Investment Rating - The investment rating for Chongqing Bank is "Buy" (first-time rating) [2] Core Views - Chongqing Bank is a city commercial bank deeply rooted in the Chongqing area, benefiting from increased debt resolution policies and the acceleration of construction in Chongqing, which is expected to support valuation recovery [1][4] - The bank's asset quality and profitability are in the mid-range of the industry, with a slight pressure from non-performing loans, but this pressure is expected to ease [1][16] Company Profile - Chongqing Bank has a balanced shareholding structure, with the largest shareholder being the Chongqing State-owned Assets Supervision and Administration Commission, holding 29% of the shares, followed by foreign shareholder Dah Sing Bank with 13% [1][11] - The management team is experienced and capable, with most executives being born in the 1970s, bringing significant local banking experience to the bank's operations [1][11][13] - The bank's business is heavily focused on urban investment, with urban investment assets (including infrastructure loans) accounting for 27.9% of total assets and 372.8% of net assets, ranking first among listed banks [1][15][14] Financial Analysis - As of Q3 2024, Chongqing Bank's total assets reached 824.1 billion yuan, ranking 9th among 17 city commercial banks [1][16] - The bank's annualized ROE for Q1-Q3 2024 was 11.43%, and ROA was 0.79%, both at the median level among listed city commercial banks [1][16] - The non-performing loan ratio was 1.26% as of Q3 2024, slightly above the average of 1.15% for listed city commercial banks, but the pressure from non-performing loans is expected to ease [1][16] Investment Story - The uncertainty surrounding debt resolution is decreasing, and the valuation of Chongqing Bank is expected to recover as the debt resolution policies accelerate and the Chengdu-Chongqing economic circle develops [1][4] - The bank's expansion potential is supported by the rapid progress of debt resolution in Chongqing, with 35 state-owned enterprises exiting financing platforms in 2024, leading to significant improvements in regional debt risk [1][4][10] Earnings Forecast and Valuation - Chongqing Bank's net profit growth is projected to be 5.29% in 2024, 5.37% in 2025, and 6.63% in 2026, with corresponding BPS of 15.53, 16.61, and 17.78 yuan [2][5] - The target price for Chongqing Bank's A-shares is set at 10.94 yuan, representing a potential upside of 16% from the current price [2][5]

Group 1: Deposit Interest Rate - The deposit interest rate has significantly decreased compared to the beginning of the year, with a reduction exceeding last year's rate [1] - Following the adjustment of the Loan Prime Rate (LPR), the bank has lowered customer deposit pricing in October and may continue to adjust in line with market conditions [1] - There is expected room for further reduction in interest rates due to ongoing adjustments in deposit structure [1] Group 2: Mortgage Rate Adjustment - The bank has implemented batch adjustments to existing mortgage rates in accordance with the directives from the central government to promote a stable and healthy real estate market [1] - The adjustment took place on October 25, targeting customers who meet the criteria for mortgage rate changes [3] Group 3: Infrastructure Projects - The bank is actively involved in significant infrastructure projects, primarily supporting the development of the Chengdu-Chongqing economic circle [3] - In the first half of the year, the bank provided financing support for over 60 major projects in the dual-city area [3] - The construction of the Chengdu-Chongqing economic circle has entered a new phase of acceleration, with the bank committed to tracking project progress and engaging in major project construction through various means [3]

特此公告。 重庆银行股份有限公司董事会 2024 年 11 月 8 日 关于副行长任职资格获监管机构核准的公告 本行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。 重庆银行股份有限公司（以下简称"本行"）于 2024 年 11 月 7 日收到《重 庆金融监管局关于张松重庆银行副行长任职资格的批复》（渝金管复〔2024〕128 号），国家金融监督管理总局重庆监管局核准了张松先生担任本行副行长的任职 资格。根据法律法规以及本行章程的规定，张松先生的任期自监管机构核准之日 起生效。 张松先生简历请参见本行刊载于上海证券交易所网站（www.sse.com.cn）的 《重庆银行股份有限公司第六届董事会第七十八次会议决议公告》（公告编号： 2023-060）。 证券代码：601963 证券简称：重庆银行 公告编号：2024-062 可转债代码：113056 可转债简称：重银转债 重庆银行股份有限公司 1 ...

