成都高速(01785)发布公告，成都高速公路股份有限公司2025年面向专业投资者公开发行乡村振兴公司 债券(成渝双城经济圈)(第一期)(以下简称"本期债券")发行规模不超过人民币5亿元(含5亿元)。本期债券 发行工作已于2025年12月15日结束，实际发行金额5亿元，最终票面利率为2.45%，认购倍数为1.82倍。 ...

2026 年信贷投放仍以公司贷款为主，采单客户占比略增，整体信贷增 速预计较 2025 年放缓，但增量相当，受监管对资产规模增速上限指导 影响，信贷增长速度将合理控制。 对公业务增量主要来自国家级和成渝双城经济圈基建项目，以及与雅夏 相关项目和参股企业西藏银行的合作，但受化债影响，省级、市级、区 级项目减少，审批更严格。 按揭业务短期内难成主力增长点，成都地区房地产市场虽相对稳健，但 整体环境不佳。消费贷款将是重点，通过风险把控和市场占比提升增加 投放量，消贷具有较大增长潜力。 新发放贷款定价总体呈下降趋势，零售资产定价稳定，公司贷款受产业 链需求不旺盛和竞争影响有下行压力，政信业务降幅较小，预计 2026 年资产端收益率波动不大。 预计负债端成本将有所改善，中小银行释放负债成本空间更大，成都银 行在城商行中负债成本改善程度会比较显著，主动负债如发行债券对成 本利润影响不大。 Q&A 成都银行在 2025 年第四季度的信贷投放情况如何？未来的项目储备情况是怎 样的？ 2025 年第四季度的信贷投放基本符合年初预期。整体投放仍然主要集中在公 司贷款方面，零售资产尚未出现明显改善。上半年我们提前完成了全年的任务， ...

成都高速(01785)公布，公司拟于2025年12月12日-2025年12月15日发行成都高速公路股份有限公司2025 年面向专业投资者公开发行乡村振兴公司债券(成渝双城经济圈)(第一期)，发行总额为不超过人民币5亿 元(含5亿元)，期限为5年，面值为100元，按面值平价发行。募集资金将用于股权出资。 ...

股票代码：600279 股票简称：重庆港 公告编号：临2025－039号 重庆港股份有限公司关于投资建设 江津港现代化多式联运集疏运 能力提升项目（二期改扩建工程）的公告 本公司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个别及连带责任。 重要提示： ● 项目名称：江津港现代化多式联运集疏运能力提升项目（二期改扩建工程） 预估项目总投资为29,884.33万元。 （三）项目建设规模及内容 ● 投资金额：预估项目总投资为29,884.33万元 一、概述 2025年11月28日，重庆港股份有限公司（以下简称"公司"）第九届董事会第十一次会议审议通过《关于 新增江津港现代化多式联运集疏运能力提升项目（二期改扩建工程）投资计划并立项的议案》，为满足 江津港区远期发展的需要，全力打造西南地区规模最大的公用粮食、粮油集散中转基地，同意新增江津 港现代化多式联运集疏运能力提升项目（二期改扩建工程）投资计划并立项，预估项目总投资为 29,884.33万元，同时要求江津港埠分公司积极争取项目政策性补贴，合理控制项目贷款比例。表决结果 为：同意9票，反对0票， ...

