Investment Rating - The report assigns a "Buy" rating for Changshu Bank with a target price of 9.59 CNY, corresponding to a 0.91x PB for 2025 [5]. Core Views - Changshu Bank focuses on serving small businesses and individual entrepreneurs, emphasizing a "small and scattered" approach to deepen its presence in the inclusive finance sector [1][2]. - The bank benefits from a strong net interest income, with significant potential for improvement in non-interest income [2]. - The bank's asset quality is robust, supported by prudent risk control and sufficient provisioning, which enhances its ability to maintain stable dividends and internal capital replenishment [2][4]. - The macroeconomic policies promoting consumption and rural development are expected to favorably impact the bank's future growth [3]. Summary by Sections 1. Regional Advantages - Jiangsu Province, where Changshu Bank is located, shows strong economic growth, with a GDP of 13.7 trillion CNY in 2024, ranking second nationally with a growth rate of 6.85% [12][15]. - Changshu City is strategically positioned in the Yangtze River Delta, contributing significantly to regional industrial chains and financial activities [2][31]. 2. Financial Performance - The bank's revenue is primarily derived from net interest income, with projections indicating a net profit growth rate of 12.67%, 12.60%, and 12.17% for 2025-2027 [4]. - The bank's financial metrics for 2025 include an expected operating income of 117 billion CNY and a net profit of 43 billion CNY [4]. 3. Business Strategy - Changshu Bank has established a broad network of branches, with 170 branches as of 2024, focusing on local markets while expanding into other regions through village and town banks [49][50]. - The bank's strategy includes leveraging its "investment management bank" qualifications to acquire smaller banks, facilitating future credit business expansion [2][4]. 4. Future Outlook - The bank's digital transformation strategy aims to enhance its operational efficiency and service delivery, with a focus on small and micro-loans [44][45]. - The bank's commitment to supporting rural and small business financing aligns with national policies aimed at promoting economic development in these sectors [51].

Core Insights - The Industrial and Commercial Bank of China (ICBC) Nanning Branch is actively promoting inclusive finance, focusing on providing quality financial services to small and micro enterprises and the agricultural sector, contributing to the development of these vulnerable areas [1][2] Group 1: Inclusive Finance Development - As of May 2025, the balance of inclusive loans at ICBC Nanning Branch reached 17.55 billion yuan, an increase of 11.9 billion yuan compared to early 2022 [1] - The number of inclusive loan accounts reached 16,002, which is an increase of 11,188 accounts since early 2022 [1] - The bank emphasizes the authenticity of loan applications, ensuring that loans are accurately directed to the real economy by focusing on the authenticity of the subject, operations, and materials [1] Group 2: Service Quality Improvement - ICBC Nanning Branch is transforming its loan structure by integrating "mortgage + credit" and enhancing its product offerings through "online + offline" and "short-term + long-term" options [1] - The bank has implemented a project work method and a time-limited completion system to accelerate loan disbursement, ensuring clear responsibilities and timelines [1] - Collaboration between professional departments and local branches is strengthened to address service challenges and improve customer engagement [1] Group 3: Rural Revitalization Efforts - The bank is responding to the national rural revitalization strategy by launching the "Xingnong Wanli Xing · Zongyang Kuomian" initiative, enhancing cooperation with government and leading agricultural enterprises [2] - Financial products are being innovated with tailored development plans for specific counties, extending financial services to rural areas to improve accessibility [2] - ICBC Nanning Branch aims to continue innovating inclusive financial services to support small and micro enterprises and the agricultural economy, contributing to local economic development [2]

Group 1 - The core viewpoint of the articles emphasizes the proactive measures taken by the Industrial and Commercial Bank of China (ICBC) Wuzhou Branch to support local economic development through various financial services and products [1][2][3] Group 2 - The bank has increased structural loan investments, focusing on advanced manufacturing, technology innovation, and strategic emerging industries, with a reported increase of 1.204 billion yuan in loans for strategic emerging industries by the end of April compared to the beginning of the year [1] - Green loans have also seen growth, with an increase of 213 million yuan by the end of April, as the bank prioritizes support for green finance and related projects [1] - The bank has expanded its inclusive finance coverage, promoting supply chain finance and providing financing support to 23 commercial clusters, resulting in an increase of 100 million yuan in inclusive loans and 120 million yuan in agricultural loans by the end of April [2] - The bank is enhancing its pension finance services, focusing on the elderly demographic, with over 36,000 new social security cards issued and nearly 10,000 personal pension accounts opened by the end of April [2] - The bank is exploring digital innovation in financial services, having launched smart dining services for the elderly, serving over 3,200 elderly individuals and facilitating dining expenses exceeding 32,000 yuan [3]

