12月10日，以"并购重组新引擎 上市公司新机遇"为主题的第五届重庆资本市场高质量发展大会在重庆 市两江新区成功举行。 重庆市委常委、两江新区区委书记罗蔺，中国上市公司协会党委书记魏峰，西南证券公司党委书记、董 事长姜栋林出席大会并致辞。重庆市委金融办分管日常工作的副主任周和华，中国上市公司协会党委委 员、副会长孙念瑞，重庆市经济信息委二级巡视员李奕，重庆市司法局副局长李爱民，重庆市市场监管 局副局长徐军，重庆证监局副局长刘佳，两江新区人大筹备组成员张发义，两江新区区政府筹备组成员 郑航，两路果园港综合保税区管委会副主任李四川，两江新区政协筹备组成员况斌等出席。中国社会科 学院学部委员、中国社会科学院原副院长、中国社会科学院大学原党委书记高培勇，复旦大学文科资深 教授、经济学院院长、中国经济研究中心主任、江北嘴财经智库理事长张军，清华大学国家金融研究院 院长、五道口金融学院副院长田轩，中国社会科学院金融研究所资本市场研究室主任张跃文，浙江大学 经济学院教授、西部金融研究院学术委员杨柳勇，西南证券首席经济学家叶凡等国内知名专家学者，以 及重庆所属区县金融工作管理部门，有关行业协会、上市及拟上市公司、金融机构、投 ...

Core Insights - The fifth Chongqing Capital Market High-Quality Development Conference emphasized the importance of listed companies in driving the capital market's high-quality development, urging them to take on responsibilities in governance, innovation, and investor relations [1] Group 1: Listed Companies in Chongqing - As of now, Chongqing has 78 A-share listed companies with a market capitalization of approximately 1.3 trillion yuan [2] - In the first three quarters of 2025, these companies achieved operating revenue of 572.13 billion yuan and net profit of 32.96 billion yuan, with over 40% of firms experiencing growth in both metrics [2] - Chongqing's listed companies exhibit a "124+N" characteristic, with a national leading R&D investment of 14.768 billion yuan in the first half of 2025, a year-on-year increase of 42.1% [2][3] Group 2: Key Performance Indicators - Chongqing's listed companies have the largest asset scale in Central and Western China, reaching 40.173 billion yuan by the end of the third quarter of 2025, a 7% year-on-year increase [3] - The refinancing scale of these companies reached 13 billion yuan in the first three quarters of 2025, marking a 125.9% increase year-on-year, ranking second in Western China [3] - The number of companies with over 50% of revenue from overseas is second in Western China, with 7 companies achieving this in the first half of 2025 [3] Group 3: Unique Industry Characteristics - Several companies in Chongqing have made significant achievements in their respective industries, such as Sanfeng Environment issuing the first "Belt and Road" technology innovation green corporate bond in the country [4] - Chongqing Rural Commercial Bank has the largest asset scale among rural commercial banks nationwide, while companies like Giant Network and Chongqing Beer lead in their respective sectors [4] Group 4: Two Rivers New Area Development - The Two Rivers New Area has 37 listed companies, contributing approximately 55.15% of the city's operating revenue and 49.35% of net profit, despite representing only 37% of the total number of listed companies [6] - Since the implementation of the "merger and acquisition six guidelines," Chongqing has seen active mergers and acquisitions, with 12 companies completing 14 transactions worth 35.276 billion yuan in the first three quarters of 2025, a 637% increase year-on-year [6][7] Group 5: Recommendations for Future Development - The report suggests optimizing policy supply and reducing transaction costs for successful mergers, including offering preferential policies for projects that land in Chongqing and exploring the establishment of a "merger loan risk compensation fund" [7]

2025.11. 26 本文字数：2209，阅读时长大约4分钟 作者 | 第一财经 李秀中 "十五五"时期，成渝地区双城经济圈建设将上升为国家区域重大战略。 11月25日，在中共重庆市委新闻发布会上，重庆市委常委、秘书长、政法委书记，重庆市委新闻发 言人刘尚进介绍，成渝地区双城经济圈建设纳入国家区域重大战略。 此次发布会主要介绍和解读重庆市委六届六次全会精神，而此次全会主要议程是审议通过了《中共重 庆市委关于制定重庆市国民经济和社会发展第十五个五年规划的建议》。 重庆市发展和改革委主任高健在发布会上表示，党中央的"十五五"建议要求"提升成渝地区双城经济 圈发展能级"，并作为区域重大战略进行专题部署，这是重庆拓展经济腹地、释放内生动力的重大机 遇。 高健表示，本次重庆市委全会提出，成渝地区双城经济圈是推进现代化新重庆建设的重大战略支 撑。"十五五"期间，重庆将紧扣"两中心两地"战略定位和"三中心一走廊"战略部署，联动四川抓好5个 方面工作。 第一，提质建设具有全国影响力的重要经济中心。持续优化双城经济圈空间格局，推动重庆、成都两 个极核相向发展，两个都市圈融通互动，建好省（市）域副中心城市和区域中心城市；强化成 ...

