Group 1 - The core viewpoint of the news is that the value of dividend assets in the A-share market is increasing, with the Taikang Low Volatility ETF (560150) experiencing frequent premiums and significant growth in scale and shares over the past three months [1] - As of March 21, the Taikang Low Volatility ETF (560150) has seen a growth of 197 million yuan in scale and an increase of 18.5 million shares, indicating substantial growth [1] - The report from Industrial Securities highlights that since 2024, the AH price ratio of the dividend sector has shown a significant downward trend, reaching a historical low of 33.7% as of March 19, 2025, compared to 2018 [1] Group 2 - The Taikang Low Volatility ETF (560150) closely tracks the CSI Low Volatility Dividend Index, which selects 50 securities based on liquidity, continuous dividends, moderate payout ratios, positive growth in earnings per share, and high dividend yields with low volatility [2] - The ETF is designed to reflect the overall performance of securities with high dividend levels and low volatility, using a dividend yield weighting method [2] - Related products include the Taikang Low Volatility ETF (560150) and its off-market connections (Class A: 021415; Class C: 021418) [3]

Financial Performance - The bank's net profit for 2024 is projected to be CNY 4.793 billion, with a proposed cash dividend of CNY 0.248 per share, amounting to a total distribution of approximately CNY 479 million[8]. - Net profit for 2024 was CNY 5,521,031 thousand, reflecting a 5.59% increase from CNY 5,228,955 thousand in 2023[46]. - The net profit for 2024 exceeded 5.5 billion RMB, representing a year-on-year growth of 5.59%[57]. - The total income for the year was CNY 136.8 billion, marking a growth of 3.54% compared to the previous year[66]. - In 2024, the company achieved operating income of RMB 13.68 billion, an increase of RMB 467.83 million, representing a growth rate of 3.54%[72]. - The company's retained earnings amounted to RMB 25,363.11 million, accounting for 39.78% of total equity[158]. Asset and Loan Growth - The total assets of Bank of Chongqing reached CNY 856.64 billion, with total deposits of CNY 474.12 billion and total loans of CNY 440.62 billion, achieving a non-performing loan ratio of 1.25% and a provision coverage ratio of 245.08%[11]. - Total assets grew by 12.73% to CNY 856,641,840 thousand from CNY 759,883,870 thousand in 2023[48]. - Customer loans and advances increased by 12.13% to CNY 440,616,361 thousand from CNY 392,934,966 thousand in 2023[48]. - Total customer loans and advances reached RMB 440.62 billion, an increase of RMB 476.81 billion or 12.13% compared to the previous year[125]. - The total overdue loans amounted to RMB 76.02 billion, representing 1.73% of the total customer loans, a decrease of 0.22 percentage points from the previous year[184]. Risk Management and Asset Quality - The non-performing loan ratio improved to 1.25% in 2024, down from 1.34% in 2023, a reduction of 0.09 percentage points[50]. - The loan loss provision balance increased to RMB 13.35 billion, with a non-performing loan coverage ratio of 245.08%, up by 10.90 percentage points year-on-year[193]. - The proportion of normal loans increased to 96.11% of total loans, up from 95.30% the previous year[162]. - The company aims to stabilize asset quality by addressing risks in key areas and improving the management of non-performing assets, with a focus on reducing the cost of liabilities and optimizing the asset-liability structure[31]. Strategic Initiatives and Innovations - The company aims to achieve a higher level of development and faster growth, targeting entry into the "trillion club" of commercial banks[30]. - The company has redefined its strategic framework to a "five high" strategy, focusing on high goals, high positioning transformation, high efficiency operation, high-quality service, and high-quality development[30]. - The bank's focus on digital transformation has made it the first local bank in China to have innovative applications recognized in the central bank's fintech innovation pilot program for five consecutive years[12]. - The company is enhancing its technological capabilities to support business transformation and improve risk management systems[35]. Awards and Recognition - The company received multiple awards in 2024, including the "Best Practice of Annual Report Performance Briefing" from the China Listed Companies Association[27]. - The company was recognized as a "Model Case for Rural Financial Services" by the China Rural Credit Cooperative Newspaper in September 2024[20]. - The company won the "Outstanding Wealth Management City Commercial Bank" award at the 2024 Jin Yu Awards[26]. - The company was awarded the "Data Governance Innovation Award" for five consecutive years by DAMA China[23]. Customer and Market Engagement - The bank provided over CNY 150 billion in credit support to key strategic areas, including the Chengdu-Chongqing economic circle and the modern manufacturing industry cluster in Chongqing[12]. - The bank's total loans to small and micro enterprises increased by CNY 10.822 billion compared to the end of the previous year, demonstrating its support for local economic development[12]. - The company emphasizes enhancing customer service quality and expanding its client base, particularly in emerging industries[30]. - The bank operates 199 branches across Chongqing and neighboring provinces, enhancing its market presence and service capabilities[11].

