FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年3月31日 狀態: 新提交 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 致：香港交易及結算所有限公司 公司名稱: 重慶農村商業銀行股份有限公司 呈交日期: 2026年4月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03618 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,513,336,041 | RMB | | 1 | RMB | | 2,513,336,041 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 2,513,336,041 | RMB | | ...

Investment Rating - The industry rating is "Buy" as of April 1, 2026, consistent with the previous rating [5] Core Insights - The report highlights a divergence in performance among banks, with state-owned banks showing renewed vitality despite pressure on net interest margins. The overall revenue and profit growth for 22 listed banks has shown signs of recovery compared to the previous quarters, driven by improvements in effective tax rates, accelerated scale expansion, and a slowdown in the decline of net interest margins [5][20] - The report indicates that the net profit growth for the 22 listed banks is primarily driven by six factors, including the expansion of interest-earning assets and recovery in net fees, while the decline in net interest margins has been the main negative contributor [15][20] Summary by Sections Overall Performance - As of March 30, 2026, 22 A-share listed banks reported a revenue growth of 1.24%, PPOP growth of 0.60%, and net profit growth of 1.30% for 2025, with a quarter-on-quarter recovery observed [14] - The net profit growth drivers include a 7.97% contribution from interest-earning asset expansion and a 0.97% contribution from the recovery of net fees [15] Scale - The report notes that public and bill financing are the main growth drivers, with financial investments continuing to show high growth [9] Net Interest Margin - The net interest margin has stabilized for two consecutive quarters, with expectations for a rebound in 2026 [9] Non-Interest Income - There is a performance divergence in non-interest income, with state-owned banks performing better due to lower exposure to the capital market [9][20] Asset Quality - The report indicates that the asset quality is improving for corporate loans, while retail loans are under pressure [9] Investment Recommendations - The report suggests a favorable outlook for the banking sector in the second quarter, emphasizing its defensive nature amid economic fluctuations [9][20]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company achieved a revenue of 28.65 billion yuan in 2025, representing a year-on-year growth of 1.4%, and a net profit of 12.13 billion yuan, up 5.3% year-on-year, with an increase in growth rates compared to the previous quarters [1][4]. - The company has seen a significant increase in net interest income, which grew by 7.9% year-on-year in 2025, benefiting from high loan growth and stabilized net interest margins [1][3]. - The company holds the largest market share in both deposits and loans in the city, with total assets reaching 1.67 trillion yuan at the end of 2025, and loans totaling 800 billion yuan, reflecting growth rates of 9.95% and 11.62% respectively compared to the beginning of the year [2][3]. Financial Performance Summary - The company maintained a cash dividend payout ratio of 30.5% from 2023 to 2025 [1]. - The net interest margin for 2025 was 1.60%, a slight year-on-year decrease of 1 basis point, but improved by 1 basis point compared to the previous quarter [3]. - The non-performing loan ratio decreased to 1.08% at the end of 2025, down 10 basis points from the beginning of the year, with a provision coverage ratio of 245.6%, an increase of 3.8 percentage points [3][4]. Earnings Forecast and Financial Indicators - The company is projected to achieve net profits of 13.0 billion yuan, 14.0 billion yuan, and 15.2 billion yuan for the years 2026, 2027, and 2028 respectively, with corresponding growth rates of 7.0%, 7.8%, and 8.5% [4][5]. - The price-to-book (PB) ratios for 2026, 2027, and 2028 are estimated to be 0.57x, 0.53x, and 0.50x respectively [4][5]. - The company’s diluted earnings per share (EPS) are expected to be 1.12 yuan, 1.21 yuan, and 1.32 yuan for the years 2026, 2027, and 2028 respectively [5][7].

