Core Viewpoint - JPMorgan analysts believe that any pullback in the US stock market before 2026 will present a buying opportunity, with the S&P 500 index expected to break the 7000-point mark, indicating approximately a 3% upside from current levels [1] Group 1: Reasons for Bullish Outlook - Strong economic growth persists despite government shutdown causing data gaps [1] - Robust corporate earnings performance, with 83% of S&P 500 companies exceeding earnings expectations as of October, marking the best record since 2021 [1] - Macroeconomic headwinds are gradually dissipating, with a Supreme Court ruling on Trump tariffs likely to reduce policy uncertainty [1] Group 2: Market Dynamics - Several agreements have been reached, enhancing policy visibility [1] - Government reopening may release liquidity, boosting risk asset prices and potentially triggering a short squeeze in recently underperforming sectors [1] - Overall bull market structure remains solid, supported by earnings momentum and macro resilience, despite concerns over AI-driven valuations [1]

重庆银行25Q1 经营全面向好，盈利动能改善、资产质量向好。 数据概览 重庆银行2025Q1 营收同比增长5.3%，增速较24A 提升1.8pc；归母净利润同比增长5.3%，增速较24A 提 升1.5pc。2025Q1 末不良率1.21%，环比下降4bp；2025Q1 末拨备覆盖率248%，环比提升3pc 盈利动能向好 资产质量向好 25Q1 末不良率环比-4bp 至1.21%，测算的不良TTM 生成率环比-5bp，不良环比改善。拨备方面，25Q1 末拨备覆盖率248%，环比+3pc，风险抵补能力增强。 盈利预测与估值 预计重庆银行2025-2027 年归母净利润同比增长6.8%/7.9%/9.7%，对应BPS16.50/17.66/18.95 元。给予目 标估值2025 年PB 0.72x，对应目标价11.85 元/股，现价空间15%，维持"买入"评级。 风险提示：宏观经济失速，不良大幅暴露。 2025Q1营收同比增长5.3%，增速较24A提升1.8pc；归母净利润同比增长5.3%，增速较24A 提升1.5pc。 驱动因素来看，主要是息差水平回升、规模扩张提速，带动利息净收入增速显著回升。25Q1 利息净收 ...