Financial Performance - The net profit for the year 2024 is projected to be CNY 4.793 billion, with a proposed cash dividend of CNY 0.248 per share (including tax) for registered shareholders[10]. - The total cash dividend for the year 2024 is expected to be CNY 0.414 per share (including tax) after the third quarter distribution was completed on January 24, 2025[10]. - The company achieved a revenue of 132.63 billion yuan, representing a year-on-year growth of 3.25%, and a net profit of 55.21 billion yuan, up 5.59% from the previous year[81]. - In 2024, the company's net profit exceeded 5.5 billion RMB, representing a year-on-year growth of 5.59%[68]. - Net profit attributable to shareholders rose by 3.80% to RMB 5,117,290 thousand in 2024, compared to RMB 4,929,787 thousand in 2023[57]. - Operating income increased by 10.69% to RMB 2,199,439 thousand in 2024 from RMB 1,987,074 thousand in 2023[57]. - Interest income for 2024 reached RMB 28,690,811 thousand, a year-on-year increase of 1.43% compared to RMB 28,285,529 thousand in 2023[57]. - Net interest income decreased by 2.59% to RMB 10,176,129 thousand in 2024 from RMB 10,447,003 thousand in 2023[57]. - Net commission and fee income surged by 115.73% to RMB 887,599 thousand in 2024, compared to RMB 411,438 thousand in 2023[57]. - The company achieved a cash flow from operating activities of 11.6 billion RMB in Q4 2024, a significant recovery from previous quarters[64]. Asset and Loan Growth - The total assets of the company reached CNY 856.642 billion, with total deposits of CNY 474.117 billion and total loans of CNY 440.616 billion[13]. - Total assets grew by 12.73% to RMB 856,641,840 thousand in 2024 from RMB 759,883,870 thousand in 2023[59]. - Customer loans and advances increased by 12.13% to RMB 440,616,361 thousand in 2024, compared to RMB 392,934,966 thousand in 2023[59]. - The total loan balance exceeded 300 billion yuan, with a growth of 25.00% year-on-year, and the balance of loans for technology, green, inclusive, and manufacturing sectors increased by 32%, 40%, 22%, and 25% respectively[81]. - The total amount of customer loans and advances was RMB 440,616.36 million, an increase of 12.13% from RMB 392,934.97 million in 2023[144]. - The total principal amount of corporate loans was RMB 313,003.21 million, reflecting a significant increase of 25.00% from RMB 250,398.07 million in 2023[144]. - The total amount of loans in the leasing and business services sector was RMB 104.65 billion, with a non-performing loan ratio of 0.15%[190]. - The total amount of loans in the real estate sector was RMB 10.11 billion, with a non-performing loan ratio of 5.63%[190]. Risk Management and Asset Quality - The non-performing loan ratio stands at 1.25%, with a provision coverage ratio of 245.08%[13]. - The non-performing loan ratio improved to 1.25% in 2024 from 1.34% in 2023[61]. - The company has strengthened its credit risk management and improved asset quality, maintaining a competitive position in the industry[176]. - The non-performing loan balance was RMB 5.46 billion, an increase of RMB 0.25 billion, with a non-performing loan ratio of 1.25%, a decrease of 0.09 percentage points from the previous year[176]. - The retail loan non-performing loan ratio was 2.71%, an increase of 0.73 percentage points, while the corporate loan non-performing loan ratio was 0.90%, a decrease of 0.43 percentage points[180]. Strategic Initiatives and Innovations - The company provided credit support exceeding CNY 150 billion to key strategic areas, including the Chengdu-Chongqing economic circle and modern manufacturing industry clusters[14]. - The company has been continuously recognized for its financial technology innovations, being the first local bank to have innovative applications selected for the People's Bank of China's financial technology innovation regulatory pilot for five consecutive years[14]. - The company aims to achieve a higher level of development and aims to enter the "Trillion Club" of commercial banks[34]. - The company plans to enhance its asset quality and financial management while addressing new types of risks[38]. - The company intends to increase credit investment and diversify its income sources through wealth management and investment banking services[39]. - The company is focused on optimizing its management processes and enhancing its support for strategic emerging industries and technology sectors[40]. - The company is restructuring its product system to break down online and offline barriers, enhancing product strength and expanding inclusive finance loan volumes[46]. Awards and Recognition - The company ranked 209th in the global banking sector according to The Banker magazine, improving by 8 places from the previous year[14]. - The company has been recognized as a "model case" for rural revitalization by the China Rural Credit Cooperative Report in 2024[22]. - The company was awarded the "Outstanding Case" and "Excellent Case" in the first Data Model Algorithm Competition organized by the China Academy of Information and Communications Technology[21]. - The company was recognized for its "OCR Large Model in Banking Business Auxiliary Application and Research" with a first prize at the 9th Chongqing "Five Small" Innovation Showcase[28]. - The company achieved six awards at the 4th "Golden Reputation Award" selection, including "Outstanding Wealth Management City Commercial Bank" and "Outstanding Technology Strength Institution"[28]. - The company was awarded the "Best Practice of Annual Report Performance Presentation Meeting" by the China Listed Companies Association[29]. Governance and Compliance - The bank's financial reports have been audited by Ernst & Young, confirming their accuracy and completeness[10]. - The board meeting held on March 21, 2025, was attended by all 11 directors, ensuring compliance with relevant regulations[10]. - The company is committed to optimizing its governance structure and enhancing transparency to support high-quality development[49].

