Core Viewpoint - Beijing Bank is actively exploring differentiated development strategies to navigate the challenges of financial supply-side structural reforms, aiming for high-quality growth and innovation in its services [1][3]. Group 1: Technological Financial Development - Beijing Bank established its first technology-oriented SME credit branch in 2009 and has since pioneered various financial products and services tailored for technology enterprises, achieving significant growth in its client base and loan balances [5][6]. - By the end of 2024, the bank served over 20,000 specialized and innovative clients, with a loan balance of 106.8 billion yuan, marking a 3.2-fold increase compared to two years prior [5][6]. Group 2: Green Finance Initiatives - In response to national policies on carbon neutrality, Beijing Bank launched a dedicated green finance team and introduced innovative products such as "Waste-Free Loans" and "Water-Saving Loans," achieving a green finance loan balance of 210.35 billion yuan, a 43.11% increase [9][10]. - The bank aims to integrate ESG factors into its business development, establishing a comprehensive ESG governance structure and setting 20 key initiatives to enhance its ESG capabilities [10]. Group 3: Cultural Finance Development - Beijing Bank has made significant strides in cultural finance, with a loan balance of 116.64 billion yuan by the end of 2024, reflecting a 32.39% growth [11]. - The bank has implemented various initiatives to support cultural consumption and has partnered with major film production companies to provide financial services for popular films [11]. Group 4: Digital Transformation - Over the past three years, Beijing Bank has focused on digital transformation, achieving comprehensive upgrades in technology, business models, and organizational structures [13]. - The bank has developed an AI-driven operational model, launching innovative tools that enhance efficiency and reduce operational costs, such as the AI collaboration service that improves staff productivity by over 10% [14]. Group 5: Future Outlook - Looking ahead, Beijing Bank plans to leverage its regional advantages to continue high-quality development, focusing on becoming a "children-friendly bank" and an "AI-driven commercial bank" while enhancing its digital capabilities [15].

2024年，对于银行业来说，无疑是充满荆棘与挑战的一年。面对利率持续下行、息差不断收窄的压力， 各家银行的盈利空间正在不断被压缩。 展望2025年，百年变局加速演进，AI大模型重塑千行百业，银行经营环境机遇与挑战并存。在即将迎 来"三十而立"的重要关口，北京银行该如何以形式更多、差异性更大的发展模式，在市场中脱颖而出？ 该行的"答题思路"正在逐渐清晰。 然而，2024年，北京银行却以穿越周期的经营智慧、差异化发展的创新实践，诠释了一家城商行的"破 浪前行"。 近日，北京银行发布了2024年业绩报告。截至2024年末，北京银行资产总额达4.22万亿元，较年初增长 12.61%，规模站上新台阶；实现营业收入699.17亿元，同比增长4.81%；实现归母净利润258.31亿元， 同比增长0.81%，展现出良好的发展韧性。 质效均衡发展 在经营业绩稳健向好的同时，资本市场也传来捷报：北京银行全年股价涨幅达到43.69%，创近十年最 大涨幅；品牌价值达到1036.62亿元，实现市值与品牌价值双提升。 在"逆周期"中实现韧性生长 在低利率、低息差的双重挑战下，韧性，成为了有竞争力的商业银行的重要特征，它体现在一家银行身 ...

Core Viewpoint - The China Securities Index ESG 80 Index has shown a decline in recent months, indicating potential challenges in the ESG investment landscape [2][3]. Group 1: Index Performance - The China Securities Index ESG 80 Index reported a value of 1881.55 points, with a decrease of 2.70% over the past month, 0.32% over the past three months, and 4.05% year-to-date [1][2]. - The index is based on a sample of 80 securities selected from the CSI 300, focusing on those with an ESG score of E+ or higher and the lowest volatility over the past six months [2]. Group 2: Index Composition - The top ten holdings of the China Securities Index ESG 80 Index include Guotai Junan (2.78%), Daqin Railway (2.15%), and Changjiang Power (2.12%), among others [2]. - The index is heavily weighted towards the Shanghai Stock Exchange, which accounts for 73.04% of the holdings, while the Shenzhen Stock Exchange represents 26.96% [2]. Group 3: Sector Allocation - The sector allocation of the index shows that finance constitutes 33.86%, followed by industrials at 22.50%, and materials at 11.46% [3]. - Other sectors include consumer discretionary (7.50%), utilities (6.53%), consumer staples (6.23%), healthcare (5.90%), information technology (3.09%), energy (1.60%), and communication services (1.35%) [3]. Group 4: Index Adjustment Mechanism - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [3]. - Weight factors are generally fixed until the next scheduled adjustment, with provisions for temporary adjustments in special circumstances such as delisting or corporate actions [3].

