人民财讯10月31日电，近日出版发行的《党的二十届四中全会〈建议〉学习辅导百问》，对"如何理解 大力发展科技金融、绿色金融、普惠金融、养老金融、数字金融"作出回答。 该解答指出，下一步，需要完善政策体系，强化正向激励，提升服务能力，进一步增强金融支持的强 度、可持续性和专业化水平。其中，强化对金融机构的正向激励。要科学设计、精准实施再贷款等结构 性货币政策工具，研究建立金融"五篇大文章"综合考核评价制度，加大专项金融债券发行，引导金融机 构加大信贷资源投入和优化信贷结构。加强金融政策与科技、产业、财政等政策协同，健全标准体系和 信息共享、融资对接等支持配套机制，优化金融"五篇大文章"领域贷款风险分担机制，发挥政府性融资 担保体系增信分险作用。 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][8] Core Views - The company has shown positive growth in revenue and profit, with a revenue of 265.1 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 1.8% [1] - The net profit attributable to shareholders for the same period was 76.6 billion yuan, also reflecting a year-on-year growth of 1.0% [1] - The company's total assets increased by 11.1% year-on-year to 18.6 trillion yuan, with corporate loans growing significantly by 17.9% [1] - The net interest margin has decreased to 1.68%, down 21 basis points year-on-year, while non-interest income has seen a robust growth of 11.5% [2] - Asset quality pressures have increased, with a non-performing loan ratio of 0.94% at the end of the third quarter [2] Financial Performance Summary - For 2025, the company is projected to achieve a net profit of 86.6 billion yuan, with a slight growth rate of 0.2% [3][4] - The diluted EPS is expected to remain stable at 0.67 yuan for 2025, with a PE ratio of 8.9x [3][4] - The core Tier 1 capital adequacy ratio improved to 10.65%, up 1.09 percentage points from the beginning of the year [1] - The company’s total assets are forecasted to reach 18.79 trillion yuan by 2025, with a year-on-year growth of 10.0% [6]

Core Viewpoint - The company integrates inclusive finance with intergenerational reunion needs through the "Iron Fans Dream Day" initiative, promoting high-quality elderly care services while fostering family happiness [1][5][13] Group 1: Event Overview - The "Respect for the Elderly" special event in October invited "Iron Fans" to Chengdu, allowing them to share quality time with their parents amidst local cultural experiences [3][5] - Activities included traditional tea tasting and Sichuan opera performances, with staff providing thoughtful support for elderly participants [3][5] Group 2: Financial and Emotional Support - The company emphasizes that inclusive finance goes beyond providing quality financial services; it focuses on accompanying users and safeguarding family happiness [5][7] - Since 2023, the company has organized various events to support family reunions and has launched multiple "Iron Fans Dream Day" activities to fulfill user expectations [5][7] Group 3: Self-Service System and User Care - The company has developed a "self-confidence + self-healing" self-service system, offering benefits to trustworthy users and support for those in difficulty [7][9] - Services for trustworthy users include interest rate reductions and credit limit increases, while support for users facing repayment pressure includes installment repayment and fee reductions [7][9] Group 4: Elderly Care and Safety Solutions - The company collaborates with China Unicom to provide elderly-friendly home modifications, enhancing safety for users' parents living at home [7][9] - Modifications include installing anti-slip flooring and smart security systems, addressing users' concerns about their parents' safety from a distance [7][9] Group 5: Technological Integration in Healthcare - The company has introduced the "Zhangsi" AI diagnosis system, providing accessible medical services and health assessments for users [11][13] - The system covers various health conditions and has been implemented in over 30 medical institutions nationwide [11] Group 6: Future Plans and Expansion - The "Iron Fans Dream Day" will continue in cities like Shanghai and Guangzhou, with users able to register through various online platforms [13] - The company aims to expand its inclusive services in areas such as elderly care, consumption, and health, enhancing both convenience and emotional connection in financial services [13]

