一年内股价与大盘对比走势： 08-22 09-22 10-22 11-22 12-22 01-22 02-22 03-22 04-22 05-22 06-22 07-22 08-22 -50% 0% 50% 100% 重庆银行 沪深300指数 (收益率) 证券分析师 2025 年 08 月 24 日 重庆银行 (601963) ——资产质量持续向优，高质量奔向万亿 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 08 月 22 日 | | --- | --- | | 收盘价（元） | 9.95 | | 一年内最高/最低（元） | 11.75/6.53 | | 市净率 | 0.6 | | 股息率%（分红/股价） | 4.16 | | 流通 A 股市值（百万元） | 18,700 | | 上证指数/深证成指 | 3,825.76/12,166.06 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 16.04 | | 资产负债率% | 93.34 | | 总股本/流通 ...

8 月22 日重庆银行披露25 年半年报，公司25H1 归母净利润、营收、PPOP同比+5.4%、+7.0%、 +7.0%，增速分别较Q1+0.1pct、+1.7pct、+3.0pct。 25H1 年化ROA、ROE 分别同比-0.08pct、-0.25pct 至0.74%、11.52%。 区域重大战略支撑公司扩表提速；负债端成本改善显效，息差企稳回升；存量风险基本出清，资产质量 指标稳中向好。区域经济回暖，公司业绩改善，维持A/H 增持/买入评级。 信贷有力投放，基建类为主要投向 风险提示：资产质量修复不及预期；业绩改善趋势不及预期。 重庆银行25H1 净息差1.39%，较24 年+4bp，息差边际回升，主要得益于负债端成本改善显效。公司计 息负债成本率、存款成本率分别较24 年-29bp、-26bp 至2.29%、2.33%。贷款定价趋稳，25H1 贷款收益 率较24 年仅下行4bp 至4.35%。量价两端共同作用下，利息净收入增势较好，25H1 同比+12.2%（25Q1 同比+28.1%）。25H1 非息收入同比-7.1%（25Q1 同比-53.8%），非息降幅收窄，主要得益于投资类业 务波动减轻。2 ...

证券研究报告 | 公司点评报告 2025 年 08 月 23 日 平安银行（000001.SZ） 平安银行披露 2025 半年度报告。25H1 营业收入、PPOP、归母利润同比增速 分别为-10.0%、-10.4%、-3.9%，增速分别较 25Q1 变动+3.01pct、+2.50pct、 +1.70pct，营收、PPOP、归母净利润增速均有所回升。累计业绩驱动上，中 收、拨备计提、有效税率下降形成正贡献，净息差、其他非息形成负贡献。从 单季度业绩驱动来看，25Q2 中收对业绩的正贡献明显提升。 核心观点： 亮点：（1）零售结构优化，对公支持实体。2025Q2 末总资产同比增长 2.10%， 其中主要增量贡献来自金融投资规模扩张，同比增长 9.23%，贷款同比增长 -0.15%，单季增量为负，主要是零售贷款同比减少 5.24%，公司主动优化零售 贷款客群和资产结构，压降高风险资产，加大核销力度，虽总体规模下降，但 结构进一步优化，住房按揭、持证抵押等基石类业务占比提升，规模同比增长 12.93%，高风险贷款占比继续下降，资产质量继续改善，25Q2 末，零售贷款 不良率 1.27%，较年初回落 12bp，其中信 ...

行业报告 | 行业专题研究 银行 证券研究报告 25H1 商业银行主要监管指标数据点评 金融监管总局发布 2025 年二季度银行业主要监管指标数据情况。 ➢ 保持货币信贷合理增长指导思想下，25H1 银行业资产与信贷扩张再提速 ➢ 净息差企稳拐点可能已至 ➢ 资产质量稳步向好 风险提示：宏观经济震荡、不良风险大幅上升、净息差下行压力加大。 -10% -4% 2% 8% 14% 20% 26% 32% 2024-08 2024-12 2025-04 银行 沪深300 资料来源：聚源数据 相关报告 1 《银行-行业专题研究:"反内卷"下的 信贷投放》 2025-08-19 2 《银行-行业专题研究:从银行视角聊聊 买断式逆回购》 2025-08-16 3 《银行-行业深度研究:险资对银行股的 增持空间还有多少？》 2025-08-10 2025 年 08 月 19 日 | 投资评级 | | | --- | --- | | 行业评级 | 强于大市(维持评级) | | 上次评级 | 强于大市 | 作者 刘杰 分析师 SAC 执业证书编号：S1110523110002 liujiea@tfzq.com 行业走势图 ⚫ ...

