Investment Rating - The report provides a "Buy" rating for all listed banks analyzed, indicating a positive outlook for their stock performance [6]. Core Insights - The report focuses on the classification of financial investments, the current allocation of listed banks, and how related revenues are accounted for under new accounting standards [5]. - As of Q3 2025, the financial investments of 42 listed banks total approximately 101.5 trillion CNY, with 87% allocated to the configuration portfolio and 13% to the trading portfolio [5][23]. - The bond market is the primary investment direction for listed banks, accounting for 87.6% of their financial investments, with government bonds making up 59.5% of this total [5]. Summary by Sections 1. Classification of Financial Investments - Financial assets are classified into three categories under the new accounting standards: FVTPL (fair value through profit or loss), AC (amortized cost), and FVOCI (fair value through other comprehensive income) [12][13]. - The classification is based on the business model for managing financial assets and the cash flow characteristics of the financial assets [14]. 2. Accounting for Market Revenues - FVTPL assets reflect market fluctuations through "fair value changes" in profit or loss, while AC assets do not reflect fair value changes and primarily generate income from interest [5]. - FVOCI assets account for market fluctuations in other comprehensive income, with interest income recognized in profit or loss [5]. 3. Financial Investment Structure - The configuration portfolio is dominant, with state-owned banks showing the highest allocation to AC, while joint-stock banks and city commercial banks have a higher proportion of trading assets [23][24][25]. - The report notes a structural shift where FVOCI is becoming the main growth area, as banks seek flexibility in their investment strategies [5][23].

长江商报消息 ●长江商报记者 徐佳 万亿级渝农商行（601077.SH、03618.HK）正经历着合规风控与市场波动的双重考验。 此外，包括时任渝农商行总行业务部总经理、授信审批部总经理以及多地支行正副行长等在内的八名相 关责任人分别被警告并处以罚款。 12月25日，国家金融监督管理总局重庆监管局发布行政处罚信息，渝农商行因贷款"三查"不尽职等五大 违法违规行为，被罚款870万元。该行原副行长舒静、首席审贷官封洪伟被终身禁业，另有八名相关责 任人一并被罚。 截至2025年9月末，渝农商行资产总额近1.66万亿元。其中，客户贷款及垫款总额、金融投资资产占比 分别为47%、39.6%。 2025年内累计被罚1353万 值得关注的是，渝农商行此次被终身禁业的高管中，舒静已经落马。 12月25日，国家金融监督管理总局重庆监管局发布行政处罚信息公开表。因存在贷款"三查"不尽职、对 大额风险损失的调查和问责不到位、非现场统计数据差错、未核实保证金来源、滚动开票等违法违规行 为，渝农商行被罚款870万元。 需要注意的是，舒静曾任渝农商行副行长超过八年。2024年8月，舒静已被双开。 同时，时任渝农商行副行长舒静、首席审贷官 ...

Core Viewpoint - The Chongqing Regulatory Bureau has imposed a fine of 8.7 million yuan on YN Bank due to multiple violations, including inadequate loan checks and poor risk loss investigations, leading to lifetime bans for several executives, including former Vice President Shu Jing [1] Group 1: Regulatory Actions and Violations - YN Bank was penalized for six violations, including insufficient diligence in loan checks and errors in non-site statistical data [1] - The fine of 8.7 million yuan was issued alongside lifetime bans for Shu Jing and Chief Loan Officer Feng Hongwei, with additional accountability for nine mid-level managers [1] - Shu Jing's previous misconduct included illegal operations and embezzlement, leading to her dismissal and subsequent expulsion from the Communist Party [1] Group 2: Management Changes - YN Bank has experienced frequent personnel changes, with three chairmen in four years since 2022, indicating instability in leadership [2][3] - The vice president team has undergone significant turnover, with four vice presidents replaced between 2023 and 2024, reflecting ongoing management challenges [3] - The bank's strategic direction has shifted from expansion to risk mitigation, as evidenced by the decision to sell 90% of its stake in Jiangsu Zhangjiagang YN Rural Bank for 241 million yuan [3] Group 3: Future Outlook - The restructuring of YN Bank's management raises questions about future strategies, performance, and organizational stability [4]

