Market Performance - The city commercial bank sector declined by 0.59% on November 26, with Nanjing Bank leading the drop [1] - The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index rose by 1.02% to 12907.83 [1] Individual Stock Performance - Suzhou Bank closed at 8.30, up 0.97% with a trading volume of 488,700 shares and a transaction value of 406 million yuan [1] - Nanjing Bank closed at 11.49, down 1.29% with a trading volume of 514,300 shares and a transaction value of 592 million yuan [2] - Chengdu Bank closed at 16.82, down 0.53% with a trading volume of 354,700 shares and a transaction value of 597 million yuan [2] Capital Flow Analysis - The city commercial bank sector experienced a net outflow of 147 million yuan from institutional investors, while retail investors saw a net inflow of 152 million yuan [2] - Among individual stocks, Suzhou Bank had a net outflow of 31.27 million yuan from institutional investors, while Nanjing Bank saw a net inflow of 27.56 million yuan [3]

Core Viewpoint - The recent surge in stock prices of major Chinese banks is driven by their mid-term dividend announcements, with a total cash dividend amounting to 2637.90 billion yuan for 2025, indicating significant investment potential in the banking sector [2][4]. Dividend Announcements - As of November 24, 2025, 24 A-share listed banks have disclosed their mid-term dividend plans, with a total cash dividend of 2638 billion yuan [4]. - Notably, seven banks, including Industrial Bank, Changsha Bank, and Ningbo Bank, are implementing mid-term dividends for the first time since their listings [2]. - The six major state-owned banks are expected to distribute over 2046 billion yuan in dividends [5]. Dividend Yield - The average dividend yield for listed banks as of November 24 is 4.48%, with 12 banks yielding over 5% and 26 banks exceeding 4% [6]. - Specific banks like Bank of Communications and China Construction Bank have dividend yields of 4.18% and 3.93%, respectively [6]. Shareholder and Executive Buybacks - There has been a notable increase in share buybacks by major shareholders and executives of listed banks, signaling positive market sentiment [8]. - For instance, Chengdu Bank's major shareholders have collectively bought approximately 34.25 million shares, investing 6.11 billion yuan from August 27 to November 21 [8]. - Nanjing Bank reported that foreign shareholder BNP Paribas increased its stake by over 128 million shares, raising its ownership to 18.06% [9]. Overall Market Sentiment - The banking sector has seen a net increase in holdings exceeding 9 billion yuan, with significant buybacks from shareholders and executives across multiple banks [10]. - The proactive buyback activities reflect confidence in the banks' future strategies and growth prospects, with the banking sector ranking second in shareholder buybacks this year, only behind the transportation sector [10].

Core Viewpoint - The recent surge in stock prices of major banks in China is driven by their mid-term dividend announcements, with a total cash dividend amounting to 2638 billion yuan for 2025, indicating significant value potential in the banking sector [2][3][4]. Dividend Announcements - As of November 24, 2025, 24 A-share listed banks have disclosed their mid-term dividend plans, with a total cash dividend of 2638 billion yuan, including first-time mid-term dividends from seven banks [2][4]. - Notably, Wuxi Bank announced a cash dividend of 0.11 yuan per share, totaling 2.41 billion yuan, with the ex-dividend date on November 25, 2025 [4]. - Hangzhou Bank plans to distribute a cash dividend of 0.38 yuan per share, amounting to 27.55 billion yuan, reflecting a 24.10% increase from the previous year [4]. Dividend Yields - The average dividend yield for listed banks as of November 24 is 4.48%, with 12 banks yielding over 5% and 26 banks over 4% [5]. - Major banks like Bank of Communications and Agricultural Bank of China have lower yields, ranging from 3% to 4.18% [5]. Shareholder and Executive Buybacks - There has been a notable increase in share buybacks by major shareholders and executives, signaling positive market sentiment [7][8]. - For instance, Chengdu Bank's major shareholders increased their holdings by approximately 34.24 million shares, investing 611 million yuan [7]. - The banking sector has seen a total of 126.30 billion yuan in buybacks this year, ranking second among industry sectors [8]. Market Performance and Outlook - The banking sector has experienced a net increase in holdings exceeding 90 billion yuan, with significant support for stock prices from shareholder buybacks [6][9]. - Analysts suggest that the upcoming long-term capital allocation period at year-end will further enhance the market performance of bank stocks [9].

