A股上市银行2025年三季报披露拉开帷幕。继华夏银行"打头阵"后，重庆银行、平安银行、无锡银行近 日陆续披露了三季报。总体来看，这4家银行营收净利润或实现双增，或降幅有所收窄，资产质量均有 好转。接下来，南京银行、宁波银行、中国银行等多家上市银行的前三季度"成绩单"也将陆续亮相。 今年一季度，受市场利率下行、息差收窄等因素影响，上市银行经营普遍承压，二季度业绩有所改善 后，三季度能否延续恢复增长态势，受到市场高度关注。银行业分析师预计，得益于息差同比降幅收 窄，净利息收入降幅收窄，资产质量维持平稳等因素，前三季度银行业整体营收、净利增速仍能维持正 增长，保持稳健态势。 多家银行资产质量均有改善 4家A股上市银行率先披露三季报，关键业绩指标浮出水面。 今年前三季度，重庆银行营收、净利润同比增幅均超10%，无锡银行营收、净利润同比增幅均超3%， 平安银行和华夏银行净利润降幅较上半年收窄。 具体来看，平安银行前三季度实现归母净利润383.39亿元，同比下降3.5%，降幅较上半年有所收窄。业 绩逐渐企稳的背后，是该行加强低成本存款的吸收、降低整体负债成本等。1至9月，该行计息负债平均 付息率1.73%，较去年同期下降 ...

Core Viewpoint - Chongqing Bank reported a strong performance in its Q3 2025 results, with revenue and net profit showing significant year-on-year growth, supported by increased interest income and improved asset quality [1][2]. Financial Performance - For the first nine months of 2025, Chongqing Bank achieved revenue of 11.74 billion yuan, a year-on-year increase of 10.4%, with growth accelerating by 3.4 percentage points compared to the first half of 2025 [1]. - The net profit attributable to shareholders reached 4.88 billion yuan, up 10.2% year-on-year, with an increase of 4.8 percentage points from the first half of 2025 [1]. - Total assets at the end of September 2025 amounted to 1,022.7 billion yuan, reflecting a year-on-year growth of 24.1% [1]. Interest Income and Non-Interest Income - Net interest income for the first nine months of 2025 rose by 15.2% year-on-year, with the growth rate improving by 3.0 percentage points from the first half of 2025, driven by a 19.6% increase in interest-earning assets [1]. - Other non-interest income reached 2.06 billion yuan, a year-on-year increase of 5.8%, with growth accelerating by 5.2 percentage points compared to the first half of 2025, benefiting from the realization of gains from OCI accounts [1]. Loan Growth - As of September 2025, the loan balance stood at 518.5 billion yuan, a year-on-year increase of 20.4%, with corporate loans growing significantly due to the bank's focus on the Chengdu-Chongqing economic circle and major national strategies [2]. - The growth rates for corporate loans, personal loans, and bill discounting were 29.8%, 2.8%, and -23.8% respectively [2]. Asset Quality - The non-performing loan ratio at the end of September 2025 was 1.14%, showing a decrease of 3 basis points from the first half of 2025 and 11 basis points from the end of the previous year, indicating ongoing improvement in asset quality [2]. Investment Outlook - Chongqing Bank is well-positioned to benefit from its strategic location and ongoing economic developments, with expectations for continued strong growth in net profit over the next few years [3]. - Projected net profits for 2025, 2026, and 2027 are 5.65 billion yuan, 6.07 billion yuan, and 6.37 billion yuan, representing year-on-year growth rates of 10.3%, 7.5%, and 4.9% respectively [3].

上 市 公 司 2025 年 10 月 26 日 重庆银行 (601963) ——营收、利润均超预期，聚焦万亿规模新起点下的价值重估 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 10 月 24 日 | | --- | --- | | 收盘价（元） | 10.17 | | 一年内最高/最低（元） | 11.75/8.26 | | 市净率 | 0.6 | | 股息率%（分红/股价） | 4.07 | | 流通 A 股市值（百万元） | 19,114 | | 上证指数/深证成指 | 3,950.31/13,289.18 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 16.15 | | 资产负债率% | 93.55 | | 总股本/流通 A 股(百万) | 3,475/1,879 | | 流通 B 股/H 股（百万） | -/1,579 | 一年内股价与大盘对比走势： 10-24 11-24 12-24 01-24 02-24 03-24 04-24 05-24 ...

