Investment Rating - The investment rating for Chengdu Bank is "Buy-A" with a target price of 21.94 CNY, compared to the current stock price of 18.11 CNY as of October 28, 2025 [5]. Core Views - Chengdu Bank's performance remains stable, with a revenue growth rate of 3.01% and a net profit growth rate of 5.03% for the first three quarters of 2025. The bank's asset expansion is steady, but net non-interest income has declined significantly [1][10]. - The bank is focusing on enhancing service quality for the real economy and has increased support for key manufacturing sectors, while also optimizing retail loan products [2][10]. - The bank's asset quality remains strong, with a non-performing loan ratio of 0.68% and a provision coverage ratio of 433.08% [9][10]. Summary by Sections Financial Performance - Chengdu Bank's total assets grew by 13.39% year-on-year as of Q3 2025, with a net increase of 130 billion CNY in assets during the quarter [1]. - The bank's total liabilities increased by 12.13% year-on-year, with total deposits growing by 12.64% [2]. - The net interest margin decreased by 8 basis points year-on-year, but the decline has slowed compared to the first half of the year [3]. Loan and Deposit Trends - Corporate loans grew by 16.48% year-on-year, but the growth rate has slowed compared to the previous quarter [2]. - Retail loans increased by 10.17% year-on-year, maintaining a leading position in the industry despite a decrease in growth rate [2]. - The bank's deposit structure shows a trend towards more term deposits, with the proportion of term deposits rising to 71.27% [2]. Non-Interest Income and Asset Quality - Non-interest income saw a significant decline of 52.86% year-on-year, primarily due to losses in investment income [9]. - Chengdu Bank's asset quality remains among the best in the industry, with a focus on risk management and a low non-performing loan ratio [9][10]. Future Outlook - The bank is expected to achieve a revenue growth of 4.12% and a net profit growth of 5.53% in 2025, supported by its strong asset quality and stable interest margin [10].

Market Overview - The A-share market experienced a strong rally on October 29, with the Shanghai Composite Index surpassing 4000 points, reaching a 10-year high. The ChiNext Index rose nearly 3%, and the North Exchange 50 Index surged over 8% [1][2]. Shanghai Composite Index - The Shanghai Composite Index closed at 4016.33 points, up 0.7%. The Shenzhen Component Index increased by 1.95% to 13691.38 points, while the ChiNext Index rose by 2.93% to 3324.27 points. The North Exchange 50 Index saw a significant increase of 8.41% [2][4]. Trading Volume - The total trading volume across the Shanghai, Shenzhen, and North exchanges reached 22909 billion yuan, an increase of approximately 1250 billion yuan compared to the previous day [2]. Sector Performance Photovoltaic Industry - The photovoltaic sector saw explosive growth, with stocks like Sungrow Power Supply rising over 15%, reaching a historical high. Other companies such as Longi Green Energy, Tongwei Co., and JA Solar Technology also hit their daily limit [2][9]. - The market capitalization of Sungrow Power Supply is now nearly 400 billion yuan [9]. Nonferrous Metals Sector - The nonferrous metals sector performed strongly, with companies like China Tungsten High-Tech and Jiangxi Copper nearing their daily limit. The sector was driven by rising prices in tungsten and aluminum [13][15]. - Tungsten prices have increased due to growing demand and supply constraints, with black tungsten concentrate prices rising to 288,000 yuan per ton [15]. Securities Sector - The securities sector also saw gains, with companies like Huashan Securities and Northeast Securities reaching their daily limit during intraday trading [2]. Hainan Free Trade Zone - Stocks related to the Hainan Free Trade Zone, such as Hainan Development and Hainan Airlines, also experienced significant gains, hitting their daily limit [2]. Regulatory Developments - The China Securities Regulatory Commission (CSRC) announced plans to improve the listing mechanism for the North Exchange, aiming to enhance the quality of listed companies and stimulate market activity [7]. Future Outlook - Analysts suggest that the recent adjustments in the North Exchange have created new valuation opportunities, particularly for newly listed companies with strong profit potential and innovative attributes [7]. Conclusion - The A-share market's strong performance on October 29 reflects a shift in investor focus towards sectors like photovoltaic and nonferrous metals, driven by regulatory support and improving market conditions [1][2][7].