Investment Rating - The report maintains a "Buy" rating for the company [4][41]. Core Views - The company achieved a revenue of 28.65 billion yuan in 2025, a year-on-year increase of 1.4%, and a net profit attributable to shareholders of 12.13 billion yuan, up 5.3% year-on-year [14][41]. - The company benefits from the growing credit demand in the Chengdu-Chongqing economic circle and has a competitive advantage in reaching retail customers through a wide network [4][41]. Summary by Sections Revenue and Profit Growth - The company reported a revenue of 28.65 billion yuan in 2025, with a quarterly revenue of 6.991 billion yuan in Q4 2025, reflecting a year-on-year increase of 3.6% [14]. - The net profit attributable to shareholders reached 12.13 billion yuan, with a quarterly net profit of 1.435 billion yuan in Q4 2025, marking a year-on-year increase of 19.1% [14]. Loan and Asset Growth - By the end of 2025, the total customer loans and advances amounted to 797.3 billion yuan, a year-on-year increase of 11.6% [21]. - The company has leveraged its geographical advantages to support growth in public loans, particularly in infrastructure projects, with loans in the leasing and business services sector increasing by 19.4% year-on-year [21]. Net Interest Margin and Cost Management - The net interest margin for 2025 was 1.6%, a decrease of 1 basis point year-on-year, but the decline has narrowed compared to earlier periods [3][24]. - The company optimized its funding costs, with the cost of interest-bearing liabilities decreasing to 1.55%, down 31 basis points year-on-year [24]. Non-Interest Income and Challenges - The net fee and commission income for 2025 was 1.294 billion yuan, a decline of 19.7% year-on-year, primarily due to increased market interest rate volatility [31]. - Other non-interest income also faced challenges, with a significant drop of 25.6% year-on-year, influenced by high base effects and market fluctuations [31]. Asset Quality and Provisioning - The non-performing loan ratio at the end of 2025 was 1.08%, a decrease of 10 basis points year-on-year, indicating stable asset quality [33][35]. - The provision coverage ratio improved to 367.26%, reflecting the company's strong risk mitigation capabilities [38]. Dividend Policy - The company plans to distribute cash dividends totaling 3.645 billion yuan for 2025, maintaining a stable dividend payout ratio of 30.05% [39]. Investment Outlook - The company is expected to see net profit growth of 5.8%, 7.2%, and 8.0% for the years 2026 to 2028, respectively, indicating a positive outlook for future performance [4][41].

Investment Rating - The report maintains a "Buy" rating for the company [4][41]. Core Views - The company achieved a revenue of 28.65 billion yuan in 2025, a year-on-year increase of 1.4%, and a net profit attributable to shareholders of 12.13 billion yuan, up 5.3% year-on-year [1][14]. - The company benefits from the growing credit demand in the Chengdu-Chongqing economic circle and has a competitive advantage in reaching retail customers through a wide network of branches [4][41]. - The company is expected to see net profit growth of 5.8%, 7.2%, and 8.0% from 2026 to 2028 [4][41]. Summary by Sections Revenue and Profitability - The company's net interest income supported revenue growth, with a net interest margin of 1.6% in 2025, a decrease of 1 basis point year-on-year, but the decline has narrowed compared to earlier in the year [3][24]. - The company reported a quarterly revenue of 6.991 billion yuan in Q4 2025, reflecting a year-on-year increase of 3.6% [14]. Loan and Asset Growth - As of the end of 2025, the total customer loans and advances amounted to 797.3 billion yuan, a year-on-year increase of 11.6% [2][21]. - The company has leveraged its regional advantages to support growth in public loans, particularly in infrastructure projects, with loans in the leasing and business services sector growing by 19.4% year-on-year [2][21]. Interest Margin and Cost Management - The company’s interest income from earning assets was under pressure, with a yield of 3.06%, down 31 basis points year-on-year [3][24]. - The cost of interest-bearing liabilities decreased to 1.55%, down 31 basis points year-on-year, contributing to the optimization of the interest margin [3][24]. Non-Interest Income - The company faced challenges in non-interest income, with net fee and commission income declining by 19.7% year-on-year due to market rate fluctuations [31][32]. - Other non-interest income also decreased significantly, primarily due to high base effects and market volatility [31][32]. Asset Quality - The company maintained a stable asset quality, with a non-performing loan ratio of 1.08%, down 10 basis points year-on-year [33][35]. - The provision coverage ratio improved to 367.26%, indicating a solid risk mitigation capacity [38][39]. Dividend Policy - The company plans to distribute a cash dividend of 3.2091 yuan per 10 shares, maintaining a stable dividend payout ratio of 30.05% [39][40].

