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A股42家上市银行唯一 重庆银行凭什么？_我的网站

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    The general assembly of the Lixun-1 upper stage Photo: Courtesy of CAS Space
    The Lixun-1 upper stage Photo: Courtesy of CAS Space
Lixun-1 upper stage, a versatile "space tug" developed by China's commercial space firm CAS Space, is scheduled to make its maiden flight in the first quarter of 2027 after completing a series of key propulsion-system tests, the developer and its chief designer told the Global Times on Tuesday.
The "tug" is designed to ferry satellites from one orbit to another and support missions ranging from constellation deployment to lunar exploration. 
While the main stages of a rocket carry payloads from the ground into an initial orbit, an upper stage takes over once the craft is in space. By repeatedly restarting its engine and changing orbit, Lixun-1 can deliver satellites to higher or different orbits, distribute multiple spacecraft to separate destinations during a single launch, or send probes onto trajectories toward the moon and beyond, Global Times learned from the developer.
Yang Haoliang, chief designer of the Lixun-1 upper stage, compared the system to a shuttle service. "If the regular stages of a launch vehicle are like a long-distance bus," - they carry the upper stage and satellites from Earth to a near-Earth parking orbit - the upper stage then takes over as a "space tug," carrying its satellite "passengers" onward to their designated orbital "stops," Yang explained. 
That capability can have a direct impact on how efficiently satellites are launched and operated, Yang said. If a satellite has to climb from an initial orbit to its final destination using its own engine, the process can consume a considerable amount of onboard propellant and reduce the fuel available during its operational life. An upper stage can instead perform that orbital transfer, helping conserve satellite fuel and potentially extend its service life.
It can also make one rocket launch do more work. Instead of releasing a batch of satellites into roughly the same orbit, Lixun-1 can repeatedly ignite its engine and maneuver between deployments, sending different satellites to different altitudes and inclinations. Yang said this would help accelerate constellation deployment while improving the efficiency of individual launches.
The practical ambitions behind the system are backed by a major technical milestone reached this month. In August, Lixun-1 completed its PV-001 integrated propulsion-system coordination firing test, during which the entire system operated smoothly for 566 seconds.  
Yang told the Global Times that the current Lixun-1 upper stage has a thrust of 20 kilonewtons and can achieve a specific impulse of 315 seconds, which he described as reaching an internationally leading level. The August firing covered the planned profile for the maiden mission, an important step before the system proceeds to flight testing.
The test was more than a demonstration of the engine itself. As an important system-level verification during development, it examined the coordination and engineering reliability of the engine pressurization system, propellant delivery system, propellant management system and servo-control system under the fully integrated configuration.
Of a series of tests that accumulated 5,211 seconds of firing time, the latest one focused on three core technologies: a high-thrust, high-performance 20-kilonewton upper-stage engine capable of multiple starts; balanced propellant delivery from multiple parallel tanks; and a highly reliable integrated electrical system. Their successful verification means Lixun-1 has completed its system-level testing and is ready to move into the flight-test phase, according to the developer.
Lixun-1 has been designed as a modular and generally adaptable upper stage rather than a system tied to only one rocket. It is intended to work with CAS Space's Kinetica-2 and Kinetica-2 heavy-lift variants as well as other launch vehicles, Yang said.
When paired with the Kinetica-2 family, Lixun-1 could significantly expand the rocket's mission range. For communications missions, it could deliver satellites to geosynchronous transfer orbit or even directly to geosynchronous orbit, conserving satellite propellant while supporting the deployment of high-throughput satellites and future 6G communications spacecraft.
For multi-satellite missions, the combination could distribute spacecraft to different orbital altitudes and inclinations during a single launch, potentially serving both low-Earth-orbit constellations and medium- or high-orbit payloads. For deep-space missions, it could place probes onto Earth-moon transfer trajectories and support lunar exploration, Yang said.
The upper stage is designed to be able to conduct more than 20 engine ignitions, autonomously plan orbital-transfer routes and operate under the vacuum and extreme temperature conditions of space. After completing payload deployment, it can also carry out orbital disposal maneuvers to reduce space-debris risks.
Yang said the Lixun-1 and Kinetica-2 combination is designed to cover the vast majority of commercial satellite launch requirements while retaining the ability to participate in major national space projects. More broadly, the upper stage forms part of CAS Space's effort to build launch capabilities reaching medium and high Earth orbits and deep space, extending the reach of China's commercial space sector toward higher orbits and more distant destinations.
。    　　1．营收分析：净利息收入支撑显著，中收波动折射行业共性　　（单位：亿元）项目2025年度2024年度同比变动营业收入151.13136.79+10.48%利息净收入124.59101.76+22.44%营业利润67.6764.02+5.70%归母净利润56.5451.17+10.49%　　表1：重庆银行2025年度利润表主要科目变动表　　（单位：亿元）项目2026年1-3月2025年1-3月一季度同比变动营业收入39.9635.81+11.57%利息净收入35.4831.44+12.85%营业利润20.0319.31+3.73%归母净利润17.9316.24+10.40%　　表2：重庆银行2026年一季度利润表核心指标对比表　　图1：重庆银行2025年营收构成　　首先我们来看重庆银行的营收数据。

