Core Viewpoint - Chongqing Bank's stock closed at 10.49 yuan, down 1.69%, with a rolling PE ratio of 7.01 times and a total market value of 36.448 billion yuan, indicating a competitive position within the banking sector [1] Financial Performance - For Q1 2025, the company reported operating revenue of 3.581 billion yuan, a year-on-year increase of 5.30%, and a net profit of 1.624 billion yuan, also up by 5.33% [3] Market Position - The average PE ratio for the banking industry is 7.32 times, with a median of 6.68 times, placing Chongqing Bank at the 27th position among its peers [1][3] - The company's PE (TTM) is 7.01, while the static PE is 7.12, and the price-to-book ratio is 0.683 [3] Shareholder Information - As of March 31, 2025, Chongqing Bank had 35,943 shareholders, a decrease of 4,248 from the previous count, with an average holding value of 352,800 yuan and an average shareholding of 27,600 shares per shareholder [1]

Core Viewpoint - Chongqing Bank's stock closed at 10.87 yuan, down 1.18%, with a rolling PE ratio of 7.26 times and a total market value of 37.769 billion yuan [1] Group 1: Financial Performance - For Q1 2025, the company reported operating income of 3.581 billion yuan, a year-on-year increase of 5.30% [3] - The net profit for the same period was 1.624 billion yuan, reflecting a year-on-year growth of 5.33% [3] Group 2: Market Position - The average PE ratio for the banking industry is 7.49 times, with a median of 6.84 times, placing Chongqing Bank at 28th in the industry ranking [1] - The company's PE (TTM) is 7.26 times, while the static PE is 7.38 times, and the price-to-book ratio is 0.703 [3] Group 3: Shareholding Structure - As of Q1 2025, 29 institutions hold shares in Chongqing Bank, including 24 funds and 5 other entities, with a total shareholding of 1,203.0827 million shares valued at 11.682 billion yuan [1]

朱燕建 汪欽琳 劉瑞晗 曾 宏 陳鳳翔 - 1 - BANK OF CHONGQING CO., LTD. * * 1963 董事名單與其角色和職能 重慶銀行股份有限公司*（「本行」）董事會（「董事會」）成員載列如下。 執行董事 楊秀明 （董事長） 高 嵩 （行長） 侯曦蒙 非執行董事 黃漢興 （副董事長） 郭喜樂 吳 珩 付 巍 周宗成 余 華 獨立非執行董事 附註： C 指有關委員會的主任委員 M 指有關委員會的委員 中國重慶，2025年7月16日 * 本行經中國銀行業監督管理機構批准持有B0206H250000001號金融許可證，並經重慶市市 場監督管理局核准領取統一社會信用代碼為91500000202869177Y的企業法人營業執照。本 行根據香港銀行業條例（香港法例第155章）並非一家認可機構，並非受限於香港金融管理局 的監督，及不獲授權在香港經營銀行及╱或接受存款業務。 - 2 - 董事會設有八個委員會，下表提供各董事擔任有關委員會成員的資料。 董事會專門 委員會 董事 戰略與 創新 委員會 風險管理 委員會 審計 委員會 關聯交易 控制 委員會 提名 委員會 薪酬與 考核 委員會 信息科技 指導 ...

证券代码：601963 证券简称：重庆银行 公告编号：2025-049 付巍先生、周宗成先生、余华先生简历请参见本行刊载于上海证券交易所网 站（www.sse.com.cn）的《重庆银行股份有限公司第六届董事会第九十九次会议 决议公告》（公告编号：2024-065）。 特此公告。 重庆银行股份有限公司董事会 2025 年 7 月 16 日 1 可转债代码：113056 可转债简称：重银转债 重庆银行股份有限公司 关于董事任职的公告 本行董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重庆银行股份有限公司（以下简称"本行"）于 2025 年 7 月 15 日收到《重 庆金融监管局关于付巍、周宗成、余华重庆银行董事任职资格的批复》（渝金管 复〔2025〕88 号），国家金融监督管理总局重庆监管局核准了付巍先生、周宗 成先生、余华先生担任本行董事的任职资格。根据法律法规以及本行章程的规定， 付巍先生、周宗成先生、余华先生担任本行董事的任期自监管机构核准之日起， 至本行第七届董事会届满之日止。 ...

