AB 19 _555 重庆工商大学成渝地区双城经济圈建设研究院研究员莫远明 "十五五"时期，重庆要紧扣奋力打造新时代西部大开发重要战略支点、内陆开放综合枢纽"两大定位"，深化体制机制改革，把比较优 势和后发优势转化为发展胜势，放大国家战略叠加效应，加强产业联动和区域协同，以重要经济中心、科技创新中心、西部金融中心 和巴蜀文化旅游走廊为核心，全力提升成渝地区双城经济圈发展能级。要着力重点提升成渝地区双城经济圈的产业发展能级、平台功 能能级、区域协同能级和央地合作能级，打造带动全国高质量发展的重要增长极和新的动力源。 在平台功能方面，要用好用活自贸区、综保区、高新区/西部科学城、中新互联互通项目等国家级政策，加快川渝十大毗邻地区建设， 加速重大项目、重大政策、重大改革事项落地见效，发挥重点区域增长极的引领示范作用。 在区域协同方面，要促进区域协同和双核联动，助力现代化新重庆建设，加快构建"一体两核多点"区域联动新格局。 在深化合作方面，要抓住新一轮战略风口，深化央地合作，争取中央部委大力支持，争取更多的央企在重庆布局总部或西南总部，同 时深化与西部地区省市、长江经济带沿线省市、西部陆海新通道沿线省市的省际合作，进 ...

Group 1 - The sixth Jiangbeizui New Financial Conference was held on December 28 in Chongqing Liangjiang New Area, focusing on the theme "New Finance, New Opportunities: Smart Integration for a Smooth Flow - Building the Western Financial Center" with over 500 industry experts and corporate representatives in attendance [1] - Chongqing has implemented the "Smart Integration for a Smooth Flow" initiative to enhance financial support, leveraging the advantages of financial institutions and talent in Jiangbeizui to build a high-level core area of the Western Financial Center [1] - The comprehensive strength and radiating power of the financial industry in Jiangbeizui have been continuously improving, significantly enhancing the ability of financial services to support the real economy [1] Group 2 - The private equity fund cluster in Liangjiang New Area was officially launched, with 12 private equity funds introduced this year, focusing on advanced manufacturing, semiconductors, aerospace information, and technology transformation, with a total committed capital exceeding 10 billion [1] - The Luhai New Corridor Jiangbeizui Financial Service Base was inaugurated, aiming to create a hub for financial service supply and demand, an important platform for reform and innovation, and an integrated service ecosystem, providing "one-stop" financial services [1] - A signing ceremony for the "Gathering New Quality Productivity, Co-building a New Ecological System for Science and Finance" was held, where local tech companies like Chongqing Optoelectronic Technology Co., Ltd. signed cooperation agreements with financial institutions like Chongqing Rural Commercial Bank to build a new ecological system for science and finance [2]

Core Insights - The sixth Jiangbeizui New Financial Conference was held in Chongqing, focusing on the theme "New Finance, New Opportunities: Smart Integration and Smooth Flow - Building a Western Financial Center" [3] - The conference attracted over 500 industry experts and business representatives from both domestic and international backgrounds [3] Group 1 - The Liangjiang New Area officially launched a private equity fund cluster, which has introduced 12 private equity funds this year, with a total subscribed capital exceeding 10 billion yuan, aimed at supporting industrial upgrades [3] - The Luhai New Corridor Jiangbeizui Financial Service Base was inaugurated, designed to be a hub for financial service supply and demand, as well as a platform for reform and innovation [3] - The base will provide "one-stop" financial services and showcase the effectiveness of corridor financial services [3] Group 2 - A signing ceremony for technology-finance cooperation was held, where local tech companies, including Chongqing Optoelectronics Communication Technology Co., signed agreements with financial institutions like Chongqing Rural Commercial Bank to build a new ecosystem for technology finance [4] - This collaboration represents a mutual effort between financial institutions and technology innovation entities, demonstrating the practical application of the "Smart Integration and Smooth Flow" initiative in empowering technological innovation and supporting industrial development [4]

