崔荣国表示国联民生是国内头部券商之一，投行服务质量高、债权融资力度大、项目招引效果好，与无 锡高新区拥有良好合作基础，为无锡高新区产业建设、企业发展提供了强劲支撑。希望国联民生充分发 挥综合金融平台功能和产融投结合优势，加快优质化项目导入，聚焦无锡高新区"6+2+X"现代产业集群 和"5+N"未来产业发展需要，向无锡高新区导入更多链主企业、专精特新企业和关键配套项目；开展多 样化融资赋能，为无锡高新区平台量身定制"一企一策"融资方案，加大对早中期科技企业的股权投资； 做好已上市企业精准化服务，加强对无锡高新区上市后备企业辅导，合力做优资本市场"新吴板块"，助 力无锡高新区企业对接国际资本市场。无锡高新区将始终秉持最大诚意、提供最优保障，进一步建立全 方位联动机制、高效率保障机制、多领域合作机制，全力支持国联民生在无锡高新区拓展业务阵地、优 化合作布局。 10月13日，太湖之畔秋意正浓，合作发展热情涌动。无锡高新区(新吴区)与国联民生（601456）证券股 份有限公司深化合作签约仪式举行。这是双方自2024年2月缔结战略合作伙伴关系、今年6月共建三大特 色产业园区并签约超90亿元投资项目之后的再度携手，标志着区 ...

Popular, Inc. (NASDAQ:BPOP) has experienced a modest increase of approximately 0.51% over the last 30 days, showcasing its resilience in the market.The stock has seen a slight decline of about 0.88% in the past 10 days, potentially offering a buying opportunity for investors.With a target price of $153 and a perfect Piotroski Score of 9, BPOP is considered undervalued and has strong growth potential.Popular, Inc. (NASDAQ:BPOP) is a leading financial services company that operates primarily in Puerto Rico an ...

Group 1 - The establishment of Zhonghe Guochuang (Guangdong) Industrial Investment Co., Ltd. has been officially registered with a capital of 95 million RMB [1] - The legal representative of the company is Xu Yongjiang, indicating a structured leadership [1] - The company's business scope includes investment activities, new energy technology research and development, solar power technology services, and wind power technology services among others [1] Group 2 - The company is wholly owned by the National Military-Civilian Integration Industry Investment Fund Co., Ltd., highlighting its strategic backing [1] - The focus on renewable energy technologies such as solar and wind power aligns with current industry trends towards sustainable energy solutions [1] - The diverse range of services offered, including mechanical equipment installation and sales of rubber products, suggests a broad operational strategy [1]

Group 1 - The core viewpoint of the article highlights the collaboration between Guojin Securities and China Merchants Bank to enhance financial institutions' ability to serve the real economy through a specialized exchange meeting [1][3] - Guojin Securities' senior fixed income analyst, Mao Qingqiu, presented the company's development history and research layout, emphasizing past cooperation cases with China Merchants Bank [3] - The meeting underscored the complementary strengths of both parties in areas such as bond underwriting, asset securitization, and debt capital markets, indicating a strategic partnership [3] Group 2 - Guojin Securities' Guangdong regional manager, Sun Yuanzha, and senior investment banking manager, Wu Shu, detailed the business development and strategic layout of investment banking in the Guangdong region [3] - The exchange is seen as a significant step in deepening the strategic cooperation between Guojin Securities and China Merchants Bank, with a focus on fixed income research, bond issuance, and investment services [3] - Both parties agreed to establish a regular communication mechanism to enhance collaboration through research empowerment, channel co-construction, and product innovation [3]

