消息面上，在今天举行的国新办新闻发布会上，中国人民银行行长潘功胜宣布，下调金融机构存款准备 金率0.5个百分点，预计向市场提供长期流动性约1万亿元；下调政策利率0.1个百分点，即公开市场7天 期逆回购操作利率从目前的1.5%调降至1.4%，预计将带动贷款市场报价利率（LPR）同步下行约0.1个 百分点。 5月7日，受降息降准利好催化，三大指数集体高开，通用航空、低空经济概念领涨，金融科技、券商板 块相对强势，截至10:00，金融科技ETF华夏(516100)涨1.29%，其持仓股普元信息涨超5%，恒银科技、 高伟达、凌志软件、同花顺、指南针等股纷纷异动拉升，券商ETF基金（515010）涨1.51%，其持仓股 锦龙股份涨超7%，湘财股份、东方财富、中国银河、天风证券、首创证券等股纷纷走强。 金融科技ETF华夏(516100)紧密跟踪中证金融科技主题指数，聚焦金融与科技深度融合的优质企业，全 面覆盖多个高景气板块，包括互联网券商、金融IT、移动支付、人工智能产业链以及信创领域，兼具金 融属性与科技创新能力。成分股涵盖行业龙头，包括同花顺、东方财富、恒生电子、润和软件、东华软 件、指南针、赢时胜、银之杰和广电运通 ...

Group 1 - The core viewpoint of the news is the introduction of a comprehensive financial policy package aimed at stabilizing the market and expectations, with a focus on the resilience of the domestic financial system despite significant shocks since April [1] - The People's Bank of China announced a 0.5 percentage point reduction in the reserve requirement ratio and a 0.1 percentage point decrease in policy interest rates, which is expected to directly benefit financial technology ETFs [1] Group 2 - The financial technology sector is set to experience a policy-driven growth phase, with a focus on artificial intelligence and core technology breakthroughs as emphasized in the 2025 financial technology development plan [2] - Global regulatory technology investments have surged by 68% year-on-year to $7.4 billion, with Europe, the Middle East, and Africa becoming key regions for growth [2] Group 3 - Financial technology companies are leveraging AI and blockchain to reshape service chains, with significant improvements in operational efficiency, such as a 40% increase in research efficiency due to the deployment of AI models [3] - The cross-border RMB stock trading business between China Merchants Bank and Hong Kong Stock Exchange has achieved real-time settlement through cloud and edge computing, reducing transaction delays to milliseconds [3] Group 4 - The financial technology sector's performance in Q1 2025 shows significant differentiation, with leading companies experiencing increases in both volume and price, such as Tonghuashun's net profit rising by 16% and Dongfang Caifu's by 39% [4] - The average R&D expenditure ratio for the constituents of the China Securities Financial Technology Index exceeds 15%, indicating a strong focus on innovation and technology development [4]

证券研究报告|金融工程专题报告 5月建议关注 科创人工智能ETF华宝、养老ETF、券商ETF等产品 资料来源：Wind，华西证券研究所 2 ——华宝指数产品配置月报202505 张立宁 SAC NO：S1120520070006 杨国平 SAC NO：S1120520070002 2025年5月6日 请仔细阅读在本报告尾部的重要法律声明 1 华宝基金在指数产品领域布局丰富 华宝基金旗下指数产品布局丰富，从目前已成立产品来看，基本覆盖了A股大中小盘指 数、主要的行业及主题指数、跨境指数、SmartBeta指数，为投资者提供了丰富的选择 品种。 | | JE FRIDES | 创业板 | | | | | | --- | --- | --- | --- | --- | --- | --- | | | 科创芯片 | | | | | | | | | 人工智能 | | | | | | | 标普A股红利 | 科创AI | | | | | | | 中证信创 | 绿色能源 | | | | | | | 国证治理 | 农牧渔 | | | | | | | 中证800地产 | 养老产业 | | | | | | | 深创100 | 有色 ...

互联网金融板块涨超3%，金融科技ETF(516860)涨幅为3.68%，最新价创5日新高，成交额6636.5万元， 较昨日此时放量51.34%，近1月份额减少3500万份。 打包市场龙头，抢反弹就买指数ETF>> ...

