A：In the second half of the year, China CITIC Bank will continue to pay attention to macroeconomic trends and policy direction, firmly serve national strategies, actively seize market opportunities, increase revenue generation efforts, and focus on reducing costs and increasing efficiency. We will continue to deepen the construction of systems and capabilities, strengthen development momentum, and solidify the foundation for development, in order to achieve new breakthroughs in high-quality development. As for the full-year performance outlook, based on the current prudent and balanced operating strategy and the ongoing positive development trend, we maintain an optimistic attitude towards the full-year performance.

A：In the first half of the year, facing a complex and severe external environment, CITIC Bank adhered to a strategy of steady, balanced, and sustainable development, earnestly implemented the decisions and requirements of the central government and regulatory authorities. With the five major focuses and five leading aspects as the main line, the bank deepened the construction of five centers and achieved significant results in stable operation. Specifically: firstly, through increasing revenue and reducing expenses, the net profit attributable to the parent company increased by 2.8% year-on-year, while non-interest income improved compared to the previous period and fee income increased against the trend; secondly, the overall asset quality remained stable, with the non-performing loan ratio unchanged from the end of the previous year and the provision coverage ratio maintained in a reasonable range; thirdly, the assets and liabilities grew steadily, with an increase in total assets and total liabilities, while optimizing the structure of major assets; fourthly, the capital level remained adequate, with all capital adequacy ratios meeting the standard through strengthening capital constraints and fine management, as well as measures such as convertible bonds converting into stocks.

A：Our bank's overall asset quality remained stable in the first half of this year, with key indicators showing improvement. The non-performing loan ratio and provision coverage ratio remained within a reasonable range. The expected loss rate and NPL generation rate continued to decrease. Financial resource consumption decreased, with the credit cost rate decreasing by 0.2 percentage points year-on-year, and the write-off disposal ratio decreasing by 4.56%. The operational value of problem assets has improved, with good results in the clearance of written-off assets, and a certain proportion of high-quality assets among the written-off assets that can contribute to future profits. To address the issue of rising retail asset quality, we have implemented measures such as system optimization and structural adjustment. In terms of system optimization, we have strengthened risk intermediation, built digital risk control capabilities, and applied for the implementation of the advanced capital measurement approach. Structural adjustments include adjustments to product and customer structures, such as increasing the allocation of low-risk products, increasing the proportion of mortgage loans, especially from high-quality customer segments, while also enhancing loan differentiation risk management, model iteration optimization, and raising customer admission standards, to improve future retail asset quality.

A：According to some forward-looking indicators, such as the non-performing loan ratio for personal loans and credit card delinquency rates, they are showing a trend of stabilizing and improving. The early delinquency rate for mortgage loans has also significantly decreased by 50%. Therefore, we are confident that the retail asset quality of China CITIC Bank will stabilize and improve in the future.

A：In the first half of this year, the increment of RMB general corporate loans reached 296.8 billion yuan, hitting a historical high for the same period, with asset quality remaining good and the non-performing loan ratio continuously declining. The credit investment in the first half of the year showed three focusing characteristics: First, focusing on the manufacturing industry, fully supporting the development of the real economy, with a loan increment of 91.2 billion yuan, a year-on-year increase of 66 billion yuan. Second, focusing on five major areas, carrying out mission responsibilities, the balance of loans to technology companies reached 660.6 billion yuan, with a growth rate of 23.18%, the balance of green loans reached 676.7 billion yuan, with a growth rate of 20.8%, the balance of loans to inclusive small and micro enterprises reached 630.6 billion yuan, continuing to lead in the industry in terms of increment, the balance of loans to the core industries of the digital economy reached 229.3 billion yuan, an increase of 10.41%, with an increase of 26.5% in the elderly care industry loans. Third, focusing on distinctive scenes, creating differentiated competitive advantages, around the capital market field, 53 billion yuan were allocated, a year-on-year increase of 65%, the balance of cross-border RMB loans exceeded 70 billion yuan, and the total financing scale of supply chain financing reached 656.1 billion yuan, a year-on-year increase of 41.23%. At the same time, actively supporting the stabilization of the real estate market, ensuring stable development of corporate real estate loans, with 23.4 billion yuan allocated. In the second half of the year, we will adhere to the principles of steady operation, balanced investment, and focusing on both quality and quantity, carrying out four aspects of work: maintaining stable scale of corporate credit, continuously reinforcing customer base, strengthening refined management, maintaining a balance between quantity and price, and focusing on long-term strengthening of reserves, formulating a plan for large-scale asset allocation, and increasing reserves of high-quality asset projects.

