The original intention is like a torch, only then can one act steadfastly; Only with active finance can we achieve long-term success. The Central Financial Work Conference has drawn up a blueprint for financial development, clearly deploying the "five major articles" of technology finance, green finance, inclusive finance, pension finance, and digital finance, anchoring and serving the origin of the real economy in the financial industry in the new era, adhering to the fundamental direction of finance as the heart of the Republic of China, and setting the guidelines for high-quality development actions.

Ping An Securities has always adhered to the leadership of Party building, rooted the role of Party branches as strongholds and Party members as pioneers and models in the front line of business, and embarked on a development path of "Party building empowerment, industry finance symbiosis, and inclusive people's livelihood". From solving the problem of small and micro financing in Jining, Shandong to empowering the revitalization of characteristic industries in Ningxia, the Party Committee of Ping An Securities has put its mission into practice with practical actions, showcasing the warmth of finance with vivid stories, and ensuring that financial vitality flows accurately to every end of the real economy.

1、 Qilu Breaks the Ice: The "Reverse" Breakthrough Behind the 420 Million Inclusive Debt

Jining, Shandong, known as the hometown of Confucius and Mencius, is also a hotbed of private economy. The number of small and medium-sized enterprises here is diverse, but they also face the development challenges of high financing costs and a lack of direct financing channels.

At the beginning of 2026, Ping An Securities took on a "hard bone" order - Jining State Investment Small and Medium sized Enterprise Support Bonds. The issuer Jining State owned Assets Investment Holding Co., Ltd. (Jining Guotou) is an important regional state-owned capital operation entity, deeply engaged in local industrial investment and inclusive financial services, with excellent credit and outstanding resource integration capabilities. This may seem like a high-quality issuer, but the real pain point lies in the ultimate destination of funds: bond funds must be precisely dripped to the underlying small and medium-sized enterprises.

In the traditional landscape of the capital market, such projects are not easy. The Ping An Securities project team is facing multiple pincers: fluctuating market interest rates and fleeting issuance windows; The small and micro entities at the bottom are dispersed, and the workload of due diligence is like a vast ocean; The most fatal obstacle comes from the uneven recognition of inclusive bonds by institutional investors, the buyers.

The more blind spots that capital is unwilling to touch, the more positions that finance must conquer to serve the country. "The project team has formed a consensus internally. In this tough battle, the Party branch of Ping An Securities Investment Banking Division played the ace of "Party Member Pioneer".

Faced with the heavy due diligence, party members took the lead in entering enterprises, sorting out the complex underlying assets, optimizing debt structures, and polishing application materials; Faced with the buyer's organization, party members and key figures have transformed into "policy advocates", performing door-to-door roadshows one by one. They are no longer just selling commercial returns, but closely following the group's comprehensive financial service strategy and the deployment of the "Five Great Articles" of finance, preaching the inclusive policy orientation and the livelihood value of projects to institutions, and impressing investors with sincerity and professionalism. At the same time, the project team strictly adheres to the bottom line of compliance and risk control, and provides professional and efficient full chain services throughout the process.

This effort to connect policy orientation with market logic ultimately received a warm response from the market.

On April 27, 2026, Ping An Securities, as the lead underwriter and bookkeeper, successfully assisted Jining Guotou Bookkeeping in issuing the first batch of small and medium-sized enterprise support bonds for 2026. The issuance scale of this bond is 420 million yuan, with a term of 3 years and a subscription multiple of 1.83 times, which has been enthusiastically subscribed by investors. Under the rush to raise funds, the coupon rate was lowered to 2.28%, setting a record for the lowest issuance rate of small and medium-sized enterprise supported bonds in Jining City's history. This is also the first small and medium-sized enterprise supported bond issued by Ping An Securities.

The low interest rate of 2.28% means that small and micro enterprises in Jining can finally be irrigated with affordable "financial vitality", reducing financing costs, stabilizing employment and protecting market entities, and practicing financial benefits to the people through direct financing. More importantly, relying on the normalized communication mechanism built by Party building and joint construction, it has deepened the coordination of multi-party government and enterprise supervision, and consolidated the foundation of Ping An Securities' cooperation in the Lu Pu Hui Bond business. The local government and industrial market have witnessed the company's implementation of the "five major articles" based on party building and its deep cultivation of inclusive finance business philosophy, resulting in a significant increase in brand reputation.

2、 Symphony: When 'Comprehensive Finance' Meets' Featured Industries'

If Jining's small and micro bonds are the hard core penetration of capital downwards, then the party building and joint construction in Ningxia is a battle for financial cross-border empowerment of industries to upgrade.

