries in the digital economy exceeded 286 billion yuan, with internet loans increasing by 8.52% compared to the previous year [2]. Dividend Policy - In the first half of 2025, the bank distributed a cash dividend of 1.563 yuan per 10 shares (including tax), totaling 13.81 billion yuan, which accounts for 31.2% of the net profit attributable to shareholders [4]. - The bank has maintained a dividend payout ratio exceeding 30% for 14 consecutive years, indicating a commitment to stable and predictable returns for shareholders [4].

来源：上海证券报·中国证券网 上证报中国证券网讯（记者 马慜）8月29日，交通银行发布2025年半年度经营业绩。上半年，集团实现营业收入1333.68亿元、归属于母公司股东净利润460.16亿元，同比分别增长0.77%、 截至6月末，交通银行集团资产总额达到15.44万亿元，较上年末增长3.59%。其中，集团客户贷款余额9.00万亿元，较上年末增长5.18%。科技贷款、普惠小微贷款、养老产业贷款增幅均高于 上半年，交通银行完成向财政部、中国烟草和双维投资发行人民币普通股（A股）约141亿股，募集资金1200亿元，有效补充核心一级资本，资本实力进一步增强。 资产质量方面，截至6月末，集团不良贷款率1.28%，较上年末下降0.03个百分点；拨备覆盖率209.56%，较上年末上升7.62个百分点。上半年累计处置不良贷款378.3亿元，同比增加27.9% ...

Group 1: Internet Platform Pricing Regulations - The National Development and Reform Commission, along with other departments, has drafted rules to guide internet platform pricing behavior, emphasizing the importance of lawful and independent pricing by operators [2][3] - The rules specify requirements for price marking and transparency, mandating that platform operators disclose pricing strategies such as promotions and dynamic pricing to ensure public oversight [2] - The guidelines aim to foster fair competition among operators by establishing standards for price competition and integrity [2][3] Group 2: PPP Project Management - The State Council has issued guidelines to regulate the construction and operation of existing Public-Private Partnership (PPP) projects, focusing on problem-solving and efficiency [4][5] - Local governments are instructed to prioritize projects based on their economic viability and to ensure timely completion and operational readiness [4] - The guidelines encourage collaboration among social capital, financial institutions, and government entities to optimize project costs and enhance public service delivery [5] Group 3: Antitrust Guidelines in Public Utilities - The State Administration for Market Regulation has proposed antitrust guidelines for the public utility sector to prevent monopolistic practices and protect consumer interests [6][7] - The guidelines detail specific behaviors that constitute abuse of market dominance, such as unfair pricing and restrictive trading practices [6][7] - The initiative aims to clarify enforcement principles and provide a framework for compliance in the public utility sector, promoting healthy market competition [7] Group 4: Financial Support in Chongqing - Chongqing aims to increase its technology loan balance to approximately 1 trillion yuan by 2027, alongside significant targets for green loans and microfinance [9][10] - The plan includes 17 specific measures to enhance financial services across various sectors, including technology, green initiatives, and elderly care [9][10] - The city will also focus on digital finance transformation and support for small and micro enterprises through targeted financial actions [10] Group 5: Business Deregistration Guidelines in Xiamen - Xiamen has introduced guidelines for "substitute deregistration" to facilitate the exit of business entities facing challenges due to investor death or other issues [11][12] - The guidelines provide a structured approach for various types of investors to navigate the deregistration process, ensuring legal compliance and efficiency [11][12] - Measures are in place to protect the rights of creditors and shareholders, including avenues for preemptive relief and post-deregistration corrections [12] Group 6: Innovation and Entrepreneurship in Shanghai - Shanghai's Lingang Group has launched the "Super Individual 288 Action" plan to create a supportive environment for youth entrepreneurship, offering free office space and housing [14][15] - The initiative targets eight innovative sectors and aims to establish a significant number of high-level laboratories and industry clusters by 2030 [14][15] - Financial support mechanisms, including dedicated loans and funds, will be implemented to assist startups and enhance market access [15]

