Investment Rating - Investment rating: Positive (maintained) [1] Core Viewpoints - The report emphasizes that the dividends are stable and sustainable, driven by steady growth and cyclical trends [6] - The banking sector is expected to show stable performance in Q1 2025, continuing the revenue and net profit growth momentum from Q4 2024 [6] - The report highlights the importance of government bond issuance and its impact on social financing, predicting an increase in social financing in March 2025 [4] Summary by Sections Credit Forecast - In March, new RMB loans are expected to increase by approximately 3.1 trillion yuan, with a year-on-year growth rate of 7.2% [3] - Corporate loans are projected to contribute about 2.3 trillion yuan, supported by sufficient project reserves and government bond issuance [3] - Retail loans are expected to add around 900 billion yuan, primarily driven by mortgage demand [3] Social Financing Prediction - Social financing is anticipated to increase by about 5 trillion yuan in March, with a stock growth rate of 8.2% [4] - The acceleration of government bond issuance is expected to significantly support social financing [4] Monetary Supply Prediction - M2 is projected to grow by 7.1% year-on-year in March, with a slight increase in the month-on-month growth rate [5] - The report attributes the expected rise in monetary growth to increased fiscal spending and improved corporate liquidity [5] Investment Recommendations - The report recommends maintaining a focus on dividend strategies, particularly in state-owned banks, which are expected to benefit from stable dividends and valuation recovery [6] - Specific stock recommendations include CITIC Bank, Agricultural Bank of China, and China Merchants Bank, with a cyclical logic favoring Suzhou Bank and its peers [6]

Summary of Conference Call Records Industry Overview - The conference call discusses the performance of the banking industry, specifically focusing on the 23 listed banks in the United States and their financial metrics for the year 2024 [1][2]. Key Points and Arguments 1. **Revenue and Profit Growth**: The listed banks achieved an average revenue growth of 1.8% year-on-year for 2024, which is an improvement of 0.9 percentage points compared to the first three quarters of 2023. However, the net interest income for the year decreased by 2.3% [1][2]. 2. **Commission Income Recovery**: The banks experienced a 9.3% year-on-year recovery in commission net income, although retail financial demand remains weak, impacting overall income [2][3]. 3. **Debt Market Contribution**: The trading segment of banks contributed significantly to revenue, with a 28% increase in related income for the year, partially offsetting revenue pressures [2][3]. 4. **Asset Growth and Loan Performance**: By the end of 2024, the asset growth rate for listed banks decreased by 0.8 percentage points to 7.2%, while loan growth fell by 0.3 percentage points to 7.7% [4][5]. 5. **Interest Margin Pressure**: The pricing of assets is expected to continue influencing the interest margin levels, with ongoing negative impacts likely to keep margins under pressure [5][6]. 6. **Asset Quality Stability**: The overall asset quality of the banking sector remains stable, with a non-performing loan ratio of 1.25% and a coverage ratio of 236%, although specific sectors like retail and real estate are under scrutiny for potential risks [5][6][8]. 7. **Real Estate Loan Performance**: Among the 16 banks, 11 reported a decrease in the non-performing loan ratio for real estate loans, with notable exceptions like Zhengzhou Bank, which saw an increase to 9.55% [8][9]. 8. **Dividend Policies**: Citic Bank reported the largest increase in dividend payout ratio, rising by 30.5% in 2024. The overall stability of dividend rates is expected to be maintained, providing a focus on shareholder value [10][11]. 9. **Investment Opportunities**: Recommendations include focusing on regional banks benefiting from policy effectiveness and economic recovery, as well as high-dividend stocks like Industrial and Commercial Bank of China and Bank of China [11]. Other Important Insights - The call highlighted the importance of monitoring macroeconomic conditions and consumer financial demand, which are critical for future growth and risk assessment in the banking sector [7][9]. - The potential for policy changes affecting the real estate market and overall economic recovery was emphasized as a key factor for future performance [9][11].

Core Viewpoint - The China Securities State-Owned Enterprises Dividend Index has shown mixed performance, with a recent decline despite a slight increase over the past month [2]. Group 1: Index Performance - The China Securities State-Owned Enterprises Dividend Index decreased by 0.6%, closing at 2068.67 points, with a trading volume of 31.583 billion yuan [1]. - Over the past month, the index has increased by 2.43%, but it has decreased by 2.11% over the last three months and by 2.32% year-to-date [2]. Group 2: Index Composition - The index comprises 100 listed companies selected for their high cash dividend yields, stable dividends, and sufficient scale and liquidity [2]. - The top ten weighted companies in the index include COSCO Shipping Holdings (2.6%), Jizhong Energy (1.95%), and Shanxi Coal International (1.44%) [2]. - The index's holdings are primarily from the Shanghai Stock Exchange (82.65%) and the Shenzhen Stock Exchange (17.35%) [2]. Group 3: Sector Allocation - The sector allocation of the index shows that finance accounts for 27.56%, industry for 25.91%, and energy for 20.43% [2]. - Other sectors include materials (9.77%), communication services (5.05%), real estate (3.83%), consumer discretionary (3.42%), utilities (3.22%), and consumer staples (0.81%) [2]. Group 4: Index Adjustment Mechanism - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3]. - Criteria for sample inclusion include a cash dividend yield greater than 0.5% and ranking within the top 90% for average total market capitalization and trading volume [3]. - The adjustment ratio is generally limited to 20%, unless specific conditions are met [3]. Group 5: Related Investment Funds - Public funds tracking the state-owned enterprise dividend index include various funds such as Western Li De State-Owned Enterprise Dividend Index Enhanced C and Pengyang China Securities State-Owned Enterprise Dividend ETF [4].

