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重庆银行穿越“K型分化” 一份以质量和效益为中心的成绩单_我的网站

A | "For decades now, the Pacific Ocean can be fairly described as an American lake, in which the US strategic presence is actively supported by the Australian and to a lesser extent New Zealand economic and security presence," says Joseph Camilleri, emeritus professor at La Trobe University in Melbourne.,However, with the People's Republic of China's (PRC) swift economic rise, it's hardly surprising that Beijing has started to explore new possibilities in the Pacific, according to the academic.,"What has particularly troubled the United States and its principal ally in the South Pacific, Australia, is the fact that China is making inroads into what was until now considered to be an exclusive American sphere of influence," he stresses.,On July 13, Vice President Kamala Harris told the Pacific Islands Forum (PIF) in Suva in a virtual address that US funding for the region would be stepped up to $60 million per year for 10 years. The newly announced endeavor includes more funding for fisheries, extra aid, and offers of new US embassies in the Pacific. In particular, the US is set to ink renewed fishing treaties with Pacific island nations allowing US vessels to fish in their exclusive economic zones (EEZ), and offering greater support for maritime surveillance in the Pacific. In addition to that, the Peace Corps – the United States government's volunteer program – will return to four countries, including Fiji, Tonga, Samoa, and Vanuatu, according to CNN.,Australia Welcomes 'Renewed Commitment' From US Towards Pacific, Willing to Work With China11:38 GMT,"The timing of the pledge has much to do with the strategic competition between the United States and China," Camilleri explains. "In recent years, China has made considerable headway in developing its relations with [the Pacific Island Forum (PIF)] board, including cooperation in political, security and regional affairs, aid and development, COVID response and health, Ocean affairs and climate change, and much else.",The US attempt to assert its presence in the Pacific region also comes on the heels of the Quad IUU Fishing Initiative announced in late May, according to Jay Batongbacal, director of the University of the Philippines Institute for Maritime Affairs and Law of the Sea.,The leaders of the Quad nations — Australia, India, Japan, and the United States – proposed a maritime surveillance initiative to establish a tracking system to combat illegal, unregulated, and unprotected (IUU) fishing. The Quad endeavor may be viewed as an extension of earlier initiatives against China's fishing activities in the South Pacific, according to the academic.,"The South Pacific region is presently one of the richest and most active fishery areas in the world," he highlights.,Why Asia Won't Reject Russia's Hydrocarbons or China's Rare Earths Despite US PressureYesterday, 18:54 GMT,Even if Half of Pacific Islands Ink China Pact, It'll be Beijing's Win,Two months ago, Beijing offered a draft agreement between China and 10 island nations spanning policing, security, fisheries, data, and a free trade zone. Some Pacific leaders have agreed to consider China's trade and security pact, while the others have voiced concerns that their rapprochement with Beijing could antagonize Washington.,"The Chinese proposal to establish a China-Pacific Islands cooperation framework agreement may not yet have won sufficient support but I expect that the Chinese side will persist with its proposal, and that it may be happy to proceed with it, even if only five or six Island states are prepared to sing such an agreement," says Camilleri.,Prior to that, in mid-April, the Chinese and the Solomon Islands governments formally signed a bilateral security agreement regardless of the displeasure voiced by the US, Australia, and New Zealand. Commenting on the pact on June 3, State Councilor and Foreign Minister Wang Yi underscored that its purpose is "to assist the Solomon Islands in maintaining social order." He vehemently denied Western media speculation about China's apparent plans to beef up its military presence in the region.,"China has come to the South Pacific region to build roads and bridges and improve the people’s lives, not to station troops or build military bases," Wang highlighted.,© MANDEL NGANUS President Joe Biden meets with China's President Xi Jinping during a virtual summit from the Roosevelt Room of the White House in Washington, DC, November 15, 2021. US President Joe Biden meets with China's President Xi Jinping during a virtual summit from the Roosevelt Room of the White House in Washington, DC, November 15, 2021. © MANDEL NGAN,US-China Competition for Pacific Islands Region Will Intensify,As the US and China's competition for the resource-rich region unfolds, it all depends on what Washington and Beijing can offer to Pacific island nations, according to Camilleri.,"It is doubtful that the paltry sum of $60 million offered by the United States can even begin to match what China is offering, or that it will greatly impress the Pacific Islands States meeting in Fiji," the professor suggests.,Furthermore, China has made substantial progress in building trade relations with the countries of the region as well as in establishing diplomatic ties with the PIF. The People's Republic was first invited to attend the PIF-related Talk on Establishing Dialogue Partnership held in Suva, Fiji, in 1988. Since 1990, China has attended the Post-Forum Dialogue meetings on a regular basis. In 2003, China announced its willingness to further expand economic ties with PIF member countries as well as to provide funding for the forum's secretariat.,"According to official Chinese figures, from 1992 to 2021, total trade volume between China and Pacific Island Countries (PICs) having diplomatic relations with China grew from $153 million to $5.3 billion, registering an average annual increase of 13% and expanding by over 30 times in 30 years. Similarly, by the end of 2021, China’s direct investment in PICs having diplomatic relations with China had reached $2.72 billion," says Camilleri.,The competition between the United States and its allies on the one hand and China on the other will, if anything, gather pace and intensity in the years to come, the professor says, adding that Beijing's advantage is that "it comes to the table with a much bigger checkbook, and greater opportunities for trade and investment, especially in infrastructure projects."。　　行业数据显示，银行业净利润的“K型分化”仍然明显。　　上半年，全国银行业金融机构累计实现净利润约1.24万亿元，同比微降0.6%。其中，国有大行净利润同比增长1.58%，股份制银行下降3.42%，农商行下降12.56%，城商行增长7.41%。　　在全行业净利润同比下降的背景下，城商行成为少数逆势向上的板块。重庆银行则又一次跑在了板块前列。

