Core Insights - The issuance of technology innovation bonds (科创债) has seen significant growth, with over 580 billion yuan raised from 387 bonds as of June 30 [1] - Banks are increasingly participating in the issuance of these bonds, with 26 bonds issued totaling over 200 billion yuan, driven by policy financial institutions and national commercial banks [1] - The integration of financial tools and industrial policies through 科创债 is enhancing the support for technology finance and improving the technology finance ecosystem [1] Group 1: Market Dynamics - The rapid expansion of the 科创债 market is evidenced by the successful issuance of bonds by various small and medium-sized banks, with notable examples including Sichuan Bank's 11 million yuan bond and Changsha Bank's 40 million yuan bond [2] - The participation of small and medium-sized banks has increased significantly since the launch of 科创债 in May, with several banks issuing bonds totaling 230 million yuan in May alone [2] - The issuance scale varies among banks, with Beijing Bank leading at 80 million yuan, while others like Hangzhou Bank and Shanghai Bank issued around 50 million yuan [2] Group 2: Financial Instruments and Rates - The issuance rates for 科创债 are generally low, ranging from 1.60% to 2.00%, with policy banks offering the lowest rates [4] - The lowest rate recorded was 1.17% for a bond issued by the National Development Bank, while major state-owned banks issued bonds at around 1.65% [4] - Regional small and medium-sized banks have higher rates, with the highest being 1.95% from Huzhou Bank, but still lower than traditional financing tools [5] Group 3: Funding Allocation - The funds raised through 科创债 are specifically allocated to support technology innovation sectors, aligning with national strategic goals [6] - Financial institutions are focusing on sectors outlined in the "Five Major Financial Articles," which include technology loans and investments in technology innovation enterprises [6] - The bonds are characterized by good credit quality, medium to short terms, low interest rates, and a high relevance to technology innovation [7]

Group 1 - The report details the changes in the registered capital and issued shares of Chongqing Bank as of June 30, 2025, indicating no change in H-shares and a slight increase of 2,374 in A-shares [1][2] - The total registered capital at the end of the month is RMB 3,474,583,227, with H-shares remaining at 1,579,020,812 and A-shares increasing to 1,895,562,415 [1][3] - The report confirms that all securities issuance and stock transfers have been authorized by the board and comply with applicable listing rules and regulations [3][4] Group 2 - The report specifies that there were no changes in the number of treasury shares for both H-shares and A-shares during the month [1][2] - The A-share convertible bonds have undergone adjustments in their conversion price due to profit distributions, with the latest adjustment bringing the price to RMB 9.67 per share [1][3] - The total number of shares that could potentially be issued due to the convertible bonds is calculated to be 1,344,278,076 shares based on the adjusted conversion price [1][3]

证券代码：601963 证券简称：重庆银行 公告编号：2025-047 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 特此公告。 重庆银行股份有限公司董事会 1 关于股东权益变动事项的进展公告 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。 重庆银行股份有限公司（以下简称"本行"）于 2025 年 5 月 8 日在上海证券 交易所网站（www.sse.com.cn）披露了《关于股东权益变动的提示性公告》（公 告编号：2025-033）。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"）的控股股东重庆渝富控股集团有限公 司。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 ...

经中国证券监督管理委员会《关于核准重庆银行股份有限公司公开发行可转 换公司债券的批复》（证监许可〔2022〕505 号）核准，重庆银行股份有限公司 （以下简称"本行"）获准向社会公开发行面值总额人民币 130 亿元的可转换公 司债券（以下简称"可转债"或"重银转债"），每张面值人民币 100 元，按面 值发行，期限 6 年，票面利率第一年为 0.20%、第二年为 0.40%、第三年为 1.00%、 第四年为 1.70%、第五年为 2.50%、第六年为 3.50%。 经上海证券交易所《关于重庆银行股份有限公司可转换公司债券上市交易的 通知》（上海证券交易所自律监管决定书〔2022〕93 号）同意，本行 130 亿元可 证券代码：601963 证券简称：重庆银行 公告编号：2025-048 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 关于可转债转股结果暨股份变动公告 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： 一、可转债发行上市概况 单位：股 | 股份类别 | 变动前 | | 本次可转债 ...

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6月30日 狀態: 新提交 | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601963 | 說明 | A股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,895,560,041 | RMB | | 1 RMB | | 1,895,560,041 | | 增加 / 減少 (-) | | | 2,374 | | | RMB | | 2,374 | | 本月底結存 | | | 1,895,562,415 | RMB | | 1 RMB | | 1,895,562,415 | 本月底法定/註冊股本總額： RMB 3,474,583,227 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 ...