Core Viewpoint - The city commercial bank sector experienced a decline of 0.54% on November 24, with Shanghai Bank leading the drop, while the overall market indices showed slight increases [1][2]. Group 1: Market Performance - The Shanghai Composite Index closed at 3836.77, up 0.05%, and the Shenzhen Component Index closed at 12585.08, up 0.37% [1]. - The city commercial bank sector's individual stock performance varied, with Chengdu Bank rising by 1.32% to a closing price of 16.94, while Shanghai Bank fell by 1.70% to 9.84 [1][2]. Group 2: Trading Volume and Turnover - Chengdu Bank had a trading volume of 497,000 shares and a turnover of 842 million yuan, while Shanghai Bank had a trading volume of 655,100 shares and a turnover of 649 million yuan [1][2]. - The overall net inflow of funds in the city commercial bank sector was 56.49 million yuan, with retail investors showing a net outflow of 70.16 million yuan [2][3]. Group 3: Fund Flow Analysis - Chengdu Bank saw a net inflow of 97.44 million yuan from major funds, while retail investors had a net outflow of 51.42 million yuan [3]. - Suzhou Bank experienced a net inflow of 40.11 million yuan from major funds, but a net outflow of 32.86 million yuan from retail investors [3].

Investment Rating - The report assigns an "Accumulate" rating for the banking sector [5]. Core Insights - Since the beginning of the year, many banks' shareholders and executives have actively increased their holdings, ranking first among 31 industries in terms of the amount of increase. Notable banks with significant increases include Nanjing Bank, Suzhou Bank, Everbright Bank, Shanghai Pudong Development Bank, and Chengdu Bank [2][5]. - The net amount of shareholding changes in the banking sector is approximately 9.03 billion, with an increase of about 12.63 billion, ranking second only to the transportation industry. The decrease amounts to about 3.60 billion [5]. - More than half of the banks have disclosed plans for major shareholders or executives to increase their holdings, with the top three banks in terms of increased amounts being Nanjing Bank (7.38 billion), Suzhou Bank (1.74 billion), and Everbright Bank (1.24 billion) [5]. Summary by Sections Related Reports - The report references several related reports on banking, including topics such as mid-term dividend acceleration and credit issuance tracking [4]. Industry and Company Dynamics Tracking Major News - The People's Bank of China announced the LPR rates for one year and five years remain unchanged at 3.0% and 3.5%, respectively [11]. - Recent surveys indicate that operating loan rates have dropped significantly, with some banks offering rates below 2.5% [11]. Major Announcements - Wuxi Bank plans to implement a mid-term dividend of 0.11 yuan per share, totaling 241 million [12]. - Nanjing Bank's major shareholder, France's BNP Paribas, increased its holdings by 128 million shares, representing 1.04% of the total share capital [12]. Weekly Data Tracking - During the period from November 17 to November 21, the banking sector experienced a decline of 0.87%, outperforming the CSI 300 index by 2.90 percentage points [5][14]. - The average interest rate for the six-month national large banks and joint-stock banks increased by 7 basis points to 0.68% [5].

Core Viewpoint - Chongqing Bank's recent equity changes reflect the optimization reform requirements from the Chongqing State-owned Assets Supervision and Administration Commission, with significant implications for its long-term strategic layout and brand development in the western financial sector [4][8]. Group 1: Equity Changes - On November 14, Chongqing Bank announced an equity change, with its largest shareholder, Chongqing Yufu Capital, reducing its stake from 23.45% to 21.93% following a series of announcements in August [4][6]. - The bank's stock price has shown a positive trend, with a year-to-date increase of 24.9%, closing at 11.12 yuan per share as of November 21 [10]. - The bank's recent equity adjustments are part of a broader trend of resource optimization among local state-owned enterprises in the financial sector [8]. Group 2: Financial Performance - As of September 30, 2025, Chongqing Bank's total assets reached 1,022.75 billion yuan, marking a 19.39% increase from the end of 2024 [11]. - The bank reported a revenue of 11.74 billion yuan and a net profit of 4.879 billion yuan for the third quarter of 2025, reflecting year-on-year growth of 10.4% and 10.19%, respectively [5][11]. - However, the bank faces challenges in its intermediary business, with net commission income decreasing by 27.6% year-on-year [11][13]. Group 3: Capital Adequacy - The bank's capital adequacy ratios have shown a decline, with the core tier one capital adequacy ratio dropping to 8.57%, approaching regulatory limits [14]. - The bank's capital structure has been under pressure, with a need for capital replenishment highlighted by the recent performance metrics [15]. Group 4: Regulatory Issues - Chongqing Bank was fined 2.2 million yuan for internal control and compliance issues, including inadequate loan due diligence and imprudent investment practices [15][20]. - The bank's non-performing loan ratio was reported at 1.14% as of the third quarter, with specific segments, such as retail credit, showing higher delinquency rates [17][19].

