【 导读 】重庆银行地方国资股东结构调整，渝立物资100%股权无偿划转 中国基金报记者 嘉合 11 月 14 日，重庆银行发布公告称，该行于近日收到通知，该行股东重庆渝富资本运营集团 有限公司（以下简称渝富资本）及其一致行动人构成发生变化。 其中，重庆渝立物资有限公司（以下简称渝立物资）将 100% 股权无偿划转，不再是渝富资 本的一致行动人。这也意味着，地方国资对旗下金融股权布局在不断优化。 地方国资股东结构发生调整 年内多家金融机构股权无偿划转 2025 年，地方国资对金融股权布局不断优化，多省市地方国资先后通过整合、划转、增持等 方式不断强化对辖区内优质金融资产的控制与协同，进而推动区域金融体系的稳定。 例如，在 8 月 11 日，南京银行发布公告称，江苏交通控股有限公司（以下简称江苏交控） 无偿受让其全资子公司江苏云杉资本管理有限公司持有该行股份，占该行总股本的 4.02% 。 同时，本次股权同样为一致行动人之间的内部转让，不涉及市场增持或减持。同时，江苏交 控由江苏省人民政府 100% 控股。 9 月 2 日，青岛银行公告称，青岛国信产融控股（集团）有限公司将启动增持计划，拟通过 二级市场增持不少于 ...

Core Viewpoint - Chongqing Bank announced that Qianli Technology Co., Ltd. holds approximately 129 million A-shares and 165 million H-shares of the bank, totaling about 295 million shares, which accounts for 8.49% of the bank's total share capital [1] Summary by Sections - **Shareholding Details** - Qianli Technology holds approximately 129 million A-shares and through its subsidiary Lifan International (Holding) Co., Ltd., it holds about 165 million H-shares of Chongqing Bank, totaling around 295 million shares [1] - **Pledge and Re-pledge Information** - Qianli Technology has completed the release of a pledge on 76 million A-shares and subsequently re-pledged 18 million of those shares after the release [1] - Prior to this release, Qianli Technology had cumulatively pledged 122 million A-shares, which represented 3.51% of Chongqing Bank's total share capital [1]

重庆银行表示，因渝立物资持有该行629499股A股股份，上述划转事项完成后，渝富资本及其一致行动 人的构成将发生变动，渝立物资将不再是渝富资本的一致行动人。近日，重庆银行收到渝富资本通知， 上述无偿划转事项的市场监督管理局变更登记手续已办理完成。 北京商报讯（记者 宋亦桐）11月14日，重庆银行发布公告指出，重庆渝欣创商业管理有限公司（与渝 富资本受同一股东控制）接重庆市国有资产监督管理委员会通知，同意其将子公司重庆渝立商业管理有 限公司持有的重庆渝立物资有限公司（以下简称"渝立物资"）100%股权无偿划转至重庆国创投资管理 有限公司。 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights a continued slowdown in social financing and a shift of deposits towards wealth management products, indicating a need for observation regarding the recovery of resident confidence and corporate operational activity [5][6] - The report notes that the credit growth is slowing down, with new RMB loans added in October amounting to 220 billion yuan, a year-on-year decrease of 280 billion yuan, reflecting seasonal demand factors and constraints on credit expansion [3][4] - Government bonds remain the main contributor to social financing growth, with new government bonds issued in October at 489.3 billion yuan, marking the lowest monthly level for the year [4] Summary by Sections Credit Market Analysis - In October, the new RMB loans were 220 billion yuan, with a year-on-year decrease of 280 billion yuan, and the balance growth rate was 6.5%, down 0.1 percentage points from September [3] - The report indicates that corporate loans increased by 220 billion yuan year-on-year, primarily supported by a 331.2 billion yuan increase in bills, while residential borrowing intentions decreased [3][4] Social Financing Trends - In October, social financing increased by 815 billion yuan, a year-on-year decrease of 597 billion yuan, with a stock growth rate of 8.5%, down 0.2 percentage points from September [4] - The report emphasizes that while social financing growth has been declining since July, the overall downward trend has been limited, with government bonds continuing to play a significant role [4] Deposit and Liquidity Dynamics - The M2 money supply grew by 8.2% year-on-year, while M1 grew by 6.2%, indicating a shift towards demand deposits [5] - There is a notable trend of deposits moving from residents to non-bank financial institutions, with a significant increase of 770 billion yuan in non-bank deposits, suggesting a migration of funds towards wealth management products [5][6] Investment Recommendations - The report suggests that despite the ongoing slowdown in credit growth and social financing, the retail risk for listed banks remains manageable, supported by robust provisioning and stable dividend policies [6] - It recommends increasing allocations to the banking sector, particularly state-owned banks, which are seen as offering value relative to risk-free rates, highlighting specific banks such as CITIC Bank and others as beneficiaries [6]

BANK OF CHONGQING CO., LTD.* 重慶銀行股份有限公司* 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。 （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （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《關於股東股份解除質押及再質押的公告》，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11月14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事為朱燕建先生、劉瑞晗女士、汪欽琳女士、曾宏先生及陳鳳翔先 生。 * 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 ...

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。 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 ） （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《關於股東權益變動事項的進展公告》，僅供參 閱。 BANK OF CHONGQING CO., LTD.* * 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號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。 证券代码：601963 证券简称：重庆银行 公告编号：2025-070 可转债 ...