重庆港（600279）(600279.SH)发布公告，为满足江津港区远期发展的需要，全力打造西南地区规模最 大的公用粮食、粮油集散中转基地，董事会同意新增江津港现代化多式联运集疏运能力提升项目(二期 改扩建工程)投资计划并立项，预估项目总投资为2.99亿元，同时要求江津港埠分公司积极争取项目政 策性补贴，合理控制项目贷款比例。 该项目是破解江津港区发展瓶颈和助推区域高质量发展的重要举措。一方面，可有效解决江津港铁路装 卸能力不足的核心卡点，显著提升货物吞吐与多式联运效率，有效应对重庆地区粮食缺口扩大与园区企 业激增的物流挑战;另一方面，将助力江津港成为"千里轻舟"的重要支点，可推动江津港融入干支联动 航运网络，充分发挥其连接成渝双城经济圈、辐射川南地区的区位优势，激活港口潜能，为上市公司增 强物流竞争力、拓展区域市场提供有力支撑，从而推动上市公司可持续高质量发展。 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report presents the top ten convertible bonds for November 2025, along with an analysis of the issuing companies, including their financial performance, business models, and key attractions [14][23][36]. 3. Summary by Company 3.1 Zhongte Convertible Bond - Issuer: A globally leading specialized special steel material manufacturing enterprise with a production capacity of approximately 20 million tons of special steel materials per year [14]. - Financial Performance: In 2024, its operating income was 109.203 billion yuan (YoY -4.22%), and the net profit attributable to the parent company was 5.126 billion yuan (YoY -10.41%). In the first three quarters of 2025, the operating income was 81.206 billion yuan (YoY -2.75%), and the net profit attributable to the parent company was 4.33 billion yuan (YoY +12.88%) [14]. - Key Attractions: It is one of the world's steel companies with the most comprehensive variety and specifications, with a production capacity of over 20 million tons of special steel. It has a complete industrial chain, leading cost - control capabilities, and is seeking opportunities for external expansion [15]. 3.2 Shanlu Convertible Bond - Issuer: A company mainly engaged in road and bridge engineering construction and maintenance, with a complete business and management system [23]. - Financial Performance: In 2024, its operating income was 71.348 billion yuan (YoY -2.3%), and the net profit attributable to the parent company was 2.322 billion yuan (YoY +1.47%). In the first three quarters of 2025, the operating income was 41.354 billion yuan (YoY -3.11%), and the net profit attributable to the parent company was 1.41 billion yuan (YoY -3.27%) [23]. - Key Attractions: It has the concept of "China - Special Valuation," potential for improvement in its balance sheet and order volume. It can benefit from infrastructure construction in Shandong Province and the Belt and Road Initiative [26]. 3.3 Hebang Convertible Bond - Issuer: A company with advantages in salt mines, phosphate mines, and natural gas supply, covering the chemical, agricultural, and photovoltaic sectors [36]. - Financial Performance: In 2024, its operating income was 8.547 billion yuan (YoY -3.13%), and the net profit attributable to the parent company was 31 million yuan (YoY -97.55%). In the first three quarters of 2025, the operating income was 5.927 billion yuan (YoY -13.02%), and the net profit attributable to the parent company was 93 million yuan (YoY -57.93%) [36]. - Key Attractions: Its phosphate mines and salt mines contribute to profits, and its liquid methionine production has high - margin potential [37]. 3.4 Aima Convertible Bond - Issuer: A leading enterprise in the electric two - wheeler industry, responsible for R & D, production, and sales [45]. - Financial Performance: In 2024, its operating income was 21.606 billion yuan (YoY +2.71%), and the net profit attributable to the parent company was 1.988 billion yuan (YoY +5.68%). In the first three quarters of 2025, the operating income was 21.093 billion yuan (YoY +20.78%), and the net profit attributable to the parent company was 1.907 billion yuan (YoY +22.78%) [45]. - Key Attractions: The continuation of government subsidies for trade - ins, the implementation of new national standards, and potential improvements in gross margin [46]. 3.5 Xingye Convertible Bond - Issuer: One of the first joint - stock commercial banks approved by the State Council and the People's Bank of China, evolving into a modern financial service group [56]. - Financial Performance: In 2024, its operating income was 212.226 billion yuan (YoY +0.66%), and the net profit attributable to the parent company was 77.205 billion yuan (YoY +0.12%). In the first three quarters of 2025, the operating income was 161.234 billion yuan (YoY -1.82%), and the net profit attributable to the parent company was 63.083 billion yuan (YoY +0.12%) [56]. - Key Attractions: Stable asset quality and continuous growth in scale [57]. 3.6 Huanxu Convertible Bond - Issuer: A global leader in electronic manufacturing design, providing value - added services [67]. - Financial Performance: In 2024, its operating income was 60.691 billion yuan (YoY -0.17%), and the net profit attributable to the parent company was 1.652 billion yuan (YoY -15.16%). In the first three quarters of 2025, the operating income was 43.641 billion yuan (YoY -0.83%), and the net profit attributable to the parent company was 1.263 billion yuan (YoY -2.6%) [67]. - Key Attractions: Leading in smart wearable SiP modules and having a global production layout [68]. 3.7 Chongyin Convertible Bond - Issuer: The earliest local joint - stock commercial bank in the upper reaches of the Yangtze River and Southwest China, with a wide range of business operations [79]. - Financial Performance: In 2024, its operating income was 13.679 billion yuan (YoY +3.54%), and the net profit attributable to the parent company was 5.117 billion yuan (YoY +3.8%). In the first three quarters of 2025, the operating income was 11.74 billion yuan (YoY +10.4%), and the net profit attributable to the parent company was 4.879 billion yuan (YoY +10.19%) [79]. - Key Attractions: Benefiting from the Chengdu - Chongqing economic circle strategy, stable asset growth, and proactive risk management [80]. 3.8 Tianye Convertible Bond - Issuer: A leading enterprise in the chlor - alkali chemical industry in Xinjiang, with an integrated circular economy industrial chain [88]. - Financial Performance: In 2024, its operating income was 11.156 billion yuan (YoY -2.7%), and the net profit attributable to the parent company was 68 million yuan (YoY +108.83%). In the first three quarters of 2025, the operating income was 7.97 billion yuan (YoY +2.2%), and the net profit attributable to the parent company was 7 million yuan (YoY -28.79%) [88]. - Key Attractions: Relatively stable caustic soda production costs and plans to increase dividend frequency and advance coal mine projects [89]. 3.9 Aorui Convertible Bond - Issuer: A company focusing on the R & D, production, and sales of complex APIs and preparations, leading in multiple fields [101]. - Financial Performance: In 2024, its operating income was 1.476 billion yuan (YoY +16.89%), and the net profit attributable to the parent company was 355 million yuan (YoY +22.59%). In the first three quarters of 2025, the operating income was 1.237 billion yuan (YoY +13.67%), and the net profit attributable to the parent company was 354 million yuan (YoY +24.58%) [101]. - Key Attractions: Improving its dealer network, expanding the market for its preparation products, and having high - quality customer resources [102]. 3.10 Yushui Convertible Bond - Issuer: The largest integrated water supply and drainage enterprise in Chongqing, with a monopoly position in the local market [110]. - Financial Performance: In 2024, its operating income was 6.999 billion yuan (YoY -3.52%), and the net profit attributable to the parent company was 785 million yuan (YoY -27.88%). In the first three quarters of 2025, the operating income was 5.568 billion yuan (YoY +7.21%), and the net profit attributable to the parent company was 779 million yuan (YoY +7.1%) [110]. - Key Attractions: Stable water supply and drainage business, expanding market share, and effective cost control [111].

