每经AI快讯，东莞证券8月26日发布研报称，给予成都银行（601838.SH）买入评级。评级理由主要包 括：1）2025Q2业绩增速有所提升，净利息收入增长显著提速；2）依托突出的区位优势，存贷款规模 均实现双位数增长；3）净息差较2025Q1提升，负债端成本减轻；4）资产质量保持优异。风险提示： 经济波动导致居民消费、企业投资恢复不及预期的风险；房地产恢复不及预期导致信贷需求疲软、银行 资产质量承压的风险；市场利率下行导致银行资产端收益率下滑，净息差持续承压的风险。 每经头条（nbdtoutiao）——能给主人"打电话"的宠物智能手机也来了！宠物产业3000亿元市场大爆 发，行业上市公司"涨"声一片 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 （记者 胡玲） ...

Investment Rating - The report maintains a "Buy" rating for Chengdu Bank [1][7]. Core Views - Chengdu Bank's performance in the first half of 2025 shows steady growth, with a significant increase in net interest income and a strong asset quality [4][7]. - The bank's total assets reached 1.37 trillion yuan, reflecting a year-on-year growth of 14.32%, with loans increasing by 18.30% [7]. - The net interest margin improved to 1.62%, while the non-performing loan ratio remained stable at 0.66% [7][10]. - The report highlights the bank's advantageous location and its ability to achieve double-digit growth in both deposits and loans [7]. Summary by Sections Financial Performance - Chengdu Bank achieved an operating income of 12.27 billion yuan in the first half of 2025, up 5.91% year-on-year, with a net profit of 6.617 billion yuan, an increase of 7.29% [4][7]. - The bank's net interest income rose by 7.59% year-on-year, with a notable increase of 11.59% in Q2 2025 [7]. Asset Quality - The non-performing loan ratio stood at 0.66%, unchanged from the previous year, with a provision coverage ratio of 452.65%, indicating strong asset quality [7][10]. Growth Prospects - The report projects that Chengdu Bank's earnings per share will reach 21.51 yuan by 2025, with the current stock price corresponding to a price-to-book ratio of 0.83 [7][9].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 23.33, reflecting a target PB of 1.10 times for 2025 [8][6]. Core Views - The company's performance in H1 2025 shows an increase in net profit, revenue, and PPOP by 7.3%, 5.9%, and 6.7% year-on-year, respectively, driven by credit expansion and improved net interest income [1][2]. - The company is focusing on credit expansion, maintaining a leading position in the industry, with total assets, loans, and deposits growing by 14.3%, 18.0%, and 14.8% year-on-year as of June [2]. - The financial investment business remains stable, with investment income increasing by 7% year-on-year in H1 2025, although there was a significant decline in intermediary income by 45.2% [3]. - Asset quality is stable, with non-performing loan ratios at 0.66% and 0.98% for corporate and retail loans, respectively, indicating solid risk control capabilities [4]. Summary by Sections Performance Overview - In H1 2025, the company's net profit, revenue, and PPOP increased by 7.3%, 5.9%, and 6.7% year-on-year, respectively, with a notable improvement in performance compared to Q1 [1]. - The company adheres to a strategy of stable deposits and efficient asset management, indicating potential for operational improvement [1]. Credit and Asset Management - The company has accelerated credit issuance, maintaining a strong growth rate in loans, with a focus on retail and corporate loans [2]. - As of June, the net interest margin was 1.62%, showing a slight improvement from the previous year [2]. Financial Investments - The investment income showed a year-on-year increase of 7% in H1 2025, although intermediary income saw a significant decline [3]. - The company is optimizing its bond allocation and focusing on high-performing fund products to enhance investment returns [3]. Asset Quality - The overall asset quality remains stable, with a non-performing loan ratio of 0.66% for corporate loans and 0.98% for retail loans, reflecting effective risk management [4]. - The company has maintained a high provision coverage ratio of 453% as of June [4]. Management and Shareholder Actions - The company announced a change in leadership with the appointment of a new chairman, expected to ensure a smooth transition and continuity in strategy [5]. - Shareholders have approved adjustments to the share buyback plan, extending the buyback period to April 2026 without a price cap [5]. Valuation and Forecast - The forecast for net profit for 2025-2027 is RMB 138.2 billion, 151.1 billion, and 166.6 billion, respectively, with a target PB of 1.10 times for 2025 [6][12]. - The company is expected to maintain a strong position in the industry, justifying a valuation premium compared to peers [6].

