Highlights of the interim report: 1. Asset quality has been consolidated. The non-performing rate remained stable in the second quarter, and the net negative generation declined month-on-month. At the same time, the negative pressure declined markedly in the future. Despite a slight increase in the share of loans overdue for 90 days or more, the overall level is still low. Furthermore, provisions continued to be consolidated, and the margin of safety increased. The provision coverage rate was 245%, an increase of 4.5 percentage points over the previous month. 2. The debt side contributed significantly to interest spreads: the interest rate on interest-bearing debt fell by 16 bps month-on-month, and some high-cost liabilities were replaced. Insufficient interim reporting: 1. Interest spreads narrowed month-on-month, dragging down net interest income by -1.2% month-on-month in the 2nd quarter. The narrowing of interest spreads is mainly due to a sharp month-on-month decline in asset-side interest rates. 2. The growth rate of net non-interest income slowed compared to the first quarter, dragging down revenue to a certain extent. Net other non-interest income reached $4.1 million in the first half of the year, including investment income of $450 million and $310 million in the first quarter. Investment suggestions: Company 2020E, 202E PB 1.09X/1.02X; PE 10.98X/9.86X (agricultural commercial bank PB 0.94X/0.86X; PE 9.55X/8.56X), Zijin Bank is deeply involved in mainland Nanjing, adheres to the market position of “serving the three rural areas, serving small and medium, and serving urban and rural areas”, and sinks deep into the Nanjing urbanization process through channels. Over the past 17 years, the company's business has gradually returned to its roots. It has good cost-side cost control capabilities, strong economic activity in the deep Nanjing region, and stable, moderate, and improving asset quality. It is recommended to keep an eye on it. Risk warning events: The economic downturn exceeds expectations, and the company's business progress falls short of expectations.