Group 1: Macroeconomic Insights - In March 2025, exports increased significantly with a year-on-year growth rate of 12.4%, up from 2.3% in January-February, surpassing Bloomberg's consensus estimate of 4.6% [2] - The trade surplus for March reached $102.6 billion, contributing to a cumulative trade surplus of nearly 2 trillion RMB in the first quarter, which is an increase of approximately 600 billion RMB year-on-year [2] - The estimated contribution of external demand to actual GDP growth is projected to be 2.9 percentage points, potentially pushing the actual GDP year-on-year growth rate to 5% or higher [2] Group 2: Market Trends and Fund Flows - In the A-share market, there was a net outflow of financing funds close to 100 billion RMB last week, but the financing balance stabilized in the latter half of the week, indicating a potential market reversal [3] - The week saw significant inflows into broad-based ETFs, with net inflows reaching a record high since 2018, driven by institutional announcements of increased holdings [3] - The scale of share buybacks and capital increases reached new highs for 2025, indicating strong support for market stabilization [3] Group 3: Real Estate Sector Analysis - In 2024, the overall performance of domestic real estate companies was under pressure, with declines in both sales and land acquisition amounts, but the industry concentration increased, showing resilience among leading firms [12] - The main theme for 2025 is expected to be "steady operation and focus on core business," with a strategy of "sales-driven investment" to revitalize old inventory [12] - There is an anticipated increase in the proportion of operating profits for some real estate companies, alongside a continuous push for product quality upgrades [12] Group 4: Lithium Battery Materials Outlook - In 2024, capital expenditures for most lithium battery material companies declined year-on-year, with significant changes in supply-demand dynamics and profitability [13] - The report forecasts a tightening supply-demand situation for lithium iron phosphate and lithium hexafluorophosphate in the second half of 2025, leading to potential price increases [13] - Companies with cost or technological advantages in the supply chain are expected to see improvements in market share and profitability [13] Group 5: Company-Specific Performance - Shanghai Construction Group reported a revenue of 300.2 billion RMB for 2024, a slight decline of 1.45% year-on-year, but net profit increased by 39.2% [14] - Net profit for Guoyuan Securities reached 2.244 billion RMB in 2024, a year-on-year increase of 20%, driven by a 123% increase in investment income [15] - Net profit for NetEase Technology in 2024 was 675 million RMB, reflecting a 10.02% year-on-year increase, with expectations for accelerated growth in 2025 due to AI applications [15]

Investment Rating - The report maintains a "Recommended" investment rating for the banking industry, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [21]. Core Insights - The report highlights a marginal improvement in performance growth, with core revenue contributions increasing. As of April 12, 2024, 25 out of 42 listed banks reported a year-on-year revenue growth of -0.4% and a net profit growth of 2.0%, both showing a 1 percentage point improvement compared to the previous three quarters [5][6]. - The report anticipates that the banking sector will benefit from strong fiscal policies implemented since October 2024, which are expected to boost economic confidence and stabilize asset quality. If these policies effectively stimulate the real estate and consumer sectors, there will be opportunities for cyclical strategies [5][6]. Summary by Sections Industry Basic Data - The banking sector consists of 42 listed companies with a total market capitalization of approximately 114,992 billion and a circulating market value of about 78,974 billion [2]. Relative Index Performance - The absolute performance of the banking sector over the past month is 5.0%, 17.3% over six months, and 17.7% over twelve months. The relative performance is 2.8%, 15.6%, and 24.4% respectively [3]. Market Review - For the week of April 7-13, 2025, the major indices saw declines, with the Shanghai Composite Index down 3.11% and the Shenzhen Component Index down 6.73%. The average daily trading volume in the A-share market was 10,349 billion, up 41.54% from the previous week [5]. Investment Recommendations - The report suggests focusing on banks with high dividend yields and strong asset quality, such as state-owned banks and regional banks with high provision coverage ratios. It also recommends banks with a high proportion of retail assets, which are expected to show greater resilience in the economic recovery [5][6]. Specific banks highlighted include: - Ningbo Bank, Jiangsu Bank, and China Merchants Bank, all rated as "Recommended" with projected EPS growth for 2025 [6].

