四川、重庆、贵州和云南的地方消费贷补贴正陆续落地。 《国际金融报》记者注意到，12月以来，已有多个省市发布了地方性的消费贷补贴政策，并将区域内的 地方银行机构纳入经办银行范围。据公开信息梳理，目前参与发放补贴的银行业机构类型已扩围至地方 农信社，部分地区明确鼓励地方银行和农信社参与贴息工作。 受访专家指出，省级贴息政策的出台可以形成"国补+地补"协同的格局，填补金融服务空白。对于地方 中小银行而言，地方消费贷贴息政策也有助于其更好地发展消费金融业务。展望后续，"地补"省市或将 持续扩围。 地方加码消费贷补贴 进入12月，多地消费贷贴息的利好消息不断传来。 记者注意到，12月8日至10日，四川遂宁银行、四川银行、四川农商行、重庆银行（601963）、重庆三 峡银行、贵州黔西农商行、花溪农商行等超10家区域银行纷纷发布公告，加入省内消费贷贴息政策的经 办银行阵列，地方消费贷补贴进一步加码。具体看来，各地均在9月1日开始实施的消费贷"国补"政策 上，针对地方消费情况作出进一步细化，在贴息时间范围、贴息金额上限和经办机构方面略有不同，大 多明确要求对应消费须发生在省内。 据各地政府官网公开信息，12月2日，四川省率先 ...

Core Viewpoint - The mid-term dividend distribution by major state-owned banks in 2025 is characterized by an increase in quantity, faster pace, and stable strength, which may serve as a catalyst for the valuation recovery of the banking sector [1][5][6]. Group 1: Dividend Distribution Characteristics - The timing of mid-term dividends has advanced by nearly a month compared to last year, with 26 A-share listed banks announcing dividend plans totaling over 260 billion yuan, reflecting a 2.55% increase from last year [2][3]. - The total cash dividend amount from the six major state-owned banks is expected to exceed 200 billion yuan, maintaining a payout ratio of 30% of net profit attributable to shareholders [1][2]. - Industrial and Commercial Bank of China leads with a cash dividend of 1.414 yuan per 10 shares, totaling 50.396 billion yuan [1][2]. Group 2: Participation of Other Banks - Several joint-stock banks and regional banks have joined the dividend distribution, with notable participation from banks like Industrial Bank and China CITIC Bank, which have increased their dividend amounts compared to last year [4]. - A total of 32 listed banks have announced mid-term dividends, with 9 banks planning to implement dividends for the first time [2][4]. Group 3: Market Impact and Investor Sentiment - The stable dividend policies of state-owned banks are closely linked to regulatory guidance, and the implementation of mid-term dividends is expected to enhance the valuation recovery of bank stocks [3][6]. - The average dividend yield for listed banks is 4.48%, with 12 banks yielding over 5%, indicating strong investor interest in high-dividend stocks [2][6]. - Recent stock buybacks by major shareholders and executives signal positive market sentiment and confidence in the long-term investment value of certain banks [8].

转自：北京日报客户端 继消费贷"国补"，近日四川省、贵州省以及重庆市相继落地个人消费贷款财政贴息政策，三地均设定1 个百分点的年贴息比例，且该比例不超过贷款合同利率的50%。 据中新经纬不完全统计，截至发稿时，贵州银行、贵阳银行、成都银行、成都农商行等银行已发布相关 业务受理公告，重庆银行、重庆三峡银行也表示，正在制定贴息细则、实施系统改造。这也意味着，消 费贷贴息的主体进一步扩容至区域性银行。 地方接力消费贷补贴 今年8月，财政部、中国人民银行、国家金融监督管理总局联合印发《个人消费贷款财政贴息政策实施 方案》(下称实施方案)，也被称为金融领域的"国补"。自9月1日正式落地以来，已实施三个月有余。近 期，多地跟进出台地方个人消费贷款贴息政策。 12月3日，重庆市财政局、中国人民银行重庆市分行、国家金融监督管理总局重庆监管局联合发布《关 于做好个人消费贷款财政贴息工作的通知》(下称通知)。其中提到，2025年9月1日至2026年8月31日期 间，居民个人使用贷款经办机构发放的个人消费贷款(不含信用卡业务)中实际用于消费，且贷款经办机 构可通过贷款发放账户等识别借款人相关消费交易信息的部分，可按规定享受贴息政策 ...

