Market Overview - A-shares and Hong Kong stocks continued to adjust, with major indices in A-shares showing slight declines: Shanghai Composite Index down 0.2%, Shenzhen Component down 0.15%, and ChiNext down 0.36% [2][3] - The trading volume in the A-share market decreased by 28.5 billion yuan, totaling 743 billion yuan [2] - In Hong Kong, the Hang Seng Index and other indices fell by over 1% [3] Banking Sector - Multiple bank stocks reached historical highs, including CITIC Bank, Beijing Bank, Shanghai Pudong Development Bank, and others [4] Financial Policies - At the 2025 Lujiazui Forum, the People's Bank of China announced eight significant financial policies aimed at innovation in structural monetary policy tools, including blockchain credit refinancing and cross-border trade refinancing [6] - The financial regulatory authority emphasized the removal of restrictive measures in the banking and insurance sectors, promoting foreign investment participation in more financial business trials [6] Military Industry - The military sector showed strong performance, with stocks like Northern Long Dragon and others experiencing significant gains [7][9] - The 55th Paris Air Show showcased key Chinese aviation products, indicating potential growth in military trade [9] Oil and Gas Sector - Jixing New Energy saw a dramatic increase of over 370% amid rising oil prices due to geopolitical tensions [10] - The company reported a total net income of 272.34 million Canadian dollars for Q1 2025, a decrease of 2.72% year-on-year, with a loss of 3.576 million Canadian dollars [10] - High oil prices are expected to continue, with Brent crude potentially rising above $90 per barrel if Iranian supply is disrupted [10] Stock Performance - Several oil and gas stocks experienced significant price increases, including Yuanheng Gas and others, with gains ranging from 14.79% to 45.45% [11][12]

Group 1 - Bank stocks have shown resilience, with several banks reaching historical highs, including Agricultural Bank of China, CITIC Bank, Shanghai Pudong Development Bank, Beijing Bank, and Chengdu Bank [1] - Other banks such as Shanghai Bank, Bank of China, China Construction Bank, and Jiangsu Bank also experienced upward movement in their stock prices [1]

Market Overview - A-shares experienced a low open and high close, with the Shanghai Composite Index rising by 0.35%, Shenzhen Component Index by 0.41%, and ChiNext Index by 0.66% [1] - The total market turnover reached 12,435 billion, with over 3,500 stocks in the market closing in the green [1] Stablecoin Concept - The stablecoin concept surged throughout the day, with the digital currency sector rising by 4.72%, making it the top-performing industry concept [2] - Notable stocks included Tianyang Technology and Sifang Jingchuang hitting the 20% limit up, while Lakala rose over 15% [2] - The positive sentiment is attributed to favorable policies boosting investor confidence, with long-term prospects for stablecoins expected to drive the virtual asset industry [3] Financial Sector Performance - The banking sector showed strong performance, with Qingnong Commercial Bank and Sunong Bank rising over 3%, and several banks reaching historical highs [4] - The People's Bank of China reported an increase in social financing scale and new RMB loans, indicating a robust financial environment [4] - Analysts suggest that bank stocks have strong earnings certainty and recommend focusing on their investment value due to stable fundamentals and low valuations [5] Real Estate Sector Activity - The real estate sector exhibited strong performance, with a 1.69% overall increase, and 81 out of 91 stocks rising [6] - Positive policy signals from the government aim to stabilize the real estate market, with measures to optimize existing policies and enhance market expectations [6][7] - The National Bureau of Statistics indicated that the real estate market is moving towards stabilization, supported by the implementation of various policies [7]

