三十载，砥砺前行、耕耘不辍。华夏银行南京分行积极践行金融工作的政治性、人民性，在总行引领下不断深化战略布 局，坚持"以人民为中心"价值取向，紧扣江苏发展主线，锚定"五篇大文章"向"新"求"质"，在10.72万平方公里的江苏大 地上深烙"华夏印记"。 三十载，励"金"图治、行棋谋远。华夏银行南京分行精工细绘"强富美高"新江苏画卷，目前拥有9家二级分行、63家营业 机构，系统内率先实现设区市机构全覆盖，总资产2200亿元、存款规模超1800亿元、贷款规模超2000亿元。 三十载，载誉江苏、"新"领未来。以自身高质量发展助力金融强国建设，在推进中国式现代化中彰显责任担当。华夏银 行南京分行先后获评"全国五一劳动奖状""全国精神文明建设先进单位""全国金融系统文明建设先进单位"，连续多年被 评为"江苏省文明单位"，荣膺南京市"助推引领性国家创新型城市建设有功单位"，连续两年获评南京市"绿色金融示范团 队"。 1995年6月6日，金陵沃土上，一朵"金融之花"悄然绽放。作为总行设立的首家外埠分行，华夏银行南 京分行应运而生，成为最早进入江苏的股份制商业银行之一。 培根铸魂 初心如磐 ——砥砺奋进"华夏新征程" "圆满实现 ...

Core Viewpoint - The report outlines the performance and strategic initiatives of the Bank of Communications for the year 2024, highlighting a net profit of 93.586 billion yuan, a slight increase of 0.93% year-on-year, and improvements in asset quality metrics such as a non-performing loan ratio of 1.31% and a provision coverage ratio of 201.94% [1][2]. Group 1: Financial Performance - The bank achieved a net profit of 93.586 billion yuan in 2024, representing a year-on-year growth of 0.93% [1]. - The non-performing loan ratio decreased by 0.02 percentage points to 1.31% by the end of 2024 [1]. - The provision coverage ratio improved by 6.73 percentage points to 201.94% [1]. Group 2: Strategic Development - The board emphasized the importance of strategic management and the implementation of the "14th Five-Year Plan," with a focus on enhancing governance and accelerating transformation [2][3]. - The bank is committed to expanding retail business and enhancing digital financial services, with personal consumption loans showing a leading growth rate in the industry for four consecutive years [3]. - The bank's technology finance initiatives resulted in a 45.37% increase in the number of credit clients in technology enterprises [3]. Group 3: Digital Transformation - The bank is advancing its digital financial capabilities, achieving the highest level of data management capability maturity (DCMM Level 5) [4]. - The monthly active users of the mobile banking app increased by 12.84%, with online channels accounting for 80% of inclusive credit growth [4] [5]. - The bank is enhancing its digital infrastructure, ensuring comprehensive disaster recovery coverage for critical business systems [4]. Group 4: Governance and Compliance - The board conducted three shareholder meetings and nine board meetings, reviewing a total of 79 proposals [6]. - The board is focused on improving its operational efficiency and governance effectiveness, with regular evaluations of board performance and compliance with regulations [6][7]. - Independent directors played a crucial role in decision-making and oversight, participating in various meetings and discussions throughout the year [8]. Group 5: ESG and Social Responsibility - The bank is committed to green finance, with initiatives aimed at integrating ESG principles into its operations and product offerings [9]. - The bank donated a total of 58.8399 million yuan to social causes, focusing on rural revitalization and poverty alleviation [11]. - The bank's consumer rights protection efforts ranked first among six major commercial banks in annual evaluations [10]. Group 6: Future Plans - The bank plans to invest 5.275 billion yuan in fixed assets for 2025, marking a 6.63% increase from the previous year's plan [23]. - The investment will primarily focus on information technology, accounting for 81.9% of the total planned expenditure [24]. - The bank aims to enhance its operational capabilities while controlling costs in daily operations [24].

