中证报中证网讯（王珞）2025年9月30日，江苏常熟农村商业银行股份有限公司（股票代码：601128） 迎来登陆资本市场九周年的重要里程碑。九载春秋，常熟银行（601128）从一家地方农信社起步， 以"一张小微蓝图绘到底"的战略定力，成长为资产规模超4000亿元、服务网络覆盖六省千镇万村的农村 金融领军者，在普惠金融赛道上书写了独具特色的"常银答卷"。 上市九年来，常熟银行将其成长的核心逻辑浓缩为"坚持、传承、创新"三把钥匙，三者相互支撑、协同 发力，推动银行在"支农支小"的特色道路上持续稳健前行。 第一把钥匙是坚持。自成立以来，常熟银行始终将服务"三农"、小微企业作为核心战略。2009年，该行 引入德国IPC微贷技术，聚焦小微企业与农户的"短、小、频、急"资金需求，通过专业化、标准化的微 贷模式，破解小微金融"风险高、成本高、效率低"的行业难题。 上市以来，银行总资产规模实现大幅度跃升，截至2025年6月末，总资产从上市初的1224亿元增至4012 亿元，总存款突破3100亿元，总贷款突破2500亿元；银行经营效益长期保持稳健，2025年上半年营收 60.62亿元、净利润19.69亿元，连续16个季度保持双 ...

Core Insights - The article highlights the achievements of Industrial Bank during the "14th Five-Year Plan" period, emphasizing its commitment to strict governance, expert management, and technological innovation in financial services [1] Group 1: Financial Performance - By mid-2025, Industrial Bank's total assets reached 10.61 trillion yuan, with a loan total increasing by 48.6% to 5.9 trillion yuan, and a non-performing loan ratio reduced to 1.08% [1] - The bank's global ranking in the banking industry rose to 14th, and it achieved an MSCI ESG rating of AAA, being the only domestic bank to receive this highest rating for six consecutive years [1] Group 2: Technological Finance - Industrial Bank has established a comprehensive "1+20+150" management system for technological finance, which includes a central leadership group, 20 key branches, and 150 specialized branches [2][3] - The number of technological finance clients reached 344,200, with a financing balance exceeding 2.01 trillion yuan, and loans under this category increased over 300% since the end of 2021 [3] Group 3: Green Finance - The bank has been a pioneer in green finance, launching the first energy-saving and emission-reduction loan in China and signing the first ESG-linked loan agreement with a listed company in 2025 [4][5] - From the end of 2021 to mid-2025, the number of green finance clients grew by 127.54%, and the financing balance increased by 75.12% to 2.43 trillion yuan [5] Group 4: Inclusive Finance - Industrial Bank has utilized satellite remote sensing technology to enhance agricultural financing, providing 10 million yuan in loans to a company using this innovative approach [6] - The bank's inclusive finance loans surged from over 298.7 billion yuan to over 584.9 billion yuan, marking a 95.81% increase [6] Group 5: Pension Finance - The bank has initiated community-based services for the elderly, including discounted meals and home delivery, and has issued loans linked to the usage rate of elderly care beds [8][9] - By mid-2025, the bank had over 10 million clients aged 60 and above, with comprehensive financial assets exceeding 1.11 trillion yuan [10] Group 6: Digital Finance - Industrial Bank has accelerated its digital transformation, increasing its technology workforce from over 2,000 to nearly 8,000 and doubling its annual technology investment from over 4 billion yuan to over 8 billion yuan [11][12] - The "Xingye Inclusive" digital platform has resolved financing needs exceeding 450 billion yuan for small and micro enterprises [7]

