Core Insights - The Chengdu Qionglai 500 kV substation has successfully commenced operation, marking the second 500 kV substation launched in Sichuan's power grid in June, following the Meishan West substation earlier in the month [1] - The new substation enhances the power supply capacity for the Chengdu area, supporting the upcoming Chengdu World Games and the peak summer demand [1] - The project has added 2.4 million kVA of transformer capacity, significantly improving the power supply for the southwestern region of Chengdu [1] Group 1 - The Chengdu Qionglai substation is part of the "three centers and one base" core functional positioning for Chengdu, reinforcing regional energy support and contributing to the high-quality development of the Chengdu-Chongqing economic circle [2] - The construction faced challenges due to complex terrain, requiring the crossing of railways, highways, and existing power lines, which complicated the project execution [2] - The project team utilized new technologies and optimized construction plans to complete 160 kilometers of transmission lines within a tight timeframe of 9 months [2] Group 2 - The collaboration between the State Grid Chengdu Power Supply Company and local government facilitated the project, establishing a coordination mechanism to ensure timely delivery of site and infrastructure [2] - A "real-time acceptance" model was implemented during the construction phase, with over 30 technical experts monitoring critical installation processes to ensure high-quality outcomes [2] - The successful operation of the substation and transmission lines is expected to significantly enhance the overall capacity of the Chengdu power grid [2]

Core Points - The opening of the Chongqing East to Qianjiang section of the Yuxia High-Speed Railway on June 27 marks a significant addition to China's "eight vertical and eight horizontal" high-speed rail network [1][4][19] - This new segment connects Chongqing to the Qianjiang-Zhangjiajie-Changde high-speed rail, creating a rapid passenger transport corridor between the Chengdu-Chongqing economic circle and the Changsha-Zhuzhou-Xiangtan urban agglomeration [1][3] Group 1: Infrastructure Development - The Yuxia High-Speed Railway spans 242 kilometers with a design speed of 350 km/h, enhancing connectivity in the region [1][4] - The Chongqing East Station, the largest high-speed rail hub in Western China, officially opened on the same day, featuring a unique architectural design and advanced energy-efficient systems [16][18] - The station will facilitate up to 54 daily train services, significantly reducing travel times between key cities [8][15] Group 2: Economic Impact - The railway's opening is expected to boost local economies, particularly in tourism, by connecting over 30 ethnic minority areas and numerous scenic spots [4][6] - Special promotional ticket packages have been introduced to attract tourists, enhancing the economic benefits of the new rail line [6] - The ongoing railway construction in the Chengdu-Chongqing area has seen nearly 380 billion yuan invested, indicating a strong commitment to infrastructure development [9][15] Group 3: Future Prospects - The Chengdu-Chongqing railway network is projected to reach over 9,000 kilometers, with more than 3,400 kilometers of high-speed rail, facilitating an estimated 55 million passenger trips annually by 2024 [15][19] - The "eight vertical and eight horizontal" high-speed rail network is 81.5% completed, with ongoing projects expected to further enhance regional connectivity and economic growth [19][23]

Economic Overview - The Chengdu-Chongqing economic circle plays a crucial role in China's regional development strategy, benefiting from major initiatives like the Belt and Road and the Yangtze River Economic Belt [1] - The GDP of the Chengdu-Chongqing economic circle is projected to reach 87,193 billion yuan in 2024, accounting for 30.3% of the western region's total [1] Trade and Logistics - The logistics sector is vital for the real economy, with significant activities at the Chengdu International Railway Port and the Chongqing "Guanyin-Key" integrated business network [1] - In the first five months of 2025, the total import and export value between Sichuan and Chongqing reached 7,236 billion yuan [1] Tourism and Air Travel - The number of inbound and outbound travelers at Chengdu Tianfu International Airport has seen a substantial increase, with 2.564 million passengers recorded from January to May, a 16% year-on-year growth [2] - The airport has opened 55 international and regional passenger routes since its launch on March 26, 2023, enhancing its role as an international aviation hub [2] Customs and Trade Facilitation - The daily number of inbound and outbound flights has increased to 130, with over 17,000 travelers, compared to just 73 flights and 10,000 travelers a decade ago [3] - The Chongqing International Logistics Hub has evolved significantly, with the first China-Europe Railway Express "Yuxinou" train launched in 2011, and the first West Land-Sea New Channel train in 2017 [3] Efficiency Improvements - The application of the "Railway Fast Pass" model in the Chongqing customs area has exceeded 90%, saving an average of 24 hours in customs clearance time and over 200 yuan per container [4] - The volume of goods transported by the China-Europe Railway Express has increased, reflecting the growing coverage and influence of the transport corridor [4]

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 second "Belt and Road" Technology Exchange Conference will be held in Sichuan Province, focusing on international technology transfer and cooperation initiatives [1][5]. Group 1: International Technology Transfer Center - The Chengdu-Chongqing "Belt and Road" International Technology Transfer Center will be established, aiming to create over 20 international technology transfer nodes and facilitate more than 100 international cooperation projects within three years [3][6]. - The center will adopt a model of "one center, two locations, and multiple points of collaboration," integrating resources from universities, technology transfer institutions, and tech enterprises in the Chengdu-Chongqing area [1][2]. Group 2: Key Initiatives and Plans - The center will focus on building an international technology transfer platform, including a demand information database, project database, and expert database, while also creating a cross-border technology trading platform [2][6]. - Aiming to cultivate international technology transfer talent, the center will collaborate with domestic and foreign universities and research institutions to conduct training programs and workshops [2][7]. Group 3: "Double Thousand" Plan - The "Double Thousand" plan includes a target of 1,000 cooperation projects in key sectors such as electronic information, aerospace, and clean energy, as well as 1,000 exchanges for young scientists [6][7]. - The plan will establish a mechanism for joint training of scientific talent and support young scientists from partner countries to conduct research in China [7][8].

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]

今年是成渝地区双城经济圈建设第2个五年新征程的开局之年。去年成渝地区双城经济圈GDP增长至8.7 万亿元，其中成都市、重庆主城都市区两大极核GDP占比超55.7%，成渝双核互动频繁。近日，我们走 进成都郫都区，实地见证当地在绿色食品、装备制造和电子信息产业领域与重庆区域的产业联动联建成 效。 绿色食品 在成都地铁上，上班族经常会遇见一款地道重庆味的火锅底料广告——桥头火锅，而这款重庆风味中， 也包含郫县豆瓣的味道。 在重庆市江津区的德感工业园区，一车又一车的鹃城牌郫县豆瓣会定期运往桥头火锅底料厂内，作为一 种复合味调料，郫县豆瓣比单一味调味料具有更多的优势，不仅能够起到增色的作用，还能增香、增 辣、增鲜，为火锅底料增加醇厚的复合味感。 2020年以来，成都市郫都区与重庆市江津区签下战略合作协议，双方围绕产业、文化旅游、商贸及人才 展开合作，助推成渝地区双城经济圈建设。距今已有300余年历史的鹃城牌郫县豆瓣是四川地区家喻户 晓的品牌，两地率先在食品产业互补强链。鹃城牌郫县豆瓣重庆大区市场负责人黄超告诉笔者，不止重 庆江津区，连永川区和合川区七成以上的火锅底料厂都有鹃城牌郫县豆瓣入味。 鹃城牌郫县豆瓣与江南大学联 ...

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]