对公信贷增速改善。2025 上半年末，成都银行对公贷款余额同比增长19.09%，增速环比提升1.40pct； 单季度净增长244 亿元，占信贷总额单季度增量的89.65%，投放情况好于去年同期。从具体投向来看， 上半年末广义基建类贷款占对公贷款比例为67.81%，较2024 年末上升2.33pct，这主要得益于成都银行 紧抓国家战略腹地建设发展机遇和省市重大基础设施等项目机会，同时从重点产业、重点园区拓展客 群，体现出成都银行政信业务仍面临旺盛需求。2025 上半年，全行房地产信贷占对公贷款比例持续降 低，潜在风险进一步出清。 零售投放环比转好。2025 年以来，成都银行积极落实国家房地产贷款政策导向、响应国家提振消费号 召，优化住房按揭贷款、消费贷款等业务的产品政策和办理流程。二季度末，全行零售信贷同比增长 12.85%，增速慢于信贷整体；单季度新增28 亿元，环比有所上升。 事件：成都银行披露2025 年中报，2025 上半年营收增速为5.91%，拨备前利润增速为6.84%，归母净利 润增速为7.29%。业绩增速较一季度有所回升，我们点评如下： 2025 年二季度，成都银行业绩主要支撑因素为规模扩张、成本 ...

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company's asset quality continues to improve, with a TTM real non-performing loan generation rate of 1.24%, a decrease of 16 basis points from the previous quarter, maintaining the improvement trend since Q3 2024 [1][5] - Revenue and net profit for Q1 2025 decreased by 3.6% and 2.2% year-on-year, respectively, indicating a shift from growth to decline compared to 2024 [2][6] - The average net interest margin for Q1 2025 was 1.80%, down 7 basis points year-on-year, but showed a rebound of 2 basis points compared to Q4 2024, primarily due to a significant decrease in the interest rate paid on deposits [3] - The bank's financial investment balance reached 3.55 trillion, demonstrating resilience amid challenges in the bond market [4] Summary by Sections Performance Overview - Q1 2025 revenue was 55,683 million, down 3.6% year-on-year, while net profit was 23,796 million, down 2.2% year-on-year [12] - The non-performing loan ratio increased by 1 basis point to 1.08% at the end of Q1 2025, while the attention loan ratio remained stable at 1.71% [1][5] Profitability and Valuation - The forecasted net profit growth rates for 2025-2027 are -1.16%, 0.41%, and 2.25%, respectively, with corresponding BPS of 39.20, 41.64, and 44.16 [6] - The target price is set at 25.82 yuan per share, corresponding to a 2025 PB of 0.66, indicating a potential upside of 23% from the current price [6] Asset Quality - The bank's asset quality is on an improving path, with a focus on real estate and credit card risk generation, while retail remains under slight pressure [5] - The provision coverage ratio decreased by 4 percentage points to 233% at the end of Q1 2025 [1][5]