未来，北京农商银行将以此次首笔科技研发贷落地为契机，持续深化科技金融创新实践，丰富科技信贷 产品矩阵，完善全生命周期金融服务。通过加强政企协同、细化行业服务方案，加大对高新技术企业、 专精特新企业的支持力度，让金融活水更精准地滴灌科技创新沃土，为北京国际科技创新中心建设与实 体经济高质量发展贡献更多金融力量。 北京华诺泰生物医药科技有限公司是经开区"土生土长"的生物医药企业，深耕疫苗研发领域，其攻关的 相关疫苗项目具有重要公共卫生价值与市场潜力。 一笔236万余元的"科技研发贷"，如一场及时雨，为企业注入了发展活力。后续这笔资金将专项支持疫 苗创新研发与技术攻关，用于企业研发过程中的原材料采购、实验设备升级及研发团队保障等一系列关 键环节，助力企业加速科技成果转化，为提升区域生物医药产业核心竞争力注入动力。 "科技研发贷"是北京农商银行面向科技型企业创新推出的流动资金贷款，用于满足企业在科技创新及成 果转化、科技项目研发和持续型技术服务等方面的需求。除此之外，北京农商银行在科技金融领域形成 了涵盖"专精特新信用贷""科技人才贷""科技订单贷""科创智贷""科创链贷"等产品的75项产品矩阵，覆 盖企业全生命周期 ...

党的二十届四中全会对进一步全面深化改革、推进中国式现代化作出系统部署，强调健全现代金融体系、提 升金融服务实体经济质效，为新时代金融工作指明了前进方向。作为首都金融体系的重要支柱，北京农商银行始 终胸怀"国之大者"、心系"市之要事"，自觉把自身发展融入国家战略全局和首都功能定位之中。 五年来，北京农商银行紧紧围绕首都"四个中心"功能建设与"五子"联动战略部署，将自身发展深度嵌入首都 发展大局，在服务首都功能升级、京津冀协同发展、民生保障等关键领域精准发力，让国有金融企业的责任担当 落地生根。 在国际科技创新中心建设的浪潮中，该行以科技金融为引擎提速。组织推动科技金融专营化建设，跻身首批 科技金融领军机构，入选中关村科创金融服务中心试点，成为首批北京市知识产权金融生态综合试点单位。创新 "十四五"以来，该行坚持以高质量发展为首要任务，深入贯彻落实党中央、国务院决策部署及北京市委、市 政府工作要求，牢牢把握"稳中求进"工作总基调，完整、准确、全面贯彻新发展理念，聚焦主责主业，深化改革 创新，严守风险底线，扎实推进《北京农商银行五年发展战略规划（2021–2025年）》落地见效。截至2025年9月 末，主要经营指标 ...

Core Viewpoint - Chongqing Bank is on track to achieve significant growth and stability, aiming for a key year in 2025 as it approaches the "trillion" asset milestone, with a focus on serving the local economy and enhancing financial services for small and micro enterprises [1][5]. Asset Scale - As of June 30, 2025, the bank's total assets reached 983.37 billion, a 14.79% increase from the previous year, with loans exceeding 500 billion and deposits totaling 544.14 billion, also up by 14.77% [2][5]. - The bank's asset quality remains robust, with a non-performing loan ratio of 1.17%, down by 0.08 percentage points from the end of the previous year [2][3]. Profitability - The bank reported operating income of 7.66 billion, a year-on-year increase of 7.00%, and a net profit attributable to shareholders of 3.19 billion, up 5.39% from the previous year, marking the best growth rates in three years [2][3]. - Interest income grew by 12.22% to 5.86 billion, benefiting from the expansion of interest-earning assets and effective control of funding costs [2]. Risk Control - The bank has enhanced its comprehensive risk management system, with a focus on credit risk prevention, resulting in improved risk coverage with a provision coverage ratio of 248.27% [2][3]. - The proportion of loans under special attention decreased to 2.05%, indicating effective risk management practices [2]. Manufacturing Sector Focus - The bank's loans to the manufacturing sector reached 36.63 billion, a 16.86% increase from the previous year, with a non-performing loan ratio of 1.99%, reflecting a stable quality in loan growth [3][4]. - Initiatives such as the "Manufacturing Industry Action Plan" and support for high-quality development of the private economy have been implemented to ensure effective financial services [3]. Financial Innovation - The bank has developed a financial service system tailored to the entire lifecycle of technology enterprises, with technology loans growing over 40% [4]. - Green finance initiatives have led to a green loan portfolio exceeding 75 billion, with an annual growth rate of over 30% [4]. Regional Development Contribution - The bank has actively supported the Chengdu-Chongqing economic circle, injecting nearly 140 billion in credit to major projects, including transportation and digital economy initiatives [5]. - The bank's financing for the Western Land-Sea New Corridor has surpassed 47 billion, showcasing its commitment to regional infrastructure development [5]. Retail Business Innovation - The bank has introduced innovative consumer finance products, such as the "Jie e Loan," which has grown by 35% since the beginning of the year, enhancing consumer financing options [6]. - The bank aims to continuously improve its service quality and contribute to the high-quality development of the real economy as it approaches its "trillion" asset goal [6].

