证券代码：601963 证券简称：重庆银行 公告编号：2025-044 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 （一）本次权益变动前持股情况 本次权益变动前，渝富资本及其一致行动人合并持有本行股份 814,767,251 股，持股比例为 23.45%。具体持股情况如下表列示： | 股东名称 | 股份类别 | 持股数（股） | 持股比例（%） | | --- | --- | --- | --- | | 重庆渝富资本运营集团有限公司 | A 股 | 421,750,727 | 12.14 | | 重庆市水利投资（集团）有限公司 | 股 A | 295,335,802 | 8.50 | | 重庆渝富（香港）有限公司 | H 股 | 74,566,000 | 2.15 | | 重庆水务环境控股集团有限公司 | 股 A | 10,068,631 | 0.29 | 1 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 ...

证券代码：601963 证券简称：重庆银行 转债代码：113056 转债简称：重银转债 重庆银行股份有限公司 公开发行 A 股可转换公司债券 受托管理事务报告 （2024 年度） 2025 年 6 月 1 重要声明 发行人：重庆银行股份有限公司 重庆市江北区永平门街 6 号 受托管理人：招商证券股份有限公司 （广东省深圳市福田区福田街道福华一路 111 号） 依据《可转换公司债券管理办法》（以下简称"《管理办法》"）、《募集 说明书》、《受托管理协议》等相关规定及约定，招商证券股份有限公司（以下 简称"招商证券"、"受托管理人"）作为本次债券的受托管理人编制本报告。 招商证券编制本报告的内容及信息均来源于公开信息、重庆银行股份有限公司 （以下简称"公司"、"发行人"）对外发布的《重庆银行股份有限公司 2024 年度报告》等公开信息披露文件、发行人提供的相关资料或出具的相关说明以及 第三方中介机构出具的专业意见。招商证券对本报告中所包含的从上述文件中引 述内容和信息未进行独立验证，也不就该等引述内容和信息的真实性、准确性和 完整性作出任何保证或承担任何责任。 本报告不构成对投资者进行或不进行某项行为的推荐意见， ...

Core Viewpoint - The surge in bank convertible bonds triggering early redemption is primarily linked to the strong performance of bank stocks, with the China Securities Bank Index rising by 11% this year, leading to multiple bonds reaching the redemption threshold [1][7]. Group 1: Convertible Bonds and Redemption - Several bank convertible bonds, including Nanjing Bank's "Nan Yin Convertible Bond," have triggered early redemption due to their underlying stock prices exceeding the specified thresholds [2][3]. - Nanjing Bank's "Nan Yin Convertible Bond" will be fully redeemed at face value plus accrued interest, with the last trading day set for July 1, 2025 [2][4]. - Hangzhou Bank's "Hang Yin Convertible Bond" also triggered early redemption, with the last trading day on July 1, 2025, and the last conversion day on July 4, 2025 [3][4]. Group 2: Market Dynamics - The strong performance of bank stocks has been a key driver for the early redemption of convertible bonds, as rising stock prices enhance the conversion value of these bonds [7]. - The supply-demand dynamics in the market have shifted, with a noticeable reduction in the issuance of bank convertible bonds, leading to increased scarcity and higher valuations for existing bonds [7][8]. - Regulatory constraints on bank refinancing have made large-scale issuance of new convertible bonds challenging, further contributing to the scarcity and potential revaluation of existing bonds [8].

