已实现多个货币桥应用场景落地 所谓多边央行数字货币桥（mBridge）是由国际清算银行（香港）创新中心、泰国银行（泰国央行）、 阿联酋中央银行、中国人民银行数字货币研究所和香港金融管理局联合建设，致力于打造以央行数字货 币为核心的高效率、低成本、高可扩展性且符合监管要求的跨境支付解决方案。 据了解，作为境内货币桥参与机构之一，兴业银行在全国已实现包括贸易结算、跨境资金池等在内的多 个货币桥应用场景落地。充分验证了通过货币桥进行跨境支付，具有处理效率高、交易成本低等显著优 势。 本报记者 李冰 日前，兴业银行温州分行通过多边央行数字货币桥（mBridge，下称"货币桥"）为当地某企业成功办理 跨境人民币支付业务。该笔交易不仅是温州市首笔多边央行数字货币桥跨境支付交易，同时也是浙江省 截至目前金额最大的货币桥业务。 经梳理，年内多家银行正积极参与货币桥项目，推动金融数字化转型与跨境贸易便利化。 兴业银行温州分行相关负责人表示，后续，将持续优化货币桥业务办理流程，以专业政策服务和优质金 融服务，稳慎扎实推进人民币国际化，助力我市开放型经济持续健康高质量发展。 苏商银行特约研究员薛洪言对《证券日报》记者表示，"银行在 ...

Core Insights - The sixth "Digital Banker" training program successfully held its first session in Beijing, focusing on the digital transformation of the financial industry [1][3] - The program aims to cultivate top bankers and entrepreneurs in the digital economy era, having successfully conducted five previous sessions [1] - The curriculum includes various learning formats such as lectures, case studies, company visits, and outdoor activities to enhance the learning experience [1] Industry Trends - Key industry figures, including former officials from the China Banking and Insurance Regulatory Commission and the Bank of China, discussed the critical trends and challenges in the digital transformation of the financial sector [3] - The program features a distinguished lineup of academic mentors who analyze macro policies and industry trends, providing guidance for small and medium-sized financial institutions [3] Technological Applications - During the program, participants visited CITIC Bank, where the General Manager of Information Technology shared successful experiences in utilizing artificial intelligence to optimize business processes and improve service quality [5] - The training program encourages participants to explore the application of cutting-edge technologies in financial services, fostering knowledge sharing and collaboration among industry professionals [7]

Core Viewpoint - Ningbo Bank Shanghai Branch has been committed to serving the local economy and supporting innovation and small enterprises over the past 18 years, aligning its strategies with the development of Shanghai as an international financial center [1][12]. Group 1: Support for Technology and Innovation - The bank has established a Technology Innovation Approval Center and a team of 100 experts to provide comprehensive financial support for technology enterprises throughout their lifecycle, issuing loans totaling 46.1 billion yuan to 1,140 tech companies in 2024 [2]. - The "Technology Loan" and "Talent Loan" products assist startups, while "Growth Loan" and "Partner Loan" support growing companies, and mature firms receive acquisition loans and bond underwriting services [2]. Group 2: Inclusive Finance for Small and Micro Enterprises - The bank has developed various financial products like "Fast Approval Fast Loan" and "No Principal Renewal Loan" to address the urgent financing needs of small and micro enterprises, providing over 20 billion yuan in inclusive loans in 2024 [5]. - The implementation of a no-principal renewal loan policy has helped 418 enterprises save over 100 million yuan in financing costs, ensuring the stability of their cash flow [5]. Group 3: Digital Transformation and Future Banking - The bank is advancing its digital transformation by offering integrated financial services through platforms like "Treasury Manager" and "Foreign Exchange Manager," serving over 1,000 corporate clients with an annual transaction volume exceeding 15 trillion yuan [7]. - The "Beautiful Life" service platform has distributed over 290,000 coupons to 380,000 residents, integrating financial services into daily life [7]. Group 4: Commitment to Social Responsibility - The bank actively supports the development of the Yangtze River Delta and the Shanghai Free Trade Zone, providing cross-border financing exceeding 1.1 billion USD to 263 enterprises in 2024 [8]. - It focuses on serving private enterprises by offering tailored financial services to meet their diverse needs [8]. Group 5: Future Outlook - The bank aims to enhance its professional, digital, platform, and international strategies, positioning itself as a financial partner that helps clients find and save money while supporting employees' well-being [11][12]. - As it celebrates its 18th anniversary, the bank is poised to leverage opportunities in Shanghai's financial landscape, continuing its commitment to innovation and practical service [11][12].