Group 1 - The core concept of "Medical Credit for Treatment" is based on medical insurance data, enabling a "pay after treatment" service through system interconnectivity and credit empowerment, which alleviates financial pressure on patients [1] - The project aims to enhance patient experience and treatment efficiency while providing real-time settlement of medical insurance portions, thus reducing the economic burden of upfront payments [1] - By 2025, the project is positioned as a significant initiative for financial services in people's livelihoods, with the collaboration of local banks and the medical insurance bureau to establish a dedicated operational mechanism for credit approval [1] Group 2 - The project has successfully integrated with local hospitals, achieving seamless system connectivity and trial operations, with a pre-approved credit user base of 5,167 and a total credit amount of 10.33 million yuan [1] - The bank emphasizes the integration of party-building initiatives with business development, forming alliances with hospitals to enhance service delivery [2] - Regular health-related events, such as traditional Chinese medicine consultations and wellness seminars, are organized to promote comprehensive marketing strategies [2]

Investment Rating - The report maintains an "Increase" rating for the company, indicating a positive outlook for the stock price in the next six months [5][9]. Core Insights - The company has shown improvement in non-interest income and has effectively managed its expenses, leading to a slight increase in net profit for Q2 2025 compared to expectations [9]. - The adjustment in savings agency fee rates has begun to show positive effects, contributing to a reduction in management expenses [5][9]. - The company is experiencing a steady growth in corporate loans, particularly in advanced manufacturing and green finance sectors, while personal loan demand remains weak [5][9]. Summary by Sections Financial Performance - For the first half of 2025, the company reported operating income of 1794.46 billion yuan, a year-on-year increase of 1.50%, and a net profit attributable to shareholders of 492.28 billion yuan, up 0.85% year-on-year [4][5]. - As of June 2025, total assets reached 18.19 trillion yuan, reflecting a year-on-year growth of 10.83%, with total loans amounting to 9.54 trillion yuan, a 10.13% increase year-on-year [4][5]. Loan and Deposit Trends - The growth rate of corporate loans has continued to rise, with new corporate general loans hitting a record high due to increased lending in key sectors [5][9]. - Personal loan performance has been weak, primarily due to ongoing low consumer and housing demand [5][9]. Interest Margin and Fee Income - The net interest margin for Q2 was reported at 1.69%, showing a slight decline both quarter-on-quarter and year-on-year, largely due to the impact of repricing [5][9]. - Fee and commission income saw a significant year-on-year increase of 16.31% in Q2, driven by strong growth in corporate services [5][9]. Asset Quality - The non-performing loan (NPL) ratio stood at 0.92%, with a slight increase quarter-on-quarter, attributed to rising risks in small loans and consumer loans [5][9]. - The company maintains a robust provision coverage ratio of 260.35%, indicating strong asset quality management [4][5]. Future Projections - The report projects operating income for 2025 to be 3567 billion yuan, with a net profit of 882 billion yuan, reflecting a year-on-year growth of 1.99% [7][9]. - The estimated net interest margin for 2025 is expected to be 1.69%, with a slight improvement in asset quality anticipated [7][9].

截至2025年9月29日美国东部时间收盘，陆金所控股（LU.US）股价迎来异动，报收4.06美元/股，较前 一交易日上涨13.09%，成交量同步放大至7462万ADS，为过去1个月日均交易量的309%。 政策层面，金融监管总局推出多项举措支持普惠金融发展。尤其是《关于加强商业银行互联网助贷业务 管理提升金融服务质效的通知》（业内俗称"助贷新规"）将于10月1日起施行，行业头部公司凭借合规 与技术优势，将进一步强化头部效应，陆金所控股业务发展迎来政策窗口期。后续需关注公司业绩释放 节奏及消费金融业务增长持续性。 此次股价异动或与市场对其业务基本面的预期改善相关。此前公司披露的经营数据显示，核心业务已呈 现回升态势，2025年第二季度赋能新增贷款总额达489亿元，同比增长8.1%，消费金融新增贷款289亿 元，同比增长30.6%，业务结构优化成效显著。风险管控指标亦持续向好，30天以上逾期率从2024年第 三季度的5.2%降至4.6%，消费金融不良率稳定在1.2%的低位。 正面市场观点与机构评级为股价提供支持。中金公司维持"跑赢行业"评级，指出新增业务收入率（take rate）已提升至9.7%，随着贷款组合更新 ...

