Core Viewpoint - The Hongli Low Volatility ETF (512890) experienced a slight decline of 0.25% on September 1, closing at 1.191 yuan, with a trading volume of 4.81 billion yuan, leading among similar ETFs [1][2]. Trading Performance - The ETF's trading performance included a turnover rate of 2.33% and a five-day decline of 2.30%, while it showed a 60-day increase of 1.88% [2][3]. - Recent trading data indicates a narrowing trend in fund outflows, with a net outflow of 66.43 million yuan over the last five trading days and a total net outflow of 1.04 billion yuan over the past 20 days, but a net inflow of 2.51 billion yuan over the last 60 days [2][3]. Fund Composition - The ETF's top holdings showed mixed performance, with notable declines in stocks such as Chengdu Bank (-1.46%) and Industrial Bank (-2.68%), while Sichuan Road and Bridge saw an increase of 2.89% [3][4]. - The ETF's total market value as of August 29, 2025, was 206.33 billion yuan, with a cumulative return rate of 138.34% since its inception in December 2018, ranking 54th among 502 similar products [5]. Investment Recommendations - Analysts suggest focusing on banks with high dividend yields and strong asset quality, particularly smaller regional banks like Chengdu Bank and Jiangsu Bank, as well as banks with potential for ROE improvement such as China Merchants Bank and Ningbo Bank [4].

Core Viewpoint - Chengdu Bank's stock price has experienced fluctuations, with a current price of 18.10 CNY per share, reflecting a year-to-date increase of 11.60% but a recent decline over the past 20 and 60 days [1] Financial Performance - For the first half of 2025, Chengdu Bank reported a net profit of 6.617 billion CNY, representing a year-on-year growth of 7.29% [1] - The bank has cumulatively distributed dividends amounting to 17.856 billion CNY since its A-share listing, with 10.126 billion CNY distributed over the last three years [2] Stock Market Activity - As of September 1, 2023, Chengdu Bank's market capitalization stands at 76.716 billion CNY, with a trading volume of 5.09 billion CNY and a turnover rate of 0.66% [1] - The stock has seen a net outflow of 20.5976 million CNY in principal funds, with significant buying and selling activity from large orders [1] Shareholder Information - As of June 30, 2025, the number of shareholders for Chengdu Bank is 44,600, a decrease of 1.83% from the previous period, while the average number of circulating shares per person has increased by 1.87% to 94,868 shares [1] - The third-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 247 million shares, an increase of 4.3963 million shares from the previous period [2]

Core Insights - In the past five trading days (August 25 to August 29), 16 companies experienced significant shareholder increases, totaling 80.81 million shares and an aggregate increase amount of 792 million yuan [1] - During the same period, 131 companies had significant shareholder reductions, with a total reduction amount of 9.688 billion yuan [1] Summary by Category Shareholder Increases - The top three companies by increase amount are: - Tongji Technology: 26.07 million shares, 29.22 million yuan - Huaxi Biological: 2.12 million shares, 12.15 million yuan - Huicheng Co., Ltd.: 8.35 million yuan [1] - Four companies had more than two increases in the past five days, including Lujiazui (7 times), Huaxi Biological (3 times), and Chengdu Bank (2 times) [1] Market Performance - The average increase for stocks with shareholder increases was 0.82%, which was weaker than the Shanghai Composite Index during the same period [2] - The top gainers included Tongji Technology (9.58%), Kailer Co., Ltd. (8.44%), and Antong Holdings (8.00%) [2] - The top decliners were Mingguan New Materials (-7.44%) and Jinxi Vehicle Axle (-6.30%) [2] Fund Flow - The stocks with significant shareholder increases saw net fund outflows, with the largest outflows from Jihua Group (275 million yuan) and Three Gorges Energy (235 million yuan) [2]

Core Performance Highlights - Chengdu Bank reported a revenue of 12.27 billion yuan, a year-on-year increase of 5.91%, and a net profit attributable to shareholders of 6.62 billion yuan, up 7.29%, outperforming many regional banks [2] - Total assets increased by 122.11 billion yuan, a growth of 9.77%, while total deposits reached 983.48 billion yuan, up 11.02%, with personal deposits hitting a historical high [2] - Loan issuance totaled 834.63 billion yuan, marking a 12.40% increase, with credit resources directed towards key sectors of the real economy [2] Profit Structure Optimization - Net interest income reached 9.77 billion yuan, a 7.59% increase, driven by loan growth and asset yield optimization [3] - Non-interest income showed strong performance with investment income of 2.27 billion yuan, while core businesses like investment banking and custody services continued to grow [3] - The cost-to-income ratio improved to 23.18%, down 0.61 percentage points from the previous year, significantly lower than the industry average of 31.56% [3] Strategic Financial Initiatives - Chengdu Bank focuses on "technology finance, green finance, inclusive finance, pension finance, and digital finance" to support regional development [4] - In technology finance, the bank has developed tailored products for key manufacturing sectors, achieving over 80% coverage for specialized enterprises [4] - The green finance initiative supports projects aligned with carbon neutrality goals, enhancing the green credit system and providing low-cost funding for green projects [4] Inclusive Financial Services - The bank's "Ruyuan Huizhi" initiative actively engages with over 3,000 enterprises in industrial parks, enhancing financial service accessibility [5] - The "Huinong Loan" product promotes agricultural financing, with a loan balance growth of 23% year-on-year [6] - Chengdu Bank is enhancing services for the elderly and leveraging technology to improve financial service efficiency [6] Risk Management and Growth - Chengdu Bank maintains a low non-performing loan ratio of 0.66%, well below the national average for regional banks, with a provision coverage ratio of 452.65% [7] - The bank supports major regional projects, providing over 45 billion yuan in special credit for key infrastructure [7] - The bank's personal deposit growth reached a historical high, reflecting its strong brand influence and effective regional strategy [8]