Core Viewpoint - The recent leadership changes at Chengdu Bank, with the election of Huang Jianjun as Chairman and Zhang Yuming as Vice Chairman, mark a significant step in the bank's development journey, particularly in the context of the Chengdu-Chongqing economic circle [1][2]. Leadership Changes - Huang Jianjun, a long-time member of Chengdu Bank, has a robust background in banking and has previously held various leadership roles, including at Chengdu Rural Commercial Bank, where he achieved notable growth in revenue and profit [3]. - Zhang Yuming, representing Malaysian foreign strategic shareholder Hong Leong Bank, brings extensive experience from various banking roles in Malaysia and Cambodia [4]. - The new leadership team is expected to continue the bank's development trajectory, following the recent departure of former Chairman Wang Hui and the retirement of long-serving Vice Chairman He Weizhong [5]. Shareholder Dynamics - Chengdu Bank has seen increased confidence from state-owned shareholders, with recent investments exceeding 160 million yuan, raising their combined stake to approximately 30% [7]. - The bank's ownership structure includes a mix of state-owned and foreign strategic shareholders, which enhances its competitive edge by combining government support with market-driven strategies [8]. Financial Performance and Challenges - Chengdu Bank has achieved record financial results in 2024, with total assets reaching 1.25 trillion yuan, and has maintained significant growth in revenue and profit over the past four years [9]. - However, the bank faces challenges such as slowing growth rates and a high concentration of loans among its top clients, particularly in the leasing and real estate sectors [10]. - The bank's retail banking segment remains underdeveloped, with personal loans accounting for only about 18% of its total loans, indicating a need for strategic shifts to enhance this area [11]. Strategic Outlook - The ongoing development of the Chengdu-Chongqing economic circle presents opportunities for Chengdu Bank to strengthen its position and address its transformation challenges [12].

Core Viewpoint - Chongqing Construction reported a decline in revenue and net profit for the first half of 2025, primarily due to challenges in the construction industry, including project delays and increased competition [1][2] Financial Performance - The company achieved total revenue of 14.361 billion yuan, with a net profit attributable to shareholders of -249 million yuan and a non-recurring net profit of -265 million yuan, resulting in a basic earnings per share of -0.1309 yuan [1] - The gross profit margin decreased from 6.01% in the same period last year to 4.67%, a decline of 1.34 percentage points [1] - The company recorded credit impairment losses and asset impairment losses totaling 96.2531 million yuan, which reduced net profit by approximately 81.4359 million yuan [1] - Total expenses for the first half were 720 million yuan, a decrease of 118 million yuan year-on-year, with an expense ratio of 5.01%, down 0.36 percentage points [1] Market Expansion and Contracts - The company signed 325 engineering contracts in the first half, with a total contract value of 24.271 billion yuan [2] - It capitalized on opportunities from the Chengdu-Chongqing economic circle and the Belt and Road Initiative, securing contracts worth 12.763 billion yuan, accounting for 52.59% of the total [2] - Contracts with local governments and state-owned enterprises amounted to 11.508 billion yuan, representing 47.41% of the total [2] - The company is involved in significant projects such as the Chongqing Rail Transit Line 7 and various urban development projects, which are expected to support future revenue growth [2] Industry Recognition and Support - Chongqing Construction ranks among the Fortune China 500, with operations across all provinces and regions in China and over 20 countries globally [3] - The company has received numerous national awards, including 28 Luban Awards and 6 Zhan Tianyou Awards, enhancing its reputation in the industry [3] - The company and its subsidiaries are included in the Chongqing Public Resource Trading Management Bureau's red list, benefiting from reduced guarantee deposits for bidding and performance [3]