Summary of Key Points from the Conference Call Industry Overview - The current investment logic for bank stocks has shifted from high dividends to focusing on performance, ROE advantages, long-term governance, and strong fundamentals [1][2] - The overall dividend yield in the AH market is converging towards 4.0%, with state-owned banks also approaching this level [1][2] - Headquartered city commercial banks benefit from regional economic advantages, maintaining double-digit credit growth rates, outperforming the national average [1][3] Key Insights on City Commercial Banks - Leading city commercial banks are expected to continue outperforming in terms of credit growth, with regions like Zhejiang and Jiangsu maintaining credit growth rates of 9-10% [1][3][4] - These banks are gaining market share in their respective provinces and cities, with credit growth rates projected to remain between 10-15% [3][4] - The asset expansion speed and high loan growth contribute to superior performance and profitability for these banks [4][5] Performance Metrics and Future Expectations - City commercial banks are leading the industry in net interest margin, asset scale, and credit growth, with ROE expected to remain between 13% and 17% [6][1] - The banking sector's valuation remains low, with PE and PB ratios among the lowest across major industries [7][8] - There is a divergence in market expectations regarding the stability of interest margins, with some anticipating continued downward pressure [8][9] Specific Bank Performances - Hangzhou Bank is highlighted for its strong profit growth, achieving approximately 17% growth in Q1 2025, with a focus on government and urban construction-related businesses [10][11][13] - Chengdu Bank is expected to maintain a credit growth rate of 14-15% in 2025, benefiting from a high proportion of government-related business [14] - Jiangsu and Nanjing city commercial banks are experiencing significant growth in interest income, with Q1 growth rates between 17% and 20% [15] Dividend and Valuation Insights - Nanjing Bank's recent convertible bond redemption indicates a dividend yield of over 4.3%, suggesting strong dividend potential [17] - The four leading city commercial banks are expected to maintain stable asset quality and low non-performing loan ratios, with growth rates varying from single digits to over 15% for some [18] - The valuation of these banks remains attractive, with Hangzhou Bank noted for its low PB ratio of less than 0.9 and PE ratio of approximately 5.5 to 6 [13] Conclusion on Future Prospects - The outlook for major banks, particularly city commercial banks, remains positive due to their strong fundamentals and market share gains [16][22] - The market is expected to continue favoring banks with robust performance and stable dividends, particularly those with low valuations and high growth potential [21][22]

Core Viewpoint - The dividend performance of listed companies in Sichuan has shown significant improvement, characterized by increased dividend payout ratios, stable dividend amounts, and the gradual establishment of a normalized dividend mechanism, enhancing investment value [1][2]. Group 1: Dividend Payout Ratio - The annual dividend payout ratio for Sichuan-listed companies reached 50.28%, an increase of 7.02 percentage points from the previous year. Approximately 40% of the 43 companies had a payout ratio exceeding 50%, indicating a strong commitment to shareholder returns [1]. Group 2: Stability of Dividend Amounts - Despite some companies facing performance pressures, 105 Sichuan-listed companies announced a total cash dividend of 57.766 billion yuan in 2024, maintaining the same level as the previous year, even with a decrease in profitable companies. Notably, some companies with negative net profits still distributed dividends, reflecting their focus on investor relations [1]. Group 3: Leading Role of Major Companies - In 2024, seven Sichuan-listed companies distributed dividends exceeding 1 billion yuan each, collectively contributing about 43 billion yuan, which accounts for 74% of the total dividend amount [2]. Group 4: Performance of Newly Listed Companies - Over 60% of the 20 newly listed companies in the past three years introduced cash dividend plans for 2024, with an average payout ratio exceeding 50%. Six of these companies executed multiple dividend distributions within the year [2]. Group 5: Normalized Dividend Mechanism - A total of 27 companies increased their frequency of dividend payments by 285% year-on-year, with over 12 billion yuan distributed before the Spring Festival. Additionally, 61 companies have maintained continuous dividends for five years, and 53 companies have disclosed long-term return plans or sought shareholder approval for mid-term dividend strategies [2].

