每经AI快讯，重庆银行(01963.HK)早盘涨超7%，截至发稿，涨5.9%，报8.14港元，成交额1931.54万港 元。 ...

Core Viewpoint - Chongqing Bank's stock price increased by 5.11% to 10.69 CNY per share, with a total market capitalization of 37.143 billion CNY as of the report date [1] Group 1: Company Overview - Chongqing Bank was established on September 2, 1996, and listed on February 5, 2021 [1] - The bank primarily operates in China, providing corporate and personal banking products and services, as well as money market operations [1] - The company's revenue composition is as follows: corporate banking 75.09%, personal banking 16.94%, and funding business 7.72% [1] Group 2: Fund Holdings - Debon Fund has one fund heavily invested in Chongqing Bank, specifically the Debon New Return Flexible Allocation Mixed A (003132), which held 36,000 shares, accounting for 0.32% of the fund's net value [2] - The fund's current size is 43.8628 million CNY, with a year-to-date return of 0.13% and a one-year return of 1.88% [2] Group 3: Fund Manager Performance - The fund manager Zhang Zhengshuo has a tenure of 9 years and 296 days, with a total asset size of 6.366 billion CNY and a best return of 33.53% during his tenure [3] - Co-manager Shi Junfeng has been in position for 1 year and 228 days, managing assets of 869 million CNY, with a best return of 35.97% [3]

Core Viewpoint - Chongqing Bank reported strong financial performance for the first three quarters of the year, with significant increases in both revenue and net profit, indicating robust growth potential in the banking sector [1] Financial Performance - For the first three quarters ending in September, Chongqing Bank achieved an operating income of 11.74 billion yuan and a net profit of 5.196 billion yuan, representing year-on-year growth rates of 10.40% and 10.42% respectively [1] - The bank's net interest income reached 9.13 billion yuan, showing a substantial year-on-year increase of 15.2% [1] Dividend Distribution - Chongqing Bank plans to distribute a cash dividend of 1.684 yuan (including tax) for every 10 shares to all ordinary shareholders, totaling approximately 585 million yuan (including tax) [1] - The proposed dividend distribution accounts for 11.99% of the net profit attributable to ordinary shareholders during the same period [1]

Core Viewpoint - Chongqing Bank's stock price increased by over 7% in early trading, reflecting positive market sentiment following the release of its Q3 financial results [1] Financial Performance - For the first three quarters ending September, Chongqing Bank reported an operating income of 11.74 billion yuan and a net profit of 5.196 billion yuan, representing year-on-year growth rates of 10.40% and 10.42% respectively [1] - The bank's net interest income reached 9.13 billion yuan, showing a significant year-on-year increase of 15.2% [1] Dividend Distribution - Chongqing Bank plans to distribute a cash dividend of 1.684 yuan (including tax) for every 10 shares to all ordinary shareholders, totaling approximately 585 million yuan (including tax) [1] - The proposed dividend distribution accounts for 11.99% of the net profit attributable to ordinary shareholders during the same period [1]

Core Insights - Chongqing Bank has reported strong financial performance for the first three quarters of 2025, achieving operating income of 11.74 billion yuan, a year-on-year increase of 10.4%, and a net profit of 4.879 billion yuan, up 10.19% [1][3] - The bank's total assets reached 1.02 trillion yuan by the end of September 2025, marking a 19.39% increase from the end of the previous year [1][4] - Despite the growth in income and assets, the bank faced regulatory penalties for inadequate loan checks and imprudent investment practices, resulting in a fine of 2.2 million yuan [2][9] Financial Performance - For Q3 2025, Chongqing Bank's operating income was 4.081 billion yuan, reflecting a 17.38% year-on-year growth, while net profit for the same period was 1.69 billion yuan, up 20.54% [3][4] - The bank's net interest income for the first three quarters was 9.12 billion yuan, a 15.22% increase compared to the previous year [6] - Non-interest income showed mixed results, with investment income rising by 24.89% to 2.34 billion yuan, but net commission income fell by 27.6% to 559 million yuan [8] Asset Quality and Risks - As of September 2025, the bank's non-performing loan (NPL) balance was 5.894 billion yuan, with an NPL ratio of 1.14%, a slight decrease from the previous year [4][10] - The bank's retail NPLs increased, with the NPL ratio for personal loans rising to 3.01% by June 2025 [10] - Regulatory scrutiny highlighted concerns over the bank's risk management practices, particularly regarding loan checks and investment prudence, which could pose long-term risks despite short-term performance [9] Capital Adequacy - By the end of September 2025, Chongqing Bank's core Tier 1 capital adequacy ratio was 8.57%, down 1.31 percentage points from the previous year [10] - The bank's rapid asset growth has led to a noticeable consumption of capital, raising concerns about its long-term capital adequacy [10]