Core Insights - A significant cross-border collaboration has emerged in Southeast Asia, with OCBC Bank partnering with Ant Group to launch embedded financial services for SMEs in Indonesia, marking Ant Group's first deep collaboration with the Indonesian banking system [1][3] - This partnership represents a new model of "technology integration + scenario embedding" for Chinese tech firms in global southern markets, while also validating Singapore's role as a financial hub serving ASEAN [1][4] Group 1: Embedded Finance - Embedded finance emphasizes seamless integration of credit, payment, and insurance services into users' daily operations, reducing barriers and enhancing efficiency, contrasting with traditional financial services that rely on physical branches and static credit models [3] - Ant Group's expertise in AI-driven data modeling and dynamic risk control enables it to create accurate profiles of small and micro-businesses that traditional credit systems often overlook, addressing the substantial informal financial needs in Indonesia [3][4] Group 2: Market Context - Indonesia is the largest economy in Southeast Asia and the sixth-largest e-commerce market globally, with e-commerce transaction volume projected to surge from $58.4 billion to $95.8 billion over the next five years, driven by millions of micro-entrepreneurs relying on platforms like Shopee and Tokopedia [3] - The collaboration targets a vast market of small businesses that have been marginalized by traditional banking due to a lack of collateral and financial records [3][4] Group 3: Strategic Implications - OCBC's transformation into a regional, technology-driven financial services group has seen success in Singapore and Malaysia, with nearly $200 million in loans issued to small businesses in the e-commerce ecosystem since 2023 [4] - The partnership is characterized by a "dual-track collaboration" where OCBC integrates Ant Group's data capabilities and AI risk management with its local credit channels and customer networks in Indonesia [4][6] Group 4: Future Outlook - This collaboration may serve as a template for reshaping banking functions across Southeast Asia, addressing structural challenges in SME financing and regulatory environments in countries like the Philippines, Vietnam, and Malaysia [8] - The evolving narrative of financial globalization is shifting from mere capital cross-border flows to deep integration around "digital financial ecosystem governance," with the potential for a replicable and scalable digital credit model emerging from this partnership [8]

Core Insights - The financial regulatory bureau of Anyang has implemented a comprehensive approach to support the development of private enterprises and establish a high-quality inclusive financial system, achieving a loan balance of 100.25 billion yuan for private enterprises by the end of March, an increase of 7.89 billion yuan from the beginning of the year, with a growth rate of 8.54% [1] Group 1: Financial Support for Private Enterprises - The loan balance for private enterprises increased by 7.89 billion yuan, reaching 100.25 billion yuan, which is 2.39 percentage points higher than the overall loan growth rate [1] - The number of loan accounts for private enterprises rose to 198,300, an increase of 9,000 accounts since the beginning of the year [1] - The credit structure for private enterprises has improved, with increases in credit loans, medium to long-term loans, and non-repayment renewal loans of 4.63 billion yuan, 1.57 billion yuan, and 0.85 billion yuan respectively [1] Group 2: Technological and Green Finance Initiatives - The overall loan balance for technology-based enterprises exceeded 21 billion yuan, with an increase of 5.21 billion yuan, outpacing overall loan growth by 26.23 percentage points [2] - Green credit balance reached 24.14 billion yuan, growing by 1.25 billion yuan, with a growth rate of 5.46%, supporting ecological restoration and sustainable development [2] Group 3: Pension Finance Development - The cumulative amount of personal pension contributions reached 44 million yuan, an increase of 13 million yuan since the beginning of the year [3] - The number of effective personal pension accounts reached 330,000, with an increase of nearly 100,000 accounts, reflecting a growth rate of 42.63% [3] Group 4: Digital Finance Expansion - The online loan balance reached 51.44 billion yuan, increasing by 5.53 billion yuan, with a growth rate of 12.04% [4] - The electronic transaction replacement rate for most banking institutions exceeded 85%, promoting the integration of digital finance into economic development [4] Group 5: Inclusive Finance Growth - The loan balance for inclusive small and micro enterprises reached 51.91 billion yuan, with an increase of 5.55 billion yuan, reflecting a growth rate of 11.96% [4] - The average loan interest rate decreased to 3.91%, down by 0.5 percentage points since the beginning of the year, continuing a five-year trend of decline [4]

