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份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。 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條而做出。 茲載列本行在上海證券交易所網站刊登的本行根據中國會計準則編製的2025年度報告， 僅供參閱。 特此公告。 中國工商銀行股份有限公司 董事會 中國工商銀行股份有限公司 INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED （於中華人民共和國註冊成立的股份有限公司） 股份代號：1398 海外監管公告 中國，北京 2026年3月27日 於本公告刊發日期，董事會成員包括執行董事廖林先生、劉珺先生、段紅濤先生和王景武先生；非執行董事曹利 群女士、董陽先生和鐘蔓桃女士；獨立非執行董事陳德霖先生、赫伯特•沃特先生、莫里•洪恩先生、陳關亭先生、 李偉平先生和李金鴻先生。 中国工商银行股份有限公司 （股票代码：601398） 2025 年度报告 公司简介 中国工商银行成立于 1984 年 1 月 1 日。20 ...

Group 1 - The core point of the news is that Bank of Communications plans to apply for the cancellation of its private banking specialized institution license, aiming to enhance its wealth management features and customer service capabilities through organizational restructuring [1][2] - The bank's existing private banking services, rights, and processes will remain unaffected, and it will continue to prioritize customer-centric services [1][2] - The recent board approval for the reform of the retail sector is a significant organizational adjustment in the wealth management area, following the establishment of a Wealth Management Department at the head office [1][2] Group 2 - The private banking sector is considered one of the most valuable segments in retail finance, serving as a key anchor for wealth management operations and reflecting the bank's wealth management strength [2] - As of June 2025, the number of private banking clients at Bank of Communications is expected to grow by 8.94% to 102,600, with assets under management (AUM) reaching 1.39 trillion yuan, a 7.20% increase [2] - The transition from a "fund intermediary" to a "service intermediary" is crucial for banks, as high-net-worth clients demand comprehensive and complex services, necessitating the integration of resources across investment banking, asset management, and trust services [2][3] Group 3 - The previous model of managing private banking as an independent licensed institution has led to structural issues such as resource fragmentation and service gaps, which have become increasingly apparent [3] - The competition in private banking is shifting from scale-based expansion to a focus on integration, collaboration, and specialized services, with future competitiveness relying on the ability to create a seamless wealth management ecosystem covering the entire client lifecycle [3]

Core Viewpoint - The Bank of Communications (BoCom) is applying to revoke its private banking license to enhance its wealth management services and improve customer service capabilities, while ensuring that existing private banking services remain unaffected [2][3]. Group 1: Business Strategy - BoCom's board approved a reform plan for its retail sector to strengthen its wealth management features and customer service [2]. - The bank emphasizes a customer-centric approach, aiming to provide higher quality and more efficient financial services [2]. Group 2: Private Banking Overview - As of June 2025, BoCom has 102,600 private banking clients, representing an 8.94% increase from the previous year [3]. - The total assets managed for private banking clients by the group amount to 1,388.874 billion yuan, reflecting a 7.20% growth compared to the end of the previous year [3]. - Currently, there are five banks in China with private banking licenses, including BoCom, which are all located in Shanghai [3].

Core Viewpoint - The Bank of Communications plans to apply for the cancellation of its private banking specialized institution license, aiming to enhance its wealth management services and customer service capabilities through organizational restructuring and integration of wealth management and private banking businesses [1][2]. Group 1: Organizational Changes - The restructuring is part of a broader retail sector reform approved by the bank's board, which aims to improve service quality without affecting existing private banking services [1]. - The establishment of the Wealth Management Department at the bank's headquarters in December 2022, led by Jin Qi, reflects a strategic focus on integrating private banking and wealth management services [1][2]. Group 2: Historical Context - Since obtaining its private banking license in September 2012, the Bank of Communications has grown its private banking client base to over 100,000 [2]. - The private banking license was part of a pilot program initiated by the former China Banking Regulatory Commission, allowing licensed institutions to operate with a degree of independence [2]. Group 3: Strategic Vision - The bank's vision for wealth management has evolved since 2020, aiming to build a world-class bank with distinctive wealth management features and global competitiveness [3]. - The bank has initiated reforms in its private banking operating model, establishing various committees and mechanisms to enhance the professionalism of its wealth management services [3].

Core Viewpoint - The Bank of Communications plans to apply for the cancellation of its private banking license as part of a restructuring effort to enhance its wealth management services and customer service capabilities [1] Group 1: Company Actions - The Bank of Communications has approved a reform of its retail sector structure through a board resolution [1] - The bank is implementing organizational adjustments in accordance with regulatory processes to ensure a smooth transition [1] Group 2: Impact on Services - The existing private banking services, rights, and processes will remain unaffected during this transition [1] - The bank emphasizes its commitment to customer-centric service, aiming to provide higher quality and more efficient financial services [1]

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的內容概不負責，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份內容而產 生或 因依賴該等內容而引致的任何損失承擔任何責任。 中信銀行股份有限公司 China CITIC Bank Corporation Limited （在中華人民共和國註冊成立的股份有限公司） （股份代號：998） 於其他市場發佈的公告 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 條刊登。 茲載列該公告（於上海證券交易所網站刊登）如下，僅供參閱。 承董事會命 中信銀行股份有限公司 方合英 董事長 中國•北京 2026年3月20日 於本公告日期，本行執行董事為方合英先生（董事長）及胡罡先生；非執行董事為魏強先生、王 彥康先生及付亞民先生；及獨立非執行董事為廖子彬先生、周伯文先生、王化成先生及宋芳秀女 士。 证券代码：601998 证券简称：中信银行 中信银行股份有限公司 二〇二五年年度报告摘要 第一节 重要提示 本年度报告摘要来自本行2025年年度报告全文，为全面了解本行的经营成果、 财务状况及未来发展规划，投资者应当到上海证券交易所网 ...

