2025年4月23日，人民银行深圳市分行、国家外汇管理局深圳市分局举行2025年第一季度新闻发布会， 介绍深圳金融运行有关情况。 南方财经全媒体记者曹媛深圳报道 2025年一季度，人民银行深圳市分行落实适度宽松的货币政策。信贷总量平稳增长，截至2025年一季度 末，深圳市本外币各项存款余额13.97万亿元，本外币各项贷款余额9.81万亿元，存款、贷款一季度增量 均超过3000亿元。其中，住户存款、非金融企业存款均实现同比多增；住户贷款较年初增加430.55亿 元，增速高于同期各项贷款整体增速1.2个百分点。 重点领域金融支持方面，截至2025年一季度末，深圳市制造业贷款余额1.26万亿元，占各项贷款的比重 为12.8%，较上年末提升0.6个百分点；普惠小微贷款余额1.90万亿元，占各项贷款的比重为19.3%，增 速高于同期各项贷款整体增速5个百分点。社会综合融资成本稳中有降，2025年3月，深圳金融机构新发 放企业贷款加权平均利率2.79%，同比下降0.71个百分点。 深圳科技型企业、绿色、普惠贷款余额均超1万亿 在做好金融"五篇大文章"方面，据深圳人行介绍，截至2025年一季度末，深圳全市科技型企业贷款余额 ...

Core Viewpoint - The private economy is a driving force for China's modernization and high-quality development, with Anhui Bank focusing on cross-border financial needs of private enterprises to enhance their global competitiveness [1][4]. Group 1: Financial Services for Private Enterprises - Anhui Bank provides a comprehensive suite of financial services, including foreign guarantees, overseas account openings, cross-border financing, and exchange rate risk management, to support private enterprises in their international expansion [2][3]. - The bank has developed a cash management foreign currency pool service for a private enterprise in the automotive parts sector, enhancing fund utilization efficiency and global market competitiveness [2]. Group 2: Innovation in Financial Solutions - Anhui Bank has introduced innovative financial solutions such as blockchain applications to assist small and micro foreign trade enterprises in overcoming immediate financial challenges [3]. - The bank is enhancing its service offerings by launching cross-border remittance services and digital supply chain solutions, aiming to improve the efficiency of cross-border payments for small and micro foreign trade enterprises [4]. Group 3: Support for Trade Facilitation - Anhui Bank is actively promoting trade foreign exchange payment facilitation and cross-border RMB trade investment services, allowing more market participants to benefit from policy incentives [5]. - The bank collaborates closely with the Anhui Provincial Department of Commerce to implement trade facilitation policies, addressing challenges faced by enterprises in cross-border financing and foreign exchange management [6].

潮涌东方，风起浦江。2025年，浦东迎来开发开放35周年的重要里程碑。这35年见证了浦东从昔日的郊 野之地，崛起为举世瞩目的现代化城区，是一部敢为人先的奋斗史，也是中国改革开放伟大成就的生动 诠释。如今，这里正以创新为引擎，加速打造全球资源配置的新高地，在科技自立自强的赛道上奋力领 跑。 作为江苏银行在省外设立的首家分行，江苏银行上海分行自2008年扎根浦东以来，始终与这片土地同频 共振。伴随着浦东开发开放"二次创业"新阶段，分行不断完善机构布局，先后在陆家嘴、南汇、洋泾、 惠南、临港、张江等区域设立全功能型支行。持续深耕科技金融、绿色金融、供应链金融等领域，以金 融活水滋养企业成长，助力区域经济高质量发展。 深化合作，赋能浦东发展新征程 在浦东开发开放迎来35周年之际，面对全球经济格局的深刻变革与国内经济高质量发展的新要求，浦东 积极探寻更高水平的开放路径，全力推动改革向纵深发展，力求释放各类改革平台的集成效应，在自主 开放和单边开放领域持续发力，打造改革开放新高地。 江苏银行上海分行敏锐把握这一发展趋势，凭借高度的战略敏锐性与行动力，积极投身浦东发展浪潮， 携手各方深度参与区域经济建设。其中，与临港管委会 ...

