重庆银行（601963）：资产质量持续向优，高质量奔向万亿

Investment Rating - The report maintains a "Buy" rating for Chongqing Bank [1]. Core Views - Chongqing Bank's asset quality continues to improve, with a focus on achieving a trillion yuan in total assets. The bank's total assets grew by 22% year-on-year to 983.4 billion yuan, and it is expected to surpass the trillion yuan mark in the third quarter of this year [6][9]. - The bank's net interest income saw a significant increase of 12.2% year-on-year in the first half of 2025, driven by a high-quality expansion of interest-earning assets [6][8]. - The non-performing loan (NPL) ratio decreased to 1.17%, with a provision coverage ratio of 248%, indicating a solid improvement in asset quality [4][9]. Financial Performance Summary - In the first half of 2025, Chongqing Bank achieved a revenue of 7.66 billion yuan, a year-on-year increase of 7.0%, and a net profit attributable to shareholders of 3.19 billion yuan, up 5.4% year-on-year [4][6]. - The bank's total loans increased by approximately 19.6% year-on-year, with significant contributions from corporate loans, which accounted for 75.7% of total loans [10]. - The bank's earnings per share (EPS) for 2025 is projected to be 1.49 yuan, with a return on equity (ROE) of 9.24% [5][13]. Asset Quality and Capital Adequacy - The NPL ratio has improved, with a decrease of 4 basis points to 1.17% in the second quarter of 2025, and the gap between stage three loans and NPLs has narrowed significantly [9][11]. - The core tier one capital adequacy ratio decreased to 8.80%, indicating a need for capital replenishment to support future growth [6][9]. Market Position and Outlook - The report highlights the bank's strong regional presence and the potential for further growth, particularly in the context of ongoing infrastructure projects and government-supported initiatives in the Chongqing area [6][10]. - The bank's valuation is expected to continue to recover, with projected net profit growth rates of 7.6%, 8.5%, and 10.5% for 2025 to 2027 [6][9].