Core Insights - Chongqing Bank announced that its personal deposit balance has surpassed 300 billion yuan, marking a historic high and reflecting the vitality of regional finance [1][2] - The bank has achieved double-digit growth in both revenue and net profit, with increases of 10.40% and 10.42% respectively, reaching 11.74 billion yuan and 5.196 billion yuan [1] - The non-performing loan ratio stands at 1.14%, a decrease of 0.11 percentage points since the beginning of the year, while the provision coverage ratio has improved by 3.03 percentage points to 248.11% [1] Business Performance - The bank's focus on local markets and commitment to serving the local economy, small and medium-sized enterprises, and urban and rural residents have driven the growth in personal deposits [1] - The bank operates over 200 branches, creating a comprehensive physical network that covers urban and rural areas [1] - Financial literacy initiatives, such as the "Happiness Classroom," have enhanced customer interaction and trust [1] Product and Service Innovation - The bank offers a range of deposit products, including "Happiness Deposit" and "Monthly Enjoyment Deposit," which balance liquidity, yield, and safety to meet diverse customer needs [1] - Digital transformation efforts, including mobile banking, allow for 24/7 business transactions and enable customers to manage their assets remotely [1] Future Outlook - The bank views the achievement of surpassing 300 billion yuan in personal deposits as a milestone in the high-quality development of its retail business and a testament to customer trust [2] - Future strategies will focus on deepening retail transformation, product innovation, and enhancing comprehensive financial service capabilities [2]

银行 2025 年 12 月 10 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -19% -10% 0% 10% 19% 29% 2024-12 2025-04 2025-08 2025-12 银行 沪深300 相关研究报告 《大行 ΔEVE 指标测算及承接债券 能力评估—行业深度报告》-2025.12.8 《存款偏离与指标问题对当前司库策 略的影响—行业深度报告》-2025.12.4 《理财投资权益的当下与未来—理财 持仓全景扫描系列（七）》-2025.11.27 测算：BCBS 调整利率冲击幅度对ΔEVE 的影响 ——行业点评报告 投资建议 （1）底仓配置：大型国有银行。受益标的农业银行、工商银行；（2）核心配置： 头部综合龙头。受益标的招商银行、兴业银行，推荐标的中信银行；（3）弹性配 置：受益标的江苏银行、重庆银行、渝农商行。 风险提示：宏观经济增速下行；债市利率大幅调整。 | 刘呈祥（分析师） | 朱晓云（分析师） | | --- | --- | | liuchengxiang@kysec.cn | zhuxiaoyun@kysec.cn | | 证书编号：S0790523060002 ...

Core Viewpoint - The announcement of interim dividends by major banks reflects their robust operational resilience and mature shareholder return mechanisms, which may act as catalysts for valuation recovery in the banking sector [1][5][6] Group 1: Dividend Announcements - Industrial and Commercial Bank of China and Agricultural Bank of China announced interim dividends totaling CNY 503.96 billion and CNY 418.23 billion respectively, with both distributing over CNY 300 billion in cash dividends [1] - As of December 9, 26 A-share listed banks have disclosed their 2025 interim or quarterly dividend plans, with a total proposed payout exceeding CNY 260 billion [1][2] - The six major state-owned banks are the primary contributors to dividends, proposing a total cash dividend of CNY 2,046.57 billion, accounting for over 70% of the total disclosed dividends [2] Group 2: Trends in Dividend Distribution - The six major banks, including ICBC, CCB, ABC, and BOC, have maintained a stable dividend payout ratio around 30% [2] - Regional banks are increasingly participating in dividend distributions, with several institutions like Ningbo Bank and Changsha Bank announcing their first interim dividends [2] - The introduction of interim dividends by banks like Industrial Bank marks a significant step in enhancing the high-dividend landscape among joint-stock banks [2] Group 3: Regulatory and Market Influences - The expansion of the interim dividend landscape is attributed to regulatory policies, solid operational fundamentals, and market demand [3] - Recent policies encourage listed banks to optimize their dividend strategies, with measures to enhance dividend stability and predictability [3] - The Shanghai Stock Exchange is actively promoting higher dividend payouts and increased frequency of distributions to enhance company valuations [3] Group 4: Investment Implications - Bank stocks are characterized by stable performance, low valuations, high dividends, and low volatility, making them attractive for institutional investors seeking low-risk dividend assets [4] - The recent stability in bank stock performance and the appeal of high-dividend stocks are expected to attract more long-term capital, reinforcing the positive cycle of management, dividends, and valuation recovery [5][6] - Analysts believe that the ongoing high dividend policies and stock buybacks will continue to attract long-term investors, enhancing the overall investment value of bank stocks [6]