证券代码：601963 证券简称：重庆银行 公告编号：2024-063 可转债代码：113056 可转债简称：重银转债 本行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。 重庆银行股份有限公司 关于副行长任职资格获监管机构核准的公告 1 特此公告。 重庆银行股份有限公司董事会 2024 年 11 月 8 日 李聪先生简历请参见本行刊载于上海证券交易所网站（www.sse.com.cn）的 《重庆银行股份有限公司第六届董事会第九十四次会议决议公告》（公告编号： 2024-047）。 重庆银行股份有限公司（以下简称"本行"）于 2024 年 11 月 7 日收到《重 庆金融监管局关于李聪重庆银行副行长任职资格的批复》（渝金管复〔2024〕129 号），国家金融监督管理总局重庆监管局核准了李聪先生担任本行副行长的任职 资格。根据法律法规以及本行章程的规定，李聪先生的任期自监管机构核准之日 起生效。 ...

证券代码：601963 证券简称：重庆银行 公告编号：2024-061 可转债代码：113056 可转债简称：重银转债 重庆银行股份有限公司 关于副行长、董事会秘书任职资格 获监管机构核准的公告 侯曦蒙女士简历请参见本行刊载于上海证券交易所网站（www.sse.com.cn） 的《重庆银行股份有限公司第六届董事会第九十三次会议决议公告》（公告编号： 2024-033）。 特此公告。 重庆银行股份有限公司董事会 2024 年 11 月 8 日 本行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。 重庆银行股份有限公司（以下简称"本行"）于 2024 年 11 月 7 日收到《重 庆金融监管局关于侯曦蒙重庆银行副行长、董事会秘书任职资格的批复》（渝金 管复〔2024〕127 号），国家金融监督管理总局重庆监管局核准了侯曦蒙女士担 任本行副行长、董事会秘书的任职资格。侯曦蒙女士已参加最近一期上海证券交 易所主板上市公司董事会秘书任职培训，并取得董事会秘书任职培训证明。根据 法律法规以及本行章程的规定，侯曦蒙女士的任期自监管机构核准之日起生效 ...

Investment Rating - The report assigns a "Buy" rating for Chongqing Bank, marking its first coverage [7]. Core Views - Chongqing Bank is expected to maintain a loan growth rate of over 10% in the next 3-5 years, supported by its advantages in corporate business and regional layout [34]. - The bank's asset quality is improving, with a significant reduction in non-performing loan generation rate, which was only 0.21% in the first half of 2024, lower than the industry average [2][10]. - The bank's net interest margin is stabilizing, with a reduction in deposit costs that is faster than its peers, contributing positively to its profitability [3][10]. Summary by Sections Company Overview - Chongqing Bank has a stable shareholding structure, with major shareholders being state-owned enterprises under the Chongqing State-owned Assets Supervision and Administration Commission, holding a combined 27.81% [20]. - The bank has a strong regional presence, covering all districts in Chongqing and expanding into other western cities [18]. Loan Growth Outlook - The central government has assigned a higher strategic position to Chongqing, which is expected to accelerate the release of regional dividends, contributing to the bank's growth [28]. - In the first half of 2024, Chongqing Bank provided over 100 billion yuan in credit support for the development of the Chengdu-Chongqing economic circle, with infrastructure loans being a major growth driver [31][34]. Risk Management and Asset Quality - The bank has intensified efforts to manage existing risks, leading to a notable decrease in non-performing loans in key sectors such as retail and electricity [2]. - The credit cost has been declining since 2022, allowing for potential profit release in the future [2][10]. Deposit Cost and Net Interest Margin - The bank's deposit cost rate has entered a phase of accelerated improvement, with reductions in 2023 and the first half of 2024 exceeding those of listed city commercial banks [3]. - The net interest margin has stabilized, with the cumulative decline in net interest margin being less than that of its peers [3][10]. Financial Forecast and Investment Recommendations - The report forecasts Chongqing Bank's operating revenue growth rates for 2024, 2025, and 2026 to be 2.9%, 4.2%, and 5.2%, respectively, with net profit growth rates of 4.5%, 8.4%, and 9.0% [10].

