PresentationGerard Benson I'm Gerry Benson. I'm a research analyst at Fidelity covering the U.S. banks. And I have the pleasure of hosting Rene Jones of M&T Bank today. M&T is a community-focused banking franchise that provides retail and commercial banking, trust, wealth management and investment services. Founded in 1856, it's headquartered in Buffalo, New York. And at September 30, it had $211 billion in assets. Presenting today for M&T is Rene Jones, Chairman and Chief Executive Officer; Rene has been ...

Financial Data and Key Metrics Changes - The company reported strong results in Q3 2025, with assets growing by approximately $100 million year-to-date and expanding margins [4] - Net interest margin increased by 20 basis points on a linked quarter basis, resulting in a $1.4 million increase in net interest income compared to Q2 2025 [11] - Unadjusted pre-provision net revenue increased by 15% on a linked quarter basis and 19% when adjusting for non-recurring merger-related charges [12] Business Line Data and Key Metrics Changes - Fee income has grown year-over-year, driven by wealth management, trust, and other fee income businesses [4] - Non-interest income for the nine months ended September 30 increased by 9% compared to the same period last year, with growth from wealth management and trust services [12] Market Data and Key Metrics Changes - Credit metrics improved year-over-year, with non-performing loans as a percentage of total loans decreasing and reserves to non-performing assets increasing [12] Company Strategy and Development Direction - The company is focused on delivering products and services that help customers achieve their goals, emphasizing a high-performing culture [5] - A merger with Presence Bank is pending regulatory approval, which is seen as a strategic opportunity for growth [7][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's financial position and ability to serve customers effectively, with a focus on loan growth across various categories [4][27] - The outlook for net interest margin remains positive, with expectations of reaching towards 4% [18] Other Important Information - The company completed a leadership transition in its board of directors, adding two new directors to strengthen the board [7][9] - The company has rolled out a new brand and improved its culture, resulting in high customer satisfaction ratings [10] Q&A Session Summary Question: Ability to further reduce deposit costs with expected rate cuts - Management indicated that deposit costs would decrease in line with market rates, estimating a beta of around 50% on the way down [16] Question: Amount in municipal deposits and their fluctuations - Current municipal deposits are at a high watermark of approximately $450 million, fluctuating between $400 million and $450 million [17] Question: NIM outlook and stability - Management remains optimistic about net interest margin, hoping to reach around 4% [18] Question: M&A opportunities and timeline for Presence Bank deal - The company is opportunistic regarding M&A and is awaiting regulatory approval for the Presence Bank merger, with no specific timeline provided [19][21] Question: Impact of potential rate drop on margin - Management noted that a drop in rates would be accretive to margins, but hesitated to quantify the impact at this time [25][26] Question: Best loan growth categories and future demand - Loan growth has been broad across categories, with consumer lending performing well, while agricultural loans have slightly decreased [27]

Financial Data and Key Metrics Changes - The company reported strong results in Q3 2025, with assets growing by approximately $100 million year-to-date and expanding margins due to growth in loans and deposits [4] - Net interest margin increased by 20 basis points on a linked quarter basis, resulting in a $1.4 million increase in net interest income compared to the second quarter [12] - Non-interest income for the nine months ended September 30 increased by 9% year-over-year, driven by growth in wealth management and trust services [13] Business Line Data and Key Metrics Changes - Fee income has grown year-over-year, particularly in wealth management, trust, and other fee income businesses [4] - The company experienced a release of the allowance for credit losses of $502,000, primarily due to several loans moving out of non-accrual status [12] Market Data and Key Metrics Changes - The company has approximately $400 million in municipal deposits, which are expected to decrease in line with market rates [17] - The loan growth has been broad-based across different categories, with a slight decrease in the agricultural segment from 9% to 8% of the portfolio [28] Company Strategy and Development Direction - The company is focused on delivering products and services that help customers achieve their goals, emphasizing a high-performing culture [5] - A merger with Presence Bank is in progress, with all necessary regulatory applications filed and pending approval [6] - The company has unified its three brands into one and rolled out a new brand this year, enhancing customer experience [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong financial position and ability to serve customers effectively [6] - The outlook for net interest margin remains positive, with hopes to reach around 4% in the coming quarters [20] Other Important Information - The company completed a leadership transition in its board of directors, adding two new directors to strengthen governance [6][9] - The company has been recognized for its community involvement and employee dedication, which are seen as key differentiators [9] Q&A Session Summary Question: Ability to further reduce deposit costs with expected rate cuts - Management indicated that deposit costs are expected to decrease, with a beta of around 50% on the way down [17] Question: Amount in municipal deposits and their fluctuation - Current municipal deposits are at a high watermark of approximately $450 million, expected to decrease to around $400 million [18] Question: NIM outlook and stability - Management remains optimistic about net interest margin, aiming for stability and potential growth towards 4% [20] Question: M&A opportunities and timeline for Presence Bank deal - The company is opportunistic regarding M&A and is awaiting regulatory approval for the Presence Bank merger, with no specific closing date yet [21][22] Question: Impact of potential rate drop on margin or spread - Management noted that a drop in deposit costs would be accretive, but hesitated to quantify the impact without more information [27] Question: Best loan growth categories and future demand - Loan growth has been strong across various categories, with no single category dominating, and consumer lending performing well [28]

