Investment Rating - The report does not explicitly provide an investment rating for the banking sector Core Insights - The banking wealth management market showed stable growth in the first half of 2025, with a total scale of 30.67 trillion yuan, a year-on-year increase of 7.53% [1] - Cash management products continued to decline, with a scale of 6.4 trillion yuan, down 14.55% year-on-year, attributed to lower deposit rates and regulatory policies [1] - The market share of wealth management companies increased, with 32 companies holding 89.61% of the market by the end of Q2 2025, up 1.8 percentage points from the end of the previous year [2] - The asset allocation in wealth management products shifted, with a decrease in credit bond allocation and a notable increase in public fund allocation, which rose to 4.2% [3] - The average annualized yield of wealth management products was 2.12%, a decrease of 53 basis points compared to 2024, indicating a low-interest-rate environment [4] - The proportion of sales through parent banks has decreased to around 65%, as companies expand their distribution channels [5][8] Summary by Sections 1. Wealth Management Market Overview - As of the end of Q2 2025, the total scale of wealth management products reached 30.67 trillion yuan, with a year-on-year growth of 7.53% [1] - Cash management products saw a significant decline, with a scale of 6.4 trillion yuan, down 14.55% year-on-year [1] 2. Market Structure - The market share of wealth management companies increased to 89.61%, reflecting a concentration of market power among leading firms [2] 3. Asset Allocation - The allocation to credit bonds decreased, while public funds saw a significant increase, indicating a shift in investment strategy [3] 4. Yield Trends - The average annualized yield of wealth management products fell to 2.12%, continuing a downward trend since 2023 [4] 5. Distribution Channels - The share of sales through parent banks has decreased to approximately 65%, as firms diversify their distribution strategies [5][8] 6. Sector Outlook - The banking sector is expected to benefit from policy catalysts, with specific banks like Ningbo Bank, Postal Savings Bank, and others highlighted as potential investment opportunities [9]

Investment Rating - The report maintains an "Outperform" rating for the banking sector, consistent with the previous rating [6]. Core Insights - The impact of the current "anti-involution" trend on credit is expected to be small overall, but slightly greater than the effects observed during the supply-side reform period from 2015 to 2017 [11][12]. - Credit management is a crucial tool for banks in responding to supply-side reforms, primarily through reducing credit exposure to overcapacity industries and refining client lists to limit loan amounts [12][13]. - The report suggests that the current banking environment is facing a credit slowdown, which may amplify the impact of "anti-involution" on credit growth [13]. Summary by Sections Investment Suggestions - The report recommends focusing on banks such as Xiamen Bank, Chongqing Bank, Yucheng Rural Commercial Bank, Shanghai Bank, and Shanghai Agricultural Bank, as well as major state-owned banks [2][57]. Historical Context and Data Analysis - During the supply-side reform period, the year-on-year growth rates of RMB credit were 14%, 13.5%, and 13.5% from 2015 to 2017, with social financing growth rates of 12.5%, 12.6%, and 14.8% respectively, indicating limited impact on credit pulses [12][13]. - The analysis shows that the impact of supply-side reform on credit was less than 1%, with a more significant effect on joint-stock banks compared to state-owned banks [18][22]. Credit Management and Asset Quality - Credit management during the supply-side reform led to a notable increase in non-performing loan (NPL) ratios in overcapacity industries, with a significant rise in overall NPL ratios for listed banks in the second half of 2016 [13][32]. - The report indicates that the "anti-involution" trend may lead to a similar, albeit slightly larger, impact on credit quality compared to the previous reforms, particularly affecting private enterprises more than state-owned ones [11][45]. Industry Trends and Projections - The report highlights that the proportion of private enterprises in the affected industries has increased compared to the supply-side reform period, suggesting that credit control measures may disproportionately impact these firms [45]. - It notes that the current banking sector is experiencing a degree of asset scarcity, which could further exacerbate the effects of credit management policies [45][46].

