重要内容提示： 证券代码：601838 证券简称：成都银行 公告编号：2025-063 成都银行股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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。 于 2025 年 11 月 7 日（星期五）下午 15:00-16:00 召开 2025 年第三季 度业绩说明会，就投资者普遍关注的问题进行交流。 一、说明会类型 本次业绩说明会以网络文字互动形式召开，公司将就 2025 年第三 季度业绩和经营情况与投资者进行互动交流和沟通，在信息披露允许的 范围内就投资者普遍关注的问题进行交流。 二、说明会召开的时间、地点 （一）召开时间：2025 年 11 月 7 日（星期五）下午 15:00-16:00 1.会议召开时间：2025 年 11 月 7 日（星期五）下午 15:00-16:00 2.会议召开地点：全景网"投资者关系互动平台"（网址： https://ir.p5w.net） 3.会议召开形式：网络文字互动 4.投资者可于 2025 年 11 月 5 日（星期三）17:00 ...

Macro and Strategy - The macroeconomic analysis indicates a significant deviation between traditional GDP calculations and official figures, suggesting a structural transformation in the economy, moving away from traditional infrastructure and real estate investments [9][10] - The focus of future policies is expected to shift from "investment in objects" to "investment in people," emphasizing urban renewal and service industry development [10] Industry and Company Analysis - New Hope Liuhe (002001.SZ) reported a resilient performance with a 5.45% year-on-year increase in revenue to 16.642 billion yuan and a 33.37% increase in net profit to 5.321 billion yuan for the first three quarters of 2025 [20] - Cloud Map Holdings (002539.SZ) experienced a slight revenue decline of 4.73% in Q3, but the core business remains stable with a net profit of 1.64 billion yuan [23] - Kingfa Sci. & Tech. (600143.SH) achieved a 22.62% increase in revenue to 49.616 billion yuan and a 55.86% increase in net profit to 10.65 billion yuan for the first three quarters of 2025, driven by product structure optimization [26] - Aiwai Electronics (688798.SH) reported a 55% increase in net profit for the first three quarters, with a revenue of 2.176 billion yuan, reflecting strong performance in the consumer electronics sector [30] - The overall performance of the food industry, including companies like Sanquan Foods (002216.SZ) and Haitian Flavoring (603288.SH), shows a trend of revenue stabilization and cost control despite market challenges [8][30] Fixed Income Strategy - The convertible bond market is experiencing a significant increase in public fund holdings, with a total of 316.6 billion yuan, despite a decrease in overall market size [12][13] - The strategy suggests a focus on sectors like lithium batteries, semiconductors, and pharmaceuticals for potential high returns, while advising caution in financial and consumer sectors [11][12] Commodity Market Insights - The gold market is witnessing a pivotal moment as prices approach 4400 USD/oz, indicating a challenge to the dollar's dominance and a potential shift in global reserve currency dynamics [18][19] - The fertilizer market, particularly for compound fertilizers, remains stable, although sales have been impacted by extreme weather conditions [24][25]

2025 年 10 月 30 日 晨会速递 分析师点评 市场数据 总量研究 【宏观】理解"十五五"规划的三个定量指标——《"十五五"规划》系列报告三 我们认为理解以下三个定量指标给未来五年时期的经济发展划定了清晰的路线：第 一，全要素生产率稳步提升。第二，居民消费率明显提高，内需拉动经济增长主动力 作用持续增强。第三，将经济增长保持在合理区间。 【策略】市场突破新高，或持续强势表现——2025 年 11 月 A 股及港股月度金股组合 2025 年 11 月 A 股金股组合：顺络电子、奥来德、中际旭创、杭叉集团、三一重工、 争光股份、海尔智家、中国石油、紫金矿业、上海临港。 2025 年 11 月港股金股组 合：新华保险、中国人寿、腾讯控股、中芯国际、华虹半导体。 【高端制造】把握科技主线，关注内外需复苏—— 高端制造 2026 年投资策略(买入) 2026 年将会是人形机器人突破性的一年，我们坚定看好人形机器人产业；功率密度 提升与 PUE 下降驱动液冷行业渗透率提升；PCB 厂商加速扩展高端 PCB 产能，预计 PCB 设备行业高景气度有望持续；固态电池材料端研发成果不断落地，设备端订单陆 续落地，市场需求 ...

不良率略有上浮，前瞻指标改善：公司9M25 末贷款不良率0.68%，较1H25 末+2bp，不良率维持低位， 边际略上浮或系零售端拖累；9M25 末贷款关注率0.37%，较1H25 末-7bp，资产质量前瞻指标有改善。 总体来看公司资产质量维持平稳，总体风险可控。 投资建议：成渝地区基建项目需求旺盛，成都银行深耕成渝经济圈，同地方经济深度绑定，贷款有望持 续高增，后续随负债成本进一步优化，公司业绩增速有望稳中向好，维持"推荐"评级。预计2025-2027 年公司归母净利润分别为136.6、147.2、160.5 亿元，同比+6.2%、+7.8%、+9.0%，当前收盘价对应PB 分别为0.86、0.77、0.69 倍。 风险提示：政策落地不及预期；息差收窄超预期；资产质量波动。 事件：10/28，成都银行披露2025 年三季报，公司9M25 实现营收177.6亿元，同比+3.0%，增速较1H25 -2.9pct；实现归母净利润94.9 亿元，同比+5.0%，增速较1H25 -2.3pct。 利息收入较快增长，其他非息收入承压：1）净利息收入增长提速，主要得益于息差拖累减弱。9M25 公司实现净利息收入147.2 ...

