10月30日，由北京银行合作承办的2025金融街论坛年会——"共创科技企业跨越式发展新生态"平行论坛 在北京成功举办。北京银行已连续五年作为全面战略合作伙伴支持金融街论坛，以金融之力赋能经济高 质量发展。作为2025金融街论坛年会的重要组成部分，本次论坛汇聚了中外政、产、学、研、金各界嘉 宾，共同探讨金融赋能科技企业成长的新路径、新生态。北京市人大常委会副主任于军，北京市西城区 委常委、常务副区长刘梅英，北京银行党委书记、董事长霍学文，北京银行党委副书记、行长戴炜，北 京银行党委副书记、董事钱华杰等领导出席论坛。 于军在致辞中表示，今年以来，国家持续优化科技金融政策体系，从顶层设计层面为金融赋能科技企业 指明方向；各地也纷纷探索创新实践，推动金融资源向科技领域倾斜，这些都为科技企业跨越式发展营 造了良好环境。截至目前，北京已培育一批具有核心竞争力的科技企业，科技成果转化效率持续提升， 在科技创新和科技金融领域取得丰硕成果和显著成效，已产生3个万亿级和7个千亿级的产业集群，"科 技—产业—金融"融合发展的态势初步形成。 重磅发布，彰显金融服务新成果 为凝聚更广泛的力量，论坛上正式成立了"共创科技企业跨越式发展新 ...

转自：北京日报客户端 10月30日，由北京银行合作承办的2025金融街论坛年会——"共创科技企业跨越式发展新生态"平行论坛 举办。本次论坛汇聚了中外政、产、学、研、金各界嘉宾，共同探讨金融赋能科技企业成长的新路径、 新生态。 北京市人大常委会副主任于军在致辞中表示，今年以来，国家持续优化科技金融政策体系，从顶层设计 层面为金融赋能科技企业指明方向。各地也纷纷探索创新实践，推动金融资源向科技领域倾斜，这些都 为科技企业跨越式发展营造了良好环境。截至目前，北京已培育一批具有核心竞争力的科技企业，科技 成果转化效率持续提升，在科技创新和科技金融领域取得丰硕成果和显著成效，已产生3个万亿级和7个 千亿级的产业集群，科技、产业、金融融合发展的态势初步形成。 来源：北京日报客户端 北京银行党委副书记、行长戴炜介绍，该行全力打造"专精特新第一行"，将科技金融作为"第一战略"， 将专精特新作为"一号工程"，致力于构建适配科技企业发展的服务体系，已累计为5.8万家科技型中小 微企业提供信贷资金超1.4万亿元，服务超2.9万家专精特新企业、北京82%的创业板、74%的科创板和 北交所上市企业、75%的新三板创新层企业。 在主旨演 ...

Core Viewpoint - The article discusses the implementation of the "Two Mountains" concept, emphasizing the integration of ecological protection and economic development through water resource management and innovative practices in various regions of China [1]. Group 1: Water Quality Improvement Initiatives - The Biaomen River in Guangzhou has improved from Class IV to Class III water quality in 2023 due to comprehensive governance measures, including source management and sewage separation [2]. - The Ministry of Water Resources has selected 122 rivers and lakes nationwide for "Happy River and Lake" construction projects to promote high-quality economic and social development [2]. Group 2: Institutional Framework and Cooperation - The establishment of a river and lake chief system in the Xin'an River basin has fostered cooperation between Zhejiang and Anhui provinces, leading to a comprehensive ecological governance system [3]. - A total investment of 650 million yuan is planned for ecological projects in the Xin'an River area, focusing on watershed management and soil erosion control [3]. Group 3: Financial Innovations and Economic Development - The "Green Electricity Loan" financial product in Zhejiang has enabled small hydropower stations to secure 1 billion yuan in bank credit by quantifying ecological values [4]. - In Jiangxi, a collaborative governance mechanism has led to the establishment of a 1,700-acre facility vegetable base, creating over 300 jobs while maintaining Class II water quality [4]. Group 4: Ecological Product Value Realization - The transaction of ecological product value in Chongqing's Yangliutang watershed amounted to 85.58 million yuan, with part of the proceeds reinvested into ecological conservation efforts [5]. - The government report for 2025 emphasizes the need to enhance mechanisms for ecological protection compensation and the realization of ecological product values [6]. Group 5: Future Directions - The Ministry of Water Resources advocates for a government-led, market-oriented approach to establish a water ecological product value accounting system and improve the distribution of ecological product revenues [7].

