Core Insights - The A-share market has seen a rise in bank stocks, with notable increases in shares of Chongqing Rural Commercial Bank and Agricultural Bank, both rising over 2% [1] - Agricultural Bank has reached a historical high, with its total market capitalization approaching 3 trillion yuan [1] Summary by Category Stock Performance - Chongqing Rural Commercial Bank (601077) increased by 2.29%, with a total market capitalization of 81.1 billion yuan and a year-to-date increase of 23.69% [2] - Agricultural Bank (601288) rose by 2.17%, reaching a market capitalization of 2,967.9 billion yuan and a year-to-date increase of 65.94% [2] - Other banks such as Chongqing Bank (601963), CITIC Bank (601998), and Jiangsu Bank (600919) also saw increases of over 1% [2] Market Capitalization - The total market capitalization of Agricultural Bank is nearing 3 trillion yuan, marking a significant milestone [1] - Other banks like China Bank (601988) and Postal Savings Bank (601658) have market capitalizations of 1,852.7 billion yuan and 708.6 billion yuan, respectively [2] Year-to-Date Performance - The year-to-date performance of various banks shows significant growth, with Agricultural Bank leading at 65.94%, followed by Chongqing Bank at 29.62% and Jiangsu Bank at 20.22% [2]

Core Viewpoint - Chengdu Bank's board of directors held a temporary meeting to discuss and approve several key financial proposals, including investment and financing management for 2026, issuance of capital instruments, and bonds to support various financial needs [2][3][4][5][7]. Group 1: Meeting Overview - The meeting was held on November 11, 2025, with 11 directors present, including 3 in person and 7 via video [2]. - The meeting complied with relevant laws and regulations, ensuring the legality and validity of the resolutions made [2]. Group 2: Approved Proposals - The board approved the proposal for implementing investment management related to state-owned enterprises in Chengdu for 2026, with unanimous support [3]. - The board also approved the financing management proposal for state-owned enterprises in Chengdu for 2026, again with unanimous support [4]. - A proposal was approved to issue up to 7 billion yuan in secondary capital bonds, with a 10-year term and an option for early redemption after 5 years, aimed at enhancing the bank's capital adequacy [5]. - The board approved a proposal to issue up to 10 billion yuan in special and ordinary financial bonds, including specific allocations for technology innovation and green finance, with a maximum term of 5 years [7]. - A proposal for related party transactions with Chengdu Inclusive Financing Guarantee Co., Ltd. was approved, with one director abstaining from the vote [8].

证券代码：601838 证券简称：成都银行 公告编号：2025-064 成都银行股份有限公司 第八届董事会第二十一次（临时）会议决议公告 本公司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。 成都银行股份有限公司（以下简称"本公司"）于 2025 年 11 月 6 日以电子邮件及书面方式向全体董事发出关于召开董事会会议的通 知和材料，本公司第八届董事会第二十一次（临时）会议于 2025 年 11 月 11 日在本公司总部 5 楼 1 号会议室以现场结合视频方式召开。 本次会议应出席有表决权董事 11 名，徐登义、马晓峰、马骁 3 名董 事现场出席，郭令海、付剑峰、余力、陈存泰、龙文彬、顾培东、余 海宗 7 名董事通过视频连线方式参加会议，董事王永强因公务原因无 法出席会议，书面委托董事付剑峰代为出席并行使表决权。会议由副 董事长、行长徐登义（代为履行董事长职责）主持。拟任董事张育鸣、 3 名监事以及本公司高级管理人员等列席会议。会议的召开符合《中 华人民共和国公司法》《中华人民共和国证券法》等法律、行政法规、 部门规章、规范性文件 ...

