Core Viewpoint - The 2025 Annual Investment Strategy Conference hosted by CICC is themed "Ride the Momentum, Seek New Opportunities," gathering over 500 executives from listed companies and numerous experts from government, industry, and academia for in-depth discussions on various emerging themes [1]. Group 1: Conference Overview - The conference takes place from November 12 to 14, featuring a total theme day on the first day and ten thematic sub-forums over the following two days [1]. - Key discussion topics include new supply, new technology, new consumption, new finance, new intelligent driving, new medicine, new applications, new materials, and new energy [1]. Group 2: Key Participants - Notable speakers include Wang Shuguang, Vice Chairman and President of CICC [3], Liu Shijun, Chief Advisor of the China Council for International Cooperation on Environment and Development [5], Dr. Teh Kok Peng, Chairman of the East Asian Institute at National University of Singapore [7], Peng Wensheng, Chief Economist and Head of Research at CICC [8], and Miao Yanliang, Executive Head of the Research Department at CICC [9].

Core Insights - The article discusses the upcoming CICC Annual Investment Strategy Conference 2025, highlighting key speakers and topics that will be addressed during the event [1][3]. Group 1: Conference Overview - The conference will take place from November 12 to 14, 2025, at the Beijing Kerry Hotel [1]. - Notable speakers include Wang Shuguang, Vice Chairman and President of CICC, and Liu Shijun, Chief Advisor of the China Council for International Cooperation on Environment and Development [1][3]. Group 2: Economic Outlook - The conference will feature discussions on macroeconomic outlooks for China and the United States, led by Zhang Wenlang, Managing Director of CICC Research [5]. - Topics will also cover A-share market outlook, Hong Kong and overseas market perspectives, and asset outlooks [5]. Group 3: Sector-Specific Insights - The agenda includes sessions on various sectors such as real estate, fixed income, REITs, and quantitative investment strategies for 2026 [6][10]. - Specific sessions will focus on new supply dynamics in industries like automotive, photovoltaic, and energy [8]. Group 4: Technological Innovations - The conference will explore advancements in AI and its implications for infrastructure and intelligent robotics [9][11]. - Discussions will also cover the integration of AI in various applications and the emergence of new materials [12][40]. Group 5: Consumer Trends - The event will address new consumer trends, emphasizing quality of life and innovative consumption patterns [9][55]. - Topics will include the evolution of service chains, brand operations, and the rise of consumer robots [9]. Group 6: Financial Sector Developments - Insights into the wealth management industry post-fee reform and the development of a multi-layered REITs market will be presented [10]. - The conference will also discuss the opportunities and challenges presented by RWA in empowering the real economy [10].

Group 1 - The conference held on September 28 focused on promoting high-quality urban vitality spaces and aimed to drive resource integration, project implementation, and regional collaboration through a dual-driven approach of "modern service industry + urban industry" [1][2] - Xu Zhou's Yunlong District is positioned as a core functional area with strong development momentum and is becoming a hub for high-end resources, aiming to leverage new industries, new consumption, new cultural tourism, and new finance to enhance urban quality and create a favorable business environment [1][2] - The event showcased 21 projects across key sectors such as urban industry, consumption enhancement, cultural and sports integration, and financial services, including a new materials production base and a super flagship store for Suning [2][3] Group 2 - The conference theme "Vibrancy Initiates a New Chapter, Dreams Built in Yunlong" emphasizes breaking industrial development bottlenecks and enhancing regional commercial vitality to support the construction of a modern industrial ecosystem [2] - New industrial spaces were introduced, focusing on high-end industry cultivation and the development of the real economy, while new consumption spaces aimed at creating high-quality consumption scenarios [3] - The Yunlong District continues to embrace development with an open and innovative approach, positioning the conference as a platform for showcasing urban charm and linking global resources for future industrial collaboration [3]

Core Viewpoint - The Bank of China Shandong Branch is actively implementing foreign exchange policies to enhance service delivery to enterprises, aiming to stabilize and improve foreign trade in the province through various initiatives and competitions [1][3]. Group 1: Foreign Exchange Policy Implementation - The bank is conducting the "Lü Trade and Finance for the People" foreign exchange skills competition to promote compliance with foreign exchange regulations and expand the benefits of foreign exchange policies [1]. - Since the beginning of the competition, the bank has focused on enhancing its capabilities in foreign exchange management and service delivery to the real economy, launching multiple initiatives to improve financial services [3]. Group 2: Service Initiatives and Achievements - The bank has organized over 38 promotional events and visited more than 950 enterprises to raise awareness of foreign exchange facilitation policies and encourage participation in the foreign exchange market [3]. - Collaborative efforts with organizations like China Export & Credit Insurance Corporation and the China-Europe Railway Express have been established to provide comprehensive cross-border financial services to export-oriented enterprises [3]. - The bank has served over 1,400 foreign trade enterprises and disbursed loans totaling 4.2 billion yuan, leading among financial institutions in the province [3]. Group 3: Industry-Specific Support - The bank has tailored foreign exchange products and services to meet the specific needs of the wood industry cluster, providing support for both raw material importers and product exporters [4]. - Financial products such as trade financing and cross-border quick loans are offered through digital platforms to meet the financing needs of various enterprises in the wood industry [4]. - The bank plans to continue implementing foreign exchange management requirements and facilitate enterprises' international expansion, contributing to the high-quality development of Shandong's open economy [4].