Core Viewpoint - Chongqing Bank's stock closed at 11.04 yuan, down 1.43%, with a rolling PE ratio of 7.38 times, and a total market value of 38.359 billion yuan [1] Group 1: Financial Performance - For Q1 2025, the company reported operating income of 3.581 billion yuan, a year-on-year increase of 5.30% [3] - The net profit for the same period was 1.624 billion yuan, also reflecting a year-on-year growth of 5.33% [3] Group 2: Market Position - The average PE ratio for the banking industry is 6.82 times, with a median of 6.56 times, placing Chongqing Bank at the 36th position among its peers [1][3] - The total market capitalization of Chongqing Bank is 38.359 billion yuan, compared to the industry average market cap of 344.248 billion yuan [3] Group 3: Shareholding Structure - As of Q1 2025, 29 institutions hold shares in Chongqing Bank, including 24 funds and 5 other entities, with a total shareholding of 1.203 billion shares valued at 11.682 billion yuan [1]

Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. Core View The report analyzes the situation of bank convertible bonds shrinking in the convertible bond market and explores possible bottom - position allocation ideas for convertible bond funds and other types of funds after the reduction of bank convertible bonds as large - cap bottom - position varieties. It provides suggestions for investors on how to choose bottom - position varieties based on the characteristics of convertible bond bottom - position varieties and market conditions [13]. Summary by Relevant Catalogs 1. Convertible Bond Bottom - Position Variety Overview - Pan - fixed - income + funds have a certain demand for convertible bonds. Convertible bond funds have an average convertible bond position of about 78%, and the convertible bond positions of first/second - level bond funds, balanced hybrid, and partial - debt hybrid funds are mostly maintained above 10% [1][15]. - At the industry level, public funds generally use convertible bonds from industries such as banks and power equipment as bottom - position varieties. Bank convertible bonds account for a large proportion in the convertible bond bottom - position varieties of public funds at all times, but the bottom - position varieties change with factors such as bond balance and market conditions [19][21]. 2. Overview of Bank Convertible Bonds - the "Major Holders" of Convertible Bond Bottom - Positions - **Purpose of Issuance**: Issuing convertible bonds is an important way for commercial banks to supplement core tier - 1 capital, and they need to achieve this through continuous conversion. Some bank convertible bonds have seen large shareholders convert at a premium to seize the opportunity to supplement core tier - 1 capital [2][28]. - **Characteristics**: Bank convertible bonds have high safety, can be pledged, and have high dividend yields of underlying stocks, almost no default risk, and strong anti - risk ability. They are also an important income - enhancement channel for stable accounts [2][33]. - **Scale Trend**: In recent years, there have been few bank convertible bond issuances, but the delisting rhythm has accelerated significantly. There are currently no new bank convertible bond issuances in the short term, and there are no new bank convertible bond pre - plans after the refinancing regulations [40][43]. 3. How to Allocate Subsequent Bottom - Position Varieties? - **Characteristics of Convertible Bond Bottom - Position Varieties**: Most bottom - position varieties have high ratings (AA and above), large market values (nearly 90% have a convertible bond balance of over 2 billion), and good anti - decline performance [3][46]. - **Analysis of "Possible Bottom - Position Varieties"**: - **Substituting with Other High - Rating Large - Cap Varieties**: Such as photovoltaic convertible bonds. Although there are relatively limited eligible targets, and photovoltaic convertible bonds have been increasingly favored by funds in recent quarters, whether each high - rating large - cap bond can be used as a bottom - position still needs comprehensive consideration [52][56]. - **Comparing with Public Fund Benchmarks**: Considering currently under - allocated varieties. However, in practice, most public funds' performance benchmarks do not contain convertible bond - related indices, and the conversion premium rate may be a significant interference factor [57][62]. - **Idea for Bottom - Position Selection**: - **For Convertible Bond Funds**: Consider individual bonds with a positive YTM and good credit quality of underlying stocks. Also, construct a convertible bond portfolio with low or negative correlations among some individual bonds [66][67]. - **For Non - Convertible Bond Funds**: When it is difficult to find suitable bottom - position varieties in the convertible bond market, consider switching to other types of bonds [71][72].

