本报记者 熊悦 5月7日，债券市场"科技板"正式扬帆起航，至今即将"满月"。在此期间，科技创新债券（以下简称"科 创债"）发行规模持续提升。Wind数据显示，5月7日至6月5日，全市场已发行202只科创债，发行规模 超过3883亿元。6月6日至6月10日，还有6只科创债即将启动发行。 金融机构、私募股权投资机构和创业投资机构等新发行主体积极发行科创债。从目前已发行的情况来 看，银行机构担当发行主力，5月7日至6月5日，16家银行共计发行20只科创债，发行规模已达2010亿 元，占总发行规模的一半以上；证券公司、股权投资机构等非银金融机构的发行规模合计为324亿元。 参与银行数量 持续增加 公开信息显示，重庆银行将于6月5日至6月9日发行重庆银行股份有限公司2025年科技创新债券（第一 期），发行规模为人民币30亿元，期限为5年期。根据相关公告，上述科创债的募集资金将专项支持科 技创新领域业务。 据记者统计，截至目前，已有16家银行发行了首期科创债，发行规模达到2010亿元；发行期限一般为3 年至5年；发行利率最高为1.77%，最低为1.17%。 从不同类型银行来看，除了国家开发银行发行的200亿元科创债之外， ...

连续2年认定为D档的机构，将取消业务资格。 交易商协会评价规则迎修后，近日首次公布非金融企业债务融资工具一般主承销商2024年度主承销业务 执业情况市场评价结果。其中，D类承销商有3家。 交易商协会将持续优化承销机构市场化评价机制的大幕拉起，敦促主承销商不断提升执业能力、加强执业 质量。 多家承销商被评为D类 为持续提升银行间债券市场主承销商执业水平，推动市场高质量发展，根据相关规定规则，交易商协会组 织开展了2024年度一般主承销商执业情况市场评价工作，并已形成评价结果。本次评价有两类，一是一 般主承销商执业情况市场评价结果；二 是特色主承销商评价结果。 2024年一般主承销商执业情况市场评价对象为截至2024年12月31日取得一般主承销业务资格的72家主 承销类会员，开展主承销业务未满一年的不评定分档结果。 全国展业银行有26家，其中A类7家，B类17家， C类2家 。地方展业银行28家，其中A类5家，B类18 家，C类2家，D类3家。证券公司18家，A类5家，B类10家，C类3家。 | 5 | 兴业银行股份有限公司 | A | | --- | --- | --- | | 6 | 上海浦东发展银行股份有限 ...

Group 1: Fixed Income Market Insights - The overall liquidity in the market remains balanced, with a net injection of 656.6 billion yuan last week, following a total of 1,602.6 billion yuan in reverse repos [2][3][20] - The average DR007 increased by 10 basis points to 1.7%, while R007 rose by 5 basis points to 1.64% [2][3] - The bond market is expected to exhibit a fluctuating trend in the second half of the year, with the ten-year government bond yield projected to fluctuate between 1.5% and 1.8% [20] Group 2: Real Estate Sector Analysis - The real estate market shows signs of stabilization, with new home sales experiencing a slight recovery, while second-hand home transactions have cooled down [27] - Policies aimed at stabilizing the market are being implemented, with a focus on urban village renovations and financial support [27] - Investment opportunities are highlighted in commercial real estate and property management sectors, emphasizing the importance of "good credit, good cities, and good products" [27] Group 3: Agricultural Sector Trends - Post-Duanwu Festival, pig prices have slightly declined by 0.02 yuan/kg, while white chicken and aquatic product prices remain strong [5] - The pig farming industry is expected to maintain profitability, with industry profits exceeding 50 yuan per head in May [5] - Recommendations include focusing on companies with high growth potential in feed exports and traditional animal health sectors [5] Group 4: Chemical and Oil Industry Outlook - The chemical sector is anticipated to see a recovery point in the second half of 2025, driven by demand recovery and a slowdown in capital expenditure [21] - Oil prices face short-term pressures from demand concerns, but cost reductions and demand improvements may support downstream recovery [21] - Recommendations include leading companies in the sector such as China Petroleum and various chemical firms with optimized market positions [21] Group 5: Insurance Sector Developments - The insurance sector is expected to benefit from a potential reduction in preset interest rates, improving the cost-benefit situation for life insurance products [25] - The current low valuation of insurance stocks presents an opportunity for gains, particularly in the context of improving liquidity and fundamentals [25] - Key companies to watch include China Pacific Insurance, Ping An Insurance, and China Life Insurance [25] Group 6: Technology and Robotics Sector Insights - The Robovan unmanned logistics vehicle is gaining traction in the express delivery sector, with significant orders indicating strong demand [9] - Companies like New Stone Technology and NineSight are rapidly producing vehicles to meet market needs, with orders exceeding 20,000 units [9] - Investment opportunities are suggested in logistics and component companies as the unmanned vehicle market expands [9] Group 7: Macro Economic Trends - The macroeconomic outlook for China in the second half of 2025 indicates a potential for the renminbi to appreciate, enhancing the attractiveness of Chinese assets [10] - The report highlights the importance of structural trends and industry dynamics as key investment drivers amid a high-volatility environment [13] - The focus on core assets in A-shares, particularly in technology and consumption sectors, is emphasized as a strategy for capitalizing on recovery [14]

