Core Points - The fourth Chengdu-Chongqing economic circle global investment promotion conference was held in Singapore, marking the first time the event has taken place overseas [1][2] - The event attracted over 200 participants, including government agencies, business associations, key enterprises, and research institutions from Singapore [1] - A "dual-city dual-hundred" investment project opportunity list was released, indicating a total investment cooperation invitation exceeding 1 trillion yuan for the Chengdu-Chongqing economic circle [1] - Five key projects were successfully signed during the event, with a total cooperation amount of 1.15 billion yuan, covering sectors such as artificial intelligence, new materials, food processing, and health data analysis [1] - The event showcased cooperation opportunities in key fields such as electronic information, intelligent connected vehicles, high-end equipment, artificial intelligence, biomedicine, and new materials [1] Industry Insights - The conference is a significant step for the Chengdu-Chongqing economic circle to deepen its opening-up and actively connect with the ASEAN market, integrating into the global industrial and supply chains [2] - The Chengdu and Chongqing regions will continue to adopt a unified strategy, enhancing strategic collaboration, policy coordination, platform connection, and shared benefits [2] - The goal is to create a high-level, internationally influential growth hub and a strong source of momentum in the new era of the western "dual-city" narrative [2]

Core Viewpoint - The successful completion of the gas pipeline relocation project marks a significant milestone in the construction of the Chengyu Middle Line High-Speed Railway, facilitating the acceleration of the overall project [1][4]. Group 1: Project Details - The gas pipeline relocation project spans approximately 4.6 kilometers and involves complex intersections with various transportation facilities, including roads, railways, and greenways, with a total of 48 crossings [3]. - The project took 18 months from planning to completion, highlighting the technical challenges and the importance of energy security in conjunction with transportation infrastructure development [3][4]. Group 2: Strategic Importance - The D720 and D630 gas pipelines are critical for Sichuan Province, supplying about one-third of the natural gas for residential and commercial use in Chengdu, underscoring their strategic energy role [3]. - The relocation is considered a key task in the construction of the Chengyu Middle Line High-Speed Railway, recognized as one of the most challenging gas pipeline relocations in the region [4]. Group 3: Future Implications - The Chengyu Middle Line High-Speed Railway is a core component of the national high-speed rail network, designed for a speed of 350 km/h, and is expected to be completed by the end of 2027, significantly enhancing connectivity between Chengdu and Chongqing [7].

Core Insights - The fourth Global Investment Promotion Conference for the Chengdu-Chongqing Economic Circle will be held in Singapore on October 15, 2025, aiming to deepen industrial chain collaboration with the ASEAN market [1][3] - The event's theme is "Sichuan-Chongqing Connects ASEAN: Global Industrial Chain," focusing on effective matching of industrial advantages with market demands [1][3] Group 1: Event Details - The conference will adopt an innovative "province-city + district-county" linkage model, with various departments leading the promotion of core industries such as smart connected vehicles, high-end equipment, and electronic information [3] - A project opportunity list with total investments exceeding 1 trillion yuan will be released, along with key project signings to provide concrete cooperation opportunities [3] Group 2: Strategic Importance - The Chengdu-Chongqing region has a complete industrial system and vast market space, aligning well with ASEAN's international advantages in sectors like new energy vehicles and electronic information [3] - The conference represents a significant step for the Chengdu-Chongqing region to implement national strategies, enhance openness, and integrate into global industrial and supply chains [3]

太平洋证券发布研报称，重庆银行（601963）(01963)依托区域重大战略，对公业务驱动规模稳步增长; 同时负债成本有效管控支撑息差表现，资产质量指标持续改善。预计2025-2027年公司营业收入为 145.16、155.15、166.77亿元，归母净利润为53.63、57.47、62.14亿元，每股净资产为16.34、17.89、 19.35元，对应10月10日收盘价的PB估值为0.40、0.37、0.34倍。首次覆盖给予"增持"评级。 贷款增速强劲，对公业务深度受益区域战略 公司深度受益于"成渝地区双城经济圈"等区域战略，贷款投放保持高速增长。上半年公司贷款总额较年 初+13.63%，其中公司贷款表现尤为突出，较年初大幅+20.65%至3776.38亿元，成为拉动规模扩张的核 心引擎，零售贷款增速相对平缓，较年初+2.03%。贷款投向与区域发展战略紧密结合，上半年公司向 成渝地区双城经济圈提供信贷支持近1400亿元，服务西部陆海新通道建设融资余额超470亿元。 负债成本管控成效显著，净利差逆势扩张 2025年上半年公司净利差同比+8bp至1.35%，核心驱动力在于计息负债平均成本率同比大幅-36bp至 ...

