Financial report summary: 1. Revenue was not weak month-on-month, and the year-on-year growth rate of operating profit and net profit both rebounded. 4Q19 revenue was -0.1% month-on-month, and credit scale was 3.6% month-on-month. The year-on-year growth rates of revenue, operating profit, and net profit for the full year of 2019 were 14.6%, 9.8%, and 13.3%, respectively. 2. Deposits and loans all had a high month-on-month increase in the fourth quarter, but the increase was less than the growth rate of total assets and liabilities, and their share declined slightly. 3. Asset quality continues to improve steadily. The non-performing rate for the fourth quarter fell by 1 bps to a low level of 1.18% from the previous quarter, and the coverage rate increased 7 percentage points from month to month to 262.41%. The year-on-year revenue growth rate slowed slightly. It is expected that some lower-yielding assets will be added in the fourth quarter. However, under the premise that expenses are well controlled, asset quality is stable, and profit margins have been set aside, the year-on-year growth rate of operating profit and net profit has rebounded. 1Q19-2019 revenue, operating profit, and net profit increased by 29.5%/26.8%/18.3%/14.6%; 15.1%/9.8%/6.7%/9.8%; 15.0%/11.5%/13.3%, respectively. The year-on-year growth rate of operating expenses declined sharply: 1Q19-2019 operating expenses were 48.8%/47.5%/30.7%/19.0% year on year, respectively. Investment suggestions: The company's 2019 and 2020E PB 1.30X/1.17X; PE 12.19X/10.80X (urban commercial bank PB 1.03X/0.91X; PE 8.79X/7.74X), the company is the first listed commercial bank in northwest China. The equity structure is diversified and balanced. The growth rate of revenue and net profit is gradually picking up, driven by structural optimization, and the share of high-yield asset-side loans remains stable. At the same time, the absolute share of debt-side deposits consolidates the advantages of low interest rates, asset quality is steadily improving, and capital is consolidated. The company is a new stock, and the current valuation is relatively high. It is recommended to pay active attention after the valuation returns to a reasonable range. Risk warning: The macroeconomy is facing downward pressure, and performance management falls short of expectations.