Core Insights - The event titled "'Chain' Connecting Supply and Demand 'Benefiting' Enterprise Collaboration" was organized by the Yinchuan Municipal Industry and Information Technology Bureau to address financing challenges faced by industrial enterprises [1][3] - A total of 15 financial institutions and over 20 industrial enterprises participated, utilizing a model of "government platform, enterprise performance" to facilitate effective communication and collaboration [1][3] Group 1 - The event provided a platform for banks and enterprises to understand each other's needs, showcasing the enterprises' production operations, technological advantages, and unique products through "8-minute precise roadshows" [3] - Financial institutions, including Ningxia Bank and Minsheng Bank, presented specialized financial products and services, such as "Ningke Loan" and "Digital Transformation Loan," which received positive feedback from enterprises [3] - A tracking mechanism called "three ones" was established, including an enterprise demand list, a bank service plan, and a follow-up supervision system to ensure the outcomes of the financing matches [3][4] Group 2 - The Yinchuan Municipal Industry and Information Technology Bureau plans to enhance the regularized interaction mechanism between government, banks, and enterprises, aiming to create a comprehensive service system that combines financing and intelligence [4] - The initiative seeks to channel financial resources towards high-quality industrial projects, transforming policy benefits into new momentum for the high-quality development of industrial enterprises [4]

Group 1 - The core viewpoint of the articles highlights the performance and recognition of Chongqing Bank, including its stock performance, financial metrics, and various awards received in recent months [1][2][3] Group 2 - As of July 11, Chongqing Bank's stock closed at 11.06 yuan, down 1.86%, with a rolling PE ratio of 7.39 times and a total market capitalization of 38.429 billion yuan [1] - The average PE ratio for the banking industry is 7.56 times, with a median of 6.86 times, placing Chongqing Bank at the 28th position in the industry ranking [1] - As of the first quarter of 2025, 29 institutions held shares in Chongqing Bank, including 24 funds, with a total holding of 1,203.0827 million shares valued at 11.682 billion yuan [1] Group 3 - Chongqing Bank's main business includes banking and related financial services, with key products in corporate banking, inclusive finance, personal banking, financial markets, investment banking, and trade finance [2] - The bank has received multiple awards in 2024, including recognition for mobile internet application service capabilities, good behavior certification, and various accolades in wealth management and cybersecurity [2] - The latest financial results for the first quarter of 2025 show an operating income of 3.581 billion yuan, a year-on-year increase of 5.30%, and a net profit of 1.624 billion yuan, also up by 5.33% year-on-year [3]

Industry Investment Rating - The industry investment rating is maintained at "Outperform" [1] Core Insights - The report discusses the impact of deposit rate adjustments on banks, indicating that the adjustments have a limited impact on financial outflows [4][7] - The establishment of a market-oriented deposit rate adjustment mechanism aims to align deposit rates with market rates, thereby reducing banks' funding costs and facilitating lower loan rates [14][17] - The report highlights a significant shift in deposit structures due to regulatory changes, with a notable migration of deposits from large banks to smaller banks and non-bank financial institutions [6][37] Summary by Sections 1. Reasons for Deposit Rate Adjustments - The adjustments are aimed at promoting interest rate marketization and improving policy transmission, breaking the rigid link between deposit rates and benchmark rates [4][14] - The adjustments are expected to lower banks' funding costs, which constitute over 70% of their liabilities, thereby creating room for loan rate reductions [17][18] 2. Review of Past Adjustments - Historical adjustments include the reduction of structured deposits from CNY 15.4 trillion to zero between 2019 and 2020, and the optimization of deposit rate ceilings in June 2021 [5][22] - The establishment of a market-oriented adjustment mechanism in April 2022 has led to multiple rounds of deposit rate reductions, with long-term deposit rates decreasing more than short-term rates [23][24] 3. Market Impact Review - The report notes that during the initial adjustment phases, there was a significant outflow of structured deposits to wealth management and insurance products [6][37] - The adjustments have generally resulted in a shift of deposits from large banks to smaller banks, as well as a migration towards wealth management and insurance products [6][37] 4. Future Outlook and Investment Recommendations - The report anticipates a significant volume of maturing fixed-term deposits in the third quarter, with potential outflows to non-bank institutions [7] - It suggests focusing on banks that may benefit from reduced funding costs and improved net interest margins, highlighting specific banks such as Bank of Communications and Chongqing Bank as potential investment targets [7]