证券代码：601963 证券简称：重庆银行 公告编号：2025-069 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 关于股东股份解除质押及再质押的公告 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。 重要内容提示： 重庆千里科技股份有限公司（以下简称"千里科技"）持有重庆银行股份有限 公司（以下简称"本行"）A 股股份 129,564,932 股，通过其子公司力帆国际（控 股）有限公司持有本行 H 股股份 165,254,000 股，合计持有本行股份 294,818,932 股，占本行总股本的 8.49%。本次解除质押前，千里科技已累计质押本行 A 股 股份 122,000,000 股，占本行总股本的 3.51%。千里科技本次解除质押本行 A 股股份 76,000,000 股，占本行总股本的 2.19%；本次再质押本行 A 股股份 18,000,000 股，占本行总股本的 0.52%。 本行于近日收到千里科技出具的《关于完成重庆银行股份解押并再质押的告知 函》，获悉千里科技将其持有的本行 76,000, ...

证券之星消息，11月14日城商行板块较上一交易日下跌0.22%，重庆银行领跌。当日上证指数报收于 3990.49，下跌0.97%。深证成指报收于13216.03，下跌1.93%。城商行板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 001227 | 兰州银行 | 2.47 | 0.82% | 102.71万 | | 2.53亿 | | 002936 | 郑州银行 | 2.07 | 0.49% | 222.72万 | | 4.63 Z | | 601169 | 北京银行 | 5.73 | 0.35% | 252.32万 | | 14.52亿 | | 600928 | 西安银行 | 4.11 | 0.24% | 1 26.02万 | | 1.08亿 | | 601229 | 上海银行 | 10.25 | 0.00% | 58.63万 | | 6.07亿 | | 601838 | 成都银行 | 17.06 | 0.00% | 27.04万 | | 4.63亿 | ...

Investment Rating - The industry investment rating is "Overweight," indicating that the industry is expected to outperform the overall market performance [24]. Core Insights - The report highlights a continued slowdown in credit growth, with October's new credit addition at 2.2 trillion yuan, a year-on-year decrease of 2.8 trillion yuan. The total new credit for the first ten months of the year is 14.97 trillion yuan, down 1.6 trillion yuan year-on-year [5][6]. - The report emphasizes the importance of monitoring forward-looking indicators such as PPI, which has shown signs of recovery, potentially improving the demand for real economy and reflecting positively on bank profits [5][6]. - The banking sector is expected to stabilize net interest margins, leading to improved net interest income growth. The focus will be on leading banks and quality regional banks for investment opportunities [5][6]. Summary by Sections Financial Data Overview - In October, new social financing was 815 billion yuan, a year-on-year decrease of 597 billion yuan, with a stock growth rate of 8.5%, down 0.2 percentage points month-on-month. M1 grew by 6.2%, while M2 grew by 8.2%, both showing a decline in growth rates compared to the previous month [3][6][9]. Credit Market Analysis - The report notes a significant decrease in corporate general loans, with a drop of 1.6 trillion yuan in October. The decline in corporate short-term loans was 1.9 trillion yuan, while bill discounting increased by over 500 billion yuan [5][6]. - Retail credit demand remains under pressure, with a net decrease of nearly 360 billion yuan in household credit in October, indicating a continued deleveraging phase for households [5][6]. Government Debt and Social Financing - The issuance of government bonds has slowed, contributing to the continued decline in social financing growth. In October, government bond issuance was 203.3 billion yuan, down over 560 billion yuan year-on-year [5][6]. - The report anticipates that the contribution from government bonds will weaken further, as the issuance for 2024 is expected to peak in the fourth quarter [5][6]. Investment Recommendations - The report suggests focusing on leading banks and undervalued regional banks as key investment themes. It highlights the potential for valuation recovery in leading banks and the opportunity for growth in quality regional banks under favorable policies [5][6].

Investment Rating - The report maintains a "Positive" investment rating for the banking sector, indicating an expectation of relative outperformance compared to market benchmarks [6]. Core Viewpoints - The report highlights a cautious optimism regarding the banking sector's performance in Q4 2025, driven by stabilizing interest margins and improving fundamentals despite external uncertainties [3][4]. - It emphasizes the importance of maintaining a reasonable interest rate spread to support net interest margins, with a focus on effective monetary policy transmission [9][11]. Summary by Sections Investment Recommendations and Targets - The report identifies two main investment lines: 1. High-quality small and medium-sized banks with stable fundamentals, including targets like Chongqing Rural Commercial Bank (601077, Buy), Ningbo Bank (002142, Buy), and Nanjing Bank (601009, Buy) [4]. 2. Large state-owned banks with solid defensive value, such as Industrial and Commercial Bank of China (601398, Not Rated) and Agricultural Bank of China (601288, Not Rated) [4]. Banking Industry Overview - The report discusses the current state of the banking industry, noting a stabilization in interest margins and a cautious approach to monetary policy, with a focus on cross-cycle adjustments to enhance macroeconomic governance [9][11]. - It also mentions the need for a comprehensive macro-prudential management system to address risks in small financial institutions, suggesting that mergers and restructuring may accelerate [11]. Monetary Policy and Financial Conditions - The report indicates that the monetary policy will continue to be moderately accommodative, with a focus on maintaining reasonable growth in financial aggregates and credit [9][10]. - It highlights that the credit growth rate is expected to decline marginally, with a projected loan growth rate of 6.6% in Q3 2025 [9]. Interest Rate Dynamics - The report stresses the importance of maintaining a reasonable interest rate spread, with specific guidelines for banks to avoid issuing loans at rates lower than government bond yields [9][11]. - It notes that as of Q3 2025, the net interest margin for listed banks has stabilized, benefiting from a significant reduction in funding costs [9][11].