Core Viewpoint - The Chengdu-Chongqing economic circle has made significant progress in the past five years, becoming a vital growth engine in Western China, with a focus on high-quality development and regional collaboration [2][3][16]. Economic Growth and Industrial Development - The GDP of the Chengdu-Chongqing economic circle is projected to grow from 6.3 trillion yuan to 8.6 trillion yuan from 2020 to 2024, marking an increase of two trillion yuan and raising its share of the national economy from 6.3% to over 6.5% [6]. - The region has established four trillion-yuan industrial clusters in electronic information, equipment manufacturing, advanced materials, and specialty consumer goods, with automotive production and electronic information output accounting for over 10% of the national totals [6][7]. - The electronic information industry has become a key pillar, with Sichuan emerging as a global manufacturing hub, producing two-thirds of the world's iPads and significant quantities of laptops and smartphones [6][7]. Technological Innovation - The Chengdu-Chongqing economic circle aims to build a nationally influential technology innovation center, with over 257 key R&D projects implemented and significant investments made in supercomputing and collaborative innovation platforms [10][11]. - The region has over 70,000 technology-based enterprises and 27,000 high-tech companies, with technology contract transactions exceeding 280 billion yuan in 2024 [11]. Reform and Open Economy - The Chengdu-Chongqing economic circle is positioned as a new high ground for reform and opening up, with initiatives like the cross-provincial administrative and economic separation reform being piloted in the Gaizhu New Area [14][16]. - The region has made strides in market integration, with 626 mutual evaluations of fair competition and the establishment of a unified market framework [14][15]. Public Services and Quality of Life - The region has implemented 355 cross-provincial public service items, enhancing the convenience of living for residents, with significant improvements in healthcare collaboration and transportation infrastructure [18][19]. - Educational resources are being shared, with over 180,000 additional higher education enrollment plans and collaborative programs between universities [19][20]. Future Outlook - The Chengdu-Chongqing economic circle plans to continue expanding its reform depth and openness, focusing on building a high-quality living environment and enhancing public service collaboration [16][20].

Core Viewpoint - The construction of the Chengdu-Chongqing economic circle is a significant strategic decision made by the central government, emphasizing the need for close cooperation between Chongqing and Sichuan to enhance development capabilities and promote high-quality manufacturing development in Chongqing [1][5]. Industry Development - Chongqing is positioned as a key strategic point in the western development initiative, linking the Belt and Road Initiative and the Yangtze River Economic Belt, which enhances its role in national regional development and foreign trade [2]. - The manufacturing sector in Chongqing has unique structural characteristics and advantages, with a focus on technological innovation to drive high-quality development [1][5]. - The city is actively building a modern industrial system centered on advanced manufacturing, with significant investments in technological upgrades and the cultivation of strategic emerging industries [1][4][19]. Energy Sector - Chongqing is the only energy net-importing municipality in the western region, with energy playing a crucial role in its development. The city is focusing on innovation-driven and green low-carbon development, particularly in the fields of new energy and intelligent technology [4][10]. - The energy interconnection between Sichuan and Chongqing has shown significant results, with a notable increase in electricity exchange between the two regions [10][11]. Logistics and Trade - The construction of the Western Land-Sea New Corridor is vital for establishing a new pattern of open economy, facilitating the export of new energy products and enhancing logistics capabilities [12][15]. - The corridor has become a key channel for the export of Chongqing's new energy vehicles and photovoltaic products, with a reported 23.8% year-on-year increase in foreign trade exports of these "new three items" [12][15]. Automotive Industry - The automotive industry in the Chengdu-Chongqing region is showing strong resilience, with over 600 companies in the intelligent connected new energy vehicle supply chain, indicating a robust local supply network [7][8]. - Changan Automobile exemplifies the integration of local supply chains, with nearly 45% of its components sourced from the Sichuan-Chongqing region, expected to exceed 50% by 2025 [8]. New Energy and Storage - The establishment of the Hai Chen Energy storage base in Chongqing marks a significant step in the development of the new energy storage industry, with plans for a large-scale industrial park [20][21]. - The new energy vehicle production in Chongqing reached 953,200 units in 2024, reflecting a 90.5% year-on-year growth, significantly outpacing the national growth rate [19].