Market Overview - The city commercial bank sector experienced a slight decline of 0.0% on November 11, with Shanghai Bank leading the drop [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Individual Bank Performance - Xi'an Bank saw the highest increase in share price, closing at 4.14 with a rise of 2.73% [1] - Qingdao Bank and Qilu Bank also reported positive performance, with increases of 1.39% and 0.81% respectively [1] - Shanghai Bank, on the other hand, closed at 10.13, down 0.98%, indicating a significant decline in its stock price [2] Trading Volume and Capital Flow - The city commercial bank sector recorded a net inflow of 241 million yuan from institutional investors, while retail investors saw a net outflow of 290 million yuan [2] - Jiangsu Bank attracted the highest net inflow from institutional investors at 113 million yuan, representing 11.75% of its trading volume [3] - In contrast, Zhengzhou Bank experienced a net outflow of 421,280 yuan from institutional investors, indicating a negative sentiment towards its stock [3]

Core Viewpoint - The recent surge in share buybacks by various banks, including Qilu Bank and Qingdao Bank, reflects strong confidence in the long-term value of the banking sector, with over 10 listed banks participating in this trend [1][9][10]. Group 1: Share Buybacks - Qilu Bank announced that its directors, supervisors, and senior executives have collectively increased their holdings by 3.15 million yuan, accounting for 90% of the planned buyback amount [1]. - Qingdao Bank's major shareholder, Qingdao Guoxin Financial Holdings, increased its holdings by 957 million yuan, raising its stake to 15.42%, making it the largest shareholder [4]. - Xiamen Bank's executives completed a buyback plan exceeding the minimum target, with total contributions reaching 1.6857 million yuan [5]. Group 2: Market Sentiment - The buyback activities are interpreted as a recognition of the banking sector's valuation, with a current price-to-book ratio of 0.72 and a dividend yield of 3.99%, attracting long-term capital [10][12]. - The banking sector has seen a collective "self-purchase" phenomenon, with various regional banks also engaging in buybacks, indicating a broader trend across the industry [6][8]. Group 3: Performance and Valuation - Despite a slight decline in revenue and net profit for 42 A-share listed banks in the first quarter, 24 banks reported growth in both metrics, particularly city and rural commercial banks [10]. - The net interest margin for listed banks is projected to stabilize, with a simulated net interest margin of 1.32% for Q3 2025, marking a potential turning point after four years of decline [12]. - Long-term capital, particularly from insurance funds, has been increasingly allocated to the banking sector, with a reported increase of 8.36 billion shares held by insurance funds in Q3 2025 [12][13].

Core Viewpoint - Chengdu Bank has been awarded the "Annual Special Award for Characteristic Finance" at the 2025 Financial Development Conference, highlighting its innovative approach in the characteristic finance sector [1][3]. Group 1: Development Strategy - Chengdu Bank, established in 1996, is the first listed bank in Sichuan and the first city commercial bank in the West to exceed 1 trillion yuan in assets [3]. - The bank's development philosophy emphasizes synchronization with the times, regional growth, and a focus on people's livelihoods, which has become integral to its operations [3]. - During the 14th Five-Year Plan period, Chengdu transformed national potential into developmental momentum, with an economic total surpassing 1 trillion yuan and a resident population exceeding 21.47 million [4]. Group 2: Financial Support and Services - Chengdu Bank has provided over 300 billion yuan in credit support for major projects in the Chengdu-Chongqing economic circle over the past year [4]. - The bank has established a dynamic database covering 16 advanced manufacturing industry chains, accurately targeting over 10,000 enterprises and launching 18 specialized financial products for technology companies [4][6]. - As of September 2025, Chengdu Bank's total assets exceeded 1.38 trillion yuan, with loans nearing 847.5 billion yuan, significantly supporting the real economy and modern industrial system construction [6]. Group 3: Innovative Financial Ecosystem - Chengdu Bank has created a "four-special model" in the technology finance sector, achieving over 80% coverage for comprehensive financial services to specialized and innovative small and medium-sized enterprises [7]. - In green finance, the bank has developed a three-in-one service system, with green credit balance growing by 22.87% year-on-year, reaching 49.77 billion yuan [7]. - The bank has also established a unique financial service brand for elderly clients, optimizing service mechanisms and facilities [8]. Group 4: Brand and Cultural Strength - Chengdu Bank's cultural foundation supports its differentiated development path, focusing on leading development, shaping image, and creating value [9]. - The bank has implemented a talent development system emphasizing both external recruitment and internal training, fostering a warm and inclusive corporate culture [9]. - Chengdu Bank has introduced the panda IP "Rong Dudu" to enhance brand engagement and has launched various initiatives to promote social and ecological awareness [10]. Group 5: Market Position and Recognition - Chengdu Bank entered the Fortune China 500 list for the first time in 2024, ranking 324th in 2025, marking it as the bank with the fastest rise in the list that year [8].

