"聚焦主责主业，探索更加契合城市商业银行发展规律的经营 模式，坚持走'想明白的路'。"成都银行董事长王晖在年报致 辞中谈到："我们致力于减少影响价值创造的'内卷'行为，以 专注、创新与勤勉，在周期跌宕中铸就'成行信念'"……这些 或可一窥成都银行绩优的"密码"。 作者：程诚 封图：图片资料室 年报季临近尾声，各家城商行2024年年报陆续出炉。作为中西部规模、业绩领先的城商行，成都 银行(601838.SH) 再次凸显绩优股底色。该行4月28日晚披露的年报显示，至2024年末该行资产总 额突破1.25万亿元，全年营收、净利润均保持较快速度增长。 2024年，商业银行面临净息差收窄趋势，资产质量承压，外部环境变化亦带来多重挑战。在此背 景下，成都银行主动融入战略大局，在服务区域经济发展中发挥自身优势，在延续近年来高质量增 长的同时，不良贷款率九年连降至0.66%，资产质量保持行业优等。 "聚焦主责主业，探索更加契合城市商业银行发展规律的经营模式，坚持走'想明白的路'。"成都银 行董事长王晖在年报致辞中谈到："我们致力于减少影响价值创造的'内卷'行为，以专注、创新与 勤勉，在周期跌宕中铸就'成行信念'"……这些或可 ...

Core Viewpoint - Chengdu Bank demonstrates strong performance as a leading city commercial bank in the central and western regions of China, with significant growth in total assets, revenue, and net profit for 2024, despite challenges in the banking sector [1][2]. Financial Performance - As of the end of 2024, Chengdu Bank's total assets reached 1.25 trillion yuan, an increase of 158.9 billion yuan, or 14.56%, compared to the beginning of the year [2] - The bank's operating income for 2024 was 22.982 billion yuan, a year-on-year increase of 5.89%, while net profit attributable to shareholders was 12.858 billion yuan, up 10.17% [2] - The bank's non-performing loan ratio decreased to 0.66%, maintaining a leading position in the industry [3] Strategic Focus - Chengdu Bank emphasizes quality and efficiency, risk and return coordination, and dynamic balance between total volume and structure in its operations [2] - The bank is committed to reducing internal competition and focusing on innovation and diligence to enhance value creation [1] Transformation Initiatives - The bank is pursuing three major transformations: large retail, digitalization, and precision management, to adapt to changes in the banking environment [4][5][6] - In large retail, the bank expanded its customer base to over 10 million and achieved a record increase in savings deposits [4] - Digital transformation efforts include the implementation of a management platform and automation tools to enhance operational efficiency [5] - Precision management focuses on industry research to improve marketing and risk control, leading to better business quality [6] Regional Economic Integration - Chengdu Bank integrates its development with national strategies, focusing on the Chengdu-Chongqing economic circle and supporting key projects in urban construction and major industries [7][8] - The bank has provided financing for significant projects in various sectors, including intelligent manufacturing and biotechnology [7] Cross-Border Financial Services - The bank supports cross-border financial services, enhancing the efficiency of enterprises' capital turnover and promoting international business capabilities [8][9] - As of the end of 2024, the bank's "Free Trade通" financial service has supported 101 enterprises in cross-border transactions totaling 569 million USD [9]

电商即时零售战场上，来了一个出人意料的玩家。 4月30日，淘宝天猫旗下即时零售业务"小时达"宣布正式升级为"淘宝闪购"，并联手饿了么，共同加大补 贴。 淘宝闪购原计划在五一期间按城市陆续开通业务。但今日 （5月2日） 虎嗅获悉，原定于5月6日全量上线的 即时零售服务"淘宝闪购"已经提前全量上线。 据有关人士透露，目前淘宝闪购各项业绩数据均超出内部预期。 有媒体报道，淘宝闪购上线24小时内，奈 雪的茶饿了么外卖订单同比暴涨超200% 。 一位接近淘宝的人士表示："消费者对淘宝闪购的超预期热 情，是推动提前全量上线的关键因素。但同时，全国城市商户报名积极踊跃，也是关键因素之一。" 在近期的行业竞争中，参与各方将主要精力投向供应端优化，相关话题频频引发外界关注。淘宝闪购和饿 了么则转换思路，"全力围绕消费者，提供最大的福利优惠"。目前淘宝闪购给每位消费者每天送出2张大额 外卖红包，同时还发放品牌商品一口价等福利。 超预期的表现暗示着淘宝即时零售的远近场结合布局已经成熟。淘宝闪购在淘宝APP首页拥有一级入口，目 前各个城市正在陆续上线，饿了么也早已成为国内外卖的头部平台。双方选择整合货盘，以身入局，瞄准 的绝不仅是餐 ...

