湖北生态环境权益交易平台建立了全国首个规范的生态产品价值实现交易模块。通过科学的生态产品价 值核算体系，为清新的空气、洁净的水源、丰富的碳汇、优美的景观等"无价"的生态产品贴上"价格标 签"，并上线交易。十堰市的优质水资源、荆州市的洪湖流域碳汇等项目作为首批生态产品亮相。 湖北生态环境权益交易平台于10月18日上线运行，该平台建设深植于湖北省在资源环境要素领域已形成 的显著比较优势与深厚数据积累。湖北在全国各试点碳市场中汇聚了最丰富的交易主体、实现了最大的 交易规模，并保持着最活跃的碳金融创新态势。同时，排污权交易试点也长期走在全国前列，生态产品 与固废资源极为丰富。受益于此，与传统单一品种交易平台不同，湖北生态环境权益交易平台首创性地 实现了碳排放权、排污权、生态产品价值实现、固体废物资源化利用、绿色金融服务五大核心功能的系 统整合与协同运作，业务范畴横跨生态、金融、经济等多个领域，正成为推动绿色低碳转型的重要引 擎。 截至目前，湖北生态环境权益交易平台运行一个月，目前平台注册用户已突破200万，累计交易额650亿 元，累计融资规模达2576亿元。面向未来，生态环境权益交易平台将积极发挥要素配置功能，有效支 ...

Core Viewpoint - The Bank of Communications reported a stable and positive operational performance for the third quarter of 2025, with total assets reaching 15.50 trillion yuan, a year-on-year increase of 4.02% [1] Group 1: Financial Performance - The bank achieved a net operating income of 200.06 billion yuan, a year-on-year growth of 1.86%, with net interest income and net commission income increasing by 1.46% and 0.15% respectively [2] - The net profit attributable to shareholders reached 69.99 billion yuan, reflecting a year-on-year increase of 1.90%, with growth rates for net revenue and net profit improving by 1.14% and 0.29% compared to the first half of the year [2] Group 2: Support for the Real Economy - The bank focused on enhancing financial services for the real economy, with customer loan balances reaching 9.07 trillion yuan, a year-on-year increase of 6.04%, adding 31.2 billion yuan compared to the previous year [3] - The bank's green loan balance grew by 6.72%, while green bond investments surged by 52.35% year-on-year [3] - Inclusive finance loans increased by 18.29%, and loans for the pension industry rose by 41.75% [3] Group 3: Digital Transformation - The bank is accelerating its digital transformation, enhancing digital infrastructure and security, with monthly active users for its mobile banking and payment apps reaching 53.06 million and 25.93 million respectively [5] - The bank has opened 7,039 open banking interfaces, with a total of 10.5 billion calls made [5] Group 4: Risk Management - The bank maintained a non-performing loan ratio of 1.26%, a decrease of 0.05 percentage points from the previous year, while the provision coverage ratio increased to 209.97%, up by 8.03 percentage points [6] - The bank disposed of non-performing loans amounting to 55.74 billion yuan, a year-on-year increase of 28.12% [6]

Core Viewpoint - Jiangyin Bank has demonstrated resilience in a complex macro environment, reporting strong financial performance for the third quarter of 2025, with significant growth in both revenue and net profit [1][2]. Financial Performance - The bank achieved total operating revenue of 3.204 billion yuan, a year-on-year increase of 6.17% [1]. - Net profit attributable to shareholders reached 1.278 billion yuan, reflecting a robust year-on-year growth of 13.38% [1]. - The net profit excluding non-recurring gains and losses was 1.229 billion yuan, up 14.94% year-on-year, indicating enhanced profitability from core operations [2]. - The weighted average return on equity increased to 6.79%, up 0.23 percentage points from the previous year, showing improved efficiency in generating shareholder returns [2]. - Basic earnings per share rose to 0.5194 yuan, a year-on-year increase of 11.92% [2]. Asset Quality and Growth - Total assets surpassed 208.042 billion yuan, growing by 3.90% since the beginning of the year [2]. - Shareholders' equity reached 19.149 billion yuan, an increase of 3.01% year-to-date [2]. - The non-performing loan ratio stood at 0.85%, slightly down by 0.01 percentage points, maintaining a strong position within the industry [2]. - The provision coverage ratio was high at 371.91%, indicating robust risk mitigation capabilities [2]. Strategic Initiatives - Jiangyin Bank is focusing on strategic transformation with an emphasis on "stabilizing growth, adjusting structure, promoting transformation, preventing risks, and strengthening management" [3]. - The bank's total deposit size reached 165.073 billion yuan, an increase of 8.73% year-to-date, while total loans grew by 6.31% to 131.957 billion yuan [3]. - The net interest margin was reported at 1.56%, with a net interest spread of 1.39%, both showing a slight increase from the previous half-year [3]. Sector-Specific Developments - In the inclusive finance sector, the bank has established a comprehensive service system, resulting in a 15.07% increase in corporate clients [4]. - Green finance initiatives led to a 34.26% increase in green loan balances, significantly outpacing average loan growth [4]. - The bank has developed a unique brand in elderly finance, focusing on the needs of the aging population [4]. Shareholder Returns - Jiangyin Bank announced a cash dividend of 1.0 yuan per 10 shares, totaling approximately 246 million yuan, which represents 19.25% of the net profit attributable to the parent company for the first three quarters [5][6]. - This dividend proposal reflects the bank's commitment to shareholder returns and its stable financial policy [6]. - The bank aims to continue focusing on rural revitalization, industrial cluster development, and wealth management, reinforcing its long-term growth strategy [6].