A：The anti-overwork policy is a current important measure. After comparative research, there are three differences between this round and the previous round of supply-side reforms: objectives, industry scope, and means. This round focuses on improving quality and efficiency, involving traditional and some emerging industries, mainly relying on industry self-discipline and market-oriented restructuring. The previous round focused on administrative measures, and market-oriented methods were more likely to achieve balance. The anti-overwork measures promote the high-quality development of industries and will reshape the industry ecology. For the overcapacity issues in emerging industries, some industries are facing situations where supply exceeds demand, such as photovoltaics, new energy vehicles, while others are facing structural mismatches with insufficient supply of high-end manufacturing. CITIC Bank maintains caution in asset allocation and specific project selection through industry research, with a relatively small overall proportion, focusing on leading and high-quality enterprises chosen by customers to ensure asset safety and risk control. In the next step, we will continue to conduct in-depth research on national policies, implement targeted measures, accurately grasp the industries with overcapacity but long-term high demand, support enterprises with competitive advantages; and for areas with structural mismatches, we will increase support for high-end manufacturing, enhance services for leading enterprises around the main line of capacity upgrades, and phase out inefficient capacity enterprises.

A：In the past three years, CITIC Bank's net interest margin has consistently outperformed the market average, demonstrating stable interest margin management capabilities. At the beginning of this year, there was significant downward pressure on the net interest margin, but the bank managed to stabilize it in the second quarter through optimizing asset structure. In the first half of the year, the combined basis interest margin was 1.63%, a decrease of 14 basis points from the previous year. The bank achieved this by lowering the yield on interest-earning assets, particularly high-yield bills, and significantly reducing the yield on market-based assets, which improved the annualized yield on market-based assets. On the liabilities side, the bank controlled the cost of interest-bearing liabilities, maintaining the second-lowest level among joint-stock banks, and further reducing it in the second quarter. Looking ahead, analysts believe that the speed of decline in the banking industry's net interest margin may gradually slow down, but the continued low asset prices in the environment of falling interest rates may lead to further narrowing of the interest margin.

A：In terms of helping companies go global, ICBC has taken a series of key measures, including upgrading the cross-border business management system, promoting the "136 Action" strategy, building an international clearing center, establishing a three-ring management model, and deploying six strategic tasks, such as building a reliable enterprise-level foreign exchange network, promoting the internationalization of the RMB, deepening involvement in free trade zones and overseas institutions, enhancing cross-border asset custody capabilities, and consolidating its leading position in the cross-border e-commerce sector. In addition, by integrating domestic and foreign network resources to form an integrated service network, ICBC has strengthened its foundation for going global, such as applying for and successfully obtaining the qualification for a free trade account for the Tianjin and Shenzhen branches, becoming the first joint-stock bank to have FT account qualifications in all five regions where the People's Bank of China has opened FT businesses. In terms of service effectiveness, in the first half of the year, the number of NIAFTEF account opening customers exceeded 8,500, the balance of RMB overseas loans exceeded 70 billion yuan, and 16 large multinational corporate groups were newly contracted, resulting in significant year-on-year growth in income from agency foreign exchange sales, non-financing guarantees, and export credit services.

A：Thank you very much for the investors' questions. In the middle of this year, after review by the board of directors, our bank carried out a dividend distribution, with a payout amount of 10.46 billion, representing a dividend ratio of approximately 30.7%, an increase of 1.5 percentage points from last year. This shows our commitment to feedback the trust and support of our investors through concrete actions, and optimize the investor management mechanism. With the conversion of 40 billion convertible bonds into shares and the application, evaluation, and acceptance of the high-level capital measurement method, our capital safety cushion has been strengthened, and our risk management capability and business structure adjustment have been well supported. Looking at the operating performance in the first half of the year, we have maintained a stable and positive situation. In the future, we will actively implement the announced valuation enhancement plan, continue to strive to increase investment value and shareholder return capabilities, and look forward to growing together with investors and sharing the fruits of development. Investors who want to further understand the detailed operating data of our bank can refer to the 2025 semi-annual report disclosed last night, and communicate with the investor relations team or public relations team.