Core Viewpoint - The article discusses the recent fluctuations in the offshore RMB exchange rate against the USD, highlighting the People's Bank of China's (PBOC) measures to stabilize the currency, including the issuance of central bank bills in Hong Kong [1][3][11]. Exchange Rate Fluctuations - On March 3, the offshore RMB fell below the 7.3 mark against the USD, with the current rate at 7.2919, reflecting a slight increase of 0.11% [2][19]. - The RMB has shown a dual-directional fluctuation trend over the past decade, influenced by various factors including geopolitical events and economic conditions [12][15]. PBOC's Measures - In January, the PBOC issued 600 billion RMB in central bank bills in Hong Kong, followed by an additional issuance of 400 billion RMB in three-month bills and 200 billion RMB in one-year bills in February [3][11]. - The issuance of these bills is aimed at enriching high-credit RMB financial products in Hong Kong and improving the RMB yield curve [7][9]. Market Reactions - Following the PBOC's issuance of offshore central bank bills, both onshore and offshore RMB exchange rates experienced a strong upward trend in February [11]. - Experts indicate that the recent fluctuations in the RMB exchange rate are normal, and despite some periods of depreciation, the RMB has appreciated compared to the end of the previous year [15]. Interest Rate Trends - Many banks have recently lowered their USD deposit rates, with some rates being cut by half, while others remain above 4% [17][18]. - The decline in USD deposit rates is attributed to expectations of continued interest rate cuts by the Federal Reserve and a stable RMB exchange rate [18].

