A：Our cost of debt advantage is more than four percentage points lower than our peers and more structurally sound, which gives us a clear advantage in the cost of capital. According to the 2025 Annual Report data, our debt cost ratio differs by only a small percentage compared to large banks such as the Industrial and Peasant CCCC, which indicates that we have entered the first echelon of cost advantage.

A：Our development path is clear, adhere to two legs to walk, that is, control high costs and grasp the settlement is effective, and the combination of long and short. Short-term by assessment, medium-term by products, long-term by system and capacity building. From six years ago, we proposed Qin Li to develop a trading bank, to three years ago, to three years ago, to two years ago, we proposed to build a rational transaction settlement bank, each step reflects the pragmatic and effective concept, mechanism and system behind our debt cost control.

A：We are further validated in the light capital transformation direction path. As early as many years ago, the three clean-up strategy was put forward, and the expansion of income as a key business theme. Light capital was one of the main lines, both in the early 32 action and in the construction of the five leading banks that advanced later. In terms of actual performance, we are the only institution in the comparable industry that has achieved positive growth in flight revenue for six consecutive years, and the proportion of fee income has increased by 9.3 percentage points in the past five years.

A：We continue to take structural adjustment as the main theme of wind control, and build an effective wind control system to promote development and control risks based on the correction of risk areas. At the same time, on the basis of generating revenue to increase risk digestion capacity, each year for five years to draw 66 billion provisions to deal with non-performing, and play the advantages of CITIC collaborative insurance to speed up the disposal of key projects. In addition, we continue to reduce credit concentration, timely exit high-risk real estate customers, orderly adjustment of credit area structure, etc.

A：Our continuous and high-intensity investment in science and technology is accelerating the transformation into productivity, forming a virtuous circle of "one point of investment and one point of harvest. Whether it is landmark projects, business empowerment or artificial intelligence applications, ZTE Technology has entered a stage of accumulation and development. Its technology strategy has moved from AI first to AI fast, that is, from priority to acceleration.

A：Looking forward to 2026, we will focus on building a new development pattern, which specifically includes three aspects: first, guided by the 33 strategy, we will continue to improve six major capabilities, namely, excellent wealth management banks, investment transaction banks, and comprehensive financing banks. The second is to coordinate the relationship between practicing the five major financial articles at a high level and building a value bank and taking the road with Chinese characteristics, the two are organically unified into specific actions to accelerate transformation and development; the third is to target the market to optimize development strategies and build a new pattern of sustainable cross-cycle development.

A：In terms of doing a good job in the five major financial articles, our main approach is in three aspects: first, we should take strategic integration as the starting point, build a solid foundation for development, and closely combine the five major financial articles with the building of a value bank; secondly, we should take the system capacity building as the starting point to activate the growth momentum, ensure that the five major articles are deeply integrated into the system capacity building, and realize the coordinated improvement of all aspects; finally, we will continue to optimize and adjust, strengthen our characteristics, focus on capital market business, cross-border finance, investment and trading capabilities, wealth management and other areas, as well as rich ecological scenarios and subsidiary development, so as to create a comprehensive financial service model and enhance differentiated competitive advantages.

A：In the face of the industry trend of retail risk, we have taken measures such as the joint prevention and control mechanism of business plus risk, and strengthened the management of the whole credit process, so as to continuously improve the ability of independent customer acquisition and independent wind control. With regard to the rising non-performing rate of credit cards, we will be confident that the quality of retail assets will stabilize as soon as possible through the business plus risk joint prevention and control mechanism and strengthening the management of the whole credit process. In terms of asset quality, we will maintain strategic determination, adhere to systematic policies, continuously improve the level of risk management, and by optimizing the risk control system, adjusting the structure, strengthening management and other means, we are confident that asset quality will continue to be stable in 2026.

A：Our strict control of high-cost liabilities is due to the previous strict management of deposits with maturities of more than three years, which directly affects the cost ratio of public liabilities, and even reducing the size of 40 billion can have an impact of about a BP. In addition, last year we repaid the Tier 2 capital instruments due in August in advance, with a 0.2 billion interest expense, reflecting the need to improve refined management.