Domestic News - The State Council's office has forwarded the Ministry of Finance's guidance on standardizing the construction and operation of existing government and social capital cooperation (PPP) projects, emphasizing increased financial support for eligible ongoing projects. Local governments can utilize general and special bonds for government expenditures related to the construction costs of PPP projects [1] - The Ministry of Finance and the State Taxation Administration announced that childcare subsidies issued under the childcare subsidy system will be exempt from personal income tax, effective from January 1, 2025 [2] Financial Regulations - The Financial Regulatory Bureau is seeking public opinion on the draft of the "Commercial Bank Merger Loan Management Measures," which categorizes merger loans into control-type and equity participation-type loans, with specific conditions for each type [2] Market Performance - The Hong Kong stock market experienced strong growth in the first half of 2025, with a total fundraising amount of HKD 109.4 billion, representing a year-on-year increase of 716%. There are currently 207 listing applications being processed [4] Economic Data - The People's Bank of China announced that the loan market quotation rate (LPR) for one year remains at 3.0% and for five years or more at 3.5%, both unchanged [2] - The latest data from Japan shows a significant year-on-year decline in exports by 2.6% in July, marking the third consecutive month of negative growth [6]

Core Insights - The People's Bank of China (PBOC) has increased support for the financial "five major articles," with loans in technology, green finance, inclusive finance, elderly care, and digital economy sectors accounting for approximately 70% of new loans this year [1][2] Group 1: Loan Growth by Sector - Technology loans grew by 12.5% year-on-year, with a total balance of 44.1 trillion yuan, outpacing the overall loan growth by 5.8 percentage points [1] - Green loans increased significantly, with a balance rising from 9.9 trillion yuan at the end of 2019 to 36.6 trillion yuan by the end of 2024, averaging over 20% annual growth [1] - Inclusive finance for small and micro enterprises reached a loan balance of 65 trillion yuan, with its share of corporate loans increasing from 30.4% in 2014 to 38.2% [2] Group 2: Future Directions - The PBOC plans to steadily advance the construction of the elderly finance system and enhance financing support for the elderly care industry, while also enriching the product system for elderly finance [2]

Core Insights - The People's Bank of China (PBOC) has increased support for the financial "five major articles," with loans in technology, green finance, inclusive finance, elderly care, and digital economy accounting for approximately 70% of new loans [1][2] Group 1: Loan Growth and Structure - As of June, loans for technology, green finance, inclusive finance, elderly care, and digital economy grew by 12.5%, 25.5%, 11.5%, 43%, and 11.5% respectively, all exceeding the overall loan growth rate [1] - The structure of new loans has shifted significantly from over 60% in real estate and infrastructure loans in 2016 to about 70% in the aforementioned five key areas [1] Group 2: Technology and Green Finance - The balance of technology loans reached 44.1 trillion yuan, with a year-on-year growth of 12.5%, which is 5.8 percentage points higher than the overall loan growth [1] - Green loans have shown robust growth, increasing from 9.9 trillion yuan at the end of 2019 to 36.6 trillion yuan by the end of 2024, with an average annual growth rate exceeding 20% [1] Group 3: Inclusive Finance and Elderly Care - By the end of June, the balance of loans to small and micro enterprises reached 65 trillion yuan, with their share in corporate loans rising from 30.4% at the end of 2014 to 38.2% [2] - Inclusive small and micro loans have experienced an average annual growth rate of over 20% since the end of 2018, with the number of credit accounts tripling [2] - The PBOC plans to enhance the elderly finance system and strengthen financing support for the elderly care industry, while also diversifying the elderly finance product system [2]