B | 　　本周四晚间，重庆银行披露《2026年半年度报告》：该行实现营业收入同比增长10.79%，净利润同比增长10.97%。　　从行业净利润整体下降，到城商行增长7.41%，再到重庆银行增长10.97%——板块走势上下分化，呈现出明显的“K型”。分化并非只是方向差异，更是不同银行经营成色的体现。拆解这份城商行“领头羊”半年报，有六个维度值得关注。

C | 　　01　　连续四个季度“双十”增长，A股上市银行唯一　　统筹收入成本，经营效益向优向好。　　该行的营业收入和净利润已经连续四个季度保持“双10%”增长，今年一季度甚至为“双11%”增长。在A股42家上市银行中，找不出第二家。　　“双十”增长并非无所依托。

D | 截至6月末，该行集团资产总额11089.09亿元，较上年末增长751.83亿元，增幅7.27%；法人口径资产总额10428.18亿元，较上年末增长669.34亿元，增幅6.86%，两个口径均站上万亿台阶。此外，该行年化加权平均净资产收益率达12.03%，较上年同期提升0.51个百分点。　　在行业净息差仅1.41%的环境中，该行净利润与净资产收益率（ROE）实现同步提升，表明资本回报效率正进入新的上升通道。这一表现并非依靠短期冲刺，也非通过财务与拨备调节的数字游戏实现，更多来自经营效率和资本使用效率的持续改善。　　02　　净息差逆势回升，改善幅度领先　　上半年，全国银行业金融机构净息差为1.41%，较一季度回升1个基点，是2022年以来首次单季环比回升；城商行板块净息差环比回升2个基点至1.40%。　　重庆银行净利息收益率较上年同期上升7个基点至1.46%，净利差较上年同期上升5个基点至1.40%。其中，净利息收益率回升幅度是全国银行业平均回升幅度的7倍，是城商行板块平均回升幅度的3.5倍。　　负债成本的改善提供了支撑。上半年，该行对公存款付息率较年初下降41个基点，个人定期存款平均成本率从2.86%降至2.39%。　　在全国银行业净息差仍处于“保1.4”阶段时，一家城商行将净利息收益率同比提升7个基点至1.46%，已属不易。　　03　　贷款与对公存款增量均为重庆第一　　报告显示，重庆银行贷款总额5824.59亿元，较上年末增加511.75亿元，增幅9.63%，贷款余额增量位列重庆市第一。　　存款端，该行存款总额6272.02亿元，较上年末增加614.98亿元，增幅10.87%。其中，对公存款余额增量连续两年居重庆市第一，储蓄存款余额增量连续两年居重庆市第二。

