Core Viewpoint - The article emphasizes the importance of the financial "Five Major Articles" in supporting national strategies and high-quality economic development, highlighting the commitment of the securities industry to implement these directives effectively [1][2]. Group 1: Implementation of Financial "Five Major Articles" - The securities industry is urged to enhance its service to the real economy by aligning with national policies and improving capital market efficiency [1][2]. - West Securities is committed to integrating the spirit of the National Two Sessions into its development processes, aiming for a strong start in the "14th Five-Year Plan" and achieving the goals of the "15th Five-Year Plan" [1][2]. Group 2: High-Quality Development and Financial Services - The company stresses the necessity of adhering to the Party's leadership in financial work and aims to deepen structural reforms in financial supply to improve service quality in key areas [2]. - West Securities is actively fostering new productive forces to stimulate robust high-quality development [2]. Group 3: Technology and Green Finance - The company positions technology finance as a core driver of high-quality development, facilitating the connection between technology enterprises and capital markets [3]. - West Securities has successfully underwritten 11 technology innovation bonds in 2024, raising a total of 9.05 billion yuan, thereby supporting the growth of new productive forces [3]. Group 4: Green Finance Initiatives - The company is focused on green finance product innovation, supporting various environmental projects through bond issuances and partnerships [4]. - West Securities is enhancing its green finance offerings, including green bonds and low-carbon transition bonds, to promote sustainable development [4]. Group 5: Digital Transformation - The company is advancing its digital transformation by leveraging technology to optimize business processes and enhance service efficiency [5]. - West Securities is implementing a unified risk management platform and developing intelligent decision-making systems to improve operational efficiency [5]. Group 6: Inclusive Financial Services - The company is committed to inclusive finance, focusing on providing accessible financial services to meet the asset management needs of residents [6]. - West Securities is developing a range of financial products aimed at elderly clients, enhancing their investment experience and protecting their rights [7]. Group 7: Strategic Goals - West Securities aims to become a leading comprehensive investment bank by focusing on the real economy and enhancing its service quality across various financial sectors [7].

Core Insights - The core viewpoint of the news is that Everbright Bank has demonstrated robust growth in its business scale for 2024, with significant achievements in wealth management and financial services, particularly through its Everbright Wealth Management division [1][2]. Business Performance - As of the end of 2024, Everbright Bank's total assets reached 6.96 trillion yuan, reflecting a growth of 2.75% compared to the beginning of the year [1]. - Everbright Wealth Management managed a total asset scale of 1,599.5 billion yuan, generating over 34 billion yuan in returns for investors throughout the year [1][2]. Wealth Management Development - Everbright Wealth Management has issued over 800 wealth management products in 2024, with cumulative returns exceeding 340 billion yuan since its inception in 2004 [2]. - The total issuance of wealth management products from 2004 to the end of 2024 surpassed 47 trillion yuan, with cumulative returns exceeding 500 billion yuan [2]. Investment Research and Product Performance - The company has focused on enhancing its investment research capabilities, leading to a growth of 22 billion yuan in mixed and equity product scales within the year [3]. - In the fourth quarter of 2024, Everbright Wealth Management ranked among the top five in comprehensive wealth management capabilities and return performance according to the Puyi Standard report [3]. Financial Services and Strategic Initiatives - Everbright Bank is actively involved in supporting national strategies through its financial services, focusing on technology finance, green finance, inclusive finance, pension finance, and digital finance [4]. - By the end of 2024, Everbright Wealth Management's investment balance in supply chain and consumer finance ABS exceeded 50 billion yuan, with nearly 100 billion yuan allocated to support key industries and national strategies [4]. Technology and Green Finance - The company has pioneered a comprehensive financial service model integrating technology finance and asset management, signing cooperation agreements with 239 technology enterprises [5]. - In 2024, Everbright Wealth Management's investment in green finance exceeded 38 billion yuan, contributing to ecological restoration and green transformation of enterprises [6]. Inclusive and Pension Finance - Everbright Wealth Management has issued inclusive finance-themed products, with over 70% of its 1,000+ managed products priced at 1 yuan or less, promoting wealth accumulation for residents [6]. - The company has achieved strong performance in pension wealth management, with six out of the top ten pension products by annualized return rate coming from Everbright Wealth Management [7]. Digital Finance Initiatives - The company is enhancing its digital capabilities, developing a comprehensive technology system and integrating AI models to improve investment and trading processes [7]. - Everbright Wealth Management aims to continue its customer-centric approach, ensuring the protection of investors' rights and contributing to sustainable value creation [8].

