Industry Investment Rating - The investment rating for the banking industry is "Outperform the Market" and is maintained [1] Core Viewpoints - The recent round of deposit rate cuts is expected to have a positive impact on net interest margins for listed banks, with a static assessment indicating that a 10 basis point (BP) reduction in the Loan Prime Rate (LPR) and deposit rate cuts would affect net interest margins by -6.15 BP and +8.33 BP respectively [4][15][19] - The report emphasizes the importance of maintaining reasonable net interest margins to better serve the real economy, suggesting that a reasonable margin could be around 1.45% if the provision coverage ratio is lowered to 150% [5][24][26] - Future regulatory measures may include self-discipline mechanisms to standardize deposit and loan pricing, and to control the average repricing cycle of deposits [6][27] Summary by Sections 1. Impact of New Deposit Rate Cuts - The new round of deposit rate adjustments began on May 20, with various rates reduced by 5 to 25 BP across different terms [14][16] - The expected positive impact on net interest margins is based on the assumption that 80% of term deposits are within a 2-year period [15] 2. Importance of Protecting Bank Interest Margins - Protecting interest margins is crucial for banks to maintain stable operations and support the real economy [5][24] - The report calculates that if the provision coverage ratio is adjusted to 150%, the reasonable interest margin would be approximately 1.45% [26] 3. Future Regulatory and Asset-Liability Management Outlook - The report outlines potential future actions, including self-regulation to avoid excessive competition in deposit and loan pricing [6][27] - It highlights the importance of matching the repricing cycles of loans and deposits to stabilize interest rates [27] 4. Investment Recommendations - The report suggests focusing on state-owned banks like Industrial and Commercial Bank of China, China Construction Bank, and Bank of Communications due to their expected performance in a declining interest rate environment [36] - It also recommends regional banks such as Chongqing Bank and Chengdu Bank, which may benefit from fiscal policy support [36]

Investment Rating - The report maintains an "Overweight" rating for the banking sector [7] Core Views - The asymmetric interest rate cuts have alleviated pressure on interest margins, with the central bank lowering the 1-year and 5-year Loan Prime Rate (LPR) by 10 basis points [1] - The reduction in deposit rates has a more significant impact than the LPR cuts, providing a net positive effect on banks' interest margins and net profit growth [2] - The banking sector is expected to benefit from a favorable policy environment aimed at economic recovery, with structural opportunities in high-quality banks [5] Summary by Sections Interest Rate Adjustments - The central bank's recent interest rate cuts are expected to positively influence banks' interest margins, with estimated impacts of +2.3 basis points and +1.4 basis points on interest margins for 2025 and 2026, respectively [2][22] - The reduction in deposit rates has been more pronounced than the LPR cuts, with large banks reducing rates across various deposit terms [2][3] Deposit Trends - The banking sector is approaching a peak in deposit re-pricing, which is expected to improve funding costs as significant amounts of fixed-term deposits mature [3] - Despite the positive adjustments in deposit rates, there are concerns about the attractiveness of deposit products, which may lead to liquidity risks for banks [4] Policy Environment - Recent policy measures, including interest rate cuts and structural monetary tools, are expected to support economic stability and improve the banking environment [5] - The report highlights the potential for high dividend yields in large banks, making them attractive for investment [5] Stock Recommendations - The report recommends several banks for investment, including: - Hangzhou Bank (600926 CH) - Overweight - Shanghai Bank (601229 CH) - Buy - Chengdu Bank (601838 CH) - Buy - Chongqing Rural Commercial Bank (3618 HK) - Buy - China Merchants Bank (600036 CH) - Buy - Industrial Bank (601166 CH) - Buy - Agricultural Bank of China (601288 CH) - Overweight [9][24]

Investment Rating - The report maintains a "Buy" rating for the banking sector, indicating a relative strength of over 5% compared to the market benchmark index [6][19]. Core Insights - The banking sector is expected to benefit from a period of intensive policy implementation aimed at stabilizing growth, with monetary easing leading the way, followed by fiscal measures that are anticipated to significantly impact the banking fundamentals in 2025 [2][6]. - The downward adjustment of deposit rates is expected to provide important support for bank net interest margins, despite short-term pressure from broad interest rate declines [2][6]. - 2025 is projected to be a year of solidifying asset quality for banks, with improved risk expectations in real estate and urban investment properties underpinned by policy support [2][6]. Summary by Sections Investment Recommendations and Targets - Focus on two main investment lines: high-dividend stocks and city commercial banks with strong fundamentals and regional advantages [7]. - Recommended banks include Agricultural Bank of China, Industrial and Commercial Bank of China, China Merchants Bank, and others [7]. Interest Rate Adjustments - On May 20, 2025, the 1-year and 5-year Loan Prime Rate (LPR) were both lowered by 10 basis points, with state-owned banks also reducing deposit rates across various terms [6][14]. - The impact of the recent interest rate cuts on bank net interest margins is expected to be neutral, with a projected increase of 3.1 basis points for listed banks in 2025 [6][14]. Deposit Rate Trends - The report highlights a trend of decreasing deposit rates since October 2024, with significant reductions across various terms, indicating a shift in the banking landscape [8][9]. - Despite the pressure from high-interest deposits maturing, the overall deposit growth remains stable, with a net increase of 1.12 trillion yuan in new resident deposits from January to April 2025 [6][14]. Asset Quality and Risk Management - The report anticipates a significant improvement in asset quality for banks in 2025, particularly in sectors previously under stress, such as real estate [2][6]. - The ongoing adjustments in deposit rates are expected to mitigate the risks associated with deposit disintermediation, with a controlled outflow of deposits to non-bank financial products [6][14].

