Core Viewpoint - The recent financial policies introduced by the Chinese government aim to stabilize the market and expectations, with a focus on supporting the banking sector as a key financing channel for the economy [2][3]. Group 1: Market Performance - On May 9, A-shares opened lower, but the banking sector saw gains, with the Tianhong Bank ETF (515290) rising over 1% and several constituent stocks like Chongqing Bank and Qingdao Bank performing well [1]. - The Tianhong Bank ETF has recorded a net inflow of over 100 million yuan over four consecutive trading days, indicating strong investor interest [1]. - The Dividend Low Volatility ETF (159549) also saw an increase of over 0.62%, with several constituent stocks gaining more than 2% [1]. Group 2: Financial Policies - The People's Bank of China has implemented a series of measures including a 50 basis point reduction in reserve requirements and interest rate cuts to support economic stability [2]. - The policies include a total of over ten measures focusing on quantity, price, and structure adjustments, aimed at enhancing liquidity and supporting key sectors [2]. Group 3: Investment Outlook - The banking sector is viewed as having both dividend and recovery attributes, with a focus on the long-term sustainability of policies rather than short-term fluctuations in net interest margins [3]. - The current low-risk interest rates and the ability of state-owned banks to manage provisions suggest a stable growth outlook for bank earnings, with a maintained dividend payout ratio of around 30% [3]. - Optimism regarding the banking sector is supported by improved risk management in real estate, stock markets, and foreign trade, which alleviates concerns about asset quality deterioration [3].

证券代码：601963 证券简称：重庆银行 公告编号：2025-033 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 关于股东权益变动的提示性公告 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。 重要内容提示: 本次权益变动未触及要约收购，未导致本行第一大股东发生变化 。 近日，重庆银行股份有限公司（以下简称"本行"）收到本行第一大股东重 庆渝富资本运营集团有限公司（以下简称"渝富资本"）发来的关于权益变动的 告知函。为增强国企战略协同、业务协同，促进国企高质量发展，重庆发展投资 有限公司计划将所持重庆科技创新投资集团有限公司（以下简称"重庆科创投集 团"）100%的股权，无偿划转给渝富资本控股股东重庆渝富控股集团有限公司 （以下简称"渝富控股"）。同时，重庆科创投集团吸收合并其子公司重庆科技 金融集团有限公司（以下简称"重庆科技金融集团"），重庆科技金融集团所持 有的本行股份由重庆科创投集团承继，目前该吸收合并事项已完成工商变更，重 庆科技金融集团已注销登记，其持有的本行股份正在办理非交易过户手续。 上 ...

证券代码：601963 证券简称：重庆银行 公告编号：2025-032 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 关于副行长任职资格获监管机构核准的公告 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。 张培宗先生简历请参见本行刊载于上海证券交易所网站（www.sse.com.cn） 的《重庆银行股份有限公司第七届董事会第三次会议决议公告》（公告编号： 2025-004）。 特此公告。 重庆银行股份有限公司董事会 2025 年 5 月 7 日 1 重庆银行股份有限公司（以下简称"本行"）于 2025 年 5 月 6 日收到《重庆 金融监管局关于张培宗重庆银行副行长任职资格的批复》（渝金管复〔2025〕51 号），国家金融监督管理总局重庆监管局核准了张培宗先生担任本行副行长的任 职资格。根据法律法规以及本行章程的规定，张培宗先生的任期自监管机构核准 之日起生效。 ...

重庆银行（601963）公告，公司于2025年5月6日收到《重庆金融监管局关于张培宗重庆银行副行长任职 资格的批复》，国家金融监督管理总局重庆监管局核准了张培宗先生担任公司副行长的任职资格。根据 法律法规及公司章程，张培宗先生的任期自监管机构核准之日起生效。 ...