Core Insights - The Chengdu-Chongqing Economic Circle is rapidly developing, with the Chengdu-Chongqing dual core expected to achieve a GDP of 4.87 trillion yuan in 2024, accounting for 55.83% of the economic circle [1] - The dual core has established a three-tier cooperation mechanism to enhance collaboration between the two cities, focusing on five key areas of development [1] Economic Performance - In the first half of this year, the Chengdu-Chongqing dual core achieved a GDP of 2.47 trillion yuan, with Chengdu contributing 1.21 trillion yuan, representing 57.2% of the economic circle [1] - The cumulative operation of the China-Europe Railway Express has surpassed 120,000 trains, with 38,000 trains originating from the Chengdu-Chongqing brand, maintaining a leading position in the country [2] Infrastructure Development - The Chengdu-Chongqing dual core is enhancing infrastructure connectivity, with daily high-speed train services increasing to 102 pairs and average intervals reduced to 5-10 minutes [2] - The two cities are jointly working on the construction of a world-class airport cluster, aiming to improve international air rights and resource allocation [2] Industrial Collaboration - The Chengdu-Chongqing region has developed two national advanced manufacturing clusters, with a total scale exceeding 2.2 trillion yuan, focusing on electronic information and biomedicine [4] - The automotive industry cluster has attracted over 600 smart connected vehicle component companies, with significant advancements in hydrogen fuel cell vehicles and electric vehicles [5] Innovation Ecosystem - The Chengdu-Chongqing dual core aims to build a nationally influential technology innovation center, with initiatives for policy sharing and collaborative research [8] - The establishment of the first national laboratory in the western region and various collaborative laboratories is underway to support innovation in multiple sectors [8] Financial Integration - The dual core is enhancing financial services to support the real economy, including the establishment of a cross-regional foreign debt facilitation pilot and a unified rural property trading market [9][10] - Collaborative financial initiatives have led to the creation of investment funds exceeding 15 billion yuan to support strategic emerging industries [10] Public Service Enhancement - The implementation of a credit report system to replace multiple compliance certificates is set to improve efficiency for businesses operating across the two cities [11] - A cultural tourism corridor has been established, featuring a joint card for over 60 scenic spots, promoting integrated cultural and tourism development [11][12]

Core Viewpoint - The fifth Chongqing Capital Market High-Quality Development Conference was successfully held, focusing on "Mergers and Acquisitions as a New Engine for Opportunities in Listed Companies" [1] Group 1: Conference Highlights - The conference featured notable attendees including government officials, industry leaders, and over 1,000 representatives from various sectors [2] - The establishment of the "Western Enterprise Mergers and Acquisitions Service Guidance Center" and the "China Listed Companies Association High-Quality Development (Chongqing) Service Base" was announced [3][5] - The Western Financial Research Institute released several reports, including the "Chongqing Listed Companies Development Report (2025)" and the "Chongqing Listed Companies Mergers and Acquisitions Research Report (2025)" [3][6][8] Group 2: Key Messages from Speakers - The importance of listed companies in the capital market was emphasized, highlighting their role in responsible governance and investor relations [4] - The need for financial services to support the real economy was reiterated, with a focus on innovative financial products and services [5] - Experts discussed the economic development landscape during the "14th Five-Year Plan" period, emphasizing the role of consumption and income distribution in driving economic growth [9] Group 3: Reports and Research Findings - The "Chongqing Listed Companies Development Report (2025)" analyzes the strengths and weaknesses of listed companies in Chongqing across five dimensions [7] - The "2025 Chongqing Listed Companies Mergers and Acquisitions Research Report" identifies key characteristics and offers recommendations for enhancing M&A activities in the region [8] - The reports highlight successful case studies of mergers and acquisitions that have led to industry upgrades and innovative business models [8] Group 4: Industry Trends and Future Directions - The conference discussions included strategies for building a financial center in the western region, focusing on integrating industrial and technological finance [10] - Emphasis was placed on fostering a supportive environment for innovation and long-term investment in emerging industries [11][12] - The event facilitated networking opportunities between listed companies and investment institutions, promoting deep integration of industry and capital [14]

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]

Core Viewpoint - The Chengdu-Chongqing Economic Circle has been elevated to a national strategic priority during the 14th Five-Year Plan period, highlighting its significance in regional development and economic growth [3][4]. Economic Development - The Chengdu-Chongqing Economic Circle's GDP is projected to increase from 6.4 trillion yuan in 2019 to 8.7 trillion yuan by 2024, representing a growth rate of 5.4% annually, which is 0.5 percentage points higher than the national average [4][5]. - The region's GDP share of the national total is expected to rise from 6.3% in 2019 to 6.5% in 2024, with a 30.3% share of the western region's economy [4]. Strategic Initiatives - The Chongqing Municipal Committee aims to enhance the economic center's influence by optimizing spatial layouts and fostering interaction between Chongqing and Chengdu [5]. - Five key areas of focus include: 1. Building a nationally influential economic center with new trillion-yuan industrial clusters [5]. 2. Establishing a technology innovation center to enhance collaboration in research and development [6]. 3. Developing a high-level financial center to integrate financial markets and services [7]. 4. Promoting cultural tourism through the preservation and utilization of cultural heritage [8]. 5. Strengthening regional cooperation to drive development across the western region [8]. Future Goals - By 2030, the Chengdu-Chongqing Economic Circle aims to solidify its position as a high-quality development hub, with enhanced economic dynamism and collaborative frameworks [5][6][7][8].

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].