Core Viewpoint - Pacific Securities reports that Chongqing Bank is experiencing steady growth in corporate business driven by regional strategic initiatives, effective management of liability costs supporting margin performance, and continuous improvement in asset quality. The bank's projected operating revenue for 2025-2027 is 14.516 billion, 15.515 billion, and 16.677 billion yuan, with net profit attributable to shareholders of 5.363 billion, 5.747 billion, and 6.214 billion yuan, respectively, leading to a PB valuation of 0.40, 0.37, and 0.34 times based on the closing price on October 10. The initial coverage rating is "Buy" [1]. Financial Performance - In the first half of 2025, the company achieved revenue of 7.527 billion yuan, a year-on-year increase of 8.24%, and a net profit attributable to shareholders of 3.190 billion yuan, up 5.39% year-on-year. The annualized weighted average ROE was 11.52%, a decrease of 0.25 percentage points year-on-year [2]. Loan Growth and Corporate Business - The company benefits significantly from regional strategies such as the "Chengdu-Chongqing Economic Circle," with strong loan growth. Total loans increased by 13.63% from the beginning of the year, with corporate loans rising by 20.65% to 377.638 billion yuan, becoming the main driver of scale expansion. Retail loan growth was more moderate, increasing by 2.03% [3]. Liability Cost Management - The company effectively managed liability costs, resulting in a net interest margin increase of 8 basis points to 1.35%. This was driven by a significant reduction in the average cost of interest-bearing liabilities, which fell by 36 basis points to 2.29%, exceeding the decline in the average yield on interest-earning assets by 28 basis points. The net interest spread for the first half of 2025 was 1.39%, down 3 basis points, with a notable decrease in customer deposit costs [4]. Non-Interest Income Challenges - Non-interest income has become a drag on performance, with net fee and commission income declining by 28.62% to 365 million yuan, primarily due to a 59.77% drop in income from agency wealth management services. The company faced challenges in its wealth management business amid the transition to net value-based products. However, it achieved 1.255 billion yuan in net trading and securities investment income, an increase of 7.63%, partially offsetting the decline in non-interest income [5]. Asset Quality Improvement - As of the end of the reporting period, the company's non-performing loan ratio decreased by 8 basis points to 1.17%, with both the proportion of special mention and overdue loans declining. The special mention ratio and overdue ratio were 2.05% and 1.58%, down 59 basis points and 15 basis points, respectively. The non-performing loan ratio for corporate loans decreased by 15 basis points to 0.75%, while the retail loan non-performing ratio increased by 30 basis points to 3.01%, mainly due to personal operating loans and credit cards. The provision coverage ratio increased by 3.19 percentage points to 248.27%, further strengthening the safety cushion [6].

Core Insights - The article highlights the ongoing construction of the Aba-Chengdu East 1000 kV ultra-high voltage AC transmission project, which is a key initiative under China's 14th Five-Year Plan for electricity [1] - The project aims to connect two substations and facilitate the stable transmission of clean electricity to the Chengdu metropolitan area, supporting the Chengdu-Chongqing economic circle and the "West-to-East Power Transmission" initiative [1] Group 1: Project Overview - The project involves a challenging construction environment, including high-altitude work and adverse weather conditions, with over 5,000 workers dedicated to the project during the National Day holiday [1] - The use of advanced technologies, such as "ten-split conductor" technology and drone-assisted inspections, is emphasized to enhance operational efficiency and safety [1][2] Group 2: Operational Efficiency - The efficiency of inspections has significantly improved, with a reduction in manpower and time required for transformer inspections, now taking only half an hour with drones compared to the previous six personnel over ten hours [3] - The cumulative electricity transmission from the Sichuan-Chongqing ultra-high voltage project has exceeded 13.6 billion kWh, showcasing the project's impact on regional power supply [3] Group 3: Community Engagement - During the National Day holiday, power company teams are actively ensuring electricity supply in popular tourist areas, with initiatives to check and maintain power lines and emergency power sources [2][3] - The presence of power company personnel in various locations underscores their commitment to providing reliable electricity and supporting local communities during peak tourist seasons [3]