Core Insights - The "Sustainable Finance Asia-Pacific Roundtable" organized by UNEP FI will be held in Suzhou on June 19-20, 2025, focusing on sustainable finance development in the Asia-Pacific region [1] - Jiangsu Bank, as a representative of the UNEP FI Banking Council for East Asia, participated in the conference and emphasized the importance of sustainable finance in addressing climate change and ecological crises [2] Group 1: Sustainable Finance Development - The development of sustainable finance has become a global consensus, with China aligning its financial strategy with the UN Sustainable Development Goals and the Principles for Responsible Banking (PRB) [2] - As of now, 29 Chinese banks have signed the PRB, representing 30% of the total assets of all PRB signatories globally, showcasing the commitment of the Chinese financial sector [2] Group 2: Jiangsu Bank's Initiatives - Jiangsu Bank has established a sustainable finance development system driven by ESG and PRB, focusing on five pillars: specialized operations, refined risk control, low-carbon operations, professional research, and systematic information disclosure [3] - The bank has optimized its green financial product offerings, achieving a green financing scale exceeding 650 billion yuan, and has introduced innovative products such as "ESG Low Emission Loans" and "Green Factory Loans" [3] Group 3: Future Directions - Jiangsu Bank aims to deepen its responsible banking initiatives and provide high-quality financial services for the green and low-carbon transition, collaborating with global partners to create a harmonious relationship between humanity and nature [3]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][9]. Core Views - The company, a subsidiary of the State Grid, is driven by a dual business model of "finance + manufacturing," which positions it to benefit from accelerated investments in the power grid [1][4]. - The carbon asset management business is expected to continue its high growth due to the establishment of a carbon market framework and increasing trading volumes [2][38]. - The electrical manufacturing segment is poised to benefit from rising investments in distribution networks, particularly in amorphous transformers, which are more energy-efficient compared to traditional silicon steel transformers [3][46]. Summary by Sections Company Overview - The company is a subsidiary of the State Grid Corporation and has diversified into financial services through significant asset restructuring completed in 2020, which included trust, securities, and futures businesses [1][14]. - In 2024, the company reported total 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][24]. Carbon Asset Management - The carbon asset management business has shown promising growth, with revenue reaching 0.70 billion yuan in 2024, reflecting a year-on-year increase of 13.39%, and net profit of 0.10 billion yuan, up 14.51% [2][40]. - The company is the only specialized carbon asset management firm within the State Grid system, focusing on carbon trading and management services [2][40]. Electrical Manufacturing - The company’s subsidiary, ZhiXin Electric, is a leader in the production of amorphous alloy transformers, which are expected to gain market share as distribution network investments increase [3][46]. - From 2020 to 2024, ZhiXin Electric's revenue grew from 5.001 billion yuan to 7.375 billion yuan, with a compound annual growth rate (CAGR) of 10%, and net profit increased from 0.16 billion yuan to 1.49 billion yuan, with a CAGR of 75% [3][24]. Financial Forecast and Valuation - The company is projected to achieve revenues of 12.487 billion yuan, 13.908 billion yuan, and 15.578 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 11%, 11%, and 12% [4][8]. - The expected net profits for the same years are 1.731 billion yuan, 1.850 billion yuan, and 1.961 billion yuan, with growth rates of 10%, 7%, and 6% [4][8].

Core Viewpoint - Jiangsu Bank has released its 2024 Green Finance Development Report, showcasing its commitment to green finance and sustainable development, marking the fourth consecutive year of such disclosures [1] Group 1: Strategic Development - Jiangsu Bank is constructing a strategic system led by PRB and ESG, aligning its operations with the United Nations Sustainable Development Goals (SDGs) and the Paris Agreement [2] - The bank has been recognized for its achievements in green low-carbon development, receiving an excellent rating from Jiangsu Province's banking sector [2] - By the end of 2024, Jiangsu Bank's Wind ESG rating improved to A, ranking among the top listed banks, while its MSCI ESG rating rose to BBB, the highest among domestic city commercial banks [2] Group 2: Business Innovation - Jiangsu Bank is enhancing its "green+" operational strategy, developing a sustainable financial service system that includes twelve business segments [3] - The bank has launched innovative products such as "Green Factory Loan," "Environmental Fund Loan," and "Green Power Loan," and has completed significant projects like the world's first gravity energy storage project [3] - As of the end of 2024, the bank's green investment and financing scale reached 550.9 billion yuan, a 22.4% increase year-on-year, with green loan balances at 363.5 billion yuan, representing 17.3% of total loans, up 26.7% from the previous year [3] Group 3: Research and Standards - Jiangsu Bank aims to establish the "Su Yin Green Research" brand, focusing on building a green finance research system [4] - The bank has organized seminars on various industries and is involved in research on transition finance, biodiversity finance, and ESG information disclosure, producing multiple industry standards [4] Group 4: Responsible Banking Practices - As a representative in the UNEP FI Banking Council, Jiangsu Bank promotes responsible banking practices in the East Asia region and engages in international exchanges on climate financing [5] - The bank has signed a cooperation agreement with UNEP FI to enhance sustainable finance capabilities within the domestic banking sector [6] Group 5: ESG Risk Management - Jiangsu Bank is expanding its ESG risk management framework, establishing clear guidelines for identifying and managing ESG risks across its operations [7] - The bank has integrated climate risk management into its overall risk management strategy, conducting stress tests and utilizing quantitative indicators to assess potential impacts on credit assets [7]