Group 1 - The company focuses on regional development and aims to enhance financial services to support high-quality economic growth in Taicang [1] - The bank has implemented a credit issuance mechanism driven by industry research, increasing financial support for manufacturing enterprises, with a manufacturing loan balance exceeding 8 billion yuan, a net increase of 400 million yuan since the beginning of the year [3] - The bank's loans to technology innovation enterprises reached nearly 3 billion yuan, with a growth rate exceeding 30%, covering 50% of the tech enterprises in Taicang [3] Group 2 - The bank is committed to green finance, optimizing resource allocation for green credit, and supporting projects like the green port construction and wastewater treatment, with a green loan balance surpassing 8 billion yuan, an increase of 1.27 billion yuan since the start of the year [3] - The bank has established a mechanism to enhance financial support for small and micro enterprises, with a balance of inclusive loans exceeding 6 billion yuan, benefiting nearly 800 small and micro enterprises [4] - The bank has designed tailored financial solutions for specific enterprises, such as a 10 million yuan bill discount for a specialized enterprise and a 3 million yuan loan for an asset-light sensor company [4] Group 3 - The bank is developing pension finance services, focusing on the needs of elderly clients, and has opened over 3,000 personal pension accounts [5] - The bank is enhancing digital finance capabilities, promoting a one-stop service platform, and has implemented a reverse invoicing service for resource recovery enterprises to reduce tax costs [5] - The bank aims to continue its commitment to practical efforts and regional development, leveraging financial power to shape a new landscape for high-quality growth [5]

在稳定币这个极具潜力的领域，最具想象空间的赛道并非跨境支付或单纯的数字货币，而是拥有发行稳 定币牌照的公司！ 而且，它由国家信用背书，与比特币等虚拟币有着本质区别。 本月，稳定币第一巨头还预计在美股上市，产业催化不断，行情远未结束。 那么在A股市场，有哪些核心公司拥有或参股稳定币牌照方呢？ 从政策层面来看，无论是香港的《稳定币条例》，还是美国的《GENIUS法案》，都明确规定发行主体 必须是持牌机构或注册公司。 在金融领域，掌握稀缺的金融牌照就意味着拥有定价权和垄断性，这可是整个产业中最受益的方向，绝 不是一般的技术运营或服务商能比的。 回顾过往，类似因获得稀缺牌照而股价大涨的案例不在少数。 比如中免，获得免税牌照后，股价直接从十几元飙升到400多元；中信获得金控牌照，股价也近乎上涨 了20倍。 如今，稳定币不仅代表着数字金融时代的核心资产，更是未来数字经济时代金融话语权的象征，是打破 美元独家金融霸权的有力武器。 为避免打扰主力，唻炂纵㞻："小婉说市"带走。公司全资子公司拥有香港证监会颁发的第1、4、9号牌 照，具备证券 + 虚拟币发行的资质，在整个A股市场，是唯一一家在香港拥有证券 + 虚拟币牌照的公 司 ...