证券研究报告 | 公司点评报告 2025 年 08 月 27 日 成都银行（601838.SH） 存贷增速高，资产质量优 总量研究/银行 成都银行披露 2025 年半年报，2025H1 营收、PPOP、归母利润同比增速分别 为 5.91%、6.84%、7.29%。从累计业绩驱动来看，25H1 规模扩张、其他非息、 成本收入比下降形成正贡献，净息差和中收形成拖累。单季度环比来看，25Q2 净息差对业绩拖累程度大幅下降，中收拖累成都有所增加，拨备贡献由正转负。 核心观点： 亮点：（1）存贷高增，资负结构改善。资产端，25Q2 末，公司总资产规模同 比增长 14.32%，增速环比回升 1.07pct，其中贷款同比增速高达 17.96%，环比 回升 1.05pct，在行业整体信贷增速放缓的趋势下实属难得。分业务来看，对公 贷款为基本盘，25Q2 末同比增长 15.62%，增速环比有所回落，但依旧高位； 零售端积极打造"成行消贷"特色品牌，个人消费贷款同比增长 26.13%，个人 住房贷款也实现了 11.67%的稳健增长，带动总的个人贷款实现了 12.85%的高 增速。另外，财政扩张下公司投资类资产规模上半年同比增长 ...

转自：新华财经 此外，成都银行立足政务金融、实体业务、零售负债三大业务"护城河"，深度聚焦实体客群行业分析及 风控体系搭建、异地分行贡献能力提升、特色财富管理业务顾问服务品牌打造、"成行消贷"特色品牌升 级、金融市场业务收益贡献扩大"五大提能方向"，扎实推动战略规划落地落实，持续打造具有广阔发展 空间的新势能。 编辑：尹杨 风险管控方面，截至今年上半年，成都银行不良贷款率0.66%，拨备覆盖率452.65%，流动性比例 95.44%，流动性持续充裕。 报告显示，今年上半年，成都银行依托区位优势，积极融入和服务国家区域重大战略和省市发展规划， 紧紧围绕高质量发展理念，深度聚焦成渝地区双城经济圈重大项目、重点产业，积极赋能新质生产力培 育和现代化产业体系打造，聚力推动成都都市圈同城化发展，助力成都进一步做大做强做优城市核心能 级，实现与实体经济共荣共赢共成长，取得显著发展成效。 新华财经北京8月27日电（记者吴丛司）成都银行26日晚间披露2025年半年度报告显示，今年上半年， 该行实现营业收入122.70亿元，同比增长5.91%；归属于母公司股东的净利润66.17亿元，同比增长 7.29%。 截至今年上半年，成都 ...

2025年8月27日，成都银行(601838.SH)发布2025年中报。 公司营业总收入为122.70亿元，较去年同报告期营业总收入增加6.85亿元，实现5年连续上涨，同比较去年同期上涨5.91%。归母净利润为66.17亿元，较去年 同报告期归母净利润增加4.50亿元，实现5年连续上涨，同比较去年同期上涨7.29%。经营活动现金净流入为491.83亿元，较去年同报告期经营活动现金净流 入增加527.13亿元，实现2年连续上涨。 公司最新总资产周转率为0.01次。 公司股东户数为4.46万户，前十大股东持股数量为25.33亿股，占总股本比例为59.76%，前十大股东持股情况如下： | 序号 | 股东名称 | 持股 | | --- | --- | --- | | l | 成都交子金融控股集团有限公司 | 20.01 | | 2 | HONG LEONG BANK BERHAD | 17.7 | | 3 | 香港中央结算有限公司 | 5.83 | | ব | 成都产业资本控股集团有限公司 | 5.73 | | 5 | 成都欣天颐投资有限责任公司 | 3.80 | | 6 | 新华文轩出版传媒股份有限公司 | 1.8 ...

（成都银行） 8月26日，成都银行发布2025年半年度报告。报告显示，2025年上半年，该行实现营业收入122.70亿 元，同比增长6.85亿元，增幅5.91%；归属于母公司股东的净利润66.17亿元，同比增长4.50亿元，增幅 7.29%；基本每股收益1.57元；加权平均净资产收益率7.94%。 截至上半年末，成都银行总资产达1.37万亿元，较上年末增长1221.09亿元，增幅9.77%；存款总额 9834.81亿元，较上年末增长976.22亿元，增幅11.02%；贷款总额8346.28亿元，较上年末增长920.60亿 元，增幅12.40%。存款占总负债的比例为76.61%，经营结构保持稳健。全行不良贷款率0.66%，拨备覆 盖率452.65%，流动性比例95.44%，流动性持续充裕。 ...