Core Insights - The article discusses the evolution and current state of intellectual property asset-backed securities (ABS) in China, highlighting its significance in financing for small and medium-sized technology enterprises [1][2][10] - It emphasizes the growth of the market, with a cumulative issuance scale exceeding 200 billion yuan by June 2025, and the increasing recognition of intellectual property as a valuable asset [1][10] Market Development - The first intellectual property ABS in China was approved in December 2018, and as of June 5, 2023, at least 12 intellectual property ABS have been issued this year, totaling 1.356 billion yuan [1] - In 2024, the issuance of intellectual property ABS products reached 57, with a total scale of 9.806 billion yuan, marking a year-on-year increase of 25.97% [2] Institutional Concentration - The majority of intellectual property ABS issuers are small loan companies, commercial factoring companies, and financing leasing companies, with a high concentration among the top five issuers, accounting for 74.68% of the total issuance [2][4] - Shenzhen's small loan companies dominate the market, with Shenzhen Zhongxiaodang and Shenzhen Gaoxin Investment holding a combined market share of 58.80% [2][4] Product Characteristics - Intellectual property ABS typically have smaller issuance sizes, around 100 million yuan, and primarily serve smaller enterprises, reflecting a certain degree of inclusive finance [4][8] - The underlying asset types for intellectual property ABS are diversifying, including agricultural IP, new energy vehicle IP, and digital currency IP [5] Financing Channels - The article highlights the exploration of cross-border financing channels for intellectual property ABS, particularly in the Greater Bay Area, allowing companies to leverage their intellectual property for overseas financing [5][6] Operational Standards - The operational model for intellectual property ABS has become more standardized, with established processes for small loan companies to provide funding and guarantee enhancements [7][8] - The Shenzhen model of intellectual property ABS is characterized by state-owned enterprises leading the initiative, government subsidies reducing financing costs, and active market participation [10][12] Market Challenges - Despite the growth, the intellectual property ABS market is still in its early stages, with limited investor recognition and liquidity issues affecting issuance and trading [13][14] - Challenges include the lack of unified standards for intellectual property valuation and the need for improved risk management practices [14][15]

5月22日，午后的阳光透过新会区养老中心的长廊，梁女士轻轻地用轮椅推着患病的母亲在走廊缓 行，享受阳光的"抚摸"。 在江门新会养老中心调研时，经济观察报记者遇到了这一幕。江门新会养老中心是江门市城市定制 型商业医疗保险"邑康保"的合作机构。作为"中国侨都"，江门市的户籍60周岁及以上人口占全市户 籍总人口的比例超过了24%（2024年7月数据），成为广东省老龄化程度最高的地市之一。"邑康 保"尝试了医疗保障和护理保障相结合的模式，以缓解老龄人群的养老痛点。在正常医疗保障之 外，参保人在被认定重度失能后，还可以获得每月500元的失能照护保险金。梁女士正是这一保障 项目的受益人。 在构建高质量普惠金融体系的实践中，城市定制型商业医疗保险（下称"惠民保"）可以说是保险行 业发展速度最快、覆盖人群最广的普惠金融业务之一。在经历了几年遍地开花式增长后，惠民保业 务也面临着"可持续性"的考验。广东省是我国较早试点惠民保业务的地区，中国人寿是广东省多地 惠民保业务的主承保险企，双方合作在因地制宜发展惠民保、调动居民参保积极性以及提升参保用 户获得感方面有着不少尝试。 在构建高质量普惠金融体系的实践中，城市定制型商业医疗保 ...

Core Insights - The article discusses the "Yikangbao" insurance program in Jiangmen City, which combines medical and nursing care insurance to address the challenges faced by the aging population in Guangdong Province, where over 24% of the population is aged 60 and above [2][4]. Group 1: Yikangbao Program Overview - "Yikangbao" offers a monthly disability care insurance benefit of 500 yuan for insured individuals recognized as severely disabled, providing financial relief for families [2][3]. - The program is managed by China Life Insurance and has seen significant participation, with 809,000 insured individuals in 2025, and an annual premium of 150 yuan [4][5]. Group 2: Unique Features and Benefits - "Yikangbao" includes unique coverage for care services, which distinguishes it from other similar programs, and has partnered with 50 designated care service institutions [5]. - The program has paid out approximately 24.8 million yuan in benefits to over 56,300 individuals for care services [5]. Group 3: Challenges and Sustainability - The rapid growth of "Yikangbao" and similar programs faces sustainability challenges, with a reported average participation rate of only 18.9% across 53 products, significantly below the critical threshold for effective risk dispersion [9][10]. - The insurance industry is exploring ways to enhance participant engagement and retention, particularly among younger and healthier demographics, to ensure the long-term viability of these programs [10][11]. Group 4: Broader Implications for Public Health - The article highlights the "Nasopharyngeal Cancer West River Plan," which aims to improve early diagnosis and treatment of nasopharyngeal cancer in high-incidence areas, funded by surplus from the "Dai Ai Wu Jiang" project [6][7]. - The "Dai Ai Wu Jiang" project has successfully enrolled 590,000 participants since its inception, demonstrating the potential for public health initiatives to leverage insurance frameworks for broader health management [8]. Group 5: Future Directions - The insurance sector is encouraged to deepen government-enterprise cooperation and enhance public awareness to expand the reach and effectiveness of inclusive insurance programs [11]. - Continuous improvement in claims processing and customer service is essential to increase the perceived value of these insurance products among participants [10].