Core Viewpoint - The development of the Chongqing International Logistics Hub is crucial for transforming the inland region into an open frontier, enhancing connectivity and trade efficiency through the Western Land-Sea New Corridor [1][2]. Group 1: Logistics Hub Development - The logistics hub has evolved from a barren area into a renowned international open platform, significantly contributing to the region's economic growth [2][3]. - The logistics hub connects over 100 cities in 40 countries through the China-Europe Railway Express and reaches over 500 ports globally via the Western Land-Sea New Corridor [3][9]. - Recent infrastructure upgrades and operational enhancements, such as the opening of the Meiyijia Industrial Park and the expansion of the Xinglongchang marshalling station, reflect the continuous evolution of the logistics hub [4]. Group 2: Economic Impact - The logistics hub has attracted nearly 5,800 enterprises, generating an annual output value of 136 billion yuan, significantly enhancing the functionality of the corridor [9]. - The hub supports various industries, including automotive, pharmaceuticals, and cold chain logistics, facilitating efficient import and export services for major brands [9][10]. Group 3: Financial Support and Policies - Financial institutions have played a vital role in supporting the logistics hub's development, with initiatives such as the issuance of bonds and loans to enhance operational capabilities [11][12]. - The Chongqing branch of the People's Bank of China has introduced 21 key financial policies to improve financing and digital financial services for the corridor [13][14]. - Innovative financing solutions, such as "railway bill pledge" financing, have been developed to address the financing challenges faced by small and medium-sized enterprises [14][15].

Group 1 - The core viewpoint of the articles highlights the financial performance and market position of Chongqing Bank, including its stock price, market capitalization, and earnings metrics [1][3]. - As of May 6, Chongqing Bank's stock closed at 10.46 yuan, down 2.24%, with a rolling price-to-earnings (PE) ratio of 6.99 times, and a total market value of 36.344 billion yuan [1]. - The average PE ratio for the banking industry is 6.48 times, with a median of 5.77 times, placing Chongqing Bank at the 39th position among its peers [1][3]. Group 2 - Chongqing Bank's main business includes banking and related financial services, with key products such as corporate banking, inclusive finance, personal banking, financial market services, investment banking, and trade finance [2]. - The bank has received multiple awards and recognitions in 2024, including the "2023 Mobile Internet Application Service Capability Improvement Excellent Case" and the "2024 Best Wealth Management Newcomer Award" [2]. - The bank's first-quarter 2025 report shows an operating income of 3.581 billion yuan, a year-on-year increase of 5.30%, and a net profit of 1.624 billion yuan, also up by 5.33% year-on-year [3].

Investment Rating - The report maintains a positive outlook on the banking sector, highlighting it as a low-volatility dividend play in a counter-cyclical environment and a strong performer in absolute returns during a pro-cyclical phase [6]. Core Insights - The first quarter of 2025 saw a decline in both revenue and net profit for listed banks, with revenue and net profit down 1.7% and 1.2% year-on-year, respectively. The main reasons for this decline were the expected decrease in interest margins and pressure from non-interest income [3][12]. - Loan growth has remained stable, with a year-on-year increase of 7.9% in the first quarter. Notably, banks in Jiangsu and Zhejiang, as well as Chengdu, continue to show strong economic performance, while Chongqing has emerged as a new growth area with loan growth exceeding 16% [3][4]. - The average net interest margin for listed banks was 1.54% in the first quarter, reflecting a slight quarter-on-quarter increase of 2 basis points, supported by a decrease in the cost of interest-bearing liabilities [4][12]. - The non-performing loan (NPL) ratio for listed banks decreased to 1.23%, with an estimated annualized NPL generation rate of approximately 0.63% [5][19]. - The report emphasizes the importance of focusing on high-dividend yield banks, particularly those with solid provisions and growth opportunities in favorable policy environments [6][19]. Summary by Sections Performance Overview - The first quarter of 2025 saw a significant impact from the decline in interest margins and non-interest income, leading to a negative growth in both revenue and profit for listed banks [10][12]. - The report indicates that the performance of state-owned banks was below expectations, while city and rural commercial banks generally met expectations [3][19]. Loan and Credit Analysis - Loan growth has been stable, with a year-on-year increase of 7.9% in the first quarter. The report highlights that the demand for loans from small and medium-sized enterprises has weakened, affecting the growth rates of rural commercial banks [3][4]. Interest Margin and Cost Analysis - The report notes that the average net interest margin for listed banks improved slightly, with a quarter-on-quarter increase attributed to a reduction in the cost of interest-bearing liabilities [4][12]. Asset Quality and Risk Management - The NPL ratio for listed banks decreased to 1.23%, with proactive measures taken to manage and dispose of non-performing assets [5][19]. - The report indicates that the retail sector is experiencing some risk exposure, but overall asset quality remains stable [5][19]. Investment Recommendations - The report recommends focusing on banks with high dividend yields and solid fundamentals, particularly those that are well-positioned to benefit from favorable policy changes [6][19].