Core Viewpoint - Chongqing Bank reported a strong performance in its Q3 2025 results, with revenue and net profit showing significant year-on-year growth, supported by increased interest income and improved asset quality [1][2]. Financial Performance - For the first nine months of 2025, Chongqing Bank achieved revenue of 11.74 billion yuan, a year-on-year increase of 10.4%, with growth accelerating by 3.4 percentage points compared to the first half of 2025 [1]. - The net profit attributable to shareholders reached 4.88 billion yuan, up 10.2% year-on-year, with an increase of 4.8 percentage points from the first half of 2025 [1]. - Total assets at the end of September 2025 amounted to 1,022.7 billion yuan, reflecting a year-on-year growth of 24.1% [1]. Interest Income and Non-Interest Income - Net interest income for the first nine months of 2025 rose by 15.2% year-on-year, with the growth rate improving by 3.0 percentage points from the first half of 2025, driven by a 19.6% increase in interest-earning assets [1]. - Other non-interest income reached 2.06 billion yuan, a year-on-year increase of 5.8%, with growth accelerating by 5.2 percentage points compared to the first half of 2025, benefiting from the realization of gains from OCI accounts [1]. Loan Growth - As of September 2025, the loan balance stood at 518.5 billion yuan, a year-on-year increase of 20.4%, with corporate loans growing significantly due to the bank's focus on the Chengdu-Chongqing economic circle and major national strategies [2]. - The growth rates for corporate loans, personal loans, and bill discounting were 29.8%, 2.8%, and -23.8% respectively [2]. Asset Quality - The non-performing loan ratio at the end of September 2025 was 1.14%, showing a decrease of 3 basis points from the first half of 2025 and 11 basis points from the end of the previous year, indicating ongoing improvement in asset quality [2]. Investment Outlook - Chongqing Bank is well-positioned to benefit from its strategic location and ongoing economic developments, with expectations for continued strong growth in net profit over the next few years [3]. - Projected net profits for 2025, 2026, and 2027 are 5.65 billion yuan, 6.07 billion yuan, and 6.37 billion yuan, representing year-on-year growth rates of 10.3%, 7.5%, and 4.9% respectively [3].

上 市 公 司 2025 年 10 月 26 日 重庆银行 (601963) ——营收、利润均超预期，聚焦万亿规模新起点下的价值重估 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 10 月 24 日 | | --- | --- | | 收盘价（元） | 10.17 | | 一年内最高/最低（元） | 11.75/8.26 | | 市净率 | 0.6 | | 股息率%（分红/股价） | 4.07 | | 流通 A 股市值（百万元） | 19,114 | | 上证指数/深证成指 | 3,950.31/13,289.18 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 16.15 | | 资产负债率% | 93.55 | | 总股本/流通 A 股(百万) | 3,475/1,879 | | 流通 B 股/H 股（百万） | -/1,579 | 一年内股价与大盘对比走势： 10-24 11-24 12-24 01-24 02-24 03-24 04-24 05-24 ...

Investment Rating - The report maintains a "Recommendation" rating for Chongqing Bank, with a target price of 13.17 CNY / 9.90 HKD [2][4]. Core Insights - Chongqing Bank reported a revenue of 11.74 billion CNY for the first three quarters of 2025, reflecting a year-on-year growth of 10.4%. The net profit attributable to shareholders reached 4.879 billion CNY, up 10.19% year-on-year. The non-performing loan (NPL) ratio decreased by 4 basis points to 1.13%, while the provision coverage ratio remained stable at 248% [2][4]. - The bank's net interest income exceeded expectations, with a quarterly revenue of 4.081 billion CNY in Q3 2025, a year-on-year increase of 17.38% [7]. - The asset quality improved, with the NPL ratio declining and the net profit growth outpacing revenue growth due to improved revenue streams [7]. Financial Performance Summary - **Revenue and Profit Growth**: The bank's revenue growth is supported by strong demand for corporate loans in the Sichuan-Chongqing region, with a significant increase in net interest income [7]. - **Loan Performance**: Corporate loans saw a substantial increase, with new corporate loans amounting to 21.38 billion CNY in Q3 2025, while retail loan demand weakened [7]. - **Net Interest Margin**: The net interest margin stabilized and increased by 17 basis points to 1.40% in Q3 2025, driven by stable asset pricing and reduced funding costs [7]. - **Asset Quality**: The NPL ratio improved, with a decrease in the net generation rate of non-performing loans, indicating a reduction in credit risk [7]. Financial Projections - **Revenue Forecast**: Projected total revenue for 2025 is 14.758 billion CNY, with a year-on-year growth rate of 7.9% [8]. - **Net Profit Forecast**: The net profit attributable to shareholders is expected to reach 5.555 billion CNY in 2025, reflecting an 8.6% increase [8]. - **Key Ratios**: The projected price-to-earnings (P/E) ratio for 2025 is 6.36, and the price-to-book (P/B) ratio is expected to be 0.63 [8].

