Core Viewpoint - The China Securities Association has released a trial evaluation method for securities companies to enhance their contributions to the financial "Five Major Articles," focusing on both quantitative and qualitative indicators to promote high-quality development in the securities industry [1][5]. Group 1: Evaluation Methodology - The evaluation method includes both quantitative and qualitative indicators, reflecting the contribution and capabilities of companies in key areas of the financial "Five Major Articles" [2][3]. - Quantitative indicators cover various sectors, including technology finance, green finance, inclusive finance, pension finance, and digital finance, with specific metrics such as bond underwriting amounts and equity financing for technology enterprises [2][3]. - Qualitative indicators assess the establishment of mechanisms and continuous investment in business resources, including whether companies incorporate the financial "Five Major Articles" into their strategic development [3][5]. Group 2: Scoring and Incentives - The scoring system assigns higher points to technology finance, with a total of 50 points available, while other sectors like green finance and digital finance are assigned 10 points each [4]. - The evaluation encourages participation from various types of companies by providing a broad range of scoring and minimizing score differences among the top 50 ranked companies [4]. - A baseline score is established to prevent significant score disparities, promoting differentiated development and specialized operations among industry players [4]. Group 3: Implementation Principles - The evaluation method adheres to three main principles: focusing on key areas, enhancing coordination, and ensuring comprehensive and fair assessments [5]. - It aims to streamline the evaluation process by integrating with existing assessments related to social responsibility, bond practice quality, and digital capability, thereby reducing the reporting burden on companies [5].

Core Viewpoint - The China Securities Association has released a trial evaluation method for securities companies to enhance their contributions to the financial "Five Major Articles" and promote high-quality development in the securities industry [1]. Group 1: Evaluation Method Overview - The evaluation method focuses on both quantitative and qualitative indicators, covering various fields of the financial "Five Major Articles" [2][3]. - The evaluation indicators include contributions to key areas and capabilities, as well as mechanisms and resource investments [3][4]. Group 2: Quantitative Indicators - Quantitative indicators include technology finance metrics such as the amount and number of technology innovation bond underwriting, equity financing for technology enterprises, and significant asset restructuring transactions [3]. - Green finance indicators cover the amount and number of green bonds and low-carbon transition bonds underwritten [3]. - Inclusive finance indicators include support for small and micro enterprises through bond underwriting [3]. Group 3: Qualitative Indicators - Qualitative indicators assess whether companies incorporate the financial "Five Major Articles" into their strategic development and establish relevant organizational structures and incentive mechanisms [4]. - Continuous investment in business resources is measured by the comprehensive growth rate of investments in the financial "Five Major Articles" [4]. Group 4: Scoring and Incentives - The evaluation method assigns a higher score to technology finance, with a total of 50 points allocated across various technology-related financing activities [6]. - The scoring system allows for a broad range of additional points and small score differences among the top 50 companies, encouraging participation from various institutions [7]. - A baseline score is set to avoid significant score disparities, promoting differentiated development and specialized operations among companies [7]. Group 5: Implementation and Principles - The evaluation is conducted annually, focusing on the previous year's performance, and aligns with existing evaluation methods of the China Securities Association [8]. - The evaluation principles emphasize focusing on key areas, enhancing coordination with other evaluations, and ensuring fairness and objectivity in the assessment process [8].

Core Viewpoint - The China Securities Association has released a trial evaluation method for securities companies to enhance their contributions to the financial "Five Major Articles" and promote high-quality development in the securities industry [1][5]. Group 1: Evaluation Methodology - The evaluation method combines quantitative and qualitative indicators, focusing on the contributions and capabilities of companies in key areas of the financial "Five Major Articles" [2][6]. - Quantitative indicators include metrics related to technology finance, green finance, inclusive finance, pension finance, and digital finance, with a significant emphasis on technology finance [2][4]. - Qualitative indicators assess the establishment of mechanisms and the continuous investment of business resources by securities companies [3][6]. Group 2: Scoring and Incentives - The scoring system allocates a higher weight to technology finance, with a total of 50 points available in this category, while other categories like green finance and digital finance are assigned 10 points each [4]. - The evaluation encourages participation from various types of companies by providing a broad range of additional scoring opportunities and minimizing score differences among top-ranking companies [4]. - A foundational score is established to account for the high business concentration in the industry, promoting differentiated development and specialized operations among companies [4][5]. Group 3: Implementation and Principles - The evaluation will be conducted annually in the first half of the year, covering the previous calendar year's performance [5]. - The method emphasizes focusing on core business areas, optimizing dynamically, and ensuring fair and objective assessments through 14 representative evaluation indicators [5][6].

