股价回撤、增速放缓，成都银行股东为何逆势加仓6.11亿元

Core Viewpoint - Chengdu Bank's two major state-owned shareholders have invested 611 million yuan to increase their stake, indicating confidence in the bank despite recent stock price declines and mixed financial performance [2][4]. Shareholder Actions - The investment by Chengdu Industrial Capital Holding Group and Chengdu Xintianyi Investment Co. occurred between August 27 and November 21, totaling approximately 34.247 million shares, representing 0.808% of the total share capital [2]. - The initial buyback plan began in April, with a target price of no more than 17.59 yuan per share, but the stock price exceeded this limit shortly after the announcement [3][4]. - The buyback plan was adjusted in August to remove the price cap, allowing for a total investment of 700 million to 1.4 billion yuan over the next 12 months [4]. Financial Performance - Chengdu Bank's total assets surpassed 1 trillion yuan in mid-2023, reaching 1.39 trillion yuan by the end of September 2025, establishing it as a leading city commercial bank in Southwest China [5]. - For the first three quarters of 2025, the bank reported a revenue of 17.761 billion yuan, a year-on-year increase of 3.01%, and a net profit of 9.493 billion yuan, up 5.03% [5]. - However, the third quarter saw a revenue decline of 2.92% year-on-year, with net profit growth slowing significantly to just 0.17% compared to 11.27% in the previous year [5][6]. Business Structure Challenges - The bank's net interest income accounted for 83.15% of total revenue, while fee and commission income fell by 35.17%, indicating a reliance on interest income [6]. - The bank's loan portfolio remains skewed towards corporate loans, with retail loans showing a significant slowdown, adding to concerns about business diversification [7]. Industry Trends - The increase in shareholding by Chengdu Bank's major shareholders reflects a broader trend in the banking sector, where several banks have seen similar shareholder buybacks amid favorable valuation conditions [8]. - The financing balance for A-share banks has risen from under 56 billion yuan in early July to approximately 75.6 billion yuan, indicating a growing interest in bank stocks [8]. - Local state-owned enterprises increasing their stakes in regional banks is seen as a strategy to enhance control over local financial resources and ensure the stability of state assets [9].