Investment Rating - The report maintains an "Overweight" rating for the banking sector, indicating a positive outlook for investment opportunities in this industry [6]. Core Insights - The report highlights that the social financing (社融) growth rate for May 2025 is 8.7%, remaining stable compared to the previous month, while the growth rate excluding government bonds is 6.0% [1][2]. - The increase in social financing is primarily driven by a significant rise in government bond issuance, which net increased by 1.46 trillion yuan, contributing to a year-on-year increase of 2.367 trillion yuan [2]. - The report notes that new loan rates for enterprises and personal housing loans have remained at historically low levels, with the average weighted interest rate for new enterprise loans at approximately 3.2% and for personal housing loans at about 3.1% [5]. Summary by Sections 1. Social Financing Data - In May 2025, the total new social financing amounted to 2.29 trillion yuan, an increase of 227.1 billion yuan year-on-year [1]. - The breakdown of new social financing includes: - RMB loans to the real economy increased by 596 billion yuan, a decrease of 223.7 billion yuan year-on-year [1]. - Corporate bond financing net increased by 149.6 billion yuan, a year-on-year increase of 121.1 billion yuan [2]. - Off-balance-sheet financing saw a net increase in trust loans of 17.3 billion yuan, while entrusted loans decreased by 16.7 billion yuan [2]. 2. Credit and Deposit Growth - New RMB loans in May 2025 totaled 620 billion yuan, a decrease of 330 billion yuan year-on-year [2]. - The composition of loans includes: - Corporate loans increased by 530 billion yuan, a decrease of 210 billion yuan year-on-year, with medium to long-term loans down by 170 billion yuan [2]. - Personal loans increased by 54 billion yuan, a decrease of 217 billion yuan year-on-year [3]. - As of the end of May 2025, RMB deposits reached 316.96 trillion yuan, growing by 8.1% year-on-year [3]. 3. Monetary Supply Situation - The growth rates for M0, M1, and M2 in May were 12.1%, 2.3%, and 7.9%, respectively, with M2-M1 spread narrowing to 5.6% [4]. 4. New Loan Rates - The report indicates that new loan rates have remained stable, with the average weighted interest rate for new enterprise loans at 3.2% and for personal housing loans at 3.1% [5]. 5. Regional Credit Allocation - The report provides insights into credit growth across various provinces, with notable increases in Sichuan, Anhui, Jiangsu, and Shandong, where credit growth rates exceeded 9% [7]. 6. Sectoral Outlook - The banking sector is expected to benefit from expansionary policies aimed at stabilizing the economy, with specific banks like Ningbo Bank, Postal Savings Bank, and China Merchants Bank highlighted as potential investment opportunities [8].

风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 倔强的挖挖机 行情进入到2023年 ， 六大行率先完成第一轮上涨 ， 进入修整 ， 恰逢消费向下 ， 经济背景弱 ， 招行 ， 宁波 ， 兴业 ， 平银等高质量银行大幅补跌 ， 整体银行股表现并不明显 ； 但银行 指数却依旧收出"射击之星" ！ 这阶段充分验证了前人的话:在你极度悲观时 ， 其实行情已经到来 ， 其中龙头股可能上涨30% ， 当时市场对银行股依旧悲观 ， 但是六大行已经悄悄上涨30% 。 真正第一次爆发 ， 是2024年 ， 我们可以把2024年看作银行股主升的起点 ， 对应的是大行的 三浪一 ， 中小银行的第一浪 ， 2024年银行股上涨一年 ， 节奏是一直涨优质行 ， 大行 ， 9.24后第二梯队银行才开始补涨 ， 完成第一浪 。 也充分验证牛市之初 ， 先涨优质资产的规律 。 目前进入2025年 ， 属于三浪之中 ， 其中大行先进入三浪第二轮调整 （ 目前正在进行 ） ； 优 质行也进入三浪第二轮调整 （ 招 、 成 、 江 、 杭 、 宁等挑战1.0pb后 ） ； 而第二梯队银行 将进入三浪第 ...

