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" ...

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].

3月26日，中国银行发布2024年经营业绩。截至2024年末，集团资产总额35.06万亿元，较上年末增长8.11%；负债总额32.11万亿元，较上年末增长8.20%， 业务规模平稳增加。实现营业收入6,328亿元，同比增长1.38%；实现税后利润2,527亿元，同比增长2.58%，财务效益稳健增长。 中国银行行长张辉在总结2024年经营成果时表示，面对复杂多变的低息环境，集团做好金融"五篇大文章"，全力支持经济社会高质量发展，同时充分发挥优 势特色，准确把握市场机遇，扎实推进降本增效，集团营收、税后利润都实现了增长。 面对经济转型期的复杂挑战，作为全球化程度最高的中资银行，中国银行与时代浪潮相向而行，以助力培育新质生产力为核心，以"五篇大文章"为抓手，加 快培育高质量发展新动能，不断巩固特色优势，增强核心竞争力，交出一份稳中求进的成绩单，展现出国有大行的战略定力与创新活力。 稳中有升 新质生产力带来业绩"新"气象 2024年，面对复杂多变的外部环境，中国银行依然实现了经营业绩的稳健提升。资产负债实现稳健增长，资产总额突破35万亿元，负债总额达到32万亿元， 较上年末分别增长8.11%和8.20%。财务效益稳中 ...

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]

过去一年，中国人保经营业绩高速增长，高质量发展有序推进。 长江商报消息 ●长江商报记者 沈右荣 中国人保（601319.SH，01339.HK）交出了一份历史上最好的业绩答卷。3月27日晚，中国人保披露了 2024年年度报告。公司全年实现保险服务收入5377.09亿元 ，同比增长6.7% ；原保险保费收入6930.15 亿元 ，同比增长4.7%。当年，退保率为3.60%，为近10年来最低水平。 2024年，公司实现营业收入6219.72亿元，同比增长12.45%；归属母公司股东的净利润（以下简称"归母 净利润"）428.69亿元，同比增长88.24%。营收净利均创历史新高。 长江商报记者发现，归母净利润大幅增长，与投资收益十分可观相关。2024年，公司耐心资本、战略资 本的效应显现时，投资收益高达821.63亿元，创了历史新高，同比增长逾80%。 中国人保"保险+科技"深化融合发展，科技金融质效不断提升。科技保险承担保险责任金额31万亿元 ， 保障高新技术企业12万家。 截至2024年，中国人保专业技术人员11.85万人，是营销与推销人员的2倍多。 投资收益助净利创新高 根据年报，2024年，中国人保业务发展 ...

Group 1 - The core point of the announcement is that Postal Savings Bank of China plans to introduce strategic investors, China Mobile Group and China Shipbuilding Group, by issuing A-shares to enhance its core tier one capital and support future business development [1][2][3] - The purpose of introducing strategic investors is to strengthen the bank's ability to operate steadily and improve financial services to the real economy, aligning with national policies on capital supplementation for large state-owned commercial banks [2][3] - The strategic investors are large state-owned enterprises with strong financial capabilities and resource advantages, which will complement the bank's competitive position and enhance its business development [2][3] Group 2 - The funds raised from the issuance will be used entirely to supplement the bank's core tier one capital, supporting future business growth [3] - China Mobile Group has a registered capital of 30 billion yuan and is a leading telecommunications company in China, with a strong focus on innovation and digital transformation [4][5] - China Shipbuilding Group, with a registered capital of 11 billion yuan, is the largest shipbuilding group globally and has extensive experience in investment management and strategic resource integration [6][7] Group 3 - The strategic cooperation agreement outlines the advantages of the strategic investors and their potential synergies with the bank, emphasizing the importance of governance and long-term collaboration [8][9] - Both strategic investors are committed to enhancing the bank's governance structure and providing ongoing capital support, ensuring that they do not seek control over the bank [15][16] - The cooperation aims to promote sustainable development, improve corporate governance, and increase the supply of long-term capital in the market [14][15]

Core Viewpoint - 2024 is a critical year for China's economic transformation and comprehensive reform of the capital market, with Guangfa Securities maintaining its "functional" positioning and effectively serving the real economy, achieving a total operating revenue of 27.199 billion yuan and a net profit attributable to shareholders of 9.637 billion yuan [1] Group 1: Business Performance - Guangfa Securities has four major business segments: investment banking, wealth management, trading and institutional services, and investment management, with a comprehensive service capability and a strong market position [2] - The investment banking business achieved counter-cyclical growth, with equity financing underwriting amounting to 8.666 billion yuan and a market share increase, while debt financing saw a 21.22% year-on-year growth in underwriting amount to 296.322 billion yuan [3] - Wealth management transformation showed significant results, with the scale of financial products sold exceeding 260 billion yuan, a 22% increase year-on-year, and a financing balance of 103.686 billion yuan, up 16.52% [3] Group 2: Trading and Investment Management - The trading and institutional business segment remains strong, providing market-making services for over 800 funds and all ETF options, with a total scale of private products issued reaching 900.744 billion yuan [4] - The investment management segment has solidified its advantages, with public fund management exceeding 3.5 trillion yuan, ranking third and first in the industry respectively, and private fund management focusing on key sectors such as biomedicine and new energy [4] Group 3: Social Responsibility and Future Outlook - The company actively fulfills social responsibilities, with a focus on rural revitalization, education, financial empowerment, and medical assistance, contributing over 22.676 million yuan to public welfare [8] - Looking ahead to 2025, the company aims to develop in line with national strategies and embrace technological revolutions, striving to build an internationally leading investment bank [8]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report highlights the release of 14 important new regulations in February, focusing on economic promotion, inclusive finance, green finance, personal information protection, and insurance [7][9] - The emphasis on the "Five Major Articles" continues to be a priority for financial services, with regulatory bodies pushing for systemic reforms and service innovations [10][25] - There is a notable trend of enhanced collaboration between fiscal, financial, and industrial sectors, indicating a stronger alignment of policies [11] Summary by Sections 1. Economic Promotion - Multiple new policies were introduced to stabilize growth, focusing on rural revitalization, foreign investment, and consumer confidence [9][64] - The report outlines the government's commitment to improving the investment environment and supporting entrepreneurship [8] 2. Insurance - The Financial Regulatory Bureau issued guidelines to standardize concentration risk management for insurance groups, enhancing their risk management capabilities [28][29] - The guidelines emphasize the need for a systematic approach to managing concentration risks, including the establishment of multi-dimensional indicators and limits [30][33] 3. Trust Industry - New regulations aim to strengthen supervision and risk prevention in the trust industry, emphasizing the importance of adhering to the essence of trust services [38][41] - The report discusses the need for trust companies to enhance their governance and risk management frameworks [41][45] 4. Personal Information Protection - The National Internet Information Office introduced a compliance audit management method for personal information protection, effective from May 1, 2025 [49][56] - The framework aims to enhance the legal compliance of personal information processing activities and protect individual rights [56][58] 5. Rural Revitalization - The Central Government's document outlines strategies for rural revitalization, focusing on enhancing agricultural productivity and improving rural governance [62][66] - Financial mechanisms are proposed to support rural development, including the issuance of special financial bonds for agriculture [64][68] 6. Government Financing Guarantee - A new management method for government financing guarantees aims to support small and micro enterprises, enhancing their access to financing [73][79] - The report highlights the importance of risk control and the standardization of asset disposal processes to mitigate financial risks [80][81]