Group 1 - Agricultural Bank of China was increased by China Ping An Life Insurance Company, acquiring 29.896 million shares at an average price of HKD 5.0291 per share, totaling approximately HKD 150 million, raising its stake from 11.93% to 12.03% [1] - In 2024, the insurance sector has initiated a third wave of shareholding increases, with 15 instances recorded by seven insurance companies, surpassing the total for the entire year of 2023 and the first nine months of 2024 [1] - The companies targeted for shareholding increases include Postal Savings Bank, China Merchants Bank, Agricultural Bank, and several others, with nine of these stocks being H-shares [1] Group 2 - The banking sector has been the most frequently targeted for shareholding increases, alongside public utilities, energy, and transportation sectors [2] - Research from Shenwan Hongyuan indicates that the banking sector has begun a valuation recovery in 2024, despite external economic pressures, suggesting a need to revise existing analytical frameworks [2] - Tianfeng Securities reports that the valuation recovery logic driven by dividend value is expected to continue, with limited downward pressure on net interest margins and a stable performance outlook for banks [2] Group 3 - Related Hong Kong stocks in the banking sector include Citic Bank, Minsheng Bank, Industrial and Commercial Bank of China, Agricultural Bank of China, Postal Savings Bank, China Construction Bank, and Bank of China [3]

Key Insights - The report highlights a recovery in the real estate sector, with a month-on-month sales increase of 17.0% for the top 100 real estate companies in May 2025, although year-on-year sales decreased by 7.9% [7][21] - The Robo X industry, including Robotaxi and Robovan, is experiencing accelerated commercialization, driven by policy and industry resonance, with significant growth in fleet size and order volume [5] - The insurance sector is expected to benefit from a potential reduction in preset interest rates, improving the cost structure of life insurance products and enhancing sales momentum [20] Group 1: Real Estate - In May 2025, the sales amount of the top 100 real estate companies increased by 17.0% month-on-month, indicating a narrowing decline compared to April [7] - The cumulative sales from January to May 2025 showed a year-on-year decrease of 9.9%, but the decline rate has narrowed [7][21] - The report suggests that the gradual implementation of financial policies will help stabilize the real estate market [7] Group 2: Robo X Industry - The commercialization of Robo X, represented by Robotaxi and Robovan, is accelerating, with major companies expanding their fleets and increasing order volumes [5] - The logistics potential of Robovan is highlighted, with a positive cycle of technology cost reduction and scenario validation [5] - The report emphasizes the investment opportunities across the entire Robo X industry chain, recommending focus on core operating platforms and high-growth hardware suppliers [5] Group 3: Insurance Sector - The expected adjustment in preset interest rates for life insurance products is anticipated to improve the cost-benefit situation, potentially enhancing sales dynamics [20] - The insurance sector's stock valuations are currently at historical lows, with the potential for recovery as liquidity and fundamentals improve [20] - The report recommends focusing on companies with strong asset-liability matching, such as China Pacific Insurance and Ping An Insurance [20]