A：Last year we proactively chose to depress a high-yield personal credit facility, Credit Seconds, a decision that resulted in an adjustment in the current risk-cost-benefit balance, affecting the spread by approximately 1.6 percentage points. In addition, the proportion of low-yield notes was relatively high in the first quarter, and although it declined at the end of the quarter, its early impact still existed, with a difference of about 0.5 percentage points.

A：On the asset side, we plan to enhance the adaptability of growth to the macro trend, adhere to quality scale growth, and expect the growth rate of total assets to be roughly the same as last year, about 5%, focus on supporting the growth of general loans (target 5.5), give priority to the development of public credit business in key areas, and actively support the development of new productive forces such as science and technology, green consumption and cross-border capital markets. On the liability side, we will ensure that assets are matched to liabilities, improve the quality of liabilities and consolidate low-cost advantages, and further reduce the cost of liabilities by optimizing the structure.

A：The highlights of Citic Bank's gold market business last year included two operational aspects and three strategic transformations. In terms of operation, the investment and analysis income of bond business maintained the top two in the industry, and at the same time made remarkable achievements in treasury bond underwriting and foreign exchange market-making transactions; in terms of strategic transformation, it strengthened the construction of financial inter-bank centers and foreign currency asset management centers, increased the investment in resources, optimized the structural allocation, and increased the investment proportion of overseas bonds and precious metals business.

A：The bond market environment in 2026 is expected to show a combination of low interest rates and high volatility, and we will adopt three major strategies: holding and obtaining coupons, trading to obtain spreads, and doing a good job of broad asset allocation. Specific measures include expanding the proportion of investment in credit bonds and local government bonds, enhancing the ability of market makers of government bonds, maintaining large exposures to government bonds and policy financial bonds, and obtaining spreads through band operations; improving the mechanism for allocating large categories of assets, increasing overseas allocation, and enhancing all-weather investment and trading capacity.

A：In the face of market changes, CITIC Bank will continue to grasp the opportunities in the wealth management market, adhere to customer orientation and value orientation, deepen high-quality customer acquisition, build a solid customer base, deepen high-value operations, create new growth poles, and refine its investment, research, production and marketing capabilities. At the same time, we will adapt to changes in customer needs, through the scene to obtain customers, optimize the business structure and other ways to strengthen the basic disk, and with the help of AI technology to fully empower, enhance the ability to accurately understand and efficiently allocate assets.

A：By building a happy million VIP membership system, we have allocated more than 2.5 times the annual increase of VIP customers, and the annual increase of private bank customers has reached a record high for two consecutive years. At the same time, to promote the intensive operation of the Sihang Center, the preservation rate of private banks is 5.1 percentage points higher than the average value of private customers. The newly launched reputation to enjoy ultra-high net worth service system, ultra-high net worth customers increased by 27.9 year-on-year.

A：We adhere to the professional investment and research drive as the core engine, enhance the ability of large-scale asset allocation. Relying on the CITIC Gold Control platform, the Group's other subsidiaries to create CITIC Premium Products, the Bank's New Year's Wealth Management to achieve wealth management and asset management two-wheel drive, strengthen the product layout and product selection capabilities through the cycle, focus on improving customer profitability experience, drive customer wallet share and product scale expansion.

A：Financial management and public non-cargo fund holdings, insurance sales are ranked in the industry's top two. In 2025, the scale of wealth management business grew at a record high, the annual increase in AM scale reached a record high, the balance ranked second in comparable peers for five consecutive years, and the market share achieved positive growth. The structure continued to be optimized, effectively increasing the proportion of demand deposits, the personal deposit cost ratio decreased by 33 BP year-on-year, and significantly improved in the market share ranking. In addition, the income of wealth increased by 12% year-on-year, a four-year high, and the net profit of the Finance Division increased by more than 15% year-on-year, a record high.

A：In the future, the public business will co-ordinate two markets, namely, the new kinetic energy incremental market and the stock market. Focus on three things: first, adhere to the investment of assets, increase the investment of credit assets, and improve the level of service entities; second, adhere to cost control, strengthen payment and settlement, optimize the deposit structure, and strictly control the cost of deposits; third, adhere to the principle of building differentiated advantages, and make differences in the capital market, cross-border finance and other fields to form comparative advantages.