最新一期业绩显示，2024年年报，公司实现营业收入136.79亿元，同比3.54%；净利润51.17亿元，同比 3.80%。 4月11日，重庆银行今日收盘9.33元，下跌1.27%，滚动市盈率PE（当前股价与前四季度每股收益总和的 比值）达到6.33倍，总市值324.18亿元。 从行业市盈率排名来看，公司所处的银行行业市盈率平均6.30倍，行业中值5.73倍，重庆银行排名第32 位。 截至2024年年报，共有224家机构持仓重庆银行，其中基金219家、其他5家，合计持股数131507.01万 股，持股市值122.04亿元。 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"。202 ...

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，概不對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。 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4月11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、郭喜樂先生及吳珩先生；本行的獨立非執行董事為劉星博士、 王榮先生、馮敦孝博士、朱燕建博士及劉瑞晗女士。 BANK OF CHONGQING CO., LTD. * * 1963 董事會會議召開日期 重慶銀行股份有限公司*（「本行」）董事會（「董事會」）茲通告謹定於2025年4月25日（星期 五）舉行董事會會議，藉以（其中包括）考慮及通過本行及其附屬公司截至2025年3月31日 止三個月之未經審計2025年第一季度業績及其發佈。 * 本行經中國銀行業監督管理機構批準持有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 ...

Macro Insights - The US March CPI data was weaker than expected, with core CPI month-on-month dropping from 0.23% in February to 0.06%, and year-on-year at 2.8%, below the expected 3.0% [2] - The overall CPI month-on-month fell from 0.22% in February to -0.05%, with year-on-year CPI decreasing to 2.4%, both below expectations [2] - Despite the cooling inflation in March, market reactions were muted due to ongoing concerns about tariffs and their impacts, with little change in Fed rate cut expectations [2] Tariff Policy Analysis - On April 9, Trump announced a 90-day suspension of the reciprocal tariff plan, while imposing a 10% tariff on countries outside China, Mexico, and Canada, and increasing the reciprocal tariff on China to 145% [3] - Tariffs are expected to remain a frequently adjusted tool in Trump's negotiations, with potential for further increases against countries perceived as unfavorable [3] - The market may gradually become desensitized to tariff policy changes, with uncertainty becoming a new norm [3] Energy Price Impact - In March, China's CPI was -0.1% year-on-year, lower than the expected 0%, while PPI was -2.5%, also below expectations [4] - The decline in energy prices has contributed to the downward pressure on PPI, indicating a broader economic impact [4] Fixed Income Market Trends - The 10-year US Treasury yield rose sharply from 4.0% to around 4.5%, despite weakening economic fundamentals [5] - The bond market's significant adjustment occurred without drastic changes in macroeconomic data, raising investor concerns [6] Energy Sector Developments - The National Development and Reform Commission released a plan for upgrading coal power plants to enhance flexibility, indicating a market potential of 100-200 billion yuan annually [9] - Companies like Dongfang Electric are recommended due to their involvement in this transition [9] Aviation and Low-altitude Economy - The low-altitude economy is seen as a key area for investment, with potential market space reaching trillions, driven by regulatory changes and advancements in eVTOL technology [10] Company-Specific Insights - Chongqing Bank is covered for the first time with a buy/hold rating, targeting a PB of 0.70/0.47, benefiting from the Chengdu-Chongqing economic circle [12] - Anta Sports reported strong Q1 performance with retail growth across brands, maintaining a buy rating due to competitive advantages [13] - Yutong Heavy Industries showed a 77% increase in new energy vehicle sales, with a robust cash flow supporting its growth outlook [13] - Pinggao Electric is expected to see significant profit growth due to high voltage business expansion, with a buy rating maintained [17] - Wanfu Biology's international business led to a 10.9% revenue increase, with a buy rating supported by stable cash flow and margin improvements [29]