Group 1 - The core viewpoint of the articles highlights the effective financial support provided by China Construction Bank's Harbin Nangang Branch to local enterprises, significantly alleviating their funding pressures through timely policies and services [1][2] - The financing event organized by the Harbin Nangang District government showcased the bank's commitment to serving the real economy, with over 100 enterprises participating and many establishing cooperation intentions on-site [1] - Since the launch of the "Thousand Enterprises and Ten Thousand Households" initiative, the bank has granted credit totaling 2.06 billion yuan to 1,463 enterprises and issued loans amounting to 1.76 billion yuan to 1,285 enterprises in the Nangang District [1] Group 2 - The bank's financial services extend beyond events, with the "Zhang Fuqing Financial Service Team" actively engaging in grassroots areas to promote inclusive financial services [2] - Tailored financial solutions, such as the "Shanxin Loan" for high-tech enterprises, have been developed, successfully achieving a credit limit of 10 million yuan [2] - The bank plans to deepen cooperation between government, banks, and enterprises, focusing on key areas like technology finance, green credit, and advanced manufacturing to enhance the precision and coverage of financial services [2]

健全服务体系，深化普惠拓展。此次走访是青山湾支行推进普惠拓户工作的生动实践。今年以来，该行 构建"行领导带队 + 全员参与"的普惠服务机制，充分利用闲暇时间走访商户，实现常态化、精准化普惠 金融服务，拓宽普惠金融服务覆盖面。该行负责人表示后续会做好小微企业沟通对接，充分挖掘其融资 需求，不断优化服务流程，以更务实的举措为小微企业降本增效注入金融活水。 （郭家桢） 为深化普惠金融服务，助力小微商户纾困增效，近期，工行无锡滨湖青山湾支行积极响应普惠金融政策 号召，组织成立普惠金融服务先锋队，开展普惠拓户专项走访行动将普全力破解商户融资难题，切实为 辖区小微企业主提供更贴心的融资支持。 主动走访摸排，深挖普惠需求。先锋队穿梭于沿街商铺、生鲜超市等场所，与商户主面对面交流经营现 状、资金周转及融资需求。某生鲜超市店主坦言，在扩大经营规模过程中，面临着短期资金周转难题， 希望银行能提供灵活便捷的融资方案。队员详细记录商户诉求，结合工行普惠金融产品优势，为其制定 个性化服务方案，现场解答贷款申请条件、流程等问题。 现场高效对接，拓宽服务路径。针对商户反映的融资渠道受限、办理流程复杂"的问题，先锋队迅速开 启"移动服务模式 ...

证券代码：002839 证券简称：张家港行 | | √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 | | --- | --- | | 投资者关系活动 | | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与单位名称及 | 华泰证券贺雅婷、李润凌 | | | 中银基金 杨璨 | | 人员姓名 | 上海保银私募基金管理有限公司 沈泰宇 | | 时间 | 2025 年 6 月 5 日下午 15：30-16：30 | | 地点 | 上海 | | 上市公司接待人 | 董事会办公室相关工作人员 | | 员姓名 | 主要就张家港行近期相关经营情况进行了交流，以下为 | | | 投资者问询及简要回复情况记录： | | | Q：请贵行介绍一下目前的发展规划？ | | | A：我行作为一家区域性农商行，始终坚持"服务三农两 | | 投资者关系活动 | 小、服务实体经济、服务城乡居民"市场定位，构建"11183" | | 主要内容介绍 | 战略体系。即，秉持"1"大愿景—"中国农村金融先行者"， | | | 肩负"1"个使命—让普惠金融触手可及" ...

Group 1 - The event "Flow Data Sharing Credit Empowerment Development" was held in Guangzhou, focusing on financing development policies for small and micro enterprises in Guangdong [1] - Guangfa Bank has actively utilized the flow information platform, integrating it into their business processes to enhance data value and credit potential [1] - As of May this year, Guangfa Bank has queried enterprise flow information 14,700 times and disbursed over 10 billion yuan in credit, with 99% directed towards small and micro enterprises [1] Group 2 - A newly established management company in Zhanjiang received an 8.62 million yuan loan from Guangfa Bank, facilitated by the flow information platform, despite being a "credit white household" [2] - A pharmaceutical company in Heyuan secured 10 million yuan in credit support through the flow information platform, demonstrating the platform's effectiveness in assessing business health [2] - Guangfa Bank is committed to promoting inclusive finance and has developed a unique system to support small and micro enterprises comprehensively [2] Group 3 - Looking ahead, Guangfa Bank plans to deepen the application of the flow information platform, expand credit scenarios, and enhance service precision [3] - The bank aims to innovate financial products and services to better meet the diverse financial needs of enterprises [3] - Guangfa Bank intends to allocate more resources to provide targeted financial support to small and micro enterprises, helping them overcome financing challenges [3]