丘比特的圈套

重庆银行净息差上升7个基点 Q2中收增速转正_我的网站

一 |     　　在城商行板块“对公重回增长主轴”的周期性切换中，重庆银行再度交出亮眼的成绩单。

二 |     

    The fish lantern parade in the Millennium City Park Photo: Courtesy of the Millennium City Park
Fireworks bloomed in golden-red sparks across the night sky, the hems of Hanfu skirts swaying gently in the glow of the lanterns, while the steam from soup dumplings mingled with the bustling sounds of the marketplace. Several foreign tourists held up their phones to capture the atmosphere. This was an ordinary day in Kaifeng, Central China's Henan Province, yet every corner brimmed with the lively atmosphere of Song-era life and an open, welcoming warmth.
This city, once known as Bianliang, the capital of the Northern Song Dynasty a thousand years ago, was already a thriving metropolis that broke the boundaries of traditional wards and markets and opened gates to promote maritime foreign trade.
Today, it continues to carry forward the unique charm of Song culture and an atmosphere of openness and inclusiveness, drawing an increasing number of international visitors — people who are not merely passing through, but many who have chosen to work and live here.
Among them is Xiao Feifei, a performer from Ghana who has been working in Kaifeng for more than a year.
"When I first arrived in Kaifeng, there weren't many foreign visitors in the scenic areas. Now I meet new visitors almost every day — some are European tourists who decided to come on the spur of the moment thanks to convenient visa policies, others are families who specifically bring their children to experience Song culture," he said.
The figures confirm this change: in the first half of 2026, the number of inbound tourists to Kaifeng grew by approximately 130 percent year-on-year, with source markets expanding beyond the traditional Hong Kong, Macao, and Taiwan regions to include multiple countries in Southeast Asia, Europe, and North America.
Why are more and more foreigners willing to come to Kaifeng — and even stay? When Global Times reporters walked through the city, the answers gradually became clear.
'A home to stay'
Xiao Feifei's story with the city begins in 2025. He arrived in Kaifeng and worked as an acrobat and performer in the Wansuishan Martial Arts City, a Disney-style theme park that features many scenes and plays inspired by "Outlaws of the Marsh." 
At first he viewed it as just a job — finish each performance to earn a living. But as time passed, he found himself increasingly unable to leave.
"The most unforgettable moment for me was one day after a performance, just as I was about to rest, a security guard wheeled over a boy who was my fan. Unable to speak, he simply stretched out his arms with all his strength, asking for a hug. I bent down and gently held him. In that instant, a tenderness I had never felt before welled up inside me," Xiao Feifei told the Global Times. 
"There are also the children who call me 'big bro.' They post videos online looking for me and specially come to play with me. These moments make me feel that I am not merely working — I am truly bringing joy to others," he noted.
It was this sense of purpose, of being accepted and warmly embraced that made Xiao Feifei decide to stay. "I feel the inclusiveness and care of the people here every day. This is how I understand Chinese culture," he said. "Kaifeng has become my second home."
Xiao Feifei is not alone. The scenic area now has more than 200 foreign performers and staff. Zhao Kuan, general manager of Wansuishan Martial Arts City, explained that while the park is rooted in traditional Chinese wuxia culture -- a genre of Chinese fiction or cinema featuring the adventures of martial artists in ancient China, it also incorporates elements from foreign martial traditions, such as Zorro-style figures. 
"This allows overseas visitors to find a sense of familiarity while experiencing something uniquely Chinese," Zhao said. "It reflects the open and inclusive spirit of Song culture itself."
Currently, more than 3,000 performances of various sizes themed around wuxia culture — including live-action martial arts dramas and character model shows — are staged every day.
Immersive experience
Martin, a computer technology teacher from Eindhoven in the Netherlands, is visiting China for the first time. This two-week trip has taken him through several cities, and the Millennium City Park, a Song Dynasty-themed park in Kaifeng marks one of his final stops before heading home.
"The moment you step into the park, you are immediately immersed. The colors, the lights, the performances — everything is perfectly coordinated. Even though I don't understand the dialogue, I can clearly feel the historical atmosphere of the ancient Song Dynasty and its everyday street life. It's not simply about performance tricks; it's telling a real story that makes you feel as if you've traveled back in time," Martin told the Global Times.
Millennium City Park is modeled on the renowned painting the Qingming Festival by the Riverside, recreating the street scenes, everyday life, and live performances of the Song Dynasty. Centered on Hanfu styling and makeup, intangible cultural heritage handicrafts, park-wide NPC interactions, and large-scale live shows, the scenic area transforms Song Dynasty rituals, folk customs, aesthetics, and the spirit of family and nation into living scenes that visitors can wear, make, watch, and interact with, an employee from the park told the Global Times.
Foreign tourists need no direct historical knowledge or language skills to appreciate the elegance and vibrant street life of the Song people through costume, hands-on crafts, performances, and interactions, he noted.
