Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company's revenue growth for the first half of the year is 5.8% year-on-year, with net profit growth of 16.48% and non-recurring net profit growth of 17.1%. The non-performing loan (NPL) ratio decreased to 1.09%, a reduction of 8 basis points from the previous quarter and a significant drop of 10 basis points from the beginning of the year. The provision coverage ratio increased to 343%, up 19 percentage points from the previous quarter and 21 percentage points from the start of the year. The net NPL generation rate fell to 0.31%, achieving the best levels since the company went public [2][6][11]. Summary by Sections Financial Performance - The company's total assets grew by 9.0% compared to the beginning of the year, with loans increasing by 10.2%. Corporate loans surged by 15.7%, driven by significant growth in the Shandong economy, with key sectors including government, retail, and manufacturing. Retail loans decreased by 4.4% due to demand factors [11][12]. Interest Income and Margin - The net interest margin for the first half of the year was 1.53%, reflecting a 2 basis point rebound compared to the full year of 2024. The growth in net interest income accelerated to 13.3%, attributed to improved funding costs. Non-interest income, however, saw a decline of 10.7% [11][12]. Asset Quality - The asset quality indicators showed significant improvement, with the NPL ratio dropping to 1.09% and the provision coverage ratio reaching 343%. The NPL generation rate hit a new low of 0.31%, down 32 basis points from the previous year. The corporate NPL ratio continued to decline, while retail NPLs showed some volatility but remained manageable [11][12]. Investment Recommendations - The company maintains strong performance in its interim results, with clear long-term growth potential. The current price-to-book (PB) ratio is 0.69x and the price-to-earnings (PE) ratio is 6.5x, indicating significant undervaluation. The recommendation remains to "Buy" [11][12].

Investment Rating - The investment rating for Chengdu Bank is "Buy" and is maintained [8]. Core Views - Chengdu Bank's performance in the first half of the year exceeded expectations, with revenue growth of 5.9% year-on-year and net profit growth of 7.3% [2][6]. - The bank's net interest income increased by 7.6%, reflecting a stabilization in net interest margin and rapid loan growth [2][12]. - The non-performing loan (NPL) generation rate dropped to a near-record low of 0.18%, with the NPL ratio remaining stable at 0.66% [2][12]. Summary by Sections Financial Performance - Revenue growth for the first half of the year was 5.9%, with a quarterly increase of 8.5% in Q2. Net profit grew by 7.3%, with Q2 showing an 8.7% increase [2][6]. - Net interest income growth was 7.6%, with Q2 showing a significant increase to 11.6% [12]. - Total assets grew by 9.8% compared to the beginning of the year, with loans increasing by 12.4% [12]. Asset Quality - The NPL ratio remained stable at 0.66%, with a provision coverage ratio of 453% [2][12]. - The NPL generation rate decreased to 0.18%, significantly better than industry peers [12]. Loan and Deposit Growth - Total loans increased by 921 billion, with a year-on-year increase of 12.4% [2][12]. - Deposits grew by 11.2%, with a decrease in the proportion of demand deposits [12]. Interest Margin and Cost Management - The net interest margin was 1.62%, slightly down from the previous year but showing signs of stabilization [12]. - The cost-to-income ratio improved, driven by stable credit impairment provisions and tax rates [12]. Investment Recommendations - The bank's return on equity (ROE) and asset quality metrics are industry-leading, with a projected dividend yield of 5.3% for 2025 [12]. - The stock is recommended for purchase, with a price-to-book (PB) ratio of 0.86x and a price-to-earnings (PE) ratio of 5.7x [12].

Core Viewpoint - Jiangyin Bank has reported impressive mid-year results with revenue and net profit growth exceeding 10% year-on-year, alongside a recovery in net interest margin and improved asset quality [2][3] Financial Performance - As of June 30, Jiangyin Bank's total assets reached 207.577 billion, a 3.67% increase from the end of the previous year [3] - The bank achieved operating income of 2.401 billion and net profit attributable to shareholders of 846 million, representing year-on-year growth of 10.45% and 16.63% respectively [3] - The net interest margin stood at 1.54%, recovering by 3 basis points from the end of the first quarter [3] Interest Income and Management - Jiangyin Bank's interest income pressure has eased, with net interest income for the first half of the year at 1.409 billion, a year-on-year decline of only 0.23% [3] - The bank's deposit interest rate was controlled at 1.62%, down 26 basis points year-on-year, enhancing its interest margin management capabilities [3] Investment Income - Investment income has become a significant growth driver, with an increase of 81.44% year-on-year to 881 million, accounting for 36.72% of total operating income [4] - The bank's financial investment assets totaled 65.034 billion, representing 31.32% of total assets [4][5] Asset Quality - Jiangyin Bank's asset quality has improved, with overdue loans decreasing by over 16% and a non-performing loan ratio of 0.86% [6] - The provision coverage ratio increased to 381.22%, up 11.90 percentage points from the beginning of the year [6] Client Loan Concentration - The concentration risk from the top ten clients has decreased, with their loans accounting for 4.21% of total loans as of June 30, 2025 [7] - The bank is actively managing loan concentration risks by monitoring and controlling the credit limits for single clients and groups [7] Dividend Policy - Jiangyin Bank is expected to propose its first mid-year dividend, with the board recommending a plan for the 2025 interim dividend [7]