证券代码：601077 证券简称：渝农商行 公告编号：2026-002 重庆农村商业银行股份有限公司 关于部分董事、高级管理人员增持本行股票的公告 本行将持续关注上述增持主体持有本行股份变动的有关情况，并按照法定要 求及时履行信息披露义务。 特此公告。 重庆农村商业银行股份有限公司董事会 2026 年 1 月 12 日 重庆农村商业银行股份有限公司（以下简称"本行"）部分董事、高级管理 人员于 2026 年 1 月 5 日至 1 月 7 日期间，以自有资金从二级市场买入本行 A 股 股票 192,000 股，成交价格区间为每股人民币 6.36 元至 6.42 元，具体情况如下： | 姓名 | 职务 | 买入数量（股） | 变动后持股数（股） | | --- | --- | --- | --- | | 刘小军 | 执行董事、董事长 | 50,000 | 50,000 | | 隋军 | 执行董事、行长 | 47,000 | 122,400 | | 张进 | 副行长 | 30,000 | 30,000 | | 谭彬 | 副行长 | 15,500 | 15,500 | | 唐莉 | 副行长 | 29,500 | 29 ...

1月12日金融一线消息，渝农商行公告，部分董事及高级管理人员于2026年1月5日至1月7日以自有资金 从二级市场合计增持本行A股股票19.2万股，成交价格区间为每股人民币6.36元至6.42元。其中，刘小军 买入50000股，隋军买入47000股，张进买入30000股，谭彬买入15500股，唐莉买入29500股，刘祎买入 20000股。上述人员确认在法定期限内不减持其持有股份，本行将持续关注并依法披露相关信息。 | 姓名 | 职务 | 买入数量(股) | 变动后持股数(股) | | --- | --- | --- | --- | | 刘小军 | 执行董事、董事长 | 50.000 | 50.000 | | 陪军 | 执行董事、行长 | 47.000 | 122.400 | | 张进 | 副行长 | 30.000 | 30.000 | | 遭彬 | 副行长 | 15.500 | 15.500 | | 唐莉 | 副行长 | 29.500 | 29.500 | | 刘伟 | 副行长(拟任) | 20.000 | 20.000 | 责任编辑：李琳琳 1月12日金融一线消息，渝农商行公告，部分董事及高级管理人员于202 ...

MACD金叉信号形成，这些股涨势不错！ 格隆汇1月12日｜渝农商行公告，部分董事及高级管理人员于2026年1月5日至1月7日以自有资金从二级 市场合计增持本行A股股票19.2万股，成交价格区间为每股人民币6.36元至6.42元。其中，刘小军买入 50000股，隋军买入47000股，张进买入30000股，谭彬买入15500股，唐莉买入29500股，刘祎买入20000 股。上述人员确认在法定期限内不减持其持有股份，本行将持续关注并依法披露相关信息。 ...

Market Overview - The agricultural commercial bank sector experienced a decline of 0.14% on January 12, with Yunnan Agricultural Commercial Bank leading the drop [1] - The Shanghai Composite Index closed at 4165.29, up 1.09%, while the Shenzhen Component Index closed at 14366.91, up 1.75% [1] Individual Bank Performance - Zijin Bank closed at 2.79, with an increase of 0.72% and a trading volume of 386,600 shares, totaling a transaction value of 107 million yuan [1] - Su Nong Bank closed at 5.06, up 0.40%, with a trading volume of 204,900 shares, totaling 104 million yuan [1] - Ruifeng Bank closed at 5.51, up 0.36%, with a trading volume of 181,100 shares, totaling approximately 99.28 million yuan [1] - Qing Nong Bank closed at 3.11, up 0.32%, with a trading volume of 422,100 shares, totaling 131 million yuan [1] - Yunnan Agricultural Commercial Bank closed at 6.51, down 0.91%, with a trading volume of 690,100 shares [1] Capital Flow Analysis - The agricultural commercial bank sector saw a net outflow of 59.28 million yuan from institutional investors, while retail investors contributed a net inflow of 49.11 million yuan [1] - The table of capital flow indicates that Changshu Bank had a net inflow of 7.30 million yuan from institutional investors, while it faced a net outflow of 22.43 million yuan from speculative funds [2] - Yunnan Agricultural Commercial Bank experienced a net outflow of 21.20 million yuan from institutional investors, but a net inflow of 42.56 million yuan from speculative funds [2]

