Core Viewpoint - The city commercial bank sector experienced a decline of 0.67% on December 26, with Xiamen Bank leading the drop, while the Shanghai Composite Index rose by 0.1% and the Shenzhen Component Index increased by 0.54% [1] Group 1: Market Performance - The closing price of Xiamen Bank was 7.56, reflecting a decrease of 2.45% with a trading volume of 139,200 shares and a transaction amount of 106 million yuan [2] - Other notable banks included Guizhou Bank at 5.90 (-1.17%), Ningbo Bank at 28.00 (-1.10%), and Chongqing Bank at 10.85 (-0.91%) [2] - The overall city commercial bank sector saw a net outflow of 59.97 million yuan from main funds, while retail funds experienced a net outflow of 80.69 million yuan [2] Group 2: Fund Flow Analysis - Hangzhou Bank had a main fund net inflow of 11.5 million yuan, but retail funds saw a net outflow of 76.27 million yuan [3] - Ningbo Bank recorded a main fund net inflow of 56.33 million yuan, while retail funds had a net outflow of 6.51 million yuan [3] - The overall trend indicates that while some banks attracted main fund inflows, retail investors were largely withdrawing their investments [3]

Market Performance - The city commercial bank sector increased by 0.07% compared to the previous trading day, with Shanghai Bank leading the gains [1] - The Shanghai Composite Index closed at 3959.62, up 0.47%, while the Shenzhen Component Index closed at 13531.41, up 0.33% [1] Individual Stock Performance - Shanghai Bank (601229) closed at 9.96, up 0.61% with a trading volume of 291,300 shares and a transaction value of 290 million [1] - Other notable performers include: - Changsha Bank (601577) at 9.76, up 0.41% [1] - Xi'an Bank (600928) at 3.76, up 0.27% [1] - Hangzhou Bank (600926) at 15.36, up 0.26% [1] - Beijing Bank (601169) at 5.51, up 0.18% [1] Capital Flow Analysis - The city commercial bank sector experienced a net outflow of 111 million from institutional investors, while retail investors saw a net inflow of 121 million [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are increasing their positions [2] Detailed Capital Flow by Bank - Hangzhou Bank (600926) had a net inflow of 38.46 million from institutional investors, but a net outflow of 43.46 million from speculative funds [3] - Beijing Bank (601169) saw a net inflow of 23.41 million from institutional investors, with a net outflow of 18.77 million from speculative funds [3] - Guizhou Bank (601997) had a significant net inflow of 22.19 million from institutional investors, but a net outflow of 36.07 million from retail investors [3]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 BANK OF CHONGQING CO., LTD.* 重慶銀行股份有限公司* （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） 证券代码：601963 证券简称：重庆银行 公告编号：2025-075 可转债代码：113056 可转债简称：重银转债 （股份代號：1963） 海外監管公告 本公告乃重慶銀行股份有限公司*（「本行」）根據香港聯合交易所有限公司證券上市規則第 13.10B條而作出。 茲載列本行在上海證券交易所網站刊發之《關於實施2025年三季度權益分派時「重銀轉債」 停止轉股的提示性公告》，僅供參閱。 代表董事會 重慶銀行股份有限公司* 董事長 楊秀明 中國重慶，2025年12月22日 於本公告刊發日期，本行的執行董事為楊秀明先生、高嵩先生及侯曦蒙女士；本行的非 執行董事為黃漢興先生、郭喜樂先生、吳珩先生、付巍先生、周宗成先生及余華先生； 本行的獨立非執行董 ...

证券代码：601963 证券简称：重庆银行 公告编号：2025-075 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 关于实施 2025 年三季度权益分派时 "重银转债"停止转股的提示性公告 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。 重要内容提示： 证券停复牌情况：适用 因实施 2025 年三季度普通股权益分派，重庆银行股份有限公司（以下简称"本 行"）的相关证券停复牌情况如下：自 2025 年三季度权益分派实施公告前一日（2025 年 12 月 26 日）至权益分派股权登记日期间，"重银转债"将停止转股。本次权益 分派股权登记日后的第一个交易日起"重银转债"恢复转股。 | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 113056 | 重银转债 | 可转债转股停牌 | 2025/12/26 | | | | 联系电话：023-63367417 特此公告。 ...