Investment Rating - The report maintains a "Recommendation" rating for Chongqing Bank, with a target price of 13.17 CNY / 9.90 HKD [2][4]. Core Insights - Chongqing Bank reported a revenue of 11.74 billion CNY for the first three quarters of 2025, reflecting a year-on-year growth of 10.4%. The net profit attributable to shareholders reached 4.879 billion CNY, up 10.19% year-on-year. The non-performing loan (NPL) ratio decreased by 4 basis points to 1.13%, while the provision coverage ratio remained stable at 248% [2][4]. - The bank's net interest income exceeded expectations, with a quarterly revenue of 4.081 billion CNY in Q3 2025, a year-on-year increase of 17.38% [7]. - The asset quality improved, with the NPL ratio declining and the net profit growth outpacing revenue growth due to improved revenue streams [7]. Financial Performance Summary - **Revenue and Profit Growth**: The bank's revenue growth is supported by strong demand for corporate loans in the Sichuan-Chongqing region, with a significant increase in net interest income [7]. - **Loan Performance**: Corporate loans saw a substantial increase, with new corporate loans amounting to 21.38 billion CNY in Q3 2025, while retail loan demand weakened [7]. - **Net Interest Margin**: The net interest margin stabilized and increased by 17 basis points to 1.40% in Q3 2025, driven by stable asset pricing and reduced funding costs [7]. - **Asset Quality**: The NPL ratio improved, with a decrease in the net generation rate of non-performing loans, indicating a reduction in credit risk [7]. Financial Projections - **Revenue Forecast**: Projected total revenue for 2025 is 14.758 billion CNY, with a year-on-year growth rate of 7.9% [8]. - **Net Profit Forecast**: The net profit attributable to shareholders is expected to reach 5.555 billion CNY in 2025, reflecting an 8.6% increase [8]. - **Key Ratios**: The projected price-to-earnings (P/E) ratio for 2025 is 6.36, and the price-to-book (P/B) ratio is expected to be 0.63 [8].

Investment Rating - The investment rating for Chongqing Bank is "Outperform the Market" [5] Core Views - The bank's revenue and net profit for the first three quarters of 2025 grew by 10.40% and 10.42% year-on-year, respectively, with significant quarterly growth of 17.38% in revenue and 20.54% in net profit [1] - The bank's net interest income increased by 15.2% year-on-year, benefiting from accelerated asset expansion and improved net interest margin [2] - The bank's asset quality remains stable, with a non-performing loan ratio of 1.14%, down 11 basis points from the beginning of the year [2] - The bank's net profit forecasts for 2025-2027 are 53.9 billion, 57.3 billion, and 62.9 billion yuan, with corresponding year-on-year growth rates of 5.3%, 6.4%, and 9.8% [3] Summary by Sections Financial Performance - For the first three quarters of 2025, Chongqing Bank achieved a total revenue of 117.4 billion yuan and a net profit of 48.8 billion yuan, both showing a year-on-year increase of over 10% [1] - The total assets reached 1.02 trillion yuan, with loans and deposits growing by 19.4% and 16.9% year-to-date, respectively [1] Asset Quality - The non-performing loan ratio decreased to 1.14%, indicating a positive trend in asset quality [2] - The provision coverage ratio stood at 248.1%, remaining stable compared to previous periods [2] Profitability and Valuation - The annualized net interest margin for the first three quarters was 1.32%, showing a slight improvement from the previous half [2] - The bank's price-to-book (PB) ratios for 2025-2027 are projected at 0.53x, 0.49x, and 0.46x, respectively [3]