Investment Rating - The report maintains a "Buy" rating for Chengdu Bank [1] Core Insights - Chengdu Bank's revenue for the first nine months of 2025 reached 17.76 billion yuan, a year-on-year increase of 3.0%, while net profit attributable to shareholders was 9.49 billion yuan, up 5.0% year-on-year [4][6] - The report highlights that the slowdown in revenue and performance is primarily due to non-interest income pressures, with non-interest income declining by 16.5% year-on-year [6][8] - The bank's interest income grew by 8.2% year-on-year, contributing significantly to revenue growth [6][8] - Asset quality remains strong, with a non-performing loan (NPL) ratio of 0.68% and a provision coverage ratio of 433% [6][10] Financial Data and Profit Forecast - Chengdu Bank's total revenue is projected to grow from 21.70 billion yuan in 2023 to 26.55 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 6.58% [5] - Net profit is expected to increase from 11.67 billion yuan in 2023 to 16.14 billion yuan in 2027, with a CAGR of about 10.35% [5] - The bank's return on equity (ROE) is forecasted to decline from 18.78% in 2023 to 14.90% in 2027 [5] Loan Growth and Market Position - Loan growth remains robust, with a year-on-year increase of 17.4% in Q3 2025, driven primarily by corporate lending [6][9] - The bank's corporate loans account for a significant portion of total loans, indicating a strong focus on the corporate sector [9] - The report emphasizes the importance of balancing growth in retail and corporate lending to enhance overall business capabilities [6][10]

Investment Rating - The investment rating for the company is "Neutral" [6] Core Views - The company has maintained a stable performance in terms of revenue and profit, with a year-on-year revenue of 17.76 billion yuan and a net profit attributable to shareholders of 9.49 billion yuan for the first three quarters of 2025, reflecting growth rates of 3.01% and 5.03% respectively [1] - The company's total assets grew by 13.4% year-on-year, exceeding 1.38 trillion yuan as of September 2025, with loans increasing by 17.4% to 846.2 billion yuan [2] - The net interest margin decreased to 1.45% in the third quarter, while net interest income rose by 8.2% to 14.725 billion yuan [3] - The asset quality remains strong, with a non-performing loan ratio of 0.68% and a provision coverage ratio of 433.08% as of September 2025 [3] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 177.61 billion yuan and a net profit of 94.93 billion yuan, with respective year-on-year growth rates of 3.01% and 5.03% [1] - The annualized weighted ROE for the first three quarters was 15.20%, a decrease of 2.35 percentage points year-on-year [1] Asset Growth - The company’s total assets increased by 13.4% year-on-year, reaching over 1.38 trillion yuan by the end of September 2025 [2] - Loans (excluding accrued interest) grew by 17.4% to 846.2 billion yuan, with a total of 1,049 billion yuan in new credit issued during the first three quarters [2] Income Sources - The net interest income for the first three quarters was 14.725 billion yuan, with an increase of 8.2% year-on-year [3] - Non-interest income decreased by 16.5% to 3.036 billion yuan, primarily due to a 35.2% drop in net fee and commission income [3] Asset Quality - The non-performing loan ratio stood at 0.68%, with a provision coverage ratio of 433.08% as of September 2025 [3] - The company’s attention ratio decreased to 0.37%, indicating a stable asset quality [3] Profit Forecast - The company is expected to achieve net profits of 14 billion yuan, 15.1 billion yuan, and 16.2 billion yuan for the years 2025, 2026, and 2027 respectively, with year-on-year growth rates of 8.8%, 7.6%, and 7.7% [4][5]