为进一步发挥成渝地区双城经济圈腹地优势、比较优势，推动成渝地区双城经济圈主动服务和融入新发 展格局，实现高质量发展，《成渝地区双城经济圈建设五周年研究报告》提出六大建议：一是协同建设 现代化产业体系。二是共建具有全国影响力的科技创新中心。三是打造富有巴蜀特色的国际消费目的 地。四是共筑长江上游生态屏障。五是联手打造内陆改革开放高地。六是协同推进公共服务共建共享。 会上中国银行原行长李礼辉、金砖智库学术委员会主席王忠民、国务院发展研究中心市场经济研究所副 所长王青等嘉宾作主题发言。 《2025年成渝地区双城经济圈高质量发展效能评估指数报告》《2024年成渝地区双城经济圈高质量发展 效能评估指数报告》公布了2024年、2025年成渝地区双城经济圈城市高质量发展效能总排名，以及经济 增长、科技协同创新、稳促扩升消费、生态环境共治共保、改革开放、民生保障和改善等六个领域的专 项排名。通过监测、评估、推介成渝地区双城经济圈高质量发展标杆城市，为其他地区提供现代化城市 实践创新示范经验。 本报讯(记者熊悦)近日，成渝地区双城经济圈建设五周年重点项目对接会暨智库成果发布会在北京国家 会议中心成功召开。会上发布了"一带一路" ...

Core Insights - The "Investment Cooperation Exchange Conference" held in Chengdu aims to connect enterprises with financing institutions, promoting deep integration of capital and industry, with over 30 billion yuan in financing needs announced [1][5][12] Group 1: Investment Advantages of Deyang - Deyang is positioned as a key node in the Chengdu-Chongqing economic circle, benefiting from strategic national and provincial policies, and enjoys a location advantage of "Chengdu quality, Deyang cost" [3] - The city has a strong manufacturing base, being a national hub for major technical equipment manufacturing, producing 60% of the country's nuclear power units and 50% of large castings [3] - Deyang boasts robust technological innovation, with significant R&D investment and 25 national-level specialized "little giant" enterprises [3] - The cost of factors such as industrial land and logistics is 30% lower than in eastern regions, potentially increasing corporate net profits by 5 percentage points [3] - Deyang has a highly efficient business environment, ranking in the top three in the province for five consecutive years, with streamlined processes for business operations [3] Group 2: Financing Needs and Opportunities - The Deyang Investment Control Group presented a fund matrix showcasing financing needs from 50 local enterprises, totaling over 30 billion yuan, covering high-growth sectors like advanced equipment, new energy, and biotechnology [5] - Notable financing requests include 600 million yuan from Bohai New Energy and over 100 million yuan from Deyang Keji High-tech Materials and Sichuan Hongda, with small and micro enterprises seeking between 5 million to 200 million yuan [5] Group 3: Capital and Industry Integration - The conference attracted over 50 well-known investment institutions, facilitating direct communication between Deyang enterprises and potential investors [7][12] - The Deyang Economic Cooperation Bureau established a financing communication platform to foster connections between venture capital institutions and local businesses, with seven institutions planning site visits to Deyang [12] Group 4: Future Development Goals - Deyang aims to build the "China Equipment Technology City" and accelerate the establishment of a modern industrial system, signaling openness to national venture capital institutions [14] - The city plans to deepen cooperation among government, finance, and enterprises, creating a win-win ecosystem to support high-quality development in the Chengdu-Chongqing economic circle [14]