Core Viewpoint - Ningbo Tongshang Holding Group Co., Ltd. has been assigned an "AAA" rating by China Chengxin International, reflecting its strong creditworthiness supported by its strategic importance and diversified business operations [1][2]. Group 1 - The political and economic significance of Ningbo City contributes to the strong financial strength of the company, which ranks among the top in the province [1]. - The company has a diversified business portfolio, including engineering construction, toll bridge operations, natural gas supply, water supply and sewage treatment, commodity trading, real estate, and investment [2]. - In 2024 and the first quarter of 2025, the company's operating revenues were 84.944 billion and 17.770 billion respectively [2]. Group 2 - The company was originally established as a state-owned enterprise by the Ningbo Municipal Government's State-owned Assets Supervision and Administration Commission and was restructured into a company in 2006 [2]. - In June 2023, the company was renamed from "Ningbo Tongshang Group Co., Ltd." to its current name as part of a reform initiative by the Ningbo State-owned Assets Supervision and Administration Commission [2]. - China Chengxin International anticipates that the credit level of Ningbo Tongshang Holding Group will remain stable over the next 12 to 18 months [2].

Core Insights - The company is transitioning from a purely online investment service platform to a more systematic and robust business platform, focusing on the integration of financial services with physical scenarios and brand ecosystems [1][5][7] Group 1: Strategic Development - The company plans to enhance its physical presence by establishing over 90 reception rooms across various regions in China, which will serve multiple roles including training, socializing, and brand promotion [2][4] - The "Hundred Cities Plan" was launched with a special fund of 20 million yuan to support partners in building reception rooms and wine estates, with subsidies based on team size [4][6] Group 2: Brand Collaboration - The company is focusing on three offline brands: Hongzun Winery, Changhong Restaurant, and Yipin Hong Tea, each targeting different demographics while aiming to build trust and brand recognition [3][5] - The company provides comprehensive support for brand establishment, including funding, brand authorization, and operational resources to lower the barriers for partners [3][4] Group 3: Trust and Community - The physical entities are seen as trust centers that facilitate user engagement and retention, transforming the investment service into a more relatable and culturally rich experience [5][6] - The belief that "whoever has a reception room owns the market" reflects the high recognition of the offline strategy among platform users [6][7] Group 4: Long-term Vision - The company emphasizes a long-term approach to business, focusing on building a platform that is stable and trustworthy, rather than just rapidly growing [7] - The integration of finance, physical presence, and brand collaboration is seen as a way to create a sustainable growth path for partners with aspirations [7]

Financial Data and Key Metrics Changes - For Q1 2025, the company reported net income of $11.3 million or 67 cents per diluted share, reflecting strong performance [10] - Tangible book value increased to $23.61 per share, representing over 9% annualized growth quarter over quarter [11] - Total revenue reached $46.8 million, with net interest income expanding as anticipated [15] Business Line Data and Key Metrics Changes - Loan growth was at a 9% annualized pace for Q1, meeting expectations, while deposit growth was 10% quarter over quarter annualized [13] - Non-interest income for the quarter totaled $8.6 million, exceeding guidance due to strong insurance and mortgage banking revenues [28] - Operating expenses remained flat at just over $32 million, indicating effective cost management [29] Market Data and Key Metrics Changes - The loan to deposit ratio held steady at 83%, providing flexibility for future growth [20] - The weighted average cost of non-broker deposits was 3.39%, with total interest-bearing costs decreasing by 10 basis points to 0.92% [22] - Net interest margin was 3.21%, slightly down from the previous quarter but in line with guidance [24] Company Strategy and Development Direction - The company is focused on organic growth, with plans to leverage its strong market position and experienced team [33][39] - Talent acquisition remains a priority, with recent hires aimed at enhancing private banking and treasury management [36] - The company is optimistic about maintaining growth in EPS and achieving near-term revenue targets [35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of their markets and customer sentiment, despite economic uncertainties [45][46] - The company anticipates continued loan growth and margin expansion, driven by new loan production and favorable market conditions [26][39] - Management remains cautious about potential impacts from tariffs but reports positive feedback from clients regarding order volumes [49][50] Other Important Information - The effective corporate tax rate for the quarter was approximately 17%, with expectations to stabilize between 18% to 19% going forward [30] - The company's consolidated TCE ratio increased to 6%, and total risk-based capital ratio remained well above regulatory standards at 11.2% [31] - The company welcomed a new board member, Kelly Showmaker, enhancing its governance and regional perspective [40] Q&A Session Summary Question: Customer sentiment and loan growth outlook - Management noted strong customer sentiment and confidence in maintaining loan growth despite market volatility [45][46] Question: Balance sheet leverage and deposit ratios - Management indicated room for prudent growth in the balance sheet while maintaining a strong loan to deposit ratio [53][58] Question: Share repurchases and capital actions - The company has $1.5 million left for share repurchases and is considering actions based on stock valuation [60][63] Question: Margin expectations and Fed rate cuts - Management expects two to three basis points of margin expansion quarterly, benefiting slightly from Fed rate cuts [68][70] Question: Fee income trends and investment services - Management anticipates low to mid $8 million range for non-interest income in Q2, with strong performance in insurance and mortgage banking [28][113] Question: Equipment financing and leasing business line - Management expressed satisfaction with the growth and performance of the equipment financing segment, indicating plans for further development [146][148]