Investment Rating - The investment rating for the banking sector is "Positive" and is maintained [12]. Core Insights - In the first week of 2026, the banking sector continued to adjust, with a cumulative decline of 1.9% in the banking index, significantly underperforming the CSI 300 and ChiNext indices by -4.7% and -5.8% respectively. Despite this, the fundamental expectations for the sector remain unchanged, and the market's risk appetite has notably increased [2][6][19]. - The main banks are expected to maintain stable growth in performance throughout 2026. Following recent adjustments, the PB-ROE valuation attractiveness of bank stocks has further increased, suggesting a favorable timing for allocation [2][6][19]. Summary by Sections Market Performance - The banking sector's performance in the first week of 2026 showed a cumulative decline of 1.9%, with significant negative excess returns compared to the CSI 300 and ChiNext indices [6][19]. - Individual stocks such as Chongqing Rural Commercial Bank saw price recovery after management uncertainties were resolved, while stable performers like Hangzhou Bank led the city commercial bank sector [2][6][19]. Fundamental Analysis - The banking sector's performance has been influenced by structural concerns, particularly regarding real estate and retail asset quality. Despite these concerns, overall performance remains stable with steady growth [8][37]. - The LTV (Loan-to-Value) ratios for major banks are stable at 40%-50%, providing a safety margin despite rising asset quality pressures in mortgage loans [8][37]. Trading Dynamics - The increase in market risk appetite has continued to suppress bank stock valuations. Historically, January has seen excess returns for bank stocks, but this year, the rapid recovery in market sentiment has led to underperformance [9][38]. - The report recommends focusing on high-quality city commercial banks such as Hangzhou Bank, Nanjing Bank, and Jiangsu Bank, as well as dividend-oriented assets like Bank of Communications and China Merchants Bank [9][38]. Convertible Bonds - The prices of convertible bonds linked to bank stocks have generally followed the sector's adjustment, with the distance to mandatory conversion prices widening. The report highlights potential trading opportunities in convertible bonds for banks like Changshu Bank and Shanghai Bank, which have stable fundamental performance expectations [7][32].

1月8日，渝农商行发布公告称，国家金融监督管理总局重庆监管局已核准刘小军担任该行董事、董事长的任职资格并即日起生效，任期至该行第五届董事 会任期届满之日止。 董事长刘小军任职资格正式获批 据悉，在2025年4月16日，渝农商行曾发布公告称，该行于当日召开第五届董事会第五十五次会议，选举刘小军担任该行董事长。时隔约9个月后，刘小军 任职资格获得监管核准。 公开资料显示，刘小军，于1976年12月出生，经济学硕士，经济师。他是一位"70后"金融高管，长期深耕于国有金融机构与地方国资平台，具备丰富的复 合管理经验。 从过往履历来看，刘小军曾任建设银行国际业务部业务副经理、房地产金融业务部业务经理，中信信托投资有限责任公司（后更名为中信信托有限责任公 司）信托业务二部高级经理、副总经理及总经理，中信信托有限责任公司信托业务八部（筹）副总经理（主持工作），中信信托有限责任公司业务总监、 副总经理等。加入渝农商行前，刘小军还曾任中国宏桥集团有限公司非执行董事，重庆发展投资有限公司党委书记、董事长。 目前，渝农商行的核心管理层包括董事长刘小军、行长隋军，副行长周国华、谭彬、张进、唐莉、刘祎，其中，周国华已年满60岁，达到退 ...

Investment Rating - The industry investment rating is "Positive" [3][17] Core Insights - Interest income is expected to return to positive growth, supported by an improvement in net interest margins in Q4 2025, which will offset other non-interest impacts [1] - For the full year 2025, listed banks are projected to see a net profit growth rate of 1.8% and revenue growth of 1.2%, both showing a quarter-on-quarter improvement [1] - Quality city commercial banks are expected to lead the sector, with revenue and profit growth rates projected between 5-10% for 2025 [1] Summary by Relevant Sections Industry Outlook - The overall outlook for 2025 indicates an improvement in net profit and revenue growth for listed banks, primarily due to the alleviation of margin pressures and increased provisions [1] - The asset scale of listed banks is expected to grow by 9.0% year-on-year, reflecting a slowdown compared to previous quarters due to weak credit demand [1] Key Drivers - **Margin Stabilization**: Q4 2025 is expected to see a 2 basis point improvement in net interest margin to 1.32%, driven by a larger decline in funding costs compared to asset yields [1] - **Non-Interest Income**: Non-interest income is projected to grow by 3.2% year-on-year, a decrease from earlier quarters, with a slight positive trend in commission income [1] - **Credit Quality**: The credit cost ratio is expected to decline to 0.67%, indicating a stable improvement in non-performing loans, particularly in retail lending [1] Investment Recommendations - The report suggests that banks with new growth drivers are likely to see significant value recovery, recommending major state-owned banks and select city commercial banks as key investment targets [1][2]

