Group 1 - The Chongqing Bank has announced the issuance of the Changjiang·Xianghui public net value type product, with a fundraising period from September 11, 2025, to September 18, 2025 [1] - The planned issuance amount is 500 million yuan, with a minimum subscription amount of 10,000 yuan for investors [1] - The product is classified as a fixed income type with a risk rating of medium-low, and has a term of 368 days [1] Group 2 - The performance benchmark for the product is set between 2.20% and 3.00% annually [1] - It is important to note that the performance benchmark does not represent the expected return and does not guarantee future performance or actual returns [1] - The information provided is for reference only, and specific details should be based on the product prospectus and other sales documents [1]

以9月10日收盘价计算，重庆银行目前市盈率（TTM）约4.61倍，市净率（TTM）约0.45倍，市销率（TTM）约1.76倍。 市净率(LF)历史分位(%) (100 900 80 70 60 50 45g78 40 38:81 39:37 30 25.41 20 19-86 10 5.79 4:24 0 2019-12-37 | 2-06-30 1 0-06-30 ' 2027-12-37 ' 2-12-37 J-12-37 16-30 , 7-0 2n- 制图数据来自恒生聚源数据库 公司经营范围包括吸收公众存款；发放短期、中期和长期贷款；办理国内结算；办理票据承兑贴现；发行金融债券；代理发行、代理兑付、承销政府债券； 买卖政府债券；从事同业拆借；提供信用证服务及担保；代理收付款项及代办保险业务；提供保管箱业务；信贷资产转让业务；办理地方财政周转金的委托 贷款业务，外汇存款；外汇贷款；外币兑换；国际结算；结汇、售汇；同业外汇拆借；自营和代客买卖外汇；普通类衍生产品交易；买卖除股票以外的外币 有价证券；资信调查、咨询、见证业务；开办信用卡业务；证券投资基金销售业务；办理账务查询、网上转账、代理业务、贷款业务、 ...

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） 二零二五年中期報告 目錄 | 1. | 重要提示 | | 3 | | --- | --- | --- | --- | | 2. | 釋義 | | 4 | | 3. | 公司簡介 | | 5 | | 4. | 財務摘要 | | 8 | | 5. | 管理層討論與分析 | | 12 | | | 5.1 | 概述 | 12 | | | 5.2 | 業務綜述 | 13 | | | 5.3 | 財務報表分析 | 23 | | | 5.4 | 貸款質量分析 | 41 | | | 5.5 | 分部經營業績 | 48 | | | 5.6 | 根據監管要求披露的其他信息 | 49 | | | 5.7 | 控股子公司和參股公司情況 | 51 | | | 5.8 | 風險管理 | 53 | | | 5.9 | 資本管理 | 60 | | | 5.10 | 環境與展望 | 65 | | 6. | 重要事項 | | 66 | | 7. | 股本變動 ...

Summary of Key Points Core Viewpoint - In the recent trading period from September 1 to September 5, a total of 33 companies experienced significant shareholder increases, with a cumulative increase of 393 million shares and a total investment of 6.151 billion yuan. Conversely, 160 companies saw shareholder reductions totaling 9.951 billion yuan [1]. Group 1: Shareholder Activity - The top three companies with the highest increase in shareholder investment were Gree Electric Appliances, with an increase of 41.86 million shares and an investment of 1.897 billion yuan; Yangtze Power, with 41.15 million shares and 1.164 billion yuan; and Chongqing Bank, with 55.6 million yuan [1]. - Three companies had shareholders increase their stakes more than twice in the past five days: Chengdu Bank, Xue Tian Salt Industry, and Jiaoda Sino [1]. - The distribution of shareholder increases showed that 2 companies were from the ChiNext board, 27 from the main board, and 4 from the Sci-Tech Innovation board, with the main board accounting for the majority of the investment [1]. Group 2: Market Performance - The average stock price of companies with shareholder increases fell by 1.80% over the past five days, underperforming the Shanghai Composite Index [2]. - Notable gainers included Nanfang Network Energy, Xue Tian Salt Industry, and Sailun Tire, with increases of 7.38%, 5.42%, and 4.94%, respectively [2]. - The companies with the largest net outflows included Gree Electric Appliances and Kweichow Moutai, with outflows of 1.010 billion yuan and 474 million yuan, respectively [2]. Group 3: Detailed Company Data - A detailed list of companies with shareholder increases included Gree Electric Appliances (41.86 million shares, 1.897 billion yuan, -2.91%), Yangtze Power (41.15 million shares, 1.164 billion yuan, -0.07%), and Chongqing Bank (52 million shares, 556.4 million yuan, -2.44%) [2][3]. - Other companies with significant shareholder increases included Chengdu Bank, Xue Tian Salt Industry, and Nanfang Network Energy, with respective increases and performance metrics detailed [3][4].