Investment Rating - The report maintains a "Recommended" investment rating for Beijing Bank (stock code: 601169) [1] Core Insights - Beijing Bank shows marginal improvement in revenue growth, with a year-on-year increase of 4.81% in 2024, recovering from previous quarters. The net profit attributable to shareholders increased by 0.81% year-on-year [4] - The bank's net interest income also improved, with a year-on-year growth of 4.81% for the full year and 4.29% in Q4 2024, driven by an increase in net interest income and growth in non-interest income [4] - The bank's asset quality remains stable, with a non-performing loan ratio of 1.31% and a provision coverage ratio of 208.75% as of the end of 2024 [4] Summary by Sections Revenue and Profitability - In 2024, Beijing Bank's revenue reached 69.92 billion yuan, with a growth rate of 4.81%. The net profit attributable to shareholders was 25.83 billion yuan, reflecting a growth rate of 0.81% [44] - The bank's return on equity (ROE) was 8.65%, a decrease of 0.67 percentage points year-on-year [4] Loan and Deposit Growth - Total loans increased by 9.65% year-on-year, with corporate loans growing by 14.43% and technology finance loans surging by 40.52% [4] - Total deposits grew by 18.21% year-on-year, with corporate and personal deposits increasing by 12.68% and 19.69%, respectively [4] Non-Interest Income - Non-interest income rose by 10.06% year-on-year, with a significant increase of 15.29% in Q4 2024, primarily driven by growth in investment income and other non-interest income [4] - The bank's retail assets under management (AUM) grew by 17.25% year-on-year, and the scale of wealth management products increased by 39.4% [4] Capital Adequacy and Risk Management - The core tier one capital adequacy ratio stood at 8.95%, down 0.26 percentage points year-on-year [4] - The bank has increased its provision for credit losses, with a credit cost of 0.87% in 2024, reflecting a proactive approach to risk management [4] Future Outlook - The bank aims to deepen its digital transformation and enhance its retail financial services, with projected BVPS of 13.64 yuan, 14.60 yuan, and 15.60 yuan for 2025, 2026, and 2027, respectively [44]

Core Points - The 2025 Beijing Bank Beijing Urban Sub-center Marathon took place with 15,000 participants, showcasing the unique charm of the Beijing urban sub-center [1] - This event is the first A1-class full marathon certified by the Chinese Athletics Association in Beijing for 2025 [1] - The marathon featured a diverse group of runners from 18 countries and regions, with ages ranging from 20 to 79 years [1] Event Organization - The event was organized by the Tongzhou District People's Government and Beijing State-owned Assets Management Co., Ltd., with support from various local organizations [1] - The marathon route highlighted cultural landmarks, including the Grand Canal Cultural Belt, and ended at Renmin University of China [1] - The organizing committee emphasized quality through meticulous planning and upgrades in various aspects, including volunteer services and medical support [2] Performance Highlights - Kenyan runners David Kiprono and Ruth Karanja won the men's and women's categories, with finishing times of 2 hours 17 minutes 39 seconds and 2 hours 35 minutes 56 seconds, respectively [1] - Karanja set a new women's record for the event [1] Community Engagement - The organizing committee implemented thoughtful measures to minimize participant losses due to a one-week delay caused by weather conditions, receiving positive feedback from runners [2] - A marathon carnival featuring unique sports culture activities was also successfully held alongside the main event [2]