E | 　　信贷投放与区域重大战略、实体经济同频。上半年，该行服务成渝地区双城经济圈建设融资余额较上年末增长14.6%，服务西部陆海新通道建设融资余额增长9.3%，科技型企业贷款余额增长27.3%，制造业贷款余额增长13%。　　更关键的是，该行存款增速高于贷款增速，存款基本盘仍在扩大；流动性覆盖率远超监管标准，可见该行发展并未以牺牲安全为代价，资金精准导向，把存款高效配置到了实体经济中。

F | 　　04　　普惠小微贷款余额保持西部上市城商行首位　　重庆金融监管局发布的《关于2025年度银行业金融机构小微企业金融服务监管评价获评一级、二级机构的通报》中，重庆银行获评最高等级“一级”，是重庆当地法人银行中唯一一家连续7年荣获“一级”的机构。　　截至6月末，该行小微企业贷款余额2325.00亿元；普惠小微贷款余额776.47亿元，规模稳居西部上市城商行第一。

G | 同期，普惠小微贷款不良率、关注率较2025年末继续“双降”，不良生成率降至近三年新低。　　在大型银行下沉、中小银行普惠业务承压的背景下，“小微企业的银行”这一标签，正在成为重庆银行穿越周期的护城河。　　05　　不良贷款率1.11%，远低于全国城商行均值　　截至6月末，全国商业银行不良贷款率1.52%，城商行板块1.87%。重庆银行不良贷款率为1.11%，较全国商业银行均值低41个基点，较城商行板块均值低76个基点，不到城商行均值的六成。　　趋势同样关键。

H | 该行不良贷款率逐季改善，6月末创下近四年新低。从五级分类看，关注类贷款占比1.81%，较上年末下降0.13个百分点；不良贷款与逾期90天以上贷款比值为1.16，显示风险识别较为主动，并非等到逾期90天才被动认定。　　同时，该行拨备覆盖率247.31%，高出全国商业银行均值44个百分点，高出城商行板块均值76个百分点。规模扩张、风险下降、安全垫增厚同时出现，在当下银行业并不多见。　　06　　股价连续四年正收益，股东回报稳定　　A股42家上市银行中，仅8家连续4年实现正收益，重庆银行是其中之一。2025年，该行A股涨幅21.64%，在42家A股上市银行中排名第4，在17家上市城商行中位列第二；H股涨幅37.26%，在30家港股上市内地银行中排名第六。

I | 　　股东回报方面，2025年度该行现金分红15.99亿元，分红比例维持在30%高位；自回归A股以来，现金分红比例稳定在30%，连续五年保持较高且稳定的分红水平。　　机构评级方面，今年以来中信证券、招商证券、中泰证券、国泰海通证券、银河证券、浙商证券等多家券商给予“买入”“增持”“推荐”或“优于大市”评级。　　当市场仍在争论净息差底部何在，重庆银行却以六组关键数据，诠释了“K型分化”下质量与效益协同发展的实践路径。　　衡量一家银行的坐标，不再只是资产、营收和净利润的规模，而是增长是否可持续、定价是否有韧性、投放是否有效、风险是否可控、回报是否稳定。