Core Viewpoint - The overall asset quality of the banking industry has remained stable and improved, with a focus on risk management and control in the second half of the year [1][2]. Group 1: Asset Quality Overview - As of mid-year, the overall asset quality of the banking industry is stable and has further improved, with 20 A-share listed banks showing a decrease in non-performing loan (NPL) ratios compared to the beginning of the year [2][3]. - Among the listed banks, Xian Bank, Qilu Bank, and Chongqing Bank reported the most significant reductions in NPL ratios, with decreases of 12, 10, and 8 basis points, respectively [4][5]. - Conversely, some banks, including Guizhou Bank and Minsheng Bank, experienced increases in their NPL ratios compared to the beginning of the year [6]. Group 2: Sector-Specific Risks - There is a notable upward trend in NPL ratios in specific sectors, particularly in corporate real estate and retail personal loans [7][8]. - Qingnong Bank reported a significant increase in its real estate NPL ratio, rising by 14.15 percentage points to 21.32%, with real estate NPLs now comprising 61.54% of its total NPLs [8]. - Guizhou Bank also saw a rise in its real estate NPL ratio, which increased by 70 basis points to 1.75% [8]. Group 3: Retail Credit Concerns - In the retail credit sector, there has been an increase in NPL ratios for personal consumption loans and credit cards, with 8 out of 14 banks reporting higher NPL ratios for credit card receivables compared to the beginning of the year [9][10]. - Chongqing Bank's credit card NPL ratio increased by 1.15 percentage points to 4.19%, while Lanzhou Bank's rose by 1.06 percentage points to 2.85% [9]. - Among 12 banks disclosing personal consumption loan NPL ratios, 7 reported increases, with notable rises from China Merchants Bank and Lanzhou Bank [10]. Group 4: Risk Management Strategies - Banks are increasingly prioritizing risk management, with several executives emphasizing the need for enhanced risk control measures and digital risk management capabilities [11][12]. - Beijing Bank plans to strengthen its provisioning efforts and improve the management of new NPLs, while ICBC expects a slowdown in the deterioration of personal consumption loans due to supportive economic policies [11]. - Industry leaders, including those from Industrial Bank and China Merchants Bank, are focusing on risk mitigation in real estate and credit card sectors, indicating a shift from high incidence to a more controlled environment [12].

Investment Rating - The report maintains a "Recommended" investment rating for the banking sector, expecting the sector index to outperform the benchmark index by over 5% in the next 3-6 months [4][24]. Core Insights - The overall asset quality of commercial banks has improved in the first half of 2025, with a slight decrease in the non-performing loan (NPL) ratio to 1.49% [7][8]. - Retail loan asset quality remains under pressure, particularly in specific areas such as credit cards and personal business loans, due to ongoing economic recovery challenges [8]. - The report emphasizes the importance of long-term capital inflows and public fund reforms, suggesting that banks with high dividend yields and solid asset quality present good investment opportunities [8][9]. Summary by Sections Corporate Sector - The corporate lending sector shows improved asset quality, driven by government policies aimed at stabilizing growth, with a focus on high-tech manufacturing and key policy-supported areas [3]. - The NPL ratio in the corporate real estate sector has increased by 10 basis points to 3.59%, but the peak risk exposure phase is considered to have passed [3][8]. Retail Sector - Retail loan quality is closely linked to employment, income expectations, and consumer confidence, with the NPL ratio for mortgages, credit cards, and consumer loans showing increases of 10bp, 9bp, and 6bp respectively [8]. - The report highlights that the recovery of household balance sheets may take longer, impacting the retail loan sector's performance [8]. Investment Recommendations - The report suggests a diversified investment strategy focusing on state-owned banks and robust regional banks with high provisioning coverage, such as China Merchants Bank and CITIC Bank [8][9]. - It also recommends attention to undervalued joint-stock banks with potential for return on equity (ROE) improvement, specifically mentioning浦发银行 (Shanghai Pudong Development Bank) [8]. Performance Metrics - The banking sector's absolute performance over the past month is reported at 5.0%, with a 17.3% increase over six months and 17.7% over twelve months [5]. - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for key banks, indicating a positive outlook for banks like 宁波银行 (Ningbo Bank) and 招商银行 (China Merchants Bank) [10].