Investment Rating - The report maintains a "Positive" outlook for the banking industry, indicating a relative strength compared to the market benchmark index [6][7]. Core Insights - The banking sector is expected to benefit from a period of intensive policy implementation aimed at stabilizing growth, with monetary easing leading the way, followed by fiscal measures. This is anticipated to have a profound impact on the banking fundamentals in 2025 [2]. - The downward adjustment of deposit rates is expected to protect the banks' net interest margins, while the risk of deposit disintermediation is likely to be moderate [6]. - 2025 is projected to be a year of solidifying asset quality for banks, with improved risk expectations in real estate and urban investment properties underpinned by supportive policies [2]. Summary by Sections Investment Recommendations and Targets - Focus on two main investment lines: 1. High dividend and core index weight banks such as Agricultural Bank of China (601288), Industrial and Commercial Bank of China (601398), China Merchants Bank (600036), and Industrial Bank (601166) [7]. 2. City commercial banks with strong fundamentals and regional advantages, including Chongqing Rural Commercial Bank (601077), Chongqing Bank (601963), Jiangsu Bank (600919), Qingdao Bank (002948), and Shanghai Bank (601229) [7]. Interest Rate Adjustments - On May 20, 2025, the 1-year and 5-year Loan Prime Rate (LPR) was lowered by 10 basis points, and state-owned banks announced reductions in deposit rates across various terms [6]. - The first round of interest rate cuts in 2025 is expected to have a neutral impact on banks' net interest margins, with an estimated increase of 3.1 basis points for listed banks in 2025 due to the deposit rate adjustments [6][14]. Deposit Rate Trends - The report highlights a trend of decreasing deposit rates, with significant reductions observed since October 2024, particularly among smaller banks, which have been more aggressive in their rate cuts compared to larger banks [9][14]. - The overall decline in deposit rates is expected to lead to a more favorable structure for new deposits, thereby supporting banks' funding costs [6]. Asset Quality and Risk Management - The report anticipates a significant improvement in asset quality for banks in 2025, driven by policy support and better management of risks in key sectors such as real estate [2]. - The net interest margin for commercial banks was reported at 1.43% in Q1 2025, reflecting a smaller decline compared to previous years, indicating a potential stabilization in margins moving forward [6].

特此公告。 重庆银行股份有限公司董事会 2025 年 5 月 20 日 1 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 3 月 4 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：2025-012）。为深化国有资本授权经营体制改革，增强国企战略协同、 业务协同，促进国企高质量发展，重庆渝富资本运营集团有限公司（以下简称"渝 富资本"）控股股东重庆渝富控股集团有限公司拟通过增资及国有股权无偿划转 方式合计取得重庆机电控股（集团）公司（以下简称"机电控股"）80%股权， 机电控股通过国有股权无偿划转将持有重庆轻纺控股（集团）公司（以下简称"轻 纺集团"）100%股权。上述事项完成后，渝富资本及其一致行动人的构成将发生 变动，机电控股及其通过轻纺集团间接控制的本行股东企业将成为渝富资本的一 致行动人。 近日，本行收到渝富资本通知，上述增资及无偿划转事项的工商变更登记手 续已办理完成。 证券代码：601963 证券简 ...

重庆银行股份有限公司 公开发行 A 股可转换公司债券 2025 年跟踪评级报告 | | | www.lhratings.com 联合〔2025〕3273 号 联合资信评估股份有限公司通过对重庆银行股份有限公司及其 可转换公司债券的信用状况进行跟踪分析和评估，确定维持重庆银 行股份有限公司主体长期信用等级为 AAA，维持"重银转债"信用 等级为 AAA，评级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年五月二十日 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真 实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响，本报告 在资料信息获取、评级方法与模型、未来事项预测评估等方面存在局限性。 二、本报告系联合资信接受重庆银行股份有限公司（以下简称"该公司"） 委托所出具，除因本次评级事项联合资信与该公司构成评级委托关系外，联 合资信、评级人员与该公司不存在任何影 ...

