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].

证券代码：601963 证券简称：重庆银行 公告编号：2025-025 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 关于聚焦高质量发展 践行提质增效的公告 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。 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 ...

重庆银行董事长杨秀明在该行2024年度业绩发布会上表示，在锁定万亿奋斗目标基础上，2025年该行将 谋实谋细各项战略举措，加快建成全国一流上市商业银行：一是着眼增强市场竞争力和可持续发展能 力，持续优化结构、深化转型，实现争先进位、行稳致远；二是发挥地方法人银行区域优势，坚持差异 化发展战略，加快特色化经营，稳步提高市场美誉度和占有率；三是实施13项年度重点改革任务、60个 数字化转型重点项目，以变革理顺机制、优化流程，厚植加快发展的内生动能；四是统筹好发展与安 全，持续健全风控体系，强化合规管理，将高质量发展之路走得更宽更坚实。 ...

Core Viewpoint - The A-share listed banks are experiencing significant changes in their business structures, particularly in the consumer loan sector, amidst a challenging macroeconomic environment and tightening interest margins [1][2]. Group 1: Consumer Loan Growth - The total consumer loan balance has surged by nearly 750 billion yuan, with most banks reporting substantial increases in their consumer loan portfolios [3][5]. - Among 23 listed banks, only six reported a decrease in consumer loan balances for 2024, with Ping An Bank seeing the largest reduction of 70.63 billion yuan [5]. - Major banks like Postal Savings Bank, China Construction Bank, and Agricultural Bank of China have reported double-digit growth in consumer loans, with increases of 17.88%, 26.21%, and 38.03% respectively [6][7]. Group 2: Risk Management Concerns - Industry insiders express concerns about rising non-performing loans (NPLs) in the consumer loan sector, indicating that banks must tighten risk controls as economic cycles fluctuate [2][12]. - Several banks, including Industrial and Commercial Bank of China and Agricultural Bank of China, have reported increases in their consumer loan NPL ratios, highlighting the need for enhanced risk management strategies [12][13]. - The rapid growth of consumer loans has raised alarms about potential risks, with banks emphasizing the importance of maintaining asset quality and effective post-loan management [12][14]. Group 3: Regulatory Changes and Market Dynamics - In March, regulatory changes extended the repayment period for consumer loans from five to seven years and increased the maximum loan amount, aiming to support consumer spending [10]. - Following these changes, banks quickly halted low-interest consumer loans to prevent a price war that could lead to increased risks [12]. - The competitive landscape for consumer loans is shifting, with banks focusing on the relatively lower costs and stable returns associated with consumer lending compared to corporate lending [9].

Summary of Conference Call Records Industry Overview - The conference call discusses the performance of the banking industry, specifically focusing on the 23 listed banks in the United States and their financial metrics for the year 2024 [1][2]. Key Points and Arguments 1. **Revenue and Profit Growth**: The listed banks achieved an average revenue growth of 1.8% year-on-year for 2024, which is an improvement of 0.9 percentage points compared to the first three quarters of 2023. However, the net interest income for the year decreased by 2.3% [1][2]. 2. **Commission Income Recovery**: The banks experienced a 9.3% year-on-year recovery in commission net income, although retail financial demand remains weak, impacting overall income [2][3]. 3. **Debt Market Contribution**: The trading segment of banks contributed significantly to revenue, with a 28% increase in related income for the year, partially offsetting revenue pressures [2][3]. 4. **Asset Growth and Loan Performance**: By the end of 2024, the asset growth rate for listed banks decreased by 0.8 percentage points to 7.2%, while loan growth fell by 0.3 percentage points to 7.7% [4][5]. 5. **Interest Margin Pressure**: The pricing of assets is expected to continue influencing the interest margin levels, with ongoing negative impacts likely to keep margins under pressure [5][6]. 6. **Asset Quality Stability**: The overall asset quality of the banking sector remains stable, with a non-performing loan ratio of 1.25% and a coverage ratio of 236%, although specific sectors like retail and real estate are under scrutiny for potential risks [5][6][8]. 7. **Real Estate Loan Performance**: Among the 16 banks, 11 reported a decrease in the non-performing loan ratio for real estate loans, with notable exceptions like Zhengzhou Bank, which saw an increase to 9.55% [8][9]. 8. **Dividend Policies**: Citic Bank reported the largest increase in dividend payout ratio, rising by 30.5% in 2024. The overall stability of dividend rates is expected to be maintained, providing a focus on shareholder value [10][11]. 9. **Investment Opportunities**: Recommendations include focusing on regional banks benefiting from policy effectiveness and economic recovery, as well as high-dividend stocks like Industrial and Commercial Bank of China and Bank of China [11]. Other Important Insights - The call highlighted the importance of monitoring macroeconomic conditions and consumer financial demand, which are critical for future growth and risk assessment in the banking sector [7][9]. - The potential for policy changes affecting the real estate market and overall economic recovery was emphasized as a key factor for future performance [9][11].

