Industry Investment Rating - The industry investment rating is maintained at "Outperform" [1] Core Insights - The report discusses the impact of deposit rate adjustments on banks, indicating that the adjustments have a limited impact on financial outflows [4][7] - The establishment of a market-oriented deposit rate adjustment mechanism aims to align deposit rates with market rates, thereby reducing banks' funding costs and facilitating lower loan rates [14][17] - The report highlights a significant shift in deposit structures due to regulatory changes, with a notable migration of deposits from large banks to smaller banks and non-bank financial institutions [6][37] Summary by Sections 1. Reasons for Deposit Rate Adjustments - The adjustments are aimed at promoting interest rate marketization and improving policy transmission, breaking the rigid link between deposit rates and benchmark rates [4][14] - The adjustments are expected to lower banks' funding costs, which constitute over 70% of their liabilities, thereby creating room for loan rate reductions [17][18] 2. Review of Past Adjustments - Historical adjustments include the reduction of structured deposits from CNY 15.4 trillion to zero between 2019 and 2020, and the optimization of deposit rate ceilings in June 2021 [5][22] - The establishment of a market-oriented adjustment mechanism in April 2022 has led to multiple rounds of deposit rate reductions, with long-term deposit rates decreasing more than short-term rates [23][24] 3. Market Impact Review - The report notes that during the initial adjustment phases, there was a significant outflow of structured deposits to wealth management and insurance products [6][37] - The adjustments have generally resulted in a shift of deposits from large banks to smaller banks, as well as a migration towards wealth management and insurance products [6][37] 4. Future Outlook and Investment Recommendations - The report anticipates a significant volume of maturing fixed-term deposits in the third quarter, with potential outflows to non-bank institutions [7] - It suggests focusing on banks that may benefit from reduced funding costs and improved net interest margins, highlighting specific banks such as Bank of Communications and Chongqing Bank as potential investment targets [7]

Core Viewpoint - The recent trend of abolishing supervisory boards among listed banks in China is driven by the implementation of the new Company Law and regulatory policies, allowing for a shift towards audit committees within boards of directors to assume supervisory roles [6][7][8]. Group 1: Legislative Changes - The new Company Law, effective from July 1, 2024, permits joint-stock companies to establish audit committees composed of directors, which can perform the functions of supervisory boards [6]. - The National Financial Regulatory Administration has issued guidelines that align with the new Company Law, allowing financial institutions to choose whether to maintain supervisory boards or delegate their responsibilities to audit committees [7]. Group 2: Industry Trends - As of June 2023, 17 listed banks have announced the abolition of their supervisory boards, including major state-owned banks and various smaller banks [5]. - On June 27, five major state-owned banks held shareholder meetings to approve the removal of supervisory boards, marking a significant shift in governance structure [1][5]. Group 3: Implementation and Challenges - The audit committees will take over the supervisory functions previously held by supervisory boards, focusing on financial oversight and internal control assessments [7][8]. - Concerns have been raised regarding the independence of audit committees, as they are composed entirely of board members, which may lead to conflicts of interest in their supervisory roles [8].

