Core Viewpoint - Chengdu Bank reported a steady growth in revenue and net profit for the first half of 2025, with a focus on improving net interest margin and maintaining asset quality [1][5]. Financial Performance - The company achieved a revenue of 12.27 billion yuan, a year-on-year increase of 5.9%, with net profit reaching 6.62 billion yuan, up 7.3% year-on-year [1]. - Net interest income rose by 7.6% to 9.77 billion yuan, driven by a reduction in the drag from interest margin [2]. - The net interest margin for 1H25 was 1.62%, a decrease of 4 basis points year-on-year, but an improvement from a decline of 15 basis points in 2024 [4]. Income Sources - Non-interest income showed mixed results, with net fees and commissions dropping by 45.1% to 248 million yuan, primarily due to declines in wealth management and asset management services [2]. - Other non-interest income increased by 9.7% to 2.26 billion yuan, with notable investment returns from various accounts [2]. Loan and Deposit Trends - The total loan balance reached 833.4 billion yuan, a year-on-year increase of 18.0%, with significant contributions from public sector loans [3]. - The company saw a notable increase in bill discounting, with a net increase of 20.6 billion yuan to 22 billion yuan [3]. - Personal loans grew steadily, with a net increase of 5.1 billion yuan, although the company did not significantly increase personal loan issuance amid industry pressures [3]. Asset Quality - The non-performing loan (NPL) ratio remained stable at 0.66%, with improvements in public sector asset quality, while retail NPLs saw a slight increase [5]. - The NPL ratio for public loans improved to 0.59%, while retail loans experienced a rise to 0.98% [5]. Future Outlook - The demand for infrastructure projects in the Chengdu-Chongqing area is expected to support continued loan growth, with further optimization of funding costs anticipated to enhance performance [5]. - Projected net profits for 2025-2027 are expected to be 13.893 billion, 15.101 billion, and 16.467 billion yuan, reflecting year-on-year growth rates of 8.0%, 8.7%, and 9.0% respectively [5].

Core Viewpoint - Chengdu Bank reported a revenue of 12.27 billion and a net profit of 6.62 billion for the first half of 2025, showing year-on-year growth of 5.9% and 7.3% respectively, indicating a positive trend in revenue and profit growth despite a slight decline in return on average equity [1][2] Financial Performance - Revenue, pre-provision profit, and net profit growth rates for Chengdu Bank in the first half of 2025 were 5.9%, 6.8%, and 7.3% respectively, with improvements compared to the first quarter [2] - The net interest income and non-interest income growth rates were 7.6% and -0.2%, showing a mixed performance in income sources [2] - The cost-to-income ratio and credit impairment losses as a percentage of revenue were 23.2% and 11.5%, both showing a slight decrease year-on-year, indicating stable cost management [2] Asset and Loan Growth - As of the end of Q2 2025, Chengdu Bank's interest-earning assets and loans grew by 12.2% and 18% year-on-year, reflecting an acceleration in asset expansion [3] - The bank's new loans and financial investments for Q2 were 27.2 billion and 11.4 billion respectively, with significant increases compared to the previous year [3] - Corporate loans showed a strong growth rate of 19.1%, while retail loans grew at a slower pace of 12.9% [4] Deposit Trends - By the end of Q2 2025, Chengdu Bank's interest-bearing liabilities and deposits grew by 13.7% and 14.7% year-on-year, with a slight decrease in the growth rate of deposits compared to Q1 [5] - The trend towards term deposits continued, with term deposits accounting for 70% of total deposits by the end of Q2 [5] Interest Margin and Non-Interest Income - The net interest margin (NIM) for the first half of 2025 was 1.62%, showing a slight decrease from the previous year, but the decline in margin pressure has eased [6] - Non-interest income for the first half of 2025 was 2.5 billion, reflecting a year-on-year decrease of 0.2%, primarily due to reduced fee income [7][8] Asset Quality and Risk Management - Chengdu Bank maintained a low non-performing loan (NPL) ratio of 0.66% and a slight increase in the attention ratio to 0.44% by the end of Q2 2025 [8][9] - The bank's credit impairment losses for the first half of 2025 were 1.4 billion, indicating a stable risk management environment [9] Capital Adequacy - By the end of Q2 2025, Chengdu Bank's capital adequacy ratios were 8.61%, 9.24%, and 13.13%, showing a slight decline due to seasonal factors [9] - The rapid expansion of risk-weighted assets (RWA) at a growth rate of 15.8% indicates a strong capital base supporting future growth [9] Future Outlook - Chengdu Bank is expected to benefit from strategic opportunities in the Chengdu metropolitan area, with a strong asset quality and a high provision coverage ratio supporting its risk management capabilities [10]