截至9月30日，重庆银行股东户数3.63万，较上期增加6.17%；人均流通股53243股，较上期减少6.01%。 2025年1月-9月，重庆银行实现营业收入117.40亿元，同比增长10.40%；归母净利润48.79亿元，同比增 长10.19%。 分红方面，重庆银行A股上市后累计派现68.80亿元。近三年，累计派现42.29亿元。 重庆银行今年以来股价涨22.83%，近5个交易日跌1.80%，近20日跌2.42%，近60日涨19.93%。 资料显示，重庆银行股份有限公司位于香港铜锣湾希慎道33号利园1期19楼1918室，成立日期1996年9月 2日，上市日期2021年2月5日，公司主营业务涉及重庆银行股份有限公司主要在中国从事提供公司及个 人银行产品和服务以及资金市场业务。该公司通过三个业务部门运营。公司银行业务部从事向公司类客 户提供金融产品和服务业务,包括存款和贷款。零售业务部从事向个人客户提供金融产品和服务业务,包 括存款和贷款。资金业务部从事同行拆借、债券投资交易、回购交易以及外汇买卖交易业务。主营业务 收入构成为：公司银行业务75.09%，个人银行业务16.94%，资金业务7.72%，未分配0.25 ...

Core Viewpoint - Several brokerage firms, funds, and insurance asset management institutions are evaluating listed banks to optimize asset allocation and investment strategies for the coming year, with a focus on net interest margin performance [1] Group 1: Net Interest Margin Stability - Multiple banks have indicated that net interest margins have shown signs of stabilization in Q3, with a narrowing of the overall decline and an improvement in funding costs expected over the next three years [1] - Hangzhou Bank reported that its net interest margin remained stable at the end of Q3 compared to the end of Q2, with a marginal narrowing of the annual decline expected [1] - Suzhou Bank stated that its net interest margin has narrowed less than the industry average this year, supporting growth in net interest income [2] Group 2: Strategies for Managing Interest Margin - Banks are actively exploring ways to alleviate interest margin pressure through optimizing asset-liability structures and enhancing non-interest income [1] - Chongqing Rural Commercial Bank noted that its Q3 interest margin stabilized due to a slowdown in the decline of asset yields and a faster decrease in liability interest rates [2] - Ouyang Rihui emphasized the importance of increasing the proportion of intermediary business income and investing in information technology to improve interest margin management [3] Group 3: Regional Banks' Performance - The Q3 reports of listed banks show structural differentiation in net interest margins, with some regional banks experiencing improvement [3] - A report indicated that net interest margins for city commercial banks and rural commercial banks continued to stabilize in the first three quarters of 2025, with a decrease in the cost of interest-bearing liabilities [4] - Some regional banks, such as Jiangyin Bank and Chongqing Bank, reported an increase in net interest margins at the end of Q3 compared to the end of Q2 [3][4] Group 4: Future Outlook - Some banks anticipate that the trend of improving interest margins will continue into 2026, with Qingnong Commercial Bank indicating that its interest margin is expected to remain stable [5] - Factors such as the repricing of existing loans and adjustments in deposit pricing strategies are expected to support net interest margins moving forward [5]

