Investment Rating - The investment rating for Chengdu Bank is "Buy" and is maintained [8]. Core Views - Chengdu Bank's revenue growth for the first three quarters is 3.0% year-on-year, with net profit growth of 5.0%. Net interest income has increased by 8.2%, reflecting rapid credit expansion and a narrowing interest margin. Non-interest income has decreased by 16.5% due to fluctuations in the bond market [2][6]. - The total assets have grown by 10.8% since the beginning of the year, with loans increasing by 14.2%, particularly in corporate loans. The non-performing loan ratio has risen by 2 basis points to 0.68%, while the attention rate has decreased by 7 basis points to 0.37%. The provision coverage ratio stands at 433%, down 20 percentage points but still at a high level [2][6]. - Looking ahead, the market share in credit is expected to continue rising in the medium to long term, and a stabilization and recovery in interest margins is anticipated to drive revenue growth upward [2]. Summary by Sections Financial Performance - Revenue growth for the first three quarters is 3.0% (H1: 5.9%, Q3: -2.9%), and net profit growth is 5.0% (H1: 7.3%, Q3: 0.2%). The non-performing loan ratio is 0.68%, with a provision coverage ratio of 433% [6][2]. Revenue Composition - Net interest income has accelerated by 8.2% (H1: 7.6%), driven by rapid credit expansion and a narrowing interest margin. Non-interest income has decreased by 16.5%, with investment income down by 13.0% due to bond market adjustments [11][2]. Asset Quality - The absolute levels of asset quality indicators remain excellent, with a non-performing loan ratio of 0.68% and a provision coverage ratio of 433%. The tightening of non-performing loan recognition standards is expected to stabilize asset quality metrics [11][2]. Investment Outlook - The bank's return on equity (ROE) remains competitive, and the dividend yield is attractive. The credit market share is expected to rise, and net interest margins are projected to stabilize, leading to improved revenue growth [11][2].