浙商证券研报指出，25H1渝农商行营收、归母净利润同比分别+0.5%、+4.6%，盈利保持平稳增长，增 速环比25Q1分别下降0.9pc、1.6pc。驱动因素来看，息差拖累小幅改善，但非息负增压力加大。（1） 息差：渝农商行25H1日均息差较25Q1微降1bp至1.60%，息差韧性较强，对盈利的拖累改善；（2）非 息：渝农商行25H1非息同比下降16.6%，降幅较25Q1扩大4.4pc。其中，中收同比下降13.2%，降幅较 25Q1扩大10pc，判断主要压力点来自银行卡中收，25H1银行卡中收同比下降56%；其他非息同比下降 17.7%，降幅较25Q1扩大1pc。展望未来，考虑到渝农商行拨备水平充足，扩表动能较强，2025年全年 利润增速有望保持平稳。维持目标价7.81元/股，对应2025年PB估值0.66x，现价空间21%，维持"买 入"评级。 ...

Investment Rating - The report maintains a "Buy" rating for Chongqing Rural Commercial Bank (601077.SH) [5] Core Views - Chongqing Rural Commercial Bank's performance shows a steady increase in credit and stable net interest margins, benefiting from the construction of the Chengdu-Chongqing economic circle [10] - The bank's net profit for the first half of 2025 is projected to grow at rates of 5.81%, 6.15%, and 6.67% for the years 2025, 2026, and 2027 respectively [10] Financial Performance - In the first half of 2025, the bank achieved revenue of 14.7 billion yuan, a year-on-year increase of 0.46%, and a net profit of 7.7 billion yuan, up 4.63% year-on-year [1] - The net interest margin for the first half of 2025 was 1.60%, showing a slight decrease of 1 basis point compared to the previous year [2] - Interest income increased by 5.98% year-on-year, while non-interest income decreased by 13.2% [2][3] Asset and Liability Management - As of the end of Q2 2025, total assets reached 1.63 trillion yuan, with total loans amounting to 765.2 billion yuan, both reflecting year-on-year growth of 8.0% and 8.3% respectively [4] - The bank's total deposits reached 1.03 trillion yuan, a year-on-year increase of 8.9% [4] Asset Quality - The non-performing loan (NPL) ratio stood at 1.17% at the end of Q2 2025, remaining stable compared to the previous quarter [9] - The bank's provision coverage ratio was 355.6%, indicating a slight decrease of 8 percentage points from the previous quarter [9] Investment Outlook - The bank is expected to benefit from increased credit support and stable net interest margins, maintaining a favorable position among high-dividend banks [10]

证券研究报告 渝农商行 (3618 HK/601077 CH) 港股通 信贷扩张提速，负债成本改善 华泰研究 中报点评 息差降幅收窄，非息增速下滑 渝农商行 25H1 净息差 1.60%，较 25Q1、24 年均下行 1bp，息差降幅收窄， 主要因负债端成本改善显效。25H1 计息负债成本率、存款成本率较 24 年 -22bp、-21bp 至 1.64%、1.52%。资产端定价仍处于下行通道，25H1 生息 资产收益率、贷款收益率较 24 年-23bp、-22bp 至 3.14%、3.70%。利息净 收入平稳增长，25H1 同比+6.0%，增速较 Q1+0.7pct。非息有所波动，25H1 中收同比-13.2%，增速较 Q1-10.0pct，主要是银行卡手续费下降；其他非 息收入同比-17.7%，增速较 Q1-1.1pct。25H1 成本收入比同比+1.4pct 至 26.6%，主要因去年同期优化调整补充医疗保险计划致基数较低。 不良整体平稳，零售风险波动 渝农商行 25H1 不良率、拨备覆盖率分别较 Q1 持平、-8bp 至 1.17%、356%， 不良走势平稳，拨备略有下行但仍保持充裕水平。分行业看，对公 ...