Core Insights - The integration of Rhino.fi's smart deposit addresses with the TRON network enhances TRON's financial service offerings and solidifies its position in the global blockchain ecosystem, marking a new phase in TRON's DeFi strategy [1][8] Group 1: Technical Advancements - The collaboration with Rhino.fi represents a significant technological iteration for TRON, enabling a "zero-threshold" experience for cross-chain asset transfers without complex operations [2] - The smart deposit address system can handle 5,000 concurrent transactions, significantly improving throughput compared to the Ethereum version [2] Group 2: Ecosystem Synergy - The partnership exemplifies TRON's strategic vision of ecosystem collaboration, allowing for instant cross-chain asset transfers through its DPoS consensus mechanism and Rhino.fi's smart routing system [4] - The combined security measures, including TRON's MiCA certification and Rhino.fi's multi-signature and distributed storage technologies, provide a robust safety net for user assets [4] Group 3: User Experience Enhancement - The integration lowers the operational threshold for users, enabling even those with no technical background to perform asset bridging easily through a visual interface and automated processes [6] - The transaction costs for cross-chain operations are reduced by over 90% compared to traditional methods, promoting greater economic activity on the blockchain [6] Group 4: Future Implications - The partnership is not only a technical breakthrough but also a step towards TRON's mission of financial inclusivity, potentially reshaping the value flow model in the blockchain industry [8]

Core Viewpoint - The financial "five major articles" are crucial for national economy and people's livelihood, reflecting financial responsibility and are essential for promoting high-quality social and economic development, as well as for the sustainable development of the financial industry [1] Group 1: Financial Innovation - Su Yin Jin Zun, as Jiangsu's first bank-affiliated financial leasing company, has leveraged its full licensing advantages to innovate in the financial "five major articles," achieving over 20 billion yuan in issuance of thematic bonds, leading the financial leasing industry [3] - In 2024, the company issued the industry's first "innovation" themed financial bonds and "two new" themed financial bonds, with a cumulative scale of 5 billion yuan, supporting technology innovation and equipment renewal projects [4] Group 2: Green Finance - The green finance market has developed a multi-layered system primarily based on green credit and green bonds. Su Yin Jin Zun has actively built a specialized green leasing brand, issuing the first "carbon neutrality" themed green financial bond in 2021 and the first GTC certified green financial bond in 2024, with a current scale of 5 billion yuan [5] - The green financial initiatives support over 200 enterprises and achieve annual carbon reduction of over 1 million tons, meeting the growing demand for green investments [5] Group 3: Inclusive Finance - Su Yin Jin Zun focuses on solving financing difficulties for small and micro enterprises, issuing a leading logistics-themed financial bond in 2022 and the first non-bank small micro financial bond in 2023, benefiting nearly 10,000 logistics customers [6] - The company has developed products like "enjoy e-rent" and "quick rent," helping small micro clients save 30 million yuan annually in financing costs [6] Group 4: Pension Finance - The silver economy represents both a challenge and an opportunity. Su Yin Jin Zun has responded to the call for deepening financial market reforms by successfully establishing a dual-channel trading system for counter bonds, becoming the first financial leasing company to do so [7] - This initiative enhances the liquidity of the counter bond market and improves pension financial services for the elderly [7] Group 5: Digital Finance - In the digital era, Su Yin Jin Zun has integrated into the digital RMB ecosystem, issuing 187 million yuan in financing for high-end marine equipment orders, marking the largest single digital RMB financing leasing transaction in the country [8][9] - The company has covered nearly 30 provinces with digital RMB leasing projects, totaling 1.5 billion yuan and over 1,000 transactions, leading the financial leasing industry [9]