Investment Rating - The report maintains a "Buy" rating for Chongqing Bank [1] Core Views - Multiple favorable factors are resonating for Chongqing Bank: 1. The expected decline in deposit costs and risk clearance is anticipated to outperform peers, indicating higher growth potential compared to 2024 2. A new leadership team will be in place in the second half of 2024, which is expected to drive the conversion of convertible bonds to equity 3. Growth driven by government financing and domestic demand is expected to be less affected by negative impacts such as tariffs, benefiting significantly from policy support [7][75] Market Data Summary - Current price: 11.00 CNY - 52-week price range: 6.53 - 11.26 CNY - Total market capitalization: 38,220.35 million CNY - Circulating market capitalization: 20,673.33 million CNY - Total shares: 347,457.72 thousand - Circulating shares: 187,939.33 thousand - Average daily trading volume: 178.15 million CNY - Monthly turnover rate: 0.64% [4] Performance Comparison - Chongqing Bank's performance relative to the CSI 300 index over different periods: - 1 Month: Chongqing Bank +17.0%, CSI 300 +4.3% - 3 Months: Chongqing Bank +22.2%, CSI 300 -1.2% - 12 Months: Chongqing Bank +58.3%, CSI 300 +5.0% [5] Financial Forecast - Revenue forecast for 2025-2027: - 2025: 14.3 billion CNY, growth rate 4.48% - 2026: 15.4 billion CNY, growth rate 7.86% - 2027: 16.6 billion CNY, growth rate 7.45% - Net profit forecast for 2025-2027: - 2025: 5.5 billion CNY, growth rate 7.40% - 2026: 5.8 billion CNY, growth rate 5.10% - 2027: 6.1 billion CNY, growth rate 5.61% - EPS forecast: - 2025: 1.51 CNY - 2026: 1.59 CNY - 2027: 1.68 CNY - P/E ratios: - 2025: 6.82 - 2026: 6.47 - 2027: 6.11 - P/B ratios: - 2025: 0.67 - 2026: 0.65 - 2027: 0.65 [7][73][74] Deposit Cost and Growth - The average cost of deposits is expected to decrease significantly, with a projected reduction of 47 basis points compared to 2023 - The bank's deposit structure is shifting, with a notable decline in long-term deposit rates, which is anticipated to enhance the bank's growth potential [12][16][18] Loan Contribution and Sector Focus - From 2020 to 2024, infrastructure-related sectors contributed significantly to loan growth, with average compound growth rates of 31.1% for leasing and business services, and 22.2% for water and environmental public facilities [18] - The bank's focus on government-related loans is expected to provide a stable growth foundation amid current economic conditions [23] Consumer Finance and Growth Potential - Chongqing Bank has a strong presence in consumer finance, with significant growth in self-operated online consumer products, including a 100% year-on-year increase in "Jie E Loan" balances by the end of 2024 [46]

Core Insights - Chongqing International Trust Co., Ltd. reported a total revenue of 500 million yuan and a net profit of 204 million yuan for 2024, with a net profit attributable to the parent company of 208 million yuan [1] - The company implemented a new strategy focusing on "fixed income + investment + non-standard + asset management," achieving a business income of 9.138 billion yuan and a net profit of 8.332 billion yuan from trust operations [1] - Chongqing Trust is transitioning from a non-standard financing model to a diversified business model centered on asset services, asset management, and public welfare [1][2] Business Developments - The company actively engaged in bankruptcy restructuring, successfully bidding for 35 enterprises, establishing a restructuring service trust with a scale of 53.9 billion yuan [1] - New projects such as Xinhua Group and Gongxiao Daji were successfully launched, with investment returns of 28.57% and 90.12% for the Taikai Nuclear Power and Aoride restructuring projects, respectively [1] - The company has diversified its product offerings, including the establishment of the first family service trust and collaboration with consumer finance companies to develop ABS business, reaching a cumulative scale of 9 billion yuan [1] Strategic Focus - As of the end of 2024, the company reported a trust business scale of 191.926 billion yuan in the "Belt and Road" initiative and 36.590 billion yuan in the Chengdu-Chongqing economic circle [2] - The company added 57.634 billion yuan in private trust business and 75.393 billion yuan in small and micro-enterprise trust business in 2024 [2] - In the green trust sector, Chongqing Trust established two charitable trust products, with a total green trust business scale of 1.675 billion yuan, focusing on energy conservation, environmental governance, and green construction [2] Future Outlook - Looking ahead to 2025, the company will continue to adhere to its operational philosophy of "integrity, stability, innovation, and precision," focusing on risk management, innovation, and transformation [3] - The company aims to deepen its four-wheel drive strategy to achieve high-quality development [3]