Group 1 - The core viewpoint of the news is that the China Securities State-Owned Enterprises Dividend Index (000824) has shown a slight increase, indicating a positive trend in state-owned enterprises' stock performance, particularly in dividend-paying stocks [1][2] - The top ten weighted stocks in the China Securities State-Owned Enterprises Dividend Index account for 15.83% of the index, highlighting the concentration of investment in a few key companies [2] - The report from Xinda Securities suggests that if significant monetary and fiscal policies are implemented, there could be improvements in M2 and M1-M2 differential, which may positively impact market conditions [1] Group 2 - The China Securities State-Owned Enterprises Dividend ETF (159515) closely tracks the performance of the China Securities State-Owned Enterprises Dividend Index, which includes 100 listed companies with high and stable cash dividend yields [2] - As of May 30, 2025, the top weighted stocks include COSCO Shipping Holdings (601919), Jizhong Energy (000937), and Chengdu Bank (601838), among others, indicating a diverse portfolio within the index [2][4] - The report indicates that the absolute and relative price-to-earnings (PE) ratios are high, but the trading volume has decreased since early April, suggesting a potential for future market adjustments [1]

Investment Rating - The report maintains an "Overweight" rating for the banking sector, indicating a positive outlook for the industry compared to the overall market performance [2]. Core Insights - The report highlights that credit growth remains subdued, with May's new loans totaling 620 billion, a year-on-year decrease of 330 billion. However, the total credit volume from January to May is stable at 10.7 trillion, compared to 11.1 trillion in the same period last year [2][3]. - The report anticipates that the overall credit increment for 2025 will remain stable, projecting a credit growth rate of approximately 7.1% for the year [2]. - The report notes that the demand for retail credit has not shown signs of improvement since the second quarter, with May's household credit increasing by only 54 billion, a year-on-year decrease of 21.7 billion [2]. - Government bond issuance has exceeded 1 trillion, supporting stable social financing growth, while corporate bonds have also seen an increase due to a low-interest-rate environment [2][3]. - The report emphasizes the importance of focusing on regional banks with stable profit growth expectations and suggests specific banks such as Chongqing Bank, Suzhou Bank, and Chengdu Bank for investment [2]. Summary by Sections Credit Growth Analysis - In May, new credit was 620 billion, down 330 billion year-on-year, with total credit from January to May at 10.7 trillion [2]. - The report attributes the subdued credit growth to weak demand, debt replacement, and structural optimization [2]. Corporate Lending Trends - Corporate short-term loans increased by 110 billion, while medium to long-term loans decreased by 170 billion, primarily due to debt replacement affecting infrastructure investment [2]. - The report indicates that the government bond issuance has been robust, contributing to the overall social financing growth [2]. Retail Lending Insights - Retail credit demand remains weak, with May's household credit showing a net increase of only 54 billion, reflecting a cautious attitude from banks towards consumer loans [2]. - The report notes a decline in short-term household loans, indicating a challenging environment for retail lending [2]. Investment Recommendations - The report recommends focusing on banks with stable growth prospects and suggests specific banks for investment, including Agricultural Bank of China and other regional banks [2].

Group 1 - The core point of the article is the issuance of convertible bonds by Chengdu Bank, with a total issuance scale of 8 billion yuan and a six-year term [2][3][4] - The initial coupon rates for the convertible bonds are set to increase over the years, starting from 0.20% in the first year to 2.00% in the sixth year [2][3] - The bonds are rated AAA, indicating a strong credit quality [3][15] Group 2 - As of the end of 2024, Chengdu Bank's total assets reached approximately 1.25 trillion yuan, reflecting a year-on-year increase of 14.56% [5][6] - The bank's net profit for 2024 was reported at 12.85 billion yuan, a 10.10% increase from the previous year [4][5] - The bank's loan issuance increased by 18.67% year-on-year, totaling approximately 742.57 billion yuan [5][6] Group 3 - The bank's operating income for 2024 was approximately 22.98 billion yuan, up 5.89% from 2023 [5][6] - The bank's cash flow from operating activities showed a significant decline, with a net outflow of approximately 94.23 billion yuan in 2024, compared to a net outflow of 23.75 billion yuan in 2023 [6][7] - The bank has established a special account for the management of raised funds, which has been closed as of December 31, 2022 [7][8] Group 4 - Chengdu Bank's debt repayment capacity remains stable, with no significant adverse changes reported during the tracking period [8][9] - The bank has implemented measures to ensure debt repayment, including the establishment of a bondholders' meeting rule and strict adherence to information disclosure obligations [8][9] - The bank's conditional redemption clause allows for the redemption of bonds if the stock price meets certain criteria [9][10] Group 5 - The bank's stock price adjustment led to a decrease in the conversion price of the convertible bonds from 13.13 yuan to 12.23 yuan [15] - The bank's long-term credit rating remains stable at AAA, with no changes reported in the latest assessment [15][16] - The bank's board of directors approved a cash dividend distribution plan, proposing a distribution of 0.8968 yuan per share [14][15]