Core Viewpoint - The market is experiencing a bullish trend, with the Shanghai Composite Index surpassing 3680, indicating strong investor sentiment and potential growth in the securities sector [1][5]. Group 1: Market Performance - The three major indices are showing upward movement, with the Shanghai Composite Index reaching a high not seen since the previous year's peak [1]. - The leading securities ETF (560090) has increased by 2.75%, aiming for a third consecutive day of gains [1]. Group 2: Margin Trading - The margin trading balance has exceeded 2 trillion yuan, reaching 20,345.33 billion yuan, which constitutes 2.30% of the A-share market's circulating market value [5]. - The trading volume for margin transactions is 1,945.68 billion yuan, accounting for 10.21% of the total A-share trading volume [5]. Group 3: Analyst Insights - Analysts from Shenwan Hongyuan suggest that the margin trading balance has room for further growth, comparing it to the 2015 peak when it exceeded 4.5% of the A-share circulating market value [7]. - Guotai Junan highlights that the influx of new capital is likely to benefit brokerage businesses, with a structural shift in funding expected to enhance the performance of securities firms [7]. - The improvement in asset quality and the reduction of valuation concerns are noted, with a decrease in impairment scales reflecting better asset quality among brokerages [8]. Group 4: Future Outlook - The securities industry is anticipated to enter a new growth phase, driven by favorable monetary policies and increased long-term capital allocation [7]. - Cost control measures and digital transformation are expected to enhance profitability and return on equity (ROE) in the brokerage sector [8].

Core Viewpoint - The brokerage sector is experiencing significant gains, driven by increased client activity and favorable market conditions, indicating a potential new growth phase for the securities industry [1][3][4]. Group 1: Market Performance - The brokerage sector saw a surge in stock prices, with notable gains from companies like Guosheng Jinkong and Changcheng Securities, contributing to a positive market sentiment [1][3]. - The A-share market has been defined as a "bull market" by multiple brokerages, with expectations of increased capital inflow due to the anticipated interest rate cuts in the U.S. [6]. Group 2: Driving Factors - Three main drivers for the recent performance include an increase in T0 client numbers, steady growth in client margin scales, and a noticeable rise in leverage among existing clients, as evidenced by the financing balance exceeding 2.02 trillion yuan [1][3]. - Analysts suggest that policy guidance is encouraging long-term capital to enter the market, with structural adjustments indicating a turning point, which could enhance the growth potential for brokerage services [1][6]. Group 3: Future Outlook - The securities industry is expected to benefit from a new growth cycle, with increased demand for brokerage, margin financing, asset management, and investment banking services as new capital flows into the market [1][6]. - The improvement in asset quality and the reduction of valuation concerns are also contributing to a more favorable outlook for brokerages, with a focus on cost reduction and efficiency improvements [7].

Investment Rating - The investment rating for Qingdao Bank is "Buy" and is maintained [9] Core Views - The bank's revenue growth for the first half of the year is 7.5% year-on-year, with net profit growth of 16.0%, driven by improved asset quality and a decrease in the tax rate [2][6] - The loan balance increased by 8.1% compared to the beginning of the year, with a focus on corporate lending while controlling risks [2][12] - The non-performing loan ratio improved to 1.12%, down 2 basis points from the beginning of the year, with a provision coverage ratio of 253%, up 11 percentage points [2][6] - The significant shareholding increase by the state-owned shareholder, Guoxin Group, signals confidence in the bank's long-term development [2][12] - The bank's performance has consistently exceeded expectations since 2024, indicating a robust fundamental outlook that supports a revaluation of its value [2][12] Summary by Sections Financial Performance - Revenue for the first half of 2025 is projected to maintain a double-digit growth in net interest income, attributed to rapid credit expansion and stabilization of net interest margins [12] - The bank's net profit growth is expected to remain high, benefiting from improved asset quality and a lower effective tax rate [12] Loan and Deposit Growth - Loans grew by 8.1% from the beginning of the year, with a quarterly growth rate of 2.6%, focusing on corporate clients [12] - Deposits increased by 7.9% compared to the beginning of the year, with a quarterly growth of 3.9% [12] Asset Quality - The bank's asset quality indicators are improving, with a declining non-performing loan ratio and increasing provision coverage, reaching the best levels since its listing [12] - The expected non-performing loan generation rate for 2024 is projected to be 0.52%, indicating stability in asset quality [12] Strategic Developments - Guoxin Group's planned significant share increase is seen as a strong signal of confidence in the bank's long-term strategy [12] - The bank's governance structure is market-oriented, and the increased stake by Guoxin Group may enhance support from local government resources [12] Investment Outlook - The bank is expected to continue its high growth trajectory, with a maintained dividend policy and a projected increase in dividend yield for 2025 [12] - Current valuations indicate significant upside potential, with a price-to-book ratio of 0.67x for A-shares and 0.52x for H-shares, alongside a price-to-earnings ratio of 5.9x for A-shares and 4.6x for H-shares [12]

