Investment Rating - The report maintains a positive outlook on the banking sector, suggesting that several banks are undervalued based on their asset quality and excess provisioning metrics [4][3]. Core Insights - The valuation premium of banks typically arises from their middle-income and liability advantages, while valuation discounts are often due to concerns over asset quality [2][10]. - The report introduces two key indicators: "broad non-performing asset ratio" and "excess provisioning profit multiple" to objectively assess and compare the current asset quality status of banks [2][10]. - A total of 56 AH-listed banks are analyzed, expanding from the previous report's focus on 42 A-share listed banks, to provide a comprehensive overview of excess provisioning levels and trends [2][10]. Summary by Sections 1. Introduction: Significance of Asset Quality - The report emphasizes the importance of objectively assessing asset quality, as it significantly impacts bank valuations and performance [10]. 2. How to Objectively Assess Bank Non-Performing Assets - Traditional asset quality indicators may not accurately reflect the true provisioning situation due to inconsistent standards and incomplete coverage of assets [14]. - The report proposes a "broad non-performing asset ratio" to better capture the credit risk within banks [14][15]. 3. Construction of Excess Provisioning Profit Multiple Indicator - The excess provisioning profit multiple is constructed to measure the performance elasticity of banks, indicating their potential for future earnings recovery [7][14]. - The report highlights that banks with higher excess provisioning ratios, such as Hangzhou Bank, show strong risk mitigation capabilities [7][14]. 4. Valuation from the Perspective of Broad Excess Provisioning - The long-term correlation between bank valuation levels and ROE is noted, with excess provisioning contributing to performance and valuation improvements [3][4]. - Several banks, including Wuxi Bank and Agricultural Bank (H), are identified as being significantly above the PB-excess provisioning profit multiple regression line, indicating potential investment opportunities [3][4].

Core Insights - Luzhou Bank's core Tier 1 capital adequacy ratio decreased to 8.01%, down 0.26 percentage points from the beginning of the year, remaining above the regulatory threshold of 7.5% [3] - The bank reported a year-on-year net profit growth of 11.65%, despite a decline in revenue, which amounted to 2.423 billion yuan, indicating a mixed performance in the banking sector [3] - Profit growth was primarily driven by cost control on the liability side rather than significant business expansion or service value enhancement [4] Profitability Factors and Sustainability - The bank reduced the average cost rate of personal deposits from 3.22% to 2.71%, leading to a decrease in the average cost rate of interest-bearing liabilities to 2.26%, down 0.42 percentage points from the end of the previous year [5] - This cost optimization resulted in a 7.93% increase in net interest income to 1.897 billion yuan, which was a key factor supporting profit growth [5] - However, the sustainability of this cost control-driven profit model is questionable in the current market environment, as further reductions in liability costs may be limited [5] Revenue Structure and Asset Status - Luzhou Bank's non-interest net income fell by 51.24% to 526 million yuan, indicating a need for improvement in its non-interest income sources [6] - The bank's reliance on traditional interest margin income is high, as fee and commission income remained flat at 103 million yuan, accounting for only 4.23% of total revenue [6] - Total assets grew by 12.43% year-on-year, with total customer loans increasing by 13.15%, but there is a concentration risk in the loan structure, with corporate loans making up 88.26% of total loans [6][7] Capital and Asset Quality - The bank's capital consumption pressure is increasing, with the core Tier 1 capital adequacy ratio nearing the regulatory requirement, prompting the need for capital replenishment [8] - Luzhou Bank is pursuing a private placement project to supplement capital, but the process may face uncertainties due to market liquidity and approval timelines [8] - The non-performing loan ratio slightly decreased to 1.18%, with a high provision coverage ratio of 411.53%, indicating a capacity to withstand potential asset risks [8] Market Position and Future Outlook - The bank's net interest margin remained at 2.44%, which is notable given the overall trend of narrowing margins in the banking sector, primarily due to reduced liability costs [8][9] - The current macroeconomic environment shows a scarcity of quality assets, leading to a downward trend in asset yields, which could impact future profit growth if the bank cannot enhance its asset selection and pricing capabilities [9] - Luzhou Bank's valuation is relatively low, reflecting investor concerns regarding its growth sustainability, business structure diversity, and capital pressures [9] - Long-term development will require the bank to expand non-interest income sources, optimize asset and business structure, and overcome capital constraints to effectively respond to market challenges [9]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 泸州银行股份有限公司 呈交日期: 2025年10月8日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01983 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 753,120,000 | RMB | | 1 RMB | | 753,120,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 753,120,000 | RMB | | 1 RMB | | 753,120,000 | | 2. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註 ...