Core Viewpoint - The China Securities Association has released a trial evaluation method for securities companies to enhance their contributions to the financial "Five Major Articles" and promote high-quality development in the securities industry [1][2]. Group 1: Evaluation Methodology - The evaluation method incorporates both quantitative and qualitative indicators, focusing on the contributions and capabilities of companies in key areas of the financial "Five Major Articles" [3][4]. - Quantitative indicators include metrics related to technology finance, green finance, inclusive finance, pension finance, and digital finance, with a significant emphasis on technology finance [3][4]. - Qualitative indicators assess the establishment of mechanisms and the continuous investment of business resources in the financial "Five Major Articles" [4]. Group 2: Scoring and Incentives - The evaluation method assigns higher scores to technology finance, with a total of 50 points allocated across various subcategories, while other areas like green finance, inclusive finance, pension finance, and digital finance each receive 10 points [5]. - The scoring system allows for a broad range of additional points, encouraging companies to actively participate based on their resource endowments [5]. - A foundational score is established to prevent excessive score disparities among companies, promoting differentiated development and specialized operations [5]. Group 3: Implementation and Principles - The evaluation is conducted annually, covering the previous year's performance, and aligns with existing evaluation methods of the China Securities Association [6]. - The evaluation method adheres to three main principles: focusing on key areas, enhancing coordination with existing evaluations, and ensuring a comprehensive and fair assessment [6].

Core Insights - The article highlights the growth of pension finance in response to changing demographics and increasing retirement needs, emphasizing the role of Changjiang Pension in adapting to these trends [2] - Changjiang Pension aims to achieve a "double leap" in management scale and investment performance by enhancing research capabilities, optimizing services, and innovating products by mid-2025 [2] Group 1: Service Enhancement - Changjiang Pension is focused on refining its customer service system to meet the increasingly segmented and sophisticated needs of clients, ensuring a standardized and traceable service process [3] - The company is enhancing its localized service network and talent acquisition to improve responsiveness to client needs [3] - By integrating resources from China Pacific Insurance, the company aims to provide comprehensive services that cover clients' entire life cycles [3] Group 2: Investment Research and Management - In the first half of 2025, Changjiang Pension upgraded its asset allocation and research systems, achieving significant improvements in investment management efficiency through a comprehensive decision-making system [5] - The company emphasizes a strategy-driven approach to investment, moving from experience-based judgments to a more refined and reusable methodology [5] - Changjiang Pension has established a talent development mechanism to cultivate a research team that combines professional depth with client perspectives, supporting long-term returns [5] Group 3: Innovation and Collaboration - Changjiang Pension is actively participating in pension finance reforms, having been selected as the trustee for the first regional talent pension plan in China and a service provider for automatic enrollment mechanisms in Xiong'an New Area [6] - The company collaborates with government departments and academic institutions to create replicable service models and promote research in pension finance [6] - Future plans include enhancing pension asset management capabilities and developing comprehensive solutions that integrate insurance, investment, and services [6]

Core Viewpoint - The China Securities Association has released a new evaluation method for securities companies to enhance their contributions to the financial sector, focusing on five key areas of finance [2][3] Group 1: Evaluation Framework - The evaluation method consists of 25 articles divided into four chapters: general principles, evaluation indicators and scoring methods, implementation and results application, and appendices [2] - The evaluation indicators include both quantitative and qualitative measures, reflecting the company's contributions and capabilities in key financial areas [2] Group 2: Quantitative Indicators - Quantitative indicators cover various aspects such as technology finance, green finance, inclusive finance, pension finance, and digital finance, with specific metrics for each category [2][3] - For technology finance, metrics include the amount and number of technology innovation bond underwriting, equity financing for tech companies, and direct investments in non-listed tech firms [2] - Green finance metrics focus on the underwriting amounts and numbers of green bonds and low-carbon transition bonds [2] - Inclusive finance metrics include amounts and numbers related to bonds supporting small and micro enterprises and private enterprise bonds [2] - Pension finance metrics involve the scale of personal pension product sales, while digital finance metrics assess the maturity of digital capabilities and awards in securities technology [2] Group 3: Qualitative Indicators - Qualitative indicators assess the establishment of mechanisms, including whether the financial "five articles" are integrated into the company's strategic development and the existence of a specialized organizational structure [3] - Continuous investment in business resources is evaluated through the comprehensive growth rate of investments supporting the financial "five articles" [3] - Additional indicators reflect the company's functional roles and adherence to annual policy priorities [3] Group 4: Scoring Methodology - The scoring system emphasizes practical relevance, with a higher score allocation for technology finance (50 points) and lower for other areas (10 points each for green, inclusive, pension, and digital finance) [3] - The scoring method includes both monetary and numerical standards to balance the impact of absolute scale on evaluation results [3] - A basic score is set to encourage differentiated development among companies, considering the high concentration of business in the securities industry [3]