Core Viewpoint - The performance of 14 out of 17 listed city commercial banks in China for 2024 shows resilience and growth despite challenges in the banking sector, with many banks leveraging regional advantages and differentiated business strategies to achieve notable results [1][2]. Revenue and Profit Growth - The average revenue growth rate for the 14 listed city commercial banks reached 5.31% year-on-year, with Nanjing Bank leading at 11.32% growth [2][3]. - Jiangsu Bank and Ningbo Bank achieved over 8% revenue growth despite a high base, supported by quality credit resources in the Jiangsu and Zhejiang regions [2][3]. Performance Summary of Listed City Commercial Banks - Jiangsu Bank: Revenue of 808.15 billion, up 8.78%; Net profit of 318.43 billion, up 10.76% [3]. - Beijing Bank: Revenue of 699.17 billion, up 4.81%; Net profit of 258.31 billion, up 0.81% [3]. - Ningbo Bank: Revenue of 666.31 billion, up 8.19%; Net profit of 271.27 billion, up 6.23% [3]. - Nanjing Bank: Revenue of 502.71 billion, up 11.32%; Net profit of 201.77 billion, up 9.05% [3]. - Zhengzhou Bank: Revenue decreased by 5.78% to 128.77 billion, attributed to weak corporate loan growth [3][4]. Asset Quality and Risk Management - Zhengzhou Bank reported a non-performing loan (NPL) ratio of 1.79%, higher than the average for city commercial banks, indicating a need for improvement in asset quality management [7]. - All 14 listed city commercial banks maintained a provision coverage ratio above the regulatory minimum of 150%, with Hangzhou Bank and Ningbo Bank showing exceptional performance [8][9]. Differentiated Business Strategies - City commercial banks are encouraged to adopt differentiated development strategies based on regional characteristics to enhance their business models [10]. - Ningbo Bank focuses on risk management in exchange rate and interest rate, achieving a 20.15% increase in institutional deposits [11]. - Beijing Bank plans to leverage digital products and services to enhance its business model in a low-interest environment [11].

Group 1 - The resignation of Cheng Suning from the board of directors of Beijing Bank has been confirmed due to work reasons, effective immediately upon submission of his resignation letter [1][2] - The board expresses gratitude for Cheng Suning's contributions to the bank [3] Group 2 - The second extraordinary general meeting of shareholders was held on April 16, 2025, at the bank's headquarters [6] - All resolutions presented at the meeting were approved without any objections [6] - The meeting was conducted in accordance with the Company Law and the bank's articles of association, utilizing both on-site and online voting methods [6][8] Group 3 - The meeting was attended by all 9 current directors and 5 current supervisors, along with the board secretary and senior management [7] - Two key resolutions were passed: the election of Dai Wei as a director and the election of Wang Xuesong as an independent director [8] - The legal proceedings of the meeting were validated by Beijing Tianda Gonghe Law Firm, confirming compliance with relevant laws and regulations [9]

Core Viewpoint - AI is profoundly reshaping the banking industry, and Beijing Bank is committed to an "All in AI" strategy, focusing on building three major systems: a technology system driven by "large models + general machine learning models," an "AI+" application scenario system, and a multi-party ecosystem partnership system [1] Group 1: AI Implementation and Achievements - Beijing Bank has launched the first online and intelligent AI collaborative service in the banking industry, improving frontline staff efficiency by over 10% and saving 0.5 to 1 hour of work time per day [2] - The bank has established an "RPA robot factory" model, deploying 1,073 automated processes and executing 2.65 million tasks, saving over 3,500 man-months of labor [2] - The bank's AI capabilities have significantly reduced the time for due diligence reports from 3 days to 1 day, and the mobile banking service "i智配" has served nearly 600,000 customers with over 7 million services provided [2] Group 2: Customer and Loan Growth - As of the end of 2024, the number of specialized and innovative enterprise clients at Beijing Bank exceeded 20,000, with an increase of over 6,400 clients since the beginning of the year [3] - The loan balance for specialized and innovative enterprises reached 106.8 billion, an increase of 33.8 billion from the beginning of the year, achieving the "billion action" goal a year ahead of schedule [3] Group 3: Future AI Strategy - The bank plans to integrate AI deeply with its strategic layout, enhancing core competitiveness through AI in risk control, asset management, and collaboration [3] - Future efforts will focus on solidifying AI foundational capabilities, enhancing AI applications, and promoting a collaborative working model between humans and machines [3] - The bank aims to strengthen its AI talent base, ensuring that every employee benefits from and promotes AI initiatives [3]

