Core Insights - The number of ATMs in China is rapidly declining, with a total of 802,700 ATMs expected by the end of 2024, down from a peak of 1,110,800 in 2018, representing a reduction of over 300,000 ATMs [1][3] - The number of ATMs per 10,000 people has also decreased from 7.99 in 2018 to 5.7 in 2023, a nearly 30% decline [1][3] - The rise of electronic payments is significant, with banks processing 30.17 billion electronic payment transactions in 2024, a 72.19% increase in transaction volume since 2018 [4] ATM Business Adjustments - Over 50 banks have ceased cardless deposit and withdrawal services, including major banks like ICBC and Agricultural Bank of China, citing optimization of financial services and risk management as reasons for the changes [6][7] - The shift away from cardless services is attributed to increased regulatory scrutiny and the need for better transaction verification [7] Industry Trends - Companies like Guangzhou Yuyin Technology Co., Ltd. are reducing their traditional financial equipment business due to declining demand for cash usage and the rise of mobile payments [8][9] - Yuyin's revenue for 2024 was 66.87 million yuan, a 4.55% decrease from the previous year, with significant declines in ATM-related revenue [9][10] Future of ATMs - Despite the decline, ATMs are expected to evolve into comprehensive financial service terminals, providing diverse financial and lifestyle services [11][12] - Banks are focusing on placing ATMs in high-demand areas such as airports and senior communities to enhance usage efficiency [11] - Yuyin is also restructuring its business to focus on operational services rather than traditional ATM manufacturing [12]

Core Viewpoint - The successful implementation of cross-border RMB payment through the mBridge by Industrial Bank's Wenzhou branch marks a significant milestone in the digital currency landscape, enhancing financial digitalization and cross-border trade facilitation in Zhejiang Province [1] Group 1: mBridge Overview - The mBridge project is a collaborative initiative involving the Bank for International Settlements (Hong Kong), the Bank of Thailand, the Central Bank of the UAE, the People's Bank of China Digital Currency Research Institute, and the Hong Kong Monetary Authority, aimed at creating an efficient, low-cost, and scalable cross-border payment solution centered around central bank digital currencies [1] - Industrial Bank has successfully implemented multiple mBridge application scenarios across the country, including trade settlement and cross-border cash pooling, demonstrating the advantages of high processing efficiency and low transaction costs [1] Group 2: Role of Banks - Banks play a crucial role in the mBridge project by building the underlying technology architecture and exploring diverse application scenarios for cross-border payments, thus bridging the gap between policy and market [2] - The involvement of banks in the mBridge project not only opens new revenue streams through cross-border payment and foreign exchange services but also enhances their competitiveness in the cross-border payment landscape [3] Group 3: Future Directions for Banks - Future efforts by banks in the mBridge project could focus on expanding the depth and breadth of application scenarios beyond trade settlement to include supply chain finance, cross-border insurance, and foreign exchange derivatives [4] - Strengthening international cooperation and standardization, as well as optimizing technology and risk management, will be essential for the continued success of the mBridge initiative [5]

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].

中欧金融管理部门就优化市场准入、促进业务创新等具体诉求进行了充分沟通 金十数据5月14日讯，2025年5月13日至14日，中欧金融工作组第二次会议在比利时布鲁塞尔举行。中欧 金融管理部门认真听取了与会金融机构就金融数字化转型、金融科技创新等前沿领域提出的专业建议， 并就优化市场准入、促进业务创新等具体诉求进行了充分沟通。与会各方一致同意建立常态化交流机 制，共同推动中欧金融合作向更宽领域、更深层次发展。 ...

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]

武晓岩的职业生涯始终贯穿着一条主线：以技术为纽带，构建连接业务与管理的数字化桥梁。在汇丰银 行任职期间，他面对的是一支由多国工程师组成的跨国团队，文化差异、技术壁垒以及复杂的业务需 求，曾让项目推进陷入僵局。他创新性地将敏捷开发(Agile)与OKR目标管理法相结合，通过拆解阶段性 目标、建立实时协作平台，成功将团队凝聚为高效运转的数字化引擎。这一模式不仅使全球数据分析平 台提前上线，更通过数据整合效率提升，为银行节省了数千万美元的运营成本。 在捷信中国的实践则更具颠覆性。面对125人庞大团队的效率瓶颈，武晓岩通过绩效数据驱动的任务重 构，将人力成本降低25%的同时，交付效率提升50%。其主导的Oracle数据库迁移项目，更是在12个月 内完成百亿级数据切换，直接带来超10亿元的业务收益。这种"用目标感凝聚团队，用数据驱动决策"的 管理哲学，已成为行业经典范例。 当全球金融业步入数字化转型深水区，金融行业的竞争早已从单一业务模式转向技术架构、数据资产与 组织效能的复合型较量。在这场关乎行业格局的深刻变革中，一位兼具技术战略眼光与人文管理智慧的 专家正以独特的创新范式重塑金融数字化进程——他就是拥有多项核心技术 ...

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].

中国商报（记者 王彤旭）银行代销业务正在遭遇"滑铁卢"。从目前已公布的2024年年报来看，多家银 行已出现非利息收入同比下降的情况。业内人士表示，作为银行非息收入的重点收入来源之一，基金、 理财等代销业务压力较为凸显。 多家银行代销业务承压 受理财、公募基金等产品代销业务波动影响，2024年，多家银行手续费及佣金收入同比降幅较大。 国有大行方面，工商银行2024年年报显示，截至2024年年末，该行个人理财及私人银行的手续费及佣金 收入为178.8亿元，较年初下降20.8%；对公理财手续费及佣金收入为108.5亿元，较年初下降7.8%。 截至2024年年末，建设银行手续费及佣金收入中的代理业务手续费为144.12亿元，较年初下降23.72%； 农业银行手续费及佣金收入中的代理业务手续费为162.21亿元，较年初下降20.6%；中国银行境内手续 费及佣金收入中的代理业务手续费为159.31亿元，较年初下降10.67%。2024年，邮储银行代理业务收入 腰斩，同比下降55.75%。该行手续费及佣金支出同比降幅也较大（同比下降32.3%），未能抵消手续费 及佣金收入的下降力度，最终手续费及佣金净收入同比下降10.51 ...