资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 13.15 | | --- | --- | | 总股本/流通股本（亿股）5.85 / 5.49 | | | 总市值/流通市值（亿元）77 / 72 | | | 52 周内最高/最低价 | 16.94 / 7.32 | | 资产负债率(%) | 29.1% | | 市盈率 | 62.62 | | 第一大股东 | 王斌 | 证券研究报告：计算机 | 公司点评报告 发布时间：2025-05-06 股票投资评级 买入|维持 个股表现 -23% -13% -3% 7% 17% 27% 37% 47% 57% 67% 77% 2024-04 2024-07 2024-09 2024-12 2025-02 2025-04 博彦科技 计算机 "技术+场景+生态"，AI 驱动效率革命 研究所 分析师:孙业亮 SAC 登记编号:S1340522110002 Email:sunyeliang@cnpsec.com 分析师:丁子惠 SAC 登记编号:S1340523070003 Email:dingzihui@cnpsec.com AI 大模型在金融业的规模化应 ...

Core Insights - The article analyzes the performance of 19 private banks in China, focusing on their operating income, net profit, and total asset scale for 2024, aiming to predict their performance and rankings in the industry [1][2]. Group 1: Performance Overview - The top two banks, WeBank and MyBank, lead the private banking sector with total assets of 651.78 billion and 471.04 billion respectively, surpassing the combined total of the other 17 banks [3]. - WeBank's revenue for 2024 is projected at 38.13 billion, slightly down from 39.36 billion in 2023, while net profit remains stable at 10.90 billion [2]. - MyBank shows a revenue increase to 21.31 billion from 18.74 billion in 2023, but net profit has decreased to 3.17 billion from 4.20 billion [2]. Group 2: Asset Scale Rankings - The second tier includes banks with asset scales exceeding 100 billion, such as SuShang Bank, ZhongBang Bank, and XinWang Bank, with varying performance metrics [4]. - SuShang Bank shows growth across all indicators compared to 2023, while ZhongBang Bank's revenue has decreased by 6% [4]. - XinWang Bank's net profit has declined by 19.7%, indicating challenges in maintaining profitability [4]. Group 3: Changes in Business Strategy - WeBank is expanding internationally, having received approval to establish a technology subsidiary in Hong Kong, targeting Southeast Asian markets [19][24]. - MyBank is diversifying its services by developing comprehensive financial services, including payment and wealth management solutions, which have become a significant growth area [25][26]. - Both banks are adapting to regulatory changes and market saturation by exploring new business models and customer engagement strategies [16][35]. Group 4: Small and Micro Enterprise Lending - The majority of the analyzed banks focus on small and micro enterprise lending, with WeBank and MyBank leading in this segment [28]. - WeBank has introduced changes to its "Micro Business Loan" product, including a personal version and increased interest rates, while also enhancing customer acquisition through social media platforms [30][31]. - MyBank is leveraging data from various technology parks to improve credit assessment for innovative enterprises, indicating a shift towards more data-driven lending practices [31][32].

监管动态 央行副行长邹澜：更有针对性地拓宽民营企业多元化融资渠道 4月28日，国新办举行新闻发布会，中国人民银行副行长邹澜表示，下一步，人民银行将主要在以下几 个方面，继续做好民营企业金融服务工作：一是持续加大金融资源要素投入。持续抓好金融支持民营经 济"25条"举措落实，逐步提升民营企业贷款占比。用好科技创新和技术改造再贷款等结构性货币政策工 具，聚焦科技、绿色低碳、促进消费等领域，加大对民营企业金融支持力度。督促金融机构不盲目抽 贷、断贷、压贷，积极满足民营外贸企业合理的资金需求。二是更有针对性地拓宽民营企业多元化融资 渠道。发挥民营企业债券融资支持工具的作用，扩大民营企业债券融资规模。推广"两新"债务融资工 具，支持民营企业等主体发债融资。完善跨境投融资便利化政策，提高民营企业利用外资的效率。三是 更大力度推动完善民营企业融资配套机制。全面推广全国中小微企业资金流信用信息共享平台运用，研 究建立民营中小企业增信制度，破解民营中小企业信用不足、信息不对称等融资制约。 【Fintech周报旨在整合本周最重要的金融科技行业的监管政策、行业动态。】 国家能源局：鼓励开发更多符合能源领域民营企业特点的专项信贷产品 ...