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，概不對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。 特此公告。 中國建設銀行股份有限公司 董事會 2025年10月30日 於本公告日期，本行的執行董事為張金良先生、張毅先生和紀志宏先生，本行的 非執行董事為辛曉岱女士、劉芳女士、李璐女士、李莉女士和竇洪權先生，本行 的獨立非執行董事為威廉 • 科恩先生、梁錦松先生、詹誠信勛爵、林志軍先生和 張為國先生。 （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） (A joint stock company incorporated in the People's Republic of China with limited liability) （股份代號：00939） 2025年第三季度報告 中国建设银行股份有限公司（"本行"）董事会及全体董事保证 ...

Core Insights - SuNong Bank reported a slight increase in operating income and a more significant rise in net profit for the first three quarters of 2025, indicating stable financial performance [1] - The bank's total assets, loans, and deposits have all shown growth compared to the beginning of the year, reflecting a solid operational foundation [1] - The bank maintains a low non-performing loan ratio and a high provision coverage ratio, showcasing its robust risk management capabilities [1] Financial Performance - Operating income for the first three quarters reached 3.221 billion yuan, a year-on-year increase of 0.08% [1] - Net profit attributable to shareholders was 1.708 billion yuan, up 5.01% year-on-year [1] - Total assets amounted to 226.749 billion yuan, growing by 5.96% since the beginning of the year [1] - Total loans reached 137.969 billion yuan, an increase of 6.68% [1] - Total deposits were 182.302 billion yuan, reflecting a growth of 7.08% [1] Business Segments - Retail deposits increased to 111.834 billion yuan, a rise of 10.36% from the start of the year, driven by a focus on wealth management [1] - The bank's wealth management and insurance sales have significantly outperformed last year's figures, with insurance and precious metals sales doubling [1] - Corporate loans reached 89.232 billion yuan, growing by 7.83% since the beginning of the year, supported by the bank's "SME Financial Service Steward" initiative [2] - The bank has introduced an innovative "Alliance Chain" model to enhance service delivery for small and medium enterprises [2] - Technology enterprise loans approached 20 billion yuan, facilitated by a dedicated financial service model for startups [2] Strategic Focus - The bank plans to continue focusing on its core responsibilities and integrate its "Three-One-Five" development strategy with operational priorities [3] - Emphasis will be placed on inclusive finance, supporting the real economy, and empowering technological innovation [3] - The bank aims to implement its financial strategies effectively in key areas to contribute to stable economic and social development [3]

Core Viewpoint - The "14th Five-Year Plan" emphasizes the construction of a strong financial nation, focusing on serving the real economy, deepening reform and innovation, and preventing financial risks [1] Group 1: Development of Financial Sectors - The plan highlights the development of five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance [2] - In technology finance, banks and securities firms are encouraged to support innovative enterprises through loans and equity investments [2] - Green finance aims to align standards with international practices and explore carbon financial derivatives, supporting industries like energy storage and hydrogen [2] - Pension finance focuses on building personal pension product offerings and encouraging the development of long-term, stable pension products [2] - Inclusive finance should leverage digital transformation to create online financial products for small and micro enterprises and rural areas [2] - Digital finance requires financial institutions to invest in digital infrastructure and enhance service efficiency and risk control through technology [2] Group 2: Optimization of Financial Institutions - The plan calls for optimizing the financial institution system, encouraging institutions to focus on their core businesses and improve governance [3] - The financial system has developed into a comprehensive support service structure, with banks as the main service providers [3] - Large banks are expected to transition towards comprehensive and international development, while small and medium banks will focus on niche markets [3] - Non-bank financial institutions will play a more significant role in asset and wealth management [3] - Regulatory authorities will guide institutions to find their positioning and promote differentiated competition [3][4] Group 3: Strengthening Financial Regulation - The plan emphasizes the need for comprehensive financial regulation, enhancing collaboration between central and local regulators [5] - A robust risk prevention and resolution system is to be established to ensure financial stability [5] - Financial institutions are advised to strengthen risk management frameworks and utilize digital tools for comprehensive risk control [6] - There is a focus on improving compliance management and ensuring adherence to regulatory requirements [6]

