Core Insights - Chongqing Bank reported a total asset of 983.3 billion yuan as of June 2025, marking a 14.79% increase from the beginning of the year [1] - The bank's operating income reached 7.659 billion yuan, a year-on-year growth of 7%, achieving a new high in 13 quarters [1] - Net profit for the period was 3.394 billion yuan, reflecting a growth of 5.73% [1] Retail Business Transformation - The bank accelerated its high-quality transformation in retail business, with personal deposit balance increasing by 40.135 billion yuan to 289.693 billion yuan, a growth of 16.08% [1] - Personal consumption loan balance rose by 1.998 billion yuan to 77.955 billion yuan [1] Market Position and Recognition - Chongqing Bank was included in the first batch of the SSE 580 Index in the first half of 2025, leading to a doubling of institutional investor numbers [1] - The A-share market value reached a nearly four-year high, while the H-share market value hit a historical peak [1] - The bank has been ranked among the top 300 global bankers for ten consecutive years and has received multiple accolades for its performance in micro-enterprise financial services and industry standards [1]

经营业绩方面，2025年上半年，重庆银行实现营业收入76.59亿元，较上年同期增长7.00%；实现净利润 33.94亿元，较上年同期增长5.73%。其中，实现归属于本行股东的净利润为31.90亿元，较上年同期增 长5.39%，延续了稳健增长的良好趋势。(编辑胡群) 经济观察网8月22日，重庆银行（601963）发布2025年半年度报告。报告显示，截至2025年6月30日，该 行业务规模与经营效益均实现稳健增长。资产总额达9,833.65亿元，较上年末增加1,267.23亿元，增幅 14.79%；贷款总额5,006.70亿元，较上年末增加600.54亿元，增幅13.63%；存款总额5,441.36亿元，较上 年末增加700.19亿元，增幅14.77%。 ...

Investment Rating - The report maintains a positive outlook on the banking sector, indicating a potential stabilization of ROE and a favorable investment environment for bank stocks [3][6]. Core Viewpoints - The banking sector is expected to enter a new cycle of stable ROE, with the average ROE projected to stabilize around 10% by the end of 2024, following a decline from over 20% in 2013 [3][7]. - The report emphasizes the importance of maintaining stable bank profits to support the economy and prevent systemic risks, highlighting that bank profits are crucial for fiscal support and capital replenishment [4][5]. - The report argues against the common misconception that declining ROE will continue indefinitely, attributing past declines to regulatory changes rather than a linear trend [3][7]. Summary by Sections Banking Sector Overview - The banking sector is described as the backbone of the economy, with profits primarily reinvested into the real economy through credit and capital replenishment [5][8]. - The report notes a decline in the core Tier 1 capital adequacy ratio for listed banks, indicating pressure on internal capital strength [11]. ROE Analysis - The report discusses the balance between profitability, risk, and capital in determining ROE, emphasizing the need for stable bank performance to support economic stability [5][6]. - It provides a detailed analysis of ROE trends, showing a decline from 20.7% in 2010 to an estimated 10% by 2024, influenced by regulatory changes and market conditions [7][31]. Profitability and Cost Management - The report highlights that banks have been managing profitability through cost control and provisioning strategies, with a shift from relying solely on provisions to maintaining revenue stability [6][14]. - It predicts a stabilization of net interest margins in the near term, with potential recovery in 2026 as deposit costs decrease [6][25]. Investment Opportunities - The report identifies specific banks with strong regional performance and stable profit growth as attractive investment opportunities, recommending banks like Chongqing Bank, Suzhou Bank, and Hangzhou Bank for their potential to recover to 1x PB [6][28]. - It also points out that the banking sector's current PE valuation is significantly undervalued compared to its ROE, suggesting a potential for valuation recovery [6][28]. Long-term Projections - The report estimates that to maintain a stable core Tier 1 capital adequacy ratio, banks need to sustain an ROE of approximately 10% over the next five years, with varying loan growth scenarios [18][22]. - It emphasizes that a slowdown in loan growth does not necessarily equate to lower ROE, as seen in comparisons with international banks [27][28].

Investment Rating - The report maintains a "Recommended" rating for Chongqing Bank, with a target price of 12.09 CNY / 9.33 HKD, indicating an expected performance that exceeds the benchmark index by 10%-20% over the next six months [4][8]. Core Insights - Chongqing Bank's revenue and profit continue to accelerate, with a 7.0% year-on-year increase in revenue to 7.659 billion CNY and a 5.39% increase in net profit attributable to shareholders to 3.190 billion CNY in the first half of 2025 [2][4]. - The bank's non-performing loan (NPL) ratio decreased by 4 basis points to 1.17%, while the provision coverage ratio increased by 0.7 percentage points to 248.3%, indicating improved asset quality [2][4]. Financial Performance Summary - In Q2 2025, Chongqing Bank achieved a revenue of 4.078 billion CNY, representing an 8.54% year-on-year growth, driven by a significant increase in non-interest income, which grew over 70% year-on-year [7][8]. - The bank's interest margin decreased in Q2 2025, with an annualized net interest margin of 1.23%, down 29 basis points from the previous quarter [7][8]. - The bank's total loan balance is projected to grow significantly, with a year-on-year increase of 21.9% in interest-earning assets, supported by strong demand for corporate loans in the Sichuan-Chongqing region [7][8]. Asset Quality and Risk Management - The report highlights that the asset quality of Chongqing Bank continues to improve, with a decrease in the NPL ratio and a stable provision coverage ratio, indicating effective risk management practices [7][8]. - The bank's NPL ratio for corporate loans improved, while the personal loan NPL ratio saw a slight increase, reflecting varying performance across different loan segments [7][8]. Future Projections - The report forecasts revenue growth rates of 5.2%, 5.8%, and 5.3% for 2025E, 2026E, and 2027E respectively, with net profit growth rates of 5.8%, 5.7%, and 5.0% for the same periods [9][10]. - The target price corresponds to a projected price-to-book (PB) ratio of 0.75X for 2025E, which is slightly above the historical average PB of 0.65X over the past five years [8][9].