Core Viewpoint - The appointment of Liu Xiaojun as the chairman of Chongqing Rural Commercial Bank (渝农商行) marks a significant leadership change after a 14-month transition period, raising market interest in the bank's future strategic direction [1] Group 1: Leadership Transition - Liu Xiaojun's appointment is seen as a revitalization for the bank, which is a major player in the western financial sector [1] - His diverse experience across banking, trust, and state-owned enterprises positions him well to navigate the complexities of the financial market [2] Group 2: Company Background - Chongqing Rural Commercial Bank, established in 1951, has evolved through significant milestones, including being the first rural commercial bank to list on both the Hong Kong and Shanghai stock exchanges [4] - As of June 2025, the bank operates 1,733 branches and has total assets of 16,558.1 billion yuan, with a year-on-year growth of 9.3% [4] Group 3: Challenges and Opportunities - Liu Xiaojun's leadership comes at a time when rural financial institutions face challenges such as digital transformation and stricter regulatory environments [5] - There is market speculation on whether he will expand into wealth management and asset securitization to enhance profitability and risk management [5] Group 4: Future Outlook - The leadership change is viewed as a pivotal moment for the bank, reflecting the broader transformation of rural financial institutions in China [6] - There are expectations that under Liu's guidance, the bank will strengthen its position within the national rural commercial bank system and explore new opportunities for financial reform in the western region [6]

Core Viewpoint - Chengdu Rural Commercial Bank has announced that its asset scale has surpassed 1 trillion yuan, making it the fifth rural commercial bank to achieve this milestone, joining Chongqing, Shanghai, Guangzhou, and Beijing Rural Commercial Banks [1][3]. Group 1: Asset Scale and Market Position - As of September 2025, the total assets of the five leading rural commercial banks reached 6.98 trillion yuan, accounting for 11.4% of the total assets of rural financial institutions, which stood at 61.06 trillion yuan [1][3]. - The number of rural commercial banks in China is 1,505, with additional institutions such as rural cooperative banks and rural credit cooperatives contributing to the overall landscape [1]. Group 2: Financial Performance - In the first three quarters of the previous year, all five banks reported revenue exceeding 10 billion yuan, with only Chongqing and Shanghai Rural Commercial Banks achieving net profits over 10 billion yuan [4]. - Chengdu Rural Commercial Bank reported a year-on-year revenue and net profit growth of approximately 7%, while Guangzhou Rural Commercial Bank experienced declines in both metrics [4]. Group 3: Loan and Asset Structure - The loan assets of the five banks account for about half of their total assets, with financial investments generally exceeding 30% [4]. - As of the end of 2024, the loan structure shows that Beijing and Chengdu Rural Commercial Banks have a high proportion of corporate loans, exceeding 70%, while Chongqing Rural Commercial Bank has 40% in personal loans [6][7]. Group 4: Asset Quality and Risk - The non-performing loan (NPL) ratios for Shanghai, Chongqing, and Beijing Rural Commercial Banks were 0.97%, 1.12%, and 1.19% respectively, which are better than the overall levels of large commercial banks [8]. - The overall NPL ratio for rural commercial banks was 2.82%, significantly higher than that of large commercial banks [8]. Group 5: Market Dynamics and Competitive Position - The five leading rural commercial banks have established a strong market presence, with some outperforming local city commercial banks in terms of asset scale, revenue, and net profit [11][12]. - The integration of smaller rural banks is accelerating, indicating a trend towards consolidation within the rural financial sector [15][16]. Group 6: Development Advantages and Challenges - Rural commercial banks benefit from extensive physical networks in rural areas, providing essential financial services to local communities, which enhances customer loyalty [18]. - However, they face challenges such as high industry concentration and limited risk management capabilities, which can hinder their ability to diversify risks [19].

刘小军早期曾任职于中国建设银行，先后担任国际业务部业务副经理及房地产金融业务部业务经理。随 后，加入中信信托有限责任公司（曾用名：中信信托投资有限责任公司），在信托业务条线深耕多年， 历任信托业务二部高级经理、信托业务二部副总经理、信托业务八部（筹）副总经理（主持工作）、信 托业务二部总经理、业务总监兼信托业务二部总经理等职，最终升任中信信托有限责任公司副总经理。 此外，还曾担任中国宏桥集团有限公司（香港联交所主板上市公司）非执行董事，以及重庆发展投资有 限公司党委书记、董事长。 重庆农商行前身为重庆市农村信用社，成立于1951年，至今已走过70余年发展历程。2003年，重庆成为 全国首批农村信用社改革试点省市之一；2008年，重庆农商行正式挂牌成立，组建起全市统一法人的农 村商业银行。 2010年，重庆农商行成功登陆香港H股主板，成为全国首家上市农商行、西部首家上市银行；2019年10 月，又顺利在上海证券交易所主板挂牌，跻身全国首家"A+H"股上市农商行、西部首家"A+H"股上市银 行行列。截至2025年6月末，重庆农商行下辖7家分行、35家支行，共1733个营业机构，并发起设立1家 金融租赁公司、1家理 ...