Core Viewpoint - Chengdu Bank aims to enhance its operational resilience and achieve high-quality development by focusing on strategic reforms and financial services that cater to the needs of the local economy and society [5][11][12]. Group 1: Meeting Agenda and Procedures - The annual shareholders' meeting is scheduled for June 25, 2025, at 9:30 AM, combining on-site and online voting methods [3][4]. - The meeting will cover various proposals, including the board and supervisory reports, financial statements, profit distribution plans, and the appointment of the accounting firm for 2025 [1][2]. Group 2: 2024 Annual Board Report Highlights - Chengdu Bank reported total assets of CNY 1,250.1 billion, with a year-on-year growth of 14.6%, and total deposits of CNY 885.9 billion, increasing by 13.5% [5][23]. - The bank's loan issuance reached CNY 742.6 billion, marking an 18.7% increase, and the net profit attributable to the parent company was CNY 12.9 billion, up 10.3% from the previous year [5][23][26]. - The non-performing loan ratio improved to 0.66%, down from 0.68% the previous year, indicating a solid asset quality [5][23][27]. Group 3: Strategic Initiatives and Financial Services - The bank has implemented five major financial actions to enhance service delivery, including technology-driven financial services and green finance initiatives, with green loans reaching nearly CNY 50 billion [6][11]. - Chengdu Bank has supported over 40,000 small and micro enterprises with loans exceeding CNY 120 billion, reflecting its commitment to inclusive finance [6][11]. - The bank's digital transformation efforts focus on improving data application and system construction to enhance operational efficiency [6][11]. Group 4: Corporate Governance and Compliance - The board has emphasized the integration of party leadership with corporate governance, ensuring compliance with regulatory requirements and enhancing decision-making processes [5][13]. - The supervisory board conducted evaluations of the board and management's performance, confirming adherence to legal and regulatory standards [13][19]. Group 5: Financial Performance and Capital Management - The bank's capital adequacy ratio improved to 13.88%, reflecting a robust capital position to support future growth [23][24]. - The bank plans to distribute CNY 3.776 billion in cash dividends, representing 30.04% of the net profit attributable to ordinary shareholders [29].

证券代码：601838 证券简称：成都银行 可转债代码：113055 可转债简称：成银转债 成都银行股份有限公司 公开发行 A 股可转换公司债券 2024 年度受托管理事务报告 成都银行股份有限公司 （住所：四川省成都市青羊区西御街 16 号） 债券受托管理人 （住所：北京市朝阳区安立路66号4号楼） 二〇二五年六月 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称《管理办法》）、 《公司债券受托管理人执业行为准则》（以下简称《执业行为准则》）、《公司 信用类债券信息披露管理办法》、《关于深化债券注册制改革的指导意见》、《关 于注册制下提高中介机构债券业务执业质量的指导意见》、证券交易所公司债券 上市规则（以下简称"上市规则"）、发行人与中信建投证券股份有限公司（以 下简称"中信建投证券"或"受托管理人"）签订的债券受托管理协议（以下简 称"受托管理协议"）及其它相关信息披露文件以及成都银行股份有限公司（以 下简称"发行人"、"公司"或"成都银行"）出具的相关说明文件和提供的相 关资料等，由受托管理人中信建投证券编制。中信建投证券编制本报告所引用的 财务数据，引自经毕马威华振会计师事务所（特殊普通 ...