证券研究报告 | 公司点评 | 城商行Ⅱ 重庆银行(601963) 报告日期：2025 年 08 月 23 日 经营全面改善 ——重庆银行 2025 年中报点评 投资要点 ❑ 重庆银行 25H1 盈利动能继续回升、不良指标显著改善。 ❑ 数据概览 25H1重庆银行营收、归母净利润同比分别+7.0%、+5.4%，增速环比25Q1分别提 升 1.7pc、0.1pc。从驱动因素来看，主要得益于规模扩张提速、非息收入改善。 （1）规模：25H1 末总资产同比增长 22%，较 25Q1 末的 19.3%明显提速，主要 归因贷款和 AC 户债券投资增速提升，贷款、AC 户债券投资 25H1 末同比分别增 长 20%、50%，而 25Q1 分别增长 16%、24%。（2）非息：25H1 末其他非息同比 增长 0.6%，而 25Q1 负增 69.9%，判断是 25Q2 债市表现回暖，叠加重庆银行兑 现部分浮盈，支撑债券投资收益修复。25H1 末重庆银行 FVOCI 规模环比下降 13.2%。展望未来，得益于规模快速扩张、息差基数消退，预计重庆银行全年盈 利增速有望继续保持快增。 ❑ 负债成本改善 25Q2 重庆银行净息差（单 ...

Core Insights - Chongqing Bank reported steady growth in its financial performance for the first half of 2025, with operating income reaching 7.659 billion yuan, a year-on-year increase of 7.00%, and net profit of 3.394 billion yuan, up 5.73% year-on-year [2][3]. Financial Performance - As of June 30, 2025, Chongqing Bank's total assets amounted to 983.365 billion yuan, an increase of 126.723 billion yuan from the end of the previous year, representing a growth rate of 14.79% [3]. - The bank's total deposits reached 544.136 billion yuan, growing by 14.77%, while total loans were 500.670 billion yuan, up 13.63% [3]. - The net profit attributable to shareholders was 3.190 billion yuan, reflecting a year-on-year growth of 5.39% [2][3]. Strategic Initiatives - Chongqing Bank has actively participated in national strategic initiatives, providing nearly 140 billion yuan in credit support for the Chengdu-Chongqing economic circle and over 47 billion yuan for the construction of the Western Land-Sea New Corridor [4]. - The bank has focused on supporting the manufacturing sector and promoting the integration of technology innovation and green industries, with technology loans and green loans growing by over 40% and 20%, respectively [4]. Competitive Landscape - Chongqing Bank operates in a competitive regional financial market, with 50 banking institutions in Chongqing as of February 28, 2025, including state-owned policy banks, commercial banks, and foreign banks [5]. - As one of the earliest local joint-stock commercial banks in Western China, Chongqing Bank has established a strong brand presence and capital operation capabilities, being the first city commercial bank listed in Hong Kong and the third in China to achieve dual listing [5]. Asset Quality and Network - The bank has built a service network of 199 branches, achieving full coverage in all districts and counties of Chongqing and extending services to Sichuan, Guizhou, and Shaanxi [6]. - As of June 30, 2025, the non-performing loan ratio was 1.17%, down 0.08 percentage points from the end of the previous year, while the provision coverage ratio improved to 248.27% [6][7]. Capital Adequacy - Despite meeting regulatory requirements, Chongqing Bank's capital adequacy ratios are below industry averages, with core tier one capital adequacy ratio at 8.80%, tier one capital adequacy ratio at 9.94%, and total capital adequacy ratio at 12.93% as of June 30, 2025 [6][7]. - The bank's reliance on loans to state-owned enterprises is significant, with 78.17% of corporate loans attributed to state-owned enterprises [8]. Future Outlook - Chongqing Bank aims to achieve its "trillion yuan" asset goal in 2025 while planning for its "15th Five-Year" development strategy to become a leading listed commercial bank in the country [8].