Investment Rating - The report maintains an "Accumulate" rating for Chengdu Bank (601838.SH) with a current price of 17.86 CNY [1]. Core Views - Chengdu Bank's revenue and profit growth have accelerated, with a 5.9% year-on-year increase in revenue to 12.27 billion CNY and a 7.3% increase in net profit to 6.62 billion CNY in the first half of 2025 [3][4]. - The bank's return on average equity (ROAE) stands at 15.9%, a decrease of 2.2 percentage points year-on-year [3]. - The bank's asset quality remains strong, with a non-performing loan (NPL) ratio of 0.66% and a provision coverage ratio of 452.7% as of the end of Q2 2025 [11][12]. Summary by Sections Revenue Performance - Chengdu Bank's revenue, pre-provision profit, and net profit growth rates for the first half of 2025 were 5.9%, 6.8%, and 7.3%, respectively, showing an acceleration compared to Q1 [4]. - Net interest income and non-interest income growth rates were 7.6% and -0.2%, respectively, indicating a slight recovery in net interest income [4]. Asset and Loan Growth - As of the end of Q2 2025, Chengdu Bank's interest-earning assets and loan growth rates were 12.2% and 18%, respectively, reflecting an increase in the pace of expansion [5]. - The bank's corporate loans grew by 19.1% year-on-year, while retail loans grew at a slower rate of 12.9% [6]. Deposit Growth - The bank's interest-bearing liabilities and deposit growth rates were 13.7% and 14.7%, respectively, with a continued trend towards more fixed-term deposits [7]. - The proportion of fixed-term deposits increased to 70% by the end of Q2 2025 [7]. Net Interest Margin - The net interest margin (NIM) for the first half of 2025 was 1.62%, a decrease of 4 basis points compared to 2024 [8][9]. - The bank's interest-earning asset yield and interest-bearing liability cost rates were 3.57% and 1.98%, respectively [9]. Non-Interest Income - Non-interest income for the first half of 2025 was 2.5 billion CNY, a decrease of 45% year-on-year, primarily due to reduced fees from wealth management [10]. - Other non-interest income increased by 9.7% year-on-year, supported by trading gains from bond investments [10]. Risk and Capital Adequacy - The bank's NPL ratio remained stable at 0.66%, with a slight increase in the attention ratio to 0.44% [11]. - As of the end of Q2 2025, the bank's capital adequacy ratios were 8.61% for core tier 1, 9.24% for tier 1, and 13.13% for total capital [12]. Earnings Forecast and Valuation - Chengdu Bank's earnings per share (EPS) forecasts for 2025-2027 are 3.16, 3.27, and 3.35 CNY, respectively [12]. - The current stock price corresponds to a price-to-book (PB) ratio of 0.85 for 2025 and a price-to-earnings (PE) ratio of 5.65 [12].

Investment Rating - The investment rating for the company is "Buy (Maintain)" [6] Core Views - The company reported a revenue of 2.26 billion and a net profit of 890 million for the first half of 2025, with year-on-year growth rates of 3.91% and 5.59% respectively [1][2] - The net interest margin remained stable quarter-on-quarter at 1.46%, with a narrowing year-on-year decline, primarily due to improved funding costs [2][3] - The bank is optimizing its loan structure, with total loans increasing by 10.3% year-on-year, while non-performing loan ratios improved slightly [4][5] Financial Performance - Revenue and net profit growth rates for H1 2025 were 3.91% and 5.59%, respectively, showing a decline in growth rates compared to Q1 2025 [2] - Net interest income grew by 3.44% year-on-year, with a net interest margin of 1.46%, down 4 basis points from 2024 [2] - Non-interest income decreased by 1.1% year-on-year, with investment income increasing by 14.9% [3] Asset and Liability Management - As of Q2 2025, total assets reached 230.1 billion, with total loans at 134.2 billion, reflecting a year-on-year growth of 9.4% and 10.3% respectively [4] - Total deposits increased by 6.6% year-on-year, with a significant contribution from personal time deposits [4] Asset Quality - The non-performing loan ratio stood at 0.98% as of Q2 2025, with a slight improvement in the coverage ratio to 340.3% [5][10] - The bank's credit impairment losses decreased by 6.51% year-on-year, indicating a stable asset quality [3][10] Future Outlook - The bank is expected to maintain stable loan growth in its operating region, with projected revenue and profit growth rates of 9.98% and 8.24% for 2025 [10]