Core Viewpoint - The 2025 Zhongguancun Forum, themed "New Quality Productivity and Global Technology Cooperation," serves as a national platform for global technological innovation exchange and collaboration, promoting efficient transformation of scientific achievements and contributing to the development of the global innovation chain [1][15]. Group 1: Collaborative Development - The Zhongguancun Forum acts as an innovative magnet, attracting numerous partners to create a deep collaborative model [2][8]. - Partners are moving beyond traditional funding models, leveraging their technological expertise to integrate cutting-edge technologies into diverse scenarios at the forum [2][8]. - Key partners like Zhongguancun Development Group and BOE are showcasing new technologies and products, enhancing the synergy between technology and industry [2][4]. Group 2: Financial Support and Innovation - Financial institutions like Beijing Bank and Junlian Capital are providing essential support for technological innovation, creating a robust ecosystem for the development of new quality productivity [4][12]. - Beijing Rural Commercial Bank is offering tailored financial products to support the entire chain from R&D to industrialization [4][12]. - The "Patient Capital+" initiative aims to accelerate the industrialization of technological achievements and support innovative enterprises in overcoming growth bottlenecks [4][12]. Group 3: Value Creation and Regional Cooperation - The forum facilitates communication and collaboration between enterprises and regional economies, creating ample development opportunities [9][11]. - Zhongguancun Development Group has engaged nearly 2,000 innovative entities and facilitated over 80 cooperation intentions through its project reservoir mechanism [9][11]. - Shanxi Province is actively participating in discussions on industrial digital transformation, integrating regional innovation resources [9][11]. Group 4: Strategic Technological Advancements - Companies like BOE and Tern Explorer are leveraging the forum's global network to contribute to national strategic technological initiatives [12][14]. - BOE is focusing on integrating display technology with IoT and digital technology, showcasing numerous innovative products [14]. - Tern Explorer is transforming extreme environment protection technologies into solutions for smart cities and emergency rescue, establishing a pathway for innovation in strategic emerging fields [14]. Group 5: Future Outlook - The Zhongguancun Forum is reshaping the underlying logic of technological collaboration, driven by market forces and ecological co-construction [15]. - The acceleration of globalization is expected to provide broader development space for the forum, enhancing its role as a continuous innovation ecosystem [15].

Core Viewpoint - Huaxia Bank Shijiazhuang Branch emphasizes the importance of small and micro enterprises in national economic development and actively promotes the "Small and Micro Enterprise Financing Coordination Work Mechanism" to address financing difficulties and costs for these enterprises [1][2]. Group 1: Financing Coordination Mechanism - Since the launch of the financing coordination mechanism on October 15, 2024, Huaxia Bank Shijiazhuang Branch has established a dedicated task force led by the branch's top management to implement the work effectively [2]. - By the end of Q1 2025, the branch has approved credit for 318 small and micro enterprises amounting to 890 million yuan, with 292 enterprises receiving loans totaling 730 million yuan [2]. Group 2: Support for Technology Enterprises - The branch has set up 10 key institutions focused on inclusive technology finance, staffed by experienced credit professionals to support the financing development of technology enterprises [3]. - Five comprehensive service plans for regional industry clusters have been developed, targeting specific sectors such as agricultural products and automotive parts to enhance customer acquisition and sustainable business development [3]. Group 3: Efficient Approval Processes - The Shijiazhuang Branch has established a special approval team to expedite loan processes, exemplified by a case where a company received a 10 million yuan loan for equipment upgrades within 10 days of application [4]. - This rapid approval process significantly reduces financing time costs for enterprises, enabling them to quickly initiate projects and gain market advantages [4]. Group 4: Tailored Financial Solutions - Huaxia Bank Cangzhou Branch focuses on specialized and innovative small "giant" enterprises and technology companies, creating customized financial service plans based on detailed assessments of their needs and industry characteristics [5]. - The branch successfully provided loans of 3 million yuan and 15 million yuan to specific technology enterprises in Q1 2025, shifting the focus from traditional credit thinking to a value co-creation model [5]. Group 5: Commitment to Sustainable Development - Huaxia Bank Shijiazhuang Branch aims to build a multi-layered, widely covered, and sustainable financial service ecosystem for small and micro enterprises, contributing to high-quality regional economic development [5].