Core Viewpoint - The article highlights the financial performance and asset structure of Chongqing Rural Commercial Bank (渝农商行) in 2025, noting both impressive growth metrics and underlying concerns regarding loan quality and asset allocation. Financial Performance - The total assets of Chongqing Rural Commercial Bank exceeded 1.66 trillion yuan, marking a 9.95% increase from the previous year [1] - Operating income reached 28.648 billion yuan, a year-on-year growth of 1.37%, while net profit was 12.420 billion yuan, up 5.35% [2] - The return on equity stood at 9.18% [2] Market Position - The bank maintained a leading position in several key financial metrics within the local market, including significant contributions to manufacturing, small and micro loans, agricultural loans, and household loans [3][4] - Specific achievements include being the top lender for technology loans (90.906 billion yuan), green loans (82.817 billion yuan), and manufacturing loans (78.385 billion yuan) in Chongqing [5] Asset Structure - As of the end of 2025, loans accounted for 47.86% of total assets, indicating a slight improvement but still below half [6][7] - Financial investments made up approximately 38.64% of total assets, raising concerns about the high proportion of investment activities compared to traditional lending [7] - Financial investment income decreased by 5.16% year-on-year to 14.970 billion yuan due to declining market interest rates [7] Loan Quality - The non-performing loan (NPL) balance was 8.589 billion yuan, with an NPL ratio of 1.08%, showing a slight decrease [9] - Retail loan quality showed deterioration, with the NPL ratio rising to 2.07%, an increase of 47 basis points from the previous year [9][10] - The bank attributed the rise in retail loan NPLs to external economic pressures and emphasized that the overall risk remains manageable, with a significant portion of non-performing loans backed by collateral [10]

Core Insights - The report emphasizes the impact of oil price shocks on liquidity, suggesting that the ability to transmit cost shocks downstream will be stronger than previous oil price impacts, with expectations of nominal price increases in Q2 2026 [19][20][21] - It highlights that while medium-term demand remains optimistic, caution is advised regarding the contraction of broad liquidity in Q2 2026, particularly due to cross-border liquidity constraints and rising long-term interest rates affecting investment returns [19][21] Section Summaries 1. Current Observation - The banking sector overall declined by 0.8% during the observation period from March 23 to March 27, 2026, underperforming the Wind All A index, which fell by 0.7% [17] - State-owned banks, joint-stock banks, city commercial banks, and rural commercial banks experienced declines of -1.29%, -0.42%, -0.85%, and -0.47% respectively [17] - In contrast, H-shares of banks outperformed, with the Hang Seng Index down 1.2% while H-share banks gained 0.5% [17] 2. Investment Recommendations - The report suggests that the market's concerns regarding the demand side of the Chinese economy and cost transmission are overly pessimistic, given the supportive fiscal policies and stabilization in the real estate cycle [19] - It recommends caution regarding the contraction of liquidity in Q2 2026, emphasizing the importance of cross-border liquidity as a key variable for supporting Chinese asset liquidity [19][20] 3. Sector Performance - The banking sector's average price for convertible bonds fell by 0.67%, underperforming the convertible bond index by 1.95 percentage points [18] - The report notes that the profitability growth expectations for 2025 remain largely unchanged for seven banks, indicating stability in earnings forecasts [18] 4. Individual Stock Performance - Among A-share banks, Ping An Bank and Shanghai Rural Commercial Bank saw increases of 2.32% and 1.25% respectively, while Chongqing Bank experienced a decline of 6.55% [17] - In H-shares, Chongqing Rural Commercial Bank and Bank of China rose by 4.68% and 3.40%, while Bohai Bank and Jiangxi Bank fell by 3.45% and 1.49% respectively [17] 5. Valuation and Financial Analysis - As of March 27, 2026, the banking sector's latest price-to-earnings ratio (TTM) is 6.84X, and the price-to-book ratio is 0.67X, indicating that valuations are at historical average levels [45] - The report provides detailed financial metrics for key banks, including expected earnings per share and return on equity for 2026 and 2027, supporting the investment recommendations [9]

Investment Rating - The industry investment rating is "Buy" [3] Core Insights - The report indicates that large banks have limited net buying activity, with a monthly cumulative net purchase of 46.8 billion yuan as of March 26, which is a decrease of approximately 200 billion yuan month-on-month but an increase of about 50 billion yuan year-on-year. It is expected that credit issuance may slightly decline compared to March 2025, but the initial performance remains strong [7][20] - The central bank's operations included a net injection of 281.9 billion yuan through various monetary policy tools, with a focus on maintaining liquidity stability as the quarter-end approaches [16] - The report highlights that the liquidity environment is expected to tighten in April due to tax payments and annual settlement pressures, with potential increases in funding rates towards the end of the month [16][17] Summary by Sections Section 1: March Credit Performance - The data shows that the funding environment remains stable as the quarter-end approaches, with large banks gradually reducing their lending from 4.37 trillion yuan to 3.78 trillion yuan [16] - The report emphasizes the importance of monitoring the upcoming PMI data and bank annual reports for insights into future liquidity trends [23] Section 2: Central Bank Dynamics and Market Rates - The central bank conducted 4.742 trillion yuan in 7-day reverse repos, with a net injection of 281.9 billion yuan after accounting for maturing operations [16] - Market rates for various instruments, including treasury bonds and NCDs, have shown slight fluctuations, with the 1-year treasury yield at 1.25% and the average NCD issuance rate at 1.52% [17][18] Section 3: Bank Financing Tracking - The total outstanding amount of interbank certificates of deposit (NCDs) is 18.19 trillion yuan, with a weighted average issuance rate of 1.65% [21] - The report notes that there were no new issuances of commercial bank bonds during the period, and the total outstanding amount of commercial bank bonds is 3.32 trillion yuan [22]