Market Overview - The A-share market experienced a significant rally, with the Shanghai Composite Index surpassing 4000 points and the North Exchange 50 Index soaring over 8% [3][11] - By the end of the trading day, the Shanghai Composite Index rose by 0.7%, the Shenzhen Component Index increased by 1.95%, and the ChiNext Index climbed by 2.93% [3][4] Sector Performance - The photovoltaic and energy storage sectors saw a strong surge, with companies like Longi Green Energy and Tongwei Co. hitting the daily limit [5][6] - Lithium mining stocks also performed well, with firms such as Dazhong Mining reaching their upper limit [7] - The non-ferrous metals sector experienced a boost, with companies like Chang Aluminum and Jiangxi Copper showing significant gains [8] Policy and Regulatory Developments - The chairman of the Beijing Stock Exchange announced plans to accelerate the launch of the North Exchange 50 ETF and explore after-hours fixed-price trading to enhance trading convenience [11][12] - The Ministry of Commerce and other departments released the "Urban Commercial Quality Improvement Action Plan," aiming to enhance urban commercial systems and promote new consumption scenarios [12][13] - Beijing's financial authorities introduced policies to support venture capital and equity investment, as well as to facilitate mergers and acquisitions for high-quality development [12][14] - The State Administration of Foreign Exchange announced measures to promote cross-border trade and support foreign trade development [14] International Relations - A significant meeting between the leaders of China and the United States is scheduled, which is expected to address strategic and long-term issues in bilateral relations [14]

城商行Ⅱ 详解成都银行 2025 三季报： 业绩表现稳健，贷款维持高增，资产质量优异 成都银行（601838.SH） 证券研究报告/公司点评报告 2025 年 10 月 29 日 | 评级： | 增持（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | | 2024A | 2025E | 2026E | 2027E | | | | 营业收入（百万元） | 21,701 | | 22,980 | 24,199 | 26,376 | 28,401 | | 分析师：戴志锋 | | 增长率 yoy% | 7.2% | | 5.9% | 5.3% | 9.0% | 7.7% | | 执业证书编号：S0740517030004 | | 归母净利润（百万元） | 11,670 | | 12,858 | 13,647 | 14,585 | 15,836 | | Email：daizf@zts.com.cn | | 增长率 yoy% | 16.2% | | 10.2% | ...

Investment Rating - The investment rating for the company is "Neutral" [6] Core Views - The company maintains a stable performance with rapid expansion in scale, achieving revenue and net profit of 17.76 billion yuan and 9.49 billion yuan respectively in the first three quarters of 2025, with year-on-year growth of 3.01% and 5.03% [1][4] - The annualized weighted ROE for the first three quarters of 2025 is 15.20%, which is a decline of 2.35 percentage points year-on-year but still above the industry average [1] - The growth in performance is primarily attributed to the drag from net interest margin and non-interest income, although the company maintains a significantly higher asset growth rate compared to the industry average [1] Summary by Sections Financial Performance - In the first three quarters of 2025, the company achieved a total asset growth of 13.4%, exceeding 1.38 trillion yuan by the end of September [2] - Loans (excluding accrued interest) increased by 17.4% to 846.2 billion yuan, with a total of 104.9 billion yuan in new credit issued [2] - The net interest income for the first three quarters grew by 8.2% to 14.725 billion yuan, while non-interest income decreased by 16.5% to 3.036 billion yuan [3] Asset Quality - The non-performing loan ratio as of September is 0.68%, which is a slight increase of 2 basis points from June but remains at a low level [3] - The provision coverage ratio is 433.08%, down 19.57 percentage points from June, but still maintains a high level [3] Profit Forecast and Valuation - The company is expected to achieve net profits of 14 billion yuan, 15.1 billion yuan, and 16.2 billion yuan for the years 2025 to 2027, with year-on-year growth rates of 8.8%, 7.6%, and 7.7% respectively [4][5] - The diluted EPS is projected to be 3.29 yuan, 3.54 yuan, and 3.82 yuan for the same period, with corresponding PE ratios of 5.6, 5.2, and 4.8 [4][5]