B | 　　2025年，重庆银行实现营业收入151.13亿元，同比增长10.48%；归母净利润56.54亿元，同比增长10.49%。　　在此基础上，2026年一季度业绩再迎“开门红”，单季实现营业收入39.96亿元，同比增长11.57%；实现净利润18.98亿元，同比增长11.22%，营收和净利润继续保持“双两位数”的高速增长。　　2026年半年业绩快报显示，该行实现营业收入84.86亿元，同比增长10.80%；利润总额40.81亿元，同比增长7.82%；归属于该行股东的净利润35.18亿元，同比增长10.28%。已连续四个季度实现营收、归母净利润“双十”增长。在A股42家上市银行中，仅此一家。　　深入拆解收入结构可以发现，净利息收入是核心驱动力。2025年该行净利息收入达124.59亿元，同比增长22.44%；步入2026年，这一增长势头仍然强劲，一季度实现利息净收入35.48亿元，同比增长12.83%，合理预测半年数据应该也不会差。

C | 　　作为立足地方的城商行，该行深度服务成渝地区双城经济圈与西部陆海新通道建设，这种基于实体经济强需求的增长，具有很强的可持续性，也使其在同业竞争中，构建起了稳固的营收护城河。　　中间业务收入方面，在“报行合一”政策深入推进、代销基金费率调降及财富管理市场波动等多重因素叠加下，商业银行中间业务普遍进入了深度调整期。受理财市场波动加剧影响，2025年上市城商行中间业务收入呈现出显著的结构性分化态势。在利率市场化的大背景下，尽管少数机构凭借财富管理的“马太效应”实现增长，但全行业相关收入依然普遍承压，多家上市城商行手续费及佣金净收入出现了 30% 左右的同步回调。面对行业整体性的调整，重庆银行展现出了较强的经营定力，2026年该行中收业务已呈现出降幅收窄、企稳向好的边际改善迹象。　　同时，我们也观察到，重庆银行近年来展现出诸多转型亮点。2025年，该行非金融企业债券承销份额、占比、只数三项指标均跃居重庆区域第一 ，领跑西部法人金融机构。此外，在贸易金融领域，跨境人民币结算量同比增幅超120%。这种基于服务能力提升所带来的高质量中间收入来源，正在逐步取代传统的通道类业务，成为未来的新增长点。

D | 项目2025年度2024年度同比变动客户贷款平均收益率4.27%4.39%-12 bps客户存款平均付息率2.22%2.59%-37 bps净利差（NIS）1.35%1.22%+13 bps净利息收益率（NIM）1.39%1.35%+4 bps　　表3：重庆银行资负两端平均收息/付息率及净利息收益率拆解表　　净利息收益率（NIM）方面，2025年为1.39%，较2024年的1.35%回升了4bps。通过资产负债两端的利率拆解可以看出其背后的改善逻辑：　　在该行资产端（贷款）平均收益率下降12bps的情况下，负债端存款平均付息率下降了37bps。

E | 这种“负债端降成本”的幅度有效对冲了资产端的定价下行压力，使得净利息收益率改善的表现优于行业平均水平，反映出该行在存款定价管理上的能力日益凸显。

F | 项目2025年末2024年末同比变动资产总额10，337.268，566.42+20.67%客户贷款和垫款总额5，312.854，406.16+20.58%——其中：公司贷款4，098.673，130.03+30.95%负债总额9，677.277，928.78+22.05%客户存款总额5，657.044，741.17+19.32%——其中：公司活期存款701.92538.79+30.28%　　表4：重庆银行2025年末资产负债规模汇总表　　2．资产分析：站稳万亿规模，与城市战略同频共振　　图2：重庆银行2025年贷款规模增速　　2025年，公司总资产达到10，337.26 亿元，同比增长20.67%，正式跨入“万亿资产规模”行列。进入2026年一季度，增长势头依然强劲，截至2026年3月末，资产总额进一步攀升至11，081.30亿元，增幅7.20%。截至2026年6月末，该行资产总额达11，089.09亿元，较年初增长7.27%。业界认为，重庆银行在万亿新起点上展现出的业务发展潜力，标志着其“五高”经营战略（高目标引领、高站位转型、高效率运行、高品质服务、高质量发展）已显现出极强的导向作用。