Core Viewpoint - The report from Chongqing Rural Commercial Bank (渝农商行) indicates stable growth in revenue and profit for the first half of 2025, with a focus on supporting rural and local economies through various financial services [1][2]. Financial Performance - The bank achieved an operating income of 14.741 billion yuan, a year-on-year increase of 0.46% [1] - The net profit attributable to shareholders reached 7.699 billion yuan, up 4.63% year-on-year [1] - Total assets amounted to 1.630131 trillion yuan, an increase of 115.189 billion yuan from the end of the previous year [1] - Deposit balance was 1.025195 trillion yuan, growing by 83.249 billion yuan [1] - Loan balance stood at 765.245 billion yuan, an increase of 50.972 billion yuan [1] Asset Quality - The non-performing loan ratio was 1.17%, a decrease of 0.01 percentage points from the end of the previous year [1] - Capital adequacy ratio was 15.11% [1] - Provision coverage ratio was 355.58% [1] - Cost-to-income ratio was 26.58% [1] - Interest rate on deposits was 1.52%, down 27 basis points year-on-year [1] Support for Local Economy - The bank maintains a leading position in rural finance, with nearly 70% of personnel and 80% of outlets focused on rural areas [1] - Agricultural loan balance reached 260.218 billion yuan, with a leading market share in Chongqing [1] Strategic Initiatives - The bank is accelerating urban development efforts, with technology loan balance at 99.805 billion yuan [2] - Green credit balance reached 80.219 billion yuan, increasing by 12.466 billion yuan [2] - Inclusive finance initiatives include credit card and consumer loan balances exceeding 150 billion yuan, leading in Chongqing [2] - Loans for small and micro enterprises totaled 147.846 billion yuan [2] - The bank supports key projects in the Chengdu-Chongqing economic circle with a loan balance of 26.822 billion yuan [2] - Financing for the New International Land-Sea Trade Corridor reached 58.725 billion yuan, an increase of 4.169 billion yuan [2]

Core Viewpoint - Chongqing Rural Commercial Bank Co., Ltd. has approved a related party transaction with Zhejiang Wangshang Bank, involving a total amount not exceeding 1.23 billion yuan [1] Group 1: Transaction Details - The bank agreed to provide a comprehensive credit limit of 1.2 billion yuan to Zhejiang Wangshang Bank for a term of one year [1] - Additionally, the bank will pay up to 30 million yuan in loan service fees, bringing the total related party transaction amount to not exceed 1.23 billion yuan [1] - The transaction has been reviewed and approved by the bank's independent directors and the related party transaction control committee, thus not requiring shareholder meeting approval [1] Group 2: Governance and Compliance - The transaction is classified as a related party transaction due to Mr. Peng Yulong, a director of Chongqing Rural Commercial Bank, also serving as a director at Zhejiang Wangshang Bank [1] - The announcement emphasizes that the pricing of the transaction adheres to market principles and is not more favorable than similar transactions with non-related parties [1] - It is stated that the transaction will not have a significant impact on the bank's normal operations and financial status [1]

Group 1 - The core viewpoint of the article highlights the financial performance of Chongqing Rural Commercial Bank for the first half of 2025, showcasing steady growth in key metrics [1] - The total assets of the bank reached 1,630.131 billion yuan, an increase of 115.189 billion yuan compared to the end of the previous year [1] - The net profit for the bank was 7.847 billion yuan, reflecting a year-on-year growth of 3.79% [1] Group 2 - The bank's deposit balance stood at 1,025.195 billion yuan, up by 83.249 billion yuan from the end of the previous year [1] - The loan balance was 765.245 billion yuan, which increased by 50.972 billion yuan compared to the previous year-end [1] - The non-performing loan ratio improved to 1.17%, a decrease of 0.01 percentage points from the end of the previous year [1] Group 3 - The bank demonstrated strong risk compensation capabilities with a capital adequacy ratio of 15.11% and a provision coverage ratio of 355.58% [1] - The cost-to-income ratio improved to 26.58%, indicating enhanced operational efficiency [1] - The interest rate on deposits decreased by 27 basis points to 1.52% year-on-year, reflecting effective cost control measures [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [5] Core Views - The company has shown steady profit growth with a year-on-year increase in revenue and net profit of 0.5% and 4.6% respectively for the first half of 2025, although the growth rates have slightly decreased compared to the first quarter [2][5] - The net interest margin remains resilient, with a slight decrease to 1.60% in the first half of 2025, indicating improved profitability despite challenges in non-interest income [2][3] - The non-interest income has faced significant pressure, declining by 16.6% year-on-year, primarily due to a substantial drop in card-related income [2] Summary by Sections Financial Performance - For the first half of 2025, the company reported a revenue of 28,741 million and a net profit attributable to the parent company of 12,114 million, with respective year-on-year growth rates of 0.5% and 4.6% [6] - The non-performing loan ratio remained stable at 1.17% as of the end of Q2 2025, while the provision coverage ratio decreased by 8 percentage points to 356% [4][6] Profitability and Margins - The average net interest margin for the first half of 2025 was 1.60%, slightly down from the previous quarter, with the asset yield decreasing to 3.05% [3] - The cost of liabilities improved, with a decrease in the cost of time deposits contributing to a better margin [3] Asset Quality - The non-performing loan ratio for retail operating loans increased to 2.46% by the end of the first half of 2025, indicating a need for close monitoring of this segment [4] - The company’s TTM non-performing loan generation rate was 0.86%, showing a slight increase in pressure [4] Earnings Forecast and Valuation - The company is expected to achieve a net profit growth of 5.2%, 5.5%, and 6.3% for the years 2025 to 2027, with a target price of 7.81 CNY per share, reflecting a potential upside of 21% [5]