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年4月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 重慶銀行股份有限公司 呈交日期: 2025年5月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01963 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,579,020,812 | RMB | | | 1 RMB | | 1,579,020,812 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 1,579,020,812 | RMB | | | 1 RMB | | 1,579,020,812 | | 2 ...

[Table_Info1] 证券研究报告 [Table_Title] 证券研究报告 / 债券研究报告 2025 年 5 月十大转债 报告摘要： [Table_Summary] 5 月十大转债如下： 中证转债指数 [Table_Report] 相关报告 《2025 年 4 月转债新券点评合集》 --20250430 《特朗普还有哪些牌？》 --20250428 《转债市场一周回顾（2025/04/21-2025/04/25）》 --20250427 《关税冲击逐步显现，"四稳"兜牢民生底线— —政策及基本面周度观察（20250426）》 --20250427 《【东北资产配置】政策博弈期，大类资产怎么 看？——东北证券大类资产配置报告（第 5 期）》 --20250425 首席分析师：刘哲铭 执业证书编号：S0550524040002 18801785199 liuzm1@nesc.cn 证券分析师：薛进 [Table_Invest] [Table_Author] ① 中特转债（AAA，4 月末收盘价 107.723 元，转股溢价率 111.03%， 正股 PE-TTM 11.5） ② 山路转债（AAA，4 月 ...

Core Viewpoint - Chongqing Bank's Q1 2025 performance exceeded expectations, with significant growth in new loan issuance and deposits, indicating a strong start to the year [2] Financial Performance - Q1 2025 operating income, PPOP, and net profit attributable to shareholders grew by 5.30%, 4.10%, and 5.33% year-on-year, respectively, with increases of 1.76 percentage points, 1.34 percentage points, and 1.53 percentage points compared to 2024 [1] - The bank's new loan issuance reached 32.95 billion, significantly higher than historical levels, with a year-on-year growth rate of 16.4%, up 4.1 percentage points from the previous year [2] - Total deposits increased by 49.7 billion in Q1 2025, accounting for 83.8% of the total deposits for the previous year, with a year-on-year growth rate of 19.3%, up 5 percentage points [2] Interest Margin and Asset Quality - The net interest margin for Q1 2025 was 1.52%, an increase of 37 basis points from Q4 2024, driven by improvements in both asset and liability sides [2] - The non-performing loan ratio at the end of Q1 2025 was 1.21%, a decrease of 4 basis points from Q4 2024, indicating improved asset quality [2] Revenue Streams - Net fee and commission income turned negative, declining by 1.84% year-on-year due to a high base from the previous year [3] - Other non-interest income saw a significant decline of 69.86% year-on-year, impacted by long-term bond rate adjustments and a high base from the previous year [3] Capital Adequacy - The core Tier 1 capital adequacy ratio decreased to 9.12%, down 0.76 percentage points from Q4 2024, due to adjustments in the bond market and accelerated capital consumption from rapid asset expansion [3] Strategic Focus - The bank is focusing on supporting major regional development strategies, including the Chengdu-Chongqing economic circle and the Western Land-Sea New Corridor, while also enhancing its wealth management and light capital business [3]