重庆银行25Q1 经营全面向好，盈利动能改善、资产质量向好。 数据概览 重庆银行2025Q1 营收同比增长5.3%，增速较24A 提升1.8pc；归母净利润同比增长5.3%，增速较24A 提 升1.5pc。2025Q1 末不良率1.21%，环比下降4bp；2025Q1 末拨备覆盖率248%，环比提升3pc 盈利动能向好 资产质量向好 25Q1 末不良率环比-4bp 至1.21%，测算的不良TTM 生成率环比-5bp，不良环比改善。拨备方面，25Q1 末拨备覆盖率248%，环比+3pc，风险抵补能力增强。 盈利预测与估值 预计重庆银行2025-2027 年归母净利润同比增长6.8%/7.9%/9.7%，对应BPS16.50/17.66/18.95 元。给予目 标估值2025 年PB 0.72x，对应目标价11.85 元/股，现价空间15%，维持"买入"评级。 风险提示：宏观经济失速，不良大幅暴露。 2025Q1营收同比增长5.3%，增速较24A提升1.8pc；归母净利润同比增长5.3%，增速较24A 提升1.5pc。 驱动因素来看，主要是息差水平回升、规模扩张提速，带动利息净收入增速显著回升。25Q1 利息净收 ...

Core Viewpoint - Investment income has become a significant driver of revenue growth for many listed banks in the first quarter of 2025, particularly among city commercial banks and rural commercial banks [1][2]. Group 1: Investment Income Growth - In the first quarter of 2025, 15 out of 17 listed banks reported a year-on-year increase in investment income, with 4 banks showing growth exceeding 100% [2][3]. - Everbright Bank reported the highest increase in investment income at 302.96%, with an investment income of 7.213 billion yuan compared to 1.790 billion yuan in the same period last year [2]. - Shanghai Bank's investment income reached 6.546 billion yuan, a year-on-year increase of 118.74%, contributing nearly 50% to its total revenue [2][3]. - Jiangyin Bank's investment income surged by 143.55% to 415 million yuan, supporting a revenue growth of 6% despite declines in net interest income and fee income [2]. Group 2: Factors Contributing to Investment Income - The increase in investment income is primarily attributed to favorable conditions in the bond market, which has provided a beneficial investment environment for banks [3][4]. - Many banks have intensified financial asset trading to compensate for traditional income shortfalls due to narrowing net interest margins and sluggish growth in intermediary business income [3][4]. - Some banks have optimized their asset allocation and enhanced their investment management capabilities, leading to significant improvements in investment returns [3][4]. Group 3: Strategic Adjustments and Future Outlook - Despite market fluctuations, many banks have successfully realized substantial investment income by adjusting their holding strategies and cashing in on previous gains [4][5]. - Chongqing Bank emphasized a steady development strategy in its financial market operations, focusing on bond trading capabilities and research to enhance revenue contributions [5]. - The sustainability of the growth trend in investment income will depend on the evolving market environment and the banks' strategic adaptability [5].

Group 1 - Chongqing Bank's stock price closed at 10.74 yuan on April 28, 2025, up 4.68% from the previous trading day, with a trading volume of 2.36 billion yuan [1] - The bank executed a block trade of 1.5 million shares at a price of 10.53 yuan, representing a discount of 1.96% compared to the closing price, indicating institutional participation in active trading [1][2] - The bank's total market capitalization reached 37.317 billion yuan, with a price-to-book ratio of 0.70 and a price-to-earnings ratio of 5.74, categorizing it as a low-valuation stock within the banking sector [1] Group 2 - Chongqing Bank has been actively optimizing its payment services, including upgrading foreign personnel account services and enhancing ATM foreign card cash withdrawal functions, which supports the real economy [2] - The bank's total asset scale is steadily growing, with its net profit and dividend payout ratio positioned in the mid-range among disclosed annual reports of banks [2] - The dynamic price-to-earnings ratio of Chongqing Bank remains low compared to the banking industry, with a circulating market value of 20.185 billion yuan and a daily turnover rate of 1.17% [2]

黃漢興 （副董事長） 郭喜樂 吳珩 獨立非執行董事 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 朱燕建 劉瑞晗 汪欽琳 曾宏 陳鳳翔 - 1 - 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 | | | | | | | | 消費者 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 戰略與 | 風險管 | | 關聯交 | | 薪酬與 | 信息科 | 權益保 | | 董事 | 創新委 | 理委員 | 審計委 | 易控制 | 提名委 | 考核委 | 技指導 | 護委員 | | | 員會 | 會 | 員會 | 委員會 | 員會 | 員會 | 委員會 | 會 | | 楊秀明 | C | | | | | | | | | 高嵩 | | C | | | | | | | | 侯曦蒙 | | | | | | | C | | | 黃 ...