On March 13, 2026, Ningxia Bairuiyuan Goji Berry Co., Ltd. welcomed a special group of customers. The Ningxia General Management Party Committee of Ping An Group led the heads of various professional subsidiaries in Ningxia, including Ping An Property and Casualty Insurance, Ping An Life Insurance, Ping An Securities, and Ping An Bank, straight to this fertile red land.

As the absolute leader of Ningxia wolfberry industry, Bairuiyuan's chairman Hao Xiangfeng and independent director Yao Weihe received this group of financial professionals. In the exchange, Bairuiyuan showcased its five in one full industry chain model of "technology research and development, organic planting, production and processing, marketing, and cultural tourism", and bluntly expressed the company's practical demands in financing needs, risk protection, capital operation, and other aspects.

Director Yao Weihe's words touched the hearts of the safety personnel present: "Party building is not only the core engine of corporate culture, but also an important lever to promote modernization of governance. Bairuiyuan has achieved resonance between Party building and management

The same 'red gene' has become the most solid foundation of trust between banks and enterprises. But in the traditional model, different financial institutions often fight on their own: banks focus on loans, securities firms focus on issuing bonds, and insurance management claims. For agricultural leaders in urgent need of systematic upgrading, this fragmented service is like scratching an itch with a boot.

At this time, the "unified management" advantage of the Ningxia Provincial Party Committee of Ping An Group has been fully activated. Party building is no longer just a virtual communication, but has become the most efficient resource scheduling center.

Under the overall planning of the Party Committee, Ping An's various professional subsidiaries have launched a "comprehensive financial combination punch": Ping An Securities relies on the capital market to plan direct financing and capital operation paths for enterprises; Ping An Bank provides credit and supply chain financial support for the entire industry chain; Ping An Property and Casualty Insurance tailors risk protection plans for specialty agricultural products to hedge against natural disasters and market fluctuations.

This transition from "single point breakthrough" to "surrounding empowerment" has shown Bairuiyuan a clear path for improving industry quality and efficiency. Party building and joint construction have not only built a bridge for efficient connection between financial institutions and the real economy, but also twisted the loose relationship between the two sides into a "comrade in arms" for sharing interests and risks. Next, both sides will establish a normalized communication mechanism to promote precise drip irrigation of financial resources and effectively serve the implementation and effectiveness of the rural revitalization strategy.

3、 Value Reconstruction: The Commercial Bottom Logic of Party Industry Integration

From the land of Qilu to Jiangnan on the Great Wall, one east and one west, one debt and one industry, the two practical experiences of Ping An Securities are not isolated cases, but a microcosm of China's financial industry exploring new paradigms in the era of high-quality development.

For a long time, there has been a stereotype in the outside world that "the integration of the party and industry" often has "two skins", believing that party building is virtual and business is real, and the two are difficult to cross empower. However, the case of Ping An Securities reveals a deep business logic: in the current macroeconomic context of China, party building is precisely a tool to break the mismatch of financial resources and reduce transaction costs.

Firstly, it is a directional calibrator. Capital has natural blind spots, and adhering to policy guidance and integrating policy learning from the "Five Great Articles" into project approval is equivalent to installing a national strategic navigator at the starting line of business, ensuring that the direction of financial development for the people does not deviate.

Secondly, it is an organizational mobilization order. Whether it is overcoming the due diligence difficulties of small and micro bonds or coordinating comprehensive financial solutions across sectors, relying solely on traditional KPI assessments is difficult to stimulate the team's ultimate combat effectiveness. The solidification of the system for party members to tackle challenges and enable party members in key positions to shoulder responsibilities and overcome difficulties is essentially transforming the power of faith into the execution power to break the ice.

Finally, it is a trust lubricant. Whether facing regulatory agencies, local governments, or physical enterprises, Party building and joint construction have built a high-level trust contract that goes beyond pure commercial interests. This trust significantly reduces communication costs and information barriers between banks and enterprises, making "precision drip irrigation" possible.

Finance is the lifeblood, while entities are the foundation. The reason why bloodline can nourish the foundation not only requires smooth pipelines, but also direction guidance and pressure support. The practice of Ping An Securities has proven that when party building and business are truly deeply integrated, finance is no longer a simple digital game, but a national power with warmth. In the future, Ping An Securities will continue to adhere to the centralized and unified leadership of the Party, uphold the political and people-oriented nature of financial work, and strive to gather the power of capital into a surging spring tide to promote national rejuvenation.