中经记者 郝亚娟 张漫游 上海、北京报道 近日，有媒体报道称，成都银行、成都农商银行和四川银行计划联合申设银行理财公司，目前相关准备 工作已经展开。 业内人士分析，如果成都银行、成都农商银行和四川银行确有联合申设的计划，这将开创中资银行合资 设立理财公司的先例。 曾刚指出，这一设想在资本门槛、监管政策、区域协同和市场竞争等方面均有合理性。他进一步分析， 根据监管要求，理财公司最低注册资本为10亿元人民币，对于中小银行而言资本压力较大。成都银行、 成都农商银行和四川银行联合申设，可以有效分摊资本投入和运营成本，降低单家银行的财务负担。同 时，监管部门已明确支持中小银行通过联合组建理财公司等方式参与理财业务。四川省人民政府也在 《成渝共建西部金融中心规划》实施方案中明确支持三家银行依法依规发起设立理财公司。 "成都银行、成都农商银行和四川银行均为四川省内重要金融机构，联合申设符合成渝地区双城经济圈 建设和西部金融中心建设的战略需要，能够形成区域金融服务合力，服务当地实体经济发展。"曾刚 说。 资深金融监管政策专家周毅钦指出，如果中小银行单独设立理财公司，母行将投入大量资金用于注册资 本金、人员招聘、技术系统、办公 ...

Investment Rating - The investment rating for the company is "Neutral" [6] Core Views - The company has maintained a stable growth in revenue and has shown excellent profitability, with a revenue of 12.27 billion yuan and a net profit of 6.62 billion yuan for the first half of 2025, representing year-on-year growth of 5.91% and 7.29% respectively [1][4] - The company is experiencing rapid asset expansion, with total assets exceeding 1.37 trillion yuan as of June 2025, reflecting a year-on-year growth of 14.32% [2] - The net interest margin remains relatively stable at 1.62%, with net interest income increasing by 7.59% to 9.77 billion yuan despite slight pressure from narrowing margins [3] - Asset quality is strong, with a non-performing loan ratio of 0.66% and a provision coverage ratio of 452.65% as of June 2025 [3] Summary by Sections Financial Performance - For the first half of 2025, the company achieved a revenue of 12.27 billion yuan and a net profit of 6.62 billion yuan, with year-on-year growth rates of 5.91% and 7.29% respectively [1] - The annualized weighted ROE stands at 15.88%, although it has decreased by 2.16 percentage points year-on-year [1] Asset Growth - Total assets grew by 14.32% year-on-year, reaching over 1.37 trillion yuan by June 2025 [2] - Loans (excluding accrued interest) increased by 17.96% to 833.4 billion yuan, indicating strong local credit demand [2] Income Sources - The net interest margin is reported at 1.62%, with a slight year-on-year decline of 4 basis points [3] - Net interest income rose by 7.59% to 9.77 billion yuan, while non-interest income slightly decreased by 0.16% to 2.50 billion yuan [3] Asset Quality - The non-performing loan ratio is stable at 0.66%, with a provision coverage ratio of 452.65% [3] - The attention rate is at 0.44%, showing a slight decrease from the previous quarter [3] Investment Forecast - The company is expected to maintain stable performance, with projected net profits of 14 billion yuan, 15.1 billion yuan, and 16.2 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 8.8%, 7.6%, and 7.7% [4][5]

Regulatory Voice - The People's Bank of China, the Financial Regulatory Administration, and the National Forestry and Grassland Administration jointly issued a notice to support high-quality development in forestry, proposing 15 specific measures across five areas, including financial services for collective forest rights reform and enhancing financial support for strategic forestry initiatives [1] Industry Focus - Several small and medium-sized banks have announced a reduction in RMB deposit rates, with decreases ranging from 10 to 20 basis points, including adjustments to the 3-year fixed deposit rates by banks such as Jiangsu Bank and Nanjing Bank [2] Personal Pension Products - The ninth batch of personal pension financial products was released, with two new products added by China Post Investment Management, bringing the total to 37 products supported by the registration center. The new products are primarily fixed-income investments, focusing on bonds while including a small portion of equity and derivative assets [3] Corporate Dynamics - Zhejiang International Trade Group and Zhejiang Oriental Financial Holding Group have increased their shareholding in Hangzhou United Bank to 6.06% and 3.94%, respectively, following the approval of share transfers by the Zhejiang Regulatory Bureau [4] - Shengjing Bank announced plans to delist from the Hong Kong Stock Exchange, with Shengjing Financial Holdings and its concerted parties proposing a cash offer to acquire all issued H-shares for HKD 2.967 billion and domestic shares for CNY 3.929 billion [5] - Three banks in Sichuan, namely Chengdu Bank, Chengdu Rural Commercial Bank, and Sichuan Bank, are planning to jointly establish a wealth management company, with preparations already underway [6] - Jilin Rural Commercial Bank has been approved to commence operations, marking the establishment of the 11th provincial-level rural commercial bank in China [7]