Group 1 - Ant Group's overseas business unit, Ant International, is accelerating its independent listing process in Hong Kong, which is expected to reshape the global cross-border payment landscape [1] - The spin-off listing is a strategic breakthrough for Ant Group since the suspension of its IPO in 2020 and is a key step in its globalization strategy [1] - Ant International has built a comprehensive ecosystem covering C-end payments, B-end acquiring, and B2B financial services through three core products [1] Group 2 - Ant Group reported a net profit of 13.75 billion yuan for Q3 2024, showing a year-on-year increase of over 55 times, indicating business recovery momentum [2] - Ant International contributes 20% of Ant Group's revenue, and its independent listing is expected to unlock valuation potential and attract global capital [2] - The company is enhancing its presence in the Guangdong-Hong Kong-Macao Greater Bay Area, with the launch of the Guangzhou "dual center" to support cross-border digital trade [2]

■本报记者曹沛原 2025年中央一号文件明确提出"推进肉牛、奶牛产业纾困，稳定基础产能。"交通银行积极响应国家号 召，结合地域特色"一地一品"创新信贷产品，以金融科技重塑业务流程，助力打通肉牛产业链痛点堵 点，在广袤乡村大地上书写金融支持产业振兴新篇章。 创新服务模式破解"融资难" 在"天府之国"四川，交行四川省分行深入研究本地肉牛产业特点，依托四川省供销科技产业集团有限公 司生物资产动态监测体系，创新推出"肉牛贷"。 交行可实时获取养殖户肉牛资产数据，结合订单、物流等全链条信息，构建养殖主体信用评估模型，同 时锁定贷款资金用途，确保定向支付至饲料、兽药等供应商账户，形成"数据监测—风险评估—资金闭 环"完整链条。养殖户仅需在平台注册、提交资料，即可开启贷款申请。系统高效运作，实现线上申 请、审批，单笔额度最高达300万元。 泸州养殖户王先生见证了科技助力金融惠农的力量。在扩建养殖场计划因资金缺口搁浅时，交行"肉牛 贷"助他完成牛舍升级、良种引进，肉牛品质跃升，销路快速打开。在交行助力下，他的养殖场已成为 当地乡村振兴标杆示范点。 目前，"肉牛贷"在四川已惠及众多养殖主体，累计投放超亿元，助力当地肉牛产业链完 ...

Core Viewpoint - The company reported a decline in both revenue and net profit for 2024, indicating challenges in the energy and financial investment sectors, particularly due to falling electricity prices and limited profitability in traditional energy sources [1][4]. Energy Power Business: Steady Progress but Growth Constraints - In 2024, the company maintained a steady approach in its energy power business, addressing challenges such as declining thermal power output growth and falling electricity prices [4]. - The company achieved stable electricity sales through strategic adjustments, with key assets like Meixian Heshuyuan Power Plant and Lufeng Jiahuwan Power Plant playing crucial roles [4]. - The Lufeng Jiahuwan Power Plant Phase II expansion project saw an investment of 200 million yuan, with successful phased loan disbursements, yet overall revenue declined by 23.08% and net profit by 20.60% [4]. - The company faces the challenge of enhancing the competitiveness of its thermal power business amid the growing trend of renewable energy generation [4]. Financial Investment Business: Cautious Management but High Revenue Volatility - The company adopted a cautious investment strategy in the financial sector, optimizing existing assets to improve operational efficiency [4]. - The company completed the transfer of equity in China General Nuclear Power Group's offshore wind power company and publicly listed stakes in other firms, enhancing asset liquidity [4]. - The newly established Meizhou Commercial Bank reported total assets of 41.79 billion yuan, a 30.38% increase, with operating income rising by 20.20% and net profit after provisions increasing by 7.71% [4]. - Despite some growth in financial investments, revenue volatility remains high, closely tied to market conditions [5]. Compliance Management: Multiple Measures but Governance System Needs Improvement - The company implemented various measures for compliance management, focusing on party leadership, system improvement, internal audits, and compliance training [6]. - The governance structure was enhanced with the completion of board elections, integrating party leadership with corporate governance [6]. - The company improved its internal control and audit processes, yet the governance system requires further refinement to adapt to rapidly changing market conditions [6]. Overall Assessment - The company navigated a complex market environment in 2024, achieving sustainable development through stable operations and diversified investment strategies [6]. - However, growth momentum in both energy power and financial investment sectors remains insufficient, and the governance system requires ongoing enhancement [6].