重庆银行股份有限公司的主营业务是银行业务及有关的金融服务。公司的主要产品是公司银行业务、普 惠金融业务、个人银行业务、金融市场业务、投资银行业务、贸易金融业务。2024年1月，在工业和信 息化部信息通信管理局组织的评选中，本行荣获"2023年移动互联网应用服务能力提升优秀案例"。2024 年1月，本行获得中国标准化协会良好行为认证，成为全国首家初次参评即获得4A级的金融机构。2024 年1月，在《零售银行》杂志举办的2024深圳湾零售银行高峰论坛上，本行荣获"十佳财富管理新锐 奖"。2024年3月，经重庆市网络安全等级保护领导小组办公室评定，本行荣获"2023年度网络安全等级 保护先进单位"。2024年4月，在人行重庆营业管理部组织的评选中，本行荣获支付系统运行维护"先进 集体"。2024年5月，在中国信息通信研究院组织的"首届产融合作数据模型算法大赛"中，本行荣获"卓 越方案"和"优秀方案"。2024年6月，本行《基于图计算与人工智能技术的企业融资服务》成为人行重庆 市分行第二批金融科技创新监管工具中首个验收成功的"出盒"项目。2024年9月，在中国农村信用合作 报社组织的评选中，本行被评为2024年度城商 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [8] Core Viewpoints - As of Q2 2025, institutional holdings in bank stocks have increased, primarily driven by passive investments, with limited growth in active public fund holdings. The overall chip structure remains healthy, with shares of state-owned banks and city commercial banks favored due to their low valuations or strong fundamentals [1][2] - The report suggests a continued positive outlook for the banking sector, emphasizing a long-term bullish trend rather than a mid-cycle correction. It recommends focusing on state-owned banks in 2024 and improving banks in economically developed regions in 2025, while also highlighting value-oriented banks with state-owned enterprise backgrounds in the Hong Kong market [5][6] Summary by Sections Overall Holdings - By the end of Q2 2025, the proportion of bank stocks held by public funds and northbound funds increased by 8.5% compared to Q1 2025, with a 0.7 percentage point rise in the proportion of free-floating shares. The main contributors to this increase were passive funds, while active public funds showed limited growth [1] - The holdings of small and medium-sized banks increased, with state-owned banks, joint-stock banks, city commercial banks, and rural commercial banks seeing respective increases of 0.1, 1.2, 1.0, and 0.6 percentage points in their institutional holdings [1] Individual Bank Performance - The banks with the largest increases in institutional holdings include Minsheng, CITIC, Ping An, Chongqing, and Yunnan Agricultural Bank, with respective increases in the proportion of free-floating shares of 3.2, 2.9, 2.7, 2.6, and 2.6 percentage points [2] Northbound Funds - Northbound funds maintained stable holdings, with a 2.3% increase in the number of shares held by the end of Q2 2025. The proportion of holdings in state-owned banks and joint-stock banks increased, while rural commercial banks experienced a notable outflow [3] Passive Public Funds - Passive holdings continued to rise, with a 39.0% increase in the number of bank stocks held by index funds by the end of Q2 2025, driven by index expansions and weight adjustments [4] Active Public Funds - Active public fund holdings increased by 6.3%, with a slight rise in the proportion of free-floating shares. However, the overall growth was below expectations, with significant increases in holdings of low-valuation or fundamentally strong joint-stock banks and city commercial banks [5]

Core Viewpoint - The credit card industry in China is experiencing a significant transformation, shifting from expansion to a focus on quality and efficiency, as evidenced by the increasing number of banks discontinuing co-branded credit card products [12][19]. Group 1: Market Trends - Since January 1, 2025, at least seven major banks have announced the discontinuation of at least 22 co-branded credit card products, indicating a trend of product adjustments in the credit card market [2][6]. - Major banks, including China Bank and Citic Bank, have stopped issuing various co-branded credit cards, with reasons primarily cited as "business adjustments" or "contract expiration" [4][6]. Group 2: Product Adjustments - Co-branded credit cards, which are partnerships between banks and profit-oriented institutions, are being phased out due to their unsustainable cooperation models and imbalanced overall returns [9][10]. - Banks are transitioning to standard credit cards for existing co-branded cardholders, with changes in reward structures and benefits [4][6]. Group 3: Regulatory Environment - The regulatory framework has tightened, with new guidelines from the former CBIRC and the People's Bank of China mandating banks to focus on quality over quantity in credit card issuance [10][12]. - The new regulations require banks to limit the ratio of dormant credit cards to no more than 20%, prompting a reevaluation of credit card strategies [10][12]. Group 4: Consumer Behavior - The credit card market is increasingly catering to younger consumers, who have diverse interests and consumption needs, necessitating banks to innovate and tailor products accordingly [18][19]. - The decline in credit card issuance and usage reflects a broader trend of market saturation and the need for banks to refine their customer engagement strategies [12][13]. Group 5: Future Outlook - The discontinuation of co-branded credit cards is seen as a necessary step towards a more refined and efficient credit card business model, focusing on high-value customer segments and innovative product offerings [15][19]. - The industry is expected to evolve towards precision marketing and enhanced customer experiences, leveraging digital technologies and data analytics [7][19].

Core Viewpoint - Chongqing Bank's stock closed at 10.87 yuan, down 1.18%, with a rolling PE ratio of 7.26 times and a total market value of 37.769 billion yuan [1] Group 1: Financial Performance - For Q1 2025, the company reported operating income of 3.581 billion yuan, a year-on-year increase of 5.30% [3] - The net profit for the same period was 1.624 billion yuan, reflecting a year-on-year growth of 5.33% [3] Group 2: Market Position - The average PE ratio for the banking industry is 7.49 times, with a median of 6.84 times, placing Chongqing Bank at 28th in the industry ranking [1] - The company's PE (TTM) is 7.26 times, while the static PE is 7.38 times, and the price-to-book ratio is 0.703 [3] Group 3: Shareholding Structure - As of Q1 2025, 29 institutions hold shares in Chongqing Bank, including 24 funds and 5 other entities, with a total shareholding of 1,203.0827 million shares valued at 11.682 billion yuan [1]