Group 1 - The construction of the Chengyu High-speed Railway's key control project, the largest span and highest safety risk section, has successfully completed the final concrete pouring, marking the completion of all nine continuous beams in this segment [1][3] - The main span of the bridge over the Chuyong Expressway is 128 meters, consisting of a total of 64 cantilever pouring segments, utilizing a fully enclosed bridge construction machine for the cantilever pouring [7] - The project is part of the national "eight vertical and eight horizontal" high-speed rail network and will significantly reduce travel time between Chengdu and Chongqing, injecting new transportation momentum into the Chengdu-Chongqing economic circle [9] Group 2 - The construction will transition from "local breakthroughs" to a new phase of "overall completion," with a focus on quality and safety while accelerating project progress [7] - Innovative technologies such as fully enclosed bridge construction machines, intelligent synchronous control systems, and BIM technology have been introduced to enhance construction efficiency and quality control [7] - The Chengyu High-speed Railway has a total length of 292 kilometers and is designed for a speed of 350 kilometers per hour, with expectations for early operation [9]

Core Viewpoint - Sichuan Financial Holding Group successfully issued its first 5-year corporate bond with a record low interest rate of 1.99%, reflecting strong market confidence in the issuer's creditworthiness and growth prospects [2][3]. Group 1: Bond Issuance Details - The bond issuance was led by Shenwan Hongyuan, with a total scale of 1 billion yuan and a subscription multiple of 3.95 times, indicating high demand from investors [2]. - The issuance received significant support from regulatory authorities and financial institutions, showcasing the issuer's strong market recognition [2]. Group 2: Company Overview - Sichuan Financial Holding Group is the only provincial state-owned financial capital investment and management platform in Sichuan, focusing on developing new productive forces and enhancing financial stability in the region [3]. - As of March 2025, the company reported total assets of 616.12 billion yuan and net assets of 89.89 billion yuan, with 2024 revenue of 14.656 billion yuan and net profit of 4.873 billion yuan [3]. - The company holds a AAA credit rating and includes five AAA-rated subsidiaries, emphasizing its strong operational capabilities and significance among provincial financial institutions [3]. Group 3: Future Collaboration - This bond issuance marks a renewed collaboration between Shenwan Hongyuan and Sichuan Financial Holding Group after five years, laying the groundwork for deeper cooperation [4]. - Shenwan Hongyuan aims to continue expanding its partnership with the issuer, focusing on strategic initiatives in the southwestern region of China [4].

Core Viewpoint - The successful completion of the Jinyun Mountain Tunnel on September 27 marks a significant milestone for the Chengyu Central High-Speed Railway, ensuring timely operation of the entire line [2] Group 1: Project Details - The Jinyun Mountain Tunnel is located between Shapingba District and Beibei District in Chongqing, with a total length of 5,712 meters, designed as a single-tube double-track tunnel [2] - The Chengyu Central High-Speed Railway is a crucial part of China's "eight vertical and eight horizontal" high-speed rail network, with a total length of 292 kilometers and a designed speed of 350 kilometers per hour [2] Group 2: Economic Significance - The Chengyu Central High-Speed Railway serves as an important transportation link for the Chengdu-Chongqing economic circle, facilitating economic integration and development in the region [2]

Core Viewpoint - The event aimed to enhance the development of Liangping District by connecting high-level experts with local industry projects, focusing on innovation and talent cultivation in the Chengdu-Chongqing economic circle [1] Group 1: Event Overview - The event took place from September 26 to 28, 2025, in Liangping District, Chongqing, involving a high-level expert team led by Chinese Academy of Sciences academician Hao Yue [1] - The expert team provided guidance on 10 industrial projects, contributing to the goal of establishing Liangping as a leading area for modernization in the northeastern Sichuan-Chongqing border region [1] Group 2: Development Goals - Liangping District is focusing on becoming a city characterized by distinctive industries, safety, trust, livability, and innovation [1] - The district aims to build a "new, harmonious, and beautiful" characteristic city through innovative policies and efficient mechanisms to attract and nurture talent [1] Group 3: Expert Insights - Academician Hao Yue emphasized the importance of collaboration among academia, industry, and government to address industrial development challenges and promote high-quality growth in Liangping [1] - The event featured 11 experts who provided one-on-one guidance and hands-on support in various sectors, including electronic information, low-altitude economy, food processing, education, and healthcare [1]