证券研究报告 | 2025年10月26日 重庆银行（601963.SH）2025 年三季报点评 优于大市 扩表提速，业绩实现高增 业绩增速提升，营收和归母净利润增速均略超 10%。2025 年前三季度实现营 收 117.4 亿元，同比增长 10.40%，实现归母净利润 48.8 亿元，同比增长 10.42%。其中营收和归母净利润单季度同比分别增长了 17.38%和 20.54%， 业绩增速明显提升。 2025 年公司规模扩张提速，净息差企稳改善。2025 年前三季度净利息收入 同比增长 15.2%%，较上半年增速提升了 3.0 个百分点，同时受益于规模扩表 提速和净息差企稳改善。2025 年 9 月末，资产总额 1.02 万亿元，贷款总额 （不含应计利息）5.18 万亿元，存款总额 5.54 万亿元，较年初分别增长了 19.4%、18.3%和 16.9%。其中，对公贷款和零售贷款较年初分别增长了 23.0% 和 1.7%，近几年公司新增信贷主要投向了征信类相关领域。 负债端成本降幅明显，净息差企稳改善。按照期初期末平均余额测算的前三 季度年化净息差为 1.32%，较上半年提升 3bps，同比下降 4bps，同 ...

Investment Rating - The report assigns an "Outperform the Market" rating to the company for the first time [5]. Core Views - The company is positioned in a key area of national strategy, benefiting from continuous improvement in its fundamentals [1]. - The company has effectively cleared its existing non-performing loans and shifted its lending focus primarily towards government-related sectors, resulting in a significant increase in the proportion of loans in these areas [2]. - The net interest margin has shown signs of improvement, contributing to enhanced profitability, with projections indicating continued growth in revenue and net profit over the next few years [3][32]. Summary by Relevant Sections Company Overview - Chongqing Bank, established in 1996, has evolved into a significant player in the banking sector, with total assets reaching 983.4 billion yuan and total loans amounting to 498.6 billion yuan as of June 2025 [7]. Financial Performance - The bank's revenue is projected to grow from 13.21 billion yuan in 2023 to 17.77 billion yuan by 2027, with a compound annual growth rate of approximately 10.1% [4]. - Net profit is expected to increase from 4.93 billion yuan in 2023 to 6.29 billion yuan in 2027, reflecting a growth rate of 9.8% [4]. - The bank's return on assets (ROA) and return on equity (ROE) are projected to stabilize around 0.59% and 10.7% respectively by 2027 [4]. Loan and Asset Quality - As of June 2025, the bank's loan portfolio is heavily weighted towards government-related sectors, with 54.5% of loans allocated to these areas, indicating a strategic shift in lending practices [2][36]. - The non-performing loan ratio stands at 1.17%, with a provision coverage ratio of 248.3%, reflecting a strong asset quality position compared to peers in the region [2][49]. Market Position and Growth Potential - The bank is well-positioned to benefit from the economic growth in the Chengdu-Chongqing economic circle, which is expected to enhance its market share and profitability [1][14]. - The bank's loan market share in Chongqing is 76.4%, with significant presence in neighboring provinces, indicating a robust regional footprint [12]. Valuation and Investment Recommendation - The estimated fair price range for the company's stock in 2026 is between 12.3 and 14.4 yuan, suggesting a potential upside of approximately 19.3% to 39.7% from the current price of 10.3 yuan [68].