Group 1 - The retail non-performing loan (NPL) ratio of 23 listed banks continues to rise, with a slight decrease in overall NPL ratio to 1.25% as of Q4 2024, down 2bps from Q4 2023. However, retail loan NPL ratios have generally increased, with state-owned banks seeing an average rise of 29bps compared to Q4 2023 [1][2][3] - The average retail credit cost for listed banks in 2024 is 1.24%, a decrease of 3bps year-on-year. State-owned banks have a lower average retail credit cost of 0.99%, attributed to a higher proportion of lower-risk personal housing loans [2][3] - Looking ahead, banks are expected to manage retail loan risks by tightening customer eligibility and employing various asset disposal strategies, with the impact on asset quality being relatively controllable [4] Group 2 - The report highlights that the retail loan structure of banks has shifted, with personal housing loans making up an average of 60.9% of the total retail loans for state-owned banks, which is 17.6 percentage points higher than the sample average [2][16] - Specific banks such as Ping An Bank and Everbright Bank have seen a decrease in retail credit costs, with Ping An Bank's credit cost dropping by 34bps year-on-year, largely due to a reduction in credit card NPLs [3][4] - The report suggests that banks like Postal Savings Bank have improved their asset quality, with a notable decrease in consumer loan NPLs by 12.2 billion yuan, resulting in a NPL ratio decline of 47bps to 1.34% [4][8]

Core Insights - The financial reports of 23 A-share listed banks for 2024 show stable revenue and profit, with total revenue at 5.04 trillion yuan and net profit at 1.93 trillion yuan, reflecting a slight year-on-year decline of 0.6% in revenue and a growth of 1.88% in profit [1][2][3] Revenue and Profit Analysis - Total revenue for the 23 listed banks in 2024 is 5.04 trillion yuan, down 0.6% from the previous year [2] - The six major state-owned banks reported a total revenue of 3.52 trillion yuan, a decrease of 94.25 billion yuan from last year [2] - Among the state-owned banks, Construction Bank and Industrial and Commercial Bank experienced revenue declines of 2.54% and 2.52%, respectively [2] - In contrast, most city and rural commercial banks showed revenue growth, with eight banks reporting increases, including Ruifeng Bank and Changshu Bank, which grew by 15.29% and 10.53% respectively [2] Net Profit Performance - The net profit for the 23 listed banks totaled 1.93 trillion yuan, marking a year-on-year increase of 1.88% [3] - State-owned banks achieved a combined net profit of 1.42 trillion yuan, with Agricultural Bank leading the growth at 4.76% [3] - Among the listed joint-stock banks, three reported declines in net profit, with Minsheng Bank experiencing a notable drop of 9.07% [3] Net Interest Margin Trends - The average net interest margin for the 23 listed banks in 2024 was 1.65%, down from 1.83% in 2023, reflecting a decrease of 19 basis points [5][6] - The net interest margin for major state-owned banks is generally below 1.5%, with only Postal Savings Bank exceeding this threshold at 1.87% [6][7] Asset Quality and Risks - Overall asset quality among listed banks is improving, with most banks reporting a decline in non-performing loan (NPL) ratios [9] - However, there are structural risks, particularly in personal operating loans, which have seen a significant increase in both scale and NPL ratios, averaging 1.81% across ten banks, up 29 basis points from 2023 [9][10] - The total balance of personal operating loans across 19 banks reached 8.32 trillion yuan, a 40.8% increase from the previous year [9][10]

Investment Rating - The report maintains an "Outperform" rating for the banking sector, indicating a positive outlook compared to the broader market [1]. Core Insights - The report highlights that the net profit of listed banks is expected to grow by 1.8% year-on-year for 2024, with a notable increase in growth rate compared to the first three quarters [4][10]. - Revenue decline is narrowing, with a projected revenue growth rate of -0.6% for 2024, an improvement from -1.6% in the previous quarters [11][14]. - The report emphasizes the importance of domestic economic recovery and the impact of recent growth-stabilizing policies on banking performance [14]. Summary by Sections 1. Profitability Breakdown - The net interest income for listed banks is expected to decline by 2.3% in 2024, an improvement from a 3.2% decline in the first three quarters [11][12]. - Non-interest income, particularly from investment gains, is projected to increase by 28% due to falling bond yields, partially offsetting revenue pressures [11][12]. - The report notes that the cost-to-income ratio has increased to 32.8%, reflecting a 0.5 percentage point rise year-on-year [7]. 2. Operational Analysis - Asset growth for listed banks has decreased to 7.2%, with loan growth at 7.7%, indicating stable overall growth despite a slight decline [22][23]. - The annualized net interest margin is projected to decrease to 1.43%, primarily due to asset pricing pressures [24]. - The report indicates that the quality of assets remains stable, with non-performing loan ratios showing slight fluctuations but overall stability [7][22]. 3. Dividend and Investment Recommendations - The report highlights a stable dividend payout ratio, with 9 banks increasing their dividend rates compared to the previous year [7]. - Investment recommendations focus on "pro-cyclical and high dividend" strategies, with an average dividend yield of 4.3% for the sector, which remains attractive compared to risk-free rates [7][8]. - Specific banks recommended for investment include Chengdu Bank, Suzhou Bank, and Ningbo Bank, which are expected to benefit from regional economic recovery [8][14].

Core Viewpoint - The announcement details the conversion results of the convertible bonds issued by Chongqing Bank, highlighting the limited conversion activity and the substantial amount of unconverted bonds remaining. Group 1: Convertible Bond Issuance Overview - Chongqing Bank was approved to publicly issue convertible bonds totaling RMB 13 billion, with a face value of RMB 100 per bond and a maturity of 6 years [3] - The coupon rates for the bonds increase progressively from 0.20% in the first year to 3.50% in the sixth year [3] - The bonds were listed on the Shanghai Stock Exchange on April 14, 2022, under the name "重银转债" and code "113056" [3] Group 2: Conversion Status - As of March 31, 2025, a total of RMB 762,000 worth of convertible bonds have been converted into 70,884 shares of A-shares, representing 0.0020% of the total shares outstanding prior to conversion [2][4] - During the first quarter of 2025, RMB 66,000 worth of bonds were converted, resulting in 6,642 shares [2][4] - The amount of unconverted convertible bonds as of March 31, 2025, stands at RMB 12,999,238,000, accounting for 99.9941% of the total issuance [2][4] Group 3: Share Capital Changes - The announcement includes a note on share capital changes, indicating that the increase in shares is primarily due to the conversion of bonds and other changes related to the public offering [5]