    The opening ceremony to welcome guests in the Ancient Kaifeng County Government Photo: Courtesy of the Ancient Kaifeng County Government scenic spot
Thai blogger Ake has loved the "Justice Bao" series of films and TV dramas since childhood and has long admired the culture of integrity and chivalry embodied by Bao Zheng, the legendary judge who lived from 999 to 1062 with his expert handling of criminal cases, his fearlessness in giving straightforward advice, and his deep resentment of evil deeds. 
When he visited the Ancient Kaifeng County Government, known as the first government office in Ancient China, he actively took part in a simulated court-hearing experience, personally feeling the trial process of a Northern Song prefectural government. He even had the opportunity to take a photo with the actor playing Bao Zheng after performance.
"The culture of integrity and the rule of law represented by Bao Zheng serves as a shared emotional resonance for tourists both at home and abroad. The spiritual core of fairness, justice, and caring for the people for the public good resonates with the common aspirations of people from different regions," Duan Bo, the general manager, told the Global Times.
The scenic area centers on recreating feel and style of the Northern Song government, including the main court hall and the council hall. Combined with a series of live-action performances centered around Bao Gong's case trials, it allows visitors to gain an intuitive understanding of how the prefectural government operated at that time, he added.
Unique attraction
Kaifeng, known as China's "Ancient Capital of Eight Dynasties," became the world's first metropolis with a population of one million during the Northern Song Dynasty. It features a globally unique "city-upon-city" wonder of six stacked cities, and its central axis has remained unchanged for a thousand years, Liu Dong, deputy director of Kaifeng Municipal Bureau of Culture, Radio, Television and Tourism, told the Global Times. 
In addition to its rich cultural atmosphere, Kaifeng is home to many historical relics: the Iron Pagoda, the city's landmark with nearly thousand-year-old history, and the Fan Pagoda, the city's the oldest surviving above-ground structure. The Great Xiangguo Temple was a royal monastery of the Northern Song, while the Zhou Bridge relics recreate the prosperous scenes of the Bianhe River from a thousand years ago, according to Liu.
How has Kaifeng utilized its rich cultural resources to transform itself into a renowned tourist city?
"We have consistently adhered to the principle of balancing protection and "development" in its cultural tourism policy," Liu said. 
On the one hand, important historical sites have been protected through physical restoration and digital preventive conservation. On the other hand, each scenic area is required to have a clear positioning and distinctive features — The Millennium City Park deeply cultivates folk customs and street life, creating a sense of time travel; the Ancient Kaifeng County Government highlights the culture of the rule of law and integrity; while Wansuishan Martial Arts City revitalizes wuxia narratives, emphasizing interactive immersion, Liu noted.
    A drum show with Northern Song characteristics in Wansuishan Martial Arts City Photo: Courtesy of the park
Boosted by China's visa-free policy, the "one ticket for three days" offer adopted by many scenic areas in the city has become even more appealing. It allows visitors to enter the same scenic area multiple times within three days with a single ticket.
"We don't have to rush. We can take our time watching the performances and wandering around. One day is nowhere near enough — this policy is so thoughtful," a visitor surnamed Yang, who is from Denmark and traveling with her husband, told the Global Times in the Millennium City Park. 
Meanwhile, Kaifeng offers a full-service experience for foreign visitors: bank branches provide bilingual assistance for cash withdrawals and currency exchange; the immigration hall has a dedicated green channel for visa-free transit travelers, enabling quick handling of lost documents and other emergencies; and multilingual signage has been upgraded across all A-level scenic spots, tourist hubs, museums, and pedestrian streets, the bureau said.
All of these measures resonate with the spirit of the Central Urban Work Conference in 2025, which highlights efforts to build culturally-vibrant cities characterized by high ethical and moral standards. By effectively protecting and revitalizing Song culture and delivering high-quality services, Kaifeng has made foreign visitors not only willing to come but also willing to stay longer and return — precisely practicing the requirements of building a "livable" and "culturally vibrant" city.
As a new day begins, Large-scale immersive performances and processions unfold, NPC characters weave through the ancient streets interacting with visitors, and the entire city is illuminated by light, sound, and the everyday vitality of the marketplace.
A thousand years ago, Bianliang was an open and inclusive world-class metropolis. Today's Kaifeng, with its Song-dynasty elegance and sincere hospitality, once again opens its doors to the world — and quietly captures the hearts of many who have come from afar.
。　　8月20日，重庆银行（601963.SH；1963.HK）披露2026年半年报显示，该行上半年实现营业收入84.86亿元，同比增长10.79%；归母净利润35.18亿元，同比增长10.29%，不仅营收、净利润双双刷新半年度业绩历史新高，更是在集团与法人口径上同步完成资产破“双万亿”的历史性跨越。　　值得注意的是，从单季度情况来看，重庆银行是目前唯一一家连续4个季度实现营收、净利“双十增长”的A股上市银行。