Strategy - The report constructs a macroeconomic state-based dividend rotation portfolio, achieving an annualized return of 15%. The rotation focuses on four categories: cyclical, consumer, stable, and manufacturing dividends, using indicators such as M1 year-on-year growth, PPI index, and 10Y government bond yield to define macro states [15][35][39]. Financial Sector - In June, the banking sector rose by 5.37%, with valuations continuing to recover. The report suggests a diversified investment strategy focusing on state-owned banks and quality regional banks, highlighting the long-term investment value of major banks like China Merchants Bank and CITIC Bank [13][39]. Transportation and Utilities - H-shares outperformed A-shares, emphasizing investment opportunities in Hong Kong dividend assets. Recommendations include Sichuan Chengyu and Anhui Expressway for highways, and China Merchants Port for ports, which are expected to benefit from long-term value and dividend increases [13][39]. Energy and Chemicals - With the arrival of the driving season in Europe and the US, the report highlights investment opportunities in the energy sector. It recommends focusing on major oil and gas companies like China National Petroleum and China Petroleum & Chemical, as well as coal companies like China Shenhua Energy [13][39]. Food and Beverage - The sector is entering a performance verification period, with a focus on improving dividend quality. Recommendations include leading liquor brands like Kweichow Moutai and Wuliangye, as well as dairy companies like Yili [13][39]. Home Appliances - The report emphasizes investment opportunities in leading companies within the home appliance sector, particularly those benefiting from government policies and improving domestic sales. Key recommendations include Midea Group and Haier Smart Home [13][39]. Real Estate - With a decline in residential property sales, the report suggests focusing on commercial real estate. Recommended companies include Swire Properties and China Resources Land, which are expected to maintain stable cash flows and dividends [13][39]. Publishing - The education publishing sector is highlighted for its stability and potential for high dividends. Recommendations include Southern Publishing and Media Group, which is expected to maintain strong performance and dividend payouts [13][39]. Selected Dividend Assets - The report identifies a selection of stable and quality dividend assets, including Shanghai Rural Commercial Bank, Sichuan Chengyu, Kweichow Moutai, and Gree Electric Appliances, among others [12][39].

金十数据7月2日讯，港股主要股指高开回落，恒生科技指数盘初一度涨超1%后快速回落。截至午间收 盘，恒生指数收涨0.62%，恒生科技指数收跌0.27%。盘面上，大型科技股多数转跌，快手(01024.HK) 跌2%，网易(09999.HK)跌1%，腾讯控股(00700.HK)、阿里巴巴(09988.HK)、京东(09618.HK)半日均收 绿。银行股普遍拉升，内银股涨幅居前，建设银行(00939.HK)股价再创新高，民生银行(01988.HK)、青 岛银行(03866.HK)、重庆银行(01963.HK)涨幅居前。 港股午评：恒生指数半日涨0.62% 银行股表现活跃 ...

Market Performance - On July 1, A-shares showed mixed performance with the Shanghai Composite Index rising by 0.39% to 3457.75 points, while the Shenzhen Component Index increased by 0.11%, and the ChiNext Index fell by 0.24% [1] - The total trading volume in A-shares reached 1.5 trillion yuan [1] Banking Sector Insights - Bank stocks regained momentum, with Suzhou Bank rising over 5%, and both China Construction Bank and Shanghai Pudong Development Bank increasing by over 2% to reach new highs [1] - Among 42 banks listed, 39 are expected to distribute cash dividends in 2024 that exceed the previous year, with an overall increase in dividend payouts by 18.6 billion yuan [1] ETF Performance - Various banking ETFs, including Bank AH Preferred ETF and Bank ETF Index Fund, saw gains of over 1%, with year-to-date increases exceeding 16% [1] - Specific performance data for banking ETFs includes: - Bank AH Preferred ETF: +1.70% (YTD +23.70%) - Bank ETF Index Fund: +1.65% (YTD +17.33%) - Bank ETF: +1.52% (YTD +16.97%) [2] Fund Inflows - In June, there was a net inflow of funds into banking ETFs, with Bank ETF receiving 3.377 billion yuan, Bank ETF Tianhong 736 million yuan, and Bank AH Preferred ETF 411 million yuan [5][7] - The total net inflow into banking stocks reached 104.35 billion yuan in 2024, accounting for 3.2% of the current free float market value of banks [9] Investment Strategies - Analysts suggest that the banking sector is benefiting from policy catalysts and that cyclical stocks may present alpha opportunities [10] - Specific banks to watch include: - For cyclical strategies: Ningbo Bank, Postal Savings Bank, China Merchants Bank, and Changshu Bank - For dividend strategies: Shanghai Bank, China Merchants Bank, Jiangsu Bank, Chongqing Bank, and others showing positive fundamental changes [10]