Group 1 - The second meeting of the China-Europe Financial Working Group was held in Brussels, Belgium, on May 13-14, focusing on global economic uncertainties and macroeconomic conditions [1] - Discussions included financial stability, banking and insurance regulation, and the development of pension funds and leasing companies [1] - Constructive discussions were held on emerging areas such as sustainable finance, cross-border data flow, and the construction of cross-border payment systems [1] Group 2 - A roundtable meeting for China-Europe financial institutions took place concurrently, where financial institutions provided professional advice on digital transformation and fintech innovation [1] - There was extensive communication regarding specific requests to optimize market access and promote business innovation [1] - All parties agreed to establish a regular communication mechanism to jointly promote deeper and broader financial cooperation between China and Europe [1]

Investment Rating - The investment rating for the company is "Buy" [1][6] - The previous rating was also "Buy" [1] Core Views - The company's performance is expected to decline in 2024, but this short-term pressure does not alter its long-term growth trend [1][4] - As a leading provider of financial technology products and services in China, the company is poised to benefit from the digital transformation of finance and the release of incremental demand from the "Xinchuang" initiative [1][4][6] Financial Performance Summary - In 2024, the company achieved revenue of RMB 6.581 billion, a decrease of 9.6% year-on-year [4][9] - The net profit attributable to shareholders was RMB 1.043 billion, down 26.8% year-on-year [4][9] - The company's gross margin for 2024 was 72.02%, a decline of 2.82 percentage points year-on-year [9] - The company maintained a high level of R&D investment, with total R&D expenses amounting to RMB 2.458 billion, representing 37.36% of revenue [9][10] Future Earnings Projections - Revenue projections for 2025-2027 are RMB 6.840 billion, RMB 7.504 billion, and RMB 8.346 billion, respectively [6][8] - Net profit projections for the same period are RMB 1.220 billion, RMB 1.407 billion, and RMB 1.693 billion, respectively [6][8] - The expected earnings per share (EPS) for 2025-2027 are RMB 0.64, RMB 0.74, and RMB 0.89, respectively [6][8] Market Position and Strategy - The company is focusing on core products and deepening business cooperation with clients [9] - It is actively embracing AI technology to enhance product competitiveness and has developed a proprietary AI middleware platform [9][10] - The company is restructuring its operations by shutting down non-strategic and loss-making product lines to concentrate resources on productized business [9][10]

Core Viewpoint - The new "Government Financing Guarantee Development Management Measures" aims to enhance the quality and regulation of government financing guarantee institutions, focusing on sustainable operations and support for small and micro enterprises and agricultural sectors [1][2]. Group 1: Policy and Regulatory Framework - The "Management Measures" emphasize that government financing guarantee institutions should operate with a public service orientation, aiming for sustainable, low-profit operations rather than profit maximization [1]. - The measures specify that financing guarantees should primarily target small and micro enterprises and agricultural entities, with a requirement that at least 80% of the total guarantee amount supports these sectors [1]. - By March 2025, the National Financing Guarantee Fund is expected to have a cumulative business scale exceeding 5.81 trillion yuan, benefiting over 5 million entities, with a focus on agricultural and small enterprise support [2]. Group 2: Current Challenges - Despite the growth in the financing guarantee sector, there are significant challenges, including a reduction in new guarantee and compensation business in some regions, leading to a marginalization of these services [3][4]. - The average compensation rate in the financing guarantee industry is reported to be around 1.8%-2.3%, with operational costs nearing 1%, creating a mismatch with guarantee fees [3]. - Many local financing guarantee institutions lack professional risk management talent and face issues such as insufficient compensation fund availability and long disbursement cycles [3][5]. Group 3: Market Dynamics and Adaptation - The marginalization of financing guarantee services is partly due to improved financial service coverage and the digital transformation of the financial industry, which has reduced the need for guarantees as banks become more capable of assessing borrower risk [4][5]. - Government financing guarantee institutions face internal challenges, including unclear positioning and inadequate capacity building, which hinder their ability to effectively manage risks and support borrowers [5][6]. - To adapt, financing guarantee companies need to explore new business models and enhance their risk management capabilities, including digital transformation to improve operational efficiency and meet borrower expectations [6].

2024年，徽商银行有效扩大资产规模、优化业务结构、提升资产质量、全力做好金融"五篇大文章"， 积极服务地方经济发展，主要经营指标实现新跃升。 数据显示，2024年末，徽商银行资产总额突破2万亿元，较上年末增长近11.5%。2024年，该行实现营业 收入371.28亿元，同比增幅2.1%；实现净利润159.17亿元，同比增幅6.18%。 2025年，徽商银行将迎来正式挂牌成立二十周年。 徽商银行表示，将坚持金融工作政治性、人民性，扎实做好金融"五篇大文章"，持续推进"九大提升工 程"走深走实，深化转型发展，增强专业能力，奋勇争先进位，全力搭建"大资负""大风控""大科技"管理体 系，高质量实现"打造优秀地方主流银行"的战略目标。 同时，徽商银行加强负债成本管控，推动内外部定价精细化，截至2024年末，该行计息负债平均成本率 较年初下降14BP，其中，客户存款平均成本率较上年下降9个BP，负债成本管控成效显现。 年报显示，2024年 徽商银 行 积极应对低利率市场环境，加快个人金融业务转型步伐，坚持做大个人金融 资产规模，持续发力核心个人客户存款拓展，实现了个人客户存款的较快增长和市场份额的有效提升。截 至20 ...