Core Viewpoint - Chengdu Bank reported a steady performance in the first half of 2025, with significant growth in operating income and net profit, driven by a robust loan portfolio and improved net interest margin [1][2][4]. Financial Performance - In H1 2025, Chengdu Bank achieved operating income of 12.27 billion yuan, a year-on-year increase of 5.91%, with Q2 growth accelerating to 8.51% [1][2]. - The net profit attributable to shareholders reached 6.62 billion yuan, up 7.29% year-on-year, with Q2 net profit growth at 8.70% [1][2]. - Basic earnings per share stood at 1.57 yuan, and the weighted average return on equity was 7.94% [1]. Loan and Deposit Growth - As of June 2025, Chengdu Bank's total assets reached 1.37 trillion yuan, reflecting a year-on-year growth of 14.32% [3]. - The loan portfolio grew by 18.30% year-on-year, indicating strong demand and a favorable lending environment [3]. - Total liabilities amounted to 1.28 trillion yuan, with deposits increasing by 14.80%, maintaining a stable operational structure [3]. Net Interest Margin and Cost of Liabilities - The net interest margin for H1 2025 was 1.62%, showing a 12 basis points increase from Q1, despite a year-on-year decline of 4 basis points [3]. - The cost of liabilities decreased, with the deposit cost rate at 1.96%, down 25 basis points year-on-year, benefiting from regulatory measures on high-interest deposits [3]. Asset Quality - Chengdu Bank maintained a low non-performing loan ratio of 0.66%, unchanged year-on-year, with a high provision coverage ratio of 452.65%, positioning it among the industry leaders [4].

Investment Rating - The report maintains a "Buy" rating for Chengdu Bank [1][7]. Core Views - Chengdu Bank's performance in the first half of 2025 shows steady growth, with a significant increase in net interest income and a strong asset quality [4][7]. - The bank's total assets reached 1.37 trillion yuan, reflecting a year-on-year growth of 14.32%, with loans increasing by 18.30% [7]. - The net interest margin improved to 1.62%, while the non-performing loan ratio remained stable at 0.66% [7][10]. - The report highlights the bank's advantageous location and its ability to achieve double-digit growth in both deposits and loans [7]. Summary by Sections Financial Performance - Chengdu Bank achieved an operating income of 12.27 billion yuan in the first half of 2025, up 5.91% year-on-year, with a net profit of 6.617 billion yuan, an increase of 7.29% [4][7]. - The bank's net interest income rose by 7.59% year-on-year, with a notable increase of 11.59% in Q2 2025 [7]. Asset Quality - The non-performing loan ratio stood at 0.66%, unchanged from the previous year, with a provision coverage ratio of 452.65%, indicating strong asset quality [7][10]. Growth Prospects - The report projects that Chengdu Bank's earnings per share will reach 21.51 yuan by 2025, with the current stock price corresponding to a price-to-book ratio of 0.83 [7][9].

证券研究报告 渝农商行 (3618 HK/601077 CH) 港股通 信贷扩张提速，负债成本改善 华泰研究 中报点评 息差降幅收窄，非息增速下滑 渝农商行 25H1 净息差 1.60%，较 25Q1、24 年均下行 1bp，息差降幅收窄， 主要因负债端成本改善显效。25H1 计息负债成本率、存款成本率较 24 年 -22bp、-21bp 至 1.64%、1.52%。资产端定价仍处于下行通道，25H1 生息 资产收益率、贷款收益率较 24 年-23bp、-22bp 至 3.14%、3.70%。利息净 收入平稳增长，25H1 同比+6.0%，增速较 Q1+0.7pct。非息有所波动，25H1 中收同比-13.2%，增速较 Q1-10.0pct，主要是银行卡手续费下降；其他非 息收入同比-17.7%，增速较 Q1-1.1pct。25H1 成本收入比同比+1.4pct 至 26.6%，主要因去年同期优化调整补充医疗保险计划致基数较低。 不良整体平稳，零售风险波动 渝农商行 25H1 不良率、拨备覆盖率分别较 Q1 持平、-8bp 至 1.17%、356%， 不良走势平稳，拨备略有下行但仍保持充裕水平。分行业看，对公 ...