截至目前，已有多家A股上市城商行披露了2024年度财报或业绩预告，南都·湾财社记者选取营收前8家 作为分析样本，透视城商行2024年经营成绩。8家城商行均位于长江经济带，分别位于上游成渝经济 区、中游城市群、下游长三角地区，地理位置贯穿我国东中西部。 2024年，8家城商行营收、归母净利润均实现正增长，江苏银行营收、归母净利润继续稳居第一，且分 别首次突破800亿、300亿；南京银行营收增速以11.3%位居第一，杭州银行归母净利润增速以18.1%领 跑，重庆银行营收、归母净利润增速双双垫底，均不足4%。 2024年末，8家城商行中7家总资产同比录得双位数增长，上海银行仅有4.6%，增速落后；8家城商行不 良贷款拨备覆盖率普遍保持在300%以上，但多家较上一年末下降。其中，上海银行、重庆银行拨备覆 盖率均不足300%，重庆银行拨备覆盖率最低，不良率最高。 营收、净利润增速均实现增长 重庆银行增速双双垫底 业绩驱动分化 2024年，8家城商行营收、归母净利润增速均实现正增长，营收平均增速为7.1%，归母净利润平均增速 为8.7%。 其中，江苏银行营收、归母净利润分别为808.2亿、318.4亿，双双稳居第一，且分 ...

证券研究报告 重庆银行 (1963 HK/601963 CH) 港股通 耕战略腹地，强经营韧性 | 华泰研究 | | 首次覆盖 | | --- | --- | --- | | 2025 年 4 月 | 10 日│中国内地/中国香港 | 区域性银行 | 首次覆盖重庆银行，给予 A/H 股增持/买入评级，目标 PB0.70/0.47 倍，目 标价 11.49 元/8.36 港元。重庆银行深耕重庆本土，辐射西南片区，有望充 分受益于成渝双城经济圈建设和西部战略腹地打造。短期看，基本面不利因 素逐步消化，业绩有望稳步改善。中长期看，重大战略机遇加持+重庆新领 导班子上任，有望激发重庆经济发展新活力，为公司长期发展营造良好生态。 深耕本土，享区域战略红利 重庆银行深耕重庆，辐射西南，24 年末总资产 8566 亿元，资产规模处于城 商行中游，重庆/成都/西安/贵阳分别占比 88%/5%/4%/3%。公司股权结构 多元丰富，以国资为主导，民营、金融资本共同参与。2023 年管理层履新， 新班子专业实干，积极有为，公司治理优化。近年来公司保持 30%以上稳 定分红比率，24 年 A/H 股息率 4.40%/7.11%，股息 ...