Core Viewpoint - Luzhou Bank has successfully issued a 10-year fixed-rate subordinated bond in the national interbank bond market, raising a total of RMB 1.8 billion with a coupon rate of 2.95% [1] Group 1: Bond Issuance Details - The bond issuance took place on September 29, 2025 [1] - The total issuance size is RMB 1.8 billion [1] - The bond has a fixed interest rate of 2.95% [1] - There is a conditional issuer redemption right at the end of the fifth year [1] Group 2: Use of Proceeds - The funds raised will be used to supplement the bank's Tier 2 capital after deducting issuance costs [1]

Core Viewpoint - Luzhou Bank has successfully issued a 10-year fixed-rate subordinated bond in the national interbank bond market, raising a total of RMB 1.8 billion [1] Summary by Relevant Sections Bond Issuance Details - The bond issuance scale is RMB 1.8 billion, with a maturity of 10 years and a coupon rate of 2.95% [1] - The bond includes a conditional issuer call option at the end of the fifth year [1] Use of Proceeds - The funds raised from this bond issuance, after deducting issuance costs, will be used to supplement the bank's Tier 2 capital in accordance with applicable laws and regulatory approvals [1]

Core Viewpoint - Luzhou Bank has successfully issued a 10-year fixed-rate subordinated bond in the national interbank bond market, raising a total of RMB 1.8 billion [1] Group 1: Bond Issuance Details - The bond issuance scale is RMB 1.8 billion [1] - The bond has a fixed interest rate of 2.95% [1] - The bond includes a conditional redemption option for the issuer at the end of the fifth year [1] Group 2: Use of Proceeds - The funds raised will be used to supplement the bank's Tier 2 capital after deducting issuance costs, in accordance with applicable laws and regulatory approvals [1]

關於2025年二級資本債券發行完畢的公告 茲提述瀘州銀行股份有限公司（「本行」）日期為2024年3月22日的公告、日期為 2024年4月30日的通函及日期為2024年5月22日的2023年度股東大會投票表決結 果公告，有關（其中包括）本行股東審議批准於2024至2025年期間發行合計不超 過人民幣46億元的若干資本補充債券，其中包括2025年發行不超過人民幣18億元 二級資本債券。經中國人民銀行和國家金融監督管理總局四川監管局批准，本行 2025年可在全國銀行間債券市場發行不超過人民幣18億元二級資本債券。 本行欣然宣佈，本行已於2025年9月29日在全國銀行間債券市場成功發行2025年 二級資本債券（「本次債券」）。本次債券發行規模為人民幣18億元，品種為10年期 固定利率債券，在第5年末附有條件的發行人贖回權，票面利率為2.95%。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1983） ...

Core Points - Luzhou Bank's Luzhongjiang Branch has launched the "Supermarket Win-Win Plan" to address operational pain points for supermarket enterprises, focusing on reducing account settlement costs and improving employee stability [1] Group 1: Cost Reduction Initiatives - The bank has implemented a zero-fee account policy, eliminating management fees, online banking annual fees, interbank transfer fees, and small account maintenance fees, significantly lowering the account settlement costs for supermarkets [2] - A partnered supermarket is expected to save over 6,000 yuan annually in account usage fees due to these measures, while the overall savings for 50 supermarkets in the area is projected to reach 150,000 yuan per year, equivalent to the annual net profit of a small micro store [2] Group 2: Fee Rate Discounts - In addition to the zero-fee accounts, Luzhou Bank has negotiated with cash register system vendors to reduce channel flow fees by nearly 60%, alongside offering a waiver on collection service fees, creating a dual discount mechanism for supermarkets [3] - Large supermarket enterprises benefit the most from the reduced channel flow fees, with one contracted supermarket reportedly saving nearly 2,000 yuan monthly in settlement costs [3] Group 3: Employee Benefits - The bank has provided a benefits package for employees of contracted supermarkets, enhancing their sense of belonging and creating a positive cycle of cost reduction, workforce stability, and efficiency improvement [4] - The combination of zero fees and rate discounts can save enterprises approximately 20,000 yuan in operational costs annually, as noted by a supermarket manager [4] - The bank aims to cover 90% of supermarket enterprises in the area by the end of the year, contributing to the high-quality development of the real economy through targeted financial support [4]

Group 1 - The core idea is that Luzhou Bank is innovating its service model by extending traditional customer care from financial scenarios to everyday life, focusing on high-quality parent-child companionship in a digital age [1] Group 2 - Luzhou Bank organized the "Luzhu Love Research" activity, inviting 12 parent-child families to explore the Chengdu Archaeological Center, engaging in activities like shadow puppet making and learning about intangible cultural heritage [2] Group 3 - The bank initiated an online reading program and offline events, including a themed sharing session with children's literature author Mai Zi, addressing topics like "family and responsibility" and "facing fears" [3] - The "Little Luzhu Reading Club" combines online and offline activities, promoting high-quality parent-child companionship [3] - Luzhou Bank emphasizes that true service goes beyond financial needs, reflecting a deep understanding of customers' diverse needs and embodying a customer-centric service philosophy [3]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 泸州银行股份有限公司 呈交日期: 2025年9月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01983 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 753,120,000 | RMB | | 1 RMB | | 753,120,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 753,120,000 | RMB | | 1 RMB | | 753,120,000 | | 2. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明 ...