三 | 在同业息差普遍收窄的背景下，重庆银行净息差逆势上升7个基点至1.46%。　　规模盈利实现“双跃升”，区域深耕驱动高质量扩表　　2026年上半年，重庆银行资产规模在高基数上延续稳健增长——报告期末，集团资产总额为1.11万亿元，该行资产总额为1.04万亿元，分别较2025年末增长7.27%、6.86%。这是重庆银行自2025年资产规模突破万亿后，在2026年上半年实现集团、法人总资产“双万亿”的历史性跨越。

四 | 同期，贷款总额5824.59亿元，较上年末增长9.63%；存款总额6272.02亿元，较上年末增长10.87%，存款增速高于贷款增速，为后续信贷投放储存了充裕的低成本资金。　　盈利端的“双十增长”更具含金量。上半年该行不仅营收、归母净利双双刷新半年度业绩历史新高，更难得的是盈利质量的持续改善，如年化加权平均ROE达12.03%，同比提升0.51个百分点。在已披露2026年半年报的A股上市银行中，重庆银行与宁波银行是唯二的营收、归母净利润增速超10%的城商行，其中，重庆银行连续4个季度实现“双十增长”，更突出其盈利韧性。　　规模与盈利增长的背后，是重庆银行对区域经济的持续深耕和对实体经济的积极服务。　　根据定期报告，重庆银行聚焦重大战略和重点领域，加大成渝地区双城经济圈、西部陆海新通道、西部金融中心建设等领域信贷支持，上半年向双城经济圈提供信贷支持超1400亿元；服务西部陆海新通道建设融资余额超600亿元。　　零售方面，该行上半年个人定期存款上涨15.32%，零售贷款同比收缩8.43%。