Investment Rating - The report maintains a "Recommended" investment rating for the banking sector, expecting the sector index to outperform the benchmark index by more than 5% in the next 3-6 months [24]. Core Insights - The report highlights the recent revisions to the CIPS (Cross-border Interbank Payment System) rules, which aim to enhance the management of participants and adapt to the growing cross-border e-commerce trade, projected to reach approximately 2.71 trillion yuan in 2024, a 14% year-on-year increase [3][4]. - The CIPS system processed 8.2169 million transactions amounting to 175.49 trillion yuan in 2024, reflecting a significant year-on-year growth of 42.60% [3]. - The report emphasizes the flexibility introduced in the new CIPS rules, allowing financial market infrastructure participants to open CIPS accounts based on business needs rather than strict management requirements [4]. Summary by Sections CIPS Overview - CIPS is a clearing system for cross-border payments in RMB, distinct from SWIFT's messaging system, and has seen a substantial increase in participation, with 174 direct participants and 1,509 indirect participants across 120 countries [2][3]. Recent Developments - The new rules include relaxed entry conditions for system participants, allowing for a more flexible approach to participant management [4]. - The rules specify that foreign direct participants must select domestic direct participants as fund custodians, as foreign banks lack CNAPS accounts [4]. Risk Management Enhancements - The updated regulations detail business processing and risk management requirements, mandating that participants establish robust risk management frameworks and adhere to international anti-money laundering standards [4]. Market Performance - The banking sector index rose by 3.77% during the reporting period, outperforming the CSI 300 index by 2.23 percentage points [8]. - The report suggests a focus on banks with high dividend yields and strong asset quality, recommending major state-owned banks and select regional banks for investment [9]. Company Forecasts - Key banks such as Ningbo Bank, Jiangsu Bank, and China Merchants Bank are highlighted with positive earnings forecasts and investment ratings, indicating strong potential for returns [10].

Investment Rating - The report indicates a positive outlook for the banking sector, suggesting that certain stocks may benefit from policy catalysts and cyclical recovery [3]. Core Viewpoints - The report highlights that while tariff policies may cause short-term impacts on exports, long-term domestic policies aimed at stabilizing the real estate market, promoting consumption, and enhancing social welfare are expected to support economic growth [3]. - The banking sector is anticipated to benefit from these policies, with specific banks such as Ningbo Bank, Postal Savings Bank, China Merchants Bank, and Changshu Bank being recommended for investment [3]. - The report also emphasizes the potential for continued dividends from banks like Shanghai Bank, China Merchants Bank, Jiangsu Bank, and Chongqing Bank, which are showing positive fundamental changes [3]. Summary by Sections Credit Growth - As of the end of May 2025, the overall loan growth rate in China was 6.6%, with household and corporate loans growing at 3.0% and 8.5% respectively [1]. - Provinces such as Sichuan, Jiangsu, and Anhui led in credit growth, with growth rates exceeding 9% [1][2]. - Corporate loans in Sichuan, Jiangsu, and Shandong showed impressive growth rates of 13.8%, 13.6%, and 13.4% respectively [2]. Key Data Tracking - The average daily trading volume in the stock market was 14,415.38 billion yuan, a decrease of 453.04 billion yuan from the previous week [4]. - The balance of margin financing and securities lending increased by 1.12% to 1.85 trillion yuan [5]. - The issuance of non-monetary funds decreased significantly, with a total of 53.28 billion yuan issued this week, down 273.46 billion yuan from the previous week [5]. Interest Rate Market Tracking - The issuance scale of interbank certificates of deposit was 2,435.10 billion yuan, a decrease of 4,828.40 billion yuan from the previous week [6]. - The average interest rate for interbank certificates of deposit was 1.62%, down 2 basis points from the previous week [10]. - The average yield on 10-year government bonds remained stable at 1.64% [10]. Sector Performance - The banking sector's performance is closely monitored, with specific stocks showing varying degrees of growth and decline [30]. - The report includes detailed charts tracking the performance of various financial stocks and their respective movements [30][36].

