资本充足方面，广发银行资本充足率创历史新高。其中，核心一级资本充足率同比提升0.56个百分点至 9.67%，资本充足率同比提升1.81个百分点至14.86%。 需要指出的是，2024年是银行业做好"五篇大文章"的首个完整年度，各大银行金融机构，包括广发银 行，在五大金融领域均有明显发力。 数据显示，截至2024年末，广发银行贷款余额为2.13万亿元，较年初增长2.8%。过去一年累计投放对公 一般贷款7895亿元，创"十四五"以来新高。其中，科技企业贷款余额2355亿元，较年初增长24.96%；绿 色信贷余额突破2000亿元，同比增长42.30%；普惠型小微企业贷款余额1961亿元，新发放贷款利率 3.29%、较上年下降111BP；服务社保客户超620万户，个人养老金累计开户约320万户，居股份行前 列。 此外，作为唯一一家总部在广州的全国性股份制银行，大湾区是广发银行重点深耕区域，在支持湾区建 设方面有较强的金融资源倾斜。数据显示，截至2024年末，该行大湾区制造业、科技企业和绿色金融贷 款余额分别为690亿元、694亿元、626亿元，较年初分别增长24.5%、25.9%和42.2%。 在数字金融方面，广发银 ...

Core Viewpoint - Chongqing Rural Commercial Bank (渝农商行) reported a year-on-year revenue growth of 1.3% in Q1 2025, with a net profit attributable to shareholders increasing by 6.3%, indicating a recovery in profitability and operational stability [1][2]. Revenue and Profit Growth - In Q1 2025, revenue increased by 1.3% year-on-year, with a 0.3 percentage point improvement compared to 2024 annual growth [2] - Net profit attributable to shareholders grew by 6.3% year-on-year, with a 0.7 percentage point increase from 2024 annual growth [2] - Total assets as of Q1 2025 rose by 8.0% year-on-year, reflecting a recovery in scale expansion, particularly in corporate loans which surged by 17% year-on-year [2] - The average daily interest margin stood at 1.61%, remaining stable compared to 2024, with a narrowing year-on-year decline from 12 basis points to 3 basis points [2] Interest Margin Stability - The average daily interest margin for Q1 2025 was 1.61%, primarily due to improved liability costs offsetting the decline in asset yields [3] - The asset yield for Q1 2025 decreased by 13 basis points to 3.11% compared to Q4 2024, attributed to the impact of LPR repricing and a general decline in loan rates [3] - The cost rate on liabilities fell by 11 basis points to 1.62% compared to Q4 2024, indicating effective cost management [3] Asset Quality - The non-performing loan (NPL) ratio remained stable at 1.17% as of Q1 2025, with a year-on-year decline in the NPL generation rate by 9 basis points [4] - The provision coverage ratio was 363% at the end of Q1 2025, remaining stable, indicating sufficient provisioning levels [4] Profit Forecast and Valuation - The bank's net profit is projected to grow by 6.6%, 7.6%, and 7.7% for the years 2025 to 2027, respectively, with corresponding book values per share of 11.84, 12.65, and 13.54 yuan [5] - The target price is set at 7.81 yuan per share, corresponding to a 2025 price-to-book (PB) ratio of 0.66x, indicating a potential upside of 15% [5]