风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 倔强的挖挖机 来源：雪球 银行股开始吸引市场眼球了 ， 所以大家看银行股多了起来 ， 回望看 ， 发现A股银行指数两年 已经上涨50% ， h沪银行指数两年上涨70% ， 自然冒出了"涨多了"的念头 。 银行股真的涨多了吗 ？ 我们来认真分析一下本轮银行股的起始发展 ， 来搞清楚目前银行行情所处位置 （ 从这里开始 ， 本文非常重要 ， 大家要认真看完 ） : 本轮银行股起源于2022年10月 ， 那一时期 ， 恒大倒了 ， 中特估的言论被首次提及 ！ 六大行 ， 率先起涨 ， 顶着恒大破产的压力 ， 验证了那句老话:靴子落地 ， 股价起涨 。 当讲 了五年"狼来了"的故事兑现后 ， 股价制约因素消除 ， 开始上涨 。 其中最便宜的交通银行 ， 当时股息率已经达到10% ， 市净率0.35倍 ， 更是在2021年4就已经压不住 ， 第一个上涨 ！ 行情进入到2023年 ， 六大行率先完成第一轮上涨 ， 进入修整 ， 恰逢消费向下 ， 经济背景弱 ， 招行 ， 宁波 ， 兴业 ， 平银等高质量银行大幅补跌 ， 整体银行 ...

Investment Rating - The report maintains an "Overweight" rating for the banking sector, indicating a positive outlook for the industry compared to the overall market performance [2]. Core Insights - The report highlights that credit growth remains subdued, with May's new loans totaling 620 billion, a year-on-year decrease of 330 billion. However, the total credit volume from January to May is stable at 10.7 trillion, compared to 11.1 trillion in the same period last year [2][3]. - The report anticipates that the overall credit increment for 2025 will remain stable, projecting a credit growth rate of approximately 7.1% for the year [2]. - The report notes that the demand for retail credit has not shown signs of improvement since the second quarter, with May's household credit increasing by only 54 billion, a year-on-year decrease of 21.7 billion [2]. - Government bond issuance has exceeded 1 trillion, supporting stable social financing growth, while corporate bonds have also seen an increase due to a low-interest-rate environment [2][3]. - The report emphasizes the importance of focusing on regional banks with stable profit growth expectations and suggests specific banks such as Chongqing Bank, Suzhou Bank, and Chengdu Bank for investment [2]. Summary by Sections Credit Growth Analysis - In May, new credit was 620 billion, down 330 billion year-on-year, with total credit from January to May at 10.7 trillion [2]. - The report attributes the subdued credit growth to weak demand, debt replacement, and structural optimization [2]. Corporate Lending Trends - Corporate short-term loans increased by 110 billion, while medium to long-term loans decreased by 170 billion, primarily due to debt replacement affecting infrastructure investment [2]. - The report indicates that the government bond issuance has been robust, contributing to the overall social financing growth [2]. Retail Lending Insights - Retail credit demand remains weak, with May's household credit showing a net increase of only 54 billion, reflecting a cautious attitude from banks towards consumer loans [2]. - The report notes a decline in short-term household loans, indicating a challenging environment for retail lending [2]. Investment Recommendations - The report recommends focusing on banks with stable growth prospects and suggests specific banks for investment, including Agricultural Bank of China and other regional banks [2].

张松先生在担任本行副行长期间恪尽职守、勤勉尽职，在公司银行、投资银 行、贸易金融等分管领域，持续提升工作质效，全力推动高质量发展。本行董事 会对张松先生担任副行长期间为本行做出的贡献给予高度评价并表示衷心感谢！ 特此公告。 | 证券代码：601963 | 证券简称：重庆银行 | 公告编号：2025-043 | | --- | --- | --- | | 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 | | 关于高级管理人员离任的公告 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。 重庆银行股份有限公司（以下简称"本行"）董事会近日收到张松先生提交 的辞任函。张松先生因工作职务变动原因，向本行董事会提请辞去副行长职务， 张松先生的辞任自 2025 年 6 月 12 日生效。根据相关任命文件，张松先生担任中 共重庆银行股份有限公司委员会副书记。 二、离任对公司的影响 张松先生已确认与本行董事会、监事会及高级管理层无不同意见，亦没有与 辞职有关的事项需通知交易所、本行股东及债权人。张松先生分 ...