Core Viewpoint - Recent shareholder increases in Nanjing Bank reflect strong confidence in the bank's performance and growth potential [1][2][3] Group 1: Shareholder Activity - BNP Paribas (QFII) increased its stake in Nanjing Bank by acquiring 108 million shares, raising its total holding from 16.14% to 17.02% [1] - Other major shareholders, including Nanjing Gaoke and Zijin Group, have also increased their holdings, indicating a positive outlook on the bank [2] - Nanjing Gaoke acquired a total of 1.98 million shares between July and September, increasing its stake from 8.94% to 9.99% [2] Group 2: Financial Performance - As of June 30, Nanjing Bank's total assets reached 2.90 trillion yuan, an increase of 11.96% year-on-year [2] - The bank reported a net profit of 12.62 billion yuan for the first half of 2025, reflecting an 8.84% year-on-year growth [3] - Nanjing Bank's non-performing loan ratio stood at 0.84%, with a provision coverage ratio of 311.65% as of June 30 [3] Group 3: Revenue Composition - For the first half of 2025, Nanjing Bank's net interest income was 15.65 billion yuan, contributing nearly 55% to the revenue growth [3] - Non-interest income reached 12.83 billion yuan, with fee and commission income growing by 6.70% year-on-year [3]

Investment Rating - The investment rating for Chengdu Bank is maintained at "Buy" with a target price of RMB 23.33 [1][9]. Core Views - The report highlights the steady progress of the major shareholder's increase in holdings, reflecting confidence in the bank's value and development potential [5][6]. - Recent trends show a wave of share buybacks among listed banks, indicating strong recognition of value and confidence in future growth [8]. - The bank's fundamentals remain solid, with a stable transition in management and a focus on risk control, maintaining a high provision coverage ratio [7]. Financial Performance and Forecast - Chengdu Bank's revenue and net profit are projected to grow steadily, with expected revenues of RMB 22,982 million in 2024 and RMB 24,311 million in 2025, reflecting growth rates of 5.89% and 5.78% respectively [4][19]. - The bank's net profit attributable to shareholders is forecasted to reach RMB 12,858 million in 2024 and RMB 13,817 million in 2025, with growth rates of 10.17% and 7.46% respectively [4][19]. - The non-performing loan ratio is expected to remain stable at 0.66% for 2025 and 2026, indicating strong asset quality management [4][19]. Valuation Metrics - The report maintains a target price-to-book (PB) ratio of 1.10 for 2025, with a corresponding target price of RMB 23.33, reflecting the bank's strong position in the industry [9]. - The forecasted earnings per share (EPS) for 2025 is RMB 3.26, with a price-to-earnings (PE) ratio of 5.38 [19]. - The dividend yield is projected to increase from 4.99% in 2024 to 5.37% in 2025, indicating a commitment to returning value to shareholders [19].

Core Viewpoint - Chengdu Bank's major shareholders plan to adjust their shareholding increase plan by removing the price cap and extending the implementation period to ensure the continuation of the increase [2][5]. Group 1: Shareholding Increase Plan - On April 9, Chengdu Bank's actual controller, the Chengdu State-owned Assets Supervision and Administration Commission, announced a plan to increase shareholding by purchasing 0.939% to 1.878% of shares at a price not exceeding 17.59 yuan per share within six months [4]. - Due to the stock price exceeding the disclosed upper limit, the shareholders have not been able to execute the increase as of July 9, 2025 [5]. - The adjusted plan removes the price cap, sets the increase amount between 6.99 billion yuan and 13.99 billion yuan, and extends the implementation period to 12 months [5]. Group 2: Financial Performance - As of the end of Q1, Chengdu Bank's total assets reached 1.335 trillion yuan, an increase of 846.92 billion yuan [7]. - The bank reported a revenue of 5.817 billion yuan, a year-on-year increase of 3.17%, and a net profit of 3.012 billion yuan, up 5.64% year-on-year [7]. - The non-performing loan ratio stood at 0.66%, maintaining the lowest level among A-share listed banks for the past two years [7].

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