Core Viewpoint - Chongqing Bank reported strong financial performance in the first half of 2025, with total assets exceeding 980 billion yuan, reflecting a year-to-date growth of 14.79% [1]. Financial Performance - Total assets reached 983.3 billion yuan, an increase of 14.79% from the beginning of the year [1]. - Operating income was 7.659 billion yuan, showing a year-on-year growth of 7.00% [1]. - Net profit attributable to shareholders was 3.190 billion yuan, up 5.39% year-on-year [1]. Strategic Financial Support - The bank increased credit support for major strategic initiatives, including the Chengdu-Chongqing economic circle and the Western Land-Sea New Corridor, providing nearly 140 billion yuan in credit support [1]. - Over 90 major regional projects were supported, including the Chongqing Rail Transit Line 7 and the Xiantao Digital Economy Incubation Base [1]. Focus on Advanced Manufacturing and Innovation - Chongqing Bank supported the construction of the "33618" modern manufacturing cluster and the "416" technology innovation layout, with technology loans and green loans growing over 40% and 20%, respectively [2]. - The bank issued the first technology innovation financial bond in the western region [2]. Support for Inclusive Finance and Rural Revitalization - Inclusive small and micro loans increased by 9.871 billion yuan compared to the end of the previous year, marking a historical high for the same period [2]. - Growth rates for inclusive green, technology, manufacturing, private, and agricultural loans were 53.76%, 33.4%, 30.71%, 28.45%, and 17.66%, respectively, indicating strong growth momentum [2].

Core Insights - Chongqing Bank reported a total asset of 983.3 billion yuan for the first half of 2025, marking a 14.79% increase from the beginning of the year [1] - The bank achieved an operating income of 7.659 billion yuan, reflecting a year-on-year growth of 7.00% [1] - The net profit attributable to shareholders reached 3.190 billion yuan, with a year-on-year increase of 5.39% [1] Financial Support for Major Strategies - Chongqing Bank increased credit support for the Chengdu-Chongqing economic circle, the Western Land-Sea New Corridor, and the construction of a Western financial center [1] - In the first half of 2025, the bank provided nearly 140 billion yuan in credit support to the Chengdu-Chongqing economic circle, financing over 90 major regional projects [1] - The financing balance for the Western Land-Sea New Corridor exceeded 47 billion yuan, underlining the bank's commitment to this initiative [1] Support for Advanced Manufacturing and Innovation - The bank actively supports the construction of the "33618" modern manufacturing cluster and the "416" technology innovation layout in Chongqing [2] - It issued the first technology innovation financial bond in the western region, with technology loans and green loans growing by over 40% and 20%, respectively [2] Support for Inclusive Finance and Rural Revitalization - The bank's inclusive small and micro loans increased by 9.871 billion yuan compared to the end of the previous year, achieving a historical high for the same period [2] - Growth rates for inclusive green, technology, manufacturing, private, and agricultural loans were 53.76%, 33.4%, 30.71%, 28.45%, and 17.66%, respectively, indicating strong growth momentum [2]

会议审议通过了以下议案： 一、关于《重庆银行股份有限公司 2025 年半年度报告及其摘要》的议案 议案表决情况：有效表决票 7 票，同意 7 票，反对 0 票，弃权 0 票。 监事会认为，本行 2025 年半年度报告及其摘要的编制和审核程序符合有关 法律、行政法规和监管规定，报告内容真实、准确、完整地反映了本行实际情况。 二、关于重庆银行股份有限公司原副行长张松经济责任审计报告的议案 议案表决情况：有效表决票 7 票，同意 7 票，反对 0 票，弃权 0 票。 特此公告。 重庆银行股份有限公司监事会 证券代码：601963 证券简称：重庆银行 公告编号：2025-055 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 本行监事会及全体监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 8 月 20 日发出第六 届监事会第四十七次会议通知，会议以书面传签表决方式召开，表决截止日为 法律法规及《重庆银行股份有限公司章程》的有关规定。 ...

证券代码：601963 证券简称：重庆银行 公告编号：2025-054 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 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 8 月 8 日以电子邮件 方式发出第七届董事会第十四次会议通知，会议于 8 月 22 日以现场（视频）会 议方式在本行总行 27 楼三会议室召开。会议由杨秀明董事长主持，应参会董事 符合法律法规及《重庆银行股份有限公司章程》的有关规定。 会议审议通过了以下议案： 一、关于《2025 年中期财务报表及审阅报告》的议案 议案表决情况：有效表决票 14 票，同意 14 票，反对 0 票，弃权 0 票。 本行董事会审计委员会已审议通过本议案，并同意提交董事会审议。 二、关于《重庆银行股份有限公司 2025 年半年度报告及其摘要》的议案 议案表决情况：有效表决票 14 票，同意 14 票，反对 0 票，弃权 0 票。 有关情况详见本行在上海证券交易所网站（www.sse.com.cn）、香港联合 ...