Core Viewpoint - Beijing Bank is undergoing a significant digital transformation, entering the 2.0 phase, which emphasizes comprehensive digital operations and the integration of artificial intelligence into its business model [2][3]. Digital Transformation - The bank has upgraded its technological capabilities through a three-year digital transformation, focusing on a unified data foundation, financial operating system, and risk control platform [2]. - In 2024, technology investment will account for 4.6% of revenue, which is relatively high compared to peers [2]. - The bank aims to shift from "experience-based decision-making" to "data-driven decision-making" across seven key operational areas [2]. Net Interest Margin - The net interest margin for 2024 is reported at 1.47%, remaining stable for three consecutive quarters starting from Q2 2024 [3]. - The decline in net interest margin is significantly lower than the industry average, attributed to four competitive advantages: low-cost liabilities, cost control, financial market advantages, and asset quality management [3]. Competitive Advantages - The bank has expanded low-cost deposit sources through refined customer management and innovative financial products [3]. - Cost-to-income ratio remains low due to strict expense control, further enhanced by digital transformation [3]. - Non-interest income grew by 10% year-on-year in 2024, driven by active engagement in financial market operations [3]. - Continuous improvement in asset quality is noted, with a declining rate of non-performing assets for four consecutive years [3]. Differentiated Competition - The bank's location in Beijing is highlighted as a significant competitive advantage, ranking third in both deposits and loans in the local market [5]. - The bank has a long-standing commitment to serving local economies and small to medium-sized enterprises, with many notable companies receiving initial loans from Beijing Bank [5]. Technology Finance - The bank aims to become the "first bank for specialized, refined, unique, and new" enterprises, having served over 20,000 such clients by the end of 2024 [6]. - The loan balance for specialized and new enterprises reached 106.8 billion yuan, with significant support provided to technology-oriented SMEs [6]. - Innovative credit products have been launched to enhance financing services for specialized and new enterprises [6]. Future Outlook - The bank plans to integrate its strategy of becoming the "first bank for specialized and new enterprises" with advancements in technology finance, focusing on professional and tailored financial services [7]. - There will be an emphasis on expanding support for high-tech enterprises and innovative SMEs, optimizing financial product offerings to enhance overall client profitability [7].

Investment Rating - The investment rating for Beijing Bank is maintained at "Accumulate" [4] Core Views - The bank's dividend payout ratio is 30%, with a dividend yield of 5.3%, distributing a total of 3.2 CNY per 10 shares for 2024 [2] - As of the end of 2024, total assets of Beijing Bank grew by 12.6% year-on-year, with loans increasing by 9.8% and financial investments by 12.8% [2] - The average net interest margin for 2024 is projected at 1.47%, a decrease of 7 basis points year-on-year, primarily due to lower funding costs [2] - The bank is increasing its investment in digital transformation, with related expenditures reaching 3.12 billion CNY in 2024, accounting for 4.5% of total revenue [2] - Asset quality indicators remain stable, with a non-performing loan ratio of 1.31%, a decrease of 1 basis point year-on-year [3] - The bank's provisioning coverage ratio stands at 209% as of the end of 2024, reflecting a proactive approach to managing problem assets [3] - Revenue growth forecasts for 2025-2027 are adjusted to 2.78%, 2.31%, and 4.7% respectively, with net profit growth rates of 2.14%, 2.08%, and 2.86% [3][4] Summary by Sections Financial Performance - For 2024, the projected operating revenue is 69.917 billion CNY, with a growth rate of 4.81% [4] - The forecasted net profit for 2024 is 25.831 billion CNY, with a growth rate of 0.81% [4] - The bank's total assets are expected to reach 4.221 trillion CNY by the end of 2024 [10] Asset Quality - The non-performing loan ratio is expected to remain stable at 1.31% by the end of 2024 [3] - The overdue loan ratio is projected to decline to 1.62% compared to the first half of 2024 [3] Capital Adequacy - The core Tier 1 capital adequacy ratio is projected to be 8.95% by the end of 2024, a slight decrease from the previous year [2]