Group 1 - The core viewpoint of the news is that Chongqing Bank has shown steady growth in its financial performance for the first half of 2025, with significant increases in revenue and net profit compared to the previous year [2] - The bank achieved an operating income of 7.659 billion yuan, a year-on-year increase of 7.00%, and a net profit attributable to shareholders of 3.190 billion yuan, up 5.39% year-on-year [2] - As of June 30, the total assets of the bank reached 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% [2] Group 2 - The total loans amounted to 500.670 billion yuan, with an increase of 60.054 billion yuan, reflecting a growth rate of 13.63% [2] - Total deposits reached 544.136 billion yuan, increasing by 70.019 billion yuan, which is a growth of 14.77% [2] - The bank's general loans accounted for 95.71% of the total loan and advance principal, up 2.02 percentage points from the end of the previous year [2] Group 3 - Chongqing Bank has actively supported the construction of the Chengdu-Chongqing economic circle, providing nearly 140 billion yuan in credit support for over 90 major projects, including the Chongqing Rail Transit Line 7 and the Xiantao Digital Economy Incubation Base [3] - The bank has focused on enhancing financial services for small and micro enterprises, ensuring quality and stability in financial support for key sectors such as technology, manufacturing, foreign trade, and rural revitalization [3][4] - The bank's core tier 1 capital adequacy ratio, tier 1 capital adequacy ratio, and capital adequacy ratio were 8.80%, 9.94%, and 12.93%, respectively, indicating compliance with regulatory requirements [2]

Core Viewpoint - Chongqing Bank reported a year-on-year increase in net profit, revenue, and PPOP for the first half of 2025, indicating a positive trend in financial performance [1][2]. Financial Performance - For the first half of 2025, Chongqing Bank's net profit attributable to shareholders increased by 5.4%, revenue by 7.0%, and PPOP by 7.0%, with growth rates improving compared to Q1 [1]. - The annualized ROA and ROE for the first half of 2025 decreased by 0.08 percentage points and 0.25 percentage points to 0.74% and 11.52%, respectively [2]. Asset and Loan Growth - As of the end of the first half of 2025, total assets, loans, and deposits grew by 22.0%, 19.6%, and 20.9% year-on-year, with loan growth continuing to show strong momentum [3]. - New loans in Q2 2025 amounted to 27.4 billion yuan, significantly higher than the 12.3 billion yuan in the same period last year, with a total of 60.4 billion yuan in new loans for the first half of 2025 [3]. Interest Margin and Non-Interest Income - The net interest margin for the first half of 2025 was 1.39%, showing a marginal recovery due to improved funding costs [4]. - Interest income increased by 12.2% year-on-year, while non-interest income decreased by 7.1%, with the decline in non-interest income narrowing compared to previous quarters [4]. Asset Quality - The non-performing loan (NPL) ratio decreased by 4 basis points to 1.17%, while the provision coverage ratio increased by 1 percentage point to 248% [5]. - The asset quality for corporate loans improved, with the NPL ratio dropping to 0.75%, while the retail sector experienced some fluctuations [5]. Valuation and Target Price - The bank's target price for 2025 is set at 11.48 yuan for A shares and 9.77 HKD for H shares, with a projected price-to-book (PB) ratio of 0.70 for A shares and 0.55 for H shares [6]. - The forecasted net profit for 2025-2027 is 5.4 billion, 5.8 billion, and 6.2 billion yuan, with a year-on-year growth rate of 6.0%, 6.7%, and 7.6% respectively [6].

Core Viewpoint - Chongqing Bank reported strong financial performance for the first half of 2025, with significant growth in total assets, operating income, and net profit, indicating a successful transition towards high-quality retail business transformation [1] Financial Performance - Total assets reached 983.3 billion yuan, a growth of 14.79% compared to the beginning of the year [1] - Operating income was 7.659 billion yuan, an increase of 7% year-on-year, marking a 13-quarter high [1] - Net interest income amounted to 5.862 billion yuan, up 12.22% [1] - Net profit stood at 3.394 billion yuan, reflecting a growth of 5.73% [1] Retail Business Transformation - Personal deposit balance increased by 40.135 billion yuan to 289.693 billion yuan, a growth of 16.08% year-on-year [1] - Market share in the Chongqing region continued to rise [1] - Personal consumption loan balance grew by 1.998 billion yuan to 77.955 billion yuan [1] Institutional Recognition - The bank was selected as one of the first to join the SSE 580 Index in the first half of 2025 [1] - The number of institutional investors doubled [1] - A-share market value reached a nearly four-year high, while H-share market value hit a historical peak [1] - The bank has been ranked among the top 300 global banks for ten consecutive years [1] - It has received the "A" rating in the Chongqing State-owned Assets System's competitive evaluation for ten consecutive quarters [1] - The bank has been recognized as a "first-class bank" in the financial service evaluation for small and micro enterprises for six consecutive years [1] - It has also been awarded the "leader" status in financial industry corporate standards for six consecutive years [1]

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].