证券之星消息，根据天眼查APP-财产线索数据整理，重庆农村商业银行股份有限公司12月24日发布 《外汇业务线上审批项目--外汇资金及衍生业务系统新增线上审批接口开发改造采购结果公示信息 表》，详情如下： 数据来源：天眼查APP 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 采购方：重庆农村商业银行股份有限公司 供应商：上海中汇亿达金融信息技术有限公司 中标金额：225000.0,225000 地区：重庆市 发布日期：2025-12-24 标题：外汇业务线上审批项目--外汇资金及衍生业务系统新增线上审批接口开发改造采购结果公示信息 表 通过天眼查大数据分析，重庆农村商业银行股份有限公司共对外投资了22家企业，参与招投标项目1761 次；财产线索方面有商标信息720条，专利信息186条，著作权信息15条；此外企业还拥有行政许可86 个。 ...

截至2025年9月末， 渝 农商行的资产总额是16558.1 亿元，增幅 9.3%；客户贷款和垫款总额7779.73亿元，增 幅8.92%；金融投资总额为 6564.98 亿元，增幅4.54%。到这里，关于资产结构两个重要关注点出现了——一是 渝农商行的贷款增速（8.92%）是低于资产增速的（9.3%）；二渝农商行的金融投资总额仅仅比贷款少了约 1214.75亿元，约15.6%。该行金融投资在资产占比高达39.65%，已近四成。 这是一个什么样的资产结构？金融投资占比过高的资产结构。而9月末金融投资占比跟该行6月末相比几乎是持 平的。截至2025年6月末，渝农商行资产总额为16301.31 亿元，其金融投资6517.77亿元，占比为约39.98%。 金融投资，业内也叫"资金业务"，一般包括金融（债券）投资、同业投资、信托与资管产品投资等金融市场投 资业务。引入有较充分数据可查的6月末时点，据记者提取企业预警通数据，披露了金融投资情况的农商行有 二十余家。 渝农商行近期在声誉管理方面的压力，不可谓不大。 市场诸多报道将目光落于其高管代履职超期（行长隋军代为履行董事长职务）；修订公司章程和董事会议事规 则的议案遭 ...

Core Viewpoint - The rural commercial bank sector experienced a decline of 0.72% on December 26, with Yunnan Rural Commercial Bank leading the drop [1] Market Performance - The Shanghai Composite Index closed at 3963.68, up 0.1% - The Shenzhen Component Index closed at 13603.89, up 0.54% [1] Individual Stock Performance - 瑞丰银行 (Rui Feng Bank) closed at 5.69, up 1.25% with a trading volume of 191,600 shares and a transaction value of 1.09 billion - 常熟银行 (Changshu Bank) closed at 7.06, down 0.28% with a trading volume of 257,400 shares and a transaction value of 182 million - 青农商行 (Qingnong Bank) closed at 3.13, down 0.32% with a trading volume of 308,500 shares and a transaction value of 96.6 million - 紫金银行 (Zijin Bank) closed at 2.76, down 0.36% with a trading volume of 234,900 shares and a transaction value of 64.99 million - 张家港行 (Zhangjiagang Bank) closed at 4.59, down 0.43% with a trading volume of 195,400 shares and a transaction value of 89.74 million - 苏农银行 (Sunong Bank) closed at 5.10, down 0.58% with a trading volume of 155,300 shares and a transaction value of 79.41 million - 元锡银行 (Yuanxi Bank) closed at 5.93, down 0.67% with a trading volume of 110,400 shares and a transaction value of 65.56 million - 江阴银行 (Jiangyin Bank) closed at 4.65, down 0.85% with a trading volume of 263,100 shares and a transaction value of 123 million - 沪农商行 (Hu Nong Bank) closed at 9.05, down 0.88% with a trading volume of 189,500 shares and a transaction value of 173 million - 渝农商行 (Yun Nong Bank) closed at 6.34, down 1.25% with a trading volume of 368,900 shares and a transaction value of 235 million [1] Capital Flow - The rural commercial bank sector saw a net outflow of 63.53 million from main funds, while retail funds had a net inflow of 15.54 million [1] - The detailed capital flow for individual stocks shows varying trends, with some banks experiencing significant net outflows from main funds [2]

北京商报讯12月25日，国家金融监督管理总局重庆监管局公布的行政处罚信息公开表显示，重庆农商行 因贷款"三查"不尽职；对大额风险损失的调查和问责不到位；非现场统计数据差错；未核实保证金来 源；滚动开票违法违规行为，被罚款共计870万元。 （文章来源：北京商报） 时任重庆农商行副行长舒静、首席审贷官封洪伟均因贷款"三查"不尽职部分问题被禁止终身从事银行业 工作；另有多位相关负责人被警告或被警告并罚款。 ...