Investment Rating - The report maintains a "Strong Buy" rating for Chengdu Bank, expecting the stock to outperform the market by over 20% within the next six months [13]. Core Views - Chengdu Bank's operating income for the first half of 2025 reached 12.3 billion yuan, a year-on-year increase of 5.9%, while net profit attributable to shareholders was 6.62 billion yuan, up 7.3% year-on-year [4][7]. - The bank's total assets grew to 1.37 trillion yuan, reflecting a 14.3% year-on-year increase, with loans and deposits increasing by 18.0% and 14.7%, respectively [4][7]. - The narrowing decline in net interest margin and stable asset quality indicate a positive outlook for the bank's performance [7][8]. Summary by Sections Financial Performance - Chengdu Bank's net interest income for the first half of 2025 increased by 7.6% year-on-year, supported by a recovery in revenue growth [7]. - Non-interest income saw a slight decline of 0.2%, primarily due to a significant drop in fee-based income [7]. - The bank's net interest margin at the end of the first half of 2025 was 1.62%, with a quarterly annualized net interest margin of 1.48%, showing a reduced decline compared to the first quarter [7]. Asset Quality - The non-performing loan (NPL) ratio remained stable at 0.66%, with a calculated NPL generation rate of 0.23% [8]. - The bank's provision coverage ratio and loan-to-provision ratio were 453% and 2.98%, respectively, indicating strong risk mitigation capabilities [8]. Growth Projections - The report forecasts Chengdu Bank's earnings per share (EPS) for 2025-2027 to be 3.26, 3.58, and 3.98 yuan, respectively, with corresponding profit growth rates of 7.6%, 9.8%, and 11.1% [7][10]. - The bank's price-to-book (P/B) ratios for 2025-2027 are projected to be 0.87x, 0.77x, and 0.69x, suggesting potential for valuation expansion [7][10].

Core Viewpoint - The personnel changes at Chengdu Bank and Chengdu Rural Commercial Bank, involving the exchange of chairpersons, are seen as a strategic move to optimize financial resource allocation in the western region and to enhance the strategic transformation of both banks [1][5]. Group 1: Personnel Changes - Chengdu Bank and Chengdu Rural Commercial Bank announced the exchange of chairpersons, with Wang Hui moving to Chengdu Rural Commercial Bank and Huang Jianjun returning to Chengdu Bank [1]. - This adjustment is significant as it involves the core management of two trillion-level banks, attracting market attention towards their strategic directions [1][5]. Group 2: Performance and Achievements - Under Wang Hui's leadership, Chengdu Bank's asset scale increased from 445.3 billion yuan at the end of 2018 to 1.25 trillion yuan by the end of 2024, with total deposits exceeding 880 billion yuan and loans reaching 740 billion yuan, marking growth rates of 180% and 400% respectively [3][4]. - Chengdu Bank achieved a weighted average return on equity of 17.81% in 2024, maintaining the top position among A-share listed banks for five consecutive years [4]. - Chengdu Rural Commercial Bank, under Huang Jianjun, saw its asset scale grow from 500 billion yuan in 2020 to approximately 983.68 billion yuan by mid-2025, with a reduction in non-performing loan ratio from 1.20% to 1.02% [5]. Group 3: Strategic Directions - The personnel changes are viewed as a key measure for optimizing local financial resource allocation, especially in the context of the construction of a western financial center and the deepening of the Chengdu-Chongqing economic circle [5][6]. - Chengdu Bank is positioned as a leading city commercial bank facing competition from state-owned and joint-stock banks, necessitating a focus on digitalization and retail transformation [5]. - Chengdu Rural Commercial Bank aims to strengthen its service capabilities for the real economy and expand its financial services in rural areas [5][6]. Group 4: Financial Stability - Chengdu Bank reported a 3.17% year-on-year increase in operating income to 5.817 billion yuan and a 5.64% increase in net profit to 3.012 billion yuan in Q1 2025 [6]. - Chengdu Rural Commercial Bank achieved an operating income of 9.537 billion yuan in the first half of the year, reflecting an 8.45% year-on-year growth, with a net profit increase of 7.63% [6].