文 ： 华创证券研究所副所长 、首席宏观分析师 张瑜（执业证号：S0360518090001） 联系人： 陆银波（15210860866） 袁玲玲（微信 Yuen43） 报告摘要 近一周，政策出台仍然不多，主要关注政府工作报告中部分领域的落地情况。 （一）消费： "深化国际消费中心城市建设"。 3 月 26 日，国办转发商务部《关于支持国际消费中心 城市培育建设的若干措施》的通知，包括：有序扩大单方面免签国家范围；支持相关城市增设境外直 飞航线；更好发挥免税店和离境退税政策作用；支持举办更多高水平国际体育赛事、演出演艺活动 等。 （二）产业： "大力发展智能网联新能源汽车"。 3 月 29 日，工信部副部长辛国斌、国务院国资委副 主任苟坪在中国电动汽车百人会论坛（ 2025 ）上致辞，工信部表示将"抓紧编制新时期智能网联新能 源汽车产业发展规划"；国资委表示将"稳步推进重组整合。对整车央企进行战略性重组，提高产业集 中度"。 （三）涉企问题： "加力推进清理拖欠企业账款工作"，"开展规范涉企执法专项行动"。 3 月 28 日 ， 国常会部署加快加力清理拖欠企业账款工作，提出"要在前期工作基础上进一步加大力度" ...

事项： 公司公告：邮储银行发布《向特定对象发行A 股股票预案》，拟向财政部、中国移动集团和中国船舶集 团发行A 股股票205.70 亿股，发行价格为6.32 元/股，募集资金总额为人民币1300 亿元，扣除相关发行 费用后将全部用于补充核心一级资本。 邮储银行拟定增1300 亿元用于补充核心一级资本邮储银行发布《向特定对象发行A 股股票预案》，拟 向财政部、中国移动集团和中国船舶集团发行A 股股票205.70 亿股，发行价格为6.32 元/股，募集资金 总额为人民币1300 亿元，扣除相关发行费用后将全部用于补充核心一级资本。 2024 年末总资产同比增长8.6%至17.1 万亿元，规模增长保持稳健。（3）净息差降幅略有收窄。公司披 露的2024 年日均净息差1.87%，同比降低14bps，降幅较前三季度收窄。（4）资产质量仍然较为优异， 风险抵补能力充足。公司2024 年末不良率0.90%，较年初上升0.07 个百分点；关注率0.95%，较年初上 升0.28 个百分点；逾期率1.19%，较年初上升0.28 个百分点。公司披露的不良生成率为0.84%，同比基 本稳定。年末拨备覆盖率286%，较年初下降62 个 ...

Investment Rating - The report rates the non-banking financial industry as "Overweight" [1][35]. Core Insights - The report highlights that the non-banking financial sector is experiencing a recovery, with significant growth in net profits for securities firms and insurance companies driven by improved market conditions and regulatory support [4][33]. - The report emphasizes the potential for mergers and acquisitions in the brokerage industry, particularly with the proposed merger of Xiangcai and Dazhihui, which could create new growth opportunities through a combination of traffic and licensing [4]. - The introduction of the "20 Articles on Pension Finance" by the financial regulatory authority is expected to enhance the development of the pension finance system, providing a solid foundation for the growth of listed insurance companies [4][33]. Market Overview - The non-banking financial index decreased by 0.1% last week, with the brokerage index down by 0.5% and the insurance index up by 0.6%, indicating a divergence in performance within the sector [4][8]. - The average daily trading volume in the stock market was 14,950 billion yuan, a decrease of 16.5% week-on-week, reflecting a slowdown in market activity [4][17]. Securities Industry Analysis - The securities industry is projected to achieve a net profit of 167.3 billion yuan in 2024, representing a year-on-year growth of 21.3%, driven by improvements in brokerage and asset management revenues [4]. - The report notes that 28 listed brokerages have reported a 15.3% increase in net profit, with a significant 96.6% growth in the fourth quarter, attributed to favorable market conditions following policy implementations [4]. Insurance Industry Analysis - The listed insurance companies are expected to report strong performance in 2024, with net profits significantly boosted by improvements in the equity market and enhanced product value rates due to regulatory changes [4]. - The report anticipates that the aging population will create opportunities for the development of pension finance, with measures aimed at improving financial services for the elderly [4]. Investment Recommendations - For the securities sector, the report suggests focusing on mergers and acquisitions, high asset returns, and improving return on equity (ROE), recommending investment in large, financially robust brokerages [4]. - In the insurance sector, the report advises attention to large comprehensive insurance companies that possess competitive advantages, particularly in light of new regulatory frameworks aimed at high-quality development [4].