Core Viewpoint - Chongqing Rural Commercial Bank has been fined 8.7 million yuan due to multiple violations, including negligence in loan checks and inadequate investigation of large risk losses, with two senior officials banned for life from the banking industry [1][2][4]. Group 1: Regulatory Actions - The bank was penalized for several violations, including negligence in the "three checks" for loans, inadequate investigation and accountability for large risk losses, errors in non现场 statistical data, failure to verify the source of guarantees, and rolling invoices [2][8]. - A total of 10 responsible individuals faced penalties, including lifetime bans, warnings, and fines [2][4]. Group 2: Key Individuals Involved - Former Vice President Shu Jing and Chief Credit Officer Feng Hongwei received lifetime bans due to their responsibility for the negligence in loan checks [4][10]. - Other officials, including department heads and branch managers, received warnings or fines of 50,000 yuan [10]. Group 3: Background of the Bank - Chongqing Rural Commercial Bank, established in 1951, became a unified legal entity in 2008 and was the first rural commercial bank listed in Hong Kong in 2010, followed by a listing on the Shanghai Stock Exchange in 2019 [6][12]. - As of the end of Q3 2025, the bank's total assets reached 1.66 trillion yuan, a 9.3% increase from the beginning of the year, with total loans amounting to 777.973 billion yuan, up 8.92% [6][12].

中国经济网北京12月26日讯 国家金融监督管理总局25日发布重庆监管局行政处罚信息公开表（渝 金管罚决字〔2025〕29号）。重庆农村商业银行股份有限公司（简称"渝农商行"，601077.SH）存在 以下违法违规事实：贷款"三查"不尽职；对大额风险损失的调查和问责不到位；非现场统计数据差错； 未核实保证金来源；滚动开票。 舒静（时任重庆农村商业银行股份有限公司副行长）、封洪伟（时任重庆农村商业银行股份有限公 司首席审贷官）、彭涛（时任重庆农村商业银行股份有限公司公司业务部总经理）、曾昌逊（时任重庆 农村商业银行股份有限公司公司业务部总经理）、张崇义（时任重庆农村商业银行股份有限公司九龙坡 支行行长）、李欢（时任重庆农村商业银行股份有限公司九龙坡支行副行长）、郑义（时任重庆农村商 业银行股份有限公司授信审批部总经理）、沈弢（时任重庆农村商业银行股份有限公司巴南支行行 长）、黄于翔（时任重庆农村商业银行股份有限公司江北支行副行长）、崔艳（时任重庆农村商业银行 股份有限公司九龙坡支行副行长）存在以下违法违规事实：贷款"三查"不尽职部分问题。 重庆金融监管局决定：对重庆农村商业银行股份有限公司处以罚款共计870万元， ...

《个人贷款管理暂行办法》第三十五条规定：贷款人受托支付完成后，应详细记录资金流向，归集保存 相关凭证。 《个人贷款管理暂行办法》第四十二条规定：贷款人应当按照法律法规规定和借款合同的约定，对借款 人未按合同承诺提供真实、完整信息和未按合同约定用途使用、支付贷款等行为追究违约责任。 以下为原文： 中国经济网北京12月26日讯国家金融监督管理总局25日发布巴南监管分局行政处罚信息公开表(巴南金 管罚决字〔2025〕4号)。重庆农村商业银行股份有限公司(简称"渝农商行（601077）"，601077.SH)綦江 支行、罗斌(时任客户经理)、曾涛(时任营销三部负责人)存在以下违法违规事实：贷款'三查'严重不尽 职。 根据《个人贷款管理暂行办法》第十三条、第十八条、第三十五条、第四十二条以及《商业银行授信工 作尽职指引》第十五条的规定，国家金融监督管理总局巴南监管分局决定：一、对重庆农村商业银行股 份有限公司綦江支行处以罚款人民币三十万元；二、对罗斌处以警告；三、对曾涛处以警告。 《个人贷款管理暂行办法》第十三条规定：贷款人应要求借款人以书面形式提出个人贷款申请，并要求 借款人提供能够证明其符合贷款条件的相关资料。 《 ...