Core Viewpoint - The consumer loan interest subsidy policy is being implemented at the local level, with provinces like Sichuan, Chongqing, and Guizhou initiating provincial subsidy programs, marking a further refinement of the national policy [2][10]. Group 1: Policy Implementation - Sichuan, Chongqing, and Guizhou have launched provincial subsidy programs for consumer loans, including local small and medium-sized banks as processing institutions [3][11]. - The subsidy period for Sichuan is from October 1, 2025, to March 31, 2026, while Chongqing's period is from September 1, 2025, to August 31, 2026, and Guizhou's is from September 1, 2025, to December 31, 2025 [3][11]. - The core standard for the subsidy is a 1% annual interest subsidy rate, not exceeding 50% of the loan contract interest rate, consistent with national standards [5][13]. Group 2: Market Impact - The inclusion of local policies is expected to create a structural impact, leading to a policy overlay effect that lowers consumer credit interest rates and stimulates demand [4][12]. - This policy shift breaks the initial trend where national subsidies primarily benefited large national banks, providing local banks with competitive tools and preventing excessive market concentration [5][13]. - The initiative encourages financial institutions to innovate products based on regional consumption characteristics, leading to a more diverse and balanced financial support network for consumption [5][13]. Group 3: Future Outlook - The Ministry of Commerce and other regulatory bodies have emphasized the need for collaboration among financial policies to guide credit funds towards key consumption areas [6][14]. - Experts predict that more provinces, especially economically significant ones, will adopt similar policies, with a focus on green and digital consumption [6][14]. - There is a strong motivation for regions with weak consumption recovery or those looking to enhance local commercial vitality to implement similar measures, creating a synergistic effect between national and local subsidies [6][14]. Group 4: Challenges for Local Banks - Local banks face both opportunities and challenges from this policy, as it provides a short-term growth window but also highlights their limitations in customer base, risk control technology, and product capabilities compared to larger banks [7][15]. - The policy's benefits may be temporary, and local banks must enhance their digital operations and service capabilities to retain customers after the policy period ends [7][15]. - Recommendations for local banks include leveraging policy benefits for rapid digital upgrades, building a "credit + scenario" ecosystem, and strengthening risk control and unique capabilities to avoid dependency on subsidies [7][15].

Banking Sector - The banking sector experienced a rebound, with Shanghai Bank and Chongqing Rural Commercial Bank both rising over 3% [7][9] - Recent reports indicate that listed banks are expected to see improved revenue and profit growth in 2026 and 2027, driven by narrowing net interest margin pressure, quality-focused credit issuance, and stabilizing fee income growth [9] - The average dividend yield for the banking sector is currently at 5.2%, significantly higher than the 10-year government bond yield, indicating a shift towards a "high dividend + high quality" investment cycle [9][10] Retail Sector - The retail sector showed strength, with Central Plaza and Shanghai Jiubai hitting the daily limit, and New World achieving a rapid surge shortly after market opening [3] - New World is focusing on attracting the "Z generation" consumer group and has plans to launch popular IP exhibitions [3] Commercial Aerospace Sector - The commercial aerospace sector is witnessing a surge, with companies like Star Technology and Shunhao Co. hitting the daily limit [5][11] - Star Technology has secured several orders in the commercial aerospace field and plans to initiate mass production in 2026 to meet the growing demand from private aerospace companies [14] - Recent policy support from the National Space Administration aims to promote high-quality development in the commercial aerospace sector, which is expected to accelerate the implementation of various industry chain segments [14][15]

Group 1 - Chongqing Bank's stock price increased by 2.01% on December 18, reaching 11.18 CNY per share, with a market capitalization of 38.846 billion CNY [1] - The bank's stock has risen 26.10% year-to-date, with a 2.47% increase over the last five trading days, a 1.06% decrease over the last 20 days, and a 20.60% increase over the last 60 days [1] - As of September 30, the number of shareholders increased by 6.17% to 36,300, while the average circulating shares per person decreased by 6.01% to 53,243 shares [2] Group 2 - Chongqing Bank reported a revenue of 11.740 billion CNY for the period from January to September 2025, reflecting a year-on-year growth of 10.40%, and a net profit attributable to shareholders of 4.879 billion CNY, up 10.19% year-on-year [2] - The bank's main business segments include corporate banking (75.09% of revenue), retail banking (16.94%), and funding operations (7.72%) [2] - Since its A-share listing, Chongqing Bank has distributed a total of 6.880 billion CNY in dividends, with 4.229 billion CNY distributed over the last three years [3]

Core Viewpoint - The A-share market has seen a broad increase in bank stocks, indicating positive market sentiment towards the banking sector [1] Group 1: Stock Performance - Suzhou Bank, Xiamen Bank, Shanghai Bank, Hangzhou Bank, Jiangyin Bank, China Construction Bank, and Chongqing Rural Commercial Bank all experienced gains exceeding 2% [1] - Zhangjiagang Bank, Nanjing Bank, Jiangsu Bank, Qilu Bank, Changsha Bank, Qingdao Bank, and Chongqing Bank saw increases close to 2% [1]