Investment Rating - The industry investment rating is "Overweight (Maintain)" [2] Core Viewpoints - The report highlights a marginal improvement in net profit growth, with a year-on-year decline of 1.2% in net profit for the first half of 2025, showing a recovery from a 2.3% decline in the first quarter [25] - The overall asset quality is improving, with a decrease in non-performing loan (NPL) ratio and an increase in the provision coverage ratio [10][16] - The net interest margin remains stable, with a slight decrease of 1 basis point to 1.42% in the second quarter of 2025, but is expected to stabilize and slightly recover in the second half of the year [15][17] - Credit growth is rebounding due to a low base effect, with total credit growth year-on-year increasing to 7.5% in the second quarter of 2025 [20][22] - The capital adequacy ratio continues to improve, with the core Tier 1 capital adequacy ratio reaching 10.93% by the end of the second quarter of 2025 [27] Summary by Sections Asset Quality - The non-performing loan amount decreased, with the total NPL scale at 3.43 trillion yuan, down 2 basis points to 1.49% [13][11] - The provision coverage ratio improved to 211.97%, up 3.84 percentage points [16][14] Net Interest Margin - The net interest margin is stable, with a slight decrease of 1 basis point to 1.42% in the second quarter of 2025 [15][17] Scale - The industry asset growth rate increased to 8.9%, with credit growth rising to 7.5% in the second quarter of 2025 [20][22] Net Profit - The overall net profit growth is improving, with a year-on-year decline of 1.2% in the first half of 2025 [25] Capital - The capital adequacy ratio continues to rise, with the core Tier 1 capital adequacy ratio at 10.93% by the end of the second quarter of 2025 [27]

Core Insights - The report emphasizes that the structure of bank credit is more important than the total amount, indicating a potential adjustment in the credit structure of banks [1][7] - The report suggests that the effective credit demand from enterprises is expected to recover as the adjustment of excess production capacity comes to an end [2] Industry Overview - The report highlights the need for industry structure optimization to accelerate the elimination of excess capacity, particularly in sectors like automotive, photovoltaic, lithium batteries, steel, and cement [2] - The central bank has increased the quota for re-loans for technological innovation and technical transformation by 300 billion yuan, with the balance of technology loans reaching 44.1 trillion yuan, growing by 12.5% year-on-year [2] - The loan structure has shifted from over 60% in real estate and infrastructure loans in 2016 to approximately 70% in the "five major articles" of finance currently [2] Market Performance - The report notes that during the week of August 11 to August 17, 2025, the major indices saw significant increases, with the Shanghai Composite Index rising by 1.70% and the ChiNext Index by 8.58% [7] - The banking index experienced a weekly decline of 3.19%, underperforming the CSI 300 index by 5.57 percentage points [7] Investment Recommendations - The report recommends focusing on the banking sector for medium to long-term investments, highlighting that the overall allocation to banks has increased but remains insufficient [3][8] - Specific banks recommended for investment include state-owned banks (A+H) and stable joint-stock banks such as China Merchants Bank (A+H), CITIC Bank (A+H), and Industrial Bank, as well as high-quality regional banks with strong provisioning coverage [8] Profit Forecasts and Valuations - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for several banks, indicating a positive outlook for banks like Ningbo Bank, Jiangsu Bank, and China Merchants Bank, with recommendations to buy [9]