Financial Performance - As of December 31, 2024, the total assets of the Bank of Chongqing amounted to RMB 856.642 billion, with total deposits of RMB 474.117 billion and total loans of RMB 440.616 billion[9]. - The bank plans to distribute a cash dividend of RMB 0.248 per share (including tax) based on the audited net profit of RMB 4.793 billion for 2024, which represents a 10% allocation to statutory surplus reserves[6]. - The bank's total operating income and net profit figures for 2024 will be disclosed in the upcoming shareholder meeting, reflecting the bank's performance outlook[6]. - Net profit for 2024 was RMB 5,521,031 thousand, up 5.59% from RMB 5,228,955 thousand in 2023[44]. - The liquidity ratio improved significantly to 212.07% in 2024, compared to 154.89% in 2023[46]. - The company achieved a revenue of 132.63 billion yuan, representing a year-on-year growth of 3.25%, and a net profit of 55.21 billion yuan, up 5.59% from the previous year[63]. - The net profit for 2024 reached RMB 5.52 billion, an increase of RMB 292.08 million, with a growth rate of 5.59%[68]. - The total assets of the group amounted to RMB 856,641.84 million as of December 31, 2024, reflecting a growth of RMB 967.58 million or 12.73% from the previous year[111]. Asset Quality and Risk Management - The non-performing loan ratio stands at 1.25%, with a provision coverage ratio of 245.08%, indicating strong asset quality management[9]. - The bank has implemented a risk management framework that meets regulatory requirements, ensuring stability and compliance in its operations[9]. - The company has strengthened credit risk control and improved asset quality, maintaining a competitive position in the industry[141]. - The non-performing loan (NPL) balance was RMB 5,463,250,000, an increase of RMB 251,000,000 compared to the previous year, with an NPL ratio of 1.25%, down by 0.09 percentage points[141]. - The group’s loan loss provisions stood at RMB 13.35 billion, an increase of RMB 1.21 billion from the previous year, with a non-performing loan coverage ratio of 245.08%, up by 10.90 percentage points[169]. Market Presence and Expansion - The bank operates 199 business outlets covering Chongqing and three provinces, including Sichuan, Guizhou, and Shaanxi, enhancing its market presence[9]. - The bank's future plans include further market expansion and the development of new financial products to enhance customer service and competitiveness[9]. - The company aims to achieve higher development levels and speeds, targeting entry into the "Trillion Club" of commercial banks[27]. - The company provided credit support exceeding 150 billion yuan to key industries in the Chengdu-Chongqing economic circle and other strategic areas during the reporting period[10]. - The company opened 16 new branches, enhancing its financial service network and increasing service levels[181]. Technological Development and Innovation - The bank's strategic vision focuses on becoming a first-class listed commercial bank with a commitment to service enhancement, digital transformation, and distinctive development[9]. - The company is focusing on optimizing management processes by transitioning to online, automated, and intelligent credit operations[32]. - The company has launched new digital credit products such as "New Agricultural Loans" and "Inclusive Agricultural Loans" to enhance financial service efficiency for rural enterprises[187]. - The company has implemented a fully online loan application and repayment model called "Quick Loan for Tech Enterprises," improving the efficiency of financial services for technology companies[188]. - The company is enhancing its technological capabilities to support business and management transformations[33]. Awards and Recognition - The bank has been recognized as a "double hundred enterprise" by the State-owned Assets Supervision and Administration Commission for three consecutive years[10]. - The bank was awarded the "2023 Mobile Internet Application Service Capability Improvement Excellent Case" by the Ministry of Industry and Information Technology in January 2024[13]. - The bank achieved a 4A-level certification from the China Standardization Association, becoming the first financial institution to receive this rating upon initial evaluation[14]. - The company won the "Best Practice for 2023 Annual Report Performance Presentation" award from the China Listed Companies Association in December 2024[23]. - The company received the "2023 Enterprise Standard Leader Award" for its "Digital Letter Verification Service Specification" from the China Banking Association in December 2024[24]. Customer Service and Product Offerings - The company is committed to improving customer service capabilities by optimizing its product offerings and enhancing accessibility[34]. - The company has focused on enhancing its wealth management services, launching the "Heavy Silver Wealth" brand and expanding its product offerings to meet diverse customer needs[191]. - The company introduced a quantitative risk control model for credit cards to balance risk and return, while also enhancing the customer experience through digital tools[192]. - The balance of inclusive micro-loans under the "Two Increases" standard reached RMB 61.068 billion, serving 62,893 customers, with an increase of RMB 10.822 billion and 5,004 customers respectively compared to the end of the previous year[185]. Financial Investments and Liabilities - The total financial investments of the group reached RMB 347,907.81 million as of December 31, 2024, an increase of RMB 67,172 million or 23.93% year-on-year[119]. - The total liabilities of the group as of December 31, 2024, were RMB 792.88 billion, an increase of RMB 92.29 billion or 13.17% from the previous year[131]. - The group's equity as of December 31, 2024, was RMB 63.76 billion, an increase of RMB 4.46 billion or 7.53% year-on-year[138]. - The group's overdue financial investments amounted to RMB 1.00 billion, an increase of RMB 0.36 billion or 55.51% compared to the previous year[123]. Operational Efficiency - The company is optimizing its asset, liability, capital, and income structures to improve operational efficiency and profitability[39]. - The average yield on interest-earning assets decreased by 33 basis points to 3.80% in 2024[75]. - The average cost rate of interest-bearing liabilities fell by 16 basis points to 2.58% in 2024[75]. - The net interest margin declined by 17 basis points to 1.22%[75]. - Operating expenses for the group were CNY 4.098 billion, an increase of CNY 0.208 billion or 5.34%, with personnel costs rising by 8.13%[101].

