中泰证券：【中泰研究丨晨会聚焦】银行戴志锋：重庆区域专题|经济景气度提升，个股基本面向好-20241021

Core Insights - The report highlights the economic recovery in Chongqing, with a GDP growth rate of 6.1% in the first half of the year, ranking second among major cities in China, only behind Suzhou [2] - The report emphasizes the positive developments in industrial investment and consumer spending, with retail sales increasing by 3.9% year-on-year, outperforming the national average [2] - The ongoing implementation of major strategic projects, such as the Chengdu-Chongqing Economic Circle and the Western Land-Sea New Corridor, is expected to further boost economic growth [2] Company-Specific Summaries Rural Commercial Bank of Chongqing (渝农商行) - The bank has increased its public loans significantly, with a 16.2 percentage point rise in the proportion of public credit to 82.3%, primarily driven by infrastructure and manufacturing loans [2] - The bank's non-performing loan ratio remains stable at 1.19%, with effective management of real estate-related non-performing assets [2] - The bank is focusing on digital transformation, having developed a digital financial service platform to support rural revitalization [2] Chongqing Bank (重庆银行) - Chongqing Bank has strengthened its public credit support for key projects, with a notable 132.5% increase in the proportion of public credit loans [2] - The bank's non-performing loan ratio improved to 1.25%, reflecting a decrease of 8 basis points, indicating an overall enhancement in asset quality [2] - The bank's self-operated online consumer loans have seen a significant growth of 39.04% compared to the previous year, positioning it well in the retail sector [2] Industry Overview - The report indicates that the economic environment in Chongqing is improving, with ongoing risk mitigation in real estate and local government financing [2] - The local government's debt structure has improved, with a stable issuance of municipal bonds and manageable repayment pressures anticipated through 2025-2027 [2] - The report suggests that both Rural Commercial Bank of Chongqing and Chongqing Bank are well-positioned to benefit from the economic recovery and growth in the region [2]