Core Viewpoint - Harbin Bank reported a stable growth in its mid-year performance for 2025, focusing on asset and liability restructuring, risk management, and deepening service to the real economy, achieving improvements in scale, quality, structure, and efficiency [2][4]. Financial Performance - As of June 30, 2025, the total assets of the group reached RMB 9,275.275 billion, an increase of RMB 112.956 billion, or 1.23% from the end of the previous year [2]. - Total customer loans and advances amounted to RMB 3,975.663 billion, up RMB 184.724 billion, or 4.87% [2]. - Total customer deposits were RMB 6,950.559 billion, with a slight increase of RMB 13.765 billion, or 0.20% [2]. - The group achieved operating income of RMB 73.855 billion, a year-on-year increase of 2.59% [2]. - Net profit reached RMB 9.921 billion, up RMB 1.462 billion, or 17.28% year-on-year [2]. - Return on average total assets was 0.22%, up 0.02 percentage points year-on-year [2]. - Return on average equity was 2.07%, an increase of 0.57 percentage points year-on-year [2]. Asset Quality - The non-performing loan balance was RMB 112.697 billion, with a non-performing loan ratio of 2.83%, down 0.01 percentage points from the end of the previous year [3]. - The provision coverage ratio was 209.95%, up 7.36 percentage points [3]. - The loan impairment loss provision ratio was 5.95%, an increase of 0.20 percentage points [3]. Support for Real Economy - The group emphasized financial support for the real economy, focusing on sectors such as technology finance, green finance, and inclusive finance [4]. - Company loans totaled RMB 2,332.248 billion, representing 58.7% of total loans, with an increase of RMB 278.198 billion [4]. Inclusive Finance Initiatives - The group launched a new digital retail credit product "Qian Dao Jia," enhancing online management and digital operations for small and micro enterprises [5]. - Inclusive finance loans for small and micro enterprises reached RMB 169.18 billion, up RMB 16.2 billion year-on-year, with a balance of RMB 411.98 billion, growing at 11.72% [5]. Retail Banking Development - Retail deposits totaled RMB 5,099.701 billion, an increase of RMB 99.931 billion, or 2.0% [7]. - The group maintained a 19.58% market share in retail deposits in Harbin, ranking first in the local market [7]. Cross-Border Business Growth - The group established partnerships with over a hundred financial institutions in 13 Belt and Road countries, promoting cross-border RMB payment services [10]. - Cross-border settlement business volume saw significant growth, enhancing the quality of cross-border financial services [10]. Digital Transformation - The group is advancing its "Digital Harbin Bank" initiative, focusing on enhancing operational security and technology-driven capabilities [12]. - The group is committed to optimizing its international settlement systems and improving efficiency in cross-border financial services [11].

