BANK OF CHONGQING CO., LTD.* 重慶銀行股份有限公司* （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股份代號：1963） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 董事長 楊秀明 中國重慶，2025年8月22日 於本公告刊發日期，本行的執行董事為楊秀明先生、高嵩先生及侯曦蒙女士；本行的非 執行董事為黃漢興先生、郭喜樂先生、吳珩先生、付巍先生、周宗成先生及余華先生； 本行的獨立非執行董事為朱燕建先生、劉瑞晗女士、汪欽琳女士、曾宏先生及陳鳳翔先 生。 海外監管公告 本公告乃重慶銀行股份有限公司*（「本行」）根據香港聯合交易所有限公司證券上市規則第 13.10B條而作出。 * 本行經中國銀行業監督管理機構批准持有B0206H250000001號金融許可證，並經重慶市市 場監督管理局核准領取統一社會信用代碼為91500000202869177Y號的企業法人營業執照。 本行根據香港銀行業 ...

Core Viewpoint - The recent equity changes at Chongqing Bank reflect an internal resource optimization within the local state-owned enterprise system, indicating strategic adjustments in the financial sector [2][5][12]. Group 1: Shareholder Changes - Major shareholder Chongqing Yufu Capital plans to reduce its stake by 1.5%, decreasing its holding from 23.45% to 21.95% [2][12]. - Chongqing Real Estate Group will increase its stake by 1.5%, raising its holding from 5.10% to 6.60% [2][12]. - The equity changes are structured as a swap between two factions of shareholders, with Chongqing Water Investment Group reducing its stake by 1.50% through a block trade, which will be acquired by Chongqing Real Estate Group [3][5]. Group 2: Financial Performance - Chongqing Bank reported a revenue of 136.79 billion yuan for 2024, a year-on-year increase of 3.54%, and a net profit of 51.17 billion yuan, up 3.8% [6]. - In Q1 2025, the bank achieved a revenue of 35.81 billion yuan, a 5.3% increase year-on-year, and a net profit of 16.24 billion yuan, also up 5.33% [6][9]. - The bank's asset scale surpassed 930 billion yuan by the end of Q1 2025, reflecting an 8.8% year-on-year growth, positioning it as the second fastest-growing bank in the A-share market [6][10]. Group 3: Loan Structure - The bank's corporate loans increased significantly by 25% year-on-year, while retail loans grew only 2.81%, indicating a strategic focus on corporate lending [7][11]. - Loans to state-controlled enterprises accounted for 78.17% of total corporate loans, highlighting a reliance on this sector [7][11]. Group 4: Strategic Goals - Chongqing Bank aims to achieve a target asset scale of 1 trillion yuan, with 2025 being a crucial year for this objective [8][12]. - The recent shareholder changes may introduce new variables that could impact the bank's journey towards its 1 trillion yuan goal [8][12].

Core Viewpoint - Chongqing Bank announced significant shareholder equity changes, with major shareholder Chongqing Yufu Capital planning to reduce its stake by 1.5%, while Chongqing Real Estate Group will increase its stake by the same amount, reflecting internal resource optimization within the local state-owned enterprise system [2][3][6]. Shareholder Changes - Chongqing Yufu Capital and its action group plan to reduce their holdings from 23.45% to 21.95%, while Chongqing Real Estate Group will increase its holdings from 5.10% to 6.60% [2][3]. - Chongqing Water Investment Group, an action group of Yufu Capital, will reduce its stake by 1.5%, corresponding to a maximum of 52 million shares, with a total transaction value not exceeding 580 million yuan [3][5]. - The shareholding structure remains stable post-adjustment, with no change in control over Chongqing Bank [2][6]. Financial Performance - As of the end of 2024, Chongqing Bank achieved a revenue of 13.679 billion yuan, a year-on-year increase of 3.54%, and a net profit of 5.117 billion yuan, up 3.8% [7]. - In Q1 2025, the bank reported a revenue of 3.581 billion yuan, a 5.3% increase year-on-year, and a net profit of 1.624 billion yuan, also up 5.33% [7][8]. Asset Growth - By the end of Q1 2025, Chongqing Bank's total assets exceeded 930 billion yuan, reflecting a net increase of 75 billion yuan and an 8.8% year-on-year growth, ranking second among A-share listed banks [8][9]. - The bank's loan structure shows a significant reliance on state-owned enterprises, with loans to state-controlled enterprises accounting for 78.17% of total corporate loans [9]. Strategic Goals - Chongqing Bank aims to achieve a total asset scale of 1 trillion yuan, with 2025 being a critical year for its development strategy [9][10].