Core Viewpoint - The issuance of technology innovation bonds (科创债) has gained momentum, with various banks participating actively, indicating a strong market response to the supportive policies introduced for these bonds [2][6][12]. Group 1: Issuance Overview - As of July 3, 2025, a total of 419 technology innovation bonds have been issued, with an aggregate issuance scale exceeding 620 billion yuan, highlighting the growing interest in this financial instrument [2]. - Among the issuers, banks have emerged as the main players, having issued 27 bonds with a total scale of over 220 billion yuan [2][3]. Group 2: Bank Participation - Large banks lead in issuance scale, while small and medium-sized banks are also entering the market, with 11 banks participating in the issuance process [3][4]. - The issuance scale of city commercial banks and rural commercial banks collectively reached 391 billion yuan, with notable contributions from banks like Beijing Bank (80 billion yuan) and Shanghai Bank (50 billion yuan) [6][7]. Group 3: Interest Rates and Credit Ratings - The credit ratings of the issuers are predominantly high, with most banks rated AAA, except for one rated AA+ [3][7]. - The interest rates for technology innovation bonds vary, with large banks offering rates between 1.17% and 1.65%, while small and medium-sized banks have higher rates, with some reaching up to 1.95% [3][10]. Group 4: Fund Utilization - The funds raised through technology innovation bonds are primarily directed towards supporting technology loans and investing in bonds issued by technology innovation enterprises, creating a synergistic effect [11]. - Major banks have consistently used the proceeds for "issuing technology loans," while some also invest in technology innovation enterprises' bonds [11]. Group 5: Future Trends - The market is expected to see innovations in bond products and an expansion of issuing entities, with banks likely to introduce more flexible bond terms to cater to the specific needs of technology enterprises [12]. - There is a growing emphasis on technology finance as a strategic focus for banks, particularly among small and medium-sized banks, which may accelerate their participation in the technology innovation bond market [12].

Core Insights - The launch of the Science and Technology Innovation Bonds (科创债) has attracted various participants, with a total issuance of 419 bonds amounting to over 620 billion yuan as of July 3, 2025 [2] - Large banks are leading the issuance, while small and medium-sized banks are also entering the market, increasing the number of issuers to 11 [2] - The credit ratings of the issuers are predominantly high, with most rated AAA, and the interest rates for small and medium-sized banks are higher compared to large banks [2][4] Issuance Overview - As of June 30, 2025, policy banks and state-owned banks are the main issuers, with the China Development Bank issuing 3 bonds totaling 20 billion yuan, and major state-owned banks collectively issuing 1.1 billion yuan [4] - The issuance scale of various banks includes 550 billion yuan from joint-stock banks and 391 billion yuan from city and rural commercial banks [4][5] - The issuance of floating-rate bonds has also been noted, with Sichuan Bank issuing the first floating-rate 科创债 [5] Interest Rates - The overall interest rates for 科创债 are relatively low, with the weighted average interest rate for commercial banks decreasing by 5 basis points [6] - The lowest rates are observed in the China Development Bank's bonds, with rates as low as 1.17% for short-term bonds [6] - Small and medium-sized banks face higher issuance rates, with some reaching up to 1.95% [6] Fund Utilization - The funds raised through 科创债 are primarily directed towards supporting technology loans and investing in bonds issued by technology innovation enterprises [7] - Major banks have a consistent focus on issuing 科创债 for technology loan disbursement, while some joint-stock and city commercial banks also invest in technology innovation bonds [7] Future Trends - There is potential for innovation in bond products and expansion of issuers in the 科创债 market, with banks likely to introduce more flexible bond terms [8] - Small and medium-sized banks are expected to design issuance plans that align with local industry characteristics and technology enterprise funding needs [8]