3月28日，建设银行在北京、香港两地召开2024年度业绩发布会。建设银行行长张毅、副行长纪志宏、党委委员韩静、首席财务官生柳荣、信贷管理部总经 理黄建锋出席北京发布会，建设银行副行长李建江、首席信息官金磐石、财务会计部总经理刘方根出席香港发布会。 建设银行2024年度业绩发布会北京会场建设银行供图 建设银行2024年度业绩发布会香港会场建设银行供图 2024年，建设银行发展质量持续提升，经营业绩表现稳健，高质量发展迈出坚实步伐。截至2024年末，建设银行集团资产总额40.57万亿元，较上年末增长 5.86%；负债总额37.23万亿元，实现净利润3362.82亿元，增幅1.15%；不良贷款率1.34%，较上年末下降0.03个百分点。 张毅表示，2025年，建设银行将持续不断增强服务国家建设能力、防范金融风险能力、参与国际竞争能力，聚焦主责主业、优化金融服务、守牢风险底线， 确保关键指标均衡协调可持续，全面提升价值创造力和市场竞争力。 做深做实金融"五篇大文章" 2024年，建设银行坚决落实监管导向，加强客户营销、市场拓展，实现信贷平稳增长，均衡投放。截至2024年末，发放贷款和垫款总额较年初新增1.98万亿 元 ...

Core Insights - The core viewpoint of the articles is that Everbright Bank has demonstrated significant growth in various financial sectors, emphasizing its commitment to high-quality development and support for key industries and sectors [1][2][3]. Financial Performance - As of the end of 2024, Everbright Bank's total assets reached 6.96 trillion yuan, an increase of 186.2 billion yuan, or 2.7% from the previous year [1]. - The total loan amount was 3.93 trillion yuan, up by 146.9 billion yuan, reflecting a growth of 3.9% [1]. Sector-Specific Growth - In technology finance, the bank's loans to technology enterprises amounted to 379.5 billion yuan, increasing by 112.4 billion yuan, or 42.1% year-on-year [1]. - The green loan balance reached 442.4 billion yuan, with an increase of 128.7 billion yuan, representing a growth of 41.0% [1]. - The inclusive finance loan balance was 435.4 billion yuan, up by 56.3 billion yuan, or 14.9% [2]. Strategic Initiatives - The bank has implemented specialized support measures for key sectors, including technology, green finance, and inclusive finance, to enhance its service offerings [1][2]. - In the area of digital finance, the bank has accelerated the online and mobile transformation of its key business processes, achieving over 900 billion yuan in payment transactions through its "Everbright Cloud Payment" platform, serving nearly 3.4 billion users [2]. Leadership Vision - The Chairman of Everbright Bank, Wu Lijun, emphasized the bank's focus on high-quality development and its commitment to serving the real economy, aiming to translate economic development tasks into high-quality growth momentum [3].