Report Overview - The report presents the top ten convertible bonds for July 2025, along with an analysis of the issuing companies [1][2][11] Company Summaries 1. Zhongte Convertible Bond (Zhongte Zhuanzhai) - Bond Rating: AAA; 6 - month - end closing price: 109.399 yuan; Conversion premium rate: 108.66%; PE - TTM of the underlying stock: 11.5 [5][11] - Company is a global leader in special steel manufacturing with a production capacity of about 20 million tons. It has a complete industrial chain and multiple production bases [11][12] - In 2024, revenue was 109.203 billion yuan (down 4.22% YoY), net profit attributable to shareholders was 5.126 billion yuan (down 10.41% YoY). In Q1 2025, revenue was 26.84 billion yuan (down 5.59% YoY), net profit attributable to shareholders was 1.384 billion yuan (up 1.76% YoY) [11] - Company highlights: largest variety - specification range, leading cost - control, and potential expansion through asset injection [12] 2. Shanlu Convertible Bond (Shanlu Zhuanzhai) - Bond Rating: AAA; 6 - month - end closing price: 113.766 yuan; Conversion premium rate: 50.91%; PE - TTM of the underlying stock: 3.9 [5][20] - Company focuses on road and bridge construction and maintenance, with a comprehensive business system [20] - In 2024, revenue was 71.348 billion yuan (down 2.3% YoY), net profit attributable to shareholders was 2.322 billion yuan (up 1.47% YoY). In Q1 2025, revenue was 9.764 billion yuan (up 1.95% YoY), net profit attributable to shareholders was 0.249 billion yuan (up 1.89% YoY) [20] - Company highlights: state - owned background, potential in debt - resolution, local infrastructure opportunities, and overseas expansion [21] 3. Jintong Convertible Bond (Jintong Zhuanzhai) - Bond Rating: AA+; 6 - month - end closing price: 128.025 yuan; Conversion premium rate: 5.74%; PE - TTM of the underlying stock: 20.7 [5][31] - Company engages in non - ferrous metal processing, providing materials for emerging industries [31] - In 2024, revenue was 124.161 billion yuan (up 12.36% YoY), net profit attributable to shareholders was 0.462 billion yuan (down 12.29% YoY). In Q1 2025, revenue was 27.285 billion yuan (up 9.89% YoY), net profit attributable to shareholders was 0.151 billion yuan (up 38.55% YoY) [31] - Company highlights: rebound in copper processing, growth in rare - earth permanent magnets, and expansion in electromagnetic flat wire business [32] 4. Aima Convertible Bond (Aima Zhuanzhai) - Bond Rating: AA; 6 - month - end closing price: 123.919 yuan; Conversion premium rate: 37.61%; PE - TTM of the underlying stock: 14.1 [5][40] - Company is a leading player in the electric two - wheeler industry [40] - In 2024, revenue was 21.606 billion yuan (up 2.71% YoY), net profit attributable to shareholders was 1.988 billion yuan (up 5.68% YoY). In Q1 2025, revenue was 6.232 billion yuan (up 25.82% YoY), net profit attributable to shareholders was 0.605 billion yuan (up 25.12% YoY) [40] - Company highlights: subsidy - driven demand, new national standard benefits, and potential margin improvement [41] 5. Xingye Convertible Bond (Xingye Zhuanzhai) - Bond Rating: AAA; 6 - month - end closing price: 124.495 yuan; Conversion premium rate: 13.03%; PE - TTM of the underlying stock: 6.4 [5][52] - Company is a large - scale joint - stock commercial bank with multiple financial licenses [52] - In 2024, revenue was 212.226 billion yuan (up 0.66% YoY), net profit attributable to shareholders was 77.205 billion yuan (up 0.12% YoY). In Q1 2025, revenue was 55.683 billion yuan (down 3.58% YoY), net profit attributable to shareholders was 23.796 billion yuan (down 2.22% YoY) [52] - Company highlights: stable growth in net interest income, stable asset quality, and expanding scale [53] 6. Youfa Convertible Bond (Youfa Zhuanzhai) - Bond Rating: AA; 6 - month - end closing price: 126.782 yuan; Conversion premium rate: 6.47%; PE - TTM of the underlying stock: 14.7 [5][64] - Company is the largest welded steel pipe manufacturer in China [64] - In 2024, revenue was 54.822 billion yuan (down 10.01% YoY), net profit attributable to shareholders was 0.425 billion yuan (down 25.46% YoY). In Q1 2025, revenue was 11.402 billion yuan (up 6.06% YoY), net profit attributable to shareholders was 0.133 billion yuan (up 9680.17% YoY) [64] - Company highlights: national layout, overseas market expansion, and high dividend policy [65] 7. Chongyin Convertible Bond (Chongyin Zhuanzhai) - Bond Rating: AAA; 6 - month - end closing price: 125.956 yuan; Conversion premium rate: 12.15%; PE - TTM of the underlying stock: 7.3 [5][77] - Company is a regional joint - stock commercial bank in the upper reaches of the Yangtze River [77] - In 2024, revenue was 13.679 billion yuan (up 3.54% YoY), net profit attributable to shareholders was 5.117 billion yuan (up 3.8% YoY). In Q1 2025, revenue was 3.581 billion yuan (up 5.3% YoY), net profit attributable to shareholders was 1.624 billion yuan (up 5.33% YoY) [77] - Company highlights: regional economic development opportunities, asset scale growth, and strategic risk management [78] 8. Baidian Convertible Bond (Baidian Zhuanzhai) - Bond Rating: AA; 6 - month - end closing price: 131.325 yuan; Conversion premium rate: 2.85%; PE - TTM of the underlying stock: 24.3 [5][88] - Company is a high - tech enterprise in power distribution equipment [88] - In 2024, revenue was 4.985 billion yuan (up 15.12% YoY), net profit attributable to shareholders was 0.196 billion yuan (up 79.05% YoY). In Q1 2025, revenue was 0.976 billion yuan (up 4.68% YoY), net profit attributable to shareholders was 0.037 billion yuan (up 11.47% YoY) [88] - Company highlights: improving profitability and strong order backlog [89] 9. Huayuan Convertible Bond (Huayuan Zhuanzhai) - Bond Rating: AA -; 6 - month - end closing price: 129.19 yuan; Conversion premium rate: 14.24%; PE - TTM of the underlying stock: 26.3 [5][101] - Company focuses on the vitamin D3 industrial chain [101] - In 2024, revenue was 1.243 billion yuan (up 13.58% YoY), net profit attributable to shareholders was 0.309 billion yuan (up 60.76% YoY). In Q1 2025, revenue was 0.326 billion yuan (down 1.18% YoY), net profit attributable to shareholders was 0.097 billion yuan (up 5.5% YoY) [101] - Company highlights: leading products in the industry, product expansion, and new drug approvals [102] 10. Yushui Convertible Bond (Yushui Zhuanzhai) - Bond Rating: AAA; 6 - month - end closing price: 124.888 yuan; Conversion premium rate: 30.54%; PE - TTM of the underlying stock: 26.6 [5][112] - Company is the largest water supply and drainage enterprise in Chongqing [112] - In 2024, revenue was 6.999 billion yuan (down 3.52% YoY), net profit attributable to shareholders was 0.785 billion yuan (down 27.88% YoY). In Q1 2025, revenue was 1.652 billion yuan (up 8.66% YoY), net profit attributable to shareholders was 0.237 billion yuan (up 28.91% YoY) [112] - Company highlights: stable local business, market expansion, and cost control [113]