Core Viewpoint - Chongqing Bank's stock closed at 10.98 yuan on December 9, with a 1.10% increase, and a rolling PE ratio of 6.85 times, with a total market value of 38.151 billion yuan [1] Group 1: Company Overview - Chongqing Bank's main business includes banking and related financial services, with key products in corporate banking, inclusive finance, personal banking, financial markets, investment banking, and trade finance [1] - The bank has been ranked among the top 300 global banks for 10 consecutive years by The Banker magazine and has been included in the "Double Hundred Enterprises" list by the State-owned Assets Supervision and Administration Commission for three years [1] - The latest financial results for the third quarter of 2025 show an operating income of 11.740 billion yuan, a year-on-year increase of 10.40%, and a net profit of 4.879 billion yuan, a year-on-year increase of 10.19% [1] Group 2: Shareholder Information - As of September 30, 2025, Chongqing Bank had 35,298 shareholders, an increase of 2,122 from the previous count, with an average holding value of 352,800 yuan and an average holding of 27,600 shares per shareholder [1] Group 3: Industry Comparison - The average PE ratio for the banking industry is 7.60 times, with a median of 6.04 times, placing Chongqing Bank at the 30th position in the industry ranking [2] - The total market value of the banking industry averages 380.174 billion yuan, with Chongqing Bank's market value at 38.151 billion yuan [2]

尽管西部地区已形成联动，但东部省份对此仍持观望态度。记者联系华东某省城商行人士获悉，该省暂未发布相关 新规，机构正在密切关注。该人士透露，地方银行能否入围，取决于其与监管部门的主动沟通及经营能力考量，政 策或不会强制所有银行参与。 目前，已发布响应公告的均为地方头部城商行，小型农商行、村镇银行等机构尚未有公开动作。市场分析认为，随 着重庆作为直辖市的成功示范，未来或有更多省市，特别是经济活跃地区，跟进推出类似政策，共同推动消费市场 持续回暖。 分析人士认为，川贵渝三地联动，标志着地方财政激励消费的模式正从点状试点走向区域协同，具有强烈的示范效 应。这轮政策精准地选择了消费贷作为切入点，通过财政贴息直接降低居民的消费成本，能有效撬动杠杆，放大政 策效果。更重要的是，将地方城商行纳入贴息体系，既能支持本地金融机构发展，又能利用其地缘优势更好地服务 下沉市场。东部省份的观望，可能源于对财政承受能力和政策效果的审慎评估，但随着西部模式的成效显现，预计 更多地区将打破观望，在示范效应的引领下，共同探索提振内需的有效路径。（文馨） 【环球网财经综合报道】为有效提振内需、激发市场活力，地方政府正积极运用财政工具，为消费市场 ...

如何让更多消费者愿意消费，敢于消费？来自银行机构的助力必不可少。 昨日晚间，重庆银行、重庆三峡银行相继发布公告称，正在积极制定重庆市内的个人消费贷款财政贴息 工作的细则。 这意味着，重庆成为国内首个启动消费贷地方贴息的直辖市，也是继四川、贵州之后的的第三个省级行 政区。 又有地方政府宣布将辖内银行纳入本地消费贷款财政贴息范围！昨日晚间，重庆银行在官方微信公众号 发布了关于个人消费贷款财政贴息工作的公告。 在公告中，重庆银行表示，该行积极响应并严格执行《重庆市财政局 中国人民银行重庆市分行 国家金 融监督管理总局重庆监管局关于做好个人消费贷款财政贴息工作的通知》（渝财金〔2025〕39号）和 《关于落实巩固拓展经济回升向好势头的财政金融政策有关事项的通知》（川财金〔2025〕76号）精神 及相关要求，正在依法依规、积极有序制定贴息细则，优化办理流程，实施系统改造，推动政策在重庆 市和四川省内和尽快落地。 当日晚间，重庆三峡银行也通过官方微信公众号发布了类似公告。重庆三峡银行表示，具体办理流程等 实施细则后续将通过该行官网、微信公众号等渠道发布，敬请留意。 记者注意到，依据重庆银行的公告，该行在四川省内的经营网点 ...

2025年12月8日，重庆银行（601963）发布公告称，为贯彻落实党中央、国务院决策部署，进一步支持 提振和扩大消费，助力激发消费市场活力，降低居民消费信贷成本，重庆银行积极响应并严格执行《重 庆市财政局 中国人民银行重庆市分行 国家金融监督管理总局重庆监管局关于做好个人消费贷款财政贴 息工作的通知》(渝财金〔2025〕39号)和《关于落实巩固拓展经济回升向好势头的财政金融政策有关事 项的通知》（川财金〔2025〕76号）精神及相关要求，正在依法依规、积极有序制定贴息细则，优化办 理流程，实施系统改造，推动政策在重庆市和四川省内经办机构尽快落地。 重庆银行办理个人消费贷款贴息不额外收取任何费用，没有委托官方渠道以外的任何机构、人员代为办 理，请广大客户谨防各种形式的诈骗，保障财产和信息安全。具体事宜将及时在重庆银行官方网站、微 信公众号等渠道发布，敬请留意。 ...