6月3日，重庆银行今日收盘11.36元，上涨1.52%，滚动市盈率PE（当前股价与前四季度每股收益总和的 比值）达到7.59倍，总市值394.71亿元。 从行业市盈率排名来看，公司所处的银行行业市盈率平均6.77倍，行业中值6.36倍，重庆银行排名第38 位。 序号股票简称PE(TTM)PE(静)市净率总市值(元)38重庆银行7.597.710.74394.71亿行业平均 6.776.750.703416.46亿行业中值6.366.500.63925.89亿1贵阳银行4.504.410.37227.78亿2华夏银行 4.584.440.401228.63亿3长沙银行5.085.130.59401.75亿4平安银行5.255.150.532291.84亿5北京银行 5.325.280.501363.72亿6江阴银行5.625.640.61114.95亿7光大银行5.715.710.492381.15亿8苏农银行 5.735.800.61112.85亿9张家港行5.835.880.61110.48亿10瑞丰银行5.885.960.61114.59亿11浙商银行 5.925.930.51900.84亿 本文源自：金 ...

调整 A 股可转换公司债券转股价格的公告 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。 重要内容提示： 证券停复牌情况：适用 因实施 2024 年年度普通股权益分派，重庆银行股份有限公司（以下简称"本 行"）的相关证券停复牌情况如下：自 2024 年年度权益分派实施公告前一日（2025 年 6 月 3 日）至权益分派股权登记日（2025 年 6 月 9 日）期间，"重银转债"将停 止转股。本次权益分派股权登记日后的第一个交易日（2025 年 6 月 10 日）起"重 银转债"恢复转股。 证券代码：601963 证券简称：重庆银行 公告编号：2025-041 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 关于根据 2024 年度利润分配方案 2025 年 4 月 22 日，本行 2024 年度股东大会审议通过了《关于〈2024 年度利 润分配方案〉的议案》，决定以实施权益分派股权登记日 A 股和 H 股总股本为基 数，向登记在册的全体股东派发现金股息，每 10 股现金分红人民币 2.48 元（含税）。 本 ...

证券代码：601963 证券简称：重庆银行 公告编号：2025-040 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2024年年度权益分派实施公告 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： 每股分配比例：A 股每股现金红利0.248元 相关日期： | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | A 股 | 2025/6/9 | － | 2025/6/10 | 2025/6/10 | 二、分配方案 1、发放年度：2024年年度 2、分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本行全体股东。 有关 H 股股东的分红派息事宜不适用本公告，具体请参见本行在香港联合交 易所披露易网站（www.hkexnews.hk）和本行网站（www.cqcbank.com）发布的《于 2025 年 4 月 2 ...

FF301 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5月31日 狀態: 新提交 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6月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01963 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,579,020,812 | RMB | | 1 RMB | | 1,579,020,812 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 1,579,020,812 | RMB | | 1 RMB | | 1,579,020,812 | | 2. 股份分類 | 普通股 | 股份類 ...

证券研究报告 银行 把握资金脉络，掘金优质区域 华泰研究 2025 年 6 月 03 日│中国内地 中期策略 把握资金脉络，掘金优质区域 年初以来中信银行指数取得 9.2%绝对收益+11.6%相对收益（截止 5/30）， 排名市场第二，银行板块凭借红利底色与避险属性，投资价值仍持续凸显， 公募基金改革落地、中国资产重估有望进一步推升板块配置热情。银行基本 面逐步筑底回稳，板块内部分化或持续，经济新旧动能转型过程中，预计优 质区域基建、新兴产业有望成为稳信贷重要抓手，当地区域行有望充分受益。 个股推荐：1）经济大省挑大梁政策导向下，发达区域优质银行业绩韧性较 强，如南京、杭州、成都、重庆 AH、渝农 AH 等；2）资金低配、经营稳健 的银行，如兴业、招行等。3）港股大行股息优势突出，如农行 H、工行 H。 资金观察：红利为底，权重为势 多维资金助推板块行情，近一年险资、ETF 持续买入，公募、外资为新增量。 一方面，险资普遍加大红利股配置力度，银行股盈利稳健、股息回报较高， 为增持优选。除享受红利收益、资本利得之外，长股投方式可享受并表收益 与银保合作生态附加值，配置吸引力较强；中央汇金等资金增持以沪深 300 ...