Investment Rating - Investment rating: Positive (maintained) [1] Core Viewpoints - Credit and social financing growth are diverging, with financial support for the real economy shifting from indirect financing (loans) to direct financing, primarily through government bonds [4] - The increase in social financing in July was mainly driven by government bonds, with a notable increase of 1.24 trillion yuan, the highest for the month in many years [4] - The report highlights a trend of deposits moving from residents to non-bank financial institutions, indicating a shift in risk appetite among investors [5] Summary by Sections Credit Market Analysis - In July, RMB loans decreased by 50 billion yuan, a year-on-year reduction of 310 billion yuan, with a balance growth rate of 6.9%, down 0.2 percentage points from June [3] - The demand for credit remains weak, with both corporate and household loan demands declining, particularly in medium to long-term loans [3][4] - The increase in corporate loans was primarily supported by bills, which saw a year-on-year increase of 312.5 billion yuan [3] Social Financing Insights - Social financing increased by 1.16 trillion yuan in July, a year-on-year increase of 289.3 billion yuan, with a stock growth rate of 9.0%, up 0.1 percentage points from June [4] - The divergence between social financing and credit growth suggests a transition in how financial support is provided to the real economy [4] Deposit Trends - M2 grew by 8.8% year-on-year in July, while M1 saw a significant increase of 5.6%, indicating signs of deposit activation [5] - The report notes that the increase in non-bank deposits by 1.39 trillion yuan contrasts with a decrease in resident deposits by 780 billion yuan, highlighting a clear trend of funds moving towards non-bank sectors [5] Investment Recommendations - The report suggests that dividend strategies remain solid, with a focus on direct financing as the primary means of financial support for the real economy [5] - It recommends specific banks such as CITIC Bank, Construction Bank, Agricultural Bank, and others as beneficiaries of the current market conditions [5]

代表董事會 重慶農村商業銀行股份有限公司* Chongqing Rural Commercial Bank Co., Ltd.* 執行董事兼行長 隋軍 中國•重慶，2025年8月14日 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 * Chongqing Rural Commercial Bank Co., Ltd. * : 3618 董事會會議召開日期 重慶農村商業銀行股份有限公司Chongqing Rural Commercial Bank Co., Ltd.*（「本行」）董 事會（「董事會」）茲通告謹定於2025年8月26日（星期二）舉行董事會會議，以審議及通過 （其中包括）本行及其附屬公司截至2025年6月30日止六個月的中期業績及其發佈。 於本公告日期，本行執行董事為隋軍先生；本行非執行董事為胡淳女士、殷祥林先生及 彭玉龍先生；及本行獨立非執行董事為張橋雲先生、李明豪先生、李嘉明先生及畢茜女 士。 * 本行經中國銀行業監督管理機構批准持有 ...

格隆汇8月14日丨重庆农村商业银行(03618.HK)公布，公司将于2025年8月26日召开董事会会议，以（其 中包括）审议及通过集团截至2025年6月30日止六个月的中期业绩及其发布。 ...

格隆汇8月14日丨重庆农村商业银行(03618.HK)公布，公司将于2025年8月26日召开董事会会议，以（其 中包括）审议及通过集团截至2025年6月30日止六个月的中期业绩及其发布。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 : 3618 董事會會議召開日期 重慶農村商業銀行股份有限公司Chongqing Rural Commercial Bank Co., Ltd.*（「本行」）董 事會（「董事會」）茲通告謹定於2025年8月26日（星期二）舉行董事會會議，以審議及通過 （其中包括）本行及其附屬公司截至2025年6月30日止六個月的中期業績及其發佈。 代表董事會 重慶農村商業銀行股份有限公司* Chongqing Rural Commercial Bank Co., Ltd.* 執行董事兼行長 隋軍 中國•重慶，2025年8月14日 於本公告日期，本行執行董事為隋軍先生；本行非執行董事為胡淳女士、殷祥林先生及 彭玉龍先生；及本行獨立非執行董事為張橋雲先生、李明豪先生、李嘉明先生及畢茜女 士。 * 本行經中國銀行業監督管理機構批准持有B0335H250000001號金融許可證，並經重慶市市 場監督管理局核准領取統一社會信用代 ...

中国经济网北京8月14日讯 渝农商行（601077.SH）今日股价收报6.63元，跌幅1.49%。 （责任编辑：徐自立） 今日，银行板块跌幅为0.45%，渝农商行股价涨幅垫底银行板块。 ...