公司研究 重庆银行（601963）2025 年半年报点评 推荐（维持） 营收、业绩继续提速，量增质稳 事项： 8 月 22 日晚，重庆银行披露 2025 年半年报，1H25 实现营业收入 76.59 亿元， 同比增长 7.0%；实现归母净利润 31.90 亿元，同比增长 5.39%。不良贷款率环 比下降 4bp 于 1.17%，拨备覆盖率环比上升 0.7pct 至 248.3%。 评论： 证 券 研 究 报 告 城商行 2025 年 08 月 23 日 目标价：12.09 元/9.33 港元 当前价：9.95 元/7.66 港元 华创证券研究所 证券分析师：贾靖 邮箱：jiajing@hcyjs.com 执业编号：S0360523040004 证券分析师：林宛慧 公司基本数据 邮箱：linwanhui@hcyjs.com 执业编号：S0360524110001 证券分析师：徐康 电话：021-20572556 邮箱：xukang@hcyjs.com 执业编号：S0360518060005 | 总股本(万股) | 347,458.48 | | --- | --- | | 已上市流通股(万股) | 187,940 ...

证券研究报告 | 公司点评 | 城商行Ⅱ 重庆银行(601963) 报告日期：2025 年 08 月 23 日 经营全面改善 ——重庆银行 2025 年中报点评 投资要点 ❑ 重庆银行 25H1 盈利动能继续回升、不良指标显著改善。 ❑ 数据概览 25H1重庆银行营收、归母净利润同比分别+7.0%、+5.4%，增速环比25Q1分别提 升 1.7pc、0.1pc。从驱动因素来看，主要得益于规模扩张提速、非息收入改善。 （1）规模：25H1 末总资产同比增长 22%，较 25Q1 末的 19.3%明显提速，主要 归因贷款和 AC 户债券投资增速提升，贷款、AC 户债券投资 25H1 末同比分别增 长 20%、50%，而 25Q1 分别增长 16%、24%。（2）非息：25H1 末其他非息同比 增长 0.6%，而 25Q1 负增 69.9%，判断是 25Q2 债市表现回暖，叠加重庆银行兑 现部分浮盈，支撑债券投资收益修复。25H1 末重庆银行 FVOCI 规模环比下降 13.2%。展望未来，得益于规模快速扩张、息差基数消退，预计重庆银行全年盈 利增速有望继续保持快增。 ❑ 负债成本改善 25Q2 重庆银行净息差（单 ...

2025年是重庆银行奋进"万亿"新征程的关键一年。从当前资产规模进展来看，截至2025年6月30日，重 庆银行资产总额为9833.65亿元，距离"万亿资产"目标仅差166.35亿元，万亿征程已进入冲刺阶段。 距离"万亿"目标一步之遥 报告显示，2025年上半年，重庆银行资产总额实现大幅增长。截至2025年6月30日，资产总额达到 9833.65亿元，较上年末增加1267.23亿元，增幅14.79%。这一增长速度使得重庆银行距离万亿资产规模 目标仅一步之遥。同期，该行存款总额达5441.36亿元，较上年末增长14.77%；贷款总额为5006.70亿 元，较上年末增长13.63%。 8月22日晚，重庆银行交出2025年上半年的成绩单。报告显示，该行盈利指标保持稳健增长：实现营业 收入76.59亿元，同比提升7.00%；实现净利润33.94亿元，同比增幅5.73%；其中，归属于本行股东的净 利润达31.90亿元，同比增长5.39%。 规模的扩张为其盈利能力提升提供支撑。从盈利数据来看，重庆银行上半年实现营业收入76.59亿元， 较去年同期的71.58亿元增长7.00%；实现归属于本行股东净利润31.90亿元，较去年 ...

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].