Investment Rating - The report assigns a "Buy" rating to Chongqing Bank, indicating a positive outlook for the stock [1][72][75]. Core Insights - Chongqing Bank is experiencing steady performance improvements due to its deep roots in Chongqing and strong state-owned enterprise support, with total assets exceeding 800 billion RMB and a double-digit year-on-year growth rate [1][18]. - The bank is positioned to benefit from a significant turnaround in risk expectations related to local government platforms and real estate, leading to a more favorable valuation recovery [1][8]. - The bank's asset quality is expected to improve steadily, with a projected non-performing loan (NPL) ratio of 1.23% by 2024, down from 1.34% in 2023 [2][9][70]. Summary by Sections 1. Local Market Position and Growth Potential - Chongqing Bank has a comprehensive network covering all districts in Chongqing and has expanded into three other cities, enhancing its competitive advantage [1][26]. - The bank's management has been renewed, focusing on efficient operations and risk management, which is expected to support better performance [1][18]. 2. Asset Quality Improvement - The bank has accelerated the resolution of historical non-performing assets, with a significant reduction in the NPL ratio and an increase in the provision coverage ratio to over 250% [1][31][37]. - The bank's real estate exposure has been effectively managed, with the proportion of real estate loans in total loans decreasing to 2% [1][46]. 3. Financial Performance and Projections - The report forecasts a compound annual growth rate (CAGR) of 13.6% for loans from 2024 to 2027, driven by government financing and manufacturing sectors [1][50][54]. - The bank's net interest margin is projected to stabilize around 1.4% by 2026, with a focus on reducing funding costs [1][57][67]. 4. Valuation and Market Comparison - Chongqing Bank's current price-to-book (PB) ratio is 0.54, significantly lower than the industry average of 0.58, indicating potential for valuation recovery [1][72][75]. - The report estimates a target valuation of 0.72 times the 2025 PB, suggesting a 34% upside potential from the current price [1][8][75]. 5. Dividend Policy - The bank has maintained a stable dividend payout ratio of around 30%, which is expected to continue, supporting its high dividend yield of approximately 4.7% [1][75][81].

Investment Rating - The report maintains a "Buy" rating for Chongqing Bank [5][3]. Core Views - Chongqing Bank's Q3 2024 performance met expectations, with notable growth in loans and deposits, optimization of asset-liability structure, and stable asset quality [3]. - The net profit growth forecasts for Chongqing Bank for 2024-2026 have been adjusted to 3.58%, 4.23%, and 5.58%, respectively, with corresponding BVPS estimates of 17.58, 18.67, and 19.83 yuan [3]. - The target price for Chongqing Bank has been raised to 10.15 yuan, corresponding to a 0.58x PB for 2024 [3]. Financial Performance Summary - For Q3 2024, the company's revenue grew by 6.2% year-on-year, with net interest income growth of 0.6% and a significant increase in fee and commission income by 85.6% [3]. - The total assets of Chongqing Bank increased by 11.1% year-on-year, with loans growing by 12% [3]. - The non-performing loan ratio stood at 1.26% at the end of Q3 2024, with a provision coverage ratio of 250.2% [3]. Financial Data Overview - Revenue for 2024 is projected at 13,734 million yuan, with a growth rate of 4.0% [4]. - Net profit attributable to shareholders is expected to reach 5,106 million yuan in 2024, reflecting a growth of 3.6% [4]. - The bank's total assets are forecasted to be 827,003 million yuan by 2024, with a loan total of 440,087 million yuan [10].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2024年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 重慶銀行股份有限公司 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01963 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,579,020,812 | RMB | | 1 RMB | | 1,579,020,812 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 1,579,020,812 | RMB | | 1 RMB | | 1,579,020,812 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註 ...

Investment Rating - The report maintains a "Buy" rating for Chongqing Bank [4][6]. Core Views - Chongqing Bank's performance shows steady growth with a revenue of 10.63 billion and a net profit of 4.43 billion for the first three quarters of 2024, reflecting year-on-year growth of 3.8% and 3.7% respectively [1]. - The bank's asset quality remains stable, with a non-performing loan ratio of 1.26% and a provision coverage ratio of 250.19% as of the end of Q3 2024, indicating improvements in both metrics [3]. - The bank is expected to benefit from the ongoing development of the Chengdu-Chongqing economic circle, with projected net profits of 5.12 billion, 5.36 billion, and 5.64 billion for 2024, 2025, and 2026 respectively, showing growth rates of 3.8%, 4.8%, and 5.1% [4]. Performance Summary - For the first three quarters of 2024, Chongqing Bank's revenue and net profit growth rates were 3.8% and 3.7%, showing slight improvements compared to the first half of 2024 [2]. - Interest income decreased by 1.8% year-on-year, but the decline has narrowed, benefiting from optimized deposit structures [2]. - Non-interest income from fees and commissions surged by 129% year-on-year, although the growth rate has slowed compared to the first half of 2024 [2]. Asset Quality - As of Q3 2024, the non-performing loan amount was 5.44 billion, with a slight increase in both the non-performing loan ratio and the provision coverage ratio compared to the previous quarter [3]. - The bank has made a credit impairment loss provision of 2.69 billion for the first three quarters of 2024, which is 310 million more than the previous year [3]. Asset and Liability Management - Total assets and loans reached 824.1 billion and 430.5 billion respectively by the end of Q3 2024, with year-on-year growth rates of 11.1% and 12.2% [4]. - Total liabilities and deposits were 761.2 billion and 451.7 billion respectively, with year-on-year growth rates of 11.0% and 12.7% [4].