Core Viewpoint - The 137th China Import and Export Fair (Canton Fair) is being held in Guangzhou, with a focus on enhancing global trade connections and providing comprehensive financial services to exhibitors and visitors through the partnership with Bank of Communications [1][2]. Group 1: Event Overview - The Canton Fair will take place from April 15 to May 5, covering an exhibition area of 1.55 million square meters, with over 45,000 enterprises expected to participate both online and offline, marking a record scale [2]. - The fair has optimized its thematic structure to attract high-quality exhibitors and unique products, alongside hosting industry forums and trade negotiation meetings to facilitate efficient trade cooperation [2]. Group 2: Financial Services by Bank of Communications - As a strategic partner, Bank of Communications integrates the theme "Connecting the World, Sailing Across the Seas" into its exhibition design, featuring a diverse financial service area to support cross-border trade development [2]. - The exhibition area includes multiple functional zones such as a business display area, service area, and interactive experience area, with a main hall designed to symbolize the bank's commitment to aiding global trade through financial technology [2][3]. - The bank offers services like bank card opening, foreign currency exchange, foreign card payments, and digital RMB payments, along with engaging activities for participants to experience its financial services [3]. Group 3: Payment Services Enhancement - The bank has improved payment services by optimizing the acceptance environment for foreign bank cards, enhancing cash service support, and increasing mobile payment convenience for foreign visitors [4]. - A dedicated payment convenience area is set up at the fair to assist foreign visitors with personal bank account openings and foreign currency exchanges, attracting many exhibitors and guests [4]. Group 4: Digital and Cross-Border Financial Solutions - Bank of Communications has launched the "Easy Series" online service brand for international business, covering the entire process of cross-border payments, settlements, and financing [5]. - The bank supports over 120 currencies for cross-border remittances through its "Baihui Tong" service, allowing customers to efficiently meet their financial needs from home [5]. Group 5: Comprehensive Financial Support for Enterprises - The bank is responding to Guangdong's "Five External Linkages" policy by providing comprehensive financial service solutions for enterprises venturing abroad, leveraging its extensive account system and product offerings [6][7]. - The bank has established a non-resident business system that includes various account types to enhance the efficiency of enterprise account openings [7]. - It offers multi-layered financing services by utilizing both domestic and international markets to provide cross-border financing products, helping enterprises reduce costs and improve efficiency [7]. Group 6: Focus on the Greater Bay Area - The bank is developing the "Jiaoyin Baytong" financial service brand to provide efficient cross-border financial support for residents and enterprises in the Guangdong-Hong Kong-Macao Greater Bay Area [8]. - This brand integrates multiple core functions such as cross-border payments and wealth management, aiming to facilitate the efficient flow of funds within the Greater Bay Area [8]. - The bank aims to leverage the Canton Fair to promote the "Jiaoyin Baytong" brand and contribute to the economic integration of the Greater Bay Area through innovative service models [8].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported significant improvement in profitability, with a 2024 revenue of 43.4 billion yuan, up 20% year-on-year, and a net profit of 13.02 billion yuan, up 39% year-on-year [1][6] - The merger between Guotai Junan and Haitong Securities is expected to create substantial business scale advantages, enhancing market share and operational efficiency [6][7] - The company is focusing on integrating operations to realize cost synergies and improve overall performance [6] Financial Data and Profit Forecast - Revenue and profit forecasts for 2023 to 2027 are as follows: - 2023 Revenue: 36.14 billion yuan, 2024 Revenue: 43.40 billion yuan, 2025E Revenue: 46.10 billion yuan, 2026E Revenue: 54.36 billion yuan, 2027E Revenue: 66.84 billion yuan [2][10] - 2023 Net Profit: 9.37 billion yuan, 2024 Net Profit: 13.02 billion yuan, 2025E Net Profit: 21.34 billion yuan, 2026E Net Profit: 18.24 billion yuan, 2027E Net Profit: 25.90 billion yuan [2][10] - The company expects a significant increase in net profit for 2025, with a year-on-year growth of 63.88% [2][10] Business Performance - The company's main revenue sources for 2024 include: - Brokerage: 7.84 billion yuan (+16%) - Investment Banking: 2.92 billion yuan (-21%) - Asset Management: 3.89 billion yuan (-5%) - Net Interest: 2.36 billion yuan (-16%) - Net Investment: 14.94 billion yuan (+65%) [6] - The company achieved a weighted ROE of 8.14% for 2024, an increase of 2.12 percentage points year-on-year [1] Market Position and Competitive Advantage - The merger is projected to elevate the combined entity to the top position in terms of total assets, net profit, and various business segments [6][7] - The combined market share in brokerage services is expected to exceed 8%, significantly enhancing client acquisition capabilities [6][7] - The international business expansion is anticipated to accelerate, with plans to cover major global capital markets [6][7]