Core Insights - The company reported a total operating revenue of 11.288 billion yuan for 2024, representing a year-on-year growth of 3.6% [1] - The total profit reached 2.880 billion yuan, with a year-on-year increase of 24.98% [1] - The net profit attributable to shareholders was 1.574 billion yuan, up 15.39% year-on-year, indicating continuous optimization of profitability [1] - In Q1 2025, the company achieved total operating revenue of 2.218 billion yuan, a year-on-year growth of 8.65% [1] - The total profit for Q1 2025 was 1.060 billion yuan, showing a significant year-on-year increase of 44.33% [1] - The net profit attributable to shareholders in Q1 2025 was 604 million yuan, up 45.22% year-on-year, marking a strong start to the year [1] Business Segments - The trust business generated total revenue of 2.99 billion yuan in 2024, a year-on-year increase of 7.29%, with net profit reaching 1.776 billion yuan, up 10.63% [2] - The total assets of the trust business grew to 1.09 trillion yuan, reflecting a year-on-year increase of 32.8% [2] - The securities and futures business reported total revenue of 860 million yuan, a decline of 25.64%, while net profit increased by 64.43% to 176 million yuan [2] - The carbon asset business achieved operating revenue of 70.016 million yuan, growing 13.39% year-on-year, with net profit of 1.0405 million yuan, up 14.51% [2] - The electric equipment business realized operating revenue of 7.375 billion yuan, a year-on-year increase of 6.86%, with net profit of 149 million yuan, up 45.18% [2] Strategic Developments - The company made significant progress in green finance, with a "carbon assessment + finance" service model that helped energy and power enterprises secure green financing, nearly doubling in scale year-on-year [3] - New financial products such as "Electric Carbon Benefit Loan" and "Green Electricity Loan" were launched to meet diverse customer needs and enhance market competitiveness [3] - The company expects net profits attributable to shareholders for 2025, 2026, and 2027 to be 1.733 billion, 1.845 billion, and 1.996 billion yuan respectively, with corresponding EPS of 0.30, 0.32, and 0.34 [3] - The projected PE ratios for 2025, 2026, and 2027 are 16.36, 15.37, and 14.40 times respectively, indicating a favorable investment outlook [3]

Core Viewpoint - In 2024, Jiangsu Bank demonstrated robust performance amidst challenges such as declining interest rates and narrowing spreads, achieving significant growth in revenue and net profit while maintaining strong asset quality and risk management capabilities [1][2][3]. Financial Performance - Jiangsu Bank reported total assets of 3.95 trillion yuan, a year-on-year increase of 16.12% [2] - The bank's total revenue reached 80.815 billion yuan, up 8.78% year-on-year, with a net profit attributable to shareholders of 31.843 billion yuan, reflecting a 10.76% increase [2] - The annualized return on equity (ROE) was 13.59%, and the annualized return on assets (ROA) was 0.91%, placing the bank in the top tier of the industry [2] Revenue Structure - The bank's net interest income was 55.957 billion yuan, a 6.29% increase, accounting for 69% of total revenue [3] - Non-interest income reached 24.858 billion yuan, growing by 14.83%, indicating successful transformation towards light capital operations [3] - Despite industry-wide pressures, Jiangsu Bank maintained a net interest margin of 1.86%, which, although down 12 basis points from the previous year, remained above the industry average [3] Support for the Real Economy - Jiangsu Bank plays a crucial role in supporting the local economy, particularly in technology finance, with a technology loan balance of 232.6 billion yuan, growing by 22.8% [4] - The bank has established a service base for corporate listings and optimized its service system for technology enterprises [4] Green Finance Initiatives - The bank has developed a leading green finance brand, with green financing reaching 550.9 billion yuan, a 22.4% increase [5] - Jiangsu Bank has introduced various green financial products and actively participates in ESG development initiatives [5] Retail Banking and Wealth Management - Jiangsu Bank's retail assets under management (AUM) exceeded 1.42 trillion yuan, maintaining the top position among city commercial banks [7] - The bank's retail deposit balance grew by 16.21% to 822.9 billion yuan, while retail loans increased by 3.40% to 674.8 billion yuan [7] Risk Management - The non-performing loan (NPL) ratio decreased to 0.89%, the lowest since the bank's listing, with a provision coverage ratio of 350.10%, significantly above the industry average [9] - The bank has implemented a comprehensive risk management system to enhance its risk control capabilities [9][10] Market Performance - Jiangsu Bank's stock price rose by over 56% in 2024, closing at 9.82 yuan per share, with a total market capitalization exceeding 180 billion yuan, ranking first among city commercial banks [13][14] - The bank has maintained a cash dividend payout ratio of 30%, distributing 9.554 billion yuan in cash dividends for 2024 [14]