Investment Rating - The investment rating for Qingdao Bank is "Buy" [1] Core Views - Qingdao Bank's performance is strong, with a focus on expanding its scale, optimizing its structure, and reducing costs, leading to continuous improvement in asset quality and a decrease in non-performing loans [2][3] - The bank's total assets reached 765.57 billion, a year-on-year increase of 14.44%, while total loans grew by 13.34% to 375.30 billion [2] - Interest income continues to grow, with net interest income for the first three quarters of 2025 at 8.14 billion, up 12.00% year-on-year [2] - Non-interest income faced pressure, decreasing by 10.72% year-on-year to 2.87 billion, primarily due to fair value changes [2] - The non-performing loan ratio decreased to 1.10%, with a provision coverage ratio of 269.97%, indicating improved asset quality [3] Summary by Sections Financial Performance - For the first three quarters of 2025, Qingdao Bank achieved operating income of 11.01 billion, a 5.03% increase year-on-year, and a net profit attributable to shareholders of 3.99 billion, up 15.54% [1][2] - The annualized return on average equity was 13.16%, an increase of 0.48 percentage points year-on-year [1] Asset and Liability Management - As of Q3 2025, total liabilities were 718.42 billion, a year-on-year increase of 14.87%, with a focus on improving the quality of liabilities and expanding deposit sources [2] - The bank's net interest margin was 1.68%, reflecting efforts to stabilize margins despite challenges in asset yields [2][3] Profit Forecast - The forecast for net profit growth from 2025 to 2027 is 19.5%, 18.52%, and 19.98%, respectively, with expected EPS of 0.88, 1.04, and 1.24 [3][4]

Core Viewpoint - Wenkang Capital has experienced a continuous decline in performance over the past five years, despite having a comprehensive range of financial licenses, including trust, financial leasing, securities, and futures [3][9][30]. Group 1: Company Overview - Wenkang Capital is controlled by China Minmetals Corporation, which has total assets exceeding 1.1 trillion yuan and nearly 1 trillion yuan in revenue as of 2023 [3][4]. - The company holds significant stakes in various financial institutions, including a 78.002% stake in Wenkang Trust and a 99.76% stake in Wenkang Securities [9][10]. Group 2: Financial Performance - The net profit of Wenkang Capital has declined from 32.1 billion yuan in 2020 to 5.1 billion yuan in 2024, with a further drop of 58.2% in Q1 2025 [3][12][13]. - Revenue has also decreased significantly, from 163.4 billion yuan in 2020 to 79.8 billion yuan in 2024, with a year-on-year decline of 20.3% to 18.4% from 2021 to 2024 [12][17]. Group 3: Business Segments - The trust and futures segments have been the most affected, with Wenkang Trust reporting a loss of 9.54 billion yuan in 2024 due to overdue payments and market conditions [18][23]. - Wenkang Financial Leasing has remained a relatively stable contributor, with net profits increasing from 8.57 billion yuan in 2020 to 12.62 billion yuan in 2024 [19][20]. Group 4: Market Position and Comparison - Wenkang Securities ranks 69th in the national comprehensive ranking, with revenue of 13.11 billion yuan in 2024, which is only 2% of the leading brokerages like CITIC Securities [32][33]. - The comparison with COFCO Capital indicates that operational management is crucial, as COFCO has maintained growth despite having similar licenses [30][31].

獲得於香港營運槓桿式外匯交易之第三類牌照 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 Lianlian DigiTech Co., Ltd. 連連數字科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2598） 自願公告 香港，2025年8月21日 於本公告日期，本公司董事會包括執行董事章徵宇先生、辛潔先生、魏萍女士及 朱曉松先生，及獨立非執行董事Chun Chang先生、黃志堅先生及林蘭芬女士。 本公告乃由連連數字科技股份有限公司（「本公司」，連同其附屬公司，統稱「本集 團」）自願作出，旨在向本公司股東及潛在投資者提供有關本集團最新業務發展的 最新資料。 本公司董事會（「董事會」）欣然宣佈，本公司的全資附屬公司連連星球有限公司 （「連連星球」）已獲得香港證券及期貨事務監察委員會頒發的第三類牌照（「第三類 牌照」）。第三類牌照授權連連星球在香港根據證券及期貨條例進行第三類（槓桿 式外匯交易）受規管活動。 承董事會命 連連數字 ...

Group 1 - The core opportunity in the stablecoin sector lies in companies that hold stablecoin licenses, as regulatory frameworks in places like Hong Kong and the U.S. mandate that only licensed entities can issue stablecoins [1][3] - Historical examples show that companies obtaining scarce licenses have seen significant stock price increases, such as Zhongmian's stock rising from tens to over 400 yuan after acquiring a duty-free license [3][6] - Stablecoins are viewed as essential assets in the digital finance era and are seen as a means to challenge the dominance of the U.S. dollar in global finance [3][4] Group 2 - In the A-share market, key companies with or involved in stablecoin licenses include JD.com, which is evolving from an e-commerce platform to a "digital bank" by integrating payment, logistics, and credit services [6] - Another notable company is Zhangqu Technology, which holds an 11.11% stake in Anpi Group, one of the five stablecoin issuers approved by the Hong Kong Monetary Authority [7] - A standout company in this space possesses multiple licenses from the Hong Kong Securities and Futures Commission, making it the only A-share company with both securities and virtual currency issuance qualifications [8]