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。 2025年以来，重庆银行股份有限公司（以下简称"本行"）始终坚持金融工作的政治性、人民性，持续提 升金融服务的专业性、有效性，聚焦主责主业，加快信贷投放，抓好改革赋能，提升服务质效，推动各 项经营管理工作取得良好成效。2025年3月5日，本行积极响应上海证券交易所《关于开展沪市公司"提 质增效重回报"专项行动的倡议》，发布《2025年度"提质增效重回报"行动方案》。行动方案发布以 来，本行以"增强内生驱动力、锻造核心竞争力、凝聚发展向心力、提升价值创造力"为指引，积极践行 落实相关工作举措，推动2025年第一季度主要业绩指标进一步突破提升，实现了规模、效益、结构、质 量协同发展，为实现全年发展目标奠定了坚实基础。 一、2025年第一季度主要经营情况 2025年一季度，本行坚持"一张蓝图绘到底"，坚定"高目标引领、高站位转型、高效率运行、高品质服 务、高质量发展"定位，围绕明确服务大局、资产负债规模、营收利润提升"三进"目标，扎实推进各项 工作，实现了经营指标的"再突破"、服务大局的 ...

Core Viewpoint - The article highlights the significant increase in cash dividends among listed banks in 2024, with state-owned banks leading in both total dividend amounts and payout ratios, reflecting a strong commitment to shareholder returns [2][7]. Summary by Sections Dividend Distribution Overview - As of April 8, 2024, 23 A-share listed banks have disclosed their annual reports, collectively distributing cash dividends of 56.8862 billion yuan, an increase of over 10.1887 billion yuan year-on-year [2][3]. - The six major state-owned banks are identified as the primary contributors, proposing a total cash dividend exceeding 420 billion yuan, with payout ratios consistently above 30% [7][8]. Individual Bank Performance - Industrial and Commercial Bank of China (ICBC) leads with a cash dividend of 109.773 billion yuan, followed by China Construction Bank and Agricultural Bank of China with 100.754 billion yuan and 84.661 billion yuan respectively [3][8]. - Among joint-stock banks, China Merchants Bank stands out with a dividend payout ratio of 35.32%, distributing over 50 billion yuan [4][9]. Trends in Dividend Frequency and Ratios - The article notes a shift in dividend frequency for state-owned banks to twice a year, enhancing their attractiveness to investors [8][9]. - In contrast, city commercial banks and rural commercial banks generally exhibit lower dividend scales and ratios, with Zhengzhou Bank having the lowest payout ratio at 9.69% [5][9]. Market Valuation and Investor Sentiment - The banking sector is currently experiencing a comprehensive decline in valuation, with an overall price-to-book (PB) ratio below 1, indicating a potential undervaluation of bank stocks [5][17]. - Over 20 banks have announced valuation enhancement plans in response to prolonged low valuations, aiming to improve investor returns and confidence [16][19]. Regulatory and Strategic Considerations - Regulatory bodies have been encouraging listed companies to increase dividend distributions, which has influenced the banks' decisions to enhance their payout strategies [7][12]. - The article emphasizes the importance of maintaining a balance between dividend payouts and capital retention for risk management and growth [10][19].