Investment Rating - The report maintains an "Increase" rating for the banking sector, indicating a positive outlook for the industry [1]. Core Insights - In the first half of 2025, the contribution of financial asset disposal gains from AC and OCI accounts to revenue reached 5.2%, an increase of 2.9 percentage points compared to 2024 [1][2]. - The investment income growth rate for 42 listed banks was 23.6%, with AC, OCI, and TPL gains showing year-on-year growth rates of 134.7%, 79.0%, and -8.4% respectively [1]. - The report highlights that the increase in disposal gains does not necessarily indicate a significant increase in asset disposal scale, as market conditions and strategies vary among banks [2]. Financial Asset Disposal Gains - The contribution of AC and OCI financial asset disposal gains to revenue was 5.2%, up 2.9 percentage points from 2024, with AC asset disposal gains contributing 2.6% [2]. - Among different types of banks, rural commercial banks had the highest contribution from AC and OCI disposal gains, reaching 11.0%, an increase of 6.2 percentage points from 2024 [2]. - Specific banks such as Jiangyin Bank, Sunong Bank, and Zijin Bank had high disposal gain ratios relative to their revenue, at 28.9%, 26.7%, and 22.7% respectively [2]. OCI Floating Profit Situation - The overall OCI floating profit decreased compared to the end of the previous year, accounting for 12.6% of the estimated profit for 2025 [3]. - Major state-owned banks like CCB and ABC reported significant OCI floating profits, with balances exceeding 30 billion [3]. - The average contribution of OCI floating profits to profits for city and rural commercial banks was notably high, with Ningbo Bank's ratio reaching 35% [3][6]. Sector Trends - The banking sector is expected to benefit from expansionary policies aimed at stabilizing the economy, with a focus on real estate and consumer spending [7]. - The report suggests a focus on banks with improving fundamentals, such as Ningbo Bank, and those with dividend strategies like Jiangsu Bank and Chengdu Bank [7]. - Attention is also drawn to banks with potential convertible bond conversion expectations, including Shanghai Bank and Industrial Bank [7].

Group 1 - The announcement by Chongqing Bank regarding the completion of a share transfer involving 52 million A-shares, which has led to a change in the shareholding ratio of the largest shareholder and its concerted parties [1] - The transaction was approved by the Chongqing State-owned Assets Supervision and Administration Commission, allowing Chongqing Real Estate Group Co., Ltd. to acquire shares from Chongqing Water Investment (Group) Co., Ltd., a concerted party of the largest shareholder [1] - The share transfer was completed on September 3, 2025, through a block trade, with Chongqing Water Investment Group selling 52 million shares at a price of 10.70 yuan per share, totaling no more than 580 million yuan [1] Group 2 - Following the transfer, the combined shareholding ratio of Chongqing Yufu Capital and its concerted parties decreased from 23.45% to 21.95%, triggering a disclosure threshold of 1% for equity changes [1]

Core Viewpoint - Chongqing Bank announced a significant change in shareholder equity due to the transfer of shares by Chongqing Water Investment Group, impacting the ownership structure of the bank [2][3][6]. Group 1: Shareholder Equity Changes - Chongqing Water Investment Group transferred 52,000,000 A-shares of Chongqing Bank at a price of 10.70 CNY per share, representing 1.50% of the total share capital [3][6][8]. - Following the transfer, the shareholding percentage of Chongqing Water Investment Group decreased from 8.50% to 7.00%, while the shareholding of its associated party, Chongqing Yufu Capital, decreased from 23.45% to 21.95% [3][6][8]. Group 2: Regulatory Approvals and Announcements - The transfer was approved by the Chongqing State-owned Assets Supervision and Administration Commission, allowing Chongqing Real Estate Group to acquire the shares from Chongqing Water Investment Group [2][12]. - The announcement regarding the equity change was made on September 6, 2025, confirming the completion of the share transfer [4][5][11].

Core Points - Chongqing Water Investment Group reduced its stake in Chongqing Bank by transferring 52 million A-shares, representing 1.50% of the total share capital, at a price of 10.70 yuan per share [2][3][7] - Following the transfer, Chongqing Water Investment Group's ownership decreased from 8.50% to 7.00% [2][3] - The transaction was completed on September 3, 2025, and was part of a broader plan approved by the Chongqing State-owned Assets Supervision and Administration Commission [6][11] Shareholder Information - Before the transfer, Chongqing Water Investment Group held 295,335,802 shares of Chongqing Bank, accounting for 8.50% of the total share capital [2] - The transfer was executed as part of a strategic decision by Chongqing Water Investment Group to meet its development needs [2][6] Transaction Details - The shares were sold through a block trade, and the total transaction value did not exceed 5.8 billion yuan [6][10] - The transfer was consistent with the previously disclosed plan, and the minimum reduction target was achieved [4][5] Impact on Shareholding Structure - After the transfer, the shareholding percentage of Chongqing Water Investment Group fell to 7.00%, triggering a 1% threshold change in equity [3][7] - The transaction also affected the shareholding of Chongqing Real Estate Group and its concerted actions, increasing their stake from 5.10% to 6.60% after acquiring the same number of shares [11]