Core Viewpoint - Investing in high-dividend companies may be a direction to outperform the index in the short term, with a focus on state-owned enterprise dividend ETFs showing slight upward movement [1][2]. Group 1: ETF Performance - As of March 26, 2025, the China Securities State-Owned Enterprises Dividend Index (000824) decreased by 0.05%, with component stocks showing mixed performance [1]. - The State-Owned Enterprises Dividend ETF (159515) increased by 0.09%, with the latest price reported at 1.09 yuan [1]. - The latest scale of the State-Owned Enterprises Dividend ETF reached 51.1486 million yuan, marking a one-month high [2]. Group 2: Component Stocks - The top ten weighted stocks in the China Securities State-Owned Enterprises Dividend Index accounted for 15.22% of the index, with notable stocks including COSCO Shipping Holdings (601919) and Jizhong Energy (000937) [3]. - The performance of key stocks varied, with COSCO Shipping Holdings down by 0.68% and Shanxi Coal International up by 1.07% [5]. Group 3: Investment Strategy - East Asia Securities suggests that focusing on high-dividend companies based on fundamentals may lead to short-term outperformance [2]. - The report emphasizes the importance of monitoring market rhythm and industry progress, particularly in sectors like artificial intelligence and robotics, which are expected to see growth [2]. - Short-term investment opportunities are highlighted in marine economy, military industry, and consumer sectors with clear policy expectations [2].

证券代码：601838 证券简称：成都银行 公告编号：2025-025 成都银行股份有限公司 第八届监事会第五次会议决议公告 本公司监事会及全体监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。 成都银行股份有限公司（以下简称"本公司"）于 2025 年 3 月 14 日以电子邮件及书面方式向全体监事发出关于召开第八届监事会第 五次会议的通知，本次会议于 2025 年 3 月 24 日在本公司总部 5 楼 1 号会议室以现场方式召开。本次会议应出席监事 5 名，实际出席监事 5 名。会议由孙波监事长主持，证券事务代表谢艳丽女士列席会议。 会议的召开符合《中华人民共和国公司法》《中华人民共和国证券法》 等法律、行政法规、部门规章、规范性文件以及《成都银行股份有限 公司章程》的有关规定。会议所形成的决议合法、有效。 特此公告。 成都银行股份有限公司监事会 2025 年 3 月 25 日 一、审议通过了《关于<成都银行监事会提名委员会 2024 年度工 作报告>的议案》 表决结果：同意 5 票，反对 0 票，弃权 0 票。 二、审议通过了《关于<成都银 ...

证券代码：601838 证券简称：成都银行 公告编号：2025-024 成都银行股份有限公司 第八届董事会第十一次会议决议公告 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。 会议对如下议案进行了审议并表决： 一、审议通过了《成都银行股份有限公司 2024 年度经营工作报 1 告》 表决结果：同意 13 票，反对 0 票，弃权 0 票。 二、审议通过了《关于给予高级管理层审批 IT 相关项目及费用 特别授权的议案》 表决结果：同意 13 票，反对 0 票，弃权 0 票。 三、审议通过了《关于修订<成都银行股份有限公司内部审计章 程>的议案》 表决结果：同意 13 票；反对 0 票；弃权 0 票。 成都银行股份有限公司（以下简称"本公司"）于 2025 年 3 月 14 日以电子邮件及书面方式向全体董事发出关于召开董事会会议的通 知和材料，本公司第八届董事会第十一次会议于 2025 年 3 月 24 日在 本公司总部 5 楼 1 号会议室以现场结合视频方式召开。本次会议应出 席有表决权董事 13 名，王晖、徐登义、何维忠、郭令 ...

