2026 年信贷投放仍以公司贷款为主，采单客户占比略增，整体信贷增 速预计较 2025 年放缓，但增量相当，受监管对资产规模增速上限指导 影响，信贷增长速度将合理控制。 对公业务增量主要来自国家级和成渝双城经济圈基建项目，以及与雅夏 相关项目和参股企业西藏银行的合作，但受化债影响，省级、市级、区 级项目减少，审批更严格。 按揭业务短期内难成主力增长点，成都地区房地产市场虽相对稳健，但 整体环境不佳。消费贷款将是重点，通过风险把控和市场占比提升增加 投放量，消贷具有较大增长潜力。 新发放贷款定价总体呈下降趋势，零售资产定价稳定，公司贷款受产业 链需求不旺盛和竞争影响有下行压力，政信业务降幅较小，预计 2026 年资产端收益率波动不大。 预计负债端成本将有所改善，中小银行释放负债成本空间更大，成都银 行在城商行中负债成本改善程度会比较显著，主动负债如发行债券对成 本利润影响不大。 Q&A 成都银行在 2025 年第四季度的信贷投放情况如何？未来的项目储备情况是怎 样的？ 2025 年第四季度的信贷投放基本符合年初预期。整体投放仍然主要集中在公 司贷款方面，零售资产尚未出现明显改善。上半年我们提前完成了全年的任务， ...

Core Viewpoint - The Federal Reserve has announced a 25 basis point interest rate cut, but major banks in Hong Kong, including HSBC, have not followed suit, with HSBC only making a symbolic reduction of the Hong Kong dollar prime rate by 0.125% from 5.25% to 5.125% [1] Group 1 - The actual mortgage interest rate for new loans has decreased slightly from 3.5% to 3.375% following the prime rate cut, resulting in a minimal monthly payment reduction of HKD 69 for a HKD 1 million loan over 30 years [1] - For a HKD 5 million loan, the monthly savings amount to HKD 345, indicating a limited impact on borrowers despite the rate cut [1] - Market expectations suggest that the Federal Reserve may implement one to two more rate cuts within the year, but local banks in Hong Kong may be nearing the end of their rate reduction cycle due to the prime rate being close to historical lows [1] Group 2 - Despite limited room for further reductions in the prime rate, competition among banks for mortgage business remains intense, with expectations that banks may lower capped rates or increase cash rebates to attract customers [2] - It is advised that homeowners who plan to purchase property or have not refinanced in the next two to three years should actively evaluate their mortgage plans to benefit from lower effective rates and higher cash rebates [2]