Investment Rating - The investment rating for Chengdu Bank is "Buy" with a target price of 21.12 CNY per share, indicating an upside potential of 18% from the current price of 17.86 CNY [5][7]. Core Insights - Chengdu Bank's H1 2025 earnings growth has improved, with revenue and net profit attributable to shareholders increasing by 5.9% and 7.3% year-on-year, respectively [2][5]. - The bank's asset quality remains strong, with a non-performing loan (NPL) ratio stable at 0.66% and a provision coverage ratio of 453% as of the end of Q2 2025 [4][5]. - Future growth is supported by strong regional economic vitality and robust credit demand, which is expected to sustain rapid profit growth [3][5]. Summary by Sections Earnings Performance - Chengdu Bank's revenue and net profit for H1 2025 increased by 5.9% and 7.3% year-on-year, with quarter-on-quarter growth rates improving by 2.7 percentage points and 1.6 percentage points, respectively [2][5]. - The bank's total assets grew by 14.3% year-on-year, with loans increasing by 18.0% [2][5]. Interest Margin and Cost of Deposits - The net interest margin for Q2 2025 slightly decreased by 2 basis points to 1.58%, but improved by 1 basis point year-on-year, primarily due to a reduction in deposit costs [3][4]. - The cost of deposits improved to 1.96% in H1 2025, down from 2.16% in 2024, benefiting from interest rate cuts [3][4]. Asset Quality - The NPL ratio remained stable at 0.66%, while the attention loan ratio increased slightly to 0.44% [4][5]. - The TTM generation rate for NPLs and attention loans decreased by 14 basis points to 0.27%, indicating continued improvement in asset quality [4][5]. Profit Forecast and Valuation - Chengdu Bank's net profit is projected to grow by 7.95%, 7.35%, and 9.52% for 2025, 2026, and 2027, respectively, with corresponding book values per share of 21.12, 23.60, and 26.35 CNY [5][12]. - The target valuation for 2025 is set at a price-to-book (PB) ratio of 1.0x [5].

Core Viewpoint - Chengdu Bank announced a change in its shareholding plan due to its stock price exceeding the previously set upper limit, reflecting confidence in its future development and commitment to high-quality growth [1] Group 1: Shareholding Plan Changes - Chengdu Bank held its first extraordinary shareholders' meeting for 2025 on August 26, where it approved changes to the shareholding plan of its actual controller and the entities intending to increase their holdings [1] - The original plan set a maximum purchase price of 17.59 yuan per share, but the new plan does not set a price range and will be executed based on stock price fluctuations and overall market trends [1] Group 2: Investment Amounts - The total amount intended for the shareholding increase by Chengdu Industrial Capital Group and Chengdu Xintianyi is not less than 69,998.27 million yuan and not more than 139,996.53 million yuan [1] - Specifically, Chengdu Xintianyi plans to increase its holdings by an amount not less than 44,732.45 million yuan [1] Group 3: Commitment from State-Owned Assets - The Chengdu State-owned Assets Supervision and Administration Commission has committed not to reduce its holdings in Chengdu Bank during the implementation period of this shareholding plan [1] - The implementation of this plan will not lead to changes in the controlling shareholder or actual controller of Chengdu Bank [1]

Core Viewpoint - Chengdu Bank reported a solid performance in the first half of 2025, with significant growth in revenue and net profit, reflecting the bank's effective risk management and strategic focus on high-quality development in line with national economic policies [1][2][3]. Financial Performance - The bank achieved an operating income of CNY 12.27 billion, a year-on-year increase of 5.91% compared to CNY 11.59 billion in the same period of 2024 [2][18]. - Net profit attributable to shareholders reached CNY 6.62 billion, up 7.29% from CNY 6.17 billion in the previous year [2][18]. - Total assets increased to CNY 1.37 trillion, representing a growth of 11.02% from CNY 1.25 trillion at the end of 2024 [2][18]. Key Financial Indicators - The bank's return on assets (annualized) was 1.01%, while the cost-to-income ratio improved to 23.18% [4]. - The non-performing loan (NPL) ratio remained stable at 0.66%, with a provision coverage ratio of 452.65% [4][5]. - The capital adequacy ratio stood at 13.13%, indicating a strong capital position [5]. Business Development - Chengdu Bank's corporate finance business showed robust growth, supporting major infrastructure and livelihood projects in the region [8][9]. - The bank's investment banking segment continued to strengthen, with a leading position in bond underwriting within Sichuan province [9]. - The small and micro finance sector expanded, with a focus on technology enterprises and agricultural financing [10][11]. Strategic Focus - The bank is aligning its operations with national strategies, particularly in the Chengdu-Chongqing economic circle, to enhance its market competitiveness [8][14]. - A commitment to green finance is evident, with ongoing support for environmentally sustainable projects [10][11]. - Digital transformation initiatives are being prioritized to improve customer service and operational efficiency [12][16]. Risk Management - The bank has implemented a comprehensive risk management framework, maintaining a high level of asset quality and proactive risk identification [14][17]. - Continuous monitoring of macroeconomic conditions and industry trends is conducted to inform credit decisions and risk management strategies [14][17]. Market Position - Chengdu Bank ranked 170th in the latest global banking list by The Banker, reflecting its growing influence in the banking sector [8]. - The bank's customer base has expanded significantly, with over 10 million clients served across various financial products [15].