金融行业专题报告：普惠金融：以义取利，多赢之道

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Views - Inclusive finance is a crucial path for achieving high-quality financial development, addressing the past, present, and future of inclusive finance [1] - The concept of inclusive finance has evolved from savings accounts to digital financial services, with international organizations emphasizing its importance [1][7] - China's inclusive finance penetration rate is lower than high-income countries but higher than middle and low-income countries, with significant progress in loan growth, support for tech enterprises, and rural loans [1][24] - Financial institutions, especially banks, play a pivotal role in promoting inclusive finance, with increased competition in underserved markets and expanded coverage in rural areas [1][25] - The future of inclusive finance lies in innovation, with more segmented products expected to address financial challenges for various entities [1] Industry Overview - Inclusive finance has evolved from savings accounts to digital financial services, with a focus on underserved populations such as small businesses, farmers, and low-income groups [7][8] - International organizations like the UN and World Bank have prioritized inclusive finance, with initiatives such as the G20 Inclusive Finance Action Plan and the Alliance for Financial Inclusion (AFI) [10][11] - High-income countries have higher financial inclusion rates, but disparities remain, especially in savings and borrowing, while low-income countries have significant room for improvement [12][13] - China's inclusive finance penetration rate is lower than high-income countries but higher than middle and low-income countries, with notable progress in loan growth and rural financial services [24] Business Practices Banking Sector - Banks are the main drivers of inclusive finance, with increased competition in underserved markets and expanded coverage in rural areas [25] - Financial technology (fintech) has improved accessibility and reduced costs, with banks investing heavily in digital transformation [26] - Products like "Puhui e-loan" have been developed to meet the needs of small businesses, offering fast and easy access to credit [29] - Regulatory incentives, such as lower risk weights for small and micro-enterprise loans, encourage banks to engage in inclusive finance [32][33] Insurance Sector - Insurance plays a key role in inclusive finance, particularly in agriculture and health, with products like agricultural insurance and "Huiminbao" (city-customized commercial medical insurance) [35][39] - Agricultural insurance has expanded significantly, covering major crops and providing risk protection for farmers [36][38] - "Huiminbao" offers low-cost, high-coverage health insurance, targeting underserved populations and reducing medical expenses [40][41] Securities Sector - Securities firms are leveraging fintech to reach long-tail customers, offering online trading platforms and personalized investment services [44][45] - Financial technology has lowered the barriers to entry for retail investors, making securities services more accessible [46] Future Directions - Inclusive finance is expected to innovate further, with more segmented products and services addressing the financial needs of various entities [1] - Wealth management services are likely to expand into underserved markets, with a focus on investor protection and professional development [1] - Collaboration between financial institutions and technology companies will continue to drive the development of inclusive finance [31]