Investment Rating - The investment rating for Chengdu Bank is "Buy-A" with a target price of 21.94 CNY, compared to the current stock price of 18.11 CNY as of October 28, 2025 [5]. Core Views - Chengdu Bank's performance remains stable, with a revenue growth rate of 3.01% and a net profit growth rate of 5.03% for the first three quarters of 2025. The bank's asset expansion is steady, but net non-interest income has declined significantly [1][10]. - The bank is focusing on enhancing service quality for the real economy and has increased support for key manufacturing sectors, while also optimizing retail loan products [2][10]. - The bank's asset quality remains strong, with a non-performing loan ratio of 0.68% and a provision coverage ratio of 433.08% [9][10]. Summary by Sections Financial Performance - Chengdu Bank's total assets grew by 13.39% year-on-year as of Q3 2025, with a net increase of 130 billion CNY in assets during the quarter [1]. - The bank's total liabilities increased by 12.13% year-on-year, with total deposits growing by 12.64% [2]. - The net interest margin decreased by 8 basis points year-on-year, but the decline has slowed compared to the first half of the year [3]. Loan and Deposit Trends - Corporate loans grew by 16.48% year-on-year, but the growth rate has slowed compared to the previous quarter [2]. - Retail loans increased by 10.17% year-on-year, maintaining a leading position in the industry despite a decrease in growth rate [2]. - The bank's deposit structure shows a trend towards more term deposits, with the proportion of term deposits rising to 71.27% [2]. Non-Interest Income and Asset Quality - Non-interest income saw a significant decline of 52.86% year-on-year, primarily due to losses in investment income [9]. - Chengdu Bank's asset quality remains among the best in the industry, with a focus on risk management and a low non-performing loan ratio [9][10]. Future Outlook - The bank is expected to achieve a revenue growth of 4.12% and a net profit growth of 5.53% in 2025, supported by its strong asset quality and stable interest margin [10].

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 ...