证券研究报告 | 2025 年 10 月 30 日 晨会集萃 制作：产品中心 重点推荐 《策略|超配电子、通信、电力设备——主动偏股基金 25Q3 重仓股分析》 1、公募基金 25Q3 在电子、通信仓位均达到历史极值。其中电子板块配 置比例从 25Q2 的 18.67%提升至 Q3 的 25.53%，且相对全 A 的超配比例从 25Q2 的+9.1%提升至 25Q3 的+12.75%，是唯一一个相对全 A 超配比例大 于 10%的一级行业。另外，通信、电力设备、有色、传媒是另外四个满足 【Q2 超配且 Q3 进一步超配】的行业，电子、通信、电力设备、有色均 在 25Q3 有较优表现，公募在 25Q3 的偏好进一步集中。2、超配情况看， 电子、通信、电力设备超配比例为全行业前 3。以万得全 A 配置比例为基 准，电子、通信、电力设备超配比例上升，家用电器、食品饮料、汽车超 配比例下降。3、重仓股：在基金重仓前 500 公司中，25Q3 中游制造、 下游原料行业公司排名上升率较高。从重仓股前 500 公司来看，电子、 电力设备、医药生物公司数量位列前三，这三个行业的重仓股前 500 中 的排名上升个股数量占比分别 ...

Group 1 - The company achieved revenue and net profit of 17.761 billion yuan and 9.493 billion yuan respectively in the first three quarters of 2025, with year-on-year growth of 3.01% and 5.03%, showing a decline in growth rates compared to the first half of the year [1] - Total assets grew by 13.4% year-on-year, exceeding 1.38 trillion yuan by the end of September 2025, indicating steady expansion [1] - The company's net interest margin for Q3 2025 was 1.45%, a decrease of 3 basis points from Q2, while net interest income increased by 8.2% year-on-year to 14.725 billion yuan, reflecting a recovery in growth rate [1] - The non-performing loan ratio was 0.68% at the end of September, a slight increase of 2 basis points from June, but still at a low level, with a provision coverage ratio of 433.08% [1]

Market Overview - The A-share market experienced a significant rally, with all three major indices rising, particularly the ChiNext Index, which increased nearly 3%, reaching a new high for the year. The Shanghai Composite Index rose above 4000 points again, and the North Star 50 Index surged over 8% [1] - By the market close, the Shanghai Composite Index was up 0.7%, the Shenzhen Component Index rose 1.95%, and the ChiNext Index increased by 2.93%. The trading volume in the Shanghai and Shenzhen markets reached 2.26 trillion, an increase of 10.82 billion compared to the previous trading day [1] Key Sectors - The energy storage sector showed strong performance, with Sunshine Power hitting a new high and Tongrun Equipment reaching the daily limit. The photovoltaic sector also saw explosive growth, with multiple stocks like Longi Green Energy and Tongwei Co. hitting the daily limit. The non-ferrous metals sector quickly surged, with Zhongfu Industrial reaching the daily limit. The Hainan sector performed well throughout the day, with companies like China Tungsten High-Tech and Hainan Airlines hitting the daily limit. Conversely, bank stocks collectively declined, with Chengdu Bank dropping nearly 6% [1] Positive Catalysts - **Policy Support**: The approval of the "14th Five-Year Plan" has clarified the development direction of technological self-reliance, injecting strong confidence into the market [2] - **Funding Environment**: The gradual implementation of policies to attract medium- and long-term funds into the market, along with continuous inflows of foreign capital, is providing additional financial support [3] - **External Environment**: There is a widespread expectation that the Federal Reserve will lower interest rates in October, which could enhance global market risk appetite. Additionally, a meeting between Chinese President Xi Jinping and U.S. President Donald Trump is scheduled for October 30, which may address issues of mutual concern in U.S.-China relations [4] Market Phases - The current market is in the second phase of a slow bull market, transitioning from 4000 points to around 5000 points. This phase is characterized by regulatory support and a shift in investor perception towards a more stable growth trajectory, moving away from speculative trading [6][8] - The first phase was from below 3000 points to 4000 points, where the market was nurtured but investors were skeptical about a sustained bull market. The third phase, expected to be from 5000 points onwards, will confirm the slow bull market as investors gain confidence [6][7] Investment Directions - Future investment opportunities may include: 1. Technology growth sectors benefiting from precise policy support and global technological resonance, such as domestic computing power (GPU/servers/optical modules), industrial mother machines, and national defense industries [10] 2. Strategic emerging industries, including 6G, quantum computing, AI, robotics, and nuclear fusion [11] 3. Sectors benefiting from domestic consumption and anti-involution trends, such as traditional industries like steel, coal, non-ferrous metals, building materials, and emerging manufacturing sectors like photovoltaics [12]