Investment Rating - The report maintains a "Recommended" investment rating for the banking sector, expecting the sector index to outperform the benchmark index by more than 5% in the next 3-6 months [24]. Core Insights - The report highlights the recent revisions to the CIPS (Cross-border Interbank Payment System) rules, which aim to enhance the management of participants and adapt to the growing cross-border e-commerce trade, projected to reach approximately 2.71 trillion yuan in 2024, a 14% year-on-year increase [3][4]. - The CIPS system processed 8.2169 million transactions amounting to 175.49 trillion yuan in 2024, reflecting a significant year-on-year growth of 42.60% [3]. - The report emphasizes the flexibility introduced in the new CIPS rules, allowing financial market infrastructure participants to open CIPS accounts based on business needs rather than strict management requirements [4]. Summary by Sections CIPS Overview - CIPS is a clearing system for cross-border payments in RMB, distinct from SWIFT's messaging system, and has seen a substantial increase in participation, with 174 direct participants and 1,509 indirect participants across 120 countries [2][3]. Recent Developments - The new rules include relaxed entry conditions for system participants, allowing for a more flexible approach to participant management [4]. - The rules specify that foreign direct participants must select domestic direct participants as fund custodians, as foreign banks lack CNAPS accounts [4]. Risk Management Enhancements - The updated regulations detail business processing and risk management requirements, mandating that participants establish robust risk management frameworks and adhere to international anti-money laundering standards [4]. Market Performance - The banking sector index rose by 3.77% during the reporting period, outperforming the CSI 300 index by 2.23 percentage points [8]. - The report suggests a focus on banks with high dividend yields and strong asset quality, recommending major state-owned banks and select regional banks for investment [9]. Company Forecasts - Key banks such as Ningbo Bank, Jiangsu Bank, and China Merchants Bank are highlighted with positive earnings forecasts and investment ratings, indicating strong potential for returns [10].

Core Insights - The launch of the Science and Technology Innovation Bonds (科创债) has attracted various participants, with a total issuance of 419 bonds amounting to over 620 billion yuan as of July 3, 2025 [2] - Large banks are leading the issuance, while small and medium-sized banks are also entering the market, increasing the number of issuers to 11 [2] - The credit ratings of the issuers are predominantly high, with most rated AAA, and the interest rates for small and medium-sized banks are higher compared to large banks [2][4] Issuance Overview - As of June 30, 2025, policy banks and state-owned banks are the main issuers, with the China Development Bank issuing 3 bonds totaling 20 billion yuan, and major state-owned banks collectively issuing 1.1 billion yuan [4] - The issuance scale of various banks includes 550 billion yuan from joint-stock banks and 391 billion yuan from city and rural commercial banks [4][5] - The issuance of floating-rate bonds has also been noted, with Sichuan Bank issuing the first floating-rate 科创债 [5] Interest Rates - The overall interest rates for 科创债 are relatively low, with the weighted average interest rate for commercial banks decreasing by 5 basis points [6] - The lowest rates are observed in the China Development Bank's bonds, with rates as low as 1.17% for short-term bonds [6] - Small and medium-sized banks face higher issuance rates, with some reaching up to 1.95% [6] Fund Utilization - The funds raised through 科创债 are primarily directed towards supporting technology loans and investing in bonds issued by technology innovation enterprises [7] - Major banks have a consistent focus on issuing 科创债 for technology loan disbursement, while some joint-stock and city commercial banks also invest in technology innovation bonds [7] Future Trends - There is potential for innovation in bond products and expansion of issuers in the 科创债 market, with banks likely to introduce more flexible bond terms [8] - Small and medium-sized banks are expected to design issuance plans that align with local industry characteristics and technology enterprise funding needs [8]

Core Viewpoint - The surge in institutional research on listed banks in the first half of the year indicates a significant increase in market interest in bank stocks, particularly focusing on credit issuance, dividend plans, and asset quality [1][2]. Group 1: Institutional Research Trends - In the first half of the year, 19 A-share listed banks received over 1,000 institutional research visits, with Ningbo Bank, Changshu Bank, and Hangzhou Bank being the most popular [1][2]. - The focus of institutional research has been on key operational areas of banks, especially credit allocation and dividend strategies [2][3]. Group 2: Credit Issuance and Dividend Plans - Ningbo Bank, Changshu Bank, and Hangzhou Bank were the top three banks in terms of research visits, with 235, 192, and 153 visits respectively [2]. - Hangzhou Bank reported that its credit issuance has improved compared to the previous year, with a focus on strategic sectors such as technology and manufacturing [2]. - Chongqing Bank has maintained a high cash dividend level for 11 consecutive years since its H-share listing, with plans for a sustainable dividend strategy [3][4]. Group 3: Asset Quality and Net Interest Margin - Many banks expressed confidence in maintaining stable asset quality throughout the year, with measures in place to enhance risk management [5][6]. - Suzhou Bank reported a net interest margin of 1.34% at the end of Q1, which is a slight decrease compared to the end of 2024, but better than the industry average [6]. - The overall expectation is for a marginal improvement in asset quality, supported by policy measures and digital risk management [5][6].