五 | 对于收缩的原因，该行相关负责人在8月25日的业绩说明会上表示，零售贷款下降的主要原因是市场需求不足，零售信贷进入“需求弱周期”，进而导致了零售贷款规模承压。　　“接下来，我行将聚焦客群经营、结构优化两大主线深化转型，推进零售业务高质量发展。一是精耕客户服务，增强数字化经营优势，引入智能化运营工具，构建‘智慧经营’体系，提升零售客户经营质效。二是深耕主业市场，推动业务提质增量，坚持量稳质优提升负债规模，优化负债结构，聚焦财富管理转型，提升综合效益。”该行相关负责人表示。　　息差企稳回升资产质量夯实，负债成本管控释放利润空间　　如果说规模与盈利的“双跃升”是重庆银行半年报的“面子”，那么息差逆势走阔与资产质量持续优化，则是这份成绩单的“里子”。　　从行业来看，我国银行业净息差企稳迹象明显。金融监管总局披露的数据显示，商业银行今年二季度净息差为1.41%，较一季度的1.40%回升1个基点，这也是2022年一季度以来首次实现单季环比回升。其中，城商行净息差1.40%，与一季度相比回升2个基点，引领商业银行。

六 | 　　虽然净息差有所企稳，但目前已经披露业绩的上市银行中，仍有部分银行息差收窄，重庆银行的净息差在上半年同比上升7个基点至1.46%。　　快速修复的背后，是负债端成本压降幅度大于资产端。　　定期报告显示，2026年上半年，该行生息资产平均余额为1.02万亿元，同比增长19.73%；生息资产平均收益率较上年同期下降36个基点至3.28%。2026年上半年，该行计息负债平均余额为9876.15亿元，同比增长17.81%；计息负债平均成本率较上年同期下降41个基点至1.88%。　　根据Wind数据，在已披露中报的上市银行中，多数银行计息负债成本率普遍较去年同期下降30bp左右，而重庆银行则以41bp的负债成本压降幅度领先其他银行。对于未来净息差展望，重庆银行相关负责人在业绩说明会上表示，下半年，该行将继续坚持加大贷款投放，优化资负结构，压降负债成本，预计全年净息差延续同比回升趋势。　　资产规模快速扩大，息差逆势企稳回升，使得重庆银行上半年净利息收入同比增长26.04%，其中一季度净利息收入同比增长12.8%，二季度增速为41.3%，较一季度有大幅提升，这也彰显出重庆银行对资产负债管理的精细化成效。在行业普遍面临息差收窄挑战的背景下，其优秀的成本管控能力将成为核心竞争优势，有望在未来竞争中保持较强的盈利韧性。

七 | 　　值得注意的是，重庆银行上半年手续费及佣金净收入整体同比减少11.81%，其中代理理财业务收入同比减少30.66%，对此，重庆银行表示主要是由于当期理财产品管理费及超额报酬较上年同期减少。但从单季表现来看，该行Q2手续费及佣金净收入为1.71亿元，同比增长17.79%，环比增长13.66%，增速均由负转正。这是重庆银行“利息净收入单核驱动”格局开始松动的早期信号，若中收修复趋势能在下半年延续，将有利于收入提升。　　业绩表现向好，重庆银行股价也给投资者带来正向收益。截至8月25日，重庆银行A股股价报收11.20元/股，H股股价报收8.410港元/股，年内涨幅分别超8%、10%，跑赢上证指数（年内跌幅2.4%）和恒生指数（年内跌幅3.43%）。　　从营利“双十”到资产“双万亿”，重庆银行做对了周期切换中的对公压舱；而从资产“双万亿”到ROE与估值“双提高”，考验的是其综合化经营能力的真功夫。

八 | 随着成渝地区双城经济圈建设进入加速期，重庆银行作为“一市三省”布局最完整的城商行，区域战略红利有望在未来持续释放，为规模与盈利的“双十”增长提供长期动能。责任编辑：孙同怀。

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