Investment Rating - The investment rating for Chongqing Bank is "Buy" [8] Core Views - Chongqing Bank's profitability continues to improve, with significant enhancements in non-performing loan indicators [2][3] - The bank's revenue and net profit for H1 2025 increased by 7.0% and 5.4% year-on-year, respectively, with growth rates improving compared to Q1 2025 [3] - The non-performing loan ratio decreased to 1.17% by the end of Q2 2025, with a provision coverage ratio rising to 248% [2][5] Summary by Relevant Sections Financial Performance - In H1 2025, Chongqing Bank's total assets grew by 22% year-on-year, driven by a 20% increase in loans and a 50% increase in bond investments [3] - Non-interest income showed recovery, with other non-interest income increasing by 0.6% year-on-year, contrasting with a 69.9% decline in Q1 2025 [3] - The bank's net interest margin decreased to 1.23% in Q2 2025, primarily due to the normalization of one-time interest income effects from Q1 2025 [4] Asset Quality - The non-performing loan ratio improved, with the generation rate for non-performing and attention loans at 0.20%, the lowest since 2020 [5] - The bank's provision coverage ratio increased by 1 percentage point to 248%, indicating robust risk mitigation capabilities [5] Capital Position - As of H1 2025, the core Tier 1 capital adequacy ratio was 8.80%, down 32 basis points from the previous quarter [6] - The bank has a convertible bond balance of 13 billion yuan, which could enhance the core Tier 1 capital ratio by 203 basis points if converted [6] Earnings Forecast and Valuation - The forecast for Chongqing Bank's net profit for 2025-2027 is expected to grow by 5.7%, 6.3%, and 8.7%, respectively, with a target price of 11.85 yuan per share, representing a 19% upside from the current price [7]

Core Insights - Chongqing Bank reported steady growth in its financial performance for the first half of 2025, with operating income reaching 7.659 billion yuan, a year-on-year increase of 7.00%, and net profit of 3.394 billion yuan, up 5.73% year-on-year [2][3]. Financial Performance - As of June 30, 2025, Chongqing Bank's total assets amounted to 983.365 billion yuan, an increase of 126.723 billion yuan from the end of the previous year, representing a growth rate of 14.79% [3]. - The bank's total deposits reached 544.136 billion yuan, growing by 14.77%, while total loans were 500.670 billion yuan, up 13.63% [3]. - The net profit attributable to shareholders was 3.190 billion yuan, reflecting a year-on-year growth of 5.39% [2][3]. Strategic Initiatives - Chongqing Bank has actively participated in national strategic initiatives, providing nearly 140 billion yuan in credit support for the Chengdu-Chongqing economic circle and over 47 billion yuan for the construction of the Western Land-Sea New Corridor [4]. - The bank has focused on supporting the manufacturing sector and promoting the integration of technology innovation and green industries, with technology loans and green loans growing by over 40% and 20%, respectively [4]. Competitive Landscape - Chongqing Bank operates in a competitive regional financial market, with 50 banking institutions in Chongqing as of February 28, 2025, including state-owned policy banks, commercial banks, and foreign banks [5]. - As one of the earliest local joint-stock commercial banks in Western China, Chongqing Bank has established a strong brand presence and capital operation capabilities, being the first city commercial bank listed in Hong Kong and the third in China to achieve dual listing [5]. Asset Quality and Network - The bank has built a service network of 199 branches, achieving full coverage in all districts and counties of Chongqing and extending services to Sichuan, Guizhou, and Shaanxi [6]. - As of June 30, 2025, the non-performing loan ratio was 1.17%, down 0.08 percentage points from the end of the previous year, while the provision coverage ratio improved to 248.27% [6][7]. Capital Adequacy - Despite meeting regulatory requirements, Chongqing Bank's capital adequacy ratios are below industry averages, with core tier one capital adequacy ratio at 8.80%, tier one capital adequacy ratio at 9.94%, and total capital adequacy ratio at 12.93% as of June 30, 2025 [6][7]. - The bank's reliance on loans to state-owned enterprises is significant, with 78.17% of corporate loans attributed to state-owned enterprises [8]. Future Outlook - Chongqing Bank aims to achieve its "trillion yuan" asset goal in 2025 while planning for its "15th Five-Year" development strategy to become a leading listed commercial bank in the country [8].