当所有人以为美团和京东的"口水战"硝烟渐散，外卖大战告一段落时，"螳螂捕蝉，黄雀在后"，淘宝闪 购联合饿了么"闪现"外卖战场，外卖烽火再度燃起。 4 月30日，淘宝天猫旗下即时零售业务"小时达"正式升级为"淘宝闪购"，并在淘宝app首页Tab以"闪 购"一级流量入口展示，首日上线 50 个城市，后续5月6日推广至全国。关键是，淘宝闪购联合饿了么共 同加大补贴，为消费者提供诸如免单红包、免单奶茶、大额满减外卖券等超级权益。 互联网竞争从不论资排辈，大厂业务攻守博弈早已不是新鲜事，贴身肉搏更是家常便饭。先前京东外卖 搅动美团神经，现今淘宝闪购携饿了么分进合击，直接让美团、京东都坐不住了。 外卖市场再现"巨头的进击" 正逢五一消费旺季，京东补贴退潮、美团试图喘息之际，淘宝闪购携饿了么扔下了一枚"炸弹"。淘宝闪 购此番入局，不是小打小闹的渐进式试探，而是带着电商平台流量与本地生活王牌的精准偷袭和饱和攻 击。 一是，补贴直接升级，免单红包、大额满减、百亿补贴直击消费者心智。 笔者从淘宝端进入饿了么，领到了"15减14"的红包，而京东外卖大多数是"满10减3"，显然淘宝闪购优 惠力度更大。消费者普遍对价格敏感，这种简单、 ...

证券研究报告 | 2025年04月28日 长沙银行（601577.SH）2024 年报暨 2025 年一季报点评 优于大市 规模高增，业绩平稳 盈利增速平稳，2024 年分红率提升 1 个百分点。2024 年营收和归母净利润 同比分别增长 4.6%和 4.9%，2025 年一季度营收和归母净利润同比均增长 3.8%。2024 年分红率 22.49%，同比提升 2.2 个百分点，对应股息率 4.47%。 规模延续高增态势，县域金融优势凸显。2024 年末和 2025 年 3 月末规模同 比分别增长了12.4%和14.1%，其中贷款总额同比分别增长了11.6%和12.6%， 规模延续高增态势。其中，2024年对公贷款和个人贷款同比分别增长了19.3% 和 2.6%，主要是信用卡贷款和按揭贷款同比分别下降了 12.8%和 3.6%，个人 经营性贷款和个人消费贷款同比分别增长了 8.3%和 11.3%。 公司信贷实现较好扩张，主要得益于其县域金融战略下积累的深厚客群基 础。2024 年末县域贷款余额达 2014 亿元，同比增长了 18.7%，占贷款总额 的 36.9%，较年初提升 2.2 个百分点。2024 年公司县 ...

Core Viewpoint - Changshu Bank reported a strong performance in Q1 2025, with revenue and net profit showing double-digit growth, driven by enhanced non-interest income contributions [1][2]. Financial Performance - Q1 2025 revenue reached 30 billion, a 10% year-on-year increase, while net profit attributable to shareholders was 11 billion, up 13.8% year-on-year [1]. - The weighted average return on equity (ROAE) improved to 14.9%, an increase of 0.2 percentage points year-on-year [1]. - The growth rates for revenue, pre-provision profit, and net profit in Q1 2025 were 10%, 12.6%, and 13.8% respectively, with slight variations compared to Q4 2024 [2]. Asset and Loan Growth - The growth rate of interest-earning assets and loans as of the end of Q1 2025 was 8.3% and 6.1% respectively, both showing a decline compared to the end of 2024 [3]. - New loans in Q1 2025 totaled 8.8 billion, a decrease of 4 billion year-on-year, with corporate loans being the primary contributor [3]. - The bank's strategy focuses on small and micro enterprises, with loans of 10 million and below accounting for 71.3% of total loans [3]. Deposit Trends - The growth of interest-bearing liabilities and deposits in Q1 2025 was 8.6% and 9% respectively, both lower than at the end of 2024 [4]. - New deposits in Q1 2025 amounted to 22.5 billion, a decrease of 13.1 billion year-on-year, with a notable increase in the proportion of time deposits [4]. Net Interest Margin (NIM) - The net interest margin for Q1 2025 was 2.61%, narrowing by 10 basis points compared to 2024 [5]. - The yield on interest-earning assets decreased to 4.41%, down 33 basis points year-on-year, while the cost of interest-bearing liabilities fell to 2.03%, down 24 basis points [5]. Non-Interest Income - Non-interest income grew significantly, reaching 6.5 billion in Q1 2025, a 62% increase year-on-year, contributing 22% to total revenue [5][6]. - Investment income was 6.7 billion, up 21% year-on-year, despite some losses in fair value changes [6]. Asset Quality - The non-performing loan (NPL) ratio remained low at 0.76%, with a slight decrease from the end of 2024 [6]. - The bank's provision coverage ratio was 489.6%, indicating strong risk absorption capacity [6]. Capital Adequacy - As of the end of Q1 2025, the core Tier 1, Tier 1, and total capital adequacy ratios were 10.8%, 10.8%, and 13.7% respectively, all showing a decline from the end of 2024 [7]. - The bank has a low conversion ratio for its 6 billion convertible bonds, with the current stock price providing room for potential conversion [7]. Future Outlook - The bank maintains a strong growth outlook, with EPS forecasts for 2025-2027 at 1.41, 1.56, and 1.65 respectively, indicating a favorable valuation compared to peers [8].