证券代码：601963 证券简称：重庆银行 公告编号：2025-037 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 关于诉讼事项的进展公告 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。 重要内容提示： 因认为重庆爱普地产（集团）有限公司债券发行披露文件中存在虚假陈述行 为，本行已向法院提起诉讼，目前案件尚未进入实体审理阶段。相关情况详见本 行于 2023 年 12 月 23 日、2024 年 7 月 5 日在上海证券交易所网站（www.sse.com.cn） 披露的《重庆银行股份有限公司关于诉讼事项的公告》（公告编号：2023-064） 和《重庆银行股份有限公司关于诉讼事项的进展公告》（公告编号：2024-039）。 一、本次诉讼的进展情况 成渝金融法院就本案作出（2023）渝 87 民初 1156 号《民事裁定书》，经审 查认为，成渝金融法院对本案没有管辖权，本行应向中国国际经济贸易仲裁委员 会提请仲裁，并裁定驳回本行起诉。本行不服一审法院作出的《民事裁定书》， 1 案件所处的诉讼（仲裁）阶段：最高 ...

证券代码：601963 证券简称：重庆银行 公告编号：2025-035 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 A 股可转换公司债券 2025 年跟踪评级结果的公告 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： 1 前次债项评级："AAA"，主体评级："AAA"，评级展望：稳定 本次债项评级："AAA"，主体评级："AAA"，评级展望：稳定 根据本次评级结果，重庆银行股份有限公司（以下简称"本行"）A 股可转换 公司债券（以下简称"重银转债"，代码：113056）仍可作为债券质押式回购 交易的质押券 本次信用评级报告《重庆银行股份有限公司公开发行 A 股可转换公司债券 2025 年跟踪评级报告》详见上海证券交易所网站（www.sse.com.cn）和本行网站 （www.cqcbank.com）。 特此公告。 重庆银行股份有限公司董事会 2025 年 5 月 20 日 2 根据《上市公司证券发行注册管理办法》《公司债券发行与交易管理办法》《上 海证券交易所公司债券上市规则》等有 ...