Investment Rating - The report maintains a "Buy" rating for Chongqing Bank [1] Core Views - Multiple favorable factors are resonating for Chongqing Bank: 1. The expected decline in deposit costs and risk clearance is anticipated to outperform peers, indicating higher growth potential compared to 2024 2. A new leadership team will be in place in the second half of 2024, which is expected to drive the conversion of convertible bonds to equity 3. Growth driven by government financing and domestic demand is expected to be less affected by negative impacts such as tariffs, benefiting significantly from policy support [7][75] Market Data Summary - Current price: 11.00 CNY - 52-week price range: 6.53 - 11.26 CNY - Total market capitalization: 38,220.35 million CNY - Circulating market capitalization: 20,673.33 million CNY - Total shares: 347,457.72 thousand - Circulating shares: 187,939.33 thousand - Average daily trading volume: 178.15 million CNY - Monthly turnover rate: 0.64% [4] Performance Comparison - Chongqing Bank's performance relative to the CSI 300 index over different periods: - 1 Month: Chongqing Bank +17.0%, CSI 300 +4.3% - 3 Months: Chongqing Bank +22.2%, CSI 300 -1.2% - 12 Months: Chongqing Bank +58.3%, CSI 300 +5.0% [5] Financial Forecast - Revenue forecast for 2025-2027: - 2025: 14.3 billion CNY, growth rate 4.48% - 2026: 15.4 billion CNY, growth rate 7.86% - 2027: 16.6 billion CNY, growth rate 7.45% - Net profit forecast for 2025-2027: - 2025: 5.5 billion CNY, growth rate 7.40% - 2026: 5.8 billion CNY, growth rate 5.10% - 2027: 6.1 billion CNY, growth rate 5.61% - EPS forecast: - 2025: 1.51 CNY - 2026: 1.59 CNY - 2027: 1.68 CNY - P/E ratios: - 2025: 6.82 - 2026: 6.47 - 2027: 6.11 - P/B ratios: - 2025: 0.67 - 2026: 0.65 - 2027: 0.65 [7][73][74] Deposit Cost and Growth - The average cost of deposits is expected to decrease significantly, with a projected reduction of 47 basis points compared to 2023 - The bank's deposit structure is shifting, with a notable decline in long-term deposit rates, which is anticipated to enhance the bank's growth potential [12][16][18] Loan Contribution and Sector Focus - From 2020 to 2024, infrastructure-related sectors contributed significantly to loan growth, with average compound growth rates of 31.1% for leasing and business services, and 22.2% for water and environmental public facilities [18] - The bank's focus on government-related loans is expected to provide a stable growth foundation amid current economic conditions [23] Consumer Finance and Growth Potential - Chongqing Bank has a strong presence in consumer finance, with significant growth in self-operated online consumer products, including a 100% year-on-year increase in "Jie E Loan" balances by the end of 2024 [46]

Core Viewpoint - Beijing Rural Commercial Bank reported a significant increase in both revenue and net profit for 2024, achieving a revenue of 18.063 billion yuan, a year-on-year growth of 18.09%, and a net profit of 7.973 billion yuan, a growth of 0.71%, outperforming the average performance of commercial banks in China [1] Group 1: Financial Performance - The bank's total assets reached 1.265215 trillion yuan by the end of 2024, reflecting a stable growth of 2.11% compared to the beginning of the year [2] - The loan balance increased by 10.2%, with loans accounting for a higher proportion of total assets, rising by 3 percentage points [2] - The bank successfully reduced high-cost deposits and issued 10 billion yuan in financial bonds and 10 billion yuan in perpetual bonds, improving its liability structure [2] Group 2: Asset Quality and Risk Management - The non-performing loan ratio decreased to 0.96%, with a provision coverage ratio of 322.71% and a capital adequacy ratio of 14.93%, all exceeding industry averages [2] Group 3: Strategic Focus and Service Development - The bank emphasized its dual focus on agriculture and commerce, providing 57 billion yuan in loans for rural revitalization in 2024, leading the industry in both scale and growth [3] - The bank established a comprehensive service network, including 1,415 rural financial convenience stores and 17 "Warm Stations," enhancing financial service accessibility in rural areas [3] - In support of major projects, the bank provided over 300 billion yuan in loans, achieving a project connection rate of 90.13% for key city and district projects [4] Group 4: Future Strategy - The bank's management outlined future strategic priorities, including enhancing strategic management, improving governance, promoting digital transformation, and reforming development mechanisms to adapt to high-quality growth [4]