证券代码：601963 证券简称：重庆银行 公告编号：2025-030 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 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 3 月 25 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：2025-020）。为增强国有企业服务与保障国家战略能力，提质提速水务 水利和环境基础设施建设，重庆水务环境控股集团有限公司拟通过国有股权无偿 划转方式合计取得重庆市水利投资（集团）有限公司（以下简称"水投集团"） 100%的股权，从而间接取得本行 8.50%的股份。上述划转事项完成后，水投集 团将成为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"） 的一致行动人。 关于股东权益变动事项的进展公告 重庆银行股份有限公司董事会 2025 年 4 月 28 日 1 近日，本行收到渝富资本控股股东重庆渝富控股集团有限公司通知，上述无 偿划转事项的工商变更 ...

证券代码：601963 证券简称：重庆银行 公告编号：2025-031 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 关于独立董事任职资格获监管机构核准的公告 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 4 月 25 日收到《重 庆金融监管局关于曾宏、汪钦琳、陈凤翔重庆银行独立董事任职资格的批复》（渝 金管复〔2025〕46 号），国家金融监督管理总局重庆监管局核准了曾宏先生、 汪钦琳女士、陈凤翔先生担任本行独立董事的任职资格。根据法律法规以及《重 庆银行股份有限公司章程》的规定，曾宏先生、汪钦琳女士、陈凤翔先生担任本 行独立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。 曾宏先生、汪钦琳女士、陈凤翔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 4 月 ...

今日（2025年4月28日）银行板块全天逆市走强，延续对等关税事件以来的强劲防御性。A股顶流银行ETF（512800）场内价格一度涨逾1%，收涨0.84%， 全天成交额3.16亿元，环比放量。 | 分时 多日 1分 5分 = | 综合屏 F9 前复权 超级参加 画线 工具 ◇ ② » | 1 5 5 +0.013 +0.84% | 512800.SHI银行ETFI 2025/04/28 收1.558 幅0.84%(0.013) 开1.544 高1.561 低回 | | | | | --- | --- | --- | --- | --- | --- | --- | | MA5 1.5451 MA10 1.5391 MA20 1.5201 MA60 1.5091 MA120 1.4691 MA250 1.3691 ▼ = | SSE CNY 15:00:18 闭市 | | | | | | | 1.56 | 净值走势华宝中证银行ETF | 492 | 1.540 | 196 | | | | 2.57 | 20H | 1.485 | 委比11.57% 委差 - 11913 | 534 | 60H | | | 1.45 ...

Investment Rating - The industry investment rating is "Positive" and maintained [12] Core Insights - The Longjiang Bank Index increased by 0.6% this week, outperforming the CSI 300 Index by 0.2% and underperforming the ChiNext Index by 1.4%. The banking sector's defensive attributes have gained traction due to a decline in market risk appetite [2][6] - The performance of listed banks remains stable, with city commercial banks exceeding expectations in their Q1 reports, supporting upward valuation adjustments. Notably, Chongqing Bank and Nanjing Bank reported significant year-on-year growth in net interest income of 28% and 18%, respectively, driven by a low base from last year and improved interest margins [2][7][29] Summary by Sections Market Performance - The Longjiang Bank Index's performance reflects a shift towards defensive investments in the banking sector amid rising risk aversion. The index's performance is supported by the positive earnings reports from major banks [2][6] Earnings Reports - As of April 25, 2025, 15 A-share listed banks have disclosed their Q1 earnings. Most banks reported positive revenue growth, with only two banks experiencing declines. The net profit for all but one bank also showed positive growth. The asset quality remains stable, with non-performing loan ratios generally declining or stable [7][29] - The rebound in net interest income growth is a key highlight, with nine banks reporting year-on-year increases. The overall improvement in net interest margins is attributed to a significant reduction in funding costs [29][30] Dividend Yields - As of April 25, 2025, the average dividend yield for the five major state-owned banks in A-shares is 4.5%, with a spread of 280 basis points over the 10-year government bond yield. The H-shares have an average yield of 6.0%, with a spread of 435 basis points, indicating a more attractive yield in the H-share market [6][23] Monetary Policy Insights - The Central Political Bureau meeting on April 25, 2025, reiterated the need for timely interest rate cuts and reserve requirement ratio reductions. The meeting emphasized the creation of new structural monetary policy tools to support technological innovation and consumption expansion [35][37]