Report Title - Convertible Bond Industry Chain Big Map - May 2025 [2] Core View - The report comprehensively presents the convertible bond situation of various industries, including power and electrical equipment, mining, non - ferrous metals and chemicals, machinery, transportation, and automobiles, etc., and provides the monthly trading volume data of convertible bonds in April 2025 for each industry. Industry - by - Industry Summary Power and Electrical Equipment Industry - **Sub - sectors and convertible bonds**: Covers power generation equipment and construction (wind power, photovoltaic, thermal power), power generation, power transportation and application, with convertible bonds such as Tongyu Convertible Bond, Long22 Convertible Bond, and Jieneng Convertible Bond [6][7][8]. - **April trading volume top ten**: The top ten in trading volume include Outong Convertible Bond, Zhenyu Convertible Bond, etc., with the trading volume of Outong Convertible Bond reaching 26.522 billion yuan [11]. Mining, Non - ferrous Metals and Chemical Industry - **Sub - sectors and convertible bonds**: Includes basic chemical products, chemical raw materials, chemical fibers, etc., with convertible bonds like Feng21 Convertible Bond, Juhua Convertible Bond [13]. - **April trading volume top ten**: The top ten in trading volume include Fuxin Convertible Bond, Limin Convertible Bond, etc., with the trading volume of Fuxin Convertible Bond reaching 34.178 billion yuan [14]. Machinery, Transportation and Automobile Industry - **Sub - sectors and convertible bonds**: Involves special equipment, engineering machinery, automobile parts, etc., with convertible bonds such as Yong02 Convertible Bond, Aidi Convertible Bond [17]. - **April trading volume top ten**: The top ten in trading volume include Beigang Convertible Bond, Jizhi Convertible Bond, etc., with the trading volume of Beigang Convertible Bond reaching 20.181 billion yuan [19]. Electronics Industry - **Sub - sectors and convertible bonds**: Comprises semiconductor materials and equipment, electronic chemicals, passive components, etc., with convertible bonds like Huaya Convertible Bond, Feikai Convertible Bond [22]. - **April trading volume top ten**: The top ten in trading volume include Fuli Convertible Bond, Feikai Convertible Bond, etc., with the trading volume of Fuli Convertible Bond reaching 8.395 billion yuan [25]. Military and TMT Industry - **Sub - sectors and convertible bonds**: Covers communication equipment and services, military, computer, and media, with convertible bonds such as Fenghuo Convertible Bond, Tianjian Convertible Bond [28][29]. - **April trading volume top ten**: The top ten in trading volume include Aofei Convertible Bond, Hengfeng Convertible Bond, etc., with the trading volume of Aofei Convertible Bond reaching 29.06 billion yuan [31]. Real Estate Industry - **Sub - sectors and convertible bonds**: Includes building materials, construction, and household appliances, with convertible bonds such as Zhongqi Convertible Bond, Tianlu Convertible Bond [34][36][38]. - **April trading volume top ten**: The top ten in trading volume include Zhongqi Convertible Bond, Tianlu Convertible Bond, etc., with the trading volume of Zhongqi Convertible Bond reaching 103.573 billion yuan [40]. Financial Industry - **Sub - sectors and convertible bonds**: Divided into non - bank finance (securities, diversified finance) and banks (city commercial banks, rural commercial banks, joint - stock banks), with convertible bonds such as Caitong Convertible Bond, Qilu Convertible Bond [43][44]. - **April trading volume top ten**: The top ten in trading volume include Pufa Convertible Bond, Hangyin Convertible Bond, etc., with the trading volume of Pufa Convertible Bond reaching 8.122 billion yuan [47]. Light Industry and Downstream Consumption Industry - **Sub - sectors and convertible bonds**: Covers papermaking, agriculture, forestry, animal husbandry and fishery, light manufacturing, commerce and retail, etc., with convertible bonds such as Tezhi Convertible Bond, Honghui Convertible Bond [50][51][52]. - **April trading volume top ten**: The top ten in trading volume include Huisheng Convertible Bond, Xiaoming Convertible Bond, etc., with the trading volume of Huisheng Convertible Bond reaching 124.566 billion yuan [54]. Pharmaceutical and Biological Industry - **Sub - sectors and convertible bonds**: Includes pharmaceutical product production (weight - loss drugs, innovative drugs), medical devices, and pharmaceutical circulation, with convertible bonds such as Puli Convertible Bond, Aorui Convertible Bond [56]. - **April trading volume top ten**: The top ten in trading volume include Rundong Convertible Bond, Shanhe Convertible Bond, etc., with the trading volume of Rundong Convertible Bond reaching 4.008 billion yuan [58]. Environmental Protection Industry - **Sub - sectors and convertible bonds**: Involves environmental monitoring, comprehensive environmental governance, sewage treatment, etc., with convertible bonds such as Tianyuan Convertible Bond, Weier Convertible Bond [61]. - **April trading volume top ten**: The top ten in trading volume include Huicheng Convertible Bond, Jingyuan Convertible Bond, etc., with the trading volume of Huicheng Convertible Bond reaching 33.191 billion yuan [64]. Hot - topic - related Convertible Bonds - **Robot concept**: Convertible bonds include Jingduan Convertible Bond, Meng24 Convertible Bond, etc. [67]. - **Humanoid robot concept**: Convertible bonds include Boshi Convertible Bond, Chongda Convertible Bond, etc. [69]. - **DeepSeek concept**: Convertible bonds include Youzu Convertible Bond, Shenma Convertible Bond, etc. [71]. - **Anti - tariff concept**: Convertible bonds include Yingji Convertible Bond, Yiwei Convertible Bond, etc. [73]. - **Cross - border concept**: Convertible bonds include Aojia Convertible Bond, Baiyang Convertible Bond, etc. [76].

Investment Rating - The report indicates a cautious outlook for the banking sector, with expected revenue and net profit growth rates for listed banks in 2025 projected at approximately -1% and 0% respectively [3][9]. Core Insights - The overall revenue and net profit growth rates for listed banks in Q1 2025 were -1.7% and -1.2% year-on-year, reflecting a decline compared to Q4 2024 [3][9]. - The performance of different types of banks varied significantly, with city and rural commercial banks leading in growth due to improved scale and net interest margin, while state-owned banks showed weaker performance [3][10]. - The net interest margin for listed banks in Q1 2025 was 1.37%, a decrease of 13 basis points year-on-year, but the decline was less severe than in the previous year [3][9]. Summary by Sections Revenue and Profit Overview - Listed banks experienced a decline in revenue and net profit growth rates, with Q1 2025 figures at -1.7% and -1.2% respectively, marking a drop of 1.8 percentage points and 3.5 percentage points from Q4 2024 [3][9]. - The decline in net interest income was attributed to a narrowing interest margin and challenges in volume compensating for price [9]. Asset Quality and Provisioning - The asset quality remained stable, with a decrease in non-performing loan ratios and a reduction in provisioning pressure, as banks continued to report lower provisions in a challenging income environment [3][9]. - The provision coverage ratio for listed banks decreased to 238% in Q1 2025, reflecting a trend of reduced provisioning amid stable asset quality [3][9]. Investment Recommendations - The report suggests that the banking sector's configuration value is enhanced by both fundamental and liquidity factors, with a focus on key index-weighted stocks such as China Merchants Bank and Industrial and Commercial Bank of China [3][9]. - The report highlights the potential for mid-sized banks to attract capital for growth, particularly in the context of capital replenishment and profitability [3][9].