值得注意的是，成都银行在贷款方面"对公强、零售弱"情况延续，第三季度零售贷款新增24亿元，较上 年同期少增29亿元，截至三季度末，成都银行零售贷款同比增速降至10.2%，较二季度末环比下降2.7个 百分点，增速差距较对公业务拉大近9个百分点。对公业务的快速扩张推动了成都银行的规模增长，但 也带来了业务单一的风险。 近日，成渝双城经济圈资产规模居前的两家上市城商行——重庆银行、成都银行相继发布三季报。成都 银行以稳健的规模基数与盈利质量巩固西南龙头地位，重庆银行则凭借双位数增速与资产结构优化展现 强劲发展势能。在成渝地区双城经济圈建设持续推进的背景下，两家银行的差异化表现，折射出区域金 融发展的多元轨迹。 营收：成都银行单季波动暴露结构隐忧 10月28日晚，成都银行发布2025年第三季度报告显示，第三季度该行实现营业收入54.91亿元，同比下 降2.92%；归属于母公司股东的净利润为28.76亿元，同比增长0.17%；今年前三季度，该行实现营业收 入177.6亿元，同比增长3.01%；归属于母公司股东的净利润为94.93亿元，同比增长5.03%。资产利润率 （年化）0.96%，加权平均净资产收益率11.40%。 ...

Core Insights - A total of 295 stocks received buy ratings from institutions today, with notable upgrades for Shanghai Jahwa, Shuangliang Energy, and Crystal Optoelectronics, while 7 stocks received initial attention from institutions [1][2] Group 1: Institutional Ratings - 432 buy rating records were published today, with Chengdu Bank receiving the highest attention at 8 buy ratings [1] - Among the stocks rated, 149 provided future target prices, with 5 stocks showing an upside potential exceeding 50%, led by Haise Science with a target price of 92.88 yuan, indicating an upside of 82.87% [1] - 7 stocks received initial attention from institutions, including Daotong Technology and Keri Technology [1] - 3 stocks had their ratings upgraded, including Shanghai Jahwa and Shuangliang Energy [1] Group 2: Market Performance - Stocks with buy ratings averaged a gain of 1.23%, outperforming the Shanghai Composite Index [1] - 189 stocks saw price increases, with notable gainers including Litong Technology, Jibite, and Zhongtung High-tech, which hit the daily limit [1] - Significant declines were observed in stocks like Kaili Medical, ZTE Corporation, and Nobon Co., with drops of 11.39%, 6.46%, and 6.45% respectively [1] Group 3: Earnings Performance - Among the rated stocks, 292 have reported Q3 earnings, with Optoelectronics achieving a net profit of 24.67 million yuan, a year-on-year increase of 2131.96% [2] - Other notable performers include Light Media and Juyi Technology, with net profit growth rates of 406.78% and 359.88% respectively [2] Group 4: Industry Focus - The electronics sector is the most favored, with 30 stocks including Crystal Optoelectronics and Guocera Materials making the buy rating list [2] - Machinery and automotive sectors also received attention, with 24 and 21 stocks respectively featured in the buy rating list [2]

Core Viewpoint - The city commercial bank sector experienced a decline of 2.43% on October 29, with Chengdu Bank leading the drop, while the overall stock market indices showed an increase [1][2]. Market Performance - The Shanghai Composite Index closed at 4016.33, up 0.7% - The Shenzhen Component Index closed at 13691.38, up 1.95% [1]. Individual Stock Performance - Chengdu Bank saw a significant decline of 5.74%, closing at 17.07 - Other notable declines included Xiamen Bank (-4.90%), Jiangsu Bank (-3.84%), and Qingdao Bank (-3.66%) [2]. - Chongqing Bank was one of the few gainers, with a slight increase of 0.84%, closing at 10.76 [1]. Trading Volume and Turnover - Chengdu Bank had a trading volume of 1.298 million shares, with a turnover of 22.27 million yuan - Jiangsu Bank had a trading volume of 2.039 million shares, with a turnover of 2.164 billion yuan [2]. Capital Flow Analysis - The city commercial bank sector saw a net outflow of 742 million yuan from institutional investors, while retail investors contributed a net inflow of 410 million yuan [2]. - The data indicates that speculative funds had a net inflow of 331 million yuan [2]. Individual Stock Capital Flow - Qingdao Bank had a net inflow of 61.11 million yuan from institutional investors, while it experienced a net outflow of 59.42 million yuan from speculative funds [3]. - Nanjing Bank also saw a net inflow of 43.97 million yuan from institutional investors, but a net outflow of 34.08 million yuan from speculative funds [3].