Core Insights - Chongqing Bank reported a significant increase in both operating income and net profit for Q3 2025, with operating income reaching 4.08 billion yuan, up 17.38% year-on-year, and net profit at 1.80 billion yuan, up 20.49% [1] - For the first three quarters of 2025, the bank's operating income totaled 11.74 billion yuan, a year-on-year increase of 10.40%, while net profit was 5.20 billion yuan, also up 10.42% [1] - The bank's total assets as of September 30, 2025, amounted to 1.02 trillion yuan, reflecting a growth of 19.39% compared to the end of the previous year [1] Financial Performance - The bank's business and management expenses were 2.81 billion yuan, an increase of 253 million yuan, or 9.90%, compared to the same period last year [1] - The cost-to-income ratio improved to 23.93%, a decrease of 0.11 percentage points year-on-year [1] - The non-performing loan ratio stood at 1.14%, down 0.11 percentage points from the end of the previous year, indicating strong asset quality [1] Capital Adequacy - As of the report date, the core tier 1 capital adequacy ratio was 8.57%, the tier 1 capital adequacy ratio was 9.67%, and the total capital adequacy ratio was 12.60%, all of which met the latest regulatory requirements [2] - The bank's capital adequacy ratios decreased by 1.31, 1.53, and 1.86 percentage points respectively compared to the end of the previous year [2] Dividend Distribution - To enhance shareholder returns, Chongqing Bank announced a profit distribution plan for Q3 2025, proposing a cash dividend of 1.684 yuan per 10 shares (before tax), totaling approximately 585 million yuan (before tax) [2]

Core Insights - Chongqing Bank (601963.SH) reported a total operating revenue of 11.74 billion yuan for Q3 2025, an increase of 1.11 billion yuan compared to the same period last year, marking a year-on-year growth of 10.40% [1] - The net profit attributable to shareholders reached 4.88 billion yuan, up by 451 million yuan year-on-year, achieving a continuous increase for five years with a year-on-year growth of 10.19% [1] - The net cash inflow from operating activities was 54.37 billion yuan, an increase of 86.75 billion yuan compared to the same period last year [1] Financial Ratios - The latest debt-to-asset ratio stands at 93.55% [3] - The return on equity (ROE) is 7.73%, an increase of 0.40 percentage points compared to the same period last year [3] - The diluted earnings per share (EPS) is 1.40 yuan, an increase of 0.13 yuan year-on-year, achieving a continuous increase for four years with a year-on-year growth of 10.24% [3] Shareholder Structure - The number of shareholders is 36,300, with the top ten shareholders holding a total of 3.596 billion shares, accounting for 103.49% of the total share capital [3] - The top shareholders include Hong Kong Central Clearing (Agent) Co., Ltd. with 3.37 billion shares, Chongqing Yufu Capital Operation Group Co., Ltd. with 1.42 billion shares, and Dah Sing Bank Limited with 1.321 billion shares [3]

Core Viewpoint - The report highlights the financial performance of Chongqing Bank for the third quarter of 2025, showing significant growth in total assets, customer deposits, and net profit, while also addressing capital adequacy ratios and dividend distribution plans [14][15][16]. Financial Data Summary - Total assets reached CNY 1,022.75 billion, an increase of CNY 166.11 billion, or 19.39%, compared to the end of the previous year [14]. - Customer deposits amounted to CNY 554.25 billion, up CNY 80.13 billion, or 16.90% [14]. - Total loans and advances stood at CNY 520.39 billion, reflecting a growth of CNY 79.77 billion, or 18.10% [14]. - Net profit for the nine months ending September 30, 2025, was CNY 5.196 billion, an increase of CNY 490 million, or 10.42% [15]. - Operating income reached CNY 11.740 billion, up CNY 1.106 billion, or 10.40% [15]. - The non-performing loan balance was CNY 5.894 billion, with a non-performing loan ratio of 1.14%, down 0.11 percentage points from the previous year [14]. Capital Adequacy and Ratios - The core Tier 1 capital adequacy ratio was 8.57%, Tier 1 capital adequacy ratio was 9.67%, and total capital adequacy ratio was 12.60%, all of which decreased compared to the end of the previous year [15]. - The provision coverage ratio increased to 248.11%, up 3.03 percentage points from the previous year [14]. Shareholder Information - As of the report date, the total number of ordinary shareholders was 36,303, with the top ten shareholders holding a combined 22.77% of the total shares [10][11]. - The proposed cash dividend is CNY 1.684 per 10 shares, totaling CNY 585.12 million, which represents 11.99% of the net profit attributable to ordinary shareholders for the first three quarters of 2025 [16].