Investment Rating - The report maintains an "Overweight" rating for the securities and banking sectors, indicating a positive outlook for these industries [10]. Core Insights - The financing scale has reached a new high, with the balance of financing exceeding 1.9 trillion yuan, the highest since July 2015, suggesting strong market activity and potential investment opportunities in quality financial stocks [1][13]. - The report highlights that the investment opportunities are prioritized as follows: securities > insurance > banking, with a focus on structural opportunities within the sectors [1][13]. - The upcoming Two Sessions (March 4-5) are expected to set the economic development tone and macro policy direction, which could impact market sentiment [1][34]. Summary by Sections Securities - The report emphasizes that the merger theme remains a significant driver for the sector's performance, with active trading conditions reflected in a daily transaction volume of around 2 trillion yuan [2][14]. - Recommended top-tier brokers include China Galaxy and CITIC Securities, which are expected to benefit from ongoing market dynamics [3][14]. Insurance - The insurance sector is advised to focus on asset-liability matching as the primary operational goal, especially in light of the recent fluctuations in the 10-year government bond yield, which remained close to 1.8% [2][25]. - The report suggests investing in leading insurance companies such as AIA, Ping An, China Pacific Insurance, and China Life Insurance, as they are expected to recover in valuation [3][25]. Banking - The People's Bank of China is actively promoting the issuance of special government bonds to support large state-owned banks in replenishing their core tier one capital, which is anticipated to enhance their risk resilience and credit issuance capacity [2][28]. - The report identifies quality dividend-paying stocks such as China Merchants Bank, Chengdu Bank, Suzhou Bank, Shanghai Bank, and Chongqing Rural Commercial Bank as attractive investment options [3][29]. - The banking sector's price-to-book (PB) ratio is currently at 0.66, indicating a relatively low valuation compared to historical levels, which may present a buying opportunity [28].

Investment Rating - The report indicates a positive outlook for the banking industry, suggesting a stable and improving environment for investments [1]. Core Insights - The banking sector showed a strong start in credit growth for 2025, with new RMB loans reaching 5.13 trillion yuan in January, exceeding market expectations [6][68]. - The overall performance of the A-share banking sector was weak during the analysis period, with a growth of 3.06%, underperforming the CSI 300 index by 0.73 percentage points [17][20]. - The report highlights the potential for continued growth in corporate medium to long-term loans, supported by forthcoming macroeconomic policies and a recovering real estate market [6][41]. Summary by Sections 1. Banking Sector Performance - The A-share banking sector's performance was below the broader market, with a 3.06% increase compared to 6.35% for all A-shares [17][18]. - Among the banking sub-sectors, state-owned banks performed the best with a 3.54% increase, while joint-stock banks and city commercial banks lagged behind [20][21]. 2. Individual Stock Performance - Out of 42 banking stocks, 29 saw price increases, with Changsha Bank leading at a 7.68% rise, while CITIC Bank experienced the largest decline at -4.15% [34][39]. - The top five performing stocks included Changsha Bank, Qilu Bank, and Industrial and Commercial Bank of China, while the worst performers were CITIC Bank and Suzhou Bank [34][39]. 3. High-Frequency Indicators - Market liquidity improved post-Spring Festival, with average daily trading volume rising to 17,012.11 billion yuan, indicating a recovery in market sentiment [46][48]. - The proportion of active equity funds holding banking stocks decreased slightly but remained relatively high, with a 4.55% allocation to the banking sector as of February 14, 2025 [51]. 4. Financial Data - In January 2025, the total social financing increased by 7.06 trillion yuan, with new RMB loans contributing significantly to this growth [64][68]. - The report notes that the banking sector's average price-to-earnings ratio (TTM) was 5.87, indicating a relatively low valuation compared to historical averages [25]. 5. Investment Strategy - The report recommends focusing on banks in regions benefiting from policy catalysts, such as Chengdu Bank and Chongqing Bank, as well as joint-stock banks like China Merchants Bank and CITIC Bank [6][41].

证券代码：601963 证券简称：重庆银行 公告编号：2024-068 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 关于召开 2024 年第二次临时股东大会的通知 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、召开会议的基本情况 （一）股东大会类型和届次 2024 年第二次临时股东大会 （二）股东大会召集人：董事会 （三）投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相 结合的方式，其中网络投票仅适用于 A 股股东 （四）现场会议召开的日期、时间和地点 召开的日期时间：2024 年 12 月 20 日 9 点 30 分 召开地点：重庆银行总行大楼 3 楼多功能会议厅 （五）网络投票的系统、起止日期和投票时间。 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互 联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 （六）融资融券、转融通 ...