Core Insights - The private banking sector has seen significant growth in the first three quarters of this year, with seven listed banks reporting over 100,000 private banking clients as of September 30, 2023, indicating a rising demand for wealth management services among high-net-worth individuals [2][4][5] Group 1: Growth in Private Banking Clients - Multiple banks reported a client growth rate exceeding 10%, with Minsheng Bank, Beijing Bank, and Nanjing Bank showing increases over 15% [4] - Minsheng Bank had the fastest growth, reaching 73,409 private banking clients, an increase of 18.21% from the end of last year [5] - Beijing Bank reported 20,586 private banking clients, up 17.9%, and an asset under management (AUM) of 224 billion yuan, a 14.39% increase [5][6] Group 2: Market Position of Major Banks - State-owned banks continue to dominate the private banking market, with Agricultural Bank of China leading at 279,000 clients, followed by China Construction Bank and Bank of China [6] - China Merchants Bank and Ping An Bank have also joined the "100,000 club," with Ping An Bank reaching 103,300 clients, marking its first entry into this category [6][7] Group 3: Challenges and Opportunities in Wealth Management - The growth in private banking clients is attributed to the expanding base of high-net-worth individuals and the upgrading of banking services [9] - The Hu Run Wealth Report indicates that the total wealth of China's 6 million affluent families has reached 150 trillion yuan, with ultra-high-net-worth families holding 87 trillion yuan, an increase from 56% to 58% of total wealth [9] - The private banking sector is facing challenges such as economic shifts, declining risk-free returns, and reduced investor confidence, necessitating a transformation in wealth management services [10][11]

Core Insights - The private banking business has seen significant growth in the first three quarters of this year, with seven listed banks surpassing 100,000 private banking clients as of September 30, 2023, driven by the increasing number of high-net-worth individuals and evolving wealth management needs [1][3][6] Growth of Private Banking Clients - Several banks reported a client growth rate exceeding 10%, with Minsheng Bank, Beijing Bank, and Nanjing Bank showing increases over 15%. Minsheng Bank led with an 18.21% growth, reaching 73,409 clients [3][6] - Beijing Bank's private banking clients grew by 17.9% to 20,586, with total assets under management (AUM) increasing by 14.39% to 224 billion yuan [3][6] - Nanjing Bank also reported a 15.43% increase in private banking clients [3] Dominance of State-Owned Banks - State-owned banks continue to lead in absolute numbers, with Agricultural Bank of China having 279,000 clients, followed by China Construction Bank with 265,500 clients [4] - China Merchants Bank and Ping An Bank have also joined the "100,000 club," with Ping An Bank reaching 103,300 clients, marking its first time surpassing this threshold [4][6] Market Dynamics and Competition - The private banking market is characterized by a competitive landscape where state-owned banks leverage their scale, while joint-stock banks focus on differentiated services and operational efficiency [7] - The growth of high-net-worth individuals is expected to drive competition towards service quality and asset allocation capabilities [7] Challenges in Wealth Management - The wealth management sector faces three main challenges: economic growth slowdown, declining risk-free returns, and reduced investor confidence [10][11] - Banks are urged to upgrade their wealth management services to meet clients' real needs and utilize various financial tools for comprehensive solutions [11] Changing Client Demographics - The core client base for private banking is shifting from traditional business owners to new economy groups, with a notable increase in demand for comprehensive wealth management services [9] - Banks are redefining their target clients based on their strengths, with some focusing on family wealth transfer and others on retirement financial management [9]

Core Insights - The private banking sector in China continues to experience robust growth, with several banks reporting double-digit increases in client numbers [1] - As of the end of Q3 2025, the number of private banking clients at Ping An Bank has surpassed 100,000, making it the seventh bank to join the "100,000 club" [1] - The increase in private banking clients is attributed to the rising number of high-net-worth individuals, structural upgrades in wealth management needs, and banks' enhanced capabilities in comprehensive financial services and digitalization [1] Summary by Category Client Growth - Seven private banks in China have exceeded 100,000 clients as of September 2025, with one additional bank joining this group since the end of last year [1] - Ping An Bank's private banking client count reached over 100,000 for the first time in Q3 2025 [1] Market Trends - The growth in private banking clients reflects a continuous increase in the high-net-worth population and evolving wealth management demands among residents [1] - The private banking sector is benefiting from banks' ongoing improvements in their financial service offerings and digital capabilities [1]

Core Insights - Deutsche Bank's private banking head for North Asia, Cedric Ko, has resigned after over 15 years in the role, having led the investment manager team for more than four years [1] - Deutsche Bank's private banking business is divided into wealth management and retail banking, with Morgan Stanley highlighting it as a currently undervalued growth area [1] - Morgan Stanley forecasts that the contribution of Deutsche Bank's private banking business to group profits will increase from 26% in 2024 to 30% by 2027, indicating significant growth potential [1]