Core Viewpoint - The differentiated development path of regional banks has become a focal point in the banking industry, particularly in the context of narrowing interest margins and credit risk concerns in 2025. Chengdu Bank's third-quarter report exemplifies high-quality growth amidst a complex environment, showcasing its resilience and potential [1]. Financial Performance - Chengdu Bank reported a revenue of 17.761 billion yuan for the first three quarters of 2025, a year-on-year increase of 3.01%, and a net profit attributable to shareholders of 9.493 billion yuan, up 5.03% year-on-year [1]. - The bank's total assets reached nearly 1.39 trillion yuan, growing by 10.8% since the beginning of the year, maintaining double-digit expansion [4]. - The total loan amount stood at 847.481 billion yuan, reflecting a growth of 14.13% year-to-date and a year-on-year increase of 17.3%, ranking among the top in disclosed quarterly reports [4]. Loan and Interest Margin Dynamics - Chengdu Bank's loan growth was primarily driven by a strong increase in corporate loans, which accounted for 81% of new loans in the third quarter [4]. - The net interest margin for the third quarter was estimated to be between 1.45% and 1.55%, with a significant narrowing of the decline to approximately 3 basis points, contrasting with the broader industry trend of declining margins [4][6]. Risk Management and Asset Quality - As of the end of September, Chengdu Bank's non-performing loan ratio was 0.68%, remaining at a low level within the industry, while the ratio of special mention loans decreased by 7 basis points to 0.37%, indicating improving asset quality [8]. - The bank's provision coverage ratio stood at 433.08%, providing a strong safety net against potential risks, despite a slight decrease [9]. Capital Strength and Future Outlook - Chengdu Bank successfully issued 11 billion yuan in perpetual bonds, enhancing its capital adequacy ratio to 14.39%, which increased by 1.26% quarter-on-quarter [9][10]. - The bank's focus on capital efficiency is evident, with a year-on-year growth of risk-weighted assets at 15.1%, indicating a balanced approach to expansion and quality [10]. - The ongoing strategic development in the Chengdu-Chongqing economic circle is expected to support Chengdu Bank's high-quality growth, leveraging its unique regional advantages and solid customer base [2].

Market Performance - The city commercial bank sector increased by 0.96% on November 10, with Xiamen Bank leading the gains [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Individual Bank Performance - Xiamen Bank's closing price was 7.44, with a rise of 2.90% and a trading volume of 331,500 shares, amounting to 2.44 billion yuan [1] - Shanghai Bank closed at 10.23, up 2.30%, with a trading volume of 652,200 shares and a transaction value of 660 million yuan [1] - Qilu Bank saw a closing price of 6.20, increasing by 1.97%, with a trading volume of 727,200 shares and a transaction value of 450 million yuan [1] - Other notable banks include Changsha Bank, Xi'an Bank, and Suzhou Bank, with respective increases of 1.72%, 1.51%, and 1.32% [1] Capital Flow Analysis - The city commercial bank sector experienced a net inflow of 77.51 million yuan from institutional investors, while retail investors saw a net outflow of 10.29 million yuan [1] - Beijing Bank had a significant net inflow of 1.35 billion yuan from institutional investors, but a net outflow of 582.22 million yuan from retail investors [2] - Jiangsu Bank also reported a net inflow of 103 million yuan from institutional investors, with retail investors experiencing a net outflow of 91.58 million yuan [2]