Group 1 - The People's Bank of China Fujian Branch continues to promote technological innovation and technical transformation re-loans, supporting large-scale equipment updates and consumption upgrades in Fujian Province [1] - As of the end of June, the success rate of matching technological transformation projects in Fujian ranked third nationwide, with a signed loan amount of 118.4 billion yuan and 38 billion yuan disbursed [1] - The balance of technology loans in Fujian reached 1.21 trillion yuan by the end of June, a year-on-year increase of 11%, which is 6.24 percentage points higher than the growth rate of various loans [1] Group 2 - The financial system in Fujian has created a series of financial products and services for green finance, with the balance of forest-related loans reaching 166.23 billion yuan, a year-on-year increase of 15.30% [1][2] - As of the end of June, carbon reduction loans totaled 37.2 billion yuan, supporting 750 green projects, with the balance of green loans at 1.27 trillion yuan, growing by 12.99% since the beginning of the year [2] Group 3 - The balance of loans for key county industrial chains in Fujian reached 533.69 billion yuan, with an increase of 56.07 billion yuan this year, benefiting 34,100 enterprises [2] - The balance of loans for rural revitalization reached 12.43 billion yuan, with a weighted average interest rate of 3.89% [2] Group 4 - The digital financial sector in Fujian has expanded, with 12.31 million digital wallets opened and a transaction amount of 559.44 billion yuan by the end of June [3] - The balance of loans for the digital economy industry reached 217.30 billion yuan, with a year-on-year growth of 12.8% [3]

Core Viewpoint - Shanxi Province is undergoing a critical phase of industrial transformation and economic restructuring, with Guangfa Bank playing a significant role in supporting these initiatives through comprehensive financial services [1][2]. Group 1: Financial Support for Transformation - Guangfa Bank's Taiyuan Branch focuses on supporting the transformation of key state-owned enterprises in Shanxi, with over 5 billion yuan in corporate loans issued in the first half of 2025, reflecting an 11.1% year-on-year increase [2]. - The branch has underwritten over 7.2 billion yuan in local government bonds, contributing to regional high-quality development [2]. - Manufacturing loans increased by 36.3% year-to-date, with medium to long-term loans growing by 32.7%, demonstrating strong support for emerging industries [2]. Group 2: Empowering Diverse Development - The bank actively supports small and micro enterprises through innovative financing solutions, including a 7.5 million yuan loan to a seed industry company using intellectual property as collateral [3]. - Guangfa Bank has implemented a credit loan strategy to assist a foreign trade company facing long accounts receivable periods, enhancing the company's operational capacity [3]. Group 3: Enhancing Social Governance - The bank has facilitated the digital transformation of social security and medical insurance in Shanxi, improving public access to healthcare services [4]. - An innovative solution for traffic accident relief funds has recovered nearly 30 million yuan, enhancing the operational efficiency of social assistance programs [4]. Group 4: Strengthening Elderly Care Services - Guangfa Bank has launched various loan products for the elderly care industry and established a comprehensive service system to support elderly clients [5]. - The bank has implemented measures to enhance financial literacy among the elderly, including the establishment of dedicated service points and the use of smart technology to assist them [5][6]. Group 5: Commitment to Financial Security - The bank prioritizes the protection of customer funds and actively engages in anti-fraud education, particularly targeting the elderly demographic [6]. - Recent initiatives include community outreach to educate seniors on common fraud tactics, demonstrating a proactive approach to safeguarding client interests [6].

Core Viewpoint - The Hubei province has initiated significant loans in the service consumption and elderly care sectors, indicating a strong focus on supporting these industries through financial institutions [1] Group 1: Loan Distribution - The Bank of Communications Hubei branch issued a loan of 2 million yuan to a certain elderly care service company [1] - The Agricultural Bank of China Hubei branch allocated 269 million yuan to key service consumption areas and the elderly care industry [1] - The China Development Bank Hubei branch approved a new credit of 220 million yuan for a medical and elderly care integration demonstration project [1] Group 2: Cumulative Loans - Financial institutions in Hubei province have cumulatively issued over 2 billion yuan in loans to the elderly care industry this year [1]