银行是科创债的重要新增发行主体。截至6月30日，银行科创债发行数量扩容至26只。6月30日，四川银 行开启11亿元的科创债发行，发行完成后，银行科创债发行规模将超过2200亿元。 5月份，杭州银行、上海银行、徽商银行、北京银行4家位于科创高地的区域性银行，合计发行230亿元 的科创债。6月份以来，区域性中小银行入局科创债发行的步伐有所提速。6月份内，重庆银行、南京银 行、东莞银行、湖州银行、青岛农村商业银行、四川银行加入科创债发行阵营，其中青岛农村商业银行 为首家发行科创债的农商行。 发行科创债的银行普遍将募集资金投向《金融"五篇大文章"总体统计制度（试行）》中规定的科创领 域，包括发放科技贷款、投资科技创新企业发行的债券等，专项支持科技创新领域业务。如国家开发银 行发行的3只科创债，募集资金用于支持科创企业日常经营周转，以及投放于国家技术创新示范企业、 制造业单项冠军企业等科技型企业。 发行利率整体较低 业内人士表示，在低利率环境和政策支持下，此轮科创债的发行利率相较于发行人自身债券发行票面利 率及区域同级别债券票面利率更低。从不同类型的发行人间来看，AAA级央企、国企和商业银行发行 的科创债利率较低，科技 ...