Investment Rating - The investment rating for Postal Savings Bank is "Outperform the Market" (maintained) [1][5] Core Views - The report indicates that the bank's planned private placement will enhance its capital, thereby improving its ability to serve the real economy and supporting its long-term growth potential [2][4][8] - The private placement involves issuing 20.57 billion A-shares at a price of 6.32 CNY per share, aiming to raise a total of 130 billion CNY, which will be used entirely to supplement core Tier 1 capital [2][3] - Following the completion of the private placement, the bank's core Tier 1 capital adequacy ratio is expected to increase by approximately 1.5 percentage points, from 9.56% to 11.07% [4] Financial Performance Summary - For 2024, the bank's revenue is projected to be 348.8 billion CNY, a year-on-year increase of 1.8%, with a net profit attributable to shareholders of 86.5 billion CNY, reflecting a 0.2% growth [6][11] - The total assets are expected to grow by 8.6% year-on-year to 17.1 trillion CNY by the end of 2024 [6][11] - The bank's non-performing loan ratio is projected to be 0.90% by the end of 2024, indicating a slight increase from the beginning of the year [6][11] Profitability and Valuation Metrics - The report forecasts the bank's net profit for 2025-2027 to be 87 billion CNY, 98.9 billion CNY, and 111.4 billion CNY respectively, with year-on-year growth rates of 1.0%, 1.7%, and 1.7% [2][8] - The fully diluted EPS is expected to be 0.82 CNY, 0.83 CNY, and 0.85 CNY for the years 2025, 2026, and 2027 respectively [2][8] - The current stock price corresponds to a PE ratio of 6.4x, 6.2x, and 6.1x, and a PB ratio of 0.58x, 0.55x, and 0.52x for the same years [2][8]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report highlights the release of multiple economic promotion policies and regulations in February, aimed at stabilizing growth and enhancing financial openness, particularly for Hong Kong and Macau financial institutions [7][10] - The focus remains on the "Five Major Articles" in financial services, with regulatory bodies continuing to push for institutional development and service innovation [8][12] - There is an emphasis on strengthening the collaboration between fiscal, financial, and industrial sectors to enhance policy consistency [9] Summary by Sections 1. Overview of Financial Regulations in February - In February, 14 significant new regulations were released by various regulatory bodies, covering areas such as economic promotion, inclusive finance, green finance, personal information protection, and insurance [10] 2. Capital Market and the "Five Major Articles" - The China Securities Regulatory Commission (CSRC) issued implementation opinions on enhancing the capital market's role in supporting technology finance, green finance, inclusive finance, pension finance, and digital finance [16][17] - Specific measures include supporting quality technology companies in issuing shares, optimizing the system for mergers and acquisitions, and enhancing the service capabilities of financial institutions [23][25] 3. Insurance Group Concentration Risk Management - The National Financial Supervision Administration released guidelines to improve the risk management standards of insurance groups, emphasizing the need for a systematic approach to concentration risk management [29][30] - The guidelines require insurance groups to establish comprehensive risk management processes and improve information disclosure practices [32][36] 4. Trust Industry Regulations - New regulations were introduced to strengthen supervision and risk prevention in the trust industry, focusing on enhancing the core functions of trust companies and ensuring compliance with legal standards [39][40] - The regulations aim to improve the governance structure and risk management capabilities of trust companies [43][46] 5. Personal Information Protection - The National Internet Information Office published a compliance audit management method for personal information protection, which will take effect in May 2025 [51][56] - The method establishes a framework for conducting compliance audits and outlines the responsibilities of personal information processors and auditing institutions [52][53] 6. Rural Revitalization Initiatives - The Central Government issued a document aimed at promoting rural revitalization through systemic reforms and practical measures, including financial support for agricultural projects [61][65] - The initiatives focus on enhancing the financial services available to rural areas and improving the overall governance structure [66][68] 7. Government Financing Guarantee Development - A new management method for government financing guarantees was released to support small and micro enterprises and the agricultural sector, emphasizing performance evaluation and risk control [71][77] - The method aims to enhance the capacity of local government financing guarantee institutions and improve their operational standards [72][74]

在积极参与多层次多支柱养老保险体系建设方面，《方案》提出，支持银行保险机构积极参与服务基本 养老保险制度，增强服务企业年金和职业年金制度能力，促进个人养老金制度持续健康发展，持续推动 商业养老金融改革。符合条件的银行保险机构要大力发展个人养老金业务，通过多种方式提升参加人参 与积极性，实现资金账户数和缴存规模稳步增长。同时，鼓励银行保险机构丰富企业年金、职业年金领 取方式，创新产品和服务，探索提供长期或终身养老金领取服务。 近日，金融监管总局印发《银行业保险业养老金融高质量发展实施方案》，明确提出未来五年银行业保 险业养老金融发展的目标，旨在推动银行保险机构深入参与多层次多支柱养老保险体系建设，加大对银 发经济的金融支持。这一方案的出台，标志着我国养老金融发展进入新阶段，将为应对人口老龄化、促 进银发经济高质量发展提供重要支撑。 《方案》明确，未来五年，银行业保险业养老金融发展将取得明显成效，逐步建立起具有鲜明中国特色 的银行业保险业养老金融体系。具体目标包括：形成较为规范成熟、稳健高效的养老金管理服务体系； 建立多元主体参与、多类产品供给，有效满足多样化需求的商业养老金融体系；基本建成银发经济高质 量发展与 ...