证券日报网讯8月22日晚间，重庆银行（601963）发布2025年半年度报告摘要称，2025年半年度重庆银 行实现营业收入7，659，407千元，同比增长7.00%；归属于本行股东的净利润为3，189，503千元，同 比增长5.39%。 ...

格隆汇8月22日丨重庆银行(601963.SH)公布2025年半年度报告，截至2025年6月30日，本集团实现营业 收入76.59亿元，较上年同期增长7.00% ；实现净利润33.94亿元，较上年同期增长5.73% ，实现归属于 本行股东净利润31.90亿元，较上年同期增长5.39% ，延续了稳健增长的良好趋势。 截至2025年6月30日，本集团资产总额为9,833.65亿元，较上年末增加1,267.23亿元，增幅14.79% ；贷款 总额5,006.70亿元，较上年末增加600.54亿元，增幅13.63% ；存款总额5,441.36亿元，较上年末增加 700.19亿元，增幅14.77%。 ...

Core Viewpoint - Chongqing Bank has reported significant growth in both scale and profitability for the first half of 2025, indicating a strong performance in line with major strategic directives [1][2] Financial Performance - As of June 30, 2025, Chongqing Bank's total assets reached 983.365 billion yuan, a year-on-year increase of 14.79% [1] - Total deposits amounted to 544.136 billion yuan, reflecting a growth of 14.77% compared to the previous year [1] - Total loans stood at 500.670 billion yuan, marking a 13.63% increase year-on-year [1] - The bank achieved an operating income of 7.659 billion yuan, up 7.00% from the previous year [1] - Net profit attributable to shareholders was 3.190 billion yuan, representing a year-on-year growth of 5.39% [1] Asset Quality - The non-performing loan ratio was 1.17%, down by 0.08 percentage points from the end of the previous year [1] - The attention loan ratio decreased to 2.05%, a reduction of 0.59 percentage points [1] - The overdue loan ratio was 1.58%, down by 0.15 percentage points [1] - The provision coverage ratio improved to 248.27%, an increase of 3.19 percentage points [1] Market Performance - As of June 30, 2025, the A-share price of Chongqing Bank had increased by over 30%, reaching a market capitalization at a four-year high [2] - The H-share price hit a record closing price of 8.74 HKD per share on June 12, 2025 [2] - The bank was included in the sample list of the SSE 580 Index, with several institutions giving "buy" or "hold" ratings [2]

Financial Performance - The net profit for the first half of the year reached 3.394 billion yuan, representing a year-on-year increase of 5.73% [2] - Operating income was 7.659 billion yuan, up 7.00% year-on-year [2] - ROA and ROE decreased to 0.74% and 11.52%, respectively, indicating a decline [2] Scale Expansion - Total assets amounted to 983.365 billion yuan, growing by 14.79% in six months [2] - Total loans reached 500.670 billion yuan, an increase of 13.63% [2] - Deposits grew to 544.136 billion yuan, up 14.77% [2] Capital Adequacy - The core Tier 1 capital adequacy ratio fell to 8.80%, down 1.08 percentage points from the beginning of the year, nearing the regulatory red line [2][3] - Risk-weighted assets surged by 16.40%, contributing to the decline in capital adequacy [3] Asset Quality - The non-performing loan ratio improved to 1.17%, a decrease of 0.08 percentage points [2] - The provision coverage ratio increased to 248.27%, up 3.19 percentage points [2][4] Intermediate Business Income - Net income from fees and commissions dropped by 28.62%, falling from 511 million yuan to 365 million yuan, accounting for only 4.76% of operating income [2][3] Business Structure Adjustment - Inclusive small and micro loans increased by 9.871 billion yuan, while technology and green loans grew by over 40% and 20%, respectively [4] - The balance of "Jie e Loan" increased by 35%, indicating early success in retail digital transformation [4][5] Future Outlook - The core challenge for the company is balancing rapid expansion with capital constraints [5] - Key areas to monitor include the progress of capital replenishment plans, trends in interest margins, and the recovery ability of intermediate business income [5]