Core Viewpoint - Chongqing Bank reported strong financial performance in the first half of 2025, with total assets exceeding 980 billion yuan, reflecting a year-to-date growth of 14.79% [1]. Financial Performance - Total assets reached 983.3 billion yuan, an increase of 14.79% from the beginning of the year [1]. - Operating income was 7.659 billion yuan, showing a year-on-year growth of 7.00% [1]. - Net profit attributable to shareholders was 3.190 billion yuan, up 5.39% year-on-year [1]. Strategic Financial Support - The bank increased credit support for major strategic initiatives, including the Chengdu-Chongqing economic circle and the Western Land-Sea New Corridor, providing nearly 140 billion yuan in credit support [1]. - Over 90 major regional projects were supported, including the Chongqing Rail Transit Line 7 and the Xiantao Digital Economy Incubation Base [1]. Focus on Advanced Manufacturing and Innovation - Chongqing Bank supported the construction of the "33618" modern manufacturing cluster and the "416" technology innovation layout, with technology loans and green loans growing over 40% and 20%, respectively [2]. - The bank issued the first technology innovation financial bond in the western region [2]. Support for Inclusive Finance and Rural Revitalization - Inclusive small and micro loans increased by 9.871 billion yuan compared to the end of the previous year, marking a historical high for the same period [2]. - Growth rates for inclusive green, technology, manufacturing, private, and agricultural loans were 53.76%, 33.4%, 30.71%, 28.45%, and 17.66%, respectively, indicating strong growth momentum [2].

Core Insights - Chongqing Bank reported a total asset of 983.3 billion yuan for the first half of 2025, marking a 14.79% increase from the beginning of the year [1] - The bank achieved an operating income of 7.659 billion yuan, reflecting a year-on-year growth of 7.00% [1] - The net profit attributable to shareholders reached 3.190 billion yuan, with a year-on-year increase of 5.39% [1] Financial Support for Major Strategies - Chongqing Bank increased credit support for the Chengdu-Chongqing economic circle, the Western Land-Sea New Corridor, and the construction of a Western financial center [1] - In the first half of 2025, the bank provided nearly 140 billion yuan in credit support to the Chengdu-Chongqing economic circle, financing over 90 major regional projects [1] - The financing balance for the Western Land-Sea New Corridor exceeded 47 billion yuan, underlining the bank's commitment to this initiative [1] Support for Advanced Manufacturing and Innovation - The bank actively supports the construction of the "33618" modern manufacturing cluster and the "416" technology innovation layout in Chongqing [2] - It issued the first technology innovation financial bond in the western region, with technology loans and green loans growing by over 40% and 20%, respectively [2] Support for Inclusive Finance and Rural Revitalization - The bank's inclusive small and micro loans increased by 9.871 billion yuan compared to the end of the previous year, achieving a historical high for the same period [2] - Growth rates for inclusive green, technology, manufacturing, private, and agricultural loans were 53.76%, 33.4%, 30.71%, 28.45%, and 17.66%, respectively, indicating strong growth momentum [2]

会议审议通过了以下议案： 一、关于《重庆银行股份有限公司 2025 年半年度报告及其摘要》的议案 议案表决情况：有效表决票 7 票，同意 7 票，反对 0 票，弃权 0 票。 监事会认为，本行 2025 年半年度报告及其摘要的编制和审核程序符合有关 法律、行政法规和监管规定，报告内容真实、准确、完整地反映了本行实际情况。 二、关于重庆银行股份有限公司原副行长张松经济责任审计报告的议案 议案表决情况：有效表决票 7 票，同意 7 票，反对 0 票，弃权 0 票。 特此公告。 重庆银行股份有限公司监事会 证券代码：601963 证券简称：重庆银行 公告编号：2025-055 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 本行监事会及全体监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 8 月 20 日发出第六 届监事会第四十七次会议通知，会议以书面传签表决方式召开，表决截止日为 法律法规及《重庆银行股份有限公司章程》的有关规定。 ...

证券代码：601963 证券简称：重庆银行 公告编号：2025-054 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 8 月 8 日以电子邮件 方式发出第七届董事会第十四次会议通知，会议于 8 月 22 日以现场（视频）会 议方式在本行总行 27 楼三会议室召开。会议由杨秀明董事长主持，应参会董事 符合法律法规及《重庆银行股份有限公司章程》的有关规定。 会议审议通过了以下议案： 一、关于《2025 年中期财务报表及审阅报告》的议案 议案表决情况：有效表决票 14 票，同意 14 票，反对 0 票，弃权 0 票。 本行董事会审计委员会已审议通过本议案，并同意提交董事会审议。 二、关于《重庆银行股份有限公司 2025 年半年度报告及其摘要》的议案 议案表决情况：有效表决票 14 票，同意 14 票，反对 0 票，弃权 0 票。 有关情况详见本行在上海证券交易所网站（www.sse.com.cn）、香港联合 ...