独立董事候选人声明与承诺 本人陈凤翔，已充分了解并同意由提名人重庆银行股份有限 公司董事会提名委员会提名为重庆银行股份有限公司第七届董 事会独立董事候选人。本人公开声明，本人具备独立董事任职资 格，保证不存在任何影响本人担任重庆银行股份有限公司独立董 事独立性的关系，具体声明并承诺如下： 一、本人具备上市公司运作的基本知识，熟悉相关法律、行 政法规、部门规章及其他规范性文件，具有 5 年以上法律、经济、 会计、财务、管理或者其他履行独立董事职责所必需的工作经验。 二、本人任职资格符合下列法律、行政法规和部门规章以及 公司规章的要求： （一）《中华人民共和国公司法》关于董事任职资格的规定； （二）《中华人民共和国公务员法》关于公务员兼任职务的 规定（如适用）； （三）中国证监会《上市公司独立董事管理办法》、上海证 券交易所自律监管规则以及公司章程有关独立董事任职资格和 条件的相关规定； （九）《银行业金融机构董事（理事）和高级管理人员任职 资格管理办法》《保险公司董事、监事和高级管理人员任职资格 管理规定》《保险机构独立董事管理办法》等的相关规定（如适 用）； （十）其他法律法规、部门规章、规范性文件和上海证券 ...

独立董事候选人声明与承诺 本人曾宏，已充分了解并同意由提名人重庆银行股份有限公 司董事会提名委员会提名为重庆银行股份有限公司第七届董事 会独立董事候选人。本人公开声明，本人具备独立董事任职资格， 保证不存在任何影响本人担任重庆银行股份有限公司独立董事 独立性的关系，具体声明并承诺如下： 一、本人具备上市公司运作的基本知识，熟悉相关法律、行 政法规、部门规章及其他规范性文件，具有 5 年以上法律、经济、 会计、财务、管理或者其他履行独立董事职责所必需的工作经验。 本人已经参加培训并取得证券交易所认可的相关培训证明 材料。 二、本人任职资格符合下列法律、行政法规和部门规章以及 公司规章的要求： （一）《中华人民共和国公司法》关于董事任职资格的规定； （二）《中华人民共和国公务员法》关于公务员兼任职务的 规定（如适用）； （三）中国证监会《上市公司独立董事管理办法》、上海证 券交易所自律监管规则以及公司章程有关独立董事任职资格和 条件的相关规定； （四）中共中央纪委、中共中央组织部《关于规范中管干部 辞去公职或者退（离）休后担任上市公司、基金管理公司独立董 事、独立监事的通知》的规定（如适用）； （五）中共中央组织 ...

独立董事候选人声明与承诺 本人朱燕建，已充分了解并同意由提名人重庆银行股份有限 公司董事会提名委员会提名为重庆银行股份有限公司第七届董 事会独立董事候选人。本人公开声明，本人具备独立董事任职资 格，保证不存在任何影响本人担任重庆银行股份有限公司独立董 事独立性的关系，具体声明并承诺如下： 一、本人具备上市公司运作的基本知识，熟悉相关法律、行 政法规、部门规章及其他规范性文件，具有 5 年以上法律、经济、 会计、财务、管理或者其他履行独立董事职责所必需的工作经验。 本人已经参加培训并取得证券交易所认可的相关培训证明 材料。 二、本人任职资格符合下列法律、行政法规和部门规章以及 公司规章的要求： （一）《中华人民共和国公司法》关于董事任职资格的规定； （二）《中华人民共和国公务员法》关于公务员兼任职务的 规定（如适用）； （三）中国证监会《上市公司独立董事管理办法》、上海证 券交易所自律监管规则以及公司章程有关独立董事任职资格和 条件的相关规定； （四）中共中央纪委、中共中央组织部《关于规范中管干部 辞去公职或者退（离）休后担任上市公司、基金管理公司独立董 事、独立监事的通知》的规定（如适用）； （五）中共中央组 ...