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在政信基本盘稳固的基础上,2024年来重庆银行制造业投放明显发力,信贷驱动已在悄然切换
在政信基本盘稳固的基础上,2024年来重庆银行制造业投放明显发力,信贷驱动已在悄然切换
行业数据
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所属报告:
重庆银行-公司研究报告-区域β与两大确定性共振拐点银行静待重估-250324(21页).pdf
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图9美国二战后制造业产能利用率保持高位
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行业数据
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图41中国制造业增加值占全球近30%
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行业数据
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图42中国制造业产出约占全球40%
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图21、我国制造业增加值和军贸占全球的比重
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行业数据
2026-07-16
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2021-2030年中国卫星制造业总收入(亿元)
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行业数据
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6月份美国PMI为53.3、中国制造业PMI为
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行业数据
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2025年以来,美国制造业新增就业人数中枢上移
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行业数据
2026-07-10
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美国制造业劳动生产率增速开始反弹
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行业数据
2026-07-06
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美国6月ISM制造业PMI小幅回落至53.3
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行业数据
2026-07-06
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中国工业增加值中高技术制造业同比远高于整体情况,但规模占比仍有提升空间
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市场规模
2026-07-02
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图20、韩国和中国台湾制造业PMI高景气扩张
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行业数据
2026-07-02
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图表26近年来中国制造业就业情况较为稳定
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行业数据
2026-07-02
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图表15全球制造业PMI持续回升
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行业数据
2026-07-02
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行业数据
2026-07-30
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过去政信业务是重庆银行信贷的重要支撑,2024 年也支撑了行业领先且逐季提速的不俗表现。2024 年重庆化债加速推进叠加本土法人城商行“特许承接他行非标及隐债敞口”加持,重庆银行贷款增速约 12.3%(2024 金融数据口径人民币贷款同比增长 7.6%)。2020-2024 年间,与政信相关的贷款(以包含交运仓储、建筑业、电力燃气、公用事业的基建类,租赁及商务服务业衡量,下同)贡献区间总贷款增量的约 80%,也与 2024 年底政信类贷款在总贷款中占比超 5 成的信贷结构相契合。应该看到,政信基本盘稳固的背景下,制造业投放也在发力(2024 年投放约 37 亿,同比多增约 76%),下阶段重庆银行信贷驱动将由“政信独角戏”向“政信、制造业双轮驱动”转变。
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重庆银行-公司研究报告-区域β与两大确定性共振拐点银行静待重估-250324(21页).pdf
上市银行估值比较表(收盘价日期:2025年3月21日)
重庆银行盈利预测
可比公司估值表(收盘价截至2025年3月21日)
中性假设下,重庆银行ROE的中枢水平将稳定约11%
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