规模保持较快扩张，对公拉动，票据回落。公司 2025 年前三季度总资产同 比增长 13.4%，2025 年 9 月末总资产超过 1.38 万亿元，增速较为稳健。资 产端，前三季度贷款（不含应计利息）同比增长 17.4%至 8462 亿元，保持较 快扩张。前三季度累计新增信贷 1049 亿元，分项来看，对公/个人/票据贷 款分别投放 989/75/16 亿元。三季度单季新增信贷 128 亿元，同比少增 18 亿元，分项来看，对公/个人/票据贷款分别投放 324/24/-220 亿元，票据规 模较上半年回落明显，对公同比多增 215 亿元，贷款增速主要由对公端贡献， 延续半年报结构趋势。9 月末，公司贷款、存款（均不含应计利息）分别较 年初增长 14.2%、11.4%。9 月末，公司核心一级资本充足率 8.77%，较年初 下滑 0.29pct，较 6 月末回升 0.16pct。 净息差环比下降，净利息收入增速回升。我们测算的公司 2025 年三季度单 季度净息差 1.45%，较二季度下降 3bps。公司前三季度净利息收入同比增长 8.2%至 147.25 亿元，增速较上半年回升 0.65pct，以量补价效果明显。 ...

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].

Market Overview - The A-share market showed overall strength on October 29, with the Shanghai Composite Index surpassing the 4000-point mark [2][3] - The ChiNext Index experienced a strong performance, with an intraday increase exceeding 2% before narrowing [3] Index Performance - As of the midday close, the Shanghai Composite Index rose by 0.37% to 4002.83 points, the Shenzhen Component Index increased by 0.90% to 13550.65 points, and the ChiNext Index gained 1.35% to 3273.28 points [4][3] Sector Performance - The non-bank financial sector saw a significant rally, particularly in brokerage stocks, which are referred to as the "bull market flag bearers" [6] - The power equipment sector led the gains, with an intraday increase approaching 3% [4] - The non-ferrous metals sector also performed strongly, with gains exceeding 2.5% [6] Notable Stocks - In the power equipment sector, stocks such as Tongguan Copper Foil (301217) hit the daily limit, while Artis (688472) surged over 13% [4][5] - In the non-bank financial sector, Huazhong Securities (600909) and Northeast Securities both reached the daily limit [7] - The non-ferrous metals sector saw notable performances from stocks like Zhongtung High-tech (000657), which hit the daily limit, and Shengxin Lithium Energy (002240) with a 7.35% increase [6] Company-Specific News - Yashi Chuangneng (603378) hit the daily limit for the fourth consecutive trading day, following a significant price increase [9] - Shikong Technology (605178) reached the daily limit for the sixth consecutive trading day, with a cumulative increase of 123.90% since September [12][14] - Both companies issued announcements regarding stock trading anomalies and potential risks associated with their rapid price increases [11][14]

资产质量方面，截至2025年9月末，成都银行不良贷款率为0.68%，拨备覆盖率433.08%；截至去年末， 该行不良贷款率为0.66%，拨备覆盖率为479.29%。 上证报中国证券网讯（记者 黄坤）10月28日，成都银行发布第三季度报告显示，该行今年前三季度实 现营收177.61亿元，同比增长3.01%；实现归母净利润94.93亿元，同比增长5.03%。 来源：上海证券报·中国证券网 ...

Market Overview - The A-share market experienced a morning rally, with the Shanghai Composite Index rising above 4000 points and the ChiNext Index increasing by over 2% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.42 trillion yuan, an increase of 71.9 billion yuan compared to the previous trading day [1] Sector Performance - The Hainan sector showed strong performance, with Zhongtung High-tech hitting the daily limit [1] - The financial sector saw a partial explosion, led by the securities sector, with Huashan Securities and Northeast Securities both reaching the daily limit [1] - The non-ferrous metals sector also strengthened, with CITIC Metals hitting the daily limit [1] - The quantum technology concept stocks were active, with Keda Guokuan, Geer Software, and Shenzhou Information all hitting the daily limit [1] Declining Stocks - The banking sector showed weakness, with Chengdu Bank declining by over 5% [1] - The logistics sector also experienced declines, contributing to the overall market dynamics [1] Closing Summary - At the close, the Shanghai Composite Index rose by 0.37%, the Shenzhen Component Index increased by 0.9%, and the ChiNext Index was up by 1.35% [1]

银行 2025 年 10 月 29 日 成都银行(601838.SH) 非息拖累营收，扩表保持积极 强烈推荐（维持） 股价：18.11 元 主要数据 | 行业 | 银行 | | --- | --- | | 公司网址 | www.bocd.com.cn | | 大股东/持股 | 成都交子金融控股集团有限公司 | | | /20.00% | | 实际控制人 | 成都市人民政府 | | 总股本(百万股) | 4,238 | | 流通 A 股(百万股) | 4,231 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 768 | | 流通 A 股市值(亿元) | 766 | | 每股净资产(元) | 20.01 | | 资产负债率(%) | 92.7 | 行情走势图 相关研究报告 【平安证券】成都银行（601838.SH）*半年报点评* 息 差降幅收窄，资产质量稳健*强烈推荐20250828 证券分析师 | 袁喆奇 | 投资咨询资格编号 | | --- | --- | | | S1060520080003 | | | YUANZHEQI052@pingan.com.cn | | 许淼 | 投资咨询资 ...