Group 1 - The core focus of the Jiangdong New District since 2020 has been on sectors such as air economy, new finance, consumer goods, digital intelligence, and export-oriented industries [2] - A total of 483 key enterprises have been attracted to the Jiangdong New District, including 48 Fortune Global 500 companies [2]

Core Insights - A significant competition is emerging in Hong Kong over a crucial license for stablecoins, which is seen as pivotal for the future financial order [1] - The focus of this competition is on the newly effective Hong Kong Stablecoin Regulation, which aims to explore the potential of the Hong Kong dollar in a market dominated by US dollar-pegged stablecoins [1] - The opportunity lies in serving Chinese enterprises venturing abroad, tapping into a trillion-dollar market, indicating that this is not only a chance for Hong Kong but also a preview of future financial innovations [1] Industry Overview - The Hong Kong Stablecoin Regulation is set to create a regulatory framework that could reshape the stablecoin landscape [1] - The majority of stablecoins globally are pegged to the US dollar, highlighting a potential gap for the Hong Kong dollar to establish its presence [1] - The regulatory sandbox participants, legal advisors, and licensed exchanges are actively engaging in this competitive environment, indicating a robust interest in the stablecoin sector [1]

Group 1 - The Shanghai University of Finance and Economics (SUFE) Dihui Lake Advanced Financial Institute aims to become a world-class financial institution by integrating emerging finance with industry and technology [1] - The MBA program emphasizes collaboration and value co-creation between the institute and talented individuals, providing resources and opportunities for mutual growth [2] Group 2 - The MBA program offers a non-full-time format, awarding degrees from SUFE, with a focus on Environmental, Social, and Governance (ESG) finance, which is increasingly critical in global standards [3] - The program features an innovative "Four+Two" curriculum system, consisting of four core modules and two elective directions, with 14 interdisciplinary courses to broaden students' knowledge [3] Group 3 - The full-time MBA program includes core courses in finance, economics, and management, with three research directions: FinTech and Innovation, ESG Finance, and Advanced Financial Practices [4] - The program is designed to meet diverse learning needs, allowing students to select courses based on their backgrounds and career goals [4] Group 4 - The scholarship policy aims to support students financially, encouraging participation from outstanding professionals across various industries [5] - The scholarship system includes multiple awards, such as the "Start Award" of 200,000 yuan for all non-full-time students and performance-based awards ranging from 30,000 to 50,000 yuan [9] Group 5 - Admission requirements include a recognized bachelor's degree and relevant work experience, with specific criteria for different educational backgrounds [8][10] - The application process involves several steps, including online application, material review, and participation in an exchange meeting [10][11]

Group 1 - The core idea emphasizes the importance of new finance in supporting the real economy, particularly through equity financing for startups and small enterprises that lack collateral [3][4] - New finance is characterized by its ability to provide sufficient capital through equity rather than traditional credit methods, which are limited by collateral requirements [3] - The focus on small and medium-sized enterprises (SMEs) highlights their need for equity financing, as they often do not have the assets or credit history to secure traditional loans [3][4] Group 2 - New finance also manifests in the form of funds, where local capital can be aggregated through direct financing methods to enhance social capital [4] - The concept of mother funds is introduced, which can invest in various specialized funds to promote local economic and social development [4] - The role of local government in guiding and incentivizing new finance is crucial for driving industrial chains and improving employment rates and income levels [4]

Investment Rating - The report assigns an "Outperform the Market" rating to the company, marking its first coverage [5]. Core Insights - The company is expected to achieve a revenue of 760.15 billion yuan in 2024, reflecting a year-over-year decline of 2.54%, while the net profit attributable to shareholders is projected at 335.58 billion yuan, showing a slight increase of 0.88% [1][53]. - The company's total assets are anticipated to grow by 5.86% to 40.57 trillion yuan in 2024, with deposits and loans increasing by 3.73% and 8.33%, respectively [1]. - The net interest margin is projected to be 1.51% in 2024, down by 19 basis points year-over-year, but the decline is expected to slow down in the fourth quarter [2][56]. - Non-interest income is expected to grow by 5.09% in 2024, contributing significantly to overall revenue [2]. - The non-performing loan ratio is forecasted to be 1.34% at the end of 2024, indicating stable asset quality [3][58]. Financial Performance Summary - Revenue and net profit for 2024 are projected at 760.15 billion yuan and 335.58 billion yuan, respectively, with a year-over-year revenue decline of 2.54% and a net profit increase of 0.88% [1][53]. - The company’s return on equity (ROE) is expected to be 10.69%, a decrease of 0.87 percentage points from the previous year [1][54]. - The company’s total assets are expected to reach 40.57 trillion yuan, with a year-over-year growth of 5.86% [1]. - The net interest income is projected to decline by 4.43% year-over-year due to a narrowing net interest margin and insufficient effective credit demand [2][56]. - The non-performing loan ratio is expected to decrease slightly, reflecting the company's stable asset quality [3][58]. Future Earnings Forecast - The company’s net profit for 2025, 2026, and 2027 is projected to be 343.34 billion yuan, 353.37 billion yuan, and 368.82 billion yuan, respectively, with corresponding year-over-year growth rates of 2.3%, 2.9%, and 4.4% [3][62]. - The diluted earnings per share (EPS) for the same years are expected to be 1.36 yuan, 1.40 yuan, and 1.46 yuan [3][62]. Valuation and Investment Recommendation - The absolute valuation using a three-stage DDM model suggests a value range of 9.8 to 13.6 yuan per share [69]. - Relative valuation indicates a reasonable value range of 9.3 to 10.1 yuan per share, considering a premium for the company's leading position in the market [71]. - The report concludes that the company's reasonable stock price for 2025 is between 9.6 and 11.9 yuan, indicating a potential upside of approximately 7% to 33% from the current price [73].