Core Insights - Chengdu Bank reported a total asset of 1.37 trillion yuan, an increase of 122.1 billion yuan or 9.77% year-on-year, with a net profit of 6.617 billion yuan, up 7.29% from the previous year [1] - The bank's loan issuance maintained high growth, with a total loan amount increasing by 17.93% year-on-year, while the non-performing loan ratio remained low at 0.66% [1] - Chengdu Bank ranked 324th in the 2025 Fortune China 500 list, improving by 35 places from the previous year, marking the largest ranking increase among banks in the industry [2] Financial Performance - Chengdu Bank achieved an operating income of 12.27 billion yuan, a year-on-year increase of 5.91%, with a second-quarter revenue growth rate of 8.51%, up 5.34 percentage points from the first quarter [1] - The net interest income rose by 7.59% year-on-year, despite industry pressure on net interest margins [1] - The bank's total loans reached 834.6 billion yuan by the end of June, with a year-to-date increase of 92.1 billion yuan, and a year-on-year growth of 19.09% in corporate loans [4] Regional Economic Context - Chengdu's GDP reached 15,171.78 billion yuan in the first half of 2025, with the city’s economic total surpassing 1.2 trillion yuan, reflecting a year-on-year growth of 5.8% [3] - The bank is actively integrating into national strategies and local development plans, focusing on high-quality development and supporting major projects in the Chengdu-Chongqing economic circle [3] Business Segments - In corporate finance, Chengdu Bank supports major infrastructure and livelihood projects, enhancing financial backing for urban development [4] - The bank's small and micro finance initiatives include the "Run Garden Benefit Enterprise" action, which has engaged over 3,000 enterprises [5] - Personal finance services have seen a 26.13% increase in personal consumption loans and an 11.67% growth in housing loans, contributing to a total personal loan growth of 12.85% [6] Strategic Initiatives - Chengdu Bank is implementing "Five Major Characteristic Financial Actions" to support new productivity development and enhance financial services [7] - The bank is focusing on technology finance, green finance, inclusive finance, elderly finance, and digital finance to meet diverse customer needs [8] - Plans for the second half of the year include increasing credit support for key industries such as artificial intelligence and high-end energy equipment [9]

成都银行（601838.SH）2025 年半年报点评 中性 规模保持较快扩张，盈利表现优异 营收增长稳定，盈利表现优异。公司 2025 年上半年分别实现营收、归母净 利润 122.70 亿元、66.17 亿元，分别同比增长 5.91%、7.29%，增速较一季 度分别提升 2.74pct、1.65pct。公司 2025 年上半年年化加权 ROE15.88%， 同比下降 2.16pct，仍居同业前列。从业绩增长归因来看，主要是净息差略 微拖累营收增长，不过公司维持了明显高于行业平均水平的资产增速，另拨 备反哺利润的趋势减弱。 规模保持较快扩张。公司 2025 年上半年总资产同比增长 14.32%，2025 年 6 月末总资产超过 1.37 万亿元，增速较为稳健。资产端，上半年贷款（不含 应计利息）同比增长 17.96%至 8334 亿元，显示当地信贷需求旺盛。上半年 累计新增信贷投放 921 亿元，分项来看，对公/个人/票据贷款分别投放 664/206/51 亿元，其中对公贷款相比去年同期少增 102 亿元，个人贷款多增 10 亿元，而票据增量较为显著，相比去年同期多增 192 亿元。6 月末，公司 贷款、存款（ ...

证券研究报告 | 2025年08月29日 资产质量优异，拨备维持高位。公司 6 月末不良贷款率 0.66%，环比保持稳 定，仍在较低水平；拨备覆盖率 452.65%，较 3 月末下降 3.35pct，仍保持 较高水平。6 月末关注率 0.44%，较 3 月末下降 0.03pct。我们测算的 2025 年上半年不良生成率同比上升 0.04pct 至 0.35%，仍处于较低水平。整体来 看，公司资产质量保持优异。 投资建议：公司基本面整体表现较为稳定，处于优势明显的川渝核心区位， 我们保持盈利预测不变，预计公司 2025-2027 年归母净利润 140/151/162 亿 元，对比同比增速 8.8%/7.6/7.7%%；摊薄 EPS 为 3.29/3.54/3.82 元；当前 股价对应的 PE 为 5.6/5.2/4.8x，PB 为 0.85/0.76/0.68，维持"中性"评级。 风险提示：宏观经济形势走弱可能对银行资产质量产生不利影响。 | 盈利预测和财务指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- ...