Core Viewpoint - The expansion of personal consumption loan interest subsidy policies by regional banks in Guizhou, Sichuan, and Chongqing aims to stimulate local consumption and enhance the competitiveness of regional financial institutions [1][6]. Group 1: Implementation of Subsidy Policies - Regional banks such as Guiyang Bank, Guizhou Bank, and Chengdu Bank have announced the implementation of personal consumption loan interest subsidies, expanding the original 23 financial institutions to include more local banks [1][2]. - The subsidy policies are in response to national calls to boost local consumption, with other provinces expected to follow suit [1][6]. Group 2: Specifics of Subsidy Programs - In Guizhou, the subsidy period is from December 1, 2025, to December 31, 2025, with a maximum subsidy of 3,000 yuan for eligible borrowers [2][4]. - In Chongqing, the subsidy applies to personal consumption loans issued from September 1, 2025, to August 31, 2026, with three local banks included as loan issuers [3][4]. - Chengdu Bank and Chengdu Rural Commercial Bank have set a subsidy cap of 1,500 yuan for borrowers during their policy period [5]. Group 3: Variations in Subsidy Standards - The annual subsidy rate for personal consumption loans in Guizhou and Chongqing is set at 1%, but the maximum subsidy amounts differ, with Guizhou and Chongqing allowing up to 3,000 yuan per borrower [4]. - Chengdu's subsidy cap is lower, at 1,500 yuan, indicating regional differences in subsidy implementation [5]. Group 4: Future Prospects and Market Impact - The introduction of these subsidy policies is expected to create a "national subsidy + local subsidy" synergy, enhancing regional banks' market competitiveness and stimulating local consumption [6][7]. - The policies are seen as a short-term growth opportunity for banks, but long-term sustainability may be challenged due to differences in customer base and risk management capabilities compared to larger banks [7].

今日，重庆金融监管局发布渝金管复〔2025〕149号批复，同意重庆银行发行不超过40亿元的无固定期 限资本债券；10日，重庆银行宣布其个人存款余额突破3000亿元创历史新高，结合此前披露的2025年第 三季度报告，该行营收、净利润均实现双位数同比增长，经营态势持续向好。 据批复内容显示，重庆银行此次获批的资本工具品种为无固定期限资本债券，监管部门允许其在批准额 度内自主决定具体工具品种、发行时间、批次和规模，需于批复后24个月内完成发行；同时要求该行发 行及管理资本工具需严格遵守《商业银行资本管理办法》等规定，并在发行结束后10个工作日内向重庆 金融监管局报告发行情况。 作为西部和长江上游地区成立最早的地方性股份制商业银行，重庆银行的发展始于1996年——由37家城 市信用合作社及市联社、10家地方财政局、39家企事业单位联合发起设立重庆城市合作银行，1998年3 月更名为重庆市商业银行，2007年8月经监管批准定名为重庆银行，多年来深耕区域市场，构建起稳健 的经营格局。 在资本工具获批的同日，重庆银行迎来个人存款规模的里程碑：个人存款余额突破3000亿元，创历史新 高。而其2025年第三季度报告数据披露：重 ...

智通财经APP讯，重庆银行(01963)发布公告，将于2026年1月16日派发截至2025年9月30日止九个月的季 度股息每10股1.85075283港元。 （原标题：重庆银行(01963)将于2026年1月16日派发季度股息每10股1.85港元） ...

Group 1 - The company, Chongqing Bank, announced a quarterly dividend of HKD 1.85075283 per 10 shares, to be distributed on January 16, 2026, for the nine months ending September 30, 2025 [1]

EF002 EF002 免責聲明 | 灣仔 | | | | --- | --- | --- | | 香港 | | | | 代扣所得稅信息 | | | | 宣派之股息所適用之代扣所得稅（包括股東類型及適用的稅率）載列於下表。 | | | | 此外，(i)對與中國訂立高於10%低於20%稅率協定的國家（地區）的非居民H股個人股 | | | | 東，本行派發季度股息時將按協定實際稅率扣繳個人所得稅；及 (ii)有關滬港通的稅項事 宜根據財政部、國家稅務總局、中國證監會《關於滬港股票市場交易互聯互通機制試點 | | | | 有關稅收政策的通知》（財稅[2014]81號）的規定執行。 | | | | 股東類型 | 稅率 | 有關代預扣所得稅之更多補充 | | （如適用） | | | | 非居民企業 | | | | （非中國內地登記地址） | 10% | 根據2008年1月1日起施行的《中 華人民共和國企業所得稅法》及相 | | 關實施條例，對於非居民企業H股 | | | | 股東，本行按10%的稅率代扣代繳 | | | | 企業所得稅。 | | | | 非個人居民 | | | | （非中國內地登記地址） | 10% | ...

Investment Rating - The report assigns an "Overweight" rating for the banking sector [7]. Core Insights - The report emphasizes the significant improvement in the cost of liabilities for banks in 2025, with a notable decrease of 28 basis points (bp) in the first half of the year, compared to only 4 bp in the same period last year. This improvement is primarily driven by reductions in deposit and interbank liabilities costs, contributing 19 bp and 7 bp respectively [3][11]. - The net interest margin (NIM) is expected to decline by approximately 5 bp in 2026, with the downward pressure on margins continuing to ease marginally, suggesting that some banks may stabilize their NIMs [2][10]. Summary by Sections 1. Liability Cost Improvement in 2025 - The first half of 2025 saw a significant reduction in the cost of interest-bearing liabilities, with the cost rate dropping to 1.70%, a decrease of 28 bp from 2024. This was supported by improvements in both deposit and interbank liability costs [11]. 2. Liability Side: Deposit Maturity and Repricing Benefits 1) **Term Structure**: The proportion of long-term deposits entering the repricing cycle has increased, with the share of deposits with a remaining maturity of 1-5 years declining by 1.5 percentage points (pct) to 22.6% by the end of Q2 2025. Some banks, such as those in Ningbo and Chongqing, experienced declines exceeding 10 pct [4]. 2) **Price Factors**: Regulatory focus on maintaining reasonable NIM levels has increased, with expectations of further interest rate cuts. The maximum reduction for three-year deposits could exceed 100 bp, indicating substantial room for cost improvement [5]. 3. Asset Side: Yield Pressure Expected to be Better than 2025 1) **Loans**: The repricing pressure on loans is expected to ease, with the five-year Loan Prime Rate (LPR) declining by only 10 bp in 2025, significantly less than the 50 bp drop the previous year [6]. 2) **Debt Replacement**: The shift from high-interest to low-interest debt is anticipated to have a limited impact on net interest margins, estimated to drag down margins by about 4 bp [6]. 3) **Bond Maturity**: The widening gap between new bond issuance rates and existing bond yields is expected to exert downward pressure on investment yields, with an estimated drag of 6 bp on margins from the reallocation of bonds maturing within one year [6]. 4. NIM Projections - The report forecasts a 5 bp decline in NIM for 2026, with the downward trend continuing to converge. The asset yield is expected to decrease by 17 bp, while the cost of liabilities is projected to improve by 13 bp, with deposit costs improving by 17 bp [7][10].

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]