Economic Cooperation - The total import and export volume between Sichuan and the EU reached 169.95 billion yuan in 2024, accounting for 16.9% of the province's foreign trade [1][3] - The China-Europe Railway Express (Chengdu-Chongqing) has operated over 36,000 trains, serving as a key driver for Sichuan's cooperation with the EU [4] - Sichuan has established numerous industrial parks in collaboration with EU countries, including the Sino-German (Pujiang) SME Cooperation Zone and the Chengdu European Industrial City [4] Investment and Business Development - Over 700 EU enterprises have set up foreign-invested companies in Sichuan, covering key sectors such as services, electronics, automotive manufacturing, and biomedicine [2] - Major European companies like Siemens and Airbus have successfully expanded their operations in Sichuan, with Siemens building a digital factory and Airbus launching an aircraft lifecycle service center [2] Cultural and Educational Exchange - Sichuan has established 41 international friendship cities and 111 international friendly cooperation relationships with EU countries, enhancing cooperation in science, technology, and education [8] - The "2025 Chengdu-Europe Cultural Season" is part of a series of events celebrating the 50th anniversary of diplomatic relations between China and the EU [1] Human Interaction and Engagement - Frequent personnel exchanges have occurred, with EU ambassadors visiting Sichuan to understand its economic and social development [7] - Cultural exchange activities, such as youth summer camps and music concerts, have strengthened ties between Sichuan and EU countries [6][5] Future Collaboration - Sichuan is actively seeking to enhance cooperation with EU countries in vocational education, aiming to establish vocational education groups and training centers [8] - The collaboration between Sichuan and the EU is expected to expand into more fields, promoting mutual learning and joint progress [9]

Group 1: Strategic Importance of Sichuan - Sichuan has a unique strategic position in China's development, particularly in the context of the Western Development Strategy and the Chengdu-Chongqing Economic Circle [1] - The region is characterized by a dense population, strong industrial foundation, high innovation capability, and significant market potential [1] - In 2024, Sichuan's economic total is projected to exceed 6.4 trillion yuan, with a year-on-year growth of 5.5% in the first quarter of 2023 [1] Group 2: Collaborative Efforts in the Chengdu-Chongqing Economic Circle - Sichuan and Chongqing are enhancing strategic cooperation and policy coordination to build a collaborative economic zone [3] - The two regions are working together to unify 40 different electricity policies, facilitating cross-province services [4] - The Chengdu-Chongqing Economic Circle has seen its GDP share of the national total increase from 6.3% in 2019 to over 6.5% in 2024 [5] Group 3: Industrial Development and Innovation - Sichuan is focusing on developing advanced manufacturing and strategic emerging industries, aiming to attract businesses from along the Yangtze River [6][7] - The region has established 23 provincial-level strategic emerging industry clusters, with a total industrial scale exceeding 650 billion yuan [5] - In 2024, Sichuan plans to implement 320 key projects in the Chengdu-Chongqing Economic Circle, with a total investment of approximately 3.7 trillion yuan [5] Group 4: Digital Transformation and Upgrading of Traditional Industries - Sichuan is promoting the digital transformation and intelligent upgrading of traditional industries, with over 1,200 digital workshops established by 2024 [9] - The province aims to enhance the green and low-carbon value-added industries, which are expected to grow by 10.2% [9] - The government is encouraging medium and small enterprises to adopt digital solutions to overcome resistance to transformation [9] Group 5: Open Economy and International Trade - Sichuan is actively building an open economy, with a focus on international trade and investment [10][12] - The province's import and export volume is projected to grow by 9.4% in 2024, returning to the trillion-yuan level [13] - Sichuan is enhancing its logistics capabilities, with 85 international and regional air routes and a total navigable waterway length of 11,000 kilometers [12]

