Core Viewpoint - Chengdu Bank has emerged as the fastest-growing commercial bank in China, with total assets increasing by 63% from 2021 to 2024, significantly outpacing other listed banks amid a general slowdown in credit demand in the banking sector [1][3]. Asset Growth - From 2021 to 2024, the total assets of listed banks in China (including Hong Kong) grew by 33%, while Chengdu Bank's total assets reached 1.33 trillion yuan, making it the first city commercial bank in Western China to exceed one trillion yuan in assets [2][3]. - Chengdu Bank's market capitalization nearly doubled to 82.2 billion yuan by May 30, 2024, compared to the end of 2021 [2]. Loan Composition - As of the end of 2024, Chengdu Bank's government-related loans accounted for 53.1% of its total loans, reflecting a strategic focus on public sector financing [3][8]. - The bank's corporate loans exceeded 600 billion yuan, more than doubling since the end of 2021, with corporate loans making up over 80% of total loans [3][4]. Sector Focus - The primary driver of Chengdu Bank's loan growth has been in the leasing and business services sector, which includes financing for government-related projects and infrastructure [5][10]. - By the end of 2024, loans in the leasing and business services sector reached 281.9 billion yuan, a nearly 27-fold increase since 2015 [13]. Risk Management - Chengdu Bank has maintained a low non-performing loan (NPL) ratio of 0.66% as of 2024, the lowest among listed banks, attributed to the stability of its government-related loans [15][19]. - The bank's NPL ratio has decreased by 1.7 percentage points since 2015, while its provision coverage ratio has increased significantly, providing a buffer for future profit releases [19]. Market Position - Chengdu Bank's valuation has improved, with its market capitalization growing by 90% since the end of 2021, reflecting a shift in market preference towards banks with strong government-related loan portfolios [17]. - The bank's strategy of focusing on public sector financing has positioned it favorably in a changing economic landscape, where certainty in loan performance is increasingly valued [17][18].