Core Insights - Yingda Securities has undergone a significant leadership change with Ma Xiaoyan officially appointed as the new chairman and legal representative, succeeding Duan Guangming after a three-year term [1] - Ma Xiaoyan, born in 1969, has a background in the State Grid system and has held several important positions within the State Grid [1] - The company is currently experiencing a restructuring of its revenue model and an improvement in profit quality [1] - On September 10, Yingda Securities completed its first large-scale short-term financing bond issuance [1]

Core Viewpoint - Ping An Bank reported a decline in revenue and net profit for the year 2024, with total operating income at 146.7 billion, down 10.9% year-on-year, and net profit attributable to shareholders at 44.5 billion, down 4.2% year-on-year [3][4]. Financial Performance - Revenue, PPOP, and net profit for 2024 decreased by 10.9%, 10.8%, and 4.2% respectively, with the decline in revenue and PPOP narrowing by 1.6 and 2.9 percentage points compared to the first three quarters [4]. - Net interest income fell by 20.8% year-on-year, while non-interest income increased by 14%, showing a significant improvement of 6.4 percentage points compared to the first three quarters [4]. Loan and Asset Management - As of the end of 2024, the growth rate of interest-earning assets and loans was 3.2% and -1% respectively, with a slight decrease in the proportion of loans to interest-earning assets [5]. - The bank actively reduced high-risk retail loans while increasing lending to foundational retail credit products such as housing mortgages, which grew by 7.4% year-on-year [5]. Deposit and Liability Management - Interest-bearing liabilities and deposits grew by 0.6% and 3.7% year-on-year, with a slight increase in the proportion of deposits compared to the previous quarter [6][7]. - Retail deposits increased by 6.6% year-on-year, contributing to a higher proportion of total deposits [7]. Asset Quality - The non-performing loan (NPL) ratio remained stable at 1.06%, with the coverage ratio above 250% [8]. - The annual provision for credit and other impairment losses was 49.4 billion, a decrease of 16.4% year-on-year, indicating improved asset quality management [8].