Core Viewpoint - The collaboration between Chongqing and Chengdu customs has significantly enhanced the efficiency of cross-border trade and logistics in the Chengdu-Chongqing economic circle, leading to notable growth in foreign trade for both regions [1][11][19]. Summary by Sections Trade Facilitation - The new "convenient supervision model for equipment and spare parts" allows for easier transfer, return, and maintenance of manufacturing equipment between Sichuan and Chongqing, reducing customs clearance time by 25% and saving related costs by 30% [1][11]. - In the first quarter of 2025, Sichuan's foreign trade import and export value reached 2580.4 billion yuan, marking a 7.6% year-on-year increase, with the scale surpassing 2500 billion yuan for the first time in the same period [7][8]. - Chongqing's foreign trade also showed positive results, with a total import and export value of 1651.4 billion yuan in the first quarter, a 4.1% increase year-on-year, outperforming the national growth rate of 2.8% [9]. Infrastructure and Logistics - The Chengdu-Chongqing region has established multiple logistics channels, including the China-Europe Railway Express (Chengdu-Chongqing), the Western Land-Sea New Corridor, and the Yangtze River Golden Waterway, facilitating trade and economic activities [6][11]. - The region has 13 comprehensive bonded zones and 6 bonded logistics centers, accounting for 30% of the total in the western region, which supports various types of import goods supervision [13]. Economic Development - The collaboration between the two customs authorities has led to the optimization of regulatory processes and the implementation of beneficial measures, enhancing the efficiency of railway import and export transportation [11][19]. - The region is focusing on promoting high-quality development of foreign trade, with an emphasis on expanding the scale of open platforms and supporting the growth of advanced manufacturing clusters [13][18]. Expert Insights - Experts suggest that further integration of resources and enhanced communication between the customs of Chengdu and Chongqing are essential for promoting high-level openness and development in the region [16][19]. - Recommendations include improving waterway transport integration and ensuring consistent inspection and testing standards for imports and exports from both regions to facilitate trade growth [18][19].

按照人随产业走、产业决定城市兴衰等基本逻辑， 我们在《中国城市发展潜力排名： 2023》研究报告中对全国除港澳台外的337个地级及以上城市的发展潜力进行客观排名， 北 京、上海、深圳、广州、杭州、成都、南京、苏州、武汉、重庆 位居前10名。 从排名变动来看，南京超越苏州位居第七，南京近年来通过加大高技术投入力度、不断招 才引智、积极开放交流等，一定程度上推动了城市发展，而苏州的发展韧性仍较强。 摘要 NO1.北京：政治、文化、国际交往和科技创新中心。 1）北京集政治中心、创新中心、金融 中心、国际交流中心、文化中心等优势于一身，未来将聚焦于发展首都核心功能。2）北京三 产比重达到84%，金融、总部经济和科技创新成为三大名片。3）北京严控人口规模抬升生活 成本、影响城市活力，但引导人口布局优化也有助于城市高质量发展；区域发展不平衡问题 仍存。4）未来，北京将建设成为国际一流的和谐宜居之都，引领京津冀协同发展。作为全国 第一个减量发展城市，北京将从粗旷型扩张到精细化调整转型。 NO2.上海：全球化的大上海，未来媲美纽约。 1）上海已基本建成国际经济中心，随着中国 经济的腾飞，未来有望媲美纽约，成为主要的全球经济金 ...