Financial Data and Key Metrics Changes - Earnings per share (EPS) for Q1 2025 was $1.58, up 26% year-over-year on a reported basis and up 22% excluding notable items [10] - Total revenue reached $4.8 billion, reflecting a 6% increase year-over-year, with expenses controlled at a 2% increase [11][25] - Pre-tax margin improved to 32% and return on tangible common equity rose to 24% [12][30] Business Line Data and Key Metrics Changes - Security services reported total revenue of $2.3 billion, up 8% year-over-year, with investment services fees increasing by 4% [34] - Market and wealth services segment revenue was $1.7 billion, up 11% year-over-year, with net new assets of $11 billion in the quarter [37] - Investment and wealth management segment revenue decreased to $779 million, down 8% year-over-year, with a pre-tax income drop of 41% [39] Market Data and Key Metrics Changes - Firm-wide assets under custody and administration (AUCA) reached $53.1 trillion, up 9% year-over-year [26] - Assets under management (AUM) remained flat at $2 trillion year-over-year, with $18 billion in net outflows [41] - Foreign exchange revenue increased by 3% year-over-year, driven by higher spreads due to increased volatility [27] Company Strategy and Development Direction - The company is focused on transforming into a more platforms-oriented organization, enhancing client experience and operational agility [13][23] - The first quarter marked the anniversary of the transition to the new operating model, with over half of the company now working under this model [14] - The company is actively pursuing innovation in areas such as AI, with over 40 AI solutions deployed and a partnership with OpenAI [20][22] Management's Comments on Operating Environment and Future Outlook - Management noted a significant reversal in market sentiment due to trade and fiscal policy uncertainties, leading to elevated risks in the near and medium term [7][9] - Despite the uncertain environment, the company is well-positioned with a strong balance sheet and operational resilience [10][23] - The outlook for the operating environment remains uncertain, with management prepared for various macroeconomic scenarios [23][43] Other Important Information - The company returned approximately $1.1 billion of capital to shareholders, representing a 95% total payout ratio year-to-date [31] - The Tier 1 leverage ratio for the quarter was 6.2%, with a CET1 ratio of 11.5% [30][31] - The company is maintaining a conservative approach to capital management, considering macroeconomic factors [45] Q&A Session Summary Question: Insights on deposit stability and NII generation - Management indicated that Q1 deposit levels were in line with expectations, with a slight increase in deposits due to market volatility, but not as significant as in previous crises [50][52] Question: Strategic opportunities for M&A - Management is open to exploring inorganic growth opportunities that align with their strategic priorities, emphasizing the importance of cultural fit and financial returns [64][66] Question: Impact of macro environment on client activity - Management noted that while clients are cautious, the breadth of their platforms provides a competitive advantage, allowing them to capture opportunities even in turbulent times [120][124] Question: Treasury market functioning and Fed intervention - Management reported that the treasury market is functioning well, with high volumes, although liquidity has reduced, leading to wider bid-offer spreads [98][101] Question: Digital assets and stablecoin legislation - Management views digital assets as a long-term play, with stablecoin legislation seen as a positive development for future growth, although not expected to significantly impact near-term revenues [105][111]