Core Insights - China Bank reported significant profit growth in Q3 2025, with a net profit of 60.07 billion yuan, a year-on-year increase of 5.09% [1] - The bank's overall profitability improved in the first three quarters of 2025, achieving a net profit of 177.66 billion yuan, up 1.08% year-on-year [1] - Non-interest income was a key driver of profitability, reaching 165.41 billion yuan, a 16.20% increase year-on-year, while net interest income decreased by 3.04% [1] Financial Performance - For Q3 2025, China Bank's operating income was 162.20 billion yuan, a 0.58% increase year-on-year [1] - Total assets reached 37.55 trillion yuan, growing by 7.10% from the previous year [2] - Customer loans totaled 23.35 trillion yuan, an 8.15% increase year-on-year [2] Loan Growth and Credit Quality - New loans added in 2025 amounted to 1.72 trillion yuan, with a year-on-year growth rate of 11.71% [2] - The non-performing loan ratio was 1.24%, a slight decrease from the beginning of the year, with a provision coverage ratio of 196.60% [3] Sector Support and Initiatives - China Bank increased support for key sectors, with corporate loans reaching 16.44 trillion yuan, up 11.71% year-on-year [2] - The bank's technology loans reached approximately 4.7 trillion yuan, with over 160,000 clients [4] - Green loans exceeded 4.66 trillion yuan, growing by 20.11% year-on-year, maintaining a leading position in green finance [4] Inclusive Finance and Digital Transformation - Inclusive finance initiatives led to a balance of 2.71 trillion yuan in loans for small and micro enterprises, an 18.99% increase [5] - The bank's pension finance loans grew by 20.90% year-on-year, enhancing services for multi-tiered pension systems [6] - Digital finance initiatives saw an 8.32% increase in monthly active users of the mobile banking app [6]

Investment Rating - The report maintains a rating of "Buy" for key companies in the environmental sector, including Huicheng Environmental, GaoNeng Environment, and HongCheng Environment [4][7]. Core Insights - The establishment of the ecological environment rights trading platform in Hubei province is expected to significantly benefit carbon trading and management sectors, with a focus on building a comprehensive trading center by 2030 [11][18]. - The joint development plan between Anhui and Henan provinces aims to create a cross-province pollution prevention and control system, enhancing opportunities for the environmental industry [19][26]. - The current macroeconomic environment, characterized by historically low interest rates, presents a favorable backdrop for investing in high-dividend and growth-oriented assets within the environmental sector [2][27]. Summary by Sections Carbon Trading Market - The national carbon market saw a price increase, with the highest price reaching 55.67 CNY/ton and a total trading volume of 7.5 billion tons since inception [2][32]. - The report highlights the potential for growth in hazardous waste management and recycling sectors, recommending companies like GaoNeng Environment and Huicheng Environmental [2][28]. Industry News - Recent policies in Yunnan and Inner Mongolia aim to enhance pollution control and energy efficiency in the cement industry, indicating a broader trend towards stricter environmental regulations [3][42]. - The environmental sector underperformed compared to the broader market, with a reported increase of 2.61% against the Shanghai Composite Index's 2.88% [32][39]. Key Companies - Huicheng Environmental is noted for its strong technological capabilities and ongoing projects in hazardous waste management, with a significant focus on plastic recycling [28][30]. - GaoNeng Environment aims to become a leading global environmental service provider, benefiting from increased orders due to regulatory changes [29][30]. - HongCheng Environment is recognized for its consistent revenue growth and high dividend payouts, making it an attractive investment option [28][30].

Core Viewpoint - The Hubei Province Ecological Environment Rights Trading Platform has officially launched, enabling the realization of "ecological product value" transactions, marking a significant step in transforming ecological assets into tradable "living assets" [1] Group 1: Platform Features - The platform allows for the scientific valuation of clean air, clean water, abundant carbon sinks, and beautiful landscapes, facilitating their conversion into tradable assets [1] - It integrates five core functions: carbon emission rights, pollutant discharge rights, ecological product value realization, solid waste resource utilization, and green financial services [1] - The platform employs an innovative model combining online convenience with offline precision matching, enhancing transaction efficiency [1] Group 2: Market Performance - The carbon market on this platform has achieved a cumulative transaction volume exceeding 100 billion yuan, ranking first in the country [1] Group 3: Related Companies - Key listed companies involved include Huayin Power and Changyuan Power [1]

Core Viewpoint - The launch of the Hubei Ecological Environment Rights Trading Platform marks a significant breakthrough in the construction of factor trading platforms, facilitating the service of a unified national market and promoting domestic economic circulation [1][2]. Group 1: Platform Features - The Hubei Ecological Environment Rights Trading Platform integrates five core functions: carbon emission rights, pollutant discharge rights, ecological product value realization, solid waste resource utilization, and green financial services [2]. - The platform employs a scientific ecological product value accounting system to assign price tags to "priceless" ecological products such as clean air, clean water, carbon sinks, and beautiful landscapes [2]. Group 2: Market Development - Hubei has established itself as a leader in the carbon trading market, with a cumulative transaction volume exceeding 10 billion yuan, maintaining its position at the forefront of the nation [2]. - The province's pollutant discharge rights trading scale ranks among the top in the country, contributing to the rapid development of the energy-saving and environmental protection industry [2]. Group 3: Operational Framework - The platform aims to create an operational system characterized by data empowerment, unified rules, market linkage, regional collaboration, precise allocation, and comprehensive supervision [2]. - The platform offers online services through four systems for streamlined access and offline services for qualification review, financial support, and demand matching, fostering an open factor trading market [2].