Core Viewpoint - China International Capital Corporation (CICC) reported strong financial performance for the year ending December 31, 2024, with total assets of RMB 674.716 billion, operating revenue of RMB 21.333 billion, and net profit attributable to shareholders of RMB 5.694 billion, emphasizing its commitment to serving national strategies and the real economy [1] Group 1: Business Performance - CICC maintained a leading position in investment banking, ranking first in global IPOs for Chinese enterprises and in Hong Kong IPOs, with significant participation in major projects [2] - The company ranked first among Chinese brokers in offshore debt underwriting and maintained a strong position in various segments, including real estate ABS and public REITs [2] - CICC's stock business continued to deepen its institutional client base, achieving the highest market share for QFII clients for 21 consecutive years [2] Group 2: Asset Management - CICC's public fund management scale grew by 63% year-on-year to RMB 207.3 billion, maintaining industry leadership in public REITs [3] - The private equity business solidified its market-leading position with managed assets reaching RMB 457.6 billion [3] - Wealth management services expanded significantly, with total clients nearing 8.5 million and total client asset value around RMB 3.18 trillion [3] Group 3: Dividends and Shareholder Returns - CICC announced a mid-term profit distribution plan, distributing approximately RMB 434 million in cash dividends to shareholders, reflecting its commitment to enhancing dividend stability and predictability [4] - Since its A-share listing in 2020, CICC has distributed a total of RMB 4.489 billion in cash dividends to shareholders [4] Group 4: Support for Real Economy - CICC supported direct financing exceeding RMB 12 trillion in 2024, focusing on key national strategic areas such as technology innovation and green development [5][6] - The company facilitated transactions in the technology sector amounting to RMB 470 billion and established 36 new funds totaling over RMB 55 billion [6] - CICC assisted small and micro enterprises in achieving capital market transactions exceeding RMB 270 billion [7] Group 5: Digital and Green Finance - CICC provided significant support to digital enterprises, completing transactions worth over RMB 50 billion and launching a digital economy fund [8] - The company actively promoted green finance, assisting in transactions exceeding RMB 450 billion in green-related fields and establishing new funds for green investments [6][8] Group 6: Internationalization and Future Outlook - CICC completed cross-border and overseas project transactions exceeding RMB 900 billion, enhancing its international presence [9] - The company expressed confidence in the future, focusing on serving national development and enhancing its core competitiveness [9]

Core Insights - The company reported total revenue and other income of 61.757 billion RMB for the year ending December 31, 2024, representing a year-on-year increase of 18.07% [1] - Profit attributable to equity holders was 13.024 billion RMB, up 38.94% year-on-year, with basic earnings per share at 1.39 RMB and a proposed final dividend of 2.8 RMB per 10 shares [1] Business Strategy and Focus - In 2024, the company will focus on enhancing business competitiveness, accelerating digital transformation, and improving management efficiency, while actively serving national and Shanghai's major development strategies [2] - Key areas of focus include technology finance, green finance, inclusive finance, pension finance, and digital finance, with efforts to deepen reforms and promote business development [2] Operational Enhancements - The company has strengthened its top-level design and implemented a comprehensive action plan for reform and enhancement, focusing on retail, institutional, and corporate client service systems [3] - Digital transformation is being accelerated, with significant integration of large model capabilities into customer service systems [3] - The company has improved its green finance service capabilities, achieving an MSCI ESG rating upgrade to AAA [3] Customer and Market Performance - The number of users on the Junhong APP reached 41.6397 million, a 3.0% increase year-on-year, with an average monthly active user count of 8.8471 million, up 11.1% [4] - The number of personal fund accounts grew by 8.3% to 19.3194 million, with affluent and high-net-worth clients increasing by 17.9% [4] - The asset retention scale of the "Junxiang Investment" advisory business reached 26.416 billion RMB, a significant increase of 107.5% [4] - The company achieved a domestic stock fund trading share of 5.17%, up 0.41 percentage points year-on-year, and financial product sales amounted to 950.5 billion RMB, a 27.7% increase [4]