G | 通过效率驱动与服务升维，该行不仅实现了资产体量的实质性突破，更在向一流上市商业银行序列靠拢的过程中，构建起了差异化的竞争护城河。　　作为深耕本土的金融力量，重庆银行将自身的发展逻辑根植于西部大开发的沃土之中，在与地方经济同频共振、共兴共荣的进程中，完成了自身体量的跨越。　　从贷款投向来看，2025年末对公贷款同比增长30.95%。在“全行上下一盘棋”的高效执行力下，信贷资源精准投向了成渝地区双城经济圈、西部陆海新通道等国家重大战略以及重庆“33618”现代制造业集群体系。年报数据显示，公司科技型企业贷款余额增长高达60%，绿色信贷规模增长40%，制造业贷款增量、增幅均创下近五年新高。此外，公司服务西部陆海新通道建设的融资余额已超550亿元。这种投向不仅履行了服务实体经济的职责，更在扩表过程中通过高粘性的场景金融沉淀了大量的低成本活期资金。　　3．风险分析：前瞻性指标全面改善，资产质量家底做实指标2025年末2024年末变动情况不良贷款率1.14%1.25%-11 bps关注类贷款占比1.94%2.64%-70 bps逾期贷款占比1.36%1.73%-37 bps拨备覆盖率245.58%245.08%+0.50 pct　　表5：重庆银行资产质量及前瞻性风险指标对比表指标2026年3月末2025年末变动情况不良贷款率1.12%1.14%-2 bps拨备覆盖率246.60%245.58%+1.02 pct　　表6：重庆银行2026年一季度末资产质量核心指标变动表　　在风险控制维度，重庆银行深入贯彻“风险管理创造价值”的经营理念，实现了风险管控能力的提档升级，带动该行风险敞口显著收窄且不断向好。截至2025 年末，该行不良贷款率降至1.14%，同比优化11bps，尤为令投资者关注的是前瞻性指标的同步向好：关注类贷款占比与逾期贷款占比分别较年初下降70bps和37bps至1.94%和1.36%。　　2026年一季度，资产质量继续提升，截至3月末，不良贷款率下降0.02个百分点至1.12%，拨备覆盖率则较上年末提升1.02个百分点至246.60%。

H | 前瞻性指标的持续优化，结合拨备水平的稳步攀升，从源头上缓解了潜在不良的转化压力，进一步夯实了安全边际，展现出强劲且稳健的风险抵御能力。

I | 　　4．机构观点：资本补充潜力及估值修复预期　　截至2025年末，公司核心一级资本充足率为8.53%。虽然资产高增速带来了一定的资本消耗，但该行手中130亿元的“重银转债”正处在转股期，重庆高速集团实施可转债转股，或仅是一个重要开端。　　2026年3月末，公司核心一级资本充足率与资本充足率已分别升至8.67%和12.57%。根据专业机构测算，若后续转债能实现全部转股，将有效补充资本金，为“十五五”期间的持续扩表打开空间。　　重庆银行年报以及一季报发布后，市场反响较为积极。包括中信证券、招商证券、中泰证券、国泰海通证券、银河证券、浙商证券在内的多家券商分析师密集发布点评报告，一致给予“买入”“增持”“推荐”或“优于大市”评级。　　券商普遍认为，重庆银行在资产跨越万亿门槛后，不仅实现了规模的扩张，更在负债端成本优化和资产质量改善上取得了阶段性成果。　　5．总结：向合理估值水平回归的逻辑清晰　　综合来看，重庆银行2025年与2026年的业绩表现呈现了“资产规模跨越万亿、业绩增速重回双位、净利息收益率筑底回升、风险指标持续下行”等多重积极变化。而这种坚实的基本面改善，有望在资本市场得到积极映射。　　根据交银国际6月9日发表的报告，从估值水平看，银行板块市净率处于0.5倍至0.8倍的底部水平。

J | 在此背景下，投资者对于上市银行股价及市值管理情况较为关注。　　长江证券分析，当前银行股资金面拐点已经确立，2026年上半年沪深300宽基指数基金净流出接近一万亿，同时主动公募基金银行股持仓降至历史新低，减仓带来的负面冲击已经完全出清。预计从2026年下半年开始，银行股将逐步缓慢进入估值修复通道。　　在当前银行业息差企稳回升、盈利改善预期增强的大背景下，优质区域城商行的配置价值正被机构反复验证。

K | 随着市场对该行“估值回归”逻辑的认可，配合机构持仓权重的提升与高股息、低估值特征的共振，公司股价有望彻底摆脱低估状态，向合理估值水平稳步迈进。

L | 责任编辑：孙同怀。

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