Core Insights - Ant Group and ISDA have jointly released a white paper on the application of tokenized deposits in transaction banking, supported by the Monetary Authority of Singapore, aiming to enhance cross-border payment and foreign exchange settlement [1] - The framework is expected to reduce cross-border transaction costs by 12.5%, potentially saving businesses over $50 billion by 2030 [1] - The global cost of cross-border transaction fees is currently estimated at $120 billion annually [1] Group 1 - The white paper outlines the design principles and industry standards for tokenized deposits, ensuring interoperability [1] - It discusses key risks associated with payment systems based on shared ledger technology and measures to address them [1] - The feasibility of the proposed system is validated through practical use cases in transaction banking [1] Group 2 - Ant Group's Whale platform utilizes blockchain, encryption, and AI to facilitate real-time multi-currency settlement, reducing the settlement period from 1-3 days to minutes or even seconds [2] - Over one-third of the $1 trillion in funds processed by Ant International in 2024 will be through the Whale platform, with partnerships established with major banks [2] - Ant Group and ISDA plan to expand the application scenarios for shared ledger and tokenized deposits, ensuring benefits for both large and small enterprises [2]

证券研究报告 | 公司点评报告 2025 年 04 月 28 日 齐鲁银行（601665.SH） 业绩高增，成长银行 总量研究/银行 齐鲁银行披露 2024 年度报告及 2025 年一季报，2024 全年营收、PPOP、归母 利润同比增速分别为 4.55%、3.05%、17.77%；2025Q1 营收、PPOP、归母 净利润同比分别增长 4.72%、4.36%、16.47%，归母净利润保持 16%以上的高 增长，业绩成长性较强。从累计业绩驱动看，24A 规模扩张、中收、其他非息、 拨备计提形成主要正贡献，净息差、成本收入比上升、有效税率上升形成拖累。 25Q1 净息差业绩拖累下降，其他非息业绩贡献转负，拨备计提依旧形成正贡献。 核心观点： 亮点：（1）资负扩表继续提速。资产端，24 年/25Q1 生息资产同比增速分别 为 13.65%/15.71%，其中，24 年/25Q1 贷款同比增速分别为 12.31%/12.60%， 贷款增速相对稳定，个人贷款增长偏弱，考虑到 24 年个人贷款不良率上升较多， 预计公司个人贷款结构有所调整，对公贷款 25Q1 末依旧保持 18%的高增长。 另外，公司投资类资产 25Q1 ...