Investment Rating - The report maintains a "Recommended" rating for Chongqing Rural Commercial Bank (stock code: 601077) [1] Core Views - The bank's performance shows marginal improvement in growth rates, with a focus on asset quality stabilizing positively [1] - In 2025, the bank achieved operating income of 28.648 billion yuan, a year-on-year increase of 1.37%, and a net profit attributable to shareholders of 12.128 billion yuan, up 5.35% year-on-year, indicating an overall stable performance despite short-term pressures on non-interest income [4] - The bank's net interest income rose to 24.261 billion yuan, reflecting a 7.85% increase year-on-year, supported by both volume and price improvements [4] - The bank's non-performing loan (NPL) ratio improved to 1.08%, down 10 basis points from the beginning of the year, while the coverage ratio for provisions increased to 367.26% [4] Summary by Relevant Sections Financial Performance - In Q4 2025, the bank's revenue grew by 3.61% year-on-year, and net profit surged by 19.09%, primarily due to the release of provisions [4] - The bank's return on equity (ROE) was 9.18%, a slight decrease of 0.1 percentage points year-on-year [4] - The bank's total loans increased by 11.62% year-on-year, with corporate loans growing by 21.46% [4] Asset Quality - The bank's NPL ratio was 1.08%, with a decrease in both the balance and ratio of corporate NPLs [4] - Retail loan NPLs increased to 2.07%, up 47 basis points year-on-year, but overall retail risk remains manageable [4] Income Sources - Non-interest income fell to 4.388 billion yuan, a decrease of 23.92% year-on-year, mainly due to declines in agency and entrusted business income [4] - The bank's asset management business continued to grow, with the scale of wealth management products increasing by 25.36% year-on-year [4] Future Outlook - The bank is positioned to benefit from the economic development of the Chengdu-Chongqing economic circle, with a focus on serving agriculture, small and medium enterprises, and rural economies [4] - The projected BVPS for 2026-2028 is expected to be 12.44 yuan, 13.41 yuan, and 14.46 yuan, respectively, with corresponding PB ratios of 0.57X, 0.52X, and 0.49X [4]

Investment Rating - The investment rating for the company is "Recommended" [1] Core Views - The company has shown marginal improvement in performance growth, with a steady enhancement in asset quality. In 2025, the company achieved an operating income of 28.648 billion yuan, a year-on-year increase of 1.37%, and a net profit attributable to shareholders of 12.128 billion yuan, up 5.35% year-on-year. The growth rates have improved compared to the previous quarters [4] - The net interest income for 2025 was 24.261 billion yuan, reflecting a year-on-year increase of 7.85%. The net interest margin (NIM) stood at 1.60%, with a slight year-on-year decrease of 1 basis point, indicating a stabilization in interest margins [4] - The company has maintained a strong focus on serving rural areas and small to medium-sized enterprises, leveraging its competitive advantages in the Chongqing region and the Chengdu-Chongqing economic circle [4] Summary by Sections Financial Performance - In Q4 2025, the company reported a revenue growth of 3.61% year-on-year and a net profit increase of 19.09%, primarily due to the release of provisions. The overall performance remains robust, supported by scale expansion and improved asset quality [4] - The company’s loan balance increased by 11.62% year-on-year, with corporate loans growing by 21.46%, driven by support for national strategic initiatives [4] Asset Quality - As of the end of 2025, the non-performing loan (NPL) ratio was 1.08%, a decrease of 10 basis points from the beginning of the year. The company has a provision coverage ratio of 367.26%, indicating a strong risk mitigation capacity [4] Non-Interest Income - The non-interest income for 2025 was 4.388 billion yuan, a decrease of 23.92% year-on-year, mainly due to pressures on intermediary and other non-interest income sources. However, the asset management business continues to grow, with the scale of wealth management products increasing by 25.36% year-on-year [4] Future Outlook - The company is expected to continue benefiting from regional economic growth, with projected earnings per share (EPS) of 1.07 yuan for 2025, increasing to 1.30 yuan by 2028. The price-to-book (P/B) ratio is forecasted to decrease from 0.61 in 2025 to 0.49 in 2028, indicating potential upside in valuation [4][35]