2 月社融增量 2.23 万亿元(Wind 一致预期 2.65 万亿元)，同比多增 7374 亿 元，存量同比增速 8.2%，较上月末+0.2pct。随隐债置换加速推进，2 月政 府债供给多增是支撑社融增长的主要力量。信贷需求仍有待提振，票据融资 冲量。政策预期向好，夯实经济回稳基础，推荐个股：1）质优个股，如招 行，兴业，成都，苏州，上海，渝农 AH、宁波；2）港股大行股息优势突出、 估值性价比高，如建行 H，工行 H、交行 H。 信贷同比少增，票据融资冲量 2 月贷款新增 1.01 万亿元(Wind 一致预期 1.24 万亿元)，同比少增 4400 亿 元。2 月贷款存量同比增速+7.3%，较 1 月末-0.2pct。居民贷款减少 3891 亿元，同比少减 2016 亿元，其中短贷、中长贷分别同比少减 2127 亿元、 多减 112 亿元。《政府工作报告》中将"全方位扩大国内需求"放在 2025 年工作任务首位，后续居民消费需求或有改善。企业贷款新增 1.04 万亿元， 同比少增 5300 亿元，其中短贷、中长贷、票据融资分别同比少增 2000 亿 元、少增 7500 亿元、多增 4460 亿元。2 月底 ...

证券代码：601838 证券简称：成都银行 公告编号：2025-023 深刻领会习近平总书记关于"两个一以贯之"的重要论述，深 化党的领导和公司治理有机统一，构建形成各治理主体权责清晰、制 衡有效、运行规范的现代化公司治理体系。 （一）坚持党的领导，促进党建与公司治理有机统一 坚持和加强党的全面领导，毫不动摇落实"两个一以贯之"， 坚持加强党的领导与完善公司治理有机统一，将党的领导贯穿于公司 治理的全过程，通过创新党建工作方式方法，将党的组织优势转化为 1 成都银行股份有限公司 关于"提质增效重回报"行动方案的公告 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。 为全面贯彻党的二十大和二十届二中、三中全会精神，深入落 实中央经济工作会议、中央金融工作会议决策部署，按照国务院《关 于进一步提高上市公司质量的意见》要求，推动公司高质量发展和投 资价值提升，保障广大投资者合法权益，成都银行股份有限公司（以 下简称"本行"）制定了"提质增效重回报"行动方案。具体如下： 一、规范公司治理，夯实行稳致远根基 企业的创新动力，推动本行在发 ...

中国资产午后走强。 5日，A股午后在金融板块的带动下发力拉升，上证50指数涨0.77%，北证50指数大涨近3%；港股走势强劲，恒生指数涨近3%，恒生科技指数大涨超4%。个 股方面，同程旅行涨超10%，小米集团、华虹半导体、京东健康涨超7%，京东集团、腾讯控股涨约3%。 具体来看，沪指午后在金融板块的带动下发力上攻，深证成指、创业板指翻红，北证50指数表现强势。截至收盘，沪指涨0.53%报3341.96点，深证成指涨 0.28%报10709.46点，创业板指涨0.01%报2190.36点，上证50指数涨0.77%，北证50指数涨2.82%，沪深北三市合计成交15459亿元，较昨日增加659亿元。 银行、保险、券商板块集体上扬，成都银行涨超3%，中信银行、招商银行等涨超2%；工程机械板块大幅拉升，山东矿机、柳工、山推股份等涨停；6G概念 爆发，本川智能、三维通信、兴森科技等涨停；人形机器人概念热度不减，一博科技、隆盛科技续创新高，捷昌驱动、兆威机电、智微智能等斩获两连板； 算力概念走高，元道通信、拓维信息、纵横通信等涨停，并行科技大涨超17%。 金融板块拉升 银行板块盘中发力拉升，截至收盘，成都银行涨超3%，中信 ...

面对充满挑战的复杂经营环境，成都银行以"结构优化+风险可控"为核心，展现出高质量发展带来的强 劲韧性和可持续发展动能。 经营业绩方面，营收、净利保持双增长。2024年营业收入229.77亿元，同比增长5.88%；归属于母公司 的净利润128.63亿元，同比增长10.21%，在银行业整体承压的背景下，展现出盈利能力的韧性和经营策 略有效性。 2月10日，成都银行业绩快报出炉，多项关键指标彰显高质量发展底色。截至2024年末，成都银行总资 产规模突破1.25万亿元，较年初增长14.56%；归属于母公司普通股股东的净资产达798.51亿元，较年初 增长 22.40%；资产规模的持续扩张为未来业务发展奠定坚实基础。 在保持规模增长同时，该行资产质量保持行业标杆水平――截至2024年末，成都银行不良贷款率进一步 降至0.66%，较年初下降0.02个百分点，维持在历史最优、行业领先水平，是A股上市银行中唯一一家 不良率低于0.7%的银行；拨备覆盖率达到479.28%，远高于银行业平均水平，具备较强的风险抵御能 力，凸显该行近年来风险管理能力在精细化、智能化、数字化水平的提升。 作为成渝地区双城经济圈金融机构，成都银行拥有 ...