Investment Rating - The investment rating for Chongqing Bank is "Outperform the Market" [5] Core Views - The bank's revenue and net profit for the first three quarters of 2025 grew by 10.40% and 10.42% year-on-year, respectively, with significant quarterly growth of 17.38% in revenue and 20.54% in net profit [1] - The bank's net interest income increased by 15.2% year-on-year, benefiting from accelerated asset expansion and improved net interest margin [2] - The bank's asset quality remains stable, with a non-performing loan ratio of 1.14%, down 11 basis points from the beginning of the year [2] - The bank's net profit forecasts for 2025-2027 are 53.9 billion, 57.3 billion, and 62.9 billion yuan, with corresponding year-on-year growth rates of 5.3%, 6.4%, and 9.8% [3] Summary by Sections Financial Performance - For the first three quarters of 2025, Chongqing Bank achieved a total revenue of 117.4 billion yuan and a net profit of 48.8 billion yuan, both showing a year-on-year increase of over 10% [1] - The total assets reached 1.02 trillion yuan, with loans and deposits growing by 19.4% and 16.9% year-to-date, respectively [1] Asset Quality - The non-performing loan ratio decreased to 1.14%, indicating a positive trend in asset quality [2] - The provision coverage ratio stood at 248.1%, remaining stable compared to previous periods [2] Profitability and Valuation - The annualized net interest margin for the first three quarters was 1.32%, showing a slight improvement from the previous half [2] - The bank's price-to-book (PB) ratios for 2025-2027 are projected at 0.53x, 0.49x, and 0.46x, respectively [3]

Investment Rating - The investment rating for Chongqing Bank is "Outperform the Market" [5][3]. Core Views - The bank has achieved a revenue of 11.74 billion yuan and a net profit attributable to shareholders of 4.88 billion yuan for the first three quarters of 2025, both showing a year-on-year growth of approximately 10% [1]. - The bank's asset quality continues to improve, with a non-performing loan ratio of 1.14% as of September 2025, down 11 basis points from the beginning of the year [2]. - The bank's net interest margin has stabilized and improved, with a year-to-date annualized net interest margin of 1.32%, reflecting a 3 basis points increase from the first half of the year [2]. Financial Performance Summary - For the first three quarters of 2025, the bank's total assets reached 1.02 trillion yuan, with total loans of 5.18 trillion yuan and total deposits of 5.54 trillion yuan, representing year-to-date growth of 19.4%, 18.3%, and 16.9% respectively [1]. - The bank's net interest income increased by 15.2% year-on-year, benefiting from accelerated asset expansion and improved net interest margin [1]. - The bank's projected net profits for 2025, 2026, and 2027 are 5.39 billion yuan, 5.73 billion yuan, and 6.29 billion yuan respectively, with year-on-year growth rates of 5.3%, 6.4%, and 9.8% [3][4]. Valuation Metrics - The price-to-book (PB) ratios for 2025, 2026, and 2027 are projected to be 0.53x, 0.49x, and 0.46x respectively [3][4]. - The earnings per share (EPS) for 2025 is estimated at 1.46 yuan, with a projected growth in net profit [6]. Asset Quality Indicators - The bank's provision coverage ratio remains stable at 248.1% as of September 2025, indicating a strong buffer against potential loan losses [2]. - The bank's credit cost ratio is projected to decrease to 0.76% in 2025, reflecting ongoing improvements in asset quality [6]. Market Context - The bank operates in the Sichuan-Chongqing region, which is a key area for several national strategic initiatives, providing a solid foundation for the bank's growth [3].