Core Viewpoint - The company, Changjiang Pension, is actively responding to the growing demand for pension financial services driven by demographic changes and evolving resident needs, aiming for a significant increase in both management scale and investment performance by mid-2025 [1] Group 1: Service Enhancement - The company is improving its service mechanisms to meet the increasingly refined needs of clients, focusing on a standardized, systematic, and branded customer service framework [2] - A professional team is being optimized to enhance responsiveness to client needs, with a focus on local service networks and talent development [2] - The integration of resources from China Pacific Insurance is creating a comprehensive service platform that combines pension financial products, health management, and elderly care services [2] - As of June 2025, the company's asset management scale has surpassed 1.41 trillion yuan, with a compound annual growth rate of nearly 16% in pension management over the past three years [2] Group 2: Investment Research and Management - The company is upgrading its asset allocation and investment research systems to ensure long-term returns, achieving a full-chain management approach through a self-developed investment decision system [3] - A strategy-focused investment research integration platform is being established to enhance the precision and reusability of investment methodologies [3] - A talent cultivation mechanism is in place to develop a research team that combines professional depth with client perspectives, supporting long-term returns [3] - According to data from the Ministry of Human Resources and Social Security, the company's performance in enterprise annuities over the past three years has been outstanding, with top rankings in various categories [3] Group 3: Innovation and Collaboration - The company is involved in regional pilot projects and policy innovations to expand pension coverage and improve the national pension security system [4] - Changjiang Pension has been selected as the trustee for the first area-based talent pension plan and is among the first service institutions for the automatic inclusion mechanism in Xiong'an New Area [4] - Collaborations with government departments and educational institutions are being pursued to create a replicable service model and promote the transformation of basic research into tangible client services [4] Group 4: Future Directions - The company plans to enhance pension asset management capabilities under the strategic guidance of China Pacific Insurance, focusing on comprehensive solutions that integrate insurance, investment, and services [5]

Core Viewpoint - Postal Savings Bank of China (PSBC) demonstrates resilience and potential for transformation, achieving positive growth in key financial metrics despite industry challenges, supported by a unique business model and strategic focus on retail and county-level finance [1][2]. Financial Performance - In the first half of 2025, PSBC reported operating income of 179.4 billion yuan, a year-on-year increase of 1.5%, and net profit of 49.4 billion yuan, up 1.08% [1]. - Total assets and liabilities surpassed 18 trillion yuan and 17 trillion yuan, respectively, indicating continued scale growth [1]. Asset and Liability Management - PSBC has improved its asset-liability management, achieving a net interest margin of 1.7%, positioning it among the industry leaders [3][5]. - The bank's loan portfolio increased by 623 billion yuan, with a notable rise in corporate loans by 14.83% year-on-year [3][4]. - The bank's non-performing loan ratio stood at 0.92%, reflecting strong asset quality management [5]. Strategic Initiatives - PSBC is focused on five strategic areas, including inclusive finance, technology finance, green finance, pension finance, and digital finance, to drive diversified growth [6][7][8]. - The bank's agricultural loan balance reached 2.44 trillion yuan, and small and micro enterprise loans totaled 1.72 trillion yuan, leading in coverage among state-owned banks [6]. - In technology finance, PSBC has served over 100,000 tech enterprises, with a loan balance exceeding 930 billion yuan [7]. Market Response - Following the release of its mid-year report, PSBC's A-share price showed a recovery, with multiple leading brokerages issuing positive ratings [1][2]. - The bank has attracted significant interest from insurance capital, with Ping An Life increasing its stake in PSBC's H-shares, totaling over 10 billion Hong Kong dollars [1].

Core Viewpoint - Guojin Securities has released its "Quality Improvement, Efficiency Enhancement, and Return to Shareholders" action plan for 2025, focusing on shareholder returns, supporting the real economy, and maintaining investor relations [1][2] Group 1: Shareholder Returns - In 2024, Guojin Securities distributed cash dividends of 443 million yuan, along with share buybacks, totaling 543 million yuan, which accounts for 32.50% of the annual net profit [1] - The company has revised its shareholder return plan for 2024-2026, aligning it with its industry position, development stage, and growth cycle, while considering dividend payout ratios and yields [1] Group 2: Financial Services and Innovations - In the field of technology finance, Guojin Securities provided full-chain investment banking services to 29 sci-tech enterprises in 2024 [2] - The company is actively supporting green finance initiatives, including the compilation of the "Guojin Beautiful China 50 Index" and the "Guojin Sustainable Development 100 Index," while improving its MSCI ESG rating [2] - Guojin Securities is enhancing support for small and micro enterprises through innovative inclusive finance products [2] Group 3: Investor Relations - The company has established an efficient communication matrix to address investor concerns through various channels, including the Shanghai Stock Exchange e-interaction platform and regular performance briefings [2] - In 2025, Guojin Securities plans to upgrade its communication system, utilizing new media platforms like WeChat and video accounts to enhance transparency and showcase its operational highlights and development philosophy [2]