Core Insights - The 2025 Financial Development Conference held in Beijing focused on the resilience and transformation paths of China's banking and insurance industry in complex environments [1] - Chengdu Bank received the "Annual Special Award for Characteristic Finance" at the conference, highlighting its innovative practices and recognition for its regional service effectiveness [1][2] - As a key financial institution in the Chengdu-Chongqing economic circle, Chengdu Bank has surpassed 1 trillion yuan in assets, achieving a total asset scale of 1.38 trillion yuan by the end of September this year [1] Group 1: Financial Innovation and Services - Chengdu Bank has developed a unique regional practice by translating the strategic requirements of the financial "Five Major Articles" into distinctive financial services [2] - The bank has established a "Four Special" service system focusing on technology finance, which includes specialized institutions, professional teams, dedicated credit, and exclusive products [3] - By the end of 2024, over 90% of the bank's technology branch clients were technology enterprises, showcasing its commitment to supporting innovation [3] Group 2: Green Finance Initiatives - Chengdu Bank has provided over 8 billion yuan in credit support to the Chengdu Public Transport Group, aiding the transition to a greener public transport system [5] - The bank's green credit balance reached 49.77 billion yuan by the end of 2024, marking a 22.87% increase year-on-year, leading the market share among provincial banks [6] - Chengdu Bank issued 3 billion yuan in green financial bonds, supporting 53 green projects and enhancing regional green transformation [6] Group 3: Inclusive Finance and Support for SMEs - The bank has created a "park + finance + scenario" service ecosystem to enhance financial services for small and micro enterprises [7] - Chengdu Bank has provided over 15 billion yuan in credit to more than 200 core enterprises, supporting over 5,000 small and micro enterprises through its supply chain finance initiatives [8] - The average interest rate for inclusive loans dropped to 3.3%, benefiting private enterprises and reducing their financing burdens [8] Group 4: Elderly Financial Services - Chengdu Bank has established a comprehensive elderly customer service system, providing prioritized and preferential services to senior clients [9] - The bank has completed standardization of service facilities and has launched a senior-friendly version of its mobile banking app to address the needs of elderly customers [10] Group 5: Digital Transformation - Chengdu Bank has built a robust digital infrastructure with a "5+2" middle platform system to support its digital transformation [11] - The bank's electronic banking customer base exceeded 6.34 million by 2024, with mobile banking active users reaching 1.39 million [12] - The bank aims to continue enhancing its financial services by focusing on technology finance, green finance, inclusive finance, elderly finance, and digital finance [12]

Investment Ratings - Banking: Overweight (Maintain) [1] - Securities: Market Weight (Maintain) [1] - Insurance: Overweight (Maintain) [1] Core Insights - The central bank's resumption of bond purchases aims to alleviate liquidity pressure on banks and enhance their lending capacity [1][4] - The securities industry has shown strong performance in the first three quarters of 2025, with a net profit of CNY 1,837.82 billion, a year-on-year increase of 61.25% [3][50] - The insurance sector is experiencing a strategic adjustment period due to changes in interest rates, with significant profit growth reported by major insurers [4] Summary by Sections Market Review - As of November 6, 2025, the banking, securities, and insurance indices have changed by +0.25%, +0.62%, and -0.67% respectively, while the CSI 300 index increased by +1.89% [12][19] - Among the sub-sectors, Chongqing Bank (+8.44%), Northeast Securities (+10.09%), and China Ping An (+1.90%) performed the best [12][19] Valuation Situation - As of November 6, 2025, the banking sector's price-to-book (PB) ratio is 0.78, with state-owned banks at 0.84 and joint-stock banks at 0.62 [21][22] - The securities sector's PB ratio is 1.54, indicating potential for valuation recovery [25] Recent Market Indicators - The one-year Medium-term Lending Facility (MLF) rate is 2.0%, with the one-year and five-year Loan Prime Rates (LPR) at 3.0% and 3.50% respectively [32][33] - The average daily trading volume of A-shares is CNY 19,673.61 billion, reflecting a decrease of 14.41% [38][40] Industry News - The insurance industry is adapting to new regulatory frameworks and interest rate changes, with a focus on optimizing product structures and enhancing profitability [43][44] - The central bank's actions are expected to provide a more stable liquidity environment for banks, especially as year-end liquidity fluctuations increase [48] Company Announcements - Major banks and insurers have reported varying earnings growth, with significant increases in net profits for companies like China Life and Xinhua Insurance [46][47]