朱燕建 汪欽琳 劉瑞晗 曾 宏 陳鳳翔 - 1 - BANK OF CHONGQING CO., LTD. * * 1963 董事名單與其角色和職能 重慶銀行股份有限公司*（「本行」）董事會（「董事會」）成員載列如下。 執行董事 楊秀明 （董事長） 高 嵩 （行長） 侯曦蒙 非執行董事 黃漢興 （副董事長） 郭喜樂 吳 珩 付 巍 周宗成 余 華 獨立非執行董事 附註： C 指有關委員會的主任委員 M 指有關委員會的委員 中國重慶，2025年7月16日 * 本行經中國銀行業監督管理機構批准持有B0206H250000001號金融許可證，並經重慶市市 場監督管理局核准領取統一社會信用代碼為91500000202869177Y的企業法人營業執照。本 行根據香港銀行業條例（香港法例第155章）並非一家認可機構，並非受限於香港金融管理局 的監督，及不獲授權在香港經營銀行及╱或接受存款業務。 - 2 - 董事會設有八個委員會，下表提供各董事擔任有關委員會成員的資料。 董事會專門 委員會 董事 戰略與 創新 委員會 風險管理 委員會 審計 委員會 關聯交易 控制 委員會 提名 委員會 薪酬與 考核 委員會 信息科技 指導 ...

证券代码：601963 证券简称：重庆银行 公告编号：2025-049 付巍先生、周宗成先生、余华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九十九次会议 决议公告》（公告编号：2024-065）。 特此公告。 重庆银行股份有限公司董事会 2025 年 7 月 16 日 1 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 关于董事任职的公告 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 2025 年 7 月 15 日收到《重 庆金融监管局关于付巍、周宗成、余华重庆银行董事任职资格的批复》（渝金管 复〔2025〕88 号），国家金融监督管理总局重庆监管局核准了付巍先生、周宗 成先生、余华先生担任本行董事的任职资格。根据法律法规以及本行章程的规定， 付巍先生、周宗成先生、余华先生担任本行董事的任期自监管机构核准之日起， 至本行第七届董事会届满之日止。 ...

Market Overview - The overall market is experiencing a pullback, with the Shanghai Composite Index closing at 3500.62 points, down 0.12% [2] - The total trading volume for the market was 927 billion, showing a significant decrease compared to the previous day [3] Financial Sector Performance - The financial sector, particularly banks and insurance companies, is underperforming, contributing to the decline of the Shanghai Composite Index [3][8] - Major insurance companies like New China Life and China Life have seen declines exceeding 1%, with New China Life down 2.69% [8] - Among 42 bank stocks, only China Bank remained flat, while others, including Xiamen Bank and Qilu Bank, experienced declines of nearly 4% and 2.89% respectively [13] New IPOs and Market Movements - N Huadian New Energy, the largest IPO of the year, saw its stock price rise by as much as 219.81% during trading, reaching a peak of 10.17 yuan per share [12] - The company raised 18.171 billion yuan through the issuance of 4.969 billion shares, with plans for investment in renewable energy projects [15] Hong Kong Market Performance - The Hong Kong market is showing positive trends, with the Hang Seng Index up 0.28% and the Hang Seng Technology Index up 0.61% [5] - Anta Sports led the gains in the Hang Seng Index, rising by 2.73% [6] Notable Stock Movements - The stock of Weiyali surged by 918% upon its resumption of trading, reflecting significant market interest [17] - The stock price of Weiyali reached 33.2 HKD per share during trading, before settling at 11 HKD, marking a 237.42% increase [18]

Core Viewpoint - A-share listed banks are experiencing a peak in dividend distribution for the 2024 fiscal year, with over thirty banks having completed their annual dividends and several others announcing dividend implementation plans [1][3][4]. Group 1: 2024 Annual Dividends - The Industrial and Commercial Bank of China (ICBC) leads with a total cash dividend of approximately 109.77 billion yuan for the previous year [3][4]. - The six major state-owned banks have collectively distributed over 420 billion yuan in dividends for 2024, with ICBC, China Construction Bank, Agricultural Bank of China, and Bank of China being the top contributors [4][6]. - Other banks such as China CITIC Bank and Beijing Bank have also announced significant cash dividends, with CITIC Bank distributing around 19.46 billion yuan [4][5]. Group 2: 2025 Mid-Year Dividend Plans - Several banks, including China Merchants Bank and Hangzhou Bank, have initiated plans for mid-year dividends in 2025, aiming to enhance investor returns [1][8][10]. - The focus on mid-year dividends is seen as a strategy to improve liquidity and provide more consistent cash flow to investors, which may support long-term stock price appreciation [10]. - Banks like Su Nong Bank and Changsha Bank have expressed intentions to implement mid-year dividend plans based on their financial performance and regulatory requirements [8][9]. Group 3: Stock Performance and Market Trends - The banking sector has shown strong performance in the A-share market, with several banks achieving significant stock price increases in the first half of the year [12][13]. - The overall dividend yield of the banking sector remains attractive, particularly in a low-interest-rate environment, making it appealing for long-term investors [10][13]. - Some banks have faced challenges in executing share buyback plans due to stock price fluctuations, indicating a cautious approach to capital management [11][14].