Highlights of the quarterly report: 1. Revenue and PPOP growth rebounded year over year. Benefiting from the widening year-on-year growth rate of net interest income brought about by the recovery in interest spreads and the narrowing of the negative increase in income in China's income, the 1-3Q20 Xi'an Bank's revenue and PPP growth rate picked up to a certain extent. The provision plan continued to be strong, and the year-on-year growth rate of net profit declined slightly to -1% year over year. 2. The interest rate spread in a single quarter rose by 11 bps from month to month, driving net interest income to increase 9 percentage points month-on-month. Asset-side returns benefited from an increase in the share of high-yield credit assets, and retail loans continued to increase month-on-month in the 3rd quarter. However, rising interest rates on debt are expected to remain rigid while interest rates on deposits are expected to remain somewhat rigid. At the same time, rising interest rates in the 3Q capital market will also increase the cost of active debt. Insufficient quarterly reports: 1. Net non-interest income increased -29.0% year on year, mainly due to the drag on net other non-interest income. Net other non-interest income was -53.4% compared to the same period, mainly due to rising interest rates in the capital market, increasing net loss in fair value, and narrowing of investment income growth. 2. There will be a slight increase in adverse pressure in the future. The share of concerned loans rose 31 bps to 2.94% month-on-month. Investment suggestions: The company's 2019 and 2020E PB 0.92X/0.84X; PE 8.71X/7.91X (urban commercial bank PB 0.91X/0.82X; PE 7.91X/7.10X), 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 loans on the asset side remains stable. At the same time, the absolute high share of debt-side deposits consolidates the advantages of low interest rates, and capital consolidation. Active attention is recommended. Risk warning: The economic downturn has exceeded expectations, and the company's business has progressed less than expected.