A：In terms of product strategy, it focuses on four major areas: science and technology finance, green finance, inclusive finance and cross-border finance. In terms of industry strategy, we should set up cross-departmental professional research teams to study more subdivided industries, and increase investment in the transformation and upgrading of traditional industries and high-end emerging fields. Customer strategy, the use of the list system to accurately obtain customers, to promote customer ecological management. The core competitiveness of the public business includes strategic leadership, the basic advantages of cooperation between the government and central enterprises, the synergy advantage of CITIC Group, the leading advantage of cost control and the long-term polished system support.

A：The Bank continues to promote its digital banking strategy and successfully put into production in 2025 key projects such as the newly developed public credit business system group Galaxy and the Tianyuan Treasurer Eco-Board. In terms of financial technology capabilities, our bank won five financial technology development awards from the People's Bank of China, and won the first prize again, and was awarded the highest level certification of national data management capability maturity and software capability maturity. In the next stage, we will continue to strengthen investment in science and technology, further enhance digital service capabilities, especially in the field of artificial intelligence, and deeply embed intelligent technology into core business processes to improve efficiency, control risks and optimize customer experience.

A：Thank you for the question, analyst friend. I have just described the overall situation of our retail asset quality, that is, compared with the industry are generally under pressure. The following is a detailed report on the risk of our retail assets from the product dimension. Our bank's retail assets are roughly divided into three situations: first, mortgage loans, asset quality has stabilized, the non-performing rate has dropped by 0.08 percentage points from the previous year, and the early childbearing rate is at the best level in the past three years, accounting for 47.5 of retail assets. It is the cornerstone of stability; the second is consumer loans (credit second loans and car loans), the risk trend is improving, although the non-performing rate has increased due to factors such as tail customer clearance, however, the non-performing generation rate has declined, with car loans falling for two consecutive quarters and credit second loans falling for three consecutive quarters, of which the early childbearing rate of car loans is close to zero and the early childbearing rate of credit second loans falling to 0.07, both at the best level in the past three years. The third is housing credit and credit cards. In the process of stabilizing at present, the difficulty is to control the quality of assets, but the forward-looking indicators are showing signs of improvement.

A：Our bank focuses on the development side, optimizing the regional structure of the product structure and the management side. At the development end, focus on the ability to obtain independent customers, to increase the good to drive the stock optimization, improve the proportion of low-risk customer groups. In optimizing the regional structure of product structure, strict access, optimize customer structure, business structure, regional structure. On the management side, the first is to strictly control access, the second is to strictly control behavior to prevent operational risks, and the third is to build a strong independent wind control capability, deepen the business plus risk joint prevention and control mechanism, and strengthen the digital wind control management capability.

A：As you mentioned, we have continued to increase the dividend ratio in recent years, which is based on the steady improvement of performance in recent years. The board of directors attaches great importance to the return to investors, adheres to the stable and continuous dividend policy, and actively practices the responsibility and responsibility of listed companies, and shares the development results with the majority of shareholders. In 2025, in the face of a severe and complex situation, we will move forward under pressure and recommend that the amount of cash dividends be increased to 21.2 billion yuan, accounting for 31.75 of the net profit attributable to ordinary shareholders, an increase of 1.05 percentage points from the medium-term, and use practical actions to repay investors. The trust and support of the bank demonstrates our bank's predictable, sustainable and stable dividend policy. In order to further improve the market value management, we have issued a valuation improvement plan. The specific measures include three aspects: first, we should take value creation as the core, consolidate the business fundamentals, and make steady progress in the overall performance in 2025; second, we should take value transfer as a bridge, increase market confidence, adhere to the open and transparent information disclosure policy, and increase the scope, frequency and depth of communication with investors; The third is to build a long-term market value management system, set up a market value management team at the organizational level, incorporate market value management into the assessment system, and enhance the participation of personnel at all levels in market value management. At the same time, we will optimize the dividend mechanism and stabilize investors' return expectations by continuously raising the level of dividends and carrying out medium-term dividends, so as to achieve an increase in market value.