Core Viewpoint - The banking sector is gaining attention in the capital market due to a combination of declining interest rates, policy support, and low valuations, leading to increased investment from long-term funds like insurance capital [1][2]. Group 1: Reasons for Insurance Capital Favoring Bank Stocks - Insurance capital seeks stable and reliable assets due to a mismatch in the average duration of liabilities (over 12 years) and assets (approximately 6 years), resulting in over 2 trillion yuan needing investment annually [1]. - Bank stocks are attractive due to their high dividend yields, low valuations, and low volatility, with an average dividend yield of 3.86%, significantly higher than the 10-year government bond yield of 1.82% as of November 19, 2025 [1][2]. Group 2: Valuation and Stability of the Banking Sector - The banking sector's price-to-book ratio is at 0.63, indicating extreme low valuation and providing a safety cushion [2]. - The banking sector has shown a volatility of only 14.90% over the past three years, which is significantly lower than the 24.80% volatility of the CSI 300 index, making it suitable for long-term holding as a core asset [2]. Group 3: Impact of IFRS 9 on Insurance Companies - The implementation of IFRS 9 accounting standards requires insurance companies to estimate and recognize expected credit losses at the initial recognition of assets, affecting profits even before actual losses occur [2]. - This new standard encourages insurance companies to classify more equity investments as FVOCI (Fair Value Through Other Comprehensive Income), which helps to isolate short-term market fluctuations from profit statements, making bank stocks a suitable choice for long-term holding [2]. Group 4: Preferred Bank Stocks Among Insurance Capital - Insurance capital shows a preference for state-owned banks like Industrial and Commercial Bank of China and China Construction Bank due to their stable dividends and strong liquidity [3]. - Quality joint-stock banks such as China Merchants Bank and Industrial Bank are favored for their robust profitability and potential for valuation recovery [3]. - High-growth regional banks like Chengdu Bank and Suzhou Bank are also attractive due to their high ROE and asset quality, indicating potential for price appreciation [3]. - Hong Kong-listed bank stocks, such as CITIC Bank and Chongqing Bank, are appealing due to higher dividend yields and more attractive valuations [3]. Group 5: Implications for Ordinary Investors - For ordinary investors, bank stocks offer a combination of high dividends and low valuations, providing defensive characteristics and cash flow returns in the current market environment [5]. - As market trends shift towards stable returns, bank stocks can play a crucial role in balancing risk and securing stable dividends within an investment portfolio [5].

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。 BANK OF CHONGQING CO., LTD.* 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 代表董事會 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。 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 31 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：2025-039）。重庆渝富资本运营集团有限公司（以下简称"渝 ...

证券代码：601963 证券简称：重庆银行 公告编号：2025-071 可转债代码：113056 可转债简称：重银转债 近日，本行收到渝富资本通知，上述 153,510,000 股川仪股份股票划转至国 机仪器仪表事项已完成非交易过户。 特此公告。 重庆银行股份有限公司董事会 1 2025 年 11 月 20 日 2 重庆银行股份有限公司 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 31 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：2025-039）。重庆渝富资本运营集团有限公司（以下简称"渝富资本"） 控股股东重庆渝富控股集团有限公司与中国机械工业集团有限公司（以下简称 "国机集团"）、国机仪器仪表（重庆）有限公司（以下简称"国机仪器仪表"） 签订《表决权委托协议》，中国四联仪器仪表集团有限公司与国机集团、国机仪 器仪表签订《中国四联仪器仪表集团有限公司与国机仪器仪 ...

Group 1: Central Bank Operations - The central bank conducted a 310.5 billion yuan 7-day reverse repurchase operation, with a bid amount and winning amount of 310.5 billion yuan, maintaining an operation rate of 1.40% [1] Group 2: Banking Sector Performance - A-shares in the banking sector experienced fluctuations but generally rose, with China Bank's stock price increasing over 2% to reach a new high, alongside significant gains from other banks such as Everbright Bank and CITIC Bank [2] - The rise in bank stock prices reflects positive market expectations for future growth in the financial industry, likely driven by economic recovery expectations and policy support [2] Group 3: Insurance Sector Performance - The insurance sector in A-shares continued to rise, with China Life and China Property & Casualty Insurance both increasing over 3%, along with other major insurers [3] - The notable growth in the insurance sector indicates investor optimism, potentially influenced by market perceptions of economic stability and increased risk management awareness among individuals [3] Group 4: Gold Market Trends - Spot gold prices reached 4,100 USD per ounce, reflecting a 0.85% increase during the day [4] - The rise in gold prices indicates a sustained preference for safe-haven assets, driven by increasing geopolitical risks and inflation pressures, showcasing gold's appeal as a traditional safe-haven investment [4]