Core Viewpoint - Jiangsu Bank reported a revenue growth of 7.8% in the first half of 2025, with a net profit growth of 8.0, indicating stable financial performance amidst expanding asset scale and improving capital adequacy [1][2]. Revenue Growth - The bank's net interest income increased significantly by 19.1%, driven by rapid asset scale expansion, while non-interest income saw a decline of 14.6%, although the drop was less severe due to stabilization in the bond market in Q2 [2]. - The bank's total assets grew by 21% compared to the beginning of the year, positioning it as the largest city commercial bank in terms of asset size [2]. Loan and Deposit Performance - Loans increased by 16.0% compared to the beginning of the year, with a notable 23.3% growth in corporate loans, particularly in infrastructure and manufacturing sectors [2]. - Deposits surged by 20.2%, with a rise in the proportion of demand deposits to 29.3%, primarily driven by corporate settlement deposits [2]. Cost and Profitability - The net interest margin was reported at 1.78%, a decrease of 8 basis points from the previous year, influenced by declining asset yields [3]. - The bank's credit impairment charges rose significantly, but a substantial reduction in the effective tax rate by 10.5 percentage points supported stable net profit growth [2][3]. Asset Quality and Risk Management - The non-performing loan (NPL) ratio improved to 0.84%, down 5 basis points from the beginning of the year, with a provision coverage ratio of 331% [4]. - The net NPL generation rate decreased to 1.10%, reflecting improved risk management and a reduction in retail loan delinquency rates [4]. Investment Outlook - The bank is characterized as a dividend growth bank, with a projected dividend yield of 5.0% for 2025, making it an attractive investment option following a price correction [4]. - Current valuations stand at a price-to-book (PB) ratio of 0.80x and a price-to-earnings (PE) ratio of 6.4x, maintaining a "buy" rating [4].

Core Viewpoint - Multiple banks in China have recently announced reductions in RMB deposit rates, affecting various types of deposits, with the highest cut reaching 20 basis points [1][2][3]. Group 1: Deposit Rate Adjustments - Jiangsu Bank has lowered its 3-year personal fixed deposit rate from 1.85% to 1.75%, effective from August 20, while other terms remain unchanged [2]. - Shen Zhou Rui Feng Village Bank has announced comprehensive rate cuts for personal fixed deposits, with 3-month rates dropping to 0.8% and 5-year rates to 1.3%, with reductions ranging from 10 to 20 basis points [2][3]. - Jilin Longtan Huayi Village Bank has adjusted its rates, with the 3-month and 6-month rates down to 1.15% and 1.35%, respectively, and 3-year and 5-year rates down to 1.75% and 1.7% [3]. Group 2: Reasons for Rate Cuts - The primary motivation for small and medium-sized banks to lower deposit rates is to alleviate the pressure from narrowing net interest margins and optimize their liability cost structure [4]. - The Loan Prime Rate (LPR) has been reduced multiple times, leading to a decline in loan yields, while deposit rates have lagged behind, creating a "margin squeeze" effect [4]. Group 3: Future Outlook - The banking sector's net interest margin was reported at 1.42% as of the end of Q2, down 0.01 percentage points from Q1, indicating ongoing downward pressure on deposit rates [5]. - Experts predict that the downward trend in deposit rates will continue in the short term, as banks seek to stabilize their net interest margins and improve overall profitability [5]. - Strategies for small and medium-sized banks to enhance core competitiveness include product innovation, refined asset-liability management, accelerated digital transformation, and focusing on local markets [5][6].

Investment Rating - The investment rating for Ping An Bank is "Buy-A" with a 6-month target price of 14.17 CNY, compared to the current stock price of 12.06 CNY [5][12]. Core Insights - The report highlights that Ping An Bank's performance in the first half of 2025 shows a marginal recovery, driven by reduced provisioning pressure and growth in non-interest income, despite a decline in overall revenue and net interest margin [2][10]. - The bank's asset expansion remains sluggish, with a year-on-year decrease of 1.61% in interest-earning assets, indicating challenges in maintaining growth momentum [2][10]. - The report notes a shift in credit structure, with corporate loans showing growth while retail loans, particularly credit cards and consumer loans, continue to decline [3][10]. - The net interest margin has narrowed to 1.76% in Q2 2025, reflecting a decrease in asset yields and a slight reduction in funding costs [4][8]. - Non-interest income has shown signs of recovery, with a year-on-year decline of only 3.3% in Q2 2025, driven by a rebound in fee income from wealth management services [8][10]. Summary by Sections Financial Performance - Revenue for 2025 is projected to decline by 7.79%, while net profit is expected to grow by 0.82% [12]. - The bank's net profit for the first half of 2025 increased by 3.9% year-on-year, supported by lower provisioning and improved non-interest income [2][10]. Asset Quality - The non-performing loan (NPL) generation rate has decreased to 1.64% in the first half of 2025, indicating a gradual easing of credit risk [9][10]. - The NPL ratio for retail loans has improved, while the corporate loan NPL ratio has slightly increased due to exposure in the real estate sector [9][10]. Retail Banking - Retail customer growth remains stagnant, with a slight increase in the number of retail clients but overall asset under management (AUM) growth showing signs of slowing down [10][36]. - The bank's wealth management fees have rebounded, with a 13.1% year-on-year increase in Q2 2025, reflecting a positive trend in non-interest income [8][10]. Market Position - Ping An Bank's market capitalization stands at approximately 234 billion CNY, with a circulating market value nearly equal [5]. - The bank's valuation metrics indicate a price-to-book ratio of 0.60X, suggesting it is trading at a low valuation relative to its book value [12].