Market Performance - The rural commercial bank sector experienced a decline of 0.95% on August 14, with Yunnan Rural Commercial Bank leading the drop [1] - The Shanghai Composite Index closed at 3666.44, down 0.46%, while the Shenzhen Component Index closed at 11451.43, down 0.87% [1] Individual Stock Performance - Key stocks in the rural commercial bank sector showed the following closing prices and changes: - Wuxi Bank (600908) closed at 6.09, down 0.49% with a trading volume of 152,500 shares [1] - Shanghai Rural Commercial Bank (601825) closed at 8.95, down 0.67% with a trading volume of 226,200 shares [1] - Zhangjiagang Bank (002839) closed at 4.45, down 0.67% with a trading volume of 365,500 shares [1] - Changshu Bank (601128) closed at 7.66, down 0.78% with a trading volume of 144,610 shares [1] - Jiangyin Bank (002807) closed at 4.66, down 0.85% with a trading volume of 175,800 shares [1] - Zijin Bank (601860) closed at 2.93, down 1.01% with a trading volume of 660,400 shares [1] - Ruifeng Bank (601528) closed at 5.54, down 1.07% with a trading volume of 169,700 shares [1] - Sunong Bank (603323) closed at 5.34, down 1.11% with a trading volume of 247,000 shares [1] - Qingnong Bank (002958) closed at 3.47, down 1.14% with a trading volume of 363,200 shares [1] - Yunnan Rural Commercial Bank (601077) closed at 6.63, down 1.49% with a trading volume of 838,400 shares [1] Capital Flow Analysis - The rural commercial bank sector saw a net inflow of 43.92 million yuan from main funds, while retail funds experienced a net outflow of 34.47 million yuan [1] - Detailed capital flow for individual stocks indicates: - Wuxi Bank had a main fund net inflow of 16.66 million yuan, with retail funds showing a net outflow of 8.91 million yuan [2] - Yunnan Rural Commercial Bank had a main fund net inflow of 15.34 million yuan, but retail funds saw a net outflow of 21.71 million yuan [2] - Changshu Bank had a main fund net inflow of 13.82 million yuan, with retail funds showing a net inflow of 1.23 million yuan [2] - Zhangjiagang Bank had a main fund net inflow of 12.71 million yuan, but retail funds experienced a net outflow of 17.86 million yuan [2] - Other banks like Zijin Bank and Qingnong Bank also showed varying trends in capital flow [2]

Core Viewpoint - The peak period for cash dividend distribution among listed banks has arrived, with a total of 427.38 billion yuan already distributed for the 2024 fiscal year, indicating a nearly 70% completion rate of the total expected dividends [1][2] Group 1: Dividend Distribution Overview - As of June 27, 2024, 26 banks have implemented their profit distribution plans, with a total cash dividend expected to reach 631.96 billion yuan, an increase of nearly 20 billion yuan compared to the previous year, reflecting a growth rate of 3.03% [1][2] - A significant number of banks have advanced their dividend actions, with nearly half of the A-share listed banks completing their 2024 profit distribution plans in June [2] - The major contributors to the dividend payouts are the six state-owned banks, which collectively will distribute over 420 billion yuan in dividends for 2024 [2] Group 2: Individual Bank Performance - China Merchants Bank is the only joint-stock bank with a total dividend exceeding 50.44 billion yuan, with a payout ratio above 33% [3] - Ningbo Bank has increased its cash dividend for the second consecutive year, proposing a distribution of 9 yuan per 10 shares [3] - As of now, 23 A-share listed banks have implemented their mid-term dividends, totaling 257.71 billion yuan [3] Group 3: Dividend Ratio Trends - 14 banks have a cash dividend ratio exceeding 30% for 2024, with a slight decrease in the number of banks compared to 2023 [4] - 25 A-share listed banks have increased their cash dividend ratios compared to the previous year, with Ningbo Bank's ratio rising by 6.3 percentage points to 21.91% [4] - Industrial Bank and Citic Bank have also reported consistent increases in their cash dividend ratios over the years, with Citic Bank planning a cash dividend of 19.46 billion yuan for 2024 [5]