Investment Rating - The report maintains a "Buy" rating for Qilu Bank [8] Core Views - Qilu Bank's revenue growth for the first half of 2025 is 5.8% year-on-year, with a net profit growth of 16.48% [2][6] - The bank's asset quality is improving, with a non-performing loan ratio decreasing to 1.09% and a provision coverage ratio increasing to 343% [2][6] - The bank's long-term growth potential is clear, with strong performance and improving asset quality [2][12] - The stock price has been under pressure due to convertible bond conversions, but the valuation is expected to recover post-conversion [2][12] Summary by Sections Financial Performance - Revenue growth of 5.8% in H1 2025, with Q1 at 4.7% and Q2 at 6.7% [2][6] - Net profit growth of 16.48%, with Q1 at 16.47% and a non-recurring net profit growth of 17.1% [2][6] - Interest income increased by 13.6%, with Q2 showing a significant rise of 19.1% [12] Asset Quality - Non-performing loan ratio decreased by 8 basis points to 1.09% [2][6] - Provision coverage ratio improved by 19 percentage points to 343% [2][6] - Continuous improvement in asset quality indicators over the past seven years [12] Market Position and Valuation - Current valuation at 0.77x 2025 PB and 6.9x 2025 PE, indicating potential for high elasticity recovery post-conversion [2][12] - The bank is expanding its branch network, supporting high loan growth [12] Future Outlook - The bank is expected to maintain high loan growth rates, driven by its focus on corporate lending [12] - The capital strength is projected to improve significantly post-conversion of convertible bonds, with a core Tier 1 capital adequacy ratio expected to reach 12% by the end of 2025 [12]

Core Insights - Lexin's Q1 2025 financial report shows a total revenue of 3.1 billion RMB, with a Non-GAAP EBIT of 580 million RMB, marking a year-on-year increase of 104.7% and a quarter-on-quarter increase of 25.3% [2][6] - The focus should be on the financial net income, which is derived from credit facilitation service income and tech-empowered service income, totaling 2.8157 billion RMB for Q1 2025 [2][3] - The core financial net income for Q1 2025 is 1.818 billion RMB, reflecting a quarter-on-quarter increase from 1.721 billion RMB in Q4 2024, indicating growth despite a decline in overall revenue [6] Revenue Breakdown - Credit facilitation service income for Q1 2025 is 2.648 billion RMB, while tech-empowerment service income is 361.5 million RMB [5] - Total operating costs for Q1 2025 amount to 2.045 billion RMB, with significant components including funding costs and various provisions [5][6] Asset Quality Improvement - The improvement in asset quality is evidenced by a 5% decrease in first payment default (FPD) rates and an 11% decrease in overall asset collection rates, contributing to a 9% reduction in the 90+ day delinquency rate [6] - The company's GAAP net profit reached 430 million RMB in Q1 2025, with a year-on-year growth of 113.4% and a quarter-on-quarter growth of 18.6% [6] Dividend Policy - Lexin plans to increase its dividend payout ratio from 25% to 30% of net profit starting in the second half of 2025, marking the second increase in dividend ratio within six months [7] Profitability Metrics - The take rate, defined as net profit over average loans, has increased from 0.66% in Q1 2024 to 1.58% in Q1 2025, with a quarterly profit margin growth of 21% [7]

Summary of Qilu Bank Conference Call Company Overview - **Company**: Qilu Bank - **Industry**: Banking, specifically regional commercial banking in Shandong Province, China Key Points Expansion Strategy - Qilu Bank is actively expanding its branch network with a goal to cover all counties in Shandong Province, currently achieving approximately 30% county coverage with a target of 100% [2][3] - The bank's strategy focuses on enhancing asset scale and competitiveness in low-cost deposits through branch expansion, particularly in county markets [2][3] Economic Environment - The economic structure of Shandong is stable, with a diverse industrial base and strong agricultural foundations, leading to economic growth rates that exceed the national average [2][4] - Shandong's overall social financing and credit growth rates are higher than the national average, providing opportunities for Qilu Bank to capture market share [4] Credit Growth Expectations - Qilu Bank anticipates maintaining a credit growth rate of 12%-13% in 2025, which is significantly higher than the national average of 6.5%-7% [2][5] - The bank's focus on seizing market share is expected to drive double-digit growth in credit [5][7] Loan Composition and Quality - The bank has a high proportion of corporate loans, with government-related loans in broad infrastructure accounting for approximately 42% [2][6] - Qilu Bank has minimal exposure to real estate loans, with only 1% of its loans in this category, contributing to its strong asset quality [6][9][10] - The bank's non-performing loan (NPL) generation rate has been declining, currently at 0.63%, indicating improving asset quality [9][10] Profitability and Margin - Qilu Bank's net interest margin is relatively low due to a higher proportion of financial investments compared to loans, but it maintains strong profitability due to low credit costs [8][11] - The bank's profit growth is primarily driven by declining credit costs and improving asset quality, with profit growth rates between 15%-17% expected [11][12] Investment Outlook - Qilu Bank's investment logic is supported by its branch expansion, focus on county markets, and improving asset quality, which are expected to enhance its market share and profitability [12][14] - The bank's capital adequacy ratio is approximately 10.5%, indicating no immediate capital pressure, and it is recommended for continued investment due to its growth potential [14] Additional Insights - The bank's conservative pricing strategy and low deposit interest rates compared to peers provide a competitive advantage [8] - The bank's focus on small and micro enterprises aligns with the economic structure of Shandong, enhancing its market relevance [6][12] This summary encapsulates the key insights from the Qilu Bank conference call, highlighting its strategic initiatives, economic context, credit growth expectations, loan quality, profitability, and investment outlook.