Core Insights - The core viewpoint of the article is the financial performance of Chongqing Rural Commercial Bank in the first half of 2025, highlighting growth in revenue and net profit along with improvements in asset quality and capital adequacy [1] Financial Performance - In the first half of 2025, the bank achieved an operating income of 14.741 billion yuan, and a net profit of 7.847 billion yuan, representing year-on-year growth of 0.46% and 3.79% respectively [1] - The net profit attributable to shareholders was 7.699 billion yuan, an increase of 341 million yuan, with a growth rate of 4.63% [1] Asset and Deposit Growth - As of the end of the first half, the total assets of the bank reached 1.63 trillion yuan, an increase of 115.189 billion yuan compared to the end of the previous year [1] - The deposit balance stood at 1.03 trillion yuan, reflecting a growth of 83.249 billion yuan from the end of the previous year [1] - The loan balance was 765.245 billion yuan, which increased by 50.972 billion yuan compared to the end of the previous year [1] Loan Quality and Capital Adequacy - The bank's non-performing loan ratio was 1.17%, a decrease of 0.01 percentage points from the end of the previous year, indicating improved loan quality [1] - The capital adequacy ratio was reported at 15.11%, and the provision coverage ratio was 355.58%, demonstrating strong risk absorption capacity [1] Cost Management - The cost-to-income ratio was 26.58%, while the deposit interest rate was 1.52%, which decreased by 27 basis points year-on-year, indicating effective cost control measures [1]

8月26日，重庆农商行发布2025年半年度报告。数据显示，2025年上半年，该行实现营业收入147.41亿 元，同比增加0.68亿元，增幅0.46%；净利润78.47亿元，同比增加2.86亿元，增幅3.79%；归属于本行股 东的净利润76.99亿元，同比增加3.41亿元，增幅4.63%。 资产规模方面，截至报告期末，重庆农商行资产总额16301.31亿元，较上年末增长1151.89亿元；存款余 额10251.95亿元，较上年末增长832.49亿元；贷款余额7652.45亿元，较上年末增长509.72亿元。 （文章来源：北京商报） 资产质量方面，截至报告期末，重庆农商行不良贷款率1.17%，较上年末下降0.01个百分点；资本充足 率15.11%，拨备覆盖率355.58%，具备较强的风险抵补能力；成本收入比26.58%，存款付息率1.52%， 同比下降27个基点。 ...

每经头条（nbdtoutiao）——能给主人"打电话"的宠物智能手机也来了！宠物产业3000亿元市场大爆 发，行业上市公司"涨"声一片 每经AI快讯，渝农商行（SH 601077，收盘价：6.44元）8月26日晚间发布公告称，公司第五届第六十次 董事会会议于2025年8月26日在本行总行401会议室以现场结合通讯方式召开。会议审议了《关于审议重 庆农村商业银行股份有限公司2025年半年度报告及其摘要、业绩公告的议案》等文件。 2025年1至6月份，渝农商行的营业收入构成为：利息收入占比105.29%，债务工具投资占比51.72%，非 利息收入占比6.43%。 截至发稿，渝农商行市值为731亿元。 （记者 王晓波） ...