Core Insights - Chongqing Bank's Q3 2025 report highlights a historic milestone with total assets surpassing 1 trillion yuan, indicating a new phase of development and strong growth momentum in profitability and asset quality [1][3] Group 1: Asset Scale and Growth - As of the end of Q3, Chongqing Bank's total assets reached 1,022.7 billion yuan, a 19.4% increase from the beginning of the year, marking a significant achievement in its comprehensive strength and market position [1] - The bank's deposit balance stood at 554.25 billion yuan, up 16.9% year-on-year, while the loan balance reached 520.39 billion yuan, reflecting an 18.1% increase, providing a solid foundation for its main business [1] Group 2: Financial Performance - The bank achieved operating income of 11.74 billion yuan, a year-on-year growth of 10.40%, and a net profit of 5.196 billion yuan, also up 10.42%, marking the first time in nine years that both metrics experienced double-digit growth [1] - Net interest income increased by 15.2% year-on-year, reinforcing the bank's profitability and highlighting the effectiveness of its business structure optimization [1] Group 3: Asset Quality and Risk Management - Chongqing Bank's asset quality continues to improve, with a non-performing loan ratio of 1.14% at the end of Q3, down 0.11 percentage points from the beginning of the year [2] - The bank's provision coverage ratio reached 248.11%, an increase of 3.03 percentage points, enhancing its risk absorption capacity and providing a solid safety net for future operations [2] Group 4: Strategic Contributions - The bank actively supports national strategic initiatives, with financing for the Chengdu-Chongqing economic circle exceeding 300 billion yuan, a 20% increase, aiding over 120 major projects [3] - In supporting the construction of the Western Land-Sea New Corridor, the bank's financing balance reached 53.3 billion yuan, a remarkable 79% increase, showcasing its commitment to regional development [3] - Chongqing Bank has successfully attracted over 20 billion yuan in funding to support local economic development, aligning with its goal of becoming a Western financial center [3]

Core Viewpoint - Sichuan Financial Holding Group successfully issued its first 5-year corporate bond with a record low interest rate of 1.99%, reflecting strong market confidence in the issuer's creditworthiness and growth prospects [2][3]. Group 1: Bond Issuance Details - The bond issuance was led by Shenwan Hongyuan, with a total scale of 1 billion yuan and a subscription multiple of 3.95 times, indicating high demand from investors [2]. - The issuance received significant support from regulatory authorities and financial institutions, showcasing the issuer's strong market recognition [2]. Group 2: Company Overview - Sichuan Financial Holding Group is the only provincial state-owned financial capital investment and management platform in Sichuan, focusing on developing new productive forces and enhancing financial stability in the region [3]. - As of March 2025, the company reported total assets of 616.12 billion yuan and net assets of 89.89 billion yuan, with 2024 revenue of 14.656 billion yuan and net profit of 4.873 billion yuan [3]. - The company holds a AAA credit rating and includes five AAA-rated subsidiaries, emphasizing its strong operational capabilities and significance among provincial financial institutions [3]. Group 3: Future Collaboration - This bond issuance marks a renewed collaboration between Shenwan Hongyuan and Sichuan Financial Holding Group after five years, laying the groundwork for deeper cooperation [4]. - Shenwan Hongyuan aims to continue expanding its partnership with the issuer, focusing on strategic initiatives in the southwestern region of China [4].

Core Viewpoint - Chongqing is actively enhancing its financial sector to establish itself as a significant financial center in Western China, focusing on technology and consumer finance as key areas for growth [1][6][10]. Group 1: Financial Development Initiatives - Chongqing has issued a plan titled "Implementation Plan for Chongqing's Financial 'Five Major Articles'," which includes 17 specific support measures aimed at strengthening financial support for technology innovation [1][7]. - The city aims to achieve a technology loan balance of approximately 1 trillion yuan by 2027, indicating a strong commitment to supporting technological advancements [7][8]. - The financial landscape in Chongqing is evolving, with a focus on diversifying financial services to cater to various market participants [7][12]. Group 2: Small Loan Company Withdrawal - The number of small loan companies in Chongqing has significantly decreased, with 33 companies exiting the market in 2025 alone, resulting in a total of 211 remaining companies as of July 31 [3][4]. - The withdrawal of small loan companies is attributed to stricter regulatory measures and increased competition from consumer finance companies and internet lending platforms [4][5]. - The loan balance of small loan companies in Chongqing has dropped from 200.41 billion yuan to 109.20 billion yuan from March 2023 to March 2024, indicating a substantial contraction in this sector [3][4]. Group 3: Consumer Finance Growth - Chongqing has a strong foundation in consumer finance, with a personal consumption loan balance projected to reach 892.25 billion yuan by the end of 2024, reflecting a year-on-year growth of 9.9% [9][10]. - The city ranks third in the national consumer finance index, showcasing its competitive position in this sector [9][10]. Group 4: Future Financial Aspirations - There are aspirations to establish a high-standard financial institution headquarters in Chongqing, including the potential for a securities exchange, although current conditions do not support this initiative [11][12]. - The city is also pursuing the establishment of a national-level equity investment fund to support the new land-sea corridor, with backing from the central bank [11][12].