近期，香港《稳定币条例》正式生效，成为全球首个针对法币稳定币建立牌照制度的司法管辖区。这一里程碑式立法引发资本市场强烈关注，券商机构迅速 响应，掀起密集研究热潮。三天内，22家券商集中发布30篇研报，超过20场电话会议相继召开，8场路演活动蓄势待发。券商研究覆盖计算机、区块链、金 融科技、跨境支付等多个维度，普遍认为香港新规将推动稳定币从交易媒介升级为关键金融基础设施，加速数字金融产业链发展。 券商研究热潮空前高涨 稳定币产业价值逐步显现 稳定币是一种与法定货币、实物资产或其他特定资产挂钩的加密货币，通过锚定机制维持价格相对稳定。其本质是将现实世界法定货币或资产进行链上代币 化，是传统金融资产与区块链技术结合的产物。相较于比特币等波动剧烈的加密资产，稳定币提供可预测的价值尺度和更优的法币兑换通道，被视作传统金 融和加密生态之间的桥梁。 全球稳定币市场规模增长迅猛。截至2025年5月31日，全球稳定币市值超过2500亿美元，较2024年年底增加超过400亿美元。挂钩美元的两大稳定币USDT和 USDC市值分别超过1530亿美元和610亿美元，占全球稳定币总市值超过85%。渣打银行预测，稳定币供应量有望增至202 ...

招商证券股份有限公司 二○二四年年度股东大会 会议资料 大 会 议 程 关于招商证券国际有限公司及其下属全资子公司 2025 年度担保授权方案的议案 议案 1 关于公司 2024 年度董事会工作报告的议案 各位股东： 根据相关法律法规和《招商证券股份有限公司章程》（简称《公司章程》） 的规定，现提请股东大会审议公司 2024 年度董事会工作报告，具体如下: 一、2024 年度董事会主要工作 中央沉着应变、综合施策，特别是 9 月末果断部署一揽子增量政策，社会信心有 效提振，经济明显回升，全年经济运行总体平稳、稳中有进， GDP 同比增长 5%。 随着资本市场新"国九条"出台和"1+N"政策体系的逐步落地，以及一揽子增 量政策积极效应的持续显现，资本市场回暖向好，展现出较强韧性。12 月末， 上证指数同比上涨 12.7%，深证成指同比上涨 9.3%；全年 IPO 和再融资发行规模 均大幅下降，一级市场股权融资规模 2,485 亿元，同比下降 73%；二级市场日均 股基交易额 1.2 万亿元，同比增长 23%。 会议时间： 通过交易系统投票平台的投票时间： 的一年。公司积极应对监管新规实施、行业竞争加剧等考验，保 ...

证券研究报告 晨会 hyzqdatemark 2025 年 06 月 03 日 投资要点： 资料来源：聚源，华源证券研究所，截至2025年06月03日 华源晨会精粹 20250603 北交所 宠物经济持续升温，关注路斯股份等北交所宠物产业链标的——北交所消费 服务产业跟踪第十六期：我国宠物经济近年来持续增长，国产品牌发展势头正盛。 整体市场规模上，中国城镇宠物（犬猫）消费已从 2018 年的 1708 亿元人民币增长 至 2024 年的 3002 亿元，期间年复合增长率达 9.86%。其中"猫经济"的增长尤为 突出。消费结构层面，宠物食品仍是主要消费市场。宠物食品行业竞争格局方面， 2024 年我国宠物食品线上市场 CR10 仅为 33.7%，较为分散，并且国产品牌不断崛 起，海外品牌地位有所下滑。宠物食品出口来看，2025 年 1-4 月宠物出口金额累计 达到 32.6 亿元，同比增长 7.2%。单 4 月同比下滑主要是美国贸易政策影响，后续 应持续关注关税情况。北交所宠物产业链相关公司有路斯股份和海能技术。本周北 交所消费服务股股价涨跌幅中值+2.03%。 风险提示：宏观经济环境变动风险、市场竞争风险、资 ...

Serensia is a leading French electronic invoicing platform, accredited by the French Government as a Partner Dematerialization Platform (PDP)The acquisition provides Quadient with first-class electronic invoicing technology, advanced PDP capabilities and certified access to the Pan-European Public Procurement Online (Peppol) market With mandatory e-invoicing regulations approaching, Quadient is now strongly positioned in Europe’s digital compliance market, offering a comprehensive, end-to-end solution Qua ...