Core Viewpoint - Jiangsu Guoxin's stock price increased by 1.10% on October 20, with a trading volume of 171 million yuan, indicating positive market sentiment towards the company [1] Financing Summary - On October 20, Jiangsu Guoxin had a financing buy-in amount of 18.79 million yuan and a financing repayment of 13.97 million yuan, resulting in a net financing buy of 4.83 million yuan [1] - As of October 20, the total financing and securities lending balance for Jiangsu Guoxin was 363 million yuan, with the financing balance accounting for 1.16% of the circulating market value, which is above the 90th percentile of the past year, indicating a high level of financing activity [1] - The company repaid 3,600 shares of securities lending and sold 2,500 shares on October 20, with a selling amount of 20,700 yuan, while the securities lending balance was 493,300 yuan, below the 10th percentile of the past year, indicating low lending activity [1] Business Performance - As of June 30, Jiangsu Guoxin had 28,300 shareholders, an increase of 3.47% from the previous period, while the average circulating shares per person decreased by 3.35% to 133,416 shares [2] - For the first half of 2025, Jiangsu Guoxin reported operating revenue of 15.688 billion yuan, a year-on-year decrease of 11.75%, while the net profit attributable to shareholders increased by 3.96% to 2.03 billion yuan [2] Dividend Information - Since its A-share listing, Jiangsu Guoxin has distributed a total of 1.955 billion yuan in dividends, with 1.133 billion yuan distributed over the past three years [3] Shareholder Structure - As of June 30, 2025, the top ten circulating shareholders included the Southern CSI 500 ETF, which became a new shareholder with 11.166 million shares, while Hong Kong Central Clearing Limited exited the top ten list [3]

Core Viewpoint - China Ping An's stock has experienced a decline of 1.28% with a trading volume of 39.17 billion yuan and a market capitalization of 1,037.206 billion yuan [1] Group 1: Dividend and Shareholding - The dividend yields for China Ping An over the past three years were 5.15%, 6.03%, and 4.84% respectively [2] - The top ten circulating shareholders include Central Huijin Asset Management Co., Ltd. and China Securities Finance Corporation [2] - As of June 30, 2025, China Ping An has distributed a total of 391.904 billion yuan in dividends since its A-share listing, with 134.54 billion yuan distributed over the last three years [7] Group 2: Business Overview - China Ping An Insurance (Group) Co., Ltd. was established on March 21, 1988, and listed on March 1, 2007, providing diversified financial services including insurance, banking, securities, and trust [6] - The revenue composition of the company includes life and health insurance (45.76%), property insurance (34.46%), banking (13.87%), asset management (5.27%), and financial empowerment (3.85%) [6] - The company has invested in several unicorn companies, including Lufax, Ping An Good Doctor, and its healthcare insurance subsidiary [2] Group 3: Market Activity and Technical Analysis - The main capital flow today shows a net outflow of 350 million yuan, with a continuous reduction in main capital over the past two days [3] - The average trading cost of the stock is 52.02 yuan, with the stock price approaching a resistance level of 57.32 yuan, indicating potential for a price correction if this level is not surpassed [5] - The main capital has not gained control, with a very dispersed chip distribution and main trading volume accounting for 6.35% of total trading volume [4]

Core Insights - Jiangsu Guoxin's stock price increased by 0.24% on October 15, with a trading volume of 213 million yuan [1] - The company reported a financing net purchase of 11.16 million yuan on the same day, with a total financing and securities balance of 356 million yuan [1] - Jiangsu Guoxin's main business revenue composition includes electricity (84.53%), coal (8.90%), heat (4.77%), and others (1.80%) [1] Financing and Margin Trading - On October 15, Jiangsu Guoxin had a financing purchase of 29.27 million yuan, with a current financing balance of 35.5 million yuan, representing 1.13% of its market capitalization [1] - The financing balance is above the 90th percentile of the past year, indicating a high level of activity [1] - The company had a margin trading balance of 494,200 yuan, which is below the 10th percentile of the past year, indicating low activity in this area [1] Shareholder and Financial Performance - As of June 30, Jiangsu Guoxin had 28,300 shareholders, an increase of 3.47% from the previous period, with an average of 133,416 circulating shares per shareholder, a decrease of 3.35% [2] - For the first half of 2025, the company reported a revenue of 15.688 billion yuan, a year-on-year decrease of 11.75%, while the net profit attributable to shareholders was 2.03 billion yuan, a year-on-year increase of 3.96% [2] - The company has distributed a total of 1.955 billion yuan in dividends since its A-share listing, with 1.133 billion yuan distributed in the last three years [3] Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders included the Southern CSI 500 ETF, which holds 11.166 million shares as a new shareholder [3] - Hong Kong Central Clearing Limited has exited the list of the top ten circulating shareholders [3]