Group 1: Company Financing and Support - Jiangsu Bank has developed a financing solution called "Su Trade Loan" to support small and micro enterprises, resulting in a company receiving 8 million yuan in funding to expand production and increase sales by 31% in the current quarter [1] - Jiangsu Bank has injected financial resources into over 40,000 enterprises, with a cumulative credit of nearly 400 billion yuan, promoting high-quality development of the real economy [1] - The bank has implemented a "six specialized mechanisms" to enhance financing channels for small and micro enterprises, focusing on personalized services and efficient processes [2] Group 2: Technological Empowerment and Service Efficiency - Jiangsu Bank has strengthened the promotion of non-repayment renewal loans for small and micro enterprises, introducing smart tools like "proactive invitation" and "simulated approval" to enhance service efficiency [3] - The bank has created a "hot map" for small and micro enterprise connections, ensuring that enterprise needs are met quickly and effectively through a comprehensive management process [3] Group 3: Support for Private Enterprises - Jiangsu Bank has increased credit loans and medium-to-long-term loans for various types of private enterprises, focusing on sectors like technology, manufacturing, and agriculture [4] - The bank has launched the "Su Yin e-chain" system to provide fully online financing for small and medium-sized private enterprises, enhancing their operational management capabilities [4] Group 4: Support for Foreign Trade Enterprises - Jiangsu Bank has established a specialized action team to support foreign trade enterprises, ensuring that necessary credit needs are met without arbitrary loan reductions [7] - The bank has introduced the "Su Trade Loan" product to assist foreign trade companies in financing, providing timely loans to alleviate payment pressures [7] Group 5: Innovation in Financial Services - Jiangsu Bank has initiated a special action plan to expand first-time loans for technology enterprises, enhancing coverage and support for innovation [8] - The bank has launched the "Achievement Transformation Loan" to assist in the transfer and transformation of technological achievements, promoting collaboration between technology and industry [8][9]

Core Insights - The article highlights the financial support mechanisms established by the People's Bank of China in Xi'an City to enhance the dairy industry in Jingyang County, Shaanxi Province, which is a significant base for goat milk production in China [1] Group 1: Financial Support Mechanisms - The "Main Bank+" mechanism promotes deep integration between the industrial chain and financial resources, with the Jingyang County Rural Credit Cooperative designated as the main bank for the dairy industry [2] - The establishment of a "Main Bank + Policy Connection" mechanism aims to facilitate the application of preferential policies for dairy industry projects, including providing credit loans to poverty alleviation households [2] - The "Re-loan+" mechanism integrates central bank funds with credit products, offering specialized loans to key enterprises like Yatai Dairy, with a total credit of 45 million yuan and 18 million yuan in re-loans for 2024 [3][4] Group 2: Loan Products and Financial Services - The introduction of the "Jingyang Loan" product provides flexible loan options for farmers and small enterprises, with maximum loan amounts of 300,000 yuan for individuals and 5 million yuan for small businesses [4] - The "Interest Rate+" mechanism encourages financial institutions to implement differentiated pricing strategies, with a 20 basis point reduction from the Loan Prime Rate (LPR) for dairy-related enterprises [5] - The "Financial Counselor+" mechanism enhances policy guidance and business services, establishing a financing connection ledger for enterprises and individuals, and optimizing loan application processes [6]

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 - The financial system in Guangxi has shown a strong performance in the first quarter of 2025, with an increase in social financing scale and loan growth surpassing the national average, reflecting a positive economic recovery trend under a moderately loose monetary policy [1][2][3]. Financial Performance - In the first quarter, Guangxi's social financing scale increased by 236.51 billion yuan, a year-on-year increase of 8.34 billion yuan [2]. - The balance of deposits and loans in Guangxi reached 4.85 trillion yuan and 5.57 trillion yuan respectively by the end of March, with year-on-year growth of 5.7% and 8.0% [2]. - Loan growth rate in Guangxi exceeded the national average by 1.1 percentage points, ranking 10th nationally and 3rd in the western region [2]. Financing Structure - Loans and government bonds are the two main components of social financing, with net financing from corporate and government bonds and domestic stock financing totaling 76.09 billion yuan, a year-on-year increase of 30.28 billion yuan [2][3]. - The capital market in Guangxi has been actively utilized, with local government bond issuance driving direct financing growth [3][4]. Monetary Policy and Support - The People's Bank of China announced a reserve requirement ratio and interest rate cut, expected to provide approximately 1 trillion yuan in long-term liquidity to the market [5]. - The monetary policy in Guangxi is aimed at enhancing counter-cyclical adjustments, ensuring ample liquidity, and creating a supportive environment for social financing [5]. Sector-Specific Lending - By the end of March, loans for agriculture, forestry, animal husbandry, and fishery reached 111.46 billion yuan, with a year-on-year growth of 8.47% [6]. - Loans for small and micro enterprises totaled 599.04 billion yuan, growing by 11.88% year-on-year, while loans for technology reached 646.79 billion yuan, up 14.09% [6]. Financial Innovation and Efficiency - Guangxi has established an efficient financing matching mechanism, enhancing the efficiency of financial services through a "bank + industry" approach [9]. - As of the end of March, this mechanism facilitated 14 banks to grant credit of 45.35 billion yuan to 42 projects, with 7.71 billion yuan in loans disbursed [9]. Cost of Financing - The average interest rate for various loans in Guangxi was 3.26%, a year-on-year decrease of 54 basis points, with corporate loans at 3.34% and personal housing loans at 3.07% [10][12]. - The reduction in financing costs has led to a cumulative decrease of over 3.7 billion yuan for enterprises and residents [10].