Summary of Key Points Core Viewpoint - Tian Sheng Pharmaceutical Group Co., Ltd. has approved a guarantee for its wholly-owned subsidiary, Tian Sheng Pharmaceutical Group Chongqing Drug Research Institute Co., Ltd., to secure a loan of RMB 5 million from Chongqing Bank for a term of three years [1][2]. Group 1: Guarantee Overview - The board of directors approved the guarantee for the subsidiary to apply for credit from Chongqing Bank [1]. - The loan amount is RMB 5 million with a repayment period of three years [2]. - The company signed a guarantee contract and a mortgage contract with Chongqing Bank to secure the loan [1][2]. Group 2: Contract Details - The guarantee contract specifies that Tian Sheng Pharmaceutical Group Co., Ltd. is the guarantor for the loan taken by its subsidiary [2]. - The principal amount of the loan is RMB 5 million, with interest and penalties calculated as per the main contract [2]. - The mortgage contract also states that the company will cover all related costs, including legal fees and other expenses incurred during the enforcement of the mortgage [2]. Group 3: Financial Overview of the Subsidiary - Tian Sheng Pharmaceutical Group Chongqing Drug Research Institute Co., Ltd. was established on March 22, 2010, with a registered capital of RMB 50 million [3][4]. - The total assets of the subsidiary as of December 31, 2024, were RMB 5,098.31 million, with total liabilities of RMB 240.60 million [5]. - The subsidiary reported a net profit of RMB 125.17 million for the year ending December 31, 2024, but incurred a loss of RMB 212.66 million for the first quarter of 2025 [5]. Group 4: Guarantee Amounts - The total external guarantee amount for the company and its subsidiaries is RMB 202 million, with a total balance of RMB 152.24 million, representing 7.59% of the equity attributable to the parent company as of December 31, 2024 [5]. - There are no overdue guarantees or litigation issues related to external guarantees [5].

Group 1 - The report details the changes in the registered capital and issued shares of Chongqing Bank as of June 30, 2025, indicating no change in H-shares and a slight increase of 2,374 in A-shares [1][2] - The total registered capital at the end of the month is RMB 3,474,583,227, with H-shares remaining at 1,579,020,812 and A-shares increasing to 1,895,562,415 [1][3] - The report confirms that all securities issuance and stock transfers have been authorized by the board and comply with applicable listing rules and regulations [3][4] Group 2 - The report specifies that there were no changes in the number of treasury shares for both H-shares and A-shares during the month [1][2] - The A-share convertible bonds have undergone adjustments in their conversion price due to profit distributions, with the latest adjustment bringing the price to RMB 9.67 per share [1][3] - The total number of shares that could potentially be issued due to the convertible bonds is calculated to be 1,344,278,076 shares based on the adjusted conversion price [1][3]

证券代码：601963 证券简称：重庆银行 公告编号：2025-047 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 特此公告。 重庆银行股份有限公司董事会 1 关于股东权益变动事项的进展公告 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 5 月 8 日在上海证券 交易所网站（www.sse.com.cn）披露了《关于股东权益变动的提示性公告》（公 告编号：2025-033）。为增强国企战略协同、业务协同，促进国企高质量发展， 重庆发展投资有限公司计划将所持重庆科技创新投资集团有限公司（以下简称 "重庆科创投集团"）100%的股权，无偿划转给本行第一大股东重庆渝富资本运 营集团有限公司（以下简称"渝富资本"）的控股股东重庆渝富控股集团有限公 司。同时，重庆科创投集团吸收合并其子公司重庆科技金融集团有限公司（以下 简称"重庆科技金融集团"），重庆科技金融集团所持有的本行股份由重庆科创投 集团承继，目前该吸收合并事项已完成工商变更，重庆科技金融集团已 ...

经中国证券监督管理委员会《关于核准重庆银行股份有限公司公开发行可转 换公司债券的批复》（证监许可〔2022〕505 号）核准，重庆银行股份有限公司 （以下简称"本行"）获准向社会公开发行面值总额人民币 130 亿元的可转换公 司债券（以下简称"可转债"或"重银转债"），每张面值人民币 100 元，按面 值发行，期限 6 年，票面利率第一年为 0.20%、第二年为 0.40%、第三年为 1.00%、 第四年为 1.70%、第五年为 2.50%、第六年为 3.50%。 经上海证券交易所《关于重庆银行股份有限公司可转换公司债券上市交易的 通知》（上海证券交易所自律监管决定书〔2022〕93 号）同意，本行 130 亿元可 证券代码：601963 证券简称：重庆银行 公告编号：2025-048 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 关于可转债转股结果暨股份变动公告 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： 一、可转债发行上市概况 单位：股 | 股份类别 | 变动前 | | 本次可转债 ...