Core Viewpoint - Shanghai New Huangpu Industrial Group Co., Ltd. reported significant growth in revenue and profit for the first half of 2025, driven by strategic initiatives in real estate and financial services [1][2]. Company Overview and Key Financial Indicators - The company achieved operating revenue of approximately 388.80 million RMB, a 9.16% increase from the previous year [2][5]. - Total profit reached approximately 114.69 million RMB, marking a substantial increase of 330.81% year-on-year [2][5]. - Net profit attributable to shareholders was approximately 101.63 million RMB, up 368.46% compared to the same period last year [2][5]. - The company's total assets increased by 4.61% to approximately 20.04 billion RMB [2][5]. Business Performance Analysis - The real estate sector showed signs of recovery, with improved sales performance in core areas and a focus on rental housing projects [3][5]. - The financial services segment demonstrated steady growth, with a complete range of licenses in futures, trusts, and funds, contributing to overall profitability [3][5]. - The company maintained a strong cash flow, with net cash flow from operating activities increasing by 788.91% to approximately 1.32 billion RMB [2][5]. Competitive Advantages - The company benefits from early involvement in the rental housing market, leveraging its experience to enhance project efficiency and profitability [5]. - The "Technology Capital" brand, recognized as a high-tech entrepreneurial park, provides a competitive edge in attracting businesses and investments [5]. - A robust financial services cluster supports the company's dual-driven strategy in real estate and finance, enhancing operational synergies [5]. Future Outlook - The company plans to continue focusing on the Yangtze River Delta region, capitalizing on local market trends and demographic shifts to drive growth [5]. - Ongoing investments in technology and innovation are expected to further enhance operational efficiency and market competitiveness [5].

Core Viewpoint - The private economy is essential for China's development, contributing significantly to tax revenue, GDP, technological innovation, employment, and the number of enterprises [1] Group 1: Current State of the Private Economy - The private economy contributes over 50% of tax revenue, over 60% of GDP, over 70% of technological innovations, over 80% of urban employment, and over 90% of the total number of enterprises in China [1] - The trust industry has unique advantages in supporting the development of private enterprises, with significant potential for financial support [1] Group 2: Achievements and Challenges in the Trust Industry - In 2023, the trust industry supported over 10,486 projects for small and micro enterprises, providing financing exceeding 870.5 billion yuan, with a year-on-year increase of 2.667 billion yuan, representing a 44.67% growth [1] - Despite achievements, challenges remain, including difficulties for small and medium-sized private enterprises in accessing trust funds, a need for enhanced innovation in trust services, and the necessity for improved risk management [2] Group 3: Recommendations for Trust Companies - Trust companies should innovate business models to better serve private enterprises, such as exploring new financing channels and collaborating with banks for equity and debt financing [3] - Strengthening risk management through the establishment of a robust risk prevention system using big data technology to monitor and analyze operational data of private enterprises [3] - Building a professional talent team to enhance service capabilities, focusing on training employees with a deep understanding of private enterprise needs and attracting external talent with innovative thinking [4]

Core Viewpoint - The company, State Grid Yingda Co., Ltd., has shown stable growth in its financial and power equipment businesses, with significant increases in revenue and net profit in 2024 and Q1 2025, indicating a strong operational performance and profitability [1][2][3]. Financial Performance - In 2024, the company achieved operating revenue of 11.288 billion yuan, a year-on-year increase of 3.60%, and a net profit attributable to shareholders of 1.574 billion yuan, up 15.39% [1]. - For Q1 2025, the company reported operating revenue of 2.218 billion yuan, reflecting an 8.7% year-on-year growth, and a net profit of 604 million yuan, which is a substantial increase of 45.2% [1]. Business Segments - The highest revenue contributor is the power equipment business, accounting for 65.2% of total revenue in 2024, while the financial business remains the main profit source, with trust business profits making up 84.13% [1]. - In the trust business, Yingda Trust generated operating revenue of 2.99 billion yuan in 2024, a 7.29% increase, and net profit of 1.776 billion yuan, up 10.63%, with total trust assets reaching 1.09288 trillion yuan [1]. - Yingda Securities reported operating revenue of 860 million yuan in 2024, a decline of 25.64%, but net profit increased by 64.43% to 176 million yuan due to improved investment returns [2]. - The carbon asset business achieved operating revenue of 7.0016 million yuan, growing by 13.39%, and net profit of 1.04049 million yuan, up 14.51% [2]. - The power equipment segment, through subsidiary Zhixin Electric, generated revenue of 7.375 billion yuan, a 6.86% increase, and net profit of 149 million yuan, up 45.18% [2]. Strategic Focus - The company leverages the advantages of its parent company, State Grid, to build competitive strengths in finance, carbon assets, and high-end electrical equipment, with plans to explore quality projects in wind power, solar energy, energy storage, and integrated energy development [3].