Group 1 - The A-share market saw a collective decline in bank stocks, with Chengdu Bank dropping by 5% and several others, including Xiamen Bank, Shanghai Pudong Development Bank, and Qingdao Bank, falling over 3% [1] - Specific declines included Jiangyin Bank, Qilu Bank, Hangzhou Bank, Shanghai Bank, and Hu Nong Commercial Bank, all experiencing drops exceeding 2% [1] Group 2 - Chengdu Bank's market capitalization is reported at 72.9 billion, with a year-to-date increase of 5.28% despite the recent decline of 5.08% [2] - Xiamen Bank has a market capitalization of 18.1 billion, with a year-to-date increase of 24.69%, but it fell by 3.92% today [2] - Shanghai Pudong Development Bank's market capitalization stands at 396.7 billion, with a year-to-date increase of 19.25%, experiencing a decline of 3.87% [2] - Qingdao Bank's market capitalization is 29.2 billion, with a year-to-date increase of 33.50%, and it dropped by 3.28% [2] - Jiangsu Bank has a market capitalization of 194.5 billion, with a year-to-date increase of 13.38%, and it fell by 3.11% [2] - Other banks like Jiangyin Bank, Qilu Bank, Hangzhou Bank, Shanghai Bank, and Hu Nong Commercial Bank also reported declines, with respective market capitalizations of 11.8 billion, 36.4 billion, 114.4 billion, 133.3 billion, and 82.1 billion [2]

证券研究报告 成都银行 (601838 CH) 非息扰动无碍长期韧性 华泰研究 季报点评 投资评级(维持): 买入 目标价(人民币): 23.25 沈娟 研究员 SAC No. S0570514040002 SFC No. BPN843 贺雅亭 研究员 heyating@htsc.com +(86) 10 6321 1166 蒲葭依 研究员 SAC No. S0570525090001 SFC No. BVL774 李润凌* 联系人 SAC No. S0570123090022 lirunling@htsc.com 基本数据 | 收盘价 (人民币 截至 10 月 28 日) | 18.11 | | --- | --- | | 市值 (人民币百万) | 76,758 | | 6 个月平均日成交额 (人民币百万) | 478.81 | | 52 周价格范围 (人民币) | 15.36-20.88 | 股价走势图 (10) 1 13 24 35 Oct-24 Feb-25 Jun-25 Oct-25 (%) 成都银行 沪深300 资料来源：Wind 经营预测指标与估值 | 会计年度 (人民币) | 2024 | 2 ...

Investment Rating - The report maintains an "Accumulate" rating for Chengdu Bank (601838.SH) with a current price of 18.11 CNY [1]. Core Views - Chengdu Bank's revenue for the first three quarters of 2025 reached 17.8 billion CNY, a year-on-year increase of 3%, while net profit attributable to shareholders was 9.5 billion CNY, up 5% year-on-year [2]. - The bank's return on average equity (ROAE) stands at 15.2%, reflecting a year-on-year decline of 2.4 percentage points [2]. - The bank's performance shows resilience in profit growth despite a slowdown in revenue and profit growth rates compared to the first half of the year [3]. Summary by Sections Financial Performance - Chengdu Bank's revenue, pre-provision profit, and net profit growth rates for the first three quarters of 2025 were 3%, 2.4%, and 5% respectively, indicating a decline in growth rates compared to the first half of the year [3]. - Net interest income and non-interest income growth rates were 8.2% and -16.5% respectively, with non-interest income showing a significant negative growth [3]. Asset and Loan Growth - As of the end of Q3 2025, Chengdu Bank's interest-earning assets and loans grew by 13.9% and 17.4% year-on-year, indicating a steady expansion in scale [4]. - The bank's corporate loans showed strong growth, while retail loans faced pressure, with corporate loans growing at 19% year-on-year [4]. Liability and Deposit Trends - The growth rate of interest-bearing liabilities and deposits was 11.4% and 12.6% respectively, showing a slight slowdown compared to the previous quarter [5]. - The trend towards more fixed-term deposits continues, with a significant increase in the proportion of fixed-term deposits [5]. Non-Interest Income - Non-interest income for the first three quarters was 3.04 billion CNY, down 16.5% year-on-year, with a notable decline in net fee and commission income [6]. - The bank's other non-interest income also decreased by 13% year-on-year, affected by fluctuations in the bond market [7]. Asset Quality and Risk Management - Chengdu Bank's non-performing loan (NPL) ratio was 0.68% at the end of Q3 2025, indicating stable asset quality [7]. - The bank's provision coverage ratio remains high at 433.1%, reflecting strong risk absorption capacity [8]. Capital Adequacy - As of the end of Q3 2025, the bank's core tier 1 capital ratio, tier 1 capital ratio, and total capital ratio were 8.77%, 10.52%, and 14.39% respectively, showing an increase from the previous quarter [8]. - The issuance of 11 billion CNY in perpetual bonds has effectively supplemented the bank's capital [8]. Earnings Forecast and Valuation - Chengdu Bank is expected to benefit from strategic opportunities in the Chengdu metropolitan area, with EPS forecasts for 2025-2027 at 3.16, 3.27, and 3.35 CNY respectively [9]. - The current stock price corresponds to PB valuations of 0.86, 0.77, and 0.70 for 2025-2027, and PE valuations of 5.73, 5.53, and 5.41 [9].

Group 1 - The article highlights the top 20 stocks in the S&P China A-Share Dividend Opportunity Index, showcasing their daily and year-to-date performance along with dividend yields [1] - Xiamen Bank (601187.SH) leads with a daily increase of 5.46% and a year-to-date increase of 29.77%, offering a dividend yield of 4.34% [1] - Other notable performers include Jian Sheng Group (603558.SH) with a daily rise of 5.40% and a year-to-date increase of 13.62%, and Jinbei Electric (002533.SZ) with a daily increase of 5.28% and a year-to-date increase of 37.17% [1] Group 2 - The article also mentions that MACD golden cross signals have formed, indicating a positive trend for certain stocks [3]