Core Viewpoint - The development of inclusive finance in China has significantly progressed over the past 20 years, with Beijing Bank playing a pivotal role in this transformation by enhancing its inclusive finance strategies and services [1][5]. Group 1: Growth and Strategy - Since 2022, Beijing Bank's inclusive finance loan balance has increased at an average annual rate of 34.3%, showcasing its commitment to supporting small and medium-sized enterprises (SMEs) [1]. - The bank has established a differentiated operational path in inclusive finance, focusing on long-term service to SMEs and enhancing service quality and efficiency [1][5]. - As of mid-2025, the inclusive loans for small and micro enterprises reached 261.6 billion yuan, reflecting a growth of 38.5 billion yuan and a growth rate of 17.3% [9]. Group 2: Digital Transformation - The launch of the upgraded "Xiao Juren" app in November 2022 marks the beginning of Beijing Bank's digital transformation in the inclusive finance sector [2]. - The bank's "Linghang AI Loan," designed for specialized and innovative enterprises, integrates AI technology to assess creditworthiness based on real-time data inputs [3]. - The "Zhituo ehe" intelligent investment banking ecosystem, which utilizes AI for data-driven matching and communication, has successfully facilitated projects for over 100 clients, with more than 50% being technology companies [3]. Group 3: Structural and Mechanism Development - Beijing Bank has established a comprehensive organizational structure for inclusive finance, with dedicated teams at the headquarters and branches to ensure effective implementation [8]. - The bank has developed a financing coordination mechanism and enhanced internal incentive systems to support its inclusive finance strategy [8]. - The integration of architecture, mechanisms, and product innovation is essential for the rapid development of inclusive finance at Beijing Bank [8]. Group 4: Social Impact and Rural Revitalization - Inclusive finance plays a crucial role in supporting the development of small and micro enterprises, which are vital for economic resilience and social stability [7]. - Beijing Bank actively participates in rural revitalization efforts, providing financial support to key projects in regions like Xinjiang and Inner Mongolia, thereby enhancing local economic development [13][14]. - The bank's initiatives include sending teams to assist in targeted poverty alleviation and rural development projects, demonstrating its commitment to social responsibility [13].

Core Viewpoint - China Construction Bank (CCB) reported solid performance in Q3 2025, focusing on enhancing its capabilities to support the real economy and maintain financial stability, while exploring high-quality development paths [1] Financial Performance - Operating income reached 560.281 billion RMB, a year-on-year increase of 1.44% [2] - Pre-provision profit was 411.360 billion RMB, up 1.03% year-on-year [2] - Net profit amounted to 258.446 billion RMB, reflecting a 0.52% increase compared to the previous year [2] - Net profit attributable to shareholders was 257.360 billion RMB, with a growth of 0.62%, marking an acceleration in growth over two consecutive quarters [2] - Non-interest income from fees and commissions rose to 89.668 billion RMB, a 5.31% increase year-on-year [2] - Total assets reached 45.37 trillion RMB, growing 11.83% from the end of the previous year [2] - Total loans and advances amounted to 27.68 trillion RMB, up 7.10% from the end of the previous year [2] - Total liabilities were 41.71 trillion RMB, increasing by 12.05% [2] - Non-performing loan ratio stood at 1.32%, down 0.02 percentage points from the end of the previous year [2] Business Development - CCB actively supports the real economy, with manufacturing loans exceeding 3.5 trillion RMB and private sector loans surpassing 6.7 trillion RMB [3] - The bank has issued green loans totaling 5.89 trillion RMB, reflecting an 18.38% increase year-to-date [3] - The pension fund management scale reached 700.899 billion RMB, growing 11.78% from the end of the previous year [3] - Digital financial services are expanding, with mobile banking users totaling 542 million [3] Risk Management - CCB emphasizes a comprehensive risk management approach, enhancing integrated risk control capabilities across its subsidiaries and branches [4] - The bank is focused on improving its risk monitoring and early warning systems through intelligent risk control measures [4]

Core Insights - Postal Savings Bank of China reported a revenue of 265.08 billion yuan for Q3 2025, a year-on-year increase of 1.82% [1] - The net profit reached 76.794 billion yuan, reflecting a growth of 1.07% compared to the previous year [1] - The bank's non-performing loan ratio remained low at 0.94%, indicating stable asset quality [1] - The core Tier 1 capital adequacy ratio improved to 10.65%, up 1.09 percentage points from the end of the previous year, supporting robust operations [1] Financial Performance - Operating income for Q3 2025 was 2650.80 billion yuan, with a net interest margin of 1.68% [1] - The bank's net profit was 767.94 billion yuan, showing a modest increase of 1.07% year-on-year [1] - The bank's non-performing loan ratio stood at 0.94%, maintaining a low level [1] - The core Tier 1 capital adequacy ratio was reported at 10.65%, an increase of 1.09 percentage points from the previous year [1] Business Development - The bank is accelerating the innovation of inclusive financial services, focusing on key areas such as food security and rural development [2] - It has reached nearly 1.7 million small and micro enterprises, with total credit exceeding 1 trillion yuan [2] - Agricultural loan balance reached 2.47 trillion yuan, while inclusive small and micro enterprise loans amounted to 1.75 trillion yuan [2] Technological Advancements - The bank is enhancing its technology finance service system, establishing specialized departments in six major cities [2] - The balance of technology loans surpassed 940 billion yuan by the end of September [2] - The bank launched a series of services under "Postal Savings + Financial Management," catering to the entire lifecycle of enterprises [2] Green Finance Initiatives - The bank is actively promoting green finance, with a green loan balance of 999.28 billion yuan, a year-on-year increase of 16.32% [3] - It invested 500 million yuan in green bond funds during the third quarter [3] Pension Financial Services - The bank is developing a comprehensive pension service model, serving over 300 million clients aged 55 and above [3] - It has issued over 130 million financial social security cards, with a stable growth in personal pension contributions [3] Digital Financial Services - The bank has launched its third-generation core fund business system, reducing transaction approval time by 97% [3] - A new generation of fund clearing systems has been implemented, improving efficiency by nearly 50 times [3]

Core Insights - The central financial work conference held at the end of October 2023 emphasized the importance of "five major areas" in finance: technology finance, green finance, inclusive finance, pension finance, and digital finance [1] Group 1: Non-Bank Financial Institutions' Role - Non-bank financial institutions have focused on serving the real economy by leveraging their unique advantages in technology empowerment, green transformation, and inclusive financial services [1] - These institutions have actively participated in the entire lifecycle of technology innovation and high-end manufacturing, particularly in new energy, new materials, and information technology sectors [1] Group 2: Inclusive Finance Initiatives - Non-bank institutions have developed innovative inclusive financial products targeting small and micro enterprises, with a total of 1.6 trillion yuan directed towards inclusive finance [2] - Consumer finance companies have served over 85.43 million clients in rural areas, enhancing the accessibility of financial services [2] Group 3: Pension Finance Development - Non-bank institutions have integrated resources to enhance the pension service chain, establishing 1,148 pension-related projects with an investment of 14.493 billion yuan [2] Group 4: Digital Transformation - Non-bank institutions have made significant strides in digital transformation, with a focus on data value extraction and operational efficiency [3] - As of the end of 2024, consumer finance companies have secured 1,242 technology patents, supporting their digital transition [3] Group 5: Regulatory Framework - The regulatory environment for non-bank institutions has been strengthened with new policies aimed at ensuring compliance while allowing for innovation [4] - Future developments in policy will further enhance the professional capabilities of non-bank institutions, enabling them to contribute to high-quality economic growth [4]

Group 1: Financial Innovation and Economic Development - The Fourth Confucian Business Conference emphasizes the importance of financial innovation in supporting Shandong's high-level opening-up and economic transformation [1] - Zhang Haibo highlights the need for financial support to drive the transformation of the real economy, focusing on technology finance, green finance, and inclusive finance [1] - The conference aims to enhance cross-border trade and investment facilitation, attracting more foreign capital to participate in Shandong's economic development [1] Group 2: Talent and Innovation - The "New Quality Productivity Driving Shandong's High-Quality Development" event promotes the integration of talent, education, industry, and innovation chains to support high-quality development [2] - The initiative encourages alumni to leverage their networks to foster innovation and project development in Shandong [2] - A proposal was made to strengthen alumni organizations to enhance the local economy and support the modern industrial system [2] Group 3: Cultural and Economic Integration - The significance of integrating culture and economy is discussed, with a focus on the role of Confucian culture in promoting entrepreneurship and high-quality development [3] - The event encourages private entrepreneurs to embrace Confucian values and contribute to cultural and economic advancements [3] - Awards were presented for outstanding corporate culture cases, highlighting the importance of cultural innovation in business [3] Group 4: Regional Development and Collaboration - The "Mountain and Sea Qilu Financial Cooperation Conference" aims to enhance collaboration between education and industry, particularly in the Linyi region [4] - The event seeks to create a platform for cooperation among government, universities, and businesses to support internationalization efforts [4] Group 5: Consumer Market Expansion - A promotional event for new business models in the consumer sector emphasizes the importance of boosting consumption to support Shandong's economic growth [6] - The government is committed to creating a favorable environment for businesses to establish themselves in Shandong and expand their operations [6] Group 6: Unified Market and Cultural Values - The seminar on "Confucian Spirit and National Unified Market Construction" discusses the unique value of Confucian culture in enhancing market rules and consumer demand [7] - Experts emphasize the need to integrate traditional culture with modern economic development to promote high-quality growth [7] Group 7: Overseas Engagement and Economic Development - The "Overseas Chinese Connect Global Trade" event highlights the contributions of overseas Chinese in promoting Shandong's economic development and cultural heritage [8] - The initiative encourages overseas Chinese to participate in Shandong's industrial upgrades and international market expansion [8]

10月30日，人民银行上海总部召开2025年第四季度新闻发布会暨上海金融"五篇大文章"专场发布会。人 民银行上海总部副主任苏赟表示："下阶段，我们将会同相关部门，顺应上海经济社会高质量发展的战 略需要、阶段特征和结构特点，深化金融供给侧结构性改革，会同相关部门共同推动上海市金融'五篇 大文章'工作向纵深发展，与上海'五个中心'建设实现同题共答、同频共振、同向发力。" 当前，在推进金融"五篇大文章"过程中，整个行业也存在一些共性挑战。申万宏源证券总经理张剑在回 答中国证券报记者提问时表示："公司将从若干方面进行突破，其中针对科技金融、绿色金融领域早期 项目覆盖不足问题，将强化投研、投资、投行服务能力，提升对前沿技术路线、科研团队创新能力的前 瞻性判断，扩大硬科技早期项目储备，同时争取政策支持，参与信用增进基金设立，优化风险准备金计 提机制，降低早期投资风险；针对普惠金融'最后一公里'难题，将联合征信机构、大数据服务机构搭建 中小企业评估体系，从经营管理、技术研发、知识产权等维度动态刻画企业信用画像，创新风险定价与 增信机制，降低中小企业直接融资成本，打通直接融资与间接融资服务链条。" 展望下阶段，苏赟称，人民银 ...

Group 1 - The "National Subsidy" product section launched by Taobao Tmall for this year's Double 11 allows consumers to enjoy interest-free installment payments when purchasing eligible products [1] - The number of products supporting interest-free installments on Taobao Tmall has reached tens of millions, with the coverage rate of high-instalment products increasing by 60% since the policy's introduction [2] - Consumers can benefit from dual subsidies when purchasing products under the "old-for-new" policy, further reducing their monthly payment amounts [2] Group 2 - The "National Subsidy" policy aims to enhance financial inclusivity and accessibility for middle and low-income groups by providing innovative financial products and services [3] - A significant portion of consumers (85%) prefer to use interest-free installments even when they can afford to pay in full, indicating a strong consumer preference for such payment options [3] - The collaboration between government subsidies, financial support, and merchant discounts is expected to stimulate consumption, benefiting consumers, merchants, and overall domestic demand [3]