Core Insights - The four municipalities in China—Beijing, Shanghai, Tianjin, and Chongqing—play a crucial role in the country's economic development and face various challenges amid economic restructuring and competitive pressures [1][19][20] - Beijing Bank, once a leader among city commercial banks, is experiencing stagnation in profit growth and increased competition from peers like Jiangsu Bank and Ningbo Bank [2][3][19] - Shanghai Bank is struggling with declining net interest income and has seen its ranking drop among city commercial banks, despite a notable increase in non-interest income [7][8][19] - Chongqing Bank shows potential for growth with a significant increase in total assets, but it faces challenges related to its business structure, heavily weighted towards corporate loans [12][19] - Tianjin Bank's performance is inconsistent, with significant fluctuations in profits and a declining personal loan portfolio, raising concerns about its future stability [15][19][20] Summary by Company Beijing Bank - As of December 2024, Beijing Bank's total assets reached 42,215.42 billion yuan, a 12.61% increase year-on-year, but net profit growth has slowed to 0.81% [2][19] - The bank's net interest margin has decreased from 1.95% in 2019 to 1.47% in 2024, indicating challenges in profitability [3][19] - The bank is exploring diversification into children's financial services, with over 2 million child financial clients [4][19] Shanghai Bank - Shanghai Bank reported total assets of 32,266.56 billion yuan as of December 2024, with a 4.6% year-on-year increase [7][19] - The bank's net interest income fell by 7.62% in 2024, leading to a net interest margin of only 1.17%, below the industry average [8][19] - Non-interest income grew significantly, with investment income increasing by 94.42% in 2024, highlighting the bank's adaptability in financial markets [9][19] Chongqing Bank - Chongqing Bank's total assets reached 8,566.42 billion yuan, a 12.73% increase year-on-year, marking the highest growth rate since 2018 [12][19] - The bank's loan structure is heavily skewed towards corporate loans, with retail loan growth lagging at only 2.81% [12][19] - The bank's net interest margin was reported at 1.35%, indicating a need for improvement in profitability [13][19] Tianjin Bank - Tianjin Bank's total assets were 9,259.94 billion yuan as of December 2024, a 10.1% increase, but its net profit growth was only 1.1% [15][19] - The bank's personal consumption loan portfolio has declined significantly over the past five years, raising concerns about asset quality [17][19] - The bank's capital adequacy ratios have also decreased, indicating potential challenges in maintaining financial stability [18][19]

Group 1 - The banking sector has shown positive performance, with the China Securities State-Owned Enterprises Dividend Index (000824) rising by 0.10% and several constituent stocks experiencing significant gains, such as Chongqing Bank (601963) up by 7.21% and Jiangsu Jinzu (600901) up by 5.57% [1] - The National State-Owned Enterprises Dividend ETF (159515) has seen a growth in scale of 979.54 million yuan this month, ranking it in the top half among comparable funds [1] - The Central Political Bureau of the Communist Party of China held a meeting on April 25, focusing on economic themes and indicating a continuation of policy support [1] Group 2 - Huachuang Securities noted that large banks are advancing their capital increase plans, and the mid-term dividend strategy is still in progress, indicating sustained long-term investment value in the banking sector [2] - The low interest rate environment continues to highlight the stability of bank earnings and dividends, with high dividend yield banks showing absolute returns [2] - The positive economic trend remains unchanged, with monetary and fiscal policies being firmly implemented since October 2024, which is expected to stabilize bank asset quality and support credit growth [2] Group 3 - As of March 31, 2025, the top ten weighted stocks in the China Securities State-Owned Enterprises Dividend Index accounted for 15.22% of the index, with companies like COSCO Shipping Holdings (601919) and Jizhong Energy (000937) among the top [3] - The performance of individual stocks within the index varies, with some stocks like Nanjing Steel (600282) showing a gain of 2.07%, while others like Hengyuan Coal Power (600971) saw a decline of 2.64% [5]