Core Viewpoint - The financial system in Xinjiang has significantly evolved over the past 70 years, particularly in supporting high-quality economic and social development, with a focus on poverty alleviation and rural revitalization [1][2]. Financial Support for Poverty Alleviation and Rural Revitalization - During the poverty alleviation campaign, a command center was established to integrate resources from over 800 financial institutions, focusing on industrial poverty alleviation and innovative financing models [1]. - As of June 2023, the agricultural loan balance in Xinjiang reached 1.28 trillion yuan, accounting for over one-third of total loans [2]. Financial Initiatives in Southern Xinjiang - Southern Xinjiang is identified as a strategic area for development, with financial policies aimed at enhancing economic growth and social stability [2]. - By June 2023, the loan balance for agricultural and small enterprises in Southern Xinjiang reached 19 billion yuan, with a year-on-year growth of 14.8%, surpassing the average growth rate of the region [2]. Support for Modern Industry and Green Finance - Financial institutions have developed specialized loan products to support local agricultural industries, contributing to rural income and revitalization [3]. - Xinjiang has established 61 green finance institutions, with green loan balances reaching 633.77 billion yuan, accounting for 30% of new loans this year [5][6]. Cross-Border Trade and Investment Facilitation - The establishment of the Xinjiang Free Trade Zone aims to enhance cross-border trade financing and improve the investment environment, with a loan balance of 133.49 billion yuan as of June 2023 [4]. - The region has implemented policies to facilitate trade and investment, significantly increasing the use of the renminbi in cross-border transactions [4]. Future Financial Strategies - The focus will be on enhancing financial services to support the real economy, with an emphasis on maintaining stable credit growth and implementing effective monetary policies [7]. - The strategy includes expanding the use of renminbi in cross-border transactions and promoting financial innovations that can be replicated and scaled [7].

Core Viewpoint - The article highlights the importance of financial literacy among youth and the proactive measures taken by Taikang Fund to enhance financial knowledge and fraud prevention awareness in university students through various educational activities [1][5]. Group 1: Financial Education Initiatives - Taikang Fund participated in a financial knowledge dissemination event at Communication University of China, aimed at educating students about financial fraud prevention [1][3]. - The event included interactive sessions where students learned about financial account management, personal credit maintenance, and basic investment principles through relatable examples [3][5]. Group 2: Addressing Financial Risks for Youth - The youth demographic is identified as vulnerable to financial scams due to a lack of financial knowledge and risk awareness, particularly in the context of rapid internet financial development [5]. - Taikang Fund has initiated a series of "Financial Knowledge into Campus" activities, reaching multiple universities to enhance students' understanding of financial investments and industry dynamics [5]. Group 3: Future Plans and Commitment - Taikang Fund plans to expand its outreach to more universities and communities, offering diverse investor engagement activities to promote inclusive financial services [5]. - The company aims to disseminate scientific investment concepts and conduct anti-fraud education to contribute positively to the development of the public fund industry [5].

Core Viewpoint - The article emphasizes the importance of high-quality development in China's financial sector, focusing on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, as part of the broader strategy for modernizing China's economy and financial services [1][2][3][4][5][6]. Group 1: Technology Finance - The company actively engages in the technology finance sector, developing a research and investment system tailored for the technology industry and a "four-part" valuation method, resulting in a product matrix with distinct characteristics in innovation [2]. Group 2: Green Finance - The company responds to the "dual carbon" strategy by establishing a green fund system and a management framework, aligning with national policies and creating green finance-themed funds while implementing an investment negative list [3]. Group 3: Inclusive Finance - The company has built a robust inclusive finance service mechanism, achieving a personal customer base of 74.79 million and managing over 100 billion yuan in assets for individual investors, while also contributing to rural revitalization efforts with significant investments [4]. Group 4: Pension Finance - The company has established a dedicated department for fund of funds (FOF) investments, launched two pension-targeted funds, and is developing personal pension products to address the challenges of an aging population [5]. Group 5: Digital Finance - The company has implemented a dual-pillar IT infrastructure to enhance operational efficiency and security, utilizing advanced technologies such as big data and robotic process automation to improve the effectiveness of its digital transformation efforts [6].