Core Insights - The report highlights concerns regarding the independence of the Federal Reserve, particularly in light of political pressures, which may impact the macroeconomic narrative and the valuation of the US dollar [2] - The report provides a detailed analysis of various companies, focusing on their financial performance and strategic initiatives [3][4][5][6][7][8][10][11][12][17][19][20][22][24][25][26][27][28][30][31] Company Summaries - **Lihigh Food (300973 CH, Buy)**: The company reported revenue of 3.14 billion and net profit of 250 million for the first three quarters of 2025, showing year-on-year growth of 15.7% and 22.0% respectively. Despite pressure on gross margins due to rising palm oil prices, effective cost control has helped maintain profitability [3] - **Red Flag Chain (002697 CH, Accumulate)**: The company achieved revenue of 7.11 billion in the first three quarters of 2025, a year-on-year decrease of 8.5%. The net profit was 383 million, down 1.9% year-on-year. The company is focusing on internal management and cost reduction to improve profitability [4] - **Kanglong Chemical (300759 CH, Buy)**: The company reported revenue of 10.086 billion and adjusted net profit of 1.227 billion for the first three quarters of 2025, reflecting year-on-year growth of 14.4% and 10.8% respectively. The company has raised its revenue growth guidance for 2025 from 10-15% to 12-16% [5] - **Zhou Dasheng (002867 CH, Buy)**: The company reported revenue of 6.772 billion for the first three quarters of 2025, a decline of 37.3% year-on-year, while net profit increased by 3.1%. The growth in net profit is attributed to a higher proportion of high-margin products [6] - **Aimeike (300896 CH, Buy)**: The company reported revenue of 566 million in Q3 2025, down 21.3% year-on-year, with a net profit of 304 million, down 34.6%. The company is focusing on expanding its product pipeline and international market presence [7] - **Leixin Technology (688018 CH, Accumulate)**: The company achieved revenue of 1.912 billion in the first three quarters of 2025, a year-on-year increase of 30.97%. Despite a slight decline in Q3 revenue, the company is expanding its market presence in high-performance SoC [8] - **Zhongke Chuangda (300496 CH, Buy)**: The company reported revenue of 5.148 billion for the first three quarters of 2025, reflecting a year-on-year increase of 39.34%. The growth is driven by the AIOT sector [9] - **Yihua (301029 CH, Buy)**: The company reported revenue of 736 million in Q3 2025, up 17.52% year-on-year, with a net profit of 136 million, up 28.59%. The growth is attributed to the continued demand in lithium battery and automotive sectors [10] - **Huazhi Technology (688281 CH, Buy)**: The company reported revenue of 285 million in Q3 2025, a year-on-year increase of 12.85%. The company is focusing on its leading position in stealth materials [11] - **Chengdu Bank (601838 CH, Buy)**: The bank reported a net profit of 5.0% and revenue growth of 3.0% for the first nine months of 2025, indicating stable performance despite non-interest income fluctuations [12] - **Yun Tianhua (600096 CH, Buy)**: The company reported revenue of 12.6 billion in Q3 2025, a year-on-year decrease of 14%, but net profit increased by 24%. The company benefits from strong export demand for phosphate products [13] - **Funi Co., Ltd. (600483 CH, Buy)**: The company reported revenue of 3.666 billion in Q3 2025, down 4.04% year-on-year, but net profit increased by 11.53%. The company is focusing on its project reserves and renewable energy contributions [14] - **Hongcheng Environment (600461 CH, Buy)**: The company reported revenue of 1.738 billion in Q3 2025, up 2.41% year-on-year, with net profit of 324 million, reflecting stable operational performance [15] - **Op Lighting (603515 CH, Accumulate)**: The company reported revenue of 1.692 billion in Q3 2025, down 0.59% year-on-year, with net profit of 208 million, down 12.22%. The company is expected to recover as the housing market stabilizes [16] Industry Insights - The macroeconomic environment is influenced by political pressures on the Federal Reserve, which may affect market confidence and asset valuations [2] - The food and beverage sector is experiencing mixed performance, with some companies managing to maintain profitability through cost control and strategic initiatives [3][4][5][6] - The healthcare and pharmaceutical sectors are showing resilience, with companies reporting steady revenue growth and improved cash flow [7][8][9] - The technology sector, particularly in AI and IoT, is witnessing significant growth, driven by increased demand for advanced solutions [10][11][12] - The banking sector is showing stable performance, with banks managing to maintain profitability despite fluctuations in non-interest income [13][14] - The energy sector is focusing on renewable energy projects, with companies looking to expand their project reserves and improve operational efficiency [15][16]

Investment Rating - The investment rating for the company is "Neutral" [6] Core Views - The company maintains a stable performance with rapid expansion in scale, achieving revenue and net profit of 17.76 billion yuan and 9.49 billion yuan respectively in the first three quarters of 2025, with year-on-year growth of 3.01% and 5.03% [1][4] - The company's annualized weighted ROE for the first three quarters of 2025 is 15.20%, which is still relatively high compared to peers, despite a year-on-year decline of 2.35 percentage points [1][3] - The growth in performance is primarily attributed to the drag from net interest margin and non-interest income, although the company maintains a significantly higher asset growth rate than the industry average [1][2] Summary by Sections Financial Performance - In the first three quarters of 2025, the company achieved a total asset growth of 13.4%, exceeding 1.38 trillion yuan by the end of September [2] - Loans (excluding accrued interest) increased by 17.4% to 846.2 billion yuan, with a total of 104.9 billion yuan in new credit issued [2] - The net interest income for the first three quarters grew by 8.2% to 14.725 billion yuan, while non-interest income decreased by 16.5% to 3.036 billion yuan [3] Asset Quality - The non-performing loan ratio as of September is 0.68%, which is still at a low level despite a slight increase from June [3] - The provision coverage ratio stands at 433.08%, maintaining a high level despite a decrease of 19.57 percentage points from June [3] Profit Forecast and Valuation - The company is expected to achieve net profits of 14 billion yuan, 15.1 billion yuan, and 16.2 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 8.8%, 7.6%, and 7.7% [4][5] - The diluted EPS is projected to be 3.29 yuan, 3.54 yuan, and 3.82 yuan for the same years, with corresponding PE ratios of 5.6, 5.2, and 4.8 [4][5]

Core Viewpoint - The A-share market is experiencing a bullish trend, with the Shanghai Composite Index surpassing 4000 points, driven by strong performances in sectors such as non-ferrous metals and electric power [2][3]. Market Performance - As of the midday close, the Shanghai Composite Index rose by 0.37%, the Shenzhen Component increased by 0.9%, and the ChiNext Index gained 1.35% [2]. - The total market turnover reached 1.43 trillion CNY, showing a slight increase compared to the previous day [3]. Sector Highlights - The non-ferrous metals and electric power sectors saw significant gains, with stocks like copper foil and electric power equipment experiencing notable price increases [5][10]. - The brokerage sector, referred to as the "bull market flag bearer," also performed well, with several stocks hitting the daily limit up [5][10]. Notable Stocks - Copper Crown Copper Foil (39.89 CNY, +20.01%) and other electric power stocks like Shanghai Electric (30.14 CNY, +10.00%) showed strong upward movements [7][8]. - The tungsten sector also performed well, with stocks like Zhongtung High-tech and Zhongfu Industrial seeing significant gains [11]. Banking Sector - The banking